Inpoint Commercial Real Estate Income (ICR-PA) 10-K 12 Mar 19 2018 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($)	12 Months Ended
	Dec. 31, 2018	Mar. 11, 2019	Jun. 29, 2018
Document And Entity Information [Abstract]
Document Type	10-K
Amendment Flag	false
Document Period End Date	Dec. 31, 2018
Document Fiscal Year Focus	2018
Document Fiscal Period Focus	FY
Trading Symbol	ck0001690012
Entity Registrant Name	InPoint Commercial Real Estate Income, Inc.
Entity Central Index Key	0001690012
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	No
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	true
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		7,197,665
Entity Public Float			$ 81,158,328

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
ASSETS
Cash and cash equivalents	$ 27,530	$ 1,311
Restricted cash	967	95
Real estate securities at fair value	91,218	25,993
Commercial mortgage loans at cost, net of allowance for loan loss of $0	249,573	32,094
Deferred debt finance costs	518
Deferred offering costs	1,201	1,503
Accrued interest receivable	994	142
Prepaid expenses and other assets	22	4
Total assets	372,023	61,142
Liabilities:
Loan fees payable	100	40
Due to related parties	1,680	1,512
Interest payable	427	24
Distributions payable	941	258
Accrued expenses	399	210
Total liabilities	229,751	19,157
Stockholders’ Equity:
Class P common stock, $0.001 par value, 450,000,000 shares authorized, 5,940,744 and 1,733,392 shares issued and outstanding as of December 31, 2018 and 2017, respectively	6	2
Additional paid in capital (net of offering costs of $11,724 and $2,918 as of December 31, 2018 and 2017, respectively)	148,650	43,428
Distributions in excess of earnings	(6,384)	(1,445)
Total stockholders’ equity	142,272	41,985
Total liabilities and stockholders’ equity	372,023	61,142
Real Estate Securities
Liabilities:
Repurchase agreements	61,871	17,113
Interest payable	128	$ 24
Commercial Mortgage Loans
Liabilities:
Repurchase agreements	$ 164,333

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($)	Dec. 31, 2018	Dec. 31, 2017
Statement Of Financial Position [Abstract]
Allowance for loan loss	$ 0	$ 0
Common stock, par value	$ 0.001	$ 0.001
Common stock, shares authorized	450,000,000	450,000,000
Common stock, shares, issued	5,940,744	1,733,392
Common stock, shares, outstanding	5,940,744	1,733,392
Additional paid in capital, offering costs	$ 11,724,000	$ 2,918,000

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	4 Months Ended	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2018	Dec. 31, 2017
Interest income:
Interest income	$ 22	$ 11,033	$ 979
Less: Interest expense		(4,091)	(156)
Net interest income	22	6,942	823
Operating expenses:
Advisory fee		2,540
Debt finance costs		456
Administration expense	19		96
Directors compensation	21	84	82
Professional service fees		356	453
Other expenses	8	243	94
Total operating expenses	48	3,679	725
Other (loss) income:
Unrealized (loss) gain in value of real estate securities	(5)	(1,279)	41
Other interest income		72
Total other (loss) income	(5)	(1,207)	41
Net income (loss) before income taxes	(31)	2,056	139
Income tax (benefit) provision	0	(13)	58
Net income (loss)	$ (31)	$ 2,069	$ 81
Net income (loss) per share, basic and diluted	$ (0.22)	$ 0.57	$ 0.11
Weighted average number of shares
Basic	142,443	3,638,407	757,025
Diluted	142,443	3,638,574	757,025

CONSOLIDATED STATEMENT OF CHANG

CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS' EQUITY - USD ($) $ in Thousands	Total	Common Stock	Additional Paid in Capital	Distributions in Excess of Earnings
Balance at Sep. 12, 2016
Balance, shares at Sep. 12, 2016
Proceeds from issuance of common stock	5,942		5,942
Proceeds from issuance of common stock, shares		237,700
Net income (loss)	(31)			(31)
Distributions declared	(33)			(33)
Balance at Dec. 31, 2016	5,878		5,942	(64)
Balance, shares at Dec. 31, 2016		237,700
Proceeds from issuance of common stock	40,406	$ 2	40,404
Proceeds from issuance of common stock, shares		1,495,692
Offering costs	(2,918)		(2,918)
Net income (loss)	81			81
Distributions declared	(1,462)			(1,462)
Balance at Dec. 31, 2017	41,985	$ 2	43,428	(1,445)
Balance, shares at Dec. 31, 2017		1,733,392
Proceeds from issuance of common stock	114,070	$ 4	114,066
Proceeds from issuance of common stock, shares		4,209,178
Offering costs	(8,806)		(8,806)
Net income (loss)	2,069			2,069
Distributions declared	(7,008)			(7,008)
Redemptions	(46)		(46)
Redemption, shares		(1,826)
Equity based compensation	8		8
Balance at Dec. 31, 2018	$ 142,272	$ 6	$ 148,650	$ (6,384)
Balance, shares at Dec. 31, 2018		5,940,744

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	4 Months Ended	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2018	Dec. 31, 2017
Cash flows from operating activities
Net income (loss)	$ (31)	$ 2,069	$ 81
Adjustments to reconcile net income (loss) to cash provided by operations:
Net unrealized loss (gain) on real estate securities	5	1,279	(41)
Amortization of equity based compensation		8
Amortization of debt finance costs		456
Amortization of debt finance costs to interest expense		56
Amortization of bond (discount) premium	2	(369)	164
Amortization of deferred exit fees		(144)
Changes in assets and liabilities:
Accrued interest receivable	(13)	(852)	(128)
Accrued expenses	19	(515)	191
Due to related parties	28	1,174	(19)
Prepaid expenses and other assets		(18)	(4)
Other liabilities		463	63
Net cash provided by operating activities	10	3,607	307
Cash flows from investing activities:
Origination of commercial loans		(217,334)	(32,094)
Purchase of real estate securities	(5,440)	(69,767)	(31,079)
Real estate securities sold		2,996	10,396
Real estate securities principal pay-down		636
Net cash used in investing activities	(5,440)	(283,469)	(52,777)
Cash flows from financing activities:
Proceeds from issuance of common stock	5,942	114,070	40,406
Redemptions of common stock		(46)
Payment of offering costs		(8,806)	(2,918)
Proceeds from repurchase agreements		668,045	82,130
Principal repayments of repurchase agreements		(458,877)	(65,017)
Debt finance costs		(1,107)
Distributions paid		(6,326)	(1,237)
Net cash provided by financing activities	5,942	306,953	53,364
Net change in cash, cash equivalents and restricted cash	512	27,091	894
Cash, cash equivalents and restricted cash at beginning of period		1,406	512
Cash, cash equivalents and restricted cash at end of period	512	28,497	1,406
Supplemental disclosure of cash flow information:
Change in deferred offering costs and accrued offering expenses, included in due to related parties	967	(1,005)	535
Interest paid		3,688	133
Distributions payable	$ 33	$ 941	$ 258

Organization and Business Opera

Organization and Business Operations	12 Months Ended
	Dec. 31, 2018
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Organization and Business Operations	Note 1 – Organization and Business Operations InPoint Commercial Real Estate Income, Inc. (the “Company”) was incorporated in Maryland on September 13, 2016 to originate, acquire and manage a diversified portfolio of commercial real estate (“CRE”) investments primarily comprised of (i) CRE debt, including first mortgage loans, subordinate mortgage and mezzanine loans, and participations in such loans and (ii) CRE securities, such as commercial mortgage-backed securities (“CMBS”), that primarily will be floating rate and senior unsecured debt of publicly traded real estate investment trusts (“REITs”). The Company may also invest in select equity investments in single-tenant, net leased properties. Substantially all of the Company’s business is conducted through InPoint REIT Operating Partnership, LP (the “Operating Partnership”), a Delaware limited partnership. The Company is the sole general partner and directly or indirectly holds all of the limited partner interests in the Operating Partnership. The Company has elected to be taxed as a REIT for U.S. federal income tax purposes. The Company is externally managed by Inland InPoint Advisor, LLC (the “Advisor”), a Delaware limited liability company formed in August 2016 that is a wholly-owned indirect subsidiary of Inland Real Estate Investment Corporation, a member of The Inland Real Estate Group of Companies, Inc. The Advisor is responsible for coordinating the management of the day-to-day operations and originating, acquiring and managing the Company’s CRE investment portfolio, subject to the supervision of the Company’s board of directors. The Advisor performs its duties and responsibilities as the Company’s fiduciary pursuant to an advisory agreement dated October 25, 2016 among the Company, the Advisor and the Operating Partnership (the “Advisory Agreement”). The Advisor has delegated certain of its duties to SPCRE InPoint Advisors, LLC (the “Sub-Advisor”), a Delaware limited liability company formed in September 2016 that is a wholly-owned subsidiary of Sound Point CRE Management, LP, pursuant to a Sub-Advisory agreement between the Advisor and the Sub-Advisor. Among other duties, the Sub-Advisor has the authority to identify, negotiate, acquire and originate the Company’s investments and provide portfolio management, disposition, property management and leasing services to the Company. Notwithstanding such delegation to the Sub-Advisor, the Advisor retains ultimate responsibility for the performance of all the matters entrusted to it under the Advisory Agreement, including those duties which the Advisor has not delegated to the Sub-Advisor such as (i) valuation of the Company’s assets and calculation of the Company’s net asset value; (ii) management of the Company’s day-to-day operations; (iii) preparation of stockholder reports and communications and arrangement of the Company’s annual stockholder meeting; and (iv) advising the Company regarding its initial qualification as a REIT for U.S. federal income tax purposes and monitoring its ongoing compliance with the REIT qualification requirements thereafter.

