Inpoint Commercial Real Estate Income (ICR-PA) 10-Q 13 Nov 23 2023 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2023	Nov. 10, 2023
Document And Entity Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2023
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q3
Entity Registrant Name	INPOINT COMMERCIAL REAL ESTATE INCOME, INC.
Entity Central Index Key	0001690012
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	true
Entity Shell Company	false
Entity File Number	001-40833
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	32-0506267
Entity Address, Address Line One	2901 Butterfield Road
Entity Address, City or Town	Oak Brook
Entity Address, State or Province	IL
Entity Address, Postal Zip Code	60523
City Area Code	800
Local Phone Number	826-8228
Document Quarterly Report	true
Document Transition Report	false
Title of 12(b) Security	6.75% Series A Cumulative Redeemable Preferred Stock, par value $0.001
Trading Symbol	ICR PR A
Security Exchange Name	NYSE
Class P Common Stock
Document And Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		8,562,777
Class T Common Stock
Document And Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		290,345
Class I Common Stock
Document And Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		469,168
Class A Common Stock
Document And Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		745,887
Class D Common Stock
Document And Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		48,015
Class S Common Stock
Document And Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		0

CONSOLIDATED BALANCE SHEETS (un

CONSOLIDATED BALANCE SHEETS (unaudited) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
ASSETS
Cash and cash equivalents	$ 53,667	$ 29,408
Commercial mortgage loans:
Commercial mortgage loans at cost	769,865	845,866
Allowance for credit losses	(18,607)	(3,588)
Carrying Value	751,258	842,278
Real estate owned, net of depreciation		31,215
Finance lease right of use asset, net of amortization		5,382
Deferred debt finance costs	1,033	872
Accrued interest receivable	3,210	3,121
Prepaid expenses and other assets	296	2,219
Total assets	809,464	914,495
Liabilities:
Repurchase agreements	473,276	488,086
Credit facility payable	18,380	18,380
Loan participations sold, net	57,226	99,420
Finance lease liability		17,457
Due to related parties	$ 2,133	$ 2,197
Other Liability, Related Party, Type [Extensible Enumeration]	Related Party [Member]	Related Party [Member]
Accrued Interest Payable	$ 1,780	$ 1,499
Distributions payable	1,050	1,047
Accrued expenses and other liabilities	1,669	7,852
Total liabilities	555,514	635,938
Commitments and contingencies (Note 8)
Stockholders’ Equity:
6.75% Series A Cumulative Redeemable Preferred Stock, $0.001 par value, 4,025,000 shares authorized and 3,544,553 and 3,548,696 shares issued and outstanding as of September 30, 2023 and December 31, 2022, respectively	4	4
Additional paid in capital (net of offering costs of $30,435 and $30,427 as of September 30, 2023 and December 31, 2022, respectively)	339,618	339,470
Accumulated deficit	(85,682)	(60,927)
Total stockholders’ equity	253,950	278,557
Total liabilities and stockholders’ equity	809,464	914,495
Class P Common Stock
Stockholders’ Equity:
Common stock	9	9
Class A Common Stock
Stockholders’ Equity:
Common stock	1	1
Class T Common Stock
Stockholders’ Equity:
Common stock	0	0
Class S Common Stock
Stockholders’ Equity:
Common stock	0	0
Class D Common Stock
Stockholders’ Equity:
Common stock	0	0
Class I Common Stock
Stockholders’ Equity:
Common stock	$ 0	$ 0

CONSOLIDATED BALANCE SHEETS (_2

CONSOLIDATED BALANCE SHEETS (unaudited) (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Additional paid in capital, offering costs	$ 30,435	$ 30,427
Preferred stock, par value	$ 0.001	$ 0.001
Preferred stock, shares authorized	50,000,000	50,000,000
Class P Common Stock
Common stock, par value	$ 0.001	$ 0.001
Common stock, shares authorized	500,000,000	500,000,000
Common stock, shares, issued	8,562,777	8,562,777
Common stock, shares, outstanding	8,562,777	8,562,777
Class A Common Stock
Common stock, par value	$ 0.001	$ 0.001
Common stock, shares authorized	500,000,000	500,000,000
Common stock, shares, issued	745,887	743,183
Common stock, shares, outstanding	745,887	743,183
Class T Common Stock
Common stock, par value	$ 0.001	$ 0.001
Common stock, shares authorized	500,000,000	500,000,000
Common stock, shares, issued	290,345	286,341
Common stock, shares, outstanding	290,345	286,341
Class S Common Stock
Common stock, par value	$ 0.001	$ 0.001
Common stock, shares authorized	500,000,000	500,000,000
Common stock, shares, issued	0	0
Common stock, shares, outstanding	0	0
Class D Common Stock
Common stock, par value	$ 0.001	$ 0.001
Common stock, shares authorized	500,000,000	500,000,000
Common stock, shares, issued	48,015	47,888
Common stock, shares, outstanding	48,015	47,888
Class I Common Stock
Common stock, par value	$ 0.001	$ 0.001
Common stock, shares authorized	500,000,000	500,000,000
Common stock, shares, issued	469,168	452,667
Common stock, shares, outstanding	469,168	452,667
6.75% Series A Cumulative Redeemable Preferred Stock
Preferred stock, par value	$ 0.001	$ 0.001
Preferred stock, shares authorized	4,025,000	4,025,000
Percentage of cumulative redeemable preferred stock	6.75%	6.75%
Preferred stock, shares issued	3,544,553	3,548,696
Preferred stock, shares outstanding	3,544,553	3,548,696

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Income:
Interest income	$ 17,428	$ 11,835	$ 51,614	$ 29,443
Less: Interest expense	(10,809)	(6,151)	(31,746)	(12,512)
Net interest income	6,619	5,684	19,868	16,931
Revenue from real estate	4,472	4,788	12,719	10,578
Total income	11,091	10,472	32,587	27,509
Operating expenses:
Advisory fee	821	916	2,563	2,797
Debt finance costs	579	451	1,457	1,222
Directors compensation	21	21	61	62
Professional service fees	106	266	483	749
Real estate operating expenses	3,625	4,204	11,535	11,204
Provision for asset impairment	0	0	6,934	0
Depreciation and amortization	0	276	514	835
Other expenses	415	362	1,243	1,025
Net operating expenses	5,567	6,496	24,790	17,894
Other income (loss):
Provision for credit losses	(738)	0	(13,703)	0
Gain on sale of real estate	206	0	206	0
Total other loss	(532)	0	(13,497)	0
Net income (loss) before income taxes	4,992	3,976	(5,700)	9,615
Income tax provision	0	0	22	0
Net income (loss)	4,992	3,976	(5,722)	9,615
Gain on repurchase and retirement of preferred stock	0	24	21	24
Net income (loss) attributable to common stockholders	$ 3,497	$ 2,482	$ (10,187)	$ 5,083
Net income (loss) attributable to common stockholders per share basic	$ 0.35	$ 0.24	$ (1.01)	$ 0.47
Net income (loss) attributable to common stockholders per share diluted	$ 0.35	$ 0.24	$ (1.01)	$ 0.47
Weighted average number of shares of common stock
Basic	10,114,582	10,559,680	10,114,071	10,707,177
Diluted	10,116,388	10,560,589	10,114,071	10,708,778
Series A Preferred Stock
Other income (loss):
Series A Preferred Stock dividends	$ (1,495)	$ (1,518)	$ (4,486)	$ (4,556)

CONSOLIDATED STATEMENTS OF CHAN

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (unaudited) - USD ($) $ in Thousands	Total	Preferred Stock Series A Preferred Stock	Common Stock Class P Common Stock	Common Stock Class A Common Stock	Additional Paid in Capital	Accumulated Deficit	Cumulative Effect, Period of Adoption, Adjustment [Member]	Cumulative Effect, Period of Adoption, Adjustment [Member] Accumulated Deficit
Balance at Dec. 31, 2021	$ 307,145	$ 4	$ 9	$ 1	$ 359,406	$ (52,275)
Proceeds from issuance of common stock	2,419				2,419
Repurchase and retirement of preferred stock	(92)				(116)	24
Offering costs	(862)				(862)
Net income (loss)	9,615					9,615
Common stock distributions declared	(9,921)					(9,921)
Preferred stock distributions declared	(4,556)					(4,556)
Distribution reinvestment	487				487
Redemptions	(13,687)				(13,687)
Equity-based compensation	23				23
Balance at Sep. 30, 2022	290,571	4	9	1	347,670	(57,113)
Balance at Dec. 31, 2021	307,145	4	9	1	359,406	(52,275)
Accounting Standards Update [Extensible Enumeration]								Accounting Standards Update 2016-13 [Member]
Balance at Dec. 31, 2022	278,557	4	9	1	339,470	(60,927)	$ (5,122)	$ (5,122)
Balance at Jun. 30, 2022	294,514	4	9	1	350,833	(56,333)
Proceeds from issuance of common stock	1,057				1,057
Repurchase and retirement of preferred stock	(92)				(116)	24
Offering costs	(162)				(162)
Net income (loss)	3,976					3,976
Common stock distributions declared	(3,262)					(3,262)
Preferred stock distributions declared	(1,518)					(1,518)
Distribution reinvestment	169				169
Redemptions	(4,119)				(4,119)
Equity-based compensation	8				8
Balance at Sep. 30, 2022	290,571	4	9	1	347,670	(57,113)
Balance at Dec. 31, 2022	278,557	4	9	1	339,470	(60,927)	$ (5,122)	$ (5,122)
Total stockholders' equity at beginning of period, as adjusted at Dec. 31, 2022	273,435	4	9	1	339,470	(66,049)
Proceeds from issuance of common stock	342				342
Repurchase and retirement of preferred stock	(83)				(104)	21
Offering costs	(197)				(197)
Net income (loss)	(5,722)					(5,722)
Common stock distributions declared	(9,446)					(9,446)
Preferred stock distributions declared	(4,486)					(4,486)
Distribution reinvestment	85				85
Equity-based compensation	22				22
Balance at Sep. 30, 2023	253,950	4	9	1	339,618	(85,682)
Balance at Jun. 30, 2023	253,647	4	9	1	339,663	(86,030)
Offering costs	(52)				(52)
Net income (loss)	4,992					4,992
Common stock distributions declared	(3,149)					(3,149)
Preferred stock distributions declared	(1,495)					(1,495)
Equity-based compensation	7				7
Balance at Sep. 30, 2023	$ 253,950	$ 4	$ 9	$ 1	$ 339,618	$ (85,682)

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Cash flows from operating activities
Net income (loss)	$ (5,722)	$ 9,615
Adjustments to reconcile net (loss) income to cash provided by operations:
Gain on sale of real estate	(206)	0
Provision for credit losses	13,703	0
Depreciation and amortization expense	514	835
Reduction in the carrying amount of the right-of-use asset	30	54
Provision for asset impairment	6,934	0
Amortization of equity-based compensation	22	23
Amortization of debt finance costs to operating expense	1,457	1,222
Amortization of debt finance costs to interest expense	3	92
Amortization of origination fees	(15)	(210)
Amortization of loan extension fees	(508)	(182)
Changes in assets and liabilities:
Accrued interest receivable	(89)	(1,002)
Accrued expenses and other liabilities	(6,506)	3,021
Accrued interest payable	703	961
Due to related parties	84	(390)
Prepaid expenses and other assets	1,922	(903)
Net cash provided by operating activities	12,326	13,136
Cash flows from investing activities:
Origination of commercial loans	(18,661)	(269,107)
Loan extension fees received on commercial loans	440	330
Principal repayments of commercial loans	77,243	117,576
Proceeds from sale of real estate	11,942
Real estate capital expenditures	(496)	(652)
Net cash provided by (used in) investing activities	70,468	(151,853)
Cash flows from financing activities:
Proceeds from issuance of common stock	342	2,419
Redemptions of common stock		(13,687)
Repurchase of Preferred Stock	(82)	(92)
Payment of offering costs	(227)	(864)
Proceeds from repurchase agreements	359,951	239,611
Principal repayments of repurchase agreements	(374,764)	(56,947)
Principal repayments of credit facility		(14,350)
Proceeds from sale of loan participations	435	2,538
Principal repayments of loan participations	(28,728)	(15,360)
Debt finance costs	(1,618)	(706)
Distributions paid to common stockholders	(9,358)	(9,490)
Distributions paid to preferred stockholders	(4,486)	(4,556)
Net cash (used in) provided by financing activities	(58,535)	128,516
Net change in cash, cash equivalents and restricted cash	24,259	(10,201)
Cash, cash equivalents and restricted cash at beginning of period	29,408	57,268
Cash, cash equivalents and restricted cash at end of period	53,667	47,067
Supplemental disclosure of cash flow information:
Amortization of deferred exit fees due to related party	(118)	3
Interest paid	31,461	11,719
Accrued stockholder servicing fee due to related party	(29)	(2)
Distribution reinvestment	$ 85	$ 487

Organization and Business Opera

Organization and Business Operations	9 Months Ended
	Sep. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Business Operations	Note 1 – Orga nization and Business Operations InPoint Commercial Real Estate Income, Inc. (the “Company”) was incorporated in Maryland on September 13, 2016 to originate, acquire and manage a diversified portfolio of commercial real estate (“CRE”) investments primarily comprised of (i) CRE debt, including (a) primarily floating-rate first mortgage loans, and (b) subordinate mortgage and mezzanine loans, and participations in such loans and (ii) floating-rate CRE securities, such as commercial mortgage-backed securities (“CMBS”), senior unsecured debt of publicly traded real estate investment trusts (“REITs”). Substantially all of the Company’s business is conducted through InPoint REIT Operating Partnership, LP (the “Operating Partnership”), a Delaware limited partnership. The Company is the sole general partner and directly or indirectly holds all limited partner interests in the Operating Partnership. The Company has elected to be taxed as a REIT for U.S. federal income tax purposes. The Company is externally managed by Inland InPoint Advisor, LLC (the “Advisor”), a Delaware limited liability company formed in August 2016 that is a wholly owned indirect subsidiary of Inland Real Estate Investment Corporation (“IREIC”), a member of The Inland Real Estate Group of Companies, Inc. The Advisor is responsible for coordinating the management of the day-to-day operations and originating, acquiring and managing the Company’s CRE investment portfolio, subject to the supervision of the Company’s board of directors (the “Board”). The Advisor performs its duties and responsibilities as the Company’s fiduciary pursuant to a second amended and restated advisory agreement dated July 1, 2021 among the Company, the Operating Partnership and the Advisor (the “Advisory Agreement”). The Advisor has delegated certain of its duties to SPCRE InPoint Advisors, LLC (the “Sub-Advisor”), a Delaware limited liability company formed in September 2016 that is a wholly owned subsidiary of Sound Point CRE Management, LP, pursuant to a second amended and restated sub-advisory agreement between the Advisor and the Sub-Advisor dated July 1, 2021. Among other duties, the Sub-Advisor has the authority to identify, negotiate, acquire and originate the Company’s investments and provide portfolio management, disposition, property management and leasing services to the Company. Notwithstanding such delegation to the Sub-Advisor, the Advisor retains ultimate responsibility for the performance of all the matters entrusted to it under the Advisory Agreement, including those duties that the Advisor has not delegated to the Sub-Advisor, such as (i) valuation of the Company’s assets and calculation of the Company’s net asset value (“NAV”); (ii) management of the Company’s day-to-day operations; (iii) preparation of stockholder reports and communications and arrangement of the Company’s annual stockholder meeting; and (iv) monitoring the Company’s ongoing compliance with the REIT qualification requirements for U.S. federal income tax purposes. On October 25, 2016, the Company commenced a private offering (the “Private Offering”) of up to $ 500,000 of shares of Class P common stock (“Class P shares”). The Company issued 10,258,094 Class P shares in the Private Offering, resulting in gross proceeds of $ 276,681 and terminated the Private Offering on June 28, 2019. On March 22, 2019, the Company filed a registration statement on Form S-11 (File No. 333-230465) (the “2019 Registration Statement”) with the Securities and Exchange Commission (the “SEC”) to register up to $ 2,350,000 in shares of common stock (the “IPO”). On May 3, 2019, the SEC declared effective the 2019 Registration Statement and the Company commenced the IPO. The purchase price per share for each class of common stock in the IPO (Class A, Class I, Class D, Class S and Class T) varied and generally equaled the prior month’s NAV per share, as determined monthly, plus applicable upfront selling commissions and dealer manager fees. Inland Securities Corporation (the “Dealer Manager”), an affiliate of the Advisor, served as the Company’s exclusive dealer manager for the IPO on a best efforts basis. On March 24, 2020, the Board suspended (i) the sale of shares in the IPO, (ii) the operation of the share repurchase program (the “SRP”), (iii) the payment of distributions to the Company’s stockholders, and (iv) the operation of the distribution reinvestment plan (the “DRP”), effective as of April 6, 2020. In determining to take these actions, the Board considered various factors, including the impact of the COVID-19 pandemic on the economy, the inability to accurately calculate the Company’s NAV per share due to uncertainty, volatility and lack of liquidity in the market, the Company’s need for liquidity due to financing challenges related to additional collateral required by the banks that regularly finance the Company’s assets and these uncertain and rapidly changing economic conditions. Though the Company did not calculate the NAV for the months of March through May 2020, the Advisor resumed calculating the NAV beginning as of June 30, 2020 following its determination that volatility in the market for the Company’s investments had declined and the U.S. economic outlook had improved. In August 2020, the Company resumed paying distributions monthly to stockholders of record for all classes of its common stock. On October 1, 2020, the SEC declared effective the Company’s post-effective amendment to the 2019 Registration Statement, thereby permitting the Company to resume offers and sales of shares of common stock in the IPO, including through the DRP. On March 1, 2021, the SRP was reinstated for the Company’s stockholders requesting repurchase of shares as a result of the death or qualified disability of the holder, and on July 1, 2021, the SRP was reinstated for all stockholders. In accordance with the terms of the SRP that allow the Company to repurchase fewer shares than the maximum amount permitted under the SRP, the Company repurchased fewer shares than the maximum amount permitted for the months of July, August and September 2021 as directed by the Board. Beginning on October 1, 2021, the total amount of aggregate repurchases of shares was limited as set forth in the SRP (no more than 2 % of the Company’s aggregate NAV per month as of the last day of the previous calendar month and no more than 5 % of the Company’s aggregate NAV per calendar quarter with NAV measured as of the last day of the previous calendar quarter). If the SRP is reinstated again, the Company may repurchase fewer shares than these limits in any month, or none. Further, if reinstated, the Board may in the future modify, suspend or terminate the SRP if it deems such action to be in the Company’s best interest and the best interest of its stockholders. On September 22, 2021, the Company completed an underwritten public offering of 3,500,000 shares of its 6.75 % Series A Cumulative Redeemable Preferred Stock, par value $ 0.001 per share (the “Series A Preferred Stock”), with a liquidation preference of $ 25.00 per share (the “Preferred Stock Offering”). In addition, on October 15, 2021, Raymond James & Associates, Inc., as a representative of the underwriters, partially exercised their over-allotment option to purchase an additional 100,000 shares of Series A Preferred Stock. The Series A Preferred Stock were issued and sold pursuant to a registration statement on Form S-11 (File No. 333-258802) filed with the SEC. The Company received net proceeds in the Preferred Stock Offering of $ 86,310 , after underwriter’s discount and issuance costs, and contributed the net proceeds to the Operating Partnership in exchange for an equivalent number of Series A units in the Operating Partnership (with economic terms that mirror those of the Series A Preferred Stock). For more information on the Preferred Stock Offering, see “Note 6 – Stockholders’ Equity.” On April 28, 2022, the Company filed a registration statement on Form S-11 (File No. 333-264540) (the “2022 Registration Statement”) with the SEC to register up to $ 2,200,000 in shares of common stock, which was declared effective by the SEC on November 2, 2022 (the “Second Public Offering” and collectively with the IPO, the “Public Offerings”). In light of the pace of fundraising in the Second Public Offering and the amount of monthly redemption requests pursuant to the SRP, which were in excess of such fundraising, on January 30, 2023, the Board approved, effective immediately, the suspension of the operation of the SRP. In connection with such suspension, the Board also approved the suspension of the sale of shares in the primary portion of the Second Public Offering (the “Primary Offering”), effective immediately, and the suspension of the sale of shares pursuant to the DRP, effective as of February 10, 2023. The Primary Offering, the SRP, and the DRP shall each remain suspended unless and until such time as the Board approves their resumption. Please refer to “Note 15 – Subsequent Events” for updates to the Company’s business after September 30, 2023 .

