0001717547-24-000089 | 10-Q | XBRL Viewer

Deferred Leasing Costs and Other Intangibles

9 Months Ended

Sep. 30, 2024

Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]

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 September 30, 2024 and December 31, 2023 are as follows (dollars in thousands):


	September 30, 2024
	Carrying Amount		Accumulated Amortization		Net Carrying Amount
Deferred Leasing Costs and Intangible Assets
In-place lease values	$	81,923	$	(47,521)	$	34,402
Deferred leasing costs	33,023		(20,499)		12,524
Above-market lease values	11,647		(9,008)		2,639
	$	126,593	$	(77,028)	$	49,565
Intangible Liabilities
Below-market lease values	$	16,798	$	(13,670)	$	3,128


	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 and nine months ended September 30, 2024 and 2023 (dollars in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Above-market lease values	$	(331)	$	(465)	$	(1,272)	$	(809)
Below-market lease values	323		369		1,007		1,053
Net increase (decrease) to property operating income	$	(8)	$	(96)	$	(265)	$	244

In-place lease values	$	2,549	$	1,666	$	6,959	$	4,199
Deferred leasing costs	653		713		2,032		2,050

Amortization expense	$	3,202	$	2,379	$	8,991	$	6,249

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 September 30, 2024 (dollars in thousands):



	Remainder of 2024		2025		2026		2027		2028		2029 and thereafter		Total
Above-market lease values	$	(325)	$	(1,153)	$	(614)	$	(135)	$	(90)	$	(322)	$	(2,639)
Below-market lease values	323		1,289		1,080		81		81		274		3,128
Net increase (decrease) to property operating income	$	(2)	$	136	$	466	$	(54)	$	(9)	$	(48)	$	489

In-place lease values	$	2,136	$	5,280	$	3,809	$	3,260	$	3,120	$	16,797	$	34,402
Deferred leasing costs	659		2,446		1,959		1,779		1,576		4,105		12,524
Amortization expense	$	2,795	$	7,726	$	5,768	$	5,039	$	4,696	$	20,902	$	46,926

Commitments and Contingencies - Narrative (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Ground Leases
Debt Instrument [Line Items]
Weighted average remaining lease term	12 years 1 month 6 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	4 years 7 months 6 days	5 years 3 months 18 days
Weighted average discount rate (as a percentage)	2.40%
Senior loans
Debt Instrument [Line Items]
Future funding commitments	$ 104.8	$ 155.4
Mezzanine loans
Debt Instrument [Line Items]
Future funding commitments	$ 3.3	$ 12.8

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

Commitments and Contingencies

9 Months Ended

Sep. 30, 2024

Commitments and Contingencies Disclosure [Abstract]

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, performance of capital expenditures and construction in progress with an approved budget. At September 30, 2024, assuming the terms to qualify for future fundings, if any, had been met, total unfunded lending commitments for loans held for investment were $104.8 million for senior loans and $3.3 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 September 30, 2024 and December 31, 2023, the weighted average remaining lease term was 12.1 years and 14.3 years for ground leases, respectively.

The following table presents ground lease expense, included in property operating expense, for the three and nine months ended September 30, 2024 and 2023 (dollars in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Operating lease expense:
Minimum lease expense	$	790	$	777	$	2,366	$	2,332
Variable lease expense	—		—		—		—
	$	790	$	777	$	2,366	$	2,332

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 September 30, 2024 (dollars in thousands):



Remainder of 2024	$	790
2025	3,184
2026	3,186
2027	2,868
2028	2,839
2029 and thereafter	14,159
Total lease payments	27,026
Less: Present value discount	7,784
Operating lease liability (Note 6)	$	19,242

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 September 30, 2024 and December 31, 2023, the weighted average remaining lease term was 4.6 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 and nine months ended September 30, 2024 and 2023, the following table summarizes lease expense, included in operating expense (dollars in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Corporate Offices
Operating lease expense:
Fixed lease expense	$	315	$	315	$	944	$	944

	$	315	$	315	$	944	$	944

The operating lease liability for the office leases was determined using a weighted average discount rate of 2.4%. As of September 30, 2024, the Company’s future operating lease commitments for the corporate office leases were as follows (dollars in thousands):


	Corporate Offices

Remainder 2024	$	324
2025	1,308
2026	1,323
2027	1,339
2028	1,155
2029 and thereafter	574
Total lease payments	6,023
Less: Present value discount	324
Operating lease liability (Note 6)	$	5,699

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 September 30, 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.

Real Estate, net and Real Estate Held for Sale - Property Operating Income (Details) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($) property	Sep. 30, 2023 USD ($) property
Real Estate [Abstract]
Operating Lease, Lease Income, Statement of Income or Comprehensive Income [Extensible Enumeration]	Property operating income	Property operating income	Property operating income	Property operating income
Minimum lease revenue	$ 22,826	$ 20,802	$ 67,512	$ 59,148
Variable lease revenue	3,148	3,540	9,002	9,132
Total property operating income	25,974	24,342	76,514	68,280
Above-market and In-place lease values	$ (8)	$ (96)	$ (265)	$ 244
Concentration risk, number of properties \| property			0	0

Deferred Leasing Costs and Other Intangibles - Summary of the Amortization of Deferred Leasing Costs and Intangibles (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Finite-Lived Intangible Assets [Line Items]
Below-market lease values	$ 323	$ 369	$ 1,007	$ 1,053
Net increase (decrease) to property operating income	(8)	(96)	(265)	244
Deferred leasing costs	653	713	2,032	2,050
Amortization expense	3,202	2,379	8,991	6,249
Above-market lease values
Finite-Lived Intangible Assets [Line Items]
Above-market and In-place lease values	331	465	1,272	809
In-place lease values
Finite-Lived Intangible Assets [Line Items]
Above-market and In-place lease values	$ 2,549	$ 1,666	$ 6,959	$ 4,199

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

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	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Additional information about financial assets
Beginning balance	$ 2,251	$ 3,035
Distributions/paydowns	(16)	(421)
Ending balance	$ 2,235	$ 2,614

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Net income (loss)	$ 11,421	$ 12,392	$ (114,371)	$ 691
Other comprehensive income (loss)
Foreign currency translation gain (loss)	403	505	(2,094)	(4,564)
Total other comprehensive income (loss)	403	505	(2,094)	(4,564)
Comprehensive income (loss)	11,824	12,897	(116,465)	(3,873)
Comprehensive (income) loss attributable to noncontrolling interests:
Comprehensive income (loss) attributable to common stockholders	13,132	12,894	(114,331)	(3,789)
Investment entities
Net income (loss)	(1,308)	3
Comprehensive (income) loss attributable to noncontrolling interests:
Investment entities	$ 1,308	$ (3)	$ 2,134	$ 84

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income, attributable to parent entity. Excludes changes in equity resulting from investments by owners and distributions to owners.

+ References + Details

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income (loss) and other comprehensive income (loss), attributable to noncontrolling interests. Excludes changes in equity resulting from investments by owners and distributions to owners.

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- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income. Excludes changes in equity resulting from investments by owners and distributions to owners.

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Amount after tax and reclassification adjustments of other comprehensive income (loss).

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+ Details

- Definition

The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.

+ References

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+ Details

Noncontrolling Interests	9 Months Ended
Noncontrolling Interests	Sep. 30, 2024
Noncontrolling Interest [Abstract]
Noncontrolling Interests	Noncontrolling Interests Investment Entities Noncontrolling interests in investment entities represent third-party equity interests in ventures that are consolidated with the Company’s financial statements. Net loss attributable to noncontrolling interests in the investment entities was $1.3 million and $2.1 million for the three and nine months ended September 30, 2024, respectively. Net income attributable to noncontrolling interests in the investment entities was de minimis for the three months ended September 30, 2023, and net loss attributable to noncontrolling interests in the investment entities was $0.1 million for the nine months ended September 30, 2023, respectively.

Real Estate, net and Real Estate Held for Sale - Minimum Future Rents (Details) $ in Thousands	Sep. 30, 2024 USD ($)
Lessor, Operating Lease, Payments, Fiscal Year Maturity [Abstract]
Remainder of 2024	$ 22,034
2025	81,211
2026	72,560
2027	68,308
2028	59,188
2029 and thereafter	301,543
Total	$ 604,844

Deferred Leasing Costs and Other Intangibles (Tables)

9 Months Ended

Sep. 30, 2024

Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]

Schedule of Finite-Lived Intangible Assets


	September 30, 2024
	Carrying Amount		Accumulated Amortization		Net Carrying Amount
Deferred Leasing Costs and Intangible Assets
In-place lease values	$	81,923	$	(47,521)	$	34,402
Deferred leasing costs	33,023		(20,499)		12,524
Above-market lease values	11,647		(9,008)		2,639
	$	126,593	$	(77,028)	$	49,565
Intangible Liabilities
Below-market lease values	$	16,798	$	(13,670)	$	3,128


	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


	September 30, 2024
	Carrying Amount		Accumulated Amortization		Net Carrying Amount
Deferred Leasing Costs and Intangible Assets
In-place lease values	$	81,923	$	(47,521)	$	34,402
Deferred leasing costs	33,023		(20,499)		12,524
Above-market lease values	11,647		(9,008)		2,639
	$	126,593	$	(77,028)	$	49,565
Intangible Liabilities
Below-market lease values	$	16,798	$	(13,670)	$	3,128


	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


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Above-market lease values	$	(331)	$	(465)	$	(1,272)	$	(809)
Below-market lease values	323		369		1,007		1,053
Net increase (decrease) to property operating income	$	(8)	$	(96)	$	(265)	$	244

In-place lease values	$	2,549	$	1,666	$	6,959	$	4,199
Deferred leasing costs	653		713		2,032		2,050

Amortization expense	$	3,202	$	2,379	$	8,991	$	6,249

Schedule of Future Amortization Expense



	Remainder of 2024		2025		2026		2027		2028		2029 and thereafter		Total
Above-market lease values	$	(325)	$	(1,153)	$	(614)	$	(135)	$	(90)	$	(322)	$	(2,639)
Below-market lease values	323		1,289		1,080		81		81		274		3,128
Net increase (decrease) to property operating income	$	(2)	$	136	$	466	$	(54)	$	(9)	$	(48)	$	489

In-place lease values	$	2,136	$	5,280	$	3,809	$	3,260	$	3,120	$	16,797	$	34,402
Deferred leasing costs	659		2,446		1,959		1,779		1,576		4,105		12,524
Amortization expense	$	2,795	$	7,726	$	5,768	$	5,039	$	4,696	$	20,902	$	46,926

Debt - Future Minimum Principal Payments (Details) $ in Thousands	Sep. 30, 2024 USD ($)
Future Scheduled Minimum Principal Payments
Remaining 2024	$ 100,316
2025	216,845
2026	89,034
2027	868,740
2028	10,139
2029 and thereafter	1,294,372
Total	2,579,446
Securitization Bonds Payable, Net
Future Scheduled Minimum Principal Payments
Remaining 2024	0
2025	0
2026	0
2027	0
2028	0
2029 and thereafter	1,094,372
Total	1,094,372
Mortgage Notes Payable, Net
Future Scheduled Minimum Principal Payments
Remaining 2024	100,316
2025	216,845
2026	89,034
2027	20,359
2028	10,139
2029 and thereafter	200,000
Total	636,693
Credit Facilities
Future Scheduled Minimum Principal Payments
Remaining 2024	0
2025	0
2026	0
2027	848,381
2028	0
2029 and thereafter	0
Total	$ 848,381

Restricted Cash, Other Assets and Accrued and Other Liabilities - Summary of Other Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Accrued and other liabilities:
Operating lease liability	$ 24,941	$ 22,926
Current and deferred tax liability	$ 22,473	$ 24,202
Operating lease liability [Extensible List]	Total	Total
Accounts payable, accrued expenses and other liabilities	$ 18,234	$ 17,569
Interest payable	8,960	11,324
Prepaid rent and unearned revenue	6,999	7,219
Tenant security deposits	1,458	1,617
Unfunded CECL loan allowance	166	425
Other	0	219
Total	$ 83,231	$ 85,501

Related Party Arrangements	9 Months Ended
Related Party Arrangements	Sep. 30, 2024
Related Party Transactions [Abstract]
Related Party Arrangements	Related Party Arrangements The Company had no related party transactions as of and for the nine months ended September 30, 2024 and 2023.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-2

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+ Details

Commitments and Contingencies (Tables)

9 Months Ended

Sep. 30, 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 and nine months ended September 30, 2024 and 2023 (dollars in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Operating lease expense:
Minimum lease expense	$	790	$	777	$	2,366	$	2,332
Variable lease expense	—		—		—		—
	$	790	$	777	$	2,366	$	2,332

For the three and nine months ended September 30, 2024 and 2023, the following table summarizes lease expense, included in operating expense (dollars in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Corporate Offices
Operating lease expense:
Fixed lease expense	$	315	$	315	$	944	$	944

	$	315	$	315	$	944	$	944

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 September 30, 2024 (dollars in thousands):



Remainder of 2024	$	790
2025	3,184
2026	3,186
2027	2,868
2028	2,839
2029 and thereafter	14,159
Total lease payments	27,026
Less: Present value discount	7,784
Operating lease liability (Note 6)	$	19,242

As of September 30, 2024, the Company’s future operating lease commitments for the corporate office leases were as follows (dollars in thousands):


	Corporate Offices

Remainder 2024	$	324
2025	1,308
2026	1,323
2027	1,339
2028	1,155
2029 and thereafter	574
Total lease payments	6,023
Less: Present value discount	324
Operating lease liability (Note 6)	$	5,699

Restricted Cash, Other Assets and Accrued and Other Liabilities - Investments under Fair Value Option (Details)	Sep. 30, 2024	Dec. 31, 2023
Minimum
Restricted Cash and Cash Equivalents Items [Line Items]
Investments fair value option, ownership percentage (in percentage)	1.00%	1.00%
Maximum
Restricted Cash and Cash Equivalents Items [Line Items]
Investments fair value option, ownership percentage (in percentage)	10.00%	10.00%

Real Estate, net and Real Estate Held for Sale

9 Months Ended

Sep. 30, 2024

Real Estate [Abstract]

Real Estate, net and Real Estate Held for Sale

The following table presents the Company’s net lease portfolio, net, as of September 30, 2024 and December 31, 2023 (dollars in thousands):


	September 30, 2024		December 31, 2023
Land and improvements	$	125,265	$	127,003
Buildings, building leaseholds, and improvements	491,550		498,291
Tenant improvements	19,791		19,145

Subtotal	$	636,606	$	644,439
Less: Accumulated depreciation	(115,075)		(103,468)
Less: Impairment(1)	(33,103)		—
Net lease portfolio, net	$	488,428	$	540,971

The following table presents the Company’s portfolio of other real estate, net as of September 30, 2024 and December 31, 2023 (dollars in thousands):


	September 30, 2024		December 31, 2023
Land and improvements	$	71,995	$	68,433
Buildings, building leaseholds, and improvements	244,671		217,554
Tenant improvements	29,018		27,668
Furniture, fixtures and equipment	2,362		1,204
Construction-in-progress	4,442		3,142
Subtotal	$	352,488	$	318,001
Less: Accumulated depreciation	(50,624)		(43,397)
Less: Impairment(1)	(15,485)		(7,590)
Other portfolio, net	$	286,379	$	267,014

_________________________________________

(1) See Note 12, “Fair Value,” for discussion of impairment of real estate.

At September 30, 2024, the Company held three foreclosed properties in other real estate, net with a combined carrying value of $92.1 million and one foreclosed property as held for sale with a carrying value of $4.1 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 $6.4 million for the three months ended September 30, 2024 and 2023, respectively. Depreciation expense on real estate was $20.3 million and $18.4 million for the nine months ended September 30, 2024 and 2023, respectively.

Property Operating Income

For the three and nine months ended September 30, 2024 and 2023 the components of property operating income were as follows (dollars in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Lease revenues
Minimum lease revenue	$	22,826	$	20,802	$	67,512	$	59,148
Variable lease revenue	3,148		3,540		9,002		9,132


Total property operating income(1)	$	25,974	$	24,342	$	76,514	$	68,280

_________________________________________

(1)Excludes net amortization expense related to above and below-market leases of de minimis and $0.3 million for the three and nine months ended September 30, 2024, respectively. Excludes net amortization expense related to above and below-market leases of $0.1 million and income of $0.2 million for the three and nine months ended September 30, 2023, respectively.

For the nine months ended September 30, 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 September 30, 2024 (dollars in thousands):


Remainder of 2024	$	22,034
2025	81,211
2026	72,560
2027	68,308
2028	59,188
2029 and thereafter	301,543
Total	$	604,844

The rental properties owned at September 30, 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 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 and nine months ended September 30, 2024 was $0.8 million and $2.4 million, respectively. Ground rent expense for the three and nine months ended September 30, 2023 was $0.8 million and $2.3 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 September 30, 2024.

Real Estate Acquisitions

Prior to the third quarter of 2024, the Company held an investment in an Arlington, Texas loan collateralized by one multifamily property that was determined to be a VIE. In the third quarter of 2024, the Company was determined to be the primary beneficiary of the VIE and consolidated the assets and liabilities as well as the operations of the multifamily property. The multifamily property is included in real estate, net on the Company’s consolidated balance sheets. The consolidation did not result in a gain or loss.

During the year ended December 31, 2023, the Company acquired legal title to four office properties and one multifamily property. Following the acquisitions, three properties are included in real estate, net on the Company’s consolidated balance

sheets. One property was sold during the nine months ended September 30, 2024. One property was classified as held for sale at September 30, 2024. The one property sold during the nine months ended September 30, 2024 was classified as held for sale at December 31, 2023.

In accordance with ASC 805-50, the Company allocated the fair value of the assumed assets and liabilities on the respective acquisition dates for each property acquired.

The following table summarizes the Company’s real estate acquisitions for the nine months ended September 30, 2024 and 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 2024	Multifamily - Texas(3)	436	$	40,019	$	9,280	$	28,633	$	1,158	$	2,019	$	2,836	$	—	$	(3,907)
July 2023	Office - California(4)	1	13,933		5,718		3,262		—		4,404		922		(2)		(371)
June 2023	Office - New York(4)	1	36,177		10,380		24,484		—		1,898		432		(528)		(489)
June 2023	Office - New York(4)	1	36,922		14,786		15,958		—		6,867		876		(193)		(1,372)
November 2023	Office - Washington D.C.(5)	1	19,600		—		—		—		—		—		—		—
December 2023	Multifamily - Arizona(4)	236	35,213		7,590		25,745		832		1,271		325		—		(550)
			$	181,864	$	47,754	$	98,082	$	1,990	$	16,459	$	5,391	$	(723)	$	(6,689)

_________________________________________

(1) For office properties, represents number of buildings. For multifamily properties, represents number of units.

(2) Useful life of real estate acquired is 28 to 45 years for buildings, four to nine years for tenant improvements, four to nine years for furniture and fixtures, and three to 12 years for lease intangibles.

(3) Represents a multifamily property held in a VIE for which the Company was deemed the primary beneficiary. The Company consolidated the assets, liabilities and the property's operations beginning in the third quarter of 2024.

(4) Represents assets acquired by the Company through deeds-in-lieu of foreclosure.

(5) 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. The property was sold during the three months ended September 30, 2024.

Impairment

During the fourth quarter of 2023, the Company recorded $7.6 million of impairment related to one office property. 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.

In connection with the review and preparations of its quarterly financials for the second quarter of 2024, the Company recorded $45.2 million of impairment related to three office properties. The impairment was due to a reduction in the current expected holding period of the properties. 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):


	September 30, 2024		December 31, 2023
Assets
Real estate, net	$	4,109	$	19,600
Deferred leasing costs and intangible assets, net	3,253		—
Total assets held for sale	$	7,362	$	19,600

Upon acquisition of the Washington D.C. office property through foreclosure in November 2023, the Company classified it as held for sale. The sale closed during the three months ended September 30, 2024 for a gross sales price of $21.5 million which resulted in a gain on sale of $0.1 million and is included in other gain, net on the consolidated statement of operations.

The Company acquired one office property in Oakland, California through a deed-in-lieu of foreclosure in July 2023. During the three months ended June 30, 2024, the Company classified the office property as held for sale.