Summary of Significant Accounti

Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2018
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Note 2 – Summary of Significant Accounting Policies Basis of Accounting The accompanying consolidated financial statements and related footnotes have been prepared in conformity with U.S. generally accepted accounting principles (“GAAP”) and require management to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the financial statements and the reported amounts of income and expenses during the reported periods. Actual results could differ from such estimates. Certain amounts in the prior period consolidated financial statements have been reclassified to conform with the current year presentation. Principles of Consolidation The Company consolidates all entities that the Company controls through either majority ownership or voting rights. The accompanying consolidated financial statements include the accounts of the Company and the Operating Partnership. All intercompany accounts and transactions have been eliminated in consolidation. In determining whether the Company has a controlling financial interest in a joint venture and the requirement to consolidate the accounts of that entity, management considers factors such as ownership interest, authority to make decisions and contractual and substantive participating rights of the other partners or members as well as whether the entity is a variable interest entity (“VIE”) for which the Company is the primary beneficiary. The Company has determined the Operating Partnership is a VIE of which the Company is the primary beneficiary. Substantially all of the Company’s assets and liabilities are held by the Operating Partnership. Cash, Cash Equivalents and Restricted Cash Cash and cash equivalents include funds on deposit with financial institutions, including demand deposits with financial institutions with original maturities of three months or less. The account balance may exceed the Federal Deposit Insurance Corporation (“FDIC”) insurance coverage limits and, as a result, there could be a concentration of credit risk related to amounts on deposit in excess of FDIC insurance coverage limits. The Company believes that the risk will not be significant, as the Company does not anticipate the financial institutions’ non-performance. Restricted cash represents cash the Company is required to hold in a segregated account. As of December 31, 2018 and 2017, the restricted cash was held as additional collateral on real estate securities repurchase agreements. The following table provides a reconciliation of cash, cash equivalents and restricted cash in our consolidated balance sheets to the total amount shown in our consolidated statements of cash flows: December 31, 2018 2017 Cash and cash equivalents $ 27,530 $ 1,311 Restricted cash 967 95 Total cash, cash equivalents, and restricted cash $ 28,497 $ 1,406 Real Estate Securities at Fair Value The Company’s real estate securities are comprised of CMBS and are accounted for in accordance with ASC Topic 320, Investments — Debt and Equity Securities ASC Topic 825 , Financial Instruments ("ASC 825") The Company records its transactions in securities on a trade date basis and recognizes realized gains and losses on securities transactions on an identified cost basis. Commercial Mortgage Loans Held for Investment and Allowance for Loan Losses Commercial mortgage loans are held for investment purposes and are anticipated to be held until maturity. Accordingly, they are carried at cost, net of unamortized loan fees and origination costs, and premiums or discounts. Commercial mortgage loans that are deemed to be impaired will be carried at amortized cost less a specific allowance for loan losses. Interest income is recorded on the accrual basis and related discounts, premiums and net deferred fees or costs on investments are amortized over the life of the investment using the effective interest method. Amortization is reflected as an adjustment to interest income in the Company’s consolidated statements of operations. Upon measurement of impairment, the Company records an allowance for loan losses to reduce the carrying value of the loan with a corresponding charge through the provision for loan losses on the Company’s consolidated statements of operations. The allowance for loan losses reflects management's estimate of loan losses inherent in the loan portfolio as of the balance sheet date. The Company uses a uniform process for determining its allowance for loan losses. The allowance for loan losses includes an asset-specific component and may include a general, formula-based component when the portfolio is determined to be of sufficient size to warrant such a reserve. The asset-specific reserve component relates to reserves for losses on individual impaired loans. The Company considers a loan to be impaired when, based upon current information and events, it believes that it is probable that the Company will be unable to collect all amounts due under the contractual terms of the loan agreement. This assessment is made on an individual loan basis each quarter based on such factors as payment status, lien position, borrower financial resources and investment in collateral, collateral type, project economics and geographic location, as well as national and regional economic factors. A reserve is established for an impaired loan when the present value of payments expected to be received, observable market prices or the estimated fair value of the collateral (for loans that are dependent on the collateral for repayment) is lower than the carrying value of that loan. For collateral dependent impaired loans, impairment is measured using the estimated fair value of collateral less the estimated cost to sell. Valuations are performed or obtained at the time a loan is determined to be impaired and designated non-performing, and they are updated if circumstances indicate that a significant change in value has occurred. The Advisor generally will use the income approach through internally developed valuation models to estimate the fair value of the collateral for such loans. In more limited cases, the Advisor will obtain external “as is” appraisals for loan collateral, generally when third party participations exist. General reserves are recorded when (i) available information as of each balance sheet date indicates that it is probable a loss has occurred in the portfolio and (ii) the amount of the loss can be reasonably estimated. The Company’s policy is to estimate loss rates based on actual losses experienced, if any, or based on historical realized losses experienced in the industry if the Company has not experienced any losses. Current collateral and economic conditions affecting the probability and severity of losses are taken into account when establishing the allowance for loan losses. The Company performs a comprehensive analysis of its loan portfolio and assigns risk ratings to loans that incorporate management's current judgments about their credit quality based on all known and relevant internal and external factors that may affect collectability. The Company considers, among other things, payment status, lien position, borrower financial resources and investment in collateral, collateral type, project economics and geographic location, as well as national and regional economic factors. This methodology results in loans being segmented by risk classification into risk rating categories that are associated with estimated probabilities of default and principal loss. Ratings range from “1” to “5” with “1” representing the lowest risk of loss and “5” representing the highest risk of loss. Loans are generally placed on non-accrual status when principal or interest payments are past due 90 days or more or when there is reasonable doubt that principal or interest will be collected in full. Accrued and unpaid interest is generally reversed against interest income in the period the loan is placed on non-accrual status. Interest payments received on non-accrual loans may be recognized as income or applied to principal depending upon management's judgment regarding the borrower's ability to make pending principal and interest payments. Non-accrual loans are restored to accrual status when past due principal and interest is paid and, in management's judgment, are likely to remain current. The Company may make exceptions to placing a loan on non-accrual status if the loan has sufficient collateral value and is in the process of collection. As of December 31, 2018 and 2017, the Company had $249,573 and $32,094 of commercial mortgage loans held for investment, respectively. The Company has not recorded any allowance for loan losses as the Company did not consider a loan loss to be probable. Interest Income Interest income on CMBS, which includes accretion of discounts and amortization of premiums on such CMBS, and on commercial loans, which includes origination fees paid by borrowers, is recognized over the life of the investment using the effective interest method. Management estimates, at the time of purchase, the future expected cash flows and determines the effective interest rate based on these estimated cash flows and the Company’s purchase price. As needed, these estimated cash flows are updated and a revised yield is computed based on the current amortized cost of the investment. In estimating these cash flows, there are a number of assumptions that are subject to uncertainties and contingencies, including the rate and timing of principal payments (prepayments, repurchases, defaults and liquidations), the pass through or coupon rate and interest rate fluctuations. In addition, management must use its judgment to estimate interest payment shortfalls due to delinquencies on the underlying mortgage loans. These uncertainties and contingencies are difficult to predict and are subject to future events that may impact management’s estimates and the Company’s interest income. Fair Value Measurements The Company estimates fair value using available market information and valuation methodologies it believes to be appropriate for these purposes. The Company defines fair value based on the price that would be received upon sale of an asset or the exit price that would be paid to transfer a liability in an orderly transaction between market participants at the measurement date. ASC Topic 820 , Fair Value Measurements ("ASC 820") • Level I - Inputs are unadjusted, quoted prices in active markets for identical assets or liabilities at the measurement date. • Level II - Inputs (other than quoted prices included in Level I) are either directly or indirectly observable for the asset or liability through correlation with market data at the measurement date and for the duration of the instrument’s anticipated life. • Level III - Unobservable inputs which reflect management’s best estimate of what market participants would use in pricing the asset or liability at the measurement date. Consideration is given to the risk inherent in the valuation technique and the risk inherent in the inputs to the model. The determination of where an asset or liability falls in the above hierarchy requires judgment and factors specific to the asset or liability. 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 falls is based on the lowest level input that is significant to the fair value measurement in its entirety. The Company evaluates its hierarchy disclosures each quarter and depending on various factors, it is possible that an asset or liability may be classified differently from quarter to quarter. Real estate securities are valued utilizing both observable and unobservable market inputs. These factors include projected future cash flows, ratings, subordination levels, vintage, remaining lives, credit issues, recent trades of similar real estate securities and the spreads used in the prior valuation. The Company obtains current market spread information where available and uses this information in evaluating and validating the market price of all real estate securities. Depending upon the significance of the fair value inputs used in determining these fair values, these real estate securities are classified in either Level II or Level III of the fair value hierarchy. As of December 31, 2018 and 2017, the Company received third-party quotes on each real estate security used in determining the fair value, all of which have been classified as Level II due to the observable nature of all significant inputs. The Company is required by GAAP to disclose fair value information about financial instruments that are not otherwise reported at fair value in our consolidated balance sheets, to the extent it is practicable to estimate a fair value for those instruments. These disclosure requirements exclude certain financial instruments and all non-financial instruments. Organization and Offering Expenses The Company is conducting a private offering that commenced on October 25, 2016 (the “Offering”) of up to $500,000 in Class P Shares of common stock (the “Class P Shares”), pursuant to a private placement memorandum. The purchase price per Class P Share is equal to $25.00 (the “Transaction Price”) plus applicable selling commissions, dealer manager fees and organization and offering expenses, resulting in a total purchase price of $27.38 per Class P Share if maximum selling commissions, dealer manager fees and organization and offering expenses are paid. Inland Securities Corporation (the “Dealer Manager”), an affiliate of the Advisor, is the dealer manager for the Offering. Organization and offering expenses include all expenses incurred in connection with the Offering. Organization and offering expenses (other than selling commissions and the dealer manager fee) of the Company may be paid by the Advisor, Sub-Advisor, the Dealer Manager, or their respective affiliates on behalf of the Company and subsequently reimbursed by the Company. Offering expenses are deferred and a payable to the Advisor or Sub-Advisor until shares are sold in the Offering, at which point the expense reimbursement is paid from additional paid-in capital. These expenses include but are not limited to: (i) reimbursing the Dealer Manager and participating broker-dealers for bona fide out-of-pocket, itemized and detailed due diligence expenses incurred by these entities, (ii) expenses for printing and mailing, charges of transfer agents, registrars, trustees, escrow holders, depositaries and experts, and (iii) expenses of qualifying the sale of the shares under federal and state laws, including taxes and fees and accountants’ and attorneys’ fees and expenses. The Company is obligated to reimburse the Advisor, the Sub-Advisor and their respective affiliates, as applicable, for organization and offering expenses paid by them on behalf of the Company to the extent organization and offering expenses (excluding selling commissions and the dealer manager fee) incurred by the Company in the Offering do not exceed the organization and offering expenses paid by investors in connection with the sale of Class P Shares in the Offering. As a result, these expenses are only a liability of the Company to the extent aggregate organization and offering expenses do not exceed the organization and offering expenses paid by investors in connection with the sale of Class P Shares in the Offering, determined at the end of the Offering. Repurchase Agreements The Company enters into Master Repurchase Agreements (each, an “MRA”) that allow the Company to sell real estate loans and securities while providing a fixed repurchase price for the same real estate loans and securities in the future. Repurchase agreements are being accounted for as secured borrowings since the Company maintains effective control of the financed assets. Under the MRAs, the respective lender retains the right to mark the underlying collateral to fair value. Equity-Based Compensation In accordance with the Company’s Independent Director Restricted Share Plan (the “RSP”), restricted shares are issued to independent directors as compensation. The Company recognizes expense related to the fair value of equity-based compensation awards as operating expense in the consolidated statements of operations. The Company recognizes expense based on the fair value at the grant dated on a straight-line basis over the vesting period representing the requisite service period. See Note 10 – “Equity-Based Compensation” for further information. Income Taxes The Company qualifies as a REIT under the Internal Revenue Code of 1986, as amended, for federal income tax purposes commencing with the tax year ending December 31, 2017 and qualifies for taxation as a REIT. The Company generally will not be subject to federal income tax to the extent it distributes its REIT taxable income, subject to certain adjustments, to its stockholders. Subsequently, if the Company fails to qualify as a REIT in any taxable year, the Company will be subject to federal income tax on its taxable income at regular corporate tax rates. Even if the Company qualifies for taxation as a REIT, the Company may be subject to certain state and local taxes on its income, property or net worth and federal income and excise taxes on its undistributed income. The Company had no uncertain tax positions as of December 31, 2018 or 2017. The Company expects no significant increases or decreases in uncertain tax positions due to changes in tax positions within one year of December 31, 2018. The Company had no interest or penalties relating to income taxes recognized in the consolidated statements of operations for the years ended December 31, 2018, and 2017 or for the period from September 13, 2016 (inception) through December 31, 2016. As of December 31, 2018, returns for the calendar years 2016 and 2017 remain subject to examination by U.S. and various state and local tax jurisdictions. Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for future tax consequences and are attributable to (1) differences between the financial statement carrying amounts and their respective tax bases, and (2) net operating losses. As of December 31, 2017, the Company had reversed a deferred tax asset and valuation allowance related to its activities. As a REIT, the Company is not expected to pay federal income tax at the REIT level, but instead a dividends paid deduction will generally offset its taxable income. As a result, while the Company will still be permitted to use net operating losses to offset its REIT taxable income, the Company generally does not expect to pay taxes on its REIT taxable income, and therefore does not expect to be able to realize such deferred tax assets. For the year ended December 31, 2017 the Company has incurred $58 in current income tax expense in a consolidated taxable REIT subsidiary. This tax is comprised of $42 in federal and $16 in state income tax expense. The majority of this expense was related to the receipt of a one-time prepayment penalty interest received on the early pay-off of one investment. For the year ended December 31, 2018, the Company has recognized $13 as a current income tax benefit in a consolidated taxable REIT subsidiary. This benefit is primarily comprised of a $13 refund in state income tax. For the period from September 13, 2016 (inception) through December 31, 2016, no income tax expense or benefit was recorded. Distributions Payable Distributions payable represent distributions declared as of the balance sheet date which are payable to stockholders. Per Share Data The Company calculates basic and diluted earnings per share by dividing net income attributable to the Company for the period by the weighted-average number of shares of common stock outstanding for that period. Basic earnings (loss) per share (“EPS”) is computed by dividing net income (loss) by the weighted average number of common shares outstanding for the period. Diluted EPS is computed by dividing net income (loss) by the common shares plus common share equivalents. For further information about the Company’s calculation of EPS, s ee Note 7 – “Net Income (Loss) Per Share.” Accounting Pronouncements Recently Issued but Not Yet Effective In June 2016, the Financial Accounting Standards Board issued ASU 2016-13, “Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments” (“ASU 2016-13”), which changes how entities measure credit losses for financial assets carried at amortized cost. ASU 2016-13 eliminates the requirement that a credit loss must be probable before it can be recognized and instead requires an entity to recognize the current estimate of all expected credit losses. ASU 2016-13 is effective for SEC filers for reporting periods beginning after December 15, 2019. The amendments may be adopted early for reporting periods beginning after December 15, 2018. The Company is currently evaluating the impact ASU 2016-13 will have on its allowance for loan losses estimate.

