Broadmark Realty Capital (BRMK) 10-Q 7 Nov 22 2022 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2022	Oct. 31, 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	Sep. 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		132,922,075
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q3
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	Sep. 30, 2022	Dec. 31, 2021
Assets
Cash and cash equivalents	$ 61,141	$ 132,889
Mortgage notes receivable, net	911,664	901,350
Interest and fees receivable, net	17,184	17,526
Investment in real property, net	93,506	68,067
Right-of-use assets	5,714	6,016
Goodwill	136,965	136,965
Other assets	6,301	8,342
Total assets	1,232,475	1,271,155
Liabilities and stockholders' equity
Senior unsecured notes, net	97,646	97,223
Dividends payable	9,305	9,291
Accounts payable and accrued liabilities	13,671	8,180
Lease liabilities	7,643	7,993
Total liabilities	128,265	122,687
Commitments and contingencies (Note 10)
Preferred stock, $0.001 par value, 100,000,000 shares authorized, no shares issued and outstanding at September 30, 2022 and December 31, 2021	0	0
Common stock, $0.001 par value, 500,000,000 shares authorized, 132,914,051 and 132,716,338 shares issued and outstanding at September 30, 2022 and December 31, 2021, respectively	132	132
Additional paid in capital	1,219,754	1,216,957
Accumulated deficit	(115,676)	(68,621)
Total stockholders' equity	1,104,210	1,148,468
Total liabilities and stockholders' equity	$ 1,232,475	$ 1,271,155

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Sep. 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)	132,914,051	132,716,338
Common stock shares outstanding (in shares)	132,914,051	132,716,338

Condensed Consolidated Statemen

Condensed Consolidated Statements of Income - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Revenues
Revenues	$ 27,128	$ 30,594	$ 85,517	$ 89,245
Operating expenses:
Compensation and employee benefits	3,972	3,920	12,970	10,916
General and administrative	3,429	2,905	9,832	8,321
Real property management expenses, net	1,542	0	2,625	108
Interest expense	2,242	721	6,477	1,719
Total expenses	11,185	7,546	31,904	21,064
Impairment:
Provision for credit losses, net	12,288	2,607	16,729	5,373
Other (expense) income:
Change in fair value of warrant liabilities	415	1,244	593	(2,490)
Gain on sale of real property	25	0	984	0
Impairment on real property	(1,485)	0	(1,831)	0
Total other (expense) income	(1,045)	1,244	(254)	(2,490)
Income before provision for income taxes	2,610	21,685	36,630	60,318
Income tax provision	0	0	0	0
Net income	$ 2,610	$ 21,685	$ 36,630	$ 60,318
Earnings per common share:
Basic	$ 0.02	$ 0.16	$ 0.28	$ 0.45
Diluted	$ 0.02	$ 0.16	$ 0.28	$ 0.45
Weighted-average shares of common stock outstanding, basic and diluted
Basic	132,884,407	132,658,661	132,867,288	132,575,852
Diluted	132,906,780	132,752,471	132,936,411	132,663,437
Interest Income
Revenues
Revenues	$ 20,685	$ 22,846	$ 66,927	$ 66,481
Fee Income
Revenues
Revenues	$ 6,443	$ 7,748	$ 18,590	$ 22,764

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	60,318
Balance at Sep. 30, 2021	1,153,402		$ 132	1,216,192	(62,922)
Balance, Shares at Sep. 30, 2021			132,684,541
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
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	21,685				21,685
Dividends	(27,861)				(27,861)
Issuance of shares for vested restricted stock units (in shares)			70,157
Shares withheld for tax liability	(212)			(212)
Shares withheld for tax liability (in shares)			(20,288)
Stock-based compensation expense for restricted stock units	891			891
Balance at Sep. 30, 2021	1,153,402		$ 132	1,216,192	(62,922)
Balance, Shares at Sep. 30, 2021			132,684,541
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	36,630
Balance at Sep. 30, 2022	1,104,210		$ 132	1,219,754	(115,676)
Balance, Shares at Sep. 30, 2022			132,914,051
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
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	2,610				2,610
Dividends	(27,908)				(27,908)
Issuance of shares for vested restricted stock units (in shares)			69,528
Shares withheld for tax liability	(95)			(95)
Shares withheld for tax liability (in shares)			(14,064)
Stock-based compensation expense for restricted stock units	1,259			1,259
Balance at Sep. 30, 2022	$ 1,104,210		$ 132	$ 1,219,754	$ (115,676)
Balance, Shares at Sep. 30, 2022			132,914,051

