Claros Mortgage Trust (CMTG) 10-Q 16 Dec 21 2021 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2021	Dec. 03, 2021
Cover [Abstract]
Entity Registrant Name	Claros Mortgage Trust, Inc.
Entity Central Index Key	0001666291
Document Type	10-Q
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Sep. 30, 2021
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Current Reporting Status	No
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Trading Symbol	CMTG
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		133,433,487
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q3
Entity File Number	001-40993
Entity Tax Identification Number	47-4074900
Entity Address, Address Line One	c/o Mack Real Estate Credit Strategies, L.P.
Entity Address, Address Line Two	60 Columbus Circle
Entity Address, Address Line Three	20th Floor
Entity Address, City or Town	New York
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	10023
City Area Code	212
Local Phone Number	484-0050
Title of 12(b) Security	Common Stock, $0.01 par value per share
Security Exchange Name	NYSE
Entity Incorporation, State or Country Code	MD

Consolidated Balance Sheets (Un

Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Assets
Cash and cash equivalents	$ 235,596	$ 427,512
Restricted cash	24,236	3,462
Loans receivable held-for-investment	5,983,559	6,131,825
Less: allowance for loan losses	(59,213)	(6,000)
Loans receivable held-for-investment, net	5,924,346	6,125,825	[1]
Interests in loans receivable held-for-investment, net	436,721	338,270
Real estate owned, net	408,827
Accrued interest receivable, net	30,259	35,668
Deferred financing costs	18,398	8,030
Loan principal payments held by servicer	252,946	12,980
Other assets	20,944	796
Total assets	7,352,273	6,952,543
Liabilities and Stockholders' Equity
Repurchase agreements	3,094,832	2,685,203
Loan participations sold, net	524,518	516,484
Notes payable, net	47,921	303,515
Secured term loan, net	742,778	746,095
Debt related to real estate owned, net	289,784
Accounts payable and accrued expenses	32,740	2,481
Interest payable	8,673	10,180
Other liabilities	2,626	1,967
Dividends payable - common stock, redeemable common stock and vested restricted stock units	50,000	50,000
Dividends payable - unvested restricted stock units	3,192	3,480
Dividends payable - preferred stock	4
Deposits held	2,105	716
Management fee payable - affiliate	9,789	9,849
Incentive fee payable - affiliate	0	187
Total liabilities	4,808,962	4,330,157
Commitments and contingencies - Note 13
Redeemable common stock, $0.01 par value, 7,306,984 shares issued and outstanding at September 30, 2021 and December 31, 2020	137,234	141,356
Stockholders' Equity
Preferred stock, par value $0.01 per share and liquidation preference $1,000 per share, 10,000,000 shares authorized and 125 shares issued and outstanding, at September 30, 2021 and December 31, 2020, respectively	125	125
Common stock, $0.01 par value, 500,000,000 shares authorized, 126,126,503 and 125,541,736 shares issued and outstanding at September 30, 2021 and December 31, 2020, respectively	1,261	1,255
Additional paid-in capital	2,485,534	2,491,836
Dividends declared	(715,317)	(573,677)
Retained earnings	597,331	526,205
Total Claros Mortgage Trust, Inc. equity	2,368,934	2,445,744
Non-controlling interests	37,143	35,286
Total stockholders' equity	2,406,077	2,481,030
Total liabilities, redeemable common stock and stockholders' equity	$ 7,352,273	$ 6,952,543
[1]	Carrying value is presented net of loan loss reserves of $6.0 million.

Consolidated Balance Sheets (_2

Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares	Sep. 30, 2021	Dec. 31, 2020
Statement Of Financial Position [Abstract]
Redeemable common stock,par value,	$ 0.01	$ 0.01
Redeemable common stock, shares issued	7,306,984	7,306,984
Redeemable common stock, shares outstanding	7,306,984	7,306,984
Preferred stock, par value	$ 0.01	$ 0.01
Preferred stock, liquidation preference per share	$ 1,000	$ 1,000
Preferred stock, shares authorized	10,000,000	10,000,000
Preferred stock, shares issued	125	125
Preferred stock, shares outstanding	125	125
Common stock par value	$ 0.01	$ 0.01
Common stock authorized	500,000,000	500,000,000
Common stock, shares issued	126,126,503	125,541,736
Common stock outstanding	126,126,503	125,541,736

Consolidated Statements of Oper

Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands		3 Months Ended		9 Months Ended
		Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Revenue
Interest and related income		$ 103,876	$ 105,984	$ 314,326	$ 340,786
Less: interest and related expense		48,070	39,740	151,188	129,081
Net interest income		55,806	66,244	163,138	211,705
Revenue from real estate owned		8,550		15,620
Total revenue		64,356	66,244	178,758	211,705
Expenses
Management fees - affiliate		9,789	9,844	29,152	29,111
Incentive fees - affiliate			1,141		7,579
Equity compensation		(186)	2,451	(376)	7,354
General and administrative expenses		1,330	1,169	5,393	4,162
Expenses from real estate owned		9,888		21,912
Total expenses		20,821	14,605	56,081	48,206
Realized loss on sale of investments			(202)		(202)
Gain on foreclosure of real estate owned				1,430
Other income				5,855
Reversal of current expected credit loss reserve		9,306		17,413
Income before income taxes		52,841	51,437	147,375	163,297
Income tax benefit				6,025
Net income		52,841	51,437	153,400	163,297
Net (loss) income attributable to non-controlling interests		(40)	1,414	(118)	4,113
Net income attributable to preferred stock		4	8	12	24
Net income attributable to common stock and redeemable common stock		$ 52,877	$ 50,015	$ 153,506	$ 159,160
Net income per share of common stock and redeemable common stock
Basic		$ 0.40	$ 0.37	$ 1.15	$ 1.20
Diluted		$ 0.40	$ 0.37	$ 1.15	$ 1.20
Weighted-average shares of common stock and redeemable common stock outstanding
Basic	[1]	133,433,487	133,726,218	133,491,390	132,729,868
Diluted	[1]	133,433,487	133,726,218	133,491,390	132,729,868
[1]	Amounts include fully vested RSUs, which were delivered on April 4, 2021, of 584,767 and 877,498 common stock underlying vested RSUs at September 30, 2021 and 2020, respectively.  Excludes 1,097,293 shares of common stock underlying unvested RSUs that vested in full in connection with the Company’s initial public offering.

Consolidated Statements of Chan

Consolidated Statements of Changes in Redeemable Common Stock and Stockholders' Equity (unaudited) - USD ($) $ in Thousands	Total	Cumulative Effect Period of Adoption Adjustment [Member]	Dividend Declared [Member]	Preferred Stock [Member]	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	Retained Earnings [Member]Cumulative Effect Period of Adoption Adjustment [Member]	Noncontrolling Interest [Member]	Redeemable Common Stock [Member]	Redeemable Common Stock [Member]Cumulative Effect Period of Adoption Adjustment [Member]
Balance at Dec. 31, 2019	$ 2,431,072		$ (369,243)	$ 250	$ 1,220	$ 2,417,375	$ 334,935		$ 46,535
Balance (in shares) at Dec. 31, 2019				250	122,041,736
Balance at Dec. 31, 2019										$ 141,735
Issuance of common stock	70,000				$ 35	69,965
Issuance of common stock (in shares)					3,500,000
Restricted stock units earned	2,451					2,451
Offering costs	(163)					(163)				(10)
Dividends paid/accrued on preferred stock	(8)			$ (8)
Dividends declared/paid on common stock, redeemable common stock and vested restricted stock units	(52,858)		(52,858)							(3,142)
Dividends declared on unvested restricted stock units	(579)		(579)
Distributions paid to non-controlling interests	(1,323)								(1,323)
Accretion of redeemable common stock	(250)					(250)
Temporary Equity, Accretion of redeemable common stock										250
Net income (loss)	51,816			8			50,434		1,374	2,968
Balance at Mar. 31, 2020	2,500,158		(422,680)	$ 250	$ 1,255	2,489,378	385,369		46,586
Balance (in shares) at Mar. 31, 2020				250	125,541,736
Balance at Mar. 31, 2020										141,801
Restricted stock units earned	2,452					2,452
Offering costs	(749)					(749)				(43)
Dividends paid/accrued on preferred stock	(8)			$ (8)
Dividends declared/paid on common stock, redeemable common stock and vested restricted stock units	(55,776)		(55,776)							(3,224)
Dividends declared on unvested restricted stock units	(596)		(596)
Distributions paid to non-controlling interests	(1,299)								(1,299)
Accretion of redeemable common stock	(101)					(101)
Temporary Equity, Accretion of redeemable common stock										101
Net income (loss)	54,030			8			52,697		1,325	3,046
Balance at Jun. 30, 2020	2,498,111		(479,052)	$ 250	$ 1,255	2,490,980	438,066		46,612
Balance (in shares) at Jun. 30, 2020				250	125,541,736
Balance at Jun. 30, 2020										141,681
Restricted stock units earned	2,451					2,451
Offering costs	(4)					(4)
Dividends paid/accrued on preferred stock	(8)			$ (8)
Dividends declared/paid on common stock, redeemable common stock and vested restricted stock units	(47,268)		(47,268)							(2,732)
Dividends declared on unvested restricted stock units	(504)		(504)
Distributions paid to non-controlling interests	(12,915)								(12,915)
Accretion of redeemable common stock	(106)					(106)
Temporary Equity, Accretion of redeemable common stock										106
Net income (loss)	48,704			8			47,282		1,414	2,733
Balance at Sep. 30, 2020	2,488,461		(526,824)	$ 250	$ 1,255	2,493,321	485,348		35,111
Balance (in shares) at Sep. 30, 2020				250	125,541,736
Balance at Sep. 30, 2020										141,788
Balance at Dec. 31, 2020	2,481,030		(573,677)	$ 125	$ 1,255	2,491,836	526,205		35,286
Balance (Accounting Standards Update 2016-13 [Member]) at Dec. 31, 2020		$ (73,975)						$ (73,975)
Balance (in shares) at Dec. 31, 2020				125	125,541,736
Balance at Dec. 31, 2020	141,356									141,356
Balance (Accounting Standards Update 2016-13 [Member]) at Dec. 31, 2020											$ (4,276)
Restricted stock units earned	(7,394)					(7,394)
Contributions from non-controlling interests	897								897
Offering costs	(28)					(28)				(2)
Dividends paid/accrued on preferred stock	(4)			$ (4)
Dividends declared/paid on common stock, redeemable common stock and vested restricted stock units	(47,262)		(47,262)							(2,738)
Dividends declared on unvested restricted stock units	389		389
Accretion of redeemable common stock	81					81
Temporary Equity, Accretion of redeemable common stock										(81)
Net income (loss)	55,367			4			55,400		(37)	3,208
Balance at Mar. 31, 2021	2,409,101		(620,550)	$ 125	$ 1,255	2,484,495	507,630		36,146
Balance (in shares) at Mar. 31, 2021				125	125,541,736
Balance at Mar. 31, 2021										137,467
Issuance of common stock					$ 6	(6)
Issuance of common stock (in shares)					584,767
Restricted stock units earned	1,452					1,452
Contributions from non-controlling interests	539								539
Dividends paid/accrued on preferred stock	(4)			$ (4)
Dividends declared/paid on common stock, redeemable common stock and vested restricted stock units	(47,262)		(47,262)							(2,738)
Dividends declared on unvested restricted stock units	(300)		(300)
Accretion of redeemable common stock	(63)					(63)
Temporary Equity, Accretion of redeemable common stock										63
Net income (loss)	39,683			4			39,720		(41)	2,301
Balance at Jun. 30, 2021	2,403,146		(668,112)	$ 125	$ 1,261	2,485,878	547,350		36,644
Balance (in shares) at Jun. 30, 2021				125	126,126,503
Balance at Jun. 30, 2021										137,093
Restricted stock units earned	(147)					(147)
Contributions from non-controlling interests	539								539
Offering costs	(202)					(202)				(12)
Dividends paid/accrued on preferred stock	(4)			$ (4)
Dividends declared/paid on common stock, redeemable common stock and vested restricted stock units	(47,262)		(47,262)							(2,738)
Dividends declared on unvested restricted stock units	57		57
Accretion of redeemable common stock	5					5
Temporary Equity, Accretion of redeemable common stock										(5)
Net income (loss)	49,945			4			49,981		(40)	2,896
Balance at Sep. 30, 2021	2,406,077		$ (715,317)	$ 125	$ 1,261	$ 2,485,534	$ 597,331		$ 37,143
Balance (in shares) at Sep. 30, 2021				125	126,126,503
Balance at Sep. 30, 2021	$ 137,234									$ 137,234

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended		8 Months Ended	9 Months Ended		12 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020
Cash flows from operating activities
Net income	$ 52,841	$ 51,437		$ 153,400	$ 163,297
Adjustments to reconcile net income to net cash provided by operating activities:
Accretion of origination fees on loans receivable, net				(18,677)	(22,240)
Accretion of origination fees on interests in loans receivable, net				(849)	(227)
Amortization of financing costs	5,302	4,409		16,277	14,211
Non-cash equity compensation				(376)	7,354
Other income				(5,855)
Depreciation on real estate owned	1,940		$ 5,173	5,173
Gain on foreclosure of real estate owned				(1,430)
Non-cash advances to loans receivable in lieu of interest				(55,792)	(66,470)
Non-cash advances to interests in loans receivable in lieu of interest				(15,149)	(9,458)
Non-cash advances on secured financings in lieu of interest				15,161	14,748
Repayment of non-cash advances to loans receivable in lieu of interest				97,087	4,383
Repayment of non-cash advances to interests in loans receivable in lieu of interest				363	(4,383)
Repayment of non-cash advances to secured financings in lieu of interest				(22,285)
Realized loss on sale of investments		202			202
Reversal of current expected credit loss reserve	(9,306)			(17,413)
Changes in operating assets and liabilities:
Accrued interest receivable				5,163	(6,377)
Other assets				(18,519)	(777)
Accounts payable and accrued expenses				8,624	(333)
Interest payable				(1,507)	(807)
Deposits held				1,389	(519)
Due to/from affiliate					(25)
Management fee payable - affiliate				(60)	973
Incentive fee payable - affiliate				(187)	(2,096)
Net cash provided by operating activities				144,538	95,839
Net cash provided by operating activities				144,538	95,839
Cash flows from investing activities
Loan originations, acquisitions and advances, net of fees				(1,272,396)	(627,130)
Acquisitions and advances of interests in loans receivable, net of fees				(86,022)	(83,963)
Repayments of loans receivable				1,046,111	449,813
Repayments of interests in loans receivable				2,977	15,224
Exit fees received from loans receivable				5,698	1,172
Extension fees received from loans receivable				2,368	1,044
Cash, cash equivalents and restricted cash from foreclosure of properties				9,580
Acquisition of real estate owned				(11,463)
Sale of loans receivable					19,781
Reserves held for loans receivable				659	(2,880)
Net cash used in investing activities				(302,488)	(226,939)
Net cash used in investing activities				(302,488)	(226,939)
Cash flows from financing activities
Proceeds from issuance of common stock					70,000
Contributions from non-controlling interests				1,975
Offering costs				(30)	(947)
Dividends paid on common stock and vested restricted stock units				(141,792)	(160,301)
Dividends paid on redeemable common stock				(8,208)	(9,699)
Dividends paid on preferred stock				(8)	(16)
Distributions to non-controlling interests					(15,537)
Proceeds from secured financings				1,014,627	719,010
Payment of financing costs				(14,335)	(16,283)
Payment of exit fees on secured financings				(443)	(105)
Repayments of secured financings				(849,141)	(481,414)
Repayments of secured term loan				(5,837)	(3,375)
Repayments of debt related to real estate owned				(10,000)
Net cash provided by (used in) financing activities				(13,192)	101,333
Net decrease in cash, cash equivalents and restricted cash				(171,142)	(29,767)
Cash, cash equivalents and restricted cash, beginning of period				430,974	338,018	$ 338,018
Cash, cash equivalents and restricted cash, end of period	259,832	308,251	259,832	259,832	308,251	430,974
Cash and cash equivalents, beginning of period				427,512	334,999	334,999
Restricted cash, beginning of period				3,462	3,019	3,019
Cash and cash equivalents, end of period	235,596	304,692	235,596	235,596	304,692	427,512
Restricted cash, end of period	$ 24,236	$ 3,559	$ 24,236	24,236	3,559	$ 3,462
Supplemental disclosure of cash flow information:
Cash paid for interest				121,257	100,929
Supplemental disclosure of non-cash investing and financing activities:
Dividends accrued on common stock, redeemable common stock and vested restricted stock units				50,000	50,000
Dividends accrued on preferred stock				4	8
Dividends accrued on unvested restricted stock units				3,192	4,033
Loan principal payments held by servicer				252,946
Accrued financing costs				6,251	36
Accrued offering costs				2,231	$ 3,403
Working capital consolidated				(18,546)
Settlement of loan receivable				(103,901)
Real estate acquired in settlement of loan receivable				414,000
Assumption of debt related to real estate owned				(300,000)
Conversion of restricted stock units to common shares - common stock				6
Conversion of restricted stock units to common shares - additional paid in capital				$ (6)

Organization

Organization	9 Months Ended
	Sep. 30, 2021
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Organization	1. Organization Claros Mortgage Trust, Inc. (the “Company”) is a Maryland Corporation formed on April 29, 2015 for the purpose of creating a diversified portfolio of income-producing loans collateralized by institutional quality commercial real estate. The Company commenced operations on August 25, 2015 (“Commencement of Operations”) and generally conducts its business through wholly-owned subsidiaries or investments in joint ventures. Any references to the Company refer to the Company, its consolidated joint venture, CMTG/TT Mortgage REIT LLC (“CMTG/TT” or “JV REIT”), a Delaware limited liability company, and the consolidated subsidiaries of each entity. The Company has elected and intends to maintain its qualification to be taxed as a real estate investment trust (“REIT”) under the requirements of the Internal Revenue Code of 1986, as amended (the "Internal Revenue Code"), for U.S. federal income tax purposes. As such, the Company will generally not be subject to U.S. federal income tax on that portion of its income that it distributes to stockholders. See Note 12 – Income Taxes regarding taxes applicable to the Company. The Company is externally managed by Claros REIT Management LP (the “Manager”), an affiliate of the Company, through a management agreement (the "Management Agreement") pursuant to which the Manager provides a management team and other professionals who are responsible for implementing the Company’s business strategy, subject to the supervision of the Company’s board of directors. For its services, the Manager is entitled to management fees and incentive fees. See Note 10 – Related Party Transactions regarding the Management Agreement.

Summary of Significant Accounti

Summary of Significant Accounting Policies	9 Months Ended
	Sep. 30, 2021
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	2. Summary of Significant Accounting Policies Basis of Presentation and Principles of Consolidation The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”). The Company consolidates all entities that are controlled either through majority ownership or voting rights. The Company also identifies entities for which control is achieved through means other than through voting rights (a variable interest entity or “VIE”) using the analysis as set forth in the Accounting Standards Codification (“ASC”) 810, Consolidation of Variable Interest Entities The liabilities of wholly-owned subsidiaries are non-recourse to the Company and are limited to the assets of such wholly-owned subsidiary, except in the case of the Company’s repurchase agreements, which in general are partially recourse to the Company, and in limited situations in which the Company has provided a guaranty contingent upon the occurrence of certain events. Unaudited interim financial information The accompanying consolidated balance sheet as of September 30, 2021, the consolidated statements of operations and the consolidated statements of changes in redeemable common stock and stockholders’ equity for the three and nine months ended September 30, 2021 and 2020, and the consolidated statements of cash flows for the nine months ended September 30, 2021 and 2020 are unaudited. The unaudited interim consolidated financial statements have been prepared on the same basis as the audited annual consolidated financial statements and, in the opinion of the Manager, reflect all adjustments, which include only normal recurring adjustments, necessary for the fair statement of the Company’s financial position as of September 30, 2021 and the results of its operations for the three and nine months ended September 30, 2021 and 2020, and its cash flows for the nine months ended September 30, 2021 and 2020. The financial data and other information disclosed in these notes related to the three and nine months ended September 30, 2021 and 2020 are also unaudited. The results for the three and nine months ended September 30, 2021 are not necessarily indicative of results to be expected for the year ending December 31, 2021, any other interim periods, or any future year or period. Risks and Uncertainties In the normal course of business, the Company primarily encounters two significant types of economic risk: credit and market. Credit risk is the risk of default on the Company’s loans receivable that results from a borrower's or counterparty's inability or unwillingness to make contractually required payments. Market risk reflects changes in the value of the loans receivable due to changes in interest rates, spreads or other market factors, including risks that impact the value of the collateral underlying the Company’s investments. Management believes that the carrying values of its loans receivable are reasonable taking into consideration these risks along with estimated financings, collateral values and other information. During the first quarter of 2020, there was a global outbreak of a novel coronavirus (“COVID-19”). The World Health Organization has designated COVID-19 a pandemic, and numerous countries, including the United States, have declared national emergencies with respect to COVID-19. The global impact of the outbreak has rapidly evolved, and many countries have reacted by instituting quarantines and restrictions on travel, and limiting operations of non-essential businesses. The full extent of the impact and effects of COVID-19 will depend on future developments, including, among other factors, the duration and spread of the outbreak, along with related travel advisories, quarantines and restrictions, the effectiveness and efficiency of distribution of vaccines, the recovery time of the disrupted supply chains and industries, the impact of the labor market interruptions, the impact of government interventions, and uncertainty with respect to the duration of the global economic slowdown. In 2021, the global economy has begun to recover and the widespread availability of vaccines has encouraged greater economic activity. Nonetheless, the outbreak of COVID-19 and its impact on the current and future financial, economic and capital markets environment, and future developments in these and other areas could remain uneven, and presents uncertainty and risk with respect to the performance of the Company’s loans receivable, interests in loans receivable and real estate owned, the Company’s financial condition, results of operations, liquidity, and ability to pay dividends. A significant portion of the Company’s loan receivable portfolio and secured financings reference certain tenors of the London Interbank Offering Rate (“LIBOR”). In July 2017, the Financial Conduct Authority of the United Kingdom (“FCA”), the financial regulatory body that regulates LIBOR, announced their intention to phase out LIBOR after 2021. In March 2021, the FCA announced that LIBOR settings will cease to be provided by any administrators or will no longer be representative after specific dates, which will be (i) June 30, 2023, in the case of the principal U.S. dollar LIBOR tenors (overnight and one, three, six and 12 months), and (ii) December 31, 2021, in all other cases (i.e., one week and two month U.S. dollar LIBOR and all tenors of non-U.S. dollar LIBOR). The Company’s agreements generally allow for a new interest rate index to be used if LIBOR is no longer available. The impact that the phasing out of LIBOR will have on the Company is not yet determinable, however the Company expects that it will either utilize alternative rates referenced in its agreements or negotiate a replacement reference rate for LIBOR. Tax Risks - The Company is subject to significant tax risks. If the Company fails to maintain its qualification as a REIT in a given taxable year, it may be subject to penalties as well as federal, state and local income tax on its taxable income, which could be material. It will also not be able to qualify as a REIT for the subsequent four taxable years, unless entitled to relief under certain statutory provisions. A REIT must distribute at least 90% of its taxable income to its stockholders, determined without regard to the deduction for dividends paid and excluding net capital gains. In addition to the 90% distribution requirement, a REIT is subject to a nondeductible excise tax if it fails to make certain minimum distributions by calendar year-end. The excise tax imposed is equal to 4% of the excess of the required distribution (specified under U.S. federal tax law) over the distributed amount for such year. Distribution of the remaining balance may extend until timely filing of the REIT's tax return in the subsequent taxable year. Qualifying distributions of taxable income are deductible by a REIT in computing taxable income. Regulatory Risks - The Company is subject to significant regulatory risks. If the Company were unable to rely upon an exemption from registration available under the Investment Company Act of 1940, as amended, the Company could be required to restructure its assets or activities, including the disposition of assets during periods of adverse market conditions that could result in material losses to the Company. Use of Estimates The preparation of financial statements in conformity with GAAP requires the Company to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the consolidated financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. Estimates that are particularly susceptible to the Company’s judgment include, but are not limited to, the adequacy of allowance for loan losses, recoverability of deferred tax assets, the determination of effective yield for recognition of interest income and interest expense and recognition of equity compensation expense. Loans Receivable Held-for-Investment Loans that the Company has originated or acquired and has the intent and ability to hold to maturity or payoff are reported at their outstanding principal balances net of any unearned income, unamortized deferred fees and expected credit losses, if applicable. Loan origination, extension and exit fees are deferred and recognized in interest income over the estimated life of the loans using the effective interest method, adjusted for actual prepayments. Interests in Loans Receivable Held-for-Investment Loans that the Company has acquired in a transfer that did not meet the qualifications of a sale and has the intent and ability to hold to maturity or payoff are reported at their outstanding principal balances net of any unearned income, unamortized deferred fees and expected credit losses, if applicable. Loan discounts and extension and exit fees are deferred and recognized in interest income over the estimated life of the loans using the effective interest method, adjusted for actual prepayments. Non-cash Advances in Lieu of Interest The Company holds certain loans whereby a portion of the loan’s unfunded commitment may be used to fund monthly interest payments, so long as certain conditions are met. As a result, such loan’s unpaid principal balance increases at the interest payment date and the Company does not receive cash. This type of loan term is referred to as non-cash advance in lieu of interest, and the increase in unpaid principal balance is reflected in the operating section of the Company’s consolidated statements of cash flows, as opposed to the investing section as if the cash had been directly advanced to a borrower. The Company also has certain financings that allow for non-cash advances in lieu of interest, and the increase in unpaid principal balance is reflected in the operating section of the Company’s consolidated statements of cash flows, as opposed to the financing section as if cash had been directly received by the Company. Current Expected Credit Losses The current expected credit loss (“CECL”) reserve required under ASU 2016-13 “Financial Instruments – Credit Losses – Measurement of Credit Losses on Financial Instruments (Topic 326)” (“ASU 2016-13”), reflects the Company’s current estimate of potential credit losses related to the Company’s loan portfolio. The initial CECL allowance recorded on January 1, 2021 is reflected as a direct charge to retained earnings on the Company’s consolidated statements of changes in redeemable common stock and stockholders’ equity. Subsequent changes to the CECL allowance are recognized through net income on the Company’s consolidated statements of operations. ASU 2016-13 specifies the reserve should be based on relevant information about past events, including historical loss experience, current portfolio and market conditions and reasonable and supportable forecasts for the duration of each respective loan. Given prior period loss models were based on the incurred loss model, management notes that prior periods are not measured on a comparable basis. The Company considers key credit quality indicators in underwriting loans and estimating credit losses, including, but not limited to: the capitalization of borrowers and sponsors; the expertise of the borrowers and sponsors in a particular real estate sector and geographic market; collateral type; geographic region; use and occupancy of the property; property market value; loan-to-value (“LTV”) ratio; loan amount and lien position; debt service coverage ratio; the Company’s risk rating for the same and similar loans; and prior experience with the borrower and sponsor. This information is used to assess the financial and operating capability, experience and profitability of the sponsor/borrower. Ultimate repayment of the Company’s loans is sensitive to interest rate changes, general economic conditions, liquidity, LTV ratio, existence of a liquid investment sales market for commercial properties, and availability of replacement short-term or long-term financing. The loans in the Company’s commercial mortgage loan portfolio are primarily secured by collateral in the following property types: office, multifamily, hospitality, mixed-use, land, and for-sale condominium. The Company’s loans are typically collateralized by real estate, or in the case of mezzanine loans, by an equity interest in an entity that owns real estate. As a result, the Company regularly evaluates on a loan-by-loan basis, the extent and impact of any credit deterioration associated with the performance and/or value of the underlying collateral property, and the financial and operating capability of the borrower/sponsor, at least quarterly. The Company also evaluates the financial strength of loan guarantors, if any, and the borrower’s competency in managing and operating the property or properties. In addition, the Company considers the overall economic environment, real estate sector, and geographic sub-market in which the borrower operates. Such analyses are completed and reviewed by asset management personnel and evaluated by senior management, who utilize various data sources, including, to the extent available (i) periodic financial data such as property occupancy, tenant profile, rental rates, operating expenses, the borrower’s exit plan, and capitalization and discount rates, (ii) site inspections, (iii) sales and financing comparables, (iv) current credit spreads for refinancing and (v) other market data. Given the length of the Company’s loan terms, management’s reasonable and supportable forecast period exceeds the loan terms and as such the Company does not need to apply a reversion method. The Company has classified its loans receivable into the following categories to assess the impact of CECL: 1. Transitional Loans 2. Steady & Improving Loans 3. Stabilized Loans 4. Construction/Future Funding Loans For the Company’s loan receivable portfolio, the Company, with assistance from a third party service provider, performed a quantitative assessment of the impact of CECL using the Expected Loss (“EL”) approach and the Lifetime Loss Rate (“LLR”) method depending on the allocated category. For transitional loans, steady & improving loans and stabilized loans, the Company has applied an EL approach because of the consistency in assessing credit risks and estimating expected credit losses. Due to the nature of construction loans, where repayment does not depend on the operating performance of the underlying property, the Company has applied a LLR approach to estimate the CECL impact. In certain circumstances the Company may determine that a loan is no longer suited for the model-based approach due to its unique risk characteristics, or because the repayment of the loan’s principal is collateral-dependent. The Company may instead elect to employ different methods to estimate loan losses that also conform to ASU 2016-13 and related guidance. If the recovery of a loan’s principal balance is entirely collateral-dependent, the Company may assess such an asset individually and elect to apply a practical expedient in accordance with ASU 2016-13. The Company’s allowance for loan losses reflects its estimate of the current and future economic conditions that impact the performance of the commercial real estate assets securing the Company’s loans. These estimates include unemployment rates, interest rates, price indices for commercial property, and other macroeconomic factors that may influence the likelihood and magnitude of potential credit losses for the Company’s loans during their anticipated term. The Company licenses certain macroeconomic financial forecasts to inform its view of the potential future impact that broader economic conditions may have on its loan portfolio’s performance. The forecasts are embedded in the licensed model that the Company uses to estimate its allowance for loan losses as discussed below. Selection of these economic forecasts require significant judgement about future events that, while based on the information available to the Company as of the balance sheet date, are ultimately unknowable with certainty, and the actual economic conditions impacting the Company’s portfolio could vary significantly from the estimates the Company made for the periods presented. Additionally, the Company assesses the obligation to extend credit through its unfunded loan commitments over each loan’s contractual period, which is considered in the estimate of the allowance for loan losses. For any loan that is deemed to have significantly differing risk characteristics from the rest of the loan portfolio, the Company would measure the specific allowance of each loan separately by using the fair value of the collateral or the net present value of cash flows. If the fair value of the collateral is less than the carrying value of the loan, an asset-specific allowance is created as a component of our overall allowance for loan losses (following the adoption of CECL, or as a loan loss allowance prior to the adoption of CECL). Asset-specific allowances for loan losses are equal to the excess of a loan’s carrying value to the present value of its expected cash flows discounted at the loan’s effective rate or the fair value of the collateral, less estimated costs to sell, if recovery of the Company’s investment is expected solely from the collateral. If the Company has determined that a loan or a portion of a loan is uncollectible, the Company will write-off the loan through a charge to its current expected credit loss reserve based on the present value of future cash flows discounted at the loan’s contractual effective rate or the fair value of the collateral, if repayment is expected solely from the collateral. Significant judgment is required in determining impairment and in estimating the resulting credit loss reserve, and actual losses, if any, could materially differ from those estimates. Prior to the adoption of ASU 2016-13, the Company would measure the specific impairment of each loan separately by using the fair value of the collateral or the net present value of cash flows. If the fair value or the net present value of the cash flows of the collateral was less than the carrying value of the loan, an allowance was created with a corresponding charge to the provision for loan losses. The loan loss allowance for each loan was maintained at a level the Company believed was adequate to absorb incurred losses, if any. As of December 31, 2020, the Company had a loan loss reserve of $6.0 million relating to one loan. The Company evaluates the credit quality of each of its loans receivable on an individual basis and assigns a risk rating at least quarterly. The Company has developed a loan grading system for all of its outstanding loans receivable that are collateralized directly or indirectly by real estate. Grading criteria include as-is or as-stabilized debt yield and debt service coverage ratios, term of loan, property type, loan type and other more subjective variables that include property or collateral location, as-is or as-stabilized collateral value, market conditions, industry conditions and sponsor’s financial stability. The Company utilizes the grading system to determine each loan’s risk of loss and to provide a determination as to whether an individual loan is impaired and whether a special loan loss allowance is necessary. Based on a 5-point scale, the loans are graded “1” through “5,” from less risk to greater risk, which gradings 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 risk of realizing a principal loss 5 – Impaired/Loss Likely: The Company has considered the impact of COVID-19 in its evaluation of the credit quality of its loans receivable which reflects the material uncertainty and risks with respect to certain of the loan portfolio’s collateral. The Company may modify the terms of a loan agreement by granting a concession to a borrower experiencing financial difficulty that it would not otherwise consider. Such modifications may include, among other items, reductions in contractual interest rates, payment date extensions or the modification of loan covenants. If such modification is deemed to be significant and meets the criteria above, it may be considered a Troubled Debt Restructuring (“TDR”) under GAAP which requires additional disclosure. Prior to the adoption of ASU 2016-13, a loan was also considered impaired if its terms were modified in a TDR. Impairments on TDR loans were generally measured based on the present value of expected future cash flows discounted at the effective interest rate of the original loan. Loans which are modified and classified as a TDR that are performing and current with respect to the payment of debt service as of the date of the modification remain current, while loans which are modified and classified as a TDR that are on non-accrual status as of the date of the modification will generally remain on non-accrual status until the prospect of future payments in accordance with the modification terms are reasonably assured and there is a consistent period of repayment by the borrower. Financial Instruments Financial instruments held by the Company include cash and cash equivalents, restricted cash, reserves held for loans receivable, loans receivable held-for-investment, interests in loans receivable held for investment, other assets, accounts payable, repurchase agreements, notes payable, loan participations sold, secured term loans and debt related to real estate owned. The fair value of cash and cash equivalents, restricted cash, reserves held for loans receivable, other assets and accounts payable approximates their current carrying amount. GAAP requires the categorization of the fair value of financial instruments into three broad levels that form a hierarchy based on the transparency of inputs to the valuation. See Note 6 – Fair Value Measurements for details of the Company’s valuation policy. Cash and Cash Equivalents The Company considers all investments with original maturities of three months or less, at the time of acquisition, to be cash equivalents. The Company maintains cash accounts which from time to time exceed the insured maximum of $250,000 per account. The carrying amount of cash on deposit and in money market funds approximates fair value. Restricted Cash Restricted cash includes reserve balances for interest, real estate taxes, and insurance, as well as lockbox accounts held pursuant to the terms of the financings. The carrying amount of restricted cash approximates fair value. Real Estate Owned, net The Company may assume legal title or physical possession of the underlying collateral of a defaulted loan through foreclosure. If the Company intends to hold, operate or develop the property for a period of at least 12 months, the asset is classified as real estate owned, net. If the Company intends to market a property for sale in the near term, the asset is classified as real estate held for sale. Foreclosed real estate held for use is initially recorded at estimated fair value and is presented net of accumulated depreciation and impairment charges. Depreciation is computed using a straight-line method over the estimated useful lives of up to 40 years for buildings and up to 10 years for furniture, fixtures and equipment. Renovations and/or replacements that improve or extend the life of the real estate asset are capitalized and depreciated over the estimated useful lives. The cost of ordinary repairs and maintenance are expensed as incurred. Real estate assets are evaluated for indicators of impairment on a quarterly basis. Factors that the Company may consider in its impairment analysis include, among others: (1) significant underperformance relative to historical or anticipated operating results; (2) significant negative industry or economic trends; (3) costs necessary to extend the life or improve the real estate asset; (4) significant increase in competition; and (5) ability to hold and dispose of the real estate asset in the ordinary course of business. A real estate asset is considered impaired when the sum of estimated future undiscounted cash flows expected to be generated by the real estate asset over the estimated remaining holding period is less than the carrying amount of such real estate asset. Cash flows include operating cash flows and anticipated capital proceeds generated by the real estate asset. An impairment charge is recorded equal to the excess of the carrying value of the real estate asset over the fair value. When determining the fair value of a real estate asset, the Company makes certain assumptions including, but not limited to, consideration of projected operating cash flows, comparable selling prices and projected cash flows from the eventual disposition of the real estate asset based upon the Company’s estimate of a capitalization rate and discount rate. Loan Principal Payments Held by Servicer Loan principal payments which are held by loan servicers and are expected to be remitted to the Company during the subsequent remittance cycle are reflected as loan principal payments held by servicer on the Company’s consolidated balance sheets. Other Assets Other assets include deferred tax assets, costs of equity capital raises not yet closed, miscellaneous receivables and prepaid expenses, and deposits funded relating to unclosed transactions. Deferred Financing Costs The deferred financing costs on the Company’s consolidated balance sheets include costs related to the establishment and ongoing operations of the repurchase agreements. These costs are amortized over the contractual term of the repurchase agreements as interest expense using the straight-line method. Secured Financings Management evaluates whether the transaction constitutes a sale through legal isolation of the transferred financial asset from the Company, the ability of the transferee to pledge or exchange the transferred financial asset without constraint and the transfer of control of the transferred financial asset. Repurchase Agreements The Company finances certain of its loans receivable using repurchase agreements. Under a repurchase agreement, an asset is sold to a counterparty to be repurchased at a later date at a predetermined price. Prior to repurchase, interest is paid to the counterparty based upon the sales price and a predetermined interest rate. Other than amounts guaranteed by the Company, borrowings under the repurchase agreements are non-recourse to the Company. The Company accounts for its repurchase agreements as secured financings under GAAP. When treated as a secured financing, the transferred assets remain on the Company’s consolidated balance sheets, and the financing proceeds are recorded as a liability. Loan Participations Sold, Net Loan participations sold represent an interest in a loan receivable that the Company sold, however, the Company presents the loan participation sold as a liability on its consolidated balance sheets because the arrangement does not qualify as a sale under GAAP. Other than amounts guaranteed by the Company, these participations are non-recourse and remain on the Company’s consolidated balance sheets until the loan is repaid. The gross presentation of the loan participations sold does not impact equity or net income. Notes Payable, Net The Company finances certain of its loans receivable using direct financing, collateralized by the loans receivable. Other than amounts guaranteed by the Company, borrowings under notes payable are non-recourse to the Company. Secured Term Loan, Net The Company’s secured term loan is collateralized by a pledge of equity in certain subsidiaries and their related assets, as well as a first priority security interest in selected assets. The secured term loan is presented net of any original issue discount, and transaction expenses are deferred and recognized in interest expense over the life of the loan using the effective interest method. Debt Related to Real Estate Owned, Net Debt assumed in an acquisition/foreclosure of real estate is recorded at its estimated fair value at the time of the acquisition. Subsequently, debt related to real estate owned, net is held net of principal repayments and any unamortized debt issuance costs. Other than amounts guaranteed by the Company, debt related to real estate owned is non-recourse to the Company. Debt Issuance Costs Costs related to obtaining notes payable, loan participations sold, secured term loans, and debt related to real estate owned are presented on the consolidated balance sheets as a direct deduction from the carrying amount of the obligations. These costs are amortized over the contractual term of the obligations as interest expense using the effective interest method. Reserves Held for Loans Receivable The Company holds reserves for interest, real estate taxes and insurance relating to its loans receivable on behalf of the borrowers on certain loans receivable. These reserves are reflected as other liabilities on the Company’s consolidated balance sheets. In certain cases, other reserves may be held by a third-party loan servicer, and therefore not included on the Company’s consolidated balance sheets. Revenue Recognition Interest income from loans receivable is recorded on the accrual basis based on the outstanding principal amount and the contractual terms of the loans. Recognition of fees, premiums, discounts and direct costs associated with these investments is deferred until the loan is advanced and is then amortized or accreted into interest income over the term of the loan as an adjustment to yield using the effective interest method based on expected cash flows through the expected recovery period. Income accrual is generally suspended for loans at the earlier of the date at which payments become 90 days past due or when recovery of income and principal becomes doubtful. While on non-accrual status, based on the Company’s estimation as to collectability of principal, loans are either accounted for on a cash basis, where interest income is recognized only upon actual receipt of cash, or on a cost-recovery basis, where all cash receipts reduce a loan's carrying value. If and when a loan is brought back into compliance with its contractual terms, and our Manager has determined that the borrower has demonstrated an ability and willingness to continue to make contractually required payments related to the loan, the Company resumes accrual of interest. Revenue from real estate owned represents revenue associated with the operations of hotel properties classified as real estate owned. Revenue from the operations of the hotel properties is recognized when guestrooms are occupied, services have been rendered or fees have been earned. Revenues are recorded net of any discounts and sales and other taxes collected from customers. Revenues consist of room sales, food and beverage sales and other hotel revenues. In accordance with ASC 606, Revenue from Contracts with Customers, revenue is recognized when the Company transfers promised services to customers in an amount that reflects the consideration to which the Company expects to be entitled to in exchange for those services. ASC 606 includes a five-step framework that requires an entity to: (i) identify the contract(s) with a customer, (ii) identify the performance obligations in the contract, (iii) determine the transaction price, (iv) allocate the transaction price to the performance obligations in the contract, and (v) recognize revenue when the entity satisfies a performance obligation. A performance obligation is a promise in a contract to transfer a distinct good or service to the customer. A contract's transaction price is allocated to each distinct performance obligation and recognized as revenue when the performance obligation is satisfied. The Company's contracts generally have a single performance obligation, such as renting a hotel room to a customer, or providing food and beverage to a customer, or providing a hotel property related good or service to a customer. The Company's performance obligations are generally satisfied at a point in time. Equity Compensation Equity compensation consists of both service-based and performance-based awards issued to certain individuals employed by (or members of) affiliates of the Manager. Equity compensation expense is recogniz

