Broadmark Realty Capital (BRMK) 10-Q 8 Aug 22 2022 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2022	Aug. 01, 2022
Document Information [Line Items]
Entity Registrant Name	Broadmark Realty Capital Inc.
Entity Central Index Key	0001784797
Document Type	10-Q
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Jun. 30, 2022
Entity File Number	001-39134
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	84-2620891
Entity Address, Address Line One	1420 Fifth Avenue, Suite 2000
Entity Address, City or Town	Seattle
Entity Address, State or Province	WA
Entity Address, Postal Zip Code	98101
City Area Code	206
Local Phone Number	971-0800
Current Fiscal Year End Date	--12-31
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		132,866,617
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q2
Amendment Flag	false
Common Stock [Member]
Document Information [Line Items]
Title of 12(b) Security	Common Stock
Trading Symbol	BRMK
Security Exchange Name	NYSE
Warrant
Document Information [Line Items]
Title of 12(b) Security	Warrants
Trading Symbol	BRMK WS
Security Exchange Name	NYSEAMER

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Assets
Cash and cash equivalents	$ 35,958	$ 132,889
Mortgage notes receivable, net	957,226	901,350
Interest and fees receivable, net	17,496	17,526
Investment in real property, net	93,210	68,067
Right-of-use assets	5,816	6,016
Goodwill	136,965	136,965
Other assets	6,998	8,342
Total assets	1,253,669	1,271,155
Liabilities and stockholders' equity
Senior unsecured notes, net	97,503	97,223
Dividends payable	9,301	9,291
Accounts payable and accrued liabilities	10,759	8,180
Lease liabilities	7,762	7,993
Total liabilities	125,325	122,687
Commitments and contingencies (Note 10)
Preferred stock, $0.001 par value, 100,000,000 shares authorized, no shares issued and outstanding at March 31, 2022 and December 31, 2021	0	0
Common stock, $0.001 par value, 500,000,000 shares authorized, 132,793,442 and 132,716,338 shares issued and outstanding at March 31, 2022 and December 31, 2021, respectively	132	132
Additional paid in capital	1,218,590	1,216,957
Accumulated deficit	(90,378)	(68,621)
Total stockholders' equity	1,128,344	1,148,468
Total liabilities and stockholders' equity	$ 1,253,669	$ 1,271,155

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Jun. 30, 2022	Dec. 31, 2021
Statement of Financial Position [Abstract]
Preferred stock par value (in dollars per share)	$ 0.001	$ 0.001
Preferred stock shares authorized (in shares)	100,000,000	100,000,000
Preferred stock shares issued (in shares)	0	0
Preferred stock shares outstanding (in shares)	0	0
Common stock par value (in dollars per share)	$ 0.001	$ 0.001
Common stock shares authorized (in shares)	500,000,000	500,000,000
Common stock shares issued (in shares)	132,858,587	132,716,338
Common stock shares outstanding (in shares)	132,858,587	132,716,338

Condensed Consolidated Statemen

Condensed Consolidated Statements of Income - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Revenues
Revenues	$ 28,516	$ 29,183	$ 58,389	$ 58,651
Operating expenses:
Compensation and employee benefits	3,920	3,550	8,998	6,996
General and administrative	3,309	2,816	6,545	5,416
Real property management expenses, net	1,074	55	941	108
Interest expense	2,120	718	4,235	998
Total expenses	10,423	7,139	20,719	13,518
Impairment:
Provision for credit losses, net	2,694	58	4,441	2,766
Other (expense) income:
Change In Fair Value Of Warrant Liabilities	186	(3,734)	178	(3,734)
Gain on sale of real property	707	0	959	0
Impairment on real property	(346)	0	(346)	0
Total other (expense) income	547	(3,734)	791	(3,734)
Income before provision for income taxes	15,946	18,252	34,020	38,633
Income tax provision	0	0	0	0
Net income	$ 15,946	$ 18,252	$ 34,020	$ 38,633
Earnings per common share:
Basic	$ 0.12	$ 0.14	$ 0.26	$ 0.29
Diluted	$ 0.12	$ 0.14	$ 0.26	$ 0.29
Weighted-average shares of common stock outstanding, basic and diluted
Basic	132,812,622	132,585,116	132,803,085	132,567,768
Diluted	132,930,721	132,646,389	132,895,582	132,636,425
Interest Income
Revenues
Revenues	$ 22,132	$ 21,618	$ 46,242	$ 43,635
Fee Income
Revenues
Revenues	$ 6,384	$ 7,565	$ 12,147	$ 15,016

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands	Total	Preferred Stock [Member]	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings (Accumulated Deficit) [Member]
Balance at Dec. 31, 2020	$ 1,174,421		$ 132	$ 1,213,987	$ (39,698)
Balance, Shares at Dec. 31, 2020			132,532,383
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	20,381				20,381
Dividends	(27,838)				(27,838)
Issuance of shares for vested restricted stock units (in shares)			34,027
Stock-based compensation expense for restricted stock units	737			737
Balance at Mar. 31, 2021	1,167,701		$ 132	1,214,724	(47,155)
Balance, Shares at Mar. 31, 2021			132,566,410
Balance at Dec. 31, 2020	1,174,421		$ 132	1,213,987	(39,698)
Balance, Shares at Dec. 31, 2020			132,532,383
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	38,633
Balance at Jun. 30, 2021	1,158,899		$ 132	1,215,513	(56,746)
Balance, Shares at Jun. 30, 2021			132,634,672
Balance at Mar. 31, 2021	1,167,701		$ 132	1,214,724	(47,155)
Balance, Shares at Mar. 31, 2021			132,566,410
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	18,252				18,252
Dividends	(27,843)				(27,843)
Issuance of shares for vested restricted stock units (in shares)			77,766
Shares withheld for tax liability	(135)			(135)
Shares withheld for tax liability (in shares)			(9,504)
Stock-based compensation expense for restricted stock units	924			924
Balance at Jun. 30, 2021	1,158,899		$ 132	1,215,513	(56,746)
Balance, Shares at Jun. 30, 2021			132,634,672
Balance at Dec. 31, 2021	1,148,468	$ 0	$ 132	1,216,957	(68,621)
Balance, Shares at Dec. 31, 2021		0	132,716,338
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	18,074				18,074
Dividends	(27,885)				(27,885)
Issuance of shares for vested restricted stock units (in shares)			109,355
Issuance of shares for exercised Warrants - Shares			25
Shares withheld for tax liability	(328)			(328)
Shares withheld for tax liability (in shares)			(32,276)
Stock-based compensation expense for restricted stock units	985			985
Balance at Mar. 31, 2022	1,139,314		$ 132	1,217,614	(78,432)
Balance, Shares at Mar. 31, 2022			132,793,442
Balance at Dec. 31, 2021	1,148,468	$ 0	$ 132	1,216,957	(68,621)
Balance, Shares at Dec. 31, 2021		0	132,716,338
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	34,020
Balance at Jun. 30, 2022	1,128,344		$ 132	1,218,590	(90,378)
Balance, Shares at Jun. 30, 2022			132,858,587
Balance at Mar. 31, 2022	1,139,314		$ 132	1,217,614	(78,432)
Balance, Shares at Mar. 31, 2022			132,793,442
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	15,946				15,946
Dividends	(27,892)				(27,892)
Issuance of shares for vested restricted stock units (in shares)			71,036
Shares withheld for tax liability	(43)			(43)
Shares withheld for tax liability (in shares)			(5,891)
Stock-based compensation expense for restricted stock units	1,019			1,019
Balance at Jun. 30, 2022	$ 1,128,344		$ 132	$ 1,218,590	$ (90,378)
Balance, Shares at Jun. 30, 2022			132,858,587

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Cash flows from operating activities
Net income	$ 34,020	$ 38,633
Adjustments to reconcile net income to net cash provided by operating activities:
Accretion of deferred origination and amendment fees	(10,830)	(13,823)
Depreciation and amortization	487	431
Amortization of right of use assets	200	189
Amortization of debt issuance costs	286	0
Amortization of credit facility costs	756	502
Stock-based compensation expense for restricted stock units	2,004	1,661
Provision for credit losses, net	4,441	2,766
Gain on sale of real property	(959)	0
Impairment on real property	(346)	0
Change in fair value of warrant liabilities	(178)	3,734
Changes in operating assets and liabilities:
Interest and fees receivable, net	30	2,128
Other assets	359	998
Accounts payable and accrued liabilities	2,251	(1,826)
Lease liabilities	(231)	(86)
Net cash provided by operating activities	32,982	35,307
Cash flows from investing activities:
Fundings of mortgage notes receivable	(277,342)	(265,754)
Principal collections	193,973	228,159
Origination and amendment fees received on mortgage notes receivable	5,135	3,627
Purchases of property and equipment	(122)	(249)
Proceeds from sale of real property	8,335	878
Improvements in real property	(3,754)	(1,711)
Net cash provided by (used in) investing activities	(73,775)	(35,050)
Cash flows from financing activities:
Dividends paid	(55,767)	(54,349)
Payment of costs to obtain financing	0	(5,125)
Payment of taxes on shares withheld for tax liability	(371)	(135)
Net cash provided by (used in) financing activities	(56,138)	(59,609)
Net decrease in cash and cash equivalents	(96,931)	(59,352)
Cash and cash equivalents, beginning of period	132,889	223,375
Cash and cash equivalents, end of period	35,958	164,023
Supplemental disclosure of of cash flow information:
Interest Paid	2,542	0
Dividends payable	9,301	9,284
Mortgage notes receivable converted to investment in real property	53,908	32,419
Investments in real property converted to mortgage notes receivable	25,900	0
Interest and fee receivables converted to investment in real property	1,244	0
Operating lease right-of-use assets	0	6,360
Lease liabilities arising from obtaining right-of-use assets	0	8,319
Property and equipment purchased through tenant improvement allowance	$ 0	$ 1,959

Organization and Business

Organization and Business	6 Months Ended
	Jun. 30, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Business	Note 1 - Organization and Business Broadmark Realty Capital Inc. (“Broadmark Realty,” “the Company,” “Successor,” “we,” “us” and “our”) is an internally managed commercial real estate finance company that provides secured financing to real estate investors and developers. Broadmark Realty’s objective is to preserve and protect stockholder capital while producing attractive risk-adjusted returns primarily through dividends generated from current income from its loan portfolio. Broadmark Realty has historically operated in states that it believes to have favorable demographic trends and provide Broadmark Realty the ability to efficiently access the underlying collateral in the event of borrower default. The consolidated subsidiaries of Broadmark Realty include BRMK Lending, LLC, BRMK Management, Corp., and Broadmark Private REIT Management, LLC. BRMK Lending, LLC originates short-term loans secured by first deed of trust liens on residential and commercial real estate. BRMK Management, Corp. (the “Manager”) manages the underwriting, closing, servicing and disposition of mortgage notes, and performs all general and administrative duties for Broadmark Realty. Broadmark Private REIT Management, LLC (the “Private REIT Manager”) previously managed Broadmark Private REIT, LLC (the “Private REIT”), which was an unconsolidated affiliate of the Company that primarily participated in loans originated, underwritten and serviced by a subsidiary of Broadmark Realty. The Private REIT was liquidated during the quarter ended September 30, 2021. Refer to Note 12 for details about the liquidation of the Private REIT. Broadmark Realty has elected to be taxed as a real estate investment trust (“REIT”) for U.S. federal income tax purposes. Broadmark Realty generally will not be subject to U.S. federal corporate income tax on that portion of its net income that is distributed to stockholders if it annually distributes dividends equal to at least 90% of its REIT taxable income to its stockholders (determined without regard to the dividends-paid deduction and excluding net capital gains) by prescribed dates and complies with various other requirements. Broadmark Realty also operates its business in a manner that permits it to maintain an exclusion from registration under the Investment Company Act of 1940. As a REIT, Broadmark Realty may own up to 100% of the stock of one or more taxable REIT subsidiaries (“TRSs”), which may earn income that would not be qualifying income if earned directly by a REIT. The Manager is a TRS and this election applies to the wholly-owned subsidiaries of the Manager, including the Private REIT Manager.

Summary of Significant Accounti

Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 2022
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Note 2 - Summary of Significant Accounting Policies Basis of Presentation The accompanying unaudited condensed consolidated interim financial statements include Broadmark Realty Capital Inc. and its wholly-owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. These unaudited condensed consolidated interim financial statements have been prepared in conformity with U.S. generally accepted accounting principles (“GAAP”) and applicable rules and regulations of the Securities and Exchange Commission (“SEC”) regarding interim financial reporting. Certain information and note disclosures normally included in the financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. Accordingly, these unaudited condensed consolidated interim financial statements have been prepared in accordance with the accounting policies described in the audited consolidated financial statements and should be read in conjunction with the accompanying notes included in Broadmark Realty Capital Inc.’s Annual Report on Form 10-K for the year ended December 31, 2021, which was filed with the SEC on February 28, 2022. The condensed consolidated balance sheet as of December 31, 2021, included herein, was derived from the audited financial statements of Broadmark Realty Capital Inc. as of that date. The unaudited condensed consolidated interim financial statements, in the opinion of management, reflect all adjustments, consisting only of normal recurring adjustments, necessary to present fairly our financial position as of June 30, 2022, our results of operations and stockholders’ equity for the three and six months ended June 30, 2022 and 2021, and our cash flows for the six months ended June 30, 2022 and 2021. The results of the three and six months ended June 30, 2022 is not necessarily indicative of the results to be expected for the year ending December 31, 2022 or for any interim period or for any other future year. Principles of Consolidation Broadmark Realty consolidates those entities in which it has control over significant operating, financial and investing decisions of the entity, as well as those entities deemed to be variable interest entities (“VIEs”), if any, in which Broadmark Realty is determined to be the primary beneficiary. Broadmark Realty is not the primary beneficiary of, and therefore does not consolidate, any VIEs in the accompanying unaudited condensed consolidated financial statements. The Private REIT was determined to be a voting interest entity for which we, through our wholly-owned subsidiary who previously acted as manager with no significant equity investment, did not hold a controlling interest in and, therefore, did not consolidate. Furthermore, the Private REIT's participation in loans originated by us met the characteristics of a participating interest and the criterion for sale accounting in accordance with GAAP and therefore, was derecognized from our unaudited condensed consolidated financial statements. The Private REIT was liquidated in August 2021 and all participations in mortgage notes receivable held by the Private REIT were purchased for cash by the Company at the settlement value which approximated fair value. Reclassifications Certain amounts in our unaudited condensed consolidated financial statements as of and for the three and six months ended June 30, 2021 have been reclassified to conform to the presentation of our current period unaudited condensed consolidated financial statements. These reclassifications had no effect on our previously reported net income or stockholders’ equity. The reclassifications include reclassifying certain board member expenses from compensation expense into general and administrative expense and separately presenting real property management expenses, net and interest expense on the unaudited condensed consolidated statements of income. The reclassification within the condensed consolidated statement of cash flows for the change in amortization of credit facility costs to the change in other assets resulted in no change to the cash provided by operating activities. The reclassifications also included the separate presentation of origination and fundings of mortgage notes receivable, principal collections and proceeds from mortgage notes receivable and origination and amendment fees received on mortgage notes receivable on the unaudited condensed consolidated statements of cash flows. Use of Estimates The preparation of the unaudited condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect reported amounts and disclosures at the date of the financial statements and the reported amount of revenues and expenses during the reporting period. The most significant estimates relate to the expected credit losses on our loans, the fair value of financial instruments, exit prices for collateral dependent loans and the fair value of investments in real property. Accordingly, actual results could differ from those estimates. For certain real properties, where a recent appraisal is either unavailable or not most representative of fair value, the fair value of the “as complete” property is based on a broker opinion of value including a capitalized income analysis and replacement cost analysis considering market rents, vacancy rates, capitalization rates, land cost comparisons, market trends and economic conditions. Depending on the stage of the underlying property, we also consider estimated costs to complete remaining construction and to lease up the finished property. The assessment of fair value of real property is subject to uncertainty and, in certain cases, sensitive to the selection of comparable properties. Certain Significant Risks and Uncertainties In the normal course of business, we encounter two primary types of economic risk in the form of credit and market risks. Credit risk is the risk of default on our investment in mortgage notes receivable resulting from a borrower's inability or unwillingness to make contractually required payments. Market risk is the risk of declining real estate values for the collateral underlying our loans which may make it more difficult for existing borrowers to remain current on their payment obligations, reduce the speed or ability for our loans to be repaid through the sale or refinance of the collateral and increase the likelihood that we will incur losses on our loans in the event of default as the value of collateral may be insufficient to cover our investment in the loan. We believe that the carrying values of our loans reasonably consider these risks. In addition, we are subject to significant tax risks. If we were to fail to qualify as a REIT in any taxable year, we would be subject to U.S. federal corporate income tax, which could be material. We operate in a dynamic industry and, accordingly, can be affected by a variety of factors. For example, we believe that changes in any of the following areas could have a significant negative effect on us in terms of our future financial position, results of operations or cash flows: the economy in the areas we operate; competition in our market; the stability of the real estate market and the impact of interest rate changes; changes in government regulation affecting our business; public health crises, like the COVID-19 pandemic; natural disasters and catastrophic events; and our ability to attract and retain qualified employees and key personnel, among other things. Reportable Segments We operate the business as one reportable segment, which originates, underwrites and services loans secured by real estate. Recently Issued Accounting Pronouncements Not Yet Adopted In March 2022, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2022-02, Financial Instruments-Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures, which eliminates the accounting guidance for troubled debt restructurings (“TDR”) for creditors that have adopted the current expected credit losses (“CECL”) standard and requires enhanced disclosures for loan modifications made to borrowers experiencing financial difficulty in the form of interest rate reductions, principal forgiveness, other-than-insignificant payment delays, or term extensions. In addition, the new guidance requires presentation in the vintage disclosures of current-period gross write-offs by year of origination. The guidance is effective for the Company in the first quarter of 2023. Entities are able to early adopt the guidance and have the ability to early adopt the TDR enhancements separately from the vintage disclosures. We have not yet adopted this ASU. While the guidance will result in expanded disclosures, we do not believe the adoption of this guidance will have a material impact on our financial position, results of operation or cash flows.