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Cash flows from operating activities
Net income	$ 36,630	$ 60,318
Adjustments to reconcile net income to net cash provided by operating activities:
Accretion of deferred origination and amendment fees	(16,926)	(20,754)
Depreciation and amortization	752	577
Amortization of right of use assets	302	284
Amortization of debt issuance costs	429	0
Amortization of credit facility costs	1,133	879
Stock-based compensation expense for restricted stock units	3,263	2,552
Provision for credit losses, net	16,729	5,373
Gain on sale of real property	(984)	0
Impairment on real property	1,831	0
Change in fair value of warrant liabilities	(593)	2,490
Changes in operating assets and liabilities:
Interest and fees receivable, net	342	(409)
Other assets	511	1,644
Accounts payable and accrued liabilities	5,562	(2,226)
Lease liabilities	(350)	(257)
Net cash provided by operating activities	48,631	50,471
Cash flows from investing activities:
Fundings of mortgage notes receivable	(436,946)	(449,685)
Principal collections	386,648	338,358
Origination and amendment fees received on mortgage notes receivable	11,009	5,951
Purchases of property and equipment	(128)	(419)
Proceeds from sale of real property	8,360	3,828
Improvements in real property	(5,185)	(3,328)
Repurchase of participations in mortgage notes receivable	0	(43,498)
Net cash used in investing activities	(36,242)	(148,793)
Cash flows from financing activities:
Dividends paid	(83,671)	(82,205)
Payment of costs to obtain financing	0	(5,125)
Proceeds from borrowings on credit facilities	45,000	0
Repayment of borrowings on credit facilities	(45,000)	0
Payment of taxes on shares withheld for tax liability	(466)	(347)
Net cash used in financing activities	(84,137)	(87,677)
Net decrease in cash and cash equivalents	(71,748)	(185,999)
Cash and cash equivalents, beginning of period	132,889	223,375
Cash and cash equivalents, end of period	61,141	37,376
Supplemental disclosure of of cash flow information:
Interest Paid	2,693	0
Dividends payable	9,305	9,289
Mortgage notes receivable converted to investment in real property	54,350	43,497
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	9 Months Ended
	Sep. 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 generally 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	9 Months Ended
	Sep. 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 September 30, 2022, our results of operations and stockholders’ equity for the three and nine months ended September 30, 2022 and 2021, and our cash flows for the nine months ended September 30, 2022 and 2021. The results of the three and nine months ended September 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, the loans were 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 nine months ended September 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; the stability of the real estate market and the impact of interest rate changes; competition in our market; changes in government regulation affecting our business; public health crises, like the COVID-19 pandemic; natural disasters, catastrophic events and the physical effects of climate change; 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” or “CECL allowance” or “allowance for credit losses”) 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	9 Months Ended
	Sep. 30, 2022
Receivables [Abstract]
Mortgage Notes Receivable	Note 3 - Mortgage Notes Receivable Mortgage notes receivable (referred to herein as “mortgage notes receivable”, “construction loans”, “loans”, or “notes”) are classified as held for investment, as we have the intent and ability to hold until maturity or payoff and are carried in the consolidated balance sheets at amortized cost, net of construction holdbacks, interest reserves, allowance for credit losses and deferred origination and amendment fees. Loans are 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. Loans classified as held for sale are carried at the lower of amortized cost or fair value less costs to sell, thus are not subject to the CECL allowance. As of September 30, 2022 all mortgage notes receivable were classified as held for investment. The stated principal amount of mortgage notes receivable in our portfolio represents our interest in loans generally 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 September 30, 2022, the weighted average term of our active loans was 20 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 September 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 September 30, 2022 and December 31, 2021: (dollars in thousands) September 30, 2022 December 31, 2021 Total loan commitments $ 1,512,889 $ 1,489,055 Less: Construction holdbacks 530,425 524,462 Interest reserves 41,108 39,880 Total principal outstanding for our mortgage notes receivable 941,356 924,713 Less: Allowance for credit losses (1) 19,997 10,394 Deferred origination and amendment fees 9,695 12,969 Mortgage notes receivable, net $ 911,664 $ 901,350 (1) As of September 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 September 30, 2022 and December 31, 2021, the principal outstanding on loans in contractual default status placed on non-accrual status was $ 115.4 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 September 30, 2022 and December 31, 2021, the total commitment on loans in contractual default was $ 286.1 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 nine months ended September 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 Provision for credit losses, net 12,267 21 12,288 Charge-offs (1) ( 1,796 ) — ( 1,796 ) CECL allowance as of September 30, 2022 $ 19,997 $ 1,431 $ 21,428 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 Provision for credit losses, net 2,471 136 2,607 Charge-offs (1) ( 695 ) — ( 695 ) CECL allowance as of September 30, 2021 $ 12,719 $ 861 $ 13,580 (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: September 30, 2022 Year Originated (1) (dollars in thousands) Carrying Value % of Portfolio 2022 2021 2020 2019 2018 Prior Construction Type Vertical Construction $ 535,737 57.5 % $ 309,763 $ 135,257 $ 52,678 $ 1,903 $ — $ 36,136 Horizontal Development 213,666 22.9 109,260 95,615 8,791 — — — Acquisition 49,449 5.3 15,137 34,312 — — — — Investment 48,560 5.2 44,230 4,330 — — — — Rehabilitation 36,397 3.9 11,471 13,793 11,133 — — — Land Entitlement 25,891 2.8 1,806 24,085 — — — — Bridge 21,961 2.4 8,958 10,874 — 2,129 — — Total $ 931,661 100.0 % $ 500,625 $ 318,266 $ 72,602 $ 4,032 $ — $ 36,136 CECL allowance (2) ( 19,997 ) Carrying value, net $ 911,664 (1) Represents the year of either origination or amendment where the loan incurred a full re-underwriting in connection with the amendment. (2) Includes $ 12.1 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. September 30, 2022 Year Originated (1) (dollars in thousands) Carrying Value % of Portfolio 2022 2021 2020 2019 2018 Prior Collateral Type Apartments $ 169,067 18.1 % $ 111,941 $ 39,609 $ 15,614 $ 1,903 $ — $ — Residential lots 123,055 13.2 % 49,947 64,317 8,791 — — — Single Family Housing 121,810 13.1 % 112,919 8,659 232 — — — Townhomes 107,515 11.5 % 80,277 26,445 793 — — — Commercial 87,779 9.4 % 12,750 75,029 — — — — Entitled Land 75,103 8.1 % 46,741 28,362 — — — — Condos 63,690 6.8 % 10,900 6,579 10,075 — — 36,136 Mixed Use 53,409 5.7 % 10,288 29,859 11,133 2,129 — — Hotel 30,036 3.2 % 14,007 — 16,029 — — — Unentitled Land 19,981 2.1 % 16,621 3,360 — — — — Offices 19,372 2.1 % 11,294 — 8,078 — — — Senior Housing 15,538 1.7 % — 15,538 — — — — Commercial other 12,845 1.4 % — 12,845 — — — — Duplex 11,089 1.2 % 11,089 — — — — — Retail 8,818 0.9 % 6,961 — 1,857 — — — Quadplex 7,664 0.8 % — 7,664 — — — — Commercial Lots 3,196 0.3 % 3,196 — — — — — Triplex 1,694 0.2 % 1,694 — — — — — Storage — 0.0 % — — — — — — Total $ 931,661 100.0 % $ 500,625 $ 318,266 $ 72,602 $ 4,032 $ — $ 36,136 CECL allowance (2) ( 19,997 ) Carrying value, net $ 911,664 (1) Represents the year of either origination or amendment where the loan incurred a full re-underwriting in connection with the amendment. (2) Includes $ 12.1 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. September 30, 2022 Year Originated (1) (dollars in thousands) Carrying Value % of Portfolio 2022 2021 2020 2019 Prior LTV (2) 0 - 40% $ 25,348 2.7 % $ 18,231 $ 7,117 $ — $ — $ — 41 - 45% 29,546 3.2 7,567 21,979 — — — 46 - 50% 39,085 4.2 20,899 10,108 8,078 — — 51 - 55% 141,842 15.1 75,656 57,395 8,791 — — 56 - 60% 97,218 10.4 84,016 13,202 — — — 61 - 65% 481,317 51.7 224,147 187,256 31,875 1,903 36,136 66 - 70% 89,229 9.6 64,248 20,202 2,650 2,129 — 71 - 75% 3,518 0.4 3,518 — — — — 76- 80% 2,343 0.3 2,343 — — — — Above 80% 22,215 2.4 — 1,007 21,208 — — Total $ 931,661 100.0 % $ 500,625 $ 318,266 $ 72,602 $ 4,032 $ 36,136 CECL allowance (3) ( 19,997 ) Carrying value, net $ 911,664 (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 $ 12.1 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. In addition, $ 0.9 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 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. In addition, $ 0.9 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 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. In addition, $ 0.9 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. The following tables allocate the carrying value of collateral dependent loans in our loan portfolio to the collateral type at the dates indicated: September 30, 2022 (dollars in thousands) Carrying Value CECL Allowance (1) Carrying Value, net Collateral Type Residential Lots $ 34,276 $ ( 2,242 ) $ 32,034 Hotel 16,029 ( 9,113 ) 6,916 Condos 10,075 ( 917 ) 9,158 Offices 8,078 ( 76 ) 8,002 Townhomes 3,945 ( 29 ) 3,916 Single Family Housing 3,761 ( 18 ) 3,743 Commercial Other 2,997 ( 38 ) 2,959 Mixed Use 2,764 ( 408 ) 2,356 Retail 1,857 ( 58 ) 1,799 Total $ 83,782 $ ( 12,899 ) $ 70,883 (1) Includes $ 12.1 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	9 Months Ended
	Sep. 30, 2022
Real Estate [Abstract]
Investment in Real Property	Note 4 – Investment in Real Property As of September 30, 2022 and December 31, 2021, we owned 11 and nine properties or projects, with aggregate carrying value of $ 93.5 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 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. The note was amended to extend the financing term, resulting in an extension of the maturity date to December 31, 2022 after receiving partial payments on July 1, 2022 and August 31, 2022. 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) September 30, 2022 December 31, 2021 Collateral Type Senior Housing $ 49,916 $ — Offices 18,316 19,388 Townhomes 8,937 9,281 Single Family Housing 7,831 4,134 Apartments 5,453 — Residential Lots 3,053 3,012 Condos — 28,441 Retail — 3,811 Total $ 93,506 $ 68,067 (dollars in thousands) September 30, 2022 December 31, 2021 Held for sale $ 66,103 $ 52,531 Held for use 27,403 15,536 Total $ 93,506 $ 68,067

Fair Value Measurements

Fair Value Measurements	9 Months Ended
	Sep. 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. Our development of fair value estimates, particularly Level 3 fair value assets and liabilities with significant unobservable inputs, involves judgment and a high degree of subjectivity. While we anticipate that our valuation methods are appropriate and consistent with valuation methods used by other market participants, the use of different methodologies or assumptions to determine the fair value of certain financial instruments could result in a different estimate of fair value at the reporting date. Likewise, due to the general illiquidity of some of these assets and liabilities, subsequent transactions may be at values significantly different from those reported. 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: September 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 $ 61,141 $ 61,141 $ 61,141 $ — $ — Mortgage notes receivable, net 911,664 911,664 — — 911,664 Interest and fees receivable, net 17,184 17,184 — 17,184 — Financial Liabilities Senior unsecured notes, net 97,646 86,230 — 86,230 — Private placement warrant liability 1,245 1,245 — 1,245 — 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 Interest and fees receivable, net 17,526 17,526 — 17,526 — 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 September 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) September 30, 2022 December 31, 2021 September 30, 2022 December 31, 2021 Valuation technique Unobservable inputs Range of inputs Investment in real property $ 29,615 $ — $ 30,226 $ — Collateral valuations Discount to appraised value based on comparable market prices, 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) 20,266 436 20,980 835 Collateral valuations Discount to appraised value based on comparable market prices or broker opinion of value 0 - 10 % Total $ 49,881 $ 436 $ 51,206 $ 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 $ 0.06 per warrant or $0.24 per share to arrive at $ 1.2 million as of September 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 of real property held for sale 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 as well as interest and fees receivable, accounts payable and accrued liabilities which are classified under Level 2 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 2 within the fair value hierarchy.

Debt

Debt	9 Months Ended
	Sep. 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 . Advances under the revolving credit facility bear interest at prime rate plus 2.75 % and the facility has a commitment fee of 1.0 % of unfunded commitment per annum. We incurred fees of approximately $ 4.5 million in relation to the revolving credit facility, which were capitalized as deferred financing costs on the condensed consolidated balance sheets and are being amortized over the three-year term. As of September 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) September 30, 2022 December 31, 2021 Principal $ 100,000 $ 100,000 Debt issuance costs ( 2,861 ) ( 2,855 ) Amortization of debt issuance costs 507 78 Total notes, net $ 97,646 $ 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 September 30, 2022 September 30, 2021 (in thousands) Amortization of Deferred Debt Costs Interest Expense Undrawn Fees Amortization of Deferred Debt Costs Interest Accrued Undrawn Fees 5.0% senior unsecured notes $ 143 $ 1,236 $ — $ — $ — $ — Revolving credit facility 377 151 335 377 — 344 Total $ 520 $ 1,387 $ 335 $ 377 $ — $ 344 Nine Months Ended September 30, 2022 September 30, 2021 (in thousands) Amortization of Deferred Debt Costs Interest Expense Undrawn Fees Amortization of Deferred Debt Costs Interest Accrued Undrawn Fees 5.0% senior unsecured notes $ 429 $ 3,736 $ — $ — $ — $ — Revolving credit facility 1,133 151 1,028 879 — 840 Total $ 1,562 $ 3,887 $ 1,028 $ 879 $ — $ 840

Stockholders' Equity and Earnin

Stockholders' Equity and Earnings per Common Share	9 Months Ended
	Sep. 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 nine months ended September 30, 2022 and 2021. As of September 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 $ 1.2 million as of September 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 Nine Months Ended (dollars in thousands, except share and per share data): September 30, 2022 September 30, 2021 September 30, 2022 September 30, 2021 Net income $ 2,610 $ 21,685 $ 36,630 $ 60,318 Basic weighted-average shares of common stock outstanding 132,884,407 132,658,661 132,867,288 132,575,852 Dilutive effect of share-based compensation – unvested restricted stock units 22,373 93,810 69,122 87,585 Diluted weighted-average shares of common stock outstanding 132,906,780 132,752,471 132,936,411 132,663,437 Basic earnings per share $ 0.02 $ 0.16 $ 0.28 $ 0.45 Diluted earnings per share $ 0.02 $ 0.16 $ 0.28 $ 0.45 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 Nine Months Ended September 30, 2022 September 30, 2021 September 30, 2022 September 30, 2021 Weighted-average restricted stock units outstanding 637,597 186,492 241,097 218,227 Unexercised public warrants and private placement warrants 15,604,279 15,604,304 15,604,279 15,604,304 Total stock equivalents excluded 16,241,876 15,790,796 15,845,376 15,822,531

Income Taxes

Income Taxes	9 Months Ended
	Sep. 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 September 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	9 Months Ended
	Sep. 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: Nine Months Ended September 30, 2022 September 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 September 30, 2022, there were 3,166,727 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 Vested ( 69,528 ) $ 10.30 Forfeited ( 8,224 ) $ 7.52 Unvested RSUs outstanding as of September 30, 2022 761,474 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 Unvested pRSUs outstanding as of September 30, 2022 294,573 As of September 30, 2022, there was $ 5.7 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 1.8 years.

