Inpoint Commercial Real Estate Income (ICR-PA) 10-Q 10 May 22 2022 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2022	May 09, 2022
Document And Entity Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2022
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q1
Entity Registrant Name	INPOINT COMMERCIAL REAL ESTATE INCOME, INC.
Entity Central Index Key	0001690012
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	true
Entity Shell Company	false
Entity File Number	001-40833
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	32-0506267
Entity Address, Address Line One	2901 Butterfield Road
Entity Address, City or Town	Oak Brook
Entity Address, State or Province	IL
Entity Address, Postal Zip Code	60523
City Area Code	800
Local Phone Number	826-8228
Document Quarterly Report	true
Document Transition Report	false
Title of 12(b) Security	6.75% Series A Cumulative Redeemable Preferred Stock, par value $0.001
Trading Symbol	ICR PR A
Security Exchange Name	NYSE
Class P Common Stock
Document And Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		9,197,481
Class T Common Stock
Document And Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		408,139
Class I Common Stock
Document And Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		379,105
Class A Common Stock
Document And Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		674,993
Class D Common Stock
Document And Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		46,904
Class S Common Stock
Document And Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		0

CONSOLIDATED BALANCE SHEETS (un

CONSOLIDATED BALANCE SHEETS (unaudited) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
ASSETS
Cash and cash equivalents	$ 76,320	$ 57,268
Commercial mortgage loans at cost, net of allowance for loan loss of $0	730,098	665,498
Real estate owned, net of depreciation	31,321	31,535
Finance lease right of use asset, net of amortization	5,436	5,454
Deferred debt finance costs	857	1,202
Accrued interest receivable	1,471	1,416
Prepaid expenses and other assets	1,823	2,055
Total assets	847,326	764,428
Liabilities:
Repurchase agreements	410,270	307,083
Credit facility payable		14,350
Loan participations sold, net	110,016	109,772
Finance lease liability	17,189	17,105
Due to related parties	2,898	2,894
Interest payable	474	364
Distributions payable	1,113	1,137
Accrued expenses	5,599	4,578
Total liabilities	547,559	457,283
Stockholders’ Equity:
Preferred stock,$0.001 par value, 50,000,000 shares authorized: 6.75% Series A Cumulative Redeemable Preferred Stock, $0.001 par value, 4,025,000 shares authorized, 3,500,000 and 0 shares issued and outstanding as of September 30, 2021 and December 31, 2020, respectively	4	4
Additional paid in capital (net of offering costs of $29,877 and $29,534 at March 31, 2022 and December 31, 2021, respectively)	354,538	359,406
Accumulated deficit	(54,785)	(52,275)
Total stockholders’ equity	299,767	307,145
Total liabilities and stockholders’ equity	847,326	764,428
Class P Common Stock
Stockholders’ Equity:
Common stock	9	9
Class A Common Stock
Stockholders’ Equity:
Common stock	1	1
Class T Common Stock
Stockholders’ Equity:
Common stock	0	0
Class S Common Stock
Stockholders’ Equity:
Common stock	0	0
Class D Common Stock
Stockholders’ Equity:
Common stock	0	0
Class I Common Stock
Stockholders’ Equity:
Common stock	$ 0	$ 0

CONSOLIDATED BALANCE SHEETS (_2

CONSOLIDATED BALANCE SHEETS (unaudited) (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Allowance for loan loss	$ 0	$ 0
Additional paid in capital, offering costs	$ 29,877	$ 29,534
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	9,250,940	9,492,939
Common stock, shares, outstanding	9,250,940	9,492,939
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	668,495	659,270
Common stock, shares, outstanding	668,495	659,270
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	396,742	388,099
Common stock, shares, outstanding	396,742	388,099
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	46,786	47,298
Common stock, shares, outstanding	46,786	47,298
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	378,108	380,218
Common stock, shares, outstanding	378,108	380,218
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	3,600,000	3,600,000
Preferred stock, shares outstanding	3,600,000	3,600,000

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Income:
Interest income	$ 8,571	$ 6,451
Less: Interest expense	2,741	1,894
Net interest income	5,830	4,557
Revenue from real estate owned	1,760	868
Total income	7,590	5,425
Operating expenses:
Advisory fee	950	737
Debt finance costs	376	431
Directors compensation	21	21
Professional service fees	248	224
Real estate owned operating expenses	3,050	2,155
Depreciation and amortization	282	272
Other expenses	301	220
Net operating expenses	5,228	4,060
Net income	2,362	1,365
Net income attributable to common stockholders	$ 843	$ 1,365
Net income attributable to common stockholders per share basic and diluted	$ 0.08	$ 0.12
Weighted average number of shares of common stock
Basic	10,871,052	11,640,959
Diluted	10,871,248	11,640,969
Series A Preferred Stock
Operating expenses:
Series A Preferred Stock dividends	$ 1,519

CONSOLIDATED STATEMENTS OF CHAN

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (unaudited) - USD ($) $ in Thousands	Total	Preferred StockSeries A Preferred Stock	Common StockClass P Common Stock	Common StockClass A Common Stock	Additional Paid in Capital	Accumulated Deficit
Balance at Dec. 31, 2020	$ 240,256		$ 10	$ 1	$ 287,498	$ (47,253)
Proceeds from issuance of common stock	1				1
Offering costs	(276)				(276)
Net income	1,365					1,365
Common stock distributions declared	(2,892)					(2,892)
Distribution reinvestment	120				120
Redemptions	(125)				(125)
Equity-based compensation	10				10
Balance at Mar. 31, 2021	238,459		10	1	287,228	(48,780)
Balance at Dec. 31, 2021	307,145	$ 4	9	1	359,406	(52,275)
Proceeds from issuance of common stock	580				580
Offering costs	(343)				(343)
Net income	2,362					2,362
Common stock distributions declared	(3,353)					(3,353)
Preferred stock distributions declared	(1,519)					(1,519)
Distribution reinvestment	159				159
Redemptions	(5,271)				(5,271)
Equity-based compensation	7				7
Balance at Mar. 31, 2022	$ 299,767	$ 4	$ 9	$ 1	$ 354,538	$ (54,785)

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Cash flows from operating activities
Net income	$ 2,362	$ 1,365
Adjustments to reconcile net income to cash provided by operations:
Depreciation and amortization expense	282	272
Reduction in the carrying amount of the right-of-use asset	18	18
Amortization of equity-based compensation	7	10
Amortization of debt finance costs to operating expense	376	431
Amortization of debt finance costs to interest expense	25	13
Amortization of origination fees	(125)	(203)
Amortization of loan extension fees	(34)	(97)
Changes in assets and liabilities:
Accrued interest receivable	(55)	(73)
Accrued expenses	1,021	416
Loan fees payable		(40)
Accrued interest payable	194	79
Due to related parties	154	76
Prepaid expenses and other assets	232	(112)
Net cash provided by operating activities	4,457	2,155
Cash flows from investing activities:
Origination of commercial loans	(155,810)	(33,286)
Loan extension fees received on commercial loans	51	51
Principal repayments of commercial loans	91,166	77
Acquisition of real estate owned and capital expenditures	(68)	(34)
Net cash used in investing activities	(64,661)	(33,192)
Cash flows from financing activities:
Proceeds from issuance of common stock	580	1
Redemptions of common stock	(5,271)	(125)
Payment of offering costs	(341)	(294)
Proceeds from repurchase agreements	151,770	15,244
Principal repayments of repurchase agreements	(48,556)
Principal repayments of credit facility	(14,350)	(626)
Proceeds from sale of loan participations	244
Debt finance costs	(83)
Distributions paid to common stockholders	(3,218)	(2,626)
Distributions paid to preferred stockholders	(1,519)
Net cash provided by financing activities	79,256	11,574
Net change in cash, cash equivalents and restricted cash	19,052	(19,463)
Cash, cash equivalents and restricted cash at beginning of period	57,268	72,107
Cash, cash equivalents and restricted cash at end of period	76,320	52,644
Supplemental disclosure of cash flow information:
Amortization of deferred exit fees due to related party	(152)	142
Interest paid	2,631	1,890
Accrued stockholder servicing fee due to related party	2	(18)
Distribution reinvestment	$ 159	$ 120

Organization and Business Opera

Organization and Business Operations	3 Months Ended
	Mar. 31, 2022
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Organization and Business Operations	Note 1 – Organization and Business Operations InPoint Commercial Real Estate Income, Inc. (the “Company”) was incorporated in Maryland on September 13, 2016 to originate, acquire and manage a diversified portfolio of commercial real estate (“CRE”) investments primarily comprised of floating-rate CRE debt, including first mortgage loans, subordinate mortgage and mezzanine loans, and participations in such loans. The Company may also invest in floating-rate CRE securities, such as commercial mortgage-backed securities (“CMBS”), and senior unsecured debt of publicly traded real estate investment trusts (“REITs”), and 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 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 a second amended and restated advisory agreement dated July 1, 2021 among the Company, the Operating Partnership and the Advisor (the “Advisory Agreement”). The Advisor has delegated certain of its duties to SPCRE InPoint Advisors, LLC (the “Sub-Advisor”), a Delaware limited liability company formed in September 2016 that is a wholly owned subsidiary of Sound Point CRE Management, LP, pursuant to a second amended and restated sub-advisory agreement between the Advisor and the Sub-Advisor dated July 1, 2021. Among other duties, the Sub-Advisor has the authority to identify, negotiate, acquire and originate the Company’s investments and provide portfolio management, disposition, property management and leasing services to the Company. Notwithstanding such delegation to the Sub-Advisor, the Advisor retains ultimate responsibility for the performance of all the matters entrusted to it under the Advisory Agreement, including those duties that the Advisor has not delegated to the Sub-Advisor, such as (i) valuation of the Company’s assets and calculation of the Company’s net asset value (“NAV”); (ii) management of the Company’s day-to-day operations; (iii) preparation of stockholder reports and communications and arrangement of the Company’s annual stockholder meeting; and (iv) monitoring the Company’s ongoing compliance with the REIT qualification requirements. On October 25, 2016, the Company commenced a private offering (the “Private Offering”) of up to $500,000 of shares of Class P common stock (“Class P shares”). The Company issued 10,258,094 Class P shares in the Private Offering, resulting in gross proceeds of $276,681 and terminated the Private Offering on June 28, 2019. On March 22, 2019, the Company filed a Registration Statement on Form S-11 (File No. 333-230465) (the “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 Registration Statement and the Company commenced the IPO. The purchase price per share for each class of common stock in the IPO (Class A, Class I, Class D, Class S and Class T) varies and generally equals the prior month’s NAV per share, as determined monthly, plus applicable upfront selling commissions and dealer manager fees. Inland Securities Corporation (the “Dealer Manager”), an affiliate of the Advisor, serves 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 on Form S-11 (File No. 333-264540) with the SEC to register up to $2,200,000 in shares of common stock, which has not yet been declared effective. On March 24, 2020, the Board suspended (i) the sale of shares in the IPO, (ii) the operation of the share repurchase program (the “SRP”), (iii) the payment of distributions to the Company’s stockholders, and (iv) the operation of the distribution reinvestment plan (the “DRP”), effective as of April 6, 2020. In determining to take these actions, the Board considered various factors, including the impact of the COVID-19 pandemic on the economy, the inability to accurately calculate the Company’s NAV per share due to uncertainty, volatility and lack of liquidity in the market, the Company’s need for liquidity due to financing challenges related to additional collateral required by the banks that regularly finance the Company’s assets and these uncertain and rapidly changing economic conditions. Though the Company did not calculate the NAV for the months of March through May 2020, the Advisor resumed calculating the NAV beginning as of June 30, 2020 following its determination that volatility in the market for the Company’s investments had declined and the U.S. economic outlook had improved. In August 2020, the Company resumed paying distributions monthly to stockholders of record for all classes of its common stock . On October 1, 2020, the SEC declared effective the Company’s post-effective amendment to the R egistration S tatement , thereby permitting the Company to resume offers and sales of shares of common stock in the IPO , including t hrough the DRP. On March 1, 2021, the SRP was reinstated for the Company’s stockholders requesting repurchase of shares as a result of the death or qualified disability of the holder, and on July 1, 2021, the SRP was reinstated for all stockholders. In accordance with the terms of the SRP that allow the Company to repurchase fewer shares than the maximum amount permitted under the SRP, the Company repurchased fewer shares than the maximum amount permitted for the months of July, August and September 2021 as directed by the Board. Beginning on October 1, 2021, the total amount of aggregate repurchases of shares was limited as set forth in the SRP (no more than 2% of the Company’s aggregate NAV per month as of the last day of the previous calendar month and no more than 5% of the Company’s aggregate NAV per calendar quarter with NAV measured as of the last day of the previous calendar quarter). Notwithstanding the foregoing, the Company may repurchase fewer shares than these limits in any month, or none. Further, 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 September 22, 2021, the Company completed an underwritten public offering of 3,500,000 shares of its 6.75% Series A Cumulative Redeemable Preferred Stock, par value $0.001 per share (the “Series A Preferred Stock”) , with a liquidation preference of $25.00 per share (the “Preferred Stock Offering”) . In addition, on October 15, 2021, Raymond James & Associates, Inc., as a representative of the underwriters, partially exercised their over-allotment option to purchase an additional 100,000 shares of Series A Preferred Stock. The Series A Preferred Stock were issued and sold pursuant to a Registration Statement on Form S-11 (File No. 333-258802) filed with the SEC. Preferred Stock Offering Please refer to “Note 15 – Subsequent Events” for updates to the Company’s business after March 31, 2022.