Mortgage Notes Receivable

Mortgage Notes Receivable	6 Months Ended
	Jun. 30, 2022
Receivables [Abstract]
Mortgage Notes Receivable	Note 3 - Mortgage Notes Receivable The stated principal amount of mortgage notes receivable in our portfolio represents our interest in loans secured by first deeds of trust, security agreements or legal title to real estate located in the United States. Our lending standards typically require that all mortgage notes receivable be secured by a first deed of trust lien on real estate and that the maximum loan to value ratio (“LTV”) be no greater than 65 %. The LTV is calculated on an “as-complete” appraised value of the underlying collateral as determined by an independent appraiser at the time of the loan origination. The lending standards also typically limit the initial outstanding principal balance of the loan to a maximum LTV of up to 65 % of the “as-is” appraised value of the underlying collateral, as determined by an independent appraiser at the time of the loan origination. Unless otherwise indicated, LTV is measured by the total commitment amount of the loan at origination divided by the “as-complete” appraisal. LTVs do not reflect interim loan activity such as construction draws or interest payments capitalized to loans, or partial repayments of the loan. The maximum amount of a single loan may not exceed 10 % of our total assets and the maximum amount to a single borrower may not exceed 15 % of our total assets. We consider the maximum LTV as an indicator for the credit quality of a mortgage note receivable. Mortgage notes receivable are considered to be short-term financings. As of June 30, 2022, the weighted average term of our active loans was 18 months at origination, which we often elect to extend for several months, based on our evaluation of the expected timeline for completion of construction. All loans require monthly interest only payments, with our weighted average interest rate on our portfolio being 10.2 % as of June 30, 2022 . Most loans are structured with an interest reserve holdback that covers the interest payments for the initial term of the loan. Once the interest reserve is depleted, borrowers are expected to pay their monthly interest payment within 10 days of month-end. Mortgage notes receivable are presented net of construction holdbacks, interest reserves, allowance for credit losses and deferred origination and amendment fee income in the condensed consolidated balance sheets. The construction holdback represents amounts withheld from the funding of construction loans until we deem construction to be sufficiently completed. The interest reserve represents amounts withheld from the funding of certain mortgage notes receivable for the purpose of satisfying monthly interest payments over all or part of the term of the related note. Accrued interest is paid out of the interest reserve and recognized as interest income at the end of each month. The deferred origination and amendment fee income represents amounts that will be recognized over the contractual life of the underlying mortgage notes receivable. The following table reconciles outstanding mortgage loan commitments to the outstanding balance of mortgage notes receivable as of June 30, 2022 and December 31, 2021: (dollars in thousands) June 30, 2022 December 31, 2021 Total loan commitments $ 1,600,686 $ 1,489,055 Less: Construction holdbacks 578,492 524,462 Interest reserves 43,648 39,880 Total principal outstanding for our mortgage notes receivable 978,546 924,713 Less: Allowance for credit losses (1) 9,526 10,394 Deferred origination and amendment fees 11,794 12,969 Mortgage notes receivable, net $ 957,226 $ 901,350 (1) As of June 30, 2022, $ 1.4 million of the allowance is excluded from this table because it relates to unfunded commitments and has been recorded as a liability under accounts payable and accrued liabilities in our condensed consolidated balance sheet. In certain instances, where the interest reserve on a current loan has been fully depleted and the interest payment is not expected to be collected from the borrower, we may place a current loan on non-accrual status and recognize interest income on a cash-basis where principal collection is not in doubt. As of June 30, 2022 and December 31, 2021, the principal outstanding on loans in contractual default status placed on non-accrual status was $ 91.7 and $ 101.9 million, respectively. In accordance with our CECL methodology, all loans including those on non-accrual status have an allowance for credit losses. As of June 30, 2022 and December 31, 2021, the total commitment on loans in contractual default was $ 248.4 and $ 191.4 million, respectively. Current Expected Credit Losses In assessing the CECL allowance, we consider historical loss experience, current conditions, and a reasonable and supportable forecast of the macroeconomic environment. We derived an annual historical loss rate based on the Company’s historical loss experience in its portfolio and the historical loss experience in the commercial real estate industry provided by a third party adjusted to incorporate the risks of construction lending and to reflect our expectations of the macroeconomic environment based on forecast data per the Federal Reserve. The following tables summarize the activity in the CECL allowance during the six months ended June 30, 2022 and 2021: CECL Allowance (dollars in thousands) Funded Unfunded (2) Total CECL allowance as of December 31, 2021 $ 10,394 $ 904 $ 11,298 Provision for credit losses, net 1,554 193 1,747 Charge-offs (1) ( 3,301 ) — ( 3,301 ) CECL allowance as of March 31, 2022 $ 8,647 $ 1,097 $ 9,744 Provision for credit losses, net 2,381 313 2,694 Charge-offs (1) ( 1,502 ) — ( 1,502 ) CECL allowance as of June 30, 2022 $ 9,526 $ 1,410 $ 10,936 CECL Allowance (dollars in thousands) Funded Unfunded (2) Total CECL allowance as of December 31, 2020 $ 10,590 $ — $ 10,590 Provision for credit losses, net 1,761 947 2,708 Charge-offs (1) ( 1,688 ) — ( 1,688 ) CECL allowance as of March 31, 2021 $ 10,663 $ 947 $ 11,610 Provision for credit losses, net 280 ( 222 ) 58 CECL allowance as of June 30, 2021 $ 10,943 $ 725 $ 11,668 (1) Charge-offs result from either loan repayments where the proceeds are less than the principal outstanding or transfers to investment in real property at the time that we take ownership of the property where the fair values of the underlying collateral are less than the principal outstanding. (2) CECL allowance related to unfunded commitments is presented as a liability under accounts payable and accrued liabilities in our condensed consolidated balance sheet. In determining our CECL allowance, we segment loans with similar characteristics. All of our loans are secured by residential or commercial real estate and, in assessing estimated credit losses, we evaluate various metrics, including, but not limited to, construction type, collateral type, LTV, market conditions of property location and borrower experience and financial strength. The following tables allocate the carrying value of our loan portfolio based on our internal credit quality indicators in assessing estimated credit losses and vintage of origination at the dates indicated: June 30, 2022 Year Originated (1) (dollars in thousands) Carrying Value % of Portfolio 2022 2021 2020 2019 2018 Prior Construction Type Vertical Construction $ 490,054 50.7 % $ 189,305 $ 184,441 $ 76,976 $ 1,582 $ 1,296 $ 36,454 Horizontal Development 242,332 25.2 92,490 131,680 18,162 — — — Acquisition 108,277 11.2 12,247 96,030 — — — — Investment 51,984 5.4 37,336 14,648 — — — — Rehabilitation 33,036 3.4 12,480 10,846 9,710 — — — Land Entitlement 25,691 2.7 1,757 23,934 — — — — Bridge 15,378 1.6 — 13,438 — 1,940 — — Total $ 966,752 100.0 % $ 345,615 $ 475,017 $ 104,848 $ 3,522 $ 1,296 $ 36,454 CECL allowance (2) ( 9,526 ) Carrying value, net $ 957,226 (1) Represents the year of either origination or amendment where the loan incurred a full re-underwriting in connection with the amendment. (2) Includes $ 1.0 million in loan specific allowances for loans deemed collateral dependent based on the excess amortized cost over the fair value of the underlying collateral. In addition, $ 1.4 million of the CECL allowance is excluded from this table because it relates to unfunded commitments and has been recorded as a liability under accounts payable and accrued liabilities in our condensed consolidated balance sheet. June 30, 2022 Year Originated (1) (dollars in thousands) Carrying Value % of Portfolio 2022 2021 2020 2019 2018 Prior Collateral Type Apartments $ 140,899 14.6 % $ 76,665 $ 37,709 $ 24,943 $ 1,582 $ — $ — Residential Lots 134,405 13.9 40,296 75,947 18,162 — — — Single Family Housing 116,164 12.1 72,439 41,382 2,343 — — — Townhomes 99,851 10.3 52,180 46,067 1,242 — — 362 Mixed Use 73,109 7.6 4,434 57,025 9,710 1,940 — — Commercial 71,457 7.4 7,489 63,968 — — — — Condos 70,526 7.3 2,759 7,130 23,249 — 1,296 36,092 Storage 56,730 5.9 — 56,730 — — — — Entitled Land 46,070 4.8 18,765 27,305 — — — — Unentitled Land 43,329 4.5 32,912 10,417 — — — — Hotel 29,839 3.1 13,926 — 15,913 — — — Offices 18,581 1.9 — 10,783 7,798 — — — Senior Housing 14,306 1.5 — 14,306 — — — — Quadplex 12,680 1.3 6,211 6,469 — — — — Commercial Other 11,092 1.1 — 11,092 — — — — Commercial Lots 9,340 1.0 2,376 6,964 — — — — Duplex 8,894 0.9 8,894 — — — — — Retail 8,422 0.9 5,211 1,723 1,488 — — — Triplex 1,058 0.1 1,058 — — — — — Total $ 966,752 100.0 % $ 345,615 $ 475,017 $ 104,848 $ 3,522 $ 1,296 $ 36,454 CECL allowance (2) ( 9,526 ) Carrying value, net $ 957,226 (1) Represents the year of either origination or amendment where the loan incurred a full re-underwriting in connection with the amendment. (2) Includes $ 1.0 million in loan specific allowances for loans deemed collateral dependent based on the excess amortized cost over the fair value of the underlying collateral. In addition, $ 1.4 million of the CECL allowance is excluded from this table because it relates to unfunded commitments and has been recorded as a liability under accounts payable and accrued liabilities in our condensed consolidated balance sheet. June 30, 2022 Year Originated (1) (dollars in thousands) Carrying Value % of Portfolio 2022 2021 2020 2019 2018 Prior LTV (2) 0 - 40% $ 34,963 3.6 % $ 5,077 $ 29,886 $ — $ — $ 0 $ — 41 - 45% 45,971 4.8 14,769 29,329 1,873 — — — 46 - 50% 47,033 4.9 17,475 13,424 16,134 — — — 51 - 55% 130,342 13.5 54,426 66,778 8,776 — — 362 56 - 60% 99,739 10.3 67,971 31,319 449 — — — 61 - 65% 543,820 56.3 142,917 302,052 57,941 3,522 1,296 36,092 66 - 70% 41,067 4.2 39,736 1,331 — — — — 71 - 75% 1,092 0.1 1,092 — — — — — 76- 80% 2,152 0.2 2,152 — — — — — Above 80% 20,573 2.1 — 898 19,675 — — — Total $ 966,752 100.0 % $ 345,615 $ 475,017 $ 104,848 $ 3,522 $ 1,296 $ 36,454 CECL allowance (3) ( 9,526 ) Carrying value, net $ 957,226 (1) Represents the year of either origination or amendment where the loan incurred a full re-underwriting in connection with the amendment. (2) Represents LTV as of origination or latest amendment. LTVs above 65 % generally represent loans in contractual default status where we have agreed to extend funds to the borrower above 65 % in order to facilitate successful completion of the construction and return of capital. (3) Includes $ 1.0 million in loan specific allowances for loans deemed collateral dependent based on the excess amortized cost over the fair value of the underlying collateral. In addition, $ 1.4 million of the CECL allowance is excluded from this table because it relates to unfunded commitments and has been recorded as a liability under accounts payable and accrued liabilities in our condensed consolidated balance sheet. December 31, 2021 Year Originated (1) (dollars in thousands) Carrying Value % of Portfolio 2021 2020 2019 2018 2017 Prior Construction Type Vertical Construction $ 478,475 52.5 % $ 234,861 $ 191,896 $ 1,177 $ 2,491 $ 47,789 $ 261 Horizontal Development 196,543 21.5 169,041 27,502 — — — — Acquisition 96,937 10.6 96,937 — — — — — Investment 65,703 7.2 42,509 2,101 — 3,608 17,485 — Rehabilitation 27,023 3.0 11,320 15,703 — — — — Land Entitlement 24,529 2.7 24,529 — — — — — Bridge 22,534 2.5 18,072 2,537 1,925 — — — Total $ 911,744 100.0 % $ 597,269 $ 239,739 $ 3,102 $ 6,099 $ 65,274 $ 261 CECL allowance (2) ( 10,394 ) Carrying value, net $ 901,350 (1) Represents the year of either origination or amendment where the loan incurred a full re-underwriting in connection with the amendment. (2) Includes $ 0.7 million in loan specific allowances for loans deemed collateral dependent based on the excess amortized cost over the fair value of the underlying collateral. December 31, 2021 Year Originated (1) (dollars in thousands) Carrying Value % of Portfolio 2021 2020 2019 2018 2017 Prior Collateral Type Residential Lots $ 111,644 12.2 % $ 85,219 $ 26,425 $ — $ — $ — $ — Apartments 107,765 11.8 38,232 68,356 1,177 — — — Townhomes 93,300 10.2 51,240 28,979 — 1,017 11,803 261 Mixed Use 85,929 9.5 53,530 30,474 1,925 — — — Single Family Housing 87,902 9.6 84,703 3,049 — — 150 — Condos 64,492 7.1 8,805 18,227 — 1,474 35,986 — Commercial 61,592 6.8 61,592 — — — — — Senior Housing 61,236 6.7 35,899 25,337 — — — — Storage 56,481 6.2 56,481 — — — — — Unentitled Land 46,019 5.0 42,411 — — 3,608 — — Entitled Land 45,098 4.9 27,763 — — — 17,335 — Hotel 31,665 3.5 4,886 26,779 — — — — Offices 15,348 1.7 8,280 7,068 — — — — Commercial Lots 10,227 1.1 6,670 3,557 — — — — Quadplex 9,769 1.1 9,769 — — — — — Commercial Other 9,080 1.0 9,080 — — — — — Retail 7,873 0.9 6,385 1,488 — — — — Duplex 6,324 0.7 6,324 — — — — — Total $ 911,744 100.0 % $ 597,269 $ 239,739 $ 3,102 $ 6,099 $ 65,274 $ 261 CECL allowance (2) ( 10,394 ) Carrying value, net $ 901,350 (1) Represents the year of either origination or amendment where the loan incurred a full re-underwriting in connection with the amendment. (2) Includes $ 0.7 million in loan specific allowances for loans deemed collateral dependent based on the excess amortized cost over the fair value of the underlying collateral. December 31, 2021 Year Originated (1) (dollars in thousands) Carrying Value % of Portfolio 2021 2020 2019 2018 2017 Prior LTV (2) 0 - 40% $ 53,907 5.9 % $ 32,634 $ — $ — $ 3,608 $ 17,665 $ — 41 - 45% 48,431 5.3 44,380 4,051 — — — — 46 - 50% 63,690 7.0 41,356 21,317 — 1,017 — — 51 - 55% 92,238 10.1 74,978 17,260 — — — — 56 - 60% 79,039 8.7 27,115 40,190 — — 11,473 261 61 - 65% 559,997 61.4 372,645 146,640 3,102 1,474 36,136 — 66 - 70% 645 0.1 645 — — — — — 71 - 80% — 0.0 — — — — — — Above 80% 13,797 1.5 3,516 10,281 — — — — Total $ 911,744 100.0 % $ 597,269 $ 239,739 $ 3,102 $ 6,099 $ 65,274 $ 261 CECL allowance (3) ( 10,394 ) Carrying value, net $ 901,350 (1) Represents the year of either origination or amendment where the loan incurred a full re-underwriting in connection with the amendment. (2) Represents LTV as of origination or latest amendment. LTVs above 65 % generally represent loans in contractual default status where we have agreed to extend funds to the borrower above 65 % in order to ensure successful completion of the construction and return of capital. (3) Includes $ 0.7 million in loan specific allowances for loans deemed collateral dependent based on the excess amortized cost over the fair value of the underlying collateral. The following tables allocate the carrying value of collateral dependent loans in our loan portfolio to the collateral type at the dates indicated: June 30, 2022 (dollars in thousands) Carrying Value CECL Allowance (1) Carrying Value, net Collateral Type Residential Lots $ 17,192 $ ( 221 ) $ 16,971 Condos 1,296 ( 961 ) 335 Townhomes 269 ( 1 ) 268 Total $ 18,757 $ ( 1,183 ) $ 17,574 (1) Includes $ 1.0 million in loan specific allowances for loans deemed collateral dependent based on the excess amortized cost over the fair value of the underlying collateral. December 31, 2021 (dollars in thousands) Carrying Value CECL Allowance (1) Carrying Value, net Collateral Type Senior Housing $ 25,337 $ ( 1,103 ) $ 24,234 Entitled Land 17,335 ( 42 ) 17,293 Single Family Housing 1,730 ( 15 ) 1,715 Condos 1,109 ( 673 ) 436 Townhomes 261 ( 1 ) 260 Total $ 45,772 $ ( 1,834 ) $ 43,938 (1) Includes $ 0.7 million in loan specific allowances for loans deemed collateral dependent based on the excess amortized cost over the fair value of the underlying collateral.

