Inpoint Commercial Real Estate Income (ICR-PA) 10-K 15 Mar 24 2023 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($)	12 Months Ended
	Dec. 31, 2023	Mar. 14, 2024
Document And Entity Information [Line Items]
Document Type	10-K
Amendment Flag	false
Document Period End Date	Dec. 31, 2023
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	FY
Trading Symbol	ICR PR A
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 Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	true
ICFR Auditor Attestation Flag	false
Entity Shell Company	false
Entity File Number	001-40833
Document Financial Statement Error Correction [Flag]	false
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 Annual Report	true
Document Transition Report	false
Title of 12(b) Security	6.75% Series A Cumulative Redeemable Preferred Stock, par value $0.001
Security Exchange Name	NYSE
Entity Public Float	$ 0
Auditor Name	KPMG LLP
Auditor Location	Chicago, IL
Auditor Firm ID	185
Class of P,A,T,D,I and S Common Stock
Document And Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		10,116,192
Class P Common Stock
Document And Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		8,562,777
Class A Common Stock
Document And Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		745,887
Class T Common Stock
Document And Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		290,345
Class D Common Stock
Document And Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		48,015
Class I Common Stock
Document And Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		469,168
Class S Common Stock
Document And Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		0

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands		Dec. 31, 2023	Dec. 31, 2022
Assets:
Cash and cash equivalents		$ 54,143	$ 29,408
Commercial mortgage loans:
Commercial mortgage loans at cost		743,852	845,866
Allowance for credit losses		(21,849)	(3,588)
Commercial mortgage loans at cost, net	[1]	722,003	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		604	872
Accrued interest receivable		3,283	3,121
Prepaid expenses and other assets		312	2,219
Total assets		780,345	914,495
Liabilities:
Repurchase agreements		457,438	488,086
Credit facility payable		9,498	18,380
Loan participations sold, net		57,226	99,420
Finance lease liability			17,457
Due to related parties		$ 2,028	$ 2,197
Other Liability, Related Party, Type [Extensible Enumeration]		us-gaap:RelatedPartyMember	us-gaap:RelatedPartyMember
Accrued interest payable		$ 1,792	$ 1,499
Distributions payable		1,050	1,047
Accrued expenses		762	7,852
Total liabilities		529,794	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, 3,544,553 and 3,548,696 shares issued and outstanding as of December 31, 2023 and December 31, 2022, respectively		4	4
Additional paid in capital		339,581	339,470
Accumulated deficit		(89,044)	(60,927)
Total stockholders' equity		250,551	278,557
Total liabilities and stockholders’ equity		780,345	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
[1] First mortgage loans are first position mortgage loans and credit loans are mezzanine and subordinated loans.

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Dec. 31, 2023	Dec. 31, 2022
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 - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Interest income:
Interest income	$ 68,253	$ 44,641	$ 28,988
Less: Interest expense	(42,195)	(21,371)	(8,801)
Net interest income	26,058	23,270	20,187
Revenue from real estate	12,719	14,774	8,109
Total income	38,777	38,044	28,296
Operating expenses:
Advisory fee	3,381	3,692	3,217
Amortization of debt finance costs	1,919	1,708	1,492
Directors compensation	80	81	73
Professional service fees	286	914	1,028
Real estate operating expenses	11,700	15,369	10,344
Provision for asset impairment	6,934	0	0
Depreciation and amortization	514	1,130	1,089
Other expenses	1,674	1,383	1,180
Total operating expenses	26,488	24,277	18,423
Other (loss) income:
Provision for credit losses	(16,911)	(3,588)	0
Gain on sale of real estate	206	0	0
Total other loss	(16,705)	(3,588)	0
Net (loss) income before income taxes	(4,416)	10,179	9,873
Income tax provision	(22)	0	0
Net (loss) income	(4,438)	10,179	9,873
Gain on repurchase and retirement of preferred stock	(21)	(306)	0
Net (loss) income attributable to common stockholders	$ (10,398)	$ 4,430	$ 8,219
Net (loss) income per share attributable to common stockholders, basic	$ (1.03)	$ 0.42	$ 0.72
Net (loss) income per share attributable to common stockholders, diluted	$ (1.03)	$ 0.42	$ 0.72
Weighted average number of shares
Basic	10,114,606	10,605,242	11,480,517
Diluted	10,114,606	10,606,072	11,481,464
Series A Preferred Stock
Other (loss) income:
Series A Preferred Stock dividends	$ 5,981	$ 6,055	$ 1,654

CONSOLIDATED STATEMENT OF CHANG

CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS' EQUITY - USD ($) $ in Thousands	Total	Cumulative Effect, Period of Adoption, Adjustment	Cumulative Effect, Period of Adoption, Adjusted Balance	Preferred Stock Series A Preferred Stock	Preferred Stock Cumulative Effect, Period of Adoption, Adjusted Balance Series A Preferred Stock	Common Stock Class P Common Stock	Common Stock Class A Common Stock	Common Stock Cumulative Effect, Period of Adoption, Adjusted Balance Class P Common Stock	Common Stock Cumulative Effect, Period of Adoption, Adjusted Balance Class A Common Stock	Additional Paid in Capital	Additional Paid in Capital Cumulative Effect, Period of Adoption, Adjusted Balance	Accumulated Deficit	Accumulated Deficit Cumulative Effect, Period of Adoption, Adjustment	Accumulated Deficit Cumulative Effect, Period of Adoption, Adjusted Balance
Balance at Dec. 31, 2020	$ 240,256					$ 10	$ 1			$ 287,498		$ (47,253)
Proceeds from issuance of common stock	199									199
Proceeds from issuance of preferred stock	90,000			$ 4						89,996
Offering costs	(4,570)									(4,570)
Net income (loss)	9,873											9,873
Common stock distributions declared	(13,241)											(13,241)
Preferred stock distributions declared	(1,654)											(1,654)
Distribution reinvestment	583									583
Redemptions	(14,335)					(1)				(14,334)
Equity-based compensation	34									34
Balance at Dec. 31, 2021	307,145			4		9	1			359,406		(52,275)
Proceeds from issuance of common stock	4,529									4,529
Repurchase and retirement of preferred stock	(977)									(1,283)		306
Offering costs	(1,572)									(1,572)
Net income (loss)	10,179											10,179
Common stock distributions declared	(13,082)											(13,082)
Preferred stock distributions declared	(6,055)											(6,055)
Distribution reinvestment	725									725
Redemptions	(22,367)									(22,367)
Equity-based compensation	32									32
Balance at Dec. 31, 2022	278,557	$ (5,122)	$ 273,435	4	$ 4	9	1	$ 9	$ 1	339,470	$ 339,470	(60,927)	$ (5,122)	$ (66,049)
Accounting Standards Update [Extensible Enumeration]													Accounting Standards Update 2016-13 [Member]
Proceeds from issuance of common stock	342									342
Repurchase and retirement of preferred stock	(83)									(104)		21
Offering costs	(243)									(243)
Net income (loss)	(4,438)											(4,438)
Common stock distributions declared	(12,597)											(12,597)
Preferred stock distributions declared	(5,981)											(5,981)
Distribution reinvestment	85									85
Equity-based compensation	31									31
Balance at Dec. 31, 2023	$ 250,551			$ 4		$ 9	$ 1			$ 339,581		$ (89,044)

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Cash flows from operating activities
Net (loss) income	$ (4,438)	$ 10,179	$ 9,873
Adjustments to reconcile net (loss) income to cash provided by operations:
Provision for credit losses	16,911	3,588	0
Provision for asset impairment	6,934	0	0
Depreciation and amortization expense	514	1,130	1,089
Gain on sale of real estate	(206)	0	0
Reduction in the carrying amount of the right-of-use asset	30	72	71
Amortization of equity-based compensation	31	32	34
Amortization of debt finance costs to operating expense	1,919	1,708	1,492
Amortization of debt finance costs to interest expense	3	120	69
Amortization of origination fees	(15)	(217)	(702)
Amortization of deferred exit fees	36		6
Amortization of loan extension fees	(652)	(317)	(314)
Changes in assets and liabilities:
Accrued interest receivable	(162)	(1,705)	(248)
Accrued expenses	(7,378)	3,274	985
Loan fees payable			(401)
Accrued interest payable	715	1,487	387
Due to related parties	47	(671)	456
Prepaid expenses and other assets	1,906	(164)	(1,153)
Net cash provided by operating activities	16,195	18,516	11,644
Cash flows from investing activities:
Origination of commercial loans	(23,073)	(300,576)	(337,033)
Loan extension fees received on commercial loans	637	584	231
Principal repayments of commercial loans	107,520	120,240	114,558
Real estate capital expenditures	(496)	(810)	(150)
Proceeds from sale of real estate	11,942
Net cash provided by (used in) investing activities	96,530	(180,562)	(222,394)
Cash flows from financing activities:
Proceeds from issuance of common stock	342	4,529	199
Proceeds from issuance of preferred stock			90,000
Redemptions of common stock		(22,367)	(14,335)
Repurchase of preferred stock	(83)	(977)
Payment of offering costs	(282)	(1,680)	(4,655)
Proceeds from repurchase agreements	359,951	258,990	194,101
Principal repayments of repurchase agreements	(390,602)	(78,025)	(177,703)
Proceeds from credit facility		18,380	14,350
Principal repayments of credit facility	(8,882)	(14,350)
Proceeds from sale of loan participations	435	5,042	109,772
Principal repayments of loan participations	(28,728)	(15,394)
Debt finance costs	(1,651)	(1,460)	(1,776)
Distributions paid to common stockholders	(12,509)	(12,447)	(12,388)
Distributions paid to preferred stockholders	(5,981)	(6,055)	(1,654)
Net cash (used in) provided by financing activities	(87,990)	134,186	195,911
Net change in cash, cash equivalents and restricted cash	24,735	(27,860)	(14,839)
Cash, cash equivalents and restricted cash at beginning of period	29,408	57,268	72,107
Cash, cash equivalents and restricted cash at end of period	54,143	29,408	57,268
Supplemental disclosure of cash flow information:
Amortization of deferred exit fees due to related party	(176)	82	430
Interest paid	41,899	20,116	8,729
Accrued stockholder servicing fee due to related party	(39)	(108)	(85)
Distribution reinvestment	$ 85	$ 725	$ 583

Organization and Business Opera

Organization and Business Operations	12 Months Ended
	Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Business Operations	Note 1 – Organization and B usiness 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”), and senior unsecured debt of publicly traded real estate investment trusts (“REITs”). The Company may also invest in select equity investments in single-tenant, net leased properties. 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 of the 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, 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 an amended and restated advisory agreement dated July 1, 2021 among the Company, the Advisor and the Operating Partnership (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 which 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 meetings; 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 in shares of Class P common stock (“Class P Shares”). Inland Securities Corporation, an affiliate of the Advisor (the “Dealer Manager”), was the dealer manager for the Private Offering. On June 28, 2019, the Company terminated the Private Offering. The Company continued to accept Private Offering subscription proceeds through July 16, 2019 from subscription agreements executed no later than June 28, 2019. The Company issued 10,258,094 Class P Shares in the Private Offering, resulting in gross proceeds of $ 276,681 . 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 varied and generally equaled the prior month’s NAV per share, as determined monthly, plus applicable upfront selling commissions and dealer manager fees. The Dealer Manager served as the Company’s exclusive dealer manager for the IPO on a best efforts basis. On April 28, 2022, the Company filed a Registration Statement of 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”). On March 24, 2020, the Board suspended (i) the sale of shares in the IPO, (ii) the operation of the share repurchase plan (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. 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 an effective registration statement on Form S-11 (File No. 333-258802) filed with the SEC. The Company received 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. In connection with the Preferred Stock Offering, Regulation M under the Securities Exchange Act of 1934, as amended, prohibited the Company from selling its shares of common stock in the primary portion of the IPO and repurchasing its shares of common stock through the SRP during the applicable restricted period. After careful consideration of the regulatory requirements, the Board unanimously approved the temporary suspension of the sale of the Company’s shares of common stock in the primary portion of the IPO and the operation of the SRP, each effective at 9:30 a.m., Eastern Time, on September 7, 2021, until 9:30 a.m., Eastern Time, on September 15, 2021. For more information on the Preferred Stock Offering, see “Note 6 – Stockholders’ Equity”. 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” and Part II, “Item 1A – Risk Factors” for updates to the Company’s business after December 31, 2023 .

Summary of Significant Accounti

Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2023
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Note 2 – Summary of Significant Accounting Policies Basis of Accounting The 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. Certain amounts in the prior period consolidated financial statements have been reclassified to conform with the current year presentation. Principles of Consolidation The Company consolidates all entities that the Company controls through either majority ownership or voting rights. The accompanying consolidated financial statements include the accounts of the Company and the Operating Partnership. All intercompany accounts and transactions have been eliminated in consolidation. In determining whether the Company has a controlling financial interest in a joint venture and the requirement to consolidate the accounts of that entity, management considers factors such as ownership interest, authority to make decisions and contractual and substantive participating rights of the other partners or members as well as whether the entity is a variable interest entity (“VIE”) for which the Company is the primary beneficiary. The Company has determined the Operating Partnership is a VIE of which the Company is the primary beneficiary. Substantially all of the Company’s assets and liabilities are held by the Operating Partnership. 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 December 31, 2023 and 2022 , no restricted cash was held by the Company. Credit Facility Payable The Company has a credit facility to finance the acquisition or origination of commercial mortgage loans. This credit facility, when drawn upon, is accounted for as debt. The fees paid for this credit facility are recorded in deferred debt finance costs on the consolidated balance sheet and are amortized straight line over the period of the agreement to debt finance costs on the consolidated statement of operations. For further information on the credit facility, see “Note 4 – Repurchase Agreements and Credit Facilities.” 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 quantitative 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 nonaccrual 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. Allowance for Credit Losses On January 1, 2023 , the Company adopted 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 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, and (iv) selecting the forecast for macroeconomic conditions. The Company estimates the analytical portion of its allowance for credit losses by using a probability-weighted quantitative 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 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. 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. As of December 31, 2023 and 2022, the Company had $ 722,003 and $ 842,278 of commercial mortgage loans held for investment, respectively, which is net of allowance for credit losses of $ 21,849 and $ 3,588 , respectively. See Note 3 – “Commercial Mortgage Loans Held for Investment - Allowance for Credit Losses” for further information. Interest Income Interest income on commercial loans, which includes origination fees paid by borrowers, is recognized over the life of the investment using the effective interest method. Management estimates, at the time of purchase, the future expected cash flows and determines the effective interest rate based on these estimated cash flows and the Company’s purchase price. As needed, these estimated cash flows are updated and a revised yield is computed based on the current amortized cost of the investment. In estimating these cash flows, there are a number of assumptions that are subject to uncertainties and contingencies, including the rate and timing of principal payments (prepayments, repurchases, defaults and liquidations), the pass through or coupon rate and interest rate fluctuations. In addition, management must use its judgment to estimate interest payment shortfalls due to delinquencies on the underlying mortgage loans. These uncertainties and contingencies are difficult to predict and are subject to future events that may impact management’s estimates and the Company’s interest income. Real Estate Owned Real estate owned (“REO”) represents real estate acquired by the Company through foreclosure, deed-in-lieu of foreclosure, or purchase. For real estate acquired by the Company through foreclosure or deed-in-lieu of foreclosure, REO assets are recorded at fair value at acquisition and are presented net of accumulated depreciation. For REO assets acquired through purchase, REO assets are recorded at cost at acquisition and are presented net of accumulated depreciation. REO assets are depreciated using the straight-line method over estimated useful lives of up to 40 years for buildings and improvements and up to 15 years for furniture, fixtures and equipment. Renovations and/or replacements that improve or extend the life of the real estate asset are capitalized and depreciated over their estimated useful lives. The Company sold the REO during 2023. See Note 13 – “Disposition of Real Estate” for further information. Revenue from Real Estate Revenue from real estate represents revenue associated with the operations of a hotel property classified as REO. Revenue from the operation of the hotel property is recognized when guestrooms are occupied, services have been rendered or fees have been earned. Revenues are recorded net of any discounts and sales and other taxes collected from customers. Revenues consist of room sales, food and beverage sales and other hotel revenues. The Company sold the REO during 2023. See Note 13 – “Disposition of Real Estate” for further information. Leases Finance lease right of use (“ROU”) assets represent the Company’s right to use an underlying asset during the lease term, and lease liabilities represent the Company’s obligation to make lease payments arising from the lease. ROU assets are recorded based on the fair value of the underlying property. Lease liabilities are recognized at commencement date based on the present value of fixed lease payments over the lease term. Leases will be classified as either a finance or operating lease, with such classification affecting the pattern and classification of expense recognition in the consolidated statements of operations. For leases greater than 12 months, the Company determines, at the inception of the contract, if the arrangement meets the classification criteria for an operating or finance lease. For leases that have extension options, which can be exercised at the Company’s discretion, management uses judgment to determine if it is reasonably certain that such extension options will be elected. If the extension options are reasonably certain to occur, the Company includes the extended term’s lease payments in the calculation of the respective lease liability. Total lease expense is recognized as interest on the finance lease liability and amortization of the ROU asset on a straight-line basis over the lease term. The incremental borrowing rate used to discount the lease liability is determined at commencement of the lease, or upon modification of the lease, as the interest rate a lessee would have to pay to borrow on a fully collateralized basis over a similar term an amount equal to the lease payments in a similar economic environment. The Company’s incremental borrowing rate considers information at both the corporate and property level and analysis of current market conditions for obtaining new financings. As of December 31, 2023 , the Company had no finance leases. Fair Value Measurements The Company estimates fair value using available market information and valuation methodologies it believes to be appropriate for these purposes. The Company defines fair value based on the price that would be received upon sale of an asset or the exit price that would be paid to transfer a liability in an orderly transaction between market participants at the measurement date. ASC Topic 820 , Fair Value Measurements establishes a fair value hierarchy that prioritizes observable and unobservable inputs used to measure fair value. The fair value hierarchy consists of three broad levels, which are described below: • Level I - Inputs are unadjusted, quoted prices in active markets for identical assets or liabilities at the measurement date. • Level II - Inputs (other than quoted prices included in Level I) are either directly or indirectly observable for the asset or liability through correlation with market data at the measurement date and for the duration of the instrument’s anticipated life. • Level III - Unobservable inputs which reflect management’s best estimate of what market participants would use in pricing the asset or liability at the measurement date. Consideration is given to the risk inherent in the valuation technique and the risk inherent in the inputs to the model. The determination of where an asset or liability falls in the above hierarchy requires judgment and factors specific to the asset or liability. In instances where the determination of the fair value measurement is based on inputs from different levels of the fair value hierarchy, the level in the fair value hierarchy within which the entire fair value measurement falls is based on the lowest level input that is significant to the fair value measurement in its entirety. The Company evaluates its hierarchy disclosures each quarter and depending on various factors, it is possible that an asset or liability may be classified differently from quarter to quarter. The Company is required by GAAP to disclose fair value information about financial instruments that are not otherwise reported at fair value in its consolidated balance sheets, to the extent it is practicable to estimate a fair value for those instruments. These disclosure requirements exclude certain financial instruments and all non-financial instruments. Organization and Offering Expenses The Company conducted an IPO that commenced following the conclusion of the Private Offering on June 28, 2019. The IPO concluded and the Second Public Offering began when the S-11 for the Second Public Offering was declared effective by the SEC on November 2, 2022 (File No. 333-264540). As described above, on January 30, 2023, the Board approved the suspension of the Primary Offering. For classes of shares sold in the Public Offerings, the purchase price per share was based on a monthly NAV published around the 15 th of the month preceding its effective date with the valuation based on the end of the previous month. For the Private Offering, the purchase price per Class P Share was equal to $ 25.00 (the “Transaction Price”) plus applicable selling commissions, dealer manager fees and organization and offering expenses, resulting in a total purchase price of $ 27.38 per Class P Share if maximum selling commissions, dealer manager fees and organization and offering expenses were paid. The Dealer Manager was the dealer manager for the Private Offering, the IPO and the Second Public Offering. Organization and offering expenses include all expenses incurred in connection with the Private Offering and Public Offerings. Organization and offering expenses (other than selling commissions, dealer manager fees and stockholder servicing fees) of the Company may be paid by the Advisor, Sub-Advisor, the Dealer Manager, or their respective affiliates on behalf of the Company and subsequently reimbursed by the Company. For the Private Offering, offering expenses were deferred and a payable was recognized to the Advisor or Sub-Advisor until shares were sold in the Private Offering, at which point the expense reimbursement was paid from additional paid-in capital. For the Public Offerings, offering costs are offset against additional paid-in capital when incurred. These expenses include but are not limited to: (i) reimbursing the Dealer Manager and participating broker-dealers for bona fide out-of-pocket, itemized and detailed due diligence expenses incurred by these entities, (ii) expenses for printing and mailing, charges of transfer agents, registrars, trustees, escrow holders, depositaries and experts, and (iii) expenses of qualifying the sale of the shares under federal and state laws, including taxes and fees and accountants’ and attorneys’ fees and expenses. The Company reimbursed the Advisor, the Sub-Advisor and their respective affiliates for costs and other expenses related to the Private Offering not in excess of the organization and offering expenses paid by investors in connection with the sale of Class P Shares in the Private Offering. The Company also reimburses the Advisor, the Sub-Advisor and their respective affiliates for costs and other expenses related to the IPO, 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. Repurchase Agreements The Company enters into master repurchase agreements that allow the Company to sell real estate loans and securities while providing a fixed repurchase price for the same real estate loans and securities in the future. Repurchase agreements are being accounted for as secured borrowings since the Company maintains effective control of the financed assets. Under the master repurchase agreements, the respective lender retains the right to mark the underlying collateral to fair value. Senior Loan Participations For several first mortgage loans, the Company sold a non-recourse senior loan participation interest to a third party and retained a subordinate participation interest. These do not qualify as sales under GAAP and are instead presented in a manner similar to a secured borrowing. On the balance sheet, there is a gross presentation with the full loan receivable recorded in Commercial mortgage loans at cost and an offsetting liability to the third party recorded in Loan participations sold, net. Interest income on the mortgage loans continues to be recorded as described above with interest amounts due to the third party for its senior loan participation interest recorded in interest expense. Equity-Based Compensation In accordance with the Company’s Independent Director Restricted Share Plan (the “RSP”), restricted shares are issued to independent directors as compensation. The Company recognizes expense related to the fair value of equity-based compensation awards as operating expense in the consolidated statements of operations. The Company recognizes expense based on the fair value at the grant dated on a straight-line basis over the vesting period representing the requisite service period. See Note 11 – “Equity-Based Compensation” for further information. Income Taxes The Company qualifies as a REIT under the Internal Revenue Code of 1986, as amended, for federal income tax purposes commencing with the tax year ended December 31, 2017 and qualifies for taxation as a REIT. The Company generally will not be subject to federal income tax to the extent it distributes its REIT taxable income, subject to certain adjustments, to its stockholders. Subsequently, if the Company fails to qualify as a REIT in any taxable year, the Company will be subject to federal income tax on its taxable income at regular corporate tax rates. Even if the Company qualifies for taxation as a REIT, the Company may be subject to certain state and local taxes on its income, property or net worth and federal income and excise taxes on its undistributed income. The Company had no uncertain tax positions as of December 31, 2023 or 2022 . The Company expects no significant increases or decreases in uncertain tax positions due to changes in tax positions within one year of December 31, 2023 . The Company had no interest or penalties relating to income taxes recognized in the consolidated statements of operations for the years ended December 31, 2023, 2022 or 2021. As of December 31, 2023, returns for the calendar years 2020, 2021, 2022 and 2023 remain subject to examination by U.S. and various state and local tax jurisdictions. Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for future tax consequences and are attributable to (1) differences between the financial statement carrying amounts and their respective tax bases, and (2) net operating losses. The Company operated the Renaissance O’Hare Suites Hotel (the “Renaissance O’Hare”) through a taxable REIT subsidiary (“TRS”) that engaged a third-party hotel management company to manage the hotel under a management contract. The TRS had cumulative net operating losses of $ 7,484 and $ 3,738 , as of December 31, 2023 and 2022, respectively, with corresponding deferred tax assets of $ 2,134 and $ 1,066 , respectively. These losses have no expiration. The deferred tax assets are calculated using an effective tax rate of 28.51 %, which is calculated by combining a 21 % Federal tax rate and an IL tax rate of 7.51 % ( 9.5 % state rate net of the Federal benefit). At December 31, 2023 , it is more likely than not that the Company will not generate sufficient taxable income to fully realize the tax deferred tax asset related to the Company’s TRS, therefore the Company maintains a full valuation allowance on its deferred tax asset of $ 2,134 . The Renaissance O’Hare was sold on September 28, 2023. See Note 13 for further information. Distributions Payable Distributions payable represent distributions declared as of the balance sheet date which are payable to stockholders. Per Share Data The Company calculates basic and diluted earnings per share by dividing net income attributable to the Company for the period by the weighted-average number of shares of common stock outstanding for that period. Basic earnings (loss) per share (“EPS”) is computed by dividing net income by the weighted average number of common shares outstanding for the period. Diluted EPS is computed by dividing net income by the common shares plus common share equivalents. For further information about the Company’s calculation of EPS, see Note 7 – “Net Income Per Share Attributable to Common Stockholders.” Accounting Pronouncements Recently Issued but Not Yet Effective In November 2023, the Financial Accounting Standards Board (the “FASB”) issued ASU No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures , which requires a public entity to disclose significant segment expenses and other segment items on an annual and interim basis and to provide in interim periods all disclosures about a reportable segment’s profit or loss and assets that are currently required annually. Public entities with a single reportable segment are required to provide the new disclosures and all the disclosures required under ASC 280. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024, early adoption is permitted. The amendments should be applied retrospectively to all periods presented in the financial statements, unless it is impracticable. The Company is currently evaluating the impact of ASU 2023-07 on the Company’s consolidated financial statements. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures . ASU 2023-09 improves the transparency of income tax disclosures related to rate reconciliation and income taxes. ASU 2023-07 is effective for annual periods beginning after December 15, 2024. Early adoption is permitted for annual financial statements that have not yet been issued or made available for issuance. The amendments should be applied prospectively, however retrospective application is

