BrightSpire Capital (BRSP) 10-Q1 May 242024 Q1 Quarterly reportFinancial data

Company Profile

Cover

Cover - shares	3 Months Ended
Cover - shares	Mar. 31, 2024	Apr. 30, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2024
Document Transition Report	false
Entity File Number	001-38377
Entity Registrant Name	BRIGHTSPIRE CAPITAL, INC.
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	38-4046290
Entity Address, Address Line One	590 Madison Avenue
Entity Address, Address Line Two	33rd Floor
Entity Address, City or Town	New York
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	10022
City Area Code	212
Local Phone Number	547-2631
Title of 12(b) Security	Class A common stock, par value $0.01 per share
Trading Symbol	BRSP
Security Exchange Name	NYSE
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		130,636,498
Entity Central Index Key	0001717547
Amendment Flag	false
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q1
Current Fiscal Year End Date	--12-31

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Assets
Cash and cash equivalents	$ 221,505	$ 257,506
Restricted cash	84,735	104,583
Loans held for investment	2,837,563	2,936,506
Current expected credit loss reserve	(150,214)	(76,028)
Loans held for investment, net	2,687,349	2,860,478
Real estate, net	789,438	807,985
Receivables, net	40,922	41,451
Deferred leasing costs and intangible assets, net	54,583	58,971
Assets held for sale	19,605	19,600
Other assets	48,409	47,680
Total assets	3,946,546	4,198,254
Liabilities
Securitization bonds payable, net	906,510	912,545
Mortgage and other notes payable, net	639,194	650,293
Credit facilities	1,031,516	1,152,723
Accrued and other liabilities	80,825	85,501
Intangible liabilities, net	3,773	4,138
Escrow deposits payable	68,778	88,603
Dividends payable	26,026	25,985
Total liabilities	2,756,622	2,919,788
Commitments and contingencies
Stockholders’ equity
Preferred stock, $0.01 par value, 50,000,000 shares authorized, no shares issued and outstanding as of March 31, 2024 and December 31, 2023, respectively	0	0
Common stock	1,306	1,300
Additional paid-in capital	2,863,072	2,864,883
Accumulated deficit	(1,669,431)	(1,586,292)
Accumulated other comprehensive loss	(6,150)	(2,556)
Total stockholders’ equity	1,188,797	1,277,335
Noncontrolling interests in investment entities	1,127	1,131
Total equity	1,189,924	1,278,466
Total liabilities and equity	3,946,546	4,198,254
Primary beneficiary
Assets
Cash and cash equivalents	7,208	5,380
Restricted cash	6,773	7,023
Loans held for investment, net	1,146,515	1,170,034
Real estate, net	166,181	166,616
Receivables, net	11,658	11,731
Deferred leasing costs and intangible assets, net	7,006	7,753
Other assets	20,434	20,250
Total assets	1,365,775	1,388,787
Liabilities
Securitization bonds payable, net	906,510	912,545
Mortgage and other notes payable, net	169,550	170,412
Accrued and other liabilities	7,308	5,239
Intangible liabilities, net	3,115	3,460
Escrow deposits payable	1,199	927
Total liabilities	$ 1,087,682	$ 1,092,583

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Mar. 31, 2024	Dec. 31, 2023	Mar. 31, 2023
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	50,000,000	50,000,000
Preferred stock, shares issued (in shares)	0	0	0
Preferred stock, shares outstanding (in shares)	0	0	0
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Class A
Common stock, shares authorized (in shares)	950,000,000	950,000,000
Common stock, shares issued (in shares)	130,636,498	129,985,107
Common stock, shares outstanding (in shares)	130,636,498	129,985,107

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Net interest income
Interest income	$ 67,563	$ 75,616
Interest expense	(40,133)	(42,662)
Net interest income	27,430	32,954
Property and other income
Property operating income	25,105	22,551
Other income	3,099	3,056
Total property and other income	28,204	25,607
Expenses
Property operating expense	8,645	5,852
Transaction, investment and servicing expense	622	835
Interest expense on real estate	6,782	5,509
Depreciation and amortization	10,390	7,996
Increase of current expected credit loss reserve	74,411	39,613
Compensation and benefits (including $2,170 and $2,295 of equity-based compensation expense, respectively)	8,771	8,805
Operating expense	3,199	3,473
Total expenses	112,820	72,083
Other income
Other gain, net	331	655
Loss before equity in earnings of unconsolidated ventures and income taxes	(56,855)	(12,867)
Equity in earnings (loss) of unconsolidated ventures	0	9,055
Income tax expense	(252)	(390)
Net loss	(57,107)	(4,202)
Net loss attributable to noncontrolling interests:
Investment entities	4	75
Net loss attributable to BrightSpire Capital, Inc. common stockholders	$ (57,103)	$ (4,127)
Net loss per common share - basic (in dollars per share)	$ (0.45)	$ (0.03)
Net loss per common share - diluted (in dollars per share)	$ (0.45)	$ (0.03)
Weighted average shares of common stock outstanding - basic (in shares)	127,326,000	126,665,000
Weighted average shares of common stock outstanding - diluted (in shares)	127,326,000	126,665,000

CONSOLIDATED STATEMENTS OF OP_2

CONSOLIDATED STATEMENTS OF OPERATIONS (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Income Statement [Abstract]
Equity-based compensation expense	$ 2,170	$ 2,295

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Net loss	$ (57,107)	$ (4,202)
Other comprehensive loss
Foreign currency translation loss	(3,594)	(3,463)
Total other comprehensive loss	(3,594)	(3,463)
Comprehensive loss	(60,701)	(7,665)
Comprehensive loss attributable to noncontrolling interests:
Comprehensive loss attributable to common stockholders	(60,697)	(7,590)
Investment entities
Net loss	(4)	(75)
Comprehensive loss attributable to noncontrolling interests:
Investment entities	$ 4	$ 75

CONSOLIDATED STATEMENTS OF EQUI

CONSOLIDATED STATEMENTS OF EQUITY - USD ($) shares in Thousands, $ in Thousands	Total	Total Stockholders’ Equity	Common Stock Class A	Additional Paid-in Capital	Accumulated Deficit	Accumulated Other Comprehensive Loss	Noncontrolling Interests in Investment Entities
Beginning balance (in shares) at Dec. 31, 2022			128,872
Beginning balance at Dec. 31, 2022	$ 1,389,024	$ 1,387,768	$ 1,289	$ 2,853,723	$ (1,466,568)	$ (676)	$ 1,256
Increase (Decrease) in Stockholders' Equity
Distributions	(28)						(28)
Issuance and amortization of equity-based compensation (in shares)			1,527
Issuance and amortization of equity-based compensation	2,295	2,295	$ 15	2,280
Other comprehensive loss	(3,463)	(3,463)				(3,463)
Dividends and distributions declared	(26,170)	(26,170)			(26,170)
Shares canceled for tax withholding on vested stock awards (in shares)			(453)
Shares canceled for tax withholding on vested stock awards	(2,885)	(2,885)	$ (5)	(2,880)
Net loss	(4,202)	(4,127)			(4,127)		(75)
Ending balance (in shares) at Mar. 31, 2023			129,946
Ending balance at Mar. 31, 2023	1,354,571	1,353,418	$ 1,299	2,853,123	(1,496,865)	(4,139)	1,153
Beginning balance (in shares) at Dec. 31, 2023			129,985
Beginning balance at Dec. 31, 2023	1,278,466	1,277,335	$ 1,300	2,864,883	(1,586,292)	(2,556)	1,131
Increase (Decrease) in Stockholders' Equity
Issuance and amortization of equity-based compensation (in shares)			1,243
Issuance and amortization of equity-based compensation	2,170	2,170	$ 12	2,158
Other comprehensive loss	(3,594)	(3,594)				(3,594)
Dividends and distributions declared	(26,036)	(26,036)			(26,036)
Shares canceled for tax withholding on vested stock awards (in shares)			(592)
Shares canceled for tax withholding on vested stock awards	(3,975)	(3,975)	$ (6)	(3,969)
Net loss	(57,107)	(57,103)			(57,103)		(4)
Ending balance (in shares) at Mar. 31, 2024			130,636
Ending balance at Mar. 31, 2024	$ 1,189,924	$ 1,188,797	$ 1,306	$ 2,863,072	$ (1,669,431)	$ (6,150)	$ 1,127

CONSOLIDATED STATEMENTS OF EQ_2

CONSOLIDATED STATEMENTS OF EQUITY (Parenthetical) - $ / shares			3 Months Ended
	Mar. 15, 2024	Mar. 16, 2023	Mar. 31, 2024	Mar. 31, 2023
Statement of Stockholders' Equity [Abstract]
Dividends and distributions declared per share of common stock (in dollars per share)	$ 0.20	$ 0.20	$ 0.20	$ 0.20

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Dec. 31, 2023	Mar. 31, 2023	Dec. 31, 2022
Cash flows from operating activities:
Net loss	$ (57,107)		$ (4,202)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization	10,390		7,996
Straight-line rental income	(612)		(467)
Amortization of above (below) market lease values, net	112		(140)
Amortization of premium/accretion of discount and fees on investments and borrowings, net	(2,104)		(3,038)
Amortization of deferred financing costs	2,545		2,957
Amortization of right-of-use lease assets and operating lease liabilities	101		53
Paid-in-kind interest added to loan principal, net of interest received	(572)		(1,848)
Increase of current expected credit loss reserve	74,411		39,613
Amortization of equity-based compensation	2,158		2,295
Mortgage notes (above) below market value amortization	2		(1,324)
Deferred income tax (benefit) expense	(137)		159
Other gain, net	0		(547)
Changes in assets and liabilities:
Receivables, net	1,133		(1,835)
Deferred costs and other assets	984		770
Other liabilities	(6,727)		(769)
Net cash provided by operating activities	24,577		39,673
Cash flows from investing activities:
Acquisition, origination and funding of loans held for investment, net	(15,171)		(16,388)
Repayment on loans held for investment	116,790		101,368
Acquisition of and additions to real estate and related intangibles	(2,368)		(1,870)
Distributions in excess of cumulative earnings from unconsolidated ventures	0		245
Change in escrow deposits payable	(19,825)		(13,733)
Net cash provided by investing activities	79,426		69,622
Cash flows from financing activities:
Distributions paid on common stock	(25,995)		(25,963)
Shares canceled for tax withholding on vested stock awards	(3,975)		(2,885)
Repayment of mortgage notes	(1,404)		(1,358)
Borrowings from credit facilities	11,840		110,324
Repayment of credit facilities	(133,082)		(158,216)
Repayment of securitization bonds	(6,734)		(36,171)
Payment of deferred financing costs	(75)		(126)
Distributions to noncontrolling interests	0		(28)
Issuance of common stock	12		15
Net cash used in financing activities	(159,413)		(114,408)
Effect of exchange rates on cash, cash equivalents and restricted cash	(439)		(172)
Net decrease in cash, cash equivalents and restricted cash	(55,849)		(5,285)
Cash, cash equivalents and restricted cash - beginning of period	362,089		398,828
Cash, cash equivalents and restricted cash - end of period	306,240	$ 362,089	393,543
Reconciliation of cash, cash equivalents, and restricted cash to consolidated balance sheets
Cash and cash equivalents	221,505	257,506	313,520	$ 306,320
Restricted cash	84,735	104,583	80,023	92,508
Total cash, cash equivalents and restricted cash	306,240	$ 362,089	393,543	$ 398,828
Supplemental disclosure of non-cash investing and financing activities:
Accrual of distribution payable	26,026		25,989
Right-of-use lease assets and operating lease liabilities	$ 4,454		$ 0

Business and Organization

Business and Organization	3 Months Ended
Business and Organization	Mar. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Business and Organization	Business and Organization BrightSpire Capital, Inc. (the “Company”) is a commercial real estate (“CRE”) credit real estate investment trust (“REIT”) focused on originating, acquiring, financing and managing a diversified portfolio consisting primarily of CRE debt investments and net leased properties predominantly in the United States. CRE debt investments primarily consist of first mortgage loans, which the Company expects to be its primary investment strategy. Additionally, the Company may selectively originate mezzanine loans and make preferred equity investments, which may include profit participations. The mezzanine loans and preferred equity investments may be in conjunction with the Company’s origination of corresponding first mortgages on the same properties. Net leased properties consist of CRE properties with long-term leases to tenants on a net-lease basis, where such tenants generally will be responsible for property operating expenses such as insurance, utilities, maintenance capital expenditures and real estate taxes. The Company will continue to target net leased equity investments on a selective basis. The Company was organized in the state of Maryland on August 23, 2017 and maintains key offices in New York, New York and Los Angeles, California. The Company elected to be taxed as a REIT under the Internal Revenue Code of 1986, as amended, beginning with the taxable year ended December 31, 2018. The Company conducts all activities and holds substantially all assets and liabilities through the Company’s operating subsidiary, BrightSpire Capital Operating Company, LLC (the “OP”). Trends Affecting the Business Although global markets showed signs of stabilization and inflationary pressure may be moderating due to increased interest rates through the fourth quarter of 2023, CRE value uncertainties, aftershock of COVID-19 and geopolitical unrest continue to contribute to market volatility. Generationally high interest rates have continued to negatively impact transaction activity in the real estate market and correspondingly the loan financing and refinancing opportunities. While the Federal Reserve is expected to begin lowering interest rates in 2024, current expectations have shifted to anticipating fewer interest rate cuts during the year than originally anticipated and that such interest rate cuts may not occur until later in the year than originally anticipated. To the extent certain of the Company’s borrowers are experiencing significant financial dislocation as a result of economic conditions, the Company has and may continue to use interest and other reserves and/or replenishment obligations of the borrower and/or guarantors to meet current interest payment obligations for a limited period. The market for office properties was particularly negatively impacted by COVID-19 and continues to experience headwinds driven by the normalization of work from home and hybrid work arrangements and elevated costs to operate or reconfigure office properties. These factors have largely resulted in lower demand for office space and driven rising vacancy rates. Given the uncertainty in the office market, there is risk of future valuation impairment or investment loss on the Company’s loans secured by office properties. Similarly, these trends may impact the Company’s ability to manage debt covenant tests, maturity dates and/or seek suitable refinancing opportunities on certain of the Company’s office property equity investments, which may adversely impact valuation assessments and cash flow generated by such investments.

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended
Summary of Significant Accounting Policies	Mar. 31, 2024
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies The significant accounting policies of the Company are described below. The accounting policies of the Company’s unconsolidated ventures are substantially similar to those of the Company. Basis of Presentation The accompanying unaudited interim financial statements have been prepared in accordance with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all information and footnotes required by generally accepted accounting principles in the United States of America (“GAAP”) for complete financial statements. These statements reflect all normal and recurring adjustments which, in the opinion of management, are necessary to present fairly the financial position, results of operations and cash flows of the Company for the interim periods presented. However, the results of operations for the interim period presented are not necessarily indicative of the results that may be expected for the year ending December 31, 2024, or any other future period. These interim financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in, or presented as exhibits to, the Company’s Annual Report on Form 10-K for the year ended December 31, 2023, as certain disclosures that would substantially duplicate those contained in the audited consolidated financial statements have not been included in this interim report. Use of Estimates The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates and assumptions. Principles of Consolidation The accompanying consolidated financial statements include the accounts of the Company and its controlled subsidiaries. All significant intercompany accounts and transactions have been eliminated. The portions of equity, net income and other comprehensive income of consolidated subsidiaries that are not attributable to the parent are presented separately as amounts attributable to noncontrolling interests in the consolidated financial statements. The Company consolidates entities in which it has a controlling financial interest by first considering if an entity meets the definition of a variable interest entity (“VIE”) for which the Company is deemed to be the primary beneficiary, or if the Company has the power to control an entity through a majority of voting interest or through other arrangements. Variable Interest Entities Variable Interest Entities— A VIE is an entity that either (i) lacks sufficient equity to finance its activities without additional subordinated financial support from other parties; (ii) whose equity holders lack the characteristics of a controlling financial interest; or (iii) is established with non-substantive voting rights. A VIE is consolidated by its primary beneficiary, which is defined as the party who has a controlling financial interest in the VIE through (a) power to direct the activities of the VIE that most significantly affect the VIE’s economic performance, and (b) obligation to absorb losses or right to receive benefits of the VIE that could be significant to the VIE. During the first quarter of 2024, the Company modified an Arlington, Texas multifamily loan agreement which resulted in a reconsideration event under ASC 810, Consolidation . As part of the terms of the modified loan agreement, the borrower is required to deposit into a Company controlled reserve account by June 2024, an amount sufficient to purchase an interest rate cap, reimburse the Company for any advances made under the loan and cover property level expenses and shortfalls up to $5.4 million. If the borrower does not fund such deposit by June 2024, the Company has discretion to fund such amounts on behalf of the borrower through a preferred equity investment in the parent of the borrower, in the amounts up to $6.0 million. If the Company elects to fund any amount, it may also elect to trigger control rights over the underlying collateral. The Company concluded that as a result of the loan modification, its investment in the Arlington, Texas multifamily loan is a VIE. As of March 31, 2024, the Company is not the primary beneficiary of this VIE, as the Company does not have the ability to control the most significant activities of the Arlington, Texas multifamily loan’s economic performance nor the obligation to absorb losses or right to receive benefits of the VIE that could be significant to the VIE. Voting Interest Entities— Unlike VIEs, voting interest entities have sufficient equity to finance their activities and equity investors exhibit the characteristics of a controlling financial interest through their voting rights. The Company consolidates such entities when it has the power to control these entities through ownership of a majority of the entities’ voting interests or through other arrangements. At each reporting period, the Company reassesses whether changes in facts and circumstances cause a change in the status of an entity as a VIE or voting interest entity, and/or a change in the Company’s consolidation assessment. As of March 31, 2024 and December 31, 2023, the Company has identified certain consolidated VIEs. Assets of each of the VIEs, other than the OP, may only be used to settle obligations of the respective VIE. Creditors of each of the VIEs have no recourse to the general credit of the Company. Consolidated VIEs Consolidated VIEs include the Investing VIEs (as defined and discussed below) and certain operating real estate properties that have noncontrolling interests. At March 31, 2024 and December 31, 2023, the noncontrolling interests in the operating real estate properties represent third party joint venture partners with ownership ranging from 5.0% to 11.0%. These noncontrolling interests do not have substantive kick-out nor participating rights. Investing VIEs The Company’s previous investments in securitization financing entities (“Investing VIEs”) included subordinate first-loss tranches of securitization trusts, which represented interests in such VIEs. As of March 31, 2024 and December 31, 2023, the Company did not hold any tranches of any securitization trusts, with the exception of its securitization bonds payable, net. Refer to Note 7, “Debt” for further discussion. Unconsolidated VIEs As of March 31, 2024 and December 31, 2023, the Company did not hold, and had no remaining obligations to, any unconsolidated VIEs. Noncontrolling Interests Noncontrolling Interests in Investment Entities— This represents interests in consolidated investment entities held by third party joint venture partners. Allocation of net income or loss is generally based upon relative ownership interests held by equity owners in each investment entity, or based upon contractual arrangements that may provide for disproportionate allocation of economic returns among equity interests, including using a hypothetical liquidation at book value (“HLBV”) basis, where applicable and substantive. HLBV uses a balance sheet approach, which measures each party’s capital account at the end of a period assuming that the subsidiary was liquidated or sold at book value. Each party’s share of the subsidiary’s earnings or loss is calculated by measuring the change in the party’s capital account from the beginning of the period in question to the end of period, adjusting for effects of distributions and new investments. Comprehensive Income (Loss) The Company reports consolidated comprehensive income (loss) in separate statements following the consolidated statements of operations. Comprehensive income (loss) is defined as the change in equity resulting from net income (loss) and other comprehensive income (“OCI”). The components of OCI include gain (loss) on derivative instruments used in the Company’s risk management activities used for economic hedging purposes (“designated hedges”) and gain (loss) on foreign currency translation. Fair Value Measurement Fair value is based on an exit price, defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. Where appropriate, the Company makes adjustments to estimated fair values to appropriately reflect counterparty credit risk as well as the Company’s own creditworthiness. The estimated fair value of financial assets and financial liabilities are categorized into a three-tier hierarchy, prioritized based on the level of transparency in inputs used in the valuation techniques, as follows: Level 1— Quoted prices (unadjusted) in active markets for identical assets or liabilities. Level 2— Observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities, quoted prices in non-active markets, or valuation techniques utilizing inputs that are derived principally from or corroborated by observable data directly or indirectly for substantially the full term of the financial instrument. Level 3— At least one assumption or input is unobservable and it is significant to the fair value measurement, requiring significant management judgment or estimate. Where the inputs used to measure the fair value of a financial instrument fall into different levels of the fair value hierarchy, the financial instrument is categorized within the hierarchy based on the lowest level of input that is significant to its fair value measurement. Fair Value Option The fair value option provides an option to elect fair value as an alternative measurement for selected financial instruments. Gains and losses on items for which the fair value option has been elected are reported in earnings. The fair value option may be elected only upon the occurrence of certain specified events, including when the Company enters into an eligible firm commitment, at initial recognition of the financial instrument, as well as upon a business combination or consolidation of a subsidiary. The election is irrevocable unless a new election event occurs. Business Combinations Definition of a Business— The Company evaluates each purchase transaction to determine whether the acquired assets meet the definition of a business. If substantially all of the fair value of gross assets acquired is concentrated in a single identifiable asset or a group of similar identifiable assets, then the set of transferred assets and activities is not a business. If not, for an acquisition to be considered a business, it would have to include an input and a substantive process that together significantly contribute to the ability to create outputs (i.e., there is a continuation of revenue before and after the transaction). A substantive process is not ancillary or minor, cannot be replaced without significant costs, effort or delay or is otherwise considered unique or scarce. To qualify as a business without outputs, the acquired assets would require an organized workforce with the necessary skills, knowledge and experience that performs a substantive process. Asset Acquisitions— For acquisitions that are not deemed to be businesses, the assets acquired are recognized based on their cost to the Company as the acquirer and no gain or loss is recognized. The cost of assets acquired in a group is allocated to individual assets within the group based on their relative fair values and does not give rise to goodwill. Transaction costs related to the acquisition of assets are included in the cost basis of the assets acquired. Such valuations require management to make significant estimates and assumptions. Business Combinations— The Company accounts for acquisitions that qualify as business combinations by applying the acquisition method. Transaction costs related to the acquisition of a business are expensed as incurred and excluded from the fair value of consideration transferred. The identifiable assets acquired, liabilities assumed and noncontrolling interests in an acquired entity are recognized and measured at their estimated fair values. The excess of the fair value of consideration transferred over the fair values of identifiable assets acquired, liabilities assumed and noncontrolling interests in an acquired entity, net of fair value of any previously held interest in the acquired entity, is recorded as goodwill. Such valuations require management to make significant estimates and assumptions. Cash and Cash Equivalents Short-term, highly liquid investments with original maturities of three months or less are considered to be cash equivalents. The Company’s cash is held with major financial institutions. Certain cash account balances exceed Federal Deposit Insurance Corporation insurance limits of $250,000 per account and as a result, there is a concentration of credit risk related to amounts in excess of the insurance limits. The Company monitors the financial stability of these financial institutions and believes it is not exposed to any significant credit risk in cash and cash equivalents. Restricted Cash Restricted cash consists primarily of borrower escrow deposits, tenant escrow deposits and real estate capital expenditure reserves. Loans Held for Investment The Company originates and purchases loans held for investment. The accounting framework for loans held for investment depends on the Company’s strategy whether to hold or sell the loan or whether the loan was credit-impaired at the time of acquisition. Loans Held for Investment Loans that the Company has the intent and ability to hold for the foreseeable future are classified as held for investment. Originated loans are recorded at amortized cost, or outstanding unpaid principal balance plus exit fees less net deferred loan fees. Net deferred loan fees include unamortized origination and other fees charged to the borrower less direct incremental loan origination costs incurred by the Company. Purchased loans are recorded at amortized cost, or unpaid principal balance plus purchase premium or less unamortized discount. Costs to purchase loans are expensed as incurred. Interest Income— Interest income is recognized based upon contractual interest rate and unpaid principal balance of the loans. Net deferred loan fees on originated loans are deferred and amortized as adjustments to interest income over the expected life of the loans using the effective yield method. Premium or discount on purchased loans are amortized as adjustments to interest income over the expected life of the loans using the effective yield method. When a loan is prepaid, prepayment fees and any excess of proceeds over the carrying amount of the loan is recognized as additional interest income. The Company has debt investments in its portfolio that contain a payment-in-kind (“PIK”) provision. Contractual PIK interest, which represents contractually deferred interest added to the loan balance that is due at the end of the loan term, is generally recorded on an accrual basis to the extent such amounts are expected to be collected. The Company will generally cease accruing PIK interest if there is insufficient value to support the accrual or management does not expect the borrower to be able to pay all principal and interest due. Nonaccrual— Accrual of interest income is suspended on nonaccrual loans. Loans that are past due 90 days or more as to principal or interest, or where reasonable doubt exists as to timely collection, are generally considered nonperforming and placed on nonaccrual status. Interest receivable is reversed against interest income when loans are placed on nonaccrual status. Interest collected is recognized on a cash basis by crediting income when received; or if ultimate collectability of loan principal is uncertain, interest collected is recognized using a cost recovery method by applying interest collected as a reduction to loan carrying value. Loans may be restored to accrual status when all principal and interest are current and full repayment of the remaining contractual principal and interest are reasonably assured. Loans Held for Sale Loans that the Company intends to sell or liquidate in the foreseeable future are classified as held for sale. Loans held for sale are carried at the lower of amortized cost or fair value less disposal cost, with valuation changes recognized as impairment loss. Loans held for sale are not subject to Current Expected Credit Losses (“CECL”) reserves. Net deferred loan origination fees and loan purchase premiums or discounts are deferred and capitalized as part of the carrying value of the held for sale loan until the loan is sold, therefore included in the periodic valuation adjustments based on lower of cost or fair value less disposal cost. At March 31, 2024 and December 31, 2023, the Company had no loans classified as held for sale. Operating Real Estate Real Estate Acquisitions— Real estate acquired in acquisitions that are deemed to be business combinations is recorded at the fair values of the acquired components at the time of acquisition, allocated among land, buildings, improvements, equipment and lease-related tangible and identifiable intangible assets and liabilities, including forgone leasing costs, in-place lease values and above- or below-market lease values and assumed debt, if any. Real estate acquired in acquisitions that are deemed to be asset acquisitions is recorded at the total value of consideration transferred, including transaction costs, and allocated to the acquired components based upon relative fair value. The estimated fair value of acquired land is derived from recent comparable sales of land and listings within the same local region based on available market data. The estimated fair value of acquired buildings and building improvements is derived from comparable sales, discounted cash flow analysis using market-based assumptions, or replacement cost, as appropriate. The fair value of site and tenant improvements is estimated based upon current market replacement costs and other relevant market rate information. Real Estate Held for Investment Real estate held for investment is carried at cost less accumulated depreciation. Costs Capitalized or Expensed— Expenditures for ordinary repairs and maintenance are expensed as incurred, while expenditures for significant renovations that improve or extend the useful life of the asset are capitalized and depreciated over their estimated useful lives. Depreciation— Real estate held for investment, other than land, is depreciated on a straight-line basis over the estimated useful lives of the assets, as follows: Real Estate Assets Term Building (fee interest) 30 to 47 years Building leasehold interests Lesser of remaining term of the lease or remaining life of the building Building improvements Lesser of the useful life or remaining life of the building Land improvements 1 to 15 years Tenant improvements Lesser of the useful life or remaining term of the lease Furniture, fixtures and equipment 2 to 9 years Impairment— The Company evaluates its real estate held for investment for impairment periodically or whenever events or changes in circumstances indicate that the carrying amounts may not be recoverable. The Company evaluates real estate for impairment generally on an individual property basis. If an impairment indicator exists, the Company evaluates the undiscounted future net cash flows that are expected to be generated by the property, including any estimated proceeds from the eventual disposition of the property. If multiple outcomes are under consideration, the Company may apply a probability-weighted approach to the impairment analysis. Another key consideration in this assessment is the Company’s assumptions about the highest and best use of its real estate investments and its intent and ability to hold them for a reasonable period that would allow for the recovery of their carrying values. If such assumptions change and the Company shortens its expected hold period, this may result in the recognition of impairment losses. Based upon the analysis, if the carrying value of a property exceeds its undiscounted future net cash flows, an impairment loss is recognized for the excess of the carrying value of the property over the estimated fair value of the property. In evaluating and/or measuring impairment, the Company considers, among other things, current and estimated future cash flows associated with each property, market information for each sub-market, including, where applicable, competition levels, foreclosure levels, leasing trends, occupancy trends, lease or room rates, and the market prices of similar properties recently sold or currently being offered for sale, and other quantitative and qualitative factors. See Note 4, “Real Estate, net and Real Estate Held for Sale” and Note 12, “Fair Value” for further detail. Real Estate Held for Sale Real estate is classified as held for sale in the period when (i) management approves a plan to sell the asset, (ii) the asset is available for immediate sale in its present condition, subject only to usual and customary terms, (iii) a program is initiated to locate a buyer and actively market the asset for sale at a reasonable price, and (iv) completion of the sale is probable within one year. Real estate held for sale is stated at the lower of its carrying amount or estimated fair value less disposal cost, with any write-down to fair value less disposal cost recorded as an impairment loss. For any increase in fair value less disposal cost subsequent to classification as held for sale, the impairment loss may be reversed, but only up to the amount of cumulative loss previously recognized. Depreciation is not recorded on assets classified as held for sale. At the time a sale is consummated, the excess, if any, of sale price less selling costs over carrying value of the real estate is recognized as a gain. If circumstances arise that were previously considered unlikely and, as a result, the Company decides not to sell the real estate asset previously classified as held for sale, the real estate asset is reclassified as held for investment. Upon reclassification, the real estate asset is measured at the lower of (i) its carrying amount prior to classification as held for sale, adjusted for depreciation expense that would have been recognized had the real estate been continuously classified as held for investment, and (ii) its estimated fair value at the time the Company decides not to sell. At March 31, 2024 and December 31, 2023, the Company classified one property as held for sale. Refer to Note 4, “Real Estate, net and Real Estate Held for Sale” and Note 12, “Fair Value” for further detail. Foreclosed Properties The Company receives foreclosed properties in full or partial settlement of loans held for investment by taking legal title or physical possession of the properties. Foreclosed properties are generally recognized at the time the real estate is received at foreclosure sale or upon execution of a deed in lieu of foreclosure. Foreclosed properties are initially measured at fair value. If the fair value of the property is lower than the carrying value of the loan, the difference is recognized as current expected credit loss reserves and the cumulative reserve on the loan is charged off. Fair value of foreclosed properties is generally based on a discounted cash flow, third party appraisals, broker price opinions, comparable sales or a combination thereof. Investments in Unconsolidated Ventures A noncontrolling, unconsolidated ownership interest in an entity may be accounted for using one of (i) equity method where applicable; (ii) fair value option if elected; (iii) fair value through earnings if fair value is readily determinable, including election of net asset value (“NAV”) practical expedient where applicable; or (iv) for equity investments without readily determinable fair values, the measurement alternative to measure at cost adjusted for any impairment and observable price changes, as applicable. Fair value changes of equity method investments under the fair value option are recorded in earnings from investments in unconsolidated ventures. Fair value changes of other equity investments, including adjustments for observable price changes under the measurement alternative, are recorded in other gain (loss), net on the Company’s consolidated statements of operations. Equity Method Investments The Company accounts for investments under the equity method of accounting if it has the ability to exercise significant influence over the operating and financial policies of an entity, but does not have a controlling financial interest. The equity method investment is initially recorded at cost and adjusted each period for capital contributions, distributions and the Company’s share of the entity’s net income or loss as well as other comprehensive income or loss. The Company’s share of net income or loss may differ from the stated ownership percentage interest in an entity if the governing documents prescribe a substantive non-proportionate earnings allocation formula or a preferred return to certain investors. For certain equity method investments, the Company records its proportionate share of income on a one to three month lag. Distributions of operating profits from equity method investments are reported as operating activities, while distributions in excess of operating profits are reported as investing activities in the statement of cash flows under the cumulative earnings approach. Impairment Evaluation of impairment applies to equity method investments and equity investments under the measurement alternative. If indicators of impairment exist, the Company will first estimate the fair value of its investment. In assessing fair value, the Company generally considers, among others, the estimated fair value of the investee, which is based on significant assumptions including the estimated timing and probabilities of the future cash flows of the unconsolidated joint venture, utilizing discount rates and capitalization rates. For investments under the measurement alternative, if carrying value of the investment exceeds its fair value, an impairment is deemed to have occurred. For equity method investments, further consideration is made if a decrease in value of the investment is other-than-temporary to determine if impairment loss should be recognized. Assessment of Other Than Temporary Impairment involves management judgment, including, but not limited to, consideration of the investee’s financial condition, operating results, business prospects and creditworthiness, the Company’s ability and intent to hold the investment until recovery of its carrying value. If management is unable to reasonably assert that an impairment is temporary or believes that the Company may not fully recover the carrying value of its investment, then the impairment is considered to be other-than-temporary. Investments that are other-than-temporarily impaired are written down to their estimated fair value. Impairment loss is recorded in earnings from investments in unconsolidated ventures for equity method investments and in other gain (loss), net for investments under the measurement alternative. Identifiable Intangibles In a business combination or asset acquisition, the Company may recognize identifiable intangibles that meet either or both the contractual-legal criterion or the separability criterion. Finite-lived intangibles are amortized over their useful life in a manner that reflects the pattern in which the intangible is being consumed if readily determinable, such as based upon expected cash flows; otherwise, they are amortized on a straight-line basis. The useful life of all identified intangibles will be periodically reassessed and if useful life changes, the carrying amount of the intangible will be amortized prospectively over the revised useful life. Lease Intangibles— Identifiable intangibles recognized in acquisitions of operating real estate properties generally include in-place leases, above- or below-market leases and deferred leasing costs, all of which have finite lives. In-place leases generate value over and above the tangible real estate because a property that is occupied with leased space is typically worth more than a vacant building without an operating lease contract in place. The estimated fair value of acquired in-place leases is derived based on management’s assessment of costs avoided from having tenants in place, including lost rental income, rent concessions and tenant allowances or reimbursements, that hypothetically would be incurred to lease a vacant building to its actual existing occupancy level on the valuation date. The net amount recorded for acquired in-place leases is included in intangible assets and amortized on a straight-line basis as an increase to depreciation and amortization expense over the remaining term of the applicable leases. If an in-place lease is terminated, the unamortized portion is charged to depreciation and amortization expense. The estimated fair value of the above- or below-market component of acquired leases represents the present value of the difference between contractual rents of acquired leases and market rents at the time of the acquisition for the remaining lease term, discounted for tenant credit risks. Above- or below-market operating lease values are amortized on a straight-line basis as a decrease or increase to rental income, respectively, over the applicable lease terms. This includes fixed rate renewal options in acquired leases that are below-market, which are amortized to decrease rental income over the renewal period. Above- or below-market ground lease obligations are amortized on a straight-line basis as a decrease or increase to rent expense, respectively, over the applicable lease terms. If the above- or below-market operating lease values or above- or below-market ground lease obligations are terminated, the unamortized portion of the lease intangibles are recorded in rental income or rent expense, respectively. Deferred leasing costs represent management’s estimate of the avoided leasing commissions and legal fees associated with an existing in-place lease. The net amount is included in intangible assets and amortized on a straight-line basis as an increase to depreciation and amortization expense over the remaining term of the applicable lease. Transfers of Financial Assets Sale accounting for transfers of financial assets requires the transfer of an entire financial asset, a group of financial assets in its entirety or if a component of the financial asset is transferred, that the component meets the definition of a participating interest with characteristics that mirror the original financial asset. Transfers of financial assets are accounted for as sales when control over the assets has been surrendered. If the Company has any continuing involvement, rights or obligations with the transferred financial asset (outside of standard representations and warranties), sale accounting requires that the transfer meets the following sale conditions: (1) the transferred asset has been legally isolated; (2) the transferee has the right (free of conditions that constrain it from taking advantage of that right) to pledge or exchange the transferred asset; and (3) the Company does not maintain effective control over the transferred asset through an agreement that provides for (a) both an entitlement and an obligation by the Company to repurchase or redeem the asset before its maturity, (b) the unilateral ability by the Company to reclaim the asset and a more than trivial benefit attributable to that ability, or (c) the transferee requiring the Company to repurchase the asset at a price so favorable to the transferee that it is probable the repurchase will occur. If sale accounting is met, the transferred financial asset is removed from the balance sheet and a net gain or loss is recognized upon sale, taking into account any retained interests. Transfers of financial assets that do not meet the criteria for sale are accounted for as financing transactions, or secured borrowing, including the Company’s master repurchase facilities. Derivative Instruments and Hedging Activities The Company uses derivative instruments to manage its foreign currency risk and interest rate risk. The Company does not use derivative instruments for speculative or trading purposes. All derivative instruments are recorded at fair value and