Investment in Real Property

Investment in Real Property	6 Months Ended
	Jun. 30, 2022
Real Estate [Abstract]
Investment in Real Property	Note 4 – Investment in Real Property As of June 30, 2022 and December 31, 2021, we owned ten and nine properties or projects totaling $ 93.2 and $ 68.1 million, respectively. Real property is classified as held for sale in the period when we commit to a plan and have the authority to sell the asset in its current condition, have initiated an active marketing plan to sell the asset at a price that is reflective of its current fair value and the sale of the asset is both probable and expected to qualify for full sales recognition within a period of 12 months. Real property, held for sale is held at the lower of cost or fair value less estimated costs to sell, which is evaluated on a quarterly basis. Real property that does not qualify as held for sale is classified as held for use. Once construction is complete, real property, held for use is depreciated using the straight-line method over the estimated useful life of the property and depreciation expense is no longer recorded once the real property is classified as held for sale. Costs related to acquisition, development, construction and improvements are capitalized and impairment is recorded if the total cost exceeds the fair value less estimated costs to sell. Expenditures for repairs and maintenance are charged to expense when incurred. In April 2022, the Company executed an agreement with an unrelated party to sell a real property with a carrying value of $ 28.4 million for a sales price of $ 29.0 million. As part of the sale, the Company executed a promissory note with the purchaser in the principal amount of $ 25.9 million. This seller-financed sale of real property was evaluated for derecognition of the transferred assets and income recognition based on whether a sales contract existed and effective control was transferred to the purchaser and it was determined that the transaction met all of the criterion to be recognized as a sale. The following tables provide information about the carrying value of our owned real property at the dates indicated: (dollars in thousands) June 30, 2022 December 31, 2021 Collateral Type Senior Housing $ 51,402 $ — Offices 18,408 19,388 Townhomes 8,495 9,281 Single Family Housing 6,428 4,134 Apartments 5,448 — Residential Lots 3,029 3,012 Condos — 28,441 Retail — 3,811 Total $ 93,210 $ 68,067 (dollars in thousands) June 30, 2022 December 31, 2021 Held for sale $ 75,637 $ 52,531 Held for use 17,573 15,536 Total $ 93,210 $ 68,067

Fair Value Measurements

Fair Value Measurements	6 Months Ended
	Jun. 30, 2022
Fair Value Disclosures [Abstract]
Fair Value Measurements	Note 5 – Fair Value Measurements The accounting guidance on fair value measurements and disclosures requires the categorization of fair value measurement into three broad levels of the fair value hierarchy as follows: Level 1 – Inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets. Level 2 – Inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument. Level 3 – Inputs to the valuation methodology are unobservable and significant to the fair value measurement. The following tables present estimated fair values of our financial instruments, as of the date indicated, whether or not recognized or recorded in the condensed consolidated balance sheets at the periods indicated: June 30, 2022 Fair Value Measurements Using (dollars in thousands) Carrying Value Estimated Fair Value Level 1 Level 2 Level 3 Financial Assets Cash and cash equivalents $ 35,958 $ 35,958 $ 35,958 $ — $ — Mortgage notes receivable, net 957,226 957,226 — — 957,226 Financial Liabilities Senior unsecured notes, net 97,503 87,910 — 87,910 — Private placement warrant liability 1,660 1,660 — 1,660 — December 31, 2021 Fair Value Measurements Using (dollars in thousands) Carrying Value Estimated Fair Value Level 1 Level 2 Level 3 Financial Assets Cash and cash equivalents $ 132,889 $ 132,889 $ 132,889 $ — $ — Mortgage notes receivable, net 901,350 901,350 — — 901,350 Financial Liabilities Senior unsecured notes, net 97,223 100,000 — 100,000 — Private placement warrant liability 1,838 1,838 — 1,838 — The following table sets forth assets measured and reported at fair value on a nonrecurring basis as of June 30, 2022 and December 31, 2021. All of these values are categorized as Level 3. The table also contains information about valuation methodologies and inputs. Carrying Value Fair Value (dollars in thousands) June 30, 2022 December 31, 2021 June 30, 2022 December 31, 2021 Valuation technique Unobservable inputs Range of inputs Real property, held for use (1) $ 4,490 $ — $ 4,726 $ — Collateral valuations Appraised value, broker opinion of value, discounted cash flows or capitalization rate applied to estimate net operating income 0 - 10 % Collateral dependent loans, net of allowance for credit losses (1) 335 436 723 835 Collateral valuations Discount to appraised value based on comparable market prices 0 - 10 % Total $ 4,825 $ 436 $ 5,449 $ 835 (1) Previously reported amounts included all real properties and collateral dependent loans regardless of whether a mark to fair value occurred in the reporting period. The current disclosure represents only those measured at fair value on a nonrecurring basis during the reporting periods. Fair Value on a Recurring Basis The private placement warrants are carried at fair value. Initially, the fair value of the private placement warrants was classified as Level 3 within the fair value hierarchy as it was valued using a lattice model, which primarily incorporates observable inputs such as our common stock price, exercise price, term of the warrant, dividend yield and the risk-free rate; however, it also incorporates an assumption for equity volatility. For the unobservable volatility input, we solved for the volatility of the public warrants using the lattice model that captures the redemption right and analyzed the calculated equity volatility based on the volatility of the common stock of comparable public companies. This valuation methodology resulted in the same value per share for both the public warrants and private placement warrants, indicating the redemption right, a feature excluded from private placement warrants, did not change the valuation; and therefore, the quoted price per share of the public warrants was used to value the private placement warrants on a recurring basis beginning September 30, 2021. As we utilized observable inputs in the valuation, specifically a quoted price for a similar item in an active market, we re-classified the private placement warrant liability from a Level 3 to a Level 2 within the fair value hierarchy as of September 30, 2021. The fair value of the 5.2 million private placement warrants, estimated using the quoted share price of the public warrants (BRMK.WS), was approximately $ 0.08 per warrant or $0.32 per share to arrive at $ 1.7 million as of June 30, 2022. Refer to Note 7 for additional details on the private placement warrants. Fair Value on a Nonrecurring Basis Investments in real properties are initially recorded at the fair value less estimated costs to sell, which becomes the new cost basis for the real property. Costs related to acquisition, development, construction and improvements are capitalized to the extent the fair value less costs to sell is greater than the investment in real property. At each reporting date, the cost basis is compared to the fair value of real properties based upon the most recent independent third-party appraisals of value discounted based upon our experience with actual liquidation values. These discounts to the appraisals generally range from 0% to 10% and are considered unobservable inputs in Level 3 within the fair value hierarchy. Any decline in the fair value will be recorded in a valuation account to offset the cost basis and carry at fair value on a non-recurring basis. For collateral dependent loans, the fair values are based on the value of the underlying collateral less the estimated costs to sell. At each reporting date, these loans are evaluated based upon the most recent independent third-party appraisals of value discounted based upon our experience with actual liquidation values. These discounts to the appraisals generally range from 0 % to 10 %. As the result of using unobservable inputs in the valuation, we classify collateral dependent as Level 3 within the fair value hierarchy. Fair Value Disclosure Only For our financial instruments, including cash equivalents, which are classified under Level 1 within the fair value hierarchy, the carrying amounts approximate fair value due to their short-term maturities. Our mortgage notes receivable are evaluated for expected credit losses and mortgage notes receivable are presented net of an allowance for credit losses. Due to the short-term maturity of the mortgage notes receivable, a premium or discount is not material and the carrying value approximates fair value. We believe that our mortgage notes receivable net of the CECL allowance approximates fair value of the portfolio. As we utilize unobservable inputs, including third-party appraisals for estimating as-complete appraised values, we classify mortgage notes receivable as Level 3 within the fair value hierarchy. Our senior unsecured notes were purchased at par by investors in a private placement, but trade in the secondary market. Fair value is estimated using current market quotes received from active markets and we classify as Level 1 within the fair value hierarchy.

Debt

Debt	6 Months Ended
	Jun. 30, 2022
Debt Disclosure [Abstract]
Debt	Note 6 - Debt On February 19, 2021, we entered into a credit agreement with a syndicate of lenders and JPMorgan Chase Bank, N.A., as administrative agent for the lenders, providing for a $ 135.0 million revolving credit facility maturing on February 19, 2024 . We incurred fees of approximately $ 4.5 million in relation to the revolving credit facility, that were capitalized as deferred financing costs on the condensed consolidated balance sheets and are being amortized over the three-year term. As of June 30, 2022 and December 31, 2021 , the revolving credit facility has no principal outstanding. Our obligations under the revolving credit facility are secured by substantially all of the Company’s assets. The revolving credit facility contains covenants customary for financings of this type, including limitations on the incurrence of indebtedness, liens, asset dispositions, acquisitions, mergers and consolidations, certain dividends, distributions and other payments, advances and investments, payments to affiliates, optional prepayments and other modifications of certain other indebtedness, and amendments, terminations and waivers of certain material agreements, as well as compliance with leverage and coverage ratios and maintenance of minimum tangible net worth. Among other things, the credit agreement provides that we may not pay cash dividends that would result in non-compliance with the financial covenants under the credit agreement or during an event of default under the credit agreement, except in the case of defaults other than payment defaults, for dividends in amounts necessary to maintain our REIT status. The revolving credit facility contains events of default customary for financings of this type, including failure to pay principal, interest and other amounts, materially incorrect representations or warranties, failure to observe covenants and other terms of the revolving credit facility, cross-defaults to other indebtedness, bankruptcy, insolvency, material judgments, certain ERISA violations, changes in control and failure to maintain REIT status, in some cases subject to customary grace periods. On November 12, 2021, we completed a private offering of $ 100.0 million of senior unsecured notes. Interest on the notes accrues at the fixed rate of 5.0 % per annum, which is payable semi-annually on May 15 and November 15. The notes may be prepaid prior to their maturity date, subject to the payment of applicable premiums. The note purchase agreement governing the notes contains financial covenants that require compliance with leverage and coverage ratios and maintenance of minimum tangible net worth, as well as other affirmative and negative covenants that may limit, among other things, our ability to incur liens and enter into mergers or transfer all or substantially all of our assets. The note purchase agreement also includes customary representations and warranties and customary events of default. The amounts outstanding under the notes will be due on November 15, 2026 . We incurred fees of approximately $ 2.9 million in relation to the issuance of the notes, which are amortized to interest expense over the remaining life of the respective loan term. The following table presents the carrying values of our senior unsecured notes as of the periods indicated: (dollars in thousands) June 30, 2022 December 31, 2021 Principal $ 100,000 $ 100,000 Debt issuance costs ( 2,861 ) ( 2,855 ) Amortization of debt issuance costs 364 78 Total notes, net $ 97,503 $ 97,223 The following tables summarize the interest expense related to our senior unsecured notes and revolving credit facility for the periods indicated: Three Months Ended June 30, 2022 June 30, 2021 (in thousands) Amortization of Deferred Debt Costs Interest Expense Undrawn Fees Amortization of Deferred Debt Costs Interest Accrued Undrawn Fees 5.00% senior unsecured notes $ 143 $ 1,250 $ — $ — $ — $ — Revolving credit facility 377 — 350 377 — 341 Total $ 520 $ 1,250 $ 350 $ 377 $ — $ 341 Six Months Ended June 30, 2022 June 30, 2021 (in thousands) Amortization of Deferred Debt Costs Interest Expense Undrawn Fees Amortization of Deferred Debt Costs Interest Accrued Undrawn Fees 5.00% senior unsecured notes $ 286 $ 2,500 $ — $ — $ — $ — Revolving credit facility 756 — 693 502 — 496 Total $ 1,042 $ 2,500 $ 693 $ 502 $ — $ 496

Stockholders' Equity and Earnin

Stockholders' Equity and Earnings per Common Share	6 Months Ended
	Jun. 30, 2022
Equity [Abstract]
Stockholders' Equity and Earnings per Common Share	Note 7 - Stockholders’ Equity and Earnings per Common Share Stockholders’ Equity Holders of our common stock are entitled to one vote for each share. On March 2, 2021, we entered into a distribution agreement with J.P. Morgan Securities LLC, Barclays Capital Inc., B. Riley Securities, Inc., JMP Securities LLC and Raymond James & Associates, Inc. as sales agents, to sell shares of our common stock having an aggregate gross sales price of up to $ 200,000,000 , from time to time, through an “at-the-market” equity offering program (the “ATM Program”). We have no obligation to sell any shares under the ATM Program, and sold no shares under the ATM Program during the three and six months ended June 30, 2022 and 2021. As of June 30, 2022 and December 31, 2021 there were 41.7 million public warrants outstanding and 5.2 million private placement warrants outstanding. In the aggregate, we have outstanding warrants to purchase approximately 15.6 million shares of common stock at a price of $ 11.50 per whole share. Settlement of outstanding warrants will be in shares of our common stock, unless we elect (solely in our discretion) to settle warrants we have called for redemption in cash, and subject to customary adjustment in the event of business combinations and certain tender offers. The liability for the private placement warrants was $ 1.7 million as of June 30, 2022 and is included in accounts payable and accrued liabilities in the condensed consolidated balance sheet. Earnings per Common Share The table below presents the computation of basic and diluted net income per share of common stock for the periods presented: Three Months Ended Six Months Ended (dollars in thousands, except share and per share data): June 30, 2022 June 30, 2021 June 30, 2022 June 30, 2021 Net income $ 15,946 $ 18,252 $ 34,020 $ 38,633 Basic weighted-average shares of common stock outstanding 132,812,622 132,585,116 132,803,085 132,567,768 Dilutive effect of share-based compensation – unvested restricted stock units 118,099 61,273 92,497 68,656 Diluted weighted-average shares of common stock outstanding 132,930,721 132,646,389 132,895,582 132,636,425 Basic earnings per share $ 0.12 $ 0.14 $ 0.26 $ 0.29 Diluted earnings per share $ 0.12 $ 0.14 $ 0.26 $ 0.29 For the periods presented, the following common stock equivalents were excluded from the calculations of diluted earnings per share because their effect would have been anti-dilutive: Three Months Ended Six Months Ended June 30, 2022 June 30, 2021 June 30, 2022 June 30, 2021 Weighted-average restricted stock units outstanding 378,922 596,978 315,350 539,645 Unexercised public warrants and private placement warrants 15,604,279 15,604,304 15,604,279 15,604,304 Total stock equivalents excluded 15,983,201 16,201,282 15,919,629 16,143,949