Commercial Mortgage Loans Held

Commercial Mortgage Loans Held for Investment	12 Months Ended
	Dec. 31, 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 following tables show a summary of the Company’s commercial mortgage loans held for investment as of December 31, 2023 and 2022: December 31, 2023 Loan Type (1) Number of Loans Principal Balance Unamortized Allowance for credit losses Carrying Weighted Average (2) Weighted Average (3) First mortgage loans 34 $ 729,380 $ 972 $ ( 21,809 ) $ 708,543 8.8 % 0.9 Credit loans 2 13,500 — ( 40 ) 13,460 9.6 % 2.4 Total and average 36 $ 742,880 $ 972 $ ( 21,849 ) $ 722,003 8.8 % 0.9 December 31, 2022 Loan Type (1) Number of Loans Principal Balance Unamortized 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 December 15, 2023, the SOFR rate reset to 5.36 % . On December 15, 2022, the LIBOR and SOFR rates reset to 4.32 % and 4.34 %, respectively. Weighted average interest rate excludes maturity default interest and interest on loans placed on nonaccrual status. (3) Weighted average years to maturity excludes allowable extensions on the loans. For the years ended December 31, 2023 and 2022, the activity in the Company’s commercial mortgage loans, held-for-investment portfolio was as follows: Year Ended December 31, 2023 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 23,073 — 23,073 Principal repayments ( 107,520 ) — ( 107,520 ) Sale of loan (1) ( 17,433 ) — ( 17,433 ) Amortization of loan origination and deferred exit fees 865 — 865 Origination fees and extension fees received on commercial loans ( 999 ) — ( 999 ) Provision for credit losses — ( 16,957 ) ( 16,957 ) Charge-offs (1) — 3,483 3,483 Balance at End of Period $ 743,852 $ ( 21,849 ) $ 722,003 ____________ (1) The Company sold one loan during 2023. See Note 5 for further information. Year Ended December 31, 2022 Commercial mortgage loans at cost Allowance for credit losses Carrying Value Balance at Beginning of Year $ 665,498 $ — $ 665,498 Loan originations 300,576 — 300,576 Principal repayments ( 120,240 ) ( 120,240 ) Amortization of loan origination and deferred exit fees 616 616 Origination fees and extension fees received on commercial loans ( 584 ) ( 584 ) Provision for credit losses — ( 3,588 ) ( 3,588 ) Balance at End of Period $ 845,866 $ ( 3,588 ) $ 842,278 Allowance for Credit Losses The following table presents the activity in the Company’s allowance for credit losses: Year Ended December 31, 2023 Commercial Mortgage Loans Unfunded Loan Commitments (1) Total Balance at beginning of year $ ( 3,588 ) $ — $ ( 3,588 ) Adoption of ASU 2016-13 ( 4,787 ) ( 335 ) ( 5,122 ) Balance at beginning of year after adoption ( 8,375 ) ( 335 ) ( 8,710 ) Provision for credit losses ( 16,957 ) 46 ( 16,911 ) Charge-offs (2) 3,483 — 3,483 Ending allowance for credit losses $ ( 21,849 ) $ ( 289 ) $ ( 22,138 ) ____________ (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 2023. See Note 5 for further information. Year Ended December 31, 2022 Commercial Mortgage Loans Balance at beginning of year $ — Provision for credit losses ( 3,588 ) Charge-offs — Ending allowance for credit losses $ ( 3,588 ) During 2023, the Company increased the CECL reserve by $ 22,033 which included $ 5,122 from adoption of ASU 2016-13 and $ 16,911 in provision for credit losses and reduced the CECL reserve by $ 3,483 with the charge-off of one loan, bringing the total CECL reserve to 22,138 . 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 2023, the Company recorded a net increase of $ 12,678 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 December 31, 2023 . Two of these loans have been placed on nonaccrual status as described below. The increase in the reserve was partially offset by a decrease due to the charge-off of one loan for $ 3,483 . In accordance with the Company’s allowance for loan loss policy, during the year ended December 31, 2022 , the Company recorded an impairment charge of $ 3,588 . The impairment charge relates to a first mortgage loan secured by an office building. The loan was subsequently sold during 2023. See Note 5 for further information. For further information on the Company’s allowance for credit losses policy, see “Note 2 – Summary of Significant Accounting Policies.” 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 December 31, 2023 , 24 loans had a risk rating of 2 , seven had a risk rating of 3, three had a risk rating of 4 and two 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 December 31, 2023 , the Company had two senior loans with a risk rating of 5 with total outstanding balance of $ 43,197 and total unfunded commitments of $ 6,553 . • A senior loan secured by a multifamily property located in Portland, OR with an outstanding balance of $ 29,550 and an unfunded commitment of $ 2,200 was extended in December 2023 to May 9, 2024 to provide the sponsor time to stabilize the rent roll and eventually sell the property. The Company established an interest reserve through maturity that was added to the principal balance in the amount of $ 1,750 . The loan is on nonaccrual status and the Company has recorded an asset-specific CECL reserve of $ 7,073 on this loan as of December 31, 2023. • A senior loan secured by an office property in Reston, VA with an outstanding loan balance of $ 13,647 , an unfunded commitment of $ 4,353 and a maturity date of March 9, 2024 . The Company has been negotiating a loan extension with the sponsor. The loan was placed on nonaccrual status as of February 1, 2024 and the Company has recorded an asset-specific CECL reserve of $ 2,969 on this loan as of December 31, 2023. As of December 31, 2023, a senior loan secured by an office property located in Addison, TX with an outstanding balance of $ 24,411 and no unfunded commitment has been in maturity default since September 9, 2023. The Company has been negotiating a loan extension with the sponsor. The loan is on nonaccrual status and the Company has recorded an asset-specific CECL reserve of $ 2,621 on this loan as of December 31, 2023. The loan had a risk rating of 4 as of December 31, 2023. During the year ended December 31, 2023 , the Company recognized $ 3,045 in interest income related to the nonaccrual status loans, which is net of a reversal of $ 624 in interest income as a result of placing the loans on nonaccrual status. For the year ended December 31, 2023, the total interest income forgone after placing these loans on nonaccrual status was $ 1,621 . Loan Modifications The Company may amend or modify a loan based on its specific facts and circumstances. These modifications are often in the form of a term extension to provide the borrower additional time to refinance or sell the collateral property in order to repay the principal balance of the loan. Such extensions are generally made at the loan’s contractual interest rate and may require an extension fee be paid to the Company. During the year ended December 31, 2023, the Company made one such modification which is disclosable under ASU 2022-02, Troubled Debt Restructurings and Vintage Disclosures , as it was considered an other-than-insignificant payment delay for a borrower experiencing financial difficulty. In this instance, the Company granted a 7-month term extension for a senior loan secured by a multifamily property located in Portland, OR described above. No principal or interest was forgiven and no extension fee was received as a result of the modification. The loan’s modified terms were included in the determination of the CECL reserve. The loan had an amortized cost basis of $ 22,477 , which is net of $ 7,073 of asset-specific CECL reserve on the loan, representing 3.1 % of the Company’s commercial mortgage loans as of December 31, 2023. No interest income has been accrued on the loan since it was placed on the nonaccrual status.

Repurchase Agreements and Credi

Repurchase Agreements and Credit Facilities	12 Months Ended
	Dec. 31, 2023
Disclosure of Repurchase Agreements [Abstract]
Repurchase Agreements and Credit Facilities	Note 4 – Repurchase Agreements and Credit Facilities On February 15, 2018, a wholly-owned subsidiary of the Company 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 2023 for a twelve-month term and the maximum advance amount was reduced to $ 100,000 . 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 December 31, 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. 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 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 December 31, 2023 , all of the advances made under the JPM Repo Facility were indexed to SOFR and have margins between 1.85 % to 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 152 % and 135 %, as of December 31, 2023 and 2022, respectively. JPM agreed to waive this covenant as of as of December 31, 2022. As a result, the Company was in compliance with all financial covenant requirements as of December 31, 2023 and 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 initial 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 until the calendar quarter ending on June 30, 2023 and not less than $ 5,000 commencing with the calendar quarter ending on September 30, 2023. 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 WA Credit Facility is subject to certain financial covenants. One of the covenants requires that the Company has a debt service coverage ratio of at least 1.50 measured on a quarterly basis. For the three-month period ended December 31, 2023, the Company had a debt service coverage ratio of 1.47 . Western Alliance agreed to waive this covenant as of December 31, 2023. As a result, the Company was in compliance with all financial covenant requirements as of December 31, 2023 and 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 details of the Facilities as of December 31, 2023 and 2022 are as follows: December 31, 2023 Weighted Average Committed Amount Accrued Interest Payable Collateral Interest Days to Atlas Repo Facility $ 100,000 $ — $ — $ — — — JPM Repo Facility 526,076 457,438 1,385 644,201 7.78 % 1,588 Repurchase agreements - commercial mortgage loans 626,076 457,438 1,385 644,201 7.78 % 1,588 WA Credit Facility 40,000 9,498 42 13,647 9.34 % (2) 435 $ 666,076 $ 466,936 $ 1,427 $ 657,848 7.81 % 1,565 December 31, 2022 Weighted Average Committed Amount Accrued Interest Payable 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 Repurchase agreements - 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) Excluding $ 0 and $ 3 of unamortized debt issuance costs as of December 31, 2023 and 2022 , respectively. (2) Includes 0.50 % additional interest rate during the third and fourth quarters 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	12 Months Ended
	Dec. 31, 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, will receive 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 July 2023, the Company sold a senior office loan located in Alexandria, VA that had a risk rating of 5. 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 year ended December 31, 2023, the Company recognized $ 531 in interest income and $ 426 in interest expense on this loan. The following tables detail the Company’s loan participations sold as of December 31, 2023 and 2022: December 31, 2023 Loan Participations Sold Count Principal Balance Book Value Yield/Cost (1) Guarantee (2) Weighted Average Maximum Maturity (4) Total Loans 4 $ 71,532 $ 65,435 SOFR+ 3.5 % n/a 0.11 Senior participations (3) 4 $ 57,226 $ 57,226 SOFR+ 2.0 % n/a 0.11 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. The yield/cost excludes maturity default interest and interest on loans placed on nonaccrual status. (2) As of December 31, 2023 and 2022, the loan participations sold were non-recourse to the Company. (3) During the years ended December 31, 2023 and 2022 , the Company recorded $ 4,914 and $ 3,952 of interest expense related to loan participations sold. (4) Based on the furthest maximum maturity date of all the loans subject to the participation agreement.