Real Estate, net and Real Estate Held for Sale - Depreciation Expense (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Real Estate [Abstract]
Depreciation expense on real estate	$ 6.9	$ 6.4	$ 20.3	$ 18.4

Summary of Significant Accounting Policies (Policies)

9 Months Ended

Sep. 30, 2024

Accounting Policies [Abstract]

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 was 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 did not fund such deposit by June 2024, the Company had discretion to fund such amounts on behalf of the borrower through a preferred equity investment in the parent of the borrower. If the Company elected 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. In June 2024, the borrower did not fund the deposit into the controlled reserve account. In the third quarter of 2024, the Company funded certain amounts pursuant to the preferred equity investment. As of the date of the initial funding, the Company became the primary beneficiary of the VIE as the Company has the ability to control the most significant activities of the Arlington, Texas multifamily loan’s economic performance and the obligation to absorb losses or right to receive benefits of the VIE that could be significant to the VIE. As a result, the Company consolidated the assets and liabilities of the VIE as well as the operations of the Arlington, Texas multifamily property during the third quarter of 2024 and it is included in real estate, net on its consolidated balance sheets. The loan and preferred equity held for investment related to the Arlington, Texas multifamily loan are eliminated in consolidation. The consolidation did not result in a gain or loss. See Note 3, “Loans Held for Investment, net” and Note 4, “Real Estate, net and Real Estate Held for Sale” for further information.

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 September 30, 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), the Arlington, Texas multifamily loan and certain operating real estate properties that have noncontrolling interests. At September 30, 2024 and December 31, 2023, the

noncontrolling interests in the operating real estate properties, excluding the Arlington, Texas multifamily loan, 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 September 30, 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 September 30, 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 applied on an instrument by instrument basis and 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 securitization trust unused fees, 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.

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)						28 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 September 30, 2024, the Company classified one property as held for sale. At 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 CECL 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.

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

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 (as defined herein).

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. Prior to June 30, 2024, the Company had economic hedges that were not 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.

Release of accumulated other comprehensive income related to net investment hedges occurs upon losing a controlling financial interest in an investment or obtaining control over an equity method investment. Upon sale, complete or substantially complete liquidation of an investment in a foreign subsidiary, or partial sale of an equity method investment, the gain or loss on the related net investment hedge is reclassified from accumulated other comprehensive income to earnings.

Financing Costs

Financing costs primarily include debt discounts and premiums as well as deferred financing costs. Deferred financing costs represent commitment fees, legal and other third-party costs associated with obtaining financing. Costs related to revolving credit facilities are recorded in other assets and are amortized to interest expense using the straight-line basis over the term of the facility. Costs related to other borrowings are recorded net against the carrying value of such borrowings and are amortized to interest expense using the effective interest method. Unamortized deferred financing costs are expensed to other gain (loss), net when the associated facility is repaid before maturity. Costs incurred in seeking financing transactions, which do not close, are expensed in the period in which it is determined that the financing will not occur.

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

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 non-employee 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

The Company presents both basic and diluted earnings per share (“EPS”) using the two-class method. Basic EPS is calculated by dividing earnings allocated to common shareholders, as adjusted for unallocated earnings attributable to certain participating securities, if any, by the weighted-average number of common shares outstanding during the period. Diluted EPS is based on the weighted-average number of common shares and the effect of potentially dilutive common share equivalents outstanding during the period. The two-class method is an allocation formula that determines earnings per share for each share of common stock and participating securities according to dividends declared and participation rights in undistributed earnings. Under this method, all earnings (distributed and undistributed) are allocated to common shares and participating securities based on their respective rights to receive dividends. The Company has certain share-based payment awards that contain nonforfeitable rights to dividends, which are considered participating securities for the purposes of computing EPS pursuant to the two-class method.

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 September 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.

Changes in the CECL reserve for the Company’s financial instruments are recorded in increase/decrease in current expected credit loss reserve on the consolidated statement of operations with a corresponding offset to the loans held for investment or as a component of other liabilities for future loan fundings recorded on the Company’s consolidated balance sheets.

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 evaluating the impact of this standard.

Subsequent Events	9 Months Ended
Subsequent Events	Sep. 30, 2024
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events Dividends In October 2024, the Company paid a quarterly cash dividend of $0.16 per share of its Class A common stock for the quarter ended September 30, 2024, to stockholders of record as of September 30, 2024. Loan Origination Subsequent to September 30, 2024, the Company originated one senior mortgage loan with a total commitment of $26.5 million, initial funding of $19.9 million and a spread of SOFR plus 3.65%

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Cash flows from operating activities:
Net income (loss)	$ (114,371)	$ 691
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization	29,430	24,788
Straight-line rental income	(1,885)	(1,526)
Amortization of above (below) market lease values, net	265	(244)
Amortization of premium/accretion of discount and fees on investments and borrowings, net	(5,435)	(8,558)
Amortization of deferred financing costs	6,103	8,358
Amortization of right-of-use lease assets and operating lease liabilities	114	98
Paid-in-kind interest added to loan principal, net of interest received	(1,317)	(3,750)
Realized gain on sale of real estate	(144)	0
Increase of current expected credit loss reserve	115,313	76,250
Impairment of operating real estate	44,800	0
Amortization of equity-based compensation	8,741	11,253
Mortgage notes (above) below market value amortization	9	(1,425)
Deferred income tax benefit	(1,140)	(602)
Other loss, net	0	335
Changes in assets and liabilities:
Receivables, net	2,962	1,053
Deferred costs and other assets	(1,148)	152
Other liabilities	(3,596)	(5,656)
Net cash provided by operating activities	78,701	101,217
Cash flows from investing activities:
Acquisition, origination and funding of loans held for investment, net	(47,247)	(57,495)
Repayment on loans held for investment	282,885	288,703
Proceeds from sale of real estate	19,605	0
Acquisition of and additions to real estate and related intangibles	(5,251)	(5,750)
Distributions in excess of cumulative earnings from unconsolidated ventures	0	421
Cash received related to foreclosure of loans held for investment	0	1,835
Change in escrow deposits payable	(14,330)	1,195
Net cash provided by investing activities	235,662	228,909
Cash flows from financing activities:
Distributions paid on common stock	(78,264)	(77,951)
Shares canceled for tax withholding on vested stock awards	(4,561)	(2,885)
Repurchase of common stock	(6,593)	0
Borrowings from mortgage notes	0	34,466
Repayment of mortgage notes	(11,638)	(32,492)
Borrowings from credit facilities	297,578	110,790
Repayment of credit facilities	(602,027)	(243,722)
Borrowing from securitization bonds	582,487	0
Repayment of securitization bonds	(403,430)	(177,690)
Payment of deferred financing costs	(11,108)	(5,670)
Distributions to noncontrolling interests	0	(56)
Issuance of common stock	16	16
Net cash used in financing activities	(237,540)	(395,194)
Effect of exchange rates on cash, cash equivalents and restricted cash	234	(131)
Net decrease in cash, cash equivalents and restricted cash	77,057	(65,199)
Cash, cash equivalents and restricted cash - beginning of period	362,089	398,828
Cash, cash equivalents and restricted cash - end of period	$ 439,146	$ 333,629

Fair Value - Principal Amount, Carrying Value and Fair Value of Assets and Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022
Financial assets:
Unpaid Principal Balance	$ 2,583,041			$ 2,937,386
Financial liabilities:
Principal amount, financial liabilities	2,579,446			2,718,521
Current expected credit loss reserve	(155,490)	$ (171,330)	$ (150,214)	(76,028)	$ (89,172)	$ (106,728)	$ (145,836)	$ (106,247)
Commercial mortgage
Financial assets:
Unpaid Principal Balance	2,583,041			2,937,386
Financial liabilities:
Future funding commitments	108,100			168,200
Carrying Value
Financial assets:
Loans held for investment, net	2,586,341			2,860,478
Fair Value
Financial assets:
Loans held for investment, net	2,427,551			2,861,358
Securitization bonds payable, net
Financial liabilities:
Principal amount, financial liabilities	1,094,372			913,927
Securitization bonds payable, net \| Carrying Value
Financial liabilities:
Financial liabilities	1,086,908			912,545
Securitization bonds payable, net \| Fair Value
Financial liabilities:
Financial liabilities	1,094,372			913,927
Mortgage and other notes payable, net
Financial liabilities:
Principal amount, financial liabilities	636,693			651,871
Mortgage and other notes payable, net \| Carrying Value
Financial liabilities:
Financial liabilities	635,183			650,293
Mortgage and other notes payable, net \| Fair Value
Financial liabilities:
Financial liabilities	584,521			627,680
Master repurchase facilities
Financial liabilities:
Principal amount, financial liabilities	848,381			1,152,723
Master repurchase facilities \| Carrying Value
Financial liabilities:
Financial liabilities	848,381			1,152,723
Master repurchase facilities \| Fair Value
Financial liabilities:
Financial liabilities	$ 848,381			$ 1,152,723

Summary of Significant Accounting Policies - Additional Information (Details)	3 Months Ended			9 Months Ended
	Sep. 30, 2024 USD ($) property	Mar. 31, 2024 USD ($)	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($) property	Sep. 30, 2023 USD ($)	Dec. 31, 2023 USD ($) property
Variable Interest Entity [Line Items]
Loans held for sale	$ 0			$ 0		$ 0
Number of properties held-for-sale (in properties) \| property	1			1		1
Income tax expense	$ 244,000		$ 158,000	$ 691,000	$ 859,000
Reconsideration Event, Deposit From Debtor \| Arlington, Texas \| Multifamily
Variable Interest Entity [Line Items]
Amount of loan modified		$ 5,400,000
Unconsolidated VIEs \| Third Party Joint Venture Partners \| Minimum
Variable Interest Entity [Line Items]
Ownership percentage by noncontrolling owners (in percentage)	5.00%			5.00%
Unconsolidated VIEs \| Third Party Joint Venture Partners \| Maximum
Variable Interest Entity [Line Items]
Ownership percentage by noncontrolling owners (in percentage)						11.00%

Deferred Leasing Costs and Other Intangibles - Schedule of Amortization of Deferred Leasing Costs, Intangible Assets and Intangible Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Below-market lease values
Remainder of 2024	$ 323
2025	1,289
2026	1,080
2027	81
2028	81
2029 and thereafter	274
Total	3,128	$ 4,138
Deferred leasing costs
Remainder of 2024	659
2025	2,446
2026	1,959
2027	1,779
2028	1,576
2029 and thereafter	4,105
Total	12,524	12,433
Net increase (decrease) to property operating income
Intangible assets (liabilities) and deferred leasing costs, amortization expense (income):
Remainder of 2024	(2)
2025	136
2026	466
2027	(54)
2028	(9)
2029 and thereafter	(48)
Total	489
Amortization expense
Intangible assets (liabilities) and deferred leasing costs, amortization expense (income):
Remainder of 2024	2,795
2025	7,726
2026	5,768
2027	5,039
2028	4,696
2029 and thereafter	20,902
Total	46,926
Above-market lease values
Above-market lease values
Remainder of 2024	325
2025	1,153
2026	614
2027	135
2028	90
2029 and thereafter	322
Total	2,639	5,443
In-place lease values
Above-market lease values
Remainder of 2024	2,136
2025	5,280
2026	3,809
2027	3,260
2028	3,120
2029 and thereafter	16,797
Total	$ 34,402	$ 41,095

Restricted Cash, Other Assets and Accrued and Other Liabilities (Tables)

9 Months Ended

Sep. 30, 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 September 30, 2024 and December 31, 2023 (dollars in thousands):


	September 30, 2024		December 31, 2023
Restricted cash:
Securitization trust unused proceeds (1)	$	84,823	$	—
Borrower escrow deposits	74,274		88,603
Capital expenditure reserves	9,167		10,534
Real estate escrow reserves	4,621		2,198
Working capital and other reserves	1,855		2,396
Tenant lockboxes	643		852

Total	$	175,383	$	104,583

_________________________________________

(1) Refer to Note 7, “Debt” for further discussion.

Summary of Other Assets

The following table presents a summary of other assets as of September 30, 2024 and December 31, 2023 (dollars in thousands):


	September 30, 2024		December 31, 2023
Other assets:
Right-of-use lease asset	$	24,066	$	22,094
Tax receivable and deferred tax assets	16,600		16,634
Prepaid expenses and other	4,338		2,730
Deferred financing costs, net – credit facilities	4,204		3,807
Investments in unconsolidated ventures at fair value	2,235		2,251
Derivative assets	—		164
Total	$	51,443	$	47,680

Summary of Other Liabilities

The following table presents a summary of accrued and other liabilities as of September 30, 2024 and December 31, 2023 (dollars in thousands):


	September 30, 2024		December 31, 2023
Accrued and other liabilities:
Operating lease liability	$	24,941	$	22,926
Current and deferred tax liability	22,473		24,202
Accounts payable, accrued expenses and other liabilities	18,234		17,569
Interest payable	8,960		11,324
Prepaid rent and unearned revenue	6,999		7,219
Tenant security deposits	1,458		1,617
Unfunded CECL loan allowance	166		425
Other	—		219
Total	$	83,231	$	85,501

Segment Reporting (Tables)

9 Months Ended

Sep. 30, 2024

Segment Reporting [Abstract]

Summary of Segment Reporting

The following tables present segment reporting for the three and nine months ended September 30, 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 September 30, 2024
Interest income	$	59,166	$	352	$	69	$	59,587
Interest expense	(38,487)		(68)		(307)		(38,862)
Property and other income	—		25,884		2,680		28,564
Property operating expense	—		(8,431)		—		(8,431)
Transaction, investment and servicing expense	(392)		52		115		(225)
Interest expense on real estate	—		(6,747)		—		(6,747)
Depreciation and amortization	—		(10,068)		(19)		(10,087)
Increase of current expected credit loss reserve	(1,001)		—		—		(1,001)

Compensation and benefits	—		—		(8,191)		(8,191)
Operating expense	(4)		(7)		(2,968)		(2,979)


Other gain, net	—		37		—		37
Income (loss) before equity in earnings of unconsolidated ventures and income taxes	$	19,282	$	1,004	$	(8,621)	$	11,665

Income tax expense	—		(244)		—		(244)
Net income (loss)	$	19,282	$	760	$	(8,621)	$	11,421


	Senior and Mezzanine Loans and Preferred Equity		Net Leased and Other Real Estate		Corporate and Other		Total
Three Months Ended September 30, 2023
Interest income	$	75,544	$	42	$	44	$	75,630

Interest expense	(43,298)		(42)		(307)		(43,647)


Property and other income	(19)		24,256		2,865		27,102

Property operating expense	—		(7,392)		—		(7,392)
Transaction, investment and servicing expense	(248)		(31)		(32)		(311)
Interest expense on real estate	—		(6,833)		—		(6,833)
Depreciation and amortization	—		(8,817)		(34)		(8,851)
Increase of current expected credit loss reserve	(7,671)		—		—		(7,671)

Compensation and benefits	—		—		(11,971)		(11,971)
Operating expense	(4)		—		(3,282)		(3,286)



Other loss, net	—		(220)		—		(220)
Income (loss) before equity in earnings of unconsolidated ventures and income taxes	$	24,304	$	963	$	(12,717)	$	12,550

Income tax expense	(27)		(131)		—		(158)
Net income (loss)	$	24,277	$	832	$	(12,717)	$	12,392


	Senior and Mezzanine Loans and Preferred Equity		Net Leased and Other Real Estate		Corporate and Other		Total
Nine Months Ended September 30, 2024
Interest income	$	189,882	$	382	$	204	$	190,468
Interest expense	(115,944)		(204)		(914)		(117,062)
Property and other income	157		76,447		8,264		84,868
Property operating expense	—		(24,980)		—		(24,980)
Transaction, investment and servicing expense	(1,096)		(18)		(124)		(1,238)
Interest expense on real estate	—		(20,278)		—		(20,278)
Depreciation and amortization	—		(29,338)		(92)		(29,430)
Increase of current expected credit loss reserve	(115,313)		—		—		(115,313)
Impairment of operating real estate	—		(45,216)		—		(45,216)
Compensation and benefits	—		—		(26,540)		(26,540)
Operating expense	(13)		(33)		(9,139)		(9,185)
Other gain, net	—		226		—		226
Loss before equity in earnings of unconsolidated ventures and income taxes	$	(42,327)	$	(43,012)	$	(28,341)	$	(113,680)

Income tax expense	(42)		(649)		—		(691)
Net loss	$	(42,369)	$	(43,661)	$	(28,341)	$	(114,371)


	Senior and Mezzanine Loans and Preferred Equity		Net Leased and Other Real Estate		Corporate and Other		Total
Nine Months Ended September 30, 2023
Interest income	$	225,488	$	48	$	48	$	225,584
Interest expense	(129,454)		(48)		(902)		(130,404)
Property and other income	(19)		68,534		9,168		77,683
Property operating expense	—		(18,687)		—		(18,687)
Transaction, investment and servicing expense	(1,327)		(84)		(555)		(1,966)
Interest expense on real estate	—		(19,115)		—		(19,115)
Depreciation and amortization	—		(24,642)		(146)		(24,788)
Increase of current expected credit loss reserve	(76,250)		—		—		(76,250)
Compensation and benefits	—		—		(30,144)		(30,144)
Operating expense	(12)		—		(10,021)		(10,033)
Other gain, net	—		615		—		615
Income (loss) before equity in earnings of unconsolidated ventures and income taxes	$	18,426	$	6,621	$	(32,552)	$	(7,505)
Equity in earnings of unconsolidated ventures	9,055		—		—		9,055
Income tax expense	(284)		(575)		—		(859)
Net income (loss)	$	27,197	$	6,046	$	(32,552)	$	691

Summary of Total Assets by Segment


Total Assets	Senior and Mezzanine Loans and Preferred Equity		Net Leased and Other Real Estate		Corporate and Other(1)		Total
September 30, 2024	$	2,686,338	$	886,216	$	265,871	$	3,838,425
December 31, 2023	3,003,639		934,100		260,515		4,198,254

_________________________________________

(1)Includes PE Investments totaling $2.2 million and $2.3 million as of September 30, 2024 and December 31, 2023, respectively, 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 September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Total income by geography:
United States	$	83,300	$	98,245	$	261,219	$	298,853
Europe	4,851		4,487		14,117		13,469

Total(1)	$	88,151	$	102,732	$	275,336	$	312,322

Schedule of Long-lived Assets by Geographic Areas


	September 30, 2024		December 31, 2023
Long-lived assets by geography:
United States	$	633,915	$	629,663
Europe	190,457		237,293
Total(2)	$	824,372	$	866,956

_________________________________________

(1)Includes interest income, property and other income and equity in earnings of unconsolidated ventures.

(2)Long-lived assets are comprised of real estate and real estate-related intangible assets, and excludes financial instruments and assets held for sale.

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Pay vs Performance Disclosure
Net Income (Loss) Attributable to Parent	$ 12,729	$ 12,389	$ (112,237)	$ 775

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
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-Name Accounting Standards Codification
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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Reference 28: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Summary of Significant Accounting Policies

9 Months Ended

Sep. 30, 2024

Accounting Policies [Abstract]

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

Use of Estimates

Principles of Consolidation

Variable Interest Entities

Consolidated VIEs

Investing VIEs

Unconsolidated VIEs

As of September 30, 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.

Comprehensive Income (Loss)

Fair Value Measurement

Level 1—Quoted prices (unadjusted) in active markets for identical assets or liabilities.

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.

Fair Value Option

Business Combinations

Cash and Cash Equivalents

Restricted Cash

Restricted cash consists primarily of securitization trust unused fees, borrower escrow deposits, tenant escrow deposits and real estate capital expenditure reserves.

Loans Held for Investment

Loans Held for Sale

At September 30, 2024 and December 31, 2023, the Company had no loans classified as held for sale.

Operating Real Estate

Real Estate Held for Investment

Real estate held for investment is carried at cost less accumulated depreciation.

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)						28 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

Real Estate Held for Sale

Foreclosed Properties

Investments in Unconsolidated Ventures

Equity Method Investments

Impairment

For investments under the measurement alternative, if carrying value of the investment exceeds its fair value, an impairment is deemed to have occurred.

Identifiable Intangibles

Transfers of Financial Assets

Derivative Instruments and Hedging Activities

Changes in fair value of derivatives not designated as accounting hedges are recorded in the consolidated statements of operations in other gain (loss), net.

Financing Costs

Revenue Recognition

Property Operating Income

Property operating income includes the following:

Foreign Currency

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

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

Income Taxes

For the three months ended September 30, 2024 and 2023, the Company recorded income tax expense of $0.2 million and $0.2 million, respectively. For the nine months ended September 30, 2024 and 2023, the Company recorded income tax expense of $0.7 million and $0.9 million, respectively.

Current Expected Credit Loss (“CECL”) reserve

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.