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2022
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Note 2 – Summary of Significant Accounting Policies Disclosures discussing all significant accounting policies are set forth in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021, as filed with the SEC on March 11, 2022 (the “Annual Report), under the heading “Note 2 – Summary of Significant Accounting Policies.” There have been no changes to the Company’s significant accounting policies for the three months ended March 31, 2022. Basis of Accounting The accompanying consolidated financial statements and related footnotes have been prepared in conformity with U.S. generally accepted accounting principles (“GAAP”) and require management to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the financial statements and the reported amounts of income and expenses during the reported periods. Actual results could differ from such estimates. In the opinion of management, the accompanying unaudited consolidated financial statements reflect all adjustments, which are normal and recurring in nature, necessary for fair financial statement presentation. 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.” 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 March 31, 2022 and December 31, 2021, the Company had repaid all outstanding repurchase agreements secured by real estate securities and, therefore, no restricted cash was held. Accounting Pronouncements Recently Issued but Not Yet Effective In June 2016, the Financial Accounting Standards Board (“FASB”) issued ASU 2016-13, “Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments” (“ASU 2016-13”), which changed how entities measure credit losses for financial assets carried at amortized cost. ASU 2016-13 eliminated the requirement that a credit loss must be probable before it can be recognized and instead required an entity to recognize the current estimate of all expected credit losses. ASU 2016-13 became effective for SEC filers for reporting periods beginning after December 15, 2019. In November 2019, the FASB issued ASU 2019-10, “Financial Instruments – Credit Losses (Topic 326), Derivatives and Hedging (Topic 815), and Leases (Topic 842): Effective Dates”, which grants smaller reporting companies (as defined by the SEC) until reporting periods commencing after December 15, 2022 to implement ASU 2016-13. As a smaller reporting company, the Company will continue to evaluate the future impact ASU 2016-13, once implemented, will have on its allowance for loan losses estimate.

Commercial Mortgage Loans Held

Commercial Mortgage Loans Held for Investment	3 Months Ended
	Mar. 31, 2022
Mortgage Loans On Real Estate [Abstract]
Commercial Mortgage Loans Held for Investment	Note 3 – Commercial Mortgage Loans Held for Investment The tables below show the Company’s commercial mortgage loans held for investment as of March 31, 2022 and December 31, 2021: March 31, 2022 Loan Type (1) Number of Loans Principal Balance Unamortized (fees)/costs, net Carrying Value Weighted Average Interest Rate Weighted Average Years to Maturity First mortgage loans 39 $ 715,314 $ 1,284 $ 716,598 4.2 % 1.7 Credit loans 2 13,500 — 13,500 9.6 % 4.2 Total and average 41 $ 728,814 $ 1,284 $ 730,098 4.3 % 1.8 December 31, 2021 Loan Type (1) Number of Loans Principal Balance Unamortized (fees)/costs, net Carrying Value Weighted Average Interest Rate Weighted Average Years to Maturity First mortgage loans 36 $ 650,670 $ 1,328 $ 651,998 4.5 % 1.6 Credit loans 2 13,500 — 13,500 9.6 % 4.4 Total and average 38 $ 664,170 $ 1,328 $ 665,498 4.6 % 1.7 (1) For the three months ended March 31, 2022 and the year ended December 31, 2021, the activity in the Company’s commercial mortgage loans, held-for-investment portfolio was as follows: Three Months Ended March 31, 2022 Year Ended December 31, 2021 Balance at Beginning of Year $ 665,498 $ 441,814 Loan originations 155,810 337,033 Principal repayments (91,166 ) (114,558 ) Amortization of loan origination, loan extension and deferred exit fees 7 1,440 Origination fees and extension fees received on commercial loans (51 ) (231 ) Balance at End of Period $ 730,098 $ 665,498 Allowance for Loan Losses During the three-month periods ended March 31, 2022 and 2021, the Company determined that no loan losses were probable and, therefore, did not record an allowance for loan losses. For further information on the Company’s allowance for loan losses policy, see “Note 2 – Summary of Significant Accounting Policies” in its Annual Report. Credit Characteristics As part of the Company’s process for monitoring the credit quality of its investments, it performs a quarterly asset review of the investment portfolio and assigns risk ratings to each of its loans and certain securities it may own, such as CMBS. Risk factors include payment status, lien position, borrower financial resources and investment in collateral, collateral type, project economics and geographic location, as well as national and regional economic factors. To determine the likelihood of loss, the loans are rated on a 5-point scale as follows: Investment Grade Investment Grade Definition 1 Investment exceeding fundamental performance expectations and/or capital gain expected. Trends and risk factors since time of investment are favorable. 2 Performing consistent with expectations and a full return of principal and interest expected. Trends and risk factors are neutral to favorable. 3 Performing investment requiring closer monitoring. Trends and risk factors show some deterioration. Collection of principal and interest is still expected. 4 Underperforming investment with the potential of some interest loss but still expecting a positive return on investment. Trends and risk factors are negative. 5 Underperforming investment with expected loss of interest and some principal. All investments are assigned an initial risk rating of 2 at origination or acquisition. As of March 31, 2022, 36 loans had a risk rating of 2 and five had a risk rating of 3. As of December 31, 2021, 33 loans had a risk rating of 2 and five had a risk rating of 3.

Repurchase Agreements and Credi

Repurchase Agreements and Credit Facilities	3 Months Ended
	Mar. 31, 2022
Disclosure Of Repurchase Agreements [Abstract]
Repurchase Agreements and Credit Facilities	Note 4 – Repurchase Agreements and Credit Facilities Commercial Mortgage Loans On February 15, 2018, the Company, through a wholly owned subsidiary, entered into a master repurchase agreement (the “CF 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 2021 for a twelve-month term and the maximum advance amount was increased to $350,000. Advances under the CF Repo Facility accrue interest at a per annum annual rate equal to the Secured Overnight Financing Rate (“SOFR”) plus 1.75% to 2.50% with a 0.15% to 0.75% floor. The CF Repo Facility is subject to certain financial covenants. The Company was in compliance with all financial covenant requirements as of March 3 1 , 2022 and December 31, 2021 . 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 under the JPM Repo Facility accrue interest at per annum rates equal to the sum of (i) the applicable London Interbank Offered Rate (“LIBOR”) index rate plus (ii) a margin of between 1.75% to 2.50%, depending on the attributes of the purchased assets. The maturity date of the JPM Repo Facility is May 6, 2022. The JPM Repo Facility is subject to certain financial covenants. The Company was in compliance with all financial covenant requirements as of March 31, 2022 and December 31, 2021. 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 4.0%. The initial maturity date of the WA Credit Facility is March 10, 2023. 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. Failure to meet the minimum deposit balance will result in, among other things, the interest rate of the WA Credit Facility increasing by 0.25% per annum for each quarter in which the compensating balances are not maintained. The Company was in compliance with all financial covenant requirements as of March 31, 2022 The JPM Repo Facility, CF Repo Facility and WA Credit Facility (collectively, the “Facilities”) are used to finance eligible loans and each act in the manner of a revolving credit facility that can be repaid as the Company’s assets are paid off and re-drawn as advances against new assets. The tables below show the Facilities as of March 31, 2022 and December 31, 2021: March 31, 2022 Weighted Average Committed Financing Amount Outstanding (1) Accrued Interest Payable Collateral Pledged Interest Rate Days to Maturity CF Repo Facility $ 350,000 $ 301,787 $ 260 $ 412,017 2.27 % 224 JPM Repo Facility 150,000 108,551 95 149,110 2.26 % 36 Total Repurchase Facilities - commercial mortgage loans 500,000 410,338 355 561,127 2.27 % 174 WA Credit Facility 75,000 — 16 — 4.00 % 344 $ 575,000 $ 410,338 $ 371 $ 561,127 2.27 % 174 December 31, 2021 Weighted Average Committed Financing Amount Outstanding (1) Accrued Interest Payable Collateral Pledged Interest Rate Days to Maturity CF Repo Facility $ 350,000 $ 189,654 $ 159 $ 260,691 2.16 % 314 JPM Repo Facility 150,000 117,470 92 167,704 2.02 % 126 Total Repurchase Facilities - commercial mortgage loans 500,000 307,124 251 428,395 2.11 % 242 WA Credit Facility 75,000 14,350 22 20,500 4.00 % 434 $ 575,000 $ 321,474 $ 273 $ 448,895 2.19 % 251 (1) Excludes $68 and $41 of unamortized debt issuance costs at March 31, 2022 and December 31, 2021, respectively.

Loan Participations Sold, Net

Loan Participations Sold, Net	3 Months Ended
	Mar. 31, 2022
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. The following table details the Company’s loan participations sold as of March 31, 2022 and December 31, 2021: March 31, 2022 Loan Participations Sold Count Principal Balance Book Value Yield/Cost (1) Weighted Average Maximum Maturity Total Loans 9 $ 137,520 $ 138,276 L+3.6% 1.98 Senior participations (2)(3) 9 $ 110,016 $ 110,016 L+2.0% 1.98 December 31, 2021 Loan Participations Sold Count Principal Balance Book Value Yield/Cost (1) Weighted Average Maximum Maturity Total Loans 9 $ 137,215 $ 137,931 L+3.6% 2.22 Senior participations (2)(3) 9 $ 109,772 $ 109,772 L+2.0% 2.22 ____________ (1) The yield/cost is the present value of all future principal and interest payments on the loan or participation interest and does not include any origination fees or deferred commitment fees. (2) As of March 31, 2022 and December 31, 2021, the loan participations sold were non-recourse to the Company. (3) During the three-months ended March 31, 2022, the Company recorded $599 of interest expense related to the loan participations sold.