Commercial Mortgage Loans Held

Commercial Mortgage Loans Held for Investment	12 Months Ended
	Dec. 31, 2018
Mortgage Loans On Real Estate [Abstract]
Commercial Mortgage Loans Held for Investment	Note 3 – Commercial Mortgage Loans Held for Investment The following is a summary of the Company’s commercial mortgage loans held for investment as of December 31, 2018: Number of Loans Principal Balance Unamortized (fees)/costs, net Carrying Value Weighted Average Coupon Weighted Average Years to Maturity First mortgage loans 16 $ 241,225 $ (2,152 ) $ 239,073 6.4 % 2.2 Credit loans 2 10,500 — 10,500 9.2 % 7.5 Total and average 18 $ 251,725 $ (2,152 ) $ 249,573 6.5 % 2.5 The following is a summary of the Company’s commercial mortgage loans held for investment as of December 31, 2017: Number of Loans Principal Balance Unamortized (fees)/costs, net Carrying Value Weighted Average Coupon Weighted Average Years to Maturity First mortgage loans 2 $ 24,951 $ (357 ) $ 24,594 6.1 % 3.0 Credit loans 1 7,500 — $ 7,500 9.2 % 9.8 Total and average 3 $ 32,451 $ (357 ) $ 32,094 6.8 % 4.6 Credit Characteristics As part of the Company’s process for monitoring the credit quality of its investments, it performs a quarterly asset review of the investment portfolio and assigns risk ratings to each of its loans and CMBS. Risk factors include payment status, lien position, borrower financial resources and investment in collateral, collateral type, project economics and geographic location, as well as national and regional economic factors. To determine the likelihood of loss, the loans are rated on a 5-point scale as follows: Investment Grade Investment Grade Definition 1 Investment exceeding fundamental performance expectations and/or capital gain expected. Trends and risk factors since time of investment are favorable. 2 Performing consistent with expectations and a full return of principal and interest expected. Trends and risk factors are neutral to favorable. 3 Performing investment requiring closer monitoring. Trends and risk factors show some deterioration. Collection of principal and interest is still expected. 4 Underperforming investment with the potential of some interest loss but still expecting a positive return on investment. Trends and risk factors are negative. 5 Underperforming investment with expected loss of interest and some principal. All investments are assigned an initial risk rating of 2 at origination. As of December 31, 2018, 17 loans had a risk rating of 2 and one had a risk rating of 3. As of December 31, 2017, all loans had a risk rating of 2. The Company has not recorded any allowance for loan losses as the Company did not consider a loan loss to be probable.

Real Estate Securities

Real Estate Securities	12 Months Ended
	Dec. 31, 2018
Investments Debt And Equity Securities [Abstract]
Real Estate Securities	Note 4 – Real Estate Securities The Company classified its real estate securities as available-for-sale. These investments are reported at fair value in the consolidated balance sheets with changes in fair value recorded in other income or loss in the consolidated statements of operations. The table below shows the securities as of December 31, 2018 and 2017: December 31, 2018 Number of Positions External Credit Rating Collateral Weighted Average Coupon Weighted Average Years to Maturity Par Value Amortized Cost Unrealized Gains Unrealized Losses Fair Value 2 AAA Hospitality 3.4 % 0.7 $ 20,310 $ 20,310 $ — $ (277 ) $ 20,033 1 AA- Hospitality 3.5 % 1.4 2,000 1,998 — (31 ) 1,967 5 BB- Retail, Hospitality 5.3 % 1.6 38,512 38,438 — (460 ) 37,978 2 Unrated Hospitality 7.7 % 1.4 32,700 31,715 — (475 ) 31,240 10 5.7 % 1.3 $ 93,522 $ 92,461 $ — $ (1,243 ) $ 91,218 December 31, 2017 Number of Positions External Credit Rating Collateral Weighted Average Coupon Weighted Average Years to Maturity Par Value Amortized Cost Unrealized Gains Unrealized Losses Fair Value 1 BB- Retail 4.9 % 1.5 $ 5,079 $ 5,079 $ — $ (1 ) $ 5,078 2 AAA Hospitality 2.4 % 1.7 20,879 20,879 36 — 20,915 3 2.9 % 1.7 $ 25,958 $ 25,958 $ 36 $ (1 ) $ 25,993 At December 31, 2018, the Company held 10 CMBS with a total carrying value of $91,218 with a total unrealized loss of $1,243. As of December 31, 2018, the amortized cost was $1,061 less than the par value of $93,522 due to three real estate securities purchased at a discount. As of December 31, 2017, the Company held three CMBS with a total carrying value of $25,993 with a net unrealized gain of $35. As of December 31, 2017, amortized cost equaled par value since there were no discounts or premiums on real estate securities. As of December 31, 2018 and 2017, no position had an unrealized loss for a period greater than 12 months. The Company did not have any realized gains or losses during the years ended December 31, 2018 and 2017. As of December 31, 2018, each of the CMBS were assigned an internal risk rating of 2. While the CMBS were reviewed for credit quality, the Company did not begin assigning a risk rating until December 31, 2018.