Loans Portfolio

Loans Portfolio	9 Months Ended
	Sep. 30, 2021
Receivables [Abstract]
Loans Portfolio	3. Loans Portfolio Loans receivable The Company’s loans receivable portfolio as of September 30, 2021 was comprised of the following loans (dollars in thousands, except for number of loans): Number of Investments Number of Loans Loan Commitment (5) Principal Outstanding Carrying Value Weighted Average Stated Rate (2) Weighted Average Interest Rate (4) Loans receivable held-for-investment: Variable: Senior loans (1,3) 48 84 $ 6,452,082 $ 5,515,249 $ 5,487,984 L + 4.29% % 5.68 % Subordinate loans 4 6 436,544 413,967 415,056 L + 8.95% % 10.71 % 6,888,626 5,929,216 5,903,040 L + 4.62% % 6.03 % Fixed: Senior loans (1) 2 3 $ 58,939 $ 58,939 $ 59,073 11.27 % Subordinate loans 2 2 23,027 21,610 21,446 11.55 % 81,966 80,549 80,519 11.35 % Total/Weighted Average $ 6,970,592 $ 6,009,765 $ 5,983,559 6.10 % Allowance for loan losses (59,213 ) Loans receivable held-for-investment, net $ 5,924,346 (1) Senior loans include senior mortgages and similar credit quality loans, including related contiguous subordinate loans, and pari passu participations in senior mortgage loans. (2) One-month LIBOR as of September 30, 2021 was 0.08%. Weighted average is based on outstanding principal as of September 30, 2021. (3) Includes a fixed rate loan with an outstanding principal balance of $27.2 million and a loan commitment of $39.7 million at September 30, 2021, which shares the same collateral as floating rate loans with an outstanding principal balance of $143.7 million and a loan commitment of $146.8 million at September 30, 2021. (4) Reflects the weighted average interest rate based on the applicable floating benchmark rate (if applicable), including LIBOR floors (if applicable). Weighted average is based on outstanding principal as of September 30, 2021. (5) Loan commitment represents initial loan commitments, as adjusted by commitment reductions, less loan repayments and transfers which qualified for sale accounting under GAAP. The Company’s loans receivable portfolio as of December 31, 2020 was comprised of the following loans (dollars in thousands, except for number of loans): Number of Investments Number of Loans Loan Commitment (5) Principal Outstanding Carrying Value (6) Weighted Average Stated Rate (2) Weighted Average Interest Rate (4) Loans receivable held-for- investment Variable: Senior loans (1,3) 46 80 $ 6,395,473 $ 5,272,201 $ 5,252,577 L + 4.35% % 5.93 % Subordinate loans 8 11 852,982 782,646 782,167 L + 8.72% % 10.20 % 7,248,455 6,054,847 6,034,744 L + 4.91% % 6.48 % Fixed: Senior loans (1) 2 3 $ 75,669 $ 75,669 $ 69,523 12.59 % Subordinate loans 2 2 25,527 21,815 21,558 11.00 % 101,196 97,484 91,081 12.24 % Total/Weighted Average $ 7,349,651 $ 6,152,331 $ 6,125,825 6.57 % (1) Senior loans include senior mortgages and similar credit quality loans, including related contiguous subordinate loans, and pari passu participations in senior mortgage loans. (2) One-month LIBOR as of December 31, 2020 was 0.14%. Weighted average is based on outstanding principal as of December 31, 2020. (3) Includes a fixed rate loan with an outstanding principal balance of $6.4 million and a loan commitment of $39.7 million as of December 31, 2020, which shares the same collateral as floating rate loans with an outstanding principal balance of $138.3 million and a loan commitment of $146.8 million at December 31, 2020. (4) Reflects the weighted average interest rate based on the applicable floating benchmark rate (if applicable), including LIBOR floors (if applicable). Weighted average is based on outstanding principal as of December 31, 2020. (5) Loan commitment represents initial loan commitments, as adjusted by commitment reductions, less loan repayments and transfers which qualified for sale accounting under GAAP. (6) Carrying value is presented net of loan loss reserves of $6.0 million. Certain loans receivable held by the Company include LIBOR floors, which establish the minimum interest rate a borrower may pay on a loan. The weighted average LIBOR floor in place based on unpaid principal balance on floating rate loans is 1.4% as of September 30, 2021. The following table presents the range of LIBOR floors held in the Company’s loan portfolio as of September 30, 2021 based on outstanding principal (dollars in thousands): One-month LIBOR Floor Range (1) Unpaid Principal Balance % of Total Cumulative % Fixed rate $ 107,723 2 % 2 % 2.25% - 2.50% 788,093 13 % 15 % 2.00% - 2.24% 902,583 15 % 30 % 1.75% - 1.99% 1,314,438 22 % 52 % 1.50% - 1.74% 442,392 7 % 59 % 1.25% - 1.49% 570,517 10 % 69 % 1.00% - 1.24% 356,424 6 % 75 % < 1.00% 1,260,047 21 % 96 % No floor 267,548 4 % 100 % Total $ 6,009,765 (1) All floors are in excess of LIBOR at September 30, 2021. As of September 30, 2021 and December 31, 2020, the weighted average yield to maturity on loans receivable was 6.1% and 7.0%, respectively. For loans that are floating rate loans, the weighted average yield was calculated using the respective applicable benchmark rates, incorporating the impact of LIBOR floors, as applicable. The weighted average term to initial maturity of the loans receivable portfolio is 1.4 years and 1.4 years as of September 30, 2021 and December 31, 2020, respectively. The weighted average term to maturity with the exercise of all extension options is 3.0 years and 3.1 years as of September 30, 2021 and December 31, 2020, respectively. There was a total of $382.0 million and $615.8 million of outstanding principal balance on non-accrual status at September 30, 2021 and December 31, 2020, respectively. There were five investments representing 5.9% of the loans receivable and interests in loans receivable portfolio on non-accrual status at September 30, 2021, of which there were four investments, representing $300.6 million or 4.7% of the loans receivable and interests in loans receivable portfolio, on non-accrual status as a result of interest payments becoming 90 days past due. During the three and nine months ended September 30, 2021, $1.9 million and $2.3 million, respectively, of income was recognized related to one of these loans while on non-accrual status. There were five investments representing $382.3 million of outstanding principal balance, or 5.9% of the loans receivable and interests in loans receivable portfolio at December 31, 2020 on non-accrual status as a result of interest payments becoming 90 days past due. There were no loans greater than 90 days past due that are on accrual status. Additionally, there was one loan, with an outstanding principal balance of $233.5 million at December 31, 2020, representing 3.6% of the loans receivable and interests in loans receivable portfolio at December 31, 2020 which had been placed on non-accrual status as a result of interest payments becoming 90 days past due, which was modified in December 2020 resulting in all past due interest being paid, in cash or compounded into the loan balance, bringing the loan current. Pursuant to GAAP, this loan was accounted for on a cash basis following the modification, meaning that interest income is recognized when received, until all principal and interest payments contractually due are reasonably assured of repayment and there is a consistent period of repayment by the borrower. The borrower of this loan made interest payments during the three and nine months ended September 30, 2021 and the loan was repaid on September 30, 2021. During the three and nine months ended September 30, 2021, $4.8 million and $15.3 million of income was recognized related to this loan. As of September 30, 2021, 81 of the Company’s loans receivable were directly financed. See Note 5 – Repurchase Agreements, Loan Participations Sold, Notes Payable, Secured Term Loan, Net and Debt Related to Real Estate Owned for details on the financings. Activity relating to the loans receivable portfolio for the nine months ended September 30, 2021 (dollars in thousands): Held-for- Investment Held-for- Sale Total Balance at December 31, 2020 $ 6,125,825 $ - $ 6,125,825 Initial funding of new loan originations and acquisitions 842,154 - 842,154 Advances on existing loans 446,553 - 446,553 Non-cash advances in lieu of interest 55,792 - 55,792 Origination fees on loans receivable, net (16,311 ) - (16,311 ) Exit fees received on loans receivable (5,698 ) - (5,698 ) Extension fees received on loans receivable (2,368 ) - (2,368 ) Repayments of loans receivable (1,286,077 ) - (1,286,077 ) Repayments of non-cash advances to loans in lieu of interest (97,087 ) - (97,087 ) Accretion of origination fees, net 18,677 - 18,677 Transfer to real estate owned, net (103,901 ) - (103,901 ) Allowance for loan losses (53,213 ) - (53,213 ) Balance at September 30, 2021 $ 5,924,346 $ - $ 5,924,346 Activity relating to the loans receivable portfolio for the nine months ended September 30, 2020 (dollars in thousands): Held-for- Investment Held-for- Sale Total Balance at December 31, 2019 $ 5,940,268 $ - $ 5,940,268 Initial funding of new loan originations and acquisitions 226,661 - 226,661 Advances on existing loans 403,981 - 403,981 Non-cash advances in lieu of interest 66,470 - 66,470 Origination fees on loans receivable, net (3,512 ) - (3,512 ) Exit fees received on loans receivable (1,172 ) - (1,172 ) Extension fees received on loans receivable (591 ) - (591 ) Repayments of loans receivable (449,813 ) - (449,813 ) Repayments of non-cash advances to loans in lieu of interest (4,383 ) - (4,383 ) Accretion of origination fees, net 22,240 - 22,240 Realized loss on sale of investments - (202 ) (202 ) Transfer to loans held-for-sale (19,983 ) 19,983 - Sale of loans receivable held-for-sale - (19,781 ) (19,781 ) Balance at September 30, 2020 $ 6,180,166 $ - $ 6,180,166 Interests in loans receivable held-for-investment The Company’s interests in loans receivable portfolio as of September 30, 2021 was comprised of the following loans (dollars in thousands): Number of Investments Number of Loans Loan Commitment (3) Principal Outstanding Carrying Value Weighted Average Stated Rate (2) Weighted Average Interest Rate (4) Senior loans (1) 2 2 $ 511,849 $ 436,788 $ 436,950 L + 4.53% 5.40% Allowance for loan losses (229 ) Interests in loans receivable held-for-investment, net $ 436,721 (1) Senior loans include senior mortgages and similar credit quality loans, including related contiguous subordinate loans and pari passu participations in senior mortgage loans. (2) One-month LIBOR as of September 30, 2021 was 0.08%. Weighted average is based on outstanding principal as of September 30, 2021. (3) Loan commitment represents initial loan commitments, as adjusted by commitment reductions, less loan repayments and transfers which qualified for sale accounting under GAAP. (4) Reflects the weighted average interest rate based on the applicable floating benchmark rate (if applicable), including LIBOR floors (if applicable). Weighted average is based on outstanding principal as of September 30, 2021. The Company’s interests in loans receivable portfolio as of December 31, 2020 was comprised of the following loans (dollars in thousands): Number of Investments Number of Loans Loan Commitment (3) Principal Outstanding Carrying Value Weighted Average Stated Rate (2) Weighted Average Interest Rate (4) Senior loans (1) 2 2 $ 515,190 $ 338,957 $ 338,270 L + 4.54% 5.39% (1) Senior loans include senior mortgages and similar credit quality loans, including related contiguous subordinate loans and pari passu participations in senior mortgage loans. (2) One-month LIBOR as of December 31, 2020 was 0.14%. Weighted average is based on outstanding principal as of December 31, 2020. (3) Loan commitment represents initial loan commitments, as adjusted by commitment reductions, less loan repayments and transfers which qualified for sale accounting under GAAP. (4) Reflects the weighted average interest rate based on the applicable floating benchmark rate (if applicable), including LIBOR floors (if applicable). Weighted average is based on outstanding principal as of December 31, 2020. As of September 30, 2021 and December 31, 2020, the weighted average yield to maturity on interests in loans receivable was 5.8% and 5.9%, respectively. As all of the interests in loans are floating rate loans, the weighted average yield was calculated using the respective applicable benchmark rates, incorporating the impact of LIBOR floors, as applicable. The weighted average term to initial maturity of the interests in loans receivable portfolio is 0.2 and 0.8 years as of September 30, 2021 and December 31, 2020, respectively. The weighted average term to maturity with the exercise of all extension options is 1.4 and 2.1 years as of September 30, 2021 and December 31, 2020, respectively. As of September 30, 2021, both of the Company’s interests in loans receivable were directly financed. See Note 5 – Repurchase Agreements, Loan Participations Sold, Notes Payable, Secured Term Loan, Net and Debt Related to Real Estate Owned for details on the financings. Activity relating to the interests in loans receivable portfolio for the nine months ended September 30, 2021 and 2020 (dollars in thousands): Nine Months Ended September 30, 2021 September 30, 2020 Balance at beginning of period $ 338,270 $ 222,891 Advances on existing interests in loans receivable 86,022 83,963 Non-cash advances to interests in loans receivable in lieu of interest 15,149 9,458 Extension fees received on interests in loans receivable - (453 ) Repayments of interests in loans receivable (2,977 ) (15,224 ) Repayment of non-cash advances to interests in loans receivable in lieu of interest (363 ) - Accretion of origination fees, net 849 227 Allowance for loan losses (229 ) - Balance at end of period $ 436,721 $ 300,862 Concentration of Risk The following table presents the Company’s loans receivable and interests in loans receivable portfolio by loan type, as well as property type and geographic location of the properties collateralizing these loans as of September 30, 2021 and December 31, 2020 (dollars in thousands): September 30, 2021 December 31, 2020 Loan Type (1) Carrying Value Percentage Carrying Value (2) Percentage Senior loans (1) $ 5,984,007 93 % $ 5,660,370 88 % Subordinate loans 436,502 7 % 803,725 12 % $ 6,420,509 100 % $ 6,464,095 100 % Allowance for loan losses $ (59,442 ) $ 6,361,067 Property Type Carrying Value Percentage Carrying Value (2) Percentage Office $ 1,284,157 20 % $ 1,056,109 16 % Mixed-use 1,262,468 20 % 1,336,337 21 % Hospitality 1,254,458 19 % 1,051,658 16 % Land 617,926 10 % 525,147 8 % Multifamily 1,088,816 17 % 1,462,450 23 % For Sale Condo 726,077 11 % 902,812 14 % Other 186,607 3 % 129,582 2 % $ 6,420,509 100 % $ 6,464,095 100 % Allowance for loan losses $ (59,442 ) $ 6,361,067 Geographic Location Carrying Value Percentage Carrying Value (2) Percentage United States Northeast $ 2,886,648 45 % $ 3,078,980 48 % Mid Atlantic 950,295 15 % 1,022,852 16 % Midwest 422,895 7 % 237,879 4 % Southeast 950,082 15 % 918,608 14 % Southwest 207,780 3 % 87,750 1 % West 987,809 15 % 1,109,026 17 % Other 15,000 0 % 9,000 0 % $ 6,420,509 100 % $ 6,464,095 100 % Allowance for loan losses $ (59,442 ) $ 6,361,067 (1) Senior loans include senior mortgages and similar credit quality loans, including related contiguous subordinate loans and pari passu participations in senior mortgage loans. (2) Carrying value is presented n Interest Income and Accretion The following table summarizes the Company’s interest and accretion income from loans receivable held-for-investment, from loans receivable held-for-sale, from interests in loans receivable held-for-investment, and from interest on cash balances for the three and nine months ended September 30, 2021 and 2020 (dollars in thousands): Three Months Ended Nine Months Ended September 30, 2021 September 30, 2020 September 30, 2021 September 30, 2020 Interest on loans receivable and interests in loans receivable $ 96,913 $ 99,318 $ 294,714 $ 313,940 Interest on cash accounts 2 100 29 703 Prepayment fees - - - 3,576 Accretion of origination fees, net 6,961 6,566 19,526 22,467 Miscellaneous income - - 57 100 Total interest and related income $ 103,876 $ 105,984 $ 314,326 $ 340,786 As of September 30, 2021 and December 31, 2020, no loan exceeded 10% of the Company’s assets. For the nine months ended September 30, 2021 and 2020, no loan contributed more than 10% of interest income. Loan Modifications During the nine months ended September 30, 2021, the Company entered into loan modifications that include, among other items, the repurposing of reserves, temporary partial deferral of the coupon to non-cash advances in lieu of interest, increases in loan commitments, and extensions of loan maturity dates, which in certain cases included incremental capital contributions from certain borrowers. During the third quarter of 2021, the Company entered into a loan modification secured by a hospitality asset located in Newport Beach, CA, which is classified as a TDR under GAAP. This modification included, among other items, waiver of default interest, the compounding of $3.4 million of unpaid interest into the unpaid principal balance, the receipt of $1.5 million of unpaid interest in cash, and an extension of the loan’s maturity date. As of September 30, 2021, the loan had an outstanding principal balance of $81.4 million and a carrying value of $77.5 million. Pursuant to GAAP, this loan will be accounted for on a cash basis following the modification, meaning that interest income is recognized when received, until all principal and interest payments contractually due are reasonable assured of repayment and there is a consistent period of repayment by the borrower. The borrower of this loan has made subsequent interest payments and the loan remains current. During the fourth quarter of 2020, the Company entered into a loan modification secured by a hospitality asset located in San Diego, CA, which is classified as a TDR under GAAP. This modification included, among other items, a waiver of exit fees, a principal repayment, a reduction of contractual interest payments and an extension of the loan’s maturity date. As of September 30, 2021 and December 31, 2020, the loan had an outstanding principal balance of $97.5 million and carrying values of $97.3 million, respectively. Following the modification, the Company recorded a decrease in contractual exit fees amortized to income of approximately $0.8 million which reduced the Company’s carrying value of the loan receivable. No loss reserve or impairment were determined to be necessary. Following the modification, this loan returned to accrual status as the borrower funded interest reserves which demonstrated compliance with the restructured terms. Loan Risk Ratings As further described in Note 2 – Summary of Significant Accounting Policies, the Company evaluates the credit quality of its loan portfolio on a quarterly basis. In conjunction with its quarterly loan portfolio review, the Company assesses the risk factors of each loan, and assigns a risk rating based on several factors. Factors considered in the assessment include, but are not limited to, current loan-to-value, debt yield, structure, cash flow volatility, exit plan, current market environment and sponsorship level. Loans are rated “1” (less risk) through “5” (greater risk), which ratings are defined in Note 2 – Summary of Significant Accounting Policies. The following table allocates the principal balance and carrying value of the loans receivable and interests in loans receivable based on the Company’s internal risk ratings (dollars in thousands): September 30, 2021 Risk Rating Number of Loans Principal Balance Carrying Value 1 4 $ 185,367 $ 184,887 2 11 1,259,095 1,257,569 3 66 3,769,954 3,748,158 4 14 1,122,137 1,119,895 5 2 110,000 110,000 97 $ 6,446,553 $ 6,420,509 Allowance for loan losses (59,442 ) $ 6,361,067 December 31, 2020 Risk Rating Number of Loans Principal Balance Carrying Value 1 3 $ 68,372 $ 69,418 2 6 349,159 349,342 3 72 4,691,775 4,668,991 4 16 1,366,982 1,367,344 5 1 15,000 9,000 98 $ 6,491,288 $ 6,464,095 As of September 30, 2021 and December 31, 2020, the average risk rating of the Company’s portfolio was 3.0 and 3.1, respectively, weighted by outstanding principal balance. At September 30, 2021, the Company had loans with an aggregate outstanding principal balance of $1.1 billion rated as category “4”, which represents 17.4% of the total portfolio. Of the loans rated as category “4”, 33.1% relate to loans secured by hospitality assets. The Company had two loans rated as category “5”, which represents 1.7% of the total portfolio. Current Expected Credit Losses The allowance for loan losses required under GAAP reflects the Company’s current estimate of potential credit losses related to loans receivable, interests in loans receivable, accrued interest receivable and unfunded loan commitments. See Note 2 for further discussion of the Company’s allowance for loan losses. At December 31, 2020, prior to the adoption of ASU 2016-13, the Company had recorded a $6.0 million provision for loan losses against a loan made to the personal estate of a former borrower, which had an outstanding principal balance and a carrying value of $15.0 million. The loan is on non-accrual status and is in maturity default. The amount of the loan loss provision as of December 31, 2020 is based on the difference between the net present value of the projected cash flows of the loan receivable and its amortized cost basis as of December 31, 2020. At September 30, 2021, the Company determined that the recovery of a senior loan with an outstanding principal balance of $95.0 million, and a maturity date of May 31, 2021 was collateral-dependent. Accordingly, this loan was assessed individually and the Company has elected to apply a practical expedient in accordance with ASU 2016-13. At September 30, 2021, the Company recorded an allowance for credit loss of $2.5 million on this loan based on the Company’s estimate of fair value of the loan’s underlying collateral and a guaranty from the borrower. During three and nine months ended September 30, 2021, the Company recorded net reversals of $9.3 million and $17.4 million in the allowance for credit losses, thus reducing the total allowance for loan losses to $66.8 million as of September 30, 2021. The decline was primarily attributable to expectations of improving macroeconomic conditions and actual improvements in operating results for many collateral properties adversely affected by COVID-19, as well as principal repayments on loans with allowances for credit losses and changes in unfunded commitments. The following table illustrates the quarterly changes in the allowance for loan losses for the nine months ended September 30, 2021 (dollars in thousands): Specific CECL Allowance (1) Loans receivable held-for-investment Interests in loans receivable held-for-investment Accrued interest receivable Unfunded loan commitments (2) Total Total allowance for loan losses, December 31, 2020 $ 6,000 $ - $ - $ - $ - $ 6,000 Initial CECL allowance, January 1, 2021 - 64,274 406 357 13,214 78,251 Increase (reversal) in allowance - 1,547 (141 ) (14 ) (1,577 ) (185 ) Total allowance for loan losses, March 31, 2021 $ 6,000 $ 65,821 $ 265 $ 343 $ 11,637 $ 84,066 Increase (reversal) in allowance 500 (3,954 ) 270 (33 ) (4,705 ) (7,922 ) Total allowance for loan losses, June 30, 2021 $ 6,500 $ 61,867 $ 535 $ 310 $ 6,932 $ 76,144 Increase (reversal) in allowance 2,000 (11,154 ) (306 ) (64 ) 218 (9,306 ) Total allowance for loan losses, September 30, 2021 $ 8,500 $ 50,713 $ 229 $ 246 $ 7,150 $ 66,838 Percent of Unpaid Principal Balance at September 30, 2021 1.0 % (1) As of December 31, 2020, amounts represent specific loan loss provisions recorded on assets before the adoption of ASU 2016-13. After the adoption of ASU 2016-13 on January 1, 2021, amounts represent Specific CECL allowance. (2) The CECL allowance for unfunded commitments is included in accounts payable and accrued expenses on the Company’s consolidated balance sheets. The Company’s primary credit quality indicator is the Company’s internal risk ratings, which are further discussed above. The following table presents the amortized cost basis of the Company’s loans receivable and interest in loans receivable as of September 30, 2021 by year of origination and risk rating (dollars in thousands): Amortized Cost Basis by Origination Year as of September 30, 2021 Risk Rating Number of Loans Amortized Cost Basis 2021 2020 2019 2018 2017 2016 1 4 $ 184,887 $ - $ - $ 130,466 $ 36,614 $ - $ 17,807 2 11 1,257,569 - - 433,282 795,624 28,663 - 3 66 3,748,158 839,054 271,409 2,085,864 454,472 97,359 - 4 14 1,119,895 - - - 1,119,895 - - 5 2 110,000 - - 15,000 - 95,000 - 97 $ 6,420,509 $ 839,054 $ 271,409 $ 2,664,612 $ 2,406,605 $ 221,022 $ 17,807

Real Estate Owned, net

Real Estate Owned, net	9 Months Ended
	Sep. 30, 2021
Real Estate Owned Disclosure Of Detailed Components [Abstract]
Real Estate Owned, net	4. Real Estate Owned, net On February 8, 2021, the Company acquired legal title to a portfolio of hotel properties located in New York, NY through a Uniform Commercial Code foreclosure. Prior to February 8, 2021, the hotel portfolio represented the collateral for a $103.9 million mezzanine loan held by the Company which was in default as a result of the borrower failing to pay debt service. Following acquisition, the portfolio of hotel properties remained encumbered by a $300.0 million securitized senior mortgage held by a third party. The securitized senior mortgage is non-recourse to the Company. The Company recorded a gain of $1.4 million resulting from the foreclosure of the loan, which was based upon the estimated fair value of the hotel properties as determined by a third-party appraisal. The fair value of $414.0 million was determined using discount rates ranging from 8.50% to 8.75% and a terminal capitalization rate of 6.00%. On June 2, 2021, terms of the securitized senior mortgage were modified to include an extension of the maturity date to February 9, 2024, a principal repayment of $10.0 million, and the payment of $7.6 million of fees and modification costs, which included among other items, $6.3 million of interest expense, $1.1 million of general and administrative expenses, and $0.2 million of debt issuance costs. The following table presents additional detail related to the Company’s real estate owned, net as of September 30, 2021 (dollars in thousands): September 30, 2021 Land $ 123,100 Building 284,400 Furniture, fixtures and equipment 6,500 Real estate assets 414,000 Less: accumulated depreciation (5,173 ) Real estate owned, net $ 408,827 There was no real estate owned as of December 31, 2020. The following table presents additional detail related to the Company’s real estate portfolio for the three months ended September 30, 2021 and for the period from February 8, 2021 through September 30, 2021 (dollars in thousands): Three Months Ended September 30, 2021 Period from February 8, 2021 through September 30, 2021 Operating revenues $ 8,550 $ 15,620 Operating expenses (7,948 ) (16,739 ) Depreciation (1,940 ) (5,173 ) Net operating loss from real estate owned $ (1,338 ) $ (6,292 ) During the three months ended September 30, 2021 and for the period from February 8, 2021 through September 30, 2021, the Company recognized $2.6 million and $13.0 million of interest expense, excluding amortization of financing costs related to its debt on real estate owned, net, as outlined in Note 5.