Stockholders' Equity

Stockholders' Equity	3 Months Ended
	Mar. 31, 2022
Equity [Abstract]
Stockholders' Equity	Note 6 – Stockholders’ Equity Preferred Stock Offering On September 22, 2021, the Company issued and sold 3,500,000 shares of the Series A Preferred Stock at a public offering price of $25.00 per share. In addition, on October 15, 2021, Raymond James & Associates, Inc., as representative of the underwriters, partially exercised their over-allotment option and purchased an additional 100,000 shares of Series A Preferred Stock. The Series A Preferred Stock were issued and sold 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 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 classes of common and preferred stock, including restricted common stock: Preferred Stock Common Stock Three months ended March 31, 2022 Series A Class P Class A Class T Class S Class D Class I Beginning balance 3,600,000 9,492,939 659,270 388,099 — 47,298 380,218 Issuance of shares — — 13,961 11,290 — — 2,490 Distribution reinvestment — — 2,916 1,551 — 446 3,004 Issuance of restricted shares — — — — — — — Redemptions — (241,999 ) (7,652 ) (4,198 ) — (958 ) (7,604 ) Ending balance 3,600,000 9,250,940 668,495 396,742 — 46,786 378,108 Common Stock Three months ended March 31, 2021 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 — — — — — 64 Distribution reinvestment — 2,431 1,148 — 358 2,019 Issuance of restricted shares — — — — — — Redemptions (6,208 ) — — — — — Ending balance 10,145,579 658,266 399,381 — 50,751 384,038 Distributions – Common Stock The table below presents the aggregate annualized and monthly distributions declared on common stock by record date for all classes of shares. Record date Aggregate annualized gross distribution declared per share Aggregate monthly gross distribution declared per share January 31, 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 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 March 31, 2022, 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. 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 The table below presents the aggregate and net distributions declared for each applicable class of common stock during the three months ended March 31, 2022 and 2021. The table excludes distributions declared for any month for a class of shares of stock when there were no shares of that class outstanding on the applicable record date. Common Stock Three months ended March 31, 2022 Class P Class A Class T Class S Class D Class I Aggregate gross distributions declared per share $ 0.3126 $ 0.3126 $ 0.3126 $ — $ 0.3126 $ 0.3126 Stockholder servicing fee per share N/A N/A 0.0422 — 0.0125 N/A Net distributions declared per share $ 0.3126 $ 0.3126 $ 0.2704 $ — $ 0.3001 $ 0.3126 Common Stock Three months ended March 31, 2021 Class P Class A Class T Class S Class D Class I Aggregate gross distributions declared per share $ 0.2500 $ 0.2500 $ 0.2500 $ — $ 0.2500 $ 0.2500 Stockholder servicing fee per share N/A N/A 0.0424 — 0.0125 N/A Net distributions declared per share $ 0.2500 $ 0.2500 $ 0.2076 $ — $ 0.2375 $ 0.2500 Dividends - Series A Preferred Stock 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. During March 2022, the Board declared a quarterly dividend on the Series A Preferred Stock in the amount of $0.421875 per share which was paid on March 30, 2022 to holders of record on March 15, 2022. As of March 31, 2022, and December 31, 2021, distributions declared but not yet paid amounted to $1,113 and $1,137, respectively.

Net Income (Loss) Per Share

Net Income (Loss) Per Share	3 Months Ended
	Mar. 31, 2022
Earnings Per Share [Abstract]
Net Income (Loss) Per Share	Note 7 – Net Income (Loss) Per Share Basic earnings per share (“EPS”) are computed by dividing net income attributable to common stockholders by the weighted average number of common shares outstanding for the period. Diluted EPS is computed by dividing net income attributable to common stockholders by the common shares plus common share equivalents. The Company’s common share equivalents are unvested restricted shares. The Company excludes antidilutive restricted shares from the calculation of weighted-average shares for diluted earnings per share. There were zero and 165 antidilutive restricted shares for the three months ended March 31, 2022 and 2021, respectively. ee “Note 11 – Equity-Based Compensation.” The following table is a summary of the basic and diluted net income (loss) per share computation for the three months ended March 31, 2022 and 2021: Three months ended March 31, 2022 2021 Net income attributable to common stockholders $ 843 $ 1,365 Weighted average shares outstanding, basic 10,871,052 11,640,959 Dilutive effect of restricted stock 196 10 Weighted average shares outstanding, diluted 10,871,248 11,640,969 Net income attributable to common stockholders per share, basic and diluted $ 0.08 $ 0.12

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2022
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 March 31, 2022, the Company had 33 of such loans with a total remaining future funding commitment of $74,918. As of December 31, 2021, the Company had 32 such loans with a total remaining future funding commitment of $74,518. The Company advances future funds if the borrower meets certain requirements as specified in the individual loan agreements.

Segment Reporting

Segment Reporting	3 Months Ended
	Mar. 31, 2022
Segment Reporting [Abstract]
Segment Reporting	Note 9 – Segment Reporting The Company has one reportable segment as defined by GAAP for the three months ended March 31, 2022 and 2021.

Transactions with Related Parti

Transactions with Related Parties	3 Months Ended
	Mar. 31, 2022
Related Party Transactions [Abstract]
Transactions with Related Parties	Note 10 – Transactions with Related Parties As of March 31, 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 equal to $25.00. The Advisor has agreed that, for so long as it or its affiliate is serving as the Company’s advisor, (i) it will not sell or transfer at least 8,000 of the Class P shares that it has purchased, accounting for $200 of its investment, to an unaffiliated third party and (ii) repurchase requests made for these Class P shares will only be accepted (a) on the last business day of a calendar quarter, (b) after all repurchase requests from all other stockholders for such quarter have been accepted and (c) to the extent that such repurchases do not cause total repurchases in the quarter in which they are being repurchased to exceed that quarter’s repurchase cap. As of March 31, 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 $25.00. Sound Point has agreed that, for so long as the Sub-Advisor or its affiliate is serving as the Company’s sub-advisor repurchase requests made for these Class P shares will only be accepted (a) on the last business day of a calendar quarter, (b) after all repurchase requests from all other stockholders for such quarter have been accepted and (c) to the extent that such repurchases do not cause total repurchases in the quarter in which they are being repurchased to exceed that quarter’s repurchase cap. The following table summarizes the Company’s related party transactions for the three months ended March 31, 2022 and 2021 and the amount due to related parties at March 31, 2022 and December 31, 2021: Three months ended March 31, Payable as of March 31, Payable as of December 31, 2022 2021 2022 2021 Organization and offering expense reimbursement (1) $ 4 $ — $ 4 $ — Selling commissions and dealer manager fee (2) 21 — — — Advisory fee (3) 950 737 314 321 Loan fees (4) 1,920 558 1,989 1,983 Accrued stockholder servicing fee (5) 14 — 591 590 Operating expense reimbursement to advisor (6) — 15 — — Total $ 2,909 $ 1,310 $ 2,898 $ 2,894 (1) The Company 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 IPO. (2) For the IPO, the Dealer Manager is entitled to receive (a) upfront selling commissions of up to 6.0%, and upfront dealer manager fees of up to 1.25%, of the transaction price of each Class A share sold in the primary offering, however such amounts may vary at certain participating broker-dealers provided that the sum will not exceed 7.25% of the transaction price; (b) upfront selling commissions of up to 3.0%, and upfront dealer manager fees of 0.5%, of the transaction price of each Class T share sold in the primary offering, however such amounts may vary at certain participating broker-dealers provided that the sum will not exceed 3.5% of the transaction price; and (c) upfront selling commissions of up to 3.5% of the transaction price of each Class S share sold in the primary offering. No upfront selling commissions or dealer manager fees are paid with respect to purchases of Class D shares, Class I shares or shares of any class sold pursuant to the DRP. All upfront selling commissions and dealer manager fees will be reallowed (paid) by the Dealer Manager to participating broker-dealers. (3) The Advisor is entitled to receive an advisory fee comprised of two separate components: (1) a fixed component payable monthly and (2) a performance component payable annually. Prior to July 1, 2021, the fixed component of the advisory fee was paid in an amount equal to 1/12th of 1.25 2.5 th 1.25 ( 4 ) The Company pays the Advisor all new loan origination and administrative fees related to CRE loans held for investment, to the extent that such fees are paid by the borrower. Pursuant to the Sub-Advisory Agreement, the Advisor generally will reallow a portion of loan fees and all administrative fees to the Sub-Advisor. ( 5 ) Subject to the Financial Industry Regulatory Authority, Inc. limitations on underwriting compensation, the Company pays the Dealer Manager selling commissions over time as stockholder servicing fees for ongoing services rendered to stockholders by participating broker-dealers or broker-dealers servicing stockholders’ accounts as follows: (a) for Class T shares only, 0.85 % per annum of the NAV of the Class T shares; (b) for Class S shares only, 0.85 % per annum of the aggregate NAV for the Class S shares; and (c) for Class D shares only, 0.25 % per annum of the aggregate NAV for the Class D shares. The Company will cease paying the stockholder servicing fee with respect to any Class T share, Class S share or Class D share held in a stockholder’s account upon the occurrence of certain events. The Company accrues the full cost of the stockholder servicing fee as an offering cost at the time the Company sells Class T, Class S, and Class D shares. The Dealer Manager does not retain any of these fees, all of which are retained by, or reallowed (paid) to, participating broker-dealers and servicing broker-dealers for ongoing stockholder services performed by such broker-dealers. (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 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 three months ended March 31, 2022, and for which they may have been entitled to be reimbursed. The Advisory Agreement and Sub-Advisory Agreement provide that expenses will be submitted monthly to the Company for reimbursement, and the amount of expenses submitted for reimbursement in any particular month is not necessarily indicative of the total amount of expenses actually incurred by the Advisor and the Sub-Advisor in providing services to the Company and for which reimbursement could have been received by the Advisor or Sub-Advisor. Revolving Credit Liquidity Letter Agreements 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 Date (defined below) (ii) the first date on which the Company’s balance sheet equity is equal to or greater than $500,000, (iii) the date IREIC or one of its affiliates is no longer the Company’s Advisor or Sound Point or one of its affiliates is no longer the Company’s Sub-Advisor and (iv) such earlier date on which the commitment will terminate as provided in the letter agreements, for example, because of an event of default. The “Maturity Date” is one year from the date of the agreement, and the Maturity Date will be automatically extended every year for an additional year, unless (a) the lender delivers notice of termination 60 days 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	3 Months Ended
	Mar. 31, 2022
Disclosure Of Compensation Related Costs Sharebased Payments [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 March 31, 2022. 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 Under the Company’s Independent Director Restricted Share Plan, restricted shares generally vest over a three-year A summary table of the status of the restricted shares is presented below: Restricted Shares Weighted Average Grant Date Fair Value Per Share Outstanding at December 31, 2021 3,205 $ 21.85 Granted — - Vested (400 ) 25.00 Converted — — Forfeited — — Outstanding at March 31, 2022 2,805 $ 21.40

Fair Value of Financial Instrum

Fair Value of Financial Instruments	3 Months Ended
	Mar. 31, 2022
Fair Value Disclosures [Abstract]
Fair Value of Financial Instruments	Note 12 – Fair Value of Financial Instruments GAAP requires the disclosure of fair value information about financial instruments, whether or not they are recognized at fair value in the consolidated balance sheets, for which it is practicable to estimate that value. The following table details the carrying amount and estimated fair value of the Company’s financial instruments at the dates below: March 31, 2022 December 31, 2021 Carrying Amount Estimated Fair Value Carrying Amount Estimated Fair Value Financial assets Cash and cash equivalents $ 76,320 $ 76,320 $ 57,268 $ 57,268 Commercial mortgage loans, net 730,098 729,931 665,498 667,405 Total $ 806,418 $ 806,251 $ 722,766 $ 724,673 Financial liabilities Repurchase agreements - commercial mortgage loans $ 410,270 $ 410,270 $ 307,083 $ 307,083 Credit facility payable — — 14,350 14,350 Loan participations - sold 110,016 110,016 109,772 109,772 Total $ 520,286 $ 520,286 $ 431,205 $ 431,205 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 Sub-Advisor estimates the fair values of commercial loans based on a discounted cash flow methodology that analyzes various factors including capitalization rates, occupancy rates, sponsorship, geographic concentration, collateral type, market conditions and actions of other lenders. • The estimated fair values of the repurchase agreements – commercial mortgage loans, credit facility payable and loan participations sold are Level 3 fair value measurements based on expected present value techniques. This method discounts future estimated cash flows using rates the Company determined best reflect current market interest rates that would be offered for repurchase agreements, credit facilities and loan participations sold with similar characteristics and credit quality.