Summary of Significant Accounti

Summary of Significant Accounting Policies	9 Months Ended
	Sep. 30, 2023
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Note 2 – Summary of Significant Accounting Policies Disclosures discussing all significant accounting policies are set forth in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022, as filed with the SEC on March 30, 2023 (the “Annual Report”), under the heading “Note 2 – Summary of Significant Accounting Policies.” See below for discussion of changes to the Company’s significant accounting policies for the nine months ended September 30, 2023. Basis of Accounting The accompanying consolidated financial statements and related footnotes have been prepared in conformity with U.S. generally accepted accounting principles (“GAAP”) and require management to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the financial statements and the reported amounts of income and expenses during the reported periods. Actual results could differ from such estimates. In the opinion of management, the accompanying unaudited consolidated financial statements reflect all adjustments, which are normal and recurring in nature, necessary for fair financial statement presentation. Cash, Cash Equivalents and Restricted Cash Cash and cash equivalents include funds on deposit with financial institutions, including demand deposits with financial institutions with original maturities of three months or less. The account balance may exceed the Federal Deposit Insurance Corporation (“FDIC”) insurance coverage limits and, as a result, there could be a concentration of credit risk related to amounts on deposit in excess of FDIC insurance coverage limits. The Company believes that the risk will not be significant, as the Company does not anticipate the financial institutions’ non-performance. Restricted cash represents cash the Company is required to hold in a segregated account as additional collateral on real estate securities repurchase agreements. As of September 30, 2023 and December 31, 2022 , no restricted cash was held by the Company. Accounting Pronouncements Recently Adopted On January 1, 2023 , the Company adopted Accounting Standards Update 2016-13, “Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments” (“ASU 2016-13”), which requires companies to estimate a current expected credit loss (“CECL”) for the recognition of credit losses on financial instruments, including commercial mortgage loans, in their consolidated financial statements. The allowance for credit losses is adjusted each period for changes in expected credit losses. This replaces prior GAAP which required losses to be recognized as incurred. The Company adopted ASU 2016-13 using the modified retrospective method, therefore, the results for reporting periods prior to January 1, 2023 remain unadjusted and reported in accordance with previously applicable GAAP. In connection with the adoption of ASU 2016-13, the Company recorded a $ 5,122 increase to accumulated deficit with offsets on the consolidated balance sheet as noted below. The following table illustrates the impact of adoption ASU 2016-13: January 1, 2023 As Reported Under ASU 2016-13 As Reported Pre-Adoption Impact of Adoption Assets: Allowance for credit losses $ 8,375 $ 3,588 $ 4,787 Liabilities: Accrued expenses and other liabilities $ 8,187 $ 7,852 $ 335 Changes to Significant Accounting Policies See Part IV, Item 15, “Note 2 – Summary of Significant Accounting Policies” in the Company's Annual Report for a description of its significant accounting Policies. Upon the adoption of ASU 2016-13 on January 1, 2023, the Company adjusted certain significant accounting policies as follows: Commercial Mortgage Loans Held for Investment and Allowance for Credit Losses Loans held-for-investment are anticipated to be held until maturity, and reported at cost, net of allowance for credit losses, any unamortized acquisition premiums or discounts, loan fees and origination costs, as applicable. In accordance with ASU 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, or ASU 2016-13, the Company uses a probability-weighted analytical model to estimate and recognize an allowance for credit losses on loans held-for-investment and their related unfunded commitments. The Company employed quarterly updated macroeconomic forecasts, which reflect expectations for overall economic output, interest rates, values of real estate properties and other factors, geopolitical instability and the Federal Reserve monetary policy impact on the overall U.S. economy and commercial real estate markets generally. These estimates may change in future periods based on available future macroeconomic data and might result in a material change in the Company’s future estimates of expected credit losses for its loan portfolio. The Company considers loan investments that are both (i) expected to be substantially repaid through the operation or sale of the underlying collateral, and (ii) for which the borrower is experiencing financial difficulty, to be “collateral-dependent” loans. With respect to loans for which the Company determines foreclosure of the collateral is probable, the Company measures the expected losses based on the difference between the fair value of the collateral and the amortized cost basis of the loan as of the measurement date. With respect to collateral-dependent loans for which the Company determines foreclosure is not probable, the Company applies a practical expedient to estimate expected losses using the difference between the collateral’s fair value (less costs to sell the asset if repayment is expected through the sale of the collateral) and the amortized cost basis of the loan. For loans assigned a risk rating of “5,” the Company has determined that the recovery of the loan’s principal is collateral-dependent. Accordingly, these loans are assessed individually, and the Company elected to apply a practical expedient in accordance with ASU 2016-13. While utilizing the practical expedient for collateral-dependent loans, the Company estimates the fair value of the loan’s underlying collateral using the discounted cash flow method of valuation, less the estimated cost to foreclose and sell the property when applicable. The estimation of the fair value of the collateral property also involves using various Level 3 unobservable inputs, which are inherently uncertain and subjective, and are in part developed based on discussions with various market participants and management’s best estimates, which may vary depending on the information available and market conditions as of the valuation date. Selecting the appropriate inputs and assumptions requires significant judgment and consideration of various factors that are specific to the underlying collateral property being assessed. The Company’s estimate of the fair value of the collateral property is sensitive to both the valuation methodology selected and inputs used in the analysis. As a result, the fair value of the collateral property used in determining the expected credit losses is subject to uncertainty and any actual losses, if incurred, could differ materially from the estimated provision for credit losses. Interest income on loans held-for-investment is recognized at the loan coupon rate. Any premiums or discounts, loan fees, contractual exit fees and origination costs are amortized or accreted into interest income over the lives of the loans using the effective interest method. Generally, loans held-for-investment are placed on nonaccrual status when delinquent for more than 90 days or when determined not to be probable of full collection. Loans placed on nonaccrual status are assigned a risk rating of “5”. Interest income recognition is suspended when loans are placed on nonaccrual status. Interest accrued, but not collected, at the date loans are placed on nonaccrual is reversed and subsequently recognized only to the extent it is received in cash or until it qualifies for return to accrual status. However, when there is doubt regarding the ultimate collectability of loan principal, all cash received is applied to reduce the carrying value of such loans. For loans that are on a non-accrual status and financed by loan participations sold, interest income on the loan is only recognized to the extent of interest expense on the loan participation sold, with any net cash collected by the Company reducing the principal balance on the loan. Loans held-for-investment are restored to accrual status only when contractually current or the collection of future payments is reasonably assured. The Company may make exceptions to placing a loan on nonaccrual status if the loan has sufficient collateral value and is in the process of collection or has been modified. The allowance for credit losses is recorded in accordance with ASU 2016-13, and is a valuation account that is deducted from the amortized cost basis of loans held-for-investment on the Company’s consolidated balance sheets. Changes to the allowance for credit losses are recognized through net income (loss) on the Company’s consolidated statements of operations. The allowance is based on relevant information about past events, including historical loss experience, current portfolio, market conditions and reasonable and supportable forecasts for the duration of each respective loan. All loans held-for-investment within the Company’s portfolio have some amount of expected loss to reflect the GAAP principal underlying the CECL model that all loans have some inherent risk of loss, regardless of credit quality, subordinate capital or other mitigating factors. The Company’s loans typically include commitments to fund incremental proceeds to its borrowers over the life of the loan. Those future funding commitments are also subject to an allowance for credit losses. The allowance for credit losses related to future loan fundings is recorded as a component of "Accrued expenses and other liabilities" on the Company’s consolidated balance sheets, and not as an offset to the related loan balance. This allowance for credit losses is estimated using the same process outlined below for the Company’s outstanding loan balances, and changes in this component of the allowance for credit losses similarly flow through the Company’s consolidated statements of operations. The allowance for credit losses is estimated on a quarterly basis and represents management’s estimates of current expected credit losses in the Company’s investment portfolio. Pools of loans with similar risk characteristics are collectively evaluated while loans that no longer share risk characteristics with loan pools are evaluated individually. Estimating an allowance for credit losses is inherently subjective, as it requires management to exercise significant judgment in establishing appropriate factors used to determine the allowance and a variety of subjective assumptions, including (i) determination of relevant historical loan loss data sets, (ii) the expected timing and amount of future loan fundings and repayments, (iii) the current credit quality of loans and operating performance of loan collateral and the Company’s expectations of performance, (iv) selecting the forecast for macroeconomic conditions and (v) determining the reasonable and supportable forecast period. The Company generally estimates its allowance for credit losses by using a probability-weighted analytical model that considers the likelihood of default and loss-given-default for each individual loan. The analytical model incorporates a third-party licensed database with historical loan losses dating back to 1965 for over 100,000 commercial real estate loans. The Company licenses certain macroeconomic financial forecasts from a third-party to inform its view of the potential future impact that broader macroeconomic conditions may have on the performance of the loans held-for-investment. These macroeconomic factors include unemployment rates, interest rates, price indices for commercial property and other factors. The Company may use one or more of these forecasts in the process of estimating its allowance for credit losses. Selection of these economic forecasts requires significant judgment about future events that, while based on the information available to the Company as of the balance sheet date, are ultimately unknowable with certainty, and the actual economic conditions impacting the Company’s portfolio could vary significantly from the estimates the Company made for the periods presented. Significant inputs to the Company’s estimate of the allowance for credit losses include the reasonable and supportable forecast period and loan specific factors such as debt service coverage ratio, or DSCR, loan-to-value ratio, or LTV, remaining contractual loan term, property type and others. In addition, the Company also considers relevant loan-specific qualitative factors to estimate its allowance for credit losses. In certain instances, for loans with unique risk characteristics, the Company may instead elect to employ different methods to estimate loan losses that also conform to ASU 2016-13 and related guidance. Prior to January 1, 2023, the allowance for loan losses included an asset-specific component and included a general, formula-based component when the portfolio was determined to be of sufficient size to warrant such a reserve. For the asset-specific component related to reserves for losses on individual impaired loans, the Company considered a loan to be impaired when, based upon current information and events, it believed that it was probable that the Company would be unable to collect all amounts due under the contractual terms of the loan agreement. This assessment was made on an individual loan basis each quarter based on such factors as payment status, borrower financial resources including ability to refinance, and collateral economics. A reserve was established for an impaired loan when the present value of payments expected to be received, observable market prices or the estimated fair value of the collateral was lower than the carrying value of that loan. Valuations were performed or obtained at the time a loan was determined to be impaired and designated non-performing, and they were updated if circumstances indicate that a significant change in value had occurred. The Advisor generally used the income approach through internally developed valuation models to estimate the fair value of the collateral for such loans. In more limited cases, the Advisor obtained external “as is” appraisals for loan collateral, generally when third party participations existed. General reserves were recorded when (i) available information as of each balance sheet date indicates that it was probable a loss had occurred in the portfolio and (ii) the amount of the loss could be reasonably estimated. The Company’s policy was to estimate loss rates based on actual losses experienced, if any, or based on historical realized losses experienced in the industry if the Company had not experienced any losses. Current collateral and economic conditions affecting the probability and severity of losses were taken into account when establishing the allowance for loan losses.

Commercial Mortgage Loans Held

Commercial Mortgage Loans Held for Investment	9 Months Ended
	Sep. 30, 2023
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Abstract]
Commercial Mortgage Loans Held for Investment	Note 3 – Commercial Mortgage Loans Held for Investment The tables below show the Company’s commercial mortgage loans held for investment as of September 30, 2023 and December 31, 2022: September 30, 2023 Loan Type (1) Number Principal Unamortized (fees)/costs, net Allowance for credit losses Carrying Weighted Average (2) Weighted Average (3) First mortgage loans 36 $ 755,245 $ 1,120 $ ( 18,538 ) $ 737,827 8.7 % 1.0 Credit loans 2 13,500 — ( 69 ) 13,431 9.6 % 2.7 Total and average 38 $ 768,745 $ 1,120 $ ( 18,607 ) $ 751,258 8.7 % 1.0 December 31, 2022 Loan Type (1) Number Principal Unamortized (fees)/costs, net Allowance for credit losses Carrying Weighted Average (2) Weighted Average (3) First mortgage loans 41 $ 831,007 $ 1,359 $ ( 3,588 ) $ 828,778 7.7 % 1.4 Credit loans 2 13,500 — — 13,500 9.6 % 3.4 Total and average 43 $ 844,507 $ 1,359 $ ( 3,588 ) $ 842,278 7.8 % 1.4 (1) First mortgage loans are first position mortgage loans and credit loans are mezzanine and subordinated loans. (2) Weighted average interest rate is based on the loan spreads plus the applicable indices as of the last interest reset date, which is typically the 15th of each month. On September 15, 2023, the SOFR rate reset to 5.33 % . On December 15, 2022, the LIBOR and SOFR rates reset to 4.32 % and 4.34 %, respectively. (3) Weighted average years to maturity excludes allowable extensions on the loans. For the nine months ended September 30, 2023, the activity in the Company’s commercial mortgage loans, held-for-investment portfolio was as follows: Commercial mortgage loans at cost Allowance for credit losses Carrying Value Balance at Beginning of Year $ 845,866 $ ( 3,588 ) $ 842,278 Adoption of ASU 2016-13 — ( 4,787 ) ( 4,787 ) Balance at beginning of period after adoption 845,866 ( 8,375 ) 837,491 Loan originations 18,661 — 18,661 Principal repayments ( 77,243 ) — ( 77,243 ) Sale of loan (1) ( 17,433 ) ( 17,433 ) Amortization of loan origination and deferred exit fees 701 — 701 Origination fees and extension fees received on commercial loans ( 687 ) — ( 687 ) Provision for credit losses — ( 13,715 ) ( 13,715 ) Charge-offs (1) — 3,483 3,483 Balance at End of Period $ 769,865 $ ( 18,607 ) $ 751,258 (1) The Company sold one loan during the third quarter of 2023. See Note 5 for further information. Allowance for Credit Losses The following table presents the activity in the Company's allowance for credit losses for the nine months ended September 30, 2023: Commercial Mortgage Loans Unfunded Loan Commitments (1) Total Balance at beginning of period $ ( 3,588 ) $ — $ ( 3,588 ) Adoption of ASU 2016-13 ( 4,787 ) ( 335 ) ( 5,122 ) Balance at beginning of period after adoption ( 8,375 ) ( 335 ) ( 8,710 ) Provision for credit losses ( 13,715 ) 12 ( 13,703 ) Charge-offs (2) 3,483 — 3,483 Ending allowance for credit losses $ ( 18,607 ) $ ( 323 ) $ ( 18,930 ) (1) The reserve for expected credit losses related to unfunded loan commitments is recorded in "accrued expenses and other liabilities" on the consolidated balance sheets following the adoption of ASU 2016-13 on January 1, 2023. (2) Relates to sale of a loan during the third quarter of 2023. See Note 5 for further information. There was no activity for or balance in the allowance for credit losses during the nine months ended September 30, 2022. During the nine months ended September 30, 2023, the Company increased the CECL reserve by $ 18,825 which included $ 5,122 from adoption of ASU 2016-13 and $ 13,703 in provision for loan losses and reduced the CECL reserve by $ 3,483 with the charge-off of one loan, bringing the total CECL reserve to $ 18,930 . This CECL reserve reflects certain loans assessed for impairment in the Company's portfolio as well as reserves determined based on an analysis of macroeconomic conditions. During the nine months ended September 30, 2023 , the Company recorded a net increase of $ 9,121 in the asset-specific component of the CECL reserve. The increase was primarily due to three loans secured by office properties and one loan secured by a multifamily property. The Company observed a decline in the estimated fair value of the collateral since December 31, 2022 due to macroeconomic conditions making the value of the collateral less than the outstanding balances on these loans as of September 30, 2023 . The increase in the reserve was partially offset by a decrease due to the charge-off of one loan for $ 3,483 . During the nine months ended September 30, 2022 , under the Company's previous accounting policy prior to the adoption of ASU 2016-13, the Company determined that no loan losses were probable and, therefore, did no t record an allowance for credit losses. For further information on the Company's newly adopted policy for the allowance for credit losses, see “Note 2 – Summary of Significant Accounting Policies” in this report. For further information on the Company’s previous policy, see “Note 2 – Summary of Significant Accounting Policies” in its Annual Report. Credit Characteristics As part of the Company’s process for monitoring the credit quality of its investments, it performs a quarterly asset review of the investment portfolio and assigns risk ratings to each of its loans and certain securities it may own, such as CMBS. Risk factors include payment status, lien position, borrower financial resources and investment in collateral, collateral type, project economics and geographic location, as well as national and regional economic factors. To determine the likelihood of loss, the loans are rated on a 5-point scale as follows: Investment Grade Investment Grade Definition 1 Investment exceeding fundamental performance expectations and/or capital gain expected. Trends and risk factors since time of investment are favorable. 2 Performing consistent with expectations and a full return of principal and interest expected. Trends and risk factors are neutral to favorable. 3 Performing investment requiring closer monitoring. Trends and risk factors show some deterioration. Collection of principal and interest is still expected. 4 Underperforming investment with the potential of some interest loss but still expecting a positive return on investment. Trends and risk factors are negative. 5 Underperforming investment with expected loss of interest and some principal. All investments are assigned an initial risk rating of 2 at origination or acquisition. As of September 30, 2023 , 25 loans had a risk rating of 2 , eight had a risk rating of 3, four had a risk rating of 4 and one had a risk rating of 5. As of December 31, 2022 , 33 loans had a risk rating of 2 , eight had a risk rating of 3, one had a risk rating of 4 and one had a risk rating of 5. As of September 30, 2023, the Company had one senior multifamily loan located in Portland, OR with an outstanding balance of $ 29,550 and an unfunded commitment of $ 450 that had a risk rating of 5. The sponsor has experienced challenges increasing the residential occupancy and renting out the retail component of the property. During the three and nine months ended September 30, 2023, the Company recognized $ 533 and $ 1,727 , respectively, in interest income related to this loan. The Company placed the loan on nonaccrual status in September 2023.

Repurchase Agreements and Credi

Repurchase Agreements and Credit Facilities	9 Months Ended
	Sep. 30, 2023
Disclosure of Repurchase Agreements [Abstract]
Repurchase Agreements and Credit Facilities	Note 4 – Repurchase Agreements and Credit Facilities Commercial Mortgage Loans On February 15, 2018, the Company, through a wholly owned subsidiary, entered into a master repurchase agreement (the “Atlas Repo Facility”) with Column Financial, Inc. as administrative agent for certain of its affiliates. As the Company’s business has grown, it has increased the borrowing limit and extended the maturity. The most recent extension was in November 2022 for a twelve-month term and the maximum advance amount was set to $ 375,000 . On February 8, 2023, Column Financial, Inc. and affiliated parties sold and assigned their interest in the Atlas Repo Facility to Atlas Securitized Products Investments 2, L.P. (“Atlas”) with no changes to the terms of the Atlas Repo Facility. Advances under the Atlas Repo Facility accrue interest at a per annum annual rate equal to the one-month term USD Secured Overnight Financing Rate (“SOFR”) plus 2.50 % to 3.00 % with a 0.15 % to 0.25 % floor. The Company paid off the outstanding balance on the Atlas Repo Facility in May 2023 and had no outstanding balance as of September 30, 2023. As there were no borrowings outstanding, the Company was not subject to any financial covenants. On May 6, 2019, the Company, through a wholly owned subsidiary, entered into an uncommitted master repurchase agreement (the “JPM Repo Facility”) with JPMorgan Chase Bank, National Association ("JPM"). The JPM Repo Facility provides up to $ 150,000 in advances that the Company expects to use to finance the acquisition or origination of eligible loans and participation interests therein. Advances made prior to December 2021 under the JPM Repo Facility accrue interest at per annum rates equal to the sum of (i) the applicable one-month USD London Interbank Offered Rate (“LIBOR”) index rate plus (ii) a margin of between 1.75 % to 2.50 % with no floor, depending on the attributes of the purchased assets. Advances made subsequent to December 2021 under the JPM Repo Facility accrue interest at per annum rates equal to the sum of SOFR plus an agreed upon margin. As of September 30, 2023 , all of the advances made under the JPM Repo Facility were indexed to SOFR and have margins between 1.85 % and 2.85 % with a floor between 0.00 % to 2.00 %. In May 2022, the maturity date of the JPM Repo Facility was extended to May 6, 2023 . On May 5, 2023, the Company entered into an amendment that extended the maturity date to May 6, 2026 , with the option to extend the maturity date further to May 6, 2028 subject to two optional one-year extensions . The amendment also increased the maximum facility amount to $ 526,076 . The Company used the increased capacity to pay off the balance on the Atlas Repo Facility. The JPM Repo Facility is subject to certain financial covenants. One of the covenants requires that the ratio of earnings before interest, taxes, depreciation, and amortization (“EBITDA”) to Fixed Charges, defined as preferred dividends plus interest expense per the JPM Repo Facility agreement, should not fall below 150 % on a trailing four quarter basis. The amendment on May 5, 2023 removed preferred dividends from the definition of Fixed Charges for purposes of this calculation on a prospective basis. The EBITDA to Fixed Charges ratio for the trailing four quarters was 154 % and 135 % as of September 30, 2023 and December 31, 2022, respectively. JPM agreed to waive this covenant as of December 31, 2022. As a result, the Company was in compliance with all financial covenant requirements as of September 30, 2023 and December 31, 2022. On March 10, 2021, the Company, through a wholly owned subsidiary, entered into a loan and security agreement and a promissory note (collectively, the “WA Credit Facility”) with Western Alliance Bank (“Western Alliance”). The WA Credit Facility provides for loan advances up to the lesser of $ 75,000 or the borrowing base. The borrowing base consists of eligible assets pledged to and accepted by Western Alliance in its discretion up to the lower of (i) 60 % to 70 % of loan-to-unpaid balance or (ii) 45 % to 50 % of the loan-to-appraised value (depending on the property type underlying the asset, for both (i) and (ii)). Assets that would otherwise be eligible become ineligible after being pledged as part of the borrowing base for 36 months. Advances under the WA Credit Facility accrue interest at an annual rate equal to one-month LIBOR plus 3.25 % with a floor of 0.75 %. The initial maturity date of the WA Credit Facility was March 10, 2023 . On March 9, 2023, the Company extended the maturity date of the WA Credit Facility to March 10, 2025 , modified that loan advances are up to the lesser of $ 40,000 or the borrowing base, and changed the index rate from LIBOR to SOFR. In addition, the spread increased to 3.50 % and the floor to 2.50 %. The Company has an option to convert the loan made pursuant to the WA Credit Facility upon its maturity to a term loan with the same interest rate and floor and a maturity of two years in exchange for, among other things, a conversion fee of 0.25 % of the outstanding amount at the time of conversion. The WA Credit Facility requires maintenance of an average unrestricted aggregate deposit account balance with Western Alliance of not less than $ 3,750 . Failure to meet the minimum deposit balance will result in, among other things, the interest rate of the WA Credit Facility increasing by 0.50 % per annum for each quarter in which the compensating balances are not maintained. The Company was in compliance with all financial covenant requirements as of September 30, 2023 and December 31, 2022. The JPM Repo Facility, Atlas Repo Facility and WA Credit Facility (collectively, the “Facilities”) are used to finance eligible loans and each act in the manner of a revolving credit facility that can be repaid as the Company’s assets are paid off and re-drawn as advances against new assets. The tables below show the Facilities as of September 30, 2023 and December 31, 2022: September 30, 2023 Weighted Average Committed Financing Amount (1) Accrued Collateral Interest Days to Atlas Repo Facility $ 375,000 $ — $ — $ — — — JPM Repo Facility 526,076 473,276 1,323 653,917 7.74 % 1,680 Total Repurchase Facilities — commercial mortgage loans 901,076 473,276 1,323 653,917 7.74 % 1,680 WA Credit Facility 40,000 18,380 76 29,797 9.33 % (2) 527 $ 941,076 $ 491,656 $ 1,399 $ 683,714 7.80 % 1,637 December 31, 2022 Weighted Average Committed Financing Amount (1) Accrued Collateral Interest Days to Atlas Repo Facility $ 375,000 $ 356,097 $ 882 $ 494,962 6.89 % 679 JPM Repo Facility 150,000 131,992 305 181,972 6.40 % 492 Total Repurchase Facilities — commercial mortgage loans 525,000 488,089 1,187 676,934 6.76 % 628 WA Credit Facility 75,000 18,380 16 29,797 7.64 % 435 $ 600,000 $ 506,469 $ 1,203 $ 706,731 6.79 % 621 (1) Excludes zero and $ 3 of unamortized debt issuance costs at September 30, 2023 and December 31, 2022 , respectively. (2) Includes 0.50 % additional interest rate during the third quarter of 2023 as the minimum deposit balance was not met by the Company as of June 30, 2023.