Stockholders' Equity

Stockholders' Equity	12 Months Ended
	Dec. 31, 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. The Company also granted the underwriters a 30 -day option to purchase an additional 525,000 shares to cover over-allotments. In addition, on October 15, 2021, Raymond James & Associates, Inc., as 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 an effective registration statement on Form S-11 (File No. 333-258802) filed with the SEC. The Company received net proceeds of approximately $ 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). 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 year ended December 31, 2023 and 2022 , the Company repurchased and retired 4,143 and 51,304 shares, respectively, of Series A Preferred Stock resulting in a gain of $ 21 and $ 306 , respectively, from these repurchases. On January 30, 2023, the Board unanimously approved the termination of the Series A Preferred Repurchase Program. The Series A Preferred Stock is listed on the New York Stock Exchange under the symbol ICR PR A. Share Activity for Common Stock and Preferred Stock The following tables detail the change in the Company’s outstanding shares of all class of common and preferred stock, including restricted common stock: Year Ended December 31, 2023 Preferred Stock Common Stock 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 Repurchase and retirement of preferred stock ( 4,143 ) — — — — — — Distribution reinvestment — — 1,259 551 — 127 2,393 Issuance of restricted shares — — — — — — 1,722 Ending balance 3,544,553 8,562,777 745,887 290,345 — 48,015 469,168 Year Ended December 31, 2022 Preferred Stock Common Stock 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 — — 107,721 46,977 — — 67,316 Repurchase and retirement of preferred stock ( 51,304 ) — — — — — — Distribution reinvestment — — 12,662 6,307 — 1,548 16,212 Issuance of restricted shares — — — — — — 1,534 Redemptions — ( 930,162 ) ( 36,470 ) ( 155,042 ) — ( 958 ) ( 12,613 ) Ending balance 3,548,696 8,562,777 743,183 286,341 — 47,888 452,667 Year Ended December 31, 2021 Preferred Stock Common Stock Series A Class P Class A Class T Class S Class D Class I Beginning balance — 10,151,787 655,835 398,233 — 50,393 381,955 Issuance of shares 3,600,000 — 4,801 3,673 — — 976 Distribution reinvestment — — 10,992 5,687 — 1,748 10,420 Issuance of restricted shares — — — — — — 1,477 Redemptions — ( 658,848 ) ( 12,358 ) ( 19,494 ) — ( 4,843 ) ( 14,610 ) Ending balance 3,600,000 9,492,939 659,270 388,099 — 47,298 380,218 During the year ended December 31, 2023 , the Company issued shares in the Public Offerings at an average price per share of $ 19.55 with total net proceeds, including proceeds from the DRP, of $ 183 after offering costs of $ 240 . During the year ended December 31, 2022 , the Company issued shares in the Public Offerings at an average price per share of $ 20.31 with total net proceeds, including proceeds from the DRP, of $ 3,722 after offering costs of $ 1,532 . During the year ended December 31, 2021 , the Company issued shares in the IPO at an average price per share of $ 20.42 with total net proceeds, including proceeds from the DRP, of $( 110 ) after offering costs of $ 892 . In addition, the Company incurred $ 26 in reimbursable deferred offering costs that were payable to the Advisor and Sub-Advisor. The Company also issued shares of Series A Preferred Stock at an average price per share of $ 25.00 with total net proceeds of $ 86,310 after offering costs of $ 3,690 . Distributions Common Stock The table below presents the aggregate annualized and monthly distributions declared by record date for all classes of shares of common stock since January 1, 2021. Record date Aggregate annualized gross distribution declared per share of common stock Aggregate monthly gross distribution declared per share of common stock January 31, 2021 $ 0.9500 $ 0.0792 February 28, 2021 $ 1.0000 $ 0.0833 March 31, 2021 $ 1.0500 $ 0.0875 April 30, 2021 $ 1.1000 $ 0.0917 May 31, 2021 $ 1.1500 $ 0.0958 June 30, 2021 $ 1.2500 $ 0.1042 July 31, 2021 $ 1.2500 $ 0.1042 August 31, 2021 $ 1.2500 $ 0.1042 September 30, 2021 $ 1.2500 $ 0.1042 October 31, 2021 $ 1.2500 $ 0.1042 November 30, 2021 $ 1.2500 $ 0.1042 December 31, 2021 $ 1.2500 $ 0.1042 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 October 31, 2023 $ 1.2500 $ 0.1042 November 30, 2023 $ 1.2500 $ 0.1042 December 31, 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 December 31, 2023, the Company has not 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 since January 1, 2021. 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, 2021 $ 0.0749 $ 0.0646 February 28, 2021 $ 0.0794 $ 0.0701 March 31, 2021 $ 0.0832 $ 0.0729 April 30, 2021 $ 0.0876 $ 0.0776 May 31, 2021 $ 0.0915 $ 0.0813 June 30, 2021 $ 0.1000 $ 0.0900 July 31, 2021 $ 0.0999 $ 0.0896 August 31, 2021 $ 0.0999 $ 0.0895 September 30, 2021 $ 0.1000 $ 0.0900 October 31, 2021 $ 0.0999 $ 0.0895 November 30, 2021 $ 0.1000 $ 0.0901 December 31, 2021 $ 0.0999 $ 0.0897 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 October 31, 2023 $ 0.1005 $ 0.0916 November 30, 2023 $ 0.1006 $ 0.0920 December 31, 2023 $ 0.1005 $ 0.0916 Total distributions declared for Class P, Class A, Class T, Class D and Class I shares for the year ended December 31, 2023 were $ 10,704 , $ 932 , $ 318 , $ 58 and $ 585 , respectively. Total distributions declared for Class P, Class A, Class T, Class D and Class I shares for the year ended December 31, 2022 were $ 11,245 , $ 869 , $ 416 , $ 57 and $ 495 , respectively. Total distributions declared for Class P, Class A, Class T, Class D and Class I shares for the year ended December 31, 2021 were $ 11,577 , $ 767 , $ 395 , $ 54 and $ 448 , respectively. Series A Preferred Stock During December 2021, the Board declared a quarterly dividend on the Series A Preferred Stock in the amount of $ 0.459375 per share which was paid on December 30, 2021 to holders of record on December 15, 2021 for the period beginning September 22, 2021 to, but not including, December 30, 2021. Beginning March 2022, 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 tables below present the aggregate distributions declared per share for each applicable class of common stock and preferred stock during the years ended December 31, 2023, 2022 and 2021. The tables exclude from dividend declaration any month when there were no outstanding shares for a class of stock. Year Ended December 31, 2023 Preferred Stock Common Stock Series A Class P Class A Class T Class S Class D Class I Aggregate gross distributions declared per share $ 1.6875 $ 1.2500 $ 1.2500 $ 1.2500 $ — $ 1.2500 $ 1.2500 Stockholder servicing fee per share N/A N/A N/A 0.1558 — 0.0456 N/A Net distributions declared per share $ 1.6875 $ 1.2500 $ 1.2500 $ 1.0942 $ — $ 1.2044 $ 1.2500 Year Ended December 31, 2022 Preferred Stock Common Stock Series A Class P Class A Class T Class S Class D Class I Aggregate gross distributions declared per share $ 1.6875 $ 1.2504 $ 1.2504 $ 1.2504 $ — $ 1.2504 $ 1.2504 Stockholder servicing fee per share N/A N/A N/A 0.1685 — 0.0498 N/A Net distributions declared per share $ 1.6875 $ 1.2504 $ 1.2504 $ 1.0819 $ — $ 1.2006 $ 1.2504 Year Ended December 31, 2021 Preferred Stock (1) Common Stock Series A Class P Class A Class T Class S Class D Class I Aggregate gross distributions declared per share $ 0.4594 $ 1.1669 $ 1.1669 $ 1.1669 $ — $ 1.1669 $ 1.1669 Stockholder servicing fee per share N/A N/A N/A 0.1720 — 0.0507 N/A Net distributions declared per share $ 0.4594 $ 1.1669 $ 1.1669 $ 0.9949 $ — $ 1.1162 $ 1.1669 (1) Distributions on preferred stock are only for a partial year following their issuance on September 22, 2021. As of December 31, 2023 and 2022, distributions declared but not yet paid amounted to $ 1,050 and $ 1,047 , respectively. Distribution Reinvestment Plan The Company adopted a DRP, effective May 3, 2019, whereby Class A, Class T, Class S, Class D and Class I stockholders have the option to have their cash distributions reinvested in additional shares of common stock. Any cash distributions attributable to the class or classes of shares owned by participants in the DRP will be immediately reinvested in shares on behalf of the participants on the business day such distribution would have been paid to such stockholder. The per share purchase price for shares purchased pursuant to the DRP is equal to the most recently published transaction price at the time the distribution is payable. Stockholders do not pay upfront selling commissions when purchasing shares pursuant to the DRP. The stockholder servicing fees with respect to Class T shares, Class S shares and Class D shares are calculated based on the NAV for those shares and may reduce the NAV or, alternatively, the distributions payable with respect to shares of each such class, including shares issued in respect of distributions on such shares under the DRP. Shares acquired under the DRP will entitle the participant to the same rights and be treated in the same manner as shares of that class purchased in the Public Offerings. The Company reserves the right to amend any aspect of its DRP without the consent of its stockholders, provided that notice of any material amendment is sent to participants at least ten business days prior to the effective date of that amendment. In addition, the Company may suspend or terminate the DRP for any reason at any time upon ten business days’ prior written notice to participants. A stockholder’s participation in the plan will be terminated to the extent that a reinvestment of such stockholder’s distributions in the Company’s shares would cause the percentage ownership or other limitations contained in the Company’s charter to be violated. Participants may terminate their participation in the DRP with five business days’ prior written notice to the Company. On March 24, 2020, the Board suspended the IPO, effective immediately, and the DRP, effective April 6, 2020. In determining to suspend the IPO and the DRP, the Board considered various factors, including the economic impact of the COVID-19 pandemic, 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. After determining that there had been reduced volatility in the market for the Company’s investments and some improvement in the U.S. economic outlook, the Advisor resumed calculation of the NAV beginning as of June 30, 2020, and on October 1, 2020, the SEC declared effective the post-effective amendment to the Company’s registration statement on Form S-11 thereby permitting the Company to resume offers and sales of shares of common stock in the IPO, including through the DRP. On January 30, 2023, the Board suspended, among other things, the operation of the DRP, effective as of February 10, 2023. During the year ended December 31, 2023, the Company received proceeds from the DRP totaling $ 85 at an average price per share of $ 19.53 . During the year ended December 31, 2022, the Company received proceeds from the DRP totaling $ 725 at an average price per share of $ 19.73 . During the year ended December 31, 2021, the Company received proceeds from the DRP totaling $ 583 at an average price per share of $ 20.22 . Share Repurchase Plan The Company adopted a SRP, effective May 3, 2019, whereby on a monthly basis, stockholders who have held their shares of common stock for at least one year may request that the Company repurchase all or any portion of their shares. The Company may repurchase fewer shares than have been requested in any particular month to be repurchased under its SRP, or none at all, in its discretion at any time. In addition, the total amount of aggregate repurchases of shares will be limited to no more than 2 % of the aggregate NAV per month and no more than 5 % of the aggregate NAV per calendar quarter. The Board may 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 March 24, 2020 the Board suspended the SRP. 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 is 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). On January 30, 2023, the Board unanimously approved, effective immediately, the suspension of the operation of the SRP. During the year ended December 31, 2023 , the Company repurchased no shares of common stock. During the year ended December 31, 2022 , the Company repurchased $ 22,367 of common stock at an average price per share of $ 19.70 . During the year ended December 31, 2021 , after reinstatement of the SRP, the Company repurchased $ 14,335 of common stock at an average price per share of $ 20.19 .

Net (Loss) Income Per Share Att

Net (Loss) Income Per Share Attributable to Common Stockholders	12 Months Ended
	Dec. 31, 2023
Earnings Per Share [Abstract]
Net (Loss) Income Per Share Attributable to Common Stockholders	Note 7 – Net (Loss) Income Per Share Attributable to Common Stockholders Basic earnings per share attributable to common stockholders (“EPS”) is computed by dividing net (loss) income attributable to common stockholders by the weighted average number of common shares outstanding for the period. Diluted EPS is computed by dividing net (loss) income attributable to common stockholders by the common shares plus common share equivalents. The Company’s common share equivalents are unvested restricted shares. For the year ended December 31, 2023 , no additional shares related to restricted shares were included in the computation of diluted earnings per share due to the net loss for the year. For the year ended December 31, 2022 , 830 additional shares related to common share equivalents were included in the computation of diluted earnings per share because the effect of those common share equivalents was dilutive. For the year ended December 31, 2021 , 947 additional shares related to restricted shares were included in the computation of diluted earnings per share because the effect of those common share equivalents was dilutive. The Company excludes antidilutive restricted shares from the calculation of weighted-average shares for diluted earnings per share. There were 676 , 645 and 610 antidilutive restricted shares for the years ended December 31, 2023, 2022 and 2021, respectively. 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 (loss) income per share attributable to common stockholders computation for the years ended December 31, 2023, 2022 and 2021: Year Ended December 31, 2023 Year Ended December 31, 2022 Year Ended December 31, 2021 Net (loss) income attributable to common stockholders $ ( 10,398 ) $ 4,430 $ 8,219 Weighted average shares outstanding, basic 10,114,606 10,605,242 11,480,517 Weighted average shares outstanding, diluted 10,114,606 10,606,072 11,481,464 Net (loss) income per share attributable to common stockholders, basic and diluted $ ( 1.03 ) $ 0.42 $ 0.72

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 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 December 31, 2023 and 2022 , the Company had 27 and 33 commercial mortgage loans, respectively, with a total remaining future funding commitment of $ 31,021 and $ 59,474 , respectively. The Company could advance future funds at its discretion if requested by the borrower and the borrower meets certain requirements as specified in individual loan agreements.

Segment Reporting

Segment Reporting	12 Months Ended
	Dec. 31, 2023
Segment Reporting [Abstract]
Segment Reporting	Note 9 – Segment Reporting The Company has one reportable segment as defined by GAAP for the years ended December 31, 2023, 2022 and 2021 .

Transactions with Related Parti

Transactions with Related Parties	12 Months Ended
	Dec. 31, 2023
Related Party Transactions [Abstract]
Transactions with Related Parties	Note 10 – Transactions with Related Parties As of December 31, 2023 and 2022 , 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 the Transaction Price, with no payment of selling commissions, dealer manager fees or organization and offering expenses. The Advisor has agreed pursuant to its subscription agreement that, for so long as it or its affiliate is serving as the 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; (ii) it will not be eligible to submit a request for these 40,040 Class P Shares pursuant to the Company’s SRP prior to the fifth anniversary of the date on which such shares were purchased (November 2021); and (iii) 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 December 31, 2023 and 2022 , 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 this investment was the Transaction Price, with no payment of selling commissions, dealer manager fees or organization and offering expenses. Sound Point has agreed pursuant to its subscription agreement that, for so long as the Sub-Advisor or its affiliate is serving as the Sub-Advisor, (i) it will not be eligible to submit a request for the repurchase of these 120,000 shares pursuant to the Company’s SRP prior to the fifth anniversary of the date on which such shares were purchased (November 2021); and (ii) repurchase requests made for these 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 years ended December 31, 2023, 2022 and 2021: Year Ended Year Ended Year Ended Payable as of December 31, 2023 December 31, 2022 December 31, 2021 2023 2022 Organization and offering expense reimbursement (1) $ 2 $ — $ 26 $ 2 $ — Selling commissions and dealer manager fee (2) 4 155 8 — — Advisory fee (3) 3,381 3,692 3,217 271 296 Loan fees (4) 400 3,714 4,597 1,313 1,419 Accrued stockholder servicing fee (5) 4 ( 59 ) ( 23 ) 442 482 Operating expense reimbursement to Advisor (6) — — 56 — — Total $ 3,791 $ 7,502 $ 7,881 $ 2,028 $ 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 was 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 Company’s DRP. All upfront selling commissions and dealer manager fees were 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. Prior to July 1, 2021, the fixed component of the advisory fee was paid in an amount equal to 1/12th of 1.25 % per annum of the gross value of the Company’s assets, paid monthly in arrears, provided that any such monthly payment could not exceed 1/12 th of 2.5 % of the Company’s NAV. Effective July 1, 2021, 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 waived $ 0 , $ 0 and $ 1,475 of the fixed component of the advisory fees for the years ended December 31, 2023, 2022 and 2021, respectively. The Advisor pays fees to the Sub-Advisor for the services its 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 loans 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. (6) Prior to July 1, 2021, the Company reimbursed the Advisor for expenses that it (or the Sub-Advisor acting on the Advisor’s behalf) incurs in connection with providing services to the Company, provided that the Company did not reimburse overhead costs, including rent and utilities or personnel costs (including salaries, bonuses, benefits and severance payments) and the Company only reimbursed the Advisor for fees payable to its affiliates if they are incurred for legal or marketing services rendered on the Company’s behalf. Effective July 1, 2021, the Company is obligated to reimburse for all of the expenses attributable to the Company or its subsidiaries, including the Operating Partnership, and paid or incurred and submitted to the Company for reimbursement by the Advisor, the Sub-Advisor or their respective affiliates in providing services to the Company under the Advisory Agreement, including personnel and related employment costs. 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 year ended December 31, 2023, the amount of ordinary operating expenses either submitted for reimbursement by the Advisor and Sub-Advisor or incurred by the Company directly that was 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 year ended December 31, 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 Sub-Advisor in providing services to the Company and for which reimbursement could have been received by the Advisor and Sub-Advisor. Revolving Credit Liquidity Letter Agreements Inland Real Estate Investment Corporation (“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 Dated (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) and 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	12 Months Ended
	Dec. 31, 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 shares. The table below summarizes total stock grants made at each grant date as of December 31, 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 RSP, 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 $ 31 , $ 32 and $ 34 for the years ended December 31, 2023, 2022 and 2021, respectively. As of December 31, 2023 , the Company had $ 53 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 1.45 years. The total fair value at the vesting date for restricted shares that vested during the year ended December 31, 2023 was $ 25 . A summary table of the status of the restricted shares granted under the RSP is presented below: Restricted Shares Weighted Outstanding at December 31, 2022 2,983 $ 20.11 Granted 1,722 17.42 Vested ( 1,468 ) 20.44 Converted — — Forfeited — — Outstanding at December 31, 2023 3,237 $ 18.53

Fair Value of Financial Instrum

Fair Value of Financial Instruments	12 Months Ended
	Dec. 31, 2023
Fair Value Disclosures [Abstract]
Fair Value of Financial Instruments	Note 12 – Fair Value of Financial Instruments As discussed in Note 2, 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 fair value of the Company’s financial instruments at the dates below: December 31, 2023 December 31, 2022 Carrying Estimated Carrying Estimated Financial assets Cash and cash equivalents $ 54,143 $ 54,143 $ 29,408 $ 29,408 Commercial mortgage loans, net 722,003 722,003 842,278 842,278 Total $ 776,146 $ 776,146 $ 871,686 $ 871,686 Financial liabilities Repurchase agreements — commercial mortgage loans $ 457,438 $ 457,438 $ 488,086 $ 488,086 Credit facility payable 9,498 9,498 18,380 18,380 Loan participations sold 57,226 57,226 99,420 99,420 Total $ 524,162 $ 524,162 $ 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. The majority of the loans are floating rate and as such the interest rates on such loans reflect the current interest rate spreads. Additionally, since the loans have a short duration to maturity ( 0.9 years), are not delinquent or impaired (except for two loans impaired as of December 31, 2023 and one loan impaired as of December 31, 2022, for which an asset-specific CECL reserve has been recorded) and are expected to return to par, the Advisor determined the amortized cost, less allowance for credit losses, is the best estimate of fair value for all loans. The allowance for credit losses includes the analytical portion as well as the asset-specific component of the CECL reserve. For the impaired loans, the CECL reserve was recorded based on the Company’s estimation of the fair value of the loans’ aggregate underlying collateral as of December 31, 2023. These loans are therefore measured at fair value on a nonrecurring basis using significant unobservable inputs and are classified as Level 3 assets in the fair value hierarchy. The Company estimated the fair value of these loans by considering a variety of inputs including property performance, market data, and comparable sales, as applicable. The significant unobservable input used is the exit capitalization rate assumption used to forecast the future sale price of the underlying real estate collateral, which ranged from 5.75 % to 8.00 %. • The estimated fair value of 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. The carrying value of these instruments approximates fair value as the fair value of these instruments is not materially sensitive to shifts in market interest rates because of the floating interest rates on these instruments.

Disposition of Real Estate

Disposition of Real Estate	12 Months Ended
	Dec. 31, 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 year ended December 31, 2023. During February 2021, the Company received a loan under the Paycheck Protection Program (“PPP”) related to the operations of the Renaissance O’Hare. This five-year loan was for $ 1,093 with a fixed interest rate of 1.00 % that does not compound. The PPP was created as part of the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”). To be eligible to receive a loan, companies must make a number of certifications related to its operations, employees and size of the business on an application. Companies may also subsequently apply for loan forgiveness under the program provided that it meets requirements limiting any reduction in workforce or in pay. The Company was granted forgiveness by the U.S. Small Business Administration in December 2021. The Company accounted for this PPP loan using a government grant accounting approach. The grant proceeds were initially recorded in accrued expenses on the consolidated balance sheet. Each month, those proceeds were applied as a reduction to payroll-related costs within real estate operating expenses on the consolidated statement of operations until the proceeds have been fully absorbed by the payroll-related expenses. As of December 31, 2023 and 2022 , no balance remains recorded in accrued expenses for the PPP loan to be absorbed by payroll-related expenses.

Leases

Leases	12 Months Ended
	Dec. 31, 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 ROU 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 a reasonable estimate 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 years ended December 31, 2023, 2022 and 2021, total finance lease cost was comprised as follows: Years ended December 31, 2023 2022 2021 Amortization of right-of-use assets $ 30 $ 72 $ 71 Interest on lease liabilities 1,483 1,963 1,925 Total finance lease cost $ 1,513 $ 2,035 $ 1,996 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	12 Months Ended
	Dec. 31, 2023
Subsequent Events [Abstract]
Subsequent Events	Note 15 – Subsequent Events The Company has evaluated subsequent events through March 15, 2024, the date the consolidated financial statements were issued, and determined that there have not been any events that have occurred that would require adjustments to disclosures in the consolidated financial statements except for the following transactions: Distributions On January 30, 2024 , the Company announced that the Board authorized distributions to stockholders of record as of January 31, 2024 , that the Company paid on or about February 20, 2024 for each class of its common stock in the amount per share set forth below: Common Stock Class P Class A Class T 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 0.0123 0.0036 N/A Net distributions declared per share $ 0.1042 $ 0.1042 $ 0.0919 $ 0.1006 $ 0.1042 On February 28, 2024 , the Company announced that the Board authorized distributions to stockholders of record as of February 29, 2024 , payable on or about March 19, 2024 for each class of its common stock in the amount per share set forth below: Common Stock Class P Class A Class T 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 0.0115 0.0034 N/A Net distributions declared per share $ 0.1042 $ 0.1042 $ 0.0927 $ 0.1008 $ 0.1042 On February 28, 2024 , the Company announced that the Board authorized a distribution on its Series A Preferred Stock to stockholders of record as of March 15, 2024 , payable on or about March 29, 2024 in the amount of $ 0.421875 per share.