Real Estate Owned

Real Estate Owned	3 Months Ended
	Mar. 31, 2022
Real Estate [Abstract]
Real Estate Owned	Note 13 – Real Estate Owned The following table summarizes the Company’s real estate owned assets as of March 31, 2022: Acquisition Date Property Type Primary Location(s) Building and Improvements Furniture, Fixtures and Equipment Accumulated Depreciation Real Estate Owned, Net August 2020 (1)(2) Hotel Chicago, IL $ 26,683 $ 6,412 $ (1,774 ) $ 31,321 (1) Refer to “Note 2 – Summary of Significant Accounting Policies” in the Annual Report for useful life of the above assets. (2) Represents assets acquired by the Company by completing a deed-in-lieu of foreclosure transaction. During February 2021, the Company received a loan under the Paycheck Protection Program (“PPP”) related to the operations of the Company’s 362-room hotel located in Chicago, Illinois known as the Renaissance Chicago O’Hare Suites Hotel (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 subsequently apply for loan forgiveness under the program provided that it meets requirements limiting any reduction in workforce or in pay. The Company qualified and applied for loan forgiveness and was granted forgiveness by the U.S. Small Business Administration. 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 owned operating expenses on the consolidated statement of operations until the proceeds have been fully absorbed by the payroll-related expenses. As of March 31, 2022, no balance remains recorded in accrued expenses for the PPP loan to be absorbed by payroll-related expenses.

Leases

Leases	3 Months Ended
	Mar. 31, 2022
Leases [Abstract]
Leases	Note 14 – Leases The Company is 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 and extends through March 31, 2098. The lease is classified as a finance lease. Under the ground lease, the Company is prohibited from mortgaging the land but is not prohibited from making a leasehold mortgage for property constructed on the land. The Company may terminate the lease as of March 31, 2049, March 31, 2065 and March 31, 2081 provided that twelve months’ notice is provided to the lessor prior to those respective dates. Upon assumption of the lease, the Company recorded a lease liability of $16,827 and a right-of-use asset of $5,549 on its consolidated balance sheet. The lease liability was based on the present value of the ground lease’s future payments using an interest rate of 11.37%, which the Company considers reasonable and within the range of the Company’s incremental borrowing rate. For the three months ended March 31, 2022 and 2021, total finance lease cost recorded to real estate owned operating expenses on the Company’s consolidated statements of operations was comprised as follows: Three months ended March 31, 2022 2021 Amortization of right-of-use assets $ 18 $ 18 Interest on lease liabilities 487 478 Total finance lease cost $ 505 $ 496 The table below shows the Company’s finance lease right of use asset, net of amortization as of March 31, 2022 and December 31, 2021: March 31, December 31, 2022 2021 Finance lease right of use asset, gross $ 5,549 $ 5,549 Accumulated amortization (113 ) (95 ) Finance lease right of use asset, net of amortization $ 5,436 $ 5,454 Remaining lease payments for the ground lease as of March 31, 2022 for each of the five succeeding years and thereafter is as follows: Lease Payments 2022 (remaining) $ 1,208 2023 1,611 2024 1,745 2025 1,772 2026 1,772 Thereafter 269,686 Total undiscounted lease payments $ 277,794 Less: Amount representing interest (260,605 ) Present value of lease liability $ 17,189

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2022
Subsequent Events [Abstract]
Subsequent Events	Note 15 – Subsequent Events The Company has evaluated subsequent events through May 10, 2022, the date the financial statements were issued. The following are updates on the Company’s operations since March 31, 2022. Common Stock Distributions On April 29, 2022, the Company announced that the Board authorized distributions to stockholders of record as of April 30, 2022, payable on or about May 18, 2022 Common Stock Class P Class A Class T Class S Class D Class I Aggregate gross distributions declared per share $ 0.1042 $ 0.1042 $ 0.1042 $ — $ 0.1042 $ 0.1042 Stockholder servicing fee per share N/A N/A 0.0139 — 0.0041 N/A Net distributions declared per share $ 0.1042 $ 0.1042 $ 0.0903 $ — $ 0.1001 $ 0.1042 Loan Originations The following table presents each of our commercial mortgage loans originated since March 31, 2022 as of May 10, 2022 ($ in thousands): Origination Date Loan Type (1) Principal Balance Cash Coupon (2) All-in Yield (2) Maximum Maturity (3) State Property Type LTV (4) 1 4/7/22 First mortgage $ 12,700 S+3.25% 4.0% 4/9/27 SC Multifamily 69 % 2 4/19/22 First mortgage 18,230 S+3.40% 4.2% 5/9/26 TX Multifamily 76 % (1) (2) (3) Maximum maturity assumes all extension options are exercised by the borrower, however loans may be repaid prior to such date. (4) Follow-On Registered Public Offering of Common Stock On April 28, 2022, the Company filed a Registration Statement on Form S-11 (File No. 333-264540) with the SEC to register up to $2,200,000 in shares of common stock. This registration statement has not been declared effective by the SEC. Extension of JPM Repo Facility On May 3, 2022, the Company extended the maturity date of the JPM Repo Facility to May 6, 2023 with no other changes to any other loan terms or debt covenants.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2022
Accounting Policies [Abstract]
Basis of Accounting	Basis of Accounting The accompanying consolidated financial statements and related footnotes have been prepared in conformity with U.S. generally accepted accounting principles (“GAAP”) and require management to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the financial statements and the reported amounts of income and expenses during the reported periods. Actual results could differ from such estimates. In the opinion of management, the accompanying unaudited consolidated financial statements reflect all adjustments, which are normal and recurring in nature, necessary for fair financial statement presentation.
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.”
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 March 31, 2022 and December 31, 2021, the Company had repaid all outstanding repurchase agreements secured by real estate securities and, therefore, no restricted cash was held.
Accounting Pronouncements Recently Issued but Not Yet Effective	Accounting Pronouncements Recently Issued but Not Yet Effective In June 2016, the Financial Accounting Standards Board (“FASB”) issued ASU 2016-13, “Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments” (“ASU 2016-13”), which changed how entities measure credit losses for financial assets carried at amortized cost. ASU 2016-13 eliminated the requirement that a credit loss must be probable before it can be recognized and instead required an entity to recognize the current estimate of all expected credit losses. ASU 2016-13 became effective for SEC filers for reporting periods beginning after December 15, 2019. In November 2019, the FASB issued ASU 2019-10, “Financial Instruments – Credit Losses (Topic 326), Derivatives and Hedging (Topic 815), and Leases (Topic 842): Effective Dates”, which grants smaller reporting companies (as defined by the SEC) until reporting periods commencing after December 15, 2022 to implement ASU 2016-13. As a smaller reporting company, the Company will continue to evaluate the future impact ASU 2016-13, once implemented, will have on its allowance for loan losses estimate.

Commercial Mortgage Loans Hel_2

Commercial Mortgage Loans Held for Investment (Tables)	3 Months Ended
	Mar. 31, 2022
Mortgage Loans On Real Estate [Abstract]
Schedule of Commercial Mortgage Loans Held for Investment	The tables below show the Company’s commercial mortgage loans held for investment as of March 31, 2022 and December 31, 2021: March 31, 2022 Loan Type (1) Number of Loans Principal Balance Unamortized (fees)/costs, net Carrying Value Weighted Average Interest Rate Weighted Average Years to Maturity First mortgage loans 39 $ 715,314 $ 1,284 $ 716,598 4.2 % 1.7 Credit loans 2 13,500 — 13,500 9.6 % 4.2 Total and average 41 $ 728,814 $ 1,284 $ 730,098 4.3 % 1.8 December 31, 2021 Loan Type (1) Number of Loans Principal Balance Unamortized (fees)/costs, net Carrying Value Weighted Average Interest Rate Weighted Average Years to Maturity First mortgage loans 36 $ 650,670 $ 1,328 $ 651,998 4.5 % 1.6 Credit loans 2 13,500 — 13,500 9.6 % 4.4 Total and average 38 $ 664,170 $ 1,328 $ 665,498 4.6 % 1.7 (1)
Schedule of Commercial Mortgage Loans held for Investment Portfolio	For the three months ended March 31, 2022 and the year ended December 31, 2021, the activity in the Company’s commercial mortgage loans, held-for-investment portfolio was as follows: Three Months Ended March 31, 2022 Year Ended December 31, 2021 Balance at Beginning of Year $ 665,498 $ 441,814 Loan originations 155,810 337,033 Principal repayments (91,166 ) (114,558 ) Amortization of loan origination, loan extension and deferred exit fees 7 1,440 Origination fees and extension fees received on commercial loans (51 ) (231 ) Balance at End of Period $ 730,098 $ 665,498
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)	3 Months Ended
	Mar. 31, 2022
Commercial Mortgage Loans
Repurchase Agreement [Line Items]
Schedule of Outstanding Repurchase Agreements	The tables below show the Facilities as of March 31, 2022 and December 31, 2021: March 31, 2022 Weighted Average Committed Financing Amount Outstanding (1) Accrued Interest Payable Collateral Pledged Interest Rate Days to Maturity CF Repo Facility $ 350,000 $ 301,787 $ 260 $ 412,017 2.27 % 224 JPM Repo Facility 150,000 108,551 95 149,110 2.26 % 36 Total Repurchase Facilities - commercial mortgage loans 500,000 410,338 355 561,127 2.27 % 174 WA Credit Facility 75,000 — 16 — 4.00 % 344 $ 575,000 $ 410,338 $ 371 $ 561,127 2.27 % 174 December 31, 2021 Weighted Average Committed Financing Amount Outstanding (1) Accrued Interest Payable Collateral Pledged Interest Rate Days to Maturity CF Repo Facility $ 350,000 $ 189,654 $ 159 $ 260,691 2.16 % 314 JPM Repo Facility 150,000 117,470 92 167,704 2.02 % 126 Total Repurchase Facilities - commercial mortgage loans 500,000 307,124 251 428,395 2.11 % 242 WA Credit Facility 75,000 14,350 22 20,500 4.00 % 434 $ 575,000 $ 321,474 $ 273 $ 448,895 2.19 % 251 (1) Excludes $68 and $41 of unamortized debt issuance costs at March 31, 2022 and December 31, 2021, respectively.