Loans Held for Investment, net

Loans Held for Investment, net	3 Months Ended
Loans Held for Investment, net	Mar. 31, 2024
Receivables [Abstract]
Loans Held for Investment, net	Loans Held for Investment, net The following table provides a summary of the Company’s loans held for investment, net (dollars in thousands): March 31, 2024 December 31, 2023 Unpaid Principal Balance Carrying Value Weighted Average Coupon (1) Weighted Average Maturity in Years Unpaid Principal Balance Carrying Value Weighted Average Coupon (1) Weighted Average Maturity in Years Variable rate Senior loans $ 1,546,643 $ 1,547,448 9.0 % 2.5 $ 1,646,722 $ 1,645,780 9.0 % 2.7 Securitized loans (2) 1,203,265 1,203,605 8.7 % 1.7 1,210,000 1,209,994 8.9 % 1.9 Mezzanine loans 12,330 12,450 16.3 % 0.0 12,330 12,450 16.4 % 0.3 2,762,238 2,763,503 2,869,052 2,868,224 Fixed rate Mezzanine loans 74,100 74,060 6.7 % 2.1 68,334 68,282 10.9 % 2.4 74,100 74,060 68,334 68,282 Loans held for investment 2,836,338 2,837,563 2,937,386 2,936,506 CECL reserve — (150,214) — (76,028) Loans held for investment, net $ 2,836,338 $ 2,687,349 8.9 % 2.1 $ 2,937,386 $ 2,860,478 9.0 % 2.4 _________________________________________ (1) Calculated based on contractual interest rate. As of March 31, 2024, all variable rate loans utilize Term Secured Overnight Financing Rate (“Term SOFR”). (2) Represents loans transferred into securitization trusts that are consolidated by the Company. The Company had $15.4 million and $15.9 million of interest receivable This is included in receivables, net on the Company’s consolidated balance sheets. Activity relating to the Company’s loans held for investment, net was as follows (dollars in thousands): Carrying Value Three Months Ended March 31, 2024 2023 Balance at January 1 $ 2,860,478 $ 3,468,742 Acquisitions/originations/additional funding 15,171 16,388 Loan maturities/principal repayments (116,790) (101,368) Increase of CECL reserve (1) (74,186) (39,589) Discount accretion/premium amortization 2,104 3,038 Capitalized interest, net of repayments 572 1,848 Balance at March 31 $ 2,687,349 $ 3,349,059 _________________________________________ (1) Provision for loan losses excludes $0.2 million for the three months ended March 31, 2024 and a de minimis amount for the three months ended March 31, 2023 as determined by the Company’s PD/LGD model for unfunded commitments reported on the consolidated statement of operations, with a corresponding offset to accrued and other liabilities recorded on the Company’s consolidated balance sheets. Loan Modifications The Company may amend or modify a loan depending on the loan’s specific facts and circumstances. These loan modifications typically include additional time for the borrower to refinance or sell the collateral property, adjustment or waiver of performance tests that are prerequisite to the extension of a loan’s maturity, and/or deferral of scheduled principal payments. In exchange for a modification, the Company may receive a partial repayment of principal, a short-term accrual of capitalized interest for a portion of interest due, a cash infusion to replenish interest or capital improvement reserves, termination of all or a portion of the remaining unfunded loan commitment, additional call protection, and/or increase the loan coupon. During the second quarter of 2023, the Company amended and restructured a development mezzanine loan related to a multifamily property located in Milpitas, California (the “Development Mezzanine Loan”), bifurcating it into a $30.2 million Mezzanine A note (the “Mezzanine A Note”) and a $14.5 million Mezzanine B note (the “Mezzanine B Note”) to facilitate a new equity contribution from the borrower behind the Mezzanine A Note and ahead of the Mezzanine B Note. As part of the restructuring, the Company extended the terms of both the Mezzanine A Note and the Mezzanine B Note to be conterminous with the senior loan, which was extended to March 2025, with an additional one-year extension option to March 2026. Prior to the amendment, the Development Mezzanine Loan had a fixed interest rate of 13%. After the amendment, the Mezzanine A Note has a fixed interest rate of 10% and the Mezzanine B Note has a fixed interest rate of 12%. In connection with the amendment and restructuring of the Development Mezzanine Loan, the Company placed the Mezzanine B Note on nonaccrual status in April 2023 and recorded a $14.5 million specific CECL reserve during the first quarter of 2023. As of December, 2023, the amortized cost basis of the Mezzanine A Note was $32.6 million. During the third quarter of 2023, the Mezzanine B Note was charged off as the Company deemed this amount uncollectible. The Development Mezzanine Loan was placed on nonaccrual status in January 2024. During the fourth quarter of 2023, the Company amended a Tualatin, Oregon senior loan with an outstanding principal balance of $39.4 million. The modification reduces the loan spread from 3.96% to 1.5%, and includes an exit fee upon repayment of the loan of 2.5% of the principal balance. The modification allows the sponsor to utilize tenant improvements and leasing commission funds for capital improvements such as rezoning the collateral for additional commercial uses, and exploring rezoning certain parcels for multifamily use. Additionally, the sponsor funded $0.3 million into a reserve to fund operating shortfalls. Nonaccrual and Past Due Loans Loans that are 90 days or more past due as to principal or interest, or where reasonable doubt exists as to timely collection, are generally considered nonperforming and placed on nonaccrual status. The following table provides an aging summary of loans held for investment at carrying values before CECL reserve (dollars in thousands): Current or Less Than 30 Days Past Due 30-59 Days Past Due (1) 60-89 Days Past Due 90 Days or More Past Due (2) Total Loans March 31, 2024 $ 2,763,208 $ 12,450 $ — $ 61,905 $ 2,837,563 December 31, 2023 2,936,506 — — — 2,936,506 _________________________________________ (1) At March 31, 2024, represents the New York, New York Hotel mezzanine loan which is in maturity default. However, because the borrower has paid all interest payments due through March 31, 2024, the loan has not been placed on nonaccrual status. (2) At March 31, 2024, includes one Denver, Colorado multifamily senior loan which was placed on nonaccrual status on December 9, 2023 with a carrying value before CECL reserves of $29.3 million and the Development Mezzanine Loan which was placed on nonaccrual status on January 1, 2024 with a carrying value of $32.6 million. Current Expected Credit Loss Reserve The following table provides details on the changes in CECL reserves (dollars in thousands): CECL reserve at December 31, 2023 $ 76,028 Increase in general CECL reserve (1) 67,058 Increase in specific CECL reserve (2) 7,128 CECL reserve at March 31, 2024 $ 150,214 CECL reserve at December 31, 2022 $ 106,247 Decrease in general CECL reserve (1) (15,418) Increase in specific CECL reserve (3) 55,007 CECL reserve at March 31, 2023 $ 145,836 _________________________________________ (1) Excludes CECL reserves related to unfunded commitments reported on the consolidated statement of operations: $0.2 million for the three months ended March 31, 2024 and a de minimis amount for the three months ended March 31, 2023. (2) During the first quarter of 2024, the Company recorded specific CECL reserves of $7.1 million related to one Denver, Colorado multifamily senior loan. The specific CECL reserve was based on the proceeds the Company expects to receive from the borrower’s sale of the property, which is supported by an executed purchase and sale agreement. (3) During the first quarter of 2023, the Company recorded specific CECL reserves of $29.9 million related to one Washington, D.C. office senior loan, $14.5 million related to the Development Mezzanine Loan and $10.6 million related to one Long Island City, New York office senior loan. Credit Quality Monitoring Loans are typically secured by direct senior priority liens on real estate properties or by interests in entities that directly own real estate properties, which serve as the primary source of cash for the payment of principal and interest. The Company evaluates its loans at least quarterly and differentiates the relative credit quality principally based on: (i) whether the borrower is currently paying contractual debt service in accordance with its contractual terms; and (ii) whether the Company believes the borrower will be able to perform under its contractual terms in the future, as well as the Company’s expectations as to the ultimate recovery of principal at maturity. As of March 31, 2024, all loans were performing in accordance with the contractual terms of their governing documents and were categorized as performing loans, except for the Denver, Colorado multifamily senior loan, the Development Mezzanine Loan and the New York, New York Hotel mezzanine loan, as noted in “Nonaccrual and Past Due Loans” above. As of December 31, 2023, all loans were performing in accordance with the contractual terms of their governing documents and were categorized as performing loans, except for the Denver, Colorado multifamily senior loan, as noted in “Nonaccrual and Past Due Loans” above. For the three months ended March 31, 2024 and March 31, 2023, no debt investment contributed more than 10.0% of interest income. The following tables provide a summary by carrying values before any CECL reserves of the Company’s loans held for investment by year of origination and credit quality risk ranking (dollars in thousands) as of March 31, 2024 and December 31, 2023 (dollars in thousands). Refer to Note 2, “Summary of Significant Accounting Policies” for loan risk ranking definitions. At March 31, 2024, the weighted average risk ranking for loans held for investment was 3.2. March 31, 2024 Year of Origination Risk Rankings 2024 2023 2022 2021 2020 and earlier Total Senior loans 3 $ — $ — $ 697,594 $ 1,016,812 $ 487,547 $ 2,201,953 4 — — 54,151 242,016 223,670 519,837 5 — — 29,263 — — 29,263 Total Senior loans — — 781,008 1,258,828 711,217 2,751,053 Mezzanine loans 3 8,941 28,057 — 49,512 86,510 Total Mezzanine loans — 8,941 28,057 — 49,512 86,510 Total Loans held for investment $ — $ 8,941 $ 809,065 $ 1,258,828 $ 760,729 $ 2,837,563 Current period gross write-offs $ — $ — $ — $ — $ — $ — As of December 31, 2023, the weighted average risk ranking for loans held for investment was 3.2. December 31, 2023 Year of Origination Risk Rankings 2023 2022 2021 2020 2019 and earlier Total Senior loans 3 $ — $ 802,040 $ 1,014,128 $ 62,777 $ 519,328 $ 2,398,273 4 — 53,871 238,842 — 135,979 428,692 5 — 28,809 — — — 28,809 Total Senior loans — 884,720 1,252,970 62,777 655,307 2,855,774 Mezzanine loans 3 4,003 27,211 — — 49,518 80,732 Total Mezzanine loans 4,003 27,211 — — 49,518 80,732 Total Loans held for investment $ 4,003 $ 911,931 $ 1,252,970 $ 62,777 $ 704,825 $ 2,936,506 Current period gross write-offs $ — $ — $ — $ — $ 14,477 $ 14,477 Lending Commitments

Real Estate, net and Real Estat

Real Estate, net and Real Estate Held for Sale	3 Months Ended
Real Estate, net and Real Estate Held for Sale	Mar. 31, 2024
Real Estate [Abstract]
Real Estate, net and Real Estate Held for Sale	Real Estate, net and Real Estate Held for Sale The following table presents the Company’s net lease portfolio, net, as of March 31, 2024 and December 31, 2023 (dollars in thousands): March 31, 2024 December 31, 2023 Land and improvements $ 124,029 $ 127,003 Buildings, building leaseholds, and improvements 485,307 498,291 Tenant improvements 19,611 19,145 Subtotal $ 628,947 $ 644,439 Less: Accumulated depreciation (105,442) (103,468) Net lease portfolio, net $ 523,505 $ 540,971 The following table presents the Company’s portfolio of other real estate, net as of March 31, 2024 and December 31, 2023 (dollars in thousands): March 31, 2024 December 31, 2023 Land and improvements $ 68,433 $ 68,433 Buildings, building leaseholds, and improvements 217,554 217,554 Tenant improvements 27,684 27,668 Furniture, fixtures and equipment 1,204 1,204 Construction-in-progress 4,639 3,142 Subtotal $ 319,514 $ 318,001 Less: Accumulated depreciation (45,991) (43,397) Less: Impairment (1) (7,590) (7,590) Other portfolio, net $ 265,933 $ 267,014 _________________________________________ (1) See Note 12, “Fair Value,” for discussion of impairment of real estate. At March 31, 2024, the Company held four foreclosed properties in other real estate, net with a combined carrying value of $99.8 million and one foreclosed property as held for sale with a carry value of $19.6 million. At December 31, 2023, the Company held four foreclosed properties in other real estate, net with a combined carrying value of $100.4 million and one foreclosed property as held for sale with a carrying value of $19.6 million. Depreciation Expense Depreciation expense on real estate was $6.9 million and $6.0 million for the three months ended March 31, 2024 and 2023 respectively. Property Operating Income For the three months ended March 31, 2024 and 2023 the components of property operating income Three Months Ended March 31, 2024 2023 Lease revenues Minimum lease revenue $ 22,192 $ 19,388 Variable lease revenue 3,025 3,023 Total property operating income (1) $ 25,217 $ 22,411 _________________________________________ (1) Excludes amortization expense related to above and below-market leases of $0.5 million and income of $0.4 million for the three months ended March 31, 2024, respectively. Excludes amortization expense related to above and below-market leases of $0.2 million and income of $0.3 million for the three months ended March 31, 2023, respectively. For the three months ended March 31, 2024 and 2023 the Company had no single property with property operating income equal to or greater than 10.0% of total revenue of the Company. Minimum Future Rents Minimum rental amounts due under leases are generally either subject to scheduled fixed increases or adjustments. The following table presents approximate future minimum rental income under noncancellable operating leases, excluding variable lease revenue of tenant reimbursements, to be received over the next five years and thereafter as of March 31, 2024 (dollars in thousands): Remainder of 2024 $ 62,731 2025 78,353 2026 71,192 2027 66,471 2028 57,510 2029 and thereafter 295,559 Total $ 631,816 The rental properties owned at March 31, 2024 are leased under noncancellable operating leases with current expirations ranging from 2024 to 2038, with certain tenant renewal rights. For certain properties, the tenants pay the Company, in addition to the contractual base rent, their pro rata share of real estate taxes and operating expenses. Certain lease agreements provide for periodic rental increases and others provide for increases based on the consumer price index. Commitments and Contractual Obligations Ground Lease Obligation In connection with real estate acquisitions, the Company assumed certain noncancellable operating ground leases as lessee or sublessee with expiration dates through 2050. Rents on certain ground leases are paid directly by the tenants. Ground rent expense for the three months ended March 31, 2024 and 2023 was $0.8 million and $0.8 million, respectively. Refer to Note 14, “Commitments and Contingencies” for the details of future minimum rental payments on noncancellable ground lease on real estate as of March 31, 2024. Real Estate Acquisitions In the year ended December 31, 2023, the Company acquired legal title to four office properties and one multifamily property. In accordance with ASC 805, the Company allocated the fair value of the assumed assets and liabilities on the respective acquisition dates. Following the acquisitions, four properties are included in real estate, net on the Company’s consolidated balance sheets. One property was classified as held for sale at March 31, 2024 and December 31, 2023. There were no real estate acquisitions in the three months ended March 31, 2024. The following table summarizes the Company’s real estate acquisitions for the year ended December 31, 2023 (dollars in thousands): Purchase Price Allocation Acquisition Date Property Type and Location Number of Buildings/Units (1) Purchase Price (2) Land and Improvements (2) Building and Improvements (2) Furniture and Fixtures (2) Lease Intangible Assets (2) Other Assets Lease Intangible Liabilities (2) Other Liabilities July Office - California (3) 1 $ 13,933 $ 5,718 $ 3,262 $ — $ 4,404 $ 922 $ (2) $ (371) June Office - New York (3) 1 36,177 10,380 24,484 — 1,898 432 (528) (489) June Office - New York (3) 1 36,922 14,786 15,958 — 6,867 876 (193) (1,372) November Office - Washington D.C. (4) 1 19,600 — — — — — — — December Multifamily - Arizona (3) 236 35,213 7,590 25,745 832 1,271 325 — (550) $ 141,845 $ 38,474 $ 69,449 $ 832 $ 14,440 $ 2,555 $ (723) $ (2,782) _________________________________________ (1) For office properties, represents number of buildings. For multifamily properties, represents number of units. (2) Useful life of real estate acquired is 45 years for buildings, four four three (3) Represents assets acquired by the Company through deeds-in-lieu of foreclosure. (4) Represents an asset acquired through foreclosure and subsequently classified as held for sale. As such, no purchase price allocation was completed and purchase price represents the fair value of the property. Impairment During the fourth quarter of 2023, the Company recorded $7.6 million of impairment related to one of the New York office properties. The impairment was due to a reduction in the estimated holding period of the property and increased capital expenditures. The estimated fair value of the collateral was determined by using a discounted cash flow model. Refer to Note 12 “Fair Value” for further discussion. Real Estate Held for Sale The following table summarizes the Company’s assets held for sale related to real estate (dollars in thousands): March 31, 2024 December 31, 2023 Assets Real estate, net $ 19,605 $ 19,600 Total assets held for sale $ 19,605 $ 19,600

Deferred Leasing Costs and Othe

Deferred Leasing Costs and Other Intangibles	3 Months Ended
Deferred Leasing Costs and Other Intangibles	Mar. 31, 2024
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Deferred Leasing Costs and Other Intangibles	Deferred Leasing Costs and Other Intangibles The Company’s deferred leasing costs, other intangible assets and intangible liabilities, excluding those related to assets held for sale, at March 31, 2024 and December 31, 2023 are as follows (dollars in thousands): March 31, 2024 Carrying Amount Accumulated Amortization Net Carrying Amount Deferred Leasing Costs and Intangible Assets In-place lease values $ 81,509 $ (43,725) $ 37,784 Deferred leasing costs 31,030 (19,197) 11,833 Above-market lease values 13,617 (8,651) 4,966 $ 126,156 $ (71,573) $ 54,583 Intangible Liabilities Below-market lease values $ 16,798 $ (13,025) $ 3,773 December 31, 2023 Carrying Amount Accumulated Amortization Net Carrying Amount Deferred Leasing Costs and Intangible Assets In-place lease values $ 82,604 $ (41,509) $ 41,095 Deferred leasing costs 31,004 (18,571) 12,433 Above-market lease values 13,617 (8,174) 5,443 $ 127,225 $ (68,254) $ 58,971 Intangible Liabilities Below-market lease values $ 16,798 $ (12,660) $ 4,138 The following table summarizes the amortization of deferred leasing costs, intangible assets and intangible liabilities for the three months ended March 31, 2024 and 2023 (dollars in thousands): Three Months Ended March 31, 2024 2023 Above-market lease values $ (474) $ (199) Below-market lease values 362 339 Net increase (decrease) to property operating income $ (112) $ 140 In-place lease values $ 2,728 $ 1,283 Deferred leasing costs 694 664 Amortization expense $ 3,422 $ 1,947 The following table presents the amortization of deferred leasing costs, intangible assets and intangible liabilities, for each of the next five years and thereafter as of March 31, 2024 (dollars in thousands): Remainder of 2024 2025 2026 2027 2028 2029 and thereafter Total Above-market lease values $ (1,350) $ (1,588) $ (973) $ (364) $ (313) $ (378) $ (4,966) Below-market lease values 1,094 1,458 785 81 81 274 3,773 Net increase (decrease) to property operating income $ (256) $ (130) $ (188) $ (283) $ (232) $ (104) $ (1,193) In-place lease values $ 4,889 $ 5,420 $ 4,084 $ 3,371 $ 3,232 $ 16,788 $ 37,784 Deferred leasing costs 2,043 2,449 1,344 1,111 922 3,964 11,833 Amortization expense $ 6,932 $ 7,869 $ 5,428 $ 4,482 $ 4,154 $ 20,752 $ 49,617

Restricted Cash, Other Assets a

Restricted Cash, Other Assets and Accrued and Other Liabilities	3 Months Ended
	Mar. 31, 2024
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Restricted Cash, Other Assets and Accrued and Other Liabilities	Restricted Cash, Other Assets and Accrued and Other Liabilities The following table presents a summary of restricted cash as of March 31, 2024 and December 31, 2023 (dollars in thousands): March 31, 2024 December 31, 2023 Restricted cash: Borrower escrow deposits $ 68,940 $ 88,603 Capital expenditure reserves 9,415 10,534 Real estate escrow reserves 2,899 2,198 Working capital and other reserves 2,826 2,396 Tenant lockboxes 655 852 Total $ 84,735 $ 104,583 The following table presents a summary of other assets as of March 31, 2024 and December 31, 2023 (dollars in thousands): March 31, 2024 December 31, 2023 Other assets: Right-of-use lease asset $ 25,705 $ 22,094 Tax receivable and deferred tax assets 16,623 16,634 Investments in unconsolidated ventures at fair value 2,251 2,251 Deferred financing costs, net – credit facilities 2,072 3,807 Prepaid expenses and other 1,681 2,730 Derivative assets 77 164 Total $ 48,409 $ 47,680 The following table presents a summary of accrued and other liabilities as of March 31, 2024 and December 31, 2023 (dollars in thousands): March 31, 2024 December 31, 2023 Accrued and other liabilities: Operating lease liability $ 26,559 $ 22,926 Current and deferred tax liability 22,804 24,202 Interest payable 12,514 11,324 Accounts payable, accrued expenses and other liabilities 9,831 17,569 Prepaid rent and unearned revenue 6,857 7,219 Tenant security deposits 1,610 1,617 Unfunded CECL loan allowance 650 425 Other — 219 Total $ 80,825 $ 85,501 Investments in Unconsolidated Ventures at Fair Value Private Funds The Company elected to account for its indirect interests in real estate through real estate private equity funds (“PE Investments”), which interests ranged from 1.0% to 10.0% as of March 31, 2024 and December 31, 2023, respectively. The Company records equity in earnings for these investments based on a change in fair value of its share of projected future cash flows. Investments in Unconsolidated Ventures