Future Application of Accounting Standards

Summary of Significant Accounting Policies (Tables)

9 Months Ended

Sep. 30, 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)						28 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 - Activity in Loans Held for Investment, Net (Details) $ in Thousands	3 Months Ended						9 Months Ended		12 Months Ended
	Sep. 30, 2024 USD ($) loan	Jun. 30, 2024 USD ($)	Mar. 31, 2024 USD ($)	Sep. 30, 2023 USD ($) loan	Jun. 30, 2023 USD ($)	Mar. 31, 2023 USD ($)	Sep. 30, 2024 USD ($) loan	Sep. 30, 2023 USD ($) property loan	Dec. 31, 2023 USD ($) property loan
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	$ 2,860,478	$ 3,468,742	$ 3,468,742
Acquisitions/originations/additional funding							47,247	57,495
Loan maturities/principal repayments							(328,048)	(323,562)
Increase of CECL reserve							(115,556)	(76,083)
Discount accretion/premium amortization							5,435	8,558
Capitalized interest, net of repayments							1,317	3,750
Transfer to Real Estate, net							(48,094)	(161,557)
Charge-off of CECL reserve							36,094	93,158
Charge-off of loan held for investment							(28,022)	(14,477)
Ending balance	$ 2,430,851			$ 3,056,024			$ 2,430,851	$ 3,056,024	$ 2,860,478
Number legal titles acquired \| property									3
Office
SEC Schedule, 12-29, Real Estate Companies, Investment in Movement in Mortgage Loans on Real Estate [Roll Forward]
Number legal titles acquired \| property								2	4
Loans held for investment
SEC Schedule, 12-29, Real Estate Companies, Investment in Movement in Mortgage Loans on Real Estate [Roll Forward]
Loans on nonaccrual status \| loan	2						2
Arlington, Texas
SEC Schedule, 12-29, Real Estate Companies, Investment in Movement in Mortgage Loans on Real Estate [Roll Forward]
Realized loss on securities from write-down to fair value							$ 28,000
Denver, Colorado
SEC Schedule, 12-29, Real Estate Companies, Investment in Movement in Mortgage Loans on Real Estate [Roll Forward]
Loans on nonaccrual status \| loan	1						1		1
Denver, Colorado \| Loans held for investment
SEC Schedule, 12-29, Real Estate Companies, Investment in Movement in Mortgage Loans on Real Estate [Roll Forward]
Loans on nonaccrual status \| loan	2						2
Miami, Florida \| Loans held for investment
SEC Schedule, 12-29, Real Estate Companies, Investment in Movement in Mortgage Loans on Real Estate [Roll Forward]
Loans on nonaccrual status \| loan	1			3			1	3	1
Mezzanine loan
SEC Schedule, 12-29, Real Estate Companies, Investment in Movement in Mortgage Loans on Real Estate [Roll Forward]
Loans on nonaccrual status \| loan	1						1
PD/LGD model
SEC Schedule, 12-29, Real Estate Companies, Investment in Movement in Mortgage Loans on Real Estate [Roll Forward]
Unfunded commitments	$ (300)	$ (100)	$ 200	$ 200	$ 300	$ 0	$ (300)	$ 200

Deferred Leasing Costs and Other Intangibles - Schedule of Deferred Leasing Costs and Intangibles (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Deferred leasing costs
Carrying Amount	$ 33,023	$ 31,004
Accumulated Amortization	(20,499)	(18,571)
Total	12,524	12,433
Deferred Leasing Costs and Intangible Assets
Carrying Amount	126,593	127,225
Accumulated Amortization	(77,028)	(68,254)
Net Carrying Amount	49,565	58,971
Intangible Liabilities
Carrying Amount	16,798	16,798
Accumulated Amortization	(13,670)	(12,660)
Total	3,128	4,138
In-place lease values
Deferred Leasing Costs and Intangible Assets
Carrying Amount	81,923	82,604
Accumulated Amortization	(47,521)	(41,509)
Total	34,402	41,095
Above-market lease values
Deferred Leasing Costs and Intangible Assets
Carrying Amount	11,647	13,617
Accumulated Amortization	(9,008)	(8,174)
Total	$ 2,639	$ 5,443

Fair Value

9 Months Ended

Sep. 30, 2024

Fair Value Disclosures [Abstract]

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 September 30, 2024 and December 31, 2023 by level within the fair value hierarchy (dollars in thousands):


	September 30, 2024								December 31, 2023
	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
Assets:
Other assets - PE Investments	$	—	$	—	$	2,235	$	2,235	$	—	$	—	$	2,251	$	2,251


Other assets - derivative assets	—		—		—		—		—		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 nine months ended September 30, 2024 and 2023 (dollars in thousands):


	Nine Months Ended September 30,
	2024		2023
	Other assets - PE Investments
Beginning balance	$	2,251	$	3,035

Distributions/paydowns	(16)		(421)






Ending balance	$	2,235	$	2,614

As of September 30, 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 September 30, 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 September 30, 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 September 30, 2024 and December 31, 2023 (dollars in thousands):


	September 30, 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)(3)	$	2,583,041	$	2,586,341	$	2,427,551	$	2,937,386	$	2,860,478	$	2,861,358
Financial liabilities:(1)
Securitization bonds payable, net	$	1,094,372	$	1,086,908	$	1,094,372	$	913,927	$	912,545	$	913,927
Mortgage and other notes payable, net	636,693		635,183		584,521		651,871		650,293		627,680
Master repurchase facilities	848,381		848,381		848,381		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 $108.1 million and $168.2 million as of September 30, 2024 and December 31, 2023, respectively.

(3)Carry value excludes CECL reserves of $155.5 million and $76.0 million as of September 30, 2024 and December 31, 2023, respectively.

Disclosure about fair value of financial instruments is based on pertinent information available to management as of September 30, 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 September 30, 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 September 30, 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.

During the third quarter of 2024, the Company recorded total specific CECL reserves of $9.1 million related to two multifamily loans which were subsequently charged off during the quarter following repayment of both loans. The specific CECL reserves were based on the proceeds the Company received from the repayment of the loans during the three months ended September 30, 2024.

During the second quarter of 2024, the Company recorded $45.2 million of impairment related to three office properties. The impairment was due to a reduction in the current expected holding period of the properties. The estimated fair value of the collateral was determined by using a discounted cash flow model and Level 3 inputs, which included capitalization rates ranging from 7.3% to 9.5% and a weighted average capitalization rate of 7.9% based on carrying value. Refer to Note 4, “Real Estate, net and Real Estate Held for Sale” for further discussion.

During the second quarter of 2024, the Company recorded $19.9 million of specific CECL reserves related to one office senior loan and one multifamily senior loan. The specific CECL reserves were based on the net proceeds the Company received from the repayment of one loan and the proceeds the Company received from the borrower’s sale of the property, which was supported by an executed purchase and sale agreement. Both of the loans were repaid during the three months ended June 30, 2024. Following the repayment of the office loan, the Company recognized a specific CECL reversal of $1.0 million after receiving higher than expected proceeds.

During the first quarter of 2023, the Company recorded $29.9 million of specific CECL reserves related to one 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 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 office property. 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.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 107
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-107

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 100
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-100

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2E
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2E

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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-Name Accounting Standards Codification
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-Paragraph 6A
-Subparagraph (h)
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-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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-Name Accounting Standards Codification
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-Paragraph 6A
-Subparagraph (f)
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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-Name Accounting Standards Codification
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-Paragraph 6A
-Subparagraph (e)
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
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-Paragraph 2
-Subparagraph (g)
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-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 940
-SubTopic 820
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478119/940-820-50-1

+ Details

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Sep. 30, 2024	Dec. 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
Preferred stock, shares outstanding (in shares)	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)	129,685,185	129,985,107
Common stock, shares outstanding (in shares)	129,685,185	129,985,107

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	9 Months Ended	12 Months Ended
	Sep. 30, 2024 USD ($)	Dec. 31, 2023 USD ($)
Financing Receivable, Credit Quality Indicator [Line Items]
Current Year	$ 9,495	$ 4,003
Year One	13,081	911,931
Year Two	785,853	1,252,970
Year Three	1,084,489	62,777
Year Four Earlier	693,423	704,825
Total	2,586,341	2,936,506
Current Year, Gross write-offs	0	0
Year One, Gross write-offs	0	0
Year Two, Gross write-offs	6,155	0
Year Three, Gross write-offs	1,460	0
Year Four and Earlier, Gross write-offs	20,407	14,477
Total, Gross write-offs	$ 28,022	$ 14,477
Average risk rating	3.2	3.2
Senior loans
Financing Receivable, Credit Quality Indicator [Line Items]
Current Year	$ 9,495	$ 0
Year One	0	884,720
Year Two	756,013	1,252,970
Year Three	1,084,489	62,777
Year Four Earlier	680,973	655,307
Total	2,530,970	2,855,774
Mezzanine loans
Financing Receivable, Credit Quality Indicator [Line Items]
Current Year	0	4,003
Year One	13,081	27,211
Year Two	29,840	0
Year Three	0	0
Year Four Earlier	12,450	49,518
Total	55,371	80,732
Risk Ranking 3 \| Senior loans
Financing Receivable, Credit Quality Indicator [Line Items]
Current Year	9,495	0
Year One	0	802,040
Year Two	756,013	1,014,128
Year Three	821,525	62,777
Year Four Earlier	487,552	519,328
Total	2,074,585	2,398,273
Risk Ranking 3 \| Mezzanine loans
Financing Receivable, Credit Quality Indicator [Line Items]
Current Year	0	4,003
Year One	13,081	27,211
Year Two	29,840	0
Year Three	0	0
Year Four Earlier	12,450	49,518
Total	55,371	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	0	238,842
Year Three	220,611	0
Year Four Earlier	57,442	135,979
Total	278,053	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	0	0
Year Three	42,353	0
Year Four Earlier	135,979	0
Total	$ 178,332	$ 28,809

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Net interest income
Interest income	$ 59,587	$ 75,630	$ 190,468	$ 225,584
Interest expense	(38,862)	(43,647)	(117,062)	(130,404)
Net interest income	20,725	31,983	73,406	95,180
Property and other income
Property operating income	26,051	24,247	76,334	68,525
Other income	2,513	2,855	8,534	9,158
Total property and other income	28,564	27,102	84,868	77,683
Expenses
Property operating expense	8,431	7,392	24,980	18,687
Transaction, investment and servicing expense	225	311	1,238	1,966
Interest expense on real estate	6,747	6,833	20,278	19,115
Depreciation and amortization	10,087	8,851	29,430	24,788
Increase of current expected credit loss reserve	1,001	7,671	115,313	76,250
Impairment of operating real estate	0	0	45,216	0
Compensation and benefits (including $3,421, $5,855, $8,741 and $11,253 of equity-based compensation expense, respectively)	8,191	11,971	26,540	30,144
Operating expense	2,979	3,286	9,185	10,033
Total expenses	37,661	46,315	272,180	180,983
Other income
Other gain (loss), net	37	(220)	226	615
Income (loss) before equity in earnings of unconsolidated ventures and income taxes	11,665	12,550	(113,680)	(7,505)
Equity in earnings of unconsolidated ventures	0	0	0	9,055
Income tax expense	(244)	(158)	(691)	(859)
Net income (loss)	11,421	12,392	(114,371)	691
Net (income) loss attributable to noncontrolling interests:
Investment entities	1,308	(3)	2,134	84
Net income (loss) attributable to BrightSpire Capital, Inc. common stockholders	$ 12,729	$ 12,389	$ (112,237)	$ 775
Net income (loss) per common share - basic (in dollars per share)	$ 0.10	$ 0.10	$ (0.89)	$ 0.01
Net income (loss) per common share - diluted (in dollars per share)	$ 0.09	$ 0.09	$ (0.89)	$ 0.01
Weighted average shares of common stock outstanding - basic (in shares)	127,515,000	127,197,000	127,609,000	127,014,000
Weighted average shares of common stock outstanding - diluted (in shares)	130,144,000	129,986,000	127,609,000	129,730,000

Loans Held for Investment, net - Narrative (Details) $ in Thousands	3 Months Ended					9 Months Ended
	Sep. 30, 2024 USD ($) loan	Dec. 31, 2023 USD ($)	Sep. 30, 2023	Jun. 30, 2023 USD ($)	Mar. 31, 2023 USD ($)	Sep. 30, 2024 USD ($) loan investment	Sep. 30, 2023 USD ($) investment
Accounts, Notes, Loans and Financing Receivable [Line Items]
Interest receivable	$ 12,900	$ 15,900				$ 12,900
Financing receivable, accrued interest, after allowance for credit loss, statement of financial position, extensible list, not disclosed, flag	Receivables, net	Receivables, net				Receivables, net
Increase of current expected credit loss reserve						$ 115,313	$ 76,250
Number of nonperforming hotel senior \| loan	1					1
Number of nonaccrual office mezzanine \| loan	1					1
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						10.00%	10.00%
Mezzanine A
Accounts, Notes, Loans and Financing Receivable [Line Items]
Financing receivable, additional extension				1 year
Weighted average coupon (in percentage)				10.00%
Mezzanine B
Accounts, Notes, Loans and Financing Receivable [Line Items]
Weighted average coupon (in percentage)				12.00%
Mezzanine loan
Accounts, Notes, Loans and Financing Receivable [Line Items]
Weighted average coupon (in percentage)				13.00%
Milpitas, California \| Development Mezzanine Loan
Accounts, Notes, Loans and Financing Receivable [Line Items]
Increase of current expected credit loss reserve	$ 25,000				$ 14,500	$ (1,000)
Milpitas, California \| Development Mezzanine Loan \| Mezzanine A
Accounts, Notes, Loans and Financing Receivable [Line Items]
Increase of current expected credit loss reserve	7,600			$ 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	200	$ 400				200
Commercial mortgage
Accounts, Notes, Loans and Financing Receivable [Line Items]
Future funding commitments	$ 108,100	$ 168,200				$ 108,100

Loans Held for Investment, net (Tables)

9 Months Ended

Sep. 30, 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):


	September 30, 2024							December 31, 2023
	Unpaid Principal Balance		Carrying Value		Weighted Average Coupon(1)		Weighted Average Maturity in Years(2)	Unpaid Principal Balance		Carrying Value		Weighted Average Coupon(1)		Weighted Average Maturity in Years(2)





Variable rate
Senior loans	$	1,316,860	$	1,319,813	7.7	%	1.6	$	1,646,722	$	1,645,780	9.0	%	2.7
Securitized loans(3)	1,210,913		1,211,157		8.2	%	1.8	1,210,000		1,209,994		8.9	%	1.9
Mezzanine loans	12,330		12,450		15.8	%	0.0	12,330		12,450		16.4	%	0.3

	2,540,103		2,543,420					2,869,052		2,868,224
Fixed rate
Mezzanine loans	42,938		42,921		8.3	%	1.7	68,334		68,282		10.9	%	2.4

	42,938		42,921					68,334		68,282
Loans held for investment	2,583,041		2,586,341					2,937,386		2,936,506

CECL reserve	—		(155,490)					—		(76,028)
Loans held for investment, net	$	2,583,041	$	2,430,851	8.0	%	1.7	$	2,937,386	$	2,860,478	9.0	%	2.4

_________________________________________

(1)Calculated based on contractual interest rate. As of September 30, 2024, all variable rate loans utilize Term Secured Overnight Financing Rate (“Term SOFR”).

(2)Calculated using extended maturity date.

(3)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
	Nine Months Ended September 30,
	2024		2023
Balance at January 1	$	2,860,478	$	3,468,742
Acquisitions/originations/additional funding	47,247		57,495
Loan maturities/principal repayments	(328,048)		(323,562)
Increase of CECL reserve(1)	(115,556)		(76,083)
Discount accretion/premium amortization	5,435		8,558
Capitalized interest, net of repayments	1,317		3,750
Transfer to Real Estate, net (2)	(48,094)		(161,557)
Charge-off of CECL reserve (2)(3)	36,094		93,158

Charge-off of loan held for investment(2) (3)	(28,022)		(14,477)
Balance at September 30	$	2,430,851	$	3,056,024

_________________________________________

(1)Provision for loan losses excludes $(0.3) million for the nine months ended September 30, 2024 and $0.2 million for the nine months ended September 30, 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.

(2)During the nine months ended September 30, 2024, the Company charged off uncollectible amounts of $28.0 million relating to two multifamily loans, one office loan and one mezzanine loan. During the third quarter of 2024, the Company eliminated a multifamily loan in Arlington, Texas as part of the consolidation of the Arlington property as the primary beneficiary. As a result, the property was consolidated as real estate and removed from loans held from investment, net. The CECL reserve related to this loan was charged off and the net amount is reflected as an addition to real estate, net. There was no gain or loss recorded as part of the consolidation.

(3)During the nine months ended September 30, 2023, the Company acquired legal title of two office properties through a deed-in-lieu of foreclosure. Refer to Note 4, “Real Estate, net and Real Estate Held for Sale” for further discussion. The Company charged off the related CECL reserves. During the third quarter of 2023, the Company deemed the Mezzanine B Note (as defined below) uncollectible and charged off the loan and related CECL reserves.

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(1)		30-59 Days Past Due		60-89 Days Past Due		90 Days or More Past Due (2)		Total Loans
September 30, 2024	$	2,437,281	$	—	$	—	$	149,060	$	2,586,341
December 31, 2023	2,936,506		—		—		—		2,936,506

_________________________________________

(1)At December 31, 2023, includes one multifamily senior loan which was placed on nonaccrual status on December 9, 2023 with a carrying value of $28.8 million. The loan was repaid in the second quarter of 2024.

(2)At September 30, 2024, includes one hotel senior loan which was placed on nonaccrual status on June 9, 2024 with a carrying value of $136.0 million and an office mezzanine loan which was placed on nonaccrual status on April 1, 2024 with a carrying value of $13.1 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
Increase in general CECL reserve(1)	$	28,244
Increase in specific CECL reserve(2)	11,791
Charge-offs of CECL reserve(2)	(18,919)
CECL reserve at June 30, 2024	$	171,330
Decrease in general CECL reserve(1)	$	(7,768)
Increase in specific CECL reserve(2)	9,103
Charge-offs of CECL reserve(2)	(17,175)
CECL reserve at September 30, 2024	$	155,490

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
Increase in general CECL reserve(1)	$	17,737
Increase in specific CECL reserve(3)	10,918
Charge-offs of CECL reserve(3)	(67,763)
CECL reserve at June 30, 2023	$	106,728
Increase in general CECL reserve(1)	$	3,048
Increase in specific CECL reserve(3)	4,791
Charge-off of CECL reserve(3)	(25,395)
CECL reserve at September 30, 2023	$	89,172

_________________________________________

(1)Excludes CECL reserves related to unfunded commitments reported on the consolidated statement of operations for the three months ended: March 31, 2024: $0.2 million, June 30, 2024: $(0.1) million, September 30, 2024: $(0.3) million, March 31, 2023: a de minimis amount, June 30, 2023: $0.3 million, September 30, 2023: ($0.2 million).

(2)During the nine months ended September 30, 2024, the Company recorded specific CECL reserves totaling $29.0 million and had $1.0 million of reversals for two multifamily loans, one office loan and one development mezzanine loan. The specific CECL reserves were charged off during the period upon resolution. During the third quarter of 2024, the Company consolidated a multifamily loan in Arlington, Texas as the primary beneficiary. As a result, the property was consolidated as real estate. The CECL reserve related to this loan was charged off.

(3)During the nine months ended September 30, 2023, the Company recorded specific CECL reserves totaling $70.7 million relating to four office senior loans and the Mezzanine B Note. For three of the office senior loans, the Company acquired legal title through a deed-in-lieu of foreclosure during the nine months ended September 30, 2023 and one was acquired through a deed-in-lieu of foreclosure during the fourth quarter of 2023. The specific CECL reserves were charged off during the period upon resolution. During the third quarter of 2023, the Company deemed the Mezzanine B Note uncollectible and charged off the related specific CECL reserves.

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 as of September 30, 2024 and December 31, 2023 (dollars in thousands). Refer to Note 2, “Summary of Significant Accounting Policies” for loan risk ranking definitions.

At September 30, 2024, the weighted average risk ranking for loans held for investment was 3.2.


	September 30, 2024
	Year of Origination
Risk Rankings	2024		2023		2022		2021		2020 and earlier		Total
Senior loans


3	$	9,495	$	—	$	756,013	$	821,525	$	487,552	$	2,074,585
4	—		—		—		220,611		57,442		278,053
5	—		—		—		42,353		135,979		178,332
Total Senior loans	9,495		—		756,013		1,084,489		680,973		2,530,970

Mezzanine loans



3	—		13,081		29,840		—		12,450		55,371


Total Mezzanine loans	—		13,081		29,840		—		12,450		55,371










Total Loans held for investment	$	9,495	$	13,081	$	785,853	$	1,084,489	$	693,423	$	2,586,341
Current period gross write-offs (1)	$	—	$	—	$	6,155	$	1,460	$	20,407	$	28,022

_________________________________________

(1)Current period gross write-offs excludes the Arlington, Texas multifamily loan that was transferred to real estate, net following the Company becoming its primary beneficiary.