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 2022
Income Tax Disclosure [Abstract]
Income Taxes	Note 8 - Income Taxes The Manager has elected to be treated as a TRS and this election applies to the wholly-owned subsidiaries of the Manager, including the Private REIT Manager. Having TRSs permit us to participate in certain activities from which REITs are generally precluded, as long as these activities meet specific criteria, are conducted within the parameters of certain limitations established by the Internal Revenue Code of 1986, as amended (the “Code”) and are conducted in entities which elect to be treated as taxable subsidiaries under the Code. To the extent these criteria are met, we will continue to maintain the qualification as a REIT. We generally must distribute annually at least 90% of our net taxable income, subject to certain adjustments and excluding any net capital gain, in order for U.S. federal income tax not to apply to earnings that we distribute. To the extent that we satisfy this distribution requirement but distribute less than 100% of our net taxable income, we will be subject to U.S. federal income tax on our undistributed taxable income. In addition, we will be subject to a 4 % nondeductible excise tax if the actual amount that we pay out to our stockholders in a calendar year is less than a minimum amount specified under U.S. federal tax laws. Our qualification as a REIT also depends on our ability to meet various other requirements imposed by the Code, which relate to organizational structure, diversity of stock ownership, and certain restrictions with regard to the nature of assets and the sources of income. Even if we qualify as a REIT, we may be subject to certain U.S. federal income and excise taxes and state and local taxes on our income and assets. If we fail to maintain our qualification as a REIT for any taxable year, we may be subject to material penalties as well as federal, state, and local income tax on our taxable income at regular corporate rates and we would not be able to qualify as a REIT for the subsequent four full taxable years. As of June 30, 2022 and December 31, 2021, we were in compliance with all REIT requirements. Based on our evaluation, we concluded that there are no significant uncertain tax positions requiring recognition in our unaudited condensed consolidated financial statements of a contingent tax liability for uncertain tax positions. Additionally, there were no amounts accrued for penalties or interest as of or during the periods presented in the accompanying unaudited condensed consolidated financial statements. The state and local tax jurisdictions for which we are subject to tax-filing obligations recognize our status as a REIT, and therefore, we generally do not pay income tax in such jurisdictions. We may, however, be subject to certain minimum state and local tax filing fees as well as certain excise or business taxes. Our TRSs are subject to U.S. federal, state and local income taxes.

Equity Incentive Plan

Equity Incentive Plan	6 Months Ended
	Jun. 30, 2022
Share-Based Payment Arrangement [Abstract]
Equity Incentive Plan	Note 9 - Equity Incentive Plan Stock Incentive Plan The Broadmark Realty 2019 Stock Incentive Plan (the “Plan”) allows for the issuance of up to 5,000,000 stock options, stock appreciation rights, restricted stock awards, restricted stock units or other equity-based awards or any combination thereof to the directors, employees, consultants or any other party providing services to us. The Plan is administered by the compensation committee of our board of directors. Awards made to our employees and directors typically consist of restricted stock units (“RSUs”) with only a service vesting condition. Awards to certain of our employees contain both service vesting and market conditions and are referred to as performance restricted stock units (“pRSUs”). The RSUs granted under the Plan generally vest from one to three years depending on the terms of the specific award. All RSUs awarded will be settled upon vesting in shares of our common stock. For the Company's pRSUs, in addition to service conditions, the ultimate number of shares to be earned depends on the achievement of market-based performance conditions. The market-based performance conditions are based on the Company's achievement of a relative total shareholder return (“TSR”) performance requirement, on a percentile basis, compared to a defined group of peer companies over three year performance periods, or contingent upon achieving specific stock price milestones over a five year performance period. The Company uses a Monte Carlo simulation model to determine the grant-date fair value of awards with market-based performance conditions. The weighted average fair value and assumptions used to value the pRSU awards granted with market-based performance conditions are as follows: Six Months Ended June 30, 2022 June 30, 2021 Performance share fair value $ 6.74 $ 8.20 Risk-free interest rate 1.74 % 0.27 % Expected volatility 30.48 % 25.71 % Expected life (in years) 2.85 2.77 Expected dividend yield 9.82 % 8.13 % Dividend equivalents are not accrued or paid on unvested equity awards granted to employees, executive officers and directors and accordingly those unvested equity awards are not considered participating securities. If an award granted under the Plan expires or terminates, the shares subject to any portion of the award that expires or terminates without having been exercised or paid will again become available for the issuance of additional awards. As of June 30, 2022, there were 3,106,272 shares available to be awarded under the Plan. The following tables summarize the activity related to RSUs and pRSUs during 2022: Shares Weighted Average Grant Date Fair Market Value Unvested RSUs outstanding as of December 31, 2021 541,296 Granted 419,101 $ 6.90 Vested ( 109,355 ) $ 9.50 Forfeited ( 5,691 ) $ 8.82 Unvested RSUs outstanding as of March 31, 2022 845,351 Granted 105,773 $ 6.49 Vested ( 71,036 ) $ 10.52 Forfeited ( 40,862 ) $ 8.84 Unvested RSUs outstanding as of June 30, 2022 839,226 Shares Weighted Average Grant Date Fair Market Value Unvested pRSUs outstanding as of December 31, 2021 56,978 Granted 276,679 $ 6.74 Unvested pRSUs outstanding as of March 31, 2022 333,657 Forfeited ( 39,084 ) $ 7.35 Unvested pRSUs outstanding as of June 30, 2022 294,573 As of June 30, 2022, there was $ 7.1 million of net unrecognized compensation cost related to unvested stock-based compensation arrangements. This compensation will be recognized on a straight-line basis over a weighted-average recognition period of 1.9 years.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2022
Commitments and Contingencies Disclosure [Abstract]
Commitments and contingencies	Note 10 - Commitments and Contingencies The following table illustrates our contractual obligations and commercial commitments by due date as of June 30, 2022: (dollars in thousands) Total Less than 1 year 1-3 years 3-5 years More than 5 years Construction holdbacks (1) $ 578,492 $ 346,143 $ 232,349 $ — $ — Operating lease obligations (2) 10,401 873 1,731 2,366 5,431 Total $ 588,893 $ 347,016 $ 234,080 $ 2,366 $ 5,431 (1) The funding timing and amounts of construction holdbacks are uncertain as these commitments relate to loans for construction costs and depend on the progress and performance of the underlying projects. (2) The total operating lease obligation includes $ 2.6 million of imputed interest. Construction Loans Our commitments and contingencies include usual obligations incurred by real estate lending companies in the normal course of business, including construction holdbacks as disclosed in Note 3. Lease Commitments On March 18, 2020, we entered into a non-cancelable operating lease agreement for our office space in Seattle with an original lease period expiring in January 2032, which includes an option to extend the lease term for an additional five years. We have concluded that the renewal option is not reasonably certain of being exercised, therefore, the renewal is not included in the right of use asset and lease liability. The lease commencement date was in the first quarter of 2021. The total future cash payments included in the measurement of our operating lease liabilities, net of lease incentives, was $ 11.7 million at inception of the lease. The right-of-use assets obtained in exchange for the new operating lease obligation and the tenant improvements were $ 6.4 and $ 2.0 million, respectively. The discount rate for the operating lease was 6 % , resulting in an initial imputed interest amount of $ 3.3 million. Legal Proceedings From time to time, we are named as a defendant in legal actions relating to transactions conducted in the ordinary course of business. Although there can be no assurance of the outcome of such legal actions, in the opinion of management, we do not have a potential liability related to any current legal proceeding or claim that would individually or in the aggregate materially affect our results of operations, financial condition or cash flows. Concentration Risk Our loan portfolio as of June 30, 2022 is primarily secured by first deed of trust liens on residential and commercial real estate located in 20 states and the District of Columbia. Our loan portfolio is also concentrated within ten counties, the largest being King County in Washington. As of June 30, 2022 and December 31, 2021, the top ten counties make up 45.1 % and 46.6 % of the total committed amount of loans in our total portfolio.

Employee Benefit Plan

Employee Benefit Plan	6 Months Ended
	Jun. 30, 2022
Retirement Benefits [Abstract]
Employee Benefit Plan	Note 11 - Employee Benefit Plan In 2022, we adopted a defined contribution 401(k) retirement plan covering Broadmark employees who have met certain eligibility requirements (the “Broadmark 401(k) Plan”). Eligible employees may contribute pre-tax compensation up to a maximum amount allowable under Internal Revenue Service limitations. Employee contributions and earnings thereon vest immediately. We currently match 3.5 % on employee contributions of up to 6 % of their annual compensation. The total expense related to the Broadmark 401(k) Plan was $ 0.1 and $ 0.2 million, respectively for the three and six months ended June 30, 2022 .

Related Party Transactions

Related Party Transactions	6 Months Ended
	Jun. 30, 2022
Related Party Transactions [Abstract]
Related Party Transactions	Note 12 - Related Party Transactions The Private REIT was a private real estate finance company that primarily participated in short-term, first deed of trust loans secured by real estate that were originated, underwritten and serviced by the Company. The Private REIT was managed by our subsidiary in accordance with a market-based arrangement and was determined to be a voting interest entity. We did not directly or indirectly control the Private REIT and owned only a nominal interest in the Private REIT’s common units and, therefore, we did not consolidate the Private REIT. In August 2021, in connection with the liquidation of the Private REIT, all participations in mortgage notes receivable held by the Private REIT were offered to and purchased for cash by the Company at the settlement value which approximated fair value of $ 43.5 million. As of September 30, 2021, the Private REIT had distributed the net assets in excess of cash required to discharge liabilities (including accrued liabilities for liquidation costs) to its investors based on their relative percentage interests. The Private REIT Manager, acting as liquidator, was responsible for discharging the Private REIT’s remaining liabilities and winding up its affairs, which was completed in the fourth quarter of 2021.

Subsequent Events

Subsequent Events	6 Months Ended
	Jun. 30, 2022
Subsequent Events [Abstract]
Subsequent Events	Note 13 - Subsequent Events Dividend Declaration On June 15, 2022, our board of directors declared a monthly cash dividend of $ 0.07 per common share payable on July 15, 2022 to stockholders of record as of June 30, 2022, and on July 18, 2022, our board of directors declared a cash dividend of $ 0.07 per common share payable on August 15, 2022 to stockholders of record as of July 29, 2022 .

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2022
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying unaudited condensed consolidated interim financial statements include Broadmark Realty Capital Inc. and its wholly-owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. These unaudited condensed consolidated interim financial statements have been prepared in conformity with U.S. generally accepted accounting principles (“GAAP”) and applicable rules and regulations of the Securities and Exchange Commission (“SEC”) regarding interim financial reporting. Certain information and note disclosures normally included in the financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. Accordingly, these unaudited condensed consolidated interim financial statements have been prepared in accordance with the accounting policies described in the audited consolidated financial statements and should be read in conjunction with the accompanying notes included in Broadmark Realty Capital Inc.’s Annual Report on Form 10-K for the year ended December 31, 2021, which was filed with the SEC on February 28, 2022. The condensed consolidated balance sheet as of December 31, 2021, included herein, was derived from the audited financial statements of Broadmark Realty Capital Inc. as of that date. The unaudited condensed consolidated interim financial statements, in the opinion of management, reflect all adjustments, consisting only of normal recurring adjustments, necessary to present fairly our financial position as of June 30, 2022, our results of operations and stockholders’ equity for the three and six months ended June 30, 2022 and 2021, and our cash flows for the six months ended June 30, 2022 and 2021. The results of the three and six months ended June 30, 2022 is not necessarily indicative of the results to be expected for the year ending December 31, 2022 or for any interim period or for any other future year.
Principles of Consolidation	Principles of Consolidation Broadmark Realty consolidates those entities in which it has control over significant operating, financial and investing decisions of the entity, as well as those entities deemed to be variable interest entities (“VIEs”), if any, in which Broadmark Realty is determined to be the primary beneficiary. Broadmark Realty is not the primary beneficiary of, and therefore does not consolidate, any VIEs in the accompanying unaudited condensed consolidated financial statements. The Private REIT was determined to be a voting interest entity for which we, through our wholly-owned subsidiary who previously acted as manager with no significant equity investment, did not hold a controlling interest in and, therefore, did not consolidate. Furthermore, the Private REIT's participation in loans originated by us met the characteristics of a participating interest and the criterion for sale accounting in accordance with GAAP and therefore, was derecognized from our unaudited condensed consolidated financial statements. The Private REIT was liquidated in August 2021 and all participations in mortgage notes receivable held by the Private REIT were purchased for cash by the Company at the settlement value which approximated fair value.
Reclassifications	Reclassifications Certain amounts in our unaudited condensed consolidated financial statements as of and for the three and six months ended June 30, 2021 have been reclassified to conform to the presentation of our current period unaudited condensed consolidated financial statements. These reclassifications had no effect on our previously reported net income or stockholders’ equity. The reclassifications include reclassifying certain board member expenses from compensation expense into general and administrative expense and separately presenting real property management expenses, net and interest expense on the unaudited condensed consolidated statements of income. The reclassification within the condensed consolidated statement of cash flows for the change in amortization of credit facility costs to the change in other assets resulted in no change to the cash provided by operating activities. The reclassifications also included the separate presentation of origination and fundings of mortgage notes receivable, principal collections and proceeds from mortgage notes receivable and origination and amendment fees received on mortgage notes receivable on the unaudited condensed consolidated statements of cash flows.
Use of Estimates	Use of Estimates The preparation of the unaudited condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect reported amounts and disclosures at the date of the financial statements and the reported amount of revenues and expenses during the reporting period. The most significant estimates relate to the expected credit losses on our loans, the fair value of financial instruments, exit prices for collateral dependent loans and the fair value of investments in real property. Accordingly, actual results could differ from those estimates. For certain real properties, where a recent appraisal is either unavailable or not most representative of fair value, the fair value of the “as complete” property is based on a broker opinion of value including a capitalized income analysis and replacement cost analysis considering market rents, vacancy rates, capitalization rates, land cost comparisons, market trends and economic conditions. Depending on the stage of the underlying property, we also consider estimated costs to complete remaining construction and to lease up the finished property. The assessment of fair value of real property is subject to uncertainty and, in certain cases, sensitive to the selection of comparable properties.
Certain Significant Risks and Uncertainties	Certain Significant Risks and Uncertainties In the normal course of business, we encounter two primary types of economic risk in the form of credit and market risks. Credit risk is the risk of default on our investment in mortgage notes receivable resulting from a borrower's inability or unwillingness to make contractually required payments. Market risk is the risk of declining real estate values for the collateral underlying our loans which may make it more difficult for existing borrowers to remain current on their payment obligations, reduce the speed or ability for our loans to be repaid through the sale or refinance of the collateral and increase the likelihood that we will incur losses on our loans in the event of default as the value of collateral may be insufficient to cover our investment in the loan. We believe that the carrying values of our loans reasonably consider these risks. In addition, we are subject to significant tax risks. If we were to fail to qualify as a REIT in any taxable year, we would be subject to U.S. federal corporate income tax, which could be material. We operate in a dynamic industry and, accordingly, can be affected by a variety of factors. For example, we believe that changes in any of the following areas could have a significant negative effect on us in terms of our future financial position, results of operations or cash flows: the economy in the areas we operate; competition in our market; the stability of the real estate market and the impact of interest rate changes; changes in government regulation affecting our business; public health crises, like the COVID-19 pandemic; natural disasters and catastrophic events; and our ability to attract and retain qualified employees and key personnel, among other things.
Reportable Segments	Reportable Segments We operate the business as one reportable segment, which originates, underwrites and services loans secured by real estate.
Recent Accounting Pronouncements	Recently Issued Accounting Pronouncements Not Yet Adopted In March 2022, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2022-02, Financial Instruments-Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures, which eliminates the accounting guidance for troubled debt restructurings (“TDR”) for creditors that have adopted the current expected credit losses (“CECL”) standard and requires enhanced disclosures for loan modifications made to borrowers experiencing financial difficulty in the form of interest rate reductions, principal forgiveness, other-than-insignificant payment delays, or term extensions. In addition, the new guidance requires presentation in the vintage disclosures of current-period gross write-offs by year of origination. The guidance is effective for the Company in the first quarter of 2023. Entities are able to early adopt the guidance and have the ability to early adopt the TDR enhancements separately from the vintage disclosures. We have not yet adopted this ASU. While the guidance will result in expanded disclosures, we do not believe the adoption of this guidance will have a material impact on our financial position, results of operation or cash flows.