Loan Participations Sold, Net

Loan Participations Sold, Net	9 Months Ended
	Sep. 30, 2023
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Abstract]
Loan Participations Sold, Net	Note 5 – Loan Participations Sold, Net On November 15, 2021, the Company sold a non-recourse senior participation interest in nine first mortgage loans to a third party. Under the loan participation agreement, in the event of default by the underlying mortgagor, any amounts paid are first allocated to the third party before any amounts are allocated to the Company’s subordinate interest. The Company, as the directing participant in the loan participation agreement, is entitled to exercise, without the consent of the third party, each of the consent approval and control rights under the applicable underlying mortgage loan documents with a few exceptions. The Company requires the third party’s approval for any modification or amendment to the loan, a bankruptcy plan for an underlying mortgagor where the third party would incur an out-of-pocket loss, or any transfer of the underlying mortgaged property if the Company’s approval is required by the underlying mortgage documents. The Company remains the directing participant unless certain conditions are met related to losses on the property or if the mortgagor is an affiliate of the Company. In the former case, the Company may post cash or short-term U.S. government securities as collateral to retain the rights of the directing participant. The third party, as the senior participation interest holder, receives interest and principal payments from the borrower until they receive the amounts to which they are entitled. All expenses or losses on the underlying mortgages are allocated first to the Company and then to the third party. If the underlying mortgage is in default, the Company will have the option to purchase the third party’s participation interest and remove it from the loan participation agreement. The financing or transfer of a portion of a loan by the non-recourse sale of a senior interest in the loan through a participation agreement generally does not qualify as a sale under GAAP. Therefore, in this instance, the Company presents the whole loan as an asset and the loan participation sold as a liability on the consolidated balance sheet until the loan is repaid. The obligation to pay principal and interest on these liabilities is generally based on the performance of the related loan obligation. The gross presentation of loan participations sold does not impact stockholders’ equity or net income. During the three months ended September 30, 2023, the Company sold a senior office loan located in Alexandria, VA that had a risk rating of 5 as of June 30, 2023. The loan originally had a senior participation sold under a loan participation agreement to a third party. The Company sold its interest in the loan to the participant counterparty to extinguish the debt. The Company had previously recorded an asset-specific CECL reserve of $ 3,483 for this loan which was charged-off against the CECL reserve. The loan was on nonaccrual status since March 2023, and the Company only recognized interest income in the amount due to the loan participant and any net cash collected was applied against the principal balance of the loan. During the three and nine months ended September 30, 2023, the Company recognized zero and $ 531 in interest income, respectively, and zero and $ 426 in interest expense, respectively, on this loan. The following table details the Company’s loan participations sold as of September 30, 2023 and December 31, 2022: September 30, 2023 Loan Participations Sold Count Principal Balance Book Value Yield/Cost (1) Guarantee (2) Weighted Average Maximum Maturity Total Loans 4 $ 71,532 $ 65,607 S+ 5.9 % n/a 0.48 Senior participations (3) 4 $ 57,226 $ 57,226 S+ 2.0 % n/a 0.48 December 31, 2022 Loan Participations Sold Count Principal Balance Book Value Yield/Cost (1) Guarantee (2) Weighted Average Maximum Maturity Total Loans 7 $ 124,275 $ 121,431 L+ 3.7 % n/a 1.22 Senior participations (3) 7 $ 99,420 $ 99,420 L+ 2.0 % n/a 1.22 ____________ (1) The yield/cost is the present value of all future principal and interest payments on the loan or participation interest and does not include any origination fees or deferred commitment fees. (2) As of September 30, 2023 and December 31, 2022, the loan participations sold were non-recourse to the Company. (3) During the nine months ended September 30, 2023 and 2022, the Company recorded $ 4,096 and $ 2,526 of interest expense related to loan participations sold, respectively.

Stockholders' Equity

Stockholders' Equity	9 Months Ended
	Sep. 30, 2023
Equity [Abstract]
Stockholders' Equity	Note 6 – Stockholders’ Equity Preferred Stock Offering On September 22, 2021, the Company issued and sold 3,500,000 shares of the Series A Preferred Stock at a public offering price of $ 25.00 per share. In addition, on October 15, 2021, Raymond James & Associates, Inc., as representative of the underwriters, partially exercised their over-allotment option and purchased an additional 100,000 shares of Series A Preferred Stock. The Series A Preferred Stock were issued and sold pursuant to a registration statement on Form S-11 (File No. 333-258802) filed with the SEC. The Company received net proceeds of $ 86,310 , after underwriter’s discount and issuance costs, and contributed the net proceeds to the Operating Partnership in exchange for an equivalent number of Series A units in the Operating Partnership. Dividends on the Series A Preferred Stock are cumulative and payable quarterly in arrears at a rate per annum equal to 6.75 % per annum of the $ 25.00 liquidation preference (the “Initial Rate”). Subject to certain exceptions, upon a Change of Control that occurs on or prior to September 22, 2022 or upon a Downgrade Event (as such terms are defined in the Articles Supplementary designating the Series A Preferred Stock (the “Articles Supplementary”)) or where any shares of the Series A Preferred Stock remain outstanding after September 22, 2026, the Series A Preferred Stock will thereafter accrue cumulative cash dividends at a rate higher than the Initial Rate. Subject to certain exceptions, beginning on September 22, 2022, upon the occurrence of a Change of Control, each holder of shares of Series A Preferred Stock will have the right to convert some or all of the Series A Preferred Stock held by such holder into a number of the Company’s shares of Class I common stock as provided for in the Articles Supplementary. The Company may not redeem the Series A Preferred Stock prior to September 22, 2026 , except in limited circumstances relating to maintaining the Company’s qualification as a REIT and in connection with a Change of Control. On and after September 22, 2026, the Company may, at its option, redeem the Series A Preferred Stock, in whole or from time-to-time in part, at a price of $ 25.00 per share of Series A Preferred Stock plus an amount equal to accrued and unpaid dividends (whether or not declared), if any. The Series A Preferred Stock has no maturity date and will remain outstanding indefinitely unless redeemed by the Company or converted by the holder pursuant to its terms (as set forth in the Articles Supplementary). The Series A Preferred Stock is listed on the New York Stock Exchange under the symbol ICR PR A. Series A Preferred Stock Repurchase Program On August 11, 2022, the Board authorized and approved a share repurchase program (the “Series A Preferred Repurchase Program”) pursuant to which the Company was permitted to repurchase up to the lesser of 1,000,000 shares or $ 15,000 of the outstanding shares of the Company’s Series A Preferred Stock through December 31, 2022. On November 10, 2022, the Board approved to extend the Series A Preferred Repurchase Program through December 31, 2023. Under the Series A Preferred Repurchase Program, repurchases of shares of the Company’s Series A Preferred Stock were to be made at management’s discretion from time to time through open market purchases, privately-negotiated transactions, block purchases or otherwise in accordance with applicable federal securities laws. During the three and nine months ended September 30, 2023 , the Company repurchased and retired zero shares and 4,143 shares, respectively, of Series A Preferred Stock resulting in a gain of zero and $ 21 , respectively, from these repurchases. During the three and nine months ended September 30, 2022 , the Company repurchased and retired 4,630 shares of Series A Preferred Stock resulting in a gain of $ 24 from these repurchases. On January 30, 2023, the Board approved the termination of the Series A Preferred Repurchase Program. Share Activity for Common Stock and Preferred Stock The following tables detail the change in the Company’s outstanding shares of all classes of common and preferred stock, including restricted common stock: Preferred Stock Common Stock Nine months ended September 30, 2023 Series A Class P Class A Class T Class S Class D Class I Beginning balance 3,548,696 8,562,777 743,183 286,341 — 47,888 452,667 Issuance of shares — — 1,445 3,453 — — 12,386 Distribution reinvestment — — 1,259 551 — 127 2,393 Issuance of restricted shares — — — — — — 1,722 Repurchase and retirement of preferred stock ( 4,143 ) — — — — — — Ending balance 3,544,553 8,562,777 745,887 290,345 — 48,015 469,168 Preferred Stock Common Stock Nine months ended September 30, 2022 Series A Class P Class A Class T Class S Class D Class I Beginning balance 3,600,000 9,492,939 659,270 388,099 — 47,298 380,218 Issuance of shares — — 62,808 31,842 — — 22,455 Distribution reinvestment — — 9,169 4,700 — 1,173 9,505 Redemptions — ( 636,308 ) ( 27,965 ) ( 16,272 ) — ( 958 ) ( 9,191 ) Repurchase and retirement of preferred stock ( 4,630 ) — — — — — — Ending balance 3,595,370 8,856,631 703,282 408,369 — 47,513 402,987 Distributions – Common Stock and Series A Preferred Stock The table below presents the aggregate annualized and monthly distributions declared on common stock by record date for all classes of shares. Record date Aggregate annualized gross distribution declared per share Aggregate monthly gross distribution declared per share January 31, 2022 $ 1.2500 $ 0.1042 February 28, 2022 $ 1.2500 $ 0.1042 March 31, 2022 $ 1.2500 $ 0.1042 April 30, 2022 $ 1.2500 $ 0.1042 May 31, 2022 $ 1.2500 $ 0.1042 June 30, 2022 $ 1.2500 $ 0.1042 July 31, 2022 $ 1.2500 $ 0.1042 August 31, 2022 $ 1.2500 $ 0.1042 September 30, 2022 $ 1.2500 $ 0.1042 October 31, 2022 $ 1.2500 $ 0.1042 November 30, 2022 $ 1.2500 $ 0.1042 December 31, 2022 $ 1.2500 $ 0.1042 January 31, 2023 $ 1.2500 $ 0.1042 February 28, 2023 $ 1.2500 $ 0.1042 March 31, 2023 $ 1.2500 $ 0.1042 April 30, 2023 $ 1.2500 $ 0.1042 May 31, 2023 $ 1.2500 $ 0.1042 June 30, 2023 $ 1.2500 $ 0.1042 July 31, 2023 $ 1.2500 $ 0.1042 August 31, 2023 $ 1.2500 $ 0.1042 September 30, 2023 $ 1.2500 $ 0.1042 The gross distribution was reduced each month for Class D and Class T of the Company’s common stock for applicable class-specific stockholder servicing fees to arrive at a lower net distribution amount paid to those classes. For a description of the stockholder servicing fees applicable to Class D, Class S and Class T shares of the Company’s common stock, please see “Note 10 – Transactions with Related Parties” below. Since the IPO and through September 30, 2023 , the Company has no t issued any shares of Class S common stock. The following table shows the monthly net distribution per share for shares of Class D and Class T common stock. Record date Monthly net distribution declared per share of Class D common stock Monthly net distribution declared per share of Class T common stock January 31, 2022 $ 0.0999 $ 0.0896 February 28, 2022 $ 0.1003 $ 0.0910 March 31, 2022 $ 0.0999 $ 0.0898 April 30, 2022 $ 0.1001 $ 0.0903 May 31, 2022 $ 0.1000 $ 0.0899 June 30, 2022 $ 0.1001 $ 0.0904 July 31, 2022 $ 0.1000 $ 0.0899 August 31, 2022 $ 0.1000 $ 0.0900 September 30, 2022 $ 0.1001 $ 0.0905 October 31, 2022 $ 0.1000 $ 0.0900 November 30, 2022 $ 0.1002 $ 0.0905 December 31, 2022 $ 0.1000 $ 0.0900 January 31, 2023 $ 0.1000 $ 0.0900 February 28, 2023 $ 0.1004 $ 0.0914 March 31,2023 $ 0.1001 $ 0.0903 April 30,2023 $ 0.1002 $ 0.0907 May 31, 2023 $ 0.1001 $ 0.0903 June 30, 2023 $ 0.1004 $ 0.0912 July 31, 2023 $ 0.1005 $ 0.0916 August 31, 2023 $ 0.1005 $ 0.0915 September 30, 2023 $ 0.1006 $ 0.0920 Series A Preferred Stock dividends are paid quarterly in arrears based on an annualized distribution rate of 6.75 % of the $ 25.00 per share liquidation preference, or $ 1.6875 per share per annum. The table below presents the aggregate and net distributions declared for each applicable class of common stock and preferred stock during the nine months ended September 30, 2023 and 2022. The table excludes distributions declared for any month for a class of shares of stock when there were no shares of that class outstanding on the applicable record date. Preferred Stock Common Stock Nine months ended September 30, 2023 Series A Class P Class A Class T Class S Class D Class I Aggregate gross distributions declared per share $ 1.2656 $ 0.9378 $ 0.9378 $ 0.9378 $ — $ 0.9378 $ 0.9378 Stockholder servicing fee per share N/A N/A N/A 0.1188 — 0.0350 N/A Net distributions declared per share $ 1.2656 $ 0.9378 $ 0.9378 $ 0.8190 $ — $ 0.9028 $ 0.9378 Preferred Stock Common Stock Nine months ended September 30, 2022 Series A Class P Class A Class T Class S Class D Class I Aggregate gross distributions declared per share $ 1.2656 $ 0.9378 $ 0.9378 $ 0.9378 $ — $ 0.9378 $ 0.9378 Stockholder servicing fee per share N/A N/A N/A 0.1264 — 0.0374 N/A Net distributions declared per share $ 1.2656 $ 0.9378 $ 0.9378 $ 0.8114 $ — $ 0.9004 $ 0.9378 As of September 30, 2023 and December 31, 2022, distributions declared but not yet paid amounted to $ 1,050 and $ 1,047 , respectively.

Net Income Per Share Attributab

Net Income Per Share Attributable to Common Stockholders	9 Months Ended
	Sep. 30, 2023
Earnings Per Share [Abstract]
Net Income Per Share Attributable to Common Stockholders	Note 7 – Net Income Per Share Attributable to Common Stockholders Basic earnings per share attributable to common stockholders (“EPS”) is computed by dividing net income attributable to common stockholders by the weighted average number of common shares outstanding for the period. Diluted EPS is computed by dividing net income attributable to common stockholders by the common shares plus common share equivalents. The Company’s common share equivalents are unvested restricted shares. The Company excludes antidilutive restricted shares from the calculation of weighted-average shares for diluted earnings per share. There were zero antidilutive restricted shares for the three and nine months ended September 30, 2023 . There were zero antidilutive restricted shares for the three and nine months ended September 30, 2022. For further information about the Company’s restricted shares, see “Note 11 – Equity-Based Compensation.” The following table is a summary of the basic and diluted net income per share computation for the three and nine months ended September 30, 2023 and 2022: Three months ended Nine months ended September 30, 2023 2022 2023 2022 Net income attributable to common stockholders $ 3,497 $ 2,482 $ ( 10,187 ) $ 5,083 Weighted average shares outstanding, basic 10,114,582 10,559,680 10,114,071 10,707,177 Dilutive effect of restricted stock 1,806 909 — 1,601 Weighted average shares outstanding, diluted 10,116,388 10,560,589 10,114,071 10,708,778 Net income attributable to common stockholders per share, basic and diluted $ 0.35 $ 0.24 $ ( 1.01 ) $ 0.47

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Note 8 – Commitments and Contingencies In the ordinary course of business, the Company may become subject to litigation, claims and regulatory matters. The Company has no knowledge of material legal or regulatory proceedings pending or known to be contemplated against the Company at this time. The Company has made a commitment to advance additional funds under certain of its CRE loans if the borrower meets certain conditions. As of September 30, 2023 , the Company had 28 such loans with a total remaining future funding commitment of $ 35,555 . As of December 31, 2022 , the Company had 33 such loans with a total remaining future funding commitment of $ 59,474 . The Company advances future funds if the borrower meets certain requirements as specified in the individual loan agreements.

Segment Reporting

Segment Reporting	9 Months Ended
	Sep. 30, 2023
Segment Reporting [Abstract]
Segment Reporting	Note 9 – Segment Reporting The Company has one reportable segment as defined by GAAP for the nine months ended September 30, 2023 and 2022 .