Schedule IV - Mortgage Loans on

Schedule IV - Mortgage Loans on Real Estate	12 Months Ended
	Dec. 31, 2023
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Abstract]
Schedule IV - Mortgage Loans on Real Estate	Type of Loan (1) Principal Balance (2) Carrying Amount (2) Property Type Cash Coupon (2) Periodic Payment Terms (3) Maximum Maturity (4) First Mortgage Loan 1 $ 13,450 $ 13,480 Office SOFR+4.70% I/O 4/9/23 (5) First Mortgage Loan 2 24,411 21,913 Office SOFR+3.75% I/O 9/9/23 (6) First Mortgage Loan 3 11,056 10,898 Multifamily SOFR+3.25% I/O 2/9/24 (7) First Mortgage Loan 4 45,983 43,878 Office SOFR+2.75% I/O 7/9/26 First Mortgage Loan 5 7,934 7,960 Office SOFR+4.20% I/O 11/9/24 First Mortgage Loan 6 13,626 13,537 Office SOFR+3.10% I/O 10/9/24 First Mortgage Loan 7 22,616 19,143 Office SOFR+2.90% I/O 10/9/24 (8) First Mortgage Loan 8 9,850 9,860 Retail SOFR+3.50% I/O 3/9/25 First Mortgage Loan 9 13,647 10,847 Office SOFR+5.00% I/O 3/9/26 First Mortgage Loan 10 20,135 20,183 Industrial SOFR+4.00% I/O 3/9/26 First Mortgage Loan 11 15,737 15,780 Multifamily SOFR+3.50% I/O 4/9/26 First Mortgage Loan 12 12,226 12,185 Multifamily SOFR+3.50% I/O 4/9/26 First Mortgage Loan 13 9,090 9,088 Industrial SOFR+4.00% I/O 5/9/26 First Mortgage Loan 14 15,889 15,908 Multifamily SOFR+3.10% I/O 6/9/26 First Mortgage Loan 15 6,430 6,446 Mixed Use SOFR+4.50% I/O 7/9/26 First Mortgage Loan 16 29,550 22,477 Multifamily SOFR+3.20% I/O 5/9/24 First Mortgage Loan 17 23,533 23,528 Multifamily SOFR+2.95% I/O 11/9/26 First Mortgage Loan 18 25,696 25,681 Multifamily SOFR+2.90% I/O 11/9/26 First Mortgage Loan 19 24,581 24,530 Multifamily SOFR+3.05% I/O 12/9/26 First Mortgage Loan 20 25,453 25,246 Multifamily SOFR+2.85% I/O 12/9/26 First Mortgage Loan 21 39,817 39,665 Multifamily SOFR+3.05% I/O 12/9/26 First Mortgage Loan 22 25,529 25,475 Multifamily SOFR+3.20% I/O 1/9/27 First Mortgage Loan 23 38,730 38,284 Multifamily SOFR+3.40% I/O 1/9/27 First Mortgage Loan 24 16,153 16,129 Retail SOFR+3.65% I/O 2/9/27 First Mortgage Loan 25 15,496 15,477 Industrial SOFR+3.55% I/O 2/9/27 First Mortgage Loan 26 14,744 14,661 Multifamily SOFR+3.30% I/O 2/9/27 First Mortgage Loan 27 30,000 29,960 Mixed Use SOFR+3.04% I/O 3/9/27 First Mortgage Loan 28 28,536 28,187 Multifamily SOFR+3.40% I/O 3/9/27 First Mortgage Loan 29 16,852 16,797 Industrial SOFR+3.30% I/O 4/9/27 First Mortgage Loan 30 13,783 13,492 Multifamily SOFR+3.25% I/O 4/9/27 First Mortgage Loan 31 19,820 19,816 Multifamily SOFR+3.40% I/O 5/9/26 First Mortgage Loan 32 49,448 48,902 Multifamily SOFR+3.45% I/O 6/9/27 First Mortgage Loan 33 27,579 27,315 Multifamily SOFR+3.90% I/O 9/9/27 First Mortgage Loan 34 22,000 21,815 Multifamily SOFR+3.90% I/O 12/9/27 Credit Loan 1 7,500 7,469 Office 9.20% I/O 10/11/27 Credit Loan 2 6,000 5,991 Office 10.00% I/O 10/6/24 $ 742,880 $ 722,003 ____________ (1) First mortgage loans are first position mortgage loans and credit loans are mezzanine and subordinated loans. (2) Cash coupon is the stated rate on the loan. Our first mortgage loans are all floating rate and each contains a minimum SOFR floor. As of December 31, 2023 , the weighted average SOFR floor for these loans was 0.65 %. An 80 % undivided senior interest in each of loan numbers 1, 2, 3 and 7, which includes the right to receive priority interest payments at a rate of SOFR+ 2.00 %, was sold by our Operating Partnership pursuant to a Loan Participation Agreement dated November 15, 2021. Our Operating Partnership has retained a 20 % undivided subordinate interest in each of these loans . (3) I/O = interest only, P/I = principal and interest. (4) Maximum maturity assumes all extension options are exercised by the borrower, however loans may be repaid prior to such date. (5) The loan matured on April 9, 2023 and is currently paying default interest. The Company is negotiating an extension to allow the borrower to obtain long-term financing. The Company expects to complete the loan extension in the second quarter of 2024. The property securing the loan is class A office and is 97 % occupied as of December 31, 2023. The Company has reviewed the loan and based on the current estimated LTV does not believe the loan is impaired. (6) The loan matured on September 9, 2023 and is accruing default interest. The Company is negotiating an extension with the borrower which it expects to complete in the first quarter of 2024. The Company has reviewed the loan and based on the estimated LTV recorded a $ 2,621 asset-specific CECL reserve as of December 31, 2023. (7) The loan matured on February 9, 2024 and the Company agreed to extend the loan maturity date until June 9, 2024. The borrower paid an extension fee, and contributed funds into reserves for interest, taxes and insurance. The borrower is currently marketing the asset for sale and has executed a purchase and sale agreement for an amount that exceeds the loan balance. Once the sale is complete, the proceeds will be used to pay-off the loan. The Company has reviewed the loan and based on the current estimated LTV does not believe the loan is impaired. (8) The loan matured on October 9, 2023 and is currently in maturity default. The Company has been negotiating an extension with the borrower which is expected to be completed in the first quarter 2024. The Company has reviewed the loan and based on the estimated LTV recorded a $ 3,603 asset-specific CECL reserve as of December 31, 2023. Reconciliation of Commercial Mortgage Loans, At Cost: The following table reconciles commercial mortgage loans, at cost for the years ended: 2023 2022 2021 Balance at January 1, $ 842,278 $ 665,498 $ 441,814 Adoption of ASU 2016-13 ( 4,787 ) — — Balance at beginning of period after adoption 837,491 665,498 441,814 Additions during period: Loan fundings 23,073 300,576 337,033 Amortization of deferred fees and expenses 865 616 1,440 Deductions during period: Collections of principal ( 107,520 ) ( 120,240 ) ( 114,558 ) Sale of loan (1) ( 17,433 ) — — Provision for credit losses ( 16,957 ) ( 3,588 ) — Net fees capitalized into carrying value of loans ( 999 ) ( 584 ) ( 231 ) Charge-offs (1) 3,483 — — Balance at December 31, $ 722,003 $ 842,278 $ 665,498 (1) The Company sold one loan during 2023. See Note 5 for further information.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2023
Accounting Policies [Abstract]
Basis of Accounting	Basis of Accounting The 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. Certain amounts in the prior period consolidated financial statements have been reclassified to conform with the current year presentation.
Principles of Consolidation	Principles of Consolidation The Company consolidates all entities that the Company controls through either majority ownership or voting rights. The accompanying consolidated financial statements include the accounts of the Company and the Operating Partnership. All intercompany accounts and transactions have been eliminated in consolidation. In determining whether the Company has a controlling financial interest in a joint venture and the requirement to consolidate the accounts of that entity, management considers factors such as ownership interest, authority to make decisions and contractual and substantive participating rights of the other partners or members as well as whether the entity is a variable interest entity (“VIE”) for which the Company is the primary beneficiary. The Company has determined the Operating Partnership is a VIE of which the Company is the primary beneficiary. Substantially all of the Company’s assets and liabilities are held by the Operating Partnership.
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 December 31, 2023 and 2022 , no restricted cash was held by the Company.
Credit Facility Payable	Credit Facility Payable The Company has a credit facility to finance the acquisition or origination of commercial mortgage loans. This credit facility, when drawn upon, is accounted for as debt. The fees paid for this credit facility are recorded in deferred debt finance costs on the consolidated balance sheet and are amortized straight line over the period of the agreement to debt finance costs on the consolidated statement of operations. For further information on the credit facility, see “Note 4 – Repurchase Agreements and Credit Facilities.”
Commercial Mortgage Loans Held for Investment and Allowance for Loan 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 quantitative 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 nonaccrual 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.
Allowance for Credit Losses	Allowance for Credit Losses On January 1, 2023 , the Company adopted 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 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, and (iv) selecting the forecast for macroeconomic conditions. The Company estimates the analytical portion of its allowance for credit losses by using a probability-weighted quantitative 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 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. 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. As of December 31, 2023 and 2022, the Company had $ 722,003 and $ 842,278 of commercial mortgage loans held for investment, respectively, which is net of allowance for credit losses of $ 21,849 and $ 3,588 , respectively. See Note 3 – “Commercial Mortgage Loans Held for Investment - Allowance for Credit Losses” for further information.
Interest Income	Interest Income Interest income on commercial loans, which includes origination fees paid by borrowers, is recognized over the life of the investment using the effective interest method. Management estimates, at the time of purchase, the future expected cash flows and determines the effective interest rate based on these estimated cash flows and the Company’s purchase price. As needed, these estimated cash flows are updated and a revised yield is computed based on the current amortized cost of the investment. In estimating these cash flows, there are a number of assumptions that are subject to uncertainties and contingencies, including the rate and timing of principal payments (prepayments, repurchases, defaults and liquidations), the pass through or coupon rate and interest rate fluctuations. In addition, management must use its judgment to estimate interest payment shortfalls due to delinquencies on the underlying mortgage loans. These uncertainties and contingencies are difficult to predict and are subject to future events that may impact management’s estimates and the Company’s interest income.
Real Estate Owned	Real Estate Owned Real estate owned (“REO”) represents real estate acquired by the Company through foreclosure, deed-in-lieu of foreclosure, or purchase. For real estate acquired by the Company through foreclosure or deed-in-lieu of foreclosure, REO assets are recorded at fair value at acquisition and are presented net of accumulated depreciation. For REO assets acquired through purchase, REO assets are recorded at cost at acquisition and are presented net of accumulated depreciation. REO assets are depreciated using the straight-line method over estimated useful lives of up to 40 years for buildings and improvements and up to 15 years for furniture, fixtures and equipment. Renovations and/or replacements that improve or extend the life of the real estate asset are capitalized and depreciated over their estimated useful lives. The Company sold the REO during 2023. See Note 13 – “Disposition of Real Estate” for further information.
Revenue from Real Estate	Revenue from Real Estate Revenue from real estate represents revenue associated with the operations of a hotel property classified as REO. Revenue from the operation of the hotel property is recognized when guestrooms are occupied, services have been rendered or fees have been earned. Revenues are recorded net of any discounts and sales and other taxes collected from customers. Revenues consist of room sales, food and beverage sales and other hotel revenues. The Company sold the REO during 2023. See Note 13 – “Disposition of Real Estate” for further information.
Leases	Leases Finance lease right of use (“ROU”) assets represent the Company’s right to use an underlying asset during the lease term, and lease liabilities represent the Company’s obligation to make lease payments arising from the lease. ROU assets are recorded based on the fair value of the underlying property. Lease liabilities are recognized at commencement date based on the present value of fixed lease payments over the lease term. Leases will be classified as either a finance or operating lease, with such classification affecting the pattern and classification of expense recognition in the consolidated statements of operations. For leases greater than 12 months, the Company determines, at the inception of the contract, if the arrangement meets the classification criteria for an operating or finance lease. For leases that have extension options, which can be exercised at the Company’s discretion, management uses judgment to determine if it is reasonably certain that such extension options will be elected. If the extension options are reasonably certain to occur, the Company includes the extended term’s lease payments in the calculation of the respective lease liability. Total lease expense is recognized as interest on the finance lease liability and amortization of the ROU asset on a straight-line basis over the lease term. The incremental borrowing rate used to discount the lease liability is determined at commencement of the lease, or upon modification of the lease, as the interest rate a lessee would have to pay to borrow on a fully collateralized basis over a similar term an amount equal to the lease payments in a similar economic environment. The Company’s incremental borrowing rate considers information at both the corporate and property level and analysis of current market conditions for obtaining new financings. As of December 31, 2023 , the Company had no finance leases.
Fair Value Measurements	Fair Value Measurements The Company estimates fair value using available market information and valuation methodologies it believes to be appropriate for these purposes. The Company defines fair value based on the price that would be received upon sale of an asset or the exit price that would be paid to transfer a liability in an orderly transaction between market participants at the measurement date. ASC Topic 820 , Fair Value Measurements establishes a fair value hierarchy that prioritizes observable and unobservable inputs used to measure fair value. The fair value hierarchy consists of three broad levels, which are described below: • Level I - Inputs are unadjusted, quoted prices in active markets for identical assets or liabilities at the measurement date. • Level II - Inputs (other than quoted prices included in Level I) are either directly or indirectly observable for the asset or liability through correlation with market data at the measurement date and for the duration of the instrument’s anticipated life. • Level III - Unobservable inputs which reflect management’s best estimate of what market participants would use in pricing the asset or liability at the measurement date. Consideration is given to the risk inherent in the valuation technique and the risk inherent in the inputs to the model. The determination of where an asset or liability falls in the above hierarchy requires judgment and factors specific to the asset or liability. In instances where the determination of the fair value measurement is based on inputs from different levels of the fair value hierarchy, the level in the fair value hierarchy within which the entire fair value measurement falls is based on the lowest level input that is significant to the fair value measurement in its entirety. The Company evaluates its hierarchy disclosures each quarter and depending on various factors, it is possible that an asset or liability may be classified differently from quarter to quarter. The Company is required by GAAP to disclose fair value information about financial instruments that are not otherwise reported at fair value in its consolidated balance sheets, to the extent it is practicable to estimate a fair value for those instruments. These disclosure requirements exclude certain financial instruments and all non-financial instruments.
Organization and Offering Expenses	Organization and Offering Expenses The Company conducted an IPO that commenced following the conclusion of the Private Offering on June 28, 2019. The IPO concluded and the Second Public Offering began when the S-11 for the Second Public Offering was declared effective by the SEC on November 2, 2022 (File No. 333-264540). As described above, on January 30, 2023, the Board approved the suspension of the Primary Offering. For classes of shares sold in the Public Offerings, the purchase price per share was based on a monthly NAV published around the 15 th of the month preceding its effective date with the valuation based on the end of the previous month. For the Private Offering, the purchase price per Class P Share was equal to $ 25.00 (the “Transaction Price”) plus applicable selling commissions, dealer manager fees and organization and offering expenses, resulting in a total purchase price of $ 27.38 per Class P Share if maximum selling commissions, dealer manager fees and organization and offering expenses were paid. The Dealer Manager was the dealer manager for the Private Offering, the IPO and the Second Public Offering. Organization and offering expenses include all expenses incurred in connection with the Private Offering and Public Offerings. Organization and offering expenses (other than selling commissions, dealer manager fees and stockholder servicing fees) of the Company may be paid by the Advisor, Sub-Advisor, the Dealer Manager, or their respective affiliates on behalf of the Company and subsequently reimbursed by the Company. For the Private Offering, offering expenses were deferred and a payable was recognized to the Advisor or Sub-Advisor until shares were sold in the Private Offering, at which point the expense reimbursement was paid from additional paid-in capital. For the Public Offerings, offering costs are offset against additional paid-in capital when incurred. These expenses include but are not limited to: (i) reimbursing the Dealer Manager and participating broker-dealers for bona fide out-of-pocket, itemized and detailed due diligence expenses incurred by these entities, (ii) expenses for printing and mailing, charges of transfer agents, registrars, trustees, escrow holders, depositaries and experts, and (iii) expenses of qualifying the sale of the shares under federal and state laws, including taxes and fees and accountants’ and attorneys’ fees and expenses. The Company reimbursed the Advisor, the Sub-Advisor and their respective affiliates for costs and other expenses related to the Private Offering not in excess of the organization and offering expenses paid by investors in connection with the sale of Class P Shares in the Private Offering. The Company also reimburses the Advisor, the Sub-Advisor and their respective affiliates for costs and other expenses related to the IPO, 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.
Repurchase Agreements	Repurchase Agreements The Company enters into master repurchase agreements that allow the Company to sell real estate loans and securities while providing a fixed repurchase price for the same real estate loans and securities in the future. Repurchase agreements are being accounted for as secured borrowings since the Company maintains effective control of the financed assets. Under the master repurchase agreements, the respective lender retains the right to mark the underlying collateral to fair value.
Senior Loan Participations	Senior Loan Participations For several first mortgage loans, the Company sold a non-recourse senior loan participation interest to a third party and retained a subordinate participation interest. These do not qualify as sales under GAAP and are instead presented in a manner similar to a secured borrowing. On the balance sheet, there is a gross presentation with the full loan receivable recorded in Commercial mortgage loans at cost and an offsetting liability to the third party recorded in Loan participations sold, net. Interest income on the mortgage loans continues to be recorded as described above with interest amounts due to the third party for its senior loan participation interest recorded in interest expense.
Equity-Based Compensation	Equity-Based Compensation In accordance with the Company’s Independent Director Restricted Share Plan (the “RSP”), restricted shares are issued to independent directors as compensation. The Company recognizes expense related to the fair value of equity-based compensation awards as operating expense in the consolidated statements of operations. The Company recognizes expense based on the fair value at the grant dated on a straight-line basis over the vesting period representing the requisite service period. See Note 11 – “Equity-Based Compensation” for further information.
Income Taxes	Income Taxes The Company qualifies as a REIT under the Internal Revenue Code of 1986, as amended, for federal income tax purposes commencing with the tax year ended December 31, 2017 and qualifies for taxation as a REIT. The Company generally will not be subject to federal income tax to the extent it distributes its REIT taxable income, subject to certain adjustments, to its stockholders. Subsequently, if the Company fails to qualify as a REIT in any taxable year, the Company will be subject to federal income tax on its taxable income at regular corporate tax rates. Even if the Company qualifies for taxation as a REIT, the Company may be subject to certain state and local taxes on its income, property or net worth and federal income and excise taxes on its undistributed income. The Company had no uncertain tax positions as of December 31, 2023 or 2022 . The Company expects no significant increases or decreases in uncertain tax positions due to changes in tax positions within one year of December 31, 2023 . The Company had no interest or penalties relating to income taxes recognized in the consolidated statements of operations for the years ended December 31, 2023, 2022 or 2021. As of December 31, 2023, returns for the calendar years 2020, 2021, 2022 and 2023 remain subject to examination by U.S. and various state and local tax jurisdictions. Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for future tax consequences and are attributable to (1) differences between the financial statement carrying amounts and their respective tax bases, and (2) net operating losses. The Company operated the Renaissance O’Hare Suites Hotel (the “Renaissance O’Hare”) through a taxable REIT subsidiary (“TRS”) that engaged a third-party hotel management company to manage the hotel under a management contract. The TRS had cumulative net operating losses of $ 7,484 and $ 3,738 , as of December 31, 2023 and 2022, respectively, with corresponding deferred tax assets of $ 2,134 and $ 1,066 , respectively. These losses have no expiration. The deferred tax assets are calculated using an effective tax rate of 28.51 %, which is calculated by combining a 21 % Federal tax rate and an IL tax rate of 7.51 % ( 9.5 % state rate net of the Federal benefit). At December 31, 2023 , it is more likely than not that the Company will not generate sufficient taxable income to fully realize the tax deferred tax asset related to the Company’s TRS, therefore the Company maintains a full valuation allowance on its deferred tax asset of $ 2,134 . The Renaissance O’Hare was sold on September 28, 2023. See Note 13 for further information.
Distributions Payable	Distributions Payable Distributions payable represent distributions declared as of the balance sheet date which are payable to stockholders.
Per Share Data	Per Share Data The Company calculates basic and diluted earnings per share by dividing net income attributable to the Company for the period by the weighted-average number of shares of common stock outstanding for that period. Basic earnings (loss) per share (“EPS”) is computed by dividing net income by the weighted average number of common shares outstanding for the period. Diluted EPS is computed by dividing net income by the common shares plus common share equivalents. For further information about the Company’s calculation of EPS, see Note 7 – “Net Income Per Share Attributable to Common Stockholders.”
Accounting Pronouncements Recently Issued but Not Yet Effective	Accounting Pronouncements Recently Issued but Not Yet Effective In November 2023, the Financial Accounting Standards Board (the “FASB”) issued ASU No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures , which requires a public entity to disclose significant segment expenses and other segment items on an annual and interim basis and to provide in interim periods all disclosures about a reportable segment’s profit or loss and assets that are currently required annually. Public entities with a single reportable segment are required to provide the new disclosures and all the disclosures required under ASC 280. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024, early adoption is permitted. The amendments should be applied retrospectively to all periods presented in the financial statements, unless it is impracticable. The Company is currently evaluating the impact of ASU 2023-07 on the Company’s consolidated financial statements. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures . ASU 2023-09 improves the transparency of income tax disclosures related to rate reconciliation and income taxes. ASU 2023-07 is effective for annual periods beginning after December 15, 2024. Early adoption is permitted for annual financial statements that have not yet been issued or made available for issuance. The amendments should be applied prospectively, however retrospective application is permitted. The Company is currently evaluating the impact of ASU 2023-09 on the Company’s consolidated financial statements.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	12 Months Ended
	Dec. 31, 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)	12 Months Ended
	Dec. 31, 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 following tables show a summary of the Company’s commercial mortgage loans held for investment as of December 31, 2023 and 2022: December 31, 2023 Loan Type (1) Number of Loans Principal Balance Unamortized Allowance for credit losses Carrying Weighted Average (2) Weighted Average (3) First mortgage loans 34 $ 729,380 $ 972 $ ( 21,809 ) $ 708,543 8.8 % 0.9 Credit loans 2 13,500 — ( 40 ) 13,460 9.6 % 2.4 Total and average 36 $ 742,880 $ 972 $ ( 21,849 ) $ 722,003 8.8 % 0.9 December 31, 2022 Loan Type (1) Number of Loans Principal Balance Unamortized 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 December 15, 2023, the SOFR rate reset to 5.36 % . On December 15, 2022, the LIBOR and SOFR rates reset to 4.32 % and 4.34 %, respectively. Weighted average interest rate excludes maturity default interest and interest on loans placed on nonaccrual status. (3) Weighted average years to maturity excludes allowable extensions on the loans.
Schedule of Commercial Mortgage Loans held for Investment Portfolio	For the years ended December 31, 2023 and 2022, the activity in the Company’s commercial mortgage loans, held-for-investment portfolio was as follows: Year Ended December 31, 2023 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 23,073 — 23,073 Principal repayments ( 107,520 ) — ( 107,520 ) Sale of loan (1) ( 17,433 ) — ( 17,433 ) Amortization of loan origination and deferred exit fees 865 — 865 Origination fees and extension fees received on commercial loans ( 999 ) — ( 999 ) Provision for credit losses — ( 16,957 ) ( 16,957 ) Charge-offs (1) — 3,483 3,483 Balance at End of Period $ 743,852 $ ( 21,849 ) $ 722,003 ____________ (1) The Company sold one loan during 2023. See Note 5 for further information. Year Ended December 31, 2022 Commercial mortgage loans at cost Allowance for credit losses Carrying Value Balance at Beginning of Year $ 665,498 $ — $ 665,498 Loan originations 300,576 — 300,576 Principal repayments ( 120,240 ) ( 120,240 ) Amortization of loan origination and deferred exit fees 616 616 Origination fees and extension fees received on commercial loans ( 584 ) ( 584 ) Provision for credit losses — ( 3,588 ) ( 3,588 ) Balance at End of Period $ 845,866 $ ( 3,588 ) $ 842,278
Schedule of Allowance for Credit Losses	The following table presents the activity in the Company’s allowance for credit losses: Year Ended December 31, 2023 Commercial Mortgage Loans Unfunded Loan Commitments (1) Total Balance at beginning of year $ ( 3,588 ) $ — $ ( 3,588 ) Adoption of ASU 2016-13 ( 4,787 ) ( 335 ) ( 5,122 ) Balance at beginning of year after adoption ( 8,375 ) ( 335 ) ( 8,710 ) Provision for credit losses ( 16,957 ) 46 ( 16,911 ) Charge-offs (2) 3,483 — 3,483 Ending allowance for credit losses $ ( 21,849 ) $ ( 289 ) $ ( 22,138 ) ____________ (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 2023. See Note 5 for further information. Year Ended December 31, 2022 Commercial Mortgage Loans Balance at beginning of year $ — Provision for credit losses ( 3,588 ) Charge-offs — Ending allowance for credit losses $ ( 3,588 )
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)	12 Months Ended
	Dec. 31, 2023
Disclosure of Repurchase Agreements [Abstract]
Schedule of Outstanding Repurchase Agreements	The details of the Facilities as of December 31, 2023 and 2022 are as follows: December 31, 2023 Weighted Average Committed Amount Accrued Interest Payable Collateral Interest Days to Atlas Repo Facility $ 100,000 $ — $ — $ — — — JPM Repo Facility 526,076 457,438 1,385 644,201 7.78 % 1,588 Repurchase agreements - commercial mortgage loans 626,076 457,438 1,385 644,201 7.78 % 1,588 WA Credit Facility 40,000 9,498 42 13,647 9.34 % (2) 435 $ 666,076 $ 466,936 $ 1,427 $ 657,848 7.81 % 1,565 December 31, 2022 Weighted Average Committed Amount Accrued Interest Payable 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 Repurchase agreements - 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) Excluding $ 0 and $ 3 of unamortized debt issuance costs as of December 31, 2023 and 2022 , respectively. (2) Includes 0.50 % additional interest rate during the third and fourth quarters 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)	12 Months Ended
	Dec. 31, 2023
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Abstract]
Summary of Loan Participations Sold	The following tables detail the Company’s loan participations sold as of December 31, 2023 and 2022: December 31, 2023 Loan Participations Sold Count Principal Balance Book Value Yield/Cost (1) Guarantee (2) Weighted Average Maximum Maturity (4) Total Loans 4 $ 71,532 $ 65,435 SOFR+ 3.5 % n/a 0.11 Senior participations (3) 4 $ 57,226 $ 57,226 SOFR+ 2.0 % n/a 0.11 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. The yield/cost excludes maturity default interest and interest on loans placed on nonaccrual status. (2) As of December 31, 2023 and 2022, the loan participations sold were non-recourse to the Company. (3) During the years ended December 31, 2023 and 2022 , the Company recorded $ 4,914 and $ 3,952 of interest expense related to loan participations sold. (4) Based on the furthest maximum maturity date of all the loans subject to the participation agreement.