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

Restricted Cash, Other Assets and Accrued and Other Liabilities - Summary of Deferred Costs and Other Assets, Net (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Other assets:
Right-of-use lease asset	$ 24,066	$ 22,094
Right-of-use lease asset [Extensible List]	Total	Total
Tax receivable and deferred tax assets	$ 16,600	$ 16,634
Prepaid expenses and other	4,338	2,730
Deferred financing costs, net – credit facilities	4,204	3,807
Investments in unconsolidated ventures at fair value	2,235	2,251
Derivative assets	0	164
Total	$ 51,443	$ 47,680

- Definition

Fair value, after the effects of master netting arrangements, of a financial asset or other contract with one or more underlyings, notional amount or payment provision or both, and the contract can be net settled by means outside the contract or delivery of an asset. Includes assets not subject to a master netting arrangement and not elected to be offset.

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+ Details

Equity-Based Compensation (Tables)

9 Months Ended

Sep. 30, 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 nine months ended September 30, 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
Granted	93,285	—	93,285	5.36		—
Vested	(62,190)	—	(62,190)	8.04		—

Unvested shares at June 30, 2023	2,842,169	384,378	3,226,547	7.62		9.69
Forfeited	(54,362)	—	(54,362)	7.70		—
Unvested shares at September 30, 2023	2,787,807	384,378	3,172,185	7.62		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
Granted	79,495	—	79,495	6.29		—
Vested	(186,012)	—	(186,012)	6.21		—
Forfeited	(51,755)	—	(51,755)	7.03		—
Unvested shares at June 30, 2024	2,547,009	918,434	3,465,443	7.08		8.60
Granted	313,065	—	313,065	5.59		—
Vested	(117,157)	—	(117,157)	7.01		—

Unvested shares at September 30, 2024	2,742,917	918,434	3,661,351	6.92		8.60

Segment Reporting - Total Income and Long-lived Assets by Geography (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Revenues from External Customers and Long-Lived Assets [Line Items]
Total income by geography	$ 88,151	$ 102,732	$ 275,336	$ 312,322
Long-lived assets by geography	824,372		824,372		$ 866,956
United States
Revenues from External Customers and Long-Lived Assets [Line Items]
Total income by geography	83,300	98,245	261,219	298,853
Long-lived assets by geography	633,915		633,915		629,663
Europe
Revenues from External Customers and Long-Lived Assets [Line Items]
Total income by geography	4,851	$ 4,487	14,117	$ 13,469
Long-lived assets by geography	$ 190,457		$ 190,457		$ 237,293

- Definition

Amount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss).

+ References

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+ Details

Related Party Arrangements (Details) - USD ($)	9 Months Ended
Related Party Arrangements (Details) - USD ($)	Sep. 30, 2024	Sep. 30, 2023
Related Party Transactions [Abstract]
Related party transactions	$ 0	$ 0

Stockholders' Equity - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended
	Sep. 30, 2024	Apr. 30, 2024	Dec. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares authorized for issuance (in shares)	1,000,000,000.0
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
Preferred stock, shares outstanding (in shares)	0		0
Stock repurchase program, amount authorized for repurchase		$ 50.0
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
Shares repurchased (in shares)	1,200,000
Shares repurchased, weighted average price (in dollars per share)	$ 5.52
Cost of shares repurchased	$ 6.6
Amount available to repurchase under stock repurchase plan	$ 43.4

Loans Held for Investment, net - Changes in Allowance for Loan Losses (Details) $ in Thousands	3 Months Ended							9 Months Ended
	Sep. 30, 2024 USD ($) loan	Jun. 30, 2024 USD ($)	Mar. 31, 2024 USD ($)	Dec. 31, 2023 USD ($) loan	Sep. 30, 2023 USD ($) loan	Jun. 30, 2023 USD ($)	Mar. 31, 2023 USD ($)	Sep. 30, 2024 USD ($) loan	Sep. 30, 2023 USD ($) loan
Allowance for Loan and Lease Losses [Roll Forward]
Reserve, beginning balance	$ 171,330	$ 150,214	$ 76,028	$ 89,172	$ 106,728	$ 145,836	$ 106,247	$ 76,028	$ 106,247
Increase in general CECL reserve	(7,768)	28,244	67,058		3,048	17,737	(15,418)
Increase in specific CECL reserve								115,313	76,250
Charge-offs of CECL reserve	(17,175)	(18,919)			(25,395)	(67,763)
Reserve, ending balance	$ 155,490	171,330	150,214	$ 76,028	89,172	106,728	145,836	$ 155,490	89,172
Number of loans \| loan								1
Denver, Colorado
Allowance for Loan and Lease Losses [Roll Forward]
Loans on nonaccrual status \| loan	1			1				1
PD/LGD model
Allowance for Loan and Lease Losses [Roll Forward]
Unfunded commitments	$ (300)	(100)	200		200	300	0	$ (300)	200
Loans held for investment
Allowance for Loan and Lease Losses [Roll Forward]
Increase in specific CECL reserve	$ 9,103	11,791	$ 7,128		$ 4,791	$ 10,918	55,007
Loans on nonaccrual status \| loan	2							2
Loans held for investment \| Denver, Colorado
Allowance for Loan and Lease Losses [Roll Forward]
Increase in specific CECL reserve		$ (1,000)						$ 29,000
Number of loans \| loan								2
Loans on nonaccrual status \| loan	2							2
Loans held for investment \| Miami, Florida
Allowance for Loan and Lease Losses [Roll Forward]
Increase in specific CECL reserve									$ 70,700
Number of loans \| loan									4
Loans on nonaccrual status \| loan	1			1	3			1	3
Development Mezzanine Loan \| Milpitas, California
Allowance for Loan and Lease Losses [Roll Forward]
Increase in specific CECL reserve	$ 25,000						$ 14,500	$ (1,000)
Number of loans \| loan								1

Cover - shares	9 Months Ended
Cover - shares	Sep. 30, 2024	Oct. 29, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 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		129,685,185
Entity Central Index Key	0001717547
Amendment Flag	false
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q3
Current Fiscal Year End Date	--12-31

Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023	Dec. 31, 2022
Earnings Per Share [Abstract]
Net income (loss)	$ 11,421	$ (68,683)	$ (57,107)	$ 12,392	$ (7,498)	$ (4,202)	$ (114,371)	$ 691
Net (income) loss attributable to noncontrolling interests:
Investment Entities	1,308			(3)			2,134	84
Net income (loss) attributable to BrightSpire Capital, Inc. common stockholders	12,729			12,389			(112,237)	775
Numerator:
Dividends allocated to participating securities (non-vested shares)	(439)			(266)			(1,489)	(16)
Net income (loss) attributable to common stockholders	$ 12,290			$ 12,123			$ (113,726)	$ 759
Denominator:
Weighted average shares outstanding - basic (in shares)	127,515,000			127,197,000			127,609,000	127,014,000
Weighted average shares outstanding - diluted (in shares)	130,144,000			129,986,000			127,609,000	129,730,000
Net income (loss) per common share - basic (in dollars per share)	$ 0.10			$ 0.10			$ (0.89)	$ 0.01
Net income (loss) per common share - diluted (in dollars per share)	$ 0.09			$ 0.09			$ (0.89)	$ 0.01
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Outstanding (in shares)	3,661,351	3,465,443	3,623,715	3,172,185	3,226,547	3,195,452	3,661,351	3,172,185	3,172,185	2,580,691
Restricted Stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Outstanding (in shares)	2,742,917	2,547,009	2,705,281	2,787,807	2,842,169	2,811,074	2,742,917	2,787,807	2,787,807	2,308,691
Antidilutive securities excluded from computation of earnings per share (in shares)							2,698,185

Stockholders' Equity

9 Months Ended

Sep. 30, 2024

Equity [Abstract]

Stockholders' Equity

Stockholders’ Equity

Authorized Capital

As of September 30, 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 September 30, 2024 and December 31, 2023.

Dividends

During the nine months ended September 30, 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

June 17, 2024

June 28, 2024

July 15, 2024

$0.20

July 30, 2024

September 30, 2024

October 15, 2024

$0.16

March 16, 2023

March 31, 2023

April 17, 2023

$0.20

June 16, 2023

June 30, 2023

July 14, 2023

$0.20

September 14, 2023

September 29, 2023

October 13, 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.

During the three months ended September 30, 2024, the Company repurchased 1.2 million shares of Class A common stock at a weighted average price of $5.52 per share for an aggregate cost of $6.6 million.

As of September 30, 2024, there was $43.4 million remaining available to make repurchases under the 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 gain (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)
Other comprehensive income	—		1,097		1,097
AOCI at June 30, 2024	$	18,603	$	(23,656)	$	(5,053)
Other comprehensive income	—		403		403
AOCI at September 30, 2024	$	18,603	$	(23,253)	$	(4,650)


(dollars in thousands)	Unrealized gain on net investment hedges		Foreign currency translation gain (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)
Other comprehensive loss	—		(1,606)		(1,606)
AOCI at June 30, 2023	$	18,603	$	(24,348)	$	(5,745)
Other comprehensive income	—		505		505
AOCI at September 30, 2023	$	18,603	$	(23,843)	$	(5,240)

- Definition

The entire disclosure for equity.

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+ Details

Equity-Based Compensation - Narrative (Details) $ in Thousands							1 Months Ended	3 Months Ended						9 Months Ended
	May 17, 2024 shares	Mar. 15, 2024 shares	May 17, 2023 shares	Mar. 06, 2023 shares	May 06, 2022 shares	May 05, 2022 shares	Mar. 31, 2023 shares	Sep. 30, 2024 USD ($) installment shares	Jun. 30, 2024 shares	Mar. 31, 2024 shares	Sep. 30, 2023 USD ($)	Jun. 30, 2023 shares	Mar. 31, 2023 shares	Sep. 30, 2024 USD ($) installment	Sep. 30, 2023 USD ($)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Annual installments \| installment								3						3
Granted (in shares)	79,495		93,285	1,391,217	62,190	1,456,366		313,065	79,495	1,777,752		93,285	1,775,595
Share-based compensation expense \| $								$ 3,421			$ 5,855			$ 8,741	$ 11,253
Fair value at vesting date \| $														10,900	5,700
Compensation cost not yet recognized \| $								$ 17,500						$ 17,500
Compensation cost not yet recognized, period for recognition														2 years 1 month 6 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%				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%				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%				33.33%
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)								313,065	79,495	1,243,696		93,285	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)								0	0	534,056		0	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														0.00%
PSUs \| Maximum \| 2023 Grant
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of PSUs granted and eligible to vest														200.00%
Management
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense \| $								$ 3,400			$ 5,900			$ 8,700	$ 11,300
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

Restricted Cash, Other Assets and Accrued and Other Liabilities

9 Months Ended

Sep. 30, 2024

Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]

Restricted Cash, Other Assets and Accrued and Other Liabilities

The following table presents a summary of restricted cash as of September 30, 2024 and December 31, 2023 (dollars in thousands):


	September 30, 2024		December 31, 2023
Restricted cash:
Securitization trust unused proceeds (1)	$	84,823	$	—
Borrower escrow deposits	74,274		88,603
Capital expenditure reserves	9,167		10,534
Real estate escrow reserves	4,621		2,198
Working capital and other reserves	1,855		2,396
Tenant lockboxes	643		852

Total	$	175,383	$	104,583

_________________________________________

(1) Refer to Note 7, “Debt” for further discussion.

The following table presents a summary of other assets as of September 30, 2024 and December 31, 2023 (dollars in thousands):


	September 30, 2024		December 31, 2023
Other assets:
Right-of-use lease asset	$	24,066	$	22,094
Tax receivable and deferred tax assets	16,600		16,634
Prepaid expenses and other	4,338		2,730
Deferred financing costs, net – credit facilities	4,204		3,807
Investments in unconsolidated ventures at fair value	2,235		2,251
Derivative assets	—		164
Total	$	51,443	$	47,680

The following table presents a summary of accrued and other liabilities as of September 30, 2024 and December 31, 2023 (dollars in thousands):


	September 30, 2024		December 31, 2023
Accrued and other liabilities:
Operating lease liability	$	24,941	$	22,926
Current and deferred tax liability	22,473		24,202
Accounts payable, accrued expenses and other liabilities	18,234		17,569
Interest payable	8,960		11,324
Prepaid rent and unearned revenue	6,999		7,219
Tenant security deposits	1,458		1,617
Unfunded CECL loan allowance	166		425
Other	—		219
Total	$	83,231	$	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 September 30, 2024 and December 31, 2023. 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

In the first quarter of 2023, the Company realized a one-time gain from its ratable share of dispute resolution proceeds of approximately $9.0 million from the senior mezzanine lender at the Company’s prior Los Angeles, California mixed-use project construction mezzanine loan and retained B-participation investment, which is recorded in equity in earnings of unconsolidated ventures on the Company’s consolidated statements of operations. In connection with the settlement, effective January 26, 2023, the Company has no further interest in the loan or investment.

Derivatives

9 Months Ended

Sep. 30, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

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 September 30, 2024, the Company no longer holds any derivative instruments.

As of December 31, 2023, fair value of derivative assets and derivative liabilities were as follows (dollars in thousands):


	Non-Designated Hedges
	December 31, 2023
Derivative Assets
Foreign exchange contracts	$	164


Included in other assets	$	164

The following table summarizes the Company’s FX forwards as of December 31, 2023:

Type of Derivatives

Notional Currency

Notional Amount (in thousands)

Range of Maturity Dates

Non-Designated

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 the three and nine months ended September 30, 2024 and 2023 and (dollars in thousands):


	Three Months Ended September 30,		Nine Months Ended September 30,
	2023		2024		2023
Other gain (loss), net
Non-designated foreign exchange contracts	$	(237)	$	45	$	695
Non-designated interest rate contracts	—		—		(2)
Total	$	(237)	$	45	$	693

The Company did not record any other gain (loss), net attributable to derivative financial instruments for three months ended September 30, 2024.

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.

As of September 30, 2024, the Company no longer holds any derivative positions.

The following table sets forth derivative positions where the Company has a right of offset under netting arrangements with the same counterparty as of December 31, 2023 (dollars in thousands):


	Gross Amounts of Assets (Liabilities) Included on Consolidated Balance Sheets		Net Amounts of Assets (Liabilities)












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 December 31, 2023.

Fair Value - Financial Assets Measured on a Recurring Basis (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Assets:
Other assets - derivative assets	$ 0	$ 164
Recurring basis
Assets:
Other assets - PE Investments	2,235	2,251
Other assets - derivative assets	0	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	0	164
Recurring basis \| Level 3
Assets:
Other assets - PE Investments	2,235	2,251
Other assets - derivative assets	$ 0	$ 0

- Definition

Fair value of investment other than investment in equity security, investment in debt security and equity method investment. Includes, but is not limited to, investment in certain entities that calculate net asset value per share. Example includes, but is not limited to, investment in hedge fund, venture capital fund, private equity fund, and real estate partnership or fund.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 107
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-107

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 103
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-103

Reference 4: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 100
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-100

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(2)(i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 35
-Paragraph 54B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482134/820-10-35-54B

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Real Estate, net and Real Estate Held for Sale - Commitments and Contractual Obligations (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Real Estate [Abstract]
Ground rent expense	$ 0.8	$ 0.8	$ 2.4	$ 2.3

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	$ 9.0

CONSOLIDATED STATEMENTS OF EQUITY - USD ($) shares in Thousands, $ in Thousands	Total	Total Stockholders’ Equity	Common Stock	Common Stock Class A	Additional Paid-in Capital	Accumulated Deficit	Accumulated Other Comprehensive Income (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 income (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 income (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, 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
Other comprehensive income (loss)	(4,564)
Net income (loss)	691
Ending balance (in shares) at Sep. 30, 2023				129,985
Ending balance at Sep. 30, 2023	1,315,294	1,314,178		$ 1,300	2,862,080	(1,543,962)	(5,240)	1,116
Beginning balance (in shares) at Mar. 31, 2023				129,946
Beginning balance at Mar. 31, 2023	1,354,571	1,353,418		$ 1,299	2,853,123	(1,496,865)	(4,139)	1,153
Increase (Decrease) in Stockholders' Equity
Distributions	(28)							(28)
Issuance and amortization of equity-based compensation (in shares)				93
Issuance and amortization of equity-based compensation	3,103	3,103		$ 1	3,102
Other comprehensive income (loss)	(1,606)	(1,606)					(1,606)
Dividends and distributions declared	(26,000)	(26,000)				(26,000)
Net income (loss)	(7,498)	(7,486)				(7,486)		(12)
Ending balance (in shares) at Jun. 30, 2023				130,039
Ending balance at Jun. 30, 2023	1,322,542	1,321,429		$ 1,300	2,856,225	(1,530,351)	(5,745)	1,113
Increase (Decrease) in Stockholders' Equity
Issuance and amortization of equity-based compensation	5,855	5,855			5,855
Share forfeitures (in shares)				(54)
Other comprehensive income (loss)	505	505					505
Dividends and distributions declared	(26,000)	(26,000)				(26,000)
Net income (loss)	12,392	12,389				12,389		3
Ending balance (in shares) at Sep. 30, 2023				129,985
Ending balance at Sep. 30, 2023	1,315,294	1,314,178		$ 1,300	2,862,080	(1,543,962)	(5,240)	1,116
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 income (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 income (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
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
Other comprehensive income (loss)	(2,094)
Net income (loss)	(114,371)
Ending balance (in shares) at Sep. 30, 2024				129,685
Ending balance at Sep. 30, 2024	1,086,525	1,087,529		$ 1,297	2,862,473	(1,771,591)	(4,650)	(1,004)
Beginning balance (in shares) at Mar. 31, 2024				130,636
Beginning balance at Mar. 31, 2024	1,189,924	1,188,797		$ 1,306	2,863,072	(1,669,431)	(6,150)	1,127
Increase (Decrease) in Stockholders' Equity
Issuance and amortization of equity-based compensation (in shares)				80
Issuance and amortization of equity-based compensation	3,150	3,150		$ 1	3,149
Share forfeitures (in shares)			(52)
Other comprehensive income (loss)	1,097	1,097					1,097
Dividends and distributions declared	(26,233)	(26,233)				(26,233)
Shares canceled for tax withholding on vested stock awards (in shares)				(35)
Shares canceled for tax withholding on vested stock awards	(192)	(192)		$ (1)	(191)
Net income (loss)	(68,683)	(67,860)				(67,860)		(823)
Ending balance (in shares) at Jun. 30, 2024				130,629
Ending balance at Jun. 30, 2024	1,099,063	1,098,759		$ 1,306	2,866,030	(1,763,524)	(5,053)	304
Increase (Decrease) in Stockholders' Equity
Issuance and amortization of equity-based compensation (in shares)				313
Issuance and amortization of equity-based compensation	3,421	3,421		$ 3	3,418
Repurchase of common stock (in shares)				1,195
Repurchase of common stock	(6,593)	(6,593)		$ (12)	(6,581)
Other comprehensive income (loss)	403	403					403
Dividends and distributions declared	(20,796)	(20,796)				(20,796)
Shares canceled for tax withholding on vested stock awards (in shares)				(62)
Shares canceled for tax withholding on vested stock awards	(394)	(394)		$ 0	(394)
Net income (loss)	11,421	12,729				12,729		(1,308)
Ending balance (in shares) at Sep. 30, 2024				129,685
Ending balance at Sep. 30, 2024	$ 1,086,525	$ 1,087,529		$ 1,297	$ 2,862,473	$ (1,771,591)	$ (4,650)	$ (1,004)

Stockholders' Equity - AOCI (Details) - USD ($) $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2024	Sep. 30, 2023
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	$ 1,099,063	$ 1,189,924	$ 1,278,466	$ 1,322,542	$ 1,354,571	$ 1,389,024	$ 1,278,466	$ 1,389,024
Other comprehensive income (loss)	403	1,097	(3,594)	505	(1,606)	(3,463)	(2,094)	(4,564)
Ending balance	1,086,525	1,099,063	1,189,924	1,315,294	1,322,542	1,354,571	1,086,525	1,315,294
Accumulated Other Comprehensive Income (Loss)
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	(5,053)	(6,150)	(2,556)	(5,745)	(4,139)	(676)	(2,556)	(676)
Other comprehensive income (loss)	403	1,097	(3,594)	505	(1,606)	(3,463)
Ending balance	(4,650)	(5,053)	(6,150)	(5,240)	(5,745)	(4,139)	(4,650)	(5,240)
Unrealized gain on net investment hedges
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	18,603	18,603	18,603	18,603	18,603	18,603	18,603	18,603
Other comprehensive income (loss)	0	0	0	0	0	0
Ending balance	18,603	18,603	18,603	18,603	18,603	18,603	18,603	18,603
Foreign currency translation gain (loss)
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	(23,656)	(24,753)	(21,159)	(24,348)	(22,742)	(19,279)	(21,159)	(19,279)
Other comprehensive income (loss)	403	1,097	(3,594)	505	(1,606)	(3,463)
Ending balance	$ (23,253)	$ (23,656)	$ (24,753)	$ (23,843)	$ (24,348)	$ (22,742)	$ (23,253)	$ (23,843)

- Definition

Amount after tax and reclassification adjustments of other comprehensive income (loss).