Transactions with Related Parti

Transactions with Related Parties	9 Months Ended
	Sep. 30, 2023
Related Party Transactions [Abstract]
Transactions with Related Parties	Note 10 – Transactions with Related Parties As of September 30, 2023 , the Advisor had invested $ 1,000 in the Company through the purchase of 40,040 Class P shares. The purchase price per Class P share for the Advisor’s investment was equal to $ 25.00 . The Advisor has agreed that, for so long as it or its affiliate is serving as the Company’s advisor, (i) it will not sell or transfer at least 8,000 of the Class P shares that it has purchased, accounting for $ 200 of its investment, to an unaffiliated third party and (ii) repurchase requests made for these Class P shares will only be accepted (a) on the last business day of a calendar quarter, (b) after all repurchase requests from all other stockholders for such quarter have been accepted and (c) to the extent that such repurchases do not cause total repurchases in the quarter in which they are being repurchased to exceed that quarter’s repurchase cap . As of September 30, 2023 , Sound Point Capital Management, LP (“Sound Point”), an affiliate of the Sub-Advisor, had invested $ 3,000 in the Company through the purchase of 120,000 Class P shares. The purchase price per Class P share for the Sub-Advisor’s investment was $ 25.00 . Sound Point has agreed that, for so long as the Sub-Advisor or its affiliate is serving as the Company’s sub-advisor, repurchase requests made for these Class P shares will only be accepted (a) on the last business day of a calendar quarter, (b) after all repurchase requests from all other stockholders for such quarter have been accepted and (c) to the extent that such repurchases do not cause total repurchases in the quarter in which they are being repurchased to exceed that quarter’s repurchase cap. The following table summarizes the Company’s related party transactions for the three and nine months ended September 30, 2023 and 2022 and the amount due to related parties at September 30, 2023 and December 31, 2022: Three months ended Nine months ended September 30, Payable as of September 30, Payable as of December 31, 2023 2022 2023 2022 2023 2022 Organization and offering expense reimbursement (1) $ — $ ( 7 ) $ — $ — $ — $ — Selling commissions and dealer manager fee (2) — 42 4 96 — — Advisory fee (3) 821 916 2,563 2,797 273 296 Loan fees (4) 143 412 323 3,360 1,407 1,419 Accrued stockholder servicing fee (5) — 3 4 35 453 482 Total $ 964 $ 1,366 $ 2,894 $ 6,288 $ 2,133 $ 2,197 (1) The Company reimburses the Advisor, the Sub-Advisor and their respective affiliates for costs and other expenses related to the Public Offerings, provided the Advisor has agreed to reimburse the Company to the extent that the organization and offering expenses that the Company incurs exceeds 15 % of its gross proceeds from the Public Offerings. (2) For the Public Offerings, the Dealer Manager is entitled to receive (a) upfront selling commissions of up to 6.0 %, and upfront dealer manager fees of up to 1.25 %, of the transaction price of each Class A share sold in the primary offering, however such amounts may vary at certain participating broker-dealers provided that the sum will not exceed 7.25 % of the transaction price; (b) upfront selling commissions of up to 3.0 %, and upfront dealer manager fees of 0.5 %, of the transaction price of each Class T share sold in the primary offering, however such amounts may vary at certain participating broker-dealers provided that the sum will not exceed 3.5 % of the transaction price; and (c) upfront selling commissions of up to 3.5 % of the transaction price of each Class S share sold in the primary offering. No upfront selling commissions or dealer manager fees are paid with respect to purchases of Class D shares, Class I shares or shares of any class sold pursuant to the DRP. All upfront selling commissions and dealer manager fees will be reallowed (paid) by the Dealer Manager to participating broker-dealers. (3) The Advisor is entitled to receive an advisory fee comprised of two separate components: (1) a fixed component payable monthly and (2) a performance component payable annually. The fixed component of the advisory fee is paid in an amount equal to 1/12 th of 1.25 % of the Company’s average NAV for each month, paid monthly in arrears. The performance component of the advisory fee is calculated and paid annually, such that for any year in which the Company’s total return per share exceeds 7 % per annum, the Advisor will receive 20 % of the excess total return allocable to shares of the Company’s common stock; provided that in no event will the performance fee exceed 15 % of the aggregate total return allocable to shares of the Company’s common stock for such year. In addition, if the NAV per share decreases below $ 25 for any class of shares during the measurement period, any subsequent increase in NAV per share to $ 25 (or such other adjusted number) will not be included in the calculation of the performance component with respect to that class. The Advisor pays fees to the Sub-Advisor for the services it delegates to the Sub-Advisor or may direct the Company to pay a portion of the fees otherwise payable to the Advisor directly to the Sub-Advisor. (4) The Company pays the Advisor all new loan origination and administrative fees related to CRE loans held for investment, to the extent that such fees are paid by the borrower. Pursuant to the Sub-Advisory Agreement, the Advisor generally will reallow a portion of loan fees and all administrative fees to the Sub-Advisor. (5) Subject to the Financial Industry Regulatory Authority, Inc. limitations on underwriting compensation, the Company pays the Dealer Manager selling commissions over time as stockholder servicing fees for ongoing services rendered to stockholders by participating broker-dealers or broker-dealers servicing stockholders’ accounts as follows: (a) for Class T shares only, 0.85 % per annum of the NAV of the Class T shares; (b) for Class S shares only, 0.85 % per annum of the aggregate NAV for the Class S shares; and (c) for Class D shares only, 0.25 % per annum of the aggregate NAV for the Class D shares. The Company will cease paying the stockholder servicing fee with respect to any Class T share, Class S share or Class D share held in a stockholder’s account upon the occurrence of certain events. The Company accrues the full cost of the stockholder servicing fee as an offering cost at the time the Company sells Class T, Class S, and Class D shares. The Dealer Manager does not retain any of these fees, all of which are retained by, or reallowed (paid) to, participating broker-dealers and servicing broker-dealers for ongoing stockholder services performed by such broker-dealers. Expense Limitation Agreement Pursuant to an expense limitation agreement (the “Expense Limitation Agreement”) dated July 1, 2021, the Advisor and Sub-Advisor agree to waive reimbursement of or pay, on a quarterly basis, certain of the Company’s ordinary operating expenses for each class of shares to the extent necessary to ensure that the ordinary operating expenses do not exceed 1.5 % of the average monthly net assets on an annualized basis (the “ 1.5 % Expense Limit”). Amounts waived or paid by the Advisor or Sub-Advisor pursuant to the Expense Limitation Agreement are subject to conditional repayment on a quarterly basis by the Company during the three years following the quarter in which the expenses were incurred, but only to the extent such repayment does not cause the Company to exceed its then-current expenses limitation, if any, for such quarter. Any waiver or reimbursement by the Advisor or Sub-Advisor not repaid by the Company within the three-year period will be deemed permanently waived and not subject to repayment under the Expense Limitation Agreement. During the nine months ended September 30, 2023 , the amounts of ordinary operating expenses either submitted for reimbursement by the Advisor and Sub-Advisor or incurred by the Company directly that were subject to the Expense Limitation Agreement did not exceed the 1.5 % Expense Limit. Separately from the limitation on ordinary operating expenses under the Expense Limitation Agreement, the Advisor and Sub-Advisor voluntarily chose not to seek reimbursement for certain expenses that they incurred or paid on behalf of the Company during the nine months ended September 30, 2023, and for which they may have been entitled to be reimbursed. The Advisory Agreement and Sub-Advisory Agreement provide that expenses will be submitted monthly to the Company for reimbursement, and the amount of expenses submitted for reimbursement in any particular month is not necessarily indicative of the total amount of expenses actually incurred by the Advisor and the Sub-Advisor in providing services to the Company and for which reimbursement could have been received by the Advisor or Sub-Advisor. Revolving Credit Liquidity Letter Agreements IREIC, the Company’s sponsor, and Sound Point have agreed under separate letter agreements dated July 20, 2021, and July 15, 2021, respectively, to make revolving credit loans to the Company in an aggregate principal amount outstanding at any one time not to exceed $ 5,000 and $ 15,000 , respectively (the “IREIC-Sound Point Commitments”) from time to time until the Termination Date (defined below) of the letter agreements. These letter agreements are identical to each other in all material respects other than the commitment amounts. Use of the IREIC-Sound Point Commitments is limited to satisfying requirements to maintain cash or cash equivalents under the Company’s repurchase and other borrowing arrangements. The “Termination Date” is the earliest of (i) the Maturity Date (defined below) (ii) the first date on which the Company’s balance sheet equity is equal to or greater than $ 500,000 , (iii) the date IREIC or one of its affiliates is no longer the Company’s advisor or Sound Point or one of its affiliates is no longer the Company’s sub-advisor and (iv) such earlier date on which the commitment will terminate as provided in the letter agreements, for example, because of an event of default. The “Maturity Date” is one year from the date of the agreement, and the Maturity Date will be automatically extended every year for an additional year, unless (a) the lender delivers notice of termination 60 days prior to an anniversary of the letter agreements or (b) an Event of Default (defined below) has occurred and is continuing. Each revolving loan will bear interest at 6.00 % per annum. Interest is payable in arrears when principal is paid or repaid and on the Termination Date. Each of the following constitutes an “Event of Default” under the letter agreements: (y) the Company fails to perform or observe any covenant or condition to be performed or observed under the letter agreement (including the obligation to repay a loan in full on the Termination Date) and such failure is not remedied within three business days of its receipt of notice thereof; or (z) the Company becomes insolvent or the subject of any bankruptcy proceeding.

Equity-Based Compensation

Equity-Based Compensation	9 Months Ended
	Sep. 30, 2023
Share-Based Payment Arrangement [Abstract]
Equity-Based Compensation	Note 11 – Equity-Based Compensation With each stock grant, the Company awards each of its three independent directors an equal number of restricted shares. The table below summarizes total stock grants made at each grant date as of September 30, 2023. Grant Date Class of common stock granted Total number of shares granted Grant Date Fair Value Per Share Total Fair Value of Grant Proportion of total shares that vest annually Vesting Date Year 1 Vesting Date Year 2 Vesting Date Year 3 March 1, 2018 Class P 1,200 $ 25.00 $ 30 1/3 3/1/2019 3/1/2020 3/1/2021 January 7, 2019 Class P 1,200 $ 25.00 $ 30 1/3 1/7/2020 1/7/2021 1/7/2022 December 2, 2019 Class I 1,197 $ 25.07 $ 30 1/3 12/2/2020 12/2/2021 12/2/2022 December 1, 2020 Class I 1,393 $ 21.54 $ 30 1/3 12/1/2021 12/1/2022 12/1/2023 October 14, 2021 Class I 1,477 $ 20.31 $ 30 1/3 10/14/2022 10/14/2023 10/14/2024 October 3, 2022 Class I 1,534 $ 19.55 $ 30 1/3 10/3/2023 10/3/2024 10/3/2025 September 29, 2023 Class I 1,722 $ 17.42 $ 30 1/3 9/29/2024 9/29/2025 9/29/2026 Under the Company’s Independent Director Restricted Share Plan, restricted shares generally vest over a three-year vesting period from the date of the grant, subject to the specific terms of the grant. Restricted shares are included in common stock outstanding on the grant date. The grant-date value of the restricted shares is amortized over the vesting period representing the requisite service period. Compensation expense associated with the restricted shares issued to the independent directors was $ 7 and $ 22 , in the aggregate, for the three and nine months ended September 30, 2023 , respectively. Compensation expense associated with the restricted shares issued to the independent directors was $ 8 and $ 23 , in the aggregate, for the three and nine months ended September 30, 2022, respectively. As of September 30, 2023, the Company had $ 62 of unrecognized compensation expense related to the unvested restricted shares, in the aggregate. The weighted average remaining period that compensation expense related to unvested restricted shares will be recognized is 1.19 years. The total fair value at the vesting date for restricted shares that vested during the nine months ended September 30, 2023 and 2022 was zero and $ 8 , respectively. A summary table of the status of the restricted shares is presented below: Restricted Shares Weighted Average Grant Date Fair Value Per Share Outstanding at December 31, 2022 2,983 $ 20.11 Granted 1,722 17.42 Vested — — Converted — — Forfeited — — Outstanding at September 30, 2023 4,705 $ 19.13

Fair Value of Financial Instrum

Fair Value of Financial Instruments	9 Months Ended
	Sep. 30, 2023
Fair Value Disclosures [Abstract]
Fair Value of Financial Instruments	Note 12 – Fair Value of Financial Instruments GAAP requires the disclosure of fair value information about financial instruments, whether or not they are recognized at fair value in the consolidated balance sheets, for which it is practicable to estimate that value. The following table details the carrying amount and estimated fair value of the Company’s financial instruments at the dates below: September 30, 2023 December 31, 2022 Carrying Estimated Fair Carrying Estimated Fair Financial assets Cash and cash equivalents $ 53,667 $ 53,667 $ 29,408 $ 29,408 Commercial mortgage loans, net 751,258 751,258 842,278 842,278 Total $ 804,925 $ 804,925 $ 871,686 $ 871,686 Financial liabilities Repurchase agreements — commercial mortgage $ 473,276 $ 473,276 $ 488,086 $ 488,086 Credit facility payable 18,380 18,380 18,380 18,380 Loan participations — sold 57,226 57,226 99,420 99,420 Total $ 548,882 $ 548,882 $ 605,886 $ 605,886 The following describes the Company’s methods for estimating the fair value for financial instruments: • The estimated fair values of restricted cash, cash and cash equivalents were based on the bank balance and was a Level 1 fair value measurement. • The estimated fair value of commercial mortgage loans, net is a Level 3 fair value measurement. During the second quarter of 2022, the Company changed the method for calculating the fair value of the commercial mortgage loan portfolio. Since the loans have a short duration to maturity ( 1.0 years), are not delinquent or impaired (except for one loan impaired as of September 30, 2023 and one loan impaired as of December 31, 2022) and are expected to return to par, the Advisor determined the amortized cost is the best estimate of fair value for all loans except for the impaired loan. For the impaired loan, the estimated fair value also includes the reduction from the allowance for credit losses. • The estimated fair values of the repurchase agreements – commercial mortgage loans, credit facility payable and loan participations sold are Level 3 fair value measurements based on expected present value techniques. This method discounts future estimated cash flows using rates the Company determined best reflect current market interest rates that would be offered for repurchase agreements, credit facilities and loan participations sold with similar characteristics and credit quality.

Disposition of Real Estate

Disposition of Real Estate	9 Months Ended
	Sep. 30, 2023
Real Estate [Abstract]
Disposition of Real Estate	Note 13 – Disposition of Real Estate On September 28, 2023, the Company sold the Renaissance O'Hare property for net proceeds of $ 11,942 and recorded a gain of $ 206 on the sale. During May 2023, the Company had recorded an impairment charge of $ 6,934 , which is reflected in the provision for asset impairment on the consolidated statement of operations during the nine months ended September 30, 2023.

Leases

Leases	9 Months Ended
	Sep. 30, 2023
Leases [Abstract]
Leases	Note 14 – Leases As of December 31, 2022, the Company was the lessee under one ground lease. The ground lease, which commenced on April 1, 1999 , was assumed as part of the Renaissance O'Hare acquired through a deed-in-lieu of foreclosure transaction on August 20, 2020. The lease was classified as a finance lease. Upon assumption of the lease, the Company recorded a lease liability of $ 16,827 and a right-of-use asset of $ 5,549 on its consolidated balance sheet. The lease liability was based on the present value of the ground lease’s future payments using an interest rate of 11.37 %, which the Company considers reasonable and within the range of the Company’s incremental borrowing rate. Upon the sale of the property on September 28, 2023 (see Note 13), the Company was no longer obligated under the ground lease. For the three and nine months ended September 30, 2023 and 2022 , total finance lease cost recorded to real estate operating expenses on the Company’s consolidated statements of operations was comprised as follows: Three months ended Nine months ended September 30, 2023 2022 2023 2022 Amortization of right-of-use assets $ — $ 18 $ 30 $ 54 Interest on lease liabilities 486 492 1,483 1,468 Total finance lease cost $ 486 $ 510 $ 1,513 $ 1,522 The table below shows the Company’s finance lease right of use asset, net of amortization as of December 31, 2022: December 31, 2022 Finance lease right of use asset, gross $ 5,549 Accumulated amortization ( 167 ) Finance lease right of use asset, net of amortization $ 5,382

Subsequent Events

Subsequent Events	9 Months Ended
	Sep. 30, 2023
Subsequent Events [Abstract]
Subsequent Events	Note 15 – Subsequent Events The Company has evaluated subsequent events through November 13, 2023, the date the financial statements were issued. The following are updates on the Company’s operations since September 30, 2023. Common Stock Distributions On October 30, 2023 , the Company announced that the Board authorized distributions to stockholders of record as of October 31, 2023 , payable on or about November 17, 2023 for each class of its common stock in the amount per share set forth below: Common Stock Class P Class A Class T Class S Class D Class I Aggregate gross distributions declared per share $ 0.1042 $ 0.1042 $ 0.1042 $ — $ 0.1042 $ 0.1042 Stockholder servicing fee per share N/A N/A 0.0126 — 0.0037 N/A Net distributions declared per share $ 0.1042 $ 0.1042 $ 0.0916 $ — $ 0.1005 $ 0.1042 Atlas Repo Facility On November 9, 2023, the Atlas Repo Facility was extended to November 7, 2024 . The Company requested and Atlas agreed to reduce the maximum advance amount to $ 100,000 .

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2023
Accounting Policies [Abstract]
Basis of Accounting	Basis of Accounting The accompanying consolidated financial statements and related footnotes have been prepared in conformity with U.S. generally accepted accounting principles (“GAAP”) and require management to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the financial statements and the reported amounts of income and expenses during the reported periods. Actual results could differ from such estimates. In the opinion of management, the accompanying unaudited consolidated financial statements reflect all adjustments, which are normal and recurring in nature, necessary for fair financial statement presentation.
Cash, Cash Equivalents and Restricted Cash	Cash, Cash Equivalents and Restricted Cash Cash and cash equivalents include funds on deposit with financial institutions, including demand deposits with financial institutions with original maturities of three months or less. The account balance may exceed the Federal Deposit Insurance Corporation (“FDIC”) insurance coverage limits and, as a result, there could be a concentration of credit risk related to amounts on deposit in excess of FDIC insurance coverage limits. The Company believes that the risk will not be significant, as the Company does not anticipate the financial institutions’ non-performance. Restricted cash represents cash the Company is required to hold in a segregated account as additional collateral on real estate securities repurchase agreements. As of September 30, 2023 and December 31, 2022 , no restricted cash was held by the Company.
Accounting Pronouncements Recently Adopted	Accounting Pronouncements Recently Adopted On January 1, 2023 , the Company adopted Accounting Standards Update 2016-13, “Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments” (“ASU 2016-13”), which requires companies to estimate a current expected credit loss (“CECL”) for the recognition of credit losses on financial instruments, including commercial mortgage loans, in their consolidated financial statements. The allowance for credit losses is adjusted each period for changes in expected credit losses. This replaces prior GAAP which required losses to be recognized as incurred. The Company adopted ASU 2016-13 using the modified retrospective method, therefore, the results for reporting periods prior to January 1, 2023 remain unadjusted and reported in accordance with previously applicable GAAP. In connection with the adoption of ASU 2016-13, the Company recorded a $ 5,122 increase to accumulated deficit with offsets on the consolidated balance sheet as noted below. The following table illustrates the impact of adoption ASU 2016-13: January 1, 2023 As Reported Under ASU 2016-13 As Reported Pre-Adoption Impact of Adoption Assets: Allowance for credit losses $ 8,375 $ 3,588 $ 4,787 Liabilities: Accrued expenses and other liabilities $ 8,187 $ 7,852 $ 335 Changes to Significant Accounting Policies See Part IV, Item 15, “Note 2 – Summary of Significant Accounting Policies” in the Company's Annual Report for a description of its significant accounting Policies. Upon the adoption of ASU 2016-13 on January 1, 2023, the Company adjusted certain significant accounting policies as follows:
Commercial Mortgage Loans Held for Investment and Allowance for Credit Losses	Commercial Mortgage Loans Held for Investment and Allowance for Credit Losses Loans held-for-investment are anticipated to be held until maturity, and reported at cost, net of allowance for credit losses, any unamortized acquisition premiums or discounts, loan fees and origination costs, as applicable. In accordance with ASU 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, or ASU 2016-13, the Company uses a probability-weighted analytical model to estimate and recognize an allowance for credit losses on loans held-for-investment and their related unfunded commitments. The Company employed quarterly updated macroeconomic forecasts, which reflect expectations for overall economic output, interest rates, values of real estate properties and other factors, geopolitical instability and the Federal Reserve monetary policy impact on the overall U.S. economy and commercial real estate markets generally. These estimates may change in future periods based on available future macroeconomic data and might result in a material change in the Company’s future estimates of expected credit losses for its loan portfolio. The Company considers loan investments that are both (i) expected to be substantially repaid through the operation or sale of the underlying collateral, and (ii) for which the borrower is experiencing financial difficulty, to be “collateral-dependent” loans. With respect to loans for which the Company determines foreclosure of the collateral is probable, the Company measures the expected losses based on the difference between the fair value of the collateral and the amortized cost basis of the loan as of the measurement date. With respect to collateral-dependent loans for which the Company determines foreclosure is not probable, the Company applies a practical expedient to estimate expected losses using the difference between the collateral’s fair value (less costs to sell the asset if repayment is expected through the sale of the collateral) and the amortized cost basis of the loan. For loans assigned a risk rating of “5,” the Company has determined that the recovery of the loan’s principal is collateral-dependent. Accordingly, these loans are assessed individually, and the Company elected to apply a practical expedient in accordance with ASU 2016-13. While utilizing the practical expedient for collateral-dependent loans, the Company estimates the fair value of the loan’s underlying collateral using the discounted cash flow method of valuation, less the estimated cost to foreclose and sell the property when applicable. The estimation of the fair value of the collateral property also involves using various Level 3 unobservable inputs, which are inherently uncertain and subjective, and are in part developed based on discussions with various market participants and management’s best estimates, which may vary depending on the information available and market conditions as of the valuation date. Selecting the appropriate inputs and assumptions requires significant judgment and consideration of various factors that are specific to the underlying collateral property being assessed. The Company’s estimate of the fair value of the collateral property is sensitive to both the valuation methodology selected and inputs used in the analysis. As a result, the fair value of the collateral property used in determining the expected credit losses is subject to uncertainty and any actual losses, if incurred, could differ materially from the estimated provision for credit losses. Interest income on loans held-for-investment is recognized at the loan coupon rate. Any premiums or discounts, loan fees, contractual exit fees and origination costs are amortized or accreted into interest income over the lives of the loans using the effective interest method. Generally, loans held-for-investment are placed on nonaccrual status when delinquent for more than 90 days or when determined not to be probable of full collection. Loans placed on nonaccrual status are assigned a risk rating of “5”. Interest income recognition is suspended when loans are placed on nonaccrual status. Interest accrued, but not collected, at the date loans are placed on nonaccrual is reversed and subsequently recognized only to the extent it is received in cash or until it qualifies for return to accrual status. However, when there is doubt regarding the ultimate collectability of loan principal, all cash received is applied to reduce the carrying value of such loans. For loans that are on a non-accrual status and financed by loan participations sold, interest income on the loan is only recognized to the extent of interest expense on the loan participation sold, with any net cash collected by the Company reducing the principal balance on the loan. Loans held-for-investment are restored to accrual status only when contractually current or the collection of future payments is reasonably assured. The Company may make exceptions to placing a loan on nonaccrual status if the loan has sufficient collateral value and is in the process of collection or has been modified. The allowance for credit losses is recorded in accordance with ASU 2016-13, and is a valuation account that is deducted from the amortized cost basis of loans held-for-investment on the Company’s consolidated balance sheets. Changes to the allowance for credit losses are recognized through net income (loss) on the Company’s consolidated statements of operations. The allowance is based on relevant information about past events, including historical loss experience, current portfolio, market conditions and reasonable and supportable forecasts for the duration of each respective loan. All loans held-for-investment within the Company’s portfolio have some amount of expected loss to reflect the GAAP principal underlying the CECL model that all loans have some inherent risk of loss, regardless of credit quality, subordinate capital or other mitigating factors. The Company’s loans typically include commitments to fund incremental proceeds to its borrowers over the life of the loan. Those future funding commitments are also subject to an allowance for credit losses. The allowance for credit losses related to future loan fundings is recorded as a component of "Accrued expenses and other liabilities" on the Company’s consolidated balance sheets, and not as an offset to the related loan balance. This allowance for credit losses is estimated using the same process outlined below for the Company’s outstanding loan balances, and changes in this component of the allowance for credit losses similarly flow through the Company’s consolidated statements of operations. The allowance for credit losses is estimated on a quarterly basis and represents management’s estimates of current expected credit losses in the Company’s investment portfolio. Pools of loans with similar risk characteristics are collectively evaluated while loans that no longer share risk characteristics with loan pools are evaluated individually. Estimating an allowance for credit losses is inherently subjective, as it requires management to exercise significant judgment in establishing appropriate factors used to determine the allowance and a variety of subjective assumptions, including (i) determination of relevant historical loan loss data sets, (ii) the expected timing and amount of future loan fundings and repayments, (iii) the current credit quality of loans and operating performance of loan collateral and the Company’s expectations of performance, (iv) selecting the forecast for macroeconomic conditions and (v) determining the reasonable and supportable forecast period. The Company generally estimates its allowance for credit losses by using a probability-weighted analytical model that considers the likelihood of default and loss-given-default for each individual loan. The analytical model incorporates a third-party licensed database with historical loan losses dating back to 1965 for over 100,000 commercial real estate loans. The Company licenses certain macroeconomic financial forecasts from a third-party to inform its view of the potential future impact that broader macroeconomic conditions may have on the performance of the loans held-for-investment. These macroeconomic factors include unemployment rates, interest rates, price indices for commercial property and other factors. The Company may use one or more of these forecasts in the process of estimating its allowance for credit losses. Selection of these economic forecasts requires significant judgment about future events that, while based on the information available to the Company as of the balance sheet date, are ultimately unknowable with certainty, and the actual economic conditions impacting the Company’s portfolio could vary significantly from the estimates the Company made for the periods presented. Significant inputs to the Company’s estimate of the allowance for credit losses include the reasonable and supportable forecast period and loan specific factors such as debt service coverage ratio, or DSCR, loan-to-value ratio, or LTV, remaining contractual loan term, property type and others. In addition, the Company also considers relevant loan-specific qualitative factors to estimate its allowance for credit losses. In certain instances, for loans with unique risk characteristics, the Company may instead elect to employ different methods to estimate loan losses that also conform to ASU 2016-13 and related guidance. Prior to January 1, 2023, the allowance for loan losses included an asset-specific component and included a general, formula-based component when the portfolio was determined to be of sufficient size to warrant such a reserve. For the asset-specific component related to reserves for losses on individual impaired loans, the Company considered a loan to be impaired when, based upon current information and events, it believed that it was probable that the Company would be unable to collect all amounts due under the contractual terms of the loan agreement. This assessment was made on an individual loan basis each quarter based on such factors as payment status, borrower financial resources including ability to refinance, and collateral economics. A reserve was established for an impaired loan when the present value of payments expected to be received, observable market prices or the estimated fair value of the collateral was lower than the carrying value of that loan. Valuations were performed or obtained at the time a loan was determined to be impaired and designated non-performing, and they were updated if circumstances indicate that a significant change in value had occurred. The Advisor generally used the income approach through internally developed valuation models to estimate the fair value of the collateral for such loans. In more limited cases, the Advisor obtained external “as is” appraisals for loan collateral, generally when third party participations existed. General reserves were recorded when (i) available information as of each balance sheet date indicates that it was probable a loss had occurred in the portfolio and (ii) the amount of the loss could be reasonably estimated. The Company’s policy was to estimate loss rates based on actual losses experienced, if any, or based on historical realized losses experienced in the industry if the Company had not experienced any losses. Current collateral and economic conditions affecting the probability and severity of losses were taken into account when establishing the allowance for loan losses.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	9 Months Ended
	Sep. 30, 2023
Accounting Policies [Abstract]
Schedule of the Impact of Adoption	The following table illustrates the impact of adoption ASU 2016-13: January 1, 2023 As Reported Under ASU 2016-13 As Reported Pre-Adoption Impact of Adoption Assets: Allowance for credit losses $ 8,375 $ 3,588 $ 4,787 Liabilities: Accrued expenses and other liabilities $ 8,187 $ 7,852 $ 335

