Franklin BSP Realty Trust (FBRT) 10-Q 4 Nov 24 2024 Q3 Quarterly report Financial data

COVER PAGE

COVER PAGE - shares	9 Months Ended
	Sep. 30, 2024	Oct. 30, 2024
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 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		81,841,137
Entity Central Index Key	0001562528
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q3
Entity Filer Category	Large Accelerated Filer
Amendment Flag	false
Common Stock
Document Information [Line Items]
Title of 12(b) Security	Common Stock, par value $0.01 per share
Trading Symbol	FBRT
Security Exchange Name	NYSE
Series E Preferred Stock
Document Information [Line Items]
Title of 12(b) Security	7.50% Series E Cumulative Redeemable Preferred Stock, par value $0.01 per share
Trading Symbol	FBRT PRE
Security Exchange Name	NYSE

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands		Sep. 30, 2024	Dec. 31, 2023
ASSETS
Cash and cash equivalents		$ 346,153	$ 337,595
Restricted cash		7,720	6,092
Commercial mortgage loans, held for investment, net of allowance for credit losses of $76,640 and $47,175 as of September 30, 2024 and December 31, 2023, respectively		5,077,476	4,989,767
Real estate securities, available for sale, measured at fair value, amortized cost of $210,256 and $243,272 as of September 30, 2024 and December 31, 2023, respectively (includes pledged assets of $210,656 and $167,948 as of September 30, 2024 and December 31, 2023, respectively)		210,656	242,569
Receivable for loan repayment	[1]	196,314	55,174
Accrued interest receivable		37,517	42,490
Prepaid expenses and other assets		20,315	19,213
Intangible lease asset, net of amortization		40,554	42,793
Real estate owned, net of depreciation		113,848	115,830
Real estate owned, held for sale		284,423	103,657
Total assets		6,334,976	5,955,180
LIABILITIES AND STOCKHOLDERS' EQUITY
Collateralized loan obligations		4,097,668	3,567,166
Mortgage note payable		23,998	23,998
Unsecured debt		81,370	81,295
Interest payable		12,378	15,383
Distributions payable		36,240	36,133
Accounts payable and accrued expenses		14,013	13,339
Due to affiliates		15,630	19,316
Intangible lease liability, held for sale		1,805	12,297
Total liabilities		4,720,994	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, 83,066,789 and 82,751,913 shares issued and outstanding as of September 30, 2024 and December 31, 2023, respectively		818	820
Additional paid-in capital		1,598,844	1,599,197
Accumulated other comprehensive income/(loss)		400	(703)
Accumulated deficit		(342,355)	(298,942)
Total stockholders' equity		1,516,449	1,559,114
Non-controlling interest		7,785	27,095
Total equity		1,524,234	1,586,209
Total liabilities, redeemable convertible preferred stock and equity		6,334,976	5,955,180
Repurchase agreements - commercial mortgage loans
LIABILITIES AND STOCKHOLDERS' EQUITY
Repurchase agreements		183,761	299,707
Other financings		12,865	36,534
Repurchase agreements - real estate securities
LIABILITIES AND STOCKHOLDERS' EQUITY
Repurchase agreements		241,266	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 September 30, 2024 and December 31, 2023		$ 258,742	$ 258,742
[1]Includes $196.1 million and $55.1 million of cash held by servicer related to the CLOs as of September 30, 2024 and December 31, 2023, respectively.

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2024	Dec. 31, 2023
Allowance for credit losses	$ 76,640	$ 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)	83,066,789	82,751,913
Common stock, shares outstanding (in shares)	83,066,789	82,751,913
CMBS Bonds
Amortized cost	$ 210,256	$ 243,272
Pledged assets	210,656	167,948
Collaterized loan obligation
Allowance for credit losses	31,500	32,600
CLO cash held by servicer	$ 196,100	$ 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		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Income
Interest income	$ 134,142	$ 137,042	$ 398,253	$ 420,470
Less: Interest expense	89,884	77,973	257,942	224,347
Net interest income	44,258	59,069	140,311	196,123
Revenue from real estate owned	5,412	3,317	14,196	13,067
Total income	49,670	62,386	154,507	209,190
Expenses
Asset management and subordinated performance fee	4,906	7,908	19,023	24,893
Acquisition expenses	255	316	688	977
Administrative services expenses	3,801	3,566	7,365	10,993
Professional fees	3,588	4,153	11,536	11,761
Share-based compensation	2,134	1,255	6,020	3,505
Depreciation and amortization	1,387	1,513	4,221	5,514
Other expenses	5,709	2,856	11,274	9,323
Total expenses	21,780	21,567	60,127	66,966
Other income/(loss)
(Provision)/benefit for credit losses	268	(2,379)	(34,790)	(28,363)
Realized gain/(loss) on extinguishment of debt	0	(2,836)	0	2,201
Realized gain/(loss) on real estate securities, available for sale	55	(486)	143	110
Realized gain/(loss) on sale of commercial mortgage loans, held for sale, measured at fair value	6,228	933	13,125	3,027
Unrealized gain/(loss) on commercial mortgage loans, held for sale, measured at fair value	(615)	0	0	44
Gain/(loss) on other real estate investments	(2,193)	(4,112)	(8,436)	(7,142)
Trading gain/(loss)	0	(2,627)	0	(605)
Unrealized gain/(loss) on derivatives	322	(183)	1	(110)
Realized gain/(loss) on derivatives	(1,573)	67	(1,261)	684
Total other income/(loss)	2,492	(11,623)	(31,218)	(30,154)
Income/(loss) before taxes	30,382	29,196	63,162	112,070
(Provision)/benefit for income tax	(209)	1,799	(927)	2,408
Net income/(loss)	30,173	30,995	62,235	114,478
Net (income)/loss attributable to non-controlling interest	1,441	772	3,124	722
Net income/(loss) attributable to Franklin BSP Realty Trust, Inc.	31,614	31,767	65,359	115,200
Less: Preferred stock dividends	6,749	6,748	20,245	20,245
Net income/(loss) applicable to common stock, basic	24,865	25,019	45,114	94,955
Net income/(loss) applicable to common stock, diluted	$ 24,865	$ 25,019	$ 45,114	$ 94,955
Basic earnings per share (in dollars per share)	$ 0.30	$ 0.30	$ 0.53	$ 1.14
Diluted earnings per share (in dollars per share)	$ 0.30	$ 0.30	$ 0.53	$ 1.14
Basic weighted average shares outstanding (in shares)	81,788,091	82,210,624	81,865,672	82,410,725
Diluted weighted average shares outstanding (in shares)	81,788,091	82,210,624	81,865,672	82,410,725

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Statement of Comprehensive Income [Abstract]
Net income/(loss)	$ 30,173	$ 30,995	$ 62,235	$ 114,478
Amounts related to available for sale real estate securities:
Change in net unrealized gain/(loss)	(204)	448	768	(564)
Reclassification adjustment for amounts included in net income/(loss)	29	(248)	335	(925)
Total unrealized gain (loss)	(175)	200	1,103	(1,489)
Comprehensive (income)/loss attributed to non-controlling interest	1,441	772	3,124	722
Comprehensive income/(loss) attributable to Franklin BSP Realty Trust, Inc.	$ 31,439	$ 31,967	$ 66,462	$ 113,711

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.	115,200
Net income/(loss) attributable to non-controlling interest	(722)
Ending balance (in shares) at Sep. 30, 2023					83,019,881
Balance, End of Period at Sep. 30, 2023	1,595,968		1,566,914		$ 822		1,601,282		(1,099)	(292,833)	258,742	29,054
Beginning balance (in shares) at Mar. 31, 2023					83,363,971
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)
Common stock issued through dividend reinvestment plan (in shares)					61,866
Common stock issued through dividend reinvestment plan	769		769		$ 1		768
Share-based compensation (in shares)					38,770
Share-based compensation	1,227		1,227				1,227
Offering costs	(259)		(259)				(259)
Net income/(loss) 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
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share-based compensation	1,256		1,256				1,256
Offering costs	(10)		(10)				(10)
Net income/(loss) attributable to Franklin BSP Realty Trust, Inc.	31,767		31,767							31,767
Net income/(loss) attributable to non-controlling interest	(772)											(772)
Distributions declared	(36,220)		(36,220)							(36,220)
Other comprehensive income/(loss)	200		200						200
Contributions/(distributions) in non-controlling interest, net	(4)											(4)
Ending balance (in shares) at Sep. 30, 2023					83,019,881
Balance, End of Period at Sep. 30, 2023	$ 1,595,968		1,566,914		$ 822		1,601,282		(1,099)	(292,833)	258,742	29,054
Beginning balance (in shares) at 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.	65,359
Net income/(loss) attributable to non-controlling interest	$ (3,124)
Ending balance (in shares) at Sep. 30, 2024	83,066,789				83,066,789
Balance, End of Period at Sep. 30, 2024	$ 1,524,234		1,516,449		$ 818		1,598,844		400	(342,355)	258,742	7,785
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
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
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common stock repurchases (in shares)					0
Share-based compensation (in shares)					12,150
Share-based compensation	2,135		2,135				2,135
Net income/(loss) attributable to Franklin BSP Realty Trust, Inc.	31,614		31,614							31,614
Net income/(loss) attributable to non-controlling interest	(1,441)											(1,441)
Distributions declared	(36,235)		(36,235)							(36,235)
Other comprehensive income/(loss)	(175)		(175)						(175)
Contributions/(distributions) in non-controlling interest, net	$ (15,549)											(15,549)
Ending balance (in shares) at Sep. 30, 2024	83,066,789				83,066,789
Balance, End of Period at Sep. 30, 2024	$ 1,524,234		$ 1,516,449		$ 818		$ 1,598,844		$ 400	$ (342,355)	$ 258,742	$ 7,785

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Cash flows from operating activities:
Net income/(loss)	$ 30,173	$ 30,995	$ 62,235	$ 114,478
Adjustments to reconcile net income to net cash (used in)/provided by operating activities:
Premium amortization and (discount accretion), net			(6,980)	(10,102)
Accretion of deferred commitment fees			(4,941)	(6,836)
Amortization of deferred financing costs			9,789	5,968
Share-based compensation			6,020	3,505
Realized (gain)/loss on extinguishment of debt	0	2,836	0	(2,201)
Realized (gain)/loss on sale of available for sale securities, measured at fair value			(143)	(110)
Realized (gain)/loss on sale of commercial mortgage loans, held for sale, measured at fair value			(13,125)	(3,027)
Unrealized (gain)/loss from commercial mortgage loans, held for sale, measured at fair value			0	(44)
Unrealized (gain)/loss from derivative instruments			(1)	110
(Gain)/loss from other real estate investments			8,436	7,142
Trading (gain)/loss			0	605
Depreciation and amortization			4,221	6,454
Straight line rental income			(3,168)	(2,212)
Provision/(benefit) for credit losses	(268)	2,379	34,790	28,363
Origination of commercial mortgage loans, held for sale, measured at fair value			(271,175)	(93,250)
Proceeds from sale or repayment of commercial mortgage loans, held for sale, measured at fair value			284,300	94,880
Changes in assets and liabilities:
Accrued interest receivable			9,815	2,546
Prepaid expenses and other assets			(4,444)	604
Accounts payable and accrued expenses			3,384	(5,849)
Due to affiliates			(3,686)	1,407
Interest payable			(3,005)	(969)
Net cash (used in)/provided by operating activities			112,322	141,462
Cash flows from investing activities:
Origination and purchase of commercial mortgage loans, held for investment			(1,424,445)	(668,017)
Principal repayments received on commercial mortgage loans, held for investment			834,729	921,517
Proceeds from sale of real estate owned, held for sale			110,146	39,755
Purchase of real estate owned and capital expenditures			(45)	(912)
Purchase of real estate securities, available for sale			(57,137)	(160,267)
Proceeds from sale or paydown of real estate securities			90,310	187,042
Proceeds from sale of real estate securities, trading, at fair value			0	217,524
Proceeds from sale of commercial mortgage loans, held for investment			25,999	0
Principal collateral on mortgage investments			0	17,703
Proceeds from sale/(purchase) of derivative instruments			5	464
Net cash (used in)/provided by investing activities			(420,438)	554,809
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			914,125	573,794
Repayments of collateralized loan obligations			(383,133)	(216,185)
Borrowings on repurchase agreements and revolving credit facilities - commercial mortgage loans			699,691	532,751
Repayments of repurchase agreements and revolving credit facilities - commercial mortgage loans			(815,637)	(964,265)
Borrowings on repurchase agreements - real estate securities			118,669	829,682
Repayments of repurchase agreements - real estate securities			(51,458)	(1,029,679)
Borrowings on other financings			0	46,842
Repayments on other financings			(23,669)	(99,474)
Repayments of unsecured debt			0	(13,367)
Payments of deferred financing costs			(9,061)	(10,388)
Payments of offering costs			0	(269)
Distributions to noncontrolling interest			(16,185)	0
Distributions paid			(108,665)	(108,134)
Net cash (used in)/provided by financing activities:			318,302	(468,666)
Net change in cash, cash equivalents and restricted cash			10,186	227,605
Cash, cash equivalents and restricted cash, beginning of period			343,687	190,487	$ 190,487
Cash, cash equivalents and restricted cash, end of period	353,873	418,092	353,873	418,092	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	346,153	411,437	346,153	411,437	337,595
Restricted cash, end of period	7,720	6,655	7,720	6,655	6,092
Cash, cash equivalents and restricted cash,	353,873	418,092	353,873	418,092	343,687
Supplemental disclosures of cash flow information:
Cash payments for income taxes			469	323
Cash payments for interest			248,234	219,590
Supplemental disclosures of non - cash flow information:
Distribution payable	$ 36,240	$ 36,224	36,240	36,224	$ 36,133
Common stock issued through dividend reinvestment plan			0	769
Loans transferred to real estate owned			307,562	80,039
Modification accounted for as repayment and new loan			(42,235)	0
Reclassification of assets held for investment to held for sale			0	114,512
Reclassification of liabilities held for investment to held for sale			0	13,664
Conversion of preferred stock to common stock
Supplemental disclosures of non - cash flow information:
Conversion of preferred stock to common stock			$ 0	$ 5,000