Repurchase Agreements, Loan Par

Repurchase Agreements, Loan Participations Sold, Net, Notes Payable, Net, Secured Term Loan, Net and Debt Related to Real Estate Owned, Net	9 Months Ended
	Sep. 30, 2021
Securities Loaned And Securities Sold Under Agreement To Repurchase Gross Including Not Subject To Master Netting Arrangement [Abstract]
Repurchase Agreements, Loan Participations Sold, Net, Notes Payable, Net, Secured Term Loan, Net and Debt Related to Real Estate Owned, Net	5. Repurchase Agreements, Loan Participations Sold, Net, Notes Payable, Net, Secured Term Loan, Net and Debt Related to Real Estate Owned, Net As of September 30, 2021 and December 31, 2020, the Company had financed certain of its loans receivables using repurchase agreements, the sale of loan participations and notes payable. The financings bear interest at a rate equal to LIBOR plus a credit spread or at a fixed rate determined by an advance rate and the value of the collateral, among other factors. Financing agreements generally contain covenants that include certain financial requirements, including maintenance of minimum liquidity, minimum tangible net worth, maximum debt to tangible net worth ratio and minimum debt service coverage ratio as defined in agreements. Repurchase Agreements The following table summarizes the Company’s repurchase agreements by lender as of September 30, 2021 (dollars in thousands): Lender Initial Maturity Fully Extended Maturity (1) Facility Amount Borrowing Outstanding Undrawn Capacity JP Morgan Chase Bank, N.A. - Main Pool 6/29/2025 6/29/2027 $ 1,250,000 $ 994,208 $ 255,792 (2 ) JP Morgan Chase Bank, N.A. - Side Car 5/27/2023 5/27/2024 271,171 197,717 73,454 (3 ) Morgan Stanley Bank, N.A. 1/26/2022 1/26/2024 1,000,000 859,695 140,305 (4 ) Goldman Sachs Bank USA 5/31/2022 5/31/2023 750,000 585,027 164,973 Barclays Bank PLC 12/20/2021 12/20/2022 500,000 201,384 298,616 Deutsche Bank AG, New York Branch 6/26/2022 6/26/2023 265,000 206,018 58,982 (5 ) Wells Fargo Bank, N.A. 9/29/2023 9/29/2026 300,000 50,783 249,217 $ 4,336,171 $ 3,094,832 $ 1,241,339 (1) Facility maturity dates may be extended based on certain conditions being met. (2) This financing has a LIBOR floor of 0.25%. (3) One asset on this financing has a LIBOR floor of 1.00% and one asset on this financing has a LIBOR floor of 0.25%. Subsequent to September 30, 2021, the initial maturity of this financing was extended until January 26, 2023. (4) This financing has a LIBOR floor of 0.35% with respect to transactions where the initial financing date was before May 27, 2021. (5) This facility’s capacity can be increased up to $500.0 million upon the occurrence of certain events. Liabilities under the Company’s repurchase agreements as of September 30, 2021 are summarized as follows (dollars in thousands): Lender Weighted Average Term (1) Weighted Average Stated Rate (2) Weighted Average Interest Rate (3) Par Value Carrying Value Carrying Value of Collateral JP Morgan Chase Bank, N.A. - Main Pool 0.8 L + 2.22% 2.30% $ 994,208 $ 994,208 $ 1,596,887 JP Morgan Chase Bank, N.A. - Side Car 0.9 L + 4.50% 4.75% 197,717 197,717 418,854 Morgan Stanley Bank, N.A. 2.2 L + 2.08% 2.44% 859,695 859,695 1,463,267 Goldman Sachs Bank USA 1.3 L + 2.23% 2.50% 585,027 585,027 687,150 Barclays Bank PLC 1.6 L + 1.63% 1.71% 201,384 201,384 282,645 Deutsche Bank AG, New York Branch 2.5 L + 2.35% 2.43% 206,018 206,018 313,776 Wells Fargo Bank, N.A. 2.9 L + 1.50% 1.58% 50,783 50,783 66,882 Total/Weighted Average L + 2.29% 2.49% $ 3,094,832 $ 3,094,832 $ 4,829,461 (1) The weighted average term (years) is determined based on the contractual maturity date of the corresponding loans collateralizing each facility. (2) One-month LIBOR as of September 30, 2021 was 0.08%. Weighted average is based on outstanding principal as of September 30, 2021. (3) Reflects the weighted average interest rate based on the applicable floating benchmark rate (if applicable), including LIBOR floors (if applicable). Liabilities under the Company’s repurchase agreements as of December 31, 2020 are summarized as follows (dollars in thousands): Lender Weighted Average Term (1) Weighted Average Stated Rate (2) Weighted Average Interest Rate (3) Par Value Carrying Value Carrying Value of Collateral JP Morgan Chase Bank, N.A. 1.5 L + 2.23% 2.38% $ 937,800 $ 937,800 $ 1,549,663 Morgan Stanley Bank, N.A. 1.7 L + 2.16% 2.57% 844,283 844,283 1,417,877 Goldman Sachs Bank USA 1.2 L + 2.30% 2.65% 578,015 578,015 961,148 Societe Generale, New York Branch 1.8 L + 2.25% 3.25% 50,000 50,000 97,262 Barclays Bank PLC 1.8 L + 1.63% 1.77% 201,384 201,384 277,948 Deutsche Bank AG, Cayman Island Branch 2.7 L + 1.90% 2.04% 73,721 73,721 106,984 Total/Weighted Average L + 2.17% 2.46% $ 2,685,203 $ 2,685,203 $ 4,410,882 (1) The weighted average term (years) is determined based on the contractual maturity date of the corresponding loans collateralizing each facility. (2) One-month LIBOR as of December 31, 2020 was 0.14%. Weighted average is based on outstanding principal as of December 31, 2020. (3) Reflects the weighted average interest rate based on the applicable floating benchmark rate (if applicable), including LIBOR floors (if applicable). As part of its repurchase agreements, the Company must comply with certain financial covenants on an ongoing basis. The Company’s financial covenants are measured at the end of each quarter. As of September 30, 2021 and December 31, 2020, the Company was in compliance with all covenants under its repurchase agreements. The repurchase facilities are partially recourse to the Company. The maximum guaranty that the Company would be responsible for as of September 30, 2021 and December 31, 2020 was $786.5 million and $701.3 million, respectively, under the repurchase agreements. Loan Participations Sold The Company’s loan participations sold as of September 30, 2021 are summarized as follows (dollars in thousands): Contractual Maturity Date Maximum Extension Date Stated Rate (1) Financing Costs Interest Rate Par Value Carrying Value Carrying Value of Collateral Variable: (2 ) 8/1/2022 8/1/2023 L + 3.10% $ 3,531 4.95 % $ 189,750 $ 189,345 $ 371,546 (3 ) 8/20/2022 8/20/2024 L + 3.50% 1,634 5.25 % 218,609 218,275 284,883 (4 ) 11/9/2021 9/9/2024 L + 5.60% 418 7.60 % 49,535 49,662 121,673 (4 ) 11/9/2021 9/9/2024 L + 11.70% 401 13.70 % 47,553 47,676 116,806 L + 4.33% 5,984 6.16 % 505,447 504,958 894,908 Fixed: 12/31/2024 12/31/2025 9.00% 475 9.00 % 20,000 19,560 124,036 Total/Weighted Average $ 6,459 6.27 % $ 525,447 $ 524,518 $ 1,018,944 (1) One-month LIBOR as of September 30, 2021 was 0.08%. Weighted average is based on outstanding principal as of September 30, 2021. (2) This financing has a LIBOR floor of 1.85% (3) This financing has a LIBOR floor of 1.75% (4) This financing has a LIBOR floor of 2.00%. This financing was repaid in full on December 9, 2021 The Company’s loan participations sold as of December 31, 2020 are summarized as follows (dollars in thousands): Contractual Maturity Date Maximum Extension Date Stated Rate (1) Financing Costs Interest Rate Par Value Carrying Value Carrying Value of Collateral (2 ) 8/1/2022 8/1/2023 L + 3.10% $ 3,531 4.95% $ 189,750 $ 188,995 $ 370,541 (3 ) 8/20/2022 8/20/2024 L + 3.50% 1,634 5.25% 138,071 136,843 177,732 (4 ) 3/21/2021 3/21/2023 L + 2.75% 583 4.19% 27,582 27,493 49,710 (5 ) 9/9/2021 9/9/2024 L + 5.60% 418 7.60% 44,645 44,479 109,007 (5 ) 9/9/2021 9/9/2024 L + 11.70% 401 13.70% 42,859 42,701 104,649 (6 ) 9/9/2022 9/9/2024 L + 9.75% 1,151 11.65% 76,513 75,973 76,593 Total/Weighted Average L + 5.09% $ 7,718 6.93% $ 519,420 $ 516,484 $ 888,232 (1) One-month LIBOR as of December 31, 2020 was 0.14%. Weighted average is based on outstanding principal as of December 31, 2020. (2) This financing has a LIBOR floor of 1.85% (3) This financing has a LIBOR floor of 1.75% (4) This financing has a LIBOR floor of 1.44% (5) This financing has a LIBOR floor of 2.00% (6) This financing has a LIBOR floor of 1.90% Notes Payable The Company’s notes payable as of September 30, 2021 are summarized as follows (dollars in thousands): Contractual Maturity Date Maximum Extension Date Stated Rate (1) Financing Costs Interest Rate Par Value Carrying Value Carrying Value of Collateral (2 ) 1/4/2022 1/4/2022 L + 4.00% $ 1,042 6.43% $ 48,000 $ 47,921 $ 117,297 (1) One-month LIBOR as of September 30, 2021 was 0.08%. Weighted average is based on outstanding principal as of September 30, 2021. (2) This financing has a LIBOR floor of 2.43%. The Company’s notes payable as of December 31, 2020 are summarized as follows (dollars in thousands): Contractual Maturity Date Maximum Extension Date Stated Rate (1) Financing Costs Interest Rate Par Value Carrying Value Carrying Value of Collateral (2 ) 1/4/2021 4/1/2021 L + 4.00% $ 616 6.43% $ 52,938 $ 52,938 $ 116,514 (3 ) 8/2/2022 8/2/2023 L + 2.85% 1,527 4.50% 99,579 98,553 132,761 (4 ) 1/31/2021 7/30/2021 L + 3.50% 544 5.35% 40,000 39,950 67,146 (5 ) 7/30/2021 7/30/2023 L + 3.50% 977 4.90% 92,777 92,322 117,165 (6 ) 1/15/2022 1/15/2022 L + 4.50% 291 5.50% 20,000 19,752 106,618 Total/Weighted Average L + 3.44% $ 3,955 5.13% $ 305,294 $ 303,515 $ 540,204 (1) One-month LIBOR as of December 31, 2020 was 0.14%. Weighted average is based on outstanding principal as of December 31, 2020. (2) This financing has a LIBOR floor of 2.43%. (3) This financing has a LIBOR floor of 1.65%. (4) This financing has a LIBOR floor of 1.85%. (5) This financing has a LIBOR floor of 1.40%. The Company has guaranteed a portion of this note payable. The Company's maximum exposure is limited to $20.0 million. (6) This financing has a LIBOR floor of 1.00%. Secured Term Loan, Net On August 9, 2019, the Company entered into a $450.0 million secured term loan facility. On December 1, 2020, the secured term loan facility was modified to increase the aggregate principal amount by $325.0 million, increase the interest rate, and to increase the quarterly amortization payment. The secured term loan as of September 30, 2021 is summarized as follows (dollars in thousands): Contractual Stated Financing Maturity Date Rate (1,2) Costs Interest Rate ( 2) Par Value Carrying Value 8/9/2026 L + 5.00% $ 25,829 6.00% $ 762,717 $ 742,778 (1) One-month LIBOR at September 30, 2021 was 0.08% The secured term loan has a LIBOR floor of 1.00%. (2) Subsequent to September 30, 2021 The secured term loan as of December 31, 2020 is summarized as follows (dollars in thousands): Contractual Stated Financing Maturity Date Rate (1) Costs Interest Rate Par Value Carrying Value 8/9/2026 L + 5.00% $ 25,742 6.00% $ 768,554 $ 746,095 (1) One-month LIBOR at December 31, 2020 was 0.14%. Following the modification on December 1, 2020, the secured term loan has a LIBOR floor of 1.00%. The secured term loan is partially amortizing, with principal payments of $1.9 million due in quarterly installments beginning on December 31, 2020. Debt Related to Real Estate Owned, Net On February 8, 2021 the Company assumed a $300.0 million securitized senior mortgage in connection with a UCC foreclosure on a portfolio of seven limited service hotels. On June 2, 2021, the Company entered into an agreement to amend the terms of the securitized senior mortgage which included an extension of the maturity date to February 9, 2024, a principal repayment of $10.0 million, and the payment of $7.6 million of fees and modification costs, which included among other items, $6.3 million of interest expense, $1.1 million of general and administrative expenses, and $0.2 million of debt issuance costs. The Company’s debt related to real estate owned is summarized as follows (dollars in thousands): Contractual Stated Financing Maturity Date Rate (1) Costs Interest Rate Par Value Carrying Value February 9, 2024 L + 2.78% $ 250 3.53 % $ 290,000 $ 289,784 (1) One-month LIBOR at September 30, 2021 was 0.08% This financing has a LIBOR floor of 0.75%. Interest Expense and Amortization The following table summarizes the Company’s interest and amortization expense on secured financings, debt related to real estate owned and on the secured term loan for the three and nine months ended September 30, 2021 and 2020 (dollars in thousands): Three Months Ended Nine Months Ended September 30, 2021 September 30, 2020 September 30, 2021 September 30, 2020 Interest on secured financings $ 28,400 $ 31,403 $ 86,989 $ 101,230 Interest on secured term loan 11,749 3,928 34,954 13,640 Interest on debt related to real estate owned 2,619 - 12,968 - Amortization of financing costs 5,302 4,409 16,277 14,211 Total interest and related expense $ 48,070 $ 39,740 $ 151,188 $ 129,081

Fair Value Measurements

Fair Value Measurements	9 Months Ended
	Sep. 30, 2021
Fair Value Disclosures [Abstract]
Fair Value Measurements	6. ASC 820, “Fair Value Measurement and Disclosures” establishes a framework for measuring fair value as well as disclosures about fair value measurements. It emphasizes that fair value is a market-based measurement, not an entity-specific measurement. Therefore, a fair value measurement should be determined based on the assumptions that market participants would use when pricing an asset or liability. As a basis for considering market participant assumptions in fair value measurements, the standards establish a fair value hierarchy that distinguishes between market participant assumptions based on market data obtained from sources independent of the reporting entity (observable inputs that are classified within Levels 1 and 2 of the hierarchy) and the reporting entity’s own assumptions about market participant assumptions (unobservable inputs classified within Level 3 of the hierarchy). Level 1 inputs utilize unadjusted quoted prices in active markets for identical assets or liabilities that the Company has the ability to access. Level 2 inputs are inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. Level 2 inputs may include quoted prices for similar assets and liabilities in active markets, as well as inputs that are observable for the asset or liability other than quoted prices, such as interest rates, foreign exchange rates, and yield curves that are observable at commonly quoted intervals. Level 3 inputs are unobservable inputs for the asset or liability which are typically based on an entity’s own assumptions, as there is little, if any, related market activity. In instances where the determination of the fair value measurement is based on inputs from different levels of the fair value hierarchy, the level in the fair value hierarchy within which the entire fair value measurement fall is based on the lowest level input that is significant to the fair value measurement in its entirety. The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the asset or liability. Financial Instruments Not Reported at Fair Value The carrying value and estimated fair value of financial instruments not recorded at fair value on a recurring basis but required to be disclosed at fair value were as follows (dollars in thousands): September 30, 2021 Fair value hierarchy level Carrying Value Par Value Fair Value Level 1 Level 2 Level 3 Loans receivable held-for-investment, net $ 5,924,346 $ 6,009,765 $ 6,035,925 $ - $ - $ 6,035,925 Interests in loans receivable held-for- investment, net 436,721 436,788 437,915 - - 437,915 Repurchase agreements 3,094,832 3,094,832 3,098,690 - - 3,098,690 Loan participations sold, net 524,518 525,447 530,609 - - 530,609 Notes payable, net 47,921 48,000 48,000 - - 48,000 Secured term loan, net 742,778 762,717 782,129 - - 782,129 Debt related to real estate owned, net 289,784 290,000 282,107 - - 282,107 December 31, 2020 Fair value hierarchy level Carrying Value Par Value Fair Value Level 1 Level 2 Level 3 Loans receivable held-for-investment, net $ 6,125,825 $ 6,152,331 $ 6,155,526 $ - $ - $ 6,155,526 Interests in loans receivable held-for- investment, net 338,270 338,957 338,695 - - 338,695 Repurchase agreements 2,685,203 2,685,203 2,668,464 - - 2,668,464 Loan participations sold, net 516,484 519,420 524,010 - - 524,010 Notes payable, net 303,515 305,294 308,069 - - 308,069 Secured term loan, net 746,095 768,554 769,949 - - 769,949

Redeemable Interests

Redeemable Interests	9 Months Ended
	Sep. 30, 2021
Equity [Abstract]
Redeemable Interests	7. Redeemable Interests Pursuant to a side letter with a stockholder, the stockholder has the right to require the Company to repurchase the stockholder’s 7,306,984 shares of common stock between January 8, 2020 and February 7, 2020 and on each subsequent anniversary of this period (the “Redemption Period”). If this option is exercised, the Company is required to repurchase such shares at a price based on the book value per share of all the outstanding common shares of the Company, including the common shares subject to this redemption feature, within the following 18 months, which may be extended an additional six months if the Company’s board of directors determines that making such repurchase cannot be accomplished due to material and adverse market conditions. In no event shall the Company be required to obtain funds to make such repurchase by liquidating any investments at a price below the then-outstanding principal balance, nor shall the repurchases cause the Company to be unable to make dividend distributions required to satisfy REIT requirements. This right expires if unused, or upon an initial public offering of the Company. The stockholder did not exercise its right to require the Company to repurchase its shares during any Redemption Periods to date. Subsequent to September 30, 2021, and in connection with the completion of the Company’s initial public offering, this right was terminated, resulting in the reclassification of redeemable common stock to stockholder’s equity, and such shares being reclassified to common stock. Prior to the Company’s initial public offering, the shares are presented as redeemable common stock on the consolidated balance sheets at the redemption value, as the stockholder’s right is outside the control of the Company. The Company has determined the redemption is exercisable and at each reporting period recognizes an adjustment to the additional paid in capital through accretion of redeemable common stock to record the redeemable common stock at its redemption value.

Equity

Equity	9 Months Ended
	Sep. 30, 2021
Equity [Abstract]
Equity	8. Equity Common Stock The Company charter provides for the issuance of up to 500,000,000 shares of common stock with a par value of $0.01 per share. The Company had 133,433,487 common shares issued and outstanding which includes 7,306,984 shares of redeemable common stock as of September 30, 2021 and December 31, 2020. The following table provides a summary of the number of common shares issued and outstanding at September 30, 2021, including redeemable common stock, and average price per share since inception: Number of Shares Average Price Period Issued Per Share 2015 9,250,000 $ 19.85 Q2 2016 4,275,000 20.00 Q3 2016 7,306,984 19.16 Q4 2016 4,000,000 20.00 Q1 2017 10,155,000 20.00 Q3 2017 6,950,250 20.00 Q4 2017 17,153,454 19.95 Q1 2018 1,365,805 20.00 Q2 2018 19,451,583 19.91 Q3 2018 20,533,575 19.68 Q4 2018 1,595,250 20.00 Q1 2019 3,100,750 20.00 Q2 2019 8,652,278 19.76 Q3 2019 1,098,350 20.00 Q4 2019 14,460,441 19.65 Q1 2020 3,500,000 20.00 Q2 2021 (1) 584,767 - Total/Weighted Average 133,433,487 $ 19.82 (1) Issued shares represent conversion of fully vested RSUs to common shares. These shares are excluded from the calculation of the weighted average price per share. Preferred Stock The Company charter also provides for the issuance of up to 10,000,000 shares of preferred stock with a par value of $0.01 per share. The Company had issued 125 preferred shares as of September 30, 2021 and December 31, 2020. All preferred shares have been issued at a price of $1,000 per share and are entitled to a 12.5% cash dividend, paid semi-annually. Dividends The following table details the Company’s dividend activity for common, redeemable common, vested restricted stock units and preferred stock (dollars in thousands, except per share data): For the Quarter Ended March 31, 2021 June 30, 2021 September 30, 2021 Amount Per Share Amount Per Share Amount Per Share Dividends declared - common stock, redeemable common stock and vested restricted stock units $ 50,000 $ 0.37 $ 50,000 $ 0.37 $ 50,000 $ 0.37 Dividends declared - preferred stock $ 4 $ 0.03 $ 4 $ 0.03 $ 4 $ 0.03 Record Date - common stock, redeemable common stock and vested restricted stock units March 19, 2021 June 16, 2021 September 17, 2021 Payment Date - common stock, redeemable common stock and vested restricted stock units April 1, 2021 July 7, 2021 October 7, 2021 For the Quarter Ended March 31, 2020 June 30, 2020 September 30, 2020 Amount Per Share Amount Per Share Amount Per Share Dividends declared - common stock, redeemable common stock and vested restricted stock units $ 56,000 $ 0.43 $ 59,000 $ 0.44 $ 50,000 $ 0.37 Dividends declared - preferred stock (1) $ 8 $ 0.03 $ 8 $ 0.03 $ 8 $ 0.03 Record Date - common stock, redeemable common stock and vested restricted stock units March 4, 2020 June 18, 2020 September 29, 2020 Payment Date - common stock, redeemable common stock and vested restricted stock units April 2, 2020 July 1, 2020 October 1, 2020 (1) Includes 125 preferred units issued at a price of $1,000 per unit and entitled to a 12.5% dividend paid semi-annually that were redeemed on December 29, 2020 at a price of $1,000 per unit.

Earnings per Share

Earnings per Share	9 Months Ended
	Sep. 30, 2021
Earnings Per Share [Abstract]
Earnings per Share	9. Earnings per Share Basic earnings per share (“EPS”) is calculated by dividing the Company’s net income by the weighted average number of shares of common stock and redeemable common stock outstanding during each period using the two-class method. Diluted EPS is calculated by dividing net income by the weighted average number of shares of common stock and redeemable common stock outstanding plus the additional dilutive effect of common stock equivalents during each period using the treasury stock method. As of September 30, 2021 and 2020 there were no dilutive securities affiliated with the Company. As a result, basic and diluted EPS are the same. The calculation of basic and diluted EPS is as follows (dollars in thousands, except for share and per share data): Three Months Ended Nine Months Ended September 30, 2021 September 30, 2020 September 30, 2021 September 30, 2020 Net income attributable to Claros Mortgage Trust, Inc. common stockholders and redeemable common stockholders $ 52,877 $ 50,015 $ 153,506 $ 159,160 Basic weighted average number of common stock and redeemable common stock outstanding (1) 133,433,487 133,726,218 133,491,390 132,729,868 Diluted weighted average number of common stock and redeemable common stock outstanding (1) 133,433,487 133,726,218 133,491,390 132,729,868 Net income per share of common stock and redeemable stock, basic and diluted $ 0.40 $ 0.37 $ 1.15 $ 1.20 (1) Amounts include fully vested RSUs, which were delivered on April 4, 2021, of 584,767 and 877,498 common stock underlying vested RSUs at September 30, 2021 and 2020, respectively. Excludes 1,097,293 shares of common stock underlying unvested RSUs that vested in full in connection with the Company’s initial public offering.

Related Party Transactions

Related Party Transactions	9 Months Ended
	Sep. 30, 2021
Related Party Transactions [Abstract]
Related Party Transactions	10. Related Party Transactions The activities of the Company are managed by the Manager. Pursuant to the terms of the Management Agreement, the Manager is responsible for originating investment opportunities, providing asset management services and administering the day-to-day operations of the Company. The Management Agreement will remain in-place until July 8, 2026 unless terminated at an earlier date upon the occurrence of certain events. The Manager is entitled to receive a management fee, an incentive fee and a termination fee as defined below. The following table summarizes the Company’s management and incentive fees (dollars in thousands): Three Months Ended Nine Months Ended September 30, 2021 September 30, 2020 September 30, 2021 September 30, 2020 Management fees $ 9,789 $ 9,844 $ 29,152 $ 29,111 Incentive fees - 1,141 - 7,579 Total $ 9,789 $ 10,985 $ 29,152 $ 36,690 Management Fees Effective October 1, 2015, the Manager earns a base management fee in an amount equal to 1.50% per annum of Stockholders’ Equity. Management fees are reduced by the Company’s pro rata share of any management fees and incentive fees (if incentive fees are not incurred by the Company) paid to the Manager by CMTG/TT. Management fees are paid quarterly, in arrears. Management fees of $9.8 million and $9.8 million were accrued and were included in management fee payable – affiliate, in the consolidated balance sheets at September 30, 2021 and December 31, 2020. Incentive Fees The Manager is entitled to an incentive fee equal to 20% of the excess of the Company’s Core Earnings on a rolling four-quarter basis, as defined in the Management Agreement, over a 7.00% return on Stockholders’ Equity, as defined in the Management Agreement of the Company. Incentive fees are reduced by the Company’s pro rata share of any incentive fees paid to the Manager by CMTG/TT. The Manager is entitled to an incentive fee equal to 3.33% of the excess of CMTG/TT’s Core Earnings on a rolling four-quarter basis, as defined in the Management Agreement, over a 7.00% return on Unitholders’ Equity of CMTG/TT. Incentive fees of $0.0 million and $0.2 million were accrued and were included in Incentive fee payable – affiliate on the consolidated balance sheets at September 30, 2021 and December 31, 2020, respectively. Termination Fees If the Company elects to terminate the Management Agreement, the Company is required to pay the Manager a termination fee equal to three times the sum of the average total annual amount of management fees paid by the Company over the prior two years and the average annual incentive fee paid by the Company over the prior two years. Reimbursable Expenses The Manager or its affiliates are entitled to reimbursement for certain documented costs and expenses incurred by them on behalf of the Company, as set forth in the Management Agreement, excluding any expenses specifically required to be borne by the Manager under the Management Agreement .

Equity Compensation

Equity Compensation	9 Months Ended
	Sep. 30, 2021
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Equity Compensation	11. Equity Compensation The Company is externally managed and does not currently have any employees. On March 30, 2016, the Company adopted the 2016 Incentive Award Plan (the “Plan”) to promote the success and enhance the value of the Company by linking the individual interests of employees of the Manager and its affiliates to those of the Company’s stockholders. The maximum number of shares that may be issued under the Plan is equal to 7.5% of the Company’s shares issued prior to an initial public offering. On April 4, 2019, the Board granted 877,498 time-based RSUs which immediately became vested. Dividend equivalent payments accrued as if those shares were outstanding for all dividends declared during the period beginning August 25, 2015. The fair value of time-based RSUs was recognized immediately. The fair value of the 877,498 RSUs was determined to be $20.00 per share on the grant date based on the Company’s recent share issuances. During the three and nine months ended September 30, 2021, 0 and 292,731 time-based RSU’s were forfeited prior to their delivery, resulting in the reversal of $0 and $5.9 million of previously recognized equity compensation expense which is included as other income in the consolidated statements of operations. On April 4, 2021, 584,767 fully vested RSUs were delivered and converted to common shares. On April 4, 2019, the Board granted 1,622,499 performance-based RSUs of which 0% to 100% will vest at the conclusion of a three-year Total Stockholder Return Percentage in excess of 18 % over that period. Total Stockholder Return Percentage is equal to the quotient of ( i ) the sum of (A) the tangible net book value per common share as of December 31, 2021 less $ 19.84 and (B) the aggregate amount of dividends paid with respect to common stock during the performance period, (ii) and $ 19.84 , calculated on a fully diluted basis. Dividend equivalents will accrue and be paid to participants at the conclusion of the performance period based on the number of RSUs that are vested. The fair value of the 1,622,499 performance-based RSUs was determined to be $ per share on the grant date based on the Company’s share issuances around that time. In the event that a change in control or an initial public offering (“IPO”) occurs prior to the completion of the performance period, the RSUs will immediately vest prior to such change in control or IPO and dividend equivalents will become payable. Subsequent to September 30, 2021, and i n connection with the completion of the Company’s initial public offering, the RSUs became immediately vested and dividend equivalents became payable. The Company recognizes equity compensation expense for the performance-based RSUs if and when the Company concludes that it is probable that the performance condition will be achieved. The Company reassesses the probability of vesting at each reporting period for these awards and adjusts compensation expense based on its probability assessment. The Company will recognize a cumulative catch up adjustment to amounts previously recognized for changes in its probability assessment in the current reporting period. The Company has elected to recognize the effect of forfeitures in compensation expense as they occur. For the three and nine months ended September 30, 2021, the Company recognized a net reversal of previously recognized compensation expense of $0.2 million and $0.4 million relating to the performance-based RSU’s, primarily due to the forfeiture of 525,000 RSU’s, offset in part, by the impact of the expense recognized on shares that were not forfeited. For the three months ended September 30, 2021, there were no RSUs forfeited. For the three and nine months ended September 30, 2020, the Company recognized $2.5 million and $7.4 million in equity compensation expense related to the performance-based RSU’s. Equity compensation expense is considered non-cash compensation expense for the three and nine months ended September 30, 2021 and 2020. The following table details the RSU activity during the nine months ended September 30, 2021 and 2020 (dollars in thousands): Time-based Restricted Stock Units Performance-based Restricted Stock Units Weighted-Average Weighted-Average Number of Grant Date Fair Number of Grant Date Fair Restricted Shares Value Per Share Restricted Shares Value Per Share Unvested, December 31, 2020 - $ - 1,622 $ 20.00 Granted - - - - Forfeited/cancelled - - (525 ) $ 20.00 Vested - - - - Unvested, September 30, 2021 - $ - 1,097 $ 20.00 Time-based Restricted Stock Units Performance-based Restricted Stock Units Weighted-Average Weighted-Average Number of Grant Date Fair Number of Grant Date Fair Restricted Shares Value Per Share Restricted Shares Value Per Share Unvested, December 31, 2019 - $ - 1,622 $ 20.00 Granted - - - - Vested - - - - Unvested, September 30, 2020 - $ - 1,622 $ 20.00

Income Taxes

Income Taxes	9 Months Ended
	Sep. 30, 2021
Income Tax Disclosure [Abstract]
Income Taxes	12. Income Taxes The Company has elected to be taxed as a REIT under Sections 856 through 860 of the Internal Revenue Code commencing with its taxable year ended December 31, 2015 and expects to continue to operate so as to qualify as a REIT. As a result, the Company will generally not be subject to federal and state income tax on that portion of its income that it distributes to stockholders if it distributes at least 90% of its taxable income, determined without regard to the deduction for dividends paid and excluding any net capital gains and activity conducted within the Company’s taxable REIT subsidiary (“TRS”), and complies with certain other requirements to qualify as a REIT. Since Commencement of Operations, the Company was in compliance with all REIT requirements and the Company plans to continue to operate so that it meets the requirements for taxation as a REIT. Therefore, other than amounts relating to the Company’s TRS, as described below, the Company has not provided for current income tax expense related to the Company’s REIT taxable income for the three and nine months ended September 30, 2021 and 2020, respectively. Additionally, no provision has been made for federal or state income taxes in the accompanying financial statements, as the Company believes it has met the prescribed requisite requirements. The Company’s real estate owned is held in a TRS. A TRS is a corporation that is owned directly or indirectly by a REIT and has jointly elected with the REIT to be treated as a TRS for tax purposes. TRSs provide REITs the flexibility to hold, up to 20 % of their total assets, entities or investments that otherwise wouldn’t be permissible in the REIT structure. The Company’s TRS is not consolidated for U.S. federal income tax purposes and is taxed separately as a corporation. For financial reporting purposes, a provision or benefit for current and deferred taxes is established for the portion of earnings or expense recognized by the Company with respect to its TRS . The Company recorded current income tax expense of $ 0 and $ 35,000 for the three and nine months ended September 30, 2021 . The Company recognized a deferred income tax benefit of $ million and $ million during the three and nine months ended September 30, 2021 , respectively, net of a partial valuation allowance. No current or deferred tax benefit or expense was recorded during the three and nine months ended September 30, 2020 . As of September 30, 2021, the Company had $6.1 million of net deferred tax assets, which were included in other assets in the Company’s consolidated balance sheets. The Company did not have any deferred tax assets or deferred tax liabilities at December 31, 2020. For the three and nine months ended September 30, 2021, the TRS’s Federal statutory income tax rate was 21.00% and 18.28% for state and local income tax purposes for a combined rate of 35.44%. The combined rate includes the federal benefit arising from the state and local income tax deduction allowable for federal tax purposes. For the three and nine months ended September 30, 2021, the Company’s effective tax rate was 0.0% and (4.09%), respectively, based on the Company’s income tax benefit generated at its TRS relative to its consolidated income before taxes. The components of the Company’s provision for income taxes or income tax benefit are as follows (dollars in thousands): Three Months Ended Nine Months Ended September 30, 2021 September 30, 2021 Current Federal $ - $ - State and local - (35 ) Current income tax expense - (35 ) Deferred Federal - 3,252 State and local - 2,808 Deferred income tax benefit - 6,060 Total income tax benefit $ - $ 6,025 The components of the deferred tax assets consist of the following (dollars in thousands): September 30, 2021 Investment basis difference in real estate owned $ 4,021 Net operating loss carryforward 9,498 13,519 Valuation allowance (7,459 ) Deferred tax asset $ 6,060 The TRS had a net operating loss (“NOL”) in the amount of $6.8 million and $26.8 million for three and nine months ended September 30, 2021, the impact of which has been reflected in the deferred tax asset recorded by the Company. Deferred tax assets are recognized only to the extent that it is more likely than not that they will be realized based on consideration of all available evidence, including the future reversals of existing taxable temporary differences, future projected taxable income and tax planning strategies. Valuation allowances are provided if, based upon the weight of the available evidence, it is more likely than not that some or all of the deferred tax assets will not be realized. The NOL could be carried forward indefinitely for federal income tax purposes and for a period of 20 years for state and local purposes. Based upon the available objective evidence at September 30, 2021, the Company determined it was more likely than not that the deferred tax assets related to the NOL carryforwards of its TRS would be partially utilized in future periods. As a result, the Company recorded a $7.5 million valuation allowance to partially reserve against these deferred tax assets. Subsequent to September 30, 2021, upon the completion of its initial public offering, the Company believes that there may be sufficient positive evidence to support a conclusion that all or a substantial portion of the valuation allowance could be reversed since the Company no longer has a termination date of August 25, 2024 . The Company recognizes tax benefits for uncertain tax positions only if it is more likely than not that the position is sustainable based on its technical merits. Interest and penalties on uncertain tax positions are included as a component of the provision for income taxes in our consolidated statements of income. As of September 30, 2021 and December 31, 2020, the Company has not recorded any amounts for uncertain tax positions. The Company’s tax returns are subject to audit by taxing authorities. The Company’s tax years 2017 – 2020 remain open to examination by major taxing jurisdictions to which the Company is subject to taxes.