+ References

+ Details

- Definition

Amount of equity (deficit) attributable to parent and noncontrolling interest. Excludes temporary equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-6

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 60
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476176/805-60-65-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
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-Section 65
-Paragraph 1
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-URI https://asc.fasb.org/1943274/2147476176/805-60-65-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 323
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478666/740-323-65-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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-Section 65
-Paragraph 2
-Subparagraph (g)(4)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478666/740-323-65-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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-Section 65
-Paragraph 2
-Subparagraph (d)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478666/740-323-65-2

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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-Section 65
-Paragraph 2
-Subparagraph (d)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478666/740-323-65-2

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 848
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (a)(3)(iii)(03)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483550/848-10-65-2

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 842
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 8
-Subparagraph (c)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479832/842-10-65-8

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 24
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+ Details

Loans Held for Investment, net - Nonaccrual and Past Due Loans (Details) $ in Thousands	Sep. 30, 2024 USD ($) loan	Dec. 31, 2023 USD ($) loan
Financing Receivable, Past Due [Line Items]
Carrying Value	$ 2,586,341	$ 2,936,506
Denver, Colorado
Financing Receivable, Past Due [Line Items]
Loans on nonaccrual status \| loan	1	1
Carrying value		$ 28,800
Loan carrying value, nonaccrual	$ 136,000
Baltimore, Maryland
Financing Receivable, Past Due [Line Items]
Loan carrying value, nonaccrual	13,100
Commercial mortgage
Financing Receivable, Past Due [Line Items]
Carrying Value	2,586,341	2,936,506
Commercial mortgage \| Current or Less Than 30 Days Past Due
Financing Receivable, Past Due [Line Items]
Carrying Value	2,437,281	2,936,506
Commercial mortgage \| 30-59 Days Past Due
Financing Receivable, Past Due [Line Items]
Carrying Value	0	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	$ 149,060	$ 0

Real Estate, net and Real Estate Held for Sale - Real Estate Acquisition (Details) $ in Thousands	3 Months Ended											9 Months Ended		12 Months Ended
	Sep. 30, 2024 USD ($) property	Jun. 30, 2024 USD ($)	Jun. 30, 2024 property	Jun. 30, 2024 loan	Mar. 31, 2024 USD ($)	Dec. 31, 2023 USD ($) property	Dec. 31, 2023 property	Dec. 31, 2023 property loan	Sep. 30, 2023 USD ($)	Jun. 30, 2023 USD ($)	Mar. 31, 2023 USD ($)	Sep. 30, 2024 USD ($) property loan building	Sep. 30, 2023 USD ($) property	Dec. 31, 2023 property
Real Estate [Line Items]
Number legal titles acquired \| property														3
Number of property sales \| property												1
Number legal titles acquired, classified as held-for-sale \| property	1					1	1	1				1		1
Purchase Price												$ 181,864
Land and Improvements	$ 47,754											47,754
Building and Improvements	98,082											98,082
Furniture and Fixtures	1,990											1,990
Lease Intangible Assets	16,459											16,459
Other Assets	5,391											5,391
Lease Intangible Liabilities	(723)											(723)
Other Liabilities	$ (6,689)											(6,689)
Increase of current expected credit loss reserve												$ 115,313	$ 76,250
Number of loans \| loan												1
Multifamily
Real Estate [Line Items]
Number of real estate held for investment \| property	1
Number legal titles acquired \| property														1
Office
Real Estate [Line Items]
Number legal titles acquired \| property													2	4
Loans held for investment
Real Estate [Line Items]
Increase of current expected credit loss reserve	$ 9,103	$ 11,791			$ 7,128				$ 4,791	$ 10,918	$ 55,007
Long Island City, New York \| Loans held for investment
Real Estate [Line Items]
Increase of current expected credit loss reserve		$ 45,200				$ 7,600
Number of loans			3	3			1	1
Minimum \| New York Offices
Real Estate [Line Items]
Useful life	28 years											28 years
Minimum \| Tenant Improvements
Real Estate [Line Items]
Useful life	4 years											4 years
Minimum \| Furniture and Fixtures
Real Estate [Line Items]
Useful life	4 years											4 years
Minimum \| Lease Intangibles
Real Estate [Line Items]
Useful life	3 years											3 years
Maximum \| New York Offices
Real Estate [Line Items]
Useful life	45 years											45 years
Maximum \| Tenant Improvements
Real Estate [Line Items]
Useful life	9 years											9 years
Maximum \| Furniture and Fixtures
Real Estate [Line Items]
Useful life	9 years											9 years
Maximum \| Lease Intangibles
Real Estate [Line Items]
Useful life	12 years											12 years
Multifamily - Texas
Real Estate [Line Items]
Number of Buildings/Units \| building												436
Purchase Price												$ 40,019
Land and Improvements	$ 9,280											9,280
Building and Improvements	28,633											28,633
Furniture and Fixtures	1,158											1,158
Lease Intangible Assets	2,019											2,019
Other Assets	2,836											2,836
Lease Intangible Liabilities	0											0
Other Liabilities	(3,907)											$ (3,907)
Office - California
Real Estate [Line Items]
Number of Buildings/Units \| building												1
Purchase Price												$ 13,933
Land and Improvements	5,718											5,718
Building and Improvements	3,262											3,262
Furniture and Fixtures	0											0
Lease Intangible Assets	4,404											4,404
Other Assets	922											922
Lease Intangible Liabilities	(2)											(2)
Other Liabilities	(371)											$ (371)
Office - New York
Real Estate [Line Items]
Number of Buildings/Units \| building												1
Purchase Price												$ 36,177
Land and Improvements	10,380											10,380
Building and Improvements	24,484											24,484
Furniture and Fixtures	0											0
Lease Intangible Assets	1,898											1,898
Other Assets	432											432
Lease Intangible Liabilities	(528)											(528)
Other Liabilities	(489)											$ (489)
Office - New York
Real Estate [Line Items]
Number of Buildings/Units \| building												1
Purchase Price												$ 36,922
Land and Improvements	14,786											14,786
Building and Improvements	15,958											15,958
Furniture and Fixtures	0											0
Lease Intangible Assets	6,867											6,867
Other Assets	876											876
Lease Intangible Liabilities	(193)											(193)
Other Liabilities	(1,372)											$ (1,372)
Office - Washington D.C.
Real Estate [Line Items]
Number of Buildings/Units \| building												1
Purchase Price												$ 19,600
Land and Improvements	0											0
Building and Improvements	0											0
Furniture and Fixtures	0											0
Lease Intangible Assets	0											0
Other Assets	0											0
Lease Intangible Liabilities	0											0
Other Liabilities	0											$ 0
Multifamily - Arizona
Real Estate [Line Items]
Number of Buildings/Units \| building												236
Purchase Price												$ 35,213
Land and Improvements	7,590											7,590
Building and Improvements	25,745											25,745
Furniture and Fixtures	832											832
Lease Intangible Assets	1,271											1,271
Other Assets	325											325
Lease Intangible Liabilities	0											0
Other Liabilities	$ (550)											$ (550)

Summary of Significant Accounting Policies - Operating Real Estate Estimated Useful Lives (Details)	Sep. 30, 2024
Building (fee interest) \| Minimum
Property, Plant and Equipment [Line Items]
Useful life (in years)	28 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

Debt (Tables)

9 Months Ended

Sep. 30, 2024

Debt Disclosure [Abstract]

Summary of Debt

The following table presents debt as of September 30, 2024 and December 31, 2023 (dollars in thousands):


							September 30, 2024				December 31, 2023
	Capacity ($)		Recourse vs. Non-Recourse(1)	Final Maturity	Contractual Interest Rate		Principal Amount(2)		Carrying Value(2)		Principal Amount(2)		Carrying Value(2)

Securitization bonds payable, net
BRSP 2024-FL2(3)			Non-recourse	Aug-37	SOFR + 2.47%		$	583,875	$	576,411	$	—	$	—

BRSP 2021-FL1(3)			Non-recourse	Aug-38	SOFR(4) + 1.59%		510,497		510,497		601,590		600,240
CLNC 2019-FL1(3)			Non-recourse	(5)	(4)(5)		—		—		312,337		312,305
Subtotal securitization bonds payable, net							1,094,372		1,086,908		913,927		912,545

Mortgage and other notes payable, net
Net lease 1			Non-recourse	Sep-33	4.77%		200,000		198,941		200,000		198,871
Net lease 2(6)			Non-recourse	Jun-25	3.91%		146,403		146,770		157,216		157,819
Net lease 3			Non-recourse	Aug-26	4.08%		28,842		28,760		29,352		29,238
Net lease 4			Non-recourse	Oct-27	4.45%		21,524		21,524		21,976		21,976
Net lease 5(7)			Non-recourse	Nov-26	4.45%		16,771		16,611		17,082		16,869
Net lease 5(8)			Non-recourse	Mar-28	4.38%		11,075		10,638		11,271		10,833
Net lease 6			Non-recourse	Nov-26	4.45%		6,663		6,600		6,787		6,702
Net lease 8			Non-recourse	Nov-26	4.45%		3,088		3,059		3,146		3,107
















Other real estate 1			Non-recourse	Oct-24(9)	4.47%		99,748		99,748		101,260		101,260
Other real estate 2			Non-recourse	Jan-25	4.30%		68,113		68,066		69,315		69,152

Loan 1(10)			Non-recourse	Jun-26	SOFR + 4.25%		34,466		34,466		34,466		34,466
Subtotal mortgage and other notes payable, net							636,693		635,183		651,871		650,293

Bank credit facility
Bank credit facility	$	165,000	Recourse	Jan-27 (11)	SOFR + 2.25%		—		—		—		—
Subtotal bank credit facility							—		—		—		—

Master repurchase facilities


Bank 1	600,000		Limited Recourse(12)	Apr-27(13)	SOFR + 2.49%	(14)	484,136		484,136		490,261		490,261
Bank 2	600,000		Limited Recourse(12)	Apr-27(15)	SOFR + 2.01%	(14)	160,847		160,847		261,753		261,753
Bank 3	400,000		(16)	June-27(17)	SOFR + 1.78%	(14)	178,966		178,966		237,985		237,985
Bank 4	400,000		Limited Recourse(12)	July-27(18)	SOFR + 1.90%	(14)	24,432		24,432		162,724		162,724

Subtotal master repurchase facilities	$	2,000,000					848,381		848,381		1,152,723		1,152,723











Subtotal credit facilities							848,381		848,381		1,152,723		1,152,723

Total							$	2,579,446	$	2,570,472	$	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 to three years.

(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)On August 19, 2024, the Company redeemed the outstanding securities under CLNC 2019-FL1, including the 2019-FL1 Notes, at a redemption price of $311.6 million.

(6)As of September 30, 2024, the outstanding principal of the mortgage payable was NOK 1.5 billion, which translated to $146.4 million. In July 2024, the trustee placed the property into a cash flow sweep where excess cash flow is utilized to amortize the principal of the mortgage.

(7)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.

(8)Represents a mortgage note collateralized by three properties.

(9)The mortgage payable collateralized by Other real estate 1 matured in October 2024. The Company is currently negotiating an extension with its lender and remains current on interest payments.

(10)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 2025, with a one-year extension available at the Company’s option, which may be exercised upon the satisfaction of certain customary conditions set forth in the governing documents.

(11)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.

(12)Recourse solely with respect to 25.0% of the financed amount.

(13)In August 2024, the maturity date was extended to April 2027.

(14)Represents the weighted average spread as of September 30, 2024. The contractual interest rate depends upon asset type and characteristics and ranges from SOFR plus 1.50% to 2.75%.

(15)The current maturity date is April 2026, with a one-year extension 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)Recourse is either 25.0% or 50.0% depending on loan metrics.

(17)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.

(18)The current maturity date is July 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.

Schedule of Scheduled Principal on Debt

The following table summarizes future scheduled minimum principal payments at September 30, 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	$	100,316	$	—	$	100,316	$	—
2025	216,845		—		216,845		—
2026	89,034		—		89,034		—
2027	868,740		—		20,359		848,381
2028	10,139		—		10,139		—
2029 and thereafter	1,294,372		1,094,372		200,000		—
Total	$	2,579,446	$	1,094,372	$	636,693	$	848,381

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(22))
-SubTopic 10
-Topic 210
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481568/470-20-55-69B

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69E
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481568/470-20-55-69E

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-04(a))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-3

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482925/835-30-45-2

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-3

Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 942
-SubTopic 470
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477734/942-470-50-3

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-8

Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-6

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-7

+ Details

Real Estate, net and Real Estate Held for Sale (Tables)

9 Months Ended

Sep. 30, 2024

Real Estate [Abstract]

Schedule of Operating Real Estate Properties

The following table presents the Company’s net lease portfolio, net, as of September 30, 2024 and December 31, 2023 (dollars in thousands):


	September 30, 2024		December 31, 2023
Land and improvements	$	125,265	$	127,003
Buildings, building leaseholds, and improvements	491,550		498,291
Tenant improvements	19,791		19,145

Subtotal	$	636,606	$	644,439
Less: Accumulated depreciation	(115,075)		(103,468)
Less: Impairment(1)	(33,103)		—
Net lease portfolio, net	$	488,428	$	540,971

The following table presents the Company’s portfolio of other real estate, net as of September 30, 2024 and December 31, 2023 (dollars in thousands):


	September 30, 2024		December 31, 2023
Land and improvements	$	71,995	$	68,433
Buildings, building leaseholds, and improvements	244,671		217,554
Tenant improvements	29,018		27,668
Furniture, fixtures and equipment	2,362		1,204
Construction-in-progress	4,442		3,142
Subtotal	$	352,488	$	318,001
Less: Accumulated depreciation	(50,624)		(43,397)
Less: Impairment(1)	(15,485)		(7,590)
Other portfolio, net	$	286,379	$	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):


	September 30, 2024		December 31, 2023
Assets
Real estate, net	$	4,109	$	19,600
Deferred leasing costs and intangible assets, net	3,253		—
Total assets held for sale	$	7,362	$	19,600

Schedule of Property Operating Income

For the three and nine months ended September 30, 2024 and 2023 the components of property operating income were as follows (dollars in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Lease revenues
Minimum lease revenue	$	22,826	$	20,802	$	67,512	$	59,148
Variable lease revenue	3,148		3,540		9,002		9,132


Total property operating income(1)	$	25,974	$	24,342	$	76,514	$	68,280

_________________________________________

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 September 30, 2024 (dollars in thousands):


Remainder of 2024	$	22,034
2025	81,211
2026	72,560
2027	68,308
2028	59,188
2029 and thereafter	301,543
Total	$	604,844

Schedule of Asset Acquisition

The following table summarizes the Company’s real estate acquisitions for the nine months ended September 30, 2024 and 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 2024	Multifamily - Texas(3)	436	$	40,019	$	9,280	$	28,633	$	1,158	$	2,019	$	2,836	$	—	$	(3,907)
July 2023	Office - California(4)	1	13,933		5,718		3,262		—		4,404		922		(2)		(371)
June 2023	Office - New York(4)	1	36,177		10,380		24,484		—		1,898		432		(528)		(489)
June 2023	Office - New York(4)	1	36,922		14,786		15,958		—		6,867		876		(193)		(1,372)
November 2023	Office - Washington D.C.(5)	1	19,600		—		—		—		—		—		—		—
December 2023	Multifamily - Arizona(4)	236	35,213		7,590		25,745		832		1,271		325		—		(550)
			$	181,864	$	47,754	$	98,082	$	1,990	$	16,459	$	5,391	$	(723)	$	(6,689)

_________________________________________

(1) For office properties, represents number of buildings. For multifamily properties, represents number of units.

(4) Represents assets acquired by the Company through deeds-in-lieu of foreclosure.

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Assets
Cash and cash equivalents	$ 263,763	$ 257,506
Restricted cash	175,383	104,583
Loans held for investment	2,586,341	2,936,506
Current expected credit loss reserve	(155,490)	(76,028)
Loans held for investment, net	2,430,851	2,860,478
Real estate, net	774,807	807,985
Receivables, net	85,251	41,451
Deferred leasing costs and intangible assets, net	49,565	58,971
Assets held for sale	7,362	19,600
Other assets	51,443	47,680
Total assets	3,838,425	4,198,254
Liabilities
Securitization bonds payable, net	1,086,908	912,545
Mortgage and other notes payable, net	635,183	650,293
Credit facilities	848,381	1,152,723
Accrued and other liabilities	83,231	85,501
Intangible liabilities, net	3,128	4,138
Escrow deposits payable	74,274	88,603
Dividends payable	20,795	25,985
Total liabilities	2,751,900	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 September 30, 2024 and December 31, 2023, respectively	0	0
Common stock	1,297	1,300
Additional paid-in capital	2,862,473	2,864,883
Accumulated deficit	(1,771,591)	(1,586,292)
Accumulated other comprehensive loss	(4,650)	(2,556)
Total stockholders’ equity	1,087,529	1,277,335
Noncontrolling interests in investment entities	(1,004)	1,131
Total equity	1,086,525	1,278,466
Total liabilities and equity	3,838,425	4,198,254
Primary beneficiary
Assets
Cash and cash equivalents	7,076	5,380
Restricted cash	95,257	7,023
Loans held for investment, net	1,169,328	1,170,034
Real estate, net	194,321	166,616
Receivables, net	31,161	11,731
Deferred leasing costs and intangible assets, net	8,517	7,753
Other assets	23,452	20,250
Total assets	1,529,112	1,388,787
Liabilities
Securitization bonds payable, net	1,086,908	912,545
Mortgage and other notes payable, net	167,814	170,412
Credit facilities	25,866	0
Accrued and other liabilities	12,264	5,239
Intangible liabilities, net	2,510	3,460
Escrow deposits payable	2,526	927
Total liabilities	$ 1,297,888	$ 1,092,583

Earnings Per Share (Tables)

9 Months Ended

Sep. 30, 2024

Earnings Per Share [Abstract]

Schedule of Earnings Per Share, Basic and Diluted

The Company’s net loss and weighted average shares outstanding for the three and nine months ended September 30, 2024 and 2023, consist of the following (dollars in thousands, except per share data):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Net income (loss)	$	11,421	$	12,392	$	(114,371)	$	691
Net income (loss) attributable to noncontrolling interests:
Investment Entities	1,308		(3)		2,134		84

Net income (loss) attributable to BrightSpire Capital, Inc. common stockholders	$	12,729	$	12,389	$	(112,237)	$	775

Numerator:
Dividends allocated to participating securities (non-vested shares)	$	(439)	$	(266)	$	(1,489)	$	(16)

Net income (loss) attributable to common stockholders	$	12,290	$	12,123	$	(113,726)	$	759

Denominator:
Weighted average shares outstanding - basic(1)	127,515		127,197		127,609		127,014
Weighted average shares outstanding - diluted(2)	130,144		129,986		127,609		129,730

Net income (loss) per common share - basic	$	0.10	$	0.10	$	(0.89)	$	0.01
Net income (loss) per common share - diluted	$	0.09	$	0.09	$	(0.89)	$	0.01

_________________________________________

(1)The outstanding shares used to calculate the weighted average basic shares outstanding exclude 2,742,917 and 2,787,807 of restricted stock awards as of September 30, 2024 and September 30, 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 excludes the effect of weighted average unvested non-participating restricted shares of 2,698,185 for the nine months ended September 30, 2024 as the effect would be antidilutive.