Loan Participations Sold, Net (

Loan Participations Sold, Net (Tables)	3 Months Ended
	Mar. 31, 2022
Mortgage Loans On Real Estate [Abstract]
Summary of Loan Participations Sold	The following table details the Company’s loan participations sold as of March 31, 2022 and December 31, 2021: March 31, 2022 Loan Participations Sold Count Principal Balance Book Value Yield/Cost (1) Weighted Average Maximum Maturity Total Loans 9 $ 137,520 $ 138,276 L+3.6% 1.98 Senior participations (2)(3) 9 $ 110,016 $ 110,016 L+2.0% 1.98 December 31, 2021 Loan Participations Sold Count Principal Balance Book Value Yield/Cost (1) Weighted Average Maximum Maturity Total Loans 9 $ 137,215 $ 137,931 L+3.6% 2.22 Senior participations (2)(3) 9 $ 109,772 $ 109,772 L+2.0% 2.22 ____________ (1) The yield/cost is the present value of all future principal and interest payments on the loan or participation interest and does not include any origination fees or deferred commitment fees. (2) As of March 31, 2022 and December 31, 2021, the loan participations sold were non-recourse to the Company. (3) During the three-months ended March 31, 2022, the Company recorded $599 of interest expense related to the loan participations sold.

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	3 Months Ended
	Mar. 31, 2022
Equity [Abstract]
Schedule of Change in Outstanding Shares Including Restricted Common Stock	The following tables detail the change in the Company’s outstanding shares of all classes of common and preferred stock, including restricted common stock: Preferred Stock Common Stock Three months ended March 31, 2022 Series A Class P Class A Class T Class S Class D Class I Beginning balance 3,600,000 9,492,939 659,270 388,099 — 47,298 380,218 Issuance of shares — — 13,961 11,290 — — 2,490 Distribution reinvestment — — 2,916 1,551 — 446 3,004 Issuance of restricted shares — — — — — — — Redemptions — (241,999 ) (7,652 ) (4,198 ) — (958 ) (7,604 ) Ending balance 3,600,000 9,250,940 668,495 396,742 — 46,786 378,108 Common Stock Three months ended March 31, 2021 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 — — — — — 64 Distribution reinvestment — 2,431 1,148 — 358 2,019 Issuance of restricted shares — — — — — — Redemptions (6,208 ) — — — — — Ending balance 10,145,579 658,266 399,381 — 50,751 384,038
Schedule of Distributions Declared	The table below presents the aggregate annualized and monthly distributions declared on common stock by record date for all classes of shares. Record date Aggregate annualized gross distribution declared per share Aggregate monthly gross distribution declared per share January 31, 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 The following table shows the monthly net distribution per share for shares of Class D and Class T common stock. Record date Monthly net distribution declared per share of Class D common stock Monthly net distribution declared per share of Class T common stock January 31, 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 The table below presents the aggregate and net distributions declared for each applicable class of common stock during the three months ended March 31, 2022 and 2021. The table excludes distributions declared for any month for a class of shares of stock when there were no shares of that class outstanding on the applicable record date. Common Stock Three months ended March 31, 2022 Class P Class A Class T Class S Class D Class I Aggregate gross distributions declared per share $ 0.3126 $ 0.3126 $ 0.3126 $ — $ 0.3126 $ 0.3126 Stockholder servicing fee per share N/A N/A 0.0422 — 0.0125 N/A Net distributions declared per share $ 0.3126 $ 0.3126 $ 0.2704 $ — $ 0.3001 $ 0.3126 Common Stock Three months ended March 31, 2021 Class P Class A Class T Class S Class D Class I Aggregate gross distributions declared per share $ 0.2500 $ 0.2500 $ 0.2500 $ — $ 0.2500 $ 0.2500 Stockholder servicing fee per share N/A N/A 0.0424 — 0.0125 N/A Net distributions declared per share $ 0.2500 $ 0.2500 $ 0.2076 $ — $ 0.2375 $ 0.2500

Net Income (Loss) Per Share (Ta

Net Income (Loss) Per Share (Tables)	3 Months Ended
	Mar. 31, 2022
Earnings Per Share [Abstract]
Summary of Basic and Diluted Net Income (Loss) Per Share	The following table is a summary of the basic and diluted net income (loss) per share computation for the three months ended March 31, 2022 and 2021: Three months ended March 31, 2022 2021 Net income attributable to common stockholders $ 843 $ 1,365 Weighted average shares outstanding, basic 10,871,052 11,640,959 Dilutive effect of restricted stock 196 10 Weighted average shares outstanding, diluted 10,871,248 11,640,969 Net income attributable to common stockholders per share, basic and diluted $ 0.08 $ 0.12

Transactions with Related Par_2

Transactions with Related Parties (Tables)	3 Months Ended
	Mar. 31, 2022
Related Party Transactions [Abstract]
Summary of Related Party Transactions	The following table summarizes the Company’s related party transactions for the three months ended March 31, 2022 and 2021 and the amount due to related parties at March 31, 2022 and December 31, 2021: Three months ended March 31, Payable as of March 31, Payable as of December 31, 2022 2021 2022 2021 Organization and offering expense reimbursement (1) $ 4 $ — $ 4 $ — Selling commissions and dealer manager fee (2) 21 — — — Advisory fee (3) 950 737 314 321 Loan fees (4) 1,920 558 1,989 1,983 Accrued stockholder servicing fee (5) 14 — 591 590 Operating expense reimbursement to advisor (6) — 15 — — Total $ 2,909 $ 1,310 $ 2,898 $ 2,894 (1) The Company 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 IPO. (2) For the IPO, the Dealer Manager is entitled to receive (a) upfront selling commissions of up to 6.0%, and upfront dealer manager fees of up to 1.25%, of the transaction price of each Class A share sold in the primary offering, however such amounts may vary at certain participating broker-dealers provided that the sum will not exceed 7.25% of the transaction price; (b) upfront selling commissions of up to 3.0%, and upfront dealer manager fees of 0.5%, of the transaction price of each Class T share sold in the primary offering, however such amounts may vary at certain participating broker-dealers provided that the sum will not exceed 3.5% of the transaction price; and (c) upfront selling commissions of up to 3.5% of the transaction price of each Class S share sold in the primary offering. No upfront selling commissions or dealer manager fees are paid with respect to purchases of Class D shares, Class I shares or shares of any class sold pursuant to the DRP. All upfront selling commissions and dealer manager fees will be reallowed (paid) by the Dealer Manager to participating broker-dealers. (3) The Advisor is entitled to receive an advisory fee comprised of two separate components: (1) a fixed component payable monthly and (2) a performance component payable annually. Prior to July 1, 2021, the fixed component of the advisory fee was paid in an amount equal to 1/12th of 1.25 2.5 th 1.25 ( 4 ) The Company pays the Advisor all new loan origination and administrative fees related to CRE loans held for investment, to the extent that such fees are paid by the borrower. Pursuant to the Sub-Advisory Agreement, the Advisor generally will reallow a portion of loan fees and all administrative fees to the Sub-Advisor. ( 5 ) Subject to the Financial Industry Regulatory Authority, Inc. limitations on underwriting compensation, the Company pays the Dealer Manager selling commissions over time as stockholder servicing fees for ongoing services rendered to stockholders by participating broker-dealers or broker-dealers servicing stockholders’ accounts as follows: (a) for Class T shares only, 0.85 % per annum of the NAV of the Class T shares; (b) for Class S shares only, 0.85 % per annum of the aggregate NAV for the Class S shares; and (c) for Class D shares only, 0.25 % per annum of the aggregate NAV for the Class D shares. The Company will cease paying the stockholder servicing fee with respect to any Class T share, Class S share or Class D share held in a stockholder’s account upon the occurrence of certain events. The Company accrues the full cost of the stockholder servicing fee as an offering cost at the time the Company sells Class T, Class S, and Class D shares. The Dealer Manager does not retain any of these fees, all of which are retained by, or reallowed (paid) to, participating broker-dealers and servicing broker-dealers for ongoing stockholder services performed by such broker-dealers. (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)	3 Months Ended
	Mar. 31, 2022
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Summary of Total Stock Grants	The table below summarizes total stock grants made at each grant date as of March 31, 2022. 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
Summary of Restricted Shares	A summary table of the status of the restricted shares is presented below: Restricted Shares Weighted Average Grant Date Fair Value Per Share Outstanding at December 31, 2021 3,205 $ 21.85 Granted — - Vested (400 ) 25.00 Converted — — Forfeited — — Outstanding at March 31, 2022 2,805 $ 21.40

Fair Value of Financial Instr_2

Fair Value of Financial Instruments (Tables)	3 Months Ended
	Mar. 31, 2022
Fair Value Disclosures [Abstract]
Schedule of Carrying Amount and Estimated Fair Value of Company's Financial Instruments	The following table details the carrying amount and estimated fair value of the Company’s financial instruments at the dates below: March 31, 2022 December 31, 2021 Carrying Amount Estimated Fair Value Carrying Amount Estimated Fair Value Financial assets Cash and cash equivalents $ 76,320 $ 76,320 $ 57,268 $ 57,268 Commercial mortgage loans, net 730,098 729,931 665,498 667,405 Total $ 806,418 $ 806,251 $ 722,766 $ 724,673 Financial liabilities Repurchase agreements - commercial mortgage loans $ 410,270 $ 410,270 $ 307,083 $ 307,083 Credit facility payable — — 14,350 14,350 Loan participations - sold 110,016 110,016 109,772 109,772 Total $ 520,286 $ 520,286 $ 431,205 $ 431,205

Real Estate Owned (Tables)

Real Estate Owned (Tables)	3 Months Ended
	Mar. 31, 2022
Real Estate [Abstract]
Schedule of Company's REO Assets	The following table summarizes the Company’s real estate owned assets as of March 31, 2022: Acquisition Date Property Type Primary Location(s) Building and Improvements Furniture, Fixtures and Equipment Accumulated Depreciation Real Estate Owned, Net August 2020 (1)(2) Hotel Chicago, IL $ 26,683 $ 6,412 $ (1,774 ) $ 31,321 (1) Refer to “Note 2 – Summary of Significant Accounting Policies” in the Annual Report for useful life of the above assets. (2) Represents assets acquired by the Company by completing a deed-in-lieu of foreclosure transaction.