Mortgage Notes Receivable (Tabl

Mortgage Notes Receivable (Tables)	6 Months Ended
	Jun. 30, 2022
Receivables [Abstract]
Schedule of mortgage notes receivable	The following table reconciles outstanding mortgage loan commitments to the outstanding balance of mortgage notes receivable as of June 30, 2022 and December 31, 2021: (dollars in thousands) June 30, 2022 December 31, 2021 Total loan commitments $ 1,600,686 $ 1,489,055 Less: Construction holdbacks 578,492 524,462 Interest reserves 43,648 39,880 Total principal outstanding for our mortgage notes receivable 978,546 924,713 Less: Allowance for credit losses (1) 9,526 10,394 Deferred origination and amendment fees 11,794 12,969 Mortgage notes receivable, net $ 957,226 $ 901,350 (1) As of June 30, 2022, $ 1.4 million of the allowance is excluded from this table because it relates to unfunded commitments and has been recorded as a liability under accounts payable and accrued liabilities in our condensed consolidated balance sheet.
Schedule of activity in the CECL Allowance	The following tables summarize the activity in the CECL allowance during the six months ended June 30, 2022 and 2021: CECL Allowance (dollars in thousands) Funded Unfunded (2) Total CECL allowance as of December 31, 2021 $ 10,394 $ 904 $ 11,298 Provision for credit losses, net 1,554 193 1,747 Charge-offs (1) ( 3,301 ) — ( 3,301 ) CECL allowance as of March 31, 2022 $ 8,647 $ 1,097 $ 9,744 Provision for credit losses, net 2,381 313 2,694 Charge-offs (1) ( 1,502 ) — ( 1,502 ) CECL allowance as of June 30, 2022 $ 9,526 $ 1,410 $ 10,936 CECL Allowance (dollars in thousands) Funded Unfunded (2) Total CECL allowance as of December 31, 2020 $ 10,590 $ — $ 10,590 Provision for credit losses, net 1,761 947 2,708 Charge-offs (1) ( 1,688 ) — ( 1,688 ) CECL allowance as of March 31, 2021 $ 10,663 $ 947 $ 11,610 Provision for credit losses, net 280 ( 222 ) 58 CECL allowance as of June 30, 2021 $ 10,943 $ 725 $ 11,668 (1) Charge-offs result from either loan repayments where the proceeds are less than the principal outstanding or transfers to investment in real property at the time that we take ownership of the property where the fair values of the underlying collateral are less than the principal outstanding. (2) CECL allowance related to unfunded commitments is presented as a liability under accounts payable and accrued liabilities in our condensed consolidated balance sheet.
Schedule of composition of loan portfolio	The following tables allocate the carrying value of our loan portfolio based on our internal credit quality indicators in assessing estimated credit losses and vintage of origination at the dates indicated: June 30, 2022 Year Originated (1) (dollars in thousands) Carrying Value % of Portfolio 2022 2021 2020 2019 2018 Prior Construction Type Vertical Construction $ 490,054 50.7 % $ 189,305 $ 184,441 $ 76,976 $ 1,582 $ 1,296 $ 36,454 Horizontal Development 242,332 25.2 92,490 131,680 18,162 — — — Acquisition 108,277 11.2 12,247 96,030 — — — — Investment 51,984 5.4 37,336 14,648 — — — — Rehabilitation 33,036 3.4 12,480 10,846 9,710 — — — Land Entitlement 25,691 2.7 1,757 23,934 — — — — Bridge 15,378 1.6 — 13,438 — 1,940 — — Total $ 966,752 100.0 % $ 345,615 $ 475,017 $ 104,848 $ 3,522 $ 1,296 $ 36,454 CECL allowance (2) ( 9,526 ) Carrying value, net $ 957,226 (1) Represents the year of either origination or amendment where the loan incurred a full re-underwriting in connection with the amendment. (2) Includes $ 1.0 million in loan specific allowances for loans deemed collateral dependent based on the excess amortized cost over the fair value of the underlying collateral. In addition, $ 1.4 million of the CECL allowance is excluded from this table because it relates to unfunded commitments and has been recorded as a liability under accounts payable and accrued liabilities in our condensed consolidated balance sheet. June 30, 2022 Year Originated (1) (dollars in thousands) Carrying Value % of Portfolio 2022 2021 2020 2019 2018 Prior Collateral Type Apartments $ 140,899 14.6 % $ 76,665 $ 37,709 $ 24,943 $ 1,582 $ — $ — Residential Lots 134,405 13.9 40,296 75,947 18,162 — — — Single Family Housing 116,164 12.1 72,439 41,382 2,343 — — — Townhomes 99,851 10.3 52,180 46,067 1,242 — — 362 Mixed Use 73,109 7.6 4,434 57,025 9,710 1,940 — — Commercial 71,457 7.4 7,489 63,968 — — — — Condos 70,526 7.3 2,759 7,130 23,249 — 1,296 36,092 Storage 56,730 5.9 — 56,730 — — — — Entitled Land 46,070 4.8 18,765 27,305 — — — — Unentitled Land 43,329 4.5 32,912 10,417 — — — — Hotel 29,839 3.1 13,926 — 15,913 — — — Offices 18,581 1.9 — 10,783 7,798 — — — Senior Housing 14,306 1.5 — 14,306 — — — — Quadplex 12,680 1.3 6,211 6,469 — — — — Commercial Other 11,092 1.1 — 11,092 — — — — Commercial Lots 9,340 1.0 2,376 6,964 — — — — Duplex 8,894 0.9 8,894 — — — — — Retail 8,422 0.9 5,211 1,723 1,488 — — — Triplex 1,058 0.1 1,058 — — — — — Total $ 966,752 100.0 % $ 345,615 $ 475,017 $ 104,848 $ 3,522 $ 1,296 $ 36,454 CECL allowance (2) ( 9,526 ) Carrying value, net $ 957,226 (1) Represents the year of either origination or amendment where the loan incurred a full re-underwriting in connection with the amendment. (2) Includes $ 1.0 million in loan specific allowances for loans deemed collateral dependent based on the excess amortized cost over the fair value of the underlying collateral. In addition, $ 1.4 million of the CECL allowance is excluded from this table because it relates to unfunded commitments and has been recorded as a liability under accounts payable and accrued liabilities in our condensed consolidated balance sheet. June 30, 2022 Year Originated (1) (dollars in thousands) Carrying Value % of Portfolio 2022 2021 2020 2019 2018 Prior LTV (2) 0 - 40% $ 34,963 3.6 % $ 5,077 $ 29,886 $ — $ — $ 0 $ — 41 - 45% 45,971 4.8 14,769 29,329 1,873 — — — 46 - 50% 47,033 4.9 17,475 13,424 16,134 — — — 51 - 55% 130,342 13.5 54,426 66,778 8,776 — — 362 56 - 60% 99,739 10.3 67,971 31,319 449 — — — 61 - 65% 543,820 56.3 142,917 302,052 57,941 3,522 1,296 36,092 66 - 70% 41,067 4.2 39,736 1,331 — — — — 71 - 75% 1,092 0.1 1,092 — — — — — 76- 80% 2,152 0.2 2,152 — — — — — Above 80% 20,573 2.1 — 898 19,675 — — — Total $ 966,752 100.0 % $ 345,615 $ 475,017 $ 104,848 $ 3,522 $ 1,296 $ 36,454 CECL allowance (3) ( 9,526 ) Carrying value, net $ 957,226 (1) Represents the year of either origination or amendment where the loan incurred a full re-underwriting in connection with the amendment. (2) Represents LTV as of origination or latest amendment. LTVs above 65 % generally represent loans in contractual default status where we have agreed to extend funds to the borrower above 65 % in order to facilitate successful completion of the construction and return of capital. (3) Includes $ 1.0 million in loan specific allowances for loans deemed collateral dependent based on the excess amortized cost over the fair value of the underlying collateral. In addition, $ 1.4 million of the CECL allowance is excluded from this table because it relates to unfunded commitments and has been recorded as a liability under accounts payable and accrued liabilities in our condensed consolidated balance sheet. December 31, 2021 Year Originated (1) (dollars in thousands) Carrying Value % of Portfolio 2021 2020 2019 2018 2017 Prior Construction Type Vertical Construction $ 478,475 52.5 % $ 234,861 $ 191,896 $ 1,177 $ 2,491 $ 47,789 $ 261 Horizontal Development 196,543 21.5 169,041 27,502 — — — — Acquisition 96,937 10.6 96,937 — — — — — Investment 65,703 7.2 42,509 2,101 — 3,608 17,485 — Rehabilitation 27,023 3.0 11,320 15,703 — — — — Land Entitlement 24,529 2.7 24,529 — — — — — Bridge 22,534 2.5 18,072 2,537 1,925 — — — Total $ 911,744 100.0 % $ 597,269 $ 239,739 $ 3,102 $ 6,099 $ 65,274 $ 261 CECL allowance (2) ( 10,394 ) Carrying value, net $ 901,350 (1) Represents the year of either origination or amendment where the loan incurred a full re-underwriting in connection with the amendment. (2) Includes $ 0.7 million in loan specific allowances for loans deemed collateral dependent based on the excess amortized cost over the fair value of the underlying collateral. December 31, 2021 Year Originated (1) (dollars in thousands) Carrying Value % of Portfolio 2021 2020 2019 2018 2017 Prior Collateral Type Residential Lots $ 111,644 12.2 % $ 85,219 $ 26,425 $ — $ — $ — $ — Apartments 107,765 11.8 38,232 68,356 1,177 — — — Townhomes 93,300 10.2 51,240 28,979 — 1,017 11,803 261 Mixed Use 85,929 9.5 53,530 30,474 1,925 — — — Single Family Housing 87,902 9.6 84,703 3,049 — — 150 — Condos 64,492 7.1 8,805 18,227 — 1,474 35,986 — Commercial 61,592 6.8 61,592 — — — — — Senior Housing 61,236 6.7 35,899 25,337 — — — — Storage 56,481 6.2 56,481 — — — — — Unentitled Land 46,019 5.0 42,411 — — 3,608 — — Entitled Land 45,098 4.9 27,763 — — — 17,335 — Hotel 31,665 3.5 4,886 26,779 — — — — Offices 15,348 1.7 8,280 7,068 — — — — Commercial Lots 10,227 1.1 6,670 3,557 — — — — Quadplex 9,769 1.1 9,769 — — — — — Commercial Other 9,080 1.0 9,080 — — — — — Retail 7,873 0.9 6,385 1,488 — — — — Duplex 6,324 0.7 6,324 — — — — — Total $ 911,744 100.0 % $ 597,269 $ 239,739 $ 3,102 $ 6,099 $ 65,274 $ 261 CECL allowance (2) ( 10,394 ) Carrying value, net $ 901,350 (1) Represents the year of either origination or amendment where the loan incurred a full re-underwriting in connection with the amendment. (2) Includes $ 0.7 million in loan specific allowances for loans deemed collateral dependent based on the excess amortized cost over the fair value of the underlying collateral. December 31, 2021 Year Originated (1) (dollars in thousands) Carrying Value % of Portfolio 2021 2020 2019 2018 2017 Prior LTV (2) 0 - 40% $ 53,907 5.9 % $ 32,634 $ — $ — $ 3,608 $ 17,665 $ — 41 - 45% 48,431 5.3 44,380 4,051 — — — — 46 - 50% 63,690 7.0 41,356 21,317 — 1,017 — — 51 - 55% 92,238 10.1 74,978 17,260 — — — — 56 - 60% 79,039 8.7 27,115 40,190 — — 11,473 261 61 - 65% 559,997 61.4 372,645 146,640 3,102 1,474 36,136 — 66 - 70% 645 0.1 645 — — — — — 71 - 80% — 0.0 — — — — — — Above 80% 13,797 1.5 3,516 10,281 — — — — Total $ 911,744 100.0 % $ 597,269 $ 239,739 $ 3,102 $ 6,099 $ 65,274 $ 261 CECL allowance (3) ( 10,394 ) Carrying value, net $ 901,350 (1) Represents the year of either origination or amendment where the loan incurred a full re-underwriting in connection with the amendment. (2) Represents LTV as of origination or latest amendment. LTVs above 65 % generally represent loans in contractual default status where we have agreed to extend funds to the borrower above 65 % in order to ensure successful completion of the construction and return of capital. (3) Includes $ 0.7 million in loan specific allowances for loans deemed collateral dependent based on the excess amortized cost over the fair value of the underlying collateral.
Schedule of carrying value of collateral dependent loans	The following tables allocate the carrying value of collateral dependent loans in our loan portfolio to the collateral type at the dates indicated: June 30, 2022 (dollars in thousands) Carrying Value CECL Allowance (1) Carrying Value, net Collateral Type Residential Lots $ 17,192 $ ( 221 ) $ 16,971 Condos 1,296 ( 961 ) 335 Townhomes 269 ( 1 ) 268 Total $ 18,757 $ ( 1,183 ) $ 17,574 (1) Includes $ 1.0 million in loan specific allowances for loans deemed collateral dependent based on the excess amortized cost over the fair value of the underlying collateral. December 31, 2021 (dollars in thousands) Carrying Value CECL Allowance (1) Carrying Value, net Collateral Type Senior Housing $ 25,337 $ ( 1,103 ) $ 24,234 Entitled Land 17,335 ( 42 ) 17,293 Single Family Housing 1,730 ( 15 ) 1,715 Condos 1,109 ( 673 ) 436 Townhomes 261 ( 1 ) 260 Total $ 45,772 $ ( 1,834 ) $ 43,938 (1) Includes $ 0.7 million in loan specific allowances for loans deemed collateral dependent based on the excess amortized cost over the fair value of the underlying collateral.