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	12 Months Ended
	Dec. 31, 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 class of common and preferred stock, including restricted common stock: Year Ended December 31, 2023 Preferred Stock Common Stock 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 Repurchase and retirement of preferred stock ( 4,143 ) — — — — — — Distribution reinvestment — — 1,259 551 — 127 2,393 Issuance of restricted shares — — — — — — 1,722 Ending balance 3,544,553 8,562,777 745,887 290,345 — 48,015 469,168 Year Ended December 31, 2022 Preferred Stock Common Stock 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 — — 107,721 46,977 — — 67,316 Repurchase and retirement of preferred stock ( 51,304 ) — — — — — — Distribution reinvestment — — 12,662 6,307 — 1,548 16,212 Issuance of restricted shares — — — — — — 1,534 Redemptions — ( 930,162 ) ( 36,470 ) ( 155,042 ) — ( 958 ) ( 12,613 ) Ending balance 3,548,696 8,562,777 743,183 286,341 — 47,888 452,667 Year Ended December 31, 2021 Preferred Stock Common Stock Series A Class P Class A Class T Class S Class D Class I Beginning balance — 10,151,787 655,835 398,233 — 50,393 381,955 Issuance of shares 3,600,000 — 4,801 3,673 — — 976 Distribution reinvestment — — 10,992 5,687 — 1,748 10,420 Issuance of restricted shares — — — — — — 1,477 Redemptions — ( 658,848 ) ( 12,358 ) ( 19,494 ) — ( 4,843 ) ( 14,610 ) Ending balance 3,600,000 9,492,939 659,270 388,099 — 47,298 380,218
Schedule of Distributions Declared	The table below presents the aggregate annualized and monthly distributions declared by record date for all classes of shares of common stock since January 1, 2021. Record date Aggregate annualized gross distribution declared per share of common stock Aggregate monthly gross distribution declared per share of common stock January 31, 2021 $ 0.9500 $ 0.0792 February 28, 2021 $ 1.0000 $ 0.0833 March 31, 2021 $ 1.0500 $ 0.0875 April 30, 2021 $ 1.1000 $ 0.0917 May 31, 2021 $ 1.1500 $ 0.0958 June 30, 2021 $ 1.2500 $ 0.1042 July 31, 2021 $ 1.2500 $ 0.1042 August 31, 2021 $ 1.2500 $ 0.1042 September 30, 2021 $ 1.2500 $ 0.1042 October 31, 2021 $ 1.2500 $ 0.1042 November 30, 2021 $ 1.2500 $ 0.1042 December 31, 2021 $ 1.2500 $ 0.1042 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 October 31, 2023 $ 1.2500 $ 0.1042 November 30, 2023 $ 1.2500 $ 0.1042 December 31, 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 since January 1, 2021. 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, 2021 $ 0.0749 $ 0.0646 February 28, 2021 $ 0.0794 $ 0.0701 March 31, 2021 $ 0.0832 $ 0.0729 April 30, 2021 $ 0.0876 $ 0.0776 May 31, 2021 $ 0.0915 $ 0.0813 June 30, 2021 $ 0.1000 $ 0.0900 July 31, 2021 $ 0.0999 $ 0.0896 August 31, 2021 $ 0.0999 $ 0.0895 September 30, 2021 $ 0.1000 $ 0.0900 October 31, 2021 $ 0.0999 $ 0.0895 November 30, 2021 $ 0.1000 $ 0.0901 December 31, 2021 $ 0.0999 $ 0.0897 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 October 31, 2023 $ 0.1005 $ 0.0916 November 30, 2023 $ 0.1006 $ 0.0920 December 31, 2023 $ 0.1005 $ 0.0916 The tables below present the aggregate distributions declared per share for each applicable class of common stock and preferred stock during the years ended December 31, 2023, 2022 and 2021. The tables exclude from dividend declaration any month when there were no outstanding shares for a class of stock. Year Ended December 31, 2023 Preferred Stock Common Stock Series A Class P Class A Class T Class S Class D Class I Aggregate gross distributions declared per share $ 1.6875 $ 1.2500 $ 1.2500 $ 1.2500 $ — $ 1.2500 $ 1.2500 Stockholder servicing fee per share N/A N/A N/A 0.1558 — 0.0456 N/A Net distributions declared per share $ 1.6875 $ 1.2500 $ 1.2500 $ 1.0942 $ — $ 1.2044 $ 1.2500 Year Ended December 31, 2022 Preferred Stock Common Stock Series A Class P Class A Class T Class S Class D Class I Aggregate gross distributions declared per share $ 1.6875 $ 1.2504 $ 1.2504 $ 1.2504 $ — $ 1.2504 $ 1.2504 Stockholder servicing fee per share N/A N/A N/A 0.1685 — 0.0498 N/A Net distributions declared per share $ 1.6875 $ 1.2504 $ 1.2504 $ 1.0819 $ — $ 1.2006 $ 1.2504 Year Ended December 31, 2021 Preferred Stock (1) Common Stock Series A Class P Class A Class T Class S Class D Class I Aggregate gross distributions declared per share $ 0.4594 $ 1.1669 $ 1.1669 $ 1.1669 $ — $ 1.1669 $ 1.1669 Stockholder servicing fee per share N/A N/A N/A 0.1720 — 0.0507 N/A Net distributions declared per share $ 0.4594 $ 1.1669 $ 1.1669 $ 0.9949 $ — $ 1.1162 $ 1.1669 (1) Distributions on preferred stock are only for a partial year following their issuance on September 22, 2021.

Net (Loss) Income Per Share A_2

Net (Loss) Income Per Share Attributable to Common Stockholders (Tables)	12 Months Ended
	Dec. 31, 2023
Earnings Per Share [Abstract]
Summary of Basic and Diluted Net (Loss) Income Per Share Attributable to Common Stockholders	The following table is a summary of the basic and diluted net (loss) income per share attributable to common stockholders computation for the years ended December 31, 2023, 2022 and 2021: Year Ended December 31, 2023 Year Ended December 31, 2022 Year Ended December 31, 2021 Net (loss) income attributable to common stockholders $ ( 10,398 ) $ 4,430 $ 8,219 Weighted average shares outstanding, basic 10,114,606 10,605,242 11,480,517 Weighted average shares outstanding, diluted 10,114,606 10,606,072 11,481,464 Net (loss) income per share attributable to common stockholders, basic and diluted $ ( 1.03 ) $ 0.42 $ 0.72

Transactions with Related Par_2

Transactions with Related Parties (Tables)	12 Months Ended
	Dec. 31, 2023
Related Party Transactions [Abstract]
Summary of Related Party Transactions	The following table summarizes the Company’s related party transactions for the years ended December 31, 2023, 2022 and 2021: Year Ended Year Ended Year Ended Payable as of December 31, 2023 December 31, 2022 December 31, 2021 2023 2022 Organization and offering expense reimbursement (1) $ 2 $ — $ 26 $ 2 $ — Selling commissions and dealer manager fee (2) 4 155 8 — — Advisory fee (3) 3,381 3,692 3,217 271 296 Loan fees (4) 400 3,714 4,597 1,313 1,419 Accrued stockholder servicing fee (5) 4 ( 59 ) ( 23 ) 442 482 Operating expense reimbursement to Advisor (6) — — 56 — — Total $ 3,791 $ 7,502 $ 7,881 $ 2,028 $ 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 was 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 Company’s DRP. All upfront selling commissions and dealer manager fees were 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. Prior to July 1, 2021, the fixed component of the advisory fee was paid in an amount equal to 1/12th of 1.25 % per annum of the gross value of the Company’s assets, paid monthly in arrears, provided that any such monthly payment could not exceed 1/12 th of 2.5 % of the Company’s NAV. Effective July 1, 2021, 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 waived $ 0 , $ 0 and $ 1,475 of the fixed component of the advisory fees for the years ended December 31, 2023, 2022 and 2021, respectively. The Advisor pays fees to the Sub-Advisor for the services its 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 loans 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. (6) Prior to July 1, 2021, the Company reimbursed the Advisor for expenses that it (or the Sub-Advisor acting on the Advisor’s behalf) incurs in connection with providing services to the Company, provided that the Company did not reimburse overhead costs, including rent and utilities or personnel costs (including salaries, bonuses, benefits and severance payments) and the Company only reimbursed the Advisor for fees payable to its affiliates if they are incurred for legal or marketing services rendered on the Company’s behalf. Effective July 1, 2021, the Company is obligated to reimburse for all of the expenses attributable to the Company or its subsidiaries, including the Operating Partnership, and paid or incurred and submitted to the Company for reimbursement by the Advisor, the Sub-Advisor or their respective affiliates in providing services to the Company under the Advisory Agreement, including personnel and related employment costs.

Equity-Based Compensation (Tabl

Equity-Based Compensation (Tables)	12 Months Ended
	Dec. 31, 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 December 31, 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 Granted under RSP	A summary table of the status of the restricted shares granted under the RSP is presented below: Restricted Shares Weighted Outstanding at December 31, 2022 2,983 $ 20.11 Granted 1,722 17.42 Vested ( 1,468 ) 20.44 Converted — — Forfeited — — Outstanding at December 31, 2023 3,237 $ 18.53

Fair Value of Financial Instr_2

Fair Value of Financial Instruments (Tables)	12 Months Ended
	Dec. 31, 2023
Fair Value Disclosures [Abstract]
Schedule of Carrying Amount and Fair Value of Financial Instruments	The following table details the carrying amount and fair value of the Company’s financial instruments at the dates below: December 31, 2023 December 31, 2022 Carrying Estimated Carrying Estimated Financial assets Cash and cash equivalents $ 54,143 $ 54,143 $ 29,408 $ 29,408 Commercial mortgage loans, net 722,003 722,003 842,278 842,278 Total $ 776,146 $ 776,146 $ 871,686 $ 871,686 Financial liabilities Repurchase agreements — commercial mortgage loans $ 457,438 $ 457,438 $ 488,086 $ 488,086 Credit facility payable 9,498 9,498 18,380 18,380 Loan participations sold 57,226 57,226 99,420 99,420 Total $ 524,162 $ 524,162 $ 605,886 $ 605,886

Leases (Tables)

Leases (Tables)	12 Months Ended
	Dec. 31, 2023
Leases [Abstract]
Summary of Finance Lease Cost	For the years ended December 31, 2023, 2022 and 2021, total finance lease cost was comprised as follows: Years ended December 31, 2023 2022 2021 Amortization of right-of-use assets $ 30 $ 72 $ 71 Interest on lease liabilities 1,483 1,963 1,925 Total finance lease cost $ 1,513 $ 2,035 $ 1,996
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)	12 Months Ended
	Dec. 31, 2023
Subsequent Events [Abstract]
Schedule of Declared Distributions for Class of Common Stock	On January 30, 2024 , the Company announced that the Board authorized distributions to stockholders of record as of January 31, 2024 , that the Company paid on or about February 20, 2024 for each class of its common stock in the amount per share set forth below: Common Stock Class P Class A Class T 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 0.0123 0.0036 N/A Net distributions declared per share $ 0.1042 $ 0.1042 $ 0.0919 $ 0.1006 $ 0.1042 On February 28, 2024 , the Company announced that the Board authorized distributions to stockholders of record as of February 29, 2024 , payable on or about March 19, 2024 for each class of its common stock in the amount per share set forth below: Common Stock Class P Class A Class T 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 0.0115 0.0034 N/A Net distributions declared per share $ 0.1042 $ 0.1042 $ 0.0927 $ 0.1008 $ 0.1042

Organization and Business Ope_2

Organization and Business Operations - Additional Information (Details) - USD ($)						12 Months Ended			32 Months Ended
	Apr. 28, 2022	Oct. 15, 2021	Sep. 22, 2021	Mar. 22, 2019	Oct. 25, 2016	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Jun. 28, 2019
Organization And Business Operations [Line Items]
Issuance of common stock, shares						$ 342,000	$ 4,529,000	$ 199,000
Preferred stock, par value						$ 0.001	$ 0.001
Maximum | Public Offerings
Organization And Business Operations [Line Items]
Issuance of common stock, shares	$ 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]
Shares 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

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Additional Information (Details) - USD ($)	12 Months Ended				54 Months Ended
	Dec. 31, 2023		Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2023		Jan. 01, 2023	Dec. 31, 2020	Jun. 28, 2019
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		$ 0
Allowance for credit losses	21,849,000		3,588,000		21,849,000		$ 3,588,000
Commercial mortgage loans held for investment	722,003,000	[1],[2]	842,278,000	$ 665,498,000	722,003,000	[1],[2]		$ 441,814,000
Uncertain tax positions	0		0		0
Uncertain tax positions, period increase (decrease)	0
Uncertain tax positions, income tax interest or penalties	0		0	$ 0
Cumulative net operating losses	7,484,000		3,738,000		7,484,000
Deferred tax assets, net operating losses have no expiration	$ 2,134,000		1,066,000		$ 2,134,000
Effective tax rate	28.51%
Federal tax rate	21%
IL tax rate	7.51%
State rate net of federal benefit	9.50%
Valuation allowance	$ 2,134,000
Adoption of ASU 2016-13, increase to accumulated deficit	$ 5,122,000
Advisor
Summary Of Significant Accounting Policies Disclosures [Line Items]
Maximum percentage of gross proceeds from issuance of initial public offering					15%
Class P Common Stock
Summary Of Significant Accounting Policies Disclosures [Line Items]
Shares issued excluding issuance cost price per share									$ 25
Shares issued, price per share									$ 27.38
Maximum | Buildings and Improvements
Summary Of Significant Accounting Policies Disclosures [Line Items]
REO assets estimated useful lives	40 years				40 years
Maximum | Furniture, Fixtures and Equipment
Summary Of Significant Accounting Policies Disclosures [Line Items]
REO assets estimated useful lives	15 years				15 years
ASU 2016-13
Summary Of Significant Accounting Policies Disclosures [Line Items]
Allowance for credit losses			$ 8,375,000				$ 8,375,000
Change in Accounting Principle, Accounting Standards Update, Adoption Date	Jan. 01, 2023				Jan. 01, 2023
Change in Accounting Principle, Accounting Standards Update, Adopted [true false]	true				true
[1] Cash coupon is the stated rate on the loan. Our first mortgage loans are all floating rate and each contains a minimum SOFR floor. As of December 31, 2023 , the weighted average SOFR floor for these loans was 0.65 %. An 80 % undivided senior interest in each of loan numbers 1, 2, 3 and 7, which includes the right to receive priority interest payments at a rate of SOFR+ 2.00 %, was sold by our Operating Partnership pursuant to a Loan Participation Agreement dated November 15, 2021. Our Operating Partnership has retained a 20 % undivided subordinate interest in each of these loans First mortgage loans are first position mortgage loans and credit loans are mezzanine and subordinated loans.