Debt

Debt	3 Months Ended
Debt	Mar. 31, 2024
Debt Disclosure [Abstract]
Debt	Debt The following table presents debt as of March 31, 2024 and December 31, 2023 (dollars in thousands): March 31, 2024 December 31, 2023 Capacity ($) Recourse vs. Non-Recourse (1) Final Contractual Principal Amount (2) Carrying Value (2) Principal Amount (2) Carrying Value (2) Securitization bonds payable, net CLNC 2019-FL1 (3) Non-recourse Aug-35 SOFR (4) + 2.17% $ 311,603 $ 311,595 $ 312,337 $ 312,305 BRSP 2021-FL1 (3) Non-recourse Aug-38 SOFR (4) + 1.53% 595,590 594,915 601,590 600,240 Subtotal securitization bonds payable, net 907,193 906,510 913,927 912,545 Mortgage and other notes payable, net Net lease 1 Non-recourse Sep-33 4.77% 200,000 198,895 200,000 198,871 Net lease 2 (5) Non-recourse Jun-25 3.91% 147,517 148,013 157,216 157,819 Net lease 3 Non-recourse Aug-26 4.08% 29,237 29,134 29,352 29,238 Net lease 4 Non-recourse Oct-27 4.45% 21,825 21,825 21,976 21,976 Net lease 5 (6) Non-recourse Nov-26 4.45% 16,979 16,783 17,082 16,869 Net lease 5 (7) Non-recourse Mar-28 4.38% 11,206 10,768 11,271 10,833 Net lease 6 Non-recourse Nov-26 4.45% 6,746 6,668 6,787 6,702 Net lease 8 Non-recourse Nov-26 4.45% 3,127 3,091 3,146 3,107 Other real estate 1 Non-recourse Oct-24 4.47% 100,754 100,754 101,260 101,260 Other real estate 2 Non-recourse Jan-25 4.30% 68,913 68,797 69,315 69,152 Loan 1 (8) Non-recourse Jun-26 SOFR + 4.25% 34,466 34,466 34,466 34,466 Subtotal mortgage and other notes payable, net 640,770 639,194 651,871 650,293 Bank credit facility Bank credit facility $ 165,000 Recourse Jan-27 (9) SOFR + 2.25% — — — — Subtotal bank credit facility — — — — Master repurchase facilities Bank 1 600,000 Limited Recourse (10) Apr-27 (11) SOFR + 2.19% (12) 392,534 392,534 490,261 490,261 Bank 2 600,000 Limited Recourse (10) Apr-27 (13) SOFR + 1.96% (12) 245,810 245,810 261,753 261,753 Bank 3 400,000 (14) June-27 (15) SOFR + 1.74% (12) 237,985 237,985 237,985 237,985 Bank 4 400,000 Limited Recourse (10) July-27 (16) SOFR + 1.79% (12) 155,187 155,187 162,724 162,724 Subtotal master repurchase facilities $ 2,000,000 1,031,516 1,031,516 1,152,723 1,152,723 Subtotal credit facilities 1,031,516 1,031,516 1,152,723 1,152,723 Total $ 2,579,479 $ 2,577,220 $ 2,718,521 $ 2,715,561 _________________________________________ (1) Subject to customary non-recourse carveouts. (2) Difference between principal amount and carrying value of securitization bonds payable, net and mortgage and other notes payable, net is attributable to deferred financing costs, net and premium/discount on mortgage notes payable. (3) The Company, through indirect Cayman subsidiaries, securitized commercial mortgage loans originated by the Company. Senior notes issued by the securitization trusts were generally sold to third parties and subordinated notes retained by the Company. These securitizations are accounted for as secured financing with the underlying mortgage loans pledged as collateral. Principal payments from underlying collateral loans must be applied to repay the notes until fully paid off, irrespective of the contractual maturities on the notes. Underlying collateral loans have initial terms of two (4) As of June 17, 2021, the benchmark index interest rate for CLNC 2019-FL1 was converted from the one-month London Interbank Offered Rates (“LIBOR”) to Compounded Secured Overnight Financing Rate (“SOFR”), plus a benchmark adjustment of 11.448 basis points. As of February 19, 2022, the benchmark index interest rate was converted from Compounded SOFR to Term SOFR, plus a benchmark adjustment of 11.448 basis points, conforming with the indenture agreement. As of May 26, 2023, the benchmark index interest rate for BRSP 2021-FL1 was converted from LIBOR to Term SOFR, plus a benchmark adjustment of 11.448 basis points, conforming with the indenture agreement . (5) As of March 31, 2024, the outstanding principal of the mortgage payable was NOK 1.6 billion , which translated to $147.5 million. (6) Payment terms are periodic payment of principal and interest for debt on two properties and periodic payment of interest only with principal at maturity (except for principal repayments to release collateral properties disposed) for debt on one property. (7) Represents a mortgage note collateralized by three properties. (8) In June 2023, the Company completed a refinancing of Loan 1 which modified the interest rate to SOFR plus 4.25%. The current maturity of the note payable is June 2024, with two one-year extensions available at the Company’s option, which may be exercised upon the satisfaction of certain customary conditions set forth in the governing documents. (9) On January 28, 2022, the Company, through its subsidiaries, including the OP, entered into an Amended and Restated Credit Agreement. Refer to “Bank Credit Facility” within this note for more details. (10) Recourse solely with respect to 25.0% of the financed amount. (11) The current maturity date is April 2025, with two one-year extension options, which may be exercised upon the satisfaction of certain customary conditions set forth in the governing documents. (12) Represents the weighted average spread as of March 31, 2024. The contractual interest rate depends upon asset type and characteristics and ranges from SOFR plus 1.50% to 2.75%. (13) The current maturity date is April 20 26, with a one-year extension available at the option of the Company, whic h may be exercised upon the satisfaction of certain customary conditions set forth in the governing documents. (14) Recourse is either 25.0% or 50.0% depending on loan metrics. (15) The current maturity date is June 2025, with two one-year extensions available at the option of the Company, which may be exercised upon the satisfaction of certain customary conditions set forth in the governing documents. (16) The current maturity date is July 2024, with three one-year extensions available at the option of the Company, which may be exercised upon the satisfaction of certain customary conditions set forth in the governing documents. Future Minimum Principal Payments The following table summarizes future scheduled minimum principal payments at March 31, 2024 based on initial maturity dates or extended maturity dates to the extent criteria are met and the extension option is at the borrower’s discretion (dollars in thousands): Total Securitization Bonds Payable, Net Mortgage Notes Payable, Net Credit Facilities Remaining 2024 $ 102,422 $ — $ 102,422 $ — 2025 218,759 — 218,759 — 2026 89,091 — 89,091 — 2027 1,051,875 — 20,359 1,031,516 2028 10,139 — 10,139 — 2029 and thereafter 1,107,193 907,193 200,000 — Total $ 2,579,479 $ 907,193 $ 640,770 $ 1,031,516 Bank Credit Facility The Company uses bank credit facilities (including term loans and revolving facilities) to finance the business. These financings may be collateralized or non-collateralized and may involve one or more lenders. Credit facilities typically have maturities ranging from two On January 28, 2022, the OP (together with certain subsidiaries of the OP from time to time party thereto as borrowers, collectively, the “Borrowers”) entered into an Amended and Restated Credit Agreement (the “Credit Agreement”) with JPMorgan Chase Bank, N.A., as administrative agent (the “Administrative Agent”), and the several lenders from time to time party thereto (the “Lenders”), pursuant to which the Lenders agreed to provide a revolving credit facility in the aggregate principal amount of up to $165.0 million, of which up to $25.0 million is available as letters of credit. Loans under the Credit Agreement may be advanced in U.S. dollars and certain foreign currencies, including euros, pounds sterling and swiss francs. The Credit Agreement amended and restated the OP’s prior $300.0 million revolving credit facility that would have matured on February 1, 2022. The Credit Agreement also includes an option for the Borrowers to increase the maximum available principal amount up to $300.0 million, subject to one or more new or existing Lenders agreeing to provide such additional loan commitments and satisfaction of other customary conditions. Advances under the Credit Agreement accrue interest at a per annum rate equal to, at the applicable Borrower’s election, either (x) an adjusted SOFR rate plus a margin of 2.25%, or (y) a base rate equal to the highest of (i) the Wall Street Journal’s prime rate, (ii) the federal funds rate plus 0.50% and (iii) the adjusted SOFR rate plus 1.00%, plus a margin of 1.25%. An unused commitment fee at a rate of 0.25% or 0.35%, per annum, depending on the amount of facility utilization, applies to un-utilized borrowing capacity under the Credit Agreement. Amounts owed under the Credit Agreement may be prepaid at any time without premium or penalty, subject to customary breakage costs in the case of borrowings with respect to which a SOFR rate election is in effect. The maximum amount available for borrowing at any time under the Credit Agreement is limited to a borrowing base valuation of certain investment assets, with the valuation of such investment assets generally determined according to a percentage of adjusted net book value. As of March 31, 2024, the borrowing base valuation is sufficient to permit borrowings of up to the entire $165.0 million. If any borrowing is outstanding for more than 180 days after its initial draw, the borrowing base valuation will be reduced by 50% until all outstanding borrowings are repaid in full. The ability to borrow new amounts under the Credit Agreement terminates on January 31, 2026, at which time the OP may, at its election and by written notice to the Administrative Agent, extend the termination date for two additional terms of six months each, subject to the terms and conditions in the Credit Agreement, resulting in a latest termination date of January 31, 2027. The obligations of the Borrowers under the Credit Agreement are guaranteed pursuant to a Guarantee and Collateral Agreement by substantially all material wholly owned subsidiaries of the OP (the “Guarantors”) in favor of the Administrative Agent (the “Guarantee and Collateral Agreement”) and, subject to certain exceptions, secured by a pledge of substantially all equity interests owned by the Borrowers and the Guarantors, as well as by a security interest in deposit accounts of the Borrowers and the Guarantors in which the proceeds of investment asset distributions are maintained. The Credit Agreement contains various affirmative and negative covenants, including, among other things, the obligation of the Company to maintain REIT status and be listed on the New York Stock Exchange, and limitations on debt, liens and restricted payments. In addition, the Credit Agreement includes the following financial covenants applicable to the OP and its consolidated subsidiaries: (a) minimum consolidated tangible net worth of the OP to be greater than or equal to the sum of (i) $1,112,000,000 and (ii) 70% of the net cash proceeds received by the OP from any offering of its common equity after September 30, 2021 and of the net cash proceeds from any offering by the Company of its common equity to the extent such proceeds are contributed to the OP, excluding any such proceeds that are contributed to the OP within ninety (90) days of receipt and applied to acquire capital stock of the OP; (b) the OP’s ratio of EBITDA plus lease expenses to fixed charges for any period of four (4) consecutive fiscal quarters to be not less than 1.50 to 1.00; (c) the OP’s minimum interest coverage ratio to be not less than 3.00 to 1.00; and (d) the OP’s ratio of consolidated total debt to consolidated total assets to be not more than 0.80 to 1.00. The Credit Agreement also includes customary events of default, including, among other things, failure to make payments when due, breach of covenants or representations, cross default to material indebtedness, material judgment defaults, bankruptcy matters involving any Borrower or any Guarantor and certain change of control events. The occurrence of an event of default will limit the ability of the OP and its subsidiaries to make distributions and may result in the termination of the credit facility, acceleration of repayment obligations and the exercise of remedies by the Lenders with respect to the collateral. As of March 31, 2024, the Company was in compliance with all of its financial covenants under the Credit Agreement. Securitization Financing Transactions Securitization bonds payable, net represent debt issued by securitization vehicles consolidated by the Company. Senior notes issued by these securitization trusts were generally sold to third parties and subordinated notes retained by the Company. Payments from underlying collateral loans must be applied to repay the notes until fully paid off, irrespective of the contractual maturities of the loans. The Company evaluated the key terms in the collateralized loan obligation (“CLO”) governing documents of the issuers of the CRE CLOs (“CRE CLO Issuers”), which are wholly-owned subsidiaries of the Company, to determine if they were VIEs and, if so, whether the Company was the primary beneficiary and therefore consolidate the CRE CLOs. The Company concluded that the CRE CLO Issuers are VIEs and the Company is the primary beneficiary because it has the ability to control the most significant activities of the CRE CLO Issuers, the obligation to absorb losses to the extent of its equity investments, and the right to receive benefits that could potentially be significant to these entities. As of March 31, 2024, the Company had $1.2 billion carrying value of CRE debt investments and other assets financed with $907.2 million of securitization bonds payable, net. As of December 31, 2023, the Company had $1.2 billion carrying value of CRE debt investments financed with $913.9 million of securitization bonds payable, net. CLNC 2019-FL1 In October 2019, the Company executed a securitization transaction, through wholly-owned subsidiaries, CLNC 2019-FL1, Ltd. and CLNC 2019-FL1, LLC (collectively, “CLNC 2019-FL1”), which resulted in the sale of $840.4 million of investment grade notes. As of March 31, 2024, the securitization reflects an advance rate of 65.2% at a weighted average cost of funds of Adjusted Term SOFR plus 2.17% (before transaction expenses) and is collateralized by a pool of 14 senior loan investments. On March 5, 2021, the Financial Conduct Authority of the U.K. (the “FCA”) announced that LIBOR tenors relevant to CLNC 2019-FL1 would cease to be published or no longer be representative after June 30, 2023. The Alternative Reference Rates Committee (the “ARRC”) interpreted this announcement to constitute a benchmark transition event. As of June 17, 2021, the benchmark index interest rate was converted from LIBOR to compounded SOFR, plus a benchmark adjustment of 11.448 basis points with a lookback period equal to the number of calendar days in the applicable Interest Accrual Period plus two As of February 19, 2022, the benchmark index interest rate was converted from Compounded SOFR to Term SOFR, plus a benchmark adjustment of 11.448 basis points, conforming with the indenture agreement. Term SOFR for any interest accrual period shall be the one-month CME Term SOFR Reference Rate as published by the CME Group Benchmark Administration on each benchmark determination date. CLNC 2019-FL1 included a two-year reinvestment feature that allowed the Company to contribute existing or newly originated loan investments in exchange for proceeds from repayments or repurchases of loans held in CLNC 2019-FL1, subject to the satisfaction of certain conditions set forth in the indenture. The reinvestment period for CLNC 2019-FL1 expired on October 19, 2021. During the three months ended March 31, 2024, one loan held in CLNC 2019-FL1 was partially repaid totaling $0.7 million. The proceeds from the repayment were used to amortize the securitization bonds in accordance with the securitization priority of repayments. At March 31, 2024, the Company had $477.7 million of unpaid principal balance of CRE debt investments financed with CLNC 2019-FL1. Additionally, CLNC 2019-FL1 contains note protection tests that can be triggered as a result of contributed loan defaults, losses, and certain other events outlined in the indenture, beyond established thresholds. A note protection test failure that is not remedied can result in the redirection of interest proceeds from the below investment grade tranches to amortize the most senior outstanding tranche. The Company did not fail any note protection tests during the three months ended March 31, 2024 and March 31, 2023. While the Company continues to closely monitor all loan investments contributed to CLNC 2019-FL1, a deterioration in the performance of an underlying loan could negatively impact its liquidity position. In the second quarter of 2023, the Company transitioned the CLNC 2019-FL1 mortgage assets to SOFR, eliminating the basis difference between CLNC 2019-FL1 assets and liabilities. The transition to SOFR did not have a material impact to CLNC 2019-FL1’s assets and liabilities and related interest expense. BRSP 2021-FL1 In July 2021, the Company executed a securitization transaction through wholly-owned subsidiaries, BRSP 2021-FL1, Ltd. and BRSP 2021-FL1, LLC (collectively, “BRSP 2021-FL1”), which resulted in the sale of $670.0 million of investment grade notes. As of May 26, 2023, the benchmark index interest rate was converted from LIBOR to Term SOFR, plus a benchmark adjustment of 11.448 basis points, pursuant to the indenture agreement. Term SOFR for any interest accrual period shall be the one-month CME Term SOFR reference rate as published by the CME Group benchmark administration on each benchmark determination date. BRSP 2021-FL1 included a two-year reinvestment feature that allowed the Company to contribute existing or newly originated loan investments in exchange for proceeds from repayments or repurchases of loans held in BRSP 2021-FL1, subject to the satisfaction of certain conditions set forth in the indenture. The reinvestment period for BRSP 2021-FL1 expired on July 20, 2023. During the three months ended March 31, 2024, one loan held in BRSP 2021-F1 was partially repaid, totaling $6.0 million. The proceeds from the repayment were used to amortize the securitization bonds in accordance with the securitization priority of repayments. At March 31, 2024, the Company had $725.6 million of unpaid principal balance of CRE debt investments financed with BRSP 2021-FL1. As of March 31, 2024, the securitization reflects an advance rate of 82.1% at a weighted average cost of funds of Term SOFR plus 1.53% (before transaction costs), and is collateralized by a pool of 26 senior loan investments. Additionally, BRSP 2021-FL1 contains note protection tests that can be triggered as a result of contributed loan defaults, losses, and certain other events outlined in the indenture, beyond established thresholds. A note protection test failure that is not remedied can result in the redirection of interest proceeds from the below investment grade tranches to amortize the most senior outstanding tranche. The Company did not fail any note protection tests during the three months ended March 31, 2024 and March 31, 2023. While the Company continues to closely monitor all loan investments contributed to BRSP 2021-FL1, a deterioration in the performance of an underlying loan could negatively impact its liquidity position. Master Repurchase Facilities As of March 31, 2024, the Company, through subsidiaries, had entered into repurchase agreements with multiple global financial institutions to provide an aggregate principal amount of up to $2.0 billion to finance the origination of first mortgage loans and senior loan participations secured by CRE debt investments (“Master Repurchase Facilities”). The Company agreed to guarantee certain obligations under the Master Repurchase Facilities, which contain representations, warranties, covenants, conditions precedent to funding, events of default and indemnities that are customary for agreements of this type. The Master Repurchase Facilities act as revolving loan facilities that can be paid down as assets are repaid or sold and re-drawn upon for new investments. As of March 31, 2024, the Company was in compliance with all of its financial covenants under the Master Repurchase Facilities. As of March 31, 2024, the Company had $1.4 billion carrying value of CRE debt investments financed with $1.0 billion under the Master Repurchase Facilities. As of December 31, 2023, the Company had $1.5 billion carrying value of CRE debt investments financed with $1.2 billion under the Master Repurchase Facilities. As of March 31, 2024 and December 31, 2023, the Company had one counterparty, Bank 1, with net exposure (collateral that exceeded amounts borrowed) totaling more than 10% of the Company’s total equity. As of March 31, 2024 and December 31, 2023, the Company’s net exposure to Bank 1 was $167.9 million and $188.3 million, respectively.

Related Party Arrangements

Related Party Arrangements	3 Months Ended
Related Party Arrangements	Mar. 31, 2024
Related Party Transactions [Abstract]
Related Party Arrangements	Related Party Arrangements The Company had no related party transactions as of and for the three months ended March 31, 2024 and 2023.

Equity-Based Compensation

Equity-Based Compensation	3 Months Ended
Equity-Based Compensation	Mar. 31, 2024
Share-Based Payment Arrangement [Abstract]
Equity-Based Compensation	Equity-Based Compensation On February 15, 2022, the Company’s Board of Directors adopted, and at the annual meeting of stockholders held on May 5, 2022, the stockholders approved, the 2022 Equity Incentive Plan (the “2022 Plan”), which was effective as of May 5, 2022 and amends and restates the Company’s 2018 Equity Incentive Plan (the “2018 Plan”) to increase the total number of shares of the Class A common stock issuable by 10.0 million shares (subject to adjustment pursuant to the terms of the 2022 Plan) and extending the termination date to May 4, 2032. Awards may be granted under the 2022 Plan to (x) any employee, officer, director, consultant or advisor (who is a natural person) providing services to the Company, or its affiliates and (y) any other individual whose participation in the 2022 Plan is determined to be in the best interests of the Company. The following types of awards may be made under the 2022 Plan, subject to the limitations set forth in the plan: (i) stock options (which may be either incentive stock options or non-qualified stock options); (ii) stock appreciation rights; (iii) restricted stock awards; (iv) stock units; (v) unrestricted stock awards; (vi) dividend equivalent rights; (vii) performance awards; (viii) annual cash incentive awards; (ix) long-term incentive units; and (x) other equity-based awards. Shares subject to an award granted under the 2022 Plan will be counted against the maximum number of shares of Class A common stock available for issuance thereunder as one share of Class A common stock for every one share of Class A common stock subject to such an award. Shares subject to an award granted under the 2022 Plan will again become available for issuance under the 2022 Plan if the award terminates by expiration, forfeiture, cancellation, or otherwise without the issuance of such shares (except as set forth in the following sentence). The number of shares of Class A common stock available for issuance under the 2022 Plan will not be increased by (i) any shares tendered or withheld in connection with the purchase of shares upon exercise of a stock option, (ii) any shares deducted or delivered in connection with the Company’s tax withholding obligations, or (iii) any shares purchased by the Company with proceeds from stock option exercises. Shares granted to non-independent directors, officers and employees, if applicable, generally vest ratably in three annual installments following the grant date. On May 5, 2022, the Company granted 1,456,366 shares of Class A common stock to certain of its employees, including executive officers. The remaining one-third increment of such share grant will vest on March 15, 2025. On March 6, 2023, the Company granted 1,391,217 shares of Class A common stock to certain of its employees, including executive officers. Remaining one-third increments of such share grant will vest on March 15, 2025 and March 15, 2026. On May 6, 2022, the Company granted 62,190 shares of Class A common stock to the independent directors of the Company which vested on May 6, 2023. On May 17, 2023, the Company granted 93,285 shares of Class A common stock to the independent directors of the Company which vest on May 17, 2024. On March 15, 2024, the Company granted 1,243,696 shares of Class A common stock to certain of its employees, including executive officers. The shares vest in one-third increments on March 15, 2025, March 15, 2026 and March 15, 2027. Equity-Based Compensation Expense In connection with the share grants, the Company recognized share-based compensation expense of $2.2 million and $2.3 million within compensation and benefits in the consolidated statement of operations for the three months ended March 31, 2024 and 2023, respectively. Restricted Stock —Restricted stock awards relating to the Company’s Class A common stock are granted to non-employee directors of the Company and generally vest within one year. Restricted stock awards are granted to certain employees of the Company, with a service condition only and are generally subject to annual time-based vesting in equal tranches over a three-year period. Restricted stock is entitled to dividends declared and paid on the Company’s Class A common stock and such dividends are not forfeitable prior to vesting of the award. Restricted stock awards are valued based on the Company’s Class A common stock price on grant date and equity-based compensation expense is recognized on a straight-line basis over the requisite three-year service period. Performance Stock Units (“PSU”) —PSUs are granted to certain employees of the Company and are subject to both a service condition and a performance condition. Following the end of the measurement period for the PSUs, the recipients of PSUs may be eligible to vest in all or a portion of PSUs granted, and be issued a number of shares of the Company’s Class A common stock, ranging from 0% to 200% of the number of PSUs granted and eligible to vest, to be determined based upon the Company’s total shareholder return relative to certain peer group companies at the end of a three-year measurement period for the 2023 PSU grant (the “2023 Grant”) and the 2024 PSU grant (the “2024 Grant”). PSUs also contain dividend equivalent rights which entitle the recipients to a payment equal to the amount of dividends that would have been paid on the shares that are ultimately issued at the end of the measurement period. Fair value of PSUs, including dividend equivalent rights, was determined using a Monte Carlo simulation, with the following assumptions. 2024 Grant Expected volatility (1) 35.6 % Risk free rate (2) 4.3 % Expected dividend yield (3) — _________________________________________ (1) Based upon the Company’s historical stock volatility. (2) Based upon the continuously compounded zero-coupon U.S. Treasury yield for the term coinciding with the measurement period of the award as of valuation date. (3) Based upon award holders being entitled to dividends paid during the measurement period on any shares earned. 2023 Grant Expected volatility (1) 74.4 % Risk free rate (2) 4.6 % Expected dividend yield (3) — _________________________________________ (1) Based upon the Company’s historical stock volatility. (2) Based upon the continuously compounded zero-coupon U.S. Treasury yield for the term coinciding with the measurement period of the award as of valuation date. (3) Based upon award holders being entitled to dividends paid during the measurement period on any shares earned. Fair value of PSU awards, excluding dividend equivalent rights, is generally recognized on a straight-line basis over their measurement period as compensation expense, except when certain performance metrics are achieved. Following the completion of the measurement period for the 2021 Grant, the Company issued 136,000 shares of Class A common stock to certain of its employees in March 2023. The table below summarizes the Company’s awards granted, forfeited or vested under the 2022 Plan during the three months ended March 31, 2024 and 2023: Number of Shares Weighted Average Grant Date Fair Value Restricted Stock PSUs Total Restricted Stock PSUs Unvested shares at December 31, 2022 2,308,691 272,000 2,580,691 $ 8.47 $ 11.96 Granted 1,391,217 384,378 1,775,595 6.90 9.69 Vested (888,834) (136,000) (1,024,834) 8.46 11.96 Forfeited — (136,000) (136,000) — 11.96 Unvested shares at March 31, 2023 2,811,074 384,378 3,195,452 7.70 9.69 Unvested shares at December 31, 2023 2,787,807 384,378 3,172,185 $ 7.61 $ 9.69 Granted 1,243,696 534,056 1,777,752 6.71 7.82 Vested (1,326,222) — (1,326,222) 7.92 — Unvested shares at March 31, 2024 2,705,281 918,434 3,623,715 7.05 8.60 Fair value of equity awards that vested during the three months ended March 31, 2024 and March 31, 2023, determined based on their respective fair values at vesting date, was $9.1 million and $5.4 million, respectively. Fair value of granted awards is determined based on the closing price of the Class A common stock on the date of grant of the awards. Equity-based compensation is classified within compensation and benefits in the consolidated statement of operations.

Stockholders' Equity

Stockholders' Equity	3 Months Ended
Stockholders' Equity	Mar. 31, 2024
Equity [Abstract]
Stockholders' Equity	Stockholders’ Equity Authorized Capital As of March 31, 2024, the Company had the authority to issue up to 1.0 billion shares of stock, at $0.01 par value per share, consisting of 950.0 million shares of Class A common stock and 50.0 million shares of preferred stock. The Company had no shares of preferred stock issued and outstanding as of March 31, 2024 and December 31, 2023. Dividends During the three months ended March 31, 2024 and 2023, the Company declared the following dividends on its common stock: Declaration Date Record Date Payment Date Per Share March 15, 2024 March 29, 2024 April 15, 2024 $0.20 March 16, 2023 March 31, 2023 April 17, 2023 $0.20 Share Repurchases In April 2024, the Company’s board of directors authorized a stock repurchase program (“Stock Repurchase Program”) under which the Company may repurchase up to $50.0 million of its outstanding Class A common stock until April 30, 2025. The Stock Repurchase Program replaces the prior repurchase program authorization which expired on April 30, 2024. Under the Stock Repurchase Program, the Company may repurchase shares in open market purchases, in privately negotiated transactions or otherwise. The Company has a written trading plan as part of the Share Repurchase Program that provides for share repurchases in open market transactions that is intended to comply with Rule 10b-18 under the Exchange Act. The Stock Repurchase Program will be utilized at management’s discretion and in accordance with the requirements of the SEC. The timing and actual number of shares repurchased will depend on a variety of factors including price, corporate requirements and other conditions. The Company did not repurchase any shares of its Class A common stock during the three months ended March 31, 2024. As of March 31, 2024, there was $50.0 million remaining available to make repurchases under the prior stock repurchase program. Accumulated Other Comprehensive Income (Loss) The following tables present the changes in each component of Accumulated Other Comprehensive Income (Loss) (“AOCI”) attributable to stockholders, net of immaterial tax effect. Changes in Components of AOCI - Stockholders (dollars in thousands) Unrealized gain on net investment hedges Foreign currency translation loss Total AOCI at December 31, 2023 $ 18,603 $ (21,159) $ (2,556) Other comprehensive loss — (3,594) (3,594) AOCI at March 31, 2024 $ 18,603 $ (24,753) $ (6,150) (dollars in thousands) Unrealized gain on net investment hedges Foreign currency translation loss Total AOCI at December 31, 2022 $ 18,603 $ (19,279) $ (676) Other comprehensive loss — (3,463) (3,463) AOCI at March 31, 2023 $ 18,603 $ (22,742) $ (4,139)

Noncontrolling Interests

Noncontrolling Interests	3 Months Ended
Noncontrolling Interests	Mar. 31, 2024
Noncontrolling Interest [Abstract]
Noncontrolling Interests	Noncontrolling Interests Investment Entities

Fair Value

Fair Value	3 Months Ended
Fair Value	Mar. 31, 2024
Fair Value Disclosures [Abstract]
Fair Value	Fair Value Determination of Fair Value The following is a description of the valuation techniques used to measure fair value of assets accounted for at fair value on a recurring basis and the general classification of these instruments pursuant to the fair value hierarchy. PE Investments The Company accounts for PE Investments at fair value which is determined based on either a valuation model using assumptions for the timing and amount of expected future cash flow for income and realization events for the underlying assets in the funds and discount rate, or pending sales prices, if applicable. This fair value measurement is generally based on unobservable inputs and, as such, is classified as Level 3 of the fair value hierarchy, unless the PE Investments are valued based on pending sales prices, which are classified as Level 2 of the fair value hierarchy. The Company considers cash flow and NAV information provided by general partners of the underlying funds (“GP NAV”) and the implied yields of those funds in valuing its PE Investments. The Company also considers the values derived from the valuation model as a percentage of GP NAV, and compares the resulting percentage of GP NAV to precedent transactions, independent research, industry reports as well as pricing from executed purchase and sale agreements related to the disposition of its PE Investments. The Company may, as a result of that comparison, apply a mark-to-market adjustment. The Company has not elected the practical expedient to measure the fair value of its PE Investments using the NAV of the underlying funds. Derivatives Derivative instruments consist of interest rate contracts and foreign exchange contracts that are generally traded over-the-counter, and are valued using a third-party service provider. Quotations on over-the counter derivatives are not adjusted and are generally valued using observable inputs such as contractual cash flows, yield curve, foreign currency rates and credit spreads, and are classified as Level 2 of the fair value hierarchy. Although credit valuation adjustments, such as the risk of default, rely on Level 3 inputs, these inputs are not significant to the overall valuation of its derivatives. As a result, derivative valuations in their entirety are classified as Level 2 of the fair value hierarchy. Fair Value Hierarchy Financial assets recorded at fair value on a recurring basis are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. The following table presents financial assets that were accounted for at fair value on a recurring basis as of March 31, 2024 and December 31, 2023 by level within the fair value hierarchy (dollars in thousands): March 31, 2024 December 31, 2023 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Assets: Other assets - PE Investments $ — $ — $ 2,251 $ 2,251 $ — $ — $ 2,251 $ 2,251 Other assets - derivative assets — 77 — 77 — 164 — 164 The following table presents the changes in fair value of financial assets which are measured at fair value on a recurring basis using Level 3 inputs to determine fair value for the three months ended March 31, 2024 and 2023 (dollars in thousands): Three Months Ended March 31, 2024 2023 Other assets - PE Investments Other assets - PE Investments Beginning balance $ 2,251 $ 3,035 Distributions/paydowns — (245) Ending balance $ 2,251 $ 2,790 As of March 31, 2024 and December 31, 2023, the Company utilized a discounted cash flow model, comparable precedent transactions and other market information to quantify Level 3 fair value measurements on a recurring basis. As of March 31, 2024 and December 31, 2023, the key unobservable inputs used in the analysis of PE Investments included discount rates with a range of 11.0% to 12.0% and timing and amount of expected future cash flows. Significant increases or decreases in any one of the inputs described above in isolation may result in significantly different fair value of the financial assets and liabilities using such Level 3 inputs. Fair Value Option The Company may elect to apply the fair value option of accounting for certain of its financial assets or liabilities due to the nature of the instrument at the time of the initial recognition of the investment. The Company elected the fair value option for PE Investments because management believes it is a more useful presentation for such investments. The Company determined recording the PE Investments based on the change in fair value of projected future cash flow from one period to another better represents the underlying economics of the respective investment. As of March 31, 2024 and December 31, 2023, the Company has elected not to apply the fair value option for any other eligible financial assets or liabilities. Fair Value of Financial Instruments In addition to the above disclosures regarding financial assets or liabilities which are recorded at fair value, GAAP requires disclosure of fair value about all financial instruments. The following disclosure of estimated fair value of financial instruments was determined by the Company using available market information and appropriate valuation methodologies. Considerable judgment is necessary to interpret market data and develop estimated fair value. Accordingly, the estimates presented herein are not necessarily indicative of the amounts the Company could realize on disposition of the financial instruments. The use of different market assumptions and/or estimation methodologies may have a material effect on estimated fair value. The following table presents the principal amount, carrying value and fair value of certain financial assets and liabilities as of March 31, 2024 and December 31, 2023 (dollars in thousands): March 31, 2024 December 31, 2023 Principal Amount Carrying Value Fair Value Principal Amount Carrying Value Fair Value Financial assets: (1) Loans held for investment, net (2) $ 2,836,338 $ 2,687,349 $ 2,686,125 $ 2,937,386 $ 2,860,478 $ 2,861,358 Financial liabilities: (1) Securitization bonds payable, net $ 907,193 $ 906,510 $ 907,193 $ 913,927 $ 912,545 $ 913,927 Mortgage and other notes payable, net 640,770 639,194 577,859 651,871 650,293 627,680 Master repurchase facilities 1,031,516 1,031,516 1,031,516 1,152,723 1,152,723 1,152,723 _________________________________________ (1) The fair value of other financial instruments not included in this table is estimated to approximate their carrying value. (2) Excludes future funding commitments of $139.5 million and $168.2 million as of March 31, 2024 and December 31, 2023, respectively. Disclosure about fair value of financial instruments is based on pertinent information available to management as of March 31, 2024. Although management is not aware of any factors that would significantly affect fair value, such amounts have not been comprehensively revalued for purposes of these consolidated financial statements since that date and current estimates of fair value may differ significantly from the amounts presented herein. Loans Held for Investment, Net For loans held for investment, net, fair values were determined: (i) by comparing the current yield to the estimated yield for newly originated loans with similar credit risk or the market yield at which a third party might expect to purchase such investment; or (ii) based on discounted cash flow projections of principal and interest expected to be collected, which includes consideration of the financial standing of the borrower or sponsor as well as operating results of the underlying collateral. These fair value measurements of CRE debt are generally based on unobservable inputs and, as such, are classified as Level 3 of the fair value hierarchy. Carrying values of loans held for investment are presented net of allowance for loan losses, where applicable. Securitization Bonds Payable, Net The Company’s securitization bonds payable, net bear floating rates of interest. As of March 31, 2024, the Company believes the unpaid principal balance approximates fair value. These fair value measurements are based on observable inputs, and as such, are classified as Level 2 of the fair value hierarchy. Mortgage and Other Notes Payable, Net For mortgage and other notes payable, net, the Company primarily uses rates currently available with similar terms and remaining maturities to estimate fair value. These measurements are determined using comparable U.S. Treasury rates as of the end of the reporting period. These fair value measurements are based on observable inputs, and as such, are classified as Level 2 of the fair value hierarchy. Master Repurchase Facilities The Company has amounts outstanding under Master Repurchase Facilities. The Master Repurchase Facilities bear floating rates of interest. As of March 31, 2024, the Company believes the carrying value approximates fair value. These fair value measurements are based on observable inputs, and as such, are classified as Level 2 of the fair value hierarchy. Other The carrying values of cash and cash equivalents, restricted cash, receivables, and accrued and other liabilities approximate fair value due to their short term nature and credit risk, if any, are negligible. Nonrecurring Fair Values The Company measures fair value of certain assets on a nonrecurring basis when events or changes in circumstances indicate that the carrying value of the assets may not be recoverable. Adjustments to fair value generally result from the application of lower of amortized cost or fair value accounting for assets held for sale or write-down of asset values due to impairment. The following tables summarize assets carried at fair value on a nonrecurring basis as of March 31, 2024 and December 31, 2023 (dollars in thousands): March 31, 2024 Level 1 Level 2 Level 3 Total Loans held for investment, net (1) $ — $ — $ 22,135 $ 22,135 Total $ — $ — $ 22,135 $ 22,135 ________________________________________ (1) Refer to Note 3 “Loans Held for Investment, net” for further discussion. December 31, 2023 Level 1 Level 2 Level 3 Total Real estate, net $ — $ — $ 22,831 $ 22,831 Assets held for sale (1) — — 19,600 19,600 Total $ — $ — $ 42,431 $ 42,431 ________________________________________ (1) Refer to Note 4 “Real Estate, net and Real Estate Held for Sale” for further discussion. During the first quarter of 2024, the Company recorded $7.1 million of specific CECL reserves related to a Denver, Colorado multifamily senior loan. The specific CECL reserve was based on the proceeds the Company expects to receive from the borrower’s sale of the property, which is supported by an executed purchase and sale agreement. During the first quarter of 2023, the Company recorded $29.9 million of specific CECL reserves related to one Washington, D.C. office senior loan. The Company elected to apply the practical expedient, afforded to the Company under ASC 326, to use the fair value of the collateral to determine the specific CECL reserve. The specific CECL reserves were based on the estimated fair value of the collateral using a discounted cash flow model and Level 3 inputs which included assuming a rent per square foot of $48, a capitalization rate ranging of 7.5% and a discount rate of 12.0%. These inputs are based on the location, type and nature of the property, current and prospective leasing data and anticipated market conditions. During the third quarter of 2023, the Company recorded $4.8 million of additional specific CECL reserves related to the Washington D.C. office senior loan. The estimated fair value of the collateral was determined by using a discounted cash flow model and Level 3 inputs which included assuming a rent per square foot ranging from $44 to $45, a capitalization rate of 7.5% and a discount rate of 12.0%. These inputs are based on the location, type and nature of the property, current and prospective leasing data and anticipated market conditions. During the fourth quarter of 2023, the Company acquired legal title through foreclosure. Refer to Note 4 “Real Estate, net and Real Estate Held for Sale.” During the fourth quarter of 2023, the Company recorded $7.6 million of impairment related to one Long Island City, New York real estate asset. The impairment was due to a reduction in the estimated holding period of the property and increased capital expenditures. The estimated fair value of the collateral was determined by using a discounted cash flow model and Level 3 inputs, which included assuming a rent per square foot of $25, a capitalization rate of 6.5% and a discount rate of 11.0%. Refer to Note 4 “Real Estate, net and Real Estate Held for Sale” for further discussion.