Investment in Real Property (Ta

Investment in Real Property (Tables)	6 Months Ended
	Jun. 30, 2022
Real Estate [Abstract]
Schedule of carrying value of owned real estate	The following tables provide information about the carrying value of our owned real property at the dates indicated: (dollars in thousands) June 30, 2022 December 31, 2021 Collateral Type Senior Housing $ 51,402 $ — Offices 18,408 19,388 Townhomes 8,495 9,281 Single Family Housing 6,428 4,134 Apartments 5,448 — Residential Lots 3,029 3,012 Condos — 28,441 Retail — 3,811 Total $ 93,210 $ 68,067 (dollars in thousands) June 30, 2022 December 31, 2021 Held for sale $ 75,637 $ 52,531 Held for use 17,573 15,536 Total $ 93,210 $ 68,067

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	6 Months Ended
	Jun. 30, 2022
Fair Value Disclosures [Abstract]
Schedule of fair value of assets and liabilities	The following tables present estimated fair values of our financial instruments, as of the date indicated, whether or not recognized or recorded in the condensed consolidated balance sheets at the periods indicated: June 30, 2022 Fair Value Measurements Using (dollars in thousands) Carrying Value Estimated Fair Value Level 1 Level 2 Level 3 Financial Assets Cash and cash equivalents $ 35,958 $ 35,958 $ 35,958 $ — $ — Mortgage notes receivable, net 957,226 957,226 — — 957,226 Financial Liabilities Senior unsecured notes, net 97,503 87,910 — 87,910 — Private placement warrant liability 1,660 1,660 — 1,660 — December 31, 2021 Fair Value Measurements Using (dollars in thousands) Carrying Value Estimated Fair Value Level 1 Level 2 Level 3 Financial Assets Cash and cash equivalents $ 132,889 $ 132,889 $ 132,889 $ — $ — Mortgage notes receivable, net 901,350 901,350 — — 901,350 Financial Liabilities Senior unsecured notes, net 97,223 100,000 — 100,000 — Private placement warrant liability 1,838 1,838 — 1,838 —
Schedule of valuation methodologies and inputs used for assets that are measured at fair value	The following table sets forth assets measured and reported at fair value on a nonrecurring basis as of June 30, 2022 and December 31, 2021. All of these values are categorized as Level 3. The table also contains information about valuation methodologies and inputs. Carrying Value Fair Value (dollars in thousands) June 30, 2022 December 31, 2021 June 30, 2022 December 31, 2021 Valuation technique Unobservable inputs Range of inputs Real property, held for use (1) $ 4,490 $ — $ 4,726 $ — Collateral valuations Appraised value, broker opinion of value, discounted cash flows or capitalization rate applied to estimate net operating income 0 - 10 % Collateral dependent loans, net of allowance for credit losses (1) 335 436 723 835 Collateral valuations Discount to appraised value based on comparable market prices 0 - 10 % Total $ 4,825 $ 436 $ 5,449 $ 835 (1) Previously reported amounts included all real properties and collateral dependent loans regardless of whether a mark to fair value occurred in the reporting period. The current disclosure represents only those measured at fair value on a nonrecurring basis during the reporting periods.

Debt (Tables)

Debt (Tables)	6 Months Ended
	Jun. 30, 2022
Debt Disclosure [Abstract]
Schedule of Carrying Values of The Company's Debt	The following table presents the carrying values of our senior unsecured notes as of the periods indicated: (dollars in thousands) June 30, 2022 December 31, 2021 Principal $ 100,000 $ 100,000 Debt issuance costs ( 2,861 ) ( 2,855 ) Amortization of debt issuance costs 364 78 Total notes, net $ 97,503 $ 97,223
Schedule of Interest Expense Related to Senior Unsecured Notes and Revolving Credit Facility	The following tables summarize the interest expense related to our senior unsecured notes and revolving credit facility for the periods indicated: Three Months Ended June 30, 2022 June 30, 2021 (in thousands) Amortization of Deferred Debt Costs Interest Expense Undrawn Fees Amortization of Deferred Debt Costs Interest Accrued Undrawn Fees 5.00% senior unsecured notes $ 143 $ 1,250 $ — $ — $ — $ — Revolving credit facility 377 — 350 377 — 341 Total $ 520 $ 1,250 $ 350 $ 377 $ — $ 341 Six Months Ended June 30, 2022 June 30, 2021 (in thousands) Amortization of Deferred Debt Costs Interest Expense Undrawn Fees Amortization of Deferred Debt Costs Interest Accrued Undrawn Fees 5.00% senior unsecured notes $ 286 $ 2,500 $ — $ — $ — $ — Revolving credit facility 756 — 693 502 — 496 Total $ 1,042 $ 2,500 $ 693 $ 502 $ — $ 496

Stockholders' Equity and Earn_2

Stockholders' Equity and Earnings per Common Share (Tables)	6 Months Ended
	Jun. 30, 2022
Equity [Abstract]
Schedule of basic and diluted earnings per common share	The table below presents the computation of basic and diluted net income per share of common stock for the periods presented: Three Months Ended Six Months Ended (dollars in thousands, except share and per share data): June 30, 2022 June 30, 2021 June 30, 2022 June 30, 2021 Net income $ 15,946 $ 18,252 $ 34,020 $ 38,633 Basic weighted-average shares of common stock outstanding 132,812,622 132,585,116 132,803,085 132,567,768 Dilutive effect of share-based compensation – unvested restricted stock units 118,099 61,273 92,497 68,656 Diluted weighted-average shares of common stock outstanding 132,930,721 132,646,389 132,895,582 132,636,425 Basic earnings per share $ 0.12 $ 0.14 $ 0.26 $ 0.29 Diluted earnings per share $ 0.12 $ 0.14 $ 0.26 $ 0.29
Schedule of common stock equivalents excluded from diluted net income per share	For the periods presented, the following common stock equivalents were excluded from the calculations of diluted earnings per share because their effect would have been anti-dilutive: Three Months Ended Six Months Ended June 30, 2022 June 30, 2021 June 30, 2022 June 30, 2021 Weighted-average restricted stock units outstanding 378,922 596,978 315,350 539,645 Unexercised public warrants and private placement warrants 15,604,279 15,604,304 15,604,279 15,604,304 Total stock equivalents excluded 15,983,201 16,201,282 15,919,629 16,143,949

Equity Incentive Plan (Tables)

Equity Incentive Plan (Tables)	6 Months Ended
	Jun. 30, 2022
Share-Based Payment Arrangement [Abstract]
Schedule of assumptions used in the Monte Carlo simulation model	The weighted average fair value and assumptions used to value the pRSU awards granted with market-based performance conditions are as follows: Six Months Ended June 30, 2022 June 30, 2021 Performance share fair value $ 6.74 $ 8.20 Risk-free interest rate 1.74 % 0.27 % Expected volatility 30.48 % 25.71 % Expected life (in years) 2.85 2.77 Expected dividend yield 9.82 % 8.13 %
Summary of the activity related to restricted stock	The following tables summarize the activity related to RSUs and pRSUs during 2022: Shares Weighted Average Grant Date Fair Market Value Unvested RSUs outstanding as of December 31, 2021 541,296 Granted 419,101 $ 6.90 Vested ( 109,355 ) $ 9.50 Forfeited ( 5,691 ) $ 8.82 Unvested RSUs outstanding as of March 31, 2022 845,351 Granted 105,773 $ 6.49 Vested ( 71,036 ) $ 10.52 Forfeited ( 40,862 ) $ 8.84 Unvested RSUs outstanding as of June 30, 2022 839,226 Shares Weighted Average Grant Date Fair Market Value Unvested pRSUs outstanding as of December 31, 2021 56,978 Granted 276,679 $ 6.74 Unvested pRSUs outstanding as of March 31, 2022 333,657 Forfeited ( 39,084 ) $ 7.35 Unvested pRSUs outstanding as of June 30, 2022 294,573

Commitments and Contingencies (

Commitments and Contingencies (Tables)	6 Months Ended
	Jun. 30, 2022
Commitments and Contingencies Disclosure [Abstract]
Schedule of contractual obligations and commercial commitments	The following table illustrates our contractual obligations and commercial commitments by due date as of June 30, 2022: (dollars in thousands) Total Less than 1 year 1-3 years 3-5 years More than 5 years Construction holdbacks (1) $ 578,492 $ 346,143 $ 232,349 $ — $ — Operating lease obligations (2) 10,401 873 1,731 2,366 5,431 Total $ 588,893 $ 347,016 $ 234,080 $ 2,366 $ 5,431 (1) The funding timing and amounts of construction holdbacks are uncertain as these commitments relate to loans for construction costs and depend on the progress and performance of the underlying projects. (2) The total operating lease obligation includes $ 2.6 million of imputed interest.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies - Additional information (Details)	6 Months Ended
	Jun. 30, 2022 Segment
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of Reportable Segments	1

Mortgage Notes Receivable - Add

Mortgage Notes Receivable - Additional Information (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2022	Dec. 31, 2021
Loans and Leases Receivable Disclosure [Line Items]
Percentage of maximum loan to value ratio	65%
Percentage of maximum of amount of a single loan	10%
Percentage of maximum amount of loans to single borrower	15%
Term of mortgage notes receivable	18 months
Interest rate (as a percent)	10.20%
Monthly interest rate payment term	10 days
Principal outstanding on non accrual status	$ 91.7	$ 101.9
Contractual loans	$ 248.4	$ 191.4

Mortgage Notes Receivable - Inf

Mortgage Notes Receivable - Information pertaining to mortgage notes receivable (Details) - USD ($) $ in Thousands		Jun. 30, 2022		Mar. 31, 2022		Dec. 31, 2021		Jun. 30, 2021	Mar. 31, 2021		Dec. 31, 2020
Loans and Leases Receivable Disclosure [Line Items]
Total principal outstanding for our mortgage notes receivable		$ 966,752				$ 911,744
Adoption of ASU 2016-13		9,526	[1]	$ 8,647		10,394	[2]	$ 10,943	$ 10,663		$ 10,590
Mortgage notes receivable, net		957,226				901,350
Mortgage notes receivables
Loans and Leases Receivable Disclosure [Line Items]
Total loan commitments		1,600,686				1,489,055
Construction holdbacks		578,492				524,462
Interest reserves		43,648				39,880
Total principal outstanding for our mortgage notes receivable		978,546				924,713
Adoption of ASU 2016-13	[3]	9,526				10,394
Deferred origination and amendment fees		11,794				12,969
Mortgage notes receivable, net		957,226				901,350
Unfunded Loan Commitment [Member]
Loans and Leases Receivable Disclosure [Line Items]
Adoption of ASU 2016-13		1,410		1,097	[4]	904	[4]	725	947	[4]	0	[4]
Unfunded Loan Commitment [Member] | Accounts payable and accrued liabilities
Loans and Leases Receivable Disclosure [Line Items]
Adoption of ASU 2016-13		1,400
Funded And Unfunded Loan Commitment [Member]
Loans and Leases Receivable Disclosure [Line Items]
Adoption of ASU 2016-13		$ 10,936		$ 9,744		$ 11,298		$ 11,668	$ 11,610		$ 10,590
[1] Includes $ 1.0 million in loan specific allowances for loans deemed collateral dependent based on the excess amortized cost over the fair value of the underlying collateral. In addition, $ 1.4 million of the CECL allowance is excluded from this table because it relates to unfunded commitments and has been recorded as a liability under accounts payable and accrued liabilities in our condensed consolidated balance sheet. Includes $ 0.7 million in loan specific allowances for loans deemed collateral dependent based on the excess amortized cost over the fair value of the underlying collateral. As of June 30, 2022, $ 1.4 million of the allowance is excluded from this table because it relates to unfunded commitments and has been recorded as a liability under accounts payable and accrued liabilities in our condensed consolidated balance sheet. CECL allowance related to unfunded commitments is presented as a liability under accounts payable and accrued liabilities in our condensed consolidated balance sheet.

Mortgage Notes Receivable - All

Mortgage Notes Receivable - Allowance for loan loss (Details) - USD ($) $ in Thousands		3 Months Ended
		Jun. 30, 2022		Mar. 31, 2022		Jun. 30, 2021	Mar. 31, 2021
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Allowance for Credit Loss, Beginning Balance		$ 8,647		$ 10,394	[1]	$ 10,663	$ 10,590
Adoption of ASU 2016-13		9,526	[2]	8,647		10,943	10,663
Provision for loan losses (benefits)		2,381		1,554		280	1,761
Charge offs				(3,301)	[3]	(1,502)	(1,688)	[3]
Allowance for Credit Loss, Ending Balance		9,526	[2]	8,647		10,943	10,663
Unfunded Loan Commitment [Member]
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Allowance for Credit Loss, Beginning Balance	[4]	1,097		904		947	0
Adoption of ASU 2016-13		1,410		1,097	[4]	725	947	[4]
Provision for loan losses (benefits)		313		193	[4]	(222)	947	[4]
Charge offs						0	0	[3],[4]
Allowance for Credit Loss, Ending Balance		1,410		1,097	[4]	725	947	[4]
Funded And Unfunded Loan Commitment [Member]
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Allowance for Credit Loss, Beginning Balance		9,744		11,298		11,610	10,590
Adoption of ASU 2016-13		10,936		9,744		11,668	11,610
Provision for loan losses (benefits)		2,694		1,747		58	2,708
Charge offs				(3,301)	[3]	(1,502)	(1,688)	[3]
Allowance for Credit Loss, Ending Balance		$ 10,936		$ 9,744		$ 11,668	$ 11,610
[1] Includes $ 0.7 million in loan specific allowances for loans deemed collateral dependent based on the excess amortized cost over the fair value of the underlying collateral. Includes $ 1.0 million in loan specific allowances for loans deemed collateral dependent based on the excess amortized cost over the fair value of the underlying collateral. In addition, $ 1.4 million of the CECL allowance is excluded from this table because it relates to unfunded commitments and has been recorded as a liability under accounts payable and accrued liabilities in our condensed consolidated balance sheet. Charge-offs result from either loan repayments where the proceeds are less than the principal outstanding or transfers to investment in real property at the time that we take ownership of the property where the fair values of the underlying collateral are less than the principal outstanding. CECL allowance related to unfunded commitments is presented as a liability under accounts payable and accrued liabilities in our condensed consolidated balance sheet.