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 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 September 30, 2022: (dollars in thousands) Total Less than 1 year 1-3 years 3-5 years More than 5 years Construction holdbacks (1) $ 530,425 $ 353,051 $ 177,374 $ — $ — Operating lease obligations (2) 10,166 880 2,003 2,125 5,158 Total $ 540,591 $ 353,931 $ 179,377 $ 2,125 $ 5,158 (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 $ 2.5 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 September 30, 2022 is generally 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 September 30, 2022 and December 31, 2021, the top ten counties make up 45.5 % and 46.6 % of the total committed amount of loans in our total portfolio.

Employee Benefit Plan

Employee Benefit Plan	9 Months Ended
	Sep. 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 $ 0.3 million, respectively for the three and nine months ended September 30, 2022 .

Related Party Transactions

Related Party Transactions	9 Months Ended
	Sep. 30, 2022
Related Party Transactions [Abstract]
Related Party Transactions	Note 12 - Related Party Transactions There are no related party transactions at September 30, 2022. 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	9 Months Ended
	Sep. 30, 2022
Subsequent Events [Abstract]
Subsequent Events	Note 13 - Subsequent Events Dividend Declaration On September 15, 2022, our board of directors declared a monthly cash dividend of $ 0.07 per common share payable on October 17, 2022 to stockholders of record as of September 30, 2022, and on October 17, 2022, our board of directors declared a cash dividend of $ 0.07 per common share payable on November 15, 2022 to stockholders of record as of October 31, 2022 .

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 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 September 30, 2022, our results of operations and stockholders’ equity for the three and nine months ended September 30, 2022 and 2021, and our cash flows for the nine months ended September 30, 2022 and 2021. The results of the three and nine months ended September 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, the loans were 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 nine months ended September 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; the stability of the real estate market and the impact of interest rate changes; competition in our market; changes in government regulation affecting our business; public health crises, like the COVID-19 pandemic; natural disasters, catastrophic events and the physical effects of climate change; 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” or “CECL allowance” or “allowance for credit losses”) 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)	9 Months Ended
	Sep. 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 September 30, 2022 and December 31, 2021: (dollars in thousands) September 30, 2022 December 31, 2021 Total loan commitments $ 1,512,889 $ 1,489,055 Less: Construction holdbacks 530,425 524,462 Interest reserves 41,108 39,880 Total principal outstanding for our mortgage notes receivable 941,356 924,713 Less: Allowance for credit losses (1) 19,997 10,394 Deferred origination and amendment fees 9,695 12,969 Mortgage notes receivable, net $ 911,664 $ 901,350 (1) As of September 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 nine months ended September 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 Provision for credit losses, net 12,267 21 12,288 Charge-offs (1) ( 1,796 ) — ( 1,796 ) CECL allowance as of September 30, 2022 $ 19,997 $ 1,431 $ 21,428 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 Provision for credit losses, net 2,471 136 2,607 Charge-offs (1) ( 695 ) — ( 695 ) CECL allowance as of September 30, 2021 $ 12,719 $ 861 $ 13,580 (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: September 30, 2022 Year Originated (1) (dollars in thousands) Carrying Value % of Portfolio 2022 2021 2020 2019 2018 Prior Construction Type Vertical Construction $ 535,737 57.5 % $ 309,763 $ 135,257 $ 52,678 $ 1,903 $ — $ 36,136 Horizontal Development 213,666 22.9 109,260 95,615 8,791 — — — Acquisition 49,449 5.3 15,137 34,312 — — — — Investment 48,560 5.2 44,230 4,330 — — — — Rehabilitation 36,397 3.9 11,471 13,793 11,133 — — — Land Entitlement 25,891 2.8 1,806 24,085 — — — — Bridge 21,961 2.4 8,958 10,874 — 2,129 — — Total $ 931,661 100.0 % $ 500,625 $ 318,266 $ 72,602 $ 4,032 $ — $ 36,136 CECL allowance (2) ( 19,997 ) Carrying value, net $ 911,664 (1) Represents the year of either origination or amendment where the loan incurred a full re-underwriting in connection with the amendment. (2) Includes $ 12.1 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. September 30, 2022 Year Originated (1) (dollars in thousands) Carrying Value % of Portfolio 2022 2021 2020 2019 2018 Prior Collateral Type Apartments $ 169,067 18.1 % $ 111,941 $ 39,609 $ 15,614 $ 1,903 $ — $ — Residential lots 123,055 13.2 % 49,947 64,317 8,791 — — — Single Family Housing 121,810 13.1 % 112,919 8,659 232 — — — Townhomes 107,515 11.5 % 80,277 26,445 793 — — — Commercial 87,779 9.4 % 12,750 75,029 — — — — Entitled Land 75,103 8.1 % 46,741 28,362 — — — — Condos 63,690 6.8 % 10,900 6,579 10,075 — — 36,136 Mixed Use 53,409 5.7 % 10,288 29,859 11,133 2,129 — — Hotel 30,036 3.2 % 14,007 — 16,029 — — — Unentitled Land 19,981 2.1 % 16,621 3,360 — — — — Offices 19,372 2.1 % 11,294 — 8,078 — — — Senior Housing 15,538 1.7 % — 15,538 — — — — Commercial other 12,845 1.4 % — 12,845 — — — — Duplex 11,089 1.2 % 11,089 — — — — — Retail 8,818 0.9 % 6,961 — 1,857 — — — Quadplex 7,664 0.8 % — 7,664 — — — — Commercial Lots 3,196 0.3 % 3,196 — — — — — Triplex 1,694 0.2 % 1,694 — — — — — Storage — 0.0 % — — — — — — Total $ 931,661 100.0 % $ 500,625 $ 318,266 $ 72,602 $ 4,032 $ — $ 36,136 CECL allowance (2) ( 19,997 ) Carrying value, net $ 911,664 (1) Represents the year of either origination or amendment where the loan incurred a full re-underwriting in connection with the amendment. (2) Includes $ 12.1 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. September 30, 2022 Year Originated (1) (dollars in thousands) Carrying Value % of Portfolio 2022 2021 2020 2019 Prior LTV (2) 0 - 40% $ 25,348 2.7 % $ 18,231 $ 7,117 $ — $ — $ — 41 - 45% 29,546 3.2 7,567 21,979 — — — 46 - 50% 39,085 4.2 20,899 10,108 8,078 — — 51 - 55% 141,842 15.1 75,656 57,395 8,791 — — 56 - 60% 97,218 10.4 84,016 13,202 — — — 61 - 65% 481,317 51.7 224,147 187,256 31,875 1,903 36,136 66 - 70% 89,229 9.6 64,248 20,202 2,650 2,129 — 71 - 75% 3,518 0.4 3,518 — — — — 76- 80% 2,343 0.3 2,343 — — — — Above 80% 22,215 2.4 — 1,007 21,208 — — Total $ 931,661 100.0 % $ 500,625 $ 318,266 $ 72,602 $ 4,032 $ 36,136 CECL allowance (3) ( 19,997 ) Carrying value, net $ 911,664 (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 $ 12.1 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. In addition, $ 0.9 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 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. In addition, $ 0.9 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 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. In addition, $ 0.9 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.
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: September 30, 2022 (dollars in thousands) Carrying Value CECL Allowance (1) Carrying Value, net Collateral Type Residential Lots $ 34,276 $ ( 2,242 ) $ 32,034 Hotel 16,029 ( 9,113 ) 6,916 Condos 10,075 ( 917 ) 9,158 Offices 8,078 ( 76 ) 8,002 Townhomes 3,945 ( 29 ) 3,916 Single Family Housing 3,761 ( 18 ) 3,743 Commercial Other 2,997 ( 38 ) 2,959 Mixed Use 2,764 ( 408 ) 2,356 Retail 1,857 ( 58 ) 1,799 Total $ 83,782 $ ( 12,899 ) $ 70,883 (1) Includes $ 12.1 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)	9 Months Ended
	Sep. 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) September 30, 2022 December 31, 2021 Collateral Type Senior Housing $ 49,916 $ — Offices 18,316 19,388 Townhomes 8,937 9,281 Single Family Housing 7,831 4,134 Apartments 5,453 — Residential Lots 3,053 3,012 Condos — 28,441 Retail — 3,811 Total $ 93,506 $ 68,067 (dollars in thousands) September 30, 2022 December 31, 2021 Held for sale $ 66,103 $ 52,531 Held for use 27,403 15,536 Total $ 93,506 $ 68,067