Repurchase Agreements

Repurchase Agreements	12 Months Ended
	Dec. 31, 2018
Banking And Thrift [Abstract]
Repurchase Agreements	Note 5 – Repurchase Agreements Commercial Mortgage Loans On February 15, 2018, a wholly-owned subsidiary of Weighted Average Committed Financing Amount Outstanding (1) Accrued Interest Payable Collateral Pledged Interest Rate Days to Maturity $ 175,000 $ 164,410 $ 299 $ 225,075 4.71 % 317 (1) Excluding $77 of unamortized debt issuance costs The Company had not entered into the Repo Facility or any MRA for commercial mortgage loans as of December 31, 2017. Real Estate Securities The Company entered into two MRAs for real estate securities with separate counterparties and had the following balances outstanding as described in the table below: Weighted Average Amount Outstanding Accrued Interest Payable Collateral Pledged Interest Rate Days to Maturity As of December 31, 2018 $ 61,871 $ 128 $ 84,646 3.79 % 9 As of December 31, 2017 $ 17,113 $ 24 $ 19,946 2.27 % 7 In addition, the MRAs are generally subject to certain financial covenants. The Company was in compliance with all financial covenant requirements as of December 31, 2018.

Stockholders_ Equity

Stockholders’ Equity	12 Months Ended
	Dec. 31, 2018
Equity [Abstract]
Stockholders' Equity	Note 6 – Stockholders’ Equity During the year ended December 31, 2018, pursuant to the Offering, the Company issued 4,209,178 Class P Shares at an average price of $27.10 per share with total net proceeds of $105,264 after offering costs of $8,806. In addition, the Company incurred $562 in reimbursable deferred offering costs that are payable to the Advisor and Sub-Advisor from future stock issuances. During the year ended December 31, 2017, the Company issued 1,495,692 Class P Shares at an average price of $27.01 per share with total net proceeds of $37,488 after offering costs of $2,918. In addition, the Company incurred $997 in reimbursable deferred offering costs that are payable to the Advisor and Sub-Advisor from future stock issuances. Distributions The Company’s board of directors has declared cash distributions payable to stockholders of record on each calendar day from December 5, 2016 through December 31, 2016, in an amount per share equal to 1/366th of $1.92, and from January 1, 2017 through December 31, 2018, in an amount per share equal to 1/365th of $1.92. It is anticipated that the board of directors will continue to authorize, and we will continue to declare and pay, distributions with a daily record date, paid monthly in arrears, on the Class P Shares with an aggregate annual distribution of $1.92 per Class P Share. The table below presents the distributions paid and declared during the years ended December 31, 2018 and 2017. As of December 31, 2018 and 2017, distributions declared but not yet paid amounted to $941 and $258, respectively. Year Ended December 31, 2018 Year Ended December 31, 2017 Period from September 13, 2016 (inception) through December 31, 2016 Distributions paid $ 6,326 $ 1,237 $ — Distributions declared $ 7,008 $ 1,462 $ 33

Net Income (Loss) Per Share

Net Income (Loss) Per Share	12 Months Ended
	Dec. 31, 2018
Earnings Per Share [Abstract]
Net Income (Loss) Per Share	Note 7 – Net Income (Loss) Per Share Basic earnings (loss) per share (“EPS”) are computed by dividing net income (loss) by the weighted average number of common shares outstanding for the period. Diluted EPS is computed by dividing net income (loss) by the common shares plus common share equivalents. The Company’s common share equivalents are unvested restricted shares. For the year ended December 31, 2018, 167 additional shares related to restricted shares were included in the computation of diluted earnings per share, because the effect of those common share equivalents were dilutive. The Company excludes antidilutive restricted shares from the calculation of weighted-average shares for diluted earnings per share. There were no antidilutive restricted shares for the year ended December 31, 2018. ee Note 10 – “Equity Based Compensation The following table is a summary of the basic and diluted net income (loss) per share computation for the years ended December 31, 2018 and 2017, and for the period from September 13, 2016 (inception) through December 31, 2016: Year Ended December 31, 2018 Year Ended December 31, 2017 Period from September 13, 2016 (inception) through December 31, 2016 Net income (loss) $ 2,069 $ 81 $ (31 ) Weighted average shares outstanding, basic 3,638,407 757,025 142,443 Weighted average shares outstanding, diluted 3,638,574 757,025 142,443 Net income (loss) per share, basic and diluted $ 0.57 $ 0.11 $ (0.22 )

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2018
Commitments And Contingencies Disclosure [Abstract]
Commitments and Contingencies	Note 8 – Commitments and Contingencies In the ordinary course of business, the Company may become subject to litigation, claims and regulatory matters. The Company has no knowledge of material legal or regulatory proceedings pending or known to be contemplated against the Company at this time. The Company has made a commitment to advance additional funds under certain of its real estate loans if the borrower meets certain conditions. As of December 31, 2018 and 2017, the Company had thirteen and two commercial mortgage loans, respectively, with a total remaining future funding commitment of $30,343 and $9,700, respectively. The Company would advance future funds at its discretion if requested by the borrower and the borrower meets certain requirements as specified in individual loan agreements.

Transactions with Related Parti

Transactions with Related Parties	12 Months Ended
	Dec. 31, 2018
Related Party Transactions [Abstract]
Transactions with Related Parties	Note 9 – Transactions with Related Parties As of December 31, 2018 and 2017, the Advisor had invested $1,000 in the Company through the purchase of 40,040 Class P Shares. The purchase price per Class P Share for the Advisor’s investment was the Transaction Price, with no payment of selling commissions, dealer manager fees or organization and offering expenses. The Advisor has agreed pursuant to its subscription agreement that, for so long as it or its affiliate is serving as the Advisor, (i) it will not sell or transfer at least 8,000 of the Class P Shares that it has purchased, accounting for $200 of its investment, to an unaffiliated third party; (ii) it will not be eligible to submit a request for these 40,040 Class P Shares pursuant to the Company’s share repurchase program prior to the fifth anniversary of the date on which such shares were purchased; and (iii) repurchase requests made for these shares will only be accepted (a) on the last business day of a calendar quarter, (b) after all repurchase requests from all other stockholders for such quarter have been accepted and (c) to the extent that such repurchases do not cause total repurchases in the quarter in which they are being repurchased to exceed that quarter’s repurchase cap. As of December 31, 2018, Sound Point Capital Management, LP (“Sound Point”), an affiliate of the Sub-Advisor, had invested $3,000 in the Company through the purchase of 120,000 Class P Shares. The purchase price per Class P Share for this investment was the Transaction Price, with no payment of selling commissions, dealer manager fees or organization and offering expenses. Sound Point has agreed pursuant to its subscription agreement that, for so long as the Sub-Advisor or its affiliate is serving as the Sub-Advisor, (i) it will not be eligible to submit a request for the repurchase of these 120,000 shares pursuant to the Company’s share repurchase program prior to the fifth anniversary of the date on which such shares were purchased; and (ii) repurchase requests made for these shares will only be accepted (a) on the last business day of a calendar quarter, (b) after all repurchase requests from all other stockholders for such quarter have been accepted and (c) to the extent that such repurchases do not cause total repurchases in the quarter in which they are being repurchased to exceed that quarter’s repurchase cap. The following table summarizes the Company’s related party transactions for the years ended December 31, 2018 and 2017 and the period from September 13, 2016 (inception) through December 31, 2016.: Year Ended Year Ended Period from September 13, 2016 (inception) through Payable as of December 31, December 31, 2018 December 31, 2017 December 31, 2016 2018 2017 Organization and offering expense reimbursement (1) $ 562 $ 997 $ 975 $ 512 $ 1,503 Selling commissions and dealer manager fee (2) 7,259 2,457 — — — Advisory fee (3) 2,540 — — 1,161 — Operating expense reimbursement (4) 14 224 21 7 9 Total $ 10,375 $ 3,678 $ 996 $ 1,680 $ 1,512 (1) The Company reimburses the Advisor, the Sub-Advisor and their respective affiliates for costs and other expenses related to the Offering, provided that aggregate reimbursements of such costs and expenses shall not exceed the organization and offering expenses paid by investors in connection with the sale of Class P Shares in the Offering. Offering costs are offset against stockholders’ equity when paid. Unpaid amounts are recorded as deferred offering costs and included in due to related parties in these consolidated balance sheets. (2) The Dealer Manager, an affiliate of the Advisor, receives selling commissions up to 5%, and a dealer manager fee up to 3%, of the Transaction Price for each Class P Share sold in the Offering, the majority of which is paid to third-party broker-dealers. (3) The Company pays the Advisor an advisory fee comprised of (1) a fixed component and (2) a performance component. The fixed component of the advisory fee is paid quarterly in arrears in an amount equal to 1/4th of 1.5% of the average aggregate value of the Company’s assets over such quarter, where the value of each asset shall be the value determined in accordance with the Company’s valuation policies or, if such value has not yet been determined, the book value of the asset. The performance component of the advisory fee is calculated and paid annually with respect to the Class P Shares, such that for any year in which the Company’s total return per Class P Share exceeds 7% per annum, the Advisor will receive 20% of the excess total return allocable to the Class P Shares; provided that in no event will the performance component of the advisory fee exceed 15% of the aggregate total return allocable to Class P Shares for such year. The Advisor waived the advisory fee for all periods prior to April 1, 2018. As a result, there was no advisory fee for the year ended December 31, 2017 and for the period from September 13, 2016 (inception) through December 31, 2016. (4) The Company reimburses the Advisor or its affiliates for out-of-pocket expenses that it incurs in connection with providing services to the Company, provided that the Company does not reimburse overhead costs, including rent and utilities or personnel costs (including salaries, bonuses, benefits and severance payments).