Derivatives

Derivatives	3 Months Ended
Derivatives	Mar. 31, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivatives	Derivatives The Company uses derivative instruments to manage the risk of changes in interest rates and foreign exchange rates, arising from both its business operations and economic conditions. Specifically, the Company enters into derivative instruments to manage differences in the amount, timing, and duration of the Company’s known or expected cash receipts and cash payments, the values of which are driven by interest rates, principally relating to the Company’s investments. Additionally, the Company’s foreign operations expose the Company to fluctuations in foreign exchange rates. The Company enters into derivative instruments to protect the value or fix certain of these foreign-denominated amounts in terms of its functional currency, the U.S. dollar. Derivative instruments used in the Company’s risk management activities may be designated as qualifying hedge accounting relationships, designated hedges, or non-designated hedges. As of March 31, 2024 and December 31, 2023, fair value of derivative assets and derivative liabilities were as follows (dollars in thousands): Non-Designated Hedges March 31, 2024 December 31, 2023 Derivative Assets Foreign exchange contracts $ 77 $ 164 Included in other assets $ 77 $ 164 As of March 31, 2024, the Company’s counterparties do not hold any cash collateral. The following table summarizes the Company’s FX forwards as of March 31, 2024 and December 31, 2023: Type of Derivatives Notional Currency Notional Amount (in thousands) Range of Maturity Dates Non-Designated March 31, 2024 FX Forward NOK 2,898 May 2024 December 31, 2023 FX Forward NOK 8,229 February 2024 - May 2024 The table below represents the effect of the derivative financial instruments on the consolidated statements of operations for three months ended March 31, 2024 and 2023 and (dollars in thousands): Three Months Ended March 31, 2024 2023 Other gain (loss), net Non-designated foreign exchange contracts $ 40 $ 651 Non-designated interest rate contracts — (1) Total $ 40 $ 650 Offsetting Assets and Liabilities The Company enters into agreements subject to enforceable netting arrangements with its derivative counterparties that allow the Company to offset the settlement of derivative assets and liabilities in the same currency by derivative instrument type or, in the event of default by the counterparty, to offset all derivative assets and liabilities with the same counterparty. The Company has elected not to net derivative asset and liability positions, notwithstanding the conditions for right of offset may have been met. The Company presents derivative assets and liabilities with the same counterparty on a gross basis on the consolidated balance sheets. The following table sets forth derivative positions where the Company has a right of offset under netting arrangements with the same counterparty as of March 31, 2024 and December 31, 2023 (dollars in thousands): Gross Amounts of Assets (Liabilities) Included on Consolidated Balance Sheets Net Amounts of Assets (Liabilities) March 31, 2024 Derivative Assets Foreign exchange contracts $ 77 $ 77 Total $ 77 $ 77 December 31, 2023 Derivative Assets Foreign exchange contracts $ 164 $ 164 Total $ 164 $ 164 The Company did not offset any of its derivatives positions as of March 31, 2024 and December 31, 2023.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
Commitments and Contingencies	Mar. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Lending Commitments The Company has lending commitments to borrowers pursuant to certain loan agreements in which the borrower may submit a request for funding contingent on achieving certain criteria, which must be approved by the Company as lender, such as leasing, perf ormance of capital expenditures and construction in progress with an approved budget. At March 31, 2024, assuming the terms to qualify for future fundings, if any, had been met, total unfunded lending commitments for loans held for investment were $131.9 million for senior loans and $7.6 million for mezzanine loans. At December 31, 2023, total unfunded lending commitments for loans held for investment were $155.4 million for senior loans and $12.8 million for mezzanine loans. Ground Lease Obligation The Company’s operating leases include ground leases acquired with real estate. At March 31, 2024 and December 31, 2023, the weighted average remaining lease term was 12.3 years and 14.3 years for ground leases, respectively. The following table presents ground lease expense, included in property operating expense, for the three months ended March 31, 2024 and 2023 (dollars in thousands): Three Months Ended March 31, 2024 2023 Operating lease expense: Minimum lease expense $ 786 $ 777 Variable lease expense — — $ 786 $ 777 The operating lease liability for ground leases was determined using a weighted average discount rate of 5.4%. The following table presents future minimum rental payments, excluding contingent rents, on noncancellable ground leases on real estate as of March 31, 2024 (dollars in thousands): Remainder of 2024 $ 2,371 2025 3,184 2026 3,186 2027 2,868 2028 2,839 2029 and thereafter 14,159 Total lease payments 28,607 Less: Present value discount 8,324 Operating lease liability (Note 6) $ 20,283 For these ground leases, the Company has elected the practical expedient to combine lease and related nonlease components as a single lease component. Office Lease At March 31, 2024 and December 31, 2023, the weighted average remaining lease term w as 5.1 years and 5.3 years for office leases, respectively. The office leases are located in New York, New York and Los Angeles, California. For the three months ended March 31, 2024 and 2023, the following table summarizes lease expense, included in operating expense (dollars in thousands): Three Months Ended March 31, 2024 2023 Corporate Offices Operating lease expense: Fixed lease expense $ 321 $ 315 $ 321 $ 315 The operating lease liability for the office leases was determined using a weighted average discount rate of 2.36%. As of March 31, 2024, the Company’s future operating lease commitments for the corporate office leases were as follows (dollars in thousands): Corporate Offices Remainder 2024 $ 972 2025 1,308 2026 1,323 2027 1,339 2028 1,155 2029 and thereafter 574 Total lease payments 6,671 Less: Present value discount 395 Operating lease liability (Note 6) $ 6,276 For these office leases, the Company has elected the practical expedient to combine lease and related nonlease components as a single lease component. Litigation and Claims The Company may be involved in litigation and claims in the ordinary course of the business. As of March 31, 2024, the Company was not involved in any legal proceedings that are expected to have a material adverse effect on the Company’s results of operations, financial position, or liquidity.

Segment Reporting

Segment Reporting	3 Months Ended
Segment Reporting	Mar. 31, 2024
Segment Reporting [Abstract]
Segment Reporting	Segment Reporting The Company presents its business as one portfolio through the following business segments: • Senior, Mezzanine Loans and Preferred Equity—CRE debt investments including senior and mezzanine loans, and preferred equity interests as well as participations in such loans. • Net Leased and Other Real Estate—direct investments in CRE with long-term leases to tenants on a net lease basis, where such tenants generally will be responsible for property operating expenses such as insurance, utilities, maintenance, capital expenditures and real estate taxes. It also includes other real estate, currently consisting of two investments with direct ownership in commercial real estate, with an emphasis on properties with stable cash flow and five additional properties that the Company acquired through foreclosure or deed-in-lieu of foreclosure. • Corporate and Other—includes corporate-level asset management and other fees including expenses related to the Company’s secured revolving credit facility (the “Bank Credit Facility”) and compensation and benefits. It also includes a sub-portfolio of private equity funds. The Company primarily generates revenue from net interest income on the loan portfolio and rental and other income from its net leased and multi-tenant office assets. The Company’s income is primarily derived through the difference between revenue and the cost at which the Company is able to finance its investments. The Company may also acquire investments which generate attractive returns without any leverage. The following tables present segment reporting for the three months ended March 31, 2024 and 2023 (dollars in thousands): Senior and Mezzanine Loans and Preferred Equity Net Leased and Other Real Estate Corporate and Other Total Three Months Ended March 31, 2024 Interest income $ 67,477 $ 17 $ 69 $ 67,563 Interest expense (39,762) (68) (303) (40,133) Property and other income 155 25,060 2,989 28,204 Property operating expense — (8,645) — (8,645) Transaction, investment and servicing expense (382) (54) (186) (622) Interest expense on real estate — (6,782) — (6,782) Depreciation and amortization — (10,353) (37) (10,390) Increase of current expected credit loss reserve (74,411) — — (74,411) Compensation and benefits — — (8,771) (8,771) Operating expense (4) (24) (3,171) (3,199) Other gain, net — 331 — 331 Loss before equity in earnings of unconsolidated ventures and income taxes (46,927) (518) (9,410) (56,855) Income tax expense (11) (241) — (252) Net loss $ (46,938) $ (759) $ (9,410) $ (57,107) Senior and Mezzanine Loans and Preferred Equity Net Leased and Other Real Estate Corporate and Other Total Three Months Ended March 31, 2023 Interest income $ 75,607 $ 7 $ 2 $ 75,616 Interest expense (42,364) (7) (291) (42,662) Property and other income — 22,551 3,056 25,607 Property operating expense — (5,852) — (5,852) Transaction, investment and servicing expense (501) (24) (310) (835) Interest expense on real estate — (5,509) — (5,509) Depreciation and amortization — (7,938) (58) (7,996) Increase of current expected credit loss reserve (39,613) — — (39,613) Compensation and benefits — — (8,805) (8,805) Operating expense (4) — (3,469) (3,473) Other gain, net — 655 — 655 Income (loss) before equity in earnings of unconsolidated ventures and income taxes (6,875) 3,883 (9,875) (12,867) Equity in earnings of unconsolidated ventures 9,055 — — 9,055 Income tax expense (40) (345) (5) (390) Net income (loss) $ 2,140 $ 3,538 $ (9,880) $ (4,202) The following table presents total assets by segment as of March 31, 2024 and December 31, 2023 (dollars in thousands): Total Assets Senior and Mezzanine Loans and Preferred Equity Net Leased and Other Real Estate Corporate and Other (1) Total March 31, 2024 $ 2,808,978 $ 922,763 $ 214,805 $ 3,946,546 December 31, 2023 3,003,639 934,100 260,515 4,198,254 _________________________________________ (1) Includes PE Investments totaling $2.3 million as of March 31, 2024 and December 31, 2023, and cash, unallocated receivables and deferred costs and other assets, net. Geography Geography is generally defined as the location in which the income producing assets reside or the location in which income generating services are performed. Geography information on total income includes equity in earnings of unconsolidated ventures. Geography information on total income and long-lived assets are presented as follows (dollars in thousands): Three Months Ended March 31, 2024 2023 Total income by geography: United States $ 90,965 $ 105,556 Europe 4,802 4,722 Total (1) $ 95,767 $ 110,278 March 31, 2024 December 31, 2023 Long-lived assets by geography: United States $ 623,430 $ 629,663 Europe 220,591 237,293 Total (2) $ 844,021 $ 866,956 _________________________________________ (1) Includes interest income, property and other income and equity in earnings of unconsolidated ventures. (2)

Earnings Per Share

Earnings Per Share	3 Months Ended
Earnings Per Share	Mar. 31, 2024
Earnings Per Share [Abstract]
Earnings Per Share	Earnings Per Share The Company’s net income (loss) and weighted average shares outstanding for the three months ended March 31, 2024 and 2023, consist of the following (dollars in thousands, except per share data): Three Months Ended March 31, 2024 2023 Net loss $ (57,107) $ (4,202) Net loss attributable to noncontrolling interests: Investment Entities 4 75 Net loss attributable to BrightSpire Capital, Inc. common stockholders $ (57,103) $ (4,127) Numerator: Net (income) loss allocated to participating securities (non-vested shares) $ — $ — Net loss attributable to common stockholders $ (57,103) $ (4,127) Denominator: Weighted average shares outstanding - basic (1) 127,326 126,665 Weighted average shares outstanding - diluted (2) 127,326 126,665 Net loss per common share - basic $ (0.45) $ (0.03) Net loss per common share - diluted $ (0.45) $ (0.03) _________________________________________ (1) The outstanding shares used to calculate the weighted average basic shares outstanding exclude 2,705,281 and 2,811,074 of restricted stock awards as of March 31, 2024 and March 31, 2023, net of forfeitures, respectively, as those shares were issued but were not vested and therefore, not considered outstanding for purposes of computing basic net income (loss) per common share. (2) The calculation of diluted earnings per share for the three months ended March 31, 2024 and March 31, 2023 excludes the effect of weighted average unvested non-participating restricted shares of 2,773,297 and 2,537,125, respectively, as the effect would be antidilutive.

Subsequent Events

Subsequent Events	3 Months Ended
Subsequent Events	Mar. 31, 2024
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events Dividends In April 2024, the Company paid a quarterly cash dividend of $0.20 per share of its Class A common stock for the quarter ended March 31, 2024, to stockholders of record on March 29, 2024. Loan Origination Subsequent to March 31, 2024, the Company originated one senior mortgage loan with a total commitment and initial funding of $9.2 million and a spread of SOFR plus 9.75%.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Mar. 31, 2024	Mar. 31, 2023
Pay vs Performance Disclosure
Net Income (Loss) Attributable to Parent	$ (57,103)	$ (4,127)