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	9 Months Ended
	Sep. 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: September 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 $ 61,141 $ 61,141 $ 61,141 $ — $ — Mortgage notes receivable, net 911,664 911,664 — — 911,664 Interest and fees receivable, net 17,184 17,184 — 17,184 — Financial Liabilities Senior unsecured notes, net 97,646 86,230 — 86,230 — Private placement warrant liability 1,245 1,245 — 1,245 — 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 Interest and fees receivable, net 17,526 17,526 — 17,526 — 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 September 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) September 30, 2022 December 31, 2021 September 30, 2022 December 31, 2021 Valuation technique Unobservable inputs Range of inputs Investment in real property $ 29,615 $ — $ 30,226 $ — Collateral valuations Discount to appraised value based on comparable market prices, 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) 20,266 436 20,980 835 Collateral valuations Discount to appraised value based on comparable market prices or broker opinion of value 0 - 10 % Total $ 49,881 $ 436 $ 51,206 $ 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)	9 Months Ended
	Sep. 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) September 30, 2022 December 31, 2021 Principal $ 100,000 $ 100,000 Debt issuance costs ( 2,861 ) ( 2,855 ) Amortization of debt issuance costs 507 78 Total notes, net $ 97,646 $ 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 September 30, 2022 September 30, 2021 (in thousands) Amortization of Deferred Debt Costs Interest Expense Undrawn Fees Amortization of Deferred Debt Costs Interest Accrued Undrawn Fees 5.0% senior unsecured notes $ 143 $ 1,236 $ — $ — $ — $ — Revolving credit facility 377 151 335 377 — 344 Total $ 520 $ 1,387 $ 335 $ 377 $ — $ 344 Nine Months Ended September 30, 2022 September 30, 2021 (in thousands) Amortization of Deferred Debt Costs Interest Expense Undrawn Fees Amortization of Deferred Debt Costs Interest Accrued Undrawn Fees 5.0% senior unsecured notes $ 429 $ 3,736 $ — $ — $ — $ — Revolving credit facility 1,133 151 1,028 879 — 840 Total $ 1,562 $ 3,887 $ 1,028 $ 879 $ — $ 840

Stockholders' Equity and Earn_2

Stockholders' Equity and Earnings per Common Share (Tables)	9 Months Ended
	Sep. 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 Nine Months Ended (dollars in thousands, except share and per share data): September 30, 2022 September 30, 2021 September 30, 2022 September 30, 2021 Net income $ 2,610 $ 21,685 $ 36,630 $ 60,318 Basic weighted-average shares of common stock outstanding 132,884,407 132,658,661 132,867,288 132,575,852 Dilutive effect of share-based compensation – unvested restricted stock units 22,373 93,810 69,122 87,585 Diluted weighted-average shares of common stock outstanding 132,906,780 132,752,471 132,936,411 132,663,437 Basic earnings per share $ 0.02 $ 0.16 $ 0.28 $ 0.45 Diluted earnings per share $ 0.02 $ 0.16 $ 0.28 $ 0.45
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 Nine Months Ended September 30, 2022 September 30, 2021 September 30, 2022 September 30, 2021 Weighted-average restricted stock units outstanding 637,597 186,492 241,097 218,227 Unexercised public warrants and private placement warrants 15,604,279 15,604,304 15,604,279 15,604,304 Total stock equivalents excluded 16,241,876 15,790,796 15,845,376 15,822,531

Equity Incentive Plan (Tables)

Equity Incentive Plan (Tables)	9 Months Ended
	Sep. 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: Nine Months Ended September 30, 2022 September 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 Vested ( 69,528 ) $ 10.30 Forfeited ( 8,224 ) $ 7.52 Unvested RSUs outstanding as of September 30, 2022 761,474 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 Unvested pRSUs outstanding as of September 30, 2022 294,573

Commitments and Contingencies (

Commitments and Contingencies (Tables)	9 Months Ended
	Sep. 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 September 30, 2022: (dollars in thousands) Total Less than 1 year 1-3 years 3-5 years More than 5 years Construction holdbacks (1) $ 530,425 $ 353,051 $ 177,374 $ — $ — Operating lease obligations (2) 10,166 880 2,003 2,125 5,158 Total $ 540,591 $ 353,931 $ 179,377 $ 2,125 $ 5,158 (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 $ 2.5 million of imputed interest.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies - Additional information (Details)	9 Months Ended
	Sep. 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	9 Months Ended
	Sep. 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	20 months
Interest rate (as a percent)	10.20%
Monthly interest rate payment term	10 days
Principal outstanding on non accrual status	$ 115.4	$ 101.9
Contractual loans	$ 286.1	$ 191.4