Commercial Mortgage Loans Hel_2

Commercial Mortgage Loans Held for Investment (Tables)	9 Months Ended
	Sep. 30, 2023
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Abstract]
Schedule of Commercial Mortgage Loans Held for Investment	The tables below show the Company’s commercial mortgage loans held for investment as of September 30, 2023 and December 31, 2022: September 30, 2023 Loan Type (1) Number Principal Unamortized (fees)/costs, net Allowance for credit losses Carrying Weighted Average (2) Weighted Average (3) First mortgage loans 36 $ 755,245 $ 1,120 $ ( 18,538 ) $ 737,827 8.7 % 1.0 Credit loans 2 13,500 — ( 69 ) 13,431 9.6 % 2.7 Total and average 38 $ 768,745 $ 1,120 $ ( 18,607 ) $ 751,258 8.7 % 1.0 December 31, 2022 Loan Type (1) Number Principal Unamortized (fees)/costs, net Allowance for credit losses Carrying Weighted Average (2) Weighted Average (3) First mortgage loans 41 $ 831,007 $ 1,359 $ ( 3,588 ) $ 828,778 7.7 % 1.4 Credit loans 2 13,500 — — 13,500 9.6 % 3.4 Total and average 43 $ 844,507 $ 1,359 $ ( 3,588 ) $ 842,278 7.8 % 1.4 (1) First mortgage loans are first position mortgage loans and credit loans are mezzanine and subordinated loans. (2) Weighted average interest rate is based on the loan spreads plus the applicable indices as of the last interest reset date, which is typically the 15th of each month. On September 15, 2023, the SOFR rate reset to 5.33 % . On December 15, 2022, the LIBOR and SOFR rates reset to 4.32 % and 4.34 %, respectively. (3) Weighted average years to maturity excludes allowable extensions on the loans.
Schedule of Commercial Mortgage Loans held for Investment Portfolio	For the nine months ended September 30, 2023, the activity in the Company’s commercial mortgage loans, held-for-investment portfolio was as follows: Commercial mortgage loans at cost Allowance for credit losses Carrying Value Balance at Beginning of Year $ 845,866 $ ( 3,588 ) $ 842,278 Adoption of ASU 2016-13 — ( 4,787 ) ( 4,787 ) Balance at beginning of period after adoption 845,866 ( 8,375 ) 837,491 Loan originations 18,661 — 18,661 Principal repayments ( 77,243 ) — ( 77,243 ) Sale of loan (1) ( 17,433 ) ( 17,433 ) Amortization of loan origination and deferred exit fees 701 — 701 Origination fees and extension fees received on commercial loans ( 687 ) — ( 687 ) Provision for credit losses — ( 13,715 ) ( 13,715 ) Charge-offs (1) — 3,483 3,483 Balance at End of Period $ 769,865 $ ( 18,607 ) $ 751,258 (1) The Company sold one loan during the third quarter of 2023. See Note 5 for further information.
Schedule of Allowance for Credit Losses	The following table presents the activity in the Company's allowance for credit losses for the nine months ended September 30, 2023: Commercial Mortgage Loans Unfunded Loan Commitments (1) Total Balance at beginning of period $ ( 3,588 ) $ — $ ( 3,588 ) Adoption of ASU 2016-13 ( 4,787 ) ( 335 ) ( 5,122 ) Balance at beginning of period after adoption ( 8,375 ) ( 335 ) ( 8,710 ) Provision for credit losses ( 13,715 ) 12 ( 13,703 ) Charge-offs (2) 3,483 — 3,483 Ending allowance for credit losses $ ( 18,607 ) $ ( 323 ) $ ( 18,930 ) (1) The reserve for expected credit losses related to unfunded loan commitments is recorded in "accrued expenses and other liabilities" on the consolidated balance sheets following the adoption of ASU 2016-13 on January 1, 2023. (2) Relates to sale of a loan during the third quarter of 2023. See Note 5 for further information.
Summary of Investment Grade of Loans Loss	As part of the Company’s process for monitoring the credit quality of its investments, it performs a quarterly asset review of the investment portfolio and assigns risk ratings to each of its loans and certain securities it may own, such as CMBS. Risk factors include payment status, lien position, borrower financial resources and investment in collateral, collateral type, project economics and geographic location, as well as national and regional economic factors. To determine the likelihood of loss, the loans are rated on a 5-point scale as follows: Investment Grade Investment Grade Definition 1 Investment exceeding fundamental performance expectations and/or capital gain expected. Trends and risk factors since time of investment are favorable. 2 Performing consistent with expectations and a full return of principal and interest expected. Trends and risk factors are neutral to favorable. 3 Performing investment requiring closer monitoring. Trends and risk factors show some deterioration. Collection of principal and interest is still expected. 4 Underperforming investment with the potential of some interest loss but still expecting a positive return on investment. Trends and risk factors are negative. 5 Underperforming investment with expected loss of interest and some principal.

Repurchase Agreements and Cre_2

Repurchase Agreements and Credit Facilities (Tables)	9 Months Ended
	Sep. 30, 2023
Repurchase Agreement [Line Items]
Schedule of Outstanding Repurchase Agreements	The tables below show the Facilities as of September 30, 2023 and December 31, 2022: September 30, 2023 Weighted Average Committed Financing Amount (1) Accrued Collateral Interest Days to Atlas Repo Facility $ 375,000 $ — $ — $ — — — JPM Repo Facility 526,076 473,276 1,323 653,917 7.74 % 1,680 Total Repurchase Facilities — commercial mortgage loans 901,076 473,276 1,323 653,917 7.74 % 1,680 WA Credit Facility 40,000 18,380 76 29,797 9.33 % (2) 527 $ 941,076 $ 491,656 $ 1,399 $ 683,714 7.80 % 1,637 December 31, 2022 Weighted Average Committed Financing Amount (1) Accrued Collateral Interest Days to Atlas Repo Facility $ 375,000 $ 356,097 $ 882 $ 494,962 6.89 % 679 JPM Repo Facility 150,000 131,992 305 181,972 6.40 % 492 Total Repurchase Facilities — commercial mortgage loans 525,000 488,089 1,187 676,934 6.76 % 628 WA Credit Facility 75,000 18,380 16 29,797 7.64 % 435 $ 600,000 $ 506,469 $ 1,203 $ 706,731 6.79 % 621 (1) Excludes zero and $ 3 of unamortized debt issuance costs at September 30, 2023 and December 31, 2022 , respectively. (2) Includes 0.50 % additional interest rate during the third quarter of 2023 as the minimum deposit balance was not met by the Company as of June 30, 2023.

Loan Participations Sold, Net (

Loan Participations Sold, Net (Tables)	9 Months Ended
	Sep. 30, 2023
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Abstract]
Summary of Loan Participations Sold	The following table details the Company’s loan participations sold as of September 30, 2023 and December 31, 2022: September 30, 2023 Loan Participations Sold Count Principal Balance Book Value Yield/Cost (1) Guarantee (2) Weighted Average Maximum Maturity Total Loans 4 $ 71,532 $ 65,607 S+ 5.9 % n/a 0.48 Senior participations (3) 4 $ 57,226 $ 57,226 S+ 2.0 % n/a 0.48 December 31, 2022 Loan Participations Sold Count Principal Balance Book Value Yield/Cost (1) Guarantee (2) Weighted Average Maximum Maturity Total Loans 7 $ 124,275 $ 121,431 L+ 3.7 % n/a 1.22 Senior participations (3) 7 $ 99,420 $ 99,420 L+ 2.0 % n/a 1.22 ____________ (1) The yield/cost is the present value of all future principal and interest payments on the loan or participation interest and does not include any origination fees or deferred commitment fees. (2) As of September 30, 2023 and December 31, 2022, the loan participations sold were non-recourse to the Company. (3) During the nine months ended September 30, 2023 and 2022, the Company recorded $ 4,096 and $ 2,526 of interest expense related to loan participations sold, respectively.

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	9 Months Ended
	Sep. 30, 2023
Equity [Abstract]
Schedule of Change in Outstanding Shares Including Restricted Common Stock	The following tables detail the change in the Company’s outstanding shares of all classes of common and preferred stock, including restricted common stock: Preferred Stock Common Stock Nine months ended September 30, 2023 Series A Class P Class A Class T Class S Class D Class I Beginning balance 3,548,696 8,562,777 743,183 286,341 — 47,888 452,667 Issuance of shares — — 1,445 3,453 — — 12,386 Distribution reinvestment — — 1,259 551 — 127 2,393 Issuance of restricted shares — — — — — — 1,722 Repurchase and retirement of preferred stock ( 4,143 ) — — — — — — Ending balance 3,544,553 8,562,777 745,887 290,345 — 48,015 469,168 Preferred Stock Common Stock Nine months ended September 30, 2022 Series A Class P Class A Class T Class S Class D Class I Beginning balance 3,600,000 9,492,939 659,270 388,099 — 47,298 380,218 Issuance of shares — — 62,808 31,842 — — 22,455 Distribution reinvestment — — 9,169 4,700 — 1,173 9,505 Redemptions — ( 636,308 ) ( 27,965 ) ( 16,272 ) — ( 958 ) ( 9,191 ) Repurchase and retirement of preferred stock ( 4,630 ) — — — — — — Ending balance 3,595,370 8,856,631 703,282 408,369 — 47,513 402,987
Schedule of Distributions Declared	The table below presents the aggregate annualized and monthly distributions declared on common stock by record date for all classes of shares. Record date Aggregate annualized gross distribution declared per share Aggregate monthly gross distribution declared per share January 31, 2022 $ 1.2500 $ 0.1042 February 28, 2022 $ 1.2500 $ 0.1042 March 31, 2022 $ 1.2500 $ 0.1042 April 30, 2022 $ 1.2500 $ 0.1042 May 31, 2022 $ 1.2500 $ 0.1042 June 30, 2022 $ 1.2500 $ 0.1042 July 31, 2022 $ 1.2500 $ 0.1042 August 31, 2022 $ 1.2500 $ 0.1042 September 30, 2022 $ 1.2500 $ 0.1042 October 31, 2022 $ 1.2500 $ 0.1042 November 30, 2022 $ 1.2500 $ 0.1042 December 31, 2022 $ 1.2500 $ 0.1042 January 31, 2023 $ 1.2500 $ 0.1042 February 28, 2023 $ 1.2500 $ 0.1042 March 31, 2023 $ 1.2500 $ 0.1042 April 30, 2023 $ 1.2500 $ 0.1042 May 31, 2023 $ 1.2500 $ 0.1042 June 30, 2023 $ 1.2500 $ 0.1042 July 31, 2023 $ 1.2500 $ 0.1042 August 31, 2023 $ 1.2500 $ 0.1042 September 30, 2023 $ 1.2500 $ 0.1042 The following table shows the monthly net distribution per share for shares of Class D and Class T common stock. Record date Monthly net distribution declared per share of Class D common stock Monthly net distribution declared per share of Class T common stock January 31, 2022 $ 0.0999 $ 0.0896 February 28, 2022 $ 0.1003 $ 0.0910 March 31, 2022 $ 0.0999 $ 0.0898 April 30, 2022 $ 0.1001 $ 0.0903 May 31, 2022 $ 0.1000 $ 0.0899 June 30, 2022 $ 0.1001 $ 0.0904 July 31, 2022 $ 0.1000 $ 0.0899 August 31, 2022 $ 0.1000 $ 0.0900 September 30, 2022 $ 0.1001 $ 0.0905 October 31, 2022 $ 0.1000 $ 0.0900 November 30, 2022 $ 0.1002 $ 0.0905 December 31, 2022 $ 0.1000 $ 0.0900 January 31, 2023 $ 0.1000 $ 0.0900 February 28, 2023 $ 0.1004 $ 0.0914 March 31,2023 $ 0.1001 $ 0.0903 April 30,2023 $ 0.1002 $ 0.0907 May 31, 2023 $ 0.1001 $ 0.0903 June 30, 2023 $ 0.1004 $ 0.0912 July 31, 2023 $ 0.1005 $ 0.0916 August 31, 2023 $ 0.1005 $ 0.0915 September 30, 2023 $ 0.1006 $ 0.0920 The table below presents the aggregate and net distributions declared for each applicable class of common stock and preferred stock during the nine months ended September 30, 2023 and 2022. The table excludes distributions declared for any month for a class of shares of stock when there were no shares of that class outstanding on the applicable record date. Preferred Stock Common Stock Nine months ended September 30, 2023 Series A Class P Class A Class T Class S Class D Class I Aggregate gross distributions declared per share $ 1.2656 $ 0.9378 $ 0.9378 $ 0.9378 $ — $ 0.9378 $ 0.9378 Stockholder servicing fee per share N/A N/A N/A 0.1188 — 0.0350 N/A Net distributions declared per share $ 1.2656 $ 0.9378 $ 0.9378 $ 0.8190 $ — $ 0.9028 $ 0.9378 Preferred Stock Common Stock Nine months ended September 30, 2022 Series A Class P Class A Class T Class S Class D Class I Aggregate gross distributions declared per share $ 1.2656 $ 0.9378 $ 0.9378 $ 0.9378 $ — $ 0.9378 $ 0.9378 Stockholder servicing fee per share N/A N/A N/A 0.1264 — 0.0374 N/A Net distributions declared per share $ 1.2656 $ 0.9378 $ 0.9378 $ 0.8114 $ — $ 0.9004 $ 0.9378

Net Income Per Share Attribut_2

Net Income Per Share Attributable to Common Stockholders (Tables)	9 Months Ended
	Sep. 30, 2023
Earnings Per Share [Abstract]
Summary of Basic and Diluted Net Income Per Share	The following table is a summary of the basic and diluted net income per share computation for the three and nine months ended September 30, 2023 and 2022: Three months ended Nine months ended September 30, 2023 2022 2023 2022 Net income attributable to common stockholders $ 3,497 $ 2,482 $ ( 10,187 ) $ 5,083 Weighted average shares outstanding, basic 10,114,582 10,559,680 10,114,071 10,707,177 Dilutive effect of restricted stock 1,806 909 — 1,601 Weighted average shares outstanding, diluted 10,116,388 10,560,589 10,114,071 10,708,778 Net income attributable to common stockholders per share, basic and diluted $ 0.35 $ 0.24 $ ( 1.01 ) $ 0.47

Transactions with Related Par_2

Transactions with Related Parties (Tables)	9 Months Ended
	Sep. 30, 2023
Related Party Transactions [Abstract]
Summary of Related Party Transactions	The following table summarizes the Company’s related party transactions for the three and nine months ended September 30, 2023 and 2022 and the amount due to related parties at September 30, 2023 and December 31, 2022: Three months ended Nine months ended September 30, Payable as of September 30, Payable as of December 31, 2023 2022 2023 2022 2023 2022 Organization and offering expense reimbursement (1) $ — $ ( 7 ) $ — $ — $ — $ — Selling commissions and dealer manager fee (2) — 42 4 96 — — Advisory fee (3) 821 916 2,563 2,797 273 296 Loan fees (4) 143 412 323 3,360 1,407 1,419 Accrued stockholder servicing fee (5) — 3 4 35 453 482 Total $ 964 $ 1,366 $ 2,894 $ 6,288 $ 2,133 $ 2,197 (1) The Company reimburses the Advisor, the Sub-Advisor and their respective affiliates for costs and other expenses related to the Public Offerings, provided the Advisor has agreed to reimburse the Company to the extent that the organization and offering expenses that the Company incurs exceeds 15 % of its gross proceeds from the Public Offerings. (2) For the Public Offerings, the Dealer Manager is entitled to receive (a) upfront selling commissions of up to 6.0 %, and upfront dealer manager fees of up to 1.25 %, of the transaction price of each Class A share sold in the primary offering, however such amounts may vary at certain participating broker-dealers provided that the sum will not exceed 7.25 % of the transaction price; (b) upfront selling commissions of up to 3.0 %, and upfront dealer manager fees of 0.5 %, of the transaction price of each Class T share sold in the primary offering, however such amounts may vary at certain participating broker-dealers provided that the sum will not exceed 3.5 % of the transaction price; and (c) upfront selling commissions of up to 3.5 % of the transaction price of each Class S share sold in the primary offering. No upfront selling commissions or dealer manager fees are paid with respect to purchases of Class D shares, Class I shares or shares of any class sold pursuant to the DRP. All upfront selling commissions and dealer manager fees will be reallowed (paid) by the Dealer Manager to participating broker-dealers. (3) The Advisor is entitled to receive an advisory fee comprised of two separate components: (1) a fixed component payable monthly and (2) a performance component payable annually. The fixed component of the advisory fee is paid in an amount equal to 1/12 th of 1.25 % of the Company’s average NAV for each month, paid monthly in arrears. The performance component of the advisory fee is calculated and paid annually, such that for any year in which the Company’s total return per share exceeds 7 % per annum, the Advisor will receive 20 % of the excess total return allocable to shares of the Company’s common stock; provided that in no event will the performance fee exceed 15 % of the aggregate total return allocable to shares of the Company’s common stock for such year. In addition, if the NAV per share decreases below $ 25 for any class of shares during the measurement period, any subsequent increase in NAV per share to $ 25 (or such other adjusted number) will not be included in the calculation of the performance component with respect to that class. The Advisor pays fees to the Sub-Advisor for the services it delegates to the Sub-Advisor or may direct the Company to pay a portion of the fees otherwise payable to the Advisor directly to the Sub-Advisor. (4) The Company pays the Advisor all new loan origination and administrative fees related to CRE loans held for investment, to the extent that such fees are paid by the borrower. Pursuant to the Sub-Advisory Agreement, the Advisor generally will reallow a portion of loan fees and all administrative fees to the Sub-Advisor. (5) Subject to the Financial Industry Regulatory Authority, Inc. limitations on underwriting compensation, the Company pays the Dealer Manager selling commissions over time as stockholder servicing fees for ongoing services rendered to stockholders by participating broker-dealers or broker-dealers servicing stockholders’ accounts as follows: (a) for Class T shares only, 0.85 % per annum of the NAV of the Class T shares; (b) for Class S shares only, 0.85 % per annum of the aggregate NAV for the Class S shares; and (c) for Class D shares only, 0.25 % per annum of the aggregate NAV for the Class D shares. The Company will cease paying the stockholder servicing fee with respect to any Class T share, Class S share or Class D share held in a stockholder’s account upon the occurrence of certain events. The Company accrues the full cost of the stockholder servicing fee as an offering cost at the time the Company sells Class T, Class S, and Class D shares. The Dealer Manager does not retain any of these fees, all of which are retained by, or reallowed (paid) to, participating broker-dealers and servicing broker-dealers for ongoing stockholder services performed by such broker-dealers.