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Mar. 31, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	3 Months Ended
Summary of Significant Accounting Policies (Policies)	Mar. 31, 2024
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying unaudited interim financial statements have been prepared in accordance with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all information and footnotes required by generally accepted accounting principles in the United States of America (“GAAP”) for complete financial statements. These statements reflect all normal and recurring adjustments which, in the opinion of management, are necessary to present fairly the financial position, results of operations and cash flows of the Company for the interim periods presented. However, the results of operations for the interim period presented are not necessarily indicative of the results that may be expected for the year ending December 31, 2024, or any other future period. These interim financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in, or presented as exhibits to, the Company’s Annual Report on Form 10-K for the year ended December 31, 2023, as certain disclosures that would substantially duplicate those contained in the audited consolidated financial statements have not been included in this interim report.
Use of Estimates	Use of Estimates The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates and assumptions.
Principles of Consolidation	Principles of Consolidation The accompanying consolidated financial statements include the accounts of the Company and its controlled subsidiaries. All significant intercompany accounts and transactions have been eliminated. The portions of equity, net income and other comprehensive income of consolidated subsidiaries that are not attributable to the parent are presented separately as amounts attributable to noncontrolling interests in the consolidated financial statements. The Company consolidates entities in which it has a controlling financial interest by first considering if an entity meets the definition of a variable interest entity (“VIE”) for which the Company is deemed to be the primary beneficiary, or if the Company has the power to control an entity through a majority of voting interest or through other arrangements.
Variable Interest Entities	Variable Interest Entities Variable Interest Entities— A VIE is an entity that either (i) lacks sufficient equity to finance its activities without additional subordinated financial support from other parties; (ii) whose equity holders lack the characteristics of a controlling financial interest; or (iii) is established with non-substantive voting rights. A VIE is consolidated by its primary beneficiary, which is defined as the party who has a controlling financial interest in the VIE through (a) power to direct the activities of the VIE that most significantly affect the VIE’s economic performance, and (b) obligation to absorb losses or right to receive benefits of the VIE that could be significant to the VIE. During the first quarter of 2024, the Company modified an Arlington, Texas multifamily loan agreement which resulted in a reconsideration event under ASC 810, Consolidation . As part of the terms of the modified loan agreement, the borrower is required to deposit into a Company controlled reserve account by June 2024, an amount sufficient to purchase an interest rate cap, reimburse the Company for any advances made under the loan and cover property level expenses and shortfalls up to $5.4 million. If the borrower does not fund such deposit by June 2024, the Company has discretion to fund such amounts on behalf of the borrower through a preferred equity investment in the parent of the borrower, in the amounts up to $6.0 million. If the Company elects to fund any amount, it may also elect to trigger control rights over the underlying collateral. The Company concluded that as a result of the loan modification, its investment in the Arlington, Texas multifamily loan is a VIE. As of March 31, 2024, the Company is not the primary beneficiary of this VIE, as the Company does not have the ability to control the most significant activities of the Arlington, Texas multifamily loan’s economic performance nor the obligation to absorb losses or right to receive benefits of the VIE that could be significant to the VIE. Voting Interest Entities— Unlike VIEs, voting interest entities have sufficient equity to finance their activities and equity investors exhibit the characteristics of a controlling financial interest through their voting rights. The Company consolidates such entities when it has the power to control these entities through ownership of a majority of the entities’ voting interests or through other arrangements. At each reporting period, the Company reassesses whether changes in facts and circumstances cause a change in the status of an entity as a VIE or voting interest entity, and/or a change in the Company’s consolidation assessment. As of March 31, 2024 and December 31, 2023, the Company has identified certain consolidated VIEs. Assets of each of the VIEs, other than the OP, may only be used to settle obligations of the respective VIE. Creditors of each of the VIEs have no recourse to the general credit of the Company. Consolidated VIEs Consolidated VIEs include the Investing VIEs (as defined and discussed below) and certain operating real estate properties that have noncontrolling interests. At March 31, 2024 and December 31, 2023, the noncontrolling interests in the operating real estate properties represent third party joint venture partners with ownership ranging from 5.0% to 11.0%. These noncontrolling interests do not have substantive kick-out nor participating rights. Investing VIEs The Company’s previous investments in securitization financing entities (“Investing VIEs”) included subordinate first-loss tranches of securitization trusts, which represented interests in such VIEs. As of March 31, 2024 and December 31, 2023, the Company did not hold any tranches of any securitization trusts, with the exception of its securitization bonds payable, net. Refer to Note 7, “Debt” for further discussion. Unconsolidated VIEs
Noncontrolling Interests	Noncontrolling Interests Noncontrolling Interests in Investment Entities— This represents interests in consolidated investment entities held by third party joint venture partners.
Comprehensive Income (Loss)	Comprehensive Income (Loss) The Company reports consolidated comprehensive income (loss) in separate statements following the consolidated statements of operations. Comprehensive income (loss) is defined as the change in equity resulting from net income (loss) and other comprehensive income (“OCI”). The components of OCI include gain (loss) on derivative instruments used in the Company’s risk management activities used for economic hedging purposes (“designated hedges”) and gain (loss) on foreign currency translation.
Fair Value Measurement	Fair Value Measurement Fair value is based on an exit price, defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. Where appropriate, the Company makes adjustments to estimated fair values to appropriately reflect counterparty credit risk as well as the Company’s own creditworthiness. The estimated fair value of financial assets and financial liabilities are categorized into a three-tier hierarchy, prioritized based on the level of transparency in inputs used in the valuation techniques, as follows: Level 1— Quoted prices (unadjusted) in active markets for identical assets or liabilities. Level 2— Observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities, quoted prices in non-active markets, or valuation techniques utilizing inputs that are derived principally from or corroborated by observable data directly or indirectly for substantially the full term of the financial instrument. Level 3— At least one assumption or input is unobservable and it is significant to the fair value measurement, requiring significant management judgment or estimate. Where the inputs used to measure the fair value of a financial instrument fall into different levels of the fair value hierarchy, the financial instrument is categorized within the hierarchy based on the lowest level of input that is significant to its fair value measurement.
Fair Value Option	Fair Value Option
Business Combinations	Business Combinations Definition of a Business— The Company evaluates each purchase transaction to determine whether the acquired assets meet the definition of a business. If substantially all of the fair value of gross assets acquired is concentrated in a single identifiable asset or a group of similar identifiable assets, then the set of transferred assets and activities is not a business. If not, for an acquisition to be considered a business, it would have to include an input and a substantive process that together significantly contribute to the ability to create outputs (i.e., there is a continuation of revenue before and after the transaction). A substantive process is not ancillary or minor, cannot be replaced without significant costs, effort or delay or is otherwise considered unique or scarce. To qualify as a business without outputs, the acquired assets would require an organized workforce with the necessary skills, knowledge and experience that performs a substantive process. Asset Acquisitions— For acquisitions that are not deemed to be businesses, the assets acquired are recognized based on their cost to the Company as the acquirer and no gain or loss is recognized. The cost of assets acquired in a group is allocated to individual assets within the group based on their relative fair values and does not give rise to goodwill. Transaction costs related to the acquisition of assets are included in the cost basis of the assets acquired. Such valuations require management to make significant estimates and assumptions. Business Combinations—
Cash and Cash Equivalents	Cash and Cash Equivalents Short-term, highly liquid investments with original maturities of three months or less are considered to be cash equivalents. The Company’s cash is held with major financial institutions. Certain cash account balances exceed Federal Deposit Insurance Corporation insurance limits of $250,000 per account and as a result, there is a concentration of credit risk related to amounts in excess of the insurance limits. The Company monitors the financial stability of these financial institutions and believes it is not exposed to any significant credit risk in cash and cash equivalents.
Restricted Cash	Restricted Cash
Loans Held for Investment	Loans Held for Investment The Company originates and purchases loans held for investment. The accounting framework for loans held for investment depends on the Company’s strategy whether to hold or sell the loan or whether the loan was credit-impaired at the time of acquisition. Loans Held for Investment Loans that the Company has the intent and ability to hold for the foreseeable future are classified as held for investment. Originated loans are recorded at amortized cost, or outstanding unpaid principal balance plus exit fees less net deferred loan fees. Net deferred loan fees include unamortized origination and other fees charged to the borrower less direct incremental loan origination costs incurred by the Company. Purchased loans are recorded at amortized cost, or unpaid principal balance plus purchase premium or less unamortized discount. Costs to purchase loans are expensed as incurred. Interest Income— Interest income is recognized based upon contractual interest rate and unpaid principal balance of the loans. Net deferred loan fees on originated loans are deferred and amortized as adjustments to interest income over the expected life of the loans using the effective yield method. Premium or discount on purchased loans are amortized as adjustments to interest income over the expected life of the loans using the effective yield method. When a loan is prepaid, prepayment fees and any excess of proceeds over the carrying amount of the loan is recognized as additional interest income. The Company has debt investments in its portfolio that contain a payment-in-kind (“PIK”) provision. Contractual PIK interest, which represents contractually deferred interest added to the loan balance that is due at the end of the loan term, is generally recorded on an accrual basis to the extent such amounts are expected to be collected. The Company will generally cease accruing PIK interest if there is insufficient value to support the accrual or management does not expect the borrower to be able to pay all principal and interest due. Nonaccrual— Accrual of interest income is suspended on nonaccrual loans. Loans that are past due 90 days or more as to principal or interest, or where reasonable doubt exists as to timely collection, are generally considered nonperforming and placed on nonaccrual status. Interest receivable is reversed against interest income when loans are placed on nonaccrual status. Interest collected is recognized on a cash basis by crediting income when received; or if ultimate collectability of loan principal is uncertain, interest collected is recognized using a cost recovery method by applying interest collected as a reduction to loan carrying value. Loans may be restored to accrual status when all principal and interest are current and full repayment of the remaining contractual principal and interest are reasonably assured. Loans Held for Sale Loans that the Company intends to sell or liquidate in the foreseeable future are classified as held for sale. Loans held for sale are carried at the lower of amortized cost or fair value less disposal cost, with valuation changes recognized as impairment loss. Loans held for sale are not subject to Current Expected Credit Losses (“CECL”) reserves. Net deferred loan origination fees and loan purchase premiums or discounts are deferred and capitalized as part of the carrying value of the held for sale loan until the loan is sold, therefore included in the periodic valuation adjustments based on lower of cost or fair value less disposal cost.
Operating Real Estate	Operating Real Estate Real Estate Acquisitions— Real estate acquired in acquisitions that are deemed to be business combinations is recorded at the fair values of the acquired components at the time of acquisition, allocated among land, buildings, improvements, equipment and lease-related tangible and identifiable intangible assets and liabilities, including forgone leasing costs, in-place lease values and above- or below-market lease values and assumed debt, if any. Real estate acquired in acquisitions that are deemed to be asset acquisitions is recorded at the total value of consideration transferred, including transaction costs, and allocated to the acquired components based upon relative fair value. The estimated fair value of acquired land is derived from recent comparable sales of land and listings within the same local region based on available market data. The estimated fair value of acquired buildings and building improvements is derived from comparable sales, discounted cash flow analysis using market-based assumptions, or replacement cost, as appropriate. The fair value of site and tenant improvements is estimated based upon current market replacement costs and other relevant market rate information. Real Estate Held for Investment Real estate held for investment is carried at cost less accumulated depreciation. Costs Capitalized or Expensed— Expenditures for ordinary repairs and maintenance are expensed as incurred, while expenditures for significant renovations that improve or extend the useful life of the asset are capitalized and depreciated over their estimated useful lives. Depreciation— Real estate held for investment, other than land, is depreciated on a straight-line basis over the estimated useful lives of the assets, as follows: Real Estate Assets Term Building (fee interest) 30 to 47 years Building leasehold interests Lesser of remaining term of the lease or remaining life of the building Building improvements Lesser of the useful life or remaining life of the building Land improvements 1 to 15 years Tenant improvements Lesser of the useful life or remaining term of the lease Furniture, fixtures and equipment 2 to 9 years Impairment— The Company evaluates its real estate held for investment for impairment periodically or whenever events or changes in circumstances indicate that the carrying amounts may not be recoverable. The Company evaluates real estate for impairment generally on an individual property basis. If an impairment indicator exists, the Company evaluates the undiscounted future net cash flows that are expected to be generated by the property, including any estimated proceeds from the eventual disposition of the property. If multiple outcomes are under consideration, the Company may apply a probability-weighted approach to the impairment analysis. Another key consideration in this assessment is the Company’s assumptions about the highest and best use of its real estate investments and its intent and ability to hold them for a reasonable period that would allow for the recovery of their carrying values. If such assumptions change and the Company shortens its expected hold period, this may result in the recognition of impairment losses. Based upon the analysis, if the carrying value of a property exceeds its undiscounted future net cash flows, an impairment loss is recognized for the excess of the carrying value of the property over the estimated fair value of the property. In evaluating and/or measuring impairment, the Company considers, among other things, current and estimated future cash flows associated with each property, market information for each sub-market, including, where applicable, competition levels, foreclosure levels, leasing trends, occupancy trends, lease or room rates, and the market prices of similar properties recently sold or currently being offered for sale, and other quantitative and qualitative factors. See Note 4, “Real Estate, net and Real Estate Held for Sale” and Note 12, “Fair Value” for further detail. Real Estate Held for Sale Real estate is classified as held for sale in the period when (i) management approves a plan to sell the asset, (ii) the asset is available for immediate sale in its present condition, subject only to usual and customary terms, (iii) a program is initiated to locate a buyer and actively market the asset for sale at a reasonable price, and (iv) completion of the sale is probable within one year. Real estate held for sale is stated at the lower of its carrying amount or estimated fair value less disposal cost, with any write-down to fair value less disposal cost recorded as an impairment loss. For any increase in fair value less disposal cost subsequent to classification as held for sale, the impairment loss may be reversed, but only up to the amount of cumulative loss previously recognized. Depreciation is not recorded on assets classified as held for sale. At the time a sale is consummated, the excess, if any, of sale price less selling costs over carrying value of the real estate is recognized as a gain. If circumstances arise that were previously considered unlikely and, as a result, the Company decides not to sell the real estate asset previously classified as held for sale, the real estate asset is reclassified as held for investment. Upon reclassification, the real estate asset is measured at the lower of (i) its carrying amount prior to classification as held for sale, adjusted for depreciation expense that would have been recognized had the real estate been continuously classified as held for investment, and (ii) its estimated fair value at the time the Company decides not to sell. At March 31, 2024 and December 31, 2023, the Company classified one property as held for sale. Refer to Note 4, “Real Estate, net and Real Estate Held for Sale” and Note 12, “Fair Value” for further detail. Foreclosed Properties The Company receives foreclosed properties in full or partial settlement of loans held for investment by taking legal title or physical possession of the properties. Foreclosed properties are generally recognized at the time the real estate is received at foreclosure sale or upon execution of a deed in lieu of foreclosure. Foreclosed properties are initially measured at fair value. If the fair value of the property is lower than the carrying value of the loan, the difference is recognized as current expected credit loss reserves and the cumulative reserve on the loan is charged off. Fair value of foreclosed properties is generally based on a discounted cash flow, third party appraisals, broker price opinions, comparable sales or a combination thereof.
Investments in Unconsolidated Ventures	Investments in Unconsolidated Ventures A noncontrolling, unconsolidated ownership interest in an entity may be accounted for using one of (i) equity method where applicable; (ii) fair value option if elected; (iii) fair value through earnings if fair value is readily determinable, including election of net asset value (“NAV”) practical expedient where applicable; or (iv) for equity investments without readily determinable fair values, the measurement alternative to measure at cost adjusted for any impairment and observable price changes, as applicable. Fair value changes of equity method investments under the fair value option are recorded in earnings from investments in unconsolidated ventures. Fair value changes of other equity investments, including adjustments for observable price changes under the measurement alternative, are recorded in other gain (loss), net on the Company’s consolidated statements of operations. Equity Method Investments The Company accounts for investments under the equity method of accounting if it has the ability to exercise significant influence over the operating and financial policies of an entity, but does not have a controlling financial interest. The equity method investment is initially recorded at cost and adjusted each period for capital contributions, distributions and the Company’s share of the entity’s net income or loss as well as other comprehensive income or loss. The Company’s share of net income or loss may differ from the stated ownership percentage interest in an entity if the governing documents prescribe a substantive non-proportionate earnings allocation formula or a preferred return to certain investors. For certain equity method investments, the Company records its proportionate share of income on a one to three month lag. Distributions of operating profits from equity method investments are reported as operating activities, while distributions in excess of operating profits are reported as investing activities in the statement of cash flows under the cumulative earnings approach. Impairment Evaluation of impairment applies to equity method investments and equity investments under the measurement alternative. If indicators of impairment exist, the Company will first estimate the fair value of its investment. In assessing fair value, the Company generally considers, among others, the estimated fair value of the investee, which is based on significant assumptions including the estimated timing and probabilities of the future cash flows of the unconsolidated joint venture, utilizing discount rates and capitalization rates. For investments under the measurement alternative, if carrying value of the investment exceeds its fair value, an impairment is deemed to have occurred. For equity method investments, further consideration is made if a decrease in value of the investment is other-than-temporary to determine if impairment loss should be recognized. Assessment of Other Than Temporary Impairment involves management judgment, including, but not limited to, consideration of the investee’s financial condition, operating results, business prospects and creditworthiness, the Company’s ability and intent to hold the investment until recovery of its carrying value. If management is unable to reasonably assert that an impairment is temporary or believes that the Company may not fully recover the carrying value of its investment, then the impairment is considered to be other-than-temporary. Investments that are other-than-temporarily impaired are written down to their estimated fair value. Impairment loss is recorded in earnings from investments in unconsolidated ventures for equity method investments and in other gain (loss), net for investments under the measurement alternative.
Identified Intangibles	Identifiable Intangibles In a business combination or asset acquisition, the Company may recognize identifiable intangibles that meet either or both the contractual-legal criterion or the separability criterion. Finite-lived intangibles are amortized over their useful life in a manner that reflects the pattern in which the intangible is being consumed if readily determinable, such as based upon expected cash flows; otherwise, they are amortized on a straight-line basis. The useful life of all identified intangibles will be periodically reassessed and if useful life changes, the carrying amount of the intangible will be amortized prospectively over the revised useful life. Lease Intangibles— Identifiable intangibles recognized in acquisitions of operating real estate properties generally include in-place leases, above- or below-market leases and deferred leasing costs, all of which have finite lives. In-place leases generate value over and above the tangible real estate because a property that is occupied with leased space is typically worth more than a vacant building without an operating lease contract in place. The estimated fair value of acquired in-place leases is derived based on management’s assessment of costs avoided from having tenants in place, including lost rental income, rent concessions and tenant allowances or reimbursements, that hypothetically would be incurred to lease a vacant building to its actual existing occupancy level on the valuation date. The net amount recorded for acquired in-place leases is included in intangible assets and amortized on a straight-line basis as an increase to depreciation and amortization expense over the remaining term of the applicable leases. If an in-place lease is terminated, the unamortized portion is charged to depreciation and amortization expense. The estimated fair value of the above- or below-market component of acquired leases represents the present value of the difference between contractual rents of acquired leases and market rents at the time of the acquisition for the remaining lease term, discounted for tenant credit risks. Above- or below-market operating lease values are amortized on a straight-line basis as a decrease or increase to rental income, respectively, over the applicable lease terms. This includes fixed rate renewal options in acquired leases that are below-market, which are amortized to decrease rental income over the renewal period. Above- or below-market ground lease obligations are amortized on a straight-line basis as a decrease or increase to rent expense, respectively, over the applicable lease terms. If the above- or below-market operating lease values or above- or below-market ground lease obligations are terminated, the unamortized portion of the lease intangibles are recorded in rental income or rent expense, respectively. Deferred leasing costs represent management’s estimate of the avoided leasing commissions and legal fees associated with an existing in-place lease. The net amount is included in intangible assets and amortized on a straight-line basis as an increase to depreciation and amortization expense over the remaining term of the applicable lease.
Transfers of Financial Assets	Transfers of Financial Assets Sale accounting for transfers of financial assets requires the transfer of an entire financial asset, a group of financial assets in its entirety or if a component of the financial asset is transferred, that the component meets the definition of a participating interest with characteristics that mirror the original financial asset. Transfers of financial assets are accounted for as sales when control over the assets has been surrendered. If the Company has any continuing involvement, rights or obligations with the transferred financial asset (outside of standard representations and warranties), sale accounting requires that the transfer meets the following sale conditions: (1) the transferred asset has been legally isolated; (2) the transferee has the right (free of conditions that constrain it from taking advantage of that right) to pledge or exchange the transferred asset; and (3) the Company does not maintain effective control over the transferred asset through an agreement that provides for (a) both an entitlement and an obligation by the Company to repurchase or redeem the asset before its maturity, (b) the unilateral ability by the Company to reclaim the asset and a more than trivial benefit attributable to that ability, or (c) the transferee requiring the Company to repurchase the asset at a price so favorable to the transferee that it is probable the repurchase will occur. If sale accounting is met, the transferred financial asset is removed from the balance sheet and a net gain or loss is recognized upon sale, taking into account any retained interests. Transfers of financial assets that do not meet the criteria for sale are accounted for as financing transactions, or secured borrowing, including the Company’s master repurchase facilities.
Derivative Instruments and Hedging Activities	Derivative Instruments and Hedging Activities The Company uses derivative instruments to manage its foreign currency risk and interest rate risk. The Company does not use derivative instruments for speculative or trading purposes. All derivative instruments are recorded at fair value and included in other assets or accrued and other liabilities on a gross basis on the Company’s consolidated balance sheet. The accounting for changes in fair value of derivatives depends upon whether or not the Company has elected to designate the derivative in a hedging relationship and the derivative qualifies for hedge accounting. The Company has economic hedges that have not been designated for hedge accounting. Changes in fair value of derivatives not designated as accounting hedges are recorded in the consolidated statements of operations in other gain (loss), net. For designated accounting hedges, the relationships between hedging instruments and hedged items, risk management objectives and strategies for undertaking the accounting hedges as well as the methods to assess the effectiveness of the derivative prospectively and retrospectively, are formally documented at inception. Hedge effectiveness relates to the amount by which the gain or loss on the designated derivative instrument exactly offsets the change in the hedged item attributable to the hedged risk. If it is determined that a derivative is not expected to be or has ceased to be highly effective at hedging the designated exposure, hedge accounting is discontinued. Cash Flow Hedges— The Company uses interest rate caps and swaps to hedge its exposure to interest rate fluctuations in forecasted interest payments on floating rate debt. The effective portion of the change in fair value of the derivative is recorded in accumulated other comprehensive income, while hedge ineffectiveness is recorded in earnings. If the derivative in a cash flow hedge is terminated or the hedge designation is removed, related amounts in accumulated other comprehensive income (loss) are reclassified into earnings. Net Investment Hedges— The Company uses foreign currency hedges to protect the value of its net investments in foreign subsidiaries or equity method investees whose functional currencies are not U.S. dollars. Changes in the fair value of derivatives used as hedges of net investment in foreign operations, to the extent effective, are recorded in the cumulative translation adjustment account within accumulated other comprehensive income (loss). At the end of each quarter, the Company reassesses the effectiveness of its net investment hedges and as appropriate, designates the portion of the derivative notional amount that is in excess of the beginning balance of its net investments as undesignated hedges.
Financing Costs	Financing Costs
Revenue Recognition	Revenue Recognition Property Operating Income Property operating income includes the following: Rental Income— Rental income is recognized on a straight-line basis over the non-cancellable term of the related lease which includes the effects of minimum rent increases and rent abatements under the lease. Rents received in advance are deferred. When it is determined that the Company is the owner of tenant improvements, the cost to construct the tenant improvements, including costs paid for or reimbursed by the tenants, is capitalized. For tenant improvements owned by the Company, the amount funded by or reimbursed by the tenants are recorded as deferred revenue, which is amortized on a straight-line basis as additional rental income over the term of the related lease. Rental income recognition commences when the leased space is substantially ready for its intended use and the tenant takes possession of the leased space. When it is determined that the tenant is the owner of tenant improvements, the Company’s contribution towards those improvements is recorded as a lease incentive, included in deferred leasing costs and intangible assets on the balance sheet, and amortized as a reduction to rental income on a straight-line basis over the term of the lease. Rental income recognition commences when the tenant takes possession of the lease space. Tenant Reimbursements— In net lease arrangements, the tenant is generally responsible for operating expenses related to the property, including real estate taxes, property insurance, maintenance, repairs and improvements. Costs reimbursable from tenants and other recoverable costs are recognized as revenue in the period the recoverable costs are incurred. When the Company is the primary obligor with respect to purchasing goods and services for property operations and has discretion in selecting the supplier and retains credit risk, tenant reimbursement revenue and property operating expenses are presented on a gross basis in the statements of operations. For certain triple net leases where the lessee self-manages the property, hires its own service providers and retains credit risk for routine maintenance contracts, no reimbursement revenue and expense are recognized.
Foreign Currency	Foreign Currency Assets and liabilities denominated in a foreign currency for which the functional currency is a foreign currency are translated using the exchange rate in effect at the balance sheet date and the corresponding results of operations for such entities are translated using the average exchange rate in effect during the period. The resulting foreign currency translation adjustments are recorded as a component of accumulated other comprehensive income or loss in stockholders’ equity. Upon sale, complete or substantially complete liquidation of a foreign subsidiary, or upon partial sale of a foreign equity method investment, the translation adjustment associated with the investment, or a proportionate share related to the portion of equity method investment sold, is reclassified from accumulated other comprehensive income or loss into earnings. Assets and liabilities denominated in a foreign currency for which the functional currency is the U.S. dollar are remeasured using the exchange rate in effect at the balance sheet date and the corresponding results of operations for such entities are remeasured using the average exchange rate in effect during the period. The resulting foreign currency remeasurement adjustments are recorded in other gain (loss), net on the consolidated statements of operations. Disclosures of non-U.S. dollar amounts to be recorded in the future are translated using exchange rates in effect at the date of the most recent balance sheet presented.
Equity Based Compensation	Equity-Based Compensation Equity-classified stock awards granted to executive officers and independent directors are based on the closing price of the Class A common stock on the grant date and recognized on a straight-line basis over the requisite service period of the awards for restricted stock awards. For performance stock units (“PSUs”) the fair value is based on a Monte Carlo simulation as of the grant date and the expense is generally recognized on a straight-line basis over the measurement period, except when certain performance metrics are achieved. See Note 9, “Equity-Based Compensation” for further discussion. The compensation expense is adjusted for actual forfeitures upon occurrence. Equity-based compensation is classified within compensation and benefits in the consolidated statement of operations.
Earnings Per Share	Earnings Per Share
Income Taxes	Income Taxes For U.S. federal income tax purposes, the Company elected to be taxed as a REIT beginning with its taxable year ended December 31, 2018. To qualify as a REIT, the Company must continually satisfy tests concerning, among other things, the real estate qualification of sources of its income, the real estate composition and values of its assets, the amounts it distributes to stockholders and the diversity of ownership of its stock. To the extent that the Company qualifies as a REIT, it generally will not be subject to U.S. federal income tax to the extent of its distributions to stockholders. The Company believes that all of the criteria to maintain the Company’s REIT qualification have been met for the applicable periods, but there can be no assurance that these criteria will continue to be met in subsequent periods. If the Company were to fail to meet these requirements, it would be subject to U.S. federal income tax and potential interest and penalties, which could have a material adverse impact on its results of operations and amounts available for distributions to its stockholders. The Company’s accounting policy with respect to interest and penalties is to classify these amounts as a component of income tax expense, where applicable. The Company may also be subject to certain state, local and franchise taxes. Under certain circumstances, U.S. federal income and excise taxes may be due on its undistributed taxable income. The Company also holds an investment in Europe which is subject to tax in its local jurisdiction. The Company made joint elections to treat certain subsidiaries as taxable REIT subsidiaries (“TRSs”) which may be subject to taxation by U.S. federal, state and local authorities. In general, a TRS of the Company may perform non-customary services for tenants, hold assets that the Company cannot hold directly and engage in most real estate or non-real estate-related business. Certain subsidiaries of the Company are subject to taxation by U.S. federal, state and local authorities for the periods presented. Income taxes are accounted for by the asset/liability approach in accordance with GAAP. Deferred taxes, if any, represent the expected future tax consequences when the reported amounts of assets and liabilities are recovered or paid. Such amounts arise from differences between the financial reporting and tax bases of assets and liabilities and are adjusted for changes in tax laws and tax rates in the period during which such changes are enacted. A provision for income tax represents the total of income taxes paid or payable for the current period, plus the change in deferred taxes. Current and deferred taxes are recorded on the portion of earnings (losses) recognized by the Company with respect to its interest in TRSs. Deferred income tax assets and liabilities are calculated based on temporary differences between the Company’s GAAP consolidated financial statements and the U.S. federal, state and local tax basis of assets and liabilities as of the consolidated balance sheet date. The Company evaluates the realizability of its deferred tax assets (e.g., net operating loss and capital loss carryforwards) and recognizes a valuation allowance if, based on the available evidence, it is more likely than not that some portion or all of its deferred tax assets will not be realized. When evaluating the realizability of its deferred tax assets, the Company considers estimates of expected future taxable income, existing and projected book/tax differences, tax planning strategies available and the general and industry-specific economic outlook. This realizability analysis is inherently subjective, as it requires the Company to forecast its business and general economic environment in future periods. Changes in estimate of deferred tax asset realizability, if any, are included in income tax expense in the consolidated statements of operations.
Current Expected Credit Losses ("CECL") reserve	The CECL reserve for the Company’s financial instruments carried at amortized cost and off-balance sheet credit exposures, such as loans, loan commitments and trade receivables, represents a lifetime estimate of expected credit losses. Factors considered by the Company when determining the CECL reserve include loan-specific characteristics such as loan-to-value (“LTV”) ratio, vintage year, loan term, property type, occupancy and geographic location, financial performance of the borrower, expected payments of principal and interest, as well as internal or external information relating to past events, current conditions and reasonable and supportable forecasts. The general CECL reserve is measured on a collective (pool) basis when similar risk characteristics exist for multiple financial instruments. If similar risk characteristics do not exist, the Company measures the specific CECL reserve on an individual instrument basis. The determination of whether a particular financial instrument should be included in a pool can change over time. If a financial asset’s risk characteristics change, the Company evaluates whether it is appropriate to continue to keep the financial instrument in its existing pool or evaluate it individually. In measuring the general CECL reserve for financial instruments that share similar risk characteristics, the Company primarily applies a probability of default (“PD”)/loss given default (“LGD”) model for instruments that are collectively assessed, whereby the CECL reserve is calculated as the product of PD, LGD and exposure at default. The Company’s model principally utilizes historical loss rates derived from a commercial mortgage-backed securities database with historical losses from 1998 through March 2024 provided by a third party, Trepp LLC, forecasting the loss parameters using a scenario-based statistical approach over a reasonable and supportable forecast period of twelve months, followed by a straight-line reversion period of twelve-months back to average historical losses. For determining a specific CECL reserve, financial instruments are assessed outside of the PD/LGD model on an individual basis. This occurs when it is probable that the Company will be unable to collect the full payment of principal and interest on the instrument. The Company records a reserve to reduce the carrying value of the instrument to the present value of the expected future cash flows discounted at the instrument’s effective rate or to the fair value of the collateral. The Company applies a discounted cash flow (“DCF”) methodology to determine the fair value of the collateral where it is probable that the Company will foreclose or the borrower is experiencing financial difficulty based on the Company’s assessment at the reporting date, and the repayment is expected to be provided substantially through the operation or sale of the collateral. Determining fair value of the collateral, including utilization of a practical expedient, may take into account a number of assumptions including, but not limited to, rents and cash flow projections, capitalization rates and discount rates. Such assumptions are generally based on current market conditions and are subject to economic and market uncertainties. In connection with developing the CECL reserve for its loans held for investment, the Company determines the risk ranking of each loan as a key credit quality indicator. The risk rankings are based on a variety of factors, including, without limitation, underlying real estate performance and asset value, values of comparable properties, durability and quality of property cash flows, sponsor experience and financial wherewithal, and the existence of a risk-mitigating loan structure. Additional key considerations include loan-to-value ratios, debt service coverage ratios, loan structure, real estate and credit market dynamics, and risk of default or principal loss. Based on a five-point scale, the Company’s loans held for investment are rated “1” through “5,” from less risk to greater risk, and the ratings are updated quarterly. At the time of origination or purchase, loans held for investment are ranked as a “3” and will move accordingly going forward based on the ratings which are defined as follows: 1. Very Low Risk 2. Low Risk 3. Medium Risk 4. High Risk/Potential for Loss— A loan that has a high risk of realizing a principal loss. 5. Impaired/Loss Likely— A loan that has a very high risk of realizing a principal loss or has otherwise incurred a principal loss. The Company also considers qualitative factors, including, but not limited to, economic and business conditions, nature and volume of the loan portfolio, lending terms, volume and severity of past due loans, concentration of credit and changes in the level of such concentrations in its determination of the CECL reserve. The Company has elected to not measure a CECL reserve for accrued interest receivable as it is reversed against interest income when a loan is placed on nonaccrual status. Loans are charged off when all or a portion of the principal amount is determined to be uncollectible.
Future Application of Accounting Standards	Future Application of Accounting Standards Segment Reporting— In November 2023, the FASB issued ASU No. 2023-07, Improvements to Reportable Segment Disclosures. The ASU provides updates to reportable segment disclosures, including enhanced disclosures about significant segment expenses and information used to assess segment performance. This ASU is effective beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. The Company is evaluating the impact of this standard. Income Tax Accounting— In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. The ASU requires public business entities to disclose specific categories in the rate reconciliation and provide additional information for reconciling items that meet a quantitative threshold. The ASU is effective for periods beginning after December 15, 2024, with early adoption permitted. The Company is currently evaluating the impact of this new standard.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	3 Months Ended
Summary of Significant Accounting Policies (Tables)	Mar. 31, 2024
Accounting Policies [Abstract]
Schedule of Operating Real Estate Estimated Useful Lives	Real estate held for investment, other than land, is depreciated on a straight-line basis over the estimated useful lives of the assets, as follows: Real Estate Assets Term Building (fee interest) 30 to 47 years Building leasehold interests Lesser of remaining term of the lease or remaining life of the building Building improvements Lesser of the useful life or remaining life of the building Land improvements 1 to 15 years Tenant improvements Lesser of the useful life or remaining term of the lease Furniture, fixtures and equipment 2 to 9 years

Loans Held for Investment, net

Loans Held for Investment, net (Tables)	3 Months Ended
Loans Held for Investment, net (Tables)	Mar. 31, 2024
Receivables [Abstract]
Schedule of Loans and Preferred Equity Held for Investment, Net	The following table provides a summary of the Company’s loans held for investment, net (dollars in thousands): March 31, 2024 December 31, 2023 Unpaid Principal Balance Carrying Value Weighted Average Coupon (1) Weighted Average Maturity in Years Unpaid Principal Balance Carrying Value Weighted Average Coupon (1) Weighted Average Maturity in Years Variable rate Senior loans $ 1,546,643 $ 1,547,448 9.0 % 2.5 $ 1,646,722 $ 1,645,780 9.0 % 2.7 Securitized loans (2) 1,203,265 1,203,605 8.7 % 1.7 1,210,000 1,209,994 8.9 % 1.9 Mezzanine loans 12,330 12,450 16.3 % 0.0 12,330 12,450 16.4 % 0.3 2,762,238 2,763,503 2,869,052 2,868,224 Fixed rate Mezzanine loans 74,100 74,060 6.7 % 2.1 68,334 68,282 10.9 % 2.4 74,100 74,060 68,334 68,282 Loans held for investment 2,836,338 2,837,563 2,937,386 2,936,506 CECL reserve — (150,214) — (76,028) Loans held for investment, net $ 2,836,338 $ 2,687,349 8.9 % 2.1 $ 2,937,386 $ 2,860,478 9.0 % 2.4 _________________________________________ (1) Calculated based on contractual interest rate. As of March 31, 2024, all variable rate loans utilize Term Secured Overnight Financing Rate (“Term SOFR”). (2) Represents loans transferred into securitization trusts that are consolidated by the Company.
Schedule of Mortgage Loans on Real Estate	Activity relating to the Company’s loans held for investment, net was as follows (dollars in thousands): Carrying Value Three Months Ended March 31, 2024 2023 Balance at January 1 $ 2,860,478 $ 3,468,742 Acquisitions/originations/additional funding 15,171 16,388 Loan maturities/principal repayments (116,790) (101,368) Increase of CECL reserve (1) (74,186) (39,589) Discount accretion/premium amortization 2,104 3,038 Capitalized interest, net of repayments 572 1,848 Balance at March 31 $ 2,687,349 $ 3,349,059 _________________________________________ (1) Provision for loan losses excludes $0.2 million for the three months ended March 31, 2024 and a de minimis amount for the three months ended March 31, 2023 as determined by the Company’s PD/LGD model for unfunded commitments reported on the consolidated statement of operations, with a corresponding offset to accrued and other liabilities recorded on the Company’s consolidated balance sheets.
Schedule of Aging Summary of Loans	The following table provides an aging summary of loans held for investment at carrying values before CECL reserve (dollars in thousands): Current or Less Than 30 Days Past Due 30-59 Days Past Due (1) 60-89 Days Past Due 90 Days or More Past Due (2) Total Loans March 31, 2024 $ 2,763,208 $ 12,450 $ — $ 61,905 $ 2,837,563 December 31, 2023 2,936,506 — — — 2,936,506 _________________________________________ (1) At March 31, 2024, represents the New York, New York Hotel mezzanine loan which is in maturity default. However, because the borrower has paid all interest payments due through March 31, 2024, the loan has not been placed on nonaccrual status. (2) At March 31, 2024, includes one Denver, Colorado multifamily senior loan which was placed on nonaccrual status on December 9, 2023 with a carrying value before CECL reserves of $29.3 million and the Development Mezzanine Loan which was placed on nonaccrual status on January 1, 2024 with a carrying value of $32.6 million.
Schedule of Allowance for Loan Losses	The following table provides details on the changes in CECL reserves (dollars in thousands): CECL reserve at December 31, 2023 $ 76,028 Increase in general CECL reserve (1) 67,058 Increase in specific CECL reserve (2) 7,128 CECL reserve at March 31, 2024 $ 150,214 CECL reserve at December 31, 2022 $ 106,247 Decrease in general CECL reserve (1) (15,418) Increase in specific CECL reserve (3) 55,007 CECL reserve at March 31, 2023 $ 145,836 _________________________________________ (1) Excludes CECL reserves related to unfunded commitments reported on the consolidated statement of operations: $0.2 million for the three months ended March 31, 2024 and a de minimis amount for the three months ended March 31, 2023. (2) During the first quarter of 2024, the Company recorded specific CECL reserves of $7.1 million related to one Denver, Colorado multifamily senior loan. The specific CECL reserve was based on the proceeds the Company expects to receive from the borrower’s sale of the property, which is supported by an executed purchase and sale agreement. (3)
Summary of Loans and Preferred Equity Held for Investment by Year of Origination and Credit Quality Risk Ranking	The following tables provide a summary by carrying values before any CECL reserves of the Company’s loans held for investment by year of origination and credit quality risk ranking (dollars in thousands) as of March 31, 2024 and December 31, 2023 (dollars in thousands). Refer to Note 2, “Summary of Significant Accounting Policies” for loan risk ranking definitions. At March 31, 2024, the weighted average risk ranking for loans held for investment was 3.2. March 31, 2024 Year of Origination Risk Rankings 2024 2023 2022 2021 2020 and earlier Total Senior loans 3 $ — $ — $ 697,594 $ 1,016,812 $ 487,547 $ 2,201,953 4 — — 54,151 242,016 223,670 519,837 5 — — 29,263 — — 29,263 Total Senior loans — — 781,008 1,258,828 711,217 2,751,053 Mezzanine loans 3 8,941 28,057 — 49,512 86,510 Total Mezzanine loans — 8,941 28,057 — 49,512 86,510 Total Loans held for investment $ — $ 8,941 $ 809,065 $ 1,258,828 $ 760,729 $ 2,837,563 Current period gross write-offs $ — $ — $ — $ — $ — $ — As of December 31, 2023, the weighted average risk ranking for loans held for investment was 3.2. December 31, 2023 Year of Origination Risk Rankings 2023 2022 2021 2020 2019 and earlier Total Senior loans 3 $ — $ 802,040 $ 1,014,128 $ 62,777 $ 519,328 $ 2,398,273 4 — 53,871 238,842 — 135,979 428,692 5 — 28,809 — — — 28,809 Total Senior loans — 884,720 1,252,970 62,777 655,307 2,855,774 Mezzanine loans 3 4,003 27,211 — — 49,518 80,732 Total Mezzanine loans 4,003 27,211 — — 49,518 80,732 Total Loans held for investment $ 4,003 $ 911,931 $ 1,252,970 $ 62,777 $ 704,825 $ 2,936,506 Current period gross write-offs $ — $ — $ — $ — $ 14,477 $ 14,477

Real Estate, net and Real Est_2

Real Estate, net and Real Estate Held for Sale (Tables)	3 Months Ended
Real Estate, net and Real Estate Held for Sale (Tables)	Mar. 31, 2024
Real Estate [Abstract]
Schedule of Operating Real Estate Properties	The following table presents the Company’s net lease portfolio, net, as of March 31, 2024 and December 31, 2023 (dollars in thousands): March 31, 2024 December 31, 2023 Land and improvements $ 124,029 $ 127,003 Buildings, building leaseholds, and improvements 485,307 498,291 Tenant improvements 19,611 19,145 Subtotal $ 628,947 $ 644,439 Less: Accumulated depreciation (105,442) (103,468) Net lease portfolio, net $ 523,505 $ 540,971 The following table presents the Company’s portfolio of other real estate, net as of March 31, 2024 and December 31, 2023 (dollars in thousands): March 31, 2024 December 31, 2023 Land and improvements $ 68,433 $ 68,433 Buildings, building leaseholds, and improvements 217,554 217,554 Tenant improvements 27,684 27,668 Furniture, fixtures and equipment 1,204 1,204 Construction-in-progress 4,639 3,142 Subtotal $ 319,514 $ 318,001 Less: Accumulated depreciation (45,991) (43,397) Less: Impairment (1) (7,590) (7,590) Other portfolio, net $ 265,933 $ 267,014 _________________________________________ (1) See Note 12, “Fair Value,” for discussion of impairment of real estate. The following table summarizes the Company’s assets held for sale related to real estate (dollars in thousands): March 31, 2024 December 31, 2023 Assets Real estate, net $ 19,605 $ 19,600 Total assets held for sale $ 19,605 $ 19,600
Schedule of Property Operating Income	For the three months ended March 31, 2024 and 2023 the components of property operating income Three Months Ended March 31, 2024 2023 Lease revenues Minimum lease revenue $ 22,192 $ 19,388 Variable lease revenue 3,025 3,023 Total property operating income (1) $ 25,217 $ 22,411 _________________________________________ (1)
Schedule of Future Minimum Rental Income under Non-cancellable Operating Leases	The following table presents approximate future minimum rental income under noncancellable operating leases, excluding variable lease revenue of tenant reimbursements, to be received over the next five years and thereafter as of March 31, 2024 (dollars in thousands): Remainder of 2024 $ 62,731 2025 78,353 2026 71,192 2027 66,471 2028 57,510 2029 and thereafter 295,559 Total $ 631,816
Schedule of Asset Acquisition	The following table summarizes the Company’s real estate acquisitions for the year ended December 31, 2023 (dollars in thousands): Purchase Price Allocation Acquisition Date Property Type and Location Number of Buildings/Units (1) Purchase Price (2) Land and Improvements (2) Building and Improvements (2) Furniture and Fixtures (2) Lease Intangible Assets (2) Other Assets Lease Intangible Liabilities (2) Other Liabilities July Office - California (3) 1 $ 13,933 $ 5,718 $ 3,262 $ — $ 4,404 $ 922 $ (2) $ (371) June Office - New York (3) 1 36,177 10,380 24,484 — 1,898 432 (528) (489) June Office - New York (3) 1 36,922 14,786 15,958 — 6,867 876 (193) (1,372) November Office - Washington D.C. (4) 1 19,600 — — — — — — — December Multifamily - Arizona (3) 236 35,213 7,590 25,745 832 1,271 325 — (550) $ 141,845 $ 38,474 $ 69,449 $ 832 $ 14,440 $ 2,555 $ (723) $ (2,782) _________________________________________ (1) For office properties, represents number of buildings. For multifamily properties, represents number of units. (2) Useful life of real estate acquired is 45 years for buildings, four four three (3) Represents assets acquired by the Company through deeds-in-lieu of foreclosure. (4) Represents an asset acquired through foreclosure and subsequently classified as held for sale. As such, no purchase price allocation was completed and purchase price represents the fair value of the property.