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2021
Commitments And Contingencies Disclosure [Abstract]
Commitments and Contingencies	13. Commitments and Contingencies The Company holds a 51% interest in CMTG/TT as a result of committing to invest $124.9 million in CMTG/TT. Distributions representing repayment proceeds from CMTG/TT’s loans may be recalled by CMTG/TT at a price of $10.00 per Common Unit, if the repayment occurred at least six months prior to the loan’s initial maturity date. As of September 30, 2021 and December 31, 2020, the Company had contributed $161.6 million and $159.5 million, respectively to CMTG/TT and has received return of capital distributions of $123.2 million, of which $111.1 million were recallable. As of September 30, 2021 and December 31, 2020, CMTG’s remaining capital commitment to CMTG/TT was $74.4 million and $76.4 million, respectively. The Company has a capital commitment of $1.1 million to CMTG TT Participation Investor, LP (“CMTG TT Participation”), a Delaware limited partnership formed for the purpose of participating in future investments made by the Company for which the projected equity required exceeds $100.0 million. The general partner of CMTG TT Participation is CMTG TT Participation Investor GP, LLC, a Delaware limited liability company and a wholly-owned subsidiary of the Company. As of September 30, 2021, CMTG TT Participation had not commenced operations. Subsequent to September 30, 2021 and in connection with the completion of the Company’s initial public offering, the Company’s unfunded commitments to CMTG TT Participation were cancelled. As of September 30, 2021 and December 31, 2020, the Company had unfunded loan commitments of $1.0 billion and $1.4 billion relating to 52 and 52 loans receivable and interests in loans receivable, respectively, which amounts will generally be funded to finance lease-related or capital expenditures by the Company’s borrowers, subject to borrowers achieving certain conditions precedent to such funding. These future commitments will expire over the remaining term of the loans, none of which exceed five years. As of September 30, 2021 and December 31, 2020, the Company had $459.3 million and $650.9 million, of approved but undrawn capacity on existing secured financing commitments, which may be drawn subject to certain conditions. The Company’s contractual payments under all borrowings by maturity were as follows as of September 30, 2021 (dollars in thousands): Year Amount 2021 532,004 2022 1,732,670 2023 468,840 2024 1,061,951 2025 195,892 Thereafter 729,639 $ 4,720,996 The Company had provided a contingent guaranty relating to a note payable financing which requires the Company to fund equity sufficient to complete the borrower’s business plan in the event that the borrower defaults on its loan obligations. The note payable was repaid on May 27, 2021 and the contingent equity funding guaranty was terminated. At December 31, 2020, the estimated equity required to complete the borrower’s business plan was $2.6 million. On two separate occasions, the Company entered into arrangements with borrowers whereby the Company may advance additional funds on existing loans in excess of the primary mortgage and mezzanine loan commitment amounts, at interest rates which exceed the rate stated in the underlying mortgage or mezzanine loan. As of September 30, 2021 and December 31, 2020, the Company had commitments of $55.0 million resulting from such arrangements, of which $50.0 million has a contractual maturity date on August 20, 2022 and $5.0 million has a contractual maturity date on July 24, 2023. No amounts have been drawn under these arrangements as of September 30, 2021 and December 31, 2020. In the normal course of business, the Company may enter into contracts that contain a variety of representations and provide for general indemnifications. The Company’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Company that have not yet occurred. However, based on experience, the Company expects the risk of loss to be remote. The full impact of COVID-19 on the global economy and the Company’s business is uncertain. As of September 30, 2021, no contingencies have been recorded on the Company’s consolidated balance sheets as a result of COVID-19, however as the global pandemic continues and the economic implications become better known, it may have long-term impacts on the Company’s financial condition, results of operations, and cash flows. Refer to Note 2 for further discussion of COVID-19.

Segment Reporting

Segment Reporting	9 Months Ended
	Sep. 30, 2021
Segment Reporting [Abstract]
Segment Reporting	14. Segment Reporting The Company has determined that it has one reportable segment. The loan segment includes loans receivable and interests in loans receivable. The Company evaluates performance based on the following financial measures (dollars in thousands): Three months ended September 30, 2021 Loans Corporate/Other Total Interest and related income $ 103,876 $ - $ 103,876 Less: interest and related expense 45,429 2,641 48,070 Net interest income 58,447 (2,641 ) 55,806 Revenue from real estate owned - 8,550 8,550 Total revenue $ 58,447 $ 5,909 $ 64,356 Management fees - affiliate - 9,789 9,789 Incentive fees - affiliate - - - Equity compensation - (186 ) (186 ) General and administrative expenses - 1,330 1,330 Expenses from real estate owned - 9,888 9,888 Total expenses $ - $ 20,821 $ 20,821 Reversal of current expected credit loss reserve 9,306 - 9,306 Income before income taxes $ 67,753 $ (14,912 ) $ 52,841 Segment income $ 67,753 $ (14,912 ) $ 52,841 Total Assets as of September 30, 2021 $ 6,905,196 $ 447,077 $ 7,352,273 Three months ended September 30, 2020 Loans Corporate/Other Total Interest and related income $ 105,984 $ - $ 105,984 Less: interest and related expense 39,740 - 39,740 Net interest income 66,244 - 66,244 Revenue from real estate owned - - Total revenue 66,244 - 66,244 Management fees - affiliate $ - $ 9,844 $ 9,844 Incentive fees - affiliate - 1,141 1,141 Equity compensation - 2,451 2,451 General and administrative expenses - 1,169 1,169 Expenses from real estate owned - - - Total expenses $ - $ 14,605 $ 14,605 Realized loss on sale of investments (202 ) - (202 ) Segment income $ 66,042 $ (14,605 ) $ 51,437 Total Assets as of December 31, 2020 $ 6,952,543 $ - $ 6,952,543 Nine months ended September 30, 2021 Loans Corporate/Other Total Interest and related income $ 314,326 $ - $ 314,326 Less: interest and related expense 138,186 13,002 151,188 Net interest income 176,140 (13,002 ) 163,138 Revenue from real estate owned - 15,620 15,620 Total revenue 176,140 2,618 178,758 Management fees - affiliate $ - $ 29,152 $ 29,152 Equity compensation - (376 ) (376 ) General and administrative expenses - 5,393 5,393 Expenses from real estate owned - 21,912 21,912 Total expenses $ - $ 56,081 $ 56,081 Gain on foreclosure of real estate owned - 1,430 1,430 Other income - 5,855 5,855 Reversal of current expected credit loss 17,413 - 17,413 Income before income taxes 193,553 (46,178 ) 147,375 Income tax benefit - 6,025 6,025 Segment income $ 193,553 $ (40,153 ) $ 153,400 Total Assets as of September 30, 2021 $ 6,905,196 $ 447,077 $ 7,352,273 Nine months ended September 30, 2020 Loans Corporate/Other Total Interest and related income $ 340,786 $ - $ 340,786 Less: interest and related expense 129,081 - 129,081 Net interest income 211,705 - 211,705 Revenue from real estate owned - - Total revenue 211,705 - 211,705 Management fees - affiliate $ - $ 29,111 $ 29,111 Incentive fees - affiliate - 7,579 7,579 Equity compensation - 7,354 7,354 General and administrative expenses - 4,162 4,162 Expenses from real estate owned - - - Total expenses $ - $ 48,206 $ 48,206 Realized loss on sale of investments (202 ) - (202 ) Segment income $ 211,503 $ (48,206 ) $ 163,297 Total Assets as of December 31, 2020 $ 6,952,543 $ - $ 6,952,543

Subsequent Events

Subsequent Events	9 Months Ended
	Sep. 30, 2021
Subsequent Events [Abstract]
Subsequent Events	15. Subsequent Events On October 6, 2021, the Company effected a 1-for-2 reverse stock split of its common stock. All references to common stock outstanding and per common stock share amounts have been restated to reflect the effect of the reverse stock split for all periods presented. On November 3, 2021, the Company completed an initial public offering of 5,524,934 shares of common stock at a price of $18.65 per share generating gross proceeds of $103.0 million. The Company intends to use the proceeds from the offering to originate and acquire commercial mortgage loans and other commercial real estate related debt instruments consistent with its investment strategy and investment guidelines, as well as for other general corporate purposes. Following the completion of the Company’s initial public offering, 1,097,293 shares of common stock underlying restricted stock units became fully vested. On November 12, 2021, the Company paid a catch-up dividend of $4.9 million to holders of the restricted stock units. In connection with the completion of the Company’s initial public offering, the annual right of a pre-IPO stockholder to require the Company to repurchase its shares was terminated, resulting in the reclassification of redeemable common stock to stockholder’s equity, and such shares being reclassified to common stock. In connection with the completion of the Company’s initial public offering, CMTG TT Participation’s right to participate in future investments was terminated. The Company entered into an agreement (the “10b5-1 Purchase Plan”) with Morgan & Stanley Co. LLC, pursuant to which Morgan Stanley & Co. LLC, as the Company’s agent, will buy in the open market up to $25.0 million in shares of the Company’s common stock in the aggregate during the period beginning on December 6, 2021 and ending 12 months thereafter or, if sooner, the date on which all the capital committed to the 10b5-1 Purchase Plan will require Morgan Stanley & Co. LLC to purchase for the Company shares of the Company’s common stock when the market price per share is below the book value per common share, subject to certain daily limits prescribed by the 10b5-1 Purchase Plan. On December 2, 2021, the Company entered into a refinancing of its Secured Term Loan which reduced the interest rate to the greater of (i) 1-month SOFR plus a 0.10% credit spread adjustment, and (ii) 0.50%, plus a credit spread of 4.50%

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2021
Accounting Policies [Abstract]
Basis of Presentation and Principles of Consolidation	Basis of Presentation and Principles of Consolidation The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”). The Company consolidates all entities that are controlled either through majority ownership or voting rights. The Company also identifies entities for which control is achieved through means other than through voting rights (a variable interest entity or “VIE”) using the analysis as set forth in the Accounting Standards Codification (“ASC”) 810, Consolidation of Variable Interest Entities The liabilities of wholly-owned subsidiaries are non-recourse to the Company and are limited to the assets of such wholly-owned subsidiary, except in the case of the Company’s repurchase agreements, which in general are partially recourse to the Company, and in limited situations in which the Company has provided a guaranty contingent upon the occurrence of certain events.
Unaudited interim financial information	Unaudited interim financial information The accompanying consolidated balance sheet as of September 30, 2021, the consolidated statements of operations and the consolidated statements of changes in redeemable common stock and stockholders’ equity for the three and nine months ended September 30, 2021 and 2020, and the consolidated statements of cash flows for the nine months ended September 30, 2021 and 2020 are unaudited. The unaudited interim consolidated financial statements have been prepared on the same basis as the audited annual consolidated financial statements and, in the opinion of the Manager, reflect all adjustments, which include only normal recurring adjustments, necessary for the fair statement of the Company’s financial position as of September 30, 2021 and the results of its operations for the three and nine months ended September 30, 2021 and 2020, and its cash flows for the nine months ended September 30, 2021 and 2020. The financial data and other information disclosed in these notes related to the three and nine months ended September 30, 2021 and 2020 are also unaudited. The results for the three and nine months ended September 30, 2021 are not necessarily indicative of results to be expected for the year ending December 31, 2021, any other interim periods, or any future year or period.
Risks and Uncertainties	Risks and Uncertainties In the normal course of business, the Company primarily encounters two significant types of economic risk: credit and market. Credit risk is the risk of default on the Company’s loans receivable that results from a borrower's or counterparty's inability or unwillingness to make contractually required payments. Market risk reflects changes in the value of the loans receivable due to changes in interest rates, spreads or other market factors, including risks that impact the value of the collateral underlying the Company’s investments. Management believes that the carrying values of its loans receivable are reasonable taking into consideration these risks along with estimated financings, collateral values and other information. During the first quarter of 2020, there was a global outbreak of a novel coronavirus (“COVID-19”). The World Health Organization has designated COVID-19 a pandemic, and numerous countries, including the United States, have declared national emergencies with respect to COVID-19. The global impact of the outbreak has rapidly evolved, and many countries have reacted by instituting quarantines and restrictions on travel, and limiting operations of non-essential businesses. The full extent of the impact and effects of COVID-19 will depend on future developments, including, among other factors, the duration and spread of the outbreak, along with related travel advisories, quarantines and restrictions, the effectiveness and efficiency of distribution of vaccines, the recovery time of the disrupted supply chains and industries, the impact of the labor market interruptions, the impact of government interventions, and uncertainty with respect to the duration of the global economic slowdown. In 2021, the global economy has begun to recover and the widespread availability of vaccines has encouraged greater economic activity. Nonetheless, the outbreak of COVID-19 and its impact on the current and future financial, economic and capital markets environment, and future developments in these and other areas could remain uneven, and presents uncertainty and risk with respect to the performance of the Company’s loans receivable, interests in loans receivable and real estate owned, the Company’s financial condition, results of operations, liquidity, and ability to pay dividends. A significant portion of the Company’s loan receivable portfolio and secured financings reference certain tenors of the London Interbank Offering Rate (“LIBOR”). In July 2017, the Financial Conduct Authority of the United Kingdom (“FCA”), the financial regulatory body that regulates LIBOR, announced their intention to phase out LIBOR after 2021. In March 2021, the FCA announced that LIBOR settings will cease to be provided by any administrators or will no longer be representative after specific dates, which will be (i) June 30, 2023, in the case of the principal U.S. dollar LIBOR tenors (overnight and one, three, six and 12 months), and (ii) December 31, 2021, in all other cases (i.e., one week and two month U.S. dollar LIBOR and all tenors of non-U.S. dollar LIBOR). The Company’s agreements generally allow for a new interest rate index to be used if LIBOR is no longer available. The impact that the phasing out of LIBOR will have on the Company is not yet determinable, however the Company expects that it will either utilize alternative rates referenced in its agreements or negotiate a replacement reference rate for LIBOR. Tax Risks - The Company is subject to significant tax risks. If the Company fails to maintain its qualification as a REIT in a given taxable year, it may be subject to penalties as well as federal, state and local income tax on its taxable income, which could be material. It will also not be able to qualify as a REIT for the subsequent four taxable years, unless entitled to relief under certain statutory provisions. A REIT must distribute at least 90% of its taxable income to its stockholders, determined without regard to the deduction for dividends paid and excluding net capital gains. In addition to the 90% distribution requirement, a REIT is subject to a nondeductible excise tax if it fails to make certain minimum distributions by calendar year-end. The excise tax imposed is equal to 4% of the excess of the required distribution (specified under U.S. federal tax law) over the distributed amount for such year. Distribution of the remaining balance may extend until timely filing of the REIT's tax return in the subsequent taxable year. Qualifying distributions of taxable income are deductible by a REIT in computing taxable income. Regulatory Risks - The Company is subject to significant regulatory risks. If the Company were unable to rely upon an exemption from registration available under the Investment Company Act of 1940, as amended, the Company could be required to restructure its assets or activities, including the disposition of assets during periods of adverse market conditions that could result in material losses to the Company.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with GAAP requires the Company to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the consolidated financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. Estimates that are particularly susceptible to the Company’s judgment include, but are not limited to, the adequacy of allowance for loan losses, recoverability of deferred tax assets, the determination of effective yield for recognition of interest income and interest expense and recognition of equity compensation expense.
Loans Receivable Held-for-Investment	Loans Receivable Held-for-Investment Loans that the Company has originated or acquired and has the intent and ability to hold to maturity or payoff are reported at their outstanding principal balances net of any unearned income, unamortized deferred fees and expected credit losses, if applicable. Loan origination, extension and exit fees are deferred and recognized in interest income over the estimated life of the loans using the effective interest method, adjusted for actual prepayments.
Interests in Loans Receivable Held-for-Investment	Interests in Loans Receivable Held-for-Investment Loans that the Company has acquired in a transfer that did not meet the qualifications of a sale and has the intent and ability to hold to maturity or payoff are reported at their outstanding principal balances net of any unearned income, unamortized deferred fees and expected credit losses, if applicable. Loan discounts and extension and exit fees are deferred and recognized in interest income over the estimated life of the loans using the effective interest method, adjusted for actual prepayments.
Non-cash Advances in Lieu of Interest	Non-cash Advances in Lieu of Interest The Company holds certain loans whereby a portion of the loan’s unfunded commitment may be used to fund monthly interest payments, so long as certain conditions are met. As a result, such loan’s unpaid principal balance increases at the interest payment date and the Company does not receive cash. This type of loan term is referred to as non-cash advance in lieu of interest, and the increase in unpaid principal balance is reflected in the operating section of the Company’s consolidated statements of cash flows, as opposed to the investing section as if the cash had been directly advanced to a borrower. The Company also has certain financings that allow for non-cash advances in lieu of interest, and the increase in unpaid principal balance is reflected in the operating section of the Company’s consolidated statements of cash flows, as opposed to the financing section as if cash had been directly received by the Company.
Current Expected Credit Losses	Current Expected Credit Losses The current expected credit loss (“CECL”) reserve required under ASU 2016-13 “Financial Instruments – Credit Losses – Measurement of Credit Losses on Financial Instruments (Topic 326)” (“ASU 2016-13”), reflects the Company’s current estimate of potential credit losses related to the Company’s loan portfolio. The initial CECL allowance recorded on January 1, 2021 is reflected as a direct charge to retained earnings on the Company’s consolidated statements of changes in redeemable common stock and stockholders’ equity. Subsequent changes to the CECL allowance are recognized through net income on the Company’s consolidated statements of operations. ASU 2016-13 specifies the reserve should be based on relevant information about past events, including historical loss experience, current portfolio and market conditions and reasonable and supportable forecasts for the duration of each respective loan. Given prior period loss models were based on the incurred loss model, management notes that prior periods are not measured on a comparable basis. The Company considers key credit quality indicators in underwriting loans and estimating credit losses, including, but not limited to: the capitalization of borrowers and sponsors; the expertise of the borrowers and sponsors in a particular real estate sector and geographic market; collateral type; geographic region; use and occupancy of the property; property market value; loan-to-value (“LTV”) ratio; loan amount and lien position; debt service coverage ratio; the Company’s risk rating for the same and similar loans; and prior experience with the borrower and sponsor. This information is used to assess the financial and operating capability, experience and profitability of the sponsor/borrower. Ultimate repayment of the Company’s loans is sensitive to interest rate changes, general economic conditions, liquidity, LTV ratio, existence of a liquid investment sales market for commercial properties, and availability of replacement short-term or long-term financing. The loans in the Company’s commercial mortgage loan portfolio are primarily secured by collateral in the following property types: office, multifamily, hospitality, mixed-use, land, and for-sale condominium. The Company’s loans are typically collateralized by real estate, or in the case of mezzanine loans, by an equity interest in an entity that owns real estate. As a result, the Company regularly evaluates on a loan-by-loan basis, the extent and impact of any credit deterioration associated with the performance and/or value of the underlying collateral property, and the financial and operating capability of the borrower/sponsor, at least quarterly. The Company also evaluates the financial strength of loan guarantors, if any, and the borrower’s competency in managing and operating the property or properties. In addition, the Company considers the overall economic environment, real estate sector, and geographic sub-market in which the borrower operates. Such analyses are completed and reviewed by asset management personnel and evaluated by senior management, who utilize various data sources, including, to the extent available (i) periodic financial data such as property occupancy, tenant profile, rental rates, operating expenses, the borrower’s exit plan, and capitalization and discount rates, (ii) site inspections, (iii) sales and financing comparables, (iv) current credit spreads for refinancing and (v) other market data. Given the length of the Company’s loan terms, management’s reasonable and supportable forecast period exceeds the loan terms and as such the Company does not need to apply a reversion method. The Company has classified its loans receivable into the following categories to assess the impact of CECL: 1. Transitional Loans 2. Steady & Improving Loans 3. Stabilized Loans 4. Construction/Future Funding Loans For the Company’s loan receivable portfolio, the Company, with assistance from a third party service provider, performed a quantitative assessment of the impact of CECL using the Expected Loss (“EL”) approach and the Lifetime Loss Rate (“LLR”) method depending on the allocated category. For transitional loans, steady & improving loans and stabilized loans, the Company has applied an EL approach because of the consistency in assessing credit risks and estimating expected credit losses. Due to the nature of construction loans, where repayment does not depend on the operating performance of the underlying property, the Company has applied a LLR approach to estimate the CECL impact. In certain circumstances the Company may determine that a loan is no longer suited for the model-based approach due to its unique risk characteristics, or because the repayment of the loan’s principal is collateral-dependent. The Company may instead elect to employ different methods to estimate loan losses that also conform to ASU 2016-13 and related guidance. If the recovery of a loan’s principal balance is entirely collateral-dependent, the Company may assess such an asset individually and elect to apply a practical expedient in accordance with ASU 2016-13. The Company’s allowance for loan losses reflects its estimate of the current and future economic conditions that impact the performance of the commercial real estate assets securing the Company’s loans. These estimates include unemployment rates, interest rates, price indices for commercial property, and other macroeconomic factors that may influence the likelihood and magnitude of potential credit losses for the Company’s loans during their anticipated term. The Company licenses certain macroeconomic financial forecasts to inform its view of the potential future impact that broader economic conditions may have on its loan portfolio’s performance. The forecasts are embedded in the licensed model that the Company uses to estimate its allowance for loan losses as discussed below. Selection of these economic forecasts require significant judgement about future events that, while based on the information available to the Company as of the balance sheet date, are ultimately unknowable with certainty, and the actual economic conditions impacting the Company’s portfolio could vary significantly from the estimates the Company made for the periods presented. Additionally, the Company assesses the obligation to extend credit through its unfunded loan commitments over each loan’s contractual period, which is considered in the estimate of the allowance for loan losses. For any loan that is deemed to have significantly differing risk characteristics from the rest of the loan portfolio, the Company would measure the specific allowance of each loan separately by using the fair value of the collateral or the net present value of cash flows. If the fair value of the collateral is less than the carrying value of the loan, an asset-specific allowance is created as a component of our overall allowance for loan losses (following the adoption of CECL, or as a loan loss allowance prior to the adoption of CECL). Asset-specific allowances for loan losses are equal to the excess of a loan’s carrying value to the present value of its expected cash flows discounted at the loan’s effective rate or the fair value of the collateral, less estimated costs to sell, if recovery of the Company’s investment is expected solely from the collateral. If the Company has determined that a loan or a portion of a loan is uncollectible, the Company will write-off the loan through a charge to its current expected credit loss reserve based on the present value of future cash flows discounted at the loan’s contractual effective rate or the fair value of the collateral, if repayment is expected solely from the collateral. Significant judgment is required in determining impairment and in estimating the resulting credit loss reserve, and actual losses, if any, could materially differ from those estimates. Prior to the adoption of ASU 2016-13, the Company would measure the specific impairment of each loan separately by using the fair value of the collateral or the net present value of cash flows. If the fair value or the net present value of the cash flows of the collateral was less than the carrying value of the loan, an allowance was created with a corresponding charge to the provision for loan losses. The loan loss allowance for each loan was maintained at a level the Company believed was adequate to absorb incurred losses, if any. As of December 31, 2020, the Company had a loan loss reserve of $6.0 million relating to one loan. The Company evaluates the credit quality of each of its loans receivable on an individual basis and assigns a risk rating at least quarterly. The Company has developed a loan grading system for all of its outstanding loans receivable that are collateralized directly or indirectly by real estate. Grading criteria include as-is or as-stabilized debt yield and debt service coverage ratios, term of loan, property type, loan type and other more subjective variables that include property or collateral location, as-is or as-stabilized collateral value, market conditions, industry conditions and sponsor’s financial stability. The Company utilizes the grading system to determine each loan’s risk of loss and to provide a determination as to whether an individual loan is impaired and whether a special loan loss allowance is necessary. Based on a 5-point scale, the loans are graded “1” through “5,” from less risk to greater risk, which gradings 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 risk of realizing a principal loss 5 – Impaired/Loss Likely: The Company has considered the impact of COVID-19 in its evaluation of the credit quality of its loans receivable which reflects the material uncertainty and risks with respect to certain of the loan portfolio’s collateral. The Company may modify the terms of a loan agreement by granting a concession to a borrower experiencing financial difficulty that it would not otherwise consider. Such modifications may include, among other items, reductions in contractual interest rates, payment date extensions or the modification of loan covenants. If such modification is deemed to be significant and meets the criteria above, it may be considered a Troubled Debt Restructuring (“TDR”) under GAAP which requires additional disclosure. Prior to the adoption of ASU 2016-13, a loan was also considered impaired if its terms were modified in a TDR. Impairments on TDR loans were generally measured based on the present value of expected future cash flows discounted at the effective interest rate of the original loan. Loans which are modified and classified as a TDR that are performing and current with respect to the payment of debt service as of the date of the modification remain current, while loans which are modified and classified as a TDR that are on non-accrual status as of the date of the modification will generally remain on non-accrual status until the prospect of future payments in accordance with the modification terms are reasonably assured and there is a consistent period of repayment by the borrower.
Financial Instruments	Financial Instruments Financial instruments held by the Company include cash and cash equivalents, restricted cash, reserves held for loans receivable, loans receivable held-for-investment, interests in loans receivable held for investment, other assets, accounts payable, repurchase agreements, notes payable, loan participations sold, secured term loans and debt related to real estate owned. The fair value of cash and cash equivalents, restricted cash, reserves held for loans receivable, other assets and accounts payable approximates their current carrying amount. GAAP requires the categorization of the fair value of financial instruments into three broad levels that form a hierarchy based on the transparency of inputs to the valuation. See Note 6 – Fair Value Measurements for details of the Company’s valuation policy.
Cash and Cash Equivalents	Cash and Cash Equivalents The Company considers all investments with original maturities of three months or less, at the time of acquisition, to be cash equivalents. The Company maintains cash accounts which from time to time exceed the insured maximum of $250,000 per account. The carrying amount of cash on deposit and in money market funds approximates fair value.
Restricted Cash	Restricted Cash Restricted cash includes reserve balances for interest, real estate taxes, and insurance, as well as lockbox accounts held pursuant to the terms of the financings. The carrying amount of restricted cash approximates fair value.
Real Estate Owned, net	Real Estate Owned, net The Company may assume legal title or physical possession of the underlying collateral of a defaulted loan through foreclosure. If the Company intends to hold, operate or develop the property for a period of at least 12 months, the asset is classified as real estate owned, net. If the Company intends to market a property for sale in the near term, the asset is classified as real estate held for sale. Foreclosed real estate held for use is initially recorded at estimated fair value and is presented net of accumulated depreciation and impairment charges. Depreciation is computed using a straight-line method over the estimated useful lives of up to 40 years for buildings and up to 10 years for furniture, fixtures and equipment. Renovations and/or replacements that improve or extend the life of the real estate asset are capitalized and depreciated over the estimated useful lives. The cost of ordinary repairs and maintenance are expensed as incurred. Real estate assets are evaluated for indicators of impairment on a quarterly basis. Factors that the Company may consider in its impairment analysis include, among others: (1) significant underperformance relative to historical or anticipated operating results; (2) significant negative industry or economic trends; (3) costs necessary to extend the life or improve the real estate asset; (4) significant increase in competition; and (5) ability to hold and dispose of the real estate asset in the ordinary course of business. A real estate asset is considered impaired when the sum of estimated future undiscounted cash flows expected to be generated by the real estate asset over the estimated remaining holding period is less than the carrying amount of such real estate asset. Cash flows include operating cash flows and anticipated capital proceeds generated by the real estate asset. An impairment charge is recorded equal to the excess of the carrying value of the real estate asset over the fair value. When determining the fair value of a real estate asset, the Company makes certain assumptions including, but not limited to, consideration of projected operating cash flows, comparable selling prices and projected cash flows from the eventual disposition of the real estate asset based upon the Company’s estimate of a capitalization rate and discount rate.
Loan Principal Payments Held by Servicer	Loan Principal Payments Held by Servicer Loan principal payments which are held by loan servicers and are expected to be remitted to the Company during the subsequent remittance cycle are reflected as loan principal payments held by servicer on the Company’s consolidated balance sheets.
Other Assets	Other Assets Other assets include deferred tax assets, costs of equity capital raises not yet closed, miscellaneous receivables and prepaid expenses, and deposits funded relating to unclosed transactions.
Deferred Financing Costs	Deferred Financing Costs The deferred financing costs on the Company’s consolidated balance sheets include costs related to the establishment and ongoing operations of the repurchase agreements. These costs are amortized over the contractual term of the repurchase agreements as interest expense using the straight-line method.
Secured Financings	Secured Financings Management evaluates whether the transaction constitutes a sale through legal isolation of the transferred financial asset from the Company, the ability of the transferee to pledge or exchange the transferred financial asset without constraint and the transfer of control of the transferred financial asset.
Repurchase Agreements	Repurchase Agreements The Company finances certain of its loans receivable using repurchase agreements. Under a repurchase agreement, an asset is sold to a counterparty to be repurchased at a later date at a predetermined price. Prior to repurchase, interest is paid to the counterparty based upon the sales price and a predetermined interest rate. Other than amounts guaranteed by the Company, borrowings under the repurchase agreements are non-recourse to the Company. The Company accounts for its repurchase agreements as secured financings under GAAP. When treated as a secured financing, the transferred assets remain on the Company’s consolidated balance sheets, and the financing proceeds are recorded as a liability.
Loan Participations Sold, Net	Loan Participations Sold, Net Loan participations sold represent an interest in a loan receivable that the Company sold, however, the Company presents the loan participation sold as a liability on its consolidated balance sheets because the arrangement does not qualify as a sale under GAAP. Other than amounts guaranteed by the Company, these participations are non-recourse and remain on the Company’s consolidated balance sheets until the loan is repaid. The gross presentation of the loan participations sold does not impact equity or net income.
Notes Payable, Net	Notes Payable, Net The Company finances certain of its loans receivable using direct financing, collateralized by the loans receivable. Other than amounts guaranteed by the Company, borrowings under notes payable are non-recourse to the Company.
Secured Term Loan, Net	Secured Term Loan, Net The Company’s secured term loan is collateralized by a pledge of equity in certain subsidiaries and their related assets, as well as a first priority security interest in selected assets. The secured term loan is presented net of any original issue discount, and transaction expenses are deferred and recognized in interest expense over the life of the loan using the effective interest method.
Debt Related to Real Estate Owned	Debt Related to Real Estate Owned, Net Debt assumed in an acquisition/foreclosure of real estate is recorded at its estimated fair value at the time of the acquisition. Subsequently, debt related to real estate owned, net is held net of principal repayments and any unamortized debt issuance costs. Other than amounts guaranteed by the Company, debt related to real estate owned is non-recourse to the Company.
Debt Issuance Costs	Debt Issuance Costs Costs related to obtaining notes payable, loan participations sold, secured term loans, and debt related to real estate owned are presented on the consolidated balance sheets as a direct deduction from the carrying amount of the obligations. These costs are amortized over the contractual term of the obligations as interest expense using the effective interest method.
Reserves Held for Loans Receivable	Reserves Held for Loans Receivable The Company holds reserves for interest, real estate taxes and insurance relating to its loans receivable on behalf of the borrowers on certain loans receivable. These reserves are reflected as other liabilities on the Company’s consolidated balance sheets. In certain cases, other reserves may be held by a third-party loan servicer, and therefore not included on the Company’s consolidated balance sheets.
Revenue Recognition	Revenue Recognition Interest income from loans receivable is recorded on the accrual basis based on the outstanding principal amount and the contractual terms of the loans. Recognition of fees, premiums, discounts and direct costs associated with these investments is deferred until the loan is advanced and is then amortized or accreted into interest income over the term of the loan as an adjustment to yield using the effective interest method based on expected cash flows through the expected recovery period. Income accrual is generally suspended for loans at the earlier of the date at which payments become 90 days past due or when recovery of income and principal becomes doubtful. While on non-accrual status, based on the Company’s estimation as to collectability of principal, loans are either accounted for on a cash basis, where interest income is recognized only upon actual receipt of cash, or on a cost-recovery basis, where all cash receipts reduce a loan's carrying value. If and when a loan is brought back into compliance with its contractual terms, and our Manager has determined that the borrower has demonstrated an ability and willingness to continue to make contractually required payments related to the loan, the Company resumes accrual of interest. Revenue from real estate owned represents revenue associated with the operations of hotel properties classified as real estate owned. Revenue from the operations of the hotel properties is recognized when guestrooms are occupied, services have been rendered or fees have been earned. Revenues are recorded net of any discounts and sales and other taxes collected from customers. Revenues consist of room sales, food and beverage sales and other hotel revenues. In accordance with ASC 606, Revenue from Contracts with Customers, revenue is recognized when the Company transfers promised services to customers in an amount that reflects the consideration to which the Company expects to be entitled to in exchange for those services. ASC 606 includes a five-step framework that requires an entity to: (i) identify the contract(s) with a customer, (ii) identify the performance obligations in the contract, (iii) determine the transaction price, (iv) allocate the transaction price to the performance obligations in the contract, and (v) recognize revenue when the entity satisfies a performance obligation. A performance obligation is a promise in a contract to transfer a distinct good or service to the customer. A contract's transaction price is allocated to each distinct performance obligation and recognized as revenue when the performance obligation is satisfied. The Company's contracts generally have a single performance obligation, such as renting a hotel room to a customer, or providing food and beverage to a customer, or providing a hotel property related good or service to a customer. The Company's performance obligations are generally satisfied at a point in time.
Equity Compensation	Equity Compensation Equity compensation consists of both service-based and performance-based awards issued to certain individuals employed by (or members of) affiliates of the Manager. Equity compensation expense is recognized over the vesting period based on service or on the number of shares that are probable of vesting at each reporting date.
Redeemable Common Stock	Redeemable Common Stock The Company accounts for its common stock subject to possible redemption in accordance with the guidance in ASC Topic 480 “Distinguishing Liabilities from Equity.” Conditionally redeemable common stock (including common stock that features redemption rights that are either within the control of the holder or subject to redemption upon the occurrence of uncertain events not solely within the Company’s control) is classified as temporary equity. At all other times, common stock is classified as stockholders’ equity. Certain of the Company’s common stock features certain redemption rights that are considered to be outside of the Company’s control and subject to occurrence of uncertain future events. Accordingly, as of September 30, 2021 and December 31, 2020 , redeemable common stock is presented at redemption value as temporary equity, outside of the stockholders’ equity section of the Company’s consolidated balance sheet.
Common Stock	Common Stock Common stock issued and outstanding excludes Restricted Stock Units (“RSUs”) which have not been delivered, regardless of vesting status. Fully vested RSUs are included in the calculation of basic and diluted weighted-average shares outstanding and receive dividends payable on common stock.
Non-Controlling Interests	Non-Controlling Interests The non-controlling interests included on the Company’s consolidated balance sheets represents the common equity interests in CMTG/TT that are not owned by the Company. The Company owns 51% of CMTG/TT, which commenced operations on June 8, 2016. CMTG/TT is governed by its two-member board of directors, which is comprised of representatives of the board of directors of the Company. The Company controls the operations of CMTG/TT, and as a result consolidates CMTG/TT in its financial statements. The portion of CMTG/TT’s consolidated equity and results of operations allocated to non-controlling interests is equal to the remaining 49% ownership of CMTG/TT. As of September 30, 2021 and December 31, 2020, CMTG/TT’s total equity was $75.8 million and $72.0 million, respectively, of which $37.1 million and $35.3 million, respectively, was characterized as non-controlling interests.
Offering Costs	Offering Costs The Company capitalizes certain legal, professional accounting and other third-party fees that are directly associated with in-process equity financings as deferred offering costs until such financings are consummated. After consummation of an equity financing, these costs are recorded in stockholders' equity as a reduction of additional paid-in capital generated as a result of the offering. Should the in-process equity financing be abandoned, the deferred offering costs will be expensed immediately as a charge to operating expenses in the consolidated statements of operations. Costs of $0.9 million and $16,000 relating to equity capital raises that have not yet closed have been recorded as an other asset on the consolidated balance sheets as of September 30, 2021 and December 31, 2020, of which $0.5 million and $16,000 have been accrued and are reflected in the accounts payable and accrued expenses total on the consolidated balance sheets. For the nine months ended September 30, 2021 and 2020, the Company incurred offering costs of $0.2 million and $1.0 million, respectively, which have been charged against additional paid-in capital on the consolidated balance sheets. As of September 30, 2021 and December 31, 2020, offering costs of $1.7 million and $1.5 million, respectively have been accrued and are reflected in the accounts payable and accrued expenses total on the consolidated balance sheets.
Reportable Segments	Reportable Segments The Company evaluates the operating performance of the Company’s investments as a whole. The Company previously determined that it had one operating segment and one reporting segment. However as a result of the foreclosure of the hotel portfolio on February 8, 2021, the Company has determined that it has two operating segments, with activities related to investing in income-producing loans collateralized by institutional quality commercial real estate and with activities related to operating real estate. However, due to materiality thresholds, the Company has determined it has one reportable segment.
Reclassifications	Reclassifications Certain
Recently Adopted Accounting Pronouncements	Recently Adopted Accounting Pronouncements In June 2016, the FASB issued ASU 2016-13 “Financial Instruments – Credit Losses – Measurement of Credit Losses on Financial Instruments (Topic 326)” (“ASU 2016-13”). This standard replaces the previous measurement of the allowance for credit losses that was based on the Manager’s best estimate of probable incurred credit losses inherent in the Company’s lending activities with the Manager’s best estimate of lifetime expected credit losses inherent in the Company’s relevant financial assets. The Company elected to early adopt the standard on January 1, 2021 and recorded a $78.3 million cumulative effect adjustment to retained earnings. The following table details the impact of this adoption (dollars in thousands): Assets Loans receivable held-for-investment $ 64,274 Interests in loans receivable held-for-investment 406 Accrued interest receivable 357 Liabilities Unfunded loan commitments 13,214 Total impact of ASU 2016-13 adoption on retained earnings $ 78,251
Recently Issued Accounting Pronouncements Not Yet Adopted	Recently Issued Accounting Pronouncements Not Yet Adopted In August 2020, the FASB issued ASU 2020-06 “Debt—Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging—Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity,” or ASU 2020-06. ASU 2020-06 simplifies the accounting for convertible debt by eliminating the beneficial conversion and cash conversion accounting models. ASU 2020-06 also updates the earnings per share calculation and requires entities to assume share settlement when the convertible debt can be settled in cash or shares. ASU 2020-06 is effective for fiscal years beginning after December 15, 2023, with early adoption permitted. The Company is currently evaluating the impact ASU 2020-06 will have on its consolidated financial statements. The FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting, (“ASU 2020-04”). ASU 2020-04 provides optional expedients and exceptions for applying GAAP to contracts, hedging relationships and other transactions that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform. ASU 2020-04 is effective upon issuance of ASU 2020-04 for contract modifications and hedging relationships on a prospective basis. The Company has not adopted any of the optional expedients or exceptions through September 30, 2021, but will continue to evaluate the possible adoption of any such expedients or exceptions during the effective period as circumstances evolve. The FASB issued ASU 2019-12, Income Taxes (Topic 815), (“ASU 2019-12”). ASU 2019-12 simplifies the accounting for income taxes by removing certain exceptions to the general principles in Topic 740. ASU 2019-12 also improves the consistent application of, and simplifies, GAAP for other areas of Topic 740 by clarifying and amending existing guidance. The standard is effective for financial statements issued for fiscal years beginning after December 15, 2021, with early adoption permitted. The Company is evaluating the impact ASU 2019-12 will have on its consolidated financial statements.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	9 Months Ended
	Sep. 30, 2021
Accounting Policies [Abstract]
Schedule of Impact of Adoption	The Company elected to early adopt the standard on January 1, 2021 and recorded a $78.3 million cumulative effect adjustment to retained earnings. The following table details the impact of this adoption (dollars in thousands): Assets Loans receivable held-for-investment $ 64,274 Interests in loans receivable held-for-investment 406 Accrued interest receivable 357 Liabilities Unfunded loan commitments 13,214 Total impact of ASU 2016-13 adoption on retained earnings $ 78,251