Mortgage Notes Receivable - Com

Mortgage Notes Receivable - Composition of loan portfolio (Details) - USD ($) $ in Thousands		Jun. 30, 2022		Mar. 31, 2022		Dec. 31, 2021		Jun. 30, 2021	Mar. 31, 2021		Dec. 31, 2020
Loans and Leases Receivable Disclosure [Line Items]
Carrying Value		$ 966,752				$ 911,744
CECL Allowance		(9,526)	[1]	$ (8,647)		(10,394)	[2]	$ (10,943)	$ (10,663)		$ (10,590)
Carrying value, net		$ 957,226				$ 901,350
Percentage of portfolio		100%				100%
2022		$ 345,615	[3]			$ 597,269	[4]
2021		475,017	[3]			239,739	[4]
2020		104,848	[3]			3,102	[4]
2019		3,522	[3]			6,099	[4]
2018		1,296	[3]			65,274	[4]
Prior		$ 36,454	[3]			$ 261	[4]
LTV general percent indicating default status		65				65
Allowances on excess amortized cost over fair value						$ 700
0 - 40%
Loans and Leases Receivable Disclosure [Line Items]
Carrying Value		$ 34,963	[5]			$ 53,907
Percentage of portfolio		3.60%	[5]			5.90%
2022		$ 5,077	[5],[6]			$ 32,634	[7]
2021	[5],[6]	29,886
2019	[7]					3,608
2018		0	[5],[6]			17,665	[7]
Prior		0	[5],[6]			0	[7]
41 - 45%
Loans and Leases Receivable Disclosure [Line Items]
Carrying Value		$ 45,971	[5]			$ 48,431	[8]
Percentage of portfolio		4.80%	[5]			5.30%	[8]
2022		$ 14,769	[5],[6]			$ 44,380	[7],[8]
2021		29,329	[5],[6]			4,051	[7],[8]
2020	[5],[6]	1,873
46 - 50%
Loans and Leases Receivable Disclosure [Line Items]
Carrying Value		$ 47,033	[5]			$ 63,690	[8]
Percentage of portfolio		4.90%	[5]			7%	[8]
2022		$ 17,475	[5],[6]			$ 41,356	[7],[8]
2021		13,424	[5],[6]			21,317	[7],[8]
2020	[5],[6]	16,134
2019	[7],[8]					1,017
Prior	[7],[8]					0
51 - 55%
Loans and Leases Receivable Disclosure [Line Items]
Carrying Value		$ 130,342	[5]			$ 92,238	[8]
Percentage of portfolio		13.50%	[5]			10.10%	[8]
2022		$ 54,426	[5],[6]			$ 74,978	[7],[8]
2021		66,778	[5],[6]			17,260	[7],[8]
2020	[5],[6]	8,776
Prior	[5],[6]	362
56 - 60%
Loans and Leases Receivable Disclosure [Line Items]
Carrying Value		$ 99,739	[5]			$ 79,039	[8]
Percentage of portfolio		10.30%	[5]			8.70%	[8]
2022		$ 67,971	[5],[6]			$ 27,115	[7],[8]
2021		31,319	[5],[6]			40,190	[7],[8]
2020	[5],[6]	449
2018	[7],[8]					11,473
Prior	[7],[8]					261
61 - 65%
Loans and Leases Receivable Disclosure [Line Items]
Carrying Value		$ 543,820	[5]			$ 559,997	[8]
Percentage of portfolio		56.30%	[5]			61.40%	[8]
2022		$ 142,917	[5],[6]			$ 372,645	[7],[8]
2021		302,052	[5],[6]			146,640	[7],[8]
2020		57,941	[5],[6]			3,102	[7],[8]
2019		3,522	[5],[6]			1,474	[7],[8]
2018		1,296	[5],[6]			36,136	[7],[8]
Prior	[5],[6]	36,092
66 - 70%
Loans and Leases Receivable Disclosure [Line Items]
Carrying Value		$ 41,067	[5]			$ 645	[8]
Percentage of portfolio		4.20%	[5]			0.10%	[8]
2022		$ 39,736	[5],[6]			$ 645	[7],[8]
2021	[5],[6]	$ 1,331
71-80%
Loans and Leases Receivable Disclosure [Line Items]
Percentage of portfolio		0.20%				0%	[8]
71 - 75%
Loans and Leases Receivable Disclosure [Line Items]
Carrying Value		$ 1,092
Percentage of portfolio		0.10%
2022		$ 1,092
76 - 80%
Loans and Leases Receivable Disclosure [Line Items]
Carrying Value		2,152
2022		2,152
Above 80%
Loans and Leases Receivable Disclosure [Line Items]
Carrying Value		20,573	[5]			$ 13,797	[8]
CECL Allowance		$ (9,526)	[9]			$ (10,394)	[10]
Percentage of portfolio		2.10%	[5]			1.50%	[8]
2022	[7],[8]					$ 3,516
2021		$ 898	[5],[6]			10,281	[7],[8]
2020	[5],[6]	19,675
Apartments
Loans and Leases Receivable Disclosure [Line Items]
Carrying Value		$ 140,899				$ 107,765
Percentage of portfolio		14.60%				11.80%
2022		$ 76,665	[11]			$ 38,232
2021		37,709	[11]			68,356	[12]
2020	[11]	24,943
2019		1,582	[11]			1,177	[12]
2018	[11]	0
Prior	[3]	0
Residential Lots
Loans and Leases Receivable Disclosure [Line Items]
Carrying Value		$ 134,405				$ 111,644
Percentage of portfolio		13.90%				12.20%
2022		$ 40,296	[11]			$ 85,219
2021		75,947	[11]			26,425	[12]
2020	[11]	18,162
2019	[11]	0
2018	[11]	0
Prior	[3]	0
Single family housing
Loans and Leases Receivable Disclosure [Line Items]
Carrying Value		$ 116,164				$ 87,902
Percentage of portfolio		12.10%				9.60%
2022		$ 72,439	[11]			$ 84,703
2021		41,382	[11]			3,049	[12]
2020	[11]	2,343
2019	[11]	0
2018		0	[11]			150	[12]
Prior	[3]	0
Townhomes
Loans and Leases Receivable Disclosure [Line Items]
Carrying Value		$ 99,851				$ 93,300
Percentage of portfolio		10.30%				10.20%
2022		$ 52,180	[11]			$ 51,240
2021		46,067	[11]			28,979	[12]
2020	[11]	1,242
2019		0	[11]			1,017	[12]
2018		0	[11]			11,803	[12]
Prior		362	[3]			261	[12]
Commercial
Loans and Leases Receivable Disclosure [Line Items]
Carrying Value		$ 71,457				$ 61,592
Percentage of portfolio		7.40%				6.80%
2022		$ 7,489	[11]			$ 61,592
2021	[11]	63,968
2020	[11]	0
2019	[11]	0
2018	[11]	0
Prior	[3]	0
Mixed Use
Loans and Leases Receivable Disclosure [Line Items]
Carrying Value		$ 73,109				$ 85,929
Percentage of portfolio		7.60%				9.50%
2022		$ 4,434	[11]			$ 53,530
2021		57,025	[11]			30,474	[12]
2020		9,710	[11]			1,925	[12]
2019	[11]	1,940
2018	[11]	0
Prior		0	[3]			0	[12]
Condos
Loans and Leases Receivable Disclosure [Line Items]
Carrying Value		$ 70,526				$ 64,492
Percentage of portfolio		7.30%				7.10%
2022		$ 2,759	[11]			$ 8,805
2021		7,130	[11]			18,227	[12]
2020	[11]	23,249
2019		0	[11]			1,474	[12]
2018		1,296	[11]			35,986	[12]
Prior		36,092	[3]			0	[12]
Senior Housing
Loans and Leases Receivable Disclosure [Line Items]
Carrying Value		$ 14,306				$ 61,236
Percentage of portfolio		1.50%				6.70%
2022		$ 0	[11]			$ 35,899
2021		14,306	[11]			25,337	[12]
2020	[11]	0
2019	[11]	0
2018	[11]	0
Prior	[3]	0
Storage
Loans and Leases Receivable Disclosure [Line Items]
Carrying Value		$ 56,730				$ 56,481
Percentage of portfolio		5.90%				6.20%
2022						$ 56,481
2021		$ 56,730
2019	[11]	0
2018	[11]	0
Prior	[3]	0
Unentitled Land
Loans and Leases Receivable Disclosure [Line Items]
Carrying Value		$ 43,329				$ 46,019
Percentage of portfolio		4.50%				5%
2022		$ 32,912	[11]			$ 42,411
2021	[11]	10,417
2020	[11]	0
2019	[11]	0
2018		0	[11]			3,608	[12]
Prior	[3]	0
Entitled Land
Loans and Leases Receivable Disclosure [Line Items]
Carrying Value		$ 46,070				$ 45,098
Percentage of portfolio		4.80%				4.90%
2022		$ 18,765	[11]			$ 27,763
2021	[11]	27,305
2020	[11]	0
2019	[11]	0
2018		0	[11]			17,335	[12]
Prior	[3]	0
Hotel
Loans and Leases Receivable Disclosure [Line Items]
Carrying Value		$ 29,839				$ 31,665
Percentage of portfolio		3.10%				3.50%
2022		$ 13,926	[11]			$ 4,886
2021		0	[11]			26,779	[12]
2020	[11]	15,913
2019	[11]	0
2018	[11]	0
Prior	[3]	0
Offices
Loans and Leases Receivable Disclosure [Line Items]
Carrying Value		$ 18,581				$ 15,348
Percentage of portfolio		1.90%				1.70%
2022		$ 0	[11]			$ 8,280
2021		10,783	[11]			7,068	[12]
2020	[11]	7,798
2019	[11]	0
2018	[11]	0
Prior	[3]	0
Quadplex
Loans and Leases Receivable Disclosure [Line Items]
Carrying Value		$ 12,680				$ 9,769
Percentage of portfolio		1.30%				1.10%
2022		$ 6,211	[11]			$ 9,769
2021	[11]	6,469
2020	[11]	0
2019	[11]	0
2018	[11]	0
Prior	[3]	0
Commercial Lots
Loans and Leases Receivable Disclosure [Line Items]
Carrying Value		$ 9,340				$ 10,227
Percentage of portfolio		1%				1.10%
2022		$ 2,376	[11]			$ 6,670
2021	[11]	6,964
2020		0	[11]			3,557	[12]
2019	[11]	0
2018	[11]	0
Prior	[3]	0
Commercial other
Loans and Leases Receivable Disclosure [Line Items]
Carrying Value		$ 11,092				$ 9,080
Percentage of portfolio		1.10%				1%
2022		$ 0	[11]			$ 9,080
2021		11,092	[11]			0	[12]
2020	[11]	0
2019	[11]	0
2018	[11]	0
Prior	[3]	0
Retail
Loans and Leases Receivable Disclosure [Line Items]
Carrying Value		$ 8,422				$ 7,873
Percentage of portfolio		0.90%				0.90%
2022		$ 5,211				$ 6,385
2021	[11]	1,723
2020		1,488	[11]			1,488	[12]
2019		0	[11]			0	[12]
2018	[11]	0
Prior	[3]	0
Duplex
Loans and Leases Receivable Disclosure [Line Items]
Carrying Value		$ 8,894				$ 6,324
Percentage of portfolio		0.90%				0.70%
2022		$ 8,894	[11]			$ 6,324
2021	[11]	0
2019	[11]	0
2018	[11]	0
Prior	[3]	0
Triplex
Loans and Leases Receivable Disclosure [Line Items]
Carrying Value		$ 1,058
Percentage of portfolio		0.10%
2022	[11]	$ 1,058
2021	[11]	0
2020	[11]	0
2019	[11]	0
2018	[11]	0
Prior	[3]	0
Vertical Construction
Loans and Leases Receivable Disclosure [Line Items]
Carrying Value		$ 490,054				$ 478,475
Percentage of portfolio		50.70%				52.50%
2022		$ 189,305	[3]			$ 234,861	[4]
2021		184,441	[3]			191,896	[4]
2020		76,976	[3]			1,177	[4]
2019		1,582	[3]			2,491	[4]
2018		1,296	[3]			47,789	[4]
Prior		36,454	[3]			261	[4]
Horizontal Development
Loans and Leases Receivable Disclosure [Line Items]
Carrying Value		$ 242,332				$ 196,543
Percentage of portfolio		25.20%				21.50%
2022		$ 92,490	[3]			$ 169,041	[4]
2021		131,680	[3]			27,502	[4]
2020		18,162	[3]			0	[4]
2019		0	[3]			0	[4]
2018		0	[3]			0	[4]
Prior	[4]					0
Acquisition
Loans and Leases Receivable Disclosure [Line Items]
Carrying Value		$ 108,277				$ 96,937
Percentage of portfolio		11.20%				10.60%
2022		$ 12,247	[3]			$ 96,937	[4]
2021		96,030	[3]			0	[4]
2020		0	[3]			0	[4]
2019		0	[3]			0	[4]
2018		0	[3]			0	[4]
Prior		0	[3]			0	[4]
Investment
Loans and Leases Receivable Disclosure [Line Items]
Carrying Value		$ 51,984				$ 65,703
Percentage of portfolio		5.40%				7.20%
2022		$ 37,336	[3]			$ 42,509	[4]
2021		14,648	[3]			2,101	[4]
2020		0	[3]			0	[4]
2019		0	[3]			3,608	[4]
2018		0	[3]			17,485	[4]
Prior		0	[3]			0	[4]
Rehabilitation
Loans and Leases Receivable Disclosure [Line Items]
Carrying Value		$ 33,036				$ 27,023
Percentage of portfolio		3.40%				3%
2022		$ 12,480	[3]			$ 11,320	[4]
2021		10,846	[3]			15,703	[4]
2020		9,710	[3]			0	[4]
2019		0	[3]			0	[4]
2018		0	[3]			0	[4]
Prior		0	[3]			0	[4]
Land Entitlement
Loans and Leases Receivable Disclosure [Line Items]
Carrying Value		$ 25,691				$ 24,529
Percentage of portfolio		2.70%				2.70%
2022		$ 1,757	[3]			$ 24,529	[4]
2021		23,934	[3]			0	[4]
2020		0	[3]			0	[4]
2019		0	[3]			0	[4]
2018		0	[3]			0	[4]
Prior		0	[3]			0	[4]
Bridge
Loans and Leases Receivable Disclosure [Line Items]
Carrying Value		$ 15,378				$ 22,534
Percentage of portfolio		1.60%				2.50%
2022		$ 0	[3]			$ 18,072	[4]
2021		13,438	[3]			2,537	[4]
2020		0	[3]			1,925	[4]
2019		1,940	[3]			0	[4]
2018		0	[3]			0	[4]
Prior		0	[3]			0	[4]
Unfunded Loan Commitment [Member]
Loans and Leases Receivable Disclosure [Line Items]
CECL Allowance		(1,410)		$ (1,097)	[13]	$ (904)	[13]	$ (725)	$ (947)	[13]	$ 0	[13]
Unfunded Loan Commitment [Member] | Accounts payable and accrued liabilities
Loans and Leases Receivable Disclosure [Line Items]
CECL Allowance		(1,400)
Allowances on excess amortized cost over fair value		$ 1,000
[1] Includes $ 1.0 million in loan specific allowances for loans deemed collateral dependent based on the excess amortized cost over the fair value of the underlying collateral. In addition, $ 1.4 million of the CECL allowance is excluded from this table because it relates to unfunded commitments and has been recorded as a liability under accounts payable and accrued liabilities in our condensed consolidated balance sheet. Includes $ 0.7 million in loan specific allowances for loans deemed collateral dependent based on the excess amortized cost over the fair value of the underlying collateral. Represents the year of either origination or amendment where the loan incurred a full re-underwriting in connection with the amendment. Represents the year of either origination or amendment where the loan incurred a full re-underwriting in connection with the amendment. Represents LTV as of origination or latest amendment. LTVs above 65 % generally represent loans in contractual default status where we have agreed to extend funds to the borrower above 65 % in order to facilitate successful completion of the construction and return of capital. Represents the year of either origination or amendment where the loan incurred a full re-underwriting in connection with the amendment. Represents the year of either origination or amendment where the loan incurred a full re-underwriting in connection with the amendment. Represents LTV as of origination or latest amendment. LTVs above 65 % generally represent loans in contractual default status where we have agreed to extend funds to the borrower above 65 % in order to ensure successful completion of the construction and return of capital. Includes $ 1.0 million in loan specific allowances for loans deemed collateral dependent based on the excess amortized cost over the fair value of the underlying collateral. In addition, $ 1.4 million of the CECL allowance is excluded from this table because it relates to unfunded commitments and has been recorded as a liability under accounts payable and accrued liabilities in our condensed consolidated balance sheet. Includes $ 0.7 million in loan specific allowances for loans deemed collateral dependent based on the excess amortized cost over the fair value of the underlying collateral. Represents the year of either origination or amendment where the loan incurred a full re-underwriting in connection with the amendment. Represents the year of either origination or amendment where the loan incurred a full re-underwriting in connection with the amendment. CECL allowance related to unfunded commitments is presented as a liability under accounts payable and accrued liabilities in our condensed consolidated balance sheet.

Mortgage Notes Receivable - Sch

Mortgage Notes Receivable - Schedule of carrying value of collateral dependent loans (Details) - USD ($) $ in Thousands		Jun. 30, 2022		Mar. 31, 2022	Dec. 31, 2021		Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2020
Loans and Leases Receivable Disclosure [Line Items]
Carrying Value		$ 966,752			$ 911,744
CECL Allowance		(9,526)	[1]	$ (8,647)	(10,394)	[2]	$ (10,943)	$ (10,663)	$ (10,590)
Financing Receivable, after Allowance for Credit Loss, Total		957,226			901,350
Allowances on excess amortized cost over fair value					700
Loan portfolio [Member]
Loans and Leases Receivable Disclosure [Line Items]
Carrying Value		18,757			45,772
CECL Allowance		(1,183)	[3]		(1,834)	[4]
Financing Receivable, after Allowance for Credit Loss, Total		17,574			43,938
Allowances on excess amortized cost over fair value		1,000			700
Senior Housing [Member]
Loans and Leases Receivable Disclosure [Line Items]
Carrying Value		14,306			61,236
Senior Housing [Member] | Loan portfolio [Member]
Loans and Leases Receivable Disclosure [Line Items]
Carrying Value		17,192			25,337
CECL Allowance		(221)	[3]		(1,103)	[4]
Financing Receivable, after Allowance for Credit Loss, Total		16,971			24,234
Apartments
Loans and Leases Receivable Disclosure [Line Items]
Carrying Value		140,899			107,765
Entitled Land [Member]
Loans and Leases Receivable Disclosure [Line Items]
Carrying Value		46,070			45,098
Entitled Land [Member] | Loan portfolio [Member]
Loans and Leases Receivable Disclosure [Line Items]
Carrying Value					17,335
CECL Allowance	[4]				(42)
Financing Receivable, after Allowance for Credit Loss, Total					17,293
Single Family Housing [Member] | Loan portfolio [Member]
Loans and Leases Receivable Disclosure [Line Items]
Carrying Value					1,730
CECL Allowance	[4]				(15)
Financing Receivable, after Allowance for Credit Loss, Total					1,715
Condos [Member]
Loans and Leases Receivable Disclosure [Line Items]
Carrying Value		70,526			64,492
Condos [Member] | Loan portfolio [Member]
Loans and Leases Receivable Disclosure [Line Items]
Carrying Value		1,296			1,109
CECL Allowance		(961)	[3]		(673)	[4]
Financing Receivable, after Allowance for Credit Loss, Total		335			436
Townhomes [Member]
Loans and Leases Receivable Disclosure [Line Items]
Carrying Value		99,851			93,300
Townhomes [Member] | Loan portfolio [Member]
Loans and Leases Receivable Disclosure [Line Items]
Carrying Value		269			261
CECL Allowance		(1)	[3]		(1)	[4]
Financing Receivable, after Allowance for Credit Loss, Total		268			260
Residential Lots [Member]
Loans and Leases Receivable Disclosure [Line Items]
Carrying Value		$ 134,405			$ 111,644
[1] Includes $ 1.0 million in loan specific allowances for loans deemed collateral dependent based on the excess amortized cost over the fair value of the underlying collateral. In addition, $ 1.4 million of the CECL allowance is excluded from this table because it relates to unfunded commitments and has been recorded as a liability under accounts payable and accrued liabilities in our condensed consolidated balance sheet. Includes $ 0.7 million in loan specific allowances for loans deemed collateral dependent based on the excess amortized cost over the fair value of the underlying collateral. Includes $ 1.0 million in loan specific allowances for loans deemed collateral dependent based on the excess amortized cost over the fair value of the underlying collateral. Includes $ 0.7 million in loan specific allowances for loans deemed collateral dependent based on the excess amortized cost over the fair value of the underlying collateral.