Deferred Leasing Costs and Ot_2

Deferred Leasing Costs and Other Intangibles (Tables)	3 Months Ended
Deferred Leasing Costs and Other Intangibles (Tables)	Mar. 31, 2024
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Schedule of Finite-Lived Intangible Assets	The Company’s deferred leasing costs, other intangible assets and intangible liabilities, excluding those related to assets held for sale, at March 31, 2024 and December 31, 2023 are as follows (dollars in thousands): March 31, 2024 Carrying Amount Accumulated Amortization Net Carrying Amount Deferred Leasing Costs and Intangible Assets In-place lease values $ 81,509 $ (43,725) $ 37,784 Deferred leasing costs 31,030 (19,197) 11,833 Above-market lease values 13,617 (8,651) 4,966 $ 126,156 $ (71,573) $ 54,583 Intangible Liabilities Below-market lease values $ 16,798 $ (13,025) $ 3,773 December 31, 2023 Carrying Amount Accumulated Amortization Net Carrying Amount Deferred Leasing Costs and Intangible Assets In-place lease values $ 82,604 $ (41,509) $ 41,095 Deferred leasing costs 31,004 (18,571) 12,433 Above-market lease values 13,617 (8,174) 5,443 $ 127,225 $ (68,254) $ 58,971 Intangible Liabilities Below-market lease values $ 16,798 $ (12,660) $ 4,138
Schedule of Deferred Leasing Costs	The Company’s deferred leasing costs, other intangible assets and intangible liabilities, excluding those related to assets held for sale, at March 31, 2024 and December 31, 2023 are as follows (dollars in thousands): March 31, 2024 Carrying Amount Accumulated Amortization Net Carrying Amount Deferred Leasing Costs and Intangible Assets In-place lease values $ 81,509 $ (43,725) $ 37,784 Deferred leasing costs 31,030 (19,197) 11,833 Above-market lease values 13,617 (8,651) 4,966 $ 126,156 $ (71,573) $ 54,583 Intangible Liabilities Below-market lease values $ 16,798 $ (13,025) $ 3,773 December 31, 2023 Carrying Amount Accumulated Amortization Net Carrying Amount Deferred Leasing Costs and Intangible Assets In-place lease values $ 82,604 $ (41,509) $ 41,095 Deferred leasing costs 31,004 (18,571) 12,433 Above-market lease values 13,617 (8,174) 5,443 $ 127,225 $ (68,254) $ 58,971 Intangible Liabilities Below-market lease values $ 16,798 $ (12,660) $ 4,138
Schedule of Deferred Costs and Other Intangible Assets and Liabilities	The following table summarizes the amortization of deferred leasing costs, intangible assets and intangible liabilities for the three months ended March 31, 2024 and 2023 (dollars in thousands): Three Months Ended March 31, 2024 2023 Above-market lease values $ (474) $ (199) Below-market lease values 362 339 Net increase (decrease) to property operating income $ (112) $ 140 In-place lease values $ 2,728 $ 1,283 Deferred leasing costs 694 664 Amortization expense $ 3,422 $ 1,947
Schedule of Future Amortization Expense	The following table presents the amortization of deferred leasing costs, intangible assets and intangible liabilities, for each of the next five years and thereafter as of March 31, 2024 (dollars in thousands): Remainder of 2024 2025 2026 2027 2028 2029 and thereafter Total Above-market lease values $ (1,350) $ (1,588) $ (973) $ (364) $ (313) $ (378) $ (4,966) Below-market lease values 1,094 1,458 785 81 81 274 3,773 Net increase (decrease) to property operating income $ (256) $ (130) $ (188) $ (283) $ (232) $ (104) $ (1,193) In-place lease values $ 4,889 $ 5,420 $ 4,084 $ 3,371 $ 3,232 $ 16,788 $ 37,784 Deferred leasing costs 2,043 2,449 1,344 1,111 922 3,964 11,833 Amortization expense $ 6,932 $ 7,869 $ 5,428 $ 4,482 $ 4,154 $ 20,752 $ 49,617

Restricted Cash, Other Assets_2

Restricted Cash, Other Assets and Accrued and Other Liabilities (Tables)	3 Months Ended
	Mar. 31, 2024
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Summary of Restricted Cash	The following table presents a summary of restricted cash as of March 31, 2024 and December 31, 2023 (dollars in thousands): March 31, 2024 December 31, 2023 Restricted cash: Borrower escrow deposits $ 68,940 $ 88,603 Capital expenditure reserves 9,415 10,534 Real estate escrow reserves 2,899 2,198 Working capital and other reserves 2,826 2,396 Tenant lockboxes 655 852 Total $ 84,735 $ 104,583
Summary of Other Assets	The following table presents a summary of other assets as of March 31, 2024 and December 31, 2023 (dollars in thousands): March 31, 2024 December 31, 2023 Other assets: Right-of-use lease asset $ 25,705 $ 22,094 Tax receivable and deferred tax assets 16,623 16,634 Investments in unconsolidated ventures at fair value 2,251 2,251 Deferred financing costs, net – credit facilities 2,072 3,807 Prepaid expenses and other 1,681 2,730 Derivative assets 77 164 Total $ 48,409 $ 47,680
Summary of Other Liabilities	The following table presents a summary of accrued and other liabilities as of March 31, 2024 and December 31, 2023 (dollars in thousands): March 31, 2024 December 31, 2023 Accrued and other liabilities: Operating lease liability $ 26,559 $ 22,926 Current and deferred tax liability 22,804 24,202 Interest payable 12,514 11,324 Accounts payable, accrued expenses and other liabilities 9,831 17,569 Prepaid rent and unearned revenue 6,857 7,219 Tenant security deposits 1,610 1,617 Unfunded CECL loan allowance 650 425 Other — 219 Total $ 80,825 $ 85,501

Debt (Tables)

Debt (Tables)	3 Months Ended
Debt (Tables)	Mar. 31, 2024
Debt Disclosure [Abstract]
Summary of Debt	The following table presents debt as of March 31, 2024 and December 31, 2023 (dollars in thousands): March 31, 2024 December 31, 2023 Capacity ($) Recourse vs. Non-Recourse (1) Final Contractual Principal Amount (2) Carrying Value (2) Principal Amount (2) Carrying Value (2) Securitization bonds payable, net CLNC 2019-FL1 (3) Non-recourse Aug-35 SOFR (4) + 2.17% $ 311,603 $ 311,595 $ 312,337 $ 312,305 BRSP 2021-FL1 (3) Non-recourse Aug-38 SOFR (4) + 1.53% 595,590 594,915 601,590 600,240 Subtotal securitization bonds payable, net 907,193 906,510 913,927 912,545 Mortgage and other notes payable, net Net lease 1 Non-recourse Sep-33 4.77% 200,000 198,895 200,000 198,871 Net lease 2 (5) Non-recourse Jun-25 3.91% 147,517 148,013 157,216 157,819 Net lease 3 Non-recourse Aug-26 4.08% 29,237 29,134 29,352 29,238 Net lease 4 Non-recourse Oct-27 4.45% 21,825 21,825 21,976 21,976 Net lease 5 (6) Non-recourse Nov-26 4.45% 16,979 16,783 17,082 16,869 Net lease 5 (7) Non-recourse Mar-28 4.38% 11,206 10,768 11,271 10,833 Net lease 6 Non-recourse Nov-26 4.45% 6,746 6,668 6,787 6,702 Net lease 8 Non-recourse Nov-26 4.45% 3,127 3,091 3,146 3,107 Other real estate 1 Non-recourse Oct-24 4.47% 100,754 100,754 101,260 101,260 Other real estate 2 Non-recourse Jan-25 4.30% 68,913 68,797 69,315 69,152 Loan 1 (8) Non-recourse Jun-26 SOFR + 4.25% 34,466 34,466 34,466 34,466 Subtotal mortgage and other notes payable, net 640,770 639,194 651,871 650,293 Bank credit facility Bank credit facility $ 165,000 Recourse Jan-27 (9) SOFR + 2.25% — — — — Subtotal bank credit facility — — — — Master repurchase facilities Bank 1 600,000 Limited Recourse (10) Apr-27 (11) SOFR + 2.19% (12) 392,534 392,534 490,261 490,261 Bank 2 600,000 Limited Recourse (10) Apr-27 (13) SOFR + 1.96% (12) 245,810 245,810 261,753 261,753 Bank 3 400,000 (14) June-27 (15) SOFR + 1.74% (12) 237,985 237,985 237,985 237,985 Bank 4 400,000 Limited Recourse (10) July-27 (16) SOFR + 1.79% (12) 155,187 155,187 162,724 162,724 Subtotal master repurchase facilities $ 2,000,000 1,031,516 1,031,516 1,152,723 1,152,723 Subtotal credit facilities 1,031,516 1,031,516 1,152,723 1,152,723 Total $ 2,579,479 $ 2,577,220 $ 2,718,521 $ 2,715,561 _________________________________________ (1) Subject to customary non-recourse carveouts. (2) Difference between principal amount and carrying value of securitization bonds payable, net and mortgage and other notes payable, net is attributable to deferred financing costs, net and premium/discount on mortgage notes payable. (3) The Company, through indirect Cayman subsidiaries, securitized commercial mortgage loans originated by the Company. Senior notes issued by the securitization trusts were generally sold to third parties and subordinated notes retained by the Company. These securitizations are accounted for as secured financing with the underlying mortgage loans pledged as collateral. Principal payments from underlying collateral loans must be applied to repay the notes until fully paid off, irrespective of the contractual maturities on the notes. Underlying collateral loans have initial terms of two (4) As of June 17, 2021, the benchmark index interest rate for CLNC 2019-FL1 was converted from the one-month London Interbank Offered Rates (“LIBOR”) to Compounded Secured Overnight Financing Rate (“SOFR”), plus a benchmark adjustment of 11.448 basis points. As of February 19, 2022, the benchmark index interest rate was converted from Compounded SOFR to Term SOFR, plus a benchmark adjustment of 11.448 basis points, conforming with the indenture agreement. As of May 26, 2023, the benchmark index interest rate for BRSP 2021-FL1 was converted from LIBOR to Term SOFR, plus a benchmark adjustment of 11.448 basis points, conforming with the indenture agreement . (5) As of March 31, 2024, the outstanding principal of the mortgage payable was NOK 1.6 billion , which translated to $147.5 million. (6) Payment terms are periodic payment of principal and interest for debt on two properties and periodic payment of interest only with principal at maturity (except for principal repayments to release collateral properties disposed) for debt on one property. (7) Represents a mortgage note collateralized by three properties. (8) In June 2023, the Company completed a refinancing of Loan 1 which modified the interest rate to SOFR plus 4.25%. The current maturity of the note payable is June 2024, with two one-year extensions available at the Company’s option, which may be exercised upon the satisfaction of certain customary conditions set forth in the governing documents. (9) On January 28, 2022, the Company, through its subsidiaries, including the OP, entered into an Amended and Restated Credit Agreement. Refer to “Bank Credit Facility” within this note for more details. (10) Recourse solely with respect to 25.0% of the financed amount. (11) The current maturity date is April 2025, with two one-year extension options, which may be exercised upon the satisfaction of certain customary conditions set forth in the governing documents. (12) Represents the weighted average spread as of March 31, 2024. The contractual interest rate depends upon asset type and characteristics and ranges from SOFR plus 1.50% to 2.75%. (13) The current maturity date is April 20 26, with a one-year extension available at the option of the Company, whic h may be exercised upon the satisfaction of certain customary conditions set forth in the governing documents. (14) Recourse is either 25.0% or 50.0% depending on loan metrics. (15) The current maturity date is June 2025, with two one-year extensions available at the option of the Company, which may be exercised upon the satisfaction of certain customary conditions set forth in the governing documents. (16)
Schedule of Scheduled Principal on Debt	The following table summarizes future scheduled minimum principal payments at March 31, 2024 based on initial maturity dates or extended maturity dates to the extent criteria are met and the extension option is at the borrower’s discretion (dollars in thousands): Total Securitization Bonds Payable, Net Mortgage Notes Payable, Net Credit Facilities Remaining 2024 $ 102,422 $ — $ 102,422 $ — 2025 218,759 — 218,759 — 2026 89,091 — 89,091 — 2027 1,051,875 — 20,359 1,031,516 2028 10,139 — 10,139 — 2029 and thereafter 1,107,193 907,193 200,000 — Total $ 2,579,479 $ 907,193 $ 640,770 $ 1,031,516

Equity-Based Compensation (Tabl

Equity-Based Compensation (Tables)	3 Months Ended
Equity-Based Compensation (Tables)	Mar. 31, 2024
Share-Based Payment Arrangement [Abstract]
Schedule of Valuation Assumptions	Fair value of PSUs, including dividend equivalent rights, was determined using a Monte Carlo simulation, with the following assumptions. 2024 Grant Expected volatility (1) 35.6 % Risk free rate (2) 4.3 % Expected dividend yield (3) — _________________________________________ (1) Based upon the Company’s historical stock volatility. (2) Based upon the continuously compounded zero-coupon U.S. Treasury yield for the term coinciding with the measurement period of the award as of valuation date. (3) Based upon award holders being entitled to dividends paid during the measurement period on any shares earned. 2023 Grant Expected volatility (1) 74.4 % Risk free rate (2) 4.6 % Expected dividend yield (3) — _________________________________________ (1) Based upon the Company’s historical stock volatility. (2) Based upon the continuously compounded zero-coupon U.S. Treasury yield for the term coinciding with the measurement period of the award as of valuation date. (3) Based upon award holders being entitled to dividends paid during the measurement period on any shares earned.
Summary of Awards Granted or Vested	The table below summarizes the Company’s awards granted, forfeited or vested under the 2022 Plan during the three months ended March 31, 2024 and 2023: Number of Shares Weighted Average Grant Date Fair Value Restricted Stock PSUs Total Restricted Stock PSUs Unvested shares at December 31, 2022 2,308,691 272,000 2,580,691 $ 8.47 $ 11.96 Granted 1,391,217 384,378 1,775,595 6.90 9.69 Vested (888,834) (136,000) (1,024,834) 8.46 11.96 Forfeited — (136,000) (136,000) — 11.96 Unvested shares at March 31, 2023 2,811,074 384,378 3,195,452 7.70 9.69 Unvested shares at December 31, 2023 2,787,807 384,378 3,172,185 $ 7.61 $ 9.69 Granted 1,243,696 534,056 1,777,752 6.71 7.82 Vested (1,326,222) — (1,326,222) 7.92 — Unvested shares at March 31, 2024 2,705,281 918,434 3,623,715 7.05 8.60

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	3 Months Ended
Stockholders' Equity (Tables)	Mar. 31, 2024
Equity [Abstract]
Summary of Distributions Declared	During the three months ended March 31, 2024 and 2023, the Company declared the following dividends on its common stock: Declaration Date Record Date Payment Date Per Share March 15, 2024 March 29, 2024 April 15, 2024 $0.20 March 16, 2023 March 31, 2023 April 17, 2023 $0.20
Schedule of Reclassification out of Accumulated Other Comprehensive Income	The following tables present the changes in each component of Accumulated Other Comprehensive Income (Loss) (“AOCI”) attributable to stockholders, net of immaterial tax effect. Changes in Components of AOCI - Stockholders (dollars in thousands) Unrealized gain on net investment hedges Foreign currency translation loss Total AOCI at December 31, 2023 $ 18,603 $ (21,159) $ (2,556) Other comprehensive loss — (3,594) (3,594) AOCI at March 31, 2024 $ 18,603 $ (24,753) $ (6,150) (dollars in thousands) Unrealized gain on net investment hedges Foreign currency translation loss Total AOCI at December 31, 2022 $ 18,603 $ (19,279) $ (676) Other comprehensive loss — (3,463) (3,463) AOCI at March 31, 2023 $ 18,603 $ (22,742) $ (4,139)

Fair Value (Tables)

Fair Value (Tables)	3 Months Ended
Fair Value (Tables)	Mar. 31, 2024
Fair Value Disclosures [Abstract]
Schedule of Financial Assets and Liabilities Accounted for at Fair Value on Recurring Basis	The following table presents financial assets that were accounted for at fair value on a recurring basis as of March 31, 2024 and December 31, 2023 by level within the fair value hierarchy (dollars in thousands): March 31, 2024 December 31, 2023 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Assets: Other assets - PE Investments $ — $ — $ 2,251 $ 2,251 $ — $ — $ 2,251 $ 2,251 Other assets - derivative assets — 77 — 77 — 164 — 164
Schedule of Changes in Level 3	The following table presents the changes in fair value of financial assets which are measured at fair value on a recurring basis using Level 3 inputs to determine fair value for the three months ended March 31, 2024 and 2023 (dollars in thousands): Three Months Ended March 31, 2024 2023 Other assets - PE Investments Other assets - PE Investments Beginning balance $ 2,251 $ 3,035 Distributions/paydowns — (245) Ending balance $ 2,251 $ 2,790
Summary of Principal Amount, Carrying Value and Fair Value of Financial Assets and Liabilities	The following table presents the principal amount, carrying value and fair value of certain financial assets and liabilities as of March 31, 2024 and December 31, 2023 (dollars in thousands): March 31, 2024 December 31, 2023 Principal Amount Carrying Value Fair Value Principal Amount Carrying Value Fair Value Financial assets: (1) Loans held for investment, net (2) $ 2,836,338 $ 2,687,349 $ 2,686,125 $ 2,937,386 $ 2,860,478 $ 2,861,358 Financial liabilities: (1) Securitization bonds payable, net $ 907,193 $ 906,510 $ 907,193 $ 913,927 $ 912,545 $ 913,927 Mortgage and other notes payable, net 640,770 639,194 577,859 651,871 650,293 627,680 Master repurchase facilities 1,031,516 1,031,516 1,031,516 1,152,723 1,152,723 1,152,723 _________________________________________ (1) The fair value of other financial instruments not included in this table is estimated to approximate their carrying value. (2) Excludes future funding commitments of $139.5 million and $168.2 million as of March 31, 2024 and December 31, 2023, respectively.
Schedule of Fair Value Measurements, Nonrecurring	The following tables summarize assets carried at fair value on a nonrecurring basis as of March 31, 2024 and December 31, 2023 (dollars in thousands): March 31, 2024 Level 1 Level 2 Level 3 Total Loans held for investment, net (1) $ — $ — $ 22,135 $ 22,135 Total $ — $ — $ 22,135 $ 22,135 ________________________________________ (1) Refer to Note 3 “Loans Held for Investment, net” for further discussion. December 31, 2023 Level 1 Level 2 Level 3 Total Real estate, net $ — $ — $ 22,831 $ 22,831 Assets held for sale (1) — — 19,600 19,600 Total $ — $ — $ 42,431 $ 42,431 ________________________________________ (1) Refer to Note 4 “Real Estate, net and Real Estate Held for Sale” for further discussion.

Derivatives (Tables)

Derivatives (Tables)	3 Months Ended
Derivatives (Tables)	Mar. 31, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Derivative Assets at Fair Value	As of March 31, 2024 and December 31, 2023, fair value of derivative assets and derivative liabilities were as follows (dollars in thousands): Non-Designated Hedges March 31, 2024 December 31, 2023 Derivative Assets Foreign exchange contracts $ 77 $ 164 Included in other assets $ 77 $ 164
Schedule of Derivative Liabilities at Fair Value	As of March 31, 2024 and December 31, 2023, fair value of derivative assets and derivative liabilities were as follows (dollars in thousands): Non-Designated Hedges March 31, 2024 December 31, 2023 Derivative Assets Foreign exchange contracts $ 77 $ 164 Included in other assets $ 77 $ 164
Schedule of Derivative Instruments	The following table summarizes the Company’s FX forwards as of March 31, 2024 and December 31, 2023: Type of Derivatives Notional Currency Notional Amount (in thousands) Range of Maturity Dates Non-Designated March 31, 2024 FX Forward NOK 2,898 May 2024 December 31, 2023 FX Forward NOK 8,229 February 2024 - May 2024 The table below represents the effect of the derivative financial instruments on the consolidated statements of operations for three months ended March 31, 2024 and 2023 and (dollars in thousands): Three Months Ended March 31, 2024 2023 Other gain (loss), net Non-designated foreign exchange contracts $ 40 $ 651 Non-designated interest rate contracts — (1) Total $ 40 $ 650
Schedule of Offsetting Derivative Assets	The following table sets forth derivative positions where the Company has a right of offset under netting arrangements with the same counterparty as of March 31, 2024 and December 31, 2023 (dollars in thousands): Gross Amounts of Assets (Liabilities) Included on Consolidated Balance Sheets Net Amounts of Assets (Liabilities) March 31, 2024 Derivative Assets Foreign exchange contracts $ 77 $ 77 Total $ 77 $ 77 December 31, 2023 Derivative Assets Foreign exchange contracts $ 164 $ 164 Total $ 164 $ 164
Schedule of Offsetting Derivative Liabilities	The following table sets forth derivative positions where the Company has a right of offset under netting arrangements with the same counterparty as of March 31, 2024 and December 31, 2023 (dollars in thousands): Gross Amounts of Assets (Liabilities) Included on Consolidated Balance Sheets Net Amounts of Assets (Liabilities) March 31, 2024 Derivative Assets Foreign exchange contracts $ 77 $ 77 Total $ 77 $ 77 December 31, 2023 Derivative Assets Foreign exchange contracts $ 164 $ 164 Total $ 164 $ 164

Commitments and Contingencies (

Commitments and Contingencies (Tables)	3 Months Ended
Commitments and Contingencies (Tables)	Mar. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
Summary of Lease Expense	The following table presents ground lease expense, included in property operating expense, for the three months ended March 31, 2024 and 2023 (dollars in thousands): Three Months Ended March 31, 2024 2023 Operating lease expense: Minimum lease expense $ 786 $ 777 Variable lease expense — — $ 786 $ 777 For the three months ended March 31, 2024 and 2023, the following table summarizes lease expense, included in operating expense (dollars in thousands): Three Months Ended March 31, 2024 2023 Corporate Offices Operating lease expense: Fixed lease expense $ 321 $ 315 $ 321 $ 315
Schedule of Future Minimum Rental Payments	The following table presents future minimum rental payments, excluding contingent rents, on noncancellable ground leases on real estate as of March 31, 2024 (dollars in thousands): Remainder of 2024 $ 2,371 2025 3,184 2026 3,186 2027 2,868 2028 2,839 2029 and thereafter 14,159 Total lease payments 28,607 Less: Present value discount 8,324 Operating lease liability (Note 6) $ 20,283 Corporate Offices Remainder 2024 $ 972 2025 1,308 2026 1,323 2027 1,339 2028 1,155 2029 and thereafter 574 Total lease payments 6,671 Less: Present value discount 395 Operating lease liability (Note 6) $ 6,276

Segment Reporting (Tables)

Segment Reporting (Tables)	3 Months Ended
Segment Reporting (Tables)	Mar. 31, 2024
Segment Reporting [Abstract]
Summary of Segment Reporting	The following tables present segment reporting for the three months ended March 31, 2024 and 2023 (dollars in thousands): Senior and Mezzanine Loans and Preferred Equity Net Leased and Other Real Estate Corporate and Other Total Three Months Ended March 31, 2024 Interest income $ 67,477 $ 17 $ 69 $ 67,563 Interest expense (39,762) (68) (303) (40,133) Property and other income 155 25,060 2,989 28,204 Property operating expense — (8,645) — (8,645) Transaction, investment and servicing expense (382) (54) (186) (622) Interest expense on real estate — (6,782) — (6,782) Depreciation and amortization — (10,353) (37) (10,390) Increase of current expected credit loss reserve (74,411) — — (74,411) Compensation and benefits — — (8,771) (8,771) Operating expense (4) (24) (3,171) (3,199) Other gain, net — 331 — 331 Loss before equity in earnings of unconsolidated ventures and income taxes (46,927) (518) (9,410) (56,855) Income tax expense (11) (241) — (252) Net loss $ (46,938) $ (759) $ (9,410) $ (57,107) Senior and Mezzanine Loans and Preferred Equity Net Leased and Other Real Estate Corporate and Other Total Three Months Ended March 31, 2023 Interest income $ 75,607 $ 7 $ 2 $ 75,616 Interest expense (42,364) (7) (291) (42,662) Property and other income — 22,551 3,056 25,607 Property operating expense — (5,852) — (5,852) Transaction, investment and servicing expense (501) (24) (310) (835) Interest expense on real estate — (5,509) — (5,509) Depreciation and amortization — (7,938) (58) (7,996) Increase of current expected credit loss reserve (39,613) — — (39,613) Compensation and benefits — — (8,805) (8,805) Operating expense (4) — (3,469) (3,473) Other gain, net — 655 — 655 Income (loss) before equity in earnings of unconsolidated ventures and income taxes (6,875) 3,883 (9,875) (12,867) Equity in earnings of unconsolidated ventures 9,055 — — 9,055 Income tax expense (40) (345) (5) (390) Net income (loss) $ 2,140 $ 3,538 $ (9,880) $ (4,202)
Summary of Total Assets by Segment	The following table presents total assets by segment as of March 31, 2024 and December 31, 2023 (dollars in thousands): Total Assets Senior and Mezzanine Loans and Preferred Equity Net Leased and Other Real Estate Corporate and Other (1) Total March 31, 2024 $ 2,808,978 $ 922,763 $ 214,805 $ 3,946,546 December 31, 2023 3,003,639 934,100 260,515 4,198,254 _________________________________________ (1) Includes PE Investments totaling $2.3 million as of March 31, 2024 and December 31, 2023, and cash, unallocated receivables and deferred costs and other assets, net.
Schedule of Revenue by Geographic Areas	Geography information on total income and long-lived assets are presented as follows (dollars in thousands): Three Months Ended March 31, 2024 2023 Total income by geography: United States $ 90,965 $ 105,556 Europe 4,802 4,722 Total (1) $ 95,767 $ 110,278
Schedule of Long-lived Assets by Geographic Areas	March 31, 2024 December 31, 2023 Long-lived assets by geography: United States $ 623,430 $ 629,663 Europe 220,591 237,293 Total (2) $ 844,021 $ 866,956 _________________________________________ (1) Includes interest income, property and other income and equity in earnings of unconsolidated ventures. (2)

Earnings Per Share (Tables)

Earnings Per Share (Tables)	3 Months Ended
Earnings Per Share (Tables)	Mar. 31, 2024
Earnings Per Share [Abstract]
Schedule of Earnings Per Share, Basic and Diluted	The Company’s net income (loss) and weighted average shares outstanding for the three months ended March 31, 2024 and 2023, consist of the following (dollars in thousands, except per share data): Three Months Ended March 31, 2024 2023 Net loss $ (57,107) $ (4,202) Net loss attributable to noncontrolling interests: Investment Entities 4 75 Net loss attributable to BrightSpire Capital, Inc. common stockholders $ (57,103) $ (4,127) Numerator: Net (income) loss allocated to participating securities (non-vested shares) $ — $ — Net loss attributable to common stockholders $ (57,103) $ (4,127) Denominator: Weighted average shares outstanding - basic (1) 127,326 126,665 Weighted average shares outstanding - diluted (2) 127,326 126,665 Net loss per common share - basic $ (0.45) $ (0.03) Net loss per common share - diluted $ (0.45) $ (0.03) _________________________________________ (1) The outstanding shares used to calculate the weighted average basic shares outstanding exclude 2,705,281 and 2,811,074 of restricted stock awards as of March 31, 2024 and March 31, 2023, net of forfeitures, respectively, as those shares were issued but were not vested and therefore, not considered outstanding for purposes of computing basic net income (loss) per common share. (2) The calculation of diluted earnings per share for the three months ended March 31, 2024 and March 31, 2023 excludes the effect of weighted average unvested non-participating restricted shares of 2,773,297 and 2,537,125, respectively, as the effect would be antidilutive.