Loans Portfolio (Table)

Loans Portfolio (Table)	9 Months Ended
	Sep. 30, 2021
Receivables [Abstract]
Schedule of Loans and Financing Receivable	The Company’s loans receivable portfolio as of September 30, 2021 was comprised of the following loans (dollars in thousands, except for number of loans): Number of Investments Number of Loans Loan Commitment (5) Principal Outstanding Carrying Value Weighted Average Stated Rate (2) Weighted Average Interest Rate (4) Loans receivable held-for-investment: Variable: Senior loans (1,3) 48 84 $ 6,452,082 $ 5,515,249 $ 5,487,984 L + 4.29% % 5.68 % Subordinate loans 4 6 436,544 413,967 415,056 L + 8.95% % 10.71 % 6,888,626 5,929,216 5,903,040 L + 4.62% % 6.03 % Fixed: Senior loans (1) 2 3 $ 58,939 $ 58,939 $ 59,073 11.27 % Subordinate loans 2 2 23,027 21,610 21,446 11.55 % 81,966 80,549 80,519 11.35 % Total/Weighted Average $ 6,970,592 $ 6,009,765 $ 5,983,559 6.10 % Allowance for loan losses (59,213 ) Loans receivable held-for-investment, net $ 5,924,346 (1) Senior loans include senior mortgages and similar credit quality loans, including related contiguous subordinate loans, and pari passu participations in senior mortgage loans. (2) One-month LIBOR as of September 30, 2021 was 0.08%. Weighted average is based on outstanding principal as of September 30, 2021. (3) Includes a fixed rate loan with an outstanding principal balance of $27.2 million and a loan commitment of $39.7 million at September 30, 2021, which shares the same collateral as floating rate loans with an outstanding principal balance of $143.7 million and a loan commitment of $146.8 million at September 30, 2021. (4) Reflects the weighted average interest rate based on the applicable floating benchmark rate (if applicable), including LIBOR floors (if applicable). Weighted average is based on outstanding principal as of September 30, 2021. (5) Loan commitment represents initial loan commitments, as adjusted by commitment reductions, less loan repayments and transfers which qualified for sale accounting under GAAP. The Company’s loans receivable portfolio as of December 31, 2020 was comprised of the following loans (dollars in thousands, except for number of loans): Number of Investments Number of Loans Loan Commitment (5) Principal Outstanding Carrying Value (6) Weighted Average Stated Rate (2) Weighted Average Interest Rate (4) Loans receivable held-for- investment Variable: Senior loans (1,3) 46 80 $ 6,395,473 $ 5,272,201 $ 5,252,577 L + 4.35% % 5.93 % Subordinate loans 8 11 852,982 782,646 782,167 L + 8.72% % 10.20 % 7,248,455 6,054,847 6,034,744 L + 4.91% % 6.48 % Fixed: Senior loans (1) 2 3 $ 75,669 $ 75,669 $ 69,523 12.59 % Subordinate loans 2 2 25,527 21,815 21,558 11.00 % 101,196 97,484 91,081 12.24 % Total/Weighted Average $ 7,349,651 $ 6,152,331 $ 6,125,825 6.57 % (1) Senior loans include senior mortgages and similar credit quality loans, including related contiguous subordinate loans, and pari passu participations in senior mortgage loans. (2) One-month LIBOR as of December 31, 2020 was 0.14%. Weighted average is based on outstanding principal as of December 31, 2020. (3) Includes a fixed rate loan with an outstanding principal balance of $6.4 million and a loan commitment of $39.7 million as of December 31, 2020, which shares the same collateral as floating rate loans with an outstanding principal balance of $138.3 million and a loan commitment of $146.8 million at December 31, 2020. (4) Reflects the weighted average interest rate based on the applicable floating benchmark rate (if applicable), including LIBOR floors (if applicable). Weighted average is based on outstanding principal as of December 31, 2020. (5) Loan commitment represents initial loan commitments, as adjusted by commitment reductions, less loan repayments and transfers which qualified for sale accounting under GAAP. (6) Carrying value is presented net of loan loss reserves of $6.0 million.
Schedule of Range of LIBOR Floors	The following table presents the range of LIBOR floors held in the Company’s loan portfolio as of September 30, 2021 based on outstanding principal (dollars in thousands): One-month LIBOR Floor Range (1) Unpaid Principal Balance % of Total Cumulative % Fixed rate $ 107,723 2 % 2 % 2.25% - 2.50% 788,093 13 % 15 % 2.00% - 2.24% 902,583 15 % 30 % 1.75% - 1.99% 1,314,438 22 % 52 % 1.50% - 1.74% 442,392 7 % 59 % 1.25% - 1.49% 570,517 10 % 69 % 1.00% - 1.24% 356,424 6 % 75 % < 1.00% 1,260,047 21 % 96 % No floor 267,548 4 % 100 % Total $ 6,009,765 (1) All floors are in excess of LIBOR at September 30, 2021.
Schedule of Loan Receivable Portfolio	Activity relating to the loans receivable portfolio for the nine months ended September 30, 2021 (dollars in thousands): Held-for- Investment Held-for- Sale Total Balance at December 31, 2020 $ 6,125,825 $ - $ 6,125,825 Initial funding of new loan originations and acquisitions 842,154 - 842,154 Advances on existing loans 446,553 - 446,553 Non-cash advances in lieu of interest 55,792 - 55,792 Origination fees on loans receivable, net (16,311 ) - (16,311 ) Exit fees received on loans receivable (5,698 ) - (5,698 ) Extension fees received on loans receivable (2,368 ) - (2,368 ) Repayments of loans receivable (1,286,077 ) - (1,286,077 ) Repayments of non-cash advances to loans in lieu of interest (97,087 ) - (97,087 ) Accretion of origination fees, net 18,677 - 18,677 Transfer to real estate owned, net (103,901 ) - (103,901 ) Allowance for loan losses (53,213 ) - (53,213 ) Balance at September 30, 2021 $ 5,924,346 $ - $ 5,924,346 Activity relating to the loans receivable portfolio for the nine months ended September 30, 2020 (dollars in thousands): Held-for- Investment Held-for- Sale Total Balance at December 31, 2019 $ 5,940,268 $ - $ 5,940,268 Initial funding of new loan originations and acquisitions 226,661 - 226,661 Advances on existing loans 403,981 - 403,981 Non-cash advances in lieu of interest 66,470 - 66,470 Origination fees on loans receivable, net (3,512 ) - (3,512 ) Exit fees received on loans receivable (1,172 ) - (1,172 ) Extension fees received on loans receivable (591 ) - (591 ) Repayments of loans receivable (449,813 ) - (449,813 ) Repayments of non-cash advances to loans in lieu of interest (4,383 ) - (4,383 ) Accretion of origination fees, net 22,240 - 22,240 Realized loss on sale of investments - (202 ) (202 ) Transfer to loans held-for-sale (19,983 ) 19,983 - Sale of loans receivable held-for-sale - (19,781 ) (19,781 ) Balance at September 30, 2020 $ 6,180,166 $ - $ 6,180,166 The Company’s loan participations sold as of September 30, 2021 are summarized as follows (dollars in thousands): Contractual Maturity Date Maximum Extension Date Stated Rate (1) Financing Costs Interest Rate Par Value Carrying Value Carrying Value of Collateral Variable: (2 ) 8/1/2022 8/1/2023 L + 3.10% $ 3,531 4.95 % $ 189,750 $ 189,345 $ 371,546 (3 ) 8/20/2022 8/20/2024 L + 3.50% 1,634 5.25 % 218,609 218,275 284,883 (4 ) 11/9/2021 9/9/2024 L + 5.60% 418 7.60 % 49,535 49,662 121,673 (4 ) 11/9/2021 9/9/2024 L + 11.70% 401 13.70 % 47,553 47,676 116,806 L + 4.33% 5,984 6.16 % 505,447 504,958 894,908 Fixed: 12/31/2024 12/31/2025 9.00% 475 9.00 % 20,000 19,560 124,036 Total/Weighted Average $ 6,459 6.27 % $ 525,447 $ 524,518 $ 1,018,944 (1) One-month LIBOR as of September 30, 2021 was 0.08%. Weighted average is based on outstanding principal as of September 30, 2021. (2) This financing has a LIBOR floor of 1.85% (3) This financing has a LIBOR floor of 1.75% (4) This financing has a LIBOR floor of 2.00%. This financing was repaid in full on December 9, 2021 The Company’s loan participations sold as of December 31, 2020 are summarized as follows (dollars in thousands): Contractual Maturity Date Maximum Extension Date Stated Rate (1) Financing Costs Interest Rate Par Value Carrying Value Carrying Value of Collateral (2 ) 8/1/2022 8/1/2023 L + 3.10% $ 3,531 4.95% $ 189,750 $ 188,995 $ 370,541 (3 ) 8/20/2022 8/20/2024 L + 3.50% 1,634 5.25% 138,071 136,843 177,732 (4 ) 3/21/2021 3/21/2023 L + 2.75% 583 4.19% 27,582 27,493 49,710 (5 ) 9/9/2021 9/9/2024 L + 5.60% 418 7.60% 44,645 44,479 109,007 (5 ) 9/9/2021 9/9/2024 L + 11.70% 401 13.70% 42,859 42,701 104,649 (6 ) 9/9/2022 9/9/2024 L + 9.75% 1,151 11.65% 76,513 75,973 76,593 Total/Weighted Average L + 5.09% $ 7,718 6.93% $ 519,420 $ 516,484 $ 888,232 (1) One-month LIBOR as of December 31, 2020 was 0.14%. Weighted average is based on outstanding principal as of December 31, 2020. (2) This financing has a LIBOR floor of 1.85% (3) This financing has a LIBOR floor of 1.75% (4) This financing has a LIBOR floor of 1.44% (5) This financing has a LIBOR floor of 2.00% (6) This financing has a LIBOR floor of 1.90%
Schedule Of Interests In Loans Receivable Held For Investment	The Company’s interests in loans receivable portfolio as of September 30, 2021 was comprised of the following loans (dollars in thousands): Number of Investments Number of Loans Loan Commitment (3) Principal Outstanding Carrying Value Weighted Average Stated Rate (2) Weighted Average Interest Rate (4) Senior loans (1) 2 2 $ 511,849 $ 436,788 $ 436,950 L + 4.53% 5.40% Allowance for loan losses (229 ) Interests in loans receivable held-for-investment, net $ 436,721 (1) Senior loans include senior mortgages and similar credit quality loans, including related contiguous subordinate loans and pari passu participations in senior mortgage loans. (2) One-month LIBOR as of September 30, 2021 was 0.08%. Weighted average is based on outstanding principal as of September 30, 2021. (3) Loan commitment represents initial loan commitments, as adjusted by commitment reductions, less loan repayments and transfers which qualified for sale accounting under GAAP. (4) Reflects the weighted average interest rate based on the applicable floating benchmark rate (if applicable), including LIBOR floors (if applicable). Weighted average is based on outstanding principal as of September 30, 2021. The Company’s interests in loans receivable portfolio as of December 31, 2020 was comprised of the following loans (dollars in thousands): Number of Investments Number of Loans Loan Commitment (3) Principal Outstanding Carrying Value Weighted Average Stated Rate (2) Weighted Average Interest Rate (4) Senior loans (1) 2 2 $ 515,190 $ 338,957 $ 338,270 L + 4.54% 5.39% (1) Senior loans include senior mortgages and similar credit quality loans, including related contiguous subordinate loans and pari passu participations in senior mortgage loans. (2) One-month LIBOR as of December 31, 2020 was 0.14%. Weighted average is based on outstanding principal as of December 31, 2020. (3) Loan commitment represents initial loan commitments, as adjusted by commitment reductions, less loan repayments and transfers which qualified for sale accounting under GAAP. (4) Reflects the weighted average interest rate based on the applicable floating benchmark rate (if applicable), including LIBOR floors (if applicable). Weighted average is based on outstanding principal as of December 31, 2020.
Schedule of Interests in Loans Receivable Portfolio	Activity relating to the interests in loans receivable portfolio for the nine months ended September 30, 2021 and 2020 (dollars in thousands): Nine Months Ended September 30, 2021 September 30, 2020 Balance at beginning of period $ 338,270 $ 222,891 Advances on existing interests in loans receivable 86,022 83,963 Non-cash advances to interests in loans receivable in lieu of interest 15,149 9,458 Extension fees received on interests in loans receivable - (453 ) Repayments of interests in loans receivable (2,977 ) (15,224 ) Repayment of non-cash advances to interests in loans receivable in lieu of interest (363 ) - Accretion of origination fees, net 849 227 Allowance for loan losses (229 ) - Balance at end of period $ 436,721 $ 300,862
Schedule of Loans Receivable and Interests in Portfolio By Loan Type	The following table presents the Company’s loans receivable and interests in loans receivable portfolio by loan type, as well as property type and geographic location of the properties collateralizing these loans as of September 30, 2021 and December 31, 2020 (dollars in thousands): September 30, 2021 December 31, 2020 Loan Type (1) Carrying Value Percentage Carrying Value (2) Percentage Senior loans (1) $ 5,984,007 93 % $ 5,660,370 88 % Subordinate loans 436,502 7 % 803,725 12 % $ 6,420,509 100 % $ 6,464,095 100 % Allowance for loan losses $ (59,442 ) $ 6,361,067 Property Type Carrying Value Percentage Carrying Value (2) Percentage Office $ 1,284,157 20 % $ 1,056,109 16 % Mixed-use 1,262,468 20 % 1,336,337 21 % Hospitality 1,254,458 19 % 1,051,658 16 % Land 617,926 10 % 525,147 8 % Multifamily 1,088,816 17 % 1,462,450 23 % For Sale Condo 726,077 11 % 902,812 14 % Other 186,607 3 % 129,582 2 % $ 6,420,509 100 % $ 6,464,095 100 % Allowance for loan losses $ (59,442 ) $ 6,361,067 Geographic Location Carrying Value Percentage Carrying Value (2) Percentage United States Northeast $ 2,886,648 45 % $ 3,078,980 48 % Mid Atlantic 950,295 15 % 1,022,852 16 % Midwest 422,895 7 % 237,879 4 % Southeast 950,082 15 % 918,608 14 % Southwest 207,780 3 % 87,750 1 % West 987,809 15 % 1,109,026 17 % Other 15,000 0 % 9,000 0 % $ 6,420,509 100 % $ 6,464,095 100 % Allowance for loan losses $ (59,442 ) $ 6,361,067 (1) Senior loans include senior mortgages and similar credit quality loans, including related contiguous subordinate loans and pari passu participations in senior mortgage loans. (2) Carrying value is presented n
Summarizes of Interest and Accretion Income from Loans Receivable	The following table summarizes the Company’s interest and accretion income from loans receivable held-for-investment, from loans receivable held-for-sale, from interests in loans receivable held-for-investment, and from interest on cash balances for the three and nine months ended September 30, 2021 and 2020 (dollars in thousands): Three Months Ended Nine Months Ended September 30, 2021 September 30, 2020 September 30, 2021 September 30, 2020 Interest on loans receivable and interests in loans receivable $ 96,913 $ 99,318 $ 294,714 $ 313,940 Interest on cash accounts 2 100 29 703 Prepayment fees - - - 3,576 Accretion of origination fees, net 6,961 6,566 19,526 22,467 Miscellaneous income - - 57 100 Total interest and related income $ 103,876 $ 105,984 $ 314,326 $ 340,786
Market Internal Risk Rating Benefit Activity	The following table allocates the principal balance and carrying value of the loans receivable and interests in loans receivable based on the Company’s internal risk ratings (dollars in thousands): September 30, 2021 Risk Rating Number of Loans Principal Balance Carrying Value 1 4 $ 185,367 $ 184,887 2 11 1,259,095 1,257,569 3 66 3,769,954 3,748,158 4 14 1,122,137 1,119,895 5 2 110,000 110,000 97 $ 6,446,553 $ 6,420,509 Allowance for loan losses (59,442 ) $ 6,361,067 December 31, 2020 Risk Rating Number of Loans Principal Balance Carrying Value 1 3 $ 68,372 $ 69,418 2 6 349,159 349,342 3 72 4,691,775 4,668,991 4 16 1,366,982 1,367,344 5 1 15,000 9,000 98 $ 6,491,288 $ 6,464,095
Schedule of Activity In Allowance For Loan Losses	The following table illustrates the quarterly changes in the allowance for loan losses for the nine months ended September 30, 2021 (dollars in thousands): Specific CECL Allowance (1) Loans receivable held-for-investment Interests in loans receivable held-for-investment Accrued interest receivable Unfunded loan commitments (2) Total Total allowance for loan losses, December 31, 2020 $ 6,000 $ - $ - $ - $ - $ 6,000 Initial CECL allowance, January 1, 2021 - 64,274 406 357 13,214 78,251 Increase (reversal) in allowance - 1,547 (141 ) (14 ) (1,577 ) (185 ) Total allowance for loan losses, March 31, 2021 $ 6,000 $ 65,821 $ 265 $ 343 $ 11,637 $ 84,066 Increase (reversal) in allowance 500 (3,954 ) 270 (33 ) (4,705 ) (7,922 ) Total allowance for loan losses, June 30, 2021 $ 6,500 $ 61,867 $ 535 $ 310 $ 6,932 $ 76,144 Increase (reversal) in allowance 2,000 (11,154 ) (306 ) (64 ) 218 (9,306 ) Total allowance for loan losses, September 30, 2021 $ 8,500 $ 50,713 $ 229 $ 246 $ 7,150 $ 66,838 Percent of Unpaid Principal Balance at September 30, 2021 1.0 % (1) As of December 31, 2020, amounts represent specific loan loss provisions recorded on assets before the adoption of ASU 2016-13. After the adoption of ASU 2016-13 on January 1, 2021, amounts represent Specific CECL allowance. (2) The CECL allowance for unfunded commitments is included in accounts payable and accrued expenses on the Company’s consolidated balance sheets.
Schedule of Carrying Value of Loan Portfolio Based on Internal Risk Ratings	The Company’s primary credit quality indicator is the Company’s internal risk ratings, which are further discussed above. The following table presents the amortized cost basis of the Company’s loans receivable and interest in loans receivable as of September 30, 2021 by year of origination and risk rating (dollars in thousands): Amortized Cost Basis by Origination Year as of September 30, 2021 Risk Rating Number of Loans Amortized Cost Basis 2021 2020 2019 2018 2017 2016 1 4 $ 184,887 $ - $ - $ 130,466 $ 36,614 $ - $ 17,807 2 11 1,257,569 - - 433,282 795,624 28,663 - 3 66 3,748,158 839,054 271,409 2,085,864 454,472 97,359 - 4 14 1,119,895 - - - 1,119,895 - - 5 2 110,000 - - 15,000 - 95,000 - 97 $ 6,420,509 $ 839,054 $ 271,409 $ 2,664,612 $ 2,406,605 $ 221,022 $ 17,807

Real Estate Owned, net (Tables)

Real Estate Owned, net (Tables)	9 Months Ended
	Sep. 30, 2021
Real Estate Owned Disclosure Of Detailed Components [Abstract]
Summary of additional detail related to the company's real estate owned, net	The following table presents additional detail related to the Company’s real estate owned, net as of September 30, 2021 (dollars in thousands): September 30, 2021 Land $ 123,100 Building 284,400 Furniture, fixtures and equipment 6,500 Real estate assets 414,000 Less: accumulated depreciation (5,173 ) Real estate owned, net $ 408,827
Summary of additional detail related to the company's real estate portfolio	The following table presents additional detail related to the Company’s real estate portfolio for the three months ended September 30, 2021 and for the period from February 8, 2021 through September 30, 2021 (dollars in thousands): Three Months Ended September 30, 2021 Period from February 8, 2021 through September 30, 2021 Operating revenues $ 8,550 $ 15,620 Operating expenses (7,948 ) (16,739 ) Depreciation (1,940 ) (5,173 ) Net operating loss from real estate owned $ (1,338 ) $ (6,292 ) The Company’s debt related to real estate owned is summarized as follows (dollars in thousands): Contractual Stated Financing Maturity Date Rate (1) Costs Interest Rate Par Value Carrying Value February 9, 2024 L + 2.78% $ 250 3.53 % $ 290,000 $ 289,784 (1) One-month LIBOR at September 30, 2021 was 0.08% This financing has a LIBOR floor of 0.75%.

Repurchase Agreements, Loan P_2

Repurchase Agreements, Loan Participations Sold, Net, Notes Payable, Net, Secured Term Loan, Net and Debt Related to Real Estate Owned, Net (Tables)	9 Months Ended
	Sep. 30, 2021
Securities Loaned And Securities Sold Under Agreement To Repurchase Gross Including Not Subject To Master Netting Arrangement [Abstract]
Summary of Repurchase Agreements	The following table summarizes the Company’s repurchase agreements by lender as of September 30, 2021 (dollars in thousands): Lender Initial Maturity Fully Extended Maturity (1) Facility Amount Borrowing Outstanding Undrawn Capacity JP Morgan Chase Bank, N.A. - Main Pool 6/29/2025 6/29/2027 $ 1,250,000 $ 994,208 $ 255,792 (2 ) JP Morgan Chase Bank, N.A. - Side Car 5/27/2023 5/27/2024 271,171 197,717 73,454 (3 ) Morgan Stanley Bank, N.A. 1/26/2022 1/26/2024 1,000,000 859,695 140,305 (4 ) Goldman Sachs Bank USA 5/31/2022 5/31/2023 750,000 585,027 164,973 Barclays Bank PLC 12/20/2021 12/20/2022 500,000 201,384 298,616 Deutsche Bank AG, New York Branch 6/26/2022 6/26/2023 265,000 206,018 58,982 (5 ) Wells Fargo Bank, N.A. 9/29/2023 9/29/2026 300,000 50,783 249,217 $ 4,336,171 $ 3,094,832 $ 1,241,339 (1) Facility maturity dates may be extended based on certain conditions being met. (2) This financing has a LIBOR floor of 0.25%. (3) One asset on this financing has a LIBOR floor of 1.00% and one asset on this financing has a LIBOR floor of 0.25%. Subsequent to September 30, 2021, the initial maturity of this financing was extended until January 26, 2023. (4) This financing has a LIBOR floor of 0.35% with respect to transactions where the initial financing date was before May 27, 2021. (5) This facility’s capacity can be increased up to $500.0 million upon the occurrence of certain events.
Summary of Liability Under Repurchase Agreements	Liabilities under the Company’s repurchase agreements as of September 30, 2021 are summarized as follows (dollars in thousands): Lender Weighted Average Term (1) Weighted Average Stated Rate (2) Weighted Average Interest Rate (3) Par Value Carrying Value Carrying Value of Collateral JP Morgan Chase Bank, N.A. - Main Pool 0.8 L + 2.22% 2.30% $ 994,208 $ 994,208 $ 1,596,887 JP Morgan Chase Bank, N.A. - Side Car 0.9 L + 4.50% 4.75% 197,717 197,717 418,854 Morgan Stanley Bank, N.A. 2.2 L + 2.08% 2.44% 859,695 859,695 1,463,267 Goldman Sachs Bank USA 1.3 L + 2.23% 2.50% 585,027 585,027 687,150 Barclays Bank PLC 1.6 L + 1.63% 1.71% 201,384 201,384 282,645 Deutsche Bank AG, New York Branch 2.5 L + 2.35% 2.43% 206,018 206,018 313,776 Wells Fargo Bank, N.A. 2.9 L + 1.50% 1.58% 50,783 50,783 66,882 Total/Weighted Average L + 2.29% 2.49% $ 3,094,832 $ 3,094,832 $ 4,829,461 (1) The weighted average term (years) is determined based on the contractual maturity date of the corresponding loans collateralizing each facility. (2) One-month LIBOR as of September 30, 2021 was 0.08%. Weighted average is based on outstanding principal as of September 30, 2021. (3) Reflects the weighted average interest rate based on the applicable floating benchmark rate (if applicable), including LIBOR floors (if applicable). Liabilities under the Company’s repurchase agreements as of December 31, 2020 are summarized as follows (dollars in thousands): Lender Weighted Average Term (1) Weighted Average Stated Rate (2) Weighted Average Interest Rate (3) Par Value Carrying Value Carrying Value of Collateral JP Morgan Chase Bank, N.A. 1.5 L + 2.23% 2.38% $ 937,800 $ 937,800 $ 1,549,663 Morgan Stanley Bank, N.A. 1.7 L + 2.16% 2.57% 844,283 844,283 1,417,877 Goldman Sachs Bank USA 1.2 L + 2.30% 2.65% 578,015 578,015 961,148 Societe Generale, New York Branch 1.8 L + 2.25% 3.25% 50,000 50,000 97,262 Barclays Bank PLC 1.8 L + 1.63% 1.77% 201,384 201,384 277,948 Deutsche Bank AG, Cayman Island Branch 2.7 L + 1.90% 2.04% 73,721 73,721 106,984 Total/Weighted Average L + 2.17% 2.46% $ 2,685,203 $ 2,685,203 $ 4,410,882 (1) The weighted average term (years) is determined based on the contractual maturity date of the corresponding loans collateralizing each facility. (2) One-month LIBOR as of December 31, 2020 was 0.14%. Weighted average is based on outstanding principal as of December 31, 2020. (3) Reflects the weighted average interest rate based on the applicable floating benchmark rate (if applicable), including LIBOR floors (if applicable).
Schedule of Loan Receivable Portfolio	Activity relating to the loans receivable portfolio for the nine months ended September 30, 2021 (dollars in thousands): Held-for- Investment Held-for- Sale Total Balance at December 31, 2020 $ 6,125,825 $ - $ 6,125,825 Initial funding of new loan originations and acquisitions 842,154 - 842,154 Advances on existing loans 446,553 - 446,553 Non-cash advances in lieu of interest 55,792 - 55,792 Origination fees on loans receivable, net (16,311 ) - (16,311 ) Exit fees received on loans receivable (5,698 ) - (5,698 ) Extension fees received on loans receivable (2,368 ) - (2,368 ) Repayments of loans receivable (1,286,077 ) - (1,286,077 ) Repayments of non-cash advances to loans in lieu of interest (97,087 ) - (97,087 ) Accretion of origination fees, net 18,677 - 18,677 Transfer to real estate owned, net (103,901 ) - (103,901 ) Allowance for loan losses (53,213 ) - (53,213 ) Balance at September 30, 2021 $ 5,924,346 $ - $ 5,924,346 Activity relating to the loans receivable portfolio for the nine months ended September 30, 2020 (dollars in thousands): Held-for- Investment Held-for- Sale Total Balance at December 31, 2019 $ 5,940,268 $ - $ 5,940,268 Initial funding of new loan originations and acquisitions 226,661 - 226,661 Advances on existing loans 403,981 - 403,981 Non-cash advances in lieu of interest 66,470 - 66,470 Origination fees on loans receivable, net (3,512 ) - (3,512 ) Exit fees received on loans receivable (1,172 ) - (1,172 ) Extension fees received on loans receivable (591 ) - (591 ) Repayments of loans receivable (449,813 ) - (449,813 ) Repayments of non-cash advances to loans in lieu of interest (4,383 ) - (4,383 ) Accretion of origination fees, net 22,240 - 22,240 Realized loss on sale of investments - (202 ) (202 ) Transfer to loans held-for-sale (19,983 ) 19,983 - Sale of loans receivable held-for-sale - (19,781 ) (19,781 ) Balance at September 30, 2020 $ 6,180,166 $ - $ 6,180,166 The Company’s loan participations sold as of September 30, 2021 are summarized as follows (dollars in thousands): Contractual Maturity Date Maximum Extension Date Stated Rate (1) Financing Costs Interest Rate Par Value Carrying Value Carrying Value of Collateral Variable: (2 ) 8/1/2022 8/1/2023 L + 3.10% $ 3,531 4.95 % $ 189,750 $ 189,345 $ 371,546 (3 ) 8/20/2022 8/20/2024 L + 3.50% 1,634 5.25 % 218,609 218,275 284,883 (4 ) 11/9/2021 9/9/2024 L + 5.60% 418 7.60 % 49,535 49,662 121,673 (4 ) 11/9/2021 9/9/2024 L + 11.70% 401 13.70 % 47,553 47,676 116,806 L + 4.33% 5,984 6.16 % 505,447 504,958 894,908 Fixed: 12/31/2024 12/31/2025 9.00% 475 9.00 % 20,000 19,560 124,036 Total/Weighted Average $ 6,459 6.27 % $ 525,447 $ 524,518 $ 1,018,944 (1) One-month LIBOR as of September 30, 2021 was 0.08%. Weighted average is based on outstanding principal as of September 30, 2021. (2) This financing has a LIBOR floor of 1.85% (3) This financing has a LIBOR floor of 1.75% (4) This financing has a LIBOR floor of 2.00%. This financing was repaid in full on December 9, 2021 The Company’s loan participations sold as of December 31, 2020 are summarized as follows (dollars in thousands): Contractual Maturity Date Maximum Extension Date Stated Rate (1) Financing Costs Interest Rate Par Value Carrying Value Carrying Value of Collateral (2 ) 8/1/2022 8/1/2023 L + 3.10% $ 3,531 4.95% $ 189,750 $ 188,995 $ 370,541 (3 ) 8/20/2022 8/20/2024 L + 3.50% 1,634 5.25% 138,071 136,843 177,732 (4 ) 3/21/2021 3/21/2023 L + 2.75% 583 4.19% 27,582 27,493 49,710 (5 ) 9/9/2021 9/9/2024 L + 5.60% 418 7.60% 44,645 44,479 109,007 (5 ) 9/9/2021 9/9/2024 L + 11.70% 401 13.70% 42,859 42,701 104,649 (6 ) 9/9/2022 9/9/2024 L + 9.75% 1,151 11.65% 76,513 75,973 76,593 Total/Weighted Average L + 5.09% $ 7,718 6.93% $ 519,420 $ 516,484 $ 888,232 (1) One-month LIBOR as of December 31, 2020 was 0.14%. Weighted average is based on outstanding principal as of December 31, 2020. (2) This financing has a LIBOR floor of 1.85% (3) This financing has a LIBOR floor of 1.75% (4) This financing has a LIBOR floor of 1.44% (5) This financing has a LIBOR floor of 2.00% (6) This financing has a LIBOR floor of 1.90%
Summary Of Notes Payable	The Company’s notes payable as of September 30, 2021 are summarized as follows (dollars in thousands): Contractual Maturity Date Maximum Extension Date Stated Rate (1) Financing Costs Interest Rate Par Value Carrying Value Carrying Value of Collateral (2 ) 1/4/2022 1/4/2022 L + 4.00% $ 1,042 6.43% $ 48,000 $ 47,921 $ 117,297 (1) One-month LIBOR as of September 30, 2021 was 0.08%. Weighted average is based on outstanding principal as of September 30, 2021. (2) This financing has a LIBOR floor of 2.43%. The Company’s notes payable as of December 31, 2020 are summarized as follows (dollars in thousands): Contractual Maturity Date Maximum Extension Date Stated Rate (1) Financing Costs Interest Rate Par Value Carrying Value Carrying Value of Collateral (2 ) 1/4/2021 4/1/2021 L + 4.00% $ 616 6.43% $ 52,938 $ 52,938 $ 116,514 (3 ) 8/2/2022 8/2/2023 L + 2.85% 1,527 4.50% 99,579 98,553 132,761 (4 ) 1/31/2021 7/30/2021 L + 3.50% 544 5.35% 40,000 39,950 67,146 (5 ) 7/30/2021 7/30/2023 L + 3.50% 977 4.90% 92,777 92,322 117,165 (6 ) 1/15/2022 1/15/2022 L + 4.50% 291 5.50% 20,000 19,752 106,618 Total/Weighted Average L + 3.44% $ 3,955 5.13% $ 305,294 $ 303,515 $ 540,204 (1) One-month LIBOR as of December 31, 2020 was 0.14%. Weighted average is based on outstanding principal as of December 31, 2020. (2) This financing has a LIBOR floor of 2.43%. (3) This financing has a LIBOR floor of 1.65%. (4) This financing has a LIBOR floor of 1.85%. (5) This financing has a LIBOR floor of 1.40%. The Company has guaranteed a portion of this note payable. The Company's maximum exposure is limited to $20.0 million. (6) This financing has a LIBOR floor of 1.00%.
Summary of Secured Term Loan	The secured term loan as of September 30, 2021 is summarized as follows (dollars in thousands): Contractual Stated Financing Maturity Date Rate (1,2) Costs Interest Rate ( 2) Par Value Carrying Value 8/9/2026 L + 5.00% $ 25,829 6.00% $ 762,717 $ 742,778 (1) One-month LIBOR at September 30, 2021 was 0.08% The secured term loan has a LIBOR floor of 1.00%. (2) Subsequent to September 30, 2021 The secured term loan as of December 31, 2020 is summarized as follows (dollars in thousands): Contractual Stated Financing Maturity Date Rate (1) Costs Interest Rate Par Value Carrying Value 8/9/2026 L + 5.00% $ 25,742 6.00% $ 768,554 $ 746,095 (1) One-month LIBOR at December 31, 2020 was 0.14%. Following the modification on December 1, 2020, the secured term loan has a LIBOR floor of 1.00%.
Summary of additional detail related to the company's real estate portfolio	The following table presents additional detail related to the Company’s real estate portfolio for the three months ended September 30, 2021 and for the period from February 8, 2021 through September 30, 2021 (dollars in thousands): Three Months Ended September 30, 2021 Period from February 8, 2021 through September 30, 2021 Operating revenues $ 8,550 $ 15,620 Operating expenses (7,948 ) (16,739 ) Depreciation (1,940 ) (5,173 ) Net operating loss from real estate owned $ (1,338 ) $ (6,292 ) The Company’s debt related to real estate owned is summarized as follows (dollars in thousands): Contractual Stated Financing Maturity Date Rate (1) Costs Interest Rate Par Value Carrying Value February 9, 2024 L + 2.78% $ 250 3.53 % $ 290,000 $ 289,784 (1) One-month LIBOR at September 30, 2021 was 0.08% This financing has a LIBOR floor of 0.75%.
Summary of Interest Expense and Amortization	The following table summarizes the Company’s interest and amortization expense on secured financings, debt related to real estate owned and on the secured term loan for the three and nine months ended September 30, 2021 and 2020 (dollars in thousands): Three Months Ended Nine Months Ended September 30, 2021 September 30, 2020 September 30, 2021 September 30, 2020 Interest on secured financings $ 28,400 $ 31,403 $ 86,989 $ 101,230 Interest on secured term loan 11,749 3,928 34,954 13,640 Interest on debt related to real estate owned 2,619 - 12,968 - Amortization of financing costs 5,302 4,409 16,277 14,211 Total interest and related expense $ 48,070 $ 39,740 $ 151,188 $ 129,081