Equity-Based Compensation

Equity-Based Compensation	12 Months Ended
	Dec. 31, 2018
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Equity-Based Compensation	Note 10 – Equity-Based Compensation On March 1, 2018, the Company granted each of its three independent directors 400 restricted Class P Shares for a total of 1,200 Class P Shares with a total value of $30. The restricted Class P Shares will vest in equal one-third increments on March 1, 2019, 2020 and 2021. Under the RSP, restricted shares generally vest over a three-year vesting period from the date of the grant, subject to the specific terms of the grant. Restricted shares are included in common stock outstanding on the date of vesting. The grant-date value of the restricted shares is amortized over the vesting period representing the requisite service period. Compensation expense associated with the restricted shares issued to the independent directors was $8 for the year ended December 31, 2018. As of December 31, 2018, the Company had $22 of unrecognized compensation expense related to the unvested restricted shares, in the aggregate. The weighted average remaining period that compensation expense related to unvested restricted shares will be recognized is 2.17 years. There were no restricted shares issued under the RSP in 2017 or 2016. A summary table of the status of the restricted shares is presented below: Restricted Shares Weighted Average Grant Date Fair Value Aggregate Intrinsic Value Outstanding at December 31, 2017 — $ — $ — Granted 1,200 30 30 Vested — — — Converted — — — Forfeited — — — Outstanding at December 31, 2018 1,200 30 30

Fair Value of Financial Instrum

Fair Value of Financial Instruments	12 Months Ended
	Dec. 31, 2018
Fair Value Disclosures [Abstract]
Fair Value of Financial Instruments	Note 11 – Fair Value of Financial Instruments The following table presents the Company’s financial instruments carried at fair value in the consolidated balance sheets by its level in the fair value hierarchy (see Note 2 – “Summary of Significant Accounting Policies”): December 31, 2018 December 31, 2017 Total Level I Level II Level III Total Level I Level II Level III Real estate securities $ 91,218 — $ 91,218 — $ 25,993 — $ 25,993 — The Company did not transfer any assets within fair value levels during the years ended December 31, 2018 and 2017. As discussed in Note 2, GAAP requires the disclosure of fair value information about financial instruments, whether or not recognized in the consolidated balance sheets, for which it is practicable to estimate that value. The following table details the carrying amount and fair value of the financial instruments described in Note 2: December 31, 2018 December 31, 2017 Carrying Amount Estimated Fair Value Carrying Amount Estimated Fair Value Financial assets Cash and cash equivalents $ 27,530 $ 27,530 $ 1,311 $ 1,311 Restricted cash 967 967 95 95 Commercial mortgage loans, net 249,573 250,156 32,094 32,094 Total $ 278,070 $ 278,653 $ 33,500 $ 33,500 Financial liabilities Repurchase agreements - real estate securities $ 61,871 $ 61,871 $ 17,113 $ 17,113 Repurchase agreements - commercial mortgage loans 164,333 164,333 — — Total $ 226,204 $ 226,204 $ 17,113 $ 17,113 The following describes our methods for estimating the fair value for financial instruments: • The estimated fair value of cash and cash equivalents was based on the bank balance and was a Level 1 fair value measurement. • The estimated fair value of commercial mortgage loans, net is a Level 3 fair value measurement. The Sub-Advisor estimates the fair values of commercial loans based on a discounted cash flow methodology that analyzes various factors including capitalization rates, occupancy rates, sponsorship, geographic concentration, collateral type, market conditions and actions of other lenders. • The estimated fair value of repurchase agreements is a Level 3 fair value measurement based on an expected present value technique. This method discounts future estimated cash flows using rates we determined best reflect current market interest rates that would be offered for repurchase agreements with similar characteristics and credit quality.

Subsequent Events

Subsequent Events	12 Months Ended
	Dec. 31, 2018
Subsequent Events [Abstract]
Subsequent Events	Note 12 – Subsequent Events The Company has evaluated subsequent events through March 12, 2019, the date the consolidated financial statements were issued, and determined that there have not been any events that have occurred that would require adjustments to disclosures in the consolidated financial statements except for the following transactions: Director Stock Awards On January 7, 2019, the Company granted each of its three independent directors 400 restricted Class P Shares for a total of 1,200 Class P Shares with a total value of $30. The Class P Shares will vest in equal one-third increments on January 7, 2020, 2021 and 2022. The Class P Shares were issued under the Company’s independent directors’ compensation plan. Sale of Common Stock As of March 11, 2019, the Company had 7,197,665 shares of common stock outstanding and had raised proceeds from the Offering since December 31, 2018 and since inception as follows: Source of Capital January 1, 2019 through March 11, 2019 Total Class P Shares $ 33,851 $ 194,268 The Company’s board of directors declared distributions payable to stockholders of record of Class P Shares each day beginning on the close of business December 1, 2018 through the close of business March 31, 2019. Through that date distributions were declared in a daily amount equal to $0.005260274 per Class P Share, based on a 365-day period. The table below sets forth the distributions declared for Class P Shares. Distributions Declared Per Share Distribution Period Month Distribution Paid Distribution Amount December 2018 January 2019 $ 941 January 2019 February 2019 $ 1,004 February 2019 March 2019 $ 976