Leases (Tables)

Leases (Tables)	3 Months Ended
	Mar. 31, 2022
Leases [Abstract]
Summary of Finance Lease Cost	For the three months ended March 31, 2022 and 2021, total finance lease cost recorded to real estate owned operating expenses on the Company’s consolidated statements of operations was comprised as follows: Three months ended March 31, 2022 2021 Amortization of right-of-use assets $ 18 $ 18 Interest on lease liabilities 487 478 Total finance lease cost $ 505 $ 496
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 March 31, 2022 and December 31, 2021: March 31, December 31, 2022 2021 Finance lease right of use asset, gross $ 5,549 $ 5,549 Accumulated amortization (113 ) (95 ) Finance lease right of use asset, net of amortization $ 5,436 $ 5,454
Schedule of Remaining Lease Payments for the Ground Lease	Remaining lease payments for the ground lease as of March 31, 2022 for each of the five succeeding years and thereafter is as follows: Lease Payments 2022 (remaining) $ 1,208 2023 1,611 2024 1,745 2025 1,772 2026 1,772 Thereafter 269,686 Total undiscounted lease payments $ 277,794 Less: Amount representing interest (260,605 ) Present value of lease liability $ 17,189

Subsequent Events (Tables)

Subsequent Events (Tables)	3 Months Ended
	Mar. 31, 2022
Subsequent Events [Abstract]
Schedule of Authorized Distributions for Class of Common Stock	On April 29, 2022, the Company announced that the Board authorized distributions to stockholders of record as of April 30, 2022, payable on or about May 18, 2022 Common Stock Class P Class A Class T Class S Class D Class I Aggregate gross distributions declared per share $ 0.1042 $ 0.1042 $ 0.1042 $ — $ 0.1042 $ 0.1042 Stockholder servicing fee per share N/A N/A 0.0139 — 0.0041 N/A Net distributions declared per share $ 0.1042 $ 0.1042 $ 0.0903 $ — $ 0.1001 $ 0.1042
Schedule of Commercial Mortgage Loans Originated	The following table presents each of our commercial mortgage loans originated since March 31, 2022 as of May 10, 2022 ($ in thousands): Origination Date Loan Type (1) Principal Balance Cash Coupon (2) All-in Yield (2) Maximum Maturity (3) State Property Type LTV (4) 1 4/7/22 First mortgage $ 12,700 S+3.25% 4.0% 4/9/27 SC Multifamily 69 % 2 4/19/22 First mortgage 18,230 S+3.40% 4.2% 5/9/26 TX Multifamily 76 % (1) (2) (3) Maximum maturity assumes all extension options are exercised by the borrower, however loans may be repaid prior to such date. (4)

Organization and Business Ope_2

Organization and Business Operations - Additional Information (Details) - USD ($)	Apr. 28, 2022	Oct. 15, 2021	Oct. 01, 2021	Sep. 22, 2021	Mar. 22, 2019	Oct. 25, 2016	Mar. 31, 2022	Mar. 31, 2021	Jun. 28, 2019	Dec. 31, 2021	Jun. 30, 2021
Organization And Business Operations [Line Items]
Issuance of common stock, shares							$ 580,000	$ 1,000
Stock repurchase shares											0
Preferred stock, par value							$ 0.001			$ 0.001
Maximum | Share Repurchase Program
Organization And Business Operations [Line Items]
Percentage of aggregate net asset value per month			2.00%
Percentage of aggregate net asset value per quarter			5.00%
Maximum | Initial Public Offering
Organization And Business Operations [Line Items]
Issuance of common stock, shares					$ 2,350,000,000
Maximum | Initial Public Offering | Subsequent Event
Organization And Business Operations [Line Items]
Issuance of common stock, shares	$ 2,200,000,000
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 issued value, private offering						$ 500,000,000
Series A Preferred Stock
Organization And Business Operations [Line Items]
Liquidation preference per share							$ 25
Series A Preferred Stock | Preferred Stock Offering
Organization And Business Operations [Line Items]
Preferred stock, shares issued				3,500,000
Percentage of cumulative redeemable preferred stock				6.75%
Preferred stock, par value				$ 0.001
Liquidation preference per share				$ 25
Net proceeds after underwriter's discount and issuance costs				$ 86,310,000
Series A Preferred Stock | Over-Allotment | Raymond James & Associates, Inc.
Organization And Business Operations [Line Items]
Additional shares issued to cover over-allotments		100,000		100,000

Summary of Significant Accoun_3

Summary of Significant Accounting Policies - Additional Information (Details) - USD ($)	3 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
Accounting Policies [Abstract]
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

Commercial Mortgage Loans Hel_3

Commercial Mortgage Loans Held for Investment - Schedule of Commercial Mortgage Loans held for Investment (Details) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2022USD ($)Loan	Dec. 31, 2021USD ($)Loan	Dec. 31, 2020USD ($)
Mortgage Loans On Real Estate [Line Items]
Number of Loans | Loan	41	38
Principal Balance	$ 728,814	$ 664,170
Unamortized (fees)/costs, net	1,284	1,328
Carrying Value	$ 730,098	$ 665,498	$ 441,814
Weighted Average Interest Rate	4.30%	4.60%
Weighted Average Years to Maturity	1 year 9 months 18 days	1 year 8 months 12 days
First Mortgage Loans [Member]
Mortgage Loans On Real Estate [Line Items]
Number of Loans | Loan	39	36
Principal Balance	$ 715,314	$ 650,670
Unamortized (fees)/costs, net	1,284	1,328
Carrying Value	$ 716,598	$ 651,998
Weighted Average Interest Rate	4.20%	4.50%
Weighted Average Years to Maturity	1 year 8 months 12 days	1 year 7 months 6 days
Credit Loans [Member]
Mortgage Loans On Real Estate [Line Items]
Number of Loans | Loan	2	2
Principal Balance	$ 13,500	$ 13,500
Carrying Value	$ 13,500	$ 13,500
Weighted Average Interest Rate	9.60%	9.60%
Weighted Average Years to Maturity	4 years 2 months 12 days	4 years 4 months 24 days

Commercial Mortgage Loans Hel_4

Commercial Mortgage Loans Held for Investment - Schedule of Commercial Mortgage Loans held for Investment Portfolio (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
Mortgage Loans On Real Estate [Abstract]
Balance at Beginning of Year	$ 665,498	$ 441,814
Loan originations	155,810	337,033
Principal repayments	(91,166)	(114,558)
Amortization of loan origination, loan extension and deferred exit fees	7	1,440
Origination fees and extension fees received on commercial loans	(51)	(231)
Balance at End of Period	$ 730,098	$ 665,498

Commercial Mortgage Loans Hel_5

Commercial Mortgage Loans Held for Investment - Additional Information (Details) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2022USD ($)LoanRating	Dec. 31, 2021USD ($)LoanRating	Jun. 30, 2020USD ($)
Mortgage Loans On Real Estate [Line Items]
Allowance for loan loss | $	$ 0	$ 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	36	33
Number of loans risk rated three | Loan	5	5
Credit Loans [Member]
Mortgage Loans On Real Estate [Line Items]
Allowance for loan loss | $	$ 0		$ 0

Commercial Mortgage Loans Hel_6

Commercial Mortgage Loans Held for Investment - Summary of Investment Grade of Loans Loss (Details) - Commercial Mortgage Loans	3 Months Ended
	Mar. 31, 2022
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 ($)	Mar. 10, 2021	May 06, 2019	Mar. 31, 2022	Nov. 30, 2021
CF Repo Facility
Repurchase Agreement [Line Items]
Repurchase agreement, maximum advance amount				$ 350,000,000
CF Repo Facility | Secured Overnight Financing Rate (“SOFR”) | Minimum
Repurchase Agreement [Line Items]
Interest rate spread			1.75%
Floor rate			0.15%
CF Repo Facility | Secured Overnight Financing Rate (“SOFR”) | Maximum
Repurchase Agreement [Line Items]
Interest rate spread			2.50%
Floor rate			0.75%
JP Morgan Repo Facility
Repurchase Agreement [Line Items]
Repurchase agreement, maximum advance amount		$ 150,000,000
Maturity date		May 6, 2022
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	$ 75,000,000
Maturity date	Mar. 10, 2023
Borrowing base period for eligible pledged assets become ineligible	36 months
Convertible by option term loan initial maturity period	2 years
Percentage of conversion fee of convertible by option term loan.	0.25%
Minimum average unrestricted aggregate deposit balance amount to be maintained	$ 3,750,000
Increased interest rate due to failure to meet the minimum deposit balance	0.25%
Western Alliance Credit Facility | Minimum
Repurchase Agreement [Line Items]
Loan-to-unpaid balance percentage	60.00%
Loan-to-appraised value percentage	45.00%
Western Alliance Credit Facility | Maximum
Repurchase Agreement [Line Items]
Loan-to-unpaid balance percentage	70.00%
Loan-to-appraised value percentage	50.00%
Western Alliance Credit Facility | London Interbank Offered Rate
Repurchase Agreement [Line Items]
Interest rate spread	3.25%
Floor rate	4.00%

Repurchase Agreements and Cre_4

Repurchase Agreements and Credit Facilities - Schedule of Outstanding Repurchase Agreements (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
Repurchase Agreements and Credit Facility [Line Items]
Accrued Interest Payable	$ 474	$ 364
CF Repo Facility | Commercial Mortgage Loans
Repurchase Agreements and Credit Facility [Line Items]
Committed Financing	350,000	350,000
Amount Outstanding	301,787	189,654
Accrued Interest Payable	260	159
Collateral Pledged	$ 412,017	$ 260,691
Weighted Average Interest Rate	2.27%	2.16%
Weighted Average Days to Maturity	224 days	314 days
JPM Repo Facility | Commercial Mortgage Loans
Repurchase Agreements and Credit Facility [Line Items]
Committed Financing	$ 150,000	$ 150,000
Amount Outstanding	108,551	117,470
Accrued Interest Payable	95	92
Collateral Pledged	$ 149,110	$ 167,704
Weighted Average Interest Rate	2.26%	2.02%
Weighted Average Days to Maturity	36 days	126 days
Repo Facility | Commercial Mortgage Loans
Repurchase Agreements and Credit Facility [Line Items]
Committed Financing	$ 500,000	$ 500,000
Amount Outstanding	410,338	307,124
Accrued Interest Payable	355	251
Collateral Pledged	$ 561,127	$ 428,395
Weighted Average Interest Rate	2.27%	2.11%
Weighted Average Days to Maturity	174 days	242 days
Western Alliance Credit Facility | Commercial Mortgage Loans
Repurchase Agreements and Credit Facility [Line Items]
Committed Financing	$ 75,000	$ 75,000
Amount Outstanding		14,350
Accrued Interest Payable	$ 16	22
Collateral Pledged		$ 20,500
Weighted Average Interest Rate	4.00%	4.00%
Weighted Average Days to Maturity	344 days	434 days
Facilities | Commercial Mortgage Loans
Repurchase Agreements and Credit Facility [Line Items]
Committed Financing	$ 575,000	$ 575,000
Amount Outstanding	410,338	321,474
Accrued Interest Payable	371	273
Collateral Pledged	$ 561,127	$ 448,895
Weighted Average Interest Rate	2.27%	2.19%
Weighted Average Days to Maturity	174 days	251 days

Repurchase Agreements and Cre_5

Repurchase Agreements and Credit Facilities - Schedule of Outstanding Repurchase Agreements (Parenthetical) (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Repo Facility
Repurchase Agreements and Credit Facility [Line Items]
Unamortized debt issuance costs	$ 68	$ 41

Loan Participations Sold, Net -

Loan Participations Sold, Net - Additional Information (Details)	Nov. 15, 2021Loan
First Mortgage Loans [Member]
Mortgage Loans On Real Estate [Line Items]
Number of loans sold to third party	9

Loan Participations Sold, Net_2

Loan Participations Sold, Net - Summary of Loan Participations Sold (Details) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2022USD ($)Loan	Dec. 31, 2021USD ($)Loan
Mortgage Loans On Real Estate [Line Items]
Weighted Average Interest Rate	4.30%	4.60%
Weighted Average Years to Maturity	1 year 9 months 18 days	1 year 8 months 12 days
Loan Participations
Mortgage Loans On Real Estate [Line Items]
Number of loans sold to third party | Loan	9	9
Principal Balance	$ 137,520	$ 137,215
Book Value	$ 138,276	$ 137,931
Weighted Average Interest Rate	3.60%	3.60%
Weighted Average Years to Maturity	1 year 11 months 23 days	2 years 2 months 19 days
Senior Loan Participations
Mortgage Loans On Real Estate [Line Items]
Number of loans sold to third party | Loan	9	9
Principal Balance	$ 110,016	$ 109,772
Book Value	$ 110,016	$ 109,772
Weighted Average Interest Rate	2.00%	2.00%
Weighted Average Years to Maturity	1 year 11 months 23 days	2 years 2 months 19 days

Loan Participations Sold, Net_3

Loan Participations Sold, Net - Summary of Loan Participations Sold (Parenthetical) (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2022USD ($)
Loan Participations
Mortgage Loans On Real Estate [Line Items]
Interest expense on loan sold	$ 599

Stockholders' Equity - Addition

Stockholders' Equity - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands

Oct. 15, 2021

Sep. 22, 2021

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

Mar. 31, 2022

Class Of Stock [Line Items]