Equity-Based Compensation (Tabl

Equity-Based Compensation (Tables)	9 Months Ended
	Sep. 30, 2023
Share-Based Payment Arrangement [Abstract]
Summary of Total Stock Grants	The table below summarizes total stock grants made at each grant date as of September 30, 2023. Grant Date Class of common stock granted Total number of shares granted Grant Date Fair Value Per Share Total Fair Value of Grant Proportion of total shares that vest annually Vesting Date Year 1 Vesting Date Year 2 Vesting Date Year 3 March 1, 2018 Class P 1,200 $ 25.00 $ 30 1/3 3/1/2019 3/1/2020 3/1/2021 January 7, 2019 Class P 1,200 $ 25.00 $ 30 1/3 1/7/2020 1/7/2021 1/7/2022 December 2, 2019 Class I 1,197 $ 25.07 $ 30 1/3 12/2/2020 12/2/2021 12/2/2022 December 1, 2020 Class I 1,393 $ 21.54 $ 30 1/3 12/1/2021 12/1/2022 12/1/2023 October 14, 2021 Class I 1,477 $ 20.31 $ 30 1/3 10/14/2022 10/14/2023 10/14/2024 October 3, 2022 Class I 1,534 $ 19.55 $ 30 1/3 10/3/2023 10/3/2024 10/3/2025 September 29, 2023 Class I 1,722 $ 17.42 $ 30 1/3 9/29/2024 9/29/2025 9/29/2026
Summary of Restricted Shares	A summary table of the status of the restricted shares is presented below: Restricted Shares Weighted Average Grant Date Fair Value Per Share Outstanding at December 31, 2022 2,983 $ 20.11 Granted 1,722 17.42 Vested — — Converted — — Forfeited — — Outstanding at September 30, 2023 4,705 $ 19.13

Fair Value of Financial Instr_2

Fair Value of Financial Instruments (Tables)	9 Months Ended
	Sep. 30, 2023
Fair Value Disclosures [Abstract]
Schedule of Carrying Amount and Estimated Fair Value of Company's Financial Instruments	The following table details the carrying amount and estimated fair value of the Company’s financial instruments at the dates below: September 30, 2023 December 31, 2022 Carrying Estimated Fair Carrying Estimated Fair Financial assets Cash and cash equivalents $ 53,667 $ 53,667 $ 29,408 $ 29,408 Commercial mortgage loans, net 751,258 751,258 842,278 842,278 Total $ 804,925 $ 804,925 $ 871,686 $ 871,686 Financial liabilities Repurchase agreements — commercial mortgage $ 473,276 $ 473,276 $ 488,086 $ 488,086 Credit facility payable 18,380 18,380 18,380 18,380 Loan participations — sold 57,226 57,226 99,420 99,420 Total $ 548,882 $ 548,882 $ 605,886 $ 605,886

Leases (Tables)

Leases (Tables)	9 Months Ended
	Sep. 30, 2023
Leases [Abstract]
Summary of Finance Lease Cost	For the three and nine months ended September 30, 2023 and 2022 , total finance lease cost recorded to real estate operating expenses on the Company’s consolidated statements of operations was comprised as follows: Three months ended Nine months ended September 30, 2023 2022 2023 2022 Amortization of right-of-use assets $ — $ 18 $ 30 $ 54 Interest on lease liabilities 486 492 1,483 1,468 Total finance lease cost $ 486 $ 510 $ 1,513 $ 1,522
Schedule of Finance Lease Right of Use Asset, Net of Amortization	The table below shows the Company’s finance lease right of use asset, net of amortization as of December 31, 2022: December 31, 2022 Finance lease right of use asset, gross $ 5,549 Accumulated amortization ( 167 ) Finance lease right of use asset, net of amortization $ 5,382

Subsequent Events (Tables)

Subsequent Events (Tables)	9 Months Ended
	Sep. 30, 2023
Subsequent Events [Abstract]
Schedule of Authorized Distributions for Class of Common Stock	On October 30, 2023 , the Company announced that the Board authorized distributions to stockholders of record as of October 31, 2023 , payable on or about November 17, 2023 for each class of its common stock in the amount per share set forth below: Common Stock Class P Class A Class T Class S Class D Class I Aggregate gross distributions declared per share $ 0.1042 $ 0.1042 $ 0.1042 $ — $ 0.1042 $ 0.1042 Stockholder servicing fee per share N/A N/A 0.0126 — 0.0037 N/A Net distributions declared per share $ 0.1042 $ 0.1042 $ 0.0916 $ — $ 0.1005 $ 0.1042

Organization and Business Ope_2

Organization and Business Operations - Additional Information (Details) - USD ($)						3 Months Ended	9 Months Ended		32 Months Ended
	Apr. 28, 2022	Oct. 15, 2021	Oct. 01, 2021	Sep. 22, 2021	Mar. 22, 2019	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Jun. 28, 2019	Dec. 31, 2022
Organization And Business Operations [Line Items]
Issuance of common stock, value						$ 1,057,000	$ 342,000	$ 2,419,000
Preferred stock, par value							$ 0.001			$ 0.001
Maximum | Share Repurchase Program
Organization And Business Operations [Line Items]
Percentage of aggregate net asset value per month			2%
Percentage of aggregate net asset value per quarter			5%
Maximum | Initial Public Offering
Organization And Business Operations [Line Items]
Issuance of common stock, value	$ 2,200,000,000				$ 2,350,000,000
Class P Common Stock
Organization And Business Operations [Line Items]
Shares issued, private offering									10,258,094
Gross proceeds from issuance of private offering									$ 276,681,000
Class P Common Stock | Maximum
Organization And Business Operations [Line Items]
Stock authorized value, private offering									$ 500,000,000
Series A Preferred Stock
Organization And Business Operations [Line Items]
Liquidation preference per share							$ 25
Series A Preferred Stock | Preferred Stock Offering
Organization And Business Operations [Line Items]
Preferred stock, shares issued				3,500,000
Percentage of cumulative redeemable preferred stock				6.75%
Preferred stock, par value				$ 0.001
Liquidation preference per share				$ 25
Net proceeds after underwriter's discount and issuance costs				$ 86,310,000
Series A Preferred Stock | Over-Allotment | Raymond James & Associates, Inc.
Organization And Business Operations [Line Items]
Additional shares issued to cover over-allotments		100,000		100,000

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Additional Information (Details) - USD ($)	9 Months Ended
	Sep. 30, 2023	Dec. 31, 2022
Summary Of Significant Accounting Policies Disclosures [Line Items]
Cash and cash equivalents, description	Cash and cash equivalents include funds on deposit with financial institutions, including demand deposits with financial institutions with original maturities of three months or less.
Restricted cash current	$ 0	$ 0
Adoption of ASU 2016-13, increase to accumulated deficit	$ 5,122,000
ASU 2016-13
Summary Of Significant Accounting Policies Disclosures [Line Items]
Change in Accounting Principle, Accounting Standards Update, Adopted [true false]	true
Change in Accounting Principle, Accounting Standards Update, Adoption Date	Jan. 01, 2023

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Schedule of the Impact of Adoption (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Jan. 01, 2023	Dec. 31, 2022
Assets:
Allowance for credit losses	$ 18,607	$ 3,588	$ 3,588
Liabilities:
Accrued expenses and other liabilities		7,852
ASU 2016-13
Assets:
Allowance for credit losses		8,375	8,375
Liabilities:
Accrued expenses and other liabilities		8,187
Impact of Adoption | ASU 2016-13
Assets:
Allowance for credit losses		4,787	$ 4,787
Liabilities:
Accrued expenses and other liabilities		$ 335

Commercial Mortgage Loans Hel_3

Commercial Mortgage Loans Held for Investment - Schedule of Commercial Mortgage Loans held for Investment (Details) $ in Thousands		9 Months Ended	12 Months Ended
		Sep. 30, 2023 USD ($) Loan	Dec. 31, 2022 USD ($) Loan
Mortgage Loans On Real Estate [Line Items]
Number of Loans | Loan		38	43
Principal Balance		$ 768,745	$ 844,507
Unamortized (fees)/costs, net		1,120	1,359
Allowance for credit losses		(18,607)	(3,588)
Carrying Value		$ 751,258	$ 842,278
Weighted Average Interest Rate	[1]	8.70%	7.80%
Weighted Average Years to Maturity	[2]	1 year	1 year 4 months 24 days
First Mortgage Loans [Member]
Mortgage Loans On Real Estate [Line Items]
Number of Loans | Loan		36	41
Principal Balance		$ 755,245	$ 831,007
Unamortized (fees)/costs, net		1,120	1,359
Allowance for credit losses		(18,538)	(3,588)
Carrying Value		$ 737,827	$ 828,778
Weighted Average Interest Rate	[1]	8.70%	7.70%
Weighted Average Years to Maturity	[2]	1 year	1 year 4 months 24 days
Credit Loans [Member]
Mortgage Loans On Real Estate [Line Items]
Number of Loans | Loan		2	2
Principal Balance		$ 13,500	$ 13,500
Allowance for credit losses		(69)
Carrying Value		$ 13,431	$ 13,500
Weighted Average Interest Rate	[1]	9.60%	9.60%
Weighted Average Years to Maturity	[2]	2 years 8 months 12 days	3 years 4 months 24 days
[1] Weighted average interest rate is based on the loan spreads plus the applicable indices as of the last interest reset date, which is typically the 15th of each month. On September 15, 2023, the SOFR rate reset to 5.33 % . On December 15, 2022, the LIBOR and SOFR rates reset to 4.32 % and 4.34 %, respectively. Weighted average years to maturity excludes allowable extensions on the loans.

Commercial Mortgage Loans Hel_4

Commercial Mortgage Loans Held for Investment - Schedule of Commercial Mortgage Loans held for Investment (Parenthetical) (Details)	Sep. 15, 2023	Dec. 15, 2022
LIBOR [Member]
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Mortgage loans applicable reference rate percentage		4.32%
SOFR [Member]
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Mortgage loans applicable reference rate percentage	5.33%	4.34%

Commercial Mortgage Loans Hel_5

Commercial Mortgage Loans Held for Investment - Schedule of Commercial Mortgage Loans held for Investment Portfolio (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2023 USD ($)
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Balance at Beginning of Year	$ 845,866
Balance at Beginning of Year, Allowance for credit losses	(3,588)
Provision for credit losses, Allowance for credit losses	(13,715)
Provision for credit losses, charge-offs	3,483	[1],[2]
Balance at End of Period, Allowance for credit losses	(18,607)
Balance at Beginning of Year, Carrying value	842,278
Adoption of ASU 2016-13, Carrying Value	(4,787)
Balance at beginning of period after adoption, Carrying value	837,491
Loan originations	18,661
Principal repayments	(77,243)
Sale of loan	(17,433)	[2]
Amortization of loan origination and deferred exit fees	701
Origination fees and extension fees received on commercial loans	(687)
Provision for credit losses	(13,715)
Balance at End of Period	769,865
Balance at End of Period, Carrying value	751,258
ASU 2016-13
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Balance at Beginning of Year, Allowance for credit losses	(8,375)
ASU 2016-13 | Impact of Adoption
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Balance at Beginning of Year, Allowance for credit losses	(4,787)
Commercial Mortgage Loans at Cost
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Balance at Beginning of Year	845,866
Balance at beginning of period after adoption	845,866
Loan originations	18,661
Principal repayments	(77,243)
Sale of loan	(17,433)	[2]
Amortization of loan origination and deferred exit fees	701
Origination fees and extension fees received on commercial loans	(687)
Balance at End of Period	$ 769,865
[1] Relates to sale of a loan during the third quarter of 2023. See Note 5 for further information. The Company sold one loan during the third quarter of 2023. See Note 5 for further information.

Commercial Mortgage Loans Hel_6

Commercial Mortgage Loans Held for Investment - Schedule of Commercial Mortgage Loans held for Investment Portfolio (Parenthetical) (Details)	Sep. 30, 2023 Loan
Commercial Mortgage Loans
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Number of loans sold	1

Commercial Mortgage Loans Hel_7

Commercial Mortgage Loans Held for Investment - Summary of Allowance for Loans Losses (Details) - USD ($) $ in Thousands		3 Months Ended		9 Months Ended
		Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Jan. 01, 2023
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Balance at Beginning of Year, Allowance for credit losses				$ (3,588)
Balance at Beginning of Year, Allowance for credit losses				(3,588)
Adoption of ASU 2016-13						$ (7,852)
Impact of adoption of ASU 2016-13		$ (5,122)		(5,122)		(5,122)
Provision for credit losses		(738)	$ 0	(13,703)	$ 0
Charge-offs	[1],[2]			3,483
Balance at End of Period, Allowance for credit losses		(18,930)		(18,930)
ASU 2016-13
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Balance at Beginning of Year, Allowance for credit losses				(8,375)
Adoption of ASU 2016-13						(8,187)
ASU 2016-13 | Impact of Adoption
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Balance at Beginning of Year, Allowance for credit losses				(4,787)
Adoption of ASU 2016-13						(335)
Commercial Mortgage Loans
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Balance at Beginning of Year, Allowance for credit losses				(3,588)
Provision for credit losses				(13,715)
Charge-offs	[1]			3,483
Balance at End of Period, Allowance for credit losses		(18,607)		(18,607)
Unfunded Loan Commitments
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Provision for credit losses	[3]			12
Balance at End of Period, Allowance for credit losses	[3]	$ (323)		$ (323)
Unfunded Loan Commitments | ASU 2016-13
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Adoption of ASU 2016-13	[3]					(335)
Unfunded Loan Commitments | ASU 2016-13 | Impact of Adoption
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Adoption of ASU 2016-13	[3]					$ (335)
[1] Relates to sale of a loan during the third quarter of 2023. See Note 5 for further information. The Company sold one loan during the third quarter of 2023. See Note 5 for further information. The reserve for expected credit losses related to unfunded loan commitments is recorded in "accrued expenses and other liabilities" on the consolidated balance sheets following the adoption of ASU 2016-13 on January 1, 2023.

Commercial Mortgage Loans Hel_8

Commercial Mortgage Loans Held for Investment - Additional Information (Details) $ in Thousands		3 Months Ended		9 Months Ended		12 Months Ended
		Sep. 30, 2023 USD ($)	Sep. 30, 2022 USD ($)	Sep. 30, 2023 USD ($) Loan Rating	Sep. 30, 2022 USD ($)	Dec. 31, 2022 USD ($) Loan Rating	Jan. 01, 2023 USD ($)
Mortgage Loans On Real Estate [Line Items]
Allowance for credit losses		$ 18,607		$ 18,607		$ 3,588
Charge-offs	[1],[2]			$ 3,483
Initial risk rating for commercial mortgage loans held for investment and real estate securities | Rating				2		2
Number of loans risk rated two | Loan				25		33
Number of loans risk rated three | Loan				8		8
Number of loans risk rated four | Loan				4		1
Number of loans risk rated five | Loan				1		1
Increase in CECL reserve				$ 18,825
Provision for credit losses		738	$ 0	13,703	$ 0
Impact of adoption of ASU 2016-13		(5,122)		(5,122)			$ (5,122)
Total CECL reserve		18,930		18,930		$ 3,588
Net increase in asset specific CECL reserve				9,121
Unfunded Loan Commitments
Mortgage Loans On Real Estate [Line Items]
Provision for credit losses	[3]			(12)
Total CECL reserve	[3]	323		323
Credit Loans [Member]
Mortgage Loans On Real Estate [Line Items]
Allowance for credit losses						$ 0
Portland, OR Loan [Member]
Mortgage Loans On Real Estate [Line Items]
Interest income		533		1,727
Mortgage loans on real estate, outstanding		29,550		29,550
Portland, OR Loan [Member] | Unfunded Loan Commitments
Mortgage Loans On Real Estate [Line Items]
Mortgage loans on real estate, outstanding		$ 450		$ 450
[1] Relates to sale of a loan during the third quarter of 2023. See Note 5 for further information. The Company sold one loan during the third quarter of 2023. See Note 5 for further information. The reserve for expected credit losses related to unfunded loan commitments is recorded in "accrued expenses and other liabilities" on the consolidated balance sheets following the adoption of ASU 2016-13 on January 1, 2023.

Commercial Mortgage Loans Hel_9

Commercial Mortgage Loans Held for Investment - Summary of Investment Grade of Loans Loss (Details) - Commercial Mortgage Loans	9 Months Ended
	Sep. 30, 2023
Investment Grade One
Financing Receivable Recorded Investment [Line Items]
Description of Investment Grade	Investment exceeding fundamental performance expectations and/or capital gain expected. Trends and risk factors since time of investment are favorable.
Investment Grade Two
Financing Receivable Recorded Investment [Line Items]
Description of Investment Grade	Performing consistent with expectations and a full return of principal and interest expected. Trends and risk factors are neutral to favorable.
Investment Grade Three
Financing Receivable Recorded Investment [Line Items]
Description of Investment Grade	Performing investment requiring closer monitoring. Trends and risk factors show some deterioration. Collection of principal and interest is still expected.
Investment Grade Four
Financing Receivable Recorded Investment [Line Items]
Description of Investment Grade	Underperforming investment with the potential of some interest loss but still expecting a positive return on investment. Trends and risk factors are negative.
Investment Grade Five
Financing Receivable Recorded Investment [Line Items]
Description of Investment Grade	Underperforming investment with expected loss of interest and some principal.