Segment Reporting - Additional Information (Details)	9 Months Ended
Segment Reporting - Additional Information (Details)	Sep. 30, 2024 property loan
Segment Reporting [Abstract]
Number of legal titles acquired through a deed-in-lieu of foreclosure \| property	4
Number of loans \| loan	1

Stockholders' Equity (Tables)

9 Months Ended

Sep. 30, 2024

Equity [Abstract]

Summary of Distributions Declared

During the nine months ended September 30, 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

June 17, 2024

June 28, 2024

July 15, 2024

$0.20

July 30, 2024

September 30, 2024

October 15, 2024

$0.16

March 16, 2023

March 31, 2023

April 17, 2023

$0.20

June 16, 2023

June 30, 2023

July 14, 2023

$0.20

September 14, 2023

September 29, 2023

October 13, 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 gain (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)
Other comprehensive income	—		1,097		1,097
AOCI at June 30, 2024	$	18,603	$	(23,656)	$	(5,053)
Other comprehensive income	—		403		403
AOCI at September 30, 2024	$	18,603	$	(23,253)	$	(4,650)


(dollars in thousands)	Unrealized gain on net investment hedges		Foreign currency translation gain (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)
Other comprehensive loss	—		(1,606)		(1,606)
AOCI at June 30, 2023	$	18,603	$	(24,348)	$	(5,745)
Other comprehensive income	—		505		505
AOCI at September 30, 2023	$	18,603	$	(23,843)	$	(5,240)

Fair Value - Narrative (Details) $ in Thousands	3 Months Ended											9 Months Ended
Fair Value - Narrative (Details) $ in Thousands	Sep. 30, 2024 USD ($) measurement_input loan	Jun. 30, 2024 USD ($) loan	Jun. 30, 2024 property loan	Jun. 30, 2024 loan	Mar. 31, 2024 USD ($)	Dec. 31, 2023 USD ($) measurement_input loan	Dec. 31, 2023 measurement_input property loan	Dec. 31, 2023 measurement_input loan	Sep. 30, 2023 USD ($)	Jun. 30, 2023 USD ($)	Mar. 31, 2023 USD ($) loan	Sep. 30, 2024 USD ($) measurement_input loan	Sep. 30, 2023 USD ($)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Increase of current expected credit loss reserve \| $												$ 115,313	$ 76,250
Number of loans												1
Denver, Colorado
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Loans on nonaccrual status	1					1	1	1				1
Loans held for investment
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Increase of current expected credit loss reserve \| $	$ 9,103	$ 11,791			$ 7,128				$ 4,791	$ 10,918	$ 55,007
Loans on nonaccrual status	2											2
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 \| $		45,200				$ 7,600
Number of loans			3	3			1	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 \| $		$ 19,900									$ 29,900
Loans on nonaccrual status		1	1	1
Number of loans				1							1
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 \| $		$ (1,000)										$ 29,000
Loans on nonaccrual status	2											2
Number of loans												2
Discount Rate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
PE investment, measurement input						0.110	0.110	0.110	0.120				0.120
Capitalization Rate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
PE investment, measurement input						0.065	0.065	0.065	0.075				0.075
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	25	25
Minimum \| Capitalization Rate \| Loans held for investment
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
PE investment, measurement input		0.073	0.073	0.073
Minimum \| 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									44				44
Minimum \| Other assets - PE Investments \| Level 3 \| Recurring basis \| Discount Rate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
PE investment, measurement input \| measurement_input	0.110					0.110	0.110	0.110				0.110
Maximum \| Discount Rate \| Loans held for investment
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
PE investment, measurement input											0.120
Maximum \| Capitalization Rate \| Loans held for investment
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
PE investment, measurement input		0.095	0.095	0.095							0.075
Maximum \| 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									45		48		45
Maximum \| Other assets - PE Investments \| Level 3 \| Recurring basis \| Discount Rate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
PE investment, measurement input \| measurement_input	0.120					0.120	0.120	0.120				0.120
Weighted average \| Capitalization Rate \| Loans held for investment
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
PE investment, measurement input		0.079	0.079	0.079

Debt - Schedule of Debt (Details) $ in Thousands, kr in Billions	1 Months Ended		9 Months Ended
	Aug. 31, 2024	Jun. 30, 2023	Sep. 30, 2024 USD ($) property extension	Sep. 30, 2024 NOK (kr) property	Aug. 19, 2024 USD ($)	Dec. 31, 2023 USD ($)	May 26, 2023	Feb. 19, 2022	Jun. 17, 2021
Debt Instrument [Line Items]
Principal amount			$ 2,579,446			$ 2,718,521
Carrying value			2,570,472			2,715,561
Mortgage and other notes payable, net			635,183			650,293
Securitization bonds payable, net
Debt Instrument [Line Items]
Principal amount			1,094,372			913,927
Carrying value			1,086,908			912,545
Mortgage and other notes payable, net
Debt Instrument [Line Items]
Interest rate margin (in percentage)		4.25%
Principal amount			636,693			651,871
Carrying value			$ 635,183			650,293
Mortgage and other notes payable, net \| Net lease 1
Debt Instrument [Line Items]
Contractual Interest Rate			4.77%	4.77%
Principal amount			$ 200,000			200,000
Carrying value			$ 198,941			198,871
Mortgage and other notes payable, net \| Net lease 2
Debt Instrument [Line Items]
Contractual Interest Rate			3.91%	3.91%
Principal amount			$ 146,403			157,216
Carrying value			$ 146,770			157,819
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			$ 28,842			29,352
Carrying value			$ 28,760			29,238
Mortgage and other notes payable, net \| Net lease 4
Debt Instrument [Line Items]
Contractual Interest Rate			4.45%	4.45%
Principal amount			$ 21,524			21,976
Carrying value			$ 21,524			21,976
Mortgage and other notes payable, net \| Net lease 5
Debt Instrument [Line Items]
Contractual Interest Rate			4.45%	4.45%
Principal amount			$ 16,771			17,082
Carrying value			16,611			16,869
Mortgage and other notes payable, net			$ 146,400	kr 1.5
Mortgage and other notes payable, net \| Net lease 5
Debt Instrument [Line Items]
Contractual Interest Rate			4.38%	4.38%
Principal amount			$ 11,075			11,271
Carrying value			$ 10,638			10,833
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			$ 6,663			6,787
Carrying value			$ 6,600			6,702
Mortgage and other notes payable, net \| Net lease 8
Debt Instrument [Line Items]
Contractual Interest Rate			4.45%	4.45%
Principal amount			$ 3,088			3,146
Carrying value			$ 3,059			3,107
Mortgage and other notes payable, net \| Other real estate 1
Debt Instrument [Line Items]
Contractual Interest Rate			4.47%	4.47%
Principal amount			$ 99,748			101,260
Carrying value			$ 99,748			101,260
Mortgage and other notes payable, net \| Other real estate 2
Debt Instrument [Line Items]
Contractual Interest Rate			4.30%	4.30%
Principal amount			$ 68,113			69,315
Carrying value			$ 68,066			69,152
Mortgage and other notes payable, net \| Loan 1
Debt Instrument [Line Items]
Interest rate margin (in percentage)			4.25%
Principal amount			$ 34,466			34,466
Carrying value			$ 34,466			34,466
Debt term extension available (in years)			1 year
Credit facilities
Debt Instrument [Line Items]
Principal amount			$ 848,381			1,152,723
Carrying value			$ 848,381			1,152,723
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
Principal amount			848,381			1,152,723
Carrying value			848,381			1,152,723
Credit facilities \| Bank credit facility \| Bank credit facility
Debt Instrument [Line Items]
Capacity ($)			$ 165,000
Interest rate margin (in percentage)			2.25%
Principal amount			$ 0			0
Carrying value			0			0
Credit facilities \| Bank 1 \| Master repurchase facilities
Debt Instrument [Line Items]
Capacity ($)			$ 600,000
Interest rate margin (in percentage)			2.49%
Principal amount			$ 484,136			490,261
Carrying value			$ 484,136			490,261
Percent of recourse of the financed amount			25.00%	25.00%
Credit facilities \| Bank 2 \| Master repurchase facilities
Debt Instrument [Line Items]
Capacity ($)			$ 600,000
Interest rate margin (in percentage)			2.01%
Principal amount			$ 160,847			261,753
Carrying value			$ 160,847			261,753
Debt term extension available (in years)			1 year
Credit facilities \| Bank 2 \| Master repurchase facilities \| Minimum
Debt Instrument [Line Items]
Interest rate margin (in percentage)			1.50%
Credit facilities \| Bank 2 \| Master repurchase facilities \| 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
Interest rate margin (in percentage)			1.78%
Principal amount			$ 178,966			237,985
Carrying value			$ 178,966			237,985
Debt term extension available (in years)			1 year
Number of optional extensions to initial maturity date \| extension			2
Credit facilities \| Bank 3 \| Master repurchase facilities \| Minimum
Debt Instrument [Line Items]
Percent of recourse of the financed amount			25.00%	25.00%
Credit facilities \| Bank 3 \| Master repurchase facilities \| Maximum
Debt Instrument [Line Items]
Percent of recourse of the financed amount			50.00%	50.00%
Credit facilities \| Bank 4
Debt Instrument [Line Items]
Number of optional extensions to initial maturity date \| extension			2
Credit facilities \| Bank 4 \| Master repurchase facilities
Debt Instrument [Line Items]
Capacity ($)			$ 400,000
Interest rate margin (in percentage)			1.90%
Principal amount			$ 24,432			162,724
Carrying value			$ 24,432			162,724
Debt term extension available (in years)			1 year
BRSP 2024-FL2 \| Investment grade notes
Debt Instrument [Line Items]
Interest rate margin (in percentage)	2.47%
BRSP 2024-FL2 \| Securitization bonds payable, net \| Investment grade notes
Debt Instrument [Line Items]
Interest rate margin (in percentage)			2.47%
Principal amount			$ 583,875			0
Carrying value			$ 576,411			0
BRSP 2021-FL 1 \| Securitization bonds payable, net \| Investment grade notes
Debt Instrument [Line Items]
Interest rate margin (in percentage)			1.59%
Principal amount			$ 510,497			601,590
Carrying value			510,497			600,240
CLNC 2019-FL1 \| Investment grade notes
Debt Instrument [Line Items]
Benchmark adjustment							0.11448%	0.11448%	0.11448%
Redemption of investment grade bonds outstanding					$ 311,600
CLNC 2019-FL1 \| Securitization bonds payable, net \| Investment grade notes
Debt Instrument [Line Items]
Principal amount			0			312,337
Carrying value			$ 0			$ 312,305
Redemption of investment grade bonds outstanding					$ 311,600
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

Commitments and Contingencies - Future Minimum Rental Payments, Ground Leases 2022 (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Long-term Purchase Commitment [Line Items]
Operating lease liability	$ 24,941	$ 22,926
Ground Leases
Long-term Purchase Commitment [Line Items]
Remainder of 2024	790
2025	3,184
2026	3,186
2027	2,868
2028	2,839
2029 and thereafter	14,159
Total lease payments	27,026
Less: Present value discount	7,784
Operating lease liability	$ 19,242

Loans Held for Investment, net - Summary of Loans Held for Investment, Net (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2024	Dec. 31, 2023	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022
Financing Receivable, Impaired [Line Items]
Unpaid Principal Balance	$ 2,583,041	$ 2,937,386
Carrying Value	2,586,341	2,936,506
CECL reserve	(155,490)	(76,028)	$ (171,330)	$ (150,214)	$ (89,172)	$ (106,728)	$ (145,836)	$ (106,247)
Loans held for investment, net	2,430,851	2,860,478			$ 3,056,024			$ 3,468,742
Variable rate
Financing Receivable, Impaired [Line Items]
Unpaid Principal Balance	2,540,103	2,869,052
Fixed rate
Financing Receivable, Impaired [Line Items]
Unpaid Principal Balance	$ 42,938	$ 68,334
Weighted average coupon (in percentage)	8.00%	9.00%
Weighted Average Maturity in Years	1 year 8 months 12 days	2 years 4 months 24 days
Commercial mortgage
Financing Receivable, Impaired [Line Items]
Unpaid Principal Balance	$ 2,583,041	$ 2,937,386
Carrying Value	2,586,341	2,936,506
Loans held for investment \| Variable rate
Financing Receivable, Impaired [Line Items]
Carrying Value	2,543,420	2,868,224
Loans held for investment \| Fixed rate
Financing Receivable, Impaired [Line Items]
Carrying Value	42,921	68,282
Loans held for investment \| Commercial mortgage
Financing Receivable, Impaired [Line Items]
Carrying Value	2,586,341	2,936,506
Senior loans \| Variable rate
Financing Receivable, Impaired [Line Items]
Unpaid Principal Balance	$ 1,316,860	$ 1,646,722
Weighted average coupon (in percentage)	7.70%	9.00%
Weighted Average Maturity in Years	1 year 7 months 6 days	2 years 8 months 12 days
Senior loans \| Loans held for investment \| Variable rate
Financing Receivable, Impaired [Line Items]
Carrying Value	$ 1,319,813	$ 1,645,780
Securitized loans \| Variable rate
Financing Receivable, Impaired [Line Items]
Unpaid Principal Balance	$ 1,210,913	$ 1,210,000
Weighted average coupon (in percentage)	8.20%	8.90%
Weighted Average Maturity in Years	1 year 9 months 18 days	1 year 10 months 24 days
Securitized loans \| Loans held for investment \| Variable rate
Financing Receivable, Impaired [Line Items]
Carrying Value	$ 1,211,157	$ 1,209,994
Mezzanine loans \| Variable rate
Financing Receivable, Impaired [Line Items]
Unpaid Principal Balance	$ 12,330	$ 12,330
Weighted average coupon (in percentage)	15.80%	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	$ 42,938	$ 68,334
Weighted average coupon (in percentage)	8.30%	10.90%
Weighted Average Maturity in Years	1 year 8 months 12 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	$ 42,921	$ 68,282

Loans Held for Investment, net

9 Months Ended

Sep. 30, 2024

Receivables [Abstract]

Loans Held for Investment, net

The following table provides a summary of the Company’s loans held for investment, net (dollars in thousands):


	September 30, 2024							December 31, 2023
	Unpaid Principal Balance		Carrying Value		Weighted Average Coupon(1)		Weighted Average Maturity in Years(2)	Unpaid Principal Balance		Carrying Value		Weighted Average Coupon(1)		Weighted Average Maturity in Years(2)





Variable rate
Senior loans	$	1,316,860	$	1,319,813	7.7	%	1.6	$	1,646,722	$	1,645,780	9.0	%	2.7
Securitized loans(3)	1,210,913		1,211,157		8.2	%	1.8	1,210,000		1,209,994		8.9	%	1.9
Mezzanine loans	12,330		12,450		15.8	%	0.0	12,330		12,450		16.4	%	0.3

	2,540,103		2,543,420					2,869,052		2,868,224
Fixed rate
Mezzanine loans	42,938		42,921		8.3	%	1.7	68,334		68,282		10.9	%	2.4

	42,938		42,921					68,334		68,282
Loans held for investment	2,583,041		2,586,341					2,937,386		2,936,506

CECL reserve	—		(155,490)					—		(76,028)
Loans held for investment, net	$	2,583,041	$	2,430,851	8.0	%	1.7	$	2,937,386	$	2,860,478	9.0	%	2.4

_________________________________________

(1)Calculated based on contractual interest rate. As of September 30, 2024, all variable rate loans utilize Term Secured Overnight Financing Rate (“Term SOFR”).

(2)Calculated using extended maturity date.

(3)Represents loans transferred into securitization trusts that are consolidated by the Company.

The Company had $12.9 million and $15.9 million of interest receivable related to its loans held for investment, net as of September 30, 2024 and December 31, 2023, respectively. 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
	Nine Months Ended September 30,
	2024		2023
Balance at January 1	$	2,860,478	$	3,468,742
Acquisitions/originations/additional funding	47,247		57,495
Loan maturities/principal repayments	(328,048)		(323,562)
Increase of CECL reserve(1)	(115,556)		(76,083)
Discount accretion/premium amortization	5,435		8,558
Capitalized interest, net of repayments	1,317		3,750
Transfer to Real Estate, net (2)	(48,094)		(161,557)
Charge-off of CECL reserve (2)(3)	36,094		93,158

Charge-off of loan held for investment(2) (3)	(28,022)		(14,477)
Balance at September 30	$	2,430,851	$	3,056,024

_________________________________________

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. In the third quarter of 2024, $7.6 million of the Mezzanine A Note was deemed uncollectible and the remaining $25.0 million was repaid.

During the fourth quarter of 2023, the Company amended a senior office 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(1)		30-59 Days Past Due		60-89 Days Past Due		90 Days or More Past Due (2)		Total Loans
September 30, 2024	$	2,437,281	$	—	$	—	$	149,060	$	2,586,341
December 31, 2023	2,936,506		—		—		—		2,936,506

_________________________________________

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
Increase in general CECL reserve(1)	$	28,244
Increase in specific CECL reserve(2)	11,791
Charge-offs of CECL reserve(2)	(18,919)
CECL reserve at June 30, 2024	$	171,330
Decrease in general CECL reserve(1)	$	(7,768)
Increase in specific CECL reserve(2)	9,103
Charge-offs of CECL reserve(2)	(17,175)
CECL reserve at September 30, 2024	$	155,490

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
Increase in general CECL reserve(1)	$	17,737
Increase in specific CECL reserve(3)	10,918
Charge-offs of CECL reserve(3)	(67,763)
CECL reserve at June 30, 2023	$	106,728
Increase in general CECL reserve(1)	$	3,048
Increase in specific CECL reserve(3)	4,791
Charge-off of CECL reserve(3)	(25,395)
CECL reserve at September 30, 2023	$	89,172

_________________________________________

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 September 30, 2024, all loans were performing in accordance with the contractual terms of their governing documents and were categorized as performing loans, except for one nonperforming hotel senior loan and one nonaccrual office 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 multifamily senior loan which was repaid in the second quarter of 2024, as noted in “Nonaccrual and Past Due Loans” above. For the nine months ended September 30, 2024 and September 30, 2023, no debt investment contributed more than 10.0% of interest income.

At September 30, 2024, the weighted average risk ranking for loans held for investment was 3.2.


	September 30, 2024
	Year of Origination
Risk Rankings	2024		2023		2022		2021		2020 and earlier		Total
Senior loans


3	$	9,495	$	—	$	756,013	$	821,525	$	487,552	$	2,074,585
4	—		—		—		220,611		57,442		278,053
5	—		—		—		42,353		135,979		178,332
Total Senior loans	9,495		—		756,013		1,084,489		680,973		2,530,970

Mezzanine loans



3	—		13,081		29,840		—		12,450		55,371


Total Mezzanine loans	—		13,081		29,840		—		12,450		55,371










Total Loans held for investment	$	9,495	$	13,081	$	785,853	$	1,084,489	$	693,423	$	2,586,341
Current period gross write-offs (1)	$	—	$	—	$	6,155	$	1,460	$	20,407	$	28,022

_________________________________________

(1)Current period gross write-offs excludes the Arlington, Texas multifamily loan that was transferred to real estate, net following the Company becoming its primary beneficiary.

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

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, performance of capital expenditures and construction in progress with an approved budget. Assuming the terms to qualify for future advances, if any, had been met, total gross unfunded lending commitments were $108.1 million and $168.2 million at September 30, 2024 and December 31, 2023, respectively. Refer to Note 14, “Commitments and Contingencies” for further details. The Company recorded $0.2 million and $0.4 million for allowance for lending commitments in accrued and other liabilities on its consolidated balance sheets in accordance with CECL at September 30, 2024 and December 31, 2023, respectively. See Note 2, “Summary of Significant Accounting Policies” for further details.

Derivatives - Summary of Derivative Effects (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Non-designated foreign exchange contracts	$ (237)	$ 45	$ 695
Non-designated interest rate contracts	0	0	(2)
Total	$ (237)	$ 45	$ 693

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

Real Estate, net and Real Estate Held for Sale - Real Estate Portfolios (Details) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2024 USD ($) property	Dec. 31, 2023 USD ($) property
Real Estate [Line Items]
Net lease portfolio, net	$ 774,807	$ 807,985
Number of foreclosed properties \| property	3	4
Foreclosed properties	$ 92,100	$ 100,400
Number of foreclosed properties, held-for-sale \| property	1	1
All other foreclosure types	$ 4,100	$ 19,600
Net lease portfolio, net
Real Estate [Line Items]
Land and improvements	125,265	127,003
Buildings, building leaseholds, and improvements	491,550	498,291
Tenant improvements	19,791	19,145
Subtotal	636,606	644,439
Less: Accumulated depreciation	(115,075)	(103,468)
Less: Impairment	(33,103)	0
Net lease portfolio, net	488,428	540,971
Other portfolio, net
Real Estate [Line Items]
Land and improvements	71,995	68,433
Buildings, building leaseholds, and improvements	244,671	217,554
Tenant improvements	29,018	27,668
Furniture, fixtures and equipment	2,362	1,204
Construction-in-progress	4,442	3,142
Subtotal	352,488	318,001
Less: Accumulated depreciation	(50,624)	(43,397)
Less: Impairment	(15,485)	(7,590)
Net lease portfolio, net	$ 286,379	$ 267,014

Real Estate, net and Real Estate Held for Sale - Assets Held for Sale Related to Real Estate (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Real Estate [Abstract]
Real estate, net	$ 4,109	$ 4,109		$ 19,600
Deferred leasing costs and intangible assets, net	3,253	3,253		0
Total assets held for sale	7,362	7,362		$ 19,600
Proceeds from sale of real estate	21,500
Gain on sale of properties	$ 100	$ 144	$ 0

- Definition

The net gain (loss) resulting from sales and other disposals of real estate owned for investment purposes.