Preferred stock, change of control, terms of conversion

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

Record date

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

$ 1,113

$ 1,137

$ 1,113

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

$ 0.421875

Record date

Mar. 15, 2022

Class S Common Stock

Class Of Stock [Line Items]

Common stock, shares, issued

0

0

0

Preferred Stock Offering | Series A Preferred Stock

Class Of Stock [Line Items]

Preferred stock, shares issued

3,500,000

Offered price

$ 25

Net proceeds after underwriter's discount and issuance costs

$ 86,310

Percentage of cumulative redeemable preferred stock

6.75%

Liquidation preference per share

$ 25

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

Class Of Stock [Line Items]

Additional shares issued to cover over-allotments

100,000

100,000

Stockholders' Equity - Schedule

Stockholders' Equity - Schedule of Change in Outstanding Shares Including Restricted Common Stock (Details) - shares	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Series A Preferred Stock
Class Of Stock [Line Items]
Beginning balance	3,600,000
Ending balance	3,600,000
Class P Common Stock
Class Of Stock [Line Items]
Beginning balance	9,492,939	10,151,787
Redemptions	(241,999)	(6,208)
Ending balance	9,250,940	10,145,579
Class A Common Stock
Class Of Stock [Line Items]
Beginning balance	659,270	655,835
Issuance of shares	13,961
Distribution reinvestment	2,916	2,431
Redemptions	(7,652)
Ending balance	668,495	658,266
Class T Common Stock
Class Of Stock [Line Items]
Beginning balance	388,099	398,233
Issuance of shares	11,290
Distribution reinvestment	1,551	1,148
Redemptions	(4,198)
Ending balance	396,742	399,381
Class S Common Stock
Class Of Stock [Line Items]
Beginning balance	0
Ending balance	0
Class D Common Stock
Class Of Stock [Line Items]
Beginning balance	47,298	50,393
Distribution reinvestment	446	358
Redemptions	(958)
Ending balance	46,786	50,751
Class I Common Stock
Class Of Stock [Line Items]
Beginning balance	380,218	381,955
Issuance of shares	2,490	64
Distribution reinvestment	3,004	2,019
Redemptions	(7,604)
Ending balance	378,108	384,038

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
	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	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
Class Of Stock [Line Items]
Aggregate annualized gross distribution declared per share	$ 1.2500	$ 1.2500	$ 1.2500	$ 1.2500	$ 1.2500	$ 1.2500	$ 1.2500	$ 1.2500	$ 1.2500	$ 1.2500	$ 1.1500	$ 1.1000	$ 1.0500	$ 1	$ 0.9500
Aggregate Monthly Gross Dividend Declared
Class Of Stock [Line Items]
Aggregate annualized gross distribution declared per share	$ 0.1042	$ 0.1042	$ 0.1042	$ 0.1042	$ 0.1042	$ 0.1042	$ 0.1042	$ 0.1042	$ 0.1042	$ 0.1042	$ 0.0958	$ 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
	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	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	$ 0.0999	$ 0.1003	$ 0.0999	$ 0.0999	$ 0.1000	$ 0.0999	$ 0.1000	$ 0.0999	$ 0.0999	$ 0.1000	$ 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	$ 0.0898	$ 0.0910	$ 0.0896	$ 0.0897	$ 0.0901	$ 0.0895	$ 0.0900	$ 0.0895	$ 0.0896	$ 0.0900	$ 0.0813	$ 0.0776	$ 0.0729	$ 0.0701	$ 0.0646

Stockholders' Equity - Schedu_4

Stockholders' Equity - Schedule of Aggregate and Net Distributions Declared for Applicable Class of Common Stock (Details) - $ / shares	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Class P Common Stock
Distributions Declared [Line Items]
Aggregate gross distributions declared per share	$ 0.3126	$ 0.2500
Net distributions declared per share	0.3126	0.2500
Class A Common Stock
Distributions Declared [Line Items]
Aggregate gross distributions declared per share	0.3126	0.2500
Net distributions declared per share	0.3126	0.2500
Class T Common Stock
Distributions Declared [Line Items]
Aggregate gross distributions declared per share	0.3126	0.2500
Stockholder servicing fee per share	0.0422	0.0424
Net distributions declared per share	0.2704	0.2076
Class D Common Stock
Distributions Declared [Line Items]
Aggregate gross distributions declared per share	0.3126	0.2500
Stockholder servicing fee per share	0.0125	0.0125
Net distributions declared per share	0.3001	0.2375
Class I Common Stock
Distributions Declared [Line Items]
Aggregate gross distributions declared per share	0.3126	0.2500
Net distributions declared per share	$ 0.3126	$ 0.2500

Net Income (Loss) Per Share - A

Net Income (Loss) Per Share - Additional information (Details) - shares	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Earnings Per Share [Abstract]
Antidilutive restricted shares	0	165

Net Income (Loss) Per Share - S

Net Income (Loss) Per Share - Summary of Basic and Diluted Net Income (Loss) Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Earnings Per Share [Abstract]
Net income attributable to common stockholders	$ 843	$ 1,365
Weighted average shares outstanding, basic	10,871,052	11,640,959
Dilutive effect of restricted stock	196	10
Weighted average shares outstanding, diluted	10,871,248	11,640,969
Net income attributable to common stockholders per share basic and diluted	$ 0.08	$ 0.12

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Details) $ in Thousands	Mar. 31, 2022USD ($)Loan	Dec. 31, 2021USD ($)Loan
Commitments And Contingencies Disclosure [Abstract]
Number of commercial real estate loans | Loan	33	32
Commercial real estate, remaining future funding commitment | $	$ 74,918	$ 74,518

Segment Reporting - Additional

Segment Reporting - Additional Information (Details) - Segment	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Segment Reporting [Abstract]
Number of reportable segment	1	1

Transactions with Related Par_3

Transactions with Related Parties - Additional Information (Details)	Jul. 20, 2021USD ($)	Jul. 15, 2021USD ($)	Nov. 30, 2016USD ($)$ / sharesshares	Mar. 31, 2022USD ($)shares	Mar. 31, 2021USD ($)	Dec. 31, 2021shares
Related Party Transaction [Line Items]
Proceeds from issuance of common stock				$ 580,000	$ 1,000
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				1.5
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 three months ended March 31, 2022, the amounts of ordinary operating expenses either submitted for reimbursement by the Advisor and Sub-Advisor or incurred by the Company directly that were subject to the Expense Limitation Agreement did not exceed the 1.5% Expense Limit.
Expense Limitation Agreement | Maximum
Related Party Transaction [Line Items]
Reimbursement of expenses payable term				3 years
Class P Common Stock
Related Party Transaction [Line Items]
Common stock, shares, issued | shares				9,250,940		9,492,939
Advisor | Class P Common Stock
Related Party Transaction [Line Items]
Proceeds from issuance of common stock			$ 1,000,000
Common stock, shares, issued | shares			40,040
Common stock, purchase price per share | $ / shares			$ 25
Subscription agreement, minimum number of shares to be held | shares				8,000
Subscription agreement, value of minimum number of shares to be held				$ 200,000
Description of subscription agreement				The Advisor has agreed that, for so long as it or its affiliate is serving as the Company’s advisor, (i) it will not sell or transfer at least 8,000 of the Class P shares that it has purchased, accounting for $200 of its investment, to an unaffiliated third party and (ii)  repurchase requests made for these Class P shares will only be accepted (a) on the last business day of a calendar quarter, (b) after all repurchase requests from all other stockholders for such quarter have been accepted and (c) to the extent that such repurchases do not cause total repurchases in the quarter in which they are being repurchased to exceed that quarter’s repurchase cap
Sub-Advisor | Class P Common Stock
Related Party Transaction [Line Items]
Proceeds from issuance of common stock			$ 3,000,000
Common stock, shares, issued | shares			120,000
Common stock, purchase price per share | $ / shares			$ 25
Description of subscription agreement				Sound Point has agreed that, for so long as the Sub-Advisor or its affiliate is serving as the Company’s sub-advisor repurchase requests made for these Class P shares will only be accepted (a) on the last business day of a calendar quarter, (b) after all repurchase requests from all other stockholders for such quarter have been accepted and (c) to the extent that such repurchases do not cause total repurchases in the quarter in which they are being repurchased to exceed that quarter’s repurchase cap.
Inland Real Estate Investment Corporation | Revolving Credit Liquidity Letter Agreements
Related Party Transaction [Line Items]
Number of days notice of termination prior to maturity date of agreement	60 days	60 days
Fixed interest rate	6.00%	6.00%
Inland Real Estate Investment Corporation | Revolving Credit Liquidity Letter Agreements | Maximum
Related Party Transaction [Line Items]
Aggregate principal amount outstanding	$ 5,000,000	$ 15,000,000
Inland Real Estate Investment Corporation | Revolving Credit Liquidity Letter Agreements | Minimum
Related Party Transaction [Line Items]
Stockholders equity balance to trigger termination of liquidity letter agreements	$ 500,000,000	$ 500,000,000

Transactions with Related Par_4

Transactions with Related Parties - Summary of Related Party Transactions (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Related Party Transaction [Line Items]
Advisory fee	$ 950	$ 737
Accrued stockholder servicing fee	2	(18)
Total, payable	2,898		$ 2,894
Advisor, Sub-Advisor and Dealer Manager
Related Party Transaction [Line Items]
Organization and offering expense reimbursement	4
Selling commissions and dealer manager fee	21
Advisory fee	950	737
Loan fees	1,920	558
Accrued stockholder servicing fee	14
Operating expense reimbursement to advisor		15
Total	2,909	$ 1,310
Organization and offering expense reimbursement, payable	4
Advisory fee, payable	314		321
Loan fees, payable	1,989		1,983
Accrued stockholder servicing fee, payable	591		590
Total, payable	$ 2,898		$ 2,894

Transactions with Related Par_5

Transactions with Related Parties - Summary of Related Party Transactions (Parenthetical) (Details) - Advisor - USD ($) $ in Thousands	Jul. 01, 2021	Mar. 31, 2022	Mar. 31, 2021	Jun. 30, 2021	Mar. 31, 2022
Related Party Transaction [Line Items]
Maximum percentage of gross proceeds from issuance of initial public offering					15.00%
Percentage of gross value of assets, paid monthly				0.104%
Percentage of net asset value of assets, paid monthly				0.104%
Percentage of excess total return	20.00%
Fixed component of advisory fees waived		$ 0	$ 737
Class T Common Stock
Related Party Transaction [Line Items]
Percentage of stockholder servicing fees on net asset value		0.85%
Class S Common Stock
Related Party Transaction [Line Items]
Aggregate percentage of stockholder servicing fees on net asset value		0.85%
Class D and Class I Common Stock
Related Party Transaction [Line Items]
Percentage of upfront selling commission		0.00%
Percentage of upfront dealer manager fee		0.00%
Class D Common Stock
Related Party Transaction [Line Items]
Aggregate percentage of stockholder servicing fees on net asset value		0.25%
Initial Public Offering | Class T Common Stock
Related Party Transaction [Line Items]
Percentage of upfront dealer manager fee		0.50%
Minimum
Related Party Transaction [Line Items]
Minimum percentage to earn performance component of advisory fee	7.00%
Maximum
Related Party Transaction [Line Items]
Percentage of net asset value of assets, paid monthly				0.208%
Percentage of aggregate total return	15.00%
Maximum | Initial Public Offering | Class A Common Stock
Related Party Transaction [Line Items]
Percentage of upfront selling commission		6.00%
Percentage of upfront dealer manager fee		1.25%
Percentage of participation dealers fee		7.25%
Maximum | Initial Public Offering | Class T Common Stock
Related Party Transaction [Line Items]
Percentage of upfront selling commission		3.00%
Percentage of participation dealers fee		3.50%
Maximum | Initial Public Offering | Class S Common Stock
Related Party Transaction [Line Items]
Percentage of upfront selling commission		3.50%