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Schedule of the Impact of Adoption (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Jan. 01, 2023	Dec. 31, 2022
Assets:
Allowance for credit losses	$ 21,849	$ 3,588	$ 3,588
Liabilities:
Accrued expenses and other liabilities	$ 762	7,852	7,852
ASU 2016-13
Assets:
Allowance for credit losses		8,375	8,375
Liabilities:
Accrued expenses and other liabilities		8,187
ASU 2016-13 | Impact of Adoption
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		Dec. 31, 2023 USD ($) Loan		Dec. 31, 2022 USD ($) Loan		Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)
Mortgage Loans On Real Estate [Line Items]
Number of Loans | Loan	[1]	36		43
Principal Balance	[1]	$ 742,880	[2]	$ 844,507
Unamortized (fees)/costs, net	[1]	972		1,359
Allowance for credit losses	[1]	(21,849)		(3,588)
Carrying Value		722,003	[2],[3]	842,278		$ 665,498	$ 441,814
Commercial mortgage loans at cost, net		$ 722,003	[1]	$ 842,278	[1]	$ 665,498
Weighted Average Interest Rate	[1],[4]	8.80%		7.80%
Weighted Average Years to Maturity	[1]	10 months 24 days	[4]	1 year 4 months 24 days	[5]
First Mortgage Loans [Member]
Mortgage Loans On Real Estate [Line Items]
Number of Loans | Loan	[1]	34		41
Principal Balance	[1]	$ 729,380		$ 831,007
Unamortized (fees)/costs, net	[1]	972		1,359
Allowance for credit losses	[1]	(21,809)		(3,588)
Carrying Value	[1]	$ 708,543		$ 828,778
Weighted Average Interest Rate	[1],[4]	8.80%		7.70%
Weighted Average Years to Maturity	[1]	10 months 24 days	[4]	1 year 4 months 24 days	[5]
Credit Loans [Member]
Mortgage Loans On Real Estate [Line Items]
Number of Loans | Loan	[1]	2		2
Principal Balance	[1]	$ 13,500		$ 13,500
Allowance for credit losses	[1]	(40)
Carrying Value	[1]	$ 13,460		$ 13,500
Weighted Average Interest Rate	[1],[4]	9.60%		9.60%
Weighted Average Years to Maturity	[1]	2 years 4 months 24 days	[4]	3 years 4 months 24 days	[5]
[1] First mortgage loans are first position mortgage loans and credit loans are mezzanine and subordinated loans. Cash coupon is the stated rate on the loan. Our first mortgage loans are all floating rate and each contains a minimum SOFR floor. As of December 31, 2023 , the weighted average SOFR floor for these loans was 0.65 %. An 80 % undivided senior interest in each of loan numbers 1, 2, 3 and 7, which includes the right to receive priority interest payments at a rate of SOFR+ 2.00 %, was sold by our Operating Partnership pursuant to a Loan Participation Agreement dated November 15, 2021. Our Operating Partnership has retained a 20 % undivided subordinate interest in each of these loans First mortgage loans are first position mortgage loans and credit loans are mezzanine and subordinated loans. 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 December 15, 2023, the SOFR rate reset to 5.36 % . On December 15, 2022, the LIBOR and SOFR rates reset to 4.32 % and 4.34 %, respectively. Weighted average interest rate excludes maturity default interest and interest on loans placed on nonaccrual status. 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)	Dec. 15, 2023	Dec. 15, 2022
SOFR [Member]
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Mortgage loans applicable reference rate percentage	5.36%	4.34%
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%

Commercial Mortgage Loans Hel_5

Commercial Mortgage Loans Held for Investment - Schedule of Commercial Mortgage Loans held for Investment Portfolio (Details) - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2023		Dec. 31, 2022		Dec. 31, 2021		Jan. 01, 2023
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)
Balance at Beginning of Year, Carrying value		842,278	[1]	$ 665,498
Adoption of ASU 2016-13		(21,849)		(3,588)				$ (3,588)
Adoption of ASU 2016-13, Carrying Value		(4,787)
Balance at beginning of period after adoption, Carrying value		837,491
Loan originations		23,073		300,576		$ 337,033
Principal repayments		(107,520)		(120,240)		(114,558)
Sale of loan		(17,433)	[2]	0	[3]	0	[3]
Amortization of loan origination and deferred exit fees		865		616		1,440
Origination fees and extension fees received on commercial loans		(999)		(584)
Provision for credit losses, Allowance for credit losses		(16,957)	[2]	(3,588)
Provision for credit losses, charge-offs	[3],[4]	3,483
Provision for credit losses		(16,957)	[2]	(3,588)
Balance at End of Period		743,852		845,866
Balance at End of Period, Allowance for credit losses		(21,849)		(3,588)
Balance at End of Period, Carrying value		722,003	[1]	842,278	[1]	665,498
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				(8,375)				(8,375)
Balance at End of Period, 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)
Adoption of ASU 2016-13				(4,787)				$ (4,787)
Balance at End of Period, 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		665,498
Balance at beginning of period after adoption		845,866
Loan originations		23,073		300,576
Principal repayments		(107,520)		(120,240)
Sale of loan	[2]	(17,433)
Amortization of loan origination and deferred exit fees		865		616
Origination fees and extension fees received on commercial loans		(999)		(584)
Balance at End of Period		$ 743,852		$ 845,866		$ 665,498
[1] First mortgage loans are first position mortgage loans and credit loans are mezzanine and subordinated loans. The Company sold one loan during 2023. See Note 5 for further information. The Company sold one loan during 2023. See Note 5 for further information. Relates to sale of a loan during 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)	12 Months Ended
	Dec. 31, 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 - Schedule of Allowance for Credit Losses (Details) - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
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)
Provision for credit losses		(16,911)	$ (3,588)	$ 0
Charge-offs	[1],[2]	3,483
Balance at End of Period, Allowance for credit losses		(22,138)	(3,588)
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)
Balance at beginning of period after adoption		(8,710)
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
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		(16,957)	(3,588)
Charge-offs	[1]	3,483
Balance at End of Period, Allowance for credit losses		(21,849)	$ (3,588)
Commercial Mortgage Loans | 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)
Commercial Mortgage Loans | 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)
Unfunded Loan Commitment
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Provision for credit losses	[3]	46
Balance at End of Period, Allowance for credit losses	[3]	(289)
Unfunded Loan Commitment | 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 Commitment | 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 2023. See Note 5 for further information. The Company sold one loan during 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)		12 Months Ended
		Dec. 31, 2023 USD ($) Rating Loan	Dec. 31, 2022 USD ($) Loan Rating	Dec. 31, 2021 USD ($)
Mortgage Loans On Real Estate [Line Items]
Increase in CECL reserve		$ 22,033,000
Impact of adoption of ASU 2016-13		(5,122,000)	$ (5,122,000)
Charge-offs	[1],[2]	3,483,000
Total CECL reserve		22,138,000	3,588,000
Net increase in asset specific CECL reserve		12,678,000
Provision for loan loss reversed		$ (16,911,000)	$ (3,588,000)	$ 0
Initial risk rating for commercial mortgage loans held for investment and real estate securities | Rating		2	2
Number of loans risk rated two | Loan		24	33
Number of loans risk rated three | Loan		7	8
Number of loans risk rated four | Loan		3	1
Number of loans risk rated five | Loan		2	1
Unfunded Loan Commitment
Mortgage Loans On Real Estate [Line Items]
Total CECL reserve	[3]	$ 289,000
Provision for loan loss reversed	[3]	46,000
First Mortgage Loans [Member] | Office Building [Member]
Mortgage Loans On Real Estate [Line Items]
Impairment charges on loans			$ 3,588,000
Portland, OR Loan [Member]
Mortgage Loans On Real Estate [Line Items]
Mortgage loans on real estate, outstanding		29,550,000
Interest reserve through maturity added to the principal amount		1,750,000
Asset specific CECL reserve		7,073,000
Troubled debt restructurings amortized cost basis		$ 22,477,000
Percentage of loans receivable on commercial mortgage		3.10%
Interest income Accured		$ 0
Portland, OR Loan [Member] | Unfunded Loan Commitment
Mortgage Loans On Real Estate [Line Items]
Mortgage loans on real estate, outstanding		2,200,000
Reston, VA Loan [Member]
Mortgage Loans On Real Estate [Line Items]
Mortgage loans on real estate, outstanding		$ 13,647,000
Mortgage loans on real estate, maturity date		Mar. 09, 2024
Asset specific CECL reserve		$ 2,969,000
Reston, VA Loan [Member] | Unfunded Loan Commitment
Mortgage Loans On Real Estate [Line Items]
Mortgage loans on real estate, outstanding		$ 4,353,000
Addison TX Loan [Member]
Mortgage Loans On Real Estate [Line Items]
Initial risk rating for commercial mortgage loans held for investment and real estate securities | Rating		4
Mortgage loans on real estate, outstanding		$ 24,411,000
Asset specific CECL reserve		2,621,000
Addison TX Loan [Member] | Unfunded Loan Commitment
Mortgage Loans On Real Estate [Line Items]
Mortgage loans on real estate, outstanding		0
Two Senior Loans [Member]
Mortgage Loans On Real Estate [Line Items]
Interest income for impaired related to nonaccrual status loans		3,045,000
Interest Income Forgone of loans on Nonaccrual Status		1,621,000
Mortgage loans on real estate, outstanding		43,197,000
Reversal Of Interest Income on Loans		624,000
Two Senior Loans [Member] | Unfunded Loan Commitment
Mortgage Loans On Real Estate [Line Items]
Mortgage loans on real estate, outstanding		$ 6,553,000
[1] Relates to sale of a loan during 2023. See Note 5 for further information. The Company sold one loan during 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	12 Months Ended
	Dec. 31, 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

3 Months Ended

12 Months Ended

32 Months Ended

May 05, 2023

Mar. 09, 2023

Mar. 10, 2021

May 31, 2022

Dec. 31, 2023

Sep. 30, 2023

Jun. 30, 2023

Dec. 31, 2023

Dec. 31, 2021

Nov. 30, 2023

Dec. 31, 2022

May 06, 2019

Atlas Repo Facility

Repurchase Agreement [Line Items]

Repurchase agreement, maximum advance amount

$ 100,000,000

Amount Outstanding

$ 0

$ 0

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

152%

152%

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%

Increased interest rate due to failure to meet the minimum deposit balance

0.50%

Minimum debt service coverage ratio

1.50%

Debt service coverage ratio

1.47%

Minimum required average unrestricted aggregate deposit account balance amount to be maintained

$ 5,000,000

$ 3,750,000

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 ($)		12 Months Ended
		Dec. 31, 2023		Dec. 31, 2022
Repurchase Agreements And Credit Facility [Line Items]
Accrued Interest Payable		$ 1,792,000		$ 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		100,000,000		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]	457,438,000		131,992,000
Accrued Interest Payable		$ 1,385,000		$ 305,000
Weighted Average Interest Rate		7.78%		6.40%
Weighted Average Days to Maturity		1588 days		492 days
JPM Repo Facility | Commercial Mortgage Loans | Collateral Pledged
Repurchase Agreements And Credit Facility [Line Items]
Collateral Pledged		$ 644,201,000		$ 181,972,000
Repo Facility | Commercial Mortgage Loans
Repurchase Agreements And Credit Facility [Line Items]
Committed Financing		626,076,000		525,000,000
Amount Outstanding	[1]	457,438,000		488,089,000
Accrued Interest Payable		$ 1,385,000		$ 1,187,000
Weighted Average Interest Rate		7.78%		6.76%
Weighted Average Days to Maturity		1588 days		628 days
Repo Facility | Commercial Mortgage Loans | Collateral Pledged
Repurchase Agreements And Credit Facility [Line Items]
Collateral Pledged		$ 644,201,000		$ 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]	9,498,000		18,380,000
Accrued Interest Payable		$ 42,000		$ 16,000
Weighted Average Interest Rate		9.34%	[2]	7.64%
Weighted Average Days to Maturity		435 days		435 days
Western Alliance Credit Facility | Commercial Mortgage Loans | Collateral Pledged
Repurchase Agreements And Credit Facility [Line Items]
Collateral Pledged		$ 13,647,000		$ 29,797,000
Facilities | Commercial Mortgage Loans
Repurchase Agreements And Credit Facility [Line Items]
Committed Financing		666,076,000		600,000,000
Amount Outstanding	[1]	466,936,000		506,469,000
Accrued Interest Payable		$ 1,427,000		$ 1,203,000
Weighted Average Interest Rate		7.81%		6.79%
Weighted Average Days to Maturity		1565 days		621 days
Facilities | Commercial Mortgage Loans | Collateral Pledged
Repurchase Agreements And Credit Facility [Line Items]
Collateral Pledged		$ 657,848,000		$ 706,731,000
[1] Excluding $ 0 and $ 3 of unamortized debt issuance costs as of December 31, 2023 and 2022 , respectively. Includes 0.50 % additional interest rate during the third and fourth quarters 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	3 Months Ended
	Dec. 31, 2023	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%	0.50%

Loan Participations Sold, Net -

Loan Participations Sold, Net - Additional Information (Details) $ in Thousands		12 Months Ended
		Dec. 31, 2023 USD ($)	Nov. 15, 2021 Loan
Mortgage Loans On Real Estate [Line Items]
Charge-offs	[1],[2]	$ 3,483
First Mortgage Loans
Mortgage Loans On Real Estate [Line Items]
Number of loans sold to third party | Loan			9
Loan Sold
Mortgage Loans On Real Estate [Line Items]
Interest income recognized from mortgage loan		531
Interest expense recognized from mortgage loan		$ 426
[1] Relates to sale of a loan during 2023. See Note 5 for further information. The Company sold one loan during 2023. See Note 5 for further information.

Loan Participations Sold, Net_2

Loan Participations Sold, Net - Summary of Loan Participations Sold (Details) $ in Thousands		12 Months Ended
		Dec. 31, 2023 USD ($) Loan		Dec. 31, 2022 USD ($) Loan
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		$ 65,435		$ 121,431
Weighted Average Interest Rate	[1]	3.50%		3.70%
Weighted Average Maximum Maturity		1 month 9 days	[2]	1 year 2 months 19 days
Senior Loan Participations
Mortgage Loans On Real Estate [Line Items]
Number of loans sold to third party | Loan	[3]	4		7
Principal Balance	[3]	$ 57,226		$ 99,420
Book Value	[3]	$ 57,226		$ 99,420
Weighted Average Interest Rate	[1],[3]	2%		2%
Weighted Average Maximum Maturity	[3]	1 month 9 days	[2]	1 year 2 months 19 days
[1] (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. The yield/cost excludes maturity default interest and interest on loans placed on nonaccrual status. (4) Based on the furthest maximum maturity date of all the loans subject to the participation agreement. (3) During the years ended December 31, 2023 and 2022 , the Company recorded $ 4,914 and $ 3,952 of interest expense related to loan participations sold.

Loan Participations Sold, Net_3

Loan Participations Sold, Net - Summary of Loan Participations Sold (Parenthetical) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Loan Participations
Mortgage Loans On Real Estate [Line Items]
Interest expense on loan sold	$ 4,914	$ 3,952

Stockholders' Equity - Addition

Stockholders' Equity - Additional Information (Details) - USD ($)					1 Months Ended																																				3 Months Ended	12 Months Ended
	Oct. 15, 2021	Oct. 01, 2021	Sep. 22, 2021	May 03, 2019	Dec. 31, 2023	Nov. 30, 2023	Oct. 31, 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	Dec. 31, 2021	Nov. 30, 2021	Oct. 31, 2021	Sep. 30, 2021	Aug. 31, 2021	Jul. 31, 2021	Jun. 30, 2021	May 31, 2021	Apr. 30, 2021	Mar. 31, 2021	Feb. 28, 2021	Jan. 31, 2021	Dec. 30, 2021	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Aug. 11, 2022	Dec. 31, 2020
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.
Common stock, offering costs																																										$ 282,000	$ 1,680,000	$ 4,655,000
Dividends payable record date					Dec. 31, 2023	Nov. 30, 2023	Oct. 31, 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	Dec. 31, 2021	Nov. 30, 2021	Oct. 31, 2021	Sep. 30, 2021	Aug. 31, 2021	Jul. 31, 2021	Jun. 30, 2021	May 31, 2021	Apr. 30, 2021	Mar. 31, 2021	Feb. 28, 2021	Jan. 31, 2021
Distributions payable					$ 1,050,000												$ 1,047,000																									1,050,000	1,047,000
Proceeds from issuance of common stock																																										342,000	4,529,000	199,000
Repurchased of common stock																																										0	$ 22,367,000	$ 14,335,000
Repurchased of common stock average price per share																																											$ 19.7	$ 20.19
Gain on repurchase and retirement of preferred stock																																										$ 21,000	$ 306,000	$ 0
Maximum
Class Of Stock [Line Items]
Aggregate net asset value of shares repurchased per month				2%
Aggregate net asset value of shares repurchased per quarter				5%
Share Repurchase Program | Maximum
Class Of Stock [Line Items]
Percentage of aggregate net asset value per month		2%
Percentage of aggregate net asset value per quarter		5%
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																																										4,143	51,304
Gain on repurchase and retirement of preferred stock																																										$ 21,000	$ 306,000
Series A Preferred Stock
Class Of Stock [Line Items]
Liquidation preference per share					$ 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
Dividend paid pro rate																																									$ 0.459375
Shares repurchased and retired																																										4,143	51,304
Class P Common Stock
Class Of Stock [Line Items]
Common stock, shares, outstanding					8,562,777												8,562,777												9,492,939													8,562,777	8,562,777	9,492,939		10,151,787
Distributions declared																																										$ 10,704,000	$ 11,245,000	$ 11,577,000
Class A Common Stock
Class Of Stock [Line Items]
Common stock, shares, outstanding					745,887												743,183												659,270													745,887	743,183	659,270		655,835
Distributions declared																																										$ 932,000	$ 869,000	$ 767,000
Class T Common Stock
Class Of Stock [Line Items]
Common stock, shares, outstanding					290,345												286,341												388,099													290,345	286,341	388,099		398,233
Distributions declared																																										$ 318,000	$ 416,000	$ 395,000
Class D Common Stock
Class Of Stock [Line Items]
Common stock, shares, outstanding					48,015												47,888												47,298													48,015	47,888	47,298		50,393
Distributions declared																																										$ 58,000	$ 57,000	$ 54,000
Class I Common Stock
Class Of Stock [Line Items]
Common stock, shares, outstanding					469,168												452,667												380,218													469,168	452,667	380,218		381,955
Distributions declared																																										$ 585,000	$ 495,000	$ 448,000
Class S Common Stock
Class Of Stock [Line Items]
Common stock, shares, outstanding					0												0												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
Option to purchase additional shares for underwriters, number of days			30 days
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
Class Of Stock [Line Items]
Additional shares authorized to cover over-allotments			525,000
Over-Allotment | Series A Preferred Stock | Raymond James & Associates, Inc.
Class Of Stock [Line Items]
Additional shares issued to cover over-allotments	100,000
Public Offerings
Class Of Stock [Line Items]
Common stock issued, average price per share																																										$ 19.55	$ 20.31	$ 20.42
Proceeds from issuance of common stock, net of offering costs																																										$ 183,000	$ 3,722,000	$ (110,000)
Common stock, offering costs																																										240,000	1,532,000	892,000
Reimbursable deferred offering costs																													$ 26,000															$ 26,000
Public Offerings | Series A Preferred Stock
Class Of Stock [Line Items]
Common stock issued, average price per share																																												$ 25
Common stock, offering costs																																												$ 3,690,000
Proceeds from issuance of common stock																																												86,310,000
DRP
Class Of Stock [Line Items]
Proceeds from issuance of common stock																																										$ 85,000	$ 725,000	$ 583,000
Average price per share																																										$ 19.53	$ 19.73	$ 20.22