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	9 Months Ended
	Sep. 30, 2021
Fair Value Disclosures [Abstract]
Schedule of Financial Instruments Measured at Carrying And Estimated Fair Value	The carrying value and estimated fair value of financial instruments not recorded at fair value on a recurring basis but required to be disclosed at fair value were as follows (dollars in thousands): September 30, 2021 Fair value hierarchy level Carrying Value Par Value Fair Value Level 1 Level 2 Level 3 Loans receivable held-for-investment, net $ 5,924,346 $ 6,009,765 $ 6,035,925 $ - $ - $ 6,035,925 Interests in loans receivable held-for- investment, net 436,721 436,788 437,915 - - 437,915 Repurchase agreements 3,094,832 3,094,832 3,098,690 - - 3,098,690 Loan participations sold, net 524,518 525,447 530,609 - - 530,609 Notes payable, net 47,921 48,000 48,000 - - 48,000 Secured term loan, net 742,778 762,717 782,129 - - 782,129 Debt related to real estate owned, net 289,784 290,000 282,107 - - 282,107 December 31, 2020 Fair value hierarchy level Carrying Value Par Value Fair Value Level 1 Level 2 Level 3 Loans receivable held-for-investment, net $ 6,125,825 $ 6,152,331 $ 6,155,526 $ - $ - $ 6,155,526 Interests in loans receivable held-for- investment, net 338,270 338,957 338,695 - - 338,695 Repurchase agreements 2,685,203 2,685,203 2,668,464 - - 2,668,464 Loan participations sold, net 516,484 519,420 524,010 - - 524,010 Notes payable, net 303,515 305,294 308,069 - - 308,069 Secured term loan, net 746,095 768,554 769,949 - - 769,949

Equity (Tables)

Equity (Tables)	9 Months Ended
	Sep. 30, 2021
Equity [Abstract]
Schedule of Common Stock Issued and Outstanding	The following table provides a summary of the number of common shares issued and outstanding at September 30, 2021, including redeemable common stock, and average price per share since inception: Number of Shares Average Price Period Issued Per Share 2015 9,250,000 $ 19.85 Q2 2016 4,275,000 20.00 Q3 2016 7,306,984 19.16 Q4 2016 4,000,000 20.00 Q1 2017 10,155,000 20.00 Q3 2017 6,950,250 20.00 Q4 2017 17,153,454 19.95 Q1 2018 1,365,805 20.00 Q2 2018 19,451,583 19.91 Q3 2018 20,533,575 19.68 Q4 2018 1,595,250 20.00 Q1 2019 3,100,750 20.00 Q2 2019 8,652,278 19.76 Q3 2019 1,098,350 20.00 Q4 2019 14,460,441 19.65 Q1 2020 3,500,000 20.00 Q2 2021 (1) 584,767 - Total/Weighted Average 133,433,487 $ 19.82 (1) Issued shares represent conversion of fully vested RSUs to common shares. These shares are excluded from the calculation of the weighted average price per share.
Summary of Dividends Declared For Common, Redeemable common, Vested Restricted Stock Units And Preferred Stock.	The following table details the Company’s dividend activity for common, redeemable common, vested restricted stock units and preferred stock (dollars in thousands, except per share data): For the Quarter Ended March 31, 2021 June 30, 2021 September 30, 2021 Amount Per Share Amount Per Share Amount Per Share Dividends declared - common stock, redeemable common stock and vested restricted stock units $ 50,000 $ 0.37 $ 50,000 $ 0.37 $ 50,000 $ 0.37 Dividends declared - preferred stock $ 4 $ 0.03 $ 4 $ 0.03 $ 4 $ 0.03 Record Date - common stock, redeemable common stock and vested restricted stock units March 19, 2021 June 16, 2021 September 17, 2021 Payment Date - common stock, redeemable common stock and vested restricted stock units April 1, 2021 July 7, 2021 October 7, 2021 For the Quarter Ended March 31, 2020 June 30, 2020 September 30, 2020 Amount Per Share Amount Per Share Amount Per Share Dividends declared - common stock, redeemable common stock and vested restricted stock units $ 56,000 $ 0.43 $ 59,000 $ 0.44 $ 50,000 $ 0.37 Dividends declared - preferred stock (1) $ 8 $ 0.03 $ 8 $ 0.03 $ 8 $ 0.03 Record Date - common stock, redeemable common stock and vested restricted stock units March 4, 2020 June 18, 2020 September 29, 2020 Payment Date - common stock, redeemable common stock and vested restricted stock units April 2, 2020 July 1, 2020 October 1, 2020

Earnings per Share (Tables)

Earnings per Share (Tables)	9 Months Ended
	Sep. 30, 2021
Earnings Per Share [Abstract]
Schedule of Basic and Diluted Earning per Share	As of September 30, 2021 and 2020 there were no dilutive securities affiliated with the Company. As a result, basic and diluted EPS are the same. The calculation of basic and diluted EPS is as follows (dollars in thousands, except for share and per share data): Three Months Ended Nine Months Ended September 30, 2021 September 30, 2020 September 30, 2021 September 30, 2020 Net income attributable to Claros Mortgage Trust, Inc. common stockholders and redeemable common stockholders $ 52,877 $ 50,015 $ 153,506 $ 159,160 Basic weighted average number of common stock and redeemable common stock outstanding (1) 133,433,487 133,726,218 133,491,390 132,729,868 Diluted weighted average number of common stock and redeemable common stock outstanding (1) 133,433,487 133,726,218 133,491,390 132,729,868 Net income per share of common stock and redeemable stock, basic and diluted $ 0.40 $ 0.37 $ 1.15 $ 1.20

Related Party Transactions (Tab

Related Party Transactions (Tables)	9 Months Ended
	Sep. 30, 2021
Related Party Transactions [Abstract]
Summary of Management and Incentive Fees	The following table summarizes the Company’s management and incentive fees (dollars in thousands): Three Months Ended Nine Months Ended September 30, 2021 September 30, 2020 September 30, 2021 September 30, 2020 Management fees $ 9,789 $ 9,844 $ 29,152 $ 29,111 Incentive fees - 1,141 - 7,579 Total $ 9,789 $ 10,985 $ 29,152 $ 36,690

Equity Compensation (Tables)

Equity Compensation (Tables)	9 Months Ended
	Sep. 30, 2021
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Summary of Restricted Stock Units Activity	The following table details the RSU activity during the nine months ended September 30, 2021 and 2020 (dollars in thousands): Time-based Restricted Stock Units Performance-based Restricted Stock Units Weighted-Average Weighted-Average Number of Grant Date Fair Number of Grant Date Fair Restricted Shares Value Per Share Restricted Shares Value Per Share Unvested, December 31, 2020 - $ - 1,622 $ 20.00 Granted - - - - Forfeited/cancelled - - (525 ) $ 20.00 Vested - - - - Unvested, September 30, 2021 - $ - 1,097 $ 20.00 Time-based Restricted Stock Units Performance-based Restricted Stock Units Weighted-Average Weighted-Average Number of Grant Date Fair Number of Grant Date Fair Restricted Shares Value Per Share Restricted Shares Value Per Share Unvested, December 31, 2019 - $ - 1,622 $ 20.00 Granted - - - - Vested - - - - Unvested, September 30, 2020 - $ - 1,622 $ 20.00

Income Taxes (Tables)

Income Taxes (Tables)	9 Months Ended
	Sep. 30, 2021
Income Tax Disclosure [Abstract]
Schedule of Income Tax Expense Benefit	The components of the Company’s provision for income taxes or income tax benefit are as follows (dollars in thousands): Three Months Ended Nine Months Ended September 30, 2021 September 30, 2021 Current Federal $ - $ - State and local - (35 ) Current income tax expense - (35 ) Deferred Federal - 3,252 State and local - 2,808 Deferred income tax benefit - 6,060 Total income tax benefit $ - $ 6,025
Schedule of Deferred Tax Assets	The components of the deferred tax assets consist of the following (dollars in thousands): September 30, 2021 Investment basis difference in real estate owned $ 4,021 Net operating loss carryforward 9,498 13,519 Valuation allowance (7,459 ) Deferred tax asset $ 6,060

Commitments and Contingencies (

Commitments and Contingencies (Table)	9 Months Ended
	Sep. 30, 2021
Commitments And Contingencies Disclosure [Abstract]
Schedule of Contractual Maturity Payment	The Company’s contractual payments under all borrowings by maturity were as follows as of September 30, 2021 (dollars in thousands): Year Amount 2021 532,004 2022 1,732,670 2023 468,840 2024 1,061,951 2025 195,892 Thereafter 729,639 $ 4,720,996

Segment Reporting (Table)

Segment Reporting (Table)	9 Months Ended
	Sep. 30, 2021
Segment Reporting [Abstract]
Schedule of Performance Based Segment Reporting Information	The Company evaluates performance based on the following financial measures (dollars in thousands): Three months ended September 30, 2021 Loans Corporate/Other Total Interest and related income $ 103,876 $ - $ 103,876 Less: interest and related expense 45,429 2,641 48,070 Net interest income 58,447 (2,641 ) 55,806 Revenue from real estate owned - 8,550 8,550 Total revenue $ 58,447 $ 5,909 $ 64,356 Management fees - affiliate - 9,789 9,789 Incentive fees - affiliate - - - Equity compensation - (186 ) (186 ) General and administrative expenses - 1,330 1,330 Expenses from real estate owned - 9,888 9,888 Total expenses $ - $ 20,821 $ 20,821 Reversal of current expected credit loss reserve 9,306 - 9,306 Income before income taxes $ 67,753 $ (14,912 ) $ 52,841 Segment income $ 67,753 $ (14,912 ) $ 52,841 Total Assets as of September 30, 2021 $ 6,905,196 $ 447,077 $ 7,352,273 Three months ended September 30, 2020 Loans Corporate/Other Total Interest and related income $ 105,984 $ - $ 105,984 Less: interest and related expense 39,740 - 39,740 Net interest income 66,244 - 66,244 Revenue from real estate owned - - Total revenue 66,244 - 66,244 Management fees - affiliate $ - $ 9,844 $ 9,844 Incentive fees - affiliate - 1,141 1,141 Equity compensation - 2,451 2,451 General and administrative expenses - 1,169 1,169 Expenses from real estate owned - - - Total expenses $ - $ 14,605 $ 14,605 Realized loss on sale of investments (202 ) - (202 ) Segment income $ 66,042 $ (14,605 ) $ 51,437 Total Assets as of December 31, 2020 $ 6,952,543 $ - $ 6,952,543 Nine months ended September 30, 2021 Loans Corporate/Other Total Interest and related income $ 314,326 $ - $ 314,326 Less: interest and related expense 138,186 13,002 151,188 Net interest income 176,140 (13,002 ) 163,138 Revenue from real estate owned - 15,620 15,620 Total revenue 176,140 2,618 178,758 Management fees - affiliate $ - $ 29,152 $ 29,152 Equity compensation - (376 ) (376 ) General and administrative expenses - 5,393 5,393 Expenses from real estate owned - 21,912 21,912 Total expenses $ - $ 56,081 $ 56,081 Gain on foreclosure of real estate owned - 1,430 1,430 Other income - 5,855 5,855 Reversal of current expected credit loss 17,413 - 17,413 Income before income taxes 193,553 (46,178 ) 147,375 Income tax benefit - 6,025 6,025 Segment income $ 193,553 $ (40,153 ) $ 153,400 Total Assets as of September 30, 2021 $ 6,905,196 $ 447,077 $ 7,352,273 Nine months ended September 30, 2020 Loans Corporate/Other Total Interest and related income $ 340,786 $ - $ 340,786 Less: interest and related expense 129,081 - 129,081 Net interest income 211,705 - 211,705 Revenue from real estate owned - - Total revenue 211,705 - 211,705 Management fees - affiliate $ - $ 29,111 $ 29,111 Incentive fees - affiliate - 7,579 7,579 Equity compensation - 7,354 7,354 General and administrative expenses - 4,162 4,162 Expenses from real estate owned - - - Total expenses $ - $ 48,206 $ 48,206 Realized loss on sale of investments (202 ) - (202 ) Segment income $ 211,503 $ (48,206 ) $ 163,297 Total Assets as of December 31, 2020 $ 6,952,543 $ - $ 6,952,543

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Additional Information (Details) - USD ($)	9 Months Ended	12 Months Ended
	Sep. 30, 2021	Dec. 31, 2020	Jan. 01, 2021	Sep. 30, 2020
New Accounting Pronouncements Or Change In Accounting Principle [Line Items]
Cash, FDIC Insured Amount	$ 250,000
Non-controlling interests	37,143,000	$ 35,286,000
Retained earnings	597,331,000	526,205,000
Accounting Standards Update 2016-13 [Member]
New Accounting Pronouncements Or Change In Accounting Principle [Line Items]
Retained earnings			$ 78,251,000
Public Offering [Member]
New Accounting Pronouncements Or Change In Accounting Principle [Line Items]
Offering cost classified as Other Asset	900,000	16,000
Accrued other assets	500,000	16,000
Offering costs incurred and charged to Additional Paid in Capital	200,000			$ 1,000,000
Accrued offering costs charged to additional paid in capital	$ 1,700,000	1,500,000
Retained Earnings [Member] | Accounting Standards Update 2016-13 [Member]
New Accounting Pronouncements Or Change In Accounting Principle [Line Items]
Retained earnings			$ 78,300,000
CMTG/TT Mortgage REIT LLC [Member] | CMTG [Member]
New Accounting Pronouncements Or Change In Accounting Principle [Line Items]
Noncontrolling Interest, Ownership Percentage by Parent	51.00%
Stockholders equity of minority interest entity	$ 75,800,000	72,000,000
CMTG/TT Mortgage REIT LLC [Member] | Noncontrolling Interest [Member]
New Accounting Pronouncements Or Change In Accounting Principle [Line Items]
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners	49.00%
Non-controlling interests	$ 37,100,000	$ 35,300,000

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Schedule of Impact of Adoption (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Jan. 01, 2021	Dec. 31, 2020
Assets
Loans receivable held-for-investment	$ (5,983,559)		$ (6,131,825)
Accrued interest receivable	(30,259)		(35,668)
Liabilities
Total impact of ASU 2016-13 adoption on retained earnings	$ 597,331		$ 526,205
Accounting Standards Update 2016-13 [Member]
Assets
Loans receivable held-for-investment		$ 64,274
Interests in loans receivable held-for-investment		406
Accrued interest receivable		357
Liabilities
Unfunded loan commitments		13,214
Total impact of ASU 2016-13 adoption on retained earnings		$ 78,251

Loans Portfolio - Schedule of L

Loans Portfolio - Schedule of Loans and Financing Receivable (Details) $ in Thousands		9 Months Ended		12 Months Ended
		Sep. 30, 2021USD ($)InvestmentLoan		Dec. 31, 2020USD ($)InvestmentLoan		Sep. 30, 2020USD ($)	Dec. 31, 2019USD ($)
Financing Receivable Recorded Investment Past Due [Line Items]
Loan Commitment(5)	[1]	$ 6,970,592		$ 7,349,651
Principal Outstanding		6,009,765		6,152,331
Loans receivable held-for-investment		$ 5,983,559		$ 6,131,825
Number of Loans | Loan		97		98
Weighted Average Interest Rate(4)		6.10%	[2]	6.57%	[3]
Less: allowance for loan losses		$ (59,213)		$ (6,000)
Loans receivable held-for-investment, net		5,924,346		6,125,825	[4]	$ 6,180,166	$ 5,940,268
Variable Senior Loans
Financing Receivable Recorded Investment Past Due [Line Items]
Loan Commitment(5)	[1],[6]	6,452,082	[5]	6,395,473	[7]
Principal Outstanding	[6]	5,515,249	[5]	5,272,201	[7]
Loans receivable held-for-investment	[6]	$ 5,487,984	[5]	$ 5,252,577	[4],[7]
Variable Senior Loans | London Interbank Offered Rate (LIBOR)
Financing Receivable Recorded Investment Past Due [Line Items]
Number of Investments | Investment	[6]	48	[5]	46	[7]
Number of Loans | Loan	[6]	84	[5]	80	[7]
Weighted Average Stated Rate(2)	[6]	L + 4.29%	[5],[8]	L + 4.35%	[7],[9]
Weighted Average Interest Rate(4)	[6]	5.68%	[2],[5]	5.93%	[3],[7]
Variable Subordinate Loans
Financing Receivable Recorded Investment Past Due [Line Items]
Loan Commitment(5)	[1]	$ 436,544		$ 852,982
Principal Outstanding		413,967		782,646
Loans receivable held-for-investment		$ 415,056		$ 782,167	[4]
Variable Subordinate Loans | London Interbank Offered Rate (LIBOR)
Financing Receivable Recorded Investment Past Due [Line Items]
Number of Investments | Investment		4		8
Number of Loans | Loan		6		11
Weighted Average Stated Rate(2)		L + 8.95%	[8]	L + 8.72%	[9]
Weighted Average Interest Rate(4)		10.71%	[2]	10.20%	[3]
Variable Loan
Financing Receivable Recorded Investment Past Due [Line Items]
Loan Commitment(5)	[1]	$ 6,888,626		$ 7,248,455
Principal Outstanding		5,929,216		6,054,847
Loans receivable held-for-investment		$ 5,903,040		$ 6,034,744	[4]
Variable Loan | London Interbank Offered Rate (LIBOR)
Financing Receivable Recorded Investment Past Due [Line Items]
Weighted Average Stated Rate(2)		L + 4.62%	[8]	L + 4.91%	[9]
Weighted Average Interest Rate(4)		6.03%	[2]	6.48%	[3]
Fixed Senior Loans
Financing Receivable Recorded Investment Past Due [Line Items]
Loan Commitment(5)	[1],[6]	$ 58,939	[5]	$ 75,669	[7]
Principal Outstanding	[6]	58,939	[5]	75,669	[7]
Loans receivable held-for-investment	[6]	$ 59,073	[5]	$ 69,523	[4],[7]
Number of Investments | Investment	[6]	2	[5]	2	[7]
Number of Loans | Loan	[6]	3	[5]	3	[7]
Weighted Average Interest Rate(4)	[6]	11.27%	[2],[5]	12.59%	[3],[7]
Fixed Subordinate Loans
Financing Receivable Recorded Investment Past Due [Line Items]
Loan Commitment(5)	[1]	$ 23,027		$ 25,527
Principal Outstanding		21,610		21,815
Loans receivable held-for-investment		$ 21,446		$ 21,558	[4]
Number of Investments | Investment		2		2
Number of Loans | Loan		2		2
Weighted Average Interest Rate(4)		11.55%	[2]	11.00%	[3]
Fixed Loan
Financing Receivable Recorded Investment Past Due [Line Items]
Loan Commitment(5)	[1]	$ 81,966		$ 101,196
Principal Outstanding		80,549		97,484
Loans receivable held-for-investment		$ 80,519		$ 91,081	[4]
Weighted Average Interest Rate(4)		11.35%	[2]	12.24%	[3]
[1]	Loan commitment represents initial loan commitments, as adjusted by commitment reductions, less loan repayments and transfers which qualified for sale accounting under GAAP
[2]	Reflects the weighted average interest rate based on the applicable floating benchmark rate (if applicable), including LIBOR floors (if applicable). Weighted average is based on outstanding principal as of September 30, 2021.
[3]	Reflects the weighted average interest rate based on the applicable floating benchmark rate (if applicable), including LIBOR floors (if applicable). Weighted average is based on outstanding principal as of December 31, 2020.
[4]	Carrying value is presented net of loan loss reserves of $6.0 million.
[5]	Includes a fixed rate loan with an outstanding principal balance of $27.2 million and a loan commitment of $39.7 million at September 30, 2021, which shares the same collateral as floating rate loans with an outstanding principal balance of $143.7 million and a loan commitment of $146.8 million at September 30, 2021.
[6]	Senior loans include senior mortgages and similar credit quality loans, including related contiguous subordinate loans, and pari passu participations in senior mortgage loans.
[7]	Includes a fixed rate loan with an outstanding principal balance of $6.4 million and a loan commitment of $39.7 million as of December 31, 2020, which shares the same collateral as floating rate loans with an outstanding principal balance of $138.3 million and a loan commitment of $146.8 million at December 31, 2020.
[8]	One-month LIBOR as of September 30, 2021 was 0.08%. Weighted average is based on outstanding principal as of September 30, 2021.
[9]	One-month LIBOR as of December 31, 2020 was 0.14%. Weighted average is based on outstanding principal as of December 31, 2020.

Loans Portfolio - Schedule of_2

Loans Portfolio - Schedule of Loans and Financing Receivable (Details) (Parenthetical) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Sep. 30, 2021
Financing Receivable Recorded Investment Past Due [Line Items]
Net of loan loss reserves	$ 6
Fixed Rate Loan
Financing Receivable Recorded Investment Past Due [Line Items]
Principal amount outstanding of contiguous loans	6.4	$ 27.2
Loan Commitment Amount	39.7	39.7
Floating Rate Loan
Financing Receivable Recorded Investment Past Due [Line Items]
Principal amount outstanding of contiguous loans	138.3	143.7
Loan Commitment Amount	$ 146.8	$ 146.8
London Interbank Offered Rate (LIBOR)
Financing Receivable Recorded Investment Past Due [Line Items]
One month LIBOR rate	0.14%	0.08%

Loans Portfolio - Additional In

Loans Portfolio - Additional Information (Details) - USD ($)	1 Months Ended	3 Months Ended	9 Months Ended	12 Months Ended
	Dec. 31, 2020	Sep. 30, 2021	Sep. 30, 2021	Dec. 31, 2020
Financing Receivable Allowance For Credit Losses [Line Items]
Loans Receivable Percentage	7.00%	6.10%	6.10%	7.00%
Initial Maturity			3 years	3 years 1 month 6 days
Outstanding Principal Balance	$ 615,800,000	$ 382,000,000	$ 382,000,000	$ 615,800,000
Interest recognized		4,800	15,300
Operating Income (Loss)		4,800	15,300
Provision for loan losses	6,000	9,300,000	17,400,000
Allowance for credit losses			2,500,000
Reversal provision for allowances for credit losses	6,000	9,300,000	17,400,000
Total allowance for loan losses	$ (6,000,000)	(59,213,000)	(59,213,000)	$ (6,000,000)
COVID 19 [Member]
Financing Receivable Allowance For Credit Losses [Line Items]
Total allowance for loan losses		$ 66,800,000	$ 66,800,000
Held-to-maturity Securities
Financing Receivable Allowance For Credit Losses [Line Items]
Initial Maturity			2 months 12 days	9 months 18 days
Receivable and interest rate	5.90%	5.80%	5.80%	5.90%
Weighted average term to maturity			1 year 4 months 24 days	2 years 1 month 6 days
Entity Loan Modification Program
Financing Receivable Allowance For Credit Losses [Line Items]
Outstanding principal balance, carrying value	$ 15,000			$ 15,000
Entity Loan Modification Program | Senior Loans
Financing Receivable Allowance For Credit Losses [Line Items]
Outstanding principal balance for senior loan			$ 95,000,000
Loans Receivable Portfolio [Member]
Financing Receivable Allowance For Credit Losses [Line Items]
Initial Maturity			1 year 4 months 24 days	1 year 4 months 24 days
Receivable and interest rate	5.90%	5.90%	5.90%	5.90%
Nonaccrual ninety day outstanding principal balance				$ 300,600,000
Nonaccrual ninety day percentage				4.70%
Interest recognized		$ 1,900,000	$ 2,300,000
Outstanding Principal Balance				$ 382,300,000
Operating Income (Loss)		$ 1,900,000	$ 2,300,000
Loans Receivable And Interests In Loans Receivable Portfolio
Financing Receivable Allowance For Credit Losses [Line Items]
Receivable and interest rate	3.60%			3.60%
Loans Receivable And Interests In Loans Receivable Portfolio | Entity Loan Modification Program
Financing Receivable Allowance For Credit Losses [Line Items]
Outstanding principal balance	$ 233,500,000			$ 233,500,000
Floating Rate Loan
Financing Receivable Allowance For Credit Losses [Line Items]
Percentage of unpaid principal balance on floating rate loans			1.40%

Loans Portfolio - Summary of Ra

Loans Portfolio - Summary of Range of LIBOR Floors held by Company (Details) - USD ($) $ in Thousands		9 Months Ended
		Sep. 30, 2021	Dec. 31, 2020
Financing Receivable [Line Items]
Principal Outstanding		$ 6,009,765	$ 6,152,331
L I B O R Floor Range One
Financing Receivable [Line Items]
Principal Outstanding		788,093
L I B O R Floor Range Two
Financing Receivable [Line Items]
Principal Outstanding		902,583
L I B O R Floor Range Three
Financing Receivable [Line Items]
Principal Outstanding		1,314,438
L I B O R Floor Range Four
Financing Receivable [Line Items]
Principal Outstanding		442,392
L I B O R Floor Range Five
Financing Receivable [Line Items]
Principal Outstanding		570,517
L I B O R Floor Range Six
Financing Receivable [Line Items]
Principal Outstanding		356,424
L I B O R Floor Range Seven
Financing Receivable [Line Items]
Principal Outstanding		1,260,047
L I B O R Floor Fixed Rate
Financing Receivable [Line Items]
Principal Outstanding		107,723
L I B O R No Floor
Financing Receivable [Line Items]
Principal Outstanding		$ 267,548
Minimum | L I B O R Floor Range One
Financing Receivable [Line Items]
One-month LIBOR Floor Range (1)	[1]	2.25%
% of Total		13.00%
Minimum | L I B O R Floor Range Two
Financing Receivable [Line Items]
One-month LIBOR Floor Range (1)	[1]	2.00%
% of Total		15.00%
Minimum | L I B O R Floor Range Three
Financing Receivable [Line Items]
One-month LIBOR Floor Range (1)	[1]	1.75%
% of Total		22.00%
Minimum | L I B O R Floor Range Four
Financing Receivable [Line Items]
One-month LIBOR Floor Range (1)	[1]	1.50%
% of Total		7.00%
Minimum | L I B O R Floor Range Five
Financing Receivable [Line Items]
One-month LIBOR Floor Range (1)	[1]	1.25%
% of Total		10.00%
Minimum | L I B O R Floor Range Six
Financing Receivable [Line Items]
One-month LIBOR Floor Range (1)	[1]	1.00%
% of Total		6.00%
Minimum | L I B O R Floor Range Seven
Financing Receivable [Line Items]
% of Total		21.00%
Minimum | L I B O R Floor Fixed Rate
Financing Receivable [Line Items]
% of Total		2.00%
Minimum | L I B O R No Floor
Financing Receivable [Line Items]
% of Total		4.00%
Maximum | L I B O R Floor Range One
Financing Receivable [Line Items]
One-month LIBOR Floor Range (1)	[1]	2.50%
Cumulative %		15.00%
Maximum | L I B O R Floor Range Two
Financing Receivable [Line Items]
One-month LIBOR Floor Range (1)	[1]	2.24%
Cumulative %		30.00%
Maximum | L I B O R Floor Range Three
Financing Receivable [Line Items]
One-month LIBOR Floor Range (1)	[1]	1.99%
Cumulative %		52.00%
Maximum | L I B O R Floor Range Four
Financing Receivable [Line Items]
One-month LIBOR Floor Range (1)	[1]	1.74%
Cumulative %		59.00%
Maximum | L I B O R Floor Range Five
Financing Receivable [Line Items]
One-month LIBOR Floor Range (1)	[1]	1.49%
Cumulative %		69.00%
Maximum | L I B O R Floor Range Six
Financing Receivable [Line Items]
One-month LIBOR Floor Range (1)	[1]	1.24%
Cumulative %		75.00%
Maximum | L I B O R Floor Range Seven
Financing Receivable [Line Items]
One-month LIBOR Floor Range (1)	[1]	1.00%
Cumulative %		96.00%
Maximum | L I B O R Floor Fixed Rate
Financing Receivable [Line Items]
Cumulative %		2.00%
Maximum | L I B O R No Floor
Financing Receivable [Line Items]
Cumulative %		100.00%
[1]	All floors are in excess of LIBOR at September 30, 2021

Loans Portfolio - Schedule of_3

Loans Portfolio - Schedule of Loan Receivable Portfolio (Detail) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2021		Sep. 30, 2020
Loans Receivable Roll Forward [Line Items]
Balance at December 31, 2020	$ 6,125,825	[1]	$ 5,940,268
Initial funding of new loan originations and acquisitions	842,154		226,661
Advances on existing loans	446,553		403,981
Non-cash advances in lieu of interest	55,792		66,470
Origination fees on loans receivable, net	(16,311)		(3,512)
Exit fees received on loans receivable	(5,698)		(1,172)
Extension fees received on loans receivable	(2,368)		(591)
Repayments of loans receivable	(1,286,077)		(449,813)
Repayments of non-cash advances to loans in lieu of interest	(97,087)		(4,383)
Accretion of origination fees, net	18,677		22,240
Transfer to real estate owned, net	(103,901)
Allowance for loan losses	(53,213)
Balance at September 30, 2021	5,924,346		6,180,166
Repayment of non-cash advances to interests in loans receivable in lieu of interest	363		(4,383)
Realized loss on sale of investments			(202)
Sale of loans receivable held-for-sale			(19,781)
Held For Investment
Loans Receivable Roll Forward [Line Items]
Balance at December 31, 2020	6,125,825		5,940,268
Initial funding of new loan originations and acquisitions	842,154		226,661
Advances on existing loans	446,553		403,981
Non-cash advances in lieu of interest	55,792		66,470
Origination fees on loans receivable, net	(16,311)		(3,512)
Exit fees received on loans receivable	(5,698)		(1,172)
Extension fees received on loans receivable	(2,368)		(591)
Repayments of loans receivable	(1,286,077)		(449,813)
Repayments of non-cash advances to loans in lieu of interest	(97,087)
Accretion of origination fees, net	18,677		22,240
Transfer to real estate owned, net	(103,901)
Allowance for loan losses	(53,213)
Balance at September 30, 2021	$ 5,924,346		6,180,166
Repayment of non-cash advances to interests in loans receivable in lieu of interest			(4,383)
Transfer to loans held-for-sale			19,983
Held For Sale
Loans Receivable Roll Forward [Line Items]
Realized loss on sale of investments			(202)
Transfer to loans held-for-sale			19,983
Sale of loans receivable held-for-sale			$ (19,781)
[1]	Carrying value is presented net of loan loss reserves of $6.0 million.