Mortgage Notes Receivable - Inf

Mortgage Notes Receivable - Information pertaining to mortgage notes receivable (Details) - USD ($) $ in Thousands		Sep. 30, 2022		Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2021		Sep. 30, 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		$ 931,661	[1]			$ 911,744	[2]
Adoption of ASU 2016-13		19,997	[3],[4]	$ 9,526	$ 8,647	10,394	[5],[6]	$ 12,719	$ 10,943	$ 10,663	$ 10,590
Mortgage notes receivable, net		911,664				901,350
Mortgage notes receivables
Loans and Leases Receivable Disclosure [Line Items]
Total loan commitments		1,512,889				1,489,055
Construction holdbacks		530,425				524,462
Interest reserves		41,108				39,880
Total principal outstanding for our mortgage notes receivable		941,356				924,713
Adoption of ASU 2016-13	[7]	19,997				10,394
Deferred origination and amendment fees		9,695				12,969
Mortgage notes receivable, net		911,664				901,350
Unfunded Loan Commitment [Member]
Loans and Leases Receivable Disclosure [Line Items]
Adoption of ASU 2016-13	[8]	1,431		1,410	1,097	904		861	725	947	0
Unfunded Loan Commitment [Member] | Accounts payable and accrued liabilities
Loans and Leases Receivable Disclosure [Line Items]
Adoption of ASU 2016-13		1,400		1,400		900
Funded And Unfunded Loan Commitment [Member]
Loans and Leases Receivable Disclosure [Line Items]
Adoption of ASU 2016-13		$ 21,428		$ 10,936	$ 9,744	$ 11,298		$ 13,580	$ 11,668	$ 11,610	$ 10,590
[1] 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 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 $ 12.1 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 $ 12.1 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. September 30, 2022 Year Originated (1) (dollars in thousands) Carrying Value % of Portfolio 2022 2021 2020 2019 2018 Prior Collateral Type Apartments $ 169,067 18.1 % $ 111,941 $ 39,609 $ 15,614 $ 1,903 $ — $ — Residential lots 123,055 13.2 % 49,947 64,317 8,791 — — — Single Family Housing 121,810 13.1 % 112,919 8,659 232 — — — Townhomes 107,515 11.5 % 80,277 26,445 793 — — — Commercial 87,779 9.4 % 12,750 75,029 — — — — Entitled Land 75,103 8.1 % 46,741 28,362 — — — — Condos 63,690 6.8 % 10,900 6,579 10,075 — — 36,136 Mixed Use 53,409 5.7 % 10,288 29,859 11,133 2,129 — — Hotel 30,036 3.2 % 14,007 — 16,029 — — — Unentitled Land 19,981 2.1 % 16,621 3,360 — — — — Offices 19,372 2.1 % 11,294 — 8,078 — — — Senior Housing 15,538 1.7 % — 15,538 — — — — Commercial other 12,845 1.4 % — 12,845 — — — — Duplex 11,089 1.2 % 11,089 — — — — — Retail 8,818 0.9 % 6,961 — 1,857 — — — Quadplex 7,664 0.8 % — 7,664 — — — — Commercial Lots 3,196 0.3 % 3,196 — — — — — Triplex 1,694 0.2 % 1,694 — — — — — Storage — 0.0 % — — — — — — Total $ 931,661 100.0 % $ 500,625 $ 318,266 $ 72,602 $ 4,032 $ — $ 36,136 CECL allowance (2) ( 19,997 ) Carrying value, net $ 911,664 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. In addition, $ 0.9 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. In addition, $ 0.9 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. As of September 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
		Sep. 30, 2022		Jun. 30, 2022	Mar. 31, 2022		Sep. 30, 2021		Jun. 30, 2021	Mar. 31, 2021
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Allowance for Credit Loss, Beginning Balance		$ 9,526		$ 8,647	$ 10,394	[1],[2]	$ 10,943		$ 10,663	$ 10,590
Adoption of ASU 2016-13		19,997	[3],[4]	9,526	8,647		12,719		10,943	10,663
Provision for loan losses (benefits)		12,267		2,381	1,554		2,471		280	1,761
Charge offs		(1,796)			(3,301)	[5]	(695)	[5]	(1,502)	(1,688)	[5]
Allowance for Credit Loss, Ending Balance		19,997	[3],[4]	9,526	8,647		12,719		10,943	10,663
Unfunded Loan Commitment [Member]
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Allowance for Credit Loss, Beginning Balance	[6]	1,410		1,097	904		725		947	0
Adoption of ASU 2016-13	[6]	1,431		1,410	1,097		861		725	947
Provision for loan losses (benefits)	[6]	21		313	193		136		(222)	947
Charge offs	[6]	0					0	[5]	0	0	[5]
Allowance for Credit Loss, Ending Balance	[6]	1,431		1,410	1,097		861		725	947
Funded And Unfunded Loan Commitment [Member]
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Allowance for Credit Loss, Beginning Balance		10,936		9,744	11,298		11,668		11,610	10,590
Adoption of ASU 2016-13		21,428		10,936	9,744		13,580		11,668	11,610
Provision for loan losses (benefits)		12,288		2,694	1,747		2,607		58	2,708
Charge offs		(1,796)			(3,301)	[5]	(695)	[5]	(1,502)	(1,688)	[5]
Allowance for Credit Loss, Ending Balance		$ 21,428		$ 10,936	$ 9,744		$ 13,580		$ 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. In addition, $ 0.9 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. In addition, $ 0.9 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 $ 12.1 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 $ 12.1 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. September 30, 2022 Year Originated (1) (dollars in thousands) Carrying Value % of Portfolio 2022 2021 2020 2019 2018 Prior Collateral Type Apartments $ 169,067 18.1 % $ 111,941 $ 39,609 $ 15,614 $ 1,903 $ — $ — Residential lots 123,055 13.2 % 49,947 64,317 8,791 — — — Single Family Housing 121,810 13.1 % 112,919 8,659 232 — — — Townhomes 107,515 11.5 % 80,277 26,445 793 — — — Commercial 87,779 9.4 % 12,750 75,029 — — — — Entitled Land 75,103 8.1 % 46,741 28,362 — — — — Condos 63,690 6.8 % 10,900 6,579 10,075 — — 36,136 Mixed Use 53,409 5.7 % 10,288 29,859 11,133 2,129 — — Hotel 30,036 3.2 % 14,007 — 16,029 — — — Unentitled Land 19,981 2.1 % 16,621 3,360 — — — — Offices 19,372 2.1 % 11,294 — 8,078 — — — Senior Housing 15,538 1.7 % — 15,538 — — — — Commercial other 12,845 1.4 % — 12,845 — — — — Duplex 11,089 1.2 % 11,089 — — — — — Retail 8,818 0.9 % 6,961 — 1,857 — — — Quadplex 7,664 0.8 % — 7,664 — — — — Commercial Lots 3,196 0.3 % 3,196 — — — — — Triplex 1,694 0.2 % 1,694 — — — — — Storage — 0.0 % — — — — — — Total $ 931,661 100.0 % $ 500,625 $ 318,266 $ 72,602 $ 4,032 $ — $ 36,136 CECL allowance (2) ( 19,997 ) Carrying value, net $ 911,664 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) $ in Thousands		Sep. 30, 2022 USD ($)		Jun. 30, 2022 USD ($)	Mar. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)		Sep. 30, 2021 USD ($)	Jun. 30, 2021 USD ($)	Mar. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)
Loans and Leases Receivable Disclosure [Line Items]
Carrying Value		$ 931,661	[1]			$ 911,744	[2]
CECL Allowance		(19,997)	[3],[4]	$ (9,526)	$ (8,647)	(10,394)	[5],[6]	$ (12,719)	$ (10,943)	$ (10,663)	$ (10,590)
Carrying value, net		$ 911,664				$ 901,350
Percentage of portfolio		100%	[1]			100%	[2]
2022		$ 500,625	[7]			$ 597,269	[2],[8]
2021		318,266	[7]			239,739	[2],[8]
2020		72,602	[7]			3,102	[2],[8]
2019		4,032	[7]			6,099	[2],[8]
2018		0	[9]			65,274	[2],[8]
Prior		36,136	[7]			$ 261	[2],[8]
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		$ 25,348	[1]			$ 53,907	[2]
Percentage of portfolio		2.70%	[1]			5.90%	[2]
2022		$ 18,231	[1],[10]			$ 32,634	[2],[11]
2021	[1],[10]	7,117
2019	[2],[11]					3,608
2018	[2],[11]					17,665
41 - 45%
Loans and Leases Receivable Disclosure [Line Items]
Carrying Value		$ 29,546	[1]			$ 48,431	[2]
Percentage of portfolio		3.20%	[1]			5.30%	[2]
2022		$ 7,567	[1],[10]			$ 44,380	[2],[11]
2021		21,979	[1],[10]			4,051	[2],[11]
2019	[1],[10]	0
46 - 50%
Loans and Leases Receivable Disclosure [Line Items]
Carrying Value		$ 39,085	[1]			$ 63,690	[2]
Percentage of portfolio		4.20%	[1]			7%	[2]
2022		$ 20,899	[1],[10]			$ 41,356	[2],[11]
2021		10,108	[1],[10]			21,317	[2],[11]
2020	[7]	8,078
2019		0	[1],[10]			1,017	[2],[11]
51 - 55%
Loans and Leases Receivable Disclosure [Line Items]
Carrying Value		$ 141,842	[1]			$ 92,238	[2]
Percentage of portfolio		15.10%	[1]			10.10%	[2]
2022		$ 75,656	[1],[10]			$ 74,978	[2],[11]
2021		57,395	[1],[10]			17,260	[2],[11]
2020	[7]	8,791
2019	[1],[10]	0
56 - 60%
Loans and Leases Receivable Disclosure [Line Items]
Carrying Value		$ 97,218	[1]			$ 79,039	[2]
Percentage of portfolio		10.40%	[1]			8.70%	[2]
2022		$ 84,016	[1],[10]			$ 27,115	[2],[11]
2021		13,202	[1],[10]			40,190	[2],[11]
2019	[1],[10]	0
2018	[2],[11]					11,473
Prior	[2],[11]					261
61 - 65%
Loans and Leases Receivable Disclosure [Line Items]
Carrying Value		$ 481,317	[1]			$ 559,997	[2]
Percentage of portfolio		51.70%	[1]			61.40%	[2]
2022		$ 224,147	[1],[10]			$ 372,645	[2],[11]
2021		187,256	[1],[10]			146,640	[2],[11]
2020	[2],[11]					3,102
2019		1,903	[1],[10]			1,474	[2],[11]
2018		31,875	[10]			36,136	[2],[11]
Prior	[7]	36,136
66 - 70%
Loans and Leases Receivable Disclosure [Line Items]
Carrying Value		$ 89,229	[1]			$ 645	[2]
Percentage of portfolio		9.60%	[1]			0.10%	[2]
2022		$ 64,248	[1],[10]			$ 645	[2],[11]
2021	[1],[10]	20,202
2020	[7]	2,650
2019	[11]	$ 2,129
71-80%
Loans and Leases Receivable Disclosure [Line Items]
Percentage of portfolio		0.30%	[1]			0%	[2]
71 - 75%
Loans and Leases Receivable Disclosure [Line Items]
Carrying Value	[1]	$ 3,518
Percentage of portfolio	[1]	0.40%
2022	[1]	$ 3,518
76 - 80%
Loans and Leases Receivable Disclosure [Line Items]
Carrying Value	[1]	2,343
2022	[1]	2,343
Prior	[7]	0
Above 80%
Loans and Leases Receivable Disclosure [Line Items]
Carrying Value		22,215	[1]			$ 13,797	[2]
CECL Allowance		$ (19,997)	[12]			$ (10,394)	[13]
Percentage of portfolio		2.40%	[1]			1.50%	[2]
2022	[2],[11]					$ 3,516
2021		$ 1,007	[1],[10]			10,281	[2],[11]
2020	[7]	21,208
2019	[1],[10]	0
Apartments
Loans and Leases Receivable Disclosure [Line Items]
Carrying Value		$ 169,067				$ 107,765
Percentage of portfolio		18.10%				11.80%
2022		$ 111,941	[9]			$ 38,232	[8]
2021		39,609	[9]			68,356	[14]
2020	[9]	15,614
2019		1,903	[9]			1,177	[14]
2018	[9]	0
Prior	[9]	0
Residential Lots
Loans and Leases Receivable Disclosure [Line Items]
Carrying Value		$ 123,055				$ 111,644
Percentage of portfolio		13.20%				12.20%
2022		$ 49,947	[9]			$ 85,219	[8]
2021		64,317	[9]			26,425	[14]
2020	[9]	8,791
2019	[9]	0
2018	[9]	0
Prior	[9]	0
Single family housing
Loans and Leases Receivable Disclosure [Line Items]
Carrying Value		$ 121,810				$ 87,902
Percentage of portfolio		13.10%				9.60%
2022		$ 112,919	[9]			$ 84,703	[8]
2021		8,659	[9]			3,049	[14]
2020	[9]	232
2019	[9]	0
2018		0	[9]			150	[14]
Prior	[9]	0
Townhomes
Loans and Leases Receivable Disclosure [Line Items]
Carrying Value		$ 107,515				$ 93,300
Percentage of portfolio		11.50%				10.20%
2022		$ 80,277	[9]			$ 51,240	[8]
2021		26,445	[9]			28,979	[14]
2020	[9]	793
2019		0	[9]			1,017	[14]
2018		0	[9]			11,803	[14]
Prior		0	[9]			261	[14]
Commercial
Loans and Leases Receivable Disclosure [Line Items]
Carrying Value		$ 87,779				$ 61,592
Percentage of portfolio		9.40%				6.80%
2022		$ 12,750	[9]			$ 61,592	[8]
2021	[9]	75,029
2020	[9]	0
2019	[9]	0
2018	[9]	0
Prior	[9]	0
Mixed Use
Loans and Leases Receivable Disclosure [Line Items]
Carrying Value		$ 53,409				$ 85,929
Percentage of portfolio		5.70%				9.50%
2022		$ 10,288	[9]			$ 53,530	[8]
2021		29,859	[9]			30,474	[14]
2020		11,133	[9]			1,925	[14]
2019	[9]	2,129
2018	[9]	0
Prior		0	[9]			0	[14]
Condos
Loans and Leases Receivable Disclosure [Line Items]
Carrying Value		$ 63,690				$ 64,492
Percentage of portfolio		6.80%				7.10%
2022		$ 10,900	[9]			$ 8,805	[8]
2021		6,579	[9]			18,227	[14]
2020	[9]	10,075
2019		0	[9]			1,474	[14]
2018		0	[9]			35,986	[14]
Prior		36,136	[9]			0	[14]
Senior Housing
Loans and Leases Receivable Disclosure [Line Items]
Carrying Value		$ 15,538				$ 61,236
Percentage of portfolio		1.70%				6.70%
2022		$ 0	[9]			$ 35,899	[8]
2021		15,538	[9]			25,337	[14]
2020	[9]	0
2019	[9]	0
2018	[9]	0
Prior	[9]	0
Storage
Loans and Leases Receivable Disclosure [Line Items]
Carrying Value		$ 0				$ 56,481
Percentage of portfolio		0%				6.20%
2022		$ 0	[9]			$ 56,481	[8]
2021	[9]	0
2020	[9]	0
2019	[9]	0
2018	[9]	0
Prior	[9]	0
Unentitled Land
Loans and Leases Receivable Disclosure [Line Items]
Carrying Value		$ 19,981				$ 46,019
Percentage of portfolio		2.10%				5%
2022		$ 16,621	[9]			$ 42,411	[8]
2021	[9]	3,360
2020	[9]	0
2019	[9]	0
2018		0	[9]			3,608	[14]
Prior	[9]	0
Entitled Land
Loans and Leases Receivable Disclosure [Line Items]
Carrying Value		$ 75,103				$ 45,098
Percentage of portfolio		8.10%				4.90%
2022		$ 46,741	[9]			$ 27,763	[8]
2021	[9]	28,362
2020	[9]	0
2019	[9]	0
2018		0	[9]			17,335	[14]
Prior	[9]	0
Hotel
Loans and Leases Receivable Disclosure [Line Items]
Carrying Value		$ 30,036				$ 31,665
Percentage of portfolio		3.20%				3.50%
2022		$ 14,007	[9]			$ 4,886	[8]
2021		0	[9]			26,779	[14]
2020	[9]	16,029
2019	[9]	0
2018	[9]	0
Prior	[9]	0
Offices
Loans and Leases Receivable Disclosure [Line Items]
Carrying Value		$ 19,372				$ 15,348
Percentage of portfolio		2.10%				1.70%
2022		$ 11,294	[9]			$ 8,280	[8]
2021		0	[9]			7,068	[14]
2020	[9]	8,078
2019	[9]	0
2018	[9]	0
Prior	[9]	0
Quadplex
Loans and Leases Receivable Disclosure [Line Items]
Carrying Value		$ 7,664				$ 9,769
Percentage of portfolio		0.80%				1.10%
2022		$ 0	[9]			$ 9,769	[8]
2021	[9]	7,664
2020	[9]	0
2019	[9]	0
2018	[9]	0
Prior	[9]	0