+ References + Details

Earnings Per Share

9 Months Ended

Sep. 30, 2024

Earnings Per Share [Abstract]

Earnings Per Share


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Net income (loss)	$	11,421	$	12,392	$	(114,371)	$	691
Net income (loss) attributable to noncontrolling interests:
Investment Entities	1,308		(3)		2,134		84

Net income (loss) attributable to BrightSpire Capital, Inc. common stockholders	$	12,729	$	12,389	$	(112,237)	$	775

Numerator:
Dividends allocated to participating securities (non-vested shares)	$	(439)	$	(266)	$	(1,489)	$	(16)

Net income (loss) attributable to common stockholders	$	12,290	$	12,123	$	(113,726)	$	759

Denominator:
Weighted average shares outstanding - basic(1)	127,515		127,197		127,609		127,014
Weighted average shares outstanding - diluted(2)	130,144		129,986		127,609		129,730

Net income (loss) per common share - basic	$	0.10	$	0.10	$	(0.89)	$	0.01
Net income (loss) per common share - diluted	$	0.09	$	0.09	$	(0.89)	$	0.01

_________________________________________

Fair Value (Tables)

9 Months Ended

Sep. 30, 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 September 30, 2024 and December 31, 2023 by level within the fair value hierarchy (dollars in thousands):


	September 30, 2024								December 31, 2023
	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
Assets:
Other assets - PE Investments	$	—	$	—	$	2,235	$	2,235	$	—	$	—	$	2,251	$	2,251


Other assets - derivative assets	—		—		—		—		—		164		—		164

Schedule of Changes in Level 3


	Nine Months Ended September 30,
	2024		2023
	Other assets - PE Investments
Beginning balance	$	2,251	$	3,035

Distributions/paydowns	(16)		(421)






Ending balance	$	2,235	$	2,614

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 September 30, 2024 and December 31, 2023 (dollars in thousands):


	September 30, 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)(3)	$	2,583,041	$	2,586,341	$	2,427,551	$	2,937,386	$	2,860,478	$	2,861,358
Financial liabilities:(1)
Securitization bonds payable, net	$	1,094,372	$	1,086,908	$	1,094,372	$	913,927	$	912,545	$	913,927
Mortgage and other notes payable, net	636,693		635,183		584,521		651,871		650,293		627,680
Master repurchase facilities	848,381		848,381		848,381		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 $108.1 million and $168.2 million as of September 30, 2024 and December 31, 2023, respectively.

(3)Carry value excludes CECL reserves of $155.5 million and $76.0 million as of September 30, 2024 and December 31, 2023, respectively.

Schedule of Fair Value Measurements, Nonrecurring

- Definition

Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

+ References + Details

Commitments and Contingencies - Future Minimum Rental Payments - Office Lease 2022 (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Long-term Purchase Commitment [Line Items]
Operating lease liability	$ 24,941	$ 22,926
Corporate Offices
Long-term Purchase Commitment [Line Items]
Remainder of 2024	324
2025	1,308
2026	1,323
2027	1,339
2028	1,155
2029 and thereafter	574
Total lease payments	6,023
Less: Present value discount	324
Operating lease liability	$ 5,699

Derivatives (Tables)

9 Months Ended

Sep. 30, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Derivative Assets at Fair Value

As of December 31, 2023, fair value of derivative assets and derivative liabilities were as follows (dollars in thousands):


	Non-Designated Hedges
	December 31, 2023
Derivative Assets
Foreign exchange contracts	$	164


Included in other assets	$	164

Schedule of Derivative Liabilities at Fair Value

As of December 31, 2023, fair value of derivative assets and derivative liabilities were as follows (dollars in thousands):


	Non-Designated Hedges
	December 31, 2023
Derivative Assets
Foreign exchange contracts	$	164


Included in other assets	$	164

Schedule of Derivative Instruments

The following table summarizes the Company’s FX forwards as of December 31, 2023:

Type of Derivatives

Notional Currency

Notional Amount (in thousands)

Range of Maturity Dates

Non-Designated

December 31, 2023

FX Forward

NOK

8,229

February 2024 - May 2024


	Three Months Ended September 30,		Nine Months Ended September 30,
	2023		2024		2023
Other gain (loss), net
Non-designated foreign exchange contracts	$	(237)	$	45	$	695
Non-designated interest rate contracts	—		—		(2)
Total	$	(237)	$	45	$	693

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 December 31, 2023 (dollars in thousands):


	Gross Amounts of Assets (Liabilities) Included on Consolidated Balance Sheets		Net Amounts of Assets (Liabilities)












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 December 31, 2023 (dollars in thousands):


	Gross Amounts of Assets (Liabilities) Included on Consolidated Balance Sheets		Net Amounts of Assets (Liabilities)












December 31, 2023
Derivative Assets
Foreign exchange contracts	$	164		$	164

Total	$	164		$	164

- Definition

Tabular disclosure of pertinent information about a derivative or group of derivatives on a disaggregated basis, such as for individual instruments, or small groups of similar instruments. May include a combination of the type of instrument, risks being hedged, notional amount, hedge designation, related hedged item, inception date, maturity date, or other relevant item.

+ References + Details

CONSOLIDATED STATEMENTS OF EQUITY (Parenthetical) - $ / shares	3 Months Ended
	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023
Statement of Stockholders' Equity [Abstract]
Dividends and distributions declared per share of common stock (in dollars per share)	$ 0.16	$ 0.20	$ 0.20	$ 0.20	$ 0.20	$ 0.20

Equity-Based Compensation - Fair Value Assumptions (Details)	9 Months Ended
	Sep. 30, 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	0.00%
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	0.00%

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Name Accounting Standards Codification
-Section 35
-Paragraph 1D
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Restricted Cash, Other Assets and Accrued and Other Liabilities - Summary of Restricted Cash (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023	Sep. 30, 2023	Dec. 31, 2022
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	$ 175,383	$ 104,583	$ 97,432	$ 92,508
Securitization trust unused proceeds (1)
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	84,823	0
Borrower escrow deposits
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	74,274	88,603
Capital expenditure reserves
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	9,167	10,534
Real estate escrow reserves
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	4,621	2,198
Working capital and other reserves
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	1,855	2,396
Tenant lockboxes
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	$ 643	$ 852

Subsequent Events (Details) $ / shares in Units, $ in Millions	1 Months Ended	3 Months Ended
	Oct. 30, 2024 USD ($) loan	Sep. 30, 2024 $ / shares
Subsequent Event [Line Items]
Quarterly cash dividend (in dollars per share) \| $ / shares		$ 0.16
Subsequent event \| Senior loans
Subsequent Event [Line Items]
Number of loans \| loan	1
Total commitment	$ 26.5
Initial funding	$ 19.9
Loan interest rate (in percentage)	3.65%

Stockholders' Equity - Dividends (Details) - $ / shares	3 Months Ended
Stockholders' Equity - Dividends (Details) - $ / shares	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023
Equity [Abstract]
Dividends and distributions declared per share of common stock (in dollars per share)	$ 0.16	$ 0.20	$ 0.20	$ 0.20	$ 0.20	$ 0.20

Debt - Narrative (Details) $ in Thousands		1 Months Ended			3 Months Ended	9 Months Ended
Debt - Narrative (Details) $ in Thousands	Jan. 28, 2022 USD ($) term	Aug. 31, 2024 USD ($) loan	Jul. 31, 2021 USD ($)	Oct. 31, 2019 USD ($)	Sep. 30, 2024 USD ($) loan counterparty	Sep. 30, 2024 USD ($) loan counterparty	Aug. 19, 2024 USD ($) loan	Jun. 30, 2024 USD ($)	Mar. 31, 2024 USD ($)	Dec. 31, 2023 USD ($) counterparty	Sep. 30, 2023 USD ($)	Jun. 30, 2023 USD ($)	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]
Current expected credit loss reserve					$ 155,490	$ 155,490		$ 171,330	$ 150,214	$ 76,028	$ 89,172	$ 106,728		$ 145,836	$ 106,247
Principal amount					2,579,446	2,579,446				$ 2,718,521
Unpaid principal balance					$ 2,579,446	$ 2,579,446
Investment grade notes \| CLNC 2019-FL1
Debt Instrument [Line Items]
Sale of notes				$ 840,400
Benchmark adjustment													0.11448%			0.11448%		0.11448%
Redemption of investment grade bonds outstanding							$ 311,600
Number of loans (in loans) \| loan							14
Unpaid principal balance							$ 477,700
Number of counterparties holding collateral that exceeds amounts borrowed by more than 10% \| counterparty					1	1				1
Investment grade notes \| BRSP 2024-FL2
Debt Instrument [Line Items]
Interest rate margin (in percentage)		2.47%
Sale of notes		$ 583,900
Reinvestment period		2 years
Number of loans (in loans) \| loan		21
Unpaid principal balance					$ 570,400	$ 570,400
Number of loan investments removed, partially repaid (in loans) \| loan					1
Debt repaid					$ 19,800
Advance rate		86.50%
Proceeds from sale of securitization trust		$ 675,000
Proceeds from sale of investments		$ 84,800
Investment grade notes \| BRSP 2021-FL 1
Debt Instrument [Line Items]
Sale of notes			$ 670,000
Reinvestment period			2 years
Number of loans (in loans) \| loan					24	24
Unpaid principal balance					$ 640,500	$ 640,500
Advance rate					79.70%	79.70%
Weighted average interest rate (in percentage)					1.59%	1.59%
Investment grade notes \| BRSP 2021-FL 1 \| Two Loans
Debt Instrument [Line Items]
Number of loan investments removed, partially repaid (in loans) \| loan						2
Debt repaid						$ 79,700
Investment grade notes \| BRSP 2021-FL 1 \| Four Loans
Debt Instrument [Line Items]
Number of loan investments removed, partially repaid (in loans) \| loan						4
Debt repaid						$ 11,400
Master repurchase facilities
Debt Instrument [Line Items]
Maximum borrowing capacity					$ 2,000,000	2,000,000
Credit facilities
Debt Instrument [Line Items]
Principal amount					848,381	848,381				$ 1,152,723
Unpaid principal balance					848,381	848,381
Credit facilities \| Bank 1
Debt Instrument [Line Items]
Unpaid principal balance					172,900	172,900				188,300
Credit facilities \| Revolving credit facility \| Credit agreement
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 165,000																$ 300,000
Borrowing capacity, increase to maximum available principal amount																	$ 300,000
Maximum amount that can be drawn					165,000	$ 165,000
Maximum amount of base value available for borrowing						50.00%
Number of additional terms (in terms) \| term	2
Length of potential extension terms	6 months
Tangible net worth					$ 1,112,000	$ 1,112,000
Percentage of net cash proceeds from offering					0.70	0.70
EBITDA plus lease expenses to fixed charges					1.50	1.50
Minimum interest coverage ratio					3.00	3.00
Maximum leverage ratio					0.80	0.80
Credit facilities \| Revolving credit facility \| Credit agreement \| Option one
Debt Instrument [Line Items]
Interest rate margin (in percentage)						2.25%
Credit facilities \| Revolving credit facility \| Credit agreement \| Option two
Debt Instrument [Line Items]
Margin on basis spread on variable rate						0.0125
Credit facilities \| Revolving credit facility \| Credit agreement \| Option two \| Federal funds rate
Debt Instrument [Line Items]
Interest rate margin (in percentage)						0.50%
Credit facilities \| Revolving credit facility \| Credit agreement \| Option two \| Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Interest rate margin (in percentage)						1.00%
Credit facilities \| Master repurchase facilities
Debt Instrument [Line Items]
Maximum borrowing capacity					$ 2,000,000	$ 2,000,000
Principal amount					848,381	848,381				1,152,723
Unpaid principal balance					848,400	848,400				1,200,000
Credit facilities \| Master repurchase facilities \| Asset Pledged as Collateral
Debt Instrument [Line Items]
Current expected credit loss reserve					1,200,000	1,200,000				1,500,000
Credit facilities \| Master repurchase facilities \| Bank 1
Debt Instrument [Line Items]
Maximum borrowing capacity					600,000	$ 600,000
Interest rate margin (in percentage)						2.49%
Principal amount					484,136	$ 484,136				490,261
Letters of Credit \| Revolving credit facility \| Credit agreement
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 25,000
Securitization Bonds Payable, Net
Debt Instrument [Line Items]
Principal amount					1,094,372	1,094,372				913,927
Unpaid principal balance					1,094,372	1,094,372
Securitization Bonds Payable, Net \| Asset Pledged as Collateral
Debt Instrument [Line Items]
Current expected credit loss reserve					1,300,000	1,300,000				1,200,000
Securitization Bonds Payable, Net \| Investment grade notes \| CLNC 2019-FL1
Debt Instrument [Line Items]
Principal amount					0	$ 0				312,337
Redemption of investment grade bonds outstanding							$ 311,600
Securitization Bonds Payable, Net \| Investment grade notes \| BRSP 2024-FL2
Debt Instrument [Line Items]
Interest rate margin (in percentage)						2.47%
Principal amount					583,875	$ 583,875				0
Securitization Bonds Payable, Net \| Investment grade notes \| BRSP 2021-FL 1
Debt Instrument [Line Items]
Interest rate margin (in percentage)						1.59%
Principal amount					$ 510,497	$ 510,497				$ 601,590
Minimum \| Credit facilities
Debt Instrument [Line Items]
Initial debt term (in years)						2 years
Minimum \| Credit facilities \| Revolving credit facility \| Credit agreement
Debt Instrument [Line Items]
Unused amount, commitment fee percentage						0.25%
Minimum \| Securitization Bonds Payable, Net \| Investment grade notes \| CLNC 2019-FL1
Debt Instrument [Line Items]
Initial debt term (in years)						2 years
Maximum \| Credit facilities
Debt Instrument [Line Items]
Initial debt term (in years)						5 years
Maximum \| Credit facilities \| Revolving credit facility \| Credit agreement
Debt Instrument [Line Items]
Unused amount, commitment fee percentage						0.35%
Maximum \| Securitization Bonds Payable, Net \| Investment grade notes \| CLNC 2019-FL1
Debt Instrument [Line Items]
Initial debt term (in years)						3 years

Commitments and Contingencies - Summary of Lease Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Ground Leases
Long-term Purchase Commitment [Line Items]
Minimum lease expense	$ 790	$ 777	$ 2,366	$ 2,332
Variable lease expense	0	0	0	0
Total operating lease expense	790	777	2,366	2,332
Corporate Offices
Long-term Purchase Commitment [Line Items]
Minimum lease expense	315	315	944	944
Total operating lease expense	$ 315	$ 315	$ 944	$ 944

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

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

Segment Reporting

9 Months Ended

Sep. 30, 2024

Segment Reporting [Abstract]

Segment Reporting

The Company presents its business as one portfolio through the following business segments:

•Senior and 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 four additional properties that the Company acquired through foreclosure or deed-in-lieu of foreclosure and one property that the Company consolidates as the primary beneficiary.

•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 and nine months ended September 30, 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 September 30, 2024
Interest income	$	59,166	$	352	$	69	$	59,587
Interest expense	(38,487)		(68)		(307)		(38,862)
Property and other income	—		25,884		2,680		28,564
Property operating expense	—		(8,431)		—		(8,431)
Transaction, investment and servicing expense	(392)		52		115		(225)
Interest expense on real estate	—		(6,747)		—		(6,747)
Depreciation and amortization	—		(10,068)		(19)		(10,087)
Increase of current expected credit loss reserve	(1,001)		—		—		(1,001)

Compensation and benefits	—		—		(8,191)		(8,191)
Operating expense	(4)		(7)		(2,968)		(2,979)


Other gain, net	—		37		—		37
Income (loss) before equity in earnings of unconsolidated ventures and income taxes	$	19,282	$	1,004	$	(8,621)	$	11,665

Income tax expense	—		(244)		—		(244)
Net income (loss)	$	19,282	$	760	$	(8,621)	$	11,421


	Senior and Mezzanine Loans and Preferred Equity		Net Leased and Other Real Estate		Corporate and Other		Total
Three Months Ended September 30, 2023
Interest income	$	75,544	$	42	$	44	$	75,630

Interest expense	(43,298)		(42)		(307)		(43,647)


Property and other income	(19)		24,256		2,865		27,102

Property operating expense	—		(7,392)		—		(7,392)
Transaction, investment and servicing expense	(248)		(31)		(32)		(311)
Interest expense on real estate	—		(6,833)		—		(6,833)
Depreciation and amortization	—		(8,817)		(34)		(8,851)
Increase of current expected credit loss reserve	(7,671)		—		—		(7,671)

Compensation and benefits	—		—		(11,971)		(11,971)
Operating expense	(4)		—		(3,282)		(3,286)



Other loss, net	—		(220)		—		(220)
Income (loss) before equity in earnings of unconsolidated ventures and income taxes	$	24,304	$	963	$	(12,717)	$	12,550

Income tax expense	(27)		(131)		—		(158)
Net income (loss)	$	24,277	$	832	$	(12,717)	$	12,392


	Senior and Mezzanine Loans and Preferred Equity		Net Leased and Other Real Estate		Corporate and Other		Total
Nine Months Ended September 30, 2024
Interest income	$	189,882	$	382	$	204	$	190,468
Interest expense	(115,944)		(204)		(914)		(117,062)
Property and other income	157		76,447		8,264		84,868
Property operating expense	—		(24,980)		—		(24,980)
Transaction, investment and servicing expense	(1,096)		(18)		(124)		(1,238)
Interest expense on real estate	—		(20,278)		—		(20,278)
Depreciation and amortization	—		(29,338)		(92)		(29,430)
Increase of current expected credit loss reserve	(115,313)		—		—		(115,313)
Impairment of operating real estate	—		(45,216)		—		(45,216)
Compensation and benefits	—		—		(26,540)		(26,540)
Operating expense	(13)		(33)		(9,139)		(9,185)
Other gain, net	—		226		—		226
Loss before equity in earnings of unconsolidated ventures and income taxes	$	(42,327)	$	(43,012)	$	(28,341)	$	(113,680)

Income tax expense	(42)		(649)		—		(691)
Net loss	$	(42,369)	$	(43,661)	$	(28,341)	$	(114,371)


	Senior and Mezzanine Loans and Preferred Equity		Net Leased and Other Real Estate		Corporate and Other		Total
Nine Months Ended September 30, 2023
Interest income	$	225,488	$	48	$	48	$	225,584
Interest expense	(129,454)		(48)		(902)		(130,404)
Property and other income	(19)		68,534		9,168		77,683
Property operating expense	—		(18,687)		—		(18,687)
Transaction, investment and servicing expense	(1,327)		(84)		(555)		(1,966)
Interest expense on real estate	—		(19,115)		—		(19,115)
Depreciation and amortization	—		(24,642)		(146)		(24,788)
Increase of current expected credit loss reserve	(76,250)		—		—		(76,250)
Compensation and benefits	—		—		(30,144)		(30,144)
Operating expense	(12)		—		(10,021)		(10,033)
Other gain, net	—		615		—		615
Income (loss) before equity in earnings of unconsolidated ventures and income taxes	$	18,426	$	6,621	$	(32,552)	$	(7,505)
Equity in earnings of unconsolidated ventures	9,055		—		—		9,055
Income tax expense	(284)		(575)		—		(859)
Net income (loss)	$	27,197	$	6,046	$	(32,552)	$	691


Total Assets	Senior and Mezzanine Loans and Preferred Equity		Net Leased and Other Real Estate		Corporate and Other(1)		Total
September 30, 2024	$	2,686,338	$	886,216	$	265,871	$	3,838,425
December 31, 2023	3,003,639		934,100		260,515		4,198,254

_________________________________________

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 September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Total income by geography:
United States	$	83,300	$	98,245	$	261,219	$	298,853
Europe	4,851		4,487		14,117		13,469

Total(1)	$	88,151	$	102,732	$	275,336	$	312,322


	September 30, 2024		December 31, 2023
Long-lived assets by geography:
United States	$	633,915	$	629,663
Europe	190,457		237,293
Total(2)	$	824,372	$	866,956

_________________________________________

(1)Includes interest income, property and other income and equity in earnings of unconsolidated ventures.