Repurchase Agreements and Cre_3

Repurchase Agreements and Credit Facilities - Additional Information (Details) - USD ($)					1 Months Ended	9 Months Ended	32 Months Ended
	Nov. 09, 2023	May 05, 2023	Mar. 09, 2023	Mar. 10, 2021	May 31, 2022	Sep. 30, 2023	Dec. 31, 2021	Dec. 31, 2022	Nov. 30, 2022	May 06, 2019
Atlas Repo Facility
Repurchase Agreement [Line Items]
Repurchase agreement, maximum advance amount									$ 375,000,000
Outstanding balance						$ 0
Atlas Repo Facility | Subsequent Event
Repurchase Agreement [Line Items]
Repurchase agreement, maximum advance amount	$ 100,000,000
Maturity date	Nov. 07, 2024
Atlas Repo Facility | Secured Overnight Financing Rate (SOFR) | Minimum
Repurchase Agreement [Line Items]
Interest rate spread						2.50%
Floor rate						0.15%
Atlas Repo Facility | Secured Overnight Financing Rate (SOFR) | Maximum
Repurchase Agreement [Line Items]
Interest rate spread						3%
Floor rate						0.25%
JP Morgan Repo Facility
Repurchase Agreement [Line Items]
Repurchase agreement, maximum advance amount		$ 526,076,000								$ 150,000,000
Maturity date		May 06, 2026			May 06, 2023
Option to extend maturity date		May 06, 2028
Option to extend maturity, description						two optional one-year extensions
Preferred dividends plus interest expense					150%
EBITDA to Fixed Charges ratio						154%		135%
JP Morgan Repo Facility | Minimum
Repurchase Agreement [Line Items]
Interest rate spread						1.85%
Floor rate						0%
JP Morgan Repo Facility | Maximum
Repurchase Agreement [Line Items]
Interest rate spread						2.85%
Floor rate						2%
JP Morgan Repo Facility | London Interbank Offered Rate | Minimum
Repurchase Agreement [Line Items]
Interest rate spread							1.75%
JP Morgan Repo Facility | London Interbank Offered Rate | Maximum
Repurchase Agreement [Line Items]
Interest rate spread							2.50%
Western Alliance Credit Facility
Repurchase Agreement [Line Items]
Repurchase agreement, maximum advance amount			$ 40,000,000	$ 75,000,000
Interest rate spread			3.50%
Floor rate			2.50%
Maturity date			Mar. 10, 2025	Mar. 10, 2023
Borrowing base period for eligible pledged assets become ineligible				36 months
Convertible by option term loan initial maturity period				2 years
Percentage of conversion fee of convertible by option term loan.				0.25%
Minimum average unrestricted aggregate deposit balance amount to be maintained				$ 3,750,000
Increased interest rate due to failure to meet the minimum deposit balance				0.50%
Western Alliance Credit Facility | Minimum
Repurchase Agreement [Line Items]
Loan-to-unpaid balance percentage				60%
Loan-to-appraised value percentage				45%
Western Alliance Credit Facility | Maximum
Repurchase Agreement [Line Items]
Loan-to-unpaid balance percentage				70%
Loan-to-appraised value percentage				50%
Western Alliance Credit Facility | London Interbank Offered Rate
Repurchase Agreement [Line Items]
Interest rate spread				3.25%
Floor rate				0.75%

Repurchase Agreements and Cre_4

Repurchase Agreements and Credit Facilities - Schedule of Outstanding Repurchase Agreements (Details) - USD ($)		9 Months Ended		12 Months Ended
		Sep. 30, 2023		Dec. 31, 2022
Repurchase Agreements And Credit Facility [Line Items]
Accrued Interest Payable		$ 1,780,000		$ 1,499,000
Atlas Repo Facility
Repurchase Agreements And Credit Facility [Line Items]
Amount Outstanding		0
Atlas Repo Facility | Commercial Mortgage Loans
Repurchase Agreements And Credit Facility [Line Items]
Committed Financing		375,000,000		375,000,000
Amount Outstanding	[1]			356,097,000
Accrued Interest Payable				$ 882,000
Weighted Average Interest Rate				6.89%
Weighted Average Days to Maturity				679 days
Atlas Repo Facility | Commercial Mortgage Loans | Collateral Pledged
Repurchase Agreements And Credit Facility [Line Items]
Collateral Pledged				$ 494,962,000
JPM Repo Facility | Commercial Mortgage Loans
Repurchase Agreements And Credit Facility [Line Items]
Committed Financing		526,076,000		150,000,000
Amount Outstanding	[1]	473,276,000		131,992,000
Accrued Interest Payable		1,323,000		$ 305,000
Collateral Pledged		$ 653,917,000
Weighted Average Interest Rate		7.74%		6.40%
Weighted Average Days to Maturity		1680 days		492 days
JPM Repo Facility | Commercial Mortgage Loans | Collateral Pledged
Repurchase Agreements And Credit Facility [Line Items]
Collateral Pledged				$ 181,972,000
Repo Facility | Commercial Mortgage Loans
Repurchase Agreements And Credit Facility [Line Items]
Committed Financing		$ 901,076,000		525,000,000
Amount Outstanding	[1]	473,276,000		488,089,000
Accrued Interest Payable		1,323,000		$ 1,187,000
Collateral Pledged		$ 653,917,000
Weighted Average Interest Rate		7.74%		6.76%
Weighted Average Days to Maturity		1680 days		628 days
Repo Facility | Commercial Mortgage Loans | Collateral Pledged
Repurchase Agreements And Credit Facility [Line Items]
Collateral Pledged				$ 676,934,000
Western Alliance Credit Facility | Commercial Mortgage Loans
Repurchase Agreements And Credit Facility [Line Items]
Committed Financing		$ 40,000,000		75,000,000
Amount Outstanding	[1]	18,380,000		18,380,000
Accrued Interest Payable		76,000		$ 16,000
Collateral Pledged		$ 29,797,000
Weighted Average Interest Rate		9.33%	[2]	7.64%
Weighted Average Days to Maturity		527 days		435 days
Western Alliance Credit Facility | Commercial Mortgage Loans | Collateral Pledged
Repurchase Agreements And Credit Facility [Line Items]
Collateral Pledged				$ 29,797,000
Facilities | Commercial Mortgage Loans
Repurchase Agreements And Credit Facility [Line Items]
Committed Financing		$ 941,076,000		600,000,000
Amount Outstanding	[1]	491,656,000		506,469,000
Accrued Interest Payable		$ 1,399,000		$ 1,203,000
Weighted Average Interest Rate		7.80%		6.79%
Weighted Average Days to Maturity		1637 days		621 days
Facilities | Commercial Mortgage Loans | Collateral Pledged
Repurchase Agreements And Credit Facility [Line Items]
Collateral Pledged		$ 683,714,000		$ 706,731,000
[1] Excludes zero and $ 3 of unamortized debt issuance costs at September 30, 2023 and December 31, 2022 , respectively. Includes 0.50 % additional interest rate during the third quarter of 2023 as the minimum deposit balance was not met by the Company as of June 30, 2023.

Repurchase Agreements and Cre_5

Repurchase Agreements and Credit Facilities - Schedule of Outstanding Repurchase Agreements (Parenthetical) (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2023	Dec. 31, 2022
Repo Facility
Repurchase Agreements And Credit Facility [Line Items]
Unamortized Debt Issuance Expense	$ 0	$ 3
Western Alliance Credit Facility
Repurchase Agreements And Credit Facility [Line Items]
Additional interest rate	0.50%

Loan Participations Sold, Net -

Loan Participations Sold, Net - Additional Information (Details) $ in Thousands		3 Months Ended	9 Months Ended
		Sep. 30, 2023 USD ($)	Sep. 30, 2023 USD ($)	Nov. 15, 2021 Loan
Mortgage Loans On Real Estate [Line Items]
Charge-offs	[1],[2]		$ 3,483
First Mortgage Loans [Member]
Mortgage Loans On Real Estate [Line Items]
Number of loans sold to third party | Loan				9
Loan Sold [Member]
Mortgage Loans On Real Estate [Line Items]
Interest income recognized from mortgage loan		$ 0	531
Interest expense recognized from mortgage loan		$ 0	$ 426
[1] Relates to sale of a loan during the third quarter of 2023. See Note 5 for further information. The Company sold one loan during the third quarter of 2023. See Note 5 for further information.

Loan Participations Sold, Net_2

Loan Participations Sold, Net - Summary of Loan Participations Sold (Details) $ in Thousands		9 Months Ended	12 Months Ended
		Sep. 30, 2023 USD ($) Loan	Dec. 31, 2022 USD ($) Loan
Mortgage Loans On Real Estate [Line Items]
Weighted Average Interest Rate	[1]	8.70%	7.80%
Weighted Average Years to Maturity	[2]	1 year	1 year 4 months 24 days
Loan Participations
Mortgage Loans On Real Estate [Line Items]
Number of loans sold to third party | Loan		4	7
Principal Balance		$ 71,532	$ 124,275
Book Value		$ 65,607	$ 121,431
Weighted Average Interest Rate	[3]	5.90%	3.70%
Weighted Average Years to Maturity		5 months 23 days	1 year 2 months 19 days
Senior Loan Participations
Mortgage Loans On Real Estate [Line Items]
Number of loans sold to third party | Loan		4	7
Principal Balance		$ 57,226	$ 99,420
Book Value		$ 57,226	$ 99,420
Weighted Average Interest Rate	[3]	2%	2%
Weighted Average Years to Maturity		5 months 23 days	1 year 2 months 19 days
[1] Weighted average interest rate is based on the loan spreads plus the applicable indices as of the last interest reset date, which is typically the 15th of each month. On September 15, 2023, the SOFR rate reset to 5.33 % . On December 15, 2022, the LIBOR and SOFR rates reset to 4.32 % and 4.34 %, respectively. Weighted average years to maturity excludes allowable extensions on the loans. The yield/cost is the present value of all future principal and interest payments on the loan or participation interest and does not include any origination fees or deferred commitment fees.

Loan Participations Sold, Net_3

Loan Participations Sold, Net - Summary of Loan Participations Sold (Parenthetical) (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Loan Participations
Mortgage Loans On Real Estate [Line Items]
Interest expense on loan sold	$ 4,096	$ 2,526

Stockholders' Equity - Addition

Stockholders' Equity - Additional Information (Details) - USD ($)

1 Months Ended

3 Months Ended

9 Months Ended

Oct. 15, 2021

Sep. 22, 2021

Sep. 30, 2023

Aug. 31, 2023

Jul. 31, 2023

Jun. 30, 2023

May 31, 2023

Apr. 30, 2023

Mar. 31, 2023

Feb. 28, 2023

Jan. 31, 2023

Dec. 31, 2022

Nov. 30, 2022

Oct. 31, 2022

Sep. 30, 2022

Aug. 31, 2022

Jul. 31, 2022

Jun. 30, 2022

May 31, 2022

Apr. 30, 2022

Mar. 31, 2022

Feb. 28, 2022

Jan. 31, 2022

Sep. 30, 2023

Sep. 30, 2022

Sep. 30, 2023

Sep. 30, 2022

Aug. 11, 2022

Class Of Stock [Line Items]

Preferred stock, change of control, terms of conversion

Subject to certain exceptions, beginning on September 22, 2022, upon the occurrence of a Change of Control, each holder of shares of Series A Preferred Stock will have the right to convert some or all of the Series A Preferred Stock held by such holder into a number of the Company’s shares of Class I common stock as provided for in the Articles Supplementary.

Dividends payable record date

Sep. 30, 2023

Aug. 31, 2023

Jul. 31, 2023

Jun. 30, 2023

May 31, 2023

Apr. 30, 2023

Mar. 31, 2023

Feb. 28, 2023

Jan. 31, 2023

Dec. 31, 2022

Nov. 30, 2022

Oct. 31, 2022

Sep. 30, 2022

Aug. 31, 2022

Jul. 31, 2022

Jun. 30, 2022

May 31, 2022

Apr. 30, 2022

Mar. 31, 2022

Feb. 28, 2022

Jan. 31, 2022

Distributions payable

$ 1,050,000

$ 1,047,000

$ 1,050,000

$ 1,050,000

Gain on repurchase and retirement of preferred stock

$ 0

$ 24,000

$ 21,000

$ 24,000

Series A Preferred Stock

Class Of Stock [Line Items]

Liquidation preference per share

$ 25

$ 25

$ 25

Preferred stock, redemption date

Sep. 22, 2026

Preferred stock, redemption price per share

$ 25

Percentage of dividend rate

6.75%

Annual dividend per share

$ 1.6875

Shares repurchased and retired

4,143

Class S Common Stock

Class Of Stock [Line Items]

Common stock, shares, issued

0

0

0

0

Preferred Stock Offering | Series A Preferred Stock

Class Of Stock [Line Items]

Preferred stock, shares issued

3,500,000

Offered price

$ 25

Net proceeds after underwriter's discount and issuance costs

$ 86,310,000

Percentage of cumulative redeemable preferred stock

6.75%

Liquidation preference per share

$ 25

Over-Allotment | Series A Preferred Stock | Raymond James & Associates, Inc.

Class Of Stock [Line Items]

Additional shares issued to cover over-allotments

100,000

100,000

Series A Preferred Repurchase Program

Class Of Stock [Line Items]

Share repurchase program, shares authorized to be repurchased

1,000,000

Share repurchase program, authorized amount

$ 15,000,000

Shares repurchased and retired

0

4,630

4,143

4,630

Gain on repurchase and retirement of preferred stock

$ 0

$ 24,000

$ 21,000

$ 24,000

Stockholders' Equity - Schedule

Stockholders' Equity - Schedule of Change in Outstanding Shares Including Restricted Common Stock (Details) - shares	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Series A Preferred Stock
Class Of Stock [Line Items]
Beginning balance	3,548,696	3,600,000
Redemptions		(4,630)
Repurchase and retirement of preferred stock	(4,143)
Ending balance	3,544,553	3,595,370
Class P Common Stock
Class Of Stock [Line Items]
Beginning balance	8,562,777	9,492,939
Ending balance	8,562,777	8,856,631
Redemptions		(636,308)
Class A Common Stock
Class Of Stock [Line Items]
Beginning balance	743,183	659,270
Issuance of shares	1,445	62,808
Distribution reinvestment	1,259	9,169
Ending balance	745,887	703,282
Redemptions		(27,965)
Class T Common Stock
Class Of Stock [Line Items]
Beginning balance	286,341	388,099
Issuance of shares	3,453	31,842
Distribution reinvestment	551	4,700
Ending balance	290,345	408,369
Redemptions		(16,272)
Class S Common Stock
Class Of Stock [Line Items]
Beginning balance	0
Ending balance	0
Class D Common Stock
Class Of Stock [Line Items]
Beginning balance	47,888	47,298
Distribution reinvestment	127	1,173
Ending balance	48,015	47,513
Redemptions		(958)
Class I Common Stock
Class Of Stock [Line Items]
Beginning balance	452,667	380,218
Issuance of shares	12,386	22,455
Distribution reinvestment	2,393	9,505
Issuance of restricted shares	1,722
Ending balance	469,168	402,987
Redemptions		(9,191)

Stockholders' Equity - Schedu_2

Stockholders' Equity - Schedule of Aggregate Annualized and Monthly Distributions Declared by Record Date for all Classes of Shares (Details) - $ / shares	1 Months Ended
	Sep. 30, 2023	Aug. 31, 2023	Jul. 31, 2023	Jun. 30, 2023	May 31, 2023	Apr. 30, 2023	Mar. 31, 2023	Feb. 28, 2023	Jan. 31, 2023	Dec. 31, 2022	Nov. 30, 2022	Oct. 31, 2022	Sep. 30, 2022	Aug. 31, 2022	Jul. 31, 2022	Jun. 30, 2022	May 31, 2022	Apr. 30, 2022	Mar. 31, 2022	Feb. 28, 2022	Jan. 31, 2022
Class Of Stock [Line Items]
Record date	Sep. 30, 2023	Aug. 31, 2023	Jul. 31, 2023	Jun. 30, 2023	May 31, 2023	Apr. 30, 2023	Mar. 31, 2023	Feb. 28, 2023	Jan. 31, 2023	Dec. 31, 2022	Nov. 30, 2022	Oct. 31, 2022	Sep. 30, 2022	Aug. 31, 2022	Jul. 31, 2022	Jun. 30, 2022	May 31, 2022	Apr. 30, 2022	Mar. 31, 2022	Feb. 28, 2022	Jan. 31, 2022
Aggregate Annualized Gross Dividend Declared
Class Of Stock [Line Items]
Aggregate annualized gross distribution declared per share	$ 1.25	$ 1.25	$ 1.25	$ 1.25	$ 1.25	$ 1.25	$ 1.2500	$ 1.2500	$ 1.2500	$ 1.2500	$ 1.2500	$ 1.2500	$ 1.25	$ 1.25	$ 1.25	$ 1.2500	$ 1.2500	$ 1.2500	$ 1.2500	$ 1.2500	$ 1.2500
Aggregate Monthly Gross Dividend Declared
Class Of Stock [Line Items]
Aggregate annualized gross distribution declared per share	$ 0.1042	$ 0.1042	$ 0.1042	$ 0.1042	$ 0.1042	$ 0.1042	$ 0.1042	$ 0.1042	$ 0.1042	$ 0.1042	$ 0.1042	$ 0.1042	$ 0.1042	$ 0.1042	$ 0.1042	$ 0.1042	$ 0.1042	$ 0.1042	$ 0.1042	$ 0.1042	$ 0.1042

Stockholders' Equity - Schedu_3

Stockholders' Equity - Schedule of Monthly Net Distributions Per Share (Details) - $ / shares	1 Months Ended
	Sep. 30, 2023	Aug. 31, 2023	Jul. 31, 2023	Jun. 30, 2023	May 31, 2023	Apr. 30, 2023	Mar. 31, 2023	Feb. 28, 2023	Jan. 31, 2023	Dec. 31, 2022	Nov. 30, 2022	Oct. 31, 2022	Sep. 30, 2022	Aug. 31, 2022	Jul. 31, 2022	Jun. 30, 2022	May 31, 2022	Apr. 30, 2022	Mar. 31, 2022	Feb. 28, 2022	Jan. 31, 2022
Class Of Stock [Line Items]
Record date	Sep. 30, 2023	Aug. 31, 2023	Jul. 31, 2023	Jun. 30, 2023	May 31, 2023	Apr. 30, 2023	Mar. 31, 2023	Feb. 28, 2023	Jan. 31, 2023	Dec. 31, 2022	Nov. 30, 2022	Oct. 31, 2022	Sep. 30, 2022	Aug. 31, 2022	Jul. 31, 2022	Jun. 30, 2022	May 31, 2022	Apr. 30, 2022	Mar. 31, 2022	Feb. 28, 2022	Jan. 31, 2022
Monthly Net Distribution Declared of Class D Common Stock
Class Of Stock [Line Items]
Net distributions declared per share	$ 0.1006	$ 0.1005	$ 0.1005	$ 0.1004	$ 0.1001	$ 0.1002	$ 0.1001	$ 0.1004	$ 0.1000	$ 0.1000	$ 0.1002	$ 0.1000	$ 0.1001	$ 0.1	$ 0.1	$ 0.1001	$ 0.1000	$ 0.1001	$ 0.0999	$ 0.1003	$ 0.0999
Monthly Net Distribution Declared of Class T Common Stock
Class Of Stock [Line Items]
Net distributions declared per share	$ 0.092	$ 0.0915	$ 0.0916	$ 0.0912	$ 0.0903	$ 0.0907	$ 0.0903	$ 0.0914	$ 0.0900	$ 0.0900	$ 0.0905	$ 0.0900	$ 0.0905	$ 0.09	$ 0.0899	$ 0.0904	$ 0.0899	$ 0.0903	$ 0.0898	$ 0.0910	$ 0.0896

Stockholders' Equity - Schedu_4

Stockholders' Equity - Schedule of Aggregate and Net Distributions Declared for Applicable Class of Common Stock (Details) - $ / shares	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Series A Preferred Stock
Distributions Declared [Line Items]
Aggregate gross distributions declared per share	$ 1.2656	$ 1.2656
Net distributions declared per share	1.2656	1.2656
Class P Common Stock
Distributions Declared [Line Items]
Aggregate gross distributions declared per share	0.9378	0.9378
Net distributions declared per share	0.9378	0.9378
Class A Common Stock
Distributions Declared [Line Items]
Aggregate gross distributions declared per share	0.9378	0.9378
Net distributions declared per share	0.9378	0.9378
Class T Common Stock
Distributions Declared [Line Items]
Aggregate gross distributions declared per share	0.9378	0.9378
Stockholder servicing fee per share	0.1188	0.1264
Net distributions declared per share	0.819	0.8114
Class D Common Stock
Distributions Declared [Line Items]
Aggregate gross distributions declared per share	0.9378	0.9378
Stockholder servicing fee per share	0.035	0.0374
Net distributions declared per share	0.9028	0.9004
Class I Common Stock
Distributions Declared [Line Items]
Aggregate gross distributions declared per share	0.9378	0.9378
Net distributions declared per share	$ 0.9378	$ 0.9378

Net Income Per Share Attribut_3

Net Income Per Share Attributable to Common Stockholders - Additional information (Details) - shares	3 Months Ended	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2022
Earnings Per Share [Abstract]
Antidilutive restricted shares	0	0

Net Income Per Share Attribut_4

Net Income Per Share Attributable to Common Stockholders - Summary of Basic and Diluted Net Income Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Earnings Per Share [Abstract]
Net income attributable to common stockholders	$ 3,497	$ 2,482	$ (10,187)	$ 5,083
Weighted average shares outstanding, basic	10,114,582	10,559,680	10,114,071	10,707,177
Dilutive effect of restricted stock	1,806	909		1,601
Weighted average shares outstanding, diluted	10,116,388	10,560,589	10,114,071	10,708,778
Net income attributable to common stockholders per share basic	$ 0.35	$ 0.24	$ (1.01)	$ 0.47
Net income attributable to common stockholders per share diluted	$ 0.35	$ 0.24	$ (1.01)	$ 0.47

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Details) $ in Thousands	Sep. 30, 2023 USD ($) Loan	Dec. 31, 2022 USD ($) Loan
Commitments and Contingencies Disclosure [Abstract]
Number of commercial real estate loans, remaining future funding commitment | Loan	28	33
Commercial real estate, remaining future funding commitment | $	$ 35,555	$ 59,474

Segment Reporting - Additional

Segment Reporting - Additional Information (Details) - Segment	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Segment Reporting [Abstract]
Number of reportable segment	1	1