Commercial Lots
Loans and Leases Receivable Disclosure [Line Items]
Carrying Value		$ 3,196				$ 10,227
Percentage of portfolio		0.30%				1.10%
2022		$ 3,196	[9]			$ 6,670	[8]
2021	[9]	0
2020		0	[9]			3,557	[14]
2019	[9]	0
2018	[9]	0
Prior	[9]	0
Commercial other
Loans and Leases Receivable Disclosure [Line Items]
Carrying Value		$ 12,845				$ 9,080
Percentage of portfolio		1.40%				1%
2022		$ 0	[9]			$ 9,080	[8]
2021		12,845	[9]			0	[14]
2020	[9]	0
2019	[9]	0
2018	[9]	0
Prior	[9]	0
Retail
Loans and Leases Receivable Disclosure [Line Items]
Carrying Value		$ 8,818				$ 7,873
Percentage of portfolio		0.90%				0.90%
2022		$ 6,961	[9]			$ 6,385	[8]
2021	[9]	0
2020		1,857	[9]			1,488	[14]
2019		0	[9]			0	[14]
2018	[9]	0
Prior	[9]	0
Duplex
Loans and Leases Receivable Disclosure [Line Items]
Carrying Value		$ 11,089				$ 6,324
Percentage of portfolio		1.20%				0.70%
2022		$ 11,089	[9]			$ 6,324	[8]
2021	[9]	0
2020	[9]	0
2019	[9]	0
2018	[9]	0
Prior	[9]	0
Triplex
Loans and Leases Receivable Disclosure [Line Items]
Carrying Value		$ 1,694
Percentage of portfolio		0.20%
2022	[9]	$ 1,694
2021	[9]	0
2020	[9]	0
2019	[9]	0
2018	[9]	0
Prior	[9]	0
Vertical Construction
Loans and Leases Receivable Disclosure [Line Items]
Carrying Value		$ 535,737				$ 478,475
Percentage of portfolio		57.50%				52.50%
2022		$ 309,763	[7]			$ 234,861	[8]
2021		135,257	[7]			191,896	[8]
2020		52,678	[7]			1,177	[8]
2019		1,903	[7]			2,491	[8]
2018	[8]					47,789
Prior		36,136	[7]			261	[8]
Horizontal Development
Loans and Leases Receivable Disclosure [Line Items]
Carrying Value		$ 213,666				$ 196,543
Percentage of portfolio		22.90%				21.50%
2022		$ 109,260	[7]			$ 169,041	[8]
2021		95,615	[7]			27,502	[8]
2020		8,791	[7]			0	[8]
2019		0	[7]			0	[8]
2018	[8]					0
Prior	[8]					0
Acquisition
Loans and Leases Receivable Disclosure [Line Items]
Carrying Value		$ 49,449				$ 96,937
Percentage of portfolio		5.30%				10.60%
2022		$ 15,137	[7]			$ 96,937	[8]
2021		34,312	[7]			0	[8]
2020		0	[7]			0	[8]
2019		0	[7]			0	[8]
2018	[8]					0
Prior	[8]					0
Investment
Loans and Leases Receivable Disclosure [Line Items]
Carrying Value		$ 48,560				$ 65,703
Percentage of portfolio		5.20%				7.20%
2022		$ 44,230	[7]			$ 42,509	[8]
2021		4,330	[7]			2,101	[8]
2020		0	[7]			0	[8]
2019		0	[7]			3,608	[8]
2018	[8]					17,485
Prior	[8]					0
Rehabilitation
Loans and Leases Receivable Disclosure [Line Items]
Carrying Value		$ 36,397				$ 27,023
Percentage of portfolio		3.90%				3%
2022		$ 11,471	[7]			$ 11,320	[8]
2021		13,793	[7]			15,703	[8]
2020		11,133	[7]			0	[8]
2019		0	[7]			0	[8]
2018	[8]					0
Prior	[8]					0
Land Entitlement
Loans and Leases Receivable Disclosure [Line Items]
Carrying Value		$ 25,891				$ 24,529
Percentage of portfolio		2.80%				2.70%
2022		$ 1,806	[7]			$ 24,529	[8]
2021		24,085	[7]			0	[8]
2020		0	[7]			0	[8]
2019		0	[7]			0	[8]
2018	[8]					0
Prior	[8]					0
Bridge
Loans and Leases Receivable Disclosure [Line Items]
Carrying Value		$ 21,961				$ 22,534
Percentage of portfolio		2.40%				2.50%
2022		$ 8,958	[7]			$ 18,072	[8]
2021		10,874	[7]			2,537	[8]
2020		0	[7]			1,925	[8]
2019		2,129	[7]			0	[8]
2018	[8]					0
Prior	[8]					0
Unfunded Loan Commitment [Member]
Loans and Leases Receivable Disclosure [Line Items]
CECL Allowance	[15]	(1,431)		$ (1,410)	$ (1,097)	(904)		$ (861)	$ (725)	$ (947)	$ 0
Unfunded Loan Commitment [Member] | Accounts payable and accrued liabilities
Loans and Leases Receivable Disclosure [Line Items]
CECL Allowance		(1,400)		(1,400)		$ (900)
Allowances on excess amortized cost over fair value		$ 12,100		$ 12,100
[1] 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 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 $ 12.1 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 $ 12.1 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. September 30, 2022 Year Originated (1) (dollars in thousands) Carrying Value % of Portfolio 2022 2021 2020 2019 2018 Prior Collateral Type Apartments $ 169,067 18.1 % $ 111,941 $ 39,609 $ 15,614 $ 1,903 $ — $ — Residential lots 123,055 13.2 % 49,947 64,317 8,791 — — — Single Family Housing 121,810 13.1 % 112,919 8,659 232 — — — Townhomes 107,515 11.5 % 80,277 26,445 793 — — — Commercial 87,779 9.4 % 12,750 75,029 — — — — Entitled Land 75,103 8.1 % 46,741 28,362 — — — — Condos 63,690 6.8 % 10,900 6,579 10,075 — — 36,136 Mixed Use 53,409 5.7 % 10,288 29,859 11,133 2,129 — — Hotel 30,036 3.2 % 14,007 — 16,029 — — — Unentitled Land 19,981 2.1 % 16,621 3,360 — — — — Offices 19,372 2.1 % 11,294 — 8,078 — — — Senior Housing 15,538 1.7 % — 15,538 — — — — Commercial other 12,845 1.4 % — 12,845 — — — — Duplex 11,089 1.2 % 11,089 — — — — — Retail 8,818 0.9 % 6,961 — 1,857 — — — Quadplex 7,664 0.8 % — 7,664 — — — — Commercial Lots 3,196 0.3 % 3,196 — — — — — Triplex 1,694 0.2 % 1,694 — — — — — Storage — 0.0 % — — — — — — Total $ 931,661 100.0 % $ 500,625 $ 318,266 $ 72,602 $ 4,032 $ — $ 36,136 CECL allowance (2) ( 19,997 ) Carrying value, net $ 911,664 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. In addition, $ 0.9 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. In addition, $ 0.9 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. 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 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 the year of either origination or amendment where the loan incurred a full re-underwriting in connection with the amendment. Includes $ 12.1 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. In addition, $ 0.9 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. 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		Sep. 30, 2022		Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2021		Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2020
Loans and Leases Receivable Disclosure [Line Items]
Carrying Value		$ 931,661	[1]			$ 911,744	[2]
CECL Allowance		(19,997)	[3],[4]	$ (9,526)	$ (8,647)	(10,394)	[5],[6]	$ (12,719)	$ (10,943)	$ (10,663)	$ (10,590)
Financing Receivable, after Allowance for Credit Loss, Total		911,664				901,350
Allowances on excess amortized cost over fair value						700
Financing Receivable, Allowance for Credit Loss		19,997	[3],[4]	$ 9,526	$ 8,647	10,394	[5],[6]	$ 12,719	$ 10,943	$ 10,663	$ 10,590
Loan portfolio [Member]
Loans and Leases Receivable Disclosure [Line Items]
Carrying Value		83,782				45,772
CECL Allowance		(12,899)	[7]			(1,834)	[8]
Financing Receivable, after Allowance for Credit Loss, Total		70,883				43,938
Allowances on excess amortized cost over fair value		12,100				700
Financing Receivable, Allowance for Credit Loss		12,899	[7]			1,834	[8]
Senior Housing [Member]
Loans and Leases Receivable Disclosure [Line Items]
Carrying Value		15,538				61,236
Senior Housing [Member] | Loan portfolio [Member]
Loans and Leases Receivable Disclosure [Line Items]
Carrying Value		34,276				25,337
CECL Allowance		(2,242)	[7]			(1,103)	[8]
Financing Receivable, after Allowance for Credit Loss, Total		32,034				24,234
Financing Receivable, Allowance for Credit Loss		2,242	[7]			1,103	[8]
Apartments
Loans and Leases Receivable Disclosure [Line Items]
Carrying Value		169,067				107,765
Entitled Land [Member]
Loans and Leases Receivable Disclosure [Line Items]
Carrying Value		75,103				45,098
Entitled Land [Member] | Loan portfolio [Member]
Loans and Leases Receivable Disclosure [Line Items]
Carrying Value						17,335
CECL Allowance	[8]					(42)
Financing Receivable, after Allowance for Credit Loss, Total						17,293
Financing Receivable, Allowance for Credit Loss	[8]					42
Single Family Housing [Member] | Loan portfolio [Member]
Loans and Leases Receivable Disclosure [Line Items]
Carrying Value		3,761				1,730
CECL Allowance		(18)	[4]			(15)	[8]
Financing Receivable, after Allowance for Credit Loss, Total		3,743				1,715
Financing Receivable, Allowance for Credit Loss		18	[4]			15	[8]
Condos [Member]
Loans and Leases Receivable Disclosure [Line Items]
Carrying Value		63,690				64,492
Condos [Member] | Loan portfolio [Member]
Loans and Leases Receivable Disclosure [Line Items]
Carrying Value		10,075				1,109
CECL Allowance		(917)	[7]			(673)	[8]
Financing Receivable, after Allowance for Credit Loss, Total		9,158				436
Financing Receivable, Allowance for Credit Loss		917	[7]			673	[8]
Townhomes [Member]
Loans and Leases Receivable Disclosure [Line Items]
Carrying Value		107,515				93,300
Townhomes [Member] | Loan portfolio [Member]
Loans and Leases Receivable Disclosure [Line Items]
Carrying Value		3,945				261
CECL Allowance		(29)	[7]			(1)	[8]
Financing Receivable, after Allowance for Credit Loss, Total		3,916				260
Financing Receivable, Allowance for Credit Loss		29	[7]			1	[8]
Hotel [Member] | Loan portfolio [Member]
Loans and Leases Receivable Disclosure [Line Items]
Carrying Value		16,029
CECL Allowance	[4]	(9,113)
Financing Receivable, after Allowance for Credit Loss, Total		6,916
Financing Receivable, Allowance for Credit Loss	[4]	9,113
Commercial Other [Member]
Loans and Leases Receivable Disclosure [Line Items]
Carrying Value		12,845				9,080
Commercial Other [Member] | Loan portfolio [Member]
Loans and Leases Receivable Disclosure [Line Items]
Carrying Value		2,997
CECL Allowance	[4]	(38)
Financing Receivable, after Allowance for Credit Loss, Total		2,959
Financing Receivable, Allowance for Credit Loss	[4]	38
Mixed Use [Member]
Loans and Leases Receivable Disclosure [Line Items]
Carrying Value		53,409				85,929
Mixed Use [Member] | Loan portfolio [Member]
Loans and Leases Receivable Disclosure [Line Items]
Carrying Value		2,764
CECL Allowance	[4]	(408)
Financing Receivable, after Allowance for Credit Loss, Total		2,356
Financing Receivable, Allowance for Credit Loss	[4]	408
Retail [Member]
Loans and Leases Receivable Disclosure [Line Items]
Carrying Value		8,818				7,873
Retail [Member] | Loan portfolio [Member]
Loans and Leases Receivable Disclosure [Line Items]
Carrying Value		1,857
CECL Allowance	[4]	(58)
Financing Receivable, after Allowance for Credit Loss, Total		1,799
Financing Receivable, Allowance for Credit Loss	[4]	58
Offices [Member] | Loan portfolio [Member]
Loans and Leases Receivable Disclosure [Line Items]
Carrying Value		8,078
CECL Allowance	[3]	(76)
Financing Receivable, after Allowance for Credit Loss, Total		8,002
Financing Receivable, Allowance for Credit Loss	[3]	76
Residential Lots [Member]
Loans and Leases Receivable Disclosure [Line Items]
Carrying Value		$ 123,055				$ 111,644
[1] 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 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 $ 12.1 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 $ 12.1 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. September 30, 2022 Year Originated (1) (dollars in thousands) Carrying Value % of Portfolio 2022 2021 2020 2019 2018 Prior Collateral Type Apartments $ 169,067 18.1 % $ 111,941 $ 39,609 $ 15,614 $ 1,903 $ — $ — Residential lots 123,055 13.2 % 49,947 64,317 8,791 — — — Single Family Housing 121,810 13.1 % 112,919 8,659 232 — — — Townhomes 107,515 11.5 % 80,277 26,445 793 — — — Commercial 87,779 9.4 % 12,750 75,029 — — — — Entitled Land 75,103 8.1 % 46,741 28,362 — — — — Condos 63,690 6.8 % 10,900 6,579 10,075 — — 36,136 Mixed Use 53,409 5.7 % 10,288 29,859 11,133 2,129 — — Hotel 30,036 3.2 % 14,007 — 16,029 — — — Unentitled Land 19,981 2.1 % 16,621 3,360 — — — — Offices 19,372 2.1 % 11,294 — 8,078 — — — Senior Housing 15,538 1.7 % — 15,538 — — — — Commercial other 12,845 1.4 % — 12,845 — — — — Duplex 11,089 1.2 % 11,089 — — — — — Retail 8,818 0.9 % 6,961 — 1,857 — — — Quadplex 7,664 0.8 % — 7,664 — — — — Commercial Lots 3,196 0.3 % 3,196 — — — — — Triplex 1,694 0.2 % 1,694 — — — — — Storage — 0.0 % — — — — — — Total $ 931,661 100.0 % $ 500,625 $ 318,266 $ 72,602 $ 4,032 $ — $ 36,136 CECL allowance (2) ( 19,997 ) Carrying value, net $ 911,664 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. In addition, $ 0.9 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. In addition, $ 0.9 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 $ 12.1 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	Sep. 30, 2022	Dec. 31, 2021
Real Estate [Line Items]
Investment in real property, net	$ 93,506	$ 68,067
Real Estate, Held-for-Sale	93,506	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	49,916	0
Offices [Member]
Real Estate [Line Items]
Investment in real property, net	18,316	19,388
Townhomes [Member]
Real Estate [Line Items]
Investment in real property, net	8,937	9,281
Apartments [Member]
Real Estate [Line Items]
Real Estate Owned, Carrying value	5,453	0
Single Family Housing [Member]
Real Estate [Line Items]
Investment in real property, net	7,831	4,134
Retail [Member]
Real Estate [Line Items]
Investment in real property, net	0	3,811
Residential Lots [Member]
Real Estate [Line Items]
Investment in real property, net	3,053	3,012
Real Estate Held-for-sale One [Member]
Real Estate [Line Items]
Real Estate, Held-for-Sale	66,103	52,531
Real Estate Held-for-sale Two [Member]
Real Estate [Line Items]
Real Estate, Held-for-Sale	$ 27,403	$ 15,536