Loans Portfolio - Schedule of I

Loans Portfolio - Schedule of Interests in Loans Receivable Held For Investment (Details) $ in Thousands		9 Months Ended		12 Months Ended
		Sep. 30, 2021USD ($)InvestmentLoan		Dec. 31, 2020USD ($)InvestmentLoan
Financing Receivable Recorded Investment Past Due [Line Items]
Loan Commitment(5)	[1]	$ 6,970,592		$ 7,349,651
Weighted Average Interest Rate(4)		6.10%	[2]	6.57%	[3]
Held-to-maturity Securities
Financing Receivable Recorded Investment Past Due [Line Items]
Allowance for loan losses		$ (229)
Interests in loans receivable held-for-investment, net		$ 436,721
Held-to-maturity Securities | Senior Loans
Financing Receivable Recorded Investment Past Due [Line Items]
Number of Investments | Investment	[4]	2		2
Number of Loans | Loan	[4]	2		2
Loan Commitment(5)	[1],[4]	$ 511,849		$ 515,190
Principal Outstanding	[4]	436,788		338,957
Carrying Value	[4]	$ 436,950		$ 338,270
Weighted Average Stated Rate(2)		L + 4.53%	[5]	L + 4.54%	[6]
Weighted Average Interest Rate(4)		5.40%	[7]	5.39%	[8]
[1]	Loan commitment represents initial loan commitments, as adjusted by commitment reductions, less loan repayments and transfers which qualified for sale accounting under GAAP
[2]	Reflects the weighted average interest rate based on the applicable floating benchmark rate (if applicable), including LIBOR floors (if applicable). Weighted average is based on outstanding principal as of September 30, 2021.
[3]	Reflects the weighted average interest rate based on the applicable floating benchmark rate (if applicable), including LIBOR floors (if applicable). Weighted average is based on outstanding principal as of December 31, 2020.
[4]	Senior loans include senior mortgages and similar credit quality loans, including related contiguous subordinate loans and pari passu participations in senior mortgage loans.
[5]	One-month LIBOR as of September 30, 2021 was 0.08%. Weighted average is based on outstanding principal as of September 30, 2021.
[6]	One-month LIBOR as of December 31, 2020 was 0.14%. Weighted average is based on outstanding principal as of December 31, 2020.
[7]	Reflects the weighted average interest rate based on the applicable floating benchmark rate (if applicable), including LIBOR floors (if applicable). Weighted average is based on outstanding principal as of September 30, 2021.
[8]	Reflects the weighted average interest rate based on the applicable floating benchmark rate (if applicable), including LIBOR floors (if applicable). Weighted average is based on outstanding principal

Loans Portfolio - Schedule of_4

Loans Portfolio - Schedule of Interests in Loans Receivable Held For Investment (Details) (Parenthetical)	Sep. 30, 2021	Dec. 31, 2020
Held-to-maturity Securities | London Interbank Offered Rate (LIBOR)
Financing Receivable Recorded Investment Past Due [Line Items]
One month LIBOR	0.08%	0.14%

Loans Portfolio - Schedule of_5

Loans Portfolio - Schedule of Interests in Loans Receivable Portfolio (Details) - Held-to-maturity Securities - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Financing Receivable Recorded Investment Past Due [Line Items]
Balance	$ 338,270	$ 222,891
Advances on existing interests in loans receivable	86,022	83,963
Non-cash advances to interests in loans receivable in lieu of interest	15,149	9,458
Extension fees received on interests in loans receivable		(453)
Repayments of interests in loans receivable	(2,977)	(15,224)
Repayment of non-cash advances to interests in loans receivable in lieu of interest	(363)
Accretion of origination fees, net	849	227
Allowance for loan losses	(229)
Balance	$ 436,721	$ 300,862

Loans Portfolio - Schedule of_6

Loans Portfolio - Schedule of Loans Receivable and Interests Portfolio By Loan Type (Details) - USD ($) $ in Thousands		Sep. 30, 2021	Dec. 31, 2020		Sep. 30, 2020	Dec. 31, 2019
Accounts Notes And Loans Receivable [Line Items]
Total portfolio loans carrying value		$ 5,983,559	$ 6,131,825
Less: allowance for loan losses		(59,213)	(6,000)
Loans receivable held-for-investment, net		5,924,346	6,125,825	[1]	$ 6,180,166	$ 5,940,268
Concentration of Risk
Accounts Notes And Loans Receivable [Line Items]
Less: allowance for loan losses		(59,442)
Loans receivable held-for-investment, net		6,361,067
Concentration of Risk | Loan Type
Accounts Notes And Loans Receivable [Line Items]
Total portfolio loans carrying value		$ 6,420,509	$ 6,464,095	[1]
Percentage of total portfolio loans		100.00%	100.00%
Concentration of Risk | Property Type
Accounts Notes And Loans Receivable [Line Items]
Total portfolio loans carrying value		$ 6,420,509	$ 6,464,095	[1]
Percentage of total portfolio loans		100.00%	100.00%
Concentration of Risk | Property Type | Office
Accounts Notes And Loans Receivable [Line Items]
Total portfolio loans carrying value		$ 1,284,157	$ 1,056,109	[1]
Percentage of total portfolio loans		20.00%	16.00%
Concentration of Risk | Property Type | Mixed-Use
Accounts Notes And Loans Receivable [Line Items]
Total portfolio loans carrying value		$ 1,262,468	$ 1,336,337	[1]
Percentage of total portfolio loans		20.00%	21.00%
Concentration of Risk | Property Type | Hospitality
Accounts Notes And Loans Receivable [Line Items]
Total portfolio loans carrying value		$ 1,254,458	$ 1,051,658	[1]
Percentage of total portfolio loans		19.00%	16.00%
Concentration of Risk | Property Type | Land
Accounts Notes And Loans Receivable [Line Items]
Total portfolio loans carrying value		$ 617,926	$ 525,147	[1]
Percentage of total portfolio loans		10.00%	8.00%
Concentration of Risk | Property Type | Multifamily
Accounts Notes And Loans Receivable [Line Items]
Total portfolio loans carrying value		$ 1,088,816	$ 1,462,450	[1]
Percentage of total portfolio loans		17.00%	23.00%
Concentration of Risk | Property Type | For Sale Condo
Accounts Notes And Loans Receivable [Line Items]
Total portfolio loans carrying value		$ 726,077	$ 902,812	[1]
Percentage of total portfolio loans		11.00%	14.00%
Concentration of Risk | Property Type | Other
Accounts Notes And Loans Receivable [Line Items]
Total portfolio loans carrying value		$ 186,607	$ 129,582	[1]
Percentage of total portfolio loans		3.00%	2.00%
Concentration of Risk | Geographic Location
Accounts Notes And Loans Receivable [Line Items]
Total portfolio loans carrying value		$ 6,420,509	$ 6,464,095	[1]
Percentage of total portfolio loans		100.00%	100.00%
Concentration of Risk | Geographic Location | Northeast
Accounts Notes And Loans Receivable [Line Items]
Total portfolio loans carrying value		$ 2,886,648	$ 3,078,980	[1]
Percentage of total portfolio loans		45.00%	48.00%
Concentration of Risk | Geographic Location | Mid Atlantic
Accounts Notes And Loans Receivable [Line Items]
Total portfolio loans carrying value		$ 950,295	$ 1,022,852	[1]
Percentage of total portfolio loans		15.00%	16.00%
Concentration of Risk | Geographic Location | Midwest
Accounts Notes And Loans Receivable [Line Items]
Total portfolio loans carrying value		$ 422,895	$ 237,879	[1]
Percentage of total portfolio loans		7.00%	4.00%
Concentration of Risk | Geographic Location | Southeast
Accounts Notes And Loans Receivable [Line Items]
Total portfolio loans carrying value		$ 950,082	$ 918,608	[1]
Percentage of total portfolio loans		15.00%	14.00%
Concentration of Risk | Geographic Location | Southwest
Accounts Notes And Loans Receivable [Line Items]
Total portfolio loans carrying value		$ 207,780	$ 87,750	[1]
Percentage of total portfolio loans		3.00%	1.00%
Concentration of Risk | Geographic Location | West
Accounts Notes And Loans Receivable [Line Items]
Total portfolio loans carrying value		$ 987,809	$ 1,109,026	[1]
Percentage of total portfolio loans		15.00%	17.00%
Concentration of Risk | Geographic Location | Other
Accounts Notes And Loans Receivable [Line Items]
Total portfolio loans carrying value		$ 15,000	$ 9,000	[1]
Percentage of total portfolio loans		0.00%	0.00%
Concentration of Risk | Senior Loans | Loan Type
Accounts Notes And Loans Receivable [Line Items]
Total portfolio loans carrying value	[2]	$ 5,984,007	$ 5,660,370	[1]
Percentage of total portfolio loans	[2]	93.00%	88.00%
Concentration of Risk | Subordinate loans | Loan Type
Accounts Notes And Loans Receivable [Line Items]
Total portfolio loans carrying value		$ 436,502	$ 803,725	[1]
Percentage of total portfolio loans		7.00%	12.00%
[1]	Carrying value is presented net of loan loss reserves of $6.0 million.
[2]	Senior loans include senior mortgages and similar credit quality loans, including related contiguous subordinate loans and pari passu participations in senior mortgage loans.

Loans Portfolio - Schedule of_7

Loans Portfolio - Schedule of Loans Receivable and Interests Portfolio By Loan Type (Details) (Parenthetical) $ in Millions	12 Months Ended
	Dec. 31, 2020USD ($)
Financing Receivable Recorded Investment Past Due [Line Items]
Net of loan loss reserves	$ 6
Concentration of Risk
Financing Receivable Recorded Investment Past Due [Line Items]
Net of loan loss reserves	$ 6

Loans Portfolio - Summary of In

Loans Portfolio - Summary of Interest and Accretion Income from Loans Receivable (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Receivables [Abstract]
Interest on loans receivable and interests in loans receivable	$ 96,913	$ 99,318	$ 294,714	$ 313,940
Interest on cash accounts	2	100	29	703
Prepayment fees				3,576
Accretion of origination fees, net	6,961	6,566	19,526	22,467
Miscellaneous income			57	100
Total interest and related income	$ 103,876	$ 105,984	$ 314,326	$ 340,786

Loans Portfolio - Loan Modifica

Loans Portfolio - Loan Modifications (Details) $ in Millions	9 Months Ended
	Sep. 30, 2021USD ($)
Newport Beach
Financing Receivable Allowance For Credit Losses [Line Items]
Unpaid interest in cash	$ 1.5
Outstanding principal balance	81.4
Carrying value	77.5
Decrease in contractual exit fees	3.4
San Diego
Financing Receivable Allowance For Credit Losses [Line Items]
Outstanding principal balance	97.5
Carrying value	97.3
Decrease in contractual exit fees	$ 0.8

Loans Portfolio - Schedule of C

Loans Portfolio - Schedule of Carrying Value of The Loans Receivable And Interests In Loans Receivable (Details) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2021USD ($)Loan	Dec. 31, 2020USD ($)Loan
Financing Receivable Allowance For Credit Losses [Line Items]
Number of Loans | Loan	97	98
Principal Balance	$ 6,446,553	$ 6,491,288
Carrying Value	6,420,509	$ 6,464,095
Allowance for loan finance receivables	(59,442)
Loans receivable and finance receivable, net	$ 6,361,067
Risk Rating One
Financing Receivable Allowance For Credit Losses [Line Items]
Number of Loans | Loan	4	3
Principal Balance	$ 185,367	$ 68,372
Carrying Value	$ 184,887	$ 69,418
Risk Rating Two
Financing Receivable Allowance For Credit Losses [Line Items]
Number of Loans | Loan	11	6
Principal Balance	$ 1,259,095	$ 349,159
Carrying Value	$ 1,257,569	$ 349,342
Risk Rating Three
Financing Receivable Allowance For Credit Losses [Line Items]
Number of Loans | Loan	66	72
Principal Balance	$ 3,769,954	$ 4,691,775
Carrying Value	$ 3,748,158	$ 4,668,991
Risk Rating Four
Financing Receivable Allowance For Credit Losses [Line Items]
Number of Loans | Loan	14	16
Principal Balance	$ 1,122,137	$ 1,366,982
Carrying Value	$ 1,119,895	$ 1,367,344
Risk Rating Five
Financing Receivable Allowance For Credit Losses [Line Items]
Number of Loans | Loan	2	1
Principal Balance	$ 110,000	$ 15,000
Carrying Value	$ 110,000	$ 9,000

Loans Portfolio - Loan Risk Rat

Loans Portfolio - Loan Risk Ratings (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2021	Dec. 31, 2020
Financing Receivable Allowance For Credit Losses [Line Items]
Weighted-average risk rating on loan exposure	3.00%	3.10%
Loans receivable held-for-investment	$ 5,983,559	$ 6,131,825
Mortgage loans on real estate, commercial and consumer, percentage of portfolio	33.10%
Risk Rating Four
Financing Receivable Allowance For Credit Losses [Line Items]
Loans receivable held-for-investment	$ 1,100,000
Mortgage loans on real estate, commercial and consumer, percentage of portfolio	17.40%
Risk Rating Five
Financing Receivable Allowance For Credit Losses [Line Items]
Mortgage loans on real estate, commercial and consumer, percentage of portfolio	1.70%

Loans Portfolio - Schedule of A

Loans Portfolio - Schedule of Activity In Allowance For Loan Losses (Details) - USD ($) $ in Thousands		3 Months Ended			9 Months Ended
		Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Sep. 30, 2021
Financing Receivable Allowance For Credit Losses [Line Items]
Total allowance for loan losses, Balance				$ 6,000	$ 6,000
Allowance for credit losses					2,500
Total allowance for loan losses, Balance		$ 59,213			59,213
Allowance, Loan Losses [Member]
Financing Receivable Allowance For Credit Losses [Line Items]
Total allowance for loan losses, Balance		76,144	$ 84,066	6,000	6,000
Initial CECL allowance, January 1, 2021				78,251	78,251
Allowance for credit losses		(9,306)	(7,922)	(185)
Total allowance for loan losses, Balance		$ 66,838	76,144	84,066	$ 66,838
Percent of Unpaid Principal Balance at September 30, 2021		1.00%			1.00%
Allowance, Loan Losses [Member] | Specific CECL Allowance [Member]
Financing Receivable Allowance For Credit Losses [Line Items]
Total allowance for loan losses, Balance	[1]	$ 6,500	6,000	6,000	$ 6,000
Allowance for credit losses	[1]	2,000	500
Total allowance for loan losses, Balance	[1]	8,500	6,500	6,000	8,500
Allowance, Loan Losses [Member] | Loans Receivable Held For Investment [Member]
Financing Receivable Allowance For Credit Losses [Line Items]
Total allowance for loan losses, Balance		61,867	65,821
Initial CECL allowance, January 1, 2021				64,274	64,274
Allowance for credit losses		(11,154)	(3,954)	1,547
Total allowance for loan losses, Balance		50,713	61,867	65,821	50,713
Allowance, Loan Losses [Member] | Interests In Loans Receivable Held For Investment [Member]
Financing Receivable Allowance For Credit Losses [Line Items]
Total allowance for loan losses, Balance		535	265
Initial CECL allowance, January 1, 2021				406	406
Allowance for credit losses		(306)	270	(141)
Total allowance for loan losses, Balance		229	535	265	229
Allowance, Loan Losses [Member] | Accrued Interest Receivable [Member]
Financing Receivable Allowance For Credit Losses [Line Items]
Total allowance for loan losses, Balance		310	343
Initial CECL allowance, January 1, 2021				357	357
Allowance for credit losses		(64)	(33)	(14)
Total allowance for loan losses, Balance		246	310	343	246
Allowance, Loan Losses [Member] | Unfunded Loan Commitments [Member]
Financing Receivable Allowance For Credit Losses [Line Items]
Total allowance for loan losses, Balance	[2]	6,932	11,637
Initial CECL allowance, January 1, 2021	[2]			13,214	13,214
Allowance for credit losses	[2]	218	(4,705)	(1,577)
Total allowance for loan losses, Balance	[2]	$ 7,150	$ 6,932	$ 11,637	$ 7,150
[1]	As of December 31, 2020, amounts represent specific loan loss provisions recorded on assets before the adoption of ASU 2016-13. After the adoption of ASU 2016-13 on January 1, 2021, amounts represent Specific CECL allowance.
[2]	The CECL allowance for unfunded commitments is included in accounts payable and accrued expenses on the Company’s consolidated balance sheets.

Loan Portfolio - Schedule of Ca

Loan Portfolio - Schedule of Carrying Value of Loan Portfolio Based on Internal Risk Ratings (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2021USD ($)Integer
Financing Receivable Allowance For Credit Losses [Line Items]
Number of Loans | Integer	97
Amortized Cost Basis	$ 6,420,509
Year 1	839,054
Year 2	271,409
Year 3	2,664,612
Year 4	2,406,605
Year 5	221,022
Year 6	$ 17,807
Risk Rating One
Financing Receivable Allowance For Credit Losses [Line Items]
Number of Loans | Integer	4
Amortized Cost Basis	$ 184,887
Year 3	130,466
Year 4	36,614
Year 6	$ 17,807
Risk Rating Two
Financing Receivable Allowance For Credit Losses [Line Items]
Number of Loans | Integer	11
Amortized Cost Basis	$ 1,257,569
Year 3	433,282
Year 4	795,624
Year 5	$ 28,663
Risk Rating Three
Financing Receivable Allowance For Credit Losses [Line Items]
Number of Loans | Integer	66
Amortized Cost Basis	$ 3,748,158
Year 1	839,054
Year 2	271,409
Year 3	2,085,864
Year 4	454,472
Year 5	$ 97,359
Risk Rating Four
Financing Receivable Allowance For Credit Losses [Line Items]
Number of Loans | Integer	14
Amortized Cost Basis	$ 1,119,895
Year 4	$ 1,119,895
Risk Rating Five
Financing Receivable Allowance For Credit Losses [Line Items]
Number of Loans | Integer	2
Amortized Cost Basis	$ 110,000
Year 3	15,000
Year 5	$ 95,000

Real Estate Owned, net - Additi

Real Estate Owned, net - Additional Information (Details) - USD ($)	Jun. 02, 2021	Feb. 08, 2021	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020
Mortgage Loans On Real Estate [Line Items]
Debt related to real estate owned, net			$ 289,784,000		$ 289,784,000	$ 289,784,000
Gain on foreclosure of real estate owned						1,430,000
Real estate acquired through foreclosure, fair value			408,827		408,827	408,827		$ 0
Interest expense			48,070,000	$ 39,740,000		151,188,000	$ 129,081,000
General and administrative expense			1,330,000	$ 1,169,000		5,393,000	$ 4,162,000
Interest expense			$ 2,619,000		$ 13,000,000	$ 12,968,000
Senior Mortgage Loans [Member]
Mortgage Loans On Real Estate [Line Items]
Maturity date	Feb. 9, 2024
Principal repayment	$ 10,000,000
Fee amount	7,600,000
Interest expense	6,300,000
General and administrative expense	1,100,000
Debt issuance costs	$ 200,000
Hotel [Member] | NEW YORK
Mortgage Loans On Real Estate [Line Items]
Gain on foreclosure of real estate owned		$ 1,400,000
Real estate acquired through foreclosure, fair value		$ 414,000,000
Terminal capitalization rate		6.00%
Hotel [Member] | NEW YORK | Minimum
Mortgage Loans On Real Estate [Line Items]
Discount rate		8.50%
Hotel [Member] | NEW YORK | Maximum
Mortgage Loans On Real Estate [Line Items]
Discount rate		8.75%
Hotel [Member] | NEW YORK | Mezzanine Loans [Member]
Mortgage Loans On Real Estate [Line Items]
Loan held by company		$ 103,900,000
Hotel [Member] | NEW YORK | Senior Mortgage Loans [Member]
Mortgage Loans On Real Estate [Line Items]
Debt related to real estate owned, net		$ 300,000,000

Real Estate Owned, net - Summar

Real Estate Owned, net - Summary of additional detail related to the company's real estate owned, net (Details) - USD ($)	Sep. 30, 2021	Dec. 31, 2020
Property Plant And Equipment [Line Items]
Real estate assets	$ 414,000
Less: accumulated depreciation	(5,173)
Real estate acquired through foreclosure, fair value	408,827	$ 0
Land
Property Plant And Equipment [Line Items]
Real estate assets	123,100
Building
Property Plant And Equipment [Line Items]
Real estate assets	284,400
Furniture, Fixtures and Equipment
Property Plant And Equipment [Line Items]
Real estate assets	$ 6,500

Real Estate Owned, net - Summ_2

Real Estate Owned, net - Summary of additional detail related to the company's real estate portfolio (Details) - USD ($) $ in Thousands	3 Months Ended	8 Months Ended	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2021	Sep. 30, 2021
Real Estate Owned Disclosure Of Detailed Components [Abstract]
Operating revenues	$ 8,550	$ 15,620
Operating expenses	(7,948)	(16,739)
Depreciation	(1,940)	(5,173)	$ (5,173)
Net operating loss from real estate owned	$ (1,338)	$ (6,292)

Repurchase Agreements, Loan P_3

Repurchase Agreements, Loan Participations Sold, Net, Notes Payable, Net, Secured Term Loan, Net and Debt Related to Real Estate Owned, Net - Summary of Repurchase Agreements (Details) - USD ($) $ in Thousands		9 Months Ended
		Sep. 30, 2021	Dec. 31, 2020
Repurchase Agreement Counterparty [Line Items]
Facility Amount		$ 4,336,171
Repurchase agreements		3,094,832	$ 2,685,203
Undrawn Capacity		$ 1,241,339
JP Morgan Chase Bank NA Main Pool [Member]
Repurchase Agreement Counterparty [Line Items]
Initial Maturity		Jun. 29, 2025
Fully Extended Maturity (1)	[1]	Jun. 29, 2027
Facility Amount		$ 1,250,000
Repurchase agreements		994,208
Undrawn Capacity		$ 255,792
JP Morgan Chase Bank NA Side Car [Member]
Repurchase Agreement Counterparty [Line Items]
Initial Maturity	[2]	May 27, 2023
Fully Extended Maturity (1)	[1],[2]	May 27, 2024
Facility Amount	[2]	$ 271,171
Repurchase agreements	[2]	197,717
Undrawn Capacity	[2]	$ 73,454
Morgan Stanley Bank NA [Member]
Repurchase Agreement Counterparty [Line Items]
Initial Maturity	[3]	Jan. 26, 2022
Fully Extended Maturity (1)	[1],[3]	Jan. 26, 2024
Facility Amount	[3]	$ 1,000,000
Repurchase agreements	[3]	859,695
Undrawn Capacity	[3]	$ 140,305
Goldman Sachs Bank USA [Member]
Repurchase Agreement Counterparty [Line Items]
Initial Maturity	[4]	May 31, 2022
Fully Extended Maturity (1)	[1],[4]	May 31, 2023
Facility Amount	[4]	$ 750,000
Repurchase agreements	[4]	585,027
Undrawn Capacity	[4]	$ 164,973
Barclays Bank PLC [Member]
Repurchase Agreement Counterparty [Line Items]
Initial Maturity		Dec. 20, 2021
Fully Extended Maturity (1)	[1]	Dec. 20, 2022
Facility Amount		$ 500,000
Repurchase agreements		201,384
Undrawn Capacity		$ 298,616
Deutsche Bank AG New York Branch [Member]
Repurchase Agreement Counterparty [Line Items]
Initial Maturity		Jun. 26, 2022
Fully Extended Maturity (1)	[1]	Jun. 26, 2023
Facility Amount		$ 265,000
Repurchase agreements		206,018
Undrawn Capacity		$ 58,982
Wells Fargo Bank NA [Member]
Repurchase Agreement Counterparty [Line Items]
Initial Maturity	[5]	Sep. 29, 2023
Fully Extended Maturity (1)	[1],[5]	Sep. 29, 2026
Facility Amount	[5]	$ 300,000
Repurchase agreements	[5]	50,783
Undrawn Capacity	[5]	$ 249,217
[1]	Facility maturity dates may be extended based on certain conditions being met.
[2]	This financing has a LIBOR floor of 0.25%.
[3]	One asset on this financing has a LIBOR floor of 1.00% and one asset on this financing has a LIBOR floor of 0.25%. Subsequent to September 30, 2021, the initial maturity of this financing was extended until January 26, 2023.
[4]	This financing has a LIBOR floor of 0.35% with respect to transactions where the initial financing date was before May 27, 2021.
[5]	This facility’s capacity can be increased up to $500.0 million upon the occurrence of certain events.

Repurchase Agreements, Loan P_4

Repurchase Agreements, Loan Participations Sold, Net, Notes Payable, Net, Secured Term Loan, Net and Debt Related to Real Estate Owned, Net - Summary of Repurchase Agreements (Parenthetical) (Details) - USD ($) $ in Millions	May 27, 2021	Sep. 30, 2021
Repurchase Agreement Counterparty [Line Items]
LIBOR floor	0.35%
Maximum
Repurchase Agreement Counterparty [Line Items]
Outstanding principal balance		$ 500
Assets
Repurchase Agreement Counterparty [Line Items]
LIBOR floor		1.00%

Repurchase Agreements, Loan P_5

Repurchase Agreements, Loan Participations Sold, Net, Notes Payable, Net, Secured Term Loan, Net and Debt Related to Real Estate Owned, Net - Summary of Liability Under Repurchase Agreements (Details) - USD ($) $ in Thousands		9 Months Ended		12 Months Ended
		Sep. 30, 2021		Dec. 31, 2020
Repurchase Agreement Counterparty [Line Items]
Weighted Average Interest Rate(4)		6.10%	[1]	6.57%	[2]
Repurchase Agreements
Repurchase Agreement Counterparty [Line Items]
Weighted Average Stated Rate(2)		L + 2.29%	[3]	L + 2.17%	[4]
Weighted Average Interest Rate(4)	[5]	2.49%		2.46%
Par Value		$ 3,094,832		$ 2,685,203
Carrying value		3,094,832		2,685,203
Loan held by company		$ 4,829,461		$ 4,410,882
JP Morgan Chase Bank NA Main Pool [Member] | Repurchase Agreements
Repurchase Agreement Counterparty [Line Items]
Weighted Average Term (1)	[6]	9 months 18 days		1 year 6 months
Weighted Average Stated Rate(2)		L + 2.22%	[3]	L + 2.23%	[4]
Weighted Average Interest Rate(4)	[5]	2.30%		2.38%
Par Value		$ 994,208		$ 937,800
Carrying value		994,208		937,800
Loan held by company		$ 1,596,887		$ 1,549,663
JP Morgan Chase Bank NA Side Car [Member] | Repurchase Agreements
Repurchase Agreement Counterparty [Line Items]
Weighted Average Term (1)	[6]	10 months 25 days
Weighted Average Stated Rate(2)	[3]	L + 4.50%
Weighted Average Interest Rate(4)	[5]	4.75%
Par Value		$ 197,717
Carrying value		197,717
Loan held by company		$ 418,854
Morgan Stanley Bank NA [Member] | Repurchase Agreements
Repurchase Agreement Counterparty [Line Items]
Weighted Average Term (1)	[6]	2 years 2 months 12 days		1 year 8 months 12 days
Weighted Average Stated Rate(2)		L + 2.08%	[3]	L + 2.16%	[4]
Weighted Average Interest Rate(4)	[5]	2.44%		2.57%
Par Value		$ 859,695		$ 844,283
Carrying value		859,695		844,283
Loan held by company		$ 1,463,267		$ 1,417,877
Goldman Sachs Bank USA [Member] | Repurchase Agreements
Repurchase Agreement Counterparty [Line Items]
Weighted Average Term (1)	[6]	1 year 3 months 19 days		1 year 2 months 12 days
Weighted Average Stated Rate(2)		L + 2.23%	[3]	L + 2.30%	[4]
Weighted Average Interest Rate(4)	[5]	2.50%		2.65%
Par Value		$ 585,027		$ 578,015
Carrying value		585,027		578,015
Loan held by company		$ 687,150		$ 961,148
Barclays Bank PLC [Member] | Repurchase Agreements
Repurchase Agreement Counterparty [Line Items]
Weighted Average Term (1)	[6]	1 year 7 months 6 days		1 year 9 months 18 days
Weighted Average Stated Rate(2)		L + 1.63%	[3]	L + 1.63%	[4]
Weighted Average Interest Rate(4)	[5]	1.71%		1.77%
Par Value		$ 201,384		$ 201,384
Carrying value		201,384		201,384
Loan held by company		$ 282,645		$ 277,948
Deutsche Bank AG New York Branch [Member] | Repurchase Agreements
Repurchase Agreement Counterparty [Line Items]
Weighted Average Term (1)	[6]	2 years 6 months
Weighted Average Stated Rate(2)	[3]	L + 2.35%
Weighted Average Interest Rate(4)	[5]	2.43%
Par Value		$ 206,018
Carrying value		206,018
Loan held by company		$ 313,776
Wells Fargo Bank NA [Member] | Repurchase Agreements
Repurchase Agreement Counterparty [Line Items]
Weighted Average Term (1)	[6]	2 years 10 months 25 days
Weighted Average Stated Rate(2)	[3]	L + 1.50%
Weighted Average Interest Rate(4)	[5]	1.58%
Par Value		$ 50,783
Carrying value		50,783
Loan held by company		$ 66,882
Societe Generale New York Branch [Member] | Repurchase Agreements
Repurchase Agreement Counterparty [Line Items]
Weighted Average Term (1)	[6]			1 year 9 months 18 days
Weighted Average Stated Rate(2)	[4]			L + 2.25%
Weighted Average Interest Rate(4)	[5]			3.25%
Par Value				$ 50,000
Carrying value				50,000
Loan held by company				$ 97,262
Deutsche Bank AG Cayman Island Branch [Member] | Repurchase Agreements
Repurchase Agreement Counterparty [Line Items]
Weighted Average Term (1)	[6]			2 years 8 months 12 days
Weighted Average Stated Rate(2)	[4]			L + 1.90%
Weighted Average Interest Rate(4)	[5]			2.04%
Par Value				$ 73,721
Carrying value				73,721
Loan held by company				$ 106,984
[1]	Reflects the weighted average interest rate based on the applicable floating benchmark rate (if applicable), including LIBOR floors (if applicable). Weighted average is based on outstanding principal as of September 30, 2021.
[2]	Reflects the weighted average interest rate based on the applicable floating benchmark rate (if applicable), including LIBOR floors (if applicable). Weighted average is based on outstanding principal as of December 31, 2020.
[3]	One-month LIBOR as of September 30, 2021 was 0.08%. Weighted average is based on outstanding principal as of September 30, 2021.
[4]	One-month LIBOR as of December 31, 2020 was 0.14%. Weighted average is based on outstanding principal as of December 31, 2020.
[5]	Reflects the weighted average interest rate based on the applicable floating benchmark rate (if applicable), including LIBOR floors (if applicable).
[6]	The weighted average term (years) is determined based on the contractual maturity date of the corresponding loans collateralizing each facility.