Transactions with Related Par_3

Transactions with Related Parties - Additional Information (Details) - USD ($)			1 Months Ended	9 Months Ended
	Jul. 20, 2021	Jul. 15, 2021	Nov. 30, 2016	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Related Party Transaction [Line Items]
Proceeds from issuance of common stock				$ 342,000	$ 2,419,000
Expense Limitation Agreement
Related Party Transaction [Line Items]
Annualized ordinary operating expenses of quarter to extent expenses do not exceed average monthly net assets percentage				1.50%
Annualized basis expense limit percentage				1.50%
Reimbursement of expenses payable term				3 years
Waive reimbursement on quarterly basis terms				waive reimbursement of or pay, on a quarterly basis, certain of the Company’s ordinary operating expenses for each class of shares to the extent necessary to ensure that the ordinary operating expenses do not exceed 1.5% of the average monthly net assets on an annualized basis (the “1.5% Expense Limit”). Amounts waived or paid by the Advisor or Sub-Advisor pursuant to the Expense Limitation Agreement are subject to conditional repayment on a quarterly basis by the Company during the three years following the quarter in which the expenses were incurred, but only to the extent such repayment does not cause the Company to exceed its then-current expenses limitation, if any, for such quarter. Any waiver or reimbursement by the Advisor or Sub-Advisor not repaid by the Company within the three-year period will be deemed permanently waived and not subject to repayment under the Expense Limitation Agreement. During the nine months ended September 30, 2023, the amounts of ordinary operating expenses either submitted for reimbursement by the Advisor and Sub-Advisor or incurred by the Company directly that were subject to the Expense Limitation Agreement did not exceed the 1.5% Expense Limit.
Expense Limitation Agreement | Maximum
Related Party Transaction [Line Items]
Reimbursement of expenses payable term				3 years
Class P Common Stock
Related Party Transaction [Line Items]
Common stock, shares, issued				8,562,777		8,562,777
Advisor | Class P Common Stock
Related Party Transaction [Line Items]
Proceeds from issuance of common stock			$ 1,000,000
Common stock, shares, issued			40,040
Common stock, purchase price per share			$ 25
Subscription agreement, minimum number of shares to be held				8,000
Subscription agreement, value of minimum number of shares to be held				$ 200,000
Description of subscription agreement				The Advisor has agreed that, for so long as it or its affiliate is serving as the Company’s advisor, (i) it will not sell or transfer at least 8,000 of the Class P shares that it has purchased, accounting for $200 of its investment, to an unaffiliated third party and (ii) repurchase requests made for these Class P shares will only be accepted (a) on the last business day of a calendar quarter, (b) after all repurchase requests from all other stockholders for such quarter have been accepted and (c) to the extent that such repurchases do not cause total repurchases in the quarter in which they are being repurchased to exceed that quarter’s repurchase cap
Sub-Advisor | Class P Common Stock
Related Party Transaction [Line Items]
Proceeds from issuance of common stock			$ 3,000,000
Common stock, shares, issued			120,000
Common stock, purchase price per share			$ 25
Description of subscription agreement				Sound Point has agreed that, for so long as the Sub-Advisor or its affiliate is serving as the Company’s sub-advisor, repurchase requests made for these Class P shares will only be accepted (a) on the last business day of a calendar quarter, (b) after all repurchase requests from all other stockholders for such quarter have been accepted and (c) to the extent that such repurchases do not cause total repurchases in the quarter in which they are being repurchased to exceed that quarter’s repurchase cap.
Inland Real Estate Investment Corporation | Revolving Credit Liquidity Letter Agreements
Related Party Transaction [Line Items]
Number of days notice of termination prior to maturity date of agreement	60 days
Fixed interest rate	6%
Inland Real Estate Investment Corporation | Revolving Credit Liquidity Letter Agreements | Maximum
Related Party Transaction [Line Items]
Aggregate principal amount outstanding	$ 5,000,000
Inland Real Estate Investment Corporation | Revolving Credit Liquidity Letter Agreements | Minimum
Related Party Transaction [Line Items]
Stockholders equity balance to trigger termination of liquidity letter agreements	$ 500,000,000
Sound Point | Revolving Credit Liquidity Letter Agreements
Related Party Transaction [Line Items]
Number of days notice of termination prior to maturity date of agreement		60 days
Fixed interest rate		6%
Sound Point | Revolving Credit Liquidity Letter Agreements | Maximum
Related Party Transaction [Line Items]
Aggregate principal amount outstanding		$ 15,000,000
Sound Point | Revolving Credit Liquidity Letter Agreements | Minimum
Related Party Transaction [Line Items]
Stockholders equity balance to trigger termination of liquidity letter agreements		$ 500,000,000

Transactions with Related Par_4

Transactions with Related Parties - Summary of Related Party Transactions (Details) - USD ($) $ in Thousands		3 Months Ended		9 Months Ended
		Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Related Party Transaction [Line Items]
Advisory fee		$ 821	$ 916	$ 2,563	$ 2,797
Accrued stockholder servicing fee				(29)	(2)
Total		$ 2,133		$ 2,133		$ 2,197
Other Liability, Related Party, Type [Extensible Enumeration]		Related Party [Member]		Related Party [Member]		Related Party [Member]
Advisor, Sub-Advisor and Dealer Manager
Related Party Transaction [Line Items]
Organization and offering expense reimbursement	[1]		(7)
Selling commissions and dealer manager fee	[2]		$ 42	$ 4	$ 96
Selling, General, and Administrative Expenses, Related Party, Type [Extensible Enumeration]		Related Party [Member]	Related Party [Member]	Related Party [Member]	Related Party [Member]
Advisory fee	[3]	$ 821	$ 916	$ 2,563	$ 2,797
Loan fees	[4]	143	412	323	3,360
Accrued stockholder servicing fee	[5]		3	4	35
Total		964	$ 1,366	2,894	$ 6,288
Advisory fee, payable	[3]	273		273		$ 296
Loan fees, payable	[4]	1,407		1,407		1,419
Accrued stockholder servicing fee, payable	[5]	453		453		482
Total		$ 2,133		$ 2,133		$ 2,197
Other Liability, Related Party, Type [Extensible Enumeration]		Related Party [Member]		Related Party [Member]		Related Party [Member]
[1] The Company reimburses the Advisor, the Sub-Advisor and their respective affiliates for costs and other expenses related to the Public Offerings, provided the Advisor has agreed to reimburse the Company to the extent that the organization and offering expenses that the Company incurs exceeds 15 % of its gross proceeds from the Public Offerings. For the Public Offerings, the Dealer Manager is entitled to receive (a) upfront selling commissions of up to 6.0 %, and upfront dealer manager fees of up to 1.25 %, of the transaction price of each Class A share sold in the primary offering, however such amounts may vary at certain participating broker-dealers provided that the sum will not exceed 7.25 % of the transaction price; (b) upfront selling commissions of up to 3.0 %, and upfront dealer manager fees of 0.5 %, of the transaction price of each Class T share sold in the primary offering, however such amounts may vary at certain participating broker-dealers provided that the sum will not exceed 3.5 % of the transaction price; and (c) upfront selling commissions of up to 3.5 % of the transaction price of each Class S share sold in the primary offering. No upfront selling commissions or dealer manager fees are paid with respect to purchases of Class D shares, Class I shares or shares of any class sold pursuant to the DRP. All upfront selling commissions and dealer manager fees will be reallowed (paid) by the Dealer Manager to participating broker-dealers. The Advisor is entitled to receive an advisory fee comprised of two separate components: (1) a fixed component payable monthly and (2) a performance component payable annually. The fixed component of the advisory fee is paid in an amount equal to 1/12 th of 1.25 % of the Company’s average NAV for each month, paid monthly in arrears. The performance component of the advisory fee is calculated and paid annually, such that for any year in which the Company’s total return per share exceeds 7 % per annum, the Advisor will receive 20 % of the excess total return allocable to shares of the Company’s common stock; provided that in no event will the performance fee exceed 15 % of the aggregate total return allocable to shares of the Company’s common stock for such year. In addition, if the NAV per share decreases below $ 25 for any class of shares during the measurement period, any subsequent increase in NAV per share to $ 25 (or such other adjusted number) will not be included in the calculation of the performance component with respect to that class. The Advisor pays fees to the Sub-Advisor for the services it delegates to the Sub-Advisor or may direct the Company to pay a portion of the fees otherwise payable to the Advisor directly to the Sub-Advisor. The Company pays the Advisor all new loan origination and administrative fees related to CRE loans held for investment, to the extent that such fees are paid by the borrower. Pursuant to the Sub-Advisory Agreement, the Advisor generally will reallow a portion of loan fees and all administrative fees to the Sub-Advisor. Subject to the Financial Industry Regulatory Authority, Inc. limitations on underwriting compensation, the Company pays the Dealer Manager selling commissions over time as stockholder servicing fees for ongoing services rendered to stockholders by participating broker-dealers or broker-dealers servicing stockholders’ accounts as follows: (a) for Class T shares only, 0.85 % per annum of the NAV of the Class T shares; (b) for Class S shares only, 0.85 % per annum of the aggregate NAV for the Class S shares; and (c) for Class D shares only, 0.25 % per annum of the aggregate NAV for the Class D shares. The Company will cease paying the stockholder servicing fee with respect to any Class T share, Class S share or Class D share held in a stockholder’s account upon the occurrence of certain events. The Company accrues the full cost of the stockholder servicing fee as an offering cost at the time the Company sells Class T, Class S, and Class D shares. The Dealer Manager does not retain any of these fees, all of which are retained by, or reallowed (paid) to, participating broker-dealers and servicing broker-dealers for ongoing stockholder services performed by such broker-dealers.

Transactions with Related Par_5

Transactions with Related Parties - Summary of Related Party Transactions (Parenthetical) (Details) - Advisor - $ / shares		9 Months Ended	51 Months Ended
	Jul. 01, 2021	Sep. 30, 2023	Sep. 30, 2023
Related Party Transaction [Line Items]
Maximum percentage of gross proceeds from issuance of initial public offering			15%
Percentage of net asset value of assets, paid monthly	0.104%
Percentage of excess total return	20%
Net asset value		$ 25	$ 25
Net asset value description		if the NAV per share decreases below $25 for any class of shares during the measurement period, any subsequent increase in NAV per share to $25 (or such other adjusted number) will not be included in the calculation of the performance component with respect to that class.
Class T Common Stock
Related Party Transaction [Line Items]
Percentage of stockholder servicing fees on net asset value		0.85%
Class S Common Stock
Related Party Transaction [Line Items]
Aggregate percentage of stockholder servicing fees on net asset value		0.85%
Class D and Class I Common Stock
Related Party Transaction [Line Items]
Percentage of upfront selling commission		0%
Percentage of upfront dealer manager fee		0%
Class D Common Stock
Related Party Transaction [Line Items]
Aggregate percentage of stockholder servicing fees on net asset value		0.25%
Public Offerings | Class T Common Stock
Related Party Transaction [Line Items]
Percentage of upfront dealer manager fee		0.50%
Minimum
Related Party Transaction [Line Items]
Minimum percentage to earn performance component of advisory fee	7%
Maximum
Related Party Transaction [Line Items]
Percentage of aggregate total return	15%
Maximum | Public Offerings | Class A Common Stock
Related Party Transaction [Line Items]
Percentage of upfront selling commission		6%
Percentage of upfront dealer manager fee		1.25%
Percentage of participation dealers fee		7.25%
Maximum | Public Offerings | Class T Common Stock
Related Party Transaction [Line Items]
Percentage of upfront selling commission		3%
Percentage of participation dealers fee		3.50%
Maximum | Public Offerings | Class S Common Stock
Related Party Transaction [Line Items]
Percentage of upfront selling commission		3.50%

Equity-Based Compensation - Sum

Equity-Based Compensation - Summary of Total Stock Grants (Details) - USD ($) $ / shares in Units, $ in Thousands								9 Months Ended
	Sep. 29, 2023	Oct. 03, 2022	Oct. 14, 2021	Dec. 01, 2020	Dec. 02, 2019	Jan. 07, 2019	Mar. 01, 2018	Sep. 30, 2023
Class I Common Stock
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total number of shares granted								1,722
Restricted Shares | RSP
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Grant Date Fair Value Per Share								$ 17.42
Restricted Shares | RSP | Class P Common Stock
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total number of shares granted						1,200	1,200
Grant Date Fair Value Per Share						$ 25	$ 25
Total Fair Value of Grant						$ 30	$ 30
Proportion of total shares that vest annually						33.33%	33.33%
Restricted Shares | RSP | Class I Common Stock
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total number of shares granted	1,722	1,534	1,477	1,393	1,197
Grant Date Fair Value Per Share	$ 17.42	$ 19.55	$ 20.31	$ 21.54	$ 25.07
Total Fair Value of Grant	$ 30	$ 30	$ 30	$ 30	$ 30
Proportion of total shares that vest annually	33.33%	33.33%	33.33%	33.33%	33.33%
Year 1 | Restricted Shares | RSP | Class P Common Stock
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting Date						Jan. 07, 2020	Mar. 01, 2019
Year 1 | Restricted Shares | RSP | Class I Common Stock
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting Date	Sep. 29, 2024	Oct. 03, 2023	Oct. 14, 2022	Dec. 01, 2021	Dec. 02, 2020
Year 2 | Restricted Shares | RSP | Class P Common Stock
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting Date						Jan. 07, 2021	Mar. 01, 2020
Year 2 | Restricted Shares | RSP | Class I Common Stock
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting Date	Sep. 29, 2025	Oct. 03, 2024	Oct. 14, 2023	Dec. 01, 2022	Dec. 02, 2021
Year 3 | Restricted Shares | RSP | Class P Common Stock
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting Date						Jan. 07, 2022	Mar. 01, 2021
Year 3 | Restricted Shares | RSP | Class I Common Stock
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting Date	Sep. 29, 2026	Oct. 03, 2025	Oct. 14, 2024	Dec. 01, 2023	Dec. 02, 2022

Equity-Based Compensation - Add

Equity-Based Compensation - Additional Information (Details)	3 Months Ended		9 Months Ended
	Sep. 30, 2023 USD ($) Director	Sep. 30, 2022 USD ($)	Sep. 30, 2023 USD ($) Director	Sep. 30, 2022 USD ($)
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of independent directors | Director	3		3
RSP | Restricted Shares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Fair value of restricted shares at vesting date			$ 0	$ 8,000
RSP | Restricted Shares | Independent Directors
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting period			3 years
Compensation expense	$ 7,000	$ 8,000	$ 22,000	$ 23,000
Unrecognized compensation cost	$ 62,000		$ 62,000
Weighted average remaining period that compensation expense recognizable			1 year 2 months 8 days

Equity-Based Compensation - S_2

Equity-Based Compensation - Summary of the Restricted Shares (Details) - Restricted Shares - RSP	9 Months Ended
	Sep. 30, 2023 $ / shares shares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Outstanding beginning balance, Shares | shares	2,983
Granted, Shares | shares	1,722
Outstanding ending balance, Shares | shares	4,705
Outstanding beginning balance, Weighted average grant date fair value per share | $ / shares	$ 20.11
Grant Date Fair Value Per Share | $ / shares	17.42
Outstanding ending balance, Weighted average grant date fair value per share | $ / shares	$ 19.13

Fair Value of Financial Instr_3

Fair Value of Financial Instruments - Schedule of Carrying Amount and Estimated Fair Value of Company's Financial Instruments (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Carrying Amount
Financial assets
Cash and cash equivalents	$ 53,667	$ 29,408
Commercial mortgage loans, net	751,258	842,278
Total	804,925	871,686
Financial liabilities
Credit facility payable	18,380	18,380
Loan participations - sold	57,226	99,420
Total	548,882	605,886
Carrying Amount | Commercial Mortgage Loans
Financial liabilities
Repurchase agreements	473,276	488,086
Estimated Fair Value
Financial assets
Cash and cash equivalents	53,667	29,408
Commercial mortgage loans, net	751,258	842,278
Total	804,925	871,686
Financial liabilities
Credit facility payable	18,380	18,380
Loan participations - sold	57,226	99,420
Total	548,882	605,886
Estimated Fair Value | Commercial Mortgage Loans
Financial liabilities
Repurchase agreements	$ 473,276	$ 488,086

Fair Value of Financial Instr_4

Fair Value of Financial Instruments - Additional Information (Details) - Commercial Mortgage Loans - Loan	9 Months Ended	12 Months Ended
	Sep. 30, 2023	Dec. 31, 2022
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Loan term	1 year
Number of loans impaired	1	1

Disposition of Real Estate - Ad

Disposition of Real Estate - Additional Information (Details) - USD ($) $ in Thousands		1 Months Ended	3 Months Ended		9 Months Ended
	Sep. 28, 2023	May 31, 2023	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Real Estate [Abstract]
Proceeds from sale of real estate	$ 11,942				$ 11,942
Gain on sale of real estate	$ 206		$ 206	$ 0	206	$ 0
Asset Impairment Charges		$ 6,934	$ 0	$ 0	$ 6,934	$ 0

Real Estate Held for Sale - Sch

Real Estate Held for Sale - Schedule of Major Components of the Assets and Liabilities Associated With Real Estate Held For Sale (Details) $ in Thousands	Dec. 31, 2022 USD ($)
Real estate and related assets held for sale:
Finance lease right of use asset, net of amortization	$ 5,382

Leases - Additional Information

Leases - Additional Information (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2023	Dec. 31, 2022	Aug. 20, 2020
Leases [Abstract]
Lessee finance lease description	As of December 31, 2022, the Company was the lessee under one ground lease. The ground lease, which commenced on April 1, 1999, was assumed as part of the Renaissance O'Hare acquired through a deed-in-lieu of foreclosure transaction on August 20, 2020. The lease was classified as a finance lease.
Finance lease, commencement date	Apr. 01, 1999
Finance lease liability		$ 17,457	$ 16,827
Finance lease, right-of-use asset		$ 5,549	$ 5,549
Finance lease liability, interest rate	11.37%

Leases - Summary of Finance Lea

Leases - Summary of Finance Lease Cost (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Leases [Abstract]
Amortization of right-of-use assets		$ 18	$ 30	$ 54
Interest on lease liabilities	$ 486	492	1,483	1,468
Total finance lease cost	$ 486	$ 510	$ 1,513	$ 1,522

Leases - Schedule of Finance Le

Leases - Schedule of Finance Lease Right of Use Asset, Net of Amortization (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Aug. 20, 2020
Leases [Abstract]
Finance lease right of use asset, gross	$ 5,549	$ 5,549
Accumulated amortization	(167)
Finance lease right of use asset, net of amortization	$ 5,382

Subsequent Events - Additional

Subsequent Events - Additional Information (Details) - USD ($)

1 Months Ended

Nov. 09, 2023

Oct. 30, 2023

Sep. 30, 2023

Aug. 31, 2023

Jul. 31, 2023

Jun. 30, 2023

May 31, 2023

Apr. 30, 2023

Mar. 31, 2023

Feb. 28, 2023

Jan. 31, 2023

Dec. 31, 2022

Nov. 30, 2022

Oct. 31, 2022

Sep. 30, 2022

Aug. 31, 2022

Jul. 31, 2022

Jun. 30, 2022

May 31, 2022

Apr. 30, 2022

Mar. 31, 2022

Feb. 28, 2022

Jan. 31, 2022

Subsequent Event [Line Items]

Record date

Sep. 30, 2023

Aug. 31, 2023

Jul. 31, 2023

Jun. 30, 2023

May 31, 2023

Apr. 30, 2023

Mar. 31, 2023

Feb. 28, 2023

Jan. 31, 2023

Dec. 31, 2022

Nov. 30, 2022

Oct. 31, 2022

Sep. 30, 2022

Aug. 31, 2022

Jul. 31, 2022

Jun. 30, 2022

May 31, 2022

Apr. 30, 2022

Mar. 31, 2022

Feb. 28, 2022

Jan. 31, 2022

Atlas Repo Facility

Subsequent Event [Line Items]

Repurchase agreement, reduced maximum facility amount

$ 375,000,000

Subsequent Event | Atlas Repo Facility

Subsequent Event [Line Items]

Repurchase agreement, reduced maximum facility amount

$ 100,000,000

Extended maturity date

Nov. 07, 2024

Subsequent Event | Common Stock

Subsequent Event [Line Items]

Record date

Oct. 31, 2023

Dividends declared date

Oct. 30, 2023

Distributions payable date

Nov. 17, 2023

Subsequent Events - Schedule of

Subsequent Events - Schedule of Authorized Distributions for Class of Common Stock (Details) - $ / shares		9 Months Ended
	Oct. 30, 2023	Sep. 30, 2023	Sep. 30, 2022
Class P Common Stock
Subsequent Event [Line Items]
Aggregate gross distributions declared per share		$ 0.9378	$ 0.9378
Net distributions declared per share		0.9378	0.9378
Class A Common Stock
Subsequent Event [Line Items]
Aggregate gross distributions declared per share		0.9378	0.9378
Net distributions declared per share		0.9378	0.9378
Class T Common Stock
Subsequent Event [Line Items]
Aggregate gross distributions declared per share		0.9378	0.9378
Stockholder servicing fee per share		0.1188	0.1264
Net distributions declared per share		0.819	0.8114
Class D Common Stock
Subsequent Event [Line Items]
Aggregate gross distributions declared per share		0.9378	0.9378
Stockholder servicing fee per share		0.035	0.0374
Net distributions declared per share		0.9028	0.9004
Class I Common Stock
Subsequent Event [Line Items]
Aggregate gross distributions declared per share		0.9378	0.9378
Net distributions declared per share		$ 0.9378	$ 0.9378
Subsequent Event | Class P Common Stock
Subsequent Event [Line Items]
Aggregate gross distributions declared per share	$ 0.1042
Net distributions declared per share	0.1042
Subsequent Event | Class A Common Stock
Subsequent Event [Line Items]
Aggregate gross distributions declared per share	0.1042
Net distributions declared per share	0.1042
Subsequent Event | Class T Common Stock
Subsequent Event [Line Items]
Aggregate gross distributions declared per share	0.1042
Stockholder servicing fee per share	0.0126
Net distributions declared per share	0.0916
Subsequent Event | Class D Common Stock
Subsequent Event [Line Items]
Aggregate gross distributions declared per share	0.1042
Stockholder servicing fee per share	0.0037
Net distributions declared per share	0.1005
Subsequent Event | Class I Common Stock
Subsequent Event [Line Items]
Aggregate gross distributions declared per share	0.1042
Net distributions declared per share	$ 0.1042

Uncategorized Items - ck0001690

Label	Element	Value
Accounting Standards Update 2016-13 [Member]
Financing Receivable, Allowance For Credit Losses After Adoption	ck0001690012_FinancingReceivableAllowanceForCreditLossesAfterAdoption	$ (8,710,000)
Accounting Standards Update 2016-13 [Member] | Commercial Mortgage Loans [Member]
Financing Receivable, Allowance for Credit Loss	us-gaap_FinancingReceivableAllowanceForCreditLosses	8,375,000
Accounting Standards Update 2016-13 [Member] | Commercial Mortgage Loans [Member] | Revision of Prior Period, Adjustment [Member]
Financing Receivable, Allowance for Credit Loss	us-gaap_FinancingReceivableAllowanceForCreditLosses	$ 4,787,000