Investment in Real Property - A

Investment in Real Property - Additional Information (Details) $ in Millions	Sep. 30, 2022 USD ($) Property	Apr. 30, 2022 USD ($)	Dec. 31, 2021 USD ($) Property
Real Estate [Line Items]
Real estate project value	$ 93.5		$ 68.1
Promissory note principal amount		$ 25.9
Number of properties | Property	11		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	Sep. 30, 2022	Dec. 31, 2021
Carrying Value
Financial Assets
Cash and cash equivalents	$ 61,141	$ 132,889
Mortgage notes receivable, net	911,664	901,350
Interest and fees receivable, net	17,184	17,526
Financial Liabilities
Senior unsecured notes	97,646	97,223
Private placement warrant liability	1,245	1,838
Estimated Fair Value
Financial Assets
Cash and cash equivalents	61,141	132,889
Mortgage notes receivable, net	911,664	901,350
Interest and fees receivable, net	17,184	17,526
Financial Liabilities
Senior unsecured notes	86,230	100,000
Private placement warrant liability	1,245	1,838
Level 1 | Estimated Fair Value
Financial Assets
Cash and cash equivalents	61,141	132,889
Level 2 | Estimated Fair Value
Financial Assets
Interest and fees receivable, net	17,184	17,526
Financial Liabilities
Senior unsecured notes	86,230	100,000
Private placement warrant liability	1,245	1,838
Level 3 | Estimated Fair Value
Financial Assets
Mortgage notes receivable, net	$ 911,664	$ 901,350