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2018
Accounting Policies [Abstract]
Basis of Accounting	Basis of Accounting The accompanying consolidated financial statements and related footnotes have been prepared in conformity with U.S. generally accepted accounting principles (“GAAP”) and require management to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the financial statements and the reported amounts of income and expenses during the reported periods. Actual results could differ from such estimates. Certain amounts in the prior period consolidated financial statements have been reclassified to conform with the current year presentation.
Principles of Consolidation	Principles of Consolidation The Company consolidates all entities that the Company controls through either majority ownership or voting rights. The accompanying consolidated financial statements include the accounts of the Company and the Operating Partnership. All intercompany accounts and transactions have been eliminated in consolidation. In determining whether the Company has a controlling financial interest in a joint venture and the requirement to consolidate the accounts of that entity, management considers factors such as ownership interest, authority to make decisions and contractual and substantive participating rights of the other partners or members as well as whether the entity is a variable interest entity (“VIE”) for which the Company is the primary beneficiary. The Company has determined the Operating Partnership is a VIE of which the Company is the primary beneficiary. Substantially all of the Company’s assets and liabilities are held by the Operating Partnership.
Cash, Cash Equivalents and Restricted Cash	Cash, Cash Equivalents and Restricted Cash Cash and cash equivalents include funds on deposit with financial institutions, including demand deposits with financial institutions with original maturities of three months or less. The account balance may exceed the Federal Deposit Insurance Corporation (“FDIC”) insurance coverage limits and, as a result, there could be a concentration of credit risk related to amounts on deposit in excess of FDIC insurance coverage limits. The Company believes that the risk will not be significant, as the Company does not anticipate the financial institutions’ non-performance. Restricted cash represents cash the Company is required to hold in a segregated account. As of December 31, 2018 and 2017, the restricted cash was held as additional collateral on real estate securities repurchase agreements. The following table provides a reconciliation of cash, cash equivalents and restricted cash in our consolidated balance sheets to the total amount shown in our consolidated statements of cash flows: December 31, 2018 2017 Cash and cash equivalents $ 27,530 $ 1,311 Restricted cash 967 95 Total cash, cash equivalents, and restricted cash $ 28,497 $ 1,406
Real Estate Securities at Fair Value	Real Estate Securities at Fair Value The Company’s real estate securities are comprised of CMBS and are accounted for in accordance with ASC Topic 320, Investments — Debt and Equity Securities ASC Topic 825 , Financial Instruments ("ASC 825") The Company records its transactions in securities on a trade date basis and recognizes realized gains and losses on securities transactions on an identified cost basis.
Commercial Mortgage Loans Held for Investment and Allowance for Loan Losses	Commercial Mortgage Loans Held for Investment and Allowance for Loan Losses Commercial mortgage loans are held for investment purposes and are anticipated to be held until maturity. Accordingly, they are carried at cost, net of unamortized loan fees and origination costs, and premiums or discounts. Commercial mortgage loans that are deemed to be impaired will be carried at amortized cost less a specific allowance for loan losses. Interest income is recorded on the accrual basis and related discounts, premiums and net deferred fees or costs on investments are amortized over the life of the investment using the effective interest method. Amortization is reflected as an adjustment to interest income in the Company’s consolidated statements of operations. Upon measurement of impairment, the Company records an allowance for loan losses to reduce the carrying value of the loan with a corresponding charge through the provision for loan losses on the Company’s consolidated statements of operations. The allowance for loan losses reflects management's estimate of loan losses inherent in the loan portfolio as of the balance sheet date. The Company uses a uniform process for determining its allowance for loan losses. The allowance for loan losses includes an asset-specific component and may include a general, formula-based component when the portfolio is determined to be of sufficient size to warrant such a reserve. The asset-specific reserve component relates to reserves for losses on individual impaired loans. The Company considers a loan to be impaired when, based upon current information and events, it believes that it is probable that the Company will be unable to collect all amounts due under the contractual terms of the loan agreement. This assessment is made on an individual loan basis each quarter based on such factors as payment status, lien position, borrower financial resources and investment in collateral, collateral type, project economics and geographic location, as well as national and regional economic factors. A reserve is established for an impaired loan when the present value of payments expected to be received, observable market prices or the estimated fair value of the collateral (for loans that are dependent on the collateral for repayment) is lower than the carrying value of that loan. For collateral dependent impaired loans, impairment is measured using the estimated fair value of collateral less the estimated cost to sell. Valuations are performed or obtained at the time a loan is determined to be impaired and designated non-performing, and they are updated if circumstances indicate that a significant change in value has occurred. The Advisor generally will use the income approach through internally developed valuation models to estimate the fair value of the collateral for such loans. In more limited cases, the Advisor will obtain external “as is” appraisals for loan collateral, generally when third party participations exist. General reserves are recorded when (i) available information as of each balance sheet date indicates that it is probable a loss has occurred in the portfolio and (ii) the amount of the loss can be reasonably estimated. The Company’s policy is to estimate loss rates based on actual losses experienced, if any, or based on historical realized losses experienced in the industry if the Company has not experienced any losses. Current collateral and economic conditions affecting the probability and severity of losses are taken into account when establishing the allowance for loan losses. The Company performs a comprehensive analysis of its loan portfolio and assigns risk ratings to loans that incorporate management's current judgments about their credit quality based on all known and relevant internal and external factors that may affect collectability. The Company considers, among other things, payment status, lien position, borrower financial resources and investment in collateral, collateral type, project economics and geographic location, as well as national and regional economic factors. This methodology results in loans being segmented by risk classification into risk rating categories that are associated with estimated probabilities of default and principal loss. Ratings range from “1” to “5” with “1” representing the lowest risk of loss and “5” representing the highest risk of loss. Loans are generally placed on non-accrual status when principal or interest payments are past due 90 days or more or when there is reasonable doubt that principal or interest will be collected in full. Accrued and unpaid interest is generally reversed against interest income in the period the loan is placed on non-accrual status. Interest payments received on non-accrual loans may be recognized as income or applied to principal depending upon management's judgment regarding the borrower's ability to make pending principal and interest payments. Non-accrual loans are restored to accrual status when past due principal and interest is paid and, in management's judgment, are likely to remain current. The Company may make exceptions to placing a loan on non-accrual status if the loan has sufficient collateral value and is in the process of collection. As of December 31, 2018 and 2017, the Company had $249,573 and $32,094 of commercial mortgage loans held for investment, respectively. The Company has not recorded any allowance for loan losses as the Company did not consider a loan loss to be probable.
Interest Income	Interest Income Interest income on CMBS, which includes accretion of discounts and amortization of premiums on such CMBS, and on commercial loans, which includes origination fees paid by borrowers, is recognized over the life of the investment using the effective interest method. Management estimates, at the time of purchase, the future expected cash flows and determines the effective interest rate based on these estimated cash flows and the Company’s purchase price. As needed, these estimated cash flows are updated and a revised yield is computed based on the current amortized cost of the investment. In estimating these cash flows, there are a number of assumptions that are subject to uncertainties and contingencies, including the rate and timing of principal payments (prepayments, repurchases, defaults and liquidations), the pass through or coupon rate and interest rate fluctuations. In addition, management must use its judgment to estimate interest payment shortfalls due to delinquencies on the underlying mortgage loans. These uncertainties and contingencies are difficult to predict and are subject to future events that may impact management’s estimates and the Company’s interest income.
Fair Value Measurements	Fair Value Measurements The Company estimates fair value using available market information and valuation methodologies it believes to be appropriate for these purposes. The Company defines fair value based on the price that would be received upon sale of an asset or the exit price that would be paid to transfer a liability in an orderly transaction between market participants at the measurement date. ASC Topic 820 , Fair Value Measurements ("ASC 820") • Level I - Inputs are unadjusted, quoted prices in active markets for identical assets or liabilities at the measurement date. • Level II - Inputs (other than quoted prices included in Level I) are either directly or indirectly observable for the asset or liability through correlation with market data at the measurement date and for the duration of the instrument’s anticipated life. • Level III - Unobservable inputs which reflect management’s best estimate of what market participants would use in pricing the asset or liability at the measurement date. Consideration is given to the risk inherent in the valuation technique and the risk inherent in the inputs to the model. The determination of where an asset or liability falls in the above hierarchy requires judgment and factors specific to the asset or liability. 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 falls is based on the lowest level input that is significant to the fair value measurement in its entirety. The Company evaluates its hierarchy disclosures each quarter and depending on various factors, it is possible that an asset or liability may be classified differently from quarter to quarter. Real estate securities are valued utilizing both observable and unobservable market inputs. These factors include projected future cash flows, ratings, subordination levels, vintage, remaining lives, credit issues, recent trades of similar real estate securities and the spreads used in the prior valuation. The Company obtains current market spread information where available and uses this information in evaluating and validating the market price of all real estate securities. Depending upon the significance of the fair value inputs used in determining these fair values, these real estate securities are classified in either Level II or Level III of the fair value hierarchy. As of December 31, 2018 and 2017, the Company received third-party quotes on each real estate security used in determining the fair value, all of which have been classified as Level II due to the observable nature of all significant inputs. The Company is required by GAAP to disclose fair value information about financial instruments that are not otherwise reported at fair value in our consolidated balance sheets, to the extent it is practicable to estimate a fair value for those instruments. These disclosure requirements exclude certain financial instruments and all non-financial instruments.
Organization and Offering Expenses	Organization and Offering Expenses The Company is conducting a private offering that commenced on October 25, 2016 (the “Offering”) of up to $500,000 in Class P Shares of common stock (the “Class P Shares”), pursuant to a private placement memorandum. The purchase price per Class P Share is equal to $25.00 (the “Transaction Price”) plus applicable selling commissions, dealer manager fees and organization and offering expenses, resulting in a total purchase price of $27.38 per Class P Share if maximum selling commissions, dealer manager fees and organization and offering expenses are paid. Inland Securities Corporation (the “Dealer Manager”), an affiliate of the Advisor, is the dealer manager for the Offering. Organization and offering expenses include all expenses incurred in connection with the Offering. Organization and offering expenses (other than selling commissions and the dealer manager fee) of the Company may be paid by the Advisor, Sub-Advisor, the Dealer Manager, or their respective affiliates on behalf of the Company and subsequently reimbursed by the Company. Offering expenses are deferred and a payable to the Advisor or Sub-Advisor until shares are sold in the Offering, at which point the expense reimbursement is paid from additional paid-in capital. These expenses include but are not limited to: (i) reimbursing the Dealer Manager and participating broker-dealers for bona fide out-of-pocket, itemized and detailed due diligence expenses incurred by these entities, (ii) expenses for printing and mailing, charges of transfer agents, registrars, trustees, escrow holders, depositaries and experts, and (iii) expenses of qualifying the sale of the shares under federal and state laws, including taxes and fees and accountants’ and attorneys’ fees and expenses. The Company is obligated to reimburse the Advisor, the Sub-Advisor and their respective affiliates, as applicable, for organization and offering expenses paid by them on behalf of the Company to the extent organization and offering expenses (excluding selling commissions and the dealer manager fee) incurred by the Company in the Offering do not exceed the organization and offering expenses paid by investors in connection with the sale of Class P Shares in the Offering. As a result, these expenses are only a liability of the Company to the extent aggregate organization and offering expenses do not exceed the organization and offering expenses paid by investors in connection with the sale of Class P Shares in the Offering, determined at the end of the Offering.
Repurchase Agreements	Repurchase Agreements The Company enters into Master Repurchase Agreements (each, an “MRA”) that allow the Company to sell real estate loans and securities while providing a fixed repurchase price for the same real estate loans and securities in the future. Repurchase agreements are being accounted for as secured borrowings since the Company maintains effective control of the financed assets. Under the MRAs, the respective lender retains the right to mark the underlying collateral to fair value.
Equity-Based Compensation	Equity-Based Compensation In accordance with the Company’s Independent Director Restricted Share Plan (the “RSP”), restricted shares are issued to independent directors as compensation. The Company recognizes expense related to the fair value of equity-based compensation awards as operating expense in the consolidated statements of operations. The Company recognizes expense based on the fair value at the grant dated on a straight-line basis over the vesting period representing the requisite service period. See Note 10 – “Equity-Based Compensation” for further information.
Income Taxes	Income Taxes The Company qualifies as a REIT under the Internal Revenue Code of 1986, as amended, for federal income tax purposes commencing with the tax year ending December 31, 2017 and qualifies for taxation as a REIT. The Company generally will not be subject to federal income tax to the extent it distributes its REIT taxable income, subject to certain adjustments, to its stockholders. Subsequently, if the Company fails to qualify as a REIT in any taxable year, the Company will be subject to federal income tax on its taxable income at regular corporate tax rates. Even if the Company qualifies for taxation as a REIT, the Company may be subject to certain state and local taxes on its income, property or net worth and federal income and excise taxes on its undistributed income. The Company had no uncertain tax positions as of December 31, 2018 or 2017. The Company expects no significant increases or decreases in uncertain tax positions due to changes in tax positions within one year of December 31, 2018. The Company had no interest or penalties relating to income taxes recognized in the consolidated statements of operations for the years ended December 31, 2018, and 2017 or for the period from September 13, 2016 (inception) through December 31, 2016. As of December 31, 2018, returns for the calendar years 2016 and 2017 remain subject to examination by U.S. and various state and local tax jurisdictions. Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for future tax consequences and are attributable to (1) differences between the financial statement carrying amounts and their respective tax bases, and (2) net operating losses. As of December 31, 2017, the Company had reversed a deferred tax asset and valuation allowance related to its activities. As a REIT, the Company is not expected to pay federal income tax at the REIT level, but instead a dividends paid deduction will generally offset its taxable income. As a result, while the Company will still be permitted to use net operating losses to offset its REIT taxable income, the Company generally does not expect to pay taxes on its REIT taxable income, and therefore does not expect to be able to realize such deferred tax assets. For the year ended December 31, 2017 the Company has incurred $58 in current income tax expense in a consolidated taxable REIT subsidiary. This tax is comprised of $42 in federal and $16 in state income tax expense. The majority of this expense was related to the receipt of a one-time prepayment penalty interest received on the early pay-off of one investment. For the year ended December 31, 2018, the Company has recognized $13 as a current income tax benefit in a consolidated taxable REIT subsidiary. This benefit is primarily comprised of a $13 refund in state income tax. For the period from September 13, 2016 (inception) through December 31, 2016, no income tax expense or benefit was recorded.
Distributions Payable	Distributions Payable Distributions payable represent distributions declared as of the balance sheet date which are payable to stockholders.
Per Share Data	Per Share Data The Company calculates basic and diluted earnings per share by dividing net income attributable to the Company for the period by the weighted-average number of shares of common stock outstanding for that period. Basic earnings (loss) per share (“EPS”) is computed by dividing net income (loss) by the weighted average number of common shares outstanding for the period. Diluted EPS is computed by dividing net income (loss) by the common shares plus common share equivalents. For further information about the Company’s calculation of EPS, s ee Note 7 – “Net Income (Loss) Per Share.”
Accounting Pronouncements Recently Issued but Not Yet Effective	Accounting Pronouncements Recently Issued but Not Yet Effective In June 2016, the Financial Accounting Standards Board issued ASU 2016-13, “Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments” (“ASU 2016-13”), which changes how entities measure credit losses for financial assets carried at amortized cost. ASU 2016-13 eliminates the requirement that a credit loss must be probable before it can be recognized and instead requires an entity to recognize the current estimate of all expected credit losses. ASU 2016-13 is effective for SEC filers for reporting periods beginning after December 15, 2019. The amendments may be adopted early for reporting periods beginning after December 15, 2018. The Company is currently evaluating the impact ASU 2016-13 will have on its allowance for loan losses estimate.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	12 Months Ended
	Dec. 31, 2018
Accounting Policies [Abstract]
Reconciliation of Cash, Cash Equivalents and Restricted Cash	The following table provides a reconciliation of cash, cash equivalents and restricted cash in our consolidated balance sheets to the total amount shown in our consolidated statements of cash flows: December 31, 2018 2017 Cash and cash equivalents $ 27,530 $ 1,311 Restricted cash 967 95 Total cash, cash equivalents, and restricted cash $ 28,497 $ 1,406