Organization and Business Opera

Organization and Business Operations	9 Months Ended
	Sep. 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 and single asset single borrower bonds (collectively "CMBS 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	9 Months Ended
	Sep. 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 nine months ended September 30, 2023, $2.2 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 and for interim periods within fiscal years beginning after December 15, 2024. The amendments will require expanded disclosures around significant segment expenses and identification of the Company's chief operating decision maker. The Company will implement the amendments and related disclosure requirements in our consolidated financial statements for the year ended December 31, 2024, and for interim periods thereafter. 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	9 Months Ended
	Sep. 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): September 30, 2024 December 31, 2023 Senior loans $ 5,121,111 $ 5,017,569 Mezzanine loans 33,005 19,373 Total gross carrying value of loans 5,154,116 5,036,942 General allowance for credit losses 47,912 47,175 Specific allowance for credit losses 28,728 — Less: Allowance for credit losses 76,640 47,175 Total commercial mortgage loans, held for investment, net $ 5,077,476 $ 4,989,767 For the nine months ended September 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): Nine Months Ended September 30, 2024 Year Ended Amortized cost, beginning of period $ 5,036,942 $ 5,269,776 Acquisitions and originations 1,432,833 941,513 Principal repayments (974,705) (1,076,532) Dispositions (25,900) — Charge-offs (4,062) — Net fees capitalized into carrying value of loans (9,233) (5,242) Discount accretion/premium amortization 6,966 13,016 Transfer to real estate owned (1)(2) (307,562) (103,863) Cost recovery (1,163) (1,726) Amortized cost, end of period $ 5,154,116 $ 5,036,942 Allowance for credit losses, beginning of period $ (47,175) $ (40,848) General (provision)/benefit for credit losses (737) (20,551) Specific (provision)/benefit for credit losses (33,528) (12,334) Write offs from specific allowance for credit losses 4,800 26,558 Allowance for credit losses, end of period $ (76,640) $ (47,175) Total commercial mortgage loans, held for investment, net $ 5,077,476 $ 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 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 September 30, 2024 and December 31, 2023, the Company's total commercial mortgage loan, held for investment portfolio, was comprised of 157 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): September 30, 2024 December 31, 2023 Loan Collateral Type Par Value Percentage Par Value Percentage Multifamily $ 3,809,989 73.8 % $ 3,876,108 76.8 % Hospitality 706,471 13.7 % 670,274 13.3 % Industrial 298,089 5.8 % 73,724 1.5 % Office 208,559 4.0 % 269,924 5.4 % Retail 45,641 0.9 % 34,000 0.7 % Other 96,678 1.8 % 121,006 2.3 % Total $ 5,165,427 100.0 % $ 5,045,036 100.0 % September 30, 2024 December 31, 2023 Loan Region Par Value Percentage Par Value Percentage Southwest 2,023,068 39.2 % $ 1,920,491 38.1 % Southeast 1,919,153 37.1 % 1,989,175 39.4 % Mideast 277,172 5.4 % 455,739 9.0 % Great Lakes 181,747 3.5 % 161,059 3.2 % New England 178,022 3.4 % 63,274 1.3 % Far West 164,374 3.2 % 113,554 2.3 % Rocky Mountain 114,425 2.2 % 74,934 1.5 % Various (1) 307,466 6.0 % 266,810 5.2 % Total $ 5,165,427 100.0 % $ 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 nine months ended September 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 Changes: Provision/(Benefit) 502 (336) (435) (771) (269) Write offs (4,062) — — — (4,062) September 30, 2024 $ 28,728 $ 47,912 $ 1,658 $ 49,570 $ 78,298 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 is the exit capitalization rate assumptions, which ranged from 6.25% to 9.50%. The significant unobservable input used for the market approach is 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 $44.1 million as of September 30, 2024. The Company recorded a specific allowance for credit losses of $27.1 million on this loan for the quarter ended September 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 $23.1 million as of September 30, 2024. The Company recorded a specific allowance for credit losses of $1.6 million on this loan for the quarter ended September 30, 2024. In July 2019, the Company originated a first mortgage loan with a commitment of $20.9 million secured by a hospitality property in Texas. During the third quarter of 2024, the loan was paid off resulting in a loss of $0.4 million. The Company recorded a specific allowance for credit losses of $0.4 million during the third quarter of 2024, and subsequently wrote off this specific allowance for credit losses in the same quarter. 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 throughout the United States. 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. During the third quarter of 2024, the Company, either through deed-in-lieu of foreclosure or foreclosure, took possession of five of these properties, which are recorded in Real estate owned, held for sale in the consolidated balance sheets, resulting in a loss on foreclosure of $3.6 million. The Company recorded a specific allowance for credit losses of $3.6 million during the third quarter of 2024, and subsequently wrote off this specific allowance for credit losses in the same quarter. See Note 5 - Real Estate Owned for additional details. General Allowance for Credit Losses The Company recorded a total increase (decrease) in its general allowance for credit losses during the three and nine months ended September 30, 2024 of $(0.8) million and $1.3 million, respectively. The primary driver for the lower reserve balance over the three-month period is due to the Company utilizing a lower forward SOFR rate in the CECL scenario model along with a decrease in the size of the overall portfolio of commercial mortgage loans, held for investment for the same period. The primary driver for the higher reserve balance over the nine-month period is due to the Company utilizing a pessimistic macro-economic outlook since the fourth quarter of 2023 along with an increase in size of the overall portfolio of commercial mortgage loans, held for investment for the same period. 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 September 30, 2024 (dollars in thousands): Current Less than 90 days past due 90 or more days past due (1) Total As of September 30, 2024 $ 4,866,383 $ 76,998 $ 210,735 $ 5,154,116 ________________________ (1) Comprised of five mortgage loans, two of which are collateralized by office properties and the other three of which are collateralized by multifamily properties. Both office properties have been designated as non-performing and placed on cost recovery status, and one multifamily property has been designated as non-performing and placed on non-accrual status. Non-performing Status The following table presents the amortized cost basis of our non-performing loans as of September 30, 2024 and December 31, 2023 (dollars in thousands): September 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 494,402 118,647 Less: Removal of non-performing loan amortized cost 504,672 157,841 Non-performing loan amortized cost end of period (1) $ 67,915 $ 78,185 ________________________ (1) As of September 30, 2024, and December 31, 2023, the Company had three and two loans, respectively, designated as non-performing. As of September 30, 2024, one of the three non-performing loans was placed on non-accrual status and two were placed on cost recovery status. For the loan designated as non-performing and placed on non-accrual status, the Company recognized $0.6 million and $4.7 million of interest proceeds included in Interest income in the consolidated statements of operations for the three and nine months ended September 30, 2024, respectively. As of September 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 $27.1 million and $1.6 million, respectively. As of September 30, 2024, one of the three designated non-performing loans was collateralized by a multifamily property 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 September 30, 2024 and December 31, 2023, the weighted average risk rating of loans was 2.2 and 2.3, respectively. The following tables present the par value and amortized cost of our commercial mortgage loans, held for investment as of September 30, 2024 and December 31, 2023, by the Company’s internal risk rating and year of origination (dollars in thousands): September 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 — $ — $ — $ — $ — $ — $ — $ — $ — — % 2 127 4,083,436 1,228,993 557,519 1,039,011 1,122,621 71,764 53,799 4,073,707 79.1 % 3 27 1,012,858 — 88,770 321,826 539,331 46,140 16,427 1,012,494 19.6 % 4 1 776 — — 722 — — — 722 — % 5 2 68,357 — — — 44,069 — 23,124 67,193 1.3 % Total 157 $ 5,165,427 $ 1,228,993 $ 646,289 $ 1,361,559 $ 1,706,021 $ 117,904 $ 93,350 $ 5,154,116 100.0 % Allowance for credit losses (76,640) Total carrying value, net $ 5,077,476 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 September 30, 2024 and December 31, 2023, the Company did not hold any commercial mortgage loans, held for sale.

Real Estate Securities

Real Estate Securities	9 Months Ended
	Sep. 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 September 30, 2024 and December 31, 2023 (dollars in thousands): CMBS Bonds Number of Bonds Benchmark Interest Rate Weighted Average Interest Rate Weighted Average Contractual Maturity (years) Par Value Fair Value September 30, 2024 10 1 Month SOFR 7.60% 10.9 $ 210,428 $ 210,656 December 31, 2023 7 1 Month SOFR 8.12% 12.2 $ 243,340 $ 242,569 The Company classified its CMBS 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 CMBS bonds as of September 30, 2024 and December 31, 2023 (dollars in thousands): Amortized Cost Unrealized Gain Unrealized (Loss) Fair Value September 30, 2024 $ 210,256 $ 559 $ (159) $ 210,656 December 31, 2023 $ 243,272 $ 74 $ (777) $ 242,569 As of September 30, 2024, the Company held ten CMBS bonds with an amortized cost basis of $210.3 million and a net unrealized gain of $0.4 million, four of which were held in a gross unrealized loss position of $0.2 million. As of December 31, 2023, the Company held seven CMBS 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 September 30, 2024 and December 31, 2023, zero positions had an unrealized loss for a period greater than twelve months. As of September 30, 2024 and December 31, 2023, the fair value of the Company's CMBS bonds that were in an unrealized loss position for less than twelve months was $31.8 million and $184.2 million, respectively.

Real Estate Owned

Real Estate Owned	9 Months Ended
	Sep. 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 September 30, 2024 and December 31, 2023 (dollars in thousands): As of September 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 $ (6,905) $ 83,718 August 2023 Office Portland, OR 16,479 2,065 — (52) 18,492 October 2023 Multifamily Lubbock, TX 1,618 10,076 185 (241) 11,638 Total $ 21,533 $ 96,400 $ 3,113 $ (7,198) 113,848 ________________________ 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 nine months ended September 30, 2024 totaled $0.7 million and $2.0 million, respectively. Depreciation expense for the three and nine months ended September 30, 2023 totaled $0.6 million and $2.4 million, respectively. Real Estate Owned, Held for Sale The following table summarizes the Company's Real estate owned, held for sale assets and liabilities as of September 30, 2024 and December 31, 2023 (dollars in thousands): As of September 30, 2024 Property Type Primary Location(s) Assets, Net Liabilities, Net Retail (1) Various $ 18,674 $ 1,805 Multifamily (2) Various 267,843 2,559 Total $ 286,517 $ 4,364 ________________________ 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 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. During the third quarter of 2024, the Company recorded a loss of $4.6 million related to the portfolio consisting of a $4.5 million write-down and a $ 0.1 million loss on the sale of 16 of the properties. As of September 30, 2024, the Company's real estate owned held for sale assets include the remaining five retail properties in the Walgreens Portfolio. The respective write-downs and losses on sale are recorded within Gain/(loss) on other real estate investments in the Company's consolidated financial statements of operations. (2) During the second and third quarter of 2024, the Company obtained, through foreclosure or deed-in-lieu of foreclosure, four multifamily and six multifamily properties, respectively, located in various locations throughout the United States. The Company recognized a net (loss)/gain on foreclosure of $(0.5) million and $ 2.4 million, respectively, included in Gain/(loss) on other real estate investments in the Company's consolidated financial statements of operations. As of September 30, 2024, the Company's real estate owned held for sale assets includes ten multifamily properties that previously collateralized five commercial mortgage loans. As of September 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	9 Months Ended
	Sep. 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 September 30, 2024 and December 31, 2023 (dollars in thousands): Identified intangible assets: September 30, 2024 December 31, 2023 Gross amount $ 49,285 $ 49,285 Less: Accumulated amortization (8,731) (6,492) Total, net $ 40,554 $ 42,793 Rental Income Rental income for the three and nine months ended September 30, 2024 totaled $4.4 million and $13.2 million, respectively. Rental income for the three and nine months ended September 30, 2023 totaled $4.7 million and $14.0 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 14.1 years, to be received under the leases (dollars in thousands): Future Minimum Rents September 30, 2024 2024 (October - December) $ 2,335 2025 8,769 2026 8,539 2027 8,710 2028 8,884 2029 and beyond 97,388 Total future minimum rent $ 134,625 Amortization Expense Intangible lease assets are amortized using the straight-line method over the remaining term of the lease. The weighted average life of the intangible assets as of September 30, 2024 is approximately 14.1 years. Amortization expense for the three and nine months ended September 30, 2024 is $0.7 million and $2.2 million, respectively. Amortization expense for the three and nine months ended September 30, 2023 totaled $0.9 million and $3.1 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 September 30, 2024 2024 (October - December) $ 720 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 September 30, 2024 and December 31, 2023 (dollars in thousands): Identified intangible assets: September 30, 2024 December 31, 2023 Gross amount $ 49,285 $ 49,285 Less: Accumulated amortization (8,731) (6,492) Total, net $ 40,554 $ 42,793 Rental Income Rental income for the three and nine months ended September 30, 2024 totaled $4.4 million and $13.2 million, respectively. Rental income for the three and nine months ended September 30, 2023 totaled $4.7 million and $14.0 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 14.1 years, to be received under the leases (dollars in thousands): Future Minimum Rents September 30, 2024 2024 (October - December) $ 2,335 2025 8,769 2026 8,539 2027 8,710 2028 8,884 2029 and beyond 97,388 Total future minimum rent $ 134,625 Amortization Expense Intangible lease assets are amortized using the straight-line method over the remaining term of the lease. The weighted average life of the intangible assets as of September 30, 2024 is approximately 14.1 years. Amortization expense for the three and nine months ended September 30, 2024 is $0.7 million and $2.2 million, respectively. Amortization expense for the three and nine months ended September 30, 2023 totaled $0.9 million and $3.1 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 September 30, 2024 2024 (October - December) $ 720 2025 2,880 2026 2,880 2027 2,880 2028 2,880