Stockholders' Equity - Schedule

Stockholders' Equity - Schedule of Change in Outstanding Shares Including Restricted Common Stock (Details) - shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Series A Preferred Stock
Class Of Stock [Line Items]
Issuance of shares			3,600,000
Beginning balance	3,548,696	3,600,000
Repurchase and retirement of preferred stock	(4,143)	(51,304)
Ending balance	3,544,553	3,548,696	3,600,000
Class P Common Stock
Class Of Stock [Line Items]
Beginning balance	8,562,777	9,492,939	10,151,787
Redemptions		(930,162)	(658,848)
Ending balance	8,562,777	8,562,777	9,492,939
Class A Common Stock
Class Of Stock [Line Items]
Beginning balance	743,183	659,270	655,835
Issuance of shares	1,445	107,721	4,801
Distribution reinvestment	1,259	12,662	10,992
Redemptions		(36,470)	(12,358)
Ending balance	745,887	743,183	659,270
Class T Common Stock
Class Of Stock [Line Items]
Beginning balance	286,341	388,099	398,233
Issuance of shares	3,453	46,977	3,673
Distribution reinvestment	551	6,307	5,687
Redemptions		(155,042)	(19,494)
Ending balance	290,345	286,341	388,099
Class D Common Stock
Class Of Stock [Line Items]
Beginning balance	47,888	47,298	50,393
Distribution reinvestment	127	1,548	1,748
Redemptions		(958)	(4,843)
Ending balance	48,015	47,888	47,298
Class I Common Stock
Class Of Stock [Line Items]
Beginning balance	452,667	380,218	381,955
Issuance of shares	12,386	67,316	976
Distribution reinvestment	2,393	16,212	10,420
Issuance of restricted shares	1,722	1,534	1,477
Redemptions		(12,613)	(14,610)
Ending balance	469,168	452,667	380,218

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
	Dec. 31, 2023	Nov. 30, 2023	Oct. 31, 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	Dec. 31, 2021	Nov. 30, 2021	Oct. 31, 2021	Sep. 30, 2021	Aug. 31, 2021	Jul. 31, 2021	Jun. 30, 2021	May 31, 2021	Apr. 30, 2021	Mar. 31, 2021	Feb. 28, 2021	Jan. 31, 2021
Class Of Stock [Line Items]
Record date	Dec. 31, 2023	Nov. 30, 2023	Oct. 31, 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	Dec. 31, 2021	Nov. 30, 2021	Oct. 31, 2021	Sep. 30, 2021	Aug. 31, 2021	Jul. 31, 2021	Jun. 30, 2021	May 31, 2021	Apr. 30, 2021	Mar. 31, 2021	Feb. 28, 2021	Jan. 31, 2021
Aggregate Annualized Gross Dividend Declared of Common Stock
Class Of Stock [Line Items]
Aggregate gross distribution declared per share of common stock	$ 1.25	$ 1.25	$ 1.25	$ 1.25	$ 1.25	$ 1.25	$ 1.25	$ 1.25	$ 1.25	$ 1.25	$ 1.25	$ 1.25	$ 1.25	$ 1.25	$ 1.25	$ 1.25	$ 1.25	$ 1.25	$ 1.25	$ 1.25	$ 1.25	$ 1.25	$ 1.25	$ 1.25	$ 1.25	$ 1.25	$ 1.25	$ 1.25	$ 1.25	$ 1.25	$ 1.25	$ 1.15	$ 1.1	$ 1.05	$ 1	$ 0.95
Aggregate Monthly Gross Dividend Declared of Common Stock
Class Of Stock [Line Items]
Aggregate gross distribution declared per share of common stock	$ 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	$ 0.1042	$ 0.1042	$ 0.1042	$ 0.1042	$ 0.1042	$ 0.1042	$ 0.1042	$ 0.1042	$ 0.1042	$ 0.1042	$ 0.0958	$ 0.0917	$ 0.0875	$ 0.0833	$ 0.0792

Stockholders' Equity - Schedu_3

Stockholders' Equity - Schedule of Monthly Net Distributions Per Share (Details) - $ / shares	1 Months Ended
	Dec. 31, 2023	Nov. 30, 2023	Oct. 31, 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	Dec. 31, 2021	Nov. 30, 2021	Oct. 31, 2021	Sep. 30, 2021	Aug. 31, 2021	Jul. 31, 2021	Jun. 30, 2021	May 31, 2021	Apr. 30, 2021	Mar. 31, 2021	Feb. 28, 2021	Jan. 31, 2021
Class Of Stock [Line Items]
Record date	Dec. 31, 2023	Nov. 30, 2023	Oct. 31, 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	Dec. 31, 2021	Nov. 30, 2021	Oct. 31, 2021	Sep. 30, 2021	Aug. 31, 2021	Jul. 31, 2021	Jun. 30, 2021	May 31, 2021	Apr. 30, 2021	Mar. 31, 2021	Feb. 28, 2021	Jan. 31, 2021
Monthly Net Distribution Declared of Class D Common Stock
Class Of Stock [Line Items]
Net distributions declared per share	$ 0.1005	$ 0.1006	$ 0.1005	$ 0.1006	$ 0.1005	$ 0.1005	$ 0.1004	$ 0.1001	$ 0.1002	$ 0.1001	$ 0.1004	$ 0.1	$ 0.1	$ 0.1002	$ 0.1	$ 0.1001	$ 0.1	$ 0.1	$ 0.1001	$ 0.1	$ 0.1001	$ 0.0999	$ 0.1003	$ 0.0999	$ 0.0999	$ 0.1	$ 0.0999	$ 0.1	$ 0.0999	$ 0.0999	$ 0.1	$ 0.0915	$ 0.0876	$ 0.0832	$ 0.0794	$ 0.0749
Monthly Net Distribution Declared of Class T Common Stock
Class Of Stock [Line Items]
Net distributions declared per share	$ 0.0916	$ 0.092	$ 0.0916	$ 0.092	$ 0.0915	$ 0.0916	$ 0.0912	$ 0.0903	$ 0.0907	$ 0.0903	$ 0.0914	$ 0.09	$ 0.09	$ 0.0905	$ 0.09	$ 0.0905	$ 0.09	$ 0.0899	$ 0.0904	$ 0.0899	$ 0.0903	$ 0.0898	$ 0.091	$ 0.0896	$ 0.0897	$ 0.0901	$ 0.0895	$ 0.09	$ 0.0895	$ 0.0896	$ 0.09	$ 0.0813	$ 0.0776	$ 0.0729	$ 0.0701	$ 0.0646

Stockholders' Equity - Schedu_4

Stockholders' Equity - Schedule of Aggregate Distributions Declared for Applicable Class of Common Stock (Details) - $ / shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Series A Preferred Stock
Distributions Declared [Line Items]
Aggregate annualized gross distribution declared per share of preferred stock	$ 1.6875	$ 1.6875	$ 0.4594	[1]
Net distributions declared per share	1.6875	1.6875	0.4594	[1]
Class P Common Stock
Distributions Declared [Line Items]
Aggregate annualized gross distribution declared per share of common stock	1.25	1.2504	1.1669
Net distributions declared per share	1.25	1.2504	1.1669
Class A Common Stock
Distributions Declared [Line Items]
Aggregate annualized gross distribution declared per share of common stock	1.25	1.2504	1.1669
Net distributions declared per share	1.25	1.2504	1.1669
Class T Common Stock
Distributions Declared [Line Items]
Aggregate annualized gross distribution declared per share of common stock	1.25	1.2504	1.1669
Stockholder servicing fee per share	0.1558	0.1685	0.172
Net distributions declared per share	1.0942	1.0819	0.9949
Class D Common Stock
Distributions Declared [Line Items]
Aggregate annualized gross distribution declared per share of common stock	1.25	1.2504	1.1669
Stockholder servicing fee per share	0.0456	0.0498	0.0507
Net distributions declared per share	1.2044	1.2006	1.1162
Class I Common Stock
Distributions Declared [Line Items]
Aggregate annualized gross distribution declared per share of common stock	1.25	1.2504	1.1669
Net distributions declared per share	$ 1.25	$ 1.2504	$ 1.1669
[1] Distributions on preferred stock are only for a partial year following their issuance on September 22, 2021.

Net (Loss) Income Per Share A_3

Net (Loss) Income Per Share Attributable to Common Stockholders - Additional information (Details) - Restricted Shares - shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Earnings Per Share Diluted [Line Items]
Additional shares included in computation of diluted earnings per share	0	830	947
Antidilutive restricted shares	676	645	610

Net (Loss) Income Per Share A_4

Net (Loss) Income Per Share Attributable to Common Stockholders - Summary of Basic and Diluted Net (Loss) Income Per Share Attributable to Common Stockholders (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Earnings Per Share [Abstract]
Net (loss) income attributable to common stockholders	$ (10,398)	$ 4,430	$ 8,219
Weighted average shares outstanding, basic	10,114,606	10,605,242	11,480,517
Weighted average shares outstanding, diluted	10,114,606	10,606,072	11,481,464
Net (loss) income per share attributable to common stockholders, basic	$ (1.03)	$ 0.42	$ 0.72
Net (loss) income per share attributable to common stockholders, diluted	$ (1.03)	$ 0.42	$ 0.72

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Details) $ in Thousands	Dec. 31, 2023 USD ($) Loan	Dec. 31, 2022 USD ($) Loan
Commitments and Contingencies Disclosure [Abstract]
Number of commercial real estate loans with remaining future funding commitment | Loan	27	33
Commercial real estate, remaining future funding commitment | $	$ 31,021	$ 59,474

Segment Reporting - Additional

Segment Reporting - Additional Information (Details) - Segment	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Segment Reporting [Abstract]
Number of reportable segment	1	1	1

Transactions with Related Par_3

Transactions with Related Parties - Additional Information (Details) - USD ($)			1 Months Ended	12 Months Ended
	Jul. 20, 2021	Jul. 15, 2021	Nov. 30, 2016	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Related Party Transaction [Line Items]
Proceeds from issuance of common stock				$ 342,000	$ 4,529,000	$ 199,000
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 year ended December 31, 2023, the amount of ordinary operating expenses either submitted for reimbursement by the Advisor and Sub-Advisor or incurred by the Company directly that was 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
Payment of selling commissions			$ 0
Payment of dealer manager fees			0
Payment of organization and offering expenses			0
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 pursuant to its subscription agreement that, for so long as it or its affiliate is serving as the 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; (ii) it will not be eligible to submit a request for these 40,040 Class P Shares pursuant to the Company’s SRP prior to the fifth anniversary of the date on which such shares were purchased (November 2021); and (iii) 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
Payment of selling commissions			$ 0
Payment of dealer manager fees			0
Payment of organization and offering expenses			$ 0
Description of subscription agreement				Sound Point has agreed pursuant to its subscription agreement that, for so long as the Sub-Advisor or its affiliate is serving as the Sub-Advisor, (i) it will not be eligible to submit a request for the repurchase of these 120,000 shares pursuant to the Company’s SRP prior to the fifth anniversary of the date on which such shares were purchased (November 2021); and (ii) repurchase requests made for these 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 [Member]
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 [Member]
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	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Related Party Transaction [Line Items]
Advisory fee	$ 3,381	$ 3,692	$ 3,217
Accrued stockholder servicing fee	(39)	(108)	(85)
Total	2,028	2,197
Advisor Sub Advisor And Dealer Manager
Related Party Transaction [Line Items]
Organization and offering expense reimbursement	2		26
Selling commissions and dealer manager fee	4	155	8
Advisory fee	3,381	3,692	3,217
Loan fees	400	3,714	4,597
Accrued stockholder servicing fee	4	(59)	(23)
Operating expense reimbursement to Advisor			56
Total	3,791	7,502	$ 7,881
Organization and offering expense reimbursement, payable	2
Advisory fee, payable	271	296
Loan fees, payable	1,313	1,419
Accrued stockholder servicing fee, payable	442	482
Total	$ 2,028	$ 2,197

Transactions with Related Par_5

Transactions with Related Parties - Summary of Related Party Transactions (Parenthetical) (Details) - Advisor - USD ($) $ / shares in Units, $ in Thousands		6 Months Ended	12 Months Ended			54 Months Ended
	Jul. 01, 2021	Jun. 30, 2021	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2023
Related Party Transaction [Line Items]
Maximum percentage of gross proceeds from issuance of initial public offering						15%
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.
Percentage of gross value of assets, paid monthly		0.104%
Percentage of average net asset value of assets, paid monthly	0.104%
Fixed component of advisory fee waived			$ 0	$ 0	$ 1,475
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 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 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%
Maximum
Related Party Transaction [Line Items]
Percentage of aggregate total return	15%
Percentage of net asset value of assets, paid monthly		0.208%
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%
Minimum
Related Party Transaction [Line Items]
Minimum percentage to earn performance component of advisory fee	7%

Equity-Based Compensation - Add

Equity-Based Compensation - Additional Information (Details) $ in Thousands		12 Months Ended
	Dec. 31, 2023 USD ($) Director	Dec. 31, 2023 USD ($) Director	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
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		$ 25
RSP | Restricted Shares | Independent Directors
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting period		3 years
Compensation expense		$ 31	$ 32	$ 34
Unrecognized compensation cost	$ 53	$ 53
Weighted average remaining period that compensation expense recognizable	1 year 5 months 12 days

Equity-Based Compensation - Sum

Equity-Based Compensation - Summary of Total Stock Grants (Details) - USD ($) $ / shares in Units, $ in Thousands								12 Months Ended
	Sep. 29, 2023	Oct. 03, 2022	Oct. 14, 2021	Dec. 01, 2020	Dec. 02, 2019	Jan. 07, 2019	Mar. 01, 2018	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
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
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 - S_2

Equity-Based Compensation - Summary of the Restricted Shares Granted under RSP (Details) - Restricted Shares - RSP	12 Months Ended
	Dec. 31, 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
Vested, Shares | shares	(1,468)
Outstanding ending balance, Shares | shares	3,237
Outstanding beginning balance, Weighted average grant date fair value per share | $ / shares	$ 20.11
Grant Date Fair Value Per Share | $ / shares	17.42
Vested, Weighted average grant date fair value per share | $ / shares	20.44
Outstanding ending balance, Weighted average grant date fair value per share | $ / shares	$ 18.53

Fair Value of Financial Instr_3

Fair Value of Financial Instruments - Schedule of Carrying Amount and Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Carrying Amount
Financial assets
Cash and cash equivalents	$ 54,143	$ 29,408
Commercial mortgage loans, net	722,003	842,278
Total	776,146	871,686
Financial liabilities
Credit facility payable	9,498	18,380
Loan participations sold	57,226	99,420
Total	524,162	605,886
Carrying Amount | Commercial Mortgage Loans
Financial liabilities
Repurchase agreements	457,438	488,086
Estimated Fair Value
Financial assets
Cash and cash equivalents	54,143	29,408
Commercial mortgage loans, net	722,003	842,278
Total	776,146	871,686
Financial liabilities
Credit facility payable	9,498	18,380
Loan participations sold	57,226	99,420
Total	524,162	605,886
Estimated Fair Value | Commercial Mortgage Loans
Financial liabilities
Repurchase agreements	$ 457,438	$ 488,086

Fair Value of Financial Instr_4

Fair Value of Financial Instruments - Additional Information (Details) - Loan		Dec. 31, 2023		Dec. 31, 2022
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Loan term	[1]	10 months 24 days	[2]	1 year 4 months 24 days	[3]
Maximum
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Percentage of exit capitalization rate on impaired loans		8%
Minimum
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Percentage of exit capitalization rate on impaired loans		5.75%
Commercial Mortgage Loans
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Number of loans impaired		2		1
[1] First mortgage loans are first position mortgage loans and credit loans are mezzanine and subordinated loans. 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 December 15, 2023, the SOFR rate reset to 5.36 % . On December 15, 2022, the LIBOR and SOFR rates reset to 4.32 % and 4.34 %, respectively. Weighted average interest rate excludes maturity default interest and interest on loans placed on nonaccrual status. Weighted average years to maturity excludes allowable extensions on the loans.

Disposition of Real Estate - Ad

Disposition of Real Estate - Additional Information (Details) - USD ($)		1 Months Ended		12 Months Ended
	Sep. 28, 2023	May 31, 2023	Feb. 28, 2021	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Real Estate [Line Items]
Proceeds from sale of real estate	$ 11,942,000			$ 11,942,000
Gain on sale of real estate	$ 206,000			206,000	$ 0	$ 0
Asset Impairment Charges		$ 6,934,000		6,934,000	0	$ 0
Paycheck Protection Program
Real Estate [Line Items]
Loans amount			$ 1,093,000
Loan term			5 years
Fixed interest rate			1%
Accrued expenses				$ 0	$ 0

Leases - Additional Information

Leases - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 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	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Leases [Abstract]
Amortization of right-of-use assets	$ 30	$ 72	$ 71
Interest on lease liabilities	1,483	1,963	1,925
Total finance lease cost	$ 1,513	$ 2,035	$ 1,996

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) - $ / shares

1 Months Ended

Feb. 28, 2024

Jan. 30, 2024

Dec. 31, 2023

Nov. 30, 2023

Oct. 31, 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

Dec. 31, 2021

Nov. 30, 2021

Oct. 31, 2021

Sep. 30, 2021

Aug. 31, 2021

Jul. 31, 2021

Jun. 30, 2021

May 31, 2021

Apr. 30, 2021

Mar. 31, 2021

Feb. 28, 2021

Jan. 31, 2021

Subsequent Event [Line Items]

Distributions record date

Dec. 31, 2023

Nov. 30, 2023

Oct. 31, 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

Dec. 31, 2021

Nov. 30, 2021

Oct. 31, 2021

Sep. 30, 2021

Aug. 31, 2021

Jul. 31, 2021

Jun. 30, 2021

May 31, 2021

Apr. 30, 2021

Mar. 31, 2021

Feb. 28, 2021

Jan. 31, 2021

Subsequent Event | Series A Preferred Stock

Subsequent Event [Line Items]

Distributions paid date

Mar. 29, 2024

Distributions record date

Mar. 15, 2024

Distributions declared date

Feb. 28, 2024

Distributions declared per share

$ 0.421875

Subsequent Event | Common Stock

Subsequent Event [Line Items]

Distributions paid date

Mar. 19, 2024

Feb. 20, 2024

Distributions record date

Feb. 29, 2024

Jan. 31, 2024

Distributions declared date

Feb. 28, 2024

Jan. 30, 2024

Subsequent Events - Schedule of

Subsequent Events - Schedule of Declared Distributions for Class of Common Stock (Details) - $ / shares			12 Months Ended
	Feb. 28, 2024	Jan. 30, 2024	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Class P Common Stock
Subsequent Event [Line Items]
Aggregate gross distributions declared per share			$ 1.25	$ 1.2504	$ 1.1669
Class A Common Stock
Subsequent Event [Line Items]
Aggregate gross distributions declared per share			1.25	1.2504	1.1669
Class T Common Stock
Subsequent Event [Line Items]
Aggregate gross distributions declared per share			1.25	1.2504	1.1669
Stockholder servicing fee per share			0.1558	0.1685	0.172
Class D Common Stock
Subsequent Event [Line Items]
Aggregate gross distributions declared per share			1.25	1.2504	1.1669
Stockholder servicing fee per share			0.0456	0.0498	0.0507
Class I Common Stock
Subsequent Event [Line Items]
Aggregate gross distributions declared per share			$ 1.25	$ 1.2504	$ 1.1669
Subsequent Event | Class P Common Stock
Subsequent Event [Line Items]
Aggregate gross distributions declared per share	$ 0.1042	$ 0.1042
Net distributions declared per share	0.1042	0.1042
Subsequent Event | Class A Common Stock
Subsequent Event [Line Items]
Aggregate gross distributions declared per share	0.1042	0.1042
Net distributions declared per share	0.1042	0.1042
Subsequent Event | Class T Common Stock
Subsequent Event [Line Items]
Aggregate gross distributions declared per share	0.1042	0.1042
Stockholder servicing fee per share	0.0115	0.0123
Net distributions declared per share	0.0927	0.0919
Subsequent Event | Class D Common Stock
Subsequent Event [Line Items]
Aggregate gross distributions declared per share	0.1042	0.1042
Stockholder servicing fee per share	0.0034	0.0036
Net distributions declared per share	0.1008	0.1006
Subsequent Event | Class I Common Stock
Subsequent Event [Line Items]
Aggregate gross distributions declared per share	0.1042	0.1042
Net distributions declared per share	$ 0.1042	$ 0.1042