Commercial Mortgage Loans Hel_2

Commercial Mortgage Loans Held for Investment (Tables)	12 Months Ended
	Dec. 31, 2018
Mortgage Loans On Real Estate [Abstract]
Schedule of Commercial Mortgage Loans Held for Investment	The following is a summary of the Company’s commercial mortgage loans held for investment as of December 31, 2018: Number of Loans Principal Balance Unamortized (fees)/costs, net Carrying Value Weighted Average Coupon Weighted Average Years to Maturity First mortgage loans 16 $ 241,225 $ (2,152 ) $ 239,073 6.4 % 2.2 Credit loans 2 10,500 — 10,500 9.2 % 7.5 Total and average 18 $ 251,725 $ (2,152 ) $ 249,573 6.5 % 2.5 The following is a summary of the Company’s commercial mortgage loans held for investment as of December 31, 2017: Number of Loans Principal Balance Unamortized (fees)/costs, net Carrying Value Weighted Average Coupon Weighted Average Years to Maturity First mortgage loans 2 $ 24,951 $ (357 ) $ 24,594 6.1 % 3.0 Credit loans 1 7,500 — $ 7,500 9.2 % 9.8 Total and average 3 $ 32,451 $ (357 ) $ 32,094 6.8 % 4.6
Summary of Investment Grade of Loans Loss	As part of the Company’s process for monitoring the credit quality of its investments, it performs a quarterly asset review of the investment portfolio and assigns risk ratings to each of its loans and CMBS. Risk factors include payment status, lien position, borrower financial resources and investment in collateral, collateral type, project economics and geographic location, as well as national and regional economic factors. To determine the likelihood of loss, the loans are rated on a 5-point scale as follows: Investment Grade Investment Grade Definition 1 Investment exceeding fundamental performance expectations and/or capital gain expected. Trends and risk factors since time of investment are favorable. 2 Performing consistent with expectations and a full return of principal and interest expected. Trends and risk factors are neutral to favorable. 3 Performing investment requiring closer monitoring. Trends and risk factors show some deterioration. Collection of principal and interest is still expected. 4 Underperforming investment with the potential of some interest loss but still expecting a positive return on investment. Trends and risk factors are negative. 5 Underperforming investment with expected loss of interest and some principal.

Real Estate Securities (Tables)

Real Estate Securities (Tables)	12 Months Ended
	Dec. 31, 2018
Investments Debt And Equity Securities [Abstract]
Summary of Company's Real Estate Securities	The table below shows the securities as of December 31, 2018 and 2017: December 31, 2018 Number of Positions External Credit Rating Collateral Weighted Average Coupon Weighted Average Years to Maturity Par Value Amortized Cost Unrealized Gains Unrealized Losses Fair Value 2 AAA Hospitality 3.4 % 0.7 $ 20,310 $ 20,310 $ — $ (277 ) $ 20,033 1 AA- Hospitality 3.5 % 1.4 2,000 1,998 — (31 ) 1,967 5 BB- Retail, Hospitality 5.3 % 1.6 38,512 38,438 — (460 ) 37,978 2 Unrated Hospitality 7.7 % 1.4 32,700 31,715 — (475 ) 31,240 10 5.7 % 1.3 $ 93,522 $ 92,461 $ — $ (1,243 ) $ 91,218 December 31, 2017 Number of Positions External Credit Rating Collateral Weighted Average Coupon Weighted Average Years to Maturity Par Value Amortized Cost Unrealized Gains Unrealized Losses Fair Value 1 BB- Retail 4.9 % 1.5 $ 5,079 $ 5,079 $ — $ (1 ) $ 5,078 2 AAA Hospitality 2.4 % 1.7 20,879 20,879 36 — 20,915 3 2.9 % 1.7 $ 25,958 $ 25,958 $ 36 $ (1 ) $ 25,993

Repurchase Agreements (Tables)

Repurchase Agreements (Tables)	12 Months Ended
	Dec. 31, 2018
Commercial Mortgage Loans
Repurchase Agreement [Line Items]
Schedule of Outstanding Repurchase Agreements	The details of the Repo Facility as of December 31, 2018 are as follows: Weighted Average Committed Financing Amount Outstanding (1) Accrued Interest Payable Collateral Pledged Interest Rate Days to Maturity $ 175,000 $ 164,410 $ 299 $ 225,075 4.71 % 317 (1) Excluding $77 of unamortized debt issuance costs
Real Estate Securities
Repurchase Agreement [Line Items]
Schedule of Outstanding Repurchase Agreements	The Company entered into two MRAs for real estate securities with separate counterparties and had the following balances outstanding as described in the table below: Weighted Average Amount Outstanding Accrued Interest Payable Collateral Pledged Interest Rate Days to Maturity As of December 31, 2018 $ 61,871 $ 128 $ 84,646 3.79 % 9 As of December 31, 2017 $ 17,113 $ 24 $ 19,946 2.27 % 7

Stockholders_ Equity (Tables)

Stockholders’ Equity (Tables)	12 Months Ended
	Dec. 31, 2018
Equity [Abstract]
Schedule of Distributions Paid and Declared	The table below presents the distributions paid and declared during the years ended December 31, 2018 and 2017. Year Ended December 31, 2018 Year Ended December 31, 2017 Period from September 13, 2016 (inception) through December 31, 2016 Distributions paid $ 6,326 $ 1,237 $ — Distributions declared $ 7,008 $ 1,462 $ 33

Net Income (Loss) Per Share (Ta

Net Income (Loss) Per Share (Tables)	12 Months Ended
	Dec. 31, 2018
Earnings Per Share [Abstract]
Summary of Basic and Diluted Net Income (Loss) Per Share	The following table is a summary of the basic and diluted net income (loss) per share computation for the years ended December 31, 2018 and 2017, and for the period from September 13, 2016 (inception) through December 31, 2016: Year Ended December 31, 2018 Year Ended December 31, 2017 Period from September 13, 2016 (inception) through December 31, 2016 Net income (loss) $ 2,069 $ 81 $ (31 ) Weighted average shares outstanding, basic 3,638,407 757,025 142,443 Weighted average shares outstanding, diluted 3,638,574 757,025 142,443 Net income (loss) per share, basic and diluted $ 0.57 $ 0.11 $ (0.22 )