Debt

Debt	9 Months Ended
	Sep. 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 September 30, 2024 and December 31, 2023 (dollars in thousands): September 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 $ 29,605 $ 10,753 8.02 % 07/2026 Atlas Repo Facility (4) 350,000 87,617 4,157 7.76 % 01/2026 WF Repo Facility (3) 400,000 — 6,088 N/A 10/2025 Barclays Revolver Facility (8) 100,000 — 753 N/A 09/2026 Barclays Repo Facility (3) 500,000 66,539 12,239 6.96 % 03/2025 Churchill Repo Facility 225,000 — 104 N/A N/A Total/Weighted average $ 2,075,000 $ 183,761 $ 34,094 7.51 % Mortgage note payable: Debt related to our REO (5) N/A $ 23,998 $ 1,538 8.22 % 10/2025 Other financings: Other financings (6) N/A $ 12,865 $ 873 6.00 % Various (6) Unsecured debt (7) : Junior Note I N/A $ 17,075 $ 1,238 9.02 % 10/2035 Junior Note II N/A 39,579 2,734 8.51 % 12/2035 Junior Note III N/A 24,716 1,709 8.51 % 09/2036 Total/Weighted average N/A $ 81,370 $ 5,681 8.62 % ________________________ 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 (6) 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 September 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). On October 1, 2024, the Company extended the maturity date to October 25, 2025, with a one-year extension option remaining. (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 $5.7 million for the three and nine months ended September 30, 2024, respectively. (8) On September 19, 2024, the Company extended the maturity date to September 19, 2026 with a one-year extension option. Additionally, the committed financing was decreased from $250 million to $100 million. Repurchase Agreements - Real Estate Securities The Company has entered into various Master Repurchase Agreements (the "MRAs") that allow the Company to sell real estate securities while providing a fixed repurchase price for the same real estate securities in the future. The repurchase contracts on each security under an MRA generally mature in 30-90 days and terms are adjusted for current market rates as necessary. Below is a summary of the Company's MRAs which were included in Repurchase agreements - real estate securities in the Company's consolidated balance sheets as of September 30, 2024 and December 31, 2023 (dollars in thousands): September 30, 2024 Counterparty Amount Outstanding Interest Expense Collateral Pledged (1) Weighted Average Interest Rate Weighted Average Days to Maturity JP Morgan Securities LLC $ 127,283 $ 5,444 $ 157,378 6.05 % 16 Wells Fargo Securities, LLC 8,999 417 10,032 5.61 % 28 Barclays Capital Inc. 78,040 3,435 87,622 5.59 % 29 Lucid Prime Fund 26,944 828 30,848 5.85 % 17 Total/Weighted Average $ 241,266 $ 10,124 $ 285,880 5.87 % 20 ________________________ 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 $75.2 million and $27.9 million of CMBS bonds, held by the Company, which is eliminated through consolidation of the related CLO's on the Company's consolidated balance sheets as of September 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, 2023-FL10 Issuer and 2024-FL11 Issuer (collectively the "CLOs"), as of September 30, 2024 and December 31, 2023: September 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 42 Term SOFR 1.56 % $ 584,500 $ 401,842 $ 498,796 3/15/2036 2021-FL7 Issuer 36 Term SOFR 1.69 % 722,250 610,510 787,313 12/21/2038 2022-FL8 Issuer 42 AVG SOFR 1.74 % 960,000 895,108 1,127,016 2/15/2037 2022-FL9 Issuer 47 Term SOFR 2.84 % 670,637 618,086 724,014 5/15/2039 2023-FL10 Issuer (3) 34 Term SOFR 2.59 % 717,243 717,243 892,269 9/15/2035 2024-FL11 Issuer 18 Term SOFR 1.99 % 886,176 886,176 891,149 7/15/2039 $ 4,540,806 $ 4,128,965 $ 4,920,557 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 $532.4 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 September 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. On September 26, 2024, BSPRT 2024-FL11 Issuer, LLC, a wholly-owned indirect subsidiary of the Company, entered into an indenture with the OP, as advancing agent, U.S. Bank Trust Company, National Association, as trustee and note administrator, and U.S. Bank National Association, as custodian and in other capacities, which governs the issuance of approximately $1.0 billion principal balance secured floating rate notes, of which $886.2 million were purchased by third party investors and $138.3 million were purchased by a wholly-owned subsidiary of the OP. In addition, concurrently with the issuance of the notes, BSPRT 2024-FL11 Issuer, LLC also issued 72,995 preferred shares, par value of $0.001 per share and with an aggregate liquidation preference and notional amount equal to $1,000 per share, which were not offered as part of closing the indenture. For U.S. federal income tax purposes, BSPRT 2024-FL11 Issuer, LLC is a disregarded entity. The below table reflects the total assets and liabilities of the Company's outstanding CLOs. The CLOs are considered VIEs and are consolidated into the Company's consolidated financial statements as of September 30, 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. September 30, 2024 December 31, 2023 Assets (dollars in thousands) Cash (1) $ 197,079 $ 55,914 Commercial mortgage loans, held for investment, net (2) 4,648,277 4,379,760 Accrued interest receivable 22,075 23,927 Total Assets $ 4,867,431 $ 4,459,601 Liabilities (dollars in thousands) Notes payable, net (3)(4) $ 4,661,323 $ 4,092,971 Accrued interest payable 12,949 15,171 Total Liabilities $ 4,674,272 $ 4,108,142 ________________________ (1) Includes $196.1 million and $55.1 million of cash held by the servicer related to CLO loan payoffs as of September 30, 2024 and December 31, 2023, respectively. (2) The balance is presented net of allowance for credit losses of $31.5 million and $32.6 million as of September 30, 2024 and December 31, 2023, respectively. (3) Includes $532.4 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 September 30, 2024 and December 31, 2023, respectively. (4) The balance is presented net of deferred financing cost and discount of $31.3 million and $30.8 million as of September 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	9 Months Ended
	Sep. 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 nine months ended September 30, 2024 and 2023 (in thousands, except share and per share data): Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Numerator Net income/(loss) $ 30,173 $ 30,995 $ 62,235 $ 114,478 Net (income)/loss from non-controlling interest 1,441 772 3,124 722 Less: Preferred stock dividends 6,749 6,748 20,245 20,245 Net income/(loss) applicable to common stock $ 24,865 $ 25,019 $ 45,114 $ 94,955 Less: Participating securities' share in earnings 453 287 1,350 1,300 Net income/(loss) applicable to common stockholders (for basic & diluted earnings per share) $ 24,412 $ 24,732 $ 43,764 $ 93,655 Denominator Weighted-average common shares outstanding for basic earnings per share 81,788,091 82,210,624 81,865,672 82,410,725 Weighted-average common shares outstanding for diluted earnings per share (1) 81,788,091 82,210,624 81,865,672 82,410,725 Basic earnings per share $ 0.30 $ 0.30 $ 0.53 $ 1.14 Diluted earnings per share $ 0.30 $ 0.30 $ 0.53 $ 1.14 ________________________ (1) Weighted average dilutive shares excluded restricted shares and stock units as of the three months ended September 30, 2024 and 2023 of 276,267 and 809,257 respectively, as the effect was anti-dilutive. Weighted average dilutive shares excluded restricted shares and stock units as of the nine months ended September 30, 2024 and 2023 of 194,571 and 772,945 respectively, as the effect was anti-dilutive. Additionally, the effect of dilutive shares excluded 5,370,498 weighted average common share equivalents of convertible preferred stock for the three and nine months ended September 30, 2024 and 2023, respectively, as the effect was anti-dilutive.

Redeemable Convertible Preferre

Redeemable Convertible Preferred Stock and Equity Transactions	9 Months Ended
	Sep. 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 September 30, 2024 and December 31, 2023 (in thousands, except share and per share amounts): Balance as of Shares Outstanding as of Third Quarter 2024 Dividend Per Share (1) September 30, 2024 December 31, 2023 September 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 83,066,789 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 nine months ended September 30, 2024, the Company repurchased zero and 391,863 shares, respectively, of common stock at an average price of $12.42 per share, for a total of $4.9 million. All of these shares were retired upon settlement. See discussion in the "Stock Repurchases" section below. During the nine months ended September 30, 2024 and 2023, the Company paid an aggregate of $88.4 million and $87.7 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 it expires or until the capital committed to the applicable repurchase program has been exhausted, whichever is sooner. Repurchases under the Company’s share repurchase program may be suspended from time to time at the Company’s discretion without prior notice. As of September 30, 2024, the Company had $31.1 million remaining under the share repurchase program. In October 2024, the Company's board of directors extended the term of the share repurchase program to December 31, 2025. The following table is a summary of the Company’s repurchase activity of its common stock during the nine months ended September 30, 2024 (in thousands, except share amounts): For the Nine Months Ended September 30, 2024 Shares Amount (1)(2) Beginning of period, authorized repurchase amount $ 35,917 Repurchases 391,863 (4,867) Remaining as of September 30, 2024 $ 31,050 ________________________ (1) For the nine months ended September 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 September 30, 2024 and 2023, no shares were issued, and 40,165 shares and 49,178 shares, respectively, of common stock were purchased by the administrator on the open market under the dividend reinvestment component of the DRIP. During the nine months ended September 30, 2024 and 2023, no shares were issued, and 125,350 shares and 169,354 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 nine months ended September 30, 2024 and 2023 (dollars in thousands): For the Three Months Ended September 30, 2024 September 30, 2023 Balance, Beginning of Period $ 575 $ (1,299) Other comprehensive income/(loss) (175) 448 Reclassification adjustment for amounts included in net income/(loss) — (248) Balance, End of Period $ 400 $ (1,099) For the Nine Months Ended September 30, 2024 September 30, 2023 Balance, Beginning of Period $ (703) $ 390 Other comprehensive income/(loss) 797 (564) Reclassification adjustment for amounts included in net income/(loss) 306 (925) Balance, End of Period $ 400 $ (1,099)

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Note 10 - Commitments and Contingencies Unfunded Commitments Under Commercial Mortgage Loans As of September 30, 2024, the Company had the below unfunded commitments to the Company's borrowers (dollars in thousands): Funding Expiration September 30, 2024 2024 $ 32,886 2025 86,042 2026 189,466 2027 120,538 Total $ 428,932 The borrowers are generally required to meet or maintain certain metrics in order to qualify for the unfunded commitment amounts. Litigation and Regulatory Proceedings The Company is not presently named as a defendant in any material litigation arising outside the ordinary course of business. However, the Company is involved in routine litigation arising in the ordinary course of business, none of which the Company believes, individually or in the aggregate, will have a material impact on the Company’s financial condition, operating results or cash flows. Please refer to "Part II, Item 1. Legal Proceedings" for more details about the Company's ongoing litigation matters.

Related Party Transactions and

Related Party Transactions and Arrangements	9 Months Ended
	Sep. 30, 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 nine months ended September 30, 2024 and 2023 and the associated payable as of September 30, 2024 and December 31, 2023 (dollars in thousands): Three Months Ended September 30, Nine Months Ended September 30, Payable as of 2024 2023 2024 2023 September 30, 2024 December 31, 2023 Acquisition expenses (1) $ 255 $ 316 $ 688 $ 977 $ — $ — Administrative services expenses 3,801 3,566 7,365 10,993 3,801 3,447 Asset management and subordinated performance fee 4,906 7,908 19,023 24,893 10,826 15,014 Other related party expenses (2)(3) 313 235 1,005 785 1,004 855 Total related party fees and reimbursements $ 9,275 $ 12,025 $ 28,080 $ 37,648 $ 15,630 $ 19,316 ________________________ (1) Total acquisition expenses paid during the three months ended September 30, 2024 and 2023 were $1.8 million and $1.8 million, respectively, of which $1.5 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 nine months ended September 30, 2024 and 2023 were $7.2 million and $4.1 million, respectively, of which $6.5 million and $3.1 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 September 30, 2024 and December 31, 2023, the related party payables include $0.9 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 September 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 September 30, 2024 and December 31, 2023, our commercial mortgage loans, held for investment, includes an aggregate of $71.8 million and $124.1 million, respectively, carrying value of loans to affiliates of our Advisor. For the three and nine months ended September 30, 2024, the Company recognized $1.6 million and $6.4 million, respectively, of interest income from these loans in the Company's consolidated statement of operations. For the three and nine months ended September 30, 2023, the Company recognized $2.8 million and $7.4 million, respectively, of interest income from these loans in the Company's consolidated statement of operations. In the second quarter of 2022, the Company fully funded a $149.7 million first mortgage consisting of the Walgreens Portfolio: 24 retail properties with various locations throughout the United States. The Company entered into a joint venture agreement and formed the Walgreens JV to acquire 75.618% ownership interest in the Walgreens Portfolio, while the affiliated fund has 24.242% interest.

Fair Value of Financial Instrum

Fair Value of Financial Instruments	9 Months Ended
	Sep. 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 CMBS 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 CMBS 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 September 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 September 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. September 30, 2024 Total Level I Level II Level III Assets, at fair value Real estate securities, available for sale, measured at fair value $ 210,656 $ — $ 210,656 $ — Total assets, at fair value $ 210,656 $ — $ 210,656 $ — Liabilities, at fair value Treasury note futures $ 4 $ 4 $ — $ — Total liabilities, at fair value $ 4 $ 4 $ — $ — 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 Company did not hold any applicable positions as of September 30, 2024 and December 31, 2023. The following table presents additional information about the Company’s financial instruments which are measured at fair value on a recurring basis as of September 30, 2024 and December 31, 2023 for which the Company has used Level III inputs to determine fair value (dollars in thousands): September 30, 2024 Commercial mortgage loans, held for sale, measured at fair value Beginning balance, January 1, 2024 $ — Transfers into Level III (1) — Originations 271,175 Sales/paydowns (284,300) Total realized and unrealized gain/(loss) included in earnings: Realized gain/(loss) on sale of commercial mortgage loans, held for sale 13,125 Unrealized gain/(loss) on commercial mortgage loans, held for sale and other real estate investments — Transfers out of Level III (1) — Ending Balance, September 30, 2024 $ — ________________________ (1) There were no transfers in or out of Level III as of September 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 quarters ended June 30, 2024 and September 30, 2024, the Walgreens Portfolio was written down to estimated fair value less cost to sell for impairment purposes based on the market approach and the income approach, respectively. In addition, the Company determined the fair value of its ten multifamily properties, obtained through foreclosure or deed-in-lieu of foreclosure, based on a combination of the market approach and the income approach. The significant unobservable input used for the income approach is the exit capitalization rate assumptions, which ranged from 5.00% - 7.88%. The significant unobservable input used for the market approach is the estimated fair value less cost to sell based on a negotiated price from an anticipated buyer. As of September 30, 2024, the Company's Real estate owned, held for sale assets and liabilities, had a fair value of $282.6 million, net, that represented the remaining five retail properties in the Walgreens Portfolio and ten 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 September 30, 2024 and December 31, 2023 (dollars in thousands): September 30, 2024 December 31, 2023 Level Carrying Amount Fair Value Level Carrying Amount Fair Value Commercial mortgage loans, held for investment (1) Asset III $ 5,154,116 $ 5,111,165 III $ 5,036,942 $ 5,010,580 Collateralized loan obligations (2) Liability II 4,097,668 4,104,846 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 81,370 69,700 III 81,295 64,900 ________________________ (1) The carrying value is gross of $76.6 million and $47.2 million of allowance for credit losses as of September 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 $183.8 million and $299.7 million as of September 30, 2024 and December 31, 2023, respectively, and repurchase agreements - real estate securities of $241.3 million and $174.1 million as of September 30, 2024 and December 31, 2023, respectively, are not carried at fair value and do not include accrued interest expense, which are presented in Note 7 – Debt. For these instruments, carrying value generally approximates fair value and are classified as Level III. The fair value of the commercial mortgage loans, held for investment is estimated using a discounted cash flow analysis, based on the Advisor's experience with similar types of investments. The Company estimates the fair value of the collateralized loan obligations using external broker quotes. The mortgage note payable was recorded at transaction proceeds, which are considered to be the best initial estimate of fair value. The fair value of the other financings is generally estimated using a discounted cash flow analysis. The fair value of the unsecured debt is based on discounted cash flows using Company estimates for market yields on similarly structured debt instruments.

Derivative Instruments

Derivative Instruments	9 Months Ended
	Sep. 30, 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 Company did not have any derivatives outstanding as of September 30, 2024. 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 nine months ended September 30, 2024 and 2023 (dollars in thousands): Three Months Ended September 30, 2024 Three Months Ended September 30, 2023 Contract type Unrealized Gain/(Loss) Realized Gain/(Loss) Unrealized Gain/(Loss) Realized Gain/(Loss) Credit default swaps $ (4) $ 14 $ 33 $ (46) Interest rate swaps — — (251) 113 Treasury note futures 326 (1,567) 35 — Options — (20) — — Total $ 322 $ (1,573) $ (183) $ 67 Nine Months Ended September 30, 2024 Nine Months Ended September 30, 2023 Contract type Unrealized Gain/(Loss) Realized Gain/(Loss) Unrealized Gain/(Loss) Realized Gain/(Loss) Credit default swaps $ — $ (112) $ 36 $ (32) Interest rate swaps — — (90) 672 Treasury note futures 1 (1,059) (56) 44 Options — (90) — — Total $ 1 $ (1,261) $ (110) $ 684 Interest rate swap agreements are measured at fair value on a recurring basis primarily using Level II Inputs in accordance with ASU 2010-06, Fair Value Measurements and Disclosures (Topic 820). In determining fair value estimates for swaps, the Company utilizes the standard methodology of netting the discounted future fixed cash payments and the discounted future variable cash receipts which are based on expected future interest rates derived from observable market interest rate curves. The Company also incorporates both its own nonperformance risk and its counterparties’ nonperformance risk in determining fair value. In considering the effect of nonperformance risk, the Company considered the impact of netting and credit enhancements, such as collateral postings and guarantees, and has concluded that counterparty risk is not significant to the overall valuation.