Investment in Real Property - S

Investment in Real Property - Schedule of carrying value of owned real estate (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Real Estate [Line Items]
Investment in real property, net	$ 93,210	$ 68,067
Real Estate, Held-for-Sale	93,210	68,067
Condos [Member]
Real Estate [Line Items]
Investment in real property, net	0	28,441
Senior Housing [Member]
Real Estate [Line Items]
Real Estate Owned, Carrying value	51,402	0
Offices [Member]
Real Estate [Line Items]
Investment in real property, net	18,408	19,388
Townhomes [Member]
Real Estate [Line Items]
Investment in real property, net	8,495	9,281
Apartments [Member]
Real Estate [Line Items]
Real Estate Owned, Carrying value	5,448	0
Single Family Housing [Member]
Real Estate [Line Items]
Investment in real property, net	6,428	4,134
Retail [Member]
Real Estate [Line Items]
Investment in real property, net		3,811
Residential Lots [Member]
Real Estate [Line Items]
Investment in real property, net	3,029	3,012
Real Estate Held-for-sale One [Member]
Real Estate [Line Items]
Real Estate, Held-for-Sale	75,637	52,531
Real Estate Held-for-sale Two [Member]
Real Estate [Line Items]
Real Estate, Held-for-Sale	$ 17,573	$ 15,536

Investment in Real Property - A

Investment in Real Property - Additional Information (Details) $ in Millions	Jun. 30, 2022 USD ($) Property	Apr. 30, 2022 USD ($)	Dec. 31, 2021 USD ($) Property
Real Estate [Line Items]
Real estate project value	$ 93.2		$ 68.1
Promissory note principal amount		$ 25.9
Number of properties | Property	10		9
Unrelated Party [Member]
Real Estate [Line Items]
Real property carrying value		28.4
Real property sale price		$ 29

Fair Value Measurements - Fair

Fair Value Measurements - Fair value of assets and liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Carrying Value
Financial Assets
Cash and cash equivalents	$ 35,958	$ 132,889
Mortgage notes receivable, net	957,226	901,350
Financial Liabilities
Senior unsecured notes	97,503	97,223
Private placement warrant liability	1,660	1,838
Estimated Fair Value
Financial Assets
Cash and cash equivalents	35,958	132,889
Mortgage notes receivable, net	957,226	901,350
Financial Liabilities
Senior unsecured notes	87,910	100,000
Private placement warrant liability	1,660	1,838
Level 1 | Estimated Fair Value
Financial Assets
Cash and cash equivalents	35,958	132,889
Level 2
Financial Liabilities
Senior unsecured notes		100,000
Level 2 | Estimated Fair Value
Financial Liabilities
Senior unsecured notes	87,910
Private placement warrant liability	1,660	1,838
Level 3 | Estimated Fair Value
Financial Assets
Mortgage notes receivable, net	$ 957,226	$ 901,350

Fair Value Measurements - Valua

Fair Value Measurements - Valuation Methodologies and Inputs Used for Assets Measured at Fair Value (Details) $ in Thousands		Jun. 30, 2022 USD ($)	Dec. 31, 2021 USD ($)	Jun. 30, 2021
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets measured at fair value		$ 5,449
Non recurring | Private Placement Warrants [Member] | Minimum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Range of inputs		0
Non recurring | Private Placement Warrants [Member] | Maximum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Range of inputs		10
Non recurring | Real Property | Minimum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Range of inputs		0
Non recurring | Real Property | Maximum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Range of inputs		10
Non recurring | Collateral Dependent Loans [Member] | Minimum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Range of inputs				0
Non recurring | Collateral Dependent Loans [Member] | Maximum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Range of inputs				10
Non recurring | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Carrying Value		$ 4,825	$ 436
Assets measured at fair value			835
Non recurring | Level 3 | Real Property
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Carrying Value	[1]	4,490	0
Assets measured at fair value	[1]	4,726	0
Non recurring | Level 3 | Collateral Dependent Loans [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Carrying Value	[1]	335	436
Assets measured at fair value	[1]	$ 723	$ 835
[1] Previously reported amounts included all real properties and collateral dependent loans regardless of whether a mark to fair value occurred in the reporting period. The current disclosure represents only those measured at fair value on a nonrecurring basis during the reporting periods.

Fair Value Measurement - Additi

Fair Value Measurement - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands, shares in Millions	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Change in fair value of warrant liabilities	$ (178)	$ 3,734
Private Placement Warrants
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Warrants outstanding (in shares)	5.2		5.2
Warrants outstanding	$ 1,700
Share price	$ 0.08
Fair Value Measurement Transfer from Level 3 To Level 2 Description	The fair value of the 5.2 million private placement warrants, estimated using the quoted share price of the public warrants (BRMK.WS), was approximately $0.08 per warrant or $0.32 per share to arrive at $1.7 million as of June 30, 2022. Refer to Note 7 for additional details on the private placement warrants.

Goodwill and Intangible Assets

Goodwill and Intangible Assets (Additional Information) (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Finite-Lived Intangible Assets [Line Items]
Goodwill	$ 136,965	$ 136,965

Debt (Additional Information) (

Debt (Additional Information) (Details) - USD ($) $ in Thousands	Nov. 12, 2021	Feb. 19, 2021	Jun. 30, 2022	Dec. 31, 2021
Line of Credit Facility [Line Items]
Aggregate principal amount			$ 100,000	$ 100,000
Debt issuance cost			97,503	97,223
5.0% senior unsecured notes due 2026 | Private offering [Member]
Line of Credit Facility [Line Items]
Aggregate principal amount	$ 100,000
Fixed interest rate	5%
Debt issuance cost	$ 2,900
5.0% senior unsecured notes due 2026 | Private offering [Member] | Future [Member]
Line of Credit Facility [Line Items]
Maturity Date	Nov. 15, 2026
Revolving Credit Facility [Member]
Line of Credit Facility [Line Items]
Amount of revolving credit facility		$ 135,000
Maturity Date		Feb. 19, 2024
Amortization period		3 years
Revolving credit facility outstanding, amount			$ 0	$ 0
Deferred financing costs		$ 4,500

Debt - Schedule of Carrying Val

Debt - Schedule of Carrying Values of The Company's Debt (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Unsecured Senior Notes:
Aggregate principal amount	$ 100,000	$ 100,000
Debt issuance costs	(2,861)	(2,855)
Amortization of debt issuance costs	364	78
Total notes, net	$ 97,503	$ 97,223

Debt - Schedule of Senior Unsec

Debt - Schedule of Senior Unsecured Notes (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Line of Credit Facility [Line Items]
Aggregate principal amount	$ 100,000	$ 100,000

Debt - Summary of Interest Expe

Debt - Summary of Interest Expense Related to Our Senior Unsecured Notes and Revolving Credit Facility (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Line of Credit Facility [Line Items]
Amortization of Deferred Debt Costs	$ 520	$ 377	$ 1,042	$ 502
Interest Expense	1,250	0	2,500	0
Undrawn Fee	350	341	693	496
5.00% senior unsecured notes
Line of Credit Facility [Line Items]
Amortization of Deferred Debt Costs	143	0	286	0
Interest Expense	1,250	0	2,500	0
Undrawn Fee	0	0	0	0
Revolving Credit Facility [Member]
Line of Credit Facility [Line Items]
Amortization of Deferred Debt Costs	377	377	756	502
Interest Expense	0	0	0	0
Undrawn Fee	$ 350	$ 341	$ 693	$ 496

Stockholders' Equity and Earn_3

Stockholders' Equity and Earnings per Common Share - Stock (Details)	6 Months Ended
	Jun. 30, 2022 Vote	Jun. 30, 2021 Vote	Mar. 02, 2021 USD ($)
Equity [Abstract]
Common stock number of voting rights | Vote	1	1
Common Stock Aggregate Gross Sales Price | $			$ 200,000,000

Stockholders' Equity and Earn_4

Stockholders' Equity and Earnings per Common Share - Warrant (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	Jun. 30, 2022	Dec. 31, 2021
Class of Warrant or Right [Line Items]
Exercise price per share (in dollars per share)	$ 11.50	$ 11.50
Warrants issued	15.6	15.6
Private placement warrant liabilities	$ 1.7
Public Warrants
Class of Warrant or Right [Line Items]
Warrants outstanding (in shares)	41.7	41.7
Private Placement Warrants
Class of Warrant or Right [Line Items]
Warrants outstanding (in shares)	5.2	5.2

Stockholders' Equity and Earn_5

Stockholders' Equity and Earnings per Common Share - Earnings Per Common Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Net income	$ 15,946	$ 18,252	$ 34,020	$ 38,633
Basic weighted-average shares of common stock outstanding	132,812,622	132,585,116	132,803,085	132,567,768
Dilutive effect of share-based compensation - unvested restricted stock units	118,099	61,273	92,497	68,656
Diluted weighted-average shares of common stock outstanding	132,930,721	132,646,389	132,895,582	132,636,425
Basic earnings per share	$ 0.12	$ 0.14	$ 0.26	$ 0.29
Diluted earnings per share	$ 0.12	$ 0.14	$ 0.26	$ 0.29

Stockholders' Equity and Earn_6

Stockholders' Equity and Earnings per Common Share - Schedule of Common Stock Equivalents Excluded from Diluted Net Income Per Share (Details) - shares	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Earnings Per Share [Abstract]
Weighted-average restricted stock units outstanding	378,922	596,978	315,350	539,645
Unexercised public and private warrants	15,604,279	15,604,304	15,604,279	15,604,304
Total stock equivalents excluded	15,983,201	16,201,282	15,919,629	16,143,949

Income Taxes - Additional infor

Income Taxes - Additional information (Details) $ in Thousands	Jun. 30, 2022 USD ($)
Income Tax Disclosure [Abstract]
Uncertain tax positions	$ 0
Amount accrued for penalties or interest	$ 0
Nondeductible excise tax	4%

Equity Incentive Plan - Additio

Equity Incentive Plan - Additional information (Details) - 2019 Stock Incentive Plan - shares	Jun. 30, 2022	Nov. 14, 2019
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Shares authorized		5,000,000
Shares available for grant	3,106,272

Equity Incentive Plan - RSU's a

Equity Incentive Plan - RSU's and pRSUs Activity - (Details) - $ / shares	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2022
Shares
Vested			(71,036)
Restricted stock units
Shares
Outstanding at the beginning	845,351	541,296	541,296
Granted		419,101	105,773
Vested		(109,355)
Forfeited		(5,691)	(40,862)
Outstanding at the end	839,226	845,351	839,226
Weighted Average Grant Date Fair Market Value
Granted		$ 6.90	$ 6.49
Vested		9.50	10.52
Forfeited		$ 8.82	$ 8.84
Performance Based Restricted Share Unit [Member]
Shares
Outstanding at the beginning	333,657	56,978	56,978
Granted		276,679
Forfeited	(39,084)
Outstanding at the end	294,573	333,657	294,573
Weighted Average Grant Date Fair Market Value
Granted		$ 6.74
Forfeited			$ 7.35

Equity Incentive Plan - Compens

Equity Incentive Plan - Compensation Additional information (Details) - Restricted stock units - USD ($) $ / shares in Units, $ in Millions	3 Months Ended	6 Months Ended
	Mar. 31, 2022	Jun. 30, 2022
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Unrecognized compensation cost related to unvested stock-based compensation arrangements		$ 7.1
Weighted-average recognition period		1 year 10 months 24 days
Granted	419,101	105,773
Fair value of grants	$ 6.90	$ 6.49

Equity Incentive Plan - Schedul

Equity Incentive Plan - Schedule of assumptions used in the Monte Carlo simulation model (Details) - USD ($)	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Share-Based Payment Arrangement [Abstract]
Performance share fair value	$ 6,740	$ 8,200
Risk-free interest rate	1.74%	0.27%
Expected volatility	30.48%	25.71%
Expected life (in years)	2 years 10 months 6 days	2 years 9 months 7 days
Expected dividend yield	9.82%	8.13%

Commitments and Contingencies -

Commitments and Contingencies - Contractual Obligations (Details) $ in Thousands	Jun. 30, 2022 USD ($)
Other Commitments [Line Items]
Less than 1 year	$ 347,016
1-3 years	234,080
3-5 years	2,366
More than 5 years	5,431
Total	588,893
Construction holdbacks
Other Commitments [Line Items]
Less than 1 year	346,143	[1]
1-3 years	232,349	[1]
3-5 years	0	[1]
More than 5 years	0	[1]
Total	578,492	[1]
Operating lease obligations
Other Commitments [Line Items]
Less than 1 year	873	[2]
1-3 years	1,731	[2]
3-5 years	2,366	[2]
More than 5 years	5,431	[2]
Total	$ 10,401	[2]
[1] The funding timing and amounts of construction holdbacks are uncertain as these commitments relate to loans for construction costs and depend on the progress and performance of the underlying projects. The total operating lease obligation includes $ 2.6 million of imputed interest.

Commitments and Contingencies_2

Commitments and Contingencies - Contractual Obligations (Parenthetical) (Details) $ in Millions	Jun. 30, 2022 USD ($)
Commitments and Contingencies Disclosure [Abstract]
Imputed Interest	$ 2.6

Commitments and Contingencies_3

Commitments and Contingencies (Details) - Mortgage notes receivables - Geographic concentration risk	6 Months Ended	12 Months Ended
	Jun. 30, 2022 State Country	Dec. 31, 2021
Concentration Risk [Line Items]
Number of states in mortgage loans were originated | State	20
Number of counties in which loan portfolio concentrated | Country	10
Major Country
Concentration Risk [Line Items]
Concentration risk percentage	45.10%	46.60%

Commitments and Contingencies_4

Commitments and Contingencies - Lease Commitments (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Jun. 30, 2022	Jun. 30, 2021
Commitments and Contingencies Disclosure [Abstract]
Lease incentives	$ 11,700
Right-of-use assets obtained in exchange		$ 6,400	$ 0	$ 6,360
Tenant improvements		$ 2,000	$ 0	$ 1,959
Discount rate for the operation lease	6%
Imputed interest amount	$ 3,300

Employee Benefit Plan (Addition

Employee Benefit Plan (Additional Information) (Details) - USD ($) $ in Millions	3 Months Ended	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2022
Retirement Benefits [Abstract]
Broadmark annual contributions on employee contributions		3.50%
Employees contributions of annual compensation		6%
Total expense of compensation	$ 0.1	$ 0.2

Related Party Transactions - Ad

Related Party Transactions - Additional information (Details) $ in Millions	Aug. 31, 2021 USD ($)
Broadmark Private Reit Llc [Member]
Related Party Transaction [Line Items]
Payments to acquire mortgage notes receivable	$ 43.5

Subsequent Events - Additional

Subsequent Events - Additional information (Details) - $ / shares	Jul. 18, 2022	Jun. 15, 2022
Subsequent Event [Line Items]
Common stock dividend declared		$ 0.07
Subsequent Event
Subsequent Event [Line Items]
Common stock dividend declared	$ 0.07