Transactions with Related Par_2

Transactions with Related Parties (Tables)	12 Months Ended
	Dec. 31, 2018
Related Party Transactions [Abstract]
Summary of Related Party Transactions	The following table summarizes the Company’s related party transactions for the years ended December 31, 2018 and 2017 and the period from September 13, 2016 (inception) through December 31, 2016.: Year Ended Year Ended Period from September 13, 2016 (inception) through Payable as of December 31, December 31, 2018 December 31, 2017 December 31, 2016 2018 2017 Organization and offering expense reimbursement (1) $ 562 $ 997 $ 975 $ 512 $ 1,503 Selling commissions and dealer manager fee (2) 7,259 2,457 — — — Advisory fee (3) 2,540 — — 1,161 — Operating expense reimbursement (4) 14 224 21 7 9 Total $ 10,375 $ 3,678 $ 996 $ 1,680 $ 1,512 (1) The Company reimburses the Advisor, the Sub-Advisor and their respective affiliates for costs and other expenses related to the Offering, provided that aggregate reimbursements of such costs and expenses shall not exceed the organization and offering expenses paid by investors in connection with the sale of Class P Shares in the Offering. Offering costs are offset against stockholders’ equity when paid. Unpaid amounts are recorded as deferred offering costs and included in due to related parties in these consolidated balance sheets. (2) The Dealer Manager, an affiliate of the Advisor, receives selling commissions up to 5%, and a dealer manager fee up to 3%, of the Transaction Price for each Class P Share sold in the Offering, the majority of which is paid to third-party broker-dealers. (3) The Company pays the Advisor an advisory fee comprised of (1) a fixed component and (2) a performance component. The fixed component of the advisory fee is paid quarterly in arrears in an amount equal to 1/4th of 1.5% of the average aggregate value of the Company’s assets over such quarter, where the value of each asset shall be the value determined in accordance with the Company’s valuation policies or, if such value has not yet been determined, the book value of the asset. The performance component of the advisory fee is calculated and paid annually with respect to the Class P Shares, such that for any year in which the Company’s total return per Class P Share exceeds 7% per annum, the Advisor will receive 20% of the excess total return allocable to the Class P Shares; provided that in no event will the performance component of the advisory fee exceed 15% of the aggregate total return allocable to Class P Shares for such year. The Advisor waived the advisory fee for all periods prior to April 1, 2018. As a result, there was no advisory fee for the year ended December 31, 2017 and for the period from September 13, 2016 (inception) through December 31, 2016. (4) The Company reimburses the Advisor or its affiliates for out-of-pocket expenses that it incurs in connection with providing services to the Company, provided that the Company does not reimburse overhead costs, including rent and utilities or personnel costs (including salaries, bonuses, benefits and severance payments).

Equity-Based Compensation (Tabl

Equity-Based Compensation (Tables)	12 Months Ended
	Dec. 31, 2018
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Summary of Restricted Shares	A summary table of the status of the restricted shares is presented below: Restricted Shares Weighted Average Grant Date Fair Value Aggregate Intrinsic Value Outstanding at December 31, 2017 — $ — $ — Granted 1,200 30 30 Vested — — — Converted — — — Forfeited — — — Outstanding at December 31, 2018 1,200 30 30

Fair Value of Financial Instr_2

Fair Value of Financial Instruments (Tables)	12 Months Ended
	Dec. 31, 2018
Fair Value Disclosures [Abstract]
Financial Instruments Carried at Fair Value in Consolidated Balance Sheets	The following table presents the Company’s financial instruments carried at fair value in the consolidated balance sheets by its level in the fair value hierarchy (see Note 2 – “Summary of Significant Accounting Policies”): December 31, 2018 December 31, 2017 Total Level I Level II Level III Total Level I Level II Level III Real estate securities $ 91,218 — $ 91,218 — $ 25,993 — $ 25,993 —
Schedule of Carrying Amount and Fair Value of Financial Instruments	The following table details the carrying amount and fair value of the financial instruments described in Note 2: December 31, 2018 December 31, 2017 Carrying Amount Estimated Fair Value Carrying Amount Estimated Fair Value Financial assets Cash and cash equivalents $ 27,530 $ 27,530 $ 1,311 $ 1,311 Restricted cash 967 967 95 95 Commercial mortgage loans, net 249,573 250,156 32,094 32,094 Total $ 278,070 $ 278,653 $ 33,500 $ 33,500 Financial liabilities Repurchase agreements - real estate securities $ 61,871 $ 61,871 $ 17,113 $ 17,113 Repurchase agreements - commercial mortgage loans 164,333 164,333 — — Total $ 226,204 $ 226,204 $ 17,113 $ 17,113

Subsequent Events (Tables)

Subsequent Events (Tables)	12 Months Ended
	Dec. 31, 2018
Subsequent Events [Abstract]
Schedule of Common Stock Outstanding and Proceeds from Offering	As of March 11, 2019, the Company had 7,197,665 shares of common stock outstanding and had raised proceeds from the Offering since December 31, 2018 and since inception as follows: Source of Capital January 1, 2019 through March 11, 2019 Total Class P Shares $ 33,851 $ 194,268
Schedule of Distributions Declared	The table below sets forth the distributions declared for Class P Shares. Distributions Declared Per Share Distribution Period Month Distribution Paid Distribution Amount December 2018 January 2019 $ 941 January 2019 February 2019 $ 1,004 February 2019 March 2019 $ 976

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Additional Information (Details)	Oct. 25, 2016$ / sharesshares	Dec. 31, 2016USD ($)	Dec. 31, 2018USD ($)Rating	Dec. 31, 2017USD ($)
Summary Of Significant Accounting Policies Disclosures [Line Items]
Cash and cash equivalents, description			Cash and cash equivalents include funds on deposit with financial institutions, including demand deposits with financial institutions with original maturities of three months or less.
Commercial mortgage loans held for investment			$ 249,573,000	$ 32,094,000
Allowance for loan losses			0	0
Uncertain tax positions			0	0
Uncertain tax positions, period increase (decrease)			0
Uncertain tax positions, income tax interest or penalties		$ 0	0	0
Current income tax expense				58,000
Current federal income tax expense				42,000
Current state income tax expense				16,000
Current income tax expense (benefit)		$ 0	(13,000)	$ 58,000
Current income tax benefit			$ 13,000
Class P Common Stock
Summary Of Significant Accounting Policies Disclosures [Line Items]
Shares issued excluding issuance cost price per share | $ / shares	$ 25
Shares issued, price per share | $ / shares	$ 27.38
Maximum | Class P Common Stock
Summary Of Significant Accounting Policies Disclosures [Line Items]
Common stock private placement offering | shares	500,000
Commercial Mortgage Loans | Minimum
Summary Of Significant Accounting Policies Disclosures [Line Items]
Risk rating to loan loss | Rating			1
Commercial Mortgage Loans | Maximum
Summary Of Significant Accounting Policies Disclosures [Line Items]
Risk rating to loan loss | Rating			5

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Reconciliation of Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents [Abstract]
Cash and cash equivalents	$ 27,530	$ 1,311
Restricted cash	967	95
Total cash, cash equivalents, and restricted cash	$ 28,497	$ 1,406

Commercial Mortgage Loans Hel_3

Commercial Mortgage Loans Held for Investment - Summary of Commercial Mortgage Loans held for Investment (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2018USD ($)Loan	Dec. 31, 2017USD ($)Loan
Mortgage Loans On Real Estate [Line Items]
Number of Loans | Loan	18	3
Principal Balance	$ 251,725	$ 32,451
Unamortized (fees)/costs, net	(2,152)	(357)
Carrying Value	$ 249,573	$ 32,094
Weighted Average Coupon	6.50%	6.80%
Weighted Average Years to Maturity	2 years 6 months	4 years 7 months 6 days
First Mortgage Loans [Member]
Mortgage Loans On Real Estate [Line Items]
Number of Loans | Loan	16	2
Principal Balance	$ 241,225	$ 24,951
Unamortized (fees)/costs, net	(2,152)	(357)
Carrying Value	$ 239,073	$ 24,594
Weighted Average Coupon	6.40%	6.10%
Weighted Average Years to Maturity	2 years 2 months 12 days	3 years
Credit Loans [Member]
Mortgage Loans On Real Estate [Line Items]
Number of Loans | Loan	2	1
Principal Balance	$ 10,500	$ 7,500
Carrying Value	$ 10,500	$ 7,500
Weighted Average Coupon	9.20%	9.20%
Weighted Average Years to Maturity	7 years 6 months	9 years 9 months 18 days

Commercial Mortgage Loans Hel_4

Commercial Mortgage Loans Held for Investment - Summary of Investment Grade of Loans Loss (Details) - Commercial Mortgage Loans	12 Months Ended
	Dec. 31, 2018
Investment Grade One
Financing Receivable Recorded Investment [Line Items]
Description of Investment Grade	Investment exceeding fundamental performance expectations and/or capital gain expected. Trends and risk factors since time of investment are favorable.
Investment Grade Two
Financing Receivable Recorded Investment [Line Items]
Description of Investment Grade	Performing consistent with expectations and a full return of principal and interest expected. Trends and risk factors are neutral to favorable.
Investment Grade Three
Financing Receivable Recorded Investment [Line Items]
Description of Investment Grade	Performing investment requiring closer monitoring. Trends and risk factors show some deterioration. Collection of principal and interest is still expected.
Investment Grade Four
Financing Receivable Recorded Investment [Line Items]
Description of Investment Grade	Underperforming investment with the potential of some interest loss but still expecting a positive return on investment. Trends and risk factors are negative.
Investment Grade Five
Financing Receivable Recorded Investment [Line Items]