Offsetting Assets and Liabiliti

Offsetting Assets and Liabilities	9 Months Ended
	Sep. 30, 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 September 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 repurchase agreements as of September 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 September 30, 2024 Repurchase agreements - commercial mortgage loans $ 183,761 $ — $ 183,761 $ 183,761 $ — $ — Repurchase agreements - real estate securities 241,266 — 241,266 241,266 — — 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	9 Months Ended
	Sep. 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, CMBS 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 nine months ended September 30, 2024 and 2023 (dollars in thousands): Three Months Ended September 30, 2024 Total Real Estate Debt and Other Real Estate Investments Real Estate Securities TRS Real Estate Owned Interest income $ 134,142 $ 127,550 $ 4,432 $ 1,761 $ 399 Revenue from real estate owned 5,412 — — — 5,412 Interest expense 89,884 85,287 3,901 182 514 Net income/(loss) 30,173 29,950 397 2,591 (2,765) Total assets as of September 30, 2024 6,334,976 5,591,695 214,555 77,464 451,262 Three Months Ended September 30, 2023 Interest income $ 137,042 $ 131,093 $ 4,908 $ 109 $ 932 Revenue from real estate owned 3,317 — — — 3,317 Interest expense 77,973 74,002 3,151 307 513 Net income/(loss) 30,995 35,450 (1,568) 82 (2,969) Total assets as of December 31, 2023 5,955,180 5,372,371 245,949 66,503 270,357 Nine Months Ended September 30, 2024 Total Real Estate Debt and Other Real Estate Investments Real Estate Securities TRS Real Estate Owned Interest income $ 398,253 $ 379,321 $ 13,390 $ 4,862 $ 680 Revenue from real estate owned 14,196 — — — 14,196 Interest expense 257,942 245,755 10,110 539 1,538 Net income/(loss) 62,235 60,303 2,460 6,764 (7,292) Total assets as of September 30, 2024 6,334,976 5,591,695 214,555 77,464 451,262 Nine Months Ended September 30, 2023 Interest income $ 420,470 $ 404,300 $ 12,488 $ 1,179 $ 2,503 Revenue from real estate owned 13,067 — — — 13,067 Interest expense 224,347 211,923 10,139 824 1,461 Net income/(loss) 114,478 125,723 1,158 (10,610) (1,793) Total assets as of 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	9 Months Ended
	Sep. 30, 2024
Subsequent Events [Abstract]
Subsequent Events	Note 16 - Subsequent Events

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2024	Sep. 30, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ 31,614	$ (2,175)	$ 35,920	$ 31,767	$ 39,603	$ 43,830	$ 65,359	$ 115,200

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Sep. 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)	9 Months Ended
	Sep. 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 and for interim periods within fiscal years beginning after December 15, 2024. The amendments will require expanded disclosures around significant segment expenses and identification of the Company's chief operating decision maker. The Company will implement the amendments and related disclosure requirements in our consolidated financial statements for the year ended December 31, 2024, and for interim periods thereafter. 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 CMBS 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 CMBS 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 September 30, 2024 and December 31, 2023.

Commercial Mortgage Loans (Tabl

Commercial Mortgage Loans (Tables)	9 Months Ended
	Sep. 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): September 30, 2024 December 31, 2023 Senior loans $ 5,121,111 $ 5,017,569 Mezzanine loans 33,005 19,373 Total gross carrying value of loans 5,154,116 5,036,942 General allowance for credit losses 47,912 47,175 Specific allowance for credit losses 28,728 — Less: Allowance for credit losses 76,640 47,175 Total commercial mortgage loans, held for investment, net $ 5,077,476 $ 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): September 30, 2024 December 31, 2023 Loan Collateral Type Par Value Percentage Par Value Percentage Multifamily $ 3,809,989 73.8 % $ 3,876,108 76.8 % Hospitality 706,471 13.7 % 670,274 13.3 % Industrial 298,089 5.8 % 73,724 1.5 % Office 208,559 4.0 % 269,924 5.4 % Retail 45,641 0.9 % 34,000 0.7 % Other 96,678 1.8 % 121,006 2.3 % Total $ 5,165,427 100.0 % $ 5,045,036 100.0 % September 30, 2024 December 31, 2023 Loan Region Par Value Percentage Par Value Percentage Southwest 2,023,068 39.2 % $ 1,920,491 38.1 % Southeast 1,919,153 37.1 % 1,989,175 39.4 % Mideast 277,172 5.4 % 455,739 9.0 % Great Lakes 181,747 3.5 % 161,059 3.2 % New England 178,022 3.4 % 63,274 1.3 % Far West 164,374 3.2 % 113,554 2.3 % Rocky Mountain 114,425 2.2 % 74,934 1.5 % Various (1) 307,466 6.0 % 266,810 5.2 % Total $ 5,165,427 100.0 % $ 5,045,036 100.0 % ________________________ (1) Represents loans secured by a portfolio of properties located in various parts of the United States.
Schedule of Commercial Mortgage Loans Held for Investment Activity	For the nine months ended September 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): Nine Months Ended September 30, 2024 Year Ended Amortized cost, beginning of period $ 5,036,942 $ 5,269,776 Acquisitions and originations 1,432,833 941,513 Principal repayments (974,705) (1,076,532) Dispositions (25,900) — Charge-offs (4,062) — Net fees capitalized into carrying value of loans (9,233) (5,242) Discount accretion/premium amortization 6,966 13,016 Transfer to real estate owned (1)(2) (307,562) (103,863) Cost recovery (1,163) (1,726) Amortized cost, end of period $ 5,154,116 $ 5,036,942 Allowance for credit losses, beginning of period $ (47,175) $ (40,848) General (provision)/benefit for credit losses (737) (20,551) Specific (provision)/benefit for credit losses (33,528) (12,334) Write offs from specific allowance for credit losses 4,800 26,558 Allowance for credit losses, end of period $ (76,640) $ (47,175) Total commercial mortgage loans, held for investment, net $ 5,077,476 $ 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 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 nine months ended September 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 Changes: Provision/(Benefit) 502 (336) (435) (771) (269) Write offs (4,062) — — — (4,062) September 30, 2024 $ 28,728 $ 47,912 $ 1,658 $ 49,570 $ 78,298
Schedule of Past Due Loans	The following table presents a summary of the loans amortized cost basis as of September 30, 2024 (dollars in thousands): Current Less than 90 days past due 90 or more days past due (1) Total As of September 30, 2024 $ 4,866,383 $ 76,998 $ 210,735 $ 5,154,116 ________________________ (1) Comprised of five mortgage loans, two of which are collateralized by office properties and the other three of which are collateralized by multifamily properties. Both office properties have been designated as non-performing and placed on cost recovery status, and one multifamily property has been designated as non-performing and placed on non-accrual status.
Schedule of Loans on Nonaccrual Status	The following table presents the amortized cost basis of our non-performing loans as of September 30, 2024 and December 31, 2023 (dollars in thousands): September 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 494,402 118,647 Less: Removal of non-performing loan amortized cost 504,672 157,841 Non-performing loan amortized cost end of period (1) $ 67,915 $ 78,185 ________________________ (1) As of September 30, 2024, and December 31, 2023, the Company had three and two loans, respectively, designated as non-performing. As of September 30, 2024, one of the three non-performing loans was placed on non-accrual status and two were placed on cost recovery status. For the loan designated as non-performing and placed on non-accrual status, the Company recognized $0.6 million and $4.7 million of interest proceeds included in Interest income in the consolidated statements of operations for the three and nine months ended September 30, 2024, respectively. As of September 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 $27.1 million and $1.6 million, respectively. As of September 30, 2024, one of the three designated non-performing loans was collateralized by a multifamily property 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 September 30, 2024 and December 31, 2023, by the Company’s internal risk rating and year of origination (dollars in thousands): September 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 — $ — $ — $ — $ — $ — $ — $ — $ — — % 2 127 4,083,436 1,228,993 557,519 1,039,011 1,122,621 71,764 53,799 4,073,707 79.1 % 3 27 1,012,858 — 88,770 321,826 539,331 46,140 16,427 1,012,494 19.6 % 4 1 776 — — 722 — — — 722 — % 5 2 68,357 — — — 44,069 — 23,124 67,193 1.3 % Total 157 $ 5,165,427 $ 1,228,993 $ 646,289 $ 1,361,559 $ 1,706,021 $ 117,904 $ 93,350 $ 5,154,116 100.0 % Allowance for credit losses (76,640) Total carrying value, net $ 5,077,476 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)	9 Months Ended
	Sep. 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 September 30, 2024 and December 31, 2023 (dollars in thousands): CMBS Bonds Number of Bonds Benchmark Interest Rate Weighted Average Interest Rate Weighted Average Contractual Maturity (years) Par Value Fair Value September 30, 2024 10 1 Month SOFR 7.60% 10.9 $ 210,428 $ 210,656 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 CMBS bonds as of September 30, 2024 and December 31, 2023 (dollars in thousands): Amortized Cost Unrealized Gain Unrealized (Loss) Fair Value September 30, 2024 $ 210,256 $ 559 $ (159) $ 210,656 December 31, 2023 $ 243,272 $ 74 $ (777) $ 242,569

Real Estate Owned (Tables)

Real Estate Owned (Tables)	9 Months Ended
	Sep. 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 September 30, 2024 and December 31, 2023 (dollars in thousands): As of September 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 $ (6,905) $ 83,718 August 2023 Office Portland, OR 16,479 2,065 — (52) 18,492 October 2023 Multifamily Lubbock, TX 1,618 10,076 185 (241) 11,638 Total $ 21,533 $ 96,400 $ 3,113 $ (7,198) 113,848 ________________________ 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 September 30, 2024 and December 31, 2023 (dollars in thousands): As of September 30, 2024 Property Type Primary Location(s) Assets, Net Liabilities, Net Retail (1) Various $ 18,674 $ 1,805 Multifamily (2) Various 267,843 2,559 Total $ 286,517 $ 4,364 ________________________ 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 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. During the third quarter of 2024, the Company recorded a loss of $4.6 million related to the portfolio consisting of a $4.5 million write-down and a $ 0.1 million loss on the sale of 16 of the properties. As of September 30, 2024, the Company's real estate owned held for sale assets include the remaining five retail properties in the Walgreens Portfolio. The respective write-downs and losses on sale are recorded within Gain/(loss) on other real estate investments in the Company's consolidated financial statements of operations. (2) During the second and third quarter of 2024, the Company obtained, through foreclosure or deed-in-lieu of foreclosure, four multifamily and six multifamily properties, respectively, located in various locations throughout the United States. The Company recognized a net (loss)/gain on foreclosure of $(0.5) million and $ 2.4 million, respectively, included in Gain/(loss) on other real estate investments

Leases (Tables)

Leases (Tables)	9 Months Ended
	Sep. 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 September 30, 2024 and December 31, 2023 (dollars in thousands): Identified intangible assets: September 30, 2024 December 31, 2023 Gross amount $ 49,285 $ 49,285 Less: Accumulated amortization (8,731) (6,492) Total, net $ 40,554 $ 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 14.1 years, to be received under the leases (dollars in thousands): Future Minimum Rents September 30, 2024 2024 (October - December) $ 2,335 2025 8,769 2026 8,539 2027 8,710 2028 8,884 2029 and beyond 97,388 Total future minimum rent $ 134,625
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 September 30, 2024 2024 (October - December) $ 720 2025 2,880 2026 2,880 2027 2,880 2028 2,880

Debt (Tables)

Debt (Tables)	9 Months Ended
	Sep. 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 September 30, 2024 and December 31, 2023 (dollars in thousands): September 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 $ 29,605 $ 10,753 8.02 % 07/2026 Atlas Repo Facility (4) 350,000 87,617 4,157 7.76 % 01/2026 WF Repo Facility (3) 400,000 — 6,088 N/A 10/2025 Barclays Revolver Facility (8) 100,000 — 753 N/A 09/2026 Barclays Repo Facility (3) 500,000 66,539 12,239 6.96 % 03/2025 Churchill Repo Facility 225,000 — 104 N/A N/A Total/Weighted average $ 2,075,000 $ 183,761 $ 34,094 7.51 % Mortgage note payable: Debt related to our REO (5) N/A $ 23,998 $ 1,538 8.22 % 10/2025 Other financings: Other financings (6) N/A $ 12,865 $ 873 6.00 % Various (6) Unsecured debt (7) : Junior Note I N/A $ 17,075 $ 1,238 9.02 % 10/2035 Junior Note II N/A 39,579 2,734 8.51 % 12/2035 Junior Note III N/A 24,716 1,709 8.51 % 09/2036 Total/Weighted average N/A $ 81,370 $ 5,681 8.62 % ________________________ 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 (6) 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 September 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). On October 1, 2024, the Company extended the maturity date to October 25, 2025, with a one-year extension option remaining. (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 $5.7 million for the three and nine months ended September 30, 2024, respectively. (8)
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 September 30, 2024 and December 31, 2023 (dollars in thousands): September 30, 2024 Counterparty Amount Outstanding Interest Expense Collateral Pledged (1) Weighted Average Interest Rate Weighted Average Days to Maturity JP Morgan Securities LLC $ 127,283 $ 5,444 $ 157,378 6.05 % 16 Wells Fargo Securities, LLC 8,999 417 10,032 5.61 % 28 Barclays Capital Inc. 78,040 3,435 87,622 5.59 % 29 Lucid Prime Fund 26,944 828 30,848 5.85 % 17 Total/Weighted Average $ 241,266 $ 10,124 $ 285,880 5.87 % 20 ________________________ 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 $75.2 million and $27.9 million of CMBS bonds, held by the Company, which is eliminated through consolidation of the related CLO's on the Company's consolidated balance sheets as of September 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, 2023-FL10 Issuer and 2024-FL11 Issuer (collectively the "CLOs"), as of September 30, 2024 and December 31, 2023: September 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 42 Term SOFR 1.56 % $ 584,500 $ 401,842 $ 498,796 3/15/2036 2021-FL7 Issuer 36 Term SOFR 1.69 % 722,250 610,510 787,313 12/21/2038 2022-FL8 Issuer 42 AVG SOFR 1.74 % 960,000 895,108 1,127,016 2/15/2037 2022-FL9 Issuer 47 Term SOFR 2.84 % 670,637 618,086 724,014 5/15/2039 2023-FL10 Issuer (3) 34 Term SOFR 2.59 % 717,243 717,243 892,269 9/15/2035 2024-FL11 Issuer 18 Term SOFR 1.99 % 886,176 886,176 891,149 7/15/2039 $ 4,540,806 $ 4,128,965 $ 4,920,557 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 $532.4 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 September 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 September 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. September 30, 2024 December 31, 2023 Assets (dollars in thousands) Cash (1) $ 197,079 $ 55,914 Commercial mortgage loans, held for investment, net (2) 4,648,277 4,379,760 Accrued interest receivable 22,075 23,927 Total Assets $ 4,867,431 $ 4,459,601 Liabilities (dollars in thousands) Notes payable, net (3)(4) $ 4,661,323 $ 4,092,971 Accrued interest payable 12,949 15,171 Total Liabilities $ 4,674,272 $ 4,108,142 ________________________ (1) Includes $196.1 million and $55.1 million of cash held by the servicer related to CLO loan payoffs as of September 30, 2024 and December 31, 2023, respectively. (2) The balance is presented net of allowance for credit losses of $31.5 million and $32.6 million as of September 30, 2024 and December 31, 2023, respectively. (3) Includes $532.4 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 September 30, 2024 and December 31, 2023, respectively. (4) The balance is presented net of deferred financing cost and discount of $31.3 million and $30.8 million as of September 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)	9 Months Ended
	Sep. 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 nine months ended September 30, 2024 and 2023 (in thousands, except share and per share data): Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Numerator Net income/(loss) $ 30,173 $ 30,995 $ 62,235 $ 114,478 Net (income)/loss from non-controlling interest 1,441 772 3,124 722 Less: Preferred stock dividends 6,749 6,748 20,245 20,245 Net income/(loss) applicable to common stock $ 24,865 $ 25,019 $ 45,114 $ 94,955 Less: Participating securities' share in earnings 453 287 1,350 1,300 Net income/(loss) applicable to common stockholders (for basic & diluted earnings per share) $ 24,412 $ 24,732 $ 43,764 $ 93,655 Denominator Weighted-average common shares outstanding for basic earnings per share 81,788,091 82,210,624 81,865,672 82,410,725 Weighted-average common shares outstanding for diluted earnings per share (1) 81,788,091 82,210,624 81,865,672 82,410,725 Basic earnings per share $ 0.30 $ 0.30 $ 0.53 $ 1.14 Diluted earnings per share $ 0.30 $ 0.30 $ 0.53 $ 1.14 ________________________ (1) Weighted average dilutive shares excluded restricted shares and stock units as of the three months ended September 30, 2024 and 2023 of 276,267 and 809,257 respectively, as the effect was anti-dilutive. Weighted average dilutive shares excluded restricted shares and stock units as of the nine months ended September 30, 2024 and 2023 of 194,571 and 772,945 respectively, as the effect was anti-dilutive. Additionally, the effect of dilutive shares excluded 5,370,498 weighted average common share equivalents of convertible preferred stock for the three and nine months ended September 30, 2024 and 2023, respectively, as the effect was anti-dilutive.