(2)Long-lived assets are comprised of real estate and real estate-related intangible assets, and excludes financial instruments and assets held for sale.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

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+ Details

Equity-Based Compensation - Summary of Awards Granted or Vested (Details) - $ / shares						3 Months Ended
	May 17, 2024	May 17, 2023	Mar. 06, 2023	May 06, 2022	May 05, 2022	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023
Number of Shares [Roll Forward]
Unvested Shares at beginning of period (in shares)						3,465,443	3,623,715	3,172,185	3,226,547	3,195,452	2,580,691
Granted (in shares)	79,495	93,285	1,391,217	62,190	1,456,366	313,065	79,495	1,777,752		93,285	1,775,595
Vested (in shares)						(117,157)	(186,012)	(1,326,222)		(62,190)	(1,024,834)
Forfeited (in shares)							(51,755)		(54,362)		(136,000)
Unvested shares at end of period (in shares)						3,661,351	3,465,443	3,623,715	3,172,185	3,226,547	3,195,452
Restricted Stock
Number of Shares [Roll Forward]
Unvested Shares at beginning of period (in shares)						2,547,009	2,705,281	2,787,807	2,842,169	2,811,074	2,308,691
Granted (in shares)						313,065	79,495	1,243,696		93,285	1,391,217
Vested (in shares)						(117,157)	(186,012)	(1,326,222)		(62,190)	(888,834)
Forfeited (in shares)							(51,755)		(54,362)		0
Unvested shares at end of period (in shares)						2,742,917	2,547,009	2,705,281	2,787,807	2,842,169	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)						$ 7.08	$ 7.05	$ 7.61	$ 7.62	$ 7.70	$ 8.47
Granted, weighted average grant date fair value (in dollars per share)						5.59	6.29	6.71		5.36	6.90
Vested, weighted average grant date fair value (in dollars per share)						7.01	6.21	7.92		8.04	8.46
Forfeited, weighted average grant date fair value (in dollars per share)							7.03		7.70		0
Unvested shares at end of period, weighted average grant date fair value (Unaudited) (in dollars per share)						$ 6.92	$ 7.08	$ 7.05	$ 7.62	$ 7.62	$ 7.70
PSUs
Number of Shares [Roll Forward]
Unvested Shares at beginning of period (in shares)						918,434	918,434	384,378	384,378	384,378	272,000
Granted (in shares)						0	0	534,056		0	384,378
Vested (in shares)						0	0	0		0	(136,000)
Forfeited (in shares)							0		0		(136,000)
Unvested shares at end of period (in shares)						918,434	918,434	918,434	384,378	384,378	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)						$ 8.60	$ 8.60	$ 9.69	$ 9.69	$ 9.69	$ 11.96
Granted, weighted average grant date fair value (in dollars per share)						0	0	7.82		0	9.69
Vested, weighted average grant date fair value (in dollars per share)						0	0	0		0	11.96
Forfeited, weighted average grant date fair value (in dollars per share)							0		0		11.96
Unvested shares at end of period, weighted average grant date fair value (Unaudited) (in dollars per share)						$ 8.60	$ 8.60	$ 8.60	$ 9.69	$ 9.69	$ 9.69

Noncontrolling Interests (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
Noncontrolling Interests (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Noncontrolling Interest [Abstract]
Investment entities	$ (1,308)	$ 3	$ (2,134)	$ (84)

Equity-Based Compensation

9 Months Ended

Sep. 30, 2024

Share-Based Payment Arrangement [Abstract]

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 non-employee 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 non-employee directors of the Company which vested on May 17, 2024. On May 17, 2024, the Company granted 79,495 shares of Class A common stock to the non-employee directors of the Company which vest on May 17, 2025.

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 $3.4 million and $8.7 million within compensation and benefits in the consolidated statement of operations for the three and nine months ended September 30, 2024, respectively. In connection with the share grants, the Company recognized share-based compensation expense of $5.9 million and $11.3 million within compensation and benefits in the consolidated statement of operations for the three and nine months ended September 30, 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 nine months ended September 30, 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
Granted	93,285	—	93,285	5.36		—
Vested	(62,190)	—	(62,190)	8.04		—

Unvested shares at June 30, 2023	2,842,169	384,378	3,226,547	7.62		9.69
Forfeited	(54,362)	—	(54,362)	7.70		—
Unvested shares at September 30, 2023	2,787,807	384,378	3,172,185	7.62		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
Granted	79,495	—	79,495	6.29		—
Vested	(186,012)	—	(186,012)	6.21		—
Forfeited	(51,755)	—	(51,755)	7.03		—
Unvested shares at June 30, 2024	2,547,009	918,434	3,465,443	7.08		8.60
Granted	313,065	—	313,065	5.59		—
Vested	(117,157)	—	(117,157)	7.01		—

Unvested shares at September 30, 2024	2,742,917	918,434	3,661,351	6.92		8.60

Fair value of equity awards that vested during the nine months ended September 30, 2024 and September 30, 2023, determined based on their respective fair values at vesting date, was $10.9 million and $5.7 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.

At September 30, 2024, aggregate unrecognized compensation cost for all unvested equity awards was $17.5 million, which is expected to be recognized over a weighted-average period of 2.1 years.

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Sep. 30, 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

CONSOLIDATED STATEMENTS OF OPERATIONS (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Income Statement [Abstract]
Equity-based compensation expense	$ 3,421	$ 5,855	$ 8,741	$ 11,253

CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Reconciliation of cash, cash equivalents, and restricted cash to consolidated balance sheets
Cash and cash equivalents	$ 263,763	$ 236,197
Restricted cash	175,383	97,432
Total cash, cash equivalents and restricted cash	439,146	333,629
Supplemental disclosure of non-cash investing and financing activities:
Accrual of distribution payable	(20,795)	(25,987)
Assumption of accounts payable, accrued expenses and other liabilities related to real estate owned/consolidation of VIE	(3,907)	(2,232)
Assumption of receivables and other assets related to real estate owned/consolidation of VIE	2,836	0
Assumption of real estate/consolidation of VIE	$ 41,090	$ 87,032

Debt

9 Months Ended

Sep. 30, 2024

Debt Disclosure [Abstract]

Debt

The following table presents debt as of September 30, 2024 and December 31, 2023 (dollars in thousands):


							September 30, 2024				December 31, 2023
	Capacity ($)		Recourse vs. Non-Recourse(1)	Final Maturity	Contractual Interest Rate		Principal Amount(2)		Carrying Value(2)		Principal Amount(2)		Carrying Value(2)

Securitization bonds payable, net
BRSP 2024-FL2(3)			Non-recourse	Aug-37	SOFR + 2.47%		$	583,875	$	576,411	$	—	$	—

BRSP 2021-FL1(3)			Non-recourse	Aug-38	SOFR(4) + 1.59%		510,497		510,497		601,590		600,240
CLNC 2019-FL1(3)			Non-recourse	(5)	(4)(5)		—		—		312,337		312,305
Subtotal securitization bonds payable, net							1,094,372		1,086,908		913,927		912,545

Mortgage and other notes payable, net
Net lease 1			Non-recourse	Sep-33	4.77%		200,000		198,941		200,000		198,871
Net lease 2(6)			Non-recourse	Jun-25	3.91%		146,403		146,770		157,216		157,819
Net lease 3			Non-recourse	Aug-26	4.08%		28,842		28,760		29,352		29,238
Net lease 4			Non-recourse	Oct-27	4.45%		21,524		21,524		21,976		21,976
Net lease 5(7)			Non-recourse	Nov-26	4.45%		16,771		16,611		17,082		16,869
Net lease 5(8)			Non-recourse	Mar-28	4.38%		11,075		10,638		11,271		10,833
Net lease 6			Non-recourse	Nov-26	4.45%		6,663		6,600		6,787		6,702
Net lease 8			Non-recourse	Nov-26	4.45%		3,088		3,059		3,146		3,107
















Other real estate 1			Non-recourse	Oct-24(9)	4.47%		99,748		99,748		101,260		101,260
Other real estate 2			Non-recourse	Jan-25	4.30%		68,113		68,066		69,315		69,152

Loan 1(10)			Non-recourse	Jun-26	SOFR + 4.25%		34,466		34,466		34,466		34,466
Subtotal mortgage and other notes payable, net							636,693		635,183		651,871		650,293

Bank credit facility
Bank credit facility	$	165,000	Recourse	Jan-27 (11)	SOFR + 2.25%		—		—		—		—
Subtotal bank credit facility							—		—		—		—

Master repurchase facilities


Bank 1	600,000		Limited Recourse(12)	Apr-27(13)	SOFR + 2.49%	(14)	484,136		484,136		490,261		490,261
Bank 2	600,000		Limited Recourse(12)	Apr-27(15)	SOFR + 2.01%	(14)	160,847		160,847		261,753		261,753
Bank 3	400,000		(16)	June-27(17)	SOFR + 1.78%	(14)	178,966		178,966		237,985		237,985
Bank 4	400,000		Limited Recourse(12)	July-27(18)	SOFR + 1.90%	(14)	24,432		24,432		162,724		162,724

Subtotal master repurchase facilities	$	2,000,000					848,381		848,381		1,152,723		1,152,723











Subtotal credit facilities							848,381		848,381		1,152,723		1,152,723

Total							$	2,579,446	$	2,570,472	$	2,718,521	$	2,715,561

_________________________________________

(1)Subject to customary non-recourse carveouts.

(5)On August 19, 2024, the Company redeemed the outstanding securities under CLNC 2019-FL1, including the 2019-FL1 Notes, at a redemption price of $311.6 million.

(8)Represents a mortgage note collateralized by three properties.

(9)The mortgage payable collateralized by Other real estate 1 matured in October 2024. The Company is currently negotiating an extension with its lender and remains current on interest payments.

(12)Recourse solely with respect to 25.0% of the financed amount.

(13)In August 2024, the maturity date was extended to April 2027.

(14)Represents the weighted average spread as of September 30, 2024. The contractual interest rate depends upon asset type and characteristics and ranges from SOFR plus 1.50% to 2.75%.

(16)Recourse is either 25.0% or 50.0% depending on loan metrics.

Future Minimum Principal Payments


	Total		Securitization Bonds Payable, Net		Mortgage Notes Payable, Net		Credit Facilities

Remaining 2024	$	100,316	$	—	$	100,316	$	—
2025	216,845		—		216,845		—
2026	89,034		—		89,034		—
2027	868,740		—		20,359		848,381
2028	10,139		—		10,139		—
2029 and thereafter	1,294,372		1,094,372		200,000		—
Total	$	2,579,446	$	1,094,372	$	636,693	$	848,381

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 to five years and may accrue interest at either fixed or floating rates.

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 of 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 September 30, 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 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 September 30, 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 September 30, 2024, the Company had $1.3 billion carrying value of CRE debt investments and other assets financed with $1.1 billion 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 (the “2019-FL1 Notes”).

On August 19, 2024, the Company redeemed the outstanding securities under CLNC 2019-FL1, including the 2019-FL1 Notes, at a redemption price of $311.6 million. There was no realized gain or loss associated with the redemption. The 14 senior loan investments, with an aggregate unpaid principal balance of $477.7 million, held by CLNC 2019-FL1 were refinanced by proceeds from the issuance of the 2024-FL2 Notes (as defined below) and an existing Master Repurchase Facility.

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 nine months ended September 30, 2024, two loans held in BRSP 2021-FL1 were fully repaid, totaling $79.7 million, and four loans were partially repaid totaling $11.4 million. The proceeds from the repayments were used to amortize the securitization bonds in accordance with the securitization priority of repayments. At September 30, 2024, the Company had $640.5 million of unpaid principal balance of CRE debt investments financed with BRSP 2021-FL1. As of September 30, 2024, the securitization reflects an advance rate of 79.7% at a weighted average cost of funds of Term SOFR plus 1.59% (before transaction costs), and is collateralized by a pool of 24 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 nine months ended September 30, 2024 and September 30, 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.

BRSP 2024-FL2

In August 2024, the Company executed a $675.0 million securitization transaction through wholly-owned subsidiaries, BRSP 2024-FL2, Ltd. and BRSP 2024-FL2, LLC (collectively, “BRSP 2024-FL2”), which resulted in the sale of $583.9 million of investment grade notes (the “2024-FL2 Notes”).

BRSP 2024-FL2 includes a six-month ramp-up acquisition period that allows the Company to contribute existing or newly originated loan investments in exchange for $84.8 million in unused proceeds held in BRSP 2024-FL2, subject to the satisfaction of certain conditions set forth in the indenture. BRSP 2024-FL2 also includes a two-year reinvestment feature that allows the Company to contribute existing or newly originated loan investments in exchange for proceeds from repayments of loans held in BRSP 2024-FL2, subject to the satisfaction of certain conditions set forth in the indenture. As of September 30, 2024, the securitization reflects an advance rate of 86.5% at a weighted average cost of funds of Term SOFR plus 2.47% (before transaction costs), and is collateralized by a pool of 21 senior loan investments and cash. During the three months ended September 30, 2024, one loan held in BRSP 2024-FL2 was fully repaid, totaling $19.8 million. The Company will replace the repaid loan by contributing existing or newly originated loan investments of equal value. At September 30, 2024, the Company had $570.4 million of unpaid principal balance of senior loan investments financed with BRSP 2024-FL2.

Additionally, BRSP 2024-FL2 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. While the Company continues to closely monitor all loan investments contributed to BRSP 2024-FL2, a deterioration in the performance of an underlying loan could negatively impact its liquidity position.

Master Repurchase Facilities

As of September 30, 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 senior loan investments (each, a “Master Repurchase Facility” and collectively, the “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 September 30, 2024, the Company was in compliance with all of its financial covenants under the Master Repurchase Facilities.

As of September 30, 2024, the Company had $1.2 billion carrying value of CRE debt investments financed with $848.4 million 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 September 30, 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 September 30, 2024 and December 31, 2023, the Company’s net exposure to Bank 1 was $172.9 million and $188.3 million, respectively.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
-Section 50
-Paragraph 6
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Business and Organization	9 Months Ended
Business and Organization	Sep. 30, 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 lowered interest rates in the second half of 2024, it is uncertain as to when, how many and by how much subsequent interest rate cuts will be made. 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. Although “return to office” mandates are on the rise, the demand for office space generally remains lower than pre-COVID 19 pandemic levels and has driven rising vacancy rates. Given the continuing 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. While macroeconomic conditions continue to be challenged, the Company cannot predict whether they will in fact improve or even intensify. Due to the inherent uncertainty of these conditions, their impact on the Company’s business is difficult to predict and quantify.

Segment Reporting - Reportable Operating Segments (Details) - USD ($) $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Segment Reporting Information [Line Items]
Interest income	$ 59,587			$ 75,630			$ 190,468	$ 225,584
Interest expense	(38,862)			(43,647)			(117,062)	(130,404)
Property operating expense	(8,431)			(7,392)			(24,980)	(18,687)
Transaction, investment and servicing expense	(225)			(311)			(1,238)	(1,966)
Interest expense on real estate	(6,747)			(6,833)			(20,278)	(19,115)
Depreciation and amortization	(10,087)			(8,851)			(29,430)	(24,788)
Increase of current expected credit loss reserve							(115,313)	(76,250)
Impairment of operating real estate	0			0			(45,216)	0
Compensation and benefits	(8,191)			(11,971)			(26,540)	(30,144)
Operating expense	(2,979)			(3,286)			(9,185)	(10,033)
Other gain (loss), net	37			(220)			226	615
Income (loss) before equity in earnings of unconsolidated ventures and income taxes	11,665			12,550			(113,680)	(7,505)
Equity in earnings of unconsolidated ventures	0			0			0	9,055
Income tax expense	(244)			(158)			(691)	(859)
Net income (loss)	11,421	$ (68,683)	$ (57,107)	12,392	$ (7,498)	$ (4,202)	(114,371)	691
Total Assets	3,838,425						3,838,425		$ 4,198,254
Investments in unconsolidated ventures at fair value	2,235						2,235		2,251
Senior and Mezzanine Loans and Preferred Equity
Segment Reporting Information [Line Items]
Income (loss) before equity in earnings of unconsolidated ventures and income taxes	19,282			24,304			(42,327)	18,426
Net income (loss)	19,282			24,277			(42,369)	27,197
Net Leased and Other Real Estate
Segment Reporting Information [Line Items]
Income (loss) before equity in earnings of unconsolidated ventures and income taxes	1,004			963			(43,012)	6,621
Net income (loss)	760			832			(43,661)	6,046
Corporate and Other
Segment Reporting Information [Line Items]
Income (loss) before equity in earnings of unconsolidated ventures and income taxes	(8,621)			(12,717)			(28,341)	(32,552)
Net income (loss)	(8,621)			(12,717)			(28,341)	(32,552)
Core
Segment Reporting Information [Line Items]
Interest income	59,587			75,630			190,468	225,584
Interest expense	(38,862)			(43,647)			(117,062)	(130,404)
Property and other income	28,564			27,102			84,868	77,683
Property operating expense	(8,431)			(7,392)			(24,980)	(18,687)
Transaction, investment and servicing expense	(225)			(311)			(1,238)	(1,966)
Interest expense on real estate	(6,747)			(6,833)			(20,278)	(19,115)
Depreciation and amortization	(10,087)			(8,851)			(29,430)	(24,788)
Increase of current expected credit loss reserve	(1,001)			(7,671)			(115,313)	(76,250)
Impairment of operating real estate							(45,216)
Compensation and benefits	(8,191)			(11,971)			(26,540)	(30,144)
Operating expense	(2,979)			(3,286)			(9,185)	(10,033)
Other gain (loss), net	37			(220)			226	615
Income (loss) before equity in earnings of unconsolidated ventures and income taxes				12,550			(113,680)	(7,505)
Equity in earnings of unconsolidated ventures								9,055
Income tax expense	(244)			(158)			(691)	(859)
Net income (loss)				12,392			(114,371)	691
Total Assets	3,838,425						3,838,425		4,198,254
Core \| Senior and Mezzanine Loans and Preferred Equity
Segment Reporting Information [Line Items]
Interest income	59,166			75,544			189,882	225,488
Interest expense	(38,487)			(43,298)			(115,944)	(129,454)
Property and other income	0			(19)			157	(19)
Property operating expense	0			0			0	0
Transaction, investment and servicing expense	(392)			(248)			(1,096)	(1,327)
Interest expense on real estate	0			0			0	0
Depreciation and amortization	0			0			0	0
Increase of current expected credit loss reserve	(1,001)			(7,671)			(115,313)	(76,250)
Impairment of operating real estate							0
Compensation and benefits	0			0			0	0
Operating expense	(4)			(4)			(13)	(12)
Other gain (loss), net	0			0			0	0
Equity in earnings of unconsolidated ventures								9,055
Income tax expense	0			(27)			(42)	(284)
Total Assets	2,686,338						2,686,338		3,003,639
Core \| Net Leased and Other Real Estate
Segment Reporting Information [Line Items]
Interest income	352			42			382	48
Interest expense	(68)			(42)			(204)	(48)
Property and other income	25,884			24,256			76,447	68,534
Property operating expense	(8,431)			(7,392)			(24,980)	(18,687)
Transaction, investment and servicing expense	52			(31)			(18)	(84)
Interest expense on real estate	(6,747)			(6,833)			(20,278)	(19,115)
Depreciation and amortization	(10,068)			(8,817)			(29,338)	(24,642)
Increase of current expected credit loss reserve	0			0			0	0
Impairment of operating real estate							(45,216)
Compensation and benefits	0			0			0	0
Operating expense	(7)			0			(33)	0
Other gain (loss), net	37			(220)			226	615
Equity in earnings of unconsolidated ventures								0
Income tax expense	(244)			(131)			(649)	(575)
Total Assets	886,216						886,216		934,100
Core \| Corporate and Other
Segment Reporting Information [Line Items]
Interest income	69			44			204	48
Interest expense	(307)			(307)			(914)	(902)
Property and other income	2,680			2,865			8,264	9,168
Property operating expense	0			0			0	0
Transaction, investment and servicing expense	115			(32)			(124)	(555)
Interest expense on real estate	0			0			0	0
Depreciation and amortization	(19)			(34)			(92)	(146)
Increase of current expected credit loss reserve	0			0			0	0
Impairment of operating real estate							0
Compensation and benefits	(8,191)			(11,971)			(26,540)	(30,144)
Operating expense	(2,968)			(3,282)			(9,139)	(10,021)
Other gain (loss), net	0			0			0	0
Equity in earnings of unconsolidated ventures								0
Income tax expense	0			$ 0			0	$ 0
Total Assets	$ 265,871						$ 265,871		$ 260,515