Fair Value Measurements - Valua

Fair Value Measurements - Valuation Methodologies and Inputs Used for Assets Measured at Fair Value (Details) - Non recurring $ in Thousands		Sep. 30, 2022 USD ($)	Dec. 31, 2021 USD ($)
Private Placement Warrants | Minimum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Range of inputs		0
Private Placement Warrants | Maximum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Range of inputs		10
Real Property | Minimum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Range of inputs		0
Real Property | Maximum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Range of inputs		10
Collateral Dependent Loans | Minimum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Range of inputs		0
Collateral Dependent Loans | Maximum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Range of inputs		10
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Carrying Value		$ 49,881	$ 436
Assets measured at fair value		51,206	835
Level 3 | Real Property
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Carrying Value	[1]	29,615	0
Assets measured at fair value	[1]	30,226	0
Level 3 | Collateral Dependent Loans
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Carrying Value	[1]	20,266	436
Assets measured at fair value	[1]	$ 20,980	$ 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) - Private Placement Warrants - USD ($) $ / shares in Units, shares in Millions, $ in Millions	9 Months Ended
	Sep. 30, 2022	Dec. 31, 2021
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Warrants outstanding (in shares)	5.2	5.2
Warrants outstanding	$ 1.2
Share price	$ 0.06
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 $0.06 per warrant or $0.24 per share to arrive at $1.2 million as of September 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	Sep. 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	Sep. 30, 2022	Dec. 31, 2021
Line of Credit Facility [Line Items]
Principal			$ 100,000	$ 100,000
Debt issuance cost			97,646	97,223
5.0% senior unsecured notes due 2026 | Private offering [Member]
Line of Credit Facility [Line Items]
Principal	$ 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
Commitment fee		1%
Maturity Date		Feb. 19, 2024
Amortization period		3 years
Revolving credit facility outstanding, amount			$ 0	$ 0
Deferred financing costs		$ 4,500
Revolving Credit Facility [Member] | Prime Rate [Member]
Line of Credit Facility [Line Items]
Interest rate		2.75%

Debt - Schedule of Carrying Val

Debt - Schedule of Carrying Values of The Company's Debt (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Unsecured Senior Notes:
Principal	$ 100,000	$ 100,000
Debt issuance costs	(2,861)	(2,855)
Amortization of debt issuance costs	507	78
Total notes, net	$ 97,646	$ 97,223

Debt - Schedule of Senior Unsec

Debt - Schedule of Senior Unsecured Notes (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Line of Credit Facility [Line Items]
Principal	$ 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		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Line of Credit Facility [Line Items]
Amortization of Deferred Debt Costs	$ 520	$ 377	$ 1,562	$ 879
Interest Expense	1,387	0	3,887	0
Undrawn Fee	335	344	1,028	840
5.0% senior unsecured notes [Member]
Line of Credit Facility [Line Items]
Amortization of Deferred Debt Costs	143	0	429	0
Interest Expense	1,236	0	3,736	0
Undrawn Fee	0	0	0	0
Revolving Credit Facility [Member]
Line of Credit Facility [Line Items]
Amortization of Deferred Debt Costs	377	377	1,133	879
Interest Expense	151	0	151	0
Undrawn Fee	$ 335	$ 344	$ 1,028	$ 840

Stockholders' Equity and Earn_3

Stockholders' Equity and Earnings per Common Share - Stock (Details)	9 Months Ended
	Sep. 30, 2022 Vote	Sep. 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	Sep. 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	$ 1.2
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		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Net income	$ 2,610	$ 21,685	$ 36,630	$ 60,318
Basic weighted-average shares of common stock outstanding	132,884,407	132,658,661	132,867,288	132,575,852
Dilutive effect of share-based compensation - unvested restricted stock units	22,373	93,810	69,122	87,585
Diluted weighted-average shares of common stock outstanding	132,906,780	132,752,471	132,936,411	132,663,437
Basic earnings per share	$ 0.02	$ 0.16	$ 0.28	$ 0.45
Diluted earnings per share	$ 0.02	$ 0.16	$ 0.28	$ 0.45

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		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Earnings Per Share [Abstract]
Weighted-average restricted stock units outstanding	637,597	186,492	241,097	218,227
Unexercised public and private warrants	15,604,279	15,604,304	15,604,279	15,604,304
Total stock equivalents excluded	16,241,876	15,790,796	15,845,376	15,822,531

Income Taxes - Additional infor

Income Taxes - Additional information (Details) $ in Thousands	Sep. 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	Sep. 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	3,166,727

Equity Incentive Plan - RSU's a

Equity Incentive Plan - RSU's and pRSUs Activity - (Details) - $ / shares	3 Months Ended			6 Months Ended
	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2022
Shares
Vested		(71,036)
Restricted stock units
Shares
Outstanding at the beginning	839,226	845,351	541,296	541,296
Granted		105,773	419,101
Vested	(69,528)		(109,355)
Forfeited	(8,224)	(40,862)	(5,691)
Outstanding at the end	761,474	839,226	845,351	839,226
Weighted Average Grant Date Fair Market Value
Granted		$ 6.49	$ 6.90
Vested	$ 10.30	10.52	9.50
Forfeited	$ 7.52	$ 8.84	$ 8.82
Performance Based Restricted Share Unit [Member]
Shares
Outstanding at the beginning	294,573	333,657	56,978	56,978
Granted			276,679
Forfeited		(39,084)
Outstanding at the end	294,573	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		9 Months Ended
	Jun. 30, 2022	Mar. 31, 2022	Sep. 30, 2022
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Unrecognized compensation cost related to unvested stock-based compensation arrangements			$ 5.7
Weighted-average recognition period			1 year 9 months 18 days
Granted	105,773	419,101
Fair value of grants	$ 6.49	$ 6.90

Equity Incentive Plan - Schedul

Equity Incentive Plan - Schedule of assumptions used in the Monte Carlo simulation model (Details) - USD ($)	9 Months Ended
	Sep. 30, 2022	Sep. 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	Sep. 30, 2022 USD ($)
Other Commitments [Line Items]
Less than 1 year	$ 353,931
1-3 years	179,377
3-5 years	2,125
More than 5 years	5,158
Total	540,591
Construction holdbacks
Other Commitments [Line Items]
Less than 1 year	353,051	[1]
1-3 years	177,374	[1]
3-5 years	0	[1]
More than 5 years	0	[1]
Total	530,425	[1]
Operating lease obligations
Other Commitments [Line Items]
Less than 1 year	880	[2]
1-3 years	2,003	[2]
3-5 years	2,125	[2]
More than 5 years	5,158	[2]
Total	$ 10,166	[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 $ 2.5 million of imputed interest.

Commitments and Contingencies_2

Commitments and Contingencies - Contractual Obligations (Parenthetical) (Details) $ in Millions	Sep. 30, 2022 USD ($)
Commitments and Contingencies Disclosure [Abstract]
Imputed Interest	$ 2.5

Commitments and Contingencies_3

Commitments and Contingencies (Details) - Mortgage notes receivables - Geographic concentration risk	9 Months Ended	12 Months Ended
	Sep. 30, 2022 Country State	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	45.50%	46.60%

Commitments and Contingencies_4

Commitments and Contingencies - Lease Commitments (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Sep. 30, 2022	Sep. 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	9 Months Ended
	Sep. 30, 2022	Sep. 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	$ 0.3

Related Party Transactions - Ad

Related Party Transactions - Additional information (Details) - USD ($) $ in Thousands		9 Months Ended
	Aug. 31, 2021	Sep. 30, 2022	Sep. 30, 2021
Related Party Transaction [Line Items]
Payments to acquire mortgage notes receivable		$ 0	$ 43,498
Broadmark Private Reit Llc [Member]
Related Party Transaction [Line Items]
Payments to acquire mortgage notes receivable	$ 43,500

Subsequent Events - Additional

Subsequent Events - Additional information (Details) - $ / shares	Oct. 17, 2022	Sep. 15, 2022
Subsequent Event [Line Items]
Common stock dividend declared		$ 0.07
Subsequent Event
Subsequent Event [Line Items]
Common stock dividend declared	$ 0.07