Redeemable Convertible Prefer_2

Redeemable Convertible Preferred Stock and Equity Transactions (Tables)	9 Months Ended
	Sep. 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 September 30, 2024 and December 31, 2023 (in thousands, except share and per share amounts): Balance as of Shares Outstanding as of Third Quarter 2024 Dividend Per Share (1) September 30, 2024 December 31, 2023 September 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 83,066,789 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 nine months ended September 30, 2024, the Company repurchased zero and 391,863 shares, respectively, of common stock at an average price of $12.42 per share, for a total of $4.9 million. 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 nine months ended September 30, 2024 (in thousands, except share amounts): For the Nine Months Ended September 30, 2024 Shares Amount (1)(2) Beginning of period, authorized repurchase amount $ 35,917 Repurchases 391,863 (4,867) Remaining as of September 30, 2024 $ 31,050 ________________________ (1) For the nine months ended September 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 nine months ended September 30, 2024 and 2023 (dollars in thousands): For the Three Months Ended September 30, 2024 September 30, 2023 Balance, Beginning of Period $ 575 $ (1,299) Other comprehensive income/(loss) (175) 448 Reclassification adjustment for amounts included in net income/(loss) — (248) Balance, End of Period $ 400 $ (1,099) For the Nine Months Ended September 30, 2024 September 30, 2023 Balance, Beginning of Period $ (703) $ 390 Other comprehensive income/(loss) 797 (564) Reclassification adjustment for amounts included in net income/(loss) 306 (925) Balance, End of Period $ 400 $ (1,099)

Commitments and Contingencies (

Commitments and Contingencies (Tables)	9 Months Ended
	Sep. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
Schedule of Unfunded Commitments Under Commercial Mortgage Loans	As of September 30, 2024, the Company had the below unfunded commitments to the Company's borrowers (dollars in thousands): Funding Expiration September 30, 2024 2024 $ 32,886 2025 86,042 2026 189,466 2027 120,538 Total $ 428,932

Related Party Transactions an_2

Related Party Transactions and Arrangements (Tables)	9 Months Ended
	Sep. 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 nine months ended September 30, 2024 and 2023 and the associated payable as of September 30, 2024 and December 31, 2023 (dollars in thousands): Three Months Ended September 30, Nine Months Ended September 30, Payable as of 2024 2023 2024 2023 September 30, 2024 December 31, 2023 Acquisition expenses (1) $ 255 $ 316 $ 688 $ 977 $ — $ — Administrative services expenses 3,801 3,566 7,365 10,993 3,801 3,447 Asset management and subordinated performance fee 4,906 7,908 19,023 24,893 10,826 15,014 Other related party expenses (2)(3) 313 235 1,005 785 1,004 855 Total related party fees and reimbursements $ 9,275 $ 12,025 $ 28,080 $ 37,648 $ 15,630 $ 19,316 ________________________ (1) Total acquisition expenses paid during the three months ended September 30, 2024 and 2023 were $1.8 million and $1.8 million, respectively, of which $1.5 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 nine months ended September 30, 2024 and 2023 were $7.2 million and $4.1 million, respectively, of which $6.5 million and $3.1 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 September 30, 2024 and December 31, 2023, the related party payables include $0.9 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)	9 Months Ended
	Sep. 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 September 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. September 30, 2024 Total Level I Level II Level III Assets, at fair value Real estate securities, available for sale, measured at fair value $ 210,656 $ — $ 210,656 $ — Total assets, at fair value $ 210,656 $ — $ 210,656 $ — Liabilities, at fair value Treasury note futures $ 4 $ 4 $ — $ — Total liabilities, at fair value $ 4 $ 4 $ — $ — 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 $ — The following table presents additional information about the Company’s financial instruments which are measured at fair value on a recurring basis as of September 30, 2024 and December 31, 2023 for which the Company has used Level III inputs to determine fair value (dollars in thousands): September 30, 2024 Commercial mortgage loans, held for sale, measured at fair value Beginning balance, January 1, 2024 $ — Transfers into Level III (1) — Originations 271,175 Sales/paydowns (284,300) Total realized and unrealized gain/(loss) included in earnings: Realized gain/(loss) on sale of commercial mortgage loans, held for sale 13,125 Unrealized gain/(loss) on commercial mortgage loans, held for sale and other real estate investments — Transfers out of Level III (1) — Ending Balance, September 30, 2024 $ — ________________________ (1) There were no transfers in or out of Level III as of September 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 Financial Instruments Not Carried at Fair Value	The fair values of the Company's commercial mortgage loans, held for investment and collateralized loan obligations, which are not reported at fair value on the consolidated balance sheets are reported below as of September 30, 2024 and December 31, 2023 (dollars in thousands): September 30, 2024 December 31, 2023 Level Carrying Amount Fair Value Level Carrying Amount Fair Value Commercial mortgage loans, held for investment (1) Asset III $ 5,154,116 $ 5,111,165 III $ 5,036,942 $ 5,010,580 Collateralized loan obligations (2) Liability II 4,097,668 4,104,846 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 81,370 69,700 III 81,295 64,900 ________________________ (1) The carrying value is gross of $76.6 million and $47.2 million of allowance for credit losses as of September 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)	9 Months Ended
	Sep. 30, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]
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 nine months ended September 30, 2024 and 2023 (dollars in thousands): Three Months Ended September 30, 2024 Three Months Ended September 30, 2023 Contract type Unrealized Gain/(Loss) Realized Gain/(Loss) Unrealized Gain/(Loss) Realized Gain/(Loss) Credit default swaps $ (4) $ 14 $ 33 $ (46) Interest rate swaps — — (251) 113 Treasury note futures 326 (1,567) 35 — Options — (20) — — Total $ 322 $ (1,573) $ (183) $ 67 Nine Months Ended September 30, 2024 Nine Months Ended September 30, 2023 Contract type Unrealized Gain/(Loss) Realized Gain/(Loss) Unrealized Gain/(Loss) Realized Gain/(Loss) Credit default swaps $ — $ (112) $ 36 $ (32) Interest rate swaps — — (90) 672 Treasury note futures 1 (1,059) (56) 44 Options — (90) — — Total $ 1 $ (1,261) $ (110) $ 684

Offsetting Assets and Liabili_2

Offsetting Assets and Liabilities (Tables)	9 Months Ended
	Sep. 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 repurchase agreements as of September 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 September 30, 2024 Repurchase agreements - commercial mortgage loans $ 183,761 $ — $ 183,761 $ 183,761 $ — $ — Repurchase agreements - real estate securities 241,266 — 241,266 241,266 — — 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)	9 Months Ended
	Sep. 30, 2024
Segment Reporting [Abstract]
Schedule of Operations by Segment	The following table represents the Company's operations by segment for the three and nine months ended September 30, 2024 and 2023 (dollars in thousands): Three Months Ended September 30, 2024 Total Real Estate Debt and Other Real Estate Investments Real Estate Securities TRS Real Estate Owned Interest income $ 134,142 $ 127,550 $ 4,432 $ 1,761 $ 399 Revenue from real estate owned 5,412 — — — 5,412 Interest expense 89,884 85,287 3,901 182 514 Net income/(loss) 30,173 29,950 397 2,591 (2,765) Total assets as of September 30, 2024 6,334,976 5,591,695 214,555 77,464 451,262 Three Months Ended September 30, 2023 Interest income $ 137,042 $ 131,093 $ 4,908 $ 109 $ 932 Revenue from real estate owned 3,317 — — — 3,317 Interest expense 77,973 74,002 3,151 307 513 Net income/(loss) 30,995 35,450 (1,568) 82 (2,969) Total assets as of December 31, 2023 5,955,180 5,372,371 245,949 66,503 270,357 Nine Months Ended September 30, 2024 Total Real Estate Debt and Other Real Estate Investments Real Estate Securities TRS Real Estate Owned Interest income $ 398,253 $ 379,321 $ 13,390 $ 4,862 $ 680 Revenue from real estate owned 14,196 — — — 14,196 Interest expense 257,942 245,755 10,110 539 1,538 Net income/(loss) 62,235 60,303 2,460 6,764 (7,292) Total assets as of September 30, 2024 6,334,976 5,591,695 214,555 77,464 451,262 Nine Months Ended September 30, 2023 Interest income $ 420,470 $ 404,300 $ 12,488 $ 1,179 $ 2,503 Revenue from real estate owned 13,067 — — — 13,067 Interest expense 224,347 211,923 10,139 824 1,461 Net income/(loss) 114,478 125,723 1,158 (10,610) (1,793) Total assets as of 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)	Sep. 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	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Reclassification [Line Items]
Straight line rental income	$ 3,168	$ 2,212
Prepaid expenses and other assets	$ (4,444)	604
Revision of Prior Period, Reclassification, Adjustment
Reclassification [Line Items]
Prepaid expenses and other assets		$ 2,200

Commercial Mortgage Loans - Sch

Commercial Mortgage Loans - Schedule of Loans Receivable by Class (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023	Dec. 31, 2022
Financing Receivable, Credit Quality Indicator [Line Items]
Less: Allowance for credit losses	$ 76,640	$ 47,175
Total commercial mortgage loans, held for investment, net	5,077,476	4,989,767
Commercial Mortgage Receivable, Held-For-Investment
Financing Receivable, Credit Quality Indicator [Line Items]
Total gross carrying value of loans	5,154,116	5,036,942
Less: Allowance for credit losses	76,640	47,175	$ 40,848
Total commercial mortgage loans, held for investment, net	5,077,476	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	47,912	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	28,728	0
Senior loans
Financing Receivable, Credit Quality Indicator [Line Items]
Total gross carrying value of loans	5,121,111	5,017,569
Mezzanine loans
Financing Receivable, Credit Quality Indicator [Line Items]
Total gross carrying value of loans	$ 33,005	$ 19,373

Commercial Mortgage Loans - S_2

Commercial Mortgage Loans - Schedule of Commercial Mortgage Loan Portfolio, Held-For-Investment (Details) - USD ($)		3 Months Ended				9 Months Ended		12 Months Ended
	Feb. 14, 2024	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 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		$ 268,000			$ (2,379,000)	(34,790,000)	$ (28,363,000)
Allowance for credit losses, end of period		(76,640,000)				(76,640,000)		$ (47,175,000)
Total commercial mortgage loans, held for investment, net		5,077,476,000				5,077,476,000		4,989,767,000
Net gain from sale of real estate owned		(2,193,000)			$ (4,112,000)	(8,436,000)	(7,142,000)
Commercial Portfolio Segment
Provision for Credit Losses
Allowance for credit losses, beginning of period		(82,629,000)	$ (51,189,000)	(48,308,000)		(48,308,000)
(Provision)/benefit for credit losses		269,000	(32,178,000)	(2,881,000)
Allowance for credit losses, end of period		(78,298,000)	(82,629,000)	(51,189,000)		(78,298,000)		(48,308,000)
General (provision)/benefit for credit losses | Commercial Portfolio Segment
Provision for Credit Losses
Allowance for credit losses, beginning of period		(50,341,000)	(50,451,000)	(48,308,000)		(48,308,000)
(Provision)/benefit for credit losses		771,000	110,000	(2,143,000)
Allowance for credit losses, end of period		(49,570,000)	(50,341,000)	(50,451,000)		(49,570,000)		(48,308,000)
Specific (provision)/benefit for credit losses | Commercial Portfolio Segment
Provision for Credit Losses
Allowance for credit losses, beginning of period		(32,288,000)	(738,000)	0		0
(Provision)/benefit for credit losses		(502,000)	(32,288,000)	(738,000)
Allowance for credit losses, end of period		(28,728,000)	$ (32,288,000)	(738,000)		(28,728,000)		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						1,432,833,000		941,513,000
Principal repayments						(974,705,000)		(1,076,532,000)
Dispositions						(25,900,000)		0
Charge-offs						(4,062,000)		0
Net fees capitalized into carrying value of loans						(9,233,000)		(5,242,000)
Discount accretion/premium amortization						6,966,000		13,016,000
Transfer to real estate owned						(307,562,000)		(103,863,000)
Cost recovery						(1,163,000)		(1,726,000)
Amortized cost, end of period		5,154,116,000				5,154,116,000		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		(76,640,000)				(76,640,000)		(47,175,000)
Total commercial mortgage loans, held for investment, net		5,077,476,000				5,077,476,000		4,989,767,000
Amortized cost		5,154,116,000				5,154,116,000		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		(76,640,000)				(76,640,000)		(47,175,000)
Total commercial mortgage loans, held for investment, net		5,077,476,000				5,077,476,000		4,989,767,000
Amortized cost		5,154,116,000				5,154,116,000		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						(737,000)		(20,551,000)
Allowance for credit losses, end of period		(47,912,000)				(47,912,000)		(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		800,000				(1,300,000)
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						(33,528,000)		(12,334,000)
Write offs from specific allowance for credit losses						4,800,000		26,558,000
Allowance for credit losses, end of period		$ (28,728,000)				$ (28,728,000)		$ 0