Repurchase Agreements, Loan P_6

Repurchase Agreements, Loan Participations Sold, Net, Notes Payable, Net, Secured Term Loan, Net and Debt Related to Real Estate Owned, Net - Summary of Liability Under Repurchase Agreements (Parenthetical) (Details)	1 Months Ended
	Sep. 30, 2021	Dec. 31, 2020
London Interbank Offered Rate (LIBOR)
Repurchase Agreement Counterparty [Line Items]
LIBOR floor	0.08%	0.14%

Repurchase Agreements, Loan P_7

Repurchase Agreements, Loan Participations Sold, Net, Notes Payable, Net, Secured Term Loan, Net and Debt Related to Real Estate Owned, Net - Additional Information (Details) - USD ($)	1 Months Ended	3 Months Ended		9 Months Ended		12 Months Ended
	Jun. 02, 2021	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020	Feb. 08, 2021	Dec. 01, 2020	Aug. 09, 2019
Repurchase Agreement Counterparty [Line Items]
Secured term loan								$ 325,000,000	$ 450,000,000
Interest expense		$ 48,070,000	$ 39,740,000	$ 151,188,000	$ 129,081,000
General and administrative expenses		1,330,000	$ 1,169,000	$ 5,393,000	$ 4,162,000
Secured Term Loan
Repurchase Agreement Counterparty [Line Items]
Principal payments						$ 1,900,000
Contractual Maturity Date				Aug. 9, 2026		Aug. 9, 2026
Repurchase Agreements
Repurchase Agreement Counterparty [Line Items]
Debt instrument repurchase guaranteed amount		$ 786,500,000		$ 786,500,000		$ 701,300,000
Real Estate Investment
Repurchase Agreement Counterparty [Line Items]
Principal payments	$ 10,000,000
Senior mortgage amount							$ 300,000,000
Contractual Maturity Date	Feb. 9, 2024
Debt instrument, Fee amount	$ 7,600
Interest expense	6,300,000
General and administrative expenses	1,100,000
Debt issuance costs	$ 200,000

Repurchase Agreements, Loan P_8

Repurchase Agreements, Loan Participations Sold, Net, Notes Payable, Net, Secured Term Loan, Net and Debt Related to Real Estate Owned, Net - Summary of Loan Participations Sold (Details) - USD ($) $ in Thousands		9 Months Ended		12 Months Ended
		Sep. 30, 2021		Dec. 31, 2020
Loan Participations Sold
Loan Participations Sold [Line Items]
Financing Costs		$ 6,459		$ 7,718
Interest Rate		6.27%		6.93%
Par Value		$ 525,447		$ 519,420
Carrying value		524,518		516,484
Loan held by company		$ 1,018,944		$ 888,232
Stated Rate	[1]			L + 5.09%
Variable Loan [Member]
Loan Participations Sold [Line Items]
Contractual Maturity Date	[2]	Aug. 1, 2022		Aug. 1, 2022
Maximum Extension Date	[2]	Aug. 1, 2023		Aug. 1, 2023
Stated Rate (1)	[2]	L + 3.10%	[3]	L + 3.10%	[1]
Financing Costs	[2]	$ 3,531		$ 3,531
Interest Rate	[2]	4.95%		4.95%
Par Value	[2]	$ 189,750		$ 189,750
Carrying value	[2]	189,345		188,995
Loan held by company	[2]	$ 371,546		$ 370,541
Variable Loan [Member]
Loan Participations Sold [Line Items]
Contractual Maturity Date	[4]	Aug. 20, 2022		Aug. 20, 2022
Maximum Extension Date	[4]	Aug. 20, 2024		Aug. 20, 2024
Stated Rate (1)	[4]	L + 3.50%	[3]	L + 3.50%	[1]
Financing Costs	[4]	$ 1,634		$ 1,634
Interest Rate	[4]	5.25%		5.25%
Par Value	[4]	$ 218,609		$ 138,071
Carrying value	[4]	218,275		136,843
Loan held by company	[4]	$ 284,883		$ 177,732
Variable Loan [Member]
Loan Participations Sold [Line Items]
Contractual Maturity Date		Nov. 9, 2021	[5]	Mar. 21, 2021	[6]
Maximum Extension Date		Sep. 9, 2024	[5]	Mar. 21, 2023	[6]
Stated Rate (1)		L + 5.60%	[3],[5]	L + 2.75%	[1],[6]
Financing Costs		$ 418	[5]	$ 583	[6]
Interest Rate		7.60%	[5]	4.19%	[6]
Par Value		$ 49,535	[5]	$ 27,582	[6]
Carrying value		49,662	[5]	27,493	[6]
Loan held by company		$ 121,673	[5]	$ 49,710	[6]
Variable Loan [Member]
Loan Participations Sold [Line Items]
Contractual Maturity Date		Nov. 9, 2021	[5]	Sep. 9, 2021	[7]
Maximum Extension Date		Sep. 9, 2024	[5]	Sep. 9, 2024	[7]
Stated Rate (1)		L + 11.70%	[3],[5]	L + 5.60%	[1],[7]
Financing Costs		$ 401	[5]	$ 418	[7]
Interest Rate		13.70%	[5]	7.60%	[7]
Par Value		$ 47,553	[5]	$ 44,645	[7]
Carrying value		47,676	[5]	44,479	[7]
Loan held by company		$ 116,806	[5]	$ 109,007	[7]
Variable Loan [Member]
Loan Participations Sold [Line Items]
Contractual Maturity Date	[7]			Sep. 9, 2021
Maximum Extension Date	[7]			Sep. 9, 2024
Stated Rate (1)		L + 4.33%	[3]	L + 11.70%	[1],[7]
Financing Costs		$ 5,984		$ 401	[7]
Interest Rate		6.16%		13.70%	[7]
Par Value		$ 505,447		$ 42,859	[7]
Carrying value		504,958		42,701	[7]
Loan held by company		$ 894,908		$ 104,649	[7]
Fixed Loan
Loan Participations Sold [Line Items]
Contractual Maturity Date		Dec. 31, 2024
Maximum Extension Date		Dec. 31, 2025
Stated Rate (1)	[3]	9.00%
Financing Costs		$ 475
Interest Rate		9.00%
Par Value		$ 20,000
Carrying value		19,560
Loan held by company		$ 124,036
Variable Loan Six
Loan Participations Sold [Line Items]
Contractual Maturity Date	[8]			Sep. 9, 2022
Maximum Extension Date	[8]			Sep. 9, 2024
Stated Rate (1)	[1],[8]			L + 9.75%
Financing Costs	[8]			$ 1,151
Interest Rate	[8]			11.65%
Par Value	[8]			$ 76,513
Carrying value	[8]			75,973
Loan held by company	[8]			$ 76,593
[1]	One-month LIBOR as of December 31, 2020 was 0.14%. Weighted average is based on outstanding principal as of December 31, 2020.
[2]	This financing has a LIBOR floor of 1.85%
[3]	One-month LIBOR as of September 30, 2021 was 0.08%. Weighted average is based on outstanding principal as of September 30, 2021
[4]	This financing has a LIBOR floor of 1.75%
[5]	This financing has a LIBOR floor of 2.00%. This financing was repaid in full on December 9, 2021
[6]	This financing has a LIBOR floor of 1.44%
[7]	This financing has a LIBOR floor of 2.00%
[8]	This financing has a LIBOR floor of 1.90%

Repurchase Agreements, Loan P_9

Repurchase Agreements, Loan Participations Sold, Net, Notes Payable, Net, Secured Term Loan, Net and Debt Related to Real Estate Owned, Net - Summary of Loan Participations Sold (Parenthetical) (Details)	1 Months Ended		9 Months Ended	12 Months Ended
	Sep. 30, 2021	Dec. 31, 2020	Sep. 30, 2021	Dec. 31, 2020
London Interbank Offered Rate (LIBOR)
Loan Participations Sold [Line Items]
LIBOR floor	0.08%	0.14%
Variable Loan [Member] | London Interbank Offered Rate (LIBOR)
Loan Participations Sold [Line Items]
LIBOR floor	0.08%	0.14%
Variable Loan [Member]
Loan Participations Sold [Line Items]
LIBOR floor			1.85%	1.85%
Variable Loan [Member]
Loan Participations Sold [Line Items]
LIBOR floor			1.75%	1.75%
Variable Loan [Member]
Loan Participations Sold [Line Items]
LIBOR floor			2.00%	1.44%
Variable Loan [Member]
Loan Participations Sold [Line Items]
LIBOR floor				2.00%
Variable Loan Six
Loan Participations Sold [Line Items]
LIBOR floor				1.90%

Repurchase Agreements, Loan _10

Repurchase Agreements, Loan Participations Sold, Net, Notes Payable, Net, Secured Term Loan, Net and Debt Related to Real Estate Owned, Net - Summary Of Notes Payable (Details) - USD ($) $ in Thousands		9 Months Ended			12 Months Ended
		Sep. 30, 2021		Sep. 30, 2020	Dec. 31, 2020
Debt Instrument [Line Items]
Financing Costs		$ 14,335		$ 16,283
Notes Payable [Member]
Debt Instrument [Line Items]
Contractual Maturity Date	[1]	Jan. 4, 2022
Maximum Extension Date	[1]	Jan. 4, 2022
Stated Rate (1)		L + 4.00%	[1],[2]		L + 3.44%	[3]
Financing Costs		$ 1,042	[1]		$ 3,955
Interest Rate		6.43%	[1]		5.13%
Outstanding principal balance		$ 48,000	[1]		$ 305,294
Carrying value		47,921	[1]		303,515
Loan held by company		$ 117,297	[1]		$ 540,204
Notes Payable One
Debt Instrument [Line Items]
Contractual Maturity Date	[1]				Jan. 4, 2021
Maximum Extension Date	[1]				Apr. 1, 2021
Stated Rate (1)	[1],[3]				L + 4.00%
Financing Costs	[1]				$ 616
Interest Rate	[1]				6.43%
Outstanding principal balance	[1]				$ 52,938
Carrying value	[1]				52,938
Loan held by company	[1]				$ 116,514
Notes Payable [Member]
Debt Instrument [Line Items]
Contractual Maturity Date	[4]				Aug. 2, 2022
Maximum Extension Date	[4]				Aug. 2, 2023
Stated Rate (1)	[3],[4]				L + 2.85%
Financing Costs	[4]				$ 1,527
Interest Rate	[4]				4.50%
Outstanding principal balance	[4]				$ 99,579
Carrying value	[4]				98,553
Loan held by company	[4]				$ 132,761
Notes Payable [Member]
Debt Instrument [Line Items]
Contractual Maturity Date	[5]				Jan. 31, 2021
Maximum Extension Date	[5]				Jul. 30, 2021
Stated Rate (1)	[3],[5]				L + 3.50%
Financing Costs	[5]				$ 544
Interest Rate	[5]				5.35%
Outstanding principal balance	[5]				$ 40,000
Carrying value	[5]				39,950
Loan held by company	[5]				$ 67,146
Notes Payable [Member]
Debt Instrument [Line Items]
Contractual Maturity Date	[6]				Jul. 30, 2021
Maximum Extension Date	[6]				Jul. 30, 2023
Stated Rate (1)	[3],[6]				L + 3.50%
Financing Costs	[6]				$ 977
Interest Rate	[6]				4.90%
Outstanding principal balance	[6]				$ 92,777
Carrying value	[6]				92,322
Loan held by company	[6]				$ 117,165
Notes Payable [Member]
Debt Instrument [Line Items]
Contractual Maturity Date	[7]				Jan. 15, 2022
Maximum Extension Date	[7]				Jan. 15, 2022
Stated Rate (1)	[3],[7]				L + 4.50%
Financing Costs	[7]				$ 291
Interest Rate	[7]				5.50%
Outstanding principal balance	[7]				$ 20,000
Carrying value	[7]				19,752
Loan held by company	[7]				$ 106,618
[1]	This financing has a LIBOR floor of 2.43%.
[2]	One-month LIBOR as of September 30, 2021 was 0.08%. Weighted average is based on outstanding principal as of September 30, 2021
[3]	One-month LIBOR as of December 31, 2020 was 0.14%. Weighted average is based on outstanding principal as of December 31, 2020.
[4]	This financing has a LIBOR floor of 1.65%
[5]	This financing has a LIBOR floor of 1.85%.
[6]	This financing has a LIBOR floor of 1.40%. The Company has guaranteed a portion of this note payable. The Company's maximum exposure is limited to $20.0 million
[7]	This financing has a LIBOR floor of 1.00%.

Repurchase Agreements, Loan _11

Repurchase Agreements, Loan Participations Sold, Net, Notes Payable, Net, Secured Term Loan, Net and Debt Related to Real Estate Owned, Net - Summary Of Notes Payable (Parenthetical) (Details) - USD ($) $ in Thousands	May 27, 2021	Sep. 30, 2021	Dec. 31, 2020	Sep. 30, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
LIBOR floor	0.35%
Notes payable, net		$ 47,921	$ 303,515	$ 47,921	$ 303,515
Maximum
Debt Instrument [Line Items]
Notes payable, net			$ 20,000		$ 20,000
London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
LIBOR floor		0.08%	0.14%
Notes Payable One
Debt Instrument [Line Items]
LIBOR floor					0.14%
Notes Payable One | London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
LIBOR floor				0.08%
Notes Payable [Member]
Debt Instrument [Line Items]
LIBOR floor				2.43%	2.43%
Notes Payable [Member]
Debt Instrument [Line Items]
LIBOR floor					1.65%
Notes Payable [Member]
Debt Instrument [Line Items]
LIBOR floor					1.85%
Notes Payable [Member]
Debt Instrument [Line Items]
LIBOR floor					1.40%
Notes Payable [Member]
Debt Instrument [Line Items]
LIBOR floor					1.00%

Repurchase Agreements, Loan _12

Repurchase Agreements, Loan Participations Sold, Net, Notes Payable, Net, Secured Term Loan, Net and Debt Related to Real Estate Owned, Net - Summary of Secured Term Loan (Details) - USD ($) $ in Thousands	9 Months Ended			12 Months Ended
	Sep. 30, 2021		Sep. 30, 2020	Dec. 31, 2020
Secured Term Loan [Line Items]
Financing Costs	$ 14,335		$ 16,283
Secured Term Loan
Secured Term Loan [Line Items]
Contractual Maturity Date	Aug. 9, 2026			Aug. 9, 2026
Stated Rate (1)	L + 5.00%	[1],[2]		L + 5.00%	[3]
Financing Costs	$ 25,829			$ 25,742
Interest Rate	6.00%	[1]		6.00%
Outstanding principal balance	$ 762,717			$ 768,554
Carrying value	$ 742,778			$ 746,095
[1]	Subsequent to September 30, 2021
[2]	One-month LIBOR at September 30, 2021 was 0.08%  The secured term loan has a LIBOR floor of 1.00%.
[3]	One-month LIBOR at December 31, 2020 was 0.14%.  Following the modification on December 1, 2020, the secured term loan has a LIBOR floor of 1.00%.

Repurchase Agreements, Loan _13

Repurchase Agreements, Loan Participations Sold, Net, Notes Payable, Net, Secured Term Loan, Net and Debt Related to Real Estate Owned, Net - Summary of Secured Term Loan (Parenthetical) (Details)	May 27, 2021	Sep. 30, 2021	Dec. 31, 2020	Sep. 30, 2021	Dec. 31, 2020
Secured Term Loan [Line Items]
LIBOR floor	0.35%
London Interbank Offered Rate (LIBOR)
Secured Term Loan [Line Items]
LIBOR floor		0.08%	0.14%
Secured Term Loan | London Interbank Offered Rate (LIBOR)
Secured Term Loan [Line Items]
LIBOR floor		0.08%		1.00%
LIBOR floor			0.14%		1.00%
Secured Term Loan | SOFR | Credit Spread Adjustments
Secured Term Loan [Line Items]
One-month SOFR				4.50%
Secured Term Loan | SOFR | Minimum | Credit Spread Adjustments
Secured Term Loan [Line Items]
One-month SOFR				0.10%
Secured Term Loan | SOFR | Maximum | Credit Spread Adjustments
Secured Term Loan [Line Items]
One-month SOFR				0.50%

Repurchase Agreements, Loan _14

Repurchase Agreements, Loan Participations Sold, Net, Notes Payable, Net, Secured Term Loan, Net and Debt Related to Real Estate Owned, Net - Summary of Debt Related To Real Estate Owned (Details) - USD ($) $ in Thousands		9 Months Ended		12 Months Ended
		Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020
Debt Instrument Real Estate Owned Net [Line Items]
Financing Costs		$ 14,335	$ 16,283
Real Estate Investment
Debt Instrument Real Estate Owned Net [Line Items]
Contractual Maturity Date				Feb. 9, 2024
Stated Rate (1)	[1]			L + 2.78%
Financing Costs				$ 250
Interest Rate				3.53%
Par Value				$ 290,000
Carrying value				$ 289,784
[1]	One-month LIBOR at December 31, 2020 was 0.14%.  Following the modification on December 1, 2020, the secured term loan has a LIBOR floor of 1.00%.

Repurchase Agreements, Loan _15

Repurchase Agreements, Loan Participations Sold, Net, Notes Payable, Net, Secured Term Loan, Net and Debt Related to Real Estate Owned, Net - Summary of Debt Related To Real Estate Owned (Parenthetical) (Details)	May 27, 2021	Sep. 30, 2021	Sep. 30, 2021
Debt Instrument Real Estate Owned Net [Line Items]
LIBOR floor	0.35%
Real Estate Investment
Debt Instrument Real Estate Owned Net [Line Items]
LIBOR floor			0.75%
Real Estate Investment | One Month L I B O R
Debt Instrument Real Estate Owned Net [Line Items]
LIBOR floor		0.08%

Repurchase Agreements, Loan _16

Repurchase Agreements, Loan Participations Sold, Net, Notes Payable, Net, Secured Term Loan, Net and Debt Related to Real Estate Owned, Net - Summary of Interest Expense and Amortization (Details) - USD ($) $ in Thousands	3 Months Ended		8 Months Ended	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2021	Sep. 30, 2020
Securities Loaned And Securities Sold Under Agreement To Repurchase Gross Including Not Subject To Master Netting Arrangement [Abstract]
Interest on secured financings	$ 28,400	$ 31,403		$ 86,989	$ 101,230
Interest on secured term loan	11,749	3,928		34,954	13,640
Interest expense	2,619		$ 13,000	12,968
Amortization of financing costs	5,302	4,409		16,277	14,211
Total interest and related expense	$ 48,070	$ 39,740		$ 151,188	$ 129,081

Fair Value Measurements - Sched

Fair Value Measurements - Schedule of Financial Instruments Measured at Carrying And Estimated Fair Value (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Loans receivable held-for-investment, net	$ 5,924,346	$ 6,125,825
Interests in loans receivable held-for- investment, net	436,721	338,270
Repurchase agreements	3,094,832	2,685,203
Loan participations sold, net	524,518	516,484
Notes payable, net	47,921	303,515
Secured term loan, net	742,778	746,095
Debt related to real estate owned, net	289,784
Level 3 [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Loans receivable held-for-investment, net	6,035,925	6,155,526
Interests in loans receivable held-for- investment, net	437,915	338,695
Repurchase agreements	3,098,690	2,668,464
Loan participations sold, net	530,609	524,010
Notes payable, net	48,000	308,069
Secured term loan, net	782,129	769,949
Debt related to real estate owned, net	282,107
Par Value [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Loans receivable held-for-investment, net	6,009,765	6,152,331
Interests in loans receivable held-for- investment, net	436,788	338,957
Repurchase agreements	3,094,832	2,685,203
Loan participations sold, net	525,447	519,420
Notes payable, net	48,000	305,294
Secured term loan, net	762,717	768,554
Debt related to real estate owned, net	290,000
Fair Value [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Loans receivable held-for-investment, net	6,035,925	6,155,526
Interests in loans receivable held-for- investment, net	437,915	338,695
Repurchase agreements	3,098,690	2,668,464
Loan participations sold, net	530,609	524,010
Notes payable, net	48,000	308,069
Secured term loan, net	782,129	$ 769,949
Debt related to real estate owned, net	$ 282,107

Redeemable Interests - Addition

Redeemable Interests - Additional Information (Details)	9 Months Ended
	Sep. 30, 2021shares
Equity [Abstract]
Stock Repurchase Program, Number of Shares Authorized to be Repurchased	7,306,984
Stock Repurchase Redemption Period	between January 8, 2020 and February 7, 2020

Equity - Additional Information

Equity - Additional Information (Details) - $ / shares	9 Months Ended	12 Months Ended
	Sep. 30, 2021	Dec. 31, 2020
Class Of Stock [Line Items]
Common stock authorized	500,000,000	500,000,000
Common stock par value	$ 0.01	$ 0.01
Common stock, shares issued	126,126,503	125,541,736
Common stock outstanding	126,126,503	125,541,736
Redeemable common stock, shares issued	7,306,984	7,306,984
Redeemable common stock, shares outstanding	7,306,984	7,306,984
Preferred stock, shares authorized	10,000,000	10,000,000
Preferred stock, par value	$ 0.01	$ 0.01
Preferred stock, shares issued	125	125
Preferred stock, per share		$ 1,000
Preferred stock, dividend rate		12.50%
Redeemable Common Stock [Member]
Class Of Stock [Line Items]
Redeemable common stock, shares issued	7,306,984	7,306,984
Redeemable common stock, shares outstanding	7,306,984	7,306,984
Common Stock [Member]
Class Of Stock [Line Items]
Common stock authorized	500,000,000
Common stock par value	$ 0.01
Common stock, shares issued	133,433,487	133,433,487
Common stock outstanding	133,433,487	133,433,487
Preferred Stock [Member]
Class Of Stock [Line Items]
Preferred stock, shares authorized	10,000,000
Preferred stock, par value	$ 0.01
Preferred stock, shares issued	125	125
Preferred stock, per share	$ 1,000
Preferred stock, dividend rate	12.50%

Equity -Schedule of Common Stoc

Equity -Schedule of Common Stock Issued and Outstanding (Details) - $ / shares	Sep. 30, 2021	Jun. 30, 2021	[1]	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017	Sep. 30, 2017	Mar. 31, 2017	Dec. 30, 2016	Sep. 30, 2016	Jun. 30, 2016	Dec. 31, 2015
Equity [Abstract]
Number of Shares Issued	133,433,487	584,767		3,500,000	14,460,441	1,098,350	8,652,278	3,100,750	1,595,250	20,533,575	19,451,583	1,365,805	17,153,454	6,950,250	10,155,000	4,000,000	7,306,984	4,275,000	9,250,000
Average Price Per Share	$ 19.82			$ 20	$ 19.65	$ 20	$ 19.76	$ 20	$ 20	$ 19.68	$ 19.91	$ 20	$ 19.95	$ 20	$ 20	$ 20	$ 19.16	$ 20	$ 19.85
[1]	Issued shares represent conversion of fully vested RSUs to common shares. These shares are excluded from the calculation of the weighted average price per share.

Equity - Summary of Dividends D

Equity - Summary of Dividends Declared For Common, Redeemable common, Vested Restricted Stock Units And Preferred Stock (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Sep. 30, 2020		Jun. 30, 2020		Mar. 31, 2020
Class Of Stock [Line Items]
Record Date - common stock, redeemable common stock and vested restricted stock units	Sep. 17, 2021	Jun. 16, 2021	Mar. 19, 2021	Sep. 29, 2020		Jun. 18, 2020		Mar. 4, 2020
Payment Date - common stock, redeemable common stock and vested restricted stock units	Oct. 7, 2021	Jul. 7, 2021	Apr. 1, 2021	Oct. 1, 2020		Jul. 1, 2020		Apr. 2, 2020
Common Stock [Member]
Class Of Stock [Line Items]
Dividends declared - common stock, redeemable common stock and vested restricted stock units	$ 50,000	$ 50,000	$ 50,000	$ 50,000		$ 59,000		$ 56,000
Dividends declared, preferred stock	$ 0.37	$ 0.37	$ 0.37	$ 0.37		$ 0.44		$ 0.43
Preferred Stock [Member]
Class Of Stock [Line Items]
Dividends declared - common stock, redeemable common stock and vested restricted stock units	$ 4	$ 4	$ 4	$ 8	[1]	$ 8	[1]	$ 8	[1]
Dividends declared, preferred stock	$ 0.03	$ 0.03	$ 0.03	$ 0.03	[1]	$ 0.03	[1]	$ 0.03	[1]
[1]	Includes 125 preferred units issued at a price of $1,000 per unit and entitled to a 12.5% dividend paid semi-annually that were redeemed on December 29, 2020 at a price of $1,000 per unit.

Equity - Summary of Dividends_2

Equity - Summary of Dividends Declared For Common, Redeemable common, Vested Restricted Stock Units And Preferred Stock (Parenthetical) (Details) - $ / shares	12 Months Ended
	Dec. 31, 2020	Sep. 30, 2021	Dec. 29, 2020
Equity [Abstract]
Preferred stock, shares issued	125	125
Preferred stock, per share	$ 1,000
Preferred stock, dividend rate	12.50%
Preferred stock, redemption price per share			$ 1,000

Earnings per Share - Additional

Earnings per Share - Additional Information (Details) - shares	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Earnings Per Share [Abstract]
Dilutive securities	0	0

Earnings per Share - Schedule o

Earnings per Share - Schedule of Basic and Diluted Earning per Share (Details) - USD ($) $ / shares in Units, $ in Thousands		3 Months Ended		9 Months Ended
		Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Earnings Per Share [Abstract]
Net income attributable to Claros Mortgage Trust, Inc. common stockholders and redeemable common stockholders		$ 52,877	$ 50,015	$ 153,506	$ 159,160
Basic weighted average number of common stock and redeemable common stock outstanding	[1]	133,433,487	133,726,218	133,491,390	132,729,868
Diluted weighted average number of common stock and redeemable common stock outstanding	[1]	133,433,487	133,726,218	133,491,390	132,729,868
Net income per share of common stock and redeemable stock, basic and diluted		$ 0.40	$ 0.37	$ 1.15	$ 1.20
[1]	Amounts include fully vested RSUs, which were delivered on April 4, 2021, of 584,767 and 877,498 common stock underlying vested RSUs at September 30, 2021 and 2020, respectively.  Excludes 1,097,293 shares of common stock underlying unvested RSUs that vested in full in connection with the Company’s initial public offering.

Earnings per Share - Schedule_2

Earnings per Share - Schedule of Basic and Diluted Earning per Share (Parenthetical) (Details) - RSUs - shares	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Earnings Per Share Diluted [Line Items]
Shares vested	584,767	877,498
Initial Public Offering
Earnings Per Share Diluted [Line Items]
Shares vested	1,097,293

Related Party Transactions - Ad

Related Party Transactions - Additional Information (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2021	Dec. 31, 2020
Related Party Transaction [Line Items]
Management agreement expiration date	Jul. 8, 2026
Annual base management fee percentage	1.50%
Base management fee payable to affiliate	$ 9,789	$ 9,849
Management fee, description	Effective October 1, 2015, the Manager earns a base management fee in an amount equal to 1.50% per annum of Stockholders’ Equity. Management fees are reduced by the Company’s pro rata share of any management fees and incentive fees (if incentive fees are not incurred by the Company) paid to the Manager by CMTG/TT.  Management fees are paid quarterly, in arrears.  Management fees of $9.8 million and $9.8 million were accrued and were included in management fee payable – affiliate, in the consolidated balance sheets at September 30, 2021 and December 31, 2020.
Incentive fee rate	20.00%
Minimum percentage of incentive fee to be paid in return on stockholders’ equity	7.00%
Incentive fees, description	The Manager is entitled to an incentive fee equal to 20% of the excess of the Company’s Core Earnings on a rolling four-quarter basis, as defined in the Management Agreement, over a 7.00% return on Stockholders’ Equity, as defined in the Management Agreement of the Company.  Incentive fees are reduced by the Company’s pro rata share of any incentive fees paid to the Manager by CMTG/TT.
Incentive fee payable to affiliate	$ 0	$ 187
Termination fee, description	If the Company elects to terminate the Management Agreement, the Company is required to pay the Manager a termination fee equal to three times the sum of the average total annual amount of management fees paid by the Company over the prior two years and the average annual incentive fee paid by the Company over the prior two years.
CMTG/TT Mortgage REIT LLC [Member]
Related Party Transaction [Line Items]
Incentive fee rate	3.33%
Minimum percentage of incentive fee to be paid in return on stockholders’ equity	7.00%

Related Party Transactions - Su

Related Party Transactions - Summary of Management and Incentive Fees (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Related Party Transactions [Abstract]
Management fees - affiliate	$ 9,789	$ 9,844	$ 29,152	$ 29,111
Incentive fees - affiliate		1,141		7,579
Total	$ 9,789	$ 10,985	$ 29,152	$ 36,690

Equity Compensation - Additiona

Equity Compensation - Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions	Apr. 04, 2021	Apr. 04, 2019	Jan. 01, 2019	Mar. 30, 2016	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Time-based Restricted Stock Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Shares granted		877,498
Weighted average grant-date fair value		$ 20
Shares forfeitures					0		292,731
Shares vested	584,767
Time-based Restricted Stock Units | Other Income
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Equity-based compensation					$ 0		$ 5.9
Performance-based Restricted Stock Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Shares granted		1,622,499
Weighted average grant-date fair value		$ 20								$ 20	$ 20
Shares forfeitures					0		525,000
Equity-based compensation					$ 0.2	$ 2.5	$ 0.4	$ 7.4
Vesting period (in years)			3 years
Minimum shareholder return percentage		18.00%
Shareholder return per share									$ 19.84
Performance-based Restricted Stock Units | Minimum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting percentage							0.00%
Performance-based Restricted Stock Units | Maximum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting percentage							100.00%
2016 Incentive Award Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Maximum percentage shares expected to be issued				7.50%

Equity Compensation - Summary o

Equity Compensation - Summary of Restricted Stock Units Activity (Details) - $ / shares	Apr. 04, 2021	Apr. 04, 2019	Sep. 30, 2021	Sep. 30, 2021	Sep. 30, 2020
Time-based Restricted Stock Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of Restricted Shares, Granted		877,498
Number of Restricted Shares, Forfeited/cancelled			0	(292,731)
Number of Restricted Shares, Vested	584,767
Performance-based Restricted Stock Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of Restricted Shares, Unvested beginning balance				1,622,000	1,622,000
Number of Restricted Shares, Granted		1,622,499
Number of Restricted Shares, Forfeited/cancelled			0	(525,000)
Number of Restricted Shares, Unvested ending balance			1,097,000	1,097,000	1,622,000
Grant Date Fair Value Per Share, Unvested beginning balance				$ 20	$ 20
Grant Date Fair Value Per Share, Forfeited/cancelled				20
Grant Date Fair Value Per Share, Unvested ending balance			$ 20	$ 20	$ 20

Income Taxes - Additional Infor

Income Taxes - Additional Information (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020
Schedule Of Income Loss Before Income Taxes [Line Items]
Current income tax expense			$ 35,000
Net deferred tax assets	$ 6,060,000		$ 6,060,000
Federal statutory income tax, combined rate			35.44%
Uncertain tax positions	0		$ 0		$ 0
TRS [Member]
Schedule Of Income Loss Before Income Taxes [Line Items]
Percentage of REIT taxable income			90.00%
Percentage of REITs flexibility to hold up to total assets			20.00%
Current income tax expense	0	$ 0	$ 35,000	$ 0
Deferred income tax benefit	0	$ 0	6,100,000	$ 0
Net deferred tax assets	$ 6,100,000		$ 6,100,000		0
Net deferred tax liabilities					$ 0
Federal statutory income tax rate, percent	21.00%		18.28%
Effective tax rate, percent	0.00%		4.09%
Net operating loss	$ 6,800,000		$ 26,800,000
Net operating loss carry forward period			20 years
Valuation allowance	$ 7,500,000		$ 7,500,000

Income Taxes - Schedule of Inco

Income Taxes - Schedule of Income Tax Expense Benefit (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2021USD ($)
Current
State and local	$ (35)
Current income tax expense	(35)
Deferred
Federal	3,252
State and local	2,808
Deferred income tax benefit	6,060
Total income tax benefit	$ 6,025

Income Taxes - Schedule of Defe

Income Taxes - Schedule of Deferred Tax Assets (Details) $ in Thousands	Sep. 30, 2021USD ($)
Income Tax Disclosure [Abstract]
Investment basis difference in real estate owned	$ 4,021
Net operating loss carryforward	9,498
Deferred tax assets, gross	13,519
Valuation allowance	(7,459)
Deferred tax asset	$ 6,060

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2021	Dec. 31, 2020	Jul. 24, 2023	Aug. 20, 2022
Loss Contingencies [Line Items]
Loan Commitments Refunded	$ 1,000,000	$ 1,400,000
Existing Secured Financing Commitments	459,300	$ 650,900
Notes Payable Repaid Date		May 27, 2021
Estimated Equity Required		$ 2,600
Commitments related to arrangements	55,000	55,000
Commitments Amount Drawn	0	0
Commitments
Loss Contingencies [Line Items]
Commitments related to arrangements	$ 50,000	$ 50,000	$ 5,000	$ 5,000
Maximum
Loss Contingencies [Line Items]
Lease Expiration Period	5 years	5 years
Claros Mortgage Trust
Loss Contingencies [Line Items]
Commitment Interest	51.00%
Commitment Amount	$ 124,900
Loans Recall Price	$ 10
Loan Repayment Period	6 months
Company Contribution Amount	$ 161,600	$ 159,500
Remaining capital commitment	74,400	$ 76,400
CMTG TT Participation
Loss Contingencies [Line Items]
Capital Commitment Expenses	1,100
CMTG TT Participation | Maximum
Loss Contingencies [Line Items]
Required Equity Amount	$ 100,000

Commitments and Contingencies_2

Commitments and Contingencies - Schedule of Contractual Maturity Payment (Details) $ in Thousands	Sep. 30, 2021USD ($)
Commitments And Contingencies Disclosure [Abstract]
2021	$ 532,004
2022	1,732,670
2023	468,840
2024	1,061,951
2025	195,892
Thereafter	729,639
Long-term Debt	$ 4,720,996

Segment Reporting - Schedule of

Segment Reporting - Schedule of Performance Based Segment Reporting Information (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020
Revenue
Interest and related income	$ 103,876	$ 105,984	$ 314,326	$ 340,786
Less: interest and related expense	48,070	39,740	151,188	129,081
Net interest income	55,806	66,244	163,138	211,705
Revenue from real estate owned	8,550		15,620
Total revenue	64,356	66,244	178,758	211,705
Management fees - affiliate	9,789	9,844	29,152	29,111
Incentive fees - affiliate		1,141		7,579
Equity compensation	(186)	2,451	(376)	7,354
General and administrative expenses	1,330	1,169	5,393	4,162
Expenses from real estate owned	9,888		21,912
Total expenses	20,821	14,605	56,081	48,206
Gain on foreclosure of real estate owned			1,430
Other income			5,855
Reversal of current expected credit loss reserve	9,306		17,413
Income before income taxes	52,841		147,375
Income tax benefit			6,025
Realized loss on sale of investments		(202)		(202)
Segment income	52,841	51,437	153,400	163,297
Total Assets as of September 30, 2021	7,352,273	6,952,543	7,352,273	6,952,543	$ 6,952,543
Loan
Revenue
Interest and related income	103,876	105,984	314,326	340,786
Less: interest and related expense	45,429	39,740	138,186	129,081
Net interest income	58,447	66,244	176,140	211,705
Total revenue	58,447	66,244	176,140	211,705
Reversal of current expected credit loss reserve	9,306		17,413
Income before income taxes	67,753		193,553
Realized loss on sale of investments		(202)		(202)
Segment income	67,753	66,042	193,553	211,503
Total Assets as of September 30, 2021	6,905,196	6,952,543	6,905,196	6,952,543
Corporate and Other
Revenue
Less: interest and related expense	2,641		13,002
Net interest income	(2,641)		(13,002)
Revenue from real estate owned	8,550		15,620
Total revenue	5,909		2,618
Management fees - affiliate	9,789	9,844	29,152	29,111
Incentive fees - affiliate		1,141		7,579
Equity compensation	(186)	2,451	(376)	7,354
General and administrative expenses	1,330	1,169	5,393	4,162
Expenses from real estate owned	9,888		21,912
Total expenses	20,821	14,605	56,081	48,206
Gain on foreclosure of real estate owned			1,430
Other income			5,855
Income before income taxes	(14,912)		(46,178)
Income tax benefit			6,025
Segment income	(14,912)	$ (14,605)	(40,153)	$ (48,206)
Total Assets as of September 30, 2021	$ 447,077		$ 447,077

Subsequent Events - Additional

Subsequent Events - Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions	Dec. 02, 2021	Nov. 03, 2021	Jun. 30, 2021	Mar. 31, 2020	Dec. 01, 2021	Dec. 31, 2020
Subsequent Event [Line Items]
Preferred stock, per share						$ 1,000
Subsequent Event | Secured Term Loan
Subsequent Event [Line Items]
1-month SOFR plus credit spread adjustment percentage	0.10%
1-month SOFR plus credit spread percentage	0.50%
Percentage of credit spread	4.50%
Subsequent Event | Restricted Stock Units [Member]
Subsequent Event [Line Items]
Restricted Common Stock Units, Vested		1,097,293
Subsequent Event | Restricted Stock Units [Member] | Dividend Paid [Member]
Subsequent Event [Line Items]
Dividends Paid		$ 4.9
Common Stock [Member]
Subsequent Event [Line Items]
Issuance of common stock (in shares)			584,767	3,500,000
Initial Public Offering | Common Stock [Member] | Subsequent Event
Subsequent Event [Line Items]
Issuance of common stock (in shares)		5,524,934
Preferred stock, per share		$ 18.65
Proceeds from Issuance Initial Public Offering		$ 103
Morgan & Stanley Co LLC [Member] | Subsequent Event
Subsequent Event [Line Items]
Amount of common stock shares purchased in open market					$ 25