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Additional Information (Details)	3 Months Ended
	Mar. 31, 2024 USD ($) property	Mar. 31, 2023 USD ($)	Dec. 31, 2023 USD ($) property
Variable Interest Entity [Line Items]
Loans held for sale	$ 0		$ 0
Number of properties held-for-sale (in properties) \| property	1		1
Income tax expense	$ 252,000	$ 390,000
Multifamily \| Reconsideration Event, Deposit From Debtor \| Arlington, Texas
Variable Interest Entity [Line Items]
Amount of loan modified	5,400,000
Multifamily \| Reconsideration Event, Deposit Not Funded, Preferred Equity Investment \| Arlington, Texas
Variable Interest Entity [Line Items]
Amount of loan modified	$ 6,000,000
Unconsolidated VIEs \| Third Party Joint Venture Partners \| Minimum
Variable Interest Entity [Line Items]
Ownership percentage by noncontrolling owners (in percentage)	5%		5%
Unconsolidated VIEs \| Third Party Joint Venture Partners \| Maximum
Variable Interest Entity [Line Items]
Ownership percentage by noncontrolling owners (in percentage)	11%		11%

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Operating Real Estate Estimated Useful Lives (Details)	Mar. 31, 2024
Building (fee interest) \| Minimum
Property, Plant and Equipment [Line Items]
Useful life (in years)	30 years
Building (fee interest) \| Maximum
Property, Plant and Equipment [Line Items]
Useful life (in years)	47 years
Land improvements \| Minimum
Property, Plant and Equipment [Line Items]
Useful life (in years)	1 year
Land improvements \| Maximum
Property, Plant and Equipment [Line Items]
Useful life (in years)	15 years
Furniture, fixtures and equipment \| Minimum
Property, Plant and Equipment [Line Items]
Useful life (in years)	2 years
Furniture, fixtures and equipment \| Maximum
Property, Plant and Equipment [Line Items]
Useful life (in years)	9 years

Loans Held for Investment, ne_2

Loans Held for Investment, net - Summary of Loans Held for Investment, Net (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2024	Dec. 31, 2023	Mar. 31, 2023	Dec. 31, 2022
Financing Receivable, Impaired [Line Items]
Unpaid Principal Balance	$ 2,836,338	$ 2,937,386
Carrying Value	2,837,563	2,936,506
CECL reserve	(150,214)	(76,028)	$ (145,836)	$ (106,247)
Loans held for investment, net	2,687,349	2,860,478	$ 3,349,059	$ 3,468,742
Variable rate
Financing Receivable, Impaired [Line Items]
Unpaid Principal Balance	2,762,238	2,869,052
Fixed rate
Financing Receivable, Impaired [Line Items]
Unpaid Principal Balance	$ 74,100	$ 68,334
Weighted average coupon (in percentage)	8.90%	9%
Weighted Average Maturity in Years	2 years 1 month 6 days	2 years 4 months 24 days
Commercial mortgage
Financing Receivable, Impaired [Line Items]
Unpaid Principal Balance	$ 2,836,338	$ 2,937,386
Carrying Value	2,837,563	2,936,506
Loans held for investment \| Variable rate
Financing Receivable, Impaired [Line Items]
Carrying Value	2,763,503	2,868,224
Loans held for investment \| Fixed rate
Financing Receivable, Impaired [Line Items]
Carrying Value	74,060	68,282
Loans held for investment \| Commercial mortgage
Financing Receivable, Impaired [Line Items]
Carrying Value	2,837,563	2,936,506
Senior loans \| Variable rate
Financing Receivable, Impaired [Line Items]
Unpaid Principal Balance	$ 1,546,643	$ 1,646,722
Weighted average coupon (in percentage)	9%	9%
Weighted Average Maturity in Years	2 years 6 months	2 years 8 months 12 days
Senior loans \| Loans held for investment \| Variable rate
Financing Receivable, Impaired [Line Items]
Carrying Value	$ 1,547,448	$ 1,645,780
Securitized loans \| Variable rate
Financing Receivable, Impaired [Line Items]
Unpaid Principal Balance	$ 1,203,265	$ 1,210,000
Weighted average coupon (in percentage)	8.70%	8.90%
Weighted Average Maturity in Years	1 year 8 months 12 days	1 year 10 months 24 days
Securitized loans \| Loans held for investment \| Variable rate
Financing Receivable, Impaired [Line Items]
Carrying Value	$ 1,203,605	$ 1,209,994
Mezzanine loans \| Variable rate
Financing Receivable, Impaired [Line Items]
Unpaid Principal Balance	$ 12,330	$ 12,330
Weighted average coupon (in percentage)	16.30%	16.40%
Weighted Average Maturity in Years	0 years	3 months 18 days
Mezzanine loans \| Fixed rate
Financing Receivable, Impaired [Line Items]
Unpaid Principal Balance	$ 74,100	$ 68,334
Weighted average coupon (in percentage)	6.70%	10.90%
Weighted Average Maturity in Years	2 years 1 month 6 days	2 years 4 months 24 days
Mezzanine loans \| Loans held for investment \| Variable rate
Financing Receivable, Impaired [Line Items]
Carrying Value	$ 12,450	$ 12,450
Mezzanine loans \| Loans held for investment \| Fixed rate
Financing Receivable, Impaired [Line Items]
Carrying Value	$ 74,060	$ 68,282

Loans Held for Investment, ne_3

Loans Held for Investment, net - Narrative (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2024 USD ($) investment	Dec. 31, 2023 USD ($)	Sep. 30, 2023 USD ($)	Jun. 30, 2023 USD ($)	Mar. 31, 2023 USD ($) investment
Accounts, Notes, Loans and Financing Receivable [Line Items]
Interest receivable	$ 15,400	$ 15,900
Financing receivable, accrued interest, after allowance for credit loss, statement of financial position, extensible list, not disclosed, flag	Receivables, net	Receivables, net
Increase of current expected credit loss reserve	$ 74,411				$ 39,613
Number of CRE debt investments contributed to more than 10% of interest income (in investments) \| investment	0				0
Percent of interest income contributed by investment	10%				10%
Mezzanine A
Accounts, Notes, Loans and Financing Receivable [Line Items]
Financing receivable, additional extension				1 year
Weighted average coupon (in percentage)					10%
Mezzanine B
Accounts, Notes, Loans and Financing Receivable [Line Items]
Weighted average coupon (in percentage)					12%
Mezzanine loan
Accounts, Notes, Loans and Financing Receivable [Line Items]
Weighted average coupon (in percentage)					13%
Milpitas, California \| Development Mezzanine Loan
Accounts, Notes, Loans and Financing Receivable [Line Items]
Increase of current expected credit loss reserve					$ 14,500
Milpitas, California \| Development Mezzanine Loan \| Mezzanine A
Accounts, Notes, Loans and Financing Receivable [Line Items]
Increase of current expected credit loss reserve				$ 30,200
Amount of loan modified			$ 32,600
Milpitas, California \| Development Mezzanine Loan \| Mezzanine B
Accounts, Notes, Loans and Financing Receivable [Line Items]
Increase of current expected credit loss reserve				$ 14,500
Tualatin, Oregon \| Senior loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Amount of loan modified		$ 39,400
Exit fee interest rate (as a percentage)		2.50%
Amount funded for operating shortfalls		$ 300
Tualatin, Oregon \| Senior loans \| Contractual Interest Rate Reduction
Accounts, Notes, Loans and Financing Receivable [Line Items]
Reduction in loan interest rate (as a percentage)		1.50%	3.96%
PD/LGD model
Accounts, Notes, Loans and Financing Receivable [Line Items]
Allowance for lending commitments	$ 700	$ 400
Commercial mortgage
Accounts, Notes, Loans and Financing Receivable [Line Items]
Future funding commitments	$ 139,500	$ 168,200

Loans Held for Investment, ne_4

Loans Held for Investment, net - Activity in Loans Held for Investment, Net (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
SEC Schedule, 12-29, Real Estate Companies, Investment in Movement in Mortgage Loans on Real Estate [Roll Forward]
Beginning balance	$ 2,860,478	$ 3,468,742
Acquisitions/originations/additional funding	15,171	16,388
Loan maturities/principal repayments	(116,790)	(101,368)
Increase of CECL reserve	(74,186)	(39,589)
Discount accretion/premium amortization	2,104	3,038
Capitalized interest, net of repayments	572	1,848
Ending balance	2,687,349	3,349,059
PD/LGD model
SEC Schedule, 12-29, Real Estate Companies, Investment in Movement in Mortgage Loans on Real Estate [Roll Forward]
Unfunded commitments	$ 200	$ 0

Loans Held for Investment, ne_5

Loans Held for Investment, net - Nonaccrual and Past Due Loans (Details) $ in Thousands	Mar. 31, 2024 USD ($) loan	Dec. 31, 2023 USD ($)
Financing Receivable, Past Due [Line Items]
Carrying Value	$ 2,837,563	$ 2,936,506
Denver, Colorado
Financing Receivable, Past Due [Line Items]
Loans on nonaccrual status \| loan	1
Loan carrying value, nonaccrual	$ 29,300
Milpitas, California
Financing Receivable, Past Due [Line Items]
Carrying Value	32,600
Commercial mortgage
Financing Receivable, Past Due [Line Items]
Carrying Value	2,837,563	2,936,506
Commercial mortgage \| Current or Less Than 30 Days Past Due
Financing Receivable, Past Due [Line Items]
Carrying Value	2,763,208	2,936,506
Commercial mortgage \| 30 to 59 Days Past Due
Financing Receivable, Past Due [Line Items]
Carrying Value	12,450	0
Commercial mortgage \| 60-89 Days Past Due
Financing Receivable, Past Due [Line Items]
Carrying Value	0	0
Commercial mortgage \| 90 Days or More Past Due
Financing Receivable, Past Due [Line Items]
Carrying Value	$ 61,905	$ 0

Loans Held for Investment, ne_6

Loans Held for Investment, net - Changes in Allowance for Loan Losses (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2024 USD ($) loan	Dec. 31, 2023 USD ($) property	Sep. 30, 2023 USD ($)	Mar. 31, 2023 USD ($) loan
Allowance for Loan and Lease Losses [Roll Forward]
Reserve, beginning balance	$ 76,028			$ 106,247
Increase in general CECL reserve	67,058			(15,418)
Increase in specific CECL reserve	74,411			39,613
Reserve, ending balance	150,214	$ 76,028		145,836
Loans held for investment
Allowance for Loan and Lease Losses [Roll Forward]
Increase in specific CECL reserve	7,128		$ 4,800	55,007
Loans held for investment \| Denver, Colorado
Allowance for Loan and Lease Losses [Roll Forward]
Increase in specific CECL reserve	$ 7,100
Number of loans \| loan	1
Loans held for investment \| Washington, D.C.
Allowance for Loan and Lease Losses [Roll Forward]
Increase in specific CECL reserve				$ 29,900
Number of loans \| loan				1
Loans held for investment \| Long Island City, New York
Allowance for Loan and Lease Losses [Roll Forward]
Increase in specific CECL reserve		$ 7,600		$ 10,600
Number of loans		1		1
Development Mezzanine Loan \| Milpitas, California
Allowance for Loan and Lease Losses [Roll Forward]
Increase in specific CECL reserve				$ 14,500
PD/LGD model
Allowance for Loan and Lease Losses [Roll Forward]
Unfunded commitments	$ 200			$ 0

Loans Held for Investment, ne_7

Loans Held for Investment, net - Summary of Loans and Preferred Equity Held for Investment by Year of Origination and Credit Quality Risk Ranking (Details) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)
Financing Receivable, Credit Quality Indicator [Line Items]
Current Year	$ 0	$ 4,003
Year One	8,941	911,931
Year Two	809,065	1,252,970
Year Three	1,258,828	62,777
Year Four Earlier	760,729	704,825
Total	2,837,563	2,936,506
Current Year, Gross write-offs	0	0
Year One, Gross write-offs	0	0
Year Two, Gross write-offs	0	0
Year Three, Gross write-offs	0	0
Year Four and Earlier, Gross write-offs	0	14,477
Total, Gross write-offs	$ 0	$ 14,477
Average risk rating	3.2	3.2
Senior loans
Financing Receivable, Credit Quality Indicator [Line Items]
Current Year	$ 0	$ 0
Year One	0	884,720
Year Two	781,008	1,252,970
Year Three	1,258,828	62,777
Year Four Earlier	711,217	655,307
Total	2,751,053	2,855,774
Mezzanine loans
Financing Receivable, Credit Quality Indicator [Line Items]
Current Year	0	4,003
Year One	8,941	27,211
Year Two	28,057	0
Year Three	0	0
Year Four Earlier	49,512	49,518
Total	86,510	80,732
Risk Ranking 3 \| Senior loans
Financing Receivable, Credit Quality Indicator [Line Items]
Current Year	0	0
Year One	0	802,040
Year Two	697,594	1,014,128
Year Three	1,016,812	62,777
Year Four Earlier	487,547	519,328
Total	2,201,953	2,398,273
Risk Ranking 3 \| Mezzanine loans
Financing Receivable, Credit Quality Indicator [Line Items]
Current Year		4,003
Year One	8,941	27,211
Year Two	28,057	0
Year Three	0	0
Year Four Earlier	49,512	49,518
Total	86,510	80,732
Risk Ranking 4 \| Senior loans
Financing Receivable, Credit Quality Indicator [Line Items]
Current Year	0	0
Year One	0	53,871
Year Two	54,151	238,842
Year Three	242,016	0
Year Four Earlier	223,670	135,979
Total	519,837	428,692
Risk Ranking 5 \| Senior loans
Financing Receivable, Credit Quality Indicator [Line Items]
Current Year	0	0
Year One	0	28,809
Year Two	29,263	0
Year Three	0	0
Year Four Earlier	0	0
Total	$ 29,263	$ 28,809

Real Estate, net and Real Est_3

Real Estate, net and Real Estate Held for Sale - Real Estate Portfolios (Details) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2024 USD ($) property	Dec. 31, 2023 USD ($) property
Real Estate [Line Items]
Net lease portfolio, net	$ 789,438	$ 807,985
Number of foreclosed properties \| property	4	4
Foreclosed properties	$ 99,800	$ 100,400
Number of foreclosed properties, held-for-sale \| property	1	1
All other foreclosure types	$ 19,600	$ 19,600
Net lease portfolio, net
Real Estate [Line Items]
Land and improvements	124,029	127,003
Buildings, building leaseholds, and improvements	485,307	498,291
Tenant improvements	19,611	19,145
Subtotal	628,947	644,439
Less: Accumulated depreciation	(105,442)	(103,468)
Net lease portfolio, net	523,505	540,971
Other portfolio, net
Real Estate [Line Items]
Land and improvements	68,433	68,433
Buildings, building leaseholds, and improvements	217,554	217,554
Tenant improvements	27,684	27,668
Furniture, fixtures and equipment	1,204	1,204
Construction-in-progress	4,639	3,142
Subtotal	319,514	318,001
Less: Accumulated depreciation	(45,991)	(43,397)
Less: Impairment	(7,590)	(7,590)
Net lease portfolio, net	$ 265,933	$ 267,014

Real Estate, net and Real Est_4

Real Estate, net and Real Estate Held for Sale - Depreciation Expense (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Real Estate [Abstract]
Depreciation expense on real estate	$ 6.9	$ 6

Real Estate, net and Real Est_5

Real Estate, net and Real Estate Held for Sale - Property Operating Income (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2024 USD ($) property	Mar. 31, 2023 USD ($) property
Real Estate [Line Items]
Operating Lease, Lease Income, Statement of Income or Comprehensive Income [Extensible Enumeration]	Property operating income	Property operating income
Minimum lease revenue	$ 22,192	$ 19,388
Variable lease revenue	3,025	3,023
Total property operating income	25,217	22,411
Below-market lease values	$ 362	$ 339
Concentration risk, number of properties \| property	0	0
Above-market lease values
Real Estate [Line Items]
Above-market and In-place lease values	$ 474	$ 199

Real Estate, net and Real Est_6

Real Estate, net and Real Estate Held for Sale - Minimum Future Rents (Details) $ in Thousands	Mar. 31, 2024 USD ($)
Lessor, Operating Lease, Payments, Fiscal Year Maturity [Abstract]
Remainder of 2024	$ 62,731
2025	78,353
2026	71,192
2027	66,471
2028	57,510
2029 and thereafter	295,559
Total	$ 631,816

Real Estate, net and Real Est_7

Real Estate, net and Real Estate Held for Sale - Commitments and Contractual Obligations (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Real Estate [Abstract]
Ground rent expense	$ 0.8	$ 0.8

Real Estate, net and Real Est_8

Real Estate, net and Real Estate Held for Sale - Real Estate Acquisition (Details) $ in Thousands	3 Months Ended				12 Months Ended
	Mar. 31, 2024 USD ($) building forwardSwap property	Dec. 31, 2023 USD ($) property	Sep. 30, 2023 USD ($)	Mar. 31, 2023 USD ($) loan	Dec. 31, 2023 property
Real Estate [Line Items]
Number legal titles acquired \| property	4
Number legal titles acquired, classified as held-for-sale \| property	1	1			1
Purchase Price	$ 141,845
Land and Improvements	38,474
Building and Improvements	69,449
Furniture and Fixtures	832
Lease Intangible Assets	14,440
Other Assets	2,555
Lease Intangible Liabilities	(723)
Other Liabilities	(2,782)
Increase of current expected credit loss reserve	74,411			$ 39,613
Office
Real Estate [Line Items]
Number legal titles acquired \| property					4
Multifamily
Real Estate [Line Items]
Number legal titles acquired \| property					1
Loans held for investment
Real Estate [Line Items]
Increase of current expected credit loss reserve	$ 7,128		$ 4,800	55,007
Long Island City, New York \| Loans held for investment
Real Estate [Line Items]
Increase of current expected credit loss reserve		$ 7,600		$ 10,600
Number of loans		1		1
Minimum \| New York Offices
Real Estate [Line Items]
Useful life	45 years
Minimum \| Tenant Improvements
Real Estate [Line Items]
Useful life	4 years
Minimum \| Furniture and Fixtures
Real Estate [Line Items]
Useful life	4 years
Minimum \| Lease Intangibles
Real Estate [Line Items]
Useful life	3 years
Maximum \| Tenant Improvements
Real Estate [Line Items]
Useful life	9 years
Maximum \| Furniture and Fixtures
Real Estate [Line Items]
Useful life	9 years
Maximum \| Lease Intangibles
Real Estate [Line Items]
Useful life	12 years
Office - California
Real Estate [Line Items]
Number of Buildings/Units \| building	1
Purchase Price	$ 13,933
Land and Improvements	5,718
Building and Improvements	3,262
Furniture and Fixtures	0
Lease Intangible Assets	4,404
Other Assets	922
Lease Intangible Liabilities	(2)
Other Liabilities	$ (371)
Office - New York
Real Estate [Line Items]
Number of Buildings/Units \| building	1
Purchase Price	$ 36,177
Land and Improvements	10,380
Building and Improvements	24,484
Furniture and Fixtures	0
Lease Intangible Assets	1,898
Other Assets	432
Lease Intangible Liabilities	(528)
Other Liabilities	$ (489)
Office - New York
Real Estate [Line Items]
Number of Buildings/Units \| building	1
Purchase Price	$ 36,922
Land and Improvements	14,786
Building and Improvements	15,958
Furniture and Fixtures	0
Lease Intangible Assets	6,867
Other Assets	876
Lease Intangible Liabilities	(193)
Other Liabilities	$ (1,372)
Office - Washington D.C.
Real Estate [Line Items]
Number of Buildings/Units \| forwardSwap	1
Purchase Price	$ 19,600
Land and Improvements	0
Building and Improvements	0
Furniture and Fixtures	0
Lease Intangible Assets	0
Other Assets	0
Lease Intangible Liabilities	0
Other Liabilities	$ 0
Multifamily - Arizona
Real Estate [Line Items]
Number of Buildings/Units \| forwardSwap	236
Purchase Price	$ 35,213
Land and Improvements	7,590
Building and Improvements	25,745
Furniture and Fixtures	832
Lease Intangible Assets	1,271
Other Assets	325
Lease Intangible Liabilities	0
Other Liabilities	$ (550)

Real Estate, net and Real Est_9

Real Estate, net and Real Estate Held for Sale - Assets Held for Sale Related to Real Estate (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Real Estate [Abstract]
Real estate, net	$ 19,605	$ 19,600
Total assets held for sale	$ 19,605	$ 19,600

Deferred Leasing Costs and Ot_3

Deferred Leasing Costs and Other Intangibles - Schedule of Deferred Leasing Costs and Intangibles (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Deferred leasing costs
Carrying Amount	$ 31,030	$ 31,004
Accumulated Amortization	(19,197)	(18,571)
Total	11,833	12,433
Deferred Leasing Costs and Intangible Assets
Carrying Amount	126,156	127,225
Accumulated Amortization	(71,573)	(68,254)
Net Carrying Amount	54,583	58,971
Intangible Liabilities
Carrying Amount	16,798	16,798
Accumulated Amortization	(13,025)	(12,660)
Total	3,773	4,138
In-place lease values
Deferred Leasing Costs and Intangible Assets
Carrying Amount	81,509	82,604
Accumulated Amortization	(43,725)	(41,509)
Total	37,784	41,095
Above-market lease values
Deferred Leasing Costs and Intangible Assets
Carrying Amount	13,617	13,617
Accumulated Amortization	(8,651)	(8,174)
Total	$ 4,966	$ 5,443

Deferred Leasing Costs and Ot_4

Deferred Leasing Costs and Other Intangibles - Summary of the Amortization of Deferred Leasing Costs and Intangibles (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Finite-Lived Intangible Assets [Line Items]
Below-market lease values	$ 362	$ 339
Net increase (decrease) to property operating income	(112)	140
Deferred leasing costs	694	664
Amortization expense	3,422	1,947
Above-market lease values
Finite-Lived Intangible Assets [Line Items]
Above-market and In-place lease values	474	199
In-place lease values
Finite-Lived Intangible Assets [Line Items]
Above-market and In-place lease values	$ 2,728	$ 1,283

Deferred Leasing Costs and Ot_5

Deferred Leasing Costs and Other Intangibles - Schedule of Amortization of Deferred Leasing Costs, Intangible Assets and Intangible Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Below-market lease values
Remainder of 2024	$ 1,094
2025	1,458
2026	785
2027	81
2028	81
2029 and thereafter	274
Total	3,773	$ 4,138
Deferred leasing costs
Remainder of 2024	2,043
2025	2,449
2026	1,344
2027	1,111
2028	922
2029 and thereafter	3,964
Total	11,833	12,433
Net increase (decrease) to property operating income
Intangible assets (liabilities) and deferred leasing costs, amortization expense (income):
Remainder of 2024	(256)
2025	(130)
2026	(188)
2027	(283)
2028	(232)
2029 and thereafter	(104)
Total	(1,193)
Amortization expense
Intangible assets (liabilities) and deferred leasing costs, amortization expense (income):
Remainder of 2024	6,932
2025	7,869
2026	5,428
2027	4,482
2028	4,154
2029 and thereafter	20,752
Total	49,617
Above-market lease values
Above-market lease values
Remainder of 2024	1,350
2025	(1,588)
2026	(973)
2027	(364)
2028	(313)
2029 and thereafter	(378)
Total	(4,966)	(5,443)
In-place lease values
Above-market lease values
Remainder of 2024	4,889
2025	(5,420)
2026	(4,084)
2027	(3,371)
2028	(3,232)
2029 and thereafter	(16,788)
Total	$ (37,784)	$ (41,095)

Restricted Cash, Other Assets_3

Restricted Cash, Other Assets and Accrued and Other Liabilities - Summary of Restricted Cash (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023	Mar. 31, 2023	Dec. 31, 2022
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	$ 84,735	$ 104,583	$ 80,023	$ 92,508
Borrower escrow deposits
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	68,940	88,603
Capital expenditure reserves
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	9,415	10,534
Real estate escrow reserves
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	2,899	2,198
Working capital and other reserves
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	2,826	2,396
Tenant lockboxes
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	$ 655	$ 852

Restricted Cash, Other Assets_4

Restricted Cash, Other Assets and Accrued and Other Liabilities - Summary of Deferred Costs and Other Assets, Net (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Other assets:
Right-of-use lease asset	$ 25,705	$ 22,094
Tax receivable and deferred tax assets	16,623	16,634
Investments in unconsolidated ventures at fair value	2,251	2,251
Deferred financing costs, net – credit facilities	2,072	3,807
Prepaid expenses and other	1,681	2,730
Derivative assets	77	164
Total	$ 48,409	$ 47,680
Right-of-use lease asset [Extensible List]	Total	Total

Restricted Cash, Other Assets_5

Restricted Cash, Other Assets and Accrued and Other Liabilities - Summary of Other Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Accrued and other liabilities:
Operating lease liability	$ 26,559	$ 22,926
Current and deferred tax liability	22,804	24,202
Interest payable	12,514	11,324
Accounts payable, accrued expenses and other liabilities	9,831	17,569
Prepaid rent and unearned revenue	6,857	7,219
Tenant security deposits	1,610	1,617
Unfunded CECL loan allowance	650	425
Other	0	219
Total	$ 80,825	$ 85,501
Operating lease liability [Extensible List]	Total	Total

Restricted Cash, Other Assets_6

Restricted Cash, Other Assets and Accrued and Other Liabilities - Investments under Fair Value Option (Details)	Mar. 31, 2024	Dec. 31, 2023
Minimum
Restricted Cash and Cash Equivalents Items [Line Items]
Investments fair value option, ownership percentage (in percentage)	1%	1%
Maximum
Restricted Cash and Cash Equivalents Items [Line Items]
Investments fair value option, ownership percentage (in percentage)	10%	10%

Restricted Cash, Other Assets_7

Restricted Cash, Other Assets and Accrued and Other Liabilities - Investments in Unconsolidated Ventures (Details) $ in Millions	3 Months Ended
	Mar. 31, 2023 USD ($)
Mixed-use project \| Core \| Senior Mezzanine Lender
Schedule of Equity Method Investments [Line Items]
Realized gain on sales of unconsolidated ventures	$ 9

Debt - Schedule of Debt (Detail

Debt - Schedule of Debt (Details) kr in Billions	1 Months Ended	3 Months Ended
Debt - Schedule of Debt (Details) kr in Billions	Jun. 30, 2023	Mar. 31, 2024 USD ($) property extension	Mar. 31, 2024 NOK (kr) property	Dec. 31, 2023 USD ($)	May 26, 2023	Feb. 19, 2022	Jun. 17, 2021
Debt Instrument [Line Items]
Principal amount		$ 2,579,479,000		$ 2,718,521,000
Carrying value		2,577,220,000		2,715,561,000
Mortgage and other notes payable, net		639,194,000		650,293,000
Securitization bonds payable, net
Debt Instrument [Line Items]
Principal amount		907,193,000		913,927,000
Carrying value		906,510,000		912,545,000
Mortgage and other notes payable, net
Debt Instrument [Line Items]
Principal amount		640,770,000		651,871,000
Carrying value		$ 639,194,000		650,293,000
Mortgage and other notes payable, net \| Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Interest rate margin (in percentage)	4.25%
Mortgage and other notes payable, net \| Net lease 1
Debt Instrument [Line Items]
Contractual Interest Rate		4.77%	4.77%
Principal amount		$ 200,000,000		200,000,000
Carrying value		$ 198,895,000		198,871,000
Mortgage and other notes payable, net \| Net lease 2
Debt Instrument [Line Items]
Contractual Interest Rate		3.91%	3.91%
Principal amount		$ 147,517,000		157,216,000
Carrying value		$ 148,013,000		157,819,000
Number of properties (in properties) \| property		3	3
Mortgage and other notes payable, net \| Net lease 3
Debt Instrument [Line Items]
Contractual Interest Rate		4.08%	4.08%
Principal amount		$ 29,237,000		29,352,000
Carrying value		$ 29,134,000		29,238,000
Mortgage and other notes payable, net \| Net lease 4
Debt Instrument [Line Items]
Contractual Interest Rate		4.45%	4.45%
Principal amount		$ 21,825,000		21,976,000
Carrying value		$ 21,825,000		21,976,000
Mortgage and other notes payable, net \| Net lease 5
Debt Instrument [Line Items]
Contractual Interest Rate		4.45%	4.45%
Principal amount		$ 16,979,000		17,082,000
Carrying value		16,783,000		16,869,000
Mortgage and other notes payable, net		$ 147,500,000	kr 1.6
Mortgage and other notes payable, net \| Net lease 5
Debt Instrument [Line Items]
Contractual Interest Rate		4.38%	4.38%
Principal amount		$ 11,206,000		11,271,000
Carrying value		$ 10,768,000		10,833,000
Number of properties (in properties) \| property		2	2
Number of properties with interest only payments (in properties) \| property		1	1
Mortgage and other notes payable, net \| Net lease 6
Debt Instrument [Line Items]
Contractual Interest Rate		4.45%	4.45%
Principal amount		$ 6,746,000		6,787,000
Carrying value		$ 6,668,000		6,702,000
Mortgage and other notes payable, net \| Net lease 8
Debt Instrument [Line Items]
Contractual Interest Rate		4.45%	4.45%
Principal amount		$ 3,127,000		3,146,000
Carrying value		$ 3,091,000		3,107,000
Mortgage and other notes payable, net \| Other real estate 1
Debt Instrument [Line Items]
Contractual Interest Rate		4.47%	4.47%
Principal amount		$ 100,754,000		101,260,000
Carrying value		$ 100,754,000		101,260,000
Mortgage and other notes payable, net \| Other real estate 2
Debt Instrument [Line Items]
Contractual Interest Rate		4.30%	4.30%
Principal amount		$ 68,913,000		69,315,000
Carrying value		68,797,000		69,152,000
Mortgage and other notes payable, net \| Loan 1
Debt Instrument [Line Items]
Principal amount		34,466,000		34,466,000
Carrying value		$ 34,466,000		34,466,000
Number of optional extensions to initial maturity date \| extension		2
Debt term extension available (in years)		1 year
Mortgage and other notes payable, net \| Loan 1 \| Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Interest rate margin (in percentage)		4.25%
Credit facilities
Debt Instrument [Line Items]
Principal amount		$ 1,031,516,000		1,152,723,000
Carrying value		$ 1,031,516,000		1,152,723,000
Credit facilities \| Minimum
Debt Instrument [Line Items]
Initial debt term (in years)		2 years
Credit facilities \| Maximum
Debt Instrument [Line Items]
Initial debt term (in years)		5 years
Credit facilities \| Master repurchase facilities
Debt Instrument [Line Items]
Capacity ($)		$ 2,000,000,000
Principal amount		1,031,516,000		1,152,723,000
Carrying value		1,031,516,000		1,152,723,000
Credit facilities \| Bank credit facility \| Bank credit facility
Debt Instrument [Line Items]
Capacity ($)		165,000,000
Principal amount		0		0
Carrying value		$ 0		0
Credit facilities \| Bank credit facility \| Bank credit facility \| Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Interest rate margin (in percentage)		2.25%
Credit facilities \| Bank 1 \| Master repurchase facilities
Debt Instrument [Line Items]
Capacity ($)		$ 600,000,000
Principal amount		392,534,000		490,261,000
Carrying value		$ 392,534,000		490,261,000
Number of optional extensions to initial maturity date \| extension		2
Debt term extension available (in years)		1 year
Percent of recourse of the financed amount		25%	25%
Credit facilities \| Bank 1 \| Master repurchase facilities \| Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Interest rate margin (in percentage)		2.19%
Credit facilities \| Bank 2 \| Master repurchase facilities
Debt Instrument [Line Items]
Capacity ($)		$ 600,000,000
Principal amount		245,810,000		261,753,000
Carrying value		$ 245,810,000		261,753,000
Debt term extension available (in years)		1 year
Credit facilities \| Bank 2 \| Master repurchase facilities \| Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Interest rate margin (in percentage)		1.96%
Credit facilities \| Bank 2 \| Master repurchase facilities \| Secured Overnight Financing Rate (SOFR) \| Minimum
Debt Instrument [Line Items]
Interest rate margin (in percentage)		1.50%
Credit facilities \| Bank 2 \| Master repurchase facilities \| Secured Overnight Financing Rate (SOFR) \| Maximum
Debt Instrument [Line Items]
Interest rate margin (in percentage)		2.75%
Credit facilities \| Bank 3 \| Master repurchase facilities
Debt Instrument [Line Items]
Capacity ($)		$ 400,000,000
Principal amount		237,985,000		237,985,000
Carrying value		$ 237,985,000		237,985,000
Number of optional extensions to initial maturity date \| extension		2
Debt term extension available (in years)		1 year
Credit facilities \| Bank 3 \| Master repurchase facilities \| Minimum
Debt Instrument [Line Items]
Percent of recourse of the financed amount		25%	25%
Credit facilities \| Bank 3 \| Master repurchase facilities \| Maximum
Debt Instrument [Line Items]
Percent of recourse of the financed amount		50%	50%
Credit facilities \| Bank 3 \| Master repurchase facilities \| Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Interest rate margin (in percentage)		1.74%
Credit facilities \| Bank 4
Debt Instrument [Line Items]
Number of optional extensions to initial maturity date \| extension		3
Credit facilities \| Bank 4 \| Master repurchase facilities
Debt Instrument [Line Items]
Capacity ($)		$ 400,000,000
Principal amount		155,187,000		162,724,000
Carrying value		$ 155,187,000		162,724,000
Debt term extension available (in years)		1 year
Credit facilities \| Bank 4 \| Master repurchase facilities \| Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Interest rate margin (in percentage)		1.79%
CLNC 2019-FL1 \| Investment grade notes \| Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Benchmark adjustment					0.11448%	0.11448%	0.11448%
CLNC 2019-FL1 \| Securitization bonds payable, net \| Investment grade notes
Debt Instrument [Line Items]
Principal amount		$ 311,603,000		312,337,000
Carrying value		$ 311,595,000		312,305,000
CLNC 2019-FL1 \| Securitization bonds payable, net \| Investment grade notes \| Minimum
Debt Instrument [Line Items]
Initial debt term (in years)		2 years
CLNC 2019-FL1 \| Securitization bonds payable, net \| Investment grade notes \| Maximum
Debt Instrument [Line Items]
Initial debt term (in years)		3 years
CLNC 2019-FL1 \| Securitization bonds payable, net \| Investment grade notes \| Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Interest rate margin (in percentage)		2.17%
BRSP 2021-FL 1 \| Securitization bonds payable, net \| Investment grade notes
Debt Instrument [Line Items]
Principal amount		$ 595,590,000		601,590,000
Carrying value		$ 594,915,000		$ 600,240,000
BRSP 2021-FL 1 \| Securitization bonds payable, net \| Investment grade notes \| Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Interest rate margin (in percentage)		1.53%