Commercial Mortgage Loans - Nar

Commercial Mortgage Loans - Narrative (Details) $ in Thousands	3 Months Ended				9 Months Ended		12 Months Ended
	Sep. 30, 2024 USD ($) property	Jun. 30, 2024 USD ($)	Mar. 31, 2024 USD ($)	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($) rating loan property	Sep. 30, 2023 USD ($)	Dec. 31, 2023 USD ($) rating loan	Feb. 07, 2024 USD ($)	Dec. 31, 2022 USD ($)	Jun. 30, 2022 USD ($) property	Mar. 31, 2021 USD ($)	Dec. 31, 2019 USD ($)	Jul. 31, 2019 USD ($)
Accounts, Notes, Loans and Financing Receivable [Line Items]
Allowance for credit loss	$ 76,640				$ 76,640		$ 47,175
Unrealized (gain)/loss from commercial mortgage loans, held for sale, measured at fair value					0	$ (44)
Increase (decrease) in allowance for credit losses	(268)			$ 2,379	34,790	$ 28,363
Commercial Portfolio Segment
Accounts, Notes, Loans and Financing Receivable [Line Items]
Allowance for credit loss	78,298	$ 82,629	$ 51,189		78,298		48,308
Increase (decrease) in allowance for credit losses	(269)	32,178	2,881
Commercial Portfolio Segment | Specific allowance for credit losses
Accounts, Notes, Loans and Financing Receivable [Line Items]
Allowance for credit loss	28,728	32,288	738		28,728		0
Increase (decrease) in allowance for credit losses	502	32,288	738
Commercial Portfolio Segment | General allowance for credit losses
Accounts, Notes, Loans and Financing Receivable [Line Items]
Allowance for credit loss	49,570	50,341	50,451		$ 49,570		$ 48,308
Increase (decrease) in allowance for credit losses	$ (771)	$ (110)	2,143
Commercial Portfolio Segment | Nonperforming Financial Instruments | Specific allowance for credit losses
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of real estate properties | property	5				5
Minimum
Accounts, Notes, Loans and Financing Receivable [Line Items]
Exit capitalization rate		5%			6.25%
Maximum
Accounts, Notes, Loans and Financing Receivable [Line Items]
Exit capitalization rate		7.88%			9.50%
Commercial Mortgage Receivable, Held-For-Investment
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of loans | loan					157		144
Amortized cost	$ 5,154,116				$ 5,154,116		$ 5,036,942
Allowance for credit loss	76,640				$ 76,640		$ 47,175		$ 40,848
Initial risk rating | rating					2		2
Weighted average risk rating of loans | rating					2.2		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	28,728				$ 28,728		$ 0
Increase (decrease) in allowance for credit losses					33,528		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	47,912				47,912		47,175
Increase (decrease) in allowance for credit losses					737		20,551
Commercial Mortgage Receivable, Held-For-Investment | Commercial Portfolio Segment
Accounts, Notes, Loans and Financing Receivable [Line Items]
Amortized cost	5,154,116				5,154,116		5,036,942
Allowance for credit loss	76,640				76,640		$ 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	(800)				$ 1,300
Commercial Mortgage Receivable, Held-For-Investment | Commercial Portfolio Segment | Nonperforming Financial Instruments
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of loans | loan					3		2
Commercial Mortgage Receivable, Held-For-Investment | Multifamily | Commercial Portfolio Segment | Nonperforming Financial Instruments
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of loans | loan					1
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 | Nonperforming Financial Instruments
Accounts, Notes, Loans and Financing Receivable [Line Items]
Amortized cost			58,000
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			$ 700
Commercial Mortgage Receivable, Held-For-Investment | Multifamily | UNITED STATES | Commercial Portfolio Segment
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of real estate properties | property										15
Commercial Mortgage Receivable, Held-For-Investment | Multifamily | UNITED STATES | Commercial Portfolio Segment | Nonperforming Financial Instruments
Accounts, Notes, Loans and Financing Receivable [Line Items]
Amortized cost		$ 111,300
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	44,100				$ 44,100
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	27,100				27,100
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	23,100				23,100
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	1,600				1,600
Commercial Mortgage Receivable, Held-For-Sale
Accounts, Notes, Loans and Financing Receivable [Line Items]
Amortized cost	0				0		$ 0
Commercial Mortgage Receivable, Held-For-Sale | Multifamily | UNITED STATES
Accounts, Notes, Loans and Financing Receivable [Line Items]
Allowance for credit loss	3,600	$ 900			3,600
Commercial Mortgage Receivable, Held-For-Sale | Multifamily | UNITED STATES | Commercial Portfolio Segment
Accounts, Notes, Loans and Financing Receivable [Line Items]
Amortized cost										$ 152,800
Commercial Mortgage Receivable, Held-For-Sale | Hospitality Property | TEXAS
Accounts, Notes, Loans and Financing Receivable [Line Items]
Allowance for credit loss	400				$ 400
Unrealized (gain)/loss from commercial mortgage loans, held for sale, measured at fair value	$ 400
Commercial Mortgage Receivable, Held-For-Sale | Hospitality Property | TEXAS | Commercial Portfolio Segment
Accounts, Notes, Loans and Financing Receivable [Line Items]
Amortized cost													$ 20,900

Commercial Mortgage Loans - Com

Commercial Mortgage Loans - Commercial Mortgage Loans, Held for Investment Portfolio (Details) - Commercial Mortgage Receivable, Held-For-Investment - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2024	Dec. 31, 2023
Accounts, Notes, Loans and Financing Receivable [Line Items]
Par Value	$ 5,165,427	$ 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	$ 2,023,068	$ 1,920,491
Southwest | Geographic Concentration Risk | Commercial mortgage loans, held for investment
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage	39.20%	38.10%
Southeast
Accounts, Notes, Loans and Financing Receivable [Line Items]
Par Value	$ 1,919,153	$ 1,989,175
Southeast | Geographic Concentration Risk | Commercial mortgage loans, held for investment
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage	37.10%	39.40%
Mideast
Accounts, Notes, Loans and Financing Receivable [Line Items]
Par Value	$ 277,172	$ 455,739
Mideast | Geographic Concentration Risk | Commercial mortgage loans, held for investment
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage	5.40%	9%
Great Lakes
Accounts, Notes, Loans and Financing Receivable [Line Items]
Par Value	$ 181,747	$ 161,059
Great Lakes | Geographic Concentration Risk | Commercial mortgage loans, held for investment
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage	3.50%	3.20%
New England
Accounts, Notes, Loans and Financing Receivable [Line Items]
Par Value	$ 178,022	$ 63,274
New England | Geographic Concentration Risk | Commercial mortgage loans, held for investment
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage	3.40%	1.30%
Far West
Accounts, Notes, Loans and Financing Receivable [Line Items]
Par Value	$ 164,374	$ 113,554
Far West | Geographic Concentration Risk | Commercial mortgage loans, held for investment
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage	3.20%	2.30%
Rocky Mountain
Accounts, Notes, Loans and Financing Receivable [Line Items]
Par Value	$ 114,425	$ 74,934
Rocky Mountain | Geographic Concentration Risk | Commercial mortgage loans, held for investment
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage	2.20%	1.50%
Various
Accounts, Notes, Loans and Financing Receivable [Line Items]
Par Value	$ 307,466	$ 266,810
Various | Geographic Concentration Risk | Commercial mortgage loans, held for investment
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage	6%	5.20%
Multifamily
Accounts, Notes, Loans and Financing Receivable [Line Items]
Par Value	$ 3,809,989	$ 3,876,108
Multifamily | Customer Concentration Risk | Commercial mortgage loans, held for investment
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage	73.80%	76.80%
Hospitality
Accounts, Notes, Loans and Financing Receivable [Line Items]
Par Value	$ 706,471	$ 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	$ 298,089	$ 73,724
Industrial | Customer Concentration Risk | Commercial mortgage loans, held for investment
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage	5.80%	1.50%
Office
Accounts, Notes, Loans and Financing Receivable [Line Items]
Par Value	$ 208,559	$ 269,924
Office | Customer Concentration Risk | Commercial mortgage loans, held for investment
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage	4%	5.40%
Retail
Accounts, Notes, Loans and Financing Receivable [Line Items]
Par Value	$ 45,641	$ 34,000
Retail | Customer Concentration Risk | Commercial mortgage loans, held for investment
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage	0.90%	0.70%
Other
Accounts, Notes, Loans and Financing Receivable [Line Items]
Par Value	$ 96,678	$ 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				9 Months Ended
	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward]
Beginning balance			$ 47,175		$ 47,175
Provision/(Benefit)	$ (268)			$ 2,379	34,790	$ 28,363
Ending balance	76,640				76,640
Commercial Portfolio Segment
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward]
Beginning balance	82,629	$ 51,189	48,308		48,308
Provision/(Benefit)	(269)	32,178	2,881
Write offs	(4,062)	(738)	0
Ending balance	78,298	82,629	51,189		78,298
Specific Allowance for Credit Losses | Commercial Portfolio Segment
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward]
Beginning balance	32,288	738	0		0
Provision/(Benefit)	502	32,288	738
Write offs	(4,062)	(738)	0
Ending balance	28,728	32,288	738		28,728
General Allowance for Credit Losses | Commercial Portfolio Segment
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward]
Beginning balance	50,341	50,451	48,308		48,308
Provision/(Benefit)	(771)	(110)	2,143
Write offs	0	0	0
Ending balance	49,570	50,341	50,451		49,570
General Allowance for Credit Losses | Commercial Portfolio Segment | Funded
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward]
Beginning balance	48,248	48,477	47,175		47,175
Provision/(Benefit)	(336)	(229)	1,302
Write offs	0	0	0
Ending balance	47,912	48,248	48,477		47,912
General Allowance for Credit Losses | Commercial Portfolio Segment | Unfunded
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward]
Beginning balance	2,093	1,974	1,133		1,133
Provision/(Benefit)	(435)	119	841
Write offs	0	0	0
Ending balance	$ 1,658	$ 2,093	$ 1,974		$ 1,658

Commercial Mortgage Loans - S_4

Commercial Mortgage Loans - Schedule of Past Due (Details) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($) loan	Sep. 30, 2023 USD ($)	Dec. 31, 2023 USD ($) loan	Feb. 07, 2024 USD ($)
Financing Receivable, Past Due [Line Items]
Interest proceeds | $	$ 134,142	$ 137,042	$ 398,253	$ 420,470
Commercial Mortgage Receivable, Held-For-Investment
Financing Receivable, Past Due [Line Items]
Amortized cost | $	5,154,116		$ 5,154,116		$ 5,036,942
Number of loans | loan			157		144
Commercial Portfolio Segment | Commercial Mortgage Receivable, Held-For-Investment
Financing Receivable, Past Due [Line Items]
Amortized cost | $	5,154,116		$ 5,154,116		$ 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			3		2
Interest proceeds | $	600		$ 4,700
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			1
Commercial Portfolio Segment | Commercial Mortgage Receivable, Held-For-Investment | Office | Nonperforming Financial Instruments
Financing Receivable, Past Due [Line Items]
Number of loans | loan			2
Commercial Portfolio Segment | Commercial Mortgage Receivable, Held-For-Investment | Current
Financing Receivable, Past Due [Line Items]
Amortized cost | $	4,866,383		$ 4,866,383
Commercial Portfolio Segment | Commercial Mortgage Receivable, Held-For-Investment | Less than 90 days past due
Financing Receivable, Past Due [Line Items]
Amortized cost | $	76,998		76,998
Commercial Portfolio Segment | Commercial Mortgage Receivable, Held-For-Investment | 90 or more days past due
Financing Receivable, Past Due [Line Items]
Amortized cost | $	$ 210,735		$ 210,735
Number of loans | loan			5
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			3
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 Portfolio Segment | Commercial Mortgage Receivable, Held-For-Investment | 90 or more days past due | Office
Financing Receivable, Past Due [Line Items]
Number of loans | loan			2

Commercial Mortgage Loans - Non

Commercial Mortgage Loans - Non-Performing Status (Details) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($) loan	Sep. 30, 2023 USD ($)	Dec. 31, 2023 USD ($) loan	Jun. 30, 2024 USD ($)	Mar. 31, 2024 USD ($)	Dec. 31, 2022 USD ($)
Non-Performing Financial Instruments [Roll Forward]
Interest proceeds	$ 134,142	$ 137,042	$ 398,253	$ 420,470
Allowance for credit loss	76,640		$ 76,640		$ 47,175
Commercial Mortgage Receivable, Held-For-Investment
Non-Performing Financial Instruments [Roll Forward]
Number of loans | loan			157		144
Allowance for credit loss	76,640		$ 76,640		$ 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	28,728		28,728		0
Commercial Portfolio Segment
Non-Performing Financial Instruments [Roll Forward]
Allowance for credit loss	78,298		78,298		48,308	$ 82,629	$ 51,189
Commercial Portfolio Segment | Specific allowance for credit losses
Non-Performing Financial Instruments [Roll Forward]
Allowance for credit loss	28,728		28,728		0	$ 32,288	$ 738
Commercial Portfolio Segment | Commercial Mortgage Receivable, Held-For-Investment
Non-Performing Financial Instruments [Roll Forward]
Allowance for credit loss	76,640		76,640		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			494,402		118,647
Less: Removal of non-performing loan amortized cost			504,672		157,841
Non-performing loan amortized cost end of period	67,915		$ 67,915		$ 78,185
Number of loans | loan			3		2
Number of loans, non-accrual status | loan			1
Number of loans, cost recovery status | loan			2
Interest proceeds	600		$ 4,700
Nonperforming Financial Instruments | Commercial Portfolio Segment | Commercial Mortgage Receivable, Held-For-Investment | Multifamily
Non-Performing Financial Instruments [Roll Forward]
Number of loans | loan			1
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	27,100		$ 27,100
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	$ 1,600		$ 1,600

Commercial Mortgage Loans - All

Commercial Mortgage Loans - Allocation by Risk Rating (Details) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2024 USD ($) loan	Dec. 31, 2023 USD ($) loan	Jun. 30, 2024 USD ($)	Mar. 31, 2024 USD ($)	Dec. 31, 2022 USD ($)
Amortized Cost by Year of Origination
Allowance for credit losses	$ (76,640)	$ (47,175)
Total commercial mortgage loans, held for investment, net	$ 5,077,476	$ 4,989,767
Commercial Mortgage Receivable, Held-For-Investment
Financing Receivable, Credit Quality Indicator [Line Items]
Number of Loans | loan	157	144
Amortized cost	$ 5,154,116	$ 5,036,942
Amortized Cost by Year of Origination
Total Amortized Cost	5,154,116	5,036,942
Allowance for credit losses	(76,640)	(47,175)			$ (40,848)
Total commercial mortgage loans, held for investment, net	5,077,476	4,989,767
Commercial Portfolio Segment
Amortized Cost by Year of Origination
Allowance for credit losses	(78,298)	(48,308)	$ (82,629)	$ (51,189)
Commercial Portfolio Segment | Commercial Mortgage Receivable, Held-For-Investment
Financing Receivable, Credit Quality Indicator [Line Items]
Amortized cost	5,154,116	5,036,942
Amortized Cost by Year of Origination
Year one, originated in current fiscal year	1,228,993	696,607
Year two, originated in prior fiscal year one	646,289	1,671,346
Year three, originated in prior fiscal year two	1,361,559	2,280,104
Year four, originated in prior fiscal year three	1,706,021	180,206
Year five, original in prior fiscal year four	117,904	116,583
Prior	93,350	92,096
Total Amortized Cost	5,154,116	5,036,942
Allowance for credit losses	(76,640)	(47,175)
Total commercial mortgage loans, held for investment, net	$ 5,077,476	$ 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	$ 4,073,707	$ 3,890,424
Amortized Cost by Year of Origination
Year one, originated in current fiscal year	1,228,993	694,228
Year two, originated in prior fiscal year one	557,519	1,256,509
Year three, originated in prior fiscal year two	1,039,011	1,724,734
Year four, originated in prior fiscal year three	1,122,621	105,477
Year five, original in prior fiscal year four	71,764	73,743
Prior	53,799	35,734
Total Amortized Cost	$ 4,073,707	$ 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	79.10%	77.20%
Commercial Portfolio Segment | Commercial Mortgage Receivable, Held-For-Investment | 3
Financing Receivable, Credit Quality Indicator [Line Items]
Amortized cost	$ 1,012,494	$ 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	88,770	273,097
Year three, originated in prior fiscal year two	321,826	468,244
Year four, originated in prior fiscal year three	539,331	74,729
Year five, original in prior fiscal year four	46,140	0
Prior	16,427	56,362
Total Amortized Cost	$ 1,012,494	$ 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	19.60%	17.40%
Commercial Portfolio Segment | Commercial Mortgage Receivable, Held-For-Investment | 4
Financing Receivable, Credit Quality Indicator [Line Items]
Amortized cost	$ 722	$ 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	722	87,126
Year four, originated in prior fiscal year three	0	0
Year five, original in prior fiscal year four	0	42,840
Prior	0	0
Total Amortized Cost	$ 722	$ 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	0%	5.40%
Commercial Portfolio Segment | Commercial Mortgage Receivable, Held-For-Investment | 5
Financing Receivable, Credit Quality Indicator [Line Items]
Amortized cost	$ 67,193	$ 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	44,069	0
Year five, original in prior fiscal year four	0	0
Prior	23,124	0
Total Amortized Cost	$ 67,193	$ 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	157	144
Amortized cost	$ 5,165,427	$ 5,045,036
Amortized Cost by Year of Origination
Total Amortized Cost	$ 5,165,427	$ 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	127	111
Amortized cost	$ 4,083,436	$ 3,897,680
Amortized Cost by Year of Origination
Total Amortized Cost	$ 4,083,436	$ 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	$ 1,012,858	$ 875,449
Amortized Cost by Year of Origination
Total Amortized Cost	$ 1,012,858	$ 875,449
Commercial Mortgage Receivable, Held-For-Investment | 4
Financing Receivable, Credit Quality Indicator [Line Items]
Number of Loans | loan	1	6
Amortized cost	$ 776	$ 271,907
Amortized Cost by Year of Origination
Total Amortized Cost	$ 776	$ 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