Schedule IV - Mortgage Loans _2

Schedule IV - Mortgage Loans on Real Estate - Schedule of Mortgage Loans on Real Estate (Details) - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2023		Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Mortgage Loans On Real Estate [Line Items]
Principal Balance	[2]	$ 742,880	[1]	$ 844,507
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate		722,003	[1],[3]	$ 842,278	$ 665,498	$ 441,814
First Mortgage Loan 1 | Office | Secured Overnight Financing Rate (SOFR)
Mortgage Loans On Real Estate [Line Items]
Principal Balance	[1],[3],[4]	13,450
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate	[1],[3],[4]	$ 13,480
Cash Coupon	[1],[3],[4]	SOFR+4.70%
Periodic Payment Terms	[3],[4],[5]	I/O
Maximum Maturity	[3],[4],[6]	Apr. 09, 2023
First Mortgage Loan 2 | Office | Secured Overnight Financing Rate (SOFR)
Mortgage Loans On Real Estate [Line Items]
Principal Balance	[1],[3],[7]	$ 24,411
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate	[1],[3],[7]	$ 21,913
Cash Coupon	[1],[3],[7]	SOFR+3.75%
Periodic Payment Terms	[3],[5],[7]	I/O
Maximum Maturity	[3],[6],[7]	Sep. 09, 2023
First Mortgage Loan 3 | Multifamily | Secured Overnight Financing Rate (SOFR)
Mortgage Loans On Real Estate [Line Items]
Principal Balance	[1],[3],[8]	$ 11,056
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate	[1],[3],[8]	$ 10,898
Cash Coupon	[1],[3],[8]	SOFR+3.25%
Periodic Payment Terms	[3],[5],[8]	I/O
Maximum Maturity	[3],[6],[8]	Feb. 09, 2024
First Mortgage Loan 4 | Office | Secured Overnight Financing Rate (SOFR)
Mortgage Loans On Real Estate [Line Items]
Principal Balance	[1],[3]	$ 45,983
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate	[1],[3]	$ 43,878
Cash Coupon	[1],[3]	SOFR+2.75%
Periodic Payment Terms	[3],[5]	I/O
Maximum Maturity	[3],[6]	Jul. 09, 2026
First Mortgage Loan 5 | Office | Secured Overnight Financing Rate (SOFR)
Mortgage Loans On Real Estate [Line Items]
Principal Balance	[1],[3]	$ 7,934
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate	[1],[3]	$ 7,960
Cash Coupon	[1],[3]	SOFR+4.20%
Periodic Payment Terms	[3],[5]	I/O
Maximum Maturity	[3],[6]	Nov. 09, 2024
First Mortgage Loan 6 | Office | Secured Overnight Financing Rate (SOFR)
Mortgage Loans On Real Estate [Line Items]
Principal Balance	[1],[3]	$ 13,626
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate	[1],[3]	$ 13,537
Cash Coupon	[1],[3]	SOFR+3.10%
Periodic Payment Terms	[3],[5]	I/O
Maximum Maturity	[3],[6]	Oct. 09, 2024
First Mortgage Loan 7 | Office | Secured Overnight Financing Rate (SOFR)
Mortgage Loans On Real Estate [Line Items]
Principal Balance	[1],[3]	$ 22,616
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate	[1],[3]	$ 19,143
Cash Coupon	[1],[3]	SOFR+2.90%
Periodic Payment Terms	[3],[5]	I/O
Maximum Maturity	[3],[6],[9]	Oct. 09, 2024
First Mortgage Loan 8 | Retail | Secured Overnight Financing Rate (SOFR)
Mortgage Loans On Real Estate [Line Items]
Principal Balance	[1],[3]	$ 9,850
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate	[1],[3]	$ 9,860
Cash Coupon	[1],[3]	SOFR+3.50%
Periodic Payment Terms	[3],[5]	I/O
Maximum Maturity	[3],[6]	Mar. 09, 2025
First Mortgage Loan 9 | Office | Secured Overnight Financing Rate (SOFR)
Mortgage Loans On Real Estate [Line Items]
Principal Balance	[1],[3]	$ 13,647
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate	[1],[3]	$ 10,847
Cash Coupon	[1],[3]	SOFR+5.00%
Periodic Payment Terms	[3],[5]	I/O
Maximum Maturity	[3],[6]	Mar. 09, 2026
First Mortgage Loan 10 | Industrial | Secured Overnight Financing Rate (SOFR)
Mortgage Loans On Real Estate [Line Items]
Principal Balance	[1],[3]	$ 20,135
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate	[1],[3]	$ 20,183
Cash Coupon	[1],[3]	SOFR+4.00%
Periodic Payment Terms	[3],[5]	I/O
Maximum Maturity	[3],[6]	Mar. 09, 2026
First Mortgage Loan 11 | Multifamily | Secured Overnight Financing Rate (SOFR)
Mortgage Loans On Real Estate [Line Items]
Principal Balance	[1],[3]	$ 15,737
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate	[1],[3]	$ 15,780
Cash Coupon	[1],[3]	SOFR+3.50%
Periodic Payment Terms	[3],[5]	I/O
Maximum Maturity	[3],[6]	Apr. 09, 2026
First Mortgage Loan 12 | Multifamily | Secured Overnight Financing Rate (SOFR)
Mortgage Loans On Real Estate [Line Items]
Principal Balance	[1],[3]	$ 12,226
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate	[1],[3]	$ 12,185
Cash Coupon	[1],[3]	SOFR+3.50%
Periodic Payment Terms	[3],[5]	I/O
Maximum Maturity	[3],[6]	Apr. 09, 2026
First Mortgage Loan 13 | Industrial | Secured Overnight Financing Rate (SOFR)
Mortgage Loans On Real Estate [Line Items]
Principal Balance	[1],[3]	$ 9,090
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate	[1],[3]	$ 9,088
Cash Coupon	[1],[3]	SOFR+4.00%
Periodic Payment Terms	[3],[5]	I/O
Maximum Maturity	[3],[6]	May 09, 2026
First Mortgage Loan 14 | Multifamily | Secured Overnight Financing Rate (SOFR)
Mortgage Loans On Real Estate [Line Items]
Principal Balance	[1],[3]	$ 15,889
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate	[1],[3]	$ 15,908
Cash Coupon	[1],[3]	SOFR+3.10%
Periodic Payment Terms	[3],[5]	I/O
Maximum Maturity	[3],[6]	Jun. 09, 2026
First Mortgage Loan 15 | Mixed Use | Secured Overnight Financing Rate (SOFR)
Mortgage Loans On Real Estate [Line Items]
Principal Balance	[1],[3]	$ 6,430
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate	[1],[3]	$ 6,446
Cash Coupon	[1],[3]	SOFR+4.50%
Periodic Payment Terms	[3],[5]	I/O
Maximum Maturity	[3],[6]	Jul. 09, 2026
First Mortgage Loan 16 | Multifamily | Secured Overnight Financing Rate (SOFR)
Mortgage Loans On Real Estate [Line Items]
Principal Balance	[1],[3]	$ 29,550
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate	[1],[3]	$ 22,477
Cash Coupon	[1],[3]	SOFR+3.20%
Periodic Payment Terms	[3],[5]	I/O
Maximum Maturity	[3],[6]	May 09, 2024
First Mortgage Loan 17 | Multifamily | Secured Overnight Financing Rate (SOFR)
Mortgage Loans On Real Estate [Line Items]
Principal Balance	[1],[3]	$ 23,533
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate	[1],[3]	$ 23,528
Cash Coupon	[1],[3]	SOFR+2.95%
Periodic Payment Terms	[3],[5]	I/O
Maximum Maturity	[3],[6]	Nov. 09, 2026
First Mortgage Loan 18 | Multifamily | Secured Overnight Financing Rate (SOFR)
Mortgage Loans On Real Estate [Line Items]
Principal Balance	[1],[3]	$ 25,696
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate	[1],[3]	$ 25,681
Cash Coupon	[1],[3]	SOFR+2.90%
Periodic Payment Terms	[3],[5]	I/O
Maximum Maturity	[3],[6]	Nov. 09, 2026
First Mortgage Loan 19 | Multifamily | Secured Overnight Financing Rate (SOFR)
Mortgage Loans On Real Estate [Line Items]
Principal Balance	[1],[3]	$ 24,581
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate	[1],[3]	$ 24,530
Cash Coupon	[1],[3]	SOFR+3.05%
Periodic Payment Terms	[3],[5]	I/O
Maximum Maturity	[3],[6]	Dec. 09, 2026
First Mortgage Loan 20 | Multifamily | Secured Overnight Financing Rate (SOFR)
Mortgage Loans On Real Estate [Line Items]
Principal Balance	[1],[3]	$ 25,453
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate	[1],[3]	$ 25,246
Cash Coupon	[1],[3]	SOFR+2.85%
Periodic Payment Terms	[3],[5]	I/O
Maximum Maturity	[3],[6]	Dec. 09, 2026
First Mortgage Loan 21 | Multifamily | Secured Overnight Financing Rate (SOFR)
Mortgage Loans On Real Estate [Line Items]
Principal Balance	[1],[3]	$ 39,817
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate	[1],[3]	$ 39,665
Cash Coupon	[1],[3]	SOFR+3.05%
Periodic Payment Terms	[3],[5]	I/O
Maximum Maturity	[3],[6]	Dec. 09, 2026
First Mortgage Loan 22 | Multifamily | Secured Overnight Financing Rate (SOFR)
Mortgage Loans On Real Estate [Line Items]
Principal Balance	[1],[3]	$ 25,529
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate	[1],[3]	$ 25,475
Cash Coupon	[1],[3]	SOFR+3.20%
Periodic Payment Terms	[3],[5]	I/O
Maximum Maturity	[3],[6]	Jan. 09, 2027
First Mortgage Loan 23 | Multifamily | Secured Overnight Financing Rate (SOFR)
Mortgage Loans On Real Estate [Line Items]
Principal Balance	[1],[3]	$ 38,730
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate	[1],[3]	$ 38,284
Cash Coupon	[1],[3]	SOFR+3.40%
Periodic Payment Terms	[3],[5]	I/O
Maximum Maturity	[3],[6]	Jan. 09, 2027
First Mortgage Loan 24 | Retail | Secured Overnight Financing Rate (SOFR)
Mortgage Loans On Real Estate [Line Items]
Principal Balance	[1],[3]	$ 16,153
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate	[1],[3]	$ 16,129
Cash Coupon	[1],[3]	SOFR+3.65%
Periodic Payment Terms	[3],[5]	I/O
Maximum Maturity	[3],[6]	Feb. 09, 2027
First Mortgage Loan 25 | Industrial | Secured Overnight Financing Rate (SOFR)
Mortgage Loans On Real Estate [Line Items]
Principal Balance	[1],[3]	$ 15,496
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate	[1],[3]	$ 15,477
Cash Coupon	[1],[3]	SOFR+3.55%
Periodic Payment Terms	[3],[5]	I/O
Maximum Maturity	[3],[6]	Feb. 09, 2027
First Mortgage Loan 26 | Multifamily | Secured Overnight Financing Rate (SOFR)
Mortgage Loans On Real Estate [Line Items]
Principal Balance	[1],[3]	$ 14,744
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate	[1],[3]	$ 14,661
Cash Coupon	[1],[3]	SOFR+3.30%
Periodic Payment Terms	[3],[5]	I/O
Maximum Maturity	[3],[6]	Feb. 09, 2027
First Mortgage Loan 27 | Mixed Use | Secured Overnight Financing Rate (SOFR)
Mortgage Loans On Real Estate [Line Items]
Principal Balance	[1],[3]	$ 30,000
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate	[1],[3]	$ 29,960
Cash Coupon	[1],[3]	SOFR+3.04%
Periodic Payment Terms	[3],[5]	I/O
Maximum Maturity	[3],[6]	Mar. 09, 2027
First Mortgage Loan 28 | Multifamily | Secured Overnight Financing Rate (SOFR)
Mortgage Loans On Real Estate [Line Items]
Principal Balance	[1],[3]	$ 28,536
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate	[1],[3]	$ 28,187
Cash Coupon	[1],[3]	SOFR+3.40%
Periodic Payment Terms	[3],[5]	I/O
Maximum Maturity	[3],[6]	Mar. 09, 2027
First Mortgage Loan 29 | Industrial | Secured Overnight Financing Rate (SOFR)
Mortgage Loans On Real Estate [Line Items]
Principal Balance	[1],[3]	$ 16,852
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate	[1],[3]	$ 16,797
Cash Coupon	[1],[3]	SOFR+3.30%
Periodic Payment Terms	[3],[5]	I/O
Maximum Maturity	[3],[6]	Apr. 09, 2027
First Mortgage Loan 30 | Multifamily | Secured Overnight Financing Rate (SOFR)
Mortgage Loans On Real Estate [Line Items]
Principal Balance	[1],[3]	$ 13,783
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate	[1],[3]	$ 13,492
Cash Coupon	[1],[3]	SOFR+3.25%
Periodic Payment Terms	[3],[5]	I/O
Maximum Maturity	[3],[6]	Apr. 09, 2027
First Mortgage Loan 31 | Multifamily | Secured Overnight Financing Rate (SOFR)
Mortgage Loans On Real Estate [Line Items]
Principal Balance	[1],[3]	$ 19,820
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate	[1],[3]	$ 19,816
Cash Coupon	[1],[3]	SOFR+3.40%
Periodic Payment Terms	[3],[5]	I/O
Maximum Maturity	[3],[6]	May 09, 2026
First Mortgage Loan 32 | Multifamily | Secured Overnight Financing Rate (SOFR)
Mortgage Loans On Real Estate [Line Items]
Principal Balance	[1],[3]	$ 49,448
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate	[1],[3]	$ 48,902
Cash Coupon	[1],[3]	SOFR+3.45%
Periodic Payment Terms	[3],[5]	I/O
Maximum Maturity	[3],[6]	Jun. 09, 2027
First Mortgage Loan 33 | Multifamily | Secured Overnight Financing Rate (SOFR)
Mortgage Loans On Real Estate [Line Items]
Principal Balance	[1],[3]	$ 27,579
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate	[1],[3]	$ 27,315
Cash Coupon	[1],[3]	SOFR+3.90%
Periodic Payment Terms	[3],[5]	I/O
Maximum Maturity	[3],[6]	Sep. 09, 2027
First Mortgage Loan 34 | Multifamily | Secured Overnight Financing Rate (SOFR)
Mortgage Loans On Real Estate [Line Items]
Principal Balance	[1],[3]	$ 22,000
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate	[1],[3]	$ 21,815
Cash Coupon	[1],[3]	SOFR+3.90%
Periodic Payment Terms	[3],[5]	I/O
Maximum Maturity	[3],[6]	Dec. 09, 2027
Credit Loan 1 | Office
Mortgage Loans On Real Estate [Line Items]
Principal Balance	[1],[3]	$ 7,500
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate	[1],[3]	$ 7,469
Cash Coupon	[1],[3]	9.20%
Periodic Payment Terms	[3],[5]	I/O
Maximum Maturity	[3],[6]	Oct. 11, 2027
Credit Loan 2 | Office
Mortgage Loans On Real Estate [Line Items]
Principal Balance	[1],[3]	$ 6,000
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate	[1],[3]	$ 5,991
Cash Coupon	[1],[3]	10.00%
Periodic Payment Terms	[3],[5]	I/O
Maximum Maturity	[3],[6]	Oct. 06, 2024
[1] Cash coupon is the stated rate on the loan. Our first mortgage loans are all floating rate and each contains a minimum SOFR floor. As of December 31, 2023 , the weighted average SOFR floor for these loans was 0.65 %. An 80 % undivided senior interest in each of loan numbers 1, 2, 3 and 7, which includes the right to receive priority interest payments at a rate of SOFR+ 2.00 %, was sold by our Operating Partnership pursuant to a Loan Participation Agreement dated November 15, 2021. Our Operating Partnership has retained a 20 % undivided subordinate interest in each of these loans First mortgage loans are first position mortgage loans and credit loans are mezzanine and subordinated loans. First mortgage loans are first position mortgage loans and credit loans are mezzanine and subordinated loans. The loan matured on April 9, 2023 and is currently paying default interest. The Company is negotiating an extension to allow the borrower to obtain long-term financing. The Company expects to complete the loan extension in the second quarter of 2024. The property securing the loan is class A office and is 97 % occupied as of December 31, 2023. The Company has reviewed the loan and based on the current estimated LTV does not believe the loan is impaired. I/O = interest only, P/I = principal and interest. Maximum maturity assumes all extension options are exercised by the borrower, however loans may be repaid prior to such date. The loan matured on September 9, 2023 and is accruing default interest. The Company is negotiating an extension with the borrower which it expects to complete in the first quarter of 2024. The Company has reviewed the loan and based on the estimated LTV recorded a $ 2,621 asset-specific CECL reserve as of December 31, 2023. The loan matured on February 9, 2024 and the Company agreed to extend the loan maturity date until June 9, 2024. The borrower paid an extension fee, and contributed funds into reserves for interest, taxes and insurance. The borrower is currently marketing the asset for sale and has executed a purchase and sale agreement for an amount that exceeds the loan balance. Once the sale is complete, the proceeds will be used to pay-off the loan. The Company has reviewed the loan and based on the current estimated LTV does not believe the loan is impaired. The loan matured on October 9, 2023 and is currently in maturity default. The Company has been negotiating an extension with the borrower which is expected to be completed in the first quarter 2024. The Company has reviewed the loan and based on the estimated LTV recorded a $ 3,603 asset-specific CECL reserve as of December 31, 2023.

Schedule IV - Mortgage Loans _3

Schedule IV - Mortgage Loans on Real Estate - Schedule of Mortgage Loans on Real Estate (Parenthetical) (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($)
Mortgage Loans On Real Estate [Line Items]
Undivided senior interest sold	80%
Interest rate on loan participants sold	SOFR+2.00
Spread on loan participations sold	2%
Undivided subordinate interest retained	20%
Office | First Mortgage Loan 1
Mortgage Loans On Real Estate [Line Items]
Mortgage loans on real estate occupancy percentage	97%
Office | First Mortgage Loan 2
Mortgage Loans On Real Estate [Line Items]
Asset-specific CECL reserve	$ 2,621
Office | First Mortgage Loan 7
Mortgage Loans On Real Estate [Line Items]
Asset-specific CECL reserve	$ 3,603
Secured Overnight Financing Rate (SOFR)
Mortgage Loans On Real Estate [Line Items]
Mortgage loans floor interest rate	0.65%

Schedule IV - Mortgage Loans _4

Schedule IV - Mortgage Loans on Real Estate - Schedule of Reconciliation of Commercial Mortgage Loans, at Cost (Details) - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2023		Dec. 31, 2022		Dec. 31, 2021
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Abstract]
Balance at Beginning of Year		$ 842,278		$ 665,498		$ 441,814
Adoption of ASU 2016-13		(4,787)
Balance at beginning of period after adoption		837,491		665,498		441,814
Loan fundings		23,073		300,576		337,033
Amortization of deferred fees and expenses		865		616		1,440
Collections of principal		(107,520)		(120,240)		(114,558)
Sale of loan		(17,433)	[1]	0	[2]	0	[2]
Provision for credit losses		(16,957)		(3,588)		0
Net fees capitalized into carrying value of loans		(999)		(584)		(231)
Charge-offs	[2],[3]	3,483
Balance at End of Period		$ 722,003	[4],[5]	$ 842,278		$ 665,498
[1] The Company sold one loan during 2023. See Note 5 for further information. The Company sold one loan during 2023. See Note 5 for further information. Relates to sale of a loan during 2023. See Note 5 for further information. Cash coupon is the stated rate on the loan. Our first mortgage loans are all floating rate and each contains a minimum SOFR floor. As of December 31, 2023 , the weighted average SOFR floor for these loans was 0.65 %. An 80 % undivided senior interest in each of loan numbers 1, 2, 3 and 7, which includes the right to receive priority interest payments at a rate of SOFR+ 2.00 %, was sold by our Operating Partnership pursuant to a Loan Participation Agreement dated November 15, 2021. Our Operating Partnership has retained a 20 % undivided subordinate interest in each of these loans First mortgage loans are first position mortgage loans and credit loans are mezzanine and subordinated loans.

Schedule IV - Mortgage Loans _5

Schedule IV - Mortgage Loans on Real Estate - Schedule of Reconciliation of Commercial Mortgage Loans, at Cost (Parenthetical) (Details)	Dec. 31, 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