Debt - Future Minimum Principal

Debt - Future Minimum Principal Payments (Details) $ in Thousands	Mar. 31, 2024 USD ($)
Future Scheduled Minimum Principal Payments
Remaining 2024	$ 102,422
2025	218,759
2026	89,091
2027	1,051,875
2028	10,139
2029 and thereafter	1,107,193
Total	2,579,479
Securitization Bonds Payable, Net
Future Scheduled Minimum Principal Payments
Remaining 2024	0
2025	0
2026	0
2027	0
2028	0
2029 and thereafter	907,193
Total	907,193
Mortgage Notes Payable, Net
Future Scheduled Minimum Principal Payments
Remaining 2024	102,422
2025	218,759
2026	89,091
2027	20,359
2028	10,139
2029 and thereafter	200,000
Total	640,770
Credit Facilities
Future Scheduled Minimum Principal Payments
Remaining 2024	0
2025	0
2026	0
2027	1,031,516
2028	0
2029 and thereafter	0
Total	$ 1,031,516

Debt - Narrative (Details)

Debt - Narrative (Details)		1 Months Ended		3 Months Ended
Debt - Narrative (Details)	Jan. 28, 2022 USD ($) term	Jul. 31, 2021 USD ($)	Oct. 31, 2019 USD ($)	Mar. 31, 2024 USD ($) loan counterparty	Dec. 31, 2023 USD ($)	May 26, 2023	Mar. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Feb. 19, 2022	Jan. 27, 2022 USD ($)	Jun. 17, 2021
Debt Instrument [Line Items]
Carrying value of CRE debt investments				$ 150,214,000	$ 76,028,000		$ 145,836,000	$ 106,247,000
Principal amount				2,579,479,000	2,718,521,000
Unpaid principal balance				$ 2,579,479,000
Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Weighted average interest rate (in percentage)				1.53%
Investment grade notes \| CLNC 2019-FL1
Debt Instrument [Line Items]
Sale of notes			$ 840,400,000
Advance rate				65.20%
Number of loans (in loans) \| loan				14
Reinvestment period			2 years
Number of loan investments removed, partially repaid (in loans) \| loan				1
Debt repaid				$ 700,000
Unpaid principal balance				$ 477,700,000
Number of counterparties holding collateral that exceeds amounts borrowed by more than 10% \| counterparty				1
Investment grade notes \| BRSP 2021-FL 1
Debt Instrument [Line Items]
Sale of notes		$ 670,000,000
Advance rate				82.10%
Number of loans (in loans) \| loan				26
Reinvestment period		2 years
Number of loan investments removed, partially repaid (in loans) \| loan				1
Debt repaid				$ 6,000,000
Unpaid principal balance				$ 725,600,000
Investment grade notes \| Secured Overnight Financing Rate (SOFR) \| CLNC 2019-FL1
Debt Instrument [Line Items]
Benchmark adjustment						0.11448%			0.11448%		0.11448%
Additional lookback period				2 days
Master repurchase facilities
Debt Instrument [Line Items]
Maximum borrowing capacity				$ 2,000,000,000
Master repurchase facilities
Debt Instrument [Line Items]
Principal amount				1,031,516,000	1,152,723,000
Unpaid principal balance				$ 1,031,516,000
Master repurchase facilities \| Minimum
Debt Instrument [Line Items]
Initial debt term (in years)				2 years
Master repurchase facilities \| Maximum
Debt Instrument [Line Items]
Initial debt term (in years)				5 years
Master repurchase facilities \| Bank 1
Debt Instrument [Line Items]
Unpaid principal balance				$ 167,900,000	188,300,000
Master repurchase facilities \| Revolving credit facility \| Credit agreement
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 165,000,000									$ 300,000,000
Borrowing capacity, increase to maximum available principal amount										$ 300,000,000
Maximum amount that can be drawn				$ 165,000,000
Maximum amount of base value available for borrowing				50%
Number of additional terms (in terms) \| term	2
Length of potential extension terms	6 months
Tangible net worth				$ 1,112,000,000
Percentage of net cash proceeds from offering				0.70
EBITDA plus lease expenses to fixed charges				1.50
Minimum interest coverage ratio				3
Maximum leverage ratio				0.80
Master repurchase facilities \| Revolving credit facility \| Credit agreement \| Minimum
Debt Instrument [Line Items]
Unused amount, commitment fee percentage				0.25%
Master repurchase facilities \| Revolving credit facility \| Credit agreement \| Maximum
Debt Instrument [Line Items]
Unused amount, commitment fee percentage				0.35%
Master repurchase facilities \| Revolving credit facility \| Credit agreement \| Secured Overnight Financing Rate (SOFR) \| Option one
Debt Instrument [Line Items]
Interest rate margin (in percentage)				2.25%
Master repurchase facilities \| Revolving credit facility \| Credit agreement \| Secured Overnight Financing Rate (SOFR) \| Option two
Debt Instrument [Line Items]
Interest rate margin (in percentage)				1%
Margin on basis spread on variable rate				0.0125
Master repurchase facilities \| Revolving credit facility \| Credit agreement \| Federal funds rate \| Option two
Debt Instrument [Line Items]
Interest rate margin (in percentage)				0.50%
Master repurchase facilities \| Master repurchase facilities
Debt Instrument [Line Items]
Maximum borrowing capacity				$ 2,000,000,000
Principal amount				1,031,516,000	1,152,723,000
Unpaid principal balance				1,000,000,000	1,200,000,000
Master repurchase facilities \| Master repurchase facilities \| Asset Pledged as Collateral
Debt Instrument [Line Items]
Carrying value of CRE debt investments				1,400,000,000	1,500,000,000
Master repurchase facilities \| Master repurchase facilities \| Bank 1
Debt Instrument [Line Items]
Maximum borrowing capacity				600,000,000
Principal amount				$ 392,534,000	490,261,000
Master repurchase facilities \| Master repurchase facilities \| Bank 1 \| Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Interest rate margin (in percentage)				2.19%
Letters of Credit \| Revolving credit facility \| Credit agreement
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 25,000,000
Securitization bonds payable, net
Debt Instrument [Line Items]
Principal amount				$ 907,193,000	913,927,000
Unpaid principal balance				907,193,000
Securitization bonds payable, net \| Asset Pledged as Collateral
Debt Instrument [Line Items]
Carrying value of CRE debt investments				1,200,000,000	1,200,000,000
Securitization bonds payable, net \| Investment grade notes \| CLNC 2019-FL1
Debt Instrument [Line Items]
Principal amount				311,603,000	312,337,000
Securitization bonds payable, net \| Investment grade notes \| BRSP 2021-FL 1
Debt Instrument [Line Items]
Principal amount				$ 595,590,000	$ 601,590,000
Securitization bonds payable, net \| Investment grade notes \| Minimum \| CLNC 2019-FL1
Debt Instrument [Line Items]
Initial debt term (in years)				2 years
Securitization bonds payable, net \| Investment grade notes \| Maximum \| CLNC 2019-FL1
Debt Instrument [Line Items]
Initial debt term (in years)				3 years
Securitization bonds payable, net \| Investment grade notes \| Secured Overnight Financing Rate (SOFR) \| CLNC 2019-FL1
Debt Instrument [Line Items]
Interest rate margin (in percentage)				2.17%
Securitization bonds payable, net \| Investment grade notes \| Secured Overnight Financing Rate (SOFR) \| BRSP 2021-FL 1
Debt Instrument [Line Items]
Interest rate margin (in percentage)				1.53%

Related Party Arrangements (Det

Related Party Arrangements (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Related Party Transactions [Abstract]
Related party transactions	$ 0	$ 0

Equity-Based Compensation - Nar

Equity-Based Compensation - Narrative (Details) - USD ($) $ in Thousands						1 Months Ended	3 Months Ended
	Mar. 15, 2024	May 17, 2023	Mar. 06, 2023	May 06, 2022	May 05, 2022	Mar. 31, 2023	Mar. 31, 2024	Mar. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)		93,285	1,391,217	62,190	1,456,366		1,777,752	1,775,595
Share-based compensation expense							$ 2,170	$ 2,295
Fair value at vesting date							9,100	5,400
Compensation cost not yet recognized						$ 23,700	$ 22,200	$ 23,700
Compensation cost not yet recognized, period for recognition							2 years 4 months 24 days	2 years 4 months 24 days
Certain Employees Of Prior Manager
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)	1,243,696
Share-Based Payment Arrangement, Tranche One
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of PSUs granted and eligible to vest			33.33%
Share-Based Payment Arrangement, Tranche Two
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of PSUs granted and eligible to vest			33.33%
Share-Based Payment Arrangement, Tranche Three
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of PSUs granted and eligible to vest			33.33%
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)							1,243,696	1,391,217
Vesting period							3 years
Service period							3 years
PSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)							534,056	384,378
PSUs \| 2024 Grant
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Measurement period							3 years
PSUs \| Minimum \| 2023 Grant
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of PSUs granted and eligible to vest							0%
PSUs \| Maximum \| 2023 Grant
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of PSUs granted and eligible to vest							200%
Management
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense							$ 2,200	$ 2,300
Class A
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of additional shares authorized (in shares)					10,000,000
Stock issued (in shares)						136,000
Class A \| Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period							1 year

Equity-Based Compensation - Fai

Equity-Based Compensation - Fair Value Assumptions (Details)	3 Months Ended
	Mar. 31, 2024
2024 Grant
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected volatility	35.60%
Risk free rate	4.30%
Expected dividend yield	0%
2023 Grant
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected volatility	74.40%
Risk free rate	4.60%
Expected dividend yield	0%

Equity-Based Compensation - Sum

Equity-Based Compensation - Summary of Awards Granted or Vested (Details) - $ / shares					3 Months Ended
	May 17, 2023	Mar. 06, 2023	May 06, 2022	May 05, 2022	Mar. 31, 2024	Mar. 31, 2023
Number of Shares [Roll Forward]
Unvested Shares at beginning of period (in shares)					3,172,185	2,580,691
Granted (in shares)	93,285	1,391,217	62,190	1,456,366	1,777,752	1,775,595
Vested (in shares)					(1,326,222)	(1,024,834)
Forfeited (in shares)						(136,000)
Unvested shares at end of period (in shares)					3,623,715	3,195,452
Restricted Stock
Number of Shares [Roll Forward]
Unvested Shares at beginning of period (in shares)					2,787,807	2,308,691
Granted (in shares)					1,243,696	1,391,217
Vested (in shares)					(1,326,222)	(888,834)
Forfeited (in shares)						0
Unvested shares at end of period (in shares)					2,705,281	2,811,074
Weighted Average Grant Date Fair Value [Roll Forward]
Unvested Shares at beginning of period, weighted average grant date fair value (in dollars per share)					$ 7.61	$ 8.47
Granted, weighted average grant date fair value (in dollars per share)					6.71	6.90
Vested, weighted average grant date fair value (in dollars per share)					7.92	8.46
Forfeited, weighted average grant date fair value (in dollars per share)						0
Unvested shares at end of period, weighted average grant date fair value (Unaudited) (in dollars per share)					$ 7.05	$ 7.70
PSUs
Number of Shares [Roll Forward]
Unvested Shares at beginning of period (in shares)					384,378	272,000
Granted (in shares)					534,056	384,378
Vested (in shares)					0	(136,000)
Forfeited (in shares)						(136,000)
Unvested shares at end of period (in shares)					918,434	384,378
Weighted Average Grant Date Fair Value [Roll Forward]
Unvested Shares at beginning of period, weighted average grant date fair value (in dollars per share)					$ 9.69	$ 11.96
Granted, weighted average grant date fair value (in dollars per share)					7.82	9.69
Vested, weighted average grant date fair value (in dollars per share)					0	11.96
Forfeited, weighted average grant date fair value (in dollars per share)						11.96
Unvested shares at end of period, weighted average grant date fair value (Unaudited) (in dollars per share)					$ 8.60	$ 9.69

Stockholders' Equity - Narrativ

Stockholders' Equity - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended
	Mar. 31, 2024	Apr. 30, 2024	Dec. 31, 2023	Mar. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares authorized for issuance (in shares)	1,000,000,000
Common stock, par value (in dollars per share)	$ 0.01		$ 0.01
Preferred stock, shares authorized (in shares)	50,000,000		50,000,000
Preferred stock, shares issued (in shares)	0		0	0
Shares repurchased (in shares)	0
Amount available to repurchase under Stock Repurchase Plan	$ 50
Subsequent event
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock repurchase program, amount authorized for repurchase		$ 50
Class A
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock, shares authorized (in shares)	950,000,000		950,000,000

Stockholders' Equity - Dividend

Stockholders' Equity - Dividends (Details) - $ / shares			3 Months Ended
Stockholders' Equity - Dividends (Details) - $ / shares	Mar. 15, 2024	Mar. 16, 2023	Mar. 31, 2024	Mar. 31, 2023
Equity [Abstract]
Dividends and distributions declared per share of common stock (in dollars per share)	$ 0.20	$ 0.20	$ 0.20	$ 0.20

Stockholders' Equity - AOCI (De

Stockholders' Equity - AOCI (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
AOCI Attributable to Noncontrolling Interest, Net of Tax [Abstract]
Beginning balance	$ 1,278,466	$ 1,389,024
Other comprehensive loss	(3,594)	(3,463)
Ending balance	1,189,924	1,354,571
Accumulated Other Comprehensive Loss
AOCI Attributable to Noncontrolling Interest, Net of Tax [Abstract]
Beginning balance	(2,556)	(676)
Other comprehensive loss	(3,594)	(3,463)
Ending balance	(6,150)	(4,139)
Unrealized gain on net investment hedges
AOCI Attributable to Noncontrolling Interest, Net of Tax [Abstract]
Beginning balance	18,603	18,603
Other comprehensive loss	0	0
Ending balance	18,603	18,603
Foreign currency translation loss
AOCI Attributable to Noncontrolling Interest, Net of Tax [Abstract]
Beginning balance	(21,159)	(19,279)
Other comprehensive loss	(3,594)	(3,463)
Ending balance	$ (24,753)	$ (22,742)

Noncontrolling Interests (Detai

Noncontrolling Interests (Details) - USD ($) $ in Thousands	3 Months Ended
Noncontrolling Interests (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Mar. 31, 2023
Noncontrolling Interest [Abstract]
Net income (loss) attributable to noncontrolling interests, investment entities	$ (4)	$ (75)

Fair Value - Financial Assets M

Fair Value - Financial Assets Measured on a Recurring Basis (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Assets:
Other assets - derivative assets	$ 77	$ 164
Recurring basis
Assets:
Other assets - PE Investments	2,251	2,251
Other assets - derivative assets	77	164
Recurring basis \| Level 1
Assets:
Other assets - PE Investments	0	0
Other assets - derivative assets	0	0
Recurring basis \| Level 2
Assets:
Other assets - PE Investments	0	0
Other assets - derivative assets	77	164
Recurring basis \| Level 3
Assets:
Other assets - PE Investments	2,251	2,251
Other assets - derivative assets	$ 0	$ 0

Fair Value - Changes in Fair Va

Fair Value - Changes in Fair Value of Financial Assets Measured on a Recurring Basis (Details) - Recurring basis - Level 3 - Other assets - PE Investments - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Additional information about financial assets
Beginning balance	$ 2,251	$ 3,035
Distributions/paydowns	0	(245)
Ending balance	$ 2,251	$ 2,790

Fair Value - Narrative (Details

Fair Value - Narrative (Details) - Discount Rate	Mar. 31, 2024 measurement_input	Dec. 31, 2023 measurement_input	Sep. 30, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
PE investment, measurement input		0.110	0.120
Minimum \| Other assets - PE Investments \| Level 3 \| Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
PE investment, measurement input	0.110	0.110
Maximum \| Other assets - PE Investments \| Level 3 \| Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
PE investment, measurement input	0.120	0.120

Fair Value - Principal Amount,

Fair Value - Principal Amount, Carrying Value and Fair Value of Assets and Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Financial assets:
Unpaid Principal Balance	$ 2,836,338	$ 2,937,386
Financial liabilities:
Principal amount, financial liabilities	2,579,479	2,718,521
Commercial mortgage
Financial assets:
Unpaid Principal Balance	2,836,338	2,937,386
Financial liabilities:
Future funding commitments	139,500	168,200
Carrying Value
Financial assets:
Loans held for investment, net	2,687,349	2,860,478
Fair Value
Financial assets:
Loans held for investment, net	2,686,125	2,861,358
Securitization bonds payable, net
Financial liabilities:
Principal amount, financial liabilities	907,193	913,927
Securitization bonds payable, net \| Carrying Value
Financial liabilities:
Financial liabilities	906,510	912,545
Securitization bonds payable, net \| Fair Value
Financial liabilities:
Financial liabilities	907,193	913,927
Mortgage and other notes payable, net
Financial liabilities:
Principal amount, financial liabilities	640,770	651,871
Mortgage and other notes payable, net \| Carrying Value
Financial liabilities:
Financial liabilities	639,194	650,293
Mortgage and other notes payable, net \| Fair Value
Financial liabilities:
Financial liabilities	577,859	627,680
Master repurchase facilities
Financial liabilities:
Principal amount, financial liabilities	1,031,516	1,152,723
Master repurchase facilities \| Carrying Value
Financial liabilities:
Financial liabilities	1,031,516	1,152,723
Master repurchase facilities \| Fair Value
Financial liabilities:
Financial liabilities	$ 1,031,516	$ 1,152,723

Fair Value - Fair Value - Summa

Fair Value - Fair Value - Summary of Assets Carried at Fair Value on a Nonrecurring Basis (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2024 USD ($) loan	Dec. 31, 2023 USD ($) property	Sep. 30, 2023 USD ($)	Mar. 31, 2023 USD ($) loan
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets held for sale	$ 19,605	$ 19,600
Total	789,438	807,985
Increase of current expected credit loss reserve	74,411			$ 39,613
Loans held for investment
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Increase of current expected credit loss reserve	7,128		$ 4,800	55,007
Loans held for investment \| Denver, Colorado
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Increase of current expected credit loss reserve	$ 7,100
Number of loans \| loan	1
Loans held for investment \| Washington, D.C.
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Increase of current expected credit loss reserve				$ 29,900
Number of loans \| loan				1
Loans held for investment \| Long Island City, New York
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Increase of current expected credit loss reserve		$ 7,600		$ 10,600
Number of loans		1		1
Rent per square foot \| Loans held for investment
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
PE investment, measurement input		25
Rent per square foot \| Minimum \| Loans held for investment
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
PE investment, measurement input			44
Rent per square foot \| Maximum \| Loans held for investment
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
PE investment, measurement input			45	48
Capitalization Rate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
PE investment, measurement input		0.065	0.075
Capitalization Rate \| Maximum \| Loans held for investment
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
PE investment, measurement input				0.075
Discount Rate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
PE investment, measurement input		0.110	0.120
Discount Rate \| Maximum \| Loans held for investment
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
PE investment, measurement input				0.120
Fair value, measurements, nonrecurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Loans held for investment, net	$ 22,135
Real estate, net		$ 22,831
Assets held for sale		19,600
Total	22,135	42,431
Level 1 \| Fair value, measurements, nonrecurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Loans held for investment, net	0
Real estate, net		0
Assets held for sale		0
Total	0	0
Level 2 \| Fair value, measurements, nonrecurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Loans held for investment, net	0
Real estate, net		0
Assets held for sale		0
Total	0	0
Level 3 \| Fair value, measurements, nonrecurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Loans held for investment, net	22,135
Real estate, net		22,831
Assets held for sale		19,600
Total	$ 22,135	$ 42,431

Derivatives - Schedule of Deriv

Derivatives - Schedule of Derivatives Assets and Liabilities (Details) - Other assets - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Derivative Assets
Non-designated hedges included in other assets	$ 77	$ 164
Foreign exchange contracts
Derivative Assets
Non-designated hedges included in other assets	$ 77	$ 164

Derivatives - Narrative (Detail

Derivatives - Narrative (Details)	Mar. 31, 2024 USD ($)
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Cash collateral for the derivative contracts	$ 0

Derivatives - Summary Of Intere

Derivatives - Summary Of Interest Rate Contracts (Details) - NOK (kr) kr in Thousands	Mar. 31, 2024	Dec. 31, 2023
FX Forward \| Non-Designated
Derivative [Line Items]
Notional amount	kr 2,898	kr 8,229

Derivatives - Summary of Deriva

Derivatives - Summary of Derivative Effects (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Non-designated foreign exchange contracts	$ 40	$ 651
Non-designated interest rate contracts	0	(1)
Total	$ 40	$ 650

Derivatives - Offsetting Assets

Derivatives - Offsetting Assets and Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Derivative Assets
Gross Amounts of Assets (Liabilities) Included on Consolidated Balance Sheets	$ 77	$ 164
Net Amounts of Assets (Liabilities)	77	164
Foreign exchange contracts
Derivative Assets
Gross Amounts of Assets (Liabilities) Included on Consolidated Balance Sheets	77	164
Net Amounts of Assets (Liabilities)	$ 77	$ 164

Commitments and Contingencies -

Commitments and Contingencies - Narrative (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Ground Leases
Debt Instrument [Line Items]
Weighted average remaining lease term	12 years 3 months 18 days	14 years 3 months 18 days
Weighted average discount rate (as a percentage)	5.40%
Corporate Offices
Debt Instrument [Line Items]
Weighted average remaining lease term	5 years 1 month 6 days	5 years 3 months 18 days
Weighted average discount rate (as a percentage)	2.36%
Senior loans
Debt Instrument [Line Items]
Future funding commitments	$ 131.9	$ 155.4
Mezzanine loans
Debt Instrument [Line Items]
Future funding commitments	$ 7.6	$ 12.8

Commitments and Contingencies_2

Commitments and Contingencies - Summary of Lease Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Ground Leases
Long-term Purchase Commitment [Line Items]
Minimum lease expense	$ 786	$ 777
Variable lease expense	0	0
Total operating lease expense	786	777
Corporate Offices
Long-term Purchase Commitment [Line Items]
Minimum lease expense	321	315
Total operating lease expense	$ 321	$ 315

Commitments and Contingencies_3

Commitments and Contingencies - Future Minimum Rental Payments, Ground Leases 2022 (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Long-term Purchase Commitment [Line Items]
Operating lease liability	$ 26,559	$ 22,926
Ground Leases
Long-term Purchase Commitment [Line Items]
Remainder of 2024	2,371
2025	3,184
2026	3,186
2027	2,868
2028	2,839
2029 and thereafter	14,159
Total lease payments	28,607
Less: Present value discount	8,324
Operating lease liability	$ 20,283

Commitments and Contingencies_4

Commitments and Contingencies - Future Minimum Rental Payments - Office Lease 2022 (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Long-term Purchase Commitment [Line Items]
Operating lease liability	$ 26,559	$ 22,926
Corporate Offices
Long-term Purchase Commitment [Line Items]
Remainder of 2024	972
2025	1,308
2026	1,323
2027	1,339
2028	1,155
2029 and thereafter	574
Total lease payments	6,671
Less: Present value discount	395
Operating lease liability	$ 6,276

Segment Reporting - Additional

Segment Reporting - Additional Information (Details)	3 Months Ended
Segment Reporting - Additional Information (Details)	Mar. 31, 2024 property
Segment Reporting [Abstract]
Number of legal titles acquired through a deed-in-lieu of foreclosure	5

Segment Reporting - Reportable

Segment Reporting - Reportable Operating Segments (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Segment Reporting Information [Line Items]
Interest income	$ 67,563	$ 75,616
Interest expense	(40,133)	(42,662)
Property operating expense	(8,645)	(5,852)
Transaction, investment and servicing expense	(622)	(835)
Interest expense on real estate	(6,782)	(5,509)
Depreciation and amortization	(10,390)	(7,996)
Increase of current expected credit loss reserve	(74,411)	(39,613)
Compensation and benefits	(8,771)	(8,805)
Operating expense	(3,199)	(3,473)
Other gain, net	331	655
Loss before equity in earnings of unconsolidated ventures and income taxes	(56,855)	(12,867)
Equity in earnings (loss) of unconsolidated ventures	0	9,055
Income tax expense	(252)	(390)
Net loss	(57,107)	(4,202)
Total Assets	3,946,546		$ 4,198,254
Investments in unconsolidated ventures at fair value	2,251		2,251
Core
Segment Reporting Information [Line Items]
Interest income	67,563	75,616
Interest expense	(40,133)	(42,662)
Property and other income	28,204	25,607
Property operating expense	(8,645)	(5,852)
Transaction, investment and servicing expense	(622)	(835)
Interest expense on real estate	(6,782)	(5,509)
Depreciation and amortization	(10,390)	(7,996)
Increase of current expected credit loss reserve	(74,411)	(39,613)
Compensation and benefits	(8,771)	(8,805)
Operating expense	(3,199)	(3,473)
Other gain, net	331	655
Loss before equity in earnings of unconsolidated ventures and income taxes	(56,855)	(12,867)
Equity in earnings (loss) of unconsolidated ventures		9,055
Income tax expense	(252)	(390)
Net loss	(57,107)	(4,202)
Total Assets	3,946,546		4,198,254
Core \| Senior and Mezzanine Loans and Preferred Equity
Segment Reporting Information [Line Items]
Interest income	67,477	75,607
Interest expense	(39,762)	(42,364)
Property and other income	155	0
Property operating expense	0	0
Transaction, investment and servicing expense	(382)	(501)
Interest expense on real estate	0	0
Depreciation and amortization	0	0
Increase of current expected credit loss reserve	(74,411)	(39,613)
Compensation and benefits	0	0
Operating expense	(4)	(4)
Other gain, net	0	0
Loss before equity in earnings of unconsolidated ventures and income taxes	(46,927)	(6,875)
Equity in earnings (loss) of unconsolidated ventures		9,055
Income tax expense	(11)	(40)
Net loss	(46,938)	2,140
Total Assets	2,808,978		3,003,639
Core \| Net Leased and Other Real Estate
Segment Reporting Information [Line Items]
Interest income	17	7
Interest expense	(68)	(7)
Property and other income	25,060	22,551
Property operating expense	(8,645)	(5,852)
Transaction, investment and servicing expense	(54)	(24)
Interest expense on real estate	(6,782)	(5,509)
Depreciation and amortization	(10,353)	(7,938)
Increase of current expected credit loss reserve	0	0
Compensation and benefits	0	0
Operating expense	(24)	0
Other gain, net	331	655
Loss before equity in earnings of unconsolidated ventures and income taxes	(518)	3,883
Equity in earnings (loss) of unconsolidated ventures		0
Income tax expense	(241)	(345)
Net loss	(759)	3,538
Total Assets	922,763		934,100
Core \| Corporate and Other
Segment Reporting Information [Line Items]
Interest income	69	2
Interest expense	(303)	(291)
Property and other income	2,989	3,056
Property operating expense	0	0
Transaction, investment and servicing expense	(186)	(310)
Interest expense on real estate	0	0
Depreciation and amortization	(37)	(58)
Increase of current expected credit loss reserve	0	0
Compensation and benefits	(8,771)	(8,805)
Operating expense	(3,171)	(3,469)
Other gain, net	0	0
Loss before equity in earnings of unconsolidated ventures and income taxes	(9,410)	(9,875)
Equity in earnings (loss) of unconsolidated ventures		0
Income tax expense	0	(5)
Net loss	(9,410)	$ (9,880)
Total Assets	$ 214,805		$ 260,515

Segment Reporting - Total Incom

Segment Reporting - Total Income and Long-lived Assets by Geography (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Revenues from External Customers and Long-Lived Assets [Line Items]
Total income by geography	$ 95,767	$ 110,278
Long-lived assets by geography	844,021		$ 866,956
United States
Revenues from External Customers and Long-Lived Assets [Line Items]
Total income by geography	90,965	105,556
Long-lived assets by geography	623,430		629,663
Europe
Revenues from External Customers and Long-Lived Assets [Line Items]
Total income by geography	4,802	$ 4,722
Long-lived assets by geography	$ 220,591		$ 237,293

Earnings Per Share (Details)

Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023	Dec. 31, 2022
Earnings Per Share [Abstract]
Net loss	$ (57,107)	$ (4,202)
Net loss attributable to noncontrolling interests:
Investment Entities	4	75
Net loss attributable to BrightSpire Capital, Inc. common stockholders	(57,103)	(4,127)
Numerator:
Net (income) loss allocated to participating securities (non-vested shares)	0	0
Net income attributable to BrightSpire Capital, Inc. common stockholders	$ (57,103)	$ (4,127)
Denominator:
Weighted average shares outstanding - basic (in shares)	127,326,000	126,665,000
Weighted average shares outstanding - diluted (in shares)	127,326,000	126,665,000
Net loss per common share - basic (in dollars per share)	$ (0.45)	$ (0.03)
Net loss per common share - diluted (in dollars per share)	$ (0.45)	$ (0.03)
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Outstanding (in shares)	3,623,715	3,195,452	3,172,185	2,580,691
Restricted Stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Outstanding (in shares)	2,705,281	2,811,074	2,787,807	2,308,691
Antidilutive securities excluded from computation of earnings per share (in shares)	2,773,297	2,537,125

Subsequent Events (Details)

Subsequent Events (Details) - Subsequent event $ / shares in Units, $ in Millions	1 Months Ended
	May 01, 2024 USD ($) loan	Apr. 30, 2024 $ / shares
Subsequent Event [Line Items]
Quarterly cash dividend (in dollars per share) \| $ / shares		$ 0.20
Senior loans
Subsequent Event [Line Items]
Number of loans \| loan	1
Total commitment and initial funding \| $	$ 9.2
Secured Overnight Financing Rate (SOFR) \| Senior loans
Subsequent Event [Line Items]
Loan interest rate (in percentage)	9.75%