Real Estate Securities - Securi

Real Estate Securities - Securities Classified As Available For Sale (Details) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2024 USD ($) bond	Dec. 31, 2023 USD ($) bond
Debt Securities, Available-for-sale [Line Items]
Fair Value	$ 210,656	$ 242,569
CMBS Bonds
Debt Securities, Available-for-sale [Line Items]
Number of Bonds | bond	10	7
Weighted Average Interest Rate	7.60%	8.12%
Weighted Average Contractual Maturity (years)	10 years 10 months 24 days	12 years 2 months 12 days
Par Value	$ 210,428	$ 243,340
Fair Value	$ 210,656	$ 242,569

Real Estate Securities - Amorti

Real Estate Securities - Amortized Cost and Fair Value of CLO Bonds (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Debt Securities, Available-for-sale [Line Items]
Fair Value	$ 210,656	$ 242,569
CMBS Bonds
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	210,256	243,272
Unrealized Gain	559	74
Unrealized (Loss)	(159)	(777)
Fair Value	$ 210,656	$ 242,569

Real Estate Securities - Narrat

Real Estate Securities - Narrative (Details) - CMBS Bonds $ in Thousands	Sep. 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	10	7
Amortized cost basis	$ 210,256	$ 243,272
Net unrealized gain (loss) on CLO bonds	$ 400	$ (700)
Number of positions with gross unrealized loss period less than 12 months | position	4	5
Gross unrealized loss on CLO bonds	$ 200	$ 800
Number of positions in unrealized loss position 12 months or longer | position	0	0
Fair value of securities in an unrealized loss position	$ 31,800	$ 184,200

Real Estate Owned - Schedule of

Real Estate Owned - Schedule of Real Estate Owned, Held For Investment (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Real Estate [Line Items]
Accumulated Depreciation	$ (7,198)	$ (5,216)
Real Estate Owned, net	113,848	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	(6,905)	(5,179)
Real Estate Owned, net	83,718	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	(52)	(13)
Real Estate Owned, net	18,492	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	(241)	(24)
Real Estate Owned, net	11,638	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		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Real Estate [Abstract]
Depreciation expense	$ 0.7	$ 0.6	$ 2	$ 2.4

Real Estate Owned - Schedule _2

Real Estate Owned - Schedule of Real Estate Owned, Held For Sale (Details) $ in Thousands	3 Months Ended			9 Months Ended
	Sep. 30, 2024 USD ($) property	Jun. 30, 2024 USD ($) property	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($) property	Sep. 30, 2023 USD ($)	Dec. 31, 2023 USD ($) property	Nov. 30, 2022 property
Real Estate [Line Items]
Assets, Net	$ 284,423			$ 284,423		$ 103,657
Loss on other real estate investments	2,193		$ 4,112	8,436	$ 7,142
Various
Real Estate [Line Items]
Assets, Net	286,517			286,517
Liabilities, Net	4,364			4,364
Retail | Various
Real Estate [Line Items]
Assets, Net	18,674			18,674		103,657
Liabilities, Net	$ 1,805			$ 1,805		$ 12,297
Retail | Various | Walgreens JV
Real Estate [Line Items]
Number of real estate properties | property	5			5		23	24
Loss on other real estate investments	$ 4,600	$ 5,700
Write-down of other real estate investment assets	4,500	5,000
Loss on sale of other real estate investments	$ 100	$ 700
Number of real estate properties sold | property	16	2		16
Multifamily | Various
Real Estate [Line Items]
Assets, Net	$ 267,843			$ 267,843
Liabilities, Net	$ 2,559			$ 2,559
Multifamily | Various | Walgreens JV
Real Estate [Line Items]
Number of real estate properties | property	10			10		4	10
Loss on other real estate investments	$ (2,400)	$ 500
Number of properties acquired through foreclosure | property	6	4
Repurchase agreements - commercial mortgage loans | Various | Walgreens JV
Real Estate [Line Items]
Number of real estate properties | property	5			5

Leases - Schedule of Intangible

Leases - Schedule of Intangible Lease Assets (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Identified intangible assets:
Gross amount	$ 49,285	$ 49,285
Less: Accumulated amortization	(8,731)	(6,492)
Total, net	$ 40,554	$ 42,793

Leases - Narrative (Details)

Leases - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Leases [Abstract]
Rental income	$ 4.4	$ 4.7	$ 13.2	$ 14
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 1 month 6 days		14 years 1 month 6 days
Weighted average life of intangible assets	14 years 1 month 6 days		14 years 1 month 6 days
Amortization expense	$ 0.7	$ 0.9	$ 2.2	$ 3.1

Leases - Schedule of Future Min

Leases - Schedule of Future Minimum Payments to be Received (Details) $ in Thousands	Sep. 30, 2024 USD ($)
Leases [Abstract]
2024 (October - December)	$ 2,335
2025	8,769
2026	8,539
2027	8,710
2028	8,884
2029 and beyond	97,388
Total future minimum rent	$ 134,625

Leases - Schedule of Expected A

Leases - Schedule of Expected Amortization Expense (Details) - Amortization Expense - Other identified intangible assets $ in Thousands	Sep. 30, 2024 USD ($)
Lessee, Lease, Description [Line Items]
2024 (October - December)	$ 720
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	9 Months Ended	12 Months Ended
	Oct. 01, 2024	Sep. 19, 2024 USD ($)	Jan. 04, 2024 USD ($)	Sep. 30, 2024 USD ($) agreement	Sep. 30, 2024 USD ($) extension agreement	Dec. 31, 2023 USD ($)	Sep. 18, 2024 USD ($)	Jan. 03, 2024 USD ($)	Sep. 17, 2021 USD ($)
Assets Sold under Agreements to Repurchase [Line Items]
Unsecured debt, amount outstanding				$ 81,370,000	$ 81,370,000	$ 81,295,000
Secured debt
Assets Sold under Agreements to Repurchase [Line Items]
Repo and revolving credit facilities, commercial mortgage loans, capacity				2,075,000,000	2,075,000,000	2,475,000,000
Repo and revolving credit facilities, commercial mortgage loans, amount outstanding				$ 183,761,000	183,761,000	299,707,000
Interest Expense					$ 34,094,000	$ 51,170,000
Ending Weighted Average Interest Rate				7.51%	7.51%	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					$ 1,538,000	$ 1,982,000
Ending Weighted Average Interest Rate				8.22%	8.22%	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					$ 873,000	$ 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				$ 81,370,000	$ 81,370,000	$ 81,295,000
Interest Expense					$ 5,681,000	$ 7,658,000
Ending Weighted Average Interest Rate				8.62%	8.62%	8.99%
Interest paid on unsecured debt				$ 1,900,000	$ 5,700,000
Unsecured debt | Junior Note I
Assets Sold under Agreements to Repurchase [Line Items]
Unsecured debt, amount outstanding				$ 17,075,000	17,075,000	$ 17,047,000
Interest Expense					$ 1,238,000	$ 1,940,000
Ending Weighted Average Interest Rate				9.02%	9.02%	9.15%
Unsecured debt | Junior Note II
Assets Sold under Agreements to Repurchase [Line Items]
Unsecured debt, amount outstanding				$ 39,579,000	$ 39,579,000	$ 39,550,000
Interest Expense					$ 2,734,000	$ 3,519,000
Ending Weighted Average Interest Rate				8.51%	8.51%	8.95%
Unsecured debt | Junior Note III
Assets Sold under Agreements to Repurchase [Line Items]
Unsecured debt, amount outstanding				$ 24,716,000	$ 24,716,000	$ 24,698,000
Interest Expense					$ 1,709,000	$ 2,199,000
Ending Weighted Average Interest Rate				8.51%	8.51%	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				$ 29,605,000	29,605,000	108,574,000
Interest Expense					$ 10,753,000	$ 22,401,000
Ending Weighted Average Interest Rate				8.02%	8.02%	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		$ 100,000,000	$ 350,000,000	$ 350,000,000	$ 350,000,000	$ 600,000,000	$ 250,000,000	$ 600,000,000
Repo and revolving credit facilities, commercial mortgage loans, amount outstanding				$ 87,617,000	87,617,000	52,864,000
Interest Expense					$ 4,157,000	$ 6,603,000
Ending Weighted Average Interest Rate				7.76%	7.76%	7.68%
Extension period on initial maturity date		1 year	1 year
Repo Facility | Atlas Repo Facility | Secured debt | Subsequent Event
Assets Sold under Agreements to Repurchase [Line Items]
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				0	0	71,730,000
Interest Expense					$ 6,088,000	$ 9,580,000
Ending Weighted Average Interest Rate						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				$ 66,539,000	66,539,000	66,539,000
Interest Expense					$ 12,239,000	$ 11,616,000
Ending Weighted Average Interest Rate				6.96%	6.96%	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					104,000	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				100,000,000	100,000,000	250,000,000
Repo and revolving credit facilities, commercial mortgage loans, amount outstanding				$ 0	0	0
Interest Expense					$ 753,000	$ 940,000

Debt - Narrative (Details)

Debt - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 26, 2024	Dec. 31, 2023
BSPRT 2024-FL11 Issuer, LLC
Debt Instrument [Line Items]
Preferred stock, shares issued (in shares)		72,995
Preferred stock, par value per share (in dollars per share)		$ 0.001
Liquidation preference and notional amount (in dollars per share)		$ 1,000
U.S. Bank National Association | Secured debt
Debt Instrument [Line Items]
Principal Balance of Collateralized Mortgage Assets	$ 4,920,557		$ 4,418,462
U.S. Bank National Association | 2024-FL11 Issuer | Secured debt
Debt Instrument [Line Items]
Principal Balance of Collateralized Mortgage Assets	$ 891,149	$ 1,000,000
U.S. Bank National Association | 2024-FL11 Issuer | Secured debt | Third Party Investors
Debt Instrument [Line Items]
Principal Balance of Collateralized Mortgage Assets		886,200
U.S. Bank National Association | 2024-FL11 Issuer | Secured debt | Subsidiary
Debt Instrument [Line Items]
Principal Balance of Collateralized Mortgage Assets		$ 138,300
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	9 Months Ended	12 Months Ended
	Sep. 30, 2024	Dec. 31, 2023
Assets Sold under Agreements to Repurchase [Line Items]
Interest Expense	$ 12,378	$ 15,383
Real estate securities, available for sale, measured at fair value	210,656	242,569
MRAs
Assets Sold under Agreements to Repurchase [Line Items]
Amount Outstanding	241,266	174,055
Interest Expense	$ 10,124	$ 10,323
Weighted Average Interest Rate	5.87%	6.25%
Weighted Average Days to Maturity	20 days	11 days
MRAs | Securities Sold under Agreements to Repurchase | Asset Pledged as Collateral
Assets Sold under Agreements to Repurchase [Line Items]
Collateral Pledged	$ 285,880	$ 195,827
Secured debt
Assets Sold under Agreements to Repurchase [Line Items]
Amount Outstanding	$ 183,761	$ 299,707
Weighted Average Interest Rate	7.51%	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	$ 75,200	$ 27,900
JP Morgan Securities LLC | MRAs
Assets Sold under Agreements to Repurchase [Line Items]
Amount Outstanding	127,283	113,111
Interest Expense	$ 5,444	$ 6,717
Weighted Average Interest Rate	6.05%	6.29%
Weighted Average Days to Maturity	16 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	$ 157,378	$ 127,602
Wells Fargo Securities, LLC | MRAs
Assets Sold under Agreements to Repurchase [Line Items]
Amount Outstanding	8,999	8,994
Interest Expense	$ 417	$ 235
Weighted Average Interest Rate	5.61%	6.14%
Weighted Average Days to Maturity	28 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	$ 10,032	$ 9,975
Barclays Capital Inc. | MRAs
Assets Sold under Agreements to Repurchase [Line Items]
Amount Outstanding	78,040	51,950
Interest Expense	$ 3,435	$ 3,371
Weighted Average Interest Rate	5.59%	6.19%
Weighted Average Days to Maturity	29 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	$ 87,622	$ 58,250
Lucid Prime Fund | MRAs
Assets Sold under Agreements to Repurchase [Line Items]
Amount Outstanding	26,944
Interest Expense	$ 828
Weighted Average Interest Rate	5.85%
Weighted Average Days to Maturity	17 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	$ 30,848

Debt - Schedule of Collateraliz

Debt - Schedule of Collateralized Loan Obligations by Tranche (Details) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2024 USD ($) loan	Dec. 31, 2023 USD ($) loan	Sep. 26, 2024 USD ($)	Mar. 31, 2024 USD ($)
Debt Instrument [Line Items]
Par Value	$ 23,998	$ 23,998
Collaterized loan obligation
Debt Instrument [Line Items]
Par Value	4,661,323	4,092,971
U.S. Bank National Association | Secured debt
Debt Instrument [Line Items]
Par Value	4,540,806	3,654,630
Par Value Outstanding	4,128,965	3,597,973
Principal Balance of Collateralized Mortgage Assets	$ 4,920,557	$ 4,418,462
U.S. Bank National Association | Secured debt | 2021-FL6 Issuer
Debt Instrument [Line Items]
Number of Loans in pool | loan	42	54
Weighted Average Spread	1.56%	1.43%
Par Value	$ 584,500	$ 584,500
Par Value Outstanding	401,842	558,040
Principal Balance of Collateralized Mortgage Assets	$ 498,796	$ 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	1.69%	1.64%
Par Value	$ 722,250	$ 722,250
Par Value Outstanding	610,510	720,000
Principal Balance of Collateralized Mortgage Assets	$ 787,313	$ 864,079
U.S. Bank National Association | Secured debt | 2022-FL8 Issuer
Debt Instrument [Line Items]
Number of Loans in pool | loan	42	46
Weighted Average Spread	1.74%	1.72%
Par Value	$ 960,000	$ 960,000
Par Value Outstanding	895,108	960,000
Principal Balance of Collateralized Mortgage Assets	$ 1,127,016	$ 1,184,931
U.S. Bank National Association | Secured debt | 2022-FL9 Issuer
Debt Instrument [Line Items]
Number of Loans in pool | loan	47	51
Weighted Average Spread	2.84%	2.80%
Par Value	$ 670,637	$ 670,637
Par Value Outstanding	618,086	670,639
Principal Balance of Collateralized Mortgage Assets	$ 724,014	$ 800,638
U.S. Bank National Association | Secured debt | 2023-FL10 Issuer
Debt Instrument [Line Items]
Number of Loans in pool | loan	34	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	$ 892,269	895,525
U.S. Bank National Association | Secured debt | 2024-FL11 Issuer
Debt Instrument [Line Items]
Number of Loans in pool | loan	18
Weighted Average Spread	1.99%
Par Value	$ 886,176
Par Value Outstanding	886,176
Principal Balance of Collateralized Mortgage Assets	891,149		$ 1,000,000
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	$ 532,400	$ 495,000