Equity-Based Compensation - Add

Equity-Based Compensation - Additional Information (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2022USD ($)Director	Mar. 31, 2021USD ($)
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of independent directors | Director	3
RSP | Restricted Shares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Fair value of restricted shares at vesting date	$ 8	$ 16
RSP | Restricted Shares | Independent Directors
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting period	3 years
Compensation expense	$ 7	$ 10
Unrecognized compensation cost	$ 48
Weighted average remaining period that compensation expense recognizable	1 year 3 months 18 days

Equity-Based Compensation - Sum

Equity-Based Compensation - Summary of Total Stock Grants (Details) - Restricted Shares - RSP - USD ($) $ / shares in Units, $ in Thousands	Oct. 14, 2021	Dec. 01, 2020	Dec. 02, 2019	Jan. 07, 2019	Mar. 01, 2018
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%
Class I Common Stock
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total number of shares granted	1,477	1,393	1,197
Grant Date Fair Value Per Share	$ 20.31	$ 21.54	$ 25.07
Total Fair Value of Grant	$ 30	$ 30	$ 30
Proportion of total shares that vest annually	33.33%	33.33%	33.33%
Year 1 | Class P Common Stock
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting Date				Jan. 7, 2020	Mar. 1, 2019
Year 1 | Class I Common Stock
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting Date	Oct. 14, 2022	Dec. 1, 2021	Dec. 2, 2020
Year 2 | Class P Common Stock
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting Date				Jan. 7, 2021	Mar. 1, 2020
Year 2 | Class I Common Stock
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting Date	Oct. 14, 2023	Dec. 1, 2022	Dec. 2, 2021
Year 3 | Class P Common Stock
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting Date				Jan. 7, 2022	Mar. 1, 2021
Year 3 | Class I Common Stock
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting Date	Oct. 14, 2024	Dec. 1, 2023	Dec. 2, 2022

Equity-Based Compensation - S_2

Equity-Based Compensation - Summary of the Restricted Shares (Details) - Restricted Shares	3 Months Ended
	Mar. 31, 2022$ / sharesshares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Outstanding beginning balance, Shares | shares	3,205
Vested, Shares | shares	(400)
Outstanding ending balance, Shares | shares	2,805
Outstanding beginning balance, Weighted average grant date fair value per share | $ / shares	$ 21.85
Vested, Weighted average grant date fair value per share | $ / shares	25
Outstanding ending balance, Weighted average grant date fair value per share | $ / shares	$ 21.40

Fair Value of Financial Instr_3

Fair Value of Financial Instruments - Schedule of Carrying Amount and Estimated Fair Value of Company's Financial Instruments (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Carrying Amount
Financial assets
Cash and cash equivalents	$ 76,320	$ 57,268
Commercial mortgage loans, net	730,098	665,498
Total	806,418	722,766
Financial liabilities
Credit facility payable		14,350
Loan participations - sold	110,016	109,772
Total	520,286	431,205
Carrying Amount | Commercial Mortgage Loans
Financial liabilities
Repurchase agreements	410,270	307,083
Estimated Fair Value
Financial assets
Cash and cash equivalents	76,320	57,268
Commercial mortgage loans, net	729,931	667,405
Total	806,251	724,673
Financial liabilities
Credit facility payable		14,350
Loan participations - sold	110,016	109,772
Total	520,286	431,205
Estimated Fair Value | Commercial Mortgage Loans
Financial liabilities
Repurchase agreements	$ 410,270	$ 307,083

Real Estate Owned - Schedule of

Real Estate Owned - Schedule of Company's REO Assets (Details) - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2022	Dec. 31, 2021
Real Estate [Line Items]
Real Estate Owned, Net		$ 31,321	$ 31,535
Hotel | Chicago, IL
Real Estate [Line Items]
Acquisition Date	[1],[2]	2020-08
Building and Improvements		$ 26,683
Furniture, Fixtures and Equipment		6,412
Accumulated Depreciation		(1,774)
Real Estate Owned, Net		$ 31,321
[1]	Refer to “Note 2 – Summary of Significant Accounting Policies” in the Annual Report for useful life of the above assets.
[2]	Represents assets acquired by the Company by completing a deed-in-lieu of foreclosure transaction.

Real Estate Owned - Additional

Real Estate Owned - Additional Information (Details) - Paycheck Protection Program	1 Months Ended
	Feb. 28, 2021USD ($)Room	Mar. 31, 2022USD ($)
Real Estate [Line Items]
Loans amount	$ 1,093,000
Loan term	5 years
Fixed interest rate	1.00%
Accrued expenses		$ 0
Chicago, IL
Real Estate [Line Items]
Number of hotel room | Room	362

Leases - Additional Information

Leases - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Dec. 31, 2021	Aug. 20, 2020
Leases [Abstract]
Lessee finance lease description	The Company is 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 and extends through March 31, 2098. The lease is classified as a finance lease. Under the ground lease, the Company is prohibited from mortgaging the land but is not prohibited from making a leasehold mortgage for property constructed on the land. The Company may terminate the lease as of March 31, 2049, March 31, 2065 and March 31, 2081 provided that twelve months’ notice is provided to the lessor prior to those respective dates.
Finance lease, commencement date	Apr. 1, 1999
Finance lease, expiration date	Mar. 31, 2098
Finance lease liability	$ 17,189	$ 17,105	$ 16,827
Finance lease, right-of-use asset	$ 5,549	$ 5,549	$ 5,549
Finance lease liability, interest rate	11.37%
Lessee finance lease termination description	Company may terminate the lease as of March 31, 2049, March 31, 2065 and March 31, 2081

Leases - Summary of Finance Lea

Leases - Summary of Finance Lease Cost (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Leases [Abstract]
Amortization of right-of-use assets	$ 18	$ 18
Interest on lease liabilities	487	478
Total finance lease cost	$ 505	$ 496

Leases - Schedule of Finance Le

Leases - Schedule of Finance Lease Right of Use Asset, Net of Amortization (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021	Aug. 20, 2020
Leases [Abstract]
Finance lease right of use asset, gross	$ 5,549	$ 5,549	$ 5,549
Accumulated amortization	(113)	(95)
Finance lease right of use asset, net of amortization	$ 5,436	$ 5,454

Leases - Schedule of Remaining

Leases - Schedule of Remaining Lease Payments for the Ground Lease (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021	Aug. 20, 2020
Leases [Abstract]
2022 (remaining)	$ 1,208
2023	1,611
2024	1,745
2025	1,772
2026	1,772
Thereafter	269,686
Total undiscounted lease payments	277,794
Less: Amount representing interest	(260,605)
Present value of lease liability	$ 17,189	$ 17,105	$ 16,827

Subsequent Events - Additional

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

May 03, 2022

Apr. 30, 2022

Apr. 28, 2022

May 06, 2019

Mar. 22, 2019

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

Mar. 31, 2022

Mar. 31, 2021

Subsequent Event [Line Items]

Record date

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

Proceeds from issuance of common stock

$ 580,000

$ 1,000

JP Morgan Repo Facility

Subsequent Event [Line Items]

Maturity date

May 6, 2022

Maximum | Initial Public Offering

Subsequent Event [Line Items]

Proceeds from issuance of common stock

$ 2,350,000,000

Subsequent Event | JP Morgan Repo Facility

Subsequent Event [Line Items]

Maturity date

May 6, 2023

Subsequent Event | Maximum | Initial Public Offering

Subsequent Event [Line Items]

Proceeds from issuance of common stock

$ 2,200,000,000

Subsequent Event | Common Stock

Subsequent Event [Line Items]

Record date

Apr. 30, 2022

Dividends declared date

Apr. 29, 2022

Distributions payable date

May 18, 2022

Subsequent Events - Schedule of

Subsequent Events - Schedule of Authorized Distributions for Class of Common Stock (Details) - $ / shares	Apr. 30, 2022	Mar. 31, 2022	Mar. 31, 2021
Class P Common Stock
Subsequent Event [Line Items]
Aggregate gross distributions declared per share		$ 0.3126	$ 0.2500
Class A Common Stock
Subsequent Event [Line Items]
Aggregate gross distributions declared per share		0.3126	0.2500
Class T Common Stock
Subsequent Event [Line Items]
Aggregate gross distributions declared per share		0.3126	0.2500
Stockholder servicing fee per share		0.0422	0.0424
Class D Common Stock
Subsequent Event [Line Items]
Aggregate gross distributions declared per share		0.3126	0.2500
Stockholder servicing fee per share		0.0125	0.0125
Class I Common Stock
Subsequent Event [Line Items]
Aggregate gross distributions declared per share		$ 0.3126	$ 0.2500
Subsequent Event | Class P Common Stock
Subsequent Event [Line Items]
Aggregate gross distributions declared per share	$ 0.1042
Net distributions declared per share	0.1042
Subsequent Event | Class A Common Stock
Subsequent Event [Line Items]
Aggregate gross distributions declared per share	0.1042
Net distributions declared per share	0.1042
Subsequent Event | Class T Common Stock
Subsequent Event [Line Items]
Aggregate gross distributions declared per share	0.1042
Stockholder servicing fee per share	0.0139
Net distributions declared per share	0.0903
Subsequent Event | Class D Common Stock
Subsequent Event [Line Items]
Aggregate gross distributions declared per share	0.1042
Stockholder servicing fee per share	0.0041
Net distributions declared per share	0.1001
Subsequent Event | Class I Common Stock
Subsequent Event [Line Items]
Aggregate gross distributions declared per share	0.1042
Net distributions declared per share	$ 0.1042

Subsequent Events - Schedule _2

Subsequent Events - Schedule of Commercial Mortgage Loans Originated (Details) - USD ($) $ in Thousands		May 10, 2022	May 05, 2022	Mar. 31, 2022	Dec. 31, 2021
Subsequent Event [Line Items]
Principal Balance				$ 728,814	$ 664,170
Secured Overnight Financing Rate (“SOFR”) | Subsequent Event
Subsequent Event [Line Items]
All-in Yield			0.80%
First Mortgage Loan | Multifamily | Secured Overnight Financing Rate (“SOFR”) | Subsequent Event | SC
Subsequent Event [Line Items]
Origination Date		Apr. 7, 2022
Principal Balance		$ 12,700
Cash Coupon	[1]	S+3.25%
All-in Yield	[1]	4.00%
Maximum Maturity	[2]	Apr. 9, 2027
LTV	[3]	69.00%
First Mortgage Loan | Multifamily | Secured Overnight Financing Rate (“SOFR”) | Subsequent Event | TX
Subsequent Event [Line Items]
Origination Date		Apr. 19, 2022
Principal Balance		$ 18,230
Cash Coupon	[1]	S+3.40%
All-in Yield	[1]	4.20%
Maximum Maturity	[2]	May 9, 2026
LTV	[3]	76.00%
[1]
[2]	Maximum maturity assumes all extension options are exercised by the borrower, however loans may be repaid prior to such date.
[3]

Subsequent Events - Schedule _3

Subsequent Events - Schedule of Commercial Mortgage Loans Originated (Parenthetical) (Details)	May 05, 2022
Secured Overnight Financing Rate (“SOFR”) | Subsequent Event
Subsequent Event [Line Items]
All-in yield	0.80%