Debt - Schedule of Collateral_2

Debt - Schedule of Collateralized Loan Obligations (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2024	Dec. 31, 2023	Sep. 30, 2023	Dec. 31, 2022
Assets
Cash	$ 346,153	$ 337,595	$ 411,437	$ 179,314
Commercial mortgage loans, held for investment, net	5,077,476	4,989,767
Accrued interest receivable	37,517	42,490
Total assets	6,334,976	5,955,180
Liabilities
Notes payable, net	23,998	23,998
Accrued interest payable	12,378	15,383
Total liabilities	4,720,994	4,279,223
Allowance for credit loss	76,640	47,175
U.S. Bank National Association | Secured debt
Liabilities
Notes payable, net	4,540,806	3,654,630
Collaterized loan obligation
Assets
Cash	197,079	55,914
Commercial mortgage loans, held for investment, net	4,648,277	4,379,760
Accrued interest receivable	22,075	23,927
Total assets	4,867,431	4,459,601
Liabilities
Notes payable, net	4,661,323	4,092,971
Accrued interest payable	12,949	15,171
Total liabilities	4,674,272	4,108,142
Restricted cash	196,100	55,100
Allowance for credit loss	31,500	32,600
Deferred financing cost and discount	31,300	30,800
Collaterized loan obligation | U.S. Bank National Association | Secured debt
Liabilities
Collateralized loan obligation excluded	$ 532,400	$ 495,000

Earnings Per Share (Details)

Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2024	Sep. 30, 2023
Numerator
Net income/(loss)	$ 30,173			$ 30,995			$ 62,235	$ 114,478
Net (income)/loss from non-controlling interest	1,441	$ 1,590	$ 93	772	$ (41)	$ (9)	3,124	722
Less: Preferred stock dividends	6,749			6,748			20,245	20,245
Net income/(loss) applicable to common stock, basic	24,865			25,019			45,114	94,955
Net income/(loss) applicable to common stock, diluted	24,865			25,019			45,114	94,955
Less: Participating securities' share in earnings	453			287			1,350	1,300
Net income/(loss) applicable to common stockholders (basic)	24,412			24,732			43,764	93,655
Net income/(loss) applicable to common stockholders (diluted)	$ 24,412			$ 24,732			$ 43,764	$ 93,655
Denominator
Weighted-average common shares outstanding for basic earnings per share (in shares)	81,788,091			82,210,624			81,865,672	82,410,725
Weighted-average common shares outstanding for diluted earnings per share (in shares)	81,788,091			82,210,624			81,865,672	82,410,725
Basic earnings per share (in dollars per share)	$ 0.30			$ 0.30			$ 0.53	$ 1.14
Diluted earnings per share (in dollars per share)	$ 0.30			$ 0.30			$ 0.53	$ 1.14
Restricted Shares and Restricted Stock Units
Denominator
Antidilutive securities excluded from computation (in shares)	276,267			809,257			194,571	772,945
Convertible Preferred Stock
Denominator
Antidilutive securities excluded from computation (in shares)	5,370,498			5,370,498			5,370,498	5,370,498

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					9 Months Ended	12 Months Ended
	Jan. 10, 2024	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2024	Dec. 31, 2024	Jan. 21, 2025	Dec. 31, 2023	Sep. 30, 2023	Dec. 31, 2022
Class of Stock [Line Items]
Redeemable convertible preferred stock		$ 89,748					$ 89,748			$ 89,748
Common stock - at par value		$ 818					$ 818			$ 820
Common stock, shares outstanding (in shares)		83,066,789					83,066,789			82,751,913
Common stock dividends declared (in dollars per share)		$ 0.355
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 years
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, shares outstanding (in shares)		83,066,789	83,054,639	83,254,483	83,019,881	83,363,971	83,066,789			82,751,913	83,019,881	82,992,784
Common stock shares repurchased (in shares)		0	240,740	151,123	444,726	313,411	391,863
Common stock shares repurchased, average price per share (in dollars per share)							$ 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						9 Months Ended
	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2024	Sep. 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)	40,165			49,178			125,350	169,354
Common Stock
Class of Stock [Line Items]
Common stock distributions							$ 88,400	$ 87,700
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)	0	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	9 Months Ended
	Sep. 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 September 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		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance, Beginning of Period	$ 1,543,885	$ 1,599,751	$ 1,586,209	$ 1,578,388
Balance, End of Period	1,524,234	1,595,968	1,524,234	1,595,968
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	575	(1,299)	(703)	390
Other comprehensive income/(loss)	(175)	448	797	(564)
Reclassification adjustment for amounts included in net income/(loss)	0	(248)	306	(925)
Balance, End of Period	$ 400	$ (1,099)	$ 400	$ (1,099)

Commitments and Contingencies_2

Commitments and Contingencies (Details) - Unfunded Commitments Under Commercial Mortgage Loans $ in Thousands	Sep. 30, 2024 USD ($)
Loss Contingencies [Line Items]
2024	$ 32,886
2025	86,042
2026	189,466
2027	120,538
Total	$ 428,932

Related Party Transactions an_3

Related Party Transactions and Arrangements - Narrative (Details) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024 USD ($) property	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($) property	Sep. 30, 2023 USD ($)	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	$ 5,077,476		$ 5,077,476		$ 4,989,767
Interest income	134,142	$ 137,042	398,253	$ 420,470
Commercial Mortgage Receivable, Held-For-Investment
Related Party Transaction [Line Items]
Commercial mortgage loans, held for investment, net	5,077,476		5,077,476		4,989,767
Commercial Mortgage Receivable, Held-For-Investment | Commercial Portfolio Segment
Related Party Transaction [Line Items]
Commercial mortgage loans, held for investment, net	$ 5,077,476		$ 5,077,476		$ 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	5		5		23	24
Related Party | Commercial Mortgage Receivable, Held-For-Investment
Related Party Transaction [Line Items]
Commercial mortgage loans, held for investment, net	$ 71,800		$ 71,800		$ 124,100
Interest income	$ 1,600	$ 2,800	$ 6,400	$ 7,400
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		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Related Party Transaction [Line Items]
Acquisition expenses	$ 255	$ 316	$ 688	$ 977
Administrative services expenses	3,801	3,566	7,365	10,993
Asset management and subordinated performance fee	4,906	7,908	19,023	24,893
Other related party expenses	5,709	2,856	11,274	9,323
Total expenses	21,780	21,567	60,127	66,966
Payables due to affiliate	15,630		15,630		$ 19,316
Related Party
Related Party Transaction [Line Items]
Acquisition expenses	255	316	688	977
Administrative services expenses	3,801	3,566	7,365	10,993
Asset management and subordinated performance fee	4,906	7,908	19,023	24,893
Other related party expenses	313	235	1,005	785
Total expenses	9,275	12,025	28,080	37,648
Related Party | Acquisition expenses
Related Party Transaction [Line Items]
Payables due to affiliate	0		0		0
Related Party | Administrative services expenses
Related Party Transaction [Line Items]
Payables due to affiliate	3,801		3,801		3,447
Related Party | Asset management and subordinated performance fee
Related Party Transaction [Line Items]
Payables due to affiliate	10,826		10,826		15,014
Related Party | Other related party expenses
Related Party Transaction [Line Items]
Payables due to affiliate	1,004		1,004		855
Related Party | Acquisition fees and expenses, including amount capitalized
Related Party Transaction [Line Items]
Acquisition expenses	1,800	1,800	7,200	4,100
Related Party | Acquisition fees and expenses, amount capitalized | Commercial Mortgage Loans, Held for Investment and Real Estate Securities, Available for Sale
Related Party Transaction [Line Items]
Acquisition expenses	1,500	$ 1,500	6,500	$ 3,100
Related Party | Third Party Vendor Agreement
Related Party Transaction [Line Items]
Payables due to affiliate	$ 900		$ 900		$ 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	Sep. 30, 2024	Dec. 31, 2023
Assets, at fair value
Real estate securities, available for sale, measured at fair value	$ 210,656	$ 242,569
Fair Value, Measurements, Recurring
Assets, at fair value
Real estate securities, available for sale, measured at fair value	210,656	242,569
Total assets, at fair value	210,656	242,569
Liabilities, at fair value
Total liabilities, at fair value	4
Level I | Fair Value, Measurements, Recurring
Assets, at fair value
Real estate securities, available for sale, measured at fair value	0	0
Total assets, at fair value	0	0
Liabilities, at fair value
Total liabilities, at fair value	4
Level II | Fair Value, Measurements, Recurring
Assets, at fair value
Real estate securities, available for sale, measured at fair value	210,656	242,569
Total assets, at fair value	210,656	242,569
Liabilities, at fair value
Total liabilities, at fair value	0
Level III | Fair Value, Measurements, Recurring
Assets, at fair value
Real estate securities, available for sale, measured at fair value	0	0
Total assets, at fair value	0	$ 0
Liabilities, at fair value
Total liabilities, at fair value	0
Treasury note futures | Fair Value, Measurements, Recurring
Liabilities, at fair value
Treasury note futures	4
Treasury note futures | Level I | Fair Value, Measurements, Recurring
Liabilities, at fair value
Treasury note futures	4
Treasury note futures | Level II | Fair Value, Measurements, Recurring
Liabilities, at fair value
Treasury note futures	0
Treasury note futures | Level III | Fair Value, Measurements, Recurring
Liabilities, at fair value
Treasury note futures	$ 0

Fair Value of Financial Instr_4

Fair Value of Financial Instruments - Narrative (Details) $ in Thousands	3 Months Ended	9 Months Ended
	Jun. 30, 2024	Sep. 30, 2024 USD ($) property	Dec. 31, 2023 USD ($) property	Nov. 30, 2022 property
Repurchase agreements, commercial mortgage loans
Assets Sold under Agreements to Repurchase [Line Items]
Repurchase agreements		$ 183,761	$ 299,707
Repurchase agreements - real estate securities
Assets Sold under Agreements to Repurchase [Line Items]
Repurchase agreements		$ 241,266	$ 174,055
Walgreens JV | Multifamily | Various
Assets Sold under Agreements to Repurchase [Line Items]
Number of real estate properties | property		10	4	10
Walgreens JV | Retail | Various
Assets Sold under Agreements to Repurchase [Line Items]
Number of real estate properties | property		5	23	24
Minimum
Assets Sold under Agreements to Repurchase [Line Items]
Exit capitalization rate	5%	6.25%
Maximum
Assets Sold under Agreements to Repurchase [Line Items]
Exit capitalization rate	7.88%	9.50%
Fair Value, Nonrecurring
Assets Sold under Agreements to Repurchase [Line Items]
Assets and liabilities measured at fair value, net		$ 282,600	$ 91,400
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	$ 0

Fair Value of Financial Instr_5

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	9 Months Ended	12 Months Ended
	Sep. 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	271,175	102,500
Sales/paydowns	(284,300)	(121,976)
Total realized and unrealized gain/(loss) included in earnings:
Realized gain/(loss) on sale of commercial mortgage loans, held for sale	13,125	3,873
Unrealized gain/(loss) on commercial mortgage loans, held for sale and other real estate investments	0	44
Trading gain/(loss)		0
Transfers out of Level III	0	0
Ending balance	0	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_6

Fair Value of Financial Instruments - Financial Instruments Not Measured at Fair Value (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Allowance for credit loss	$ 76,640	$ 47,175
Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Allowance for credit loss	76,600	47,200
Carrying Amount | Level III
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Commercial mortgage loans, held for investment	5,154,116	5,036,942
Mortgage note payable	23,998	23,998
Other financings	12,865	36,534
Unsecured debt	81,370	81,295
Carrying Amount | Level II
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Collateralized loan obligations	4,097,668	3,567,166
Fair Value | Level III
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Commercial mortgage loans, held for investment	5,111,165	5,010,580
Mortgage note payable	23,998	23,998
Other financings	12,865	36,534
Unsecured debt	69,700	64,900
Fair Value | Level II
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Collateralized loan obligations	$ 4,104,846	$ 3,521,274

Derivative Instruments - Schedu

Derivative Instruments - Schedule of Derivative Instruments, Gain (Loss) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Derivative Instruments, Gain (Loss) [Line Items]
Unrealized Gain/(Loss)	$ 322	$ (183)	$ 1	$ (110)
Realized Gain/(Loss)	(1,573)	67	(1,261)	684
Credit default swaps
Derivative Instruments, Gain (Loss) [Line Items]
Unrealized Gain/(Loss)	(4)	33	0	36
Realized Gain/(Loss)	14	(46)	(112)	(32)
Interest rate swaps
Derivative Instruments, Gain (Loss) [Line Items]
Unrealized Gain/(Loss)	0	(251)	0	(90)
Realized Gain/(Loss)	0	113	0	672
Treasury note futures
Derivative Instruments, Gain (Loss) [Line Items]
Unrealized Gain/(Loss)	326	35	1	(56)
Realized Gain/(Loss)	(1,567)	0	(1,059)	44
Options
Derivative Instruments, Gain (Loss) [Line Items]
Unrealized Gain/(Loss)	0	0	0	0
Realized Gain/(Loss)	$ (20)	$ 0	$ (90)	$ 0

Offsetting Assets and Liabili_3

Offsetting Assets and Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Repurchase agreements - commercial mortgage loans
Offsetting Repurchase Agreements
Repurchase agreements, gross amounts of recognized liabilities	$ 183,761	$ 299,707
Repurchase agreements, gross amounts offset on the balance sheet	0	0
Repurchase agreements, net amount of liabilities presented on the balance sheet	183,761	299,707
Repurchase agreements, gross amounts not offset on the balance sheet, financial instruments	183,761	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	241,266	174,055
Repurchase agreements, gross amounts offset on the balance sheet	0	0
Repurchase agreements, net amount of liabilities presented on the balance sheet	241,266	174,055
Repurchase agreements, gross amounts not offset on the balance sheet, financial instruments	241,266	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		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Segment Reporting Information [Line Items]
Interest income	$ 134,142	$ 137,042	$ 398,253	$ 420,470
Revenue from real estate owned	5,412	3,317	14,196	13,067
Interest expense	89,884	77,973	257,942	224,347
Net income/(loss)	30,173	30,995	62,235	114,478
Total assets	6,334,976		6,334,976		$ 5,955,180
Real Estate Debt and Other Real Estate Investments
Segment Reporting Information [Line Items]
Interest income	127,550	131,093	379,321	404,300
Revenue from real estate owned	0	0	0	0
Interest expense	85,287	74,002	245,755	211,923
Net income/(loss)	29,950	35,450	60,303	125,723
Total assets	5,591,695		5,591,695		5,372,371
Real Estate Securities
Segment Reporting Information [Line Items]
Interest income	4,432	4,908	13,390	12,488
Revenue from real estate owned	0	0	0	0
Interest expense	3,901	3,151	10,110	10,139
Net income/(loss)	397	(1,568)	2,460	1,158
Total assets	214,555		214,555		245,949
TRS
Segment Reporting Information [Line Items]
Interest income	1,761	109	4,862	1,179
Revenue from real estate owned	0	0	0	0
Interest expense	182	307	539	824
Net income/(loss)	2,591	82	6,764	(10,610)
Total assets	77,464		77,464		66,503
Real Estate Owned
Segment Reporting Information [Line Items]
Interest income	399	932	680	2,503
Revenue from real estate owned	5,412	3,317	14,196	13,067
Interest expense	514	513	1,538	1,461
Net income/(loss)	(2,765)	$ (2,969)	(7,292)	$ (1,793)
Total assets	$ 451,262		$ 451,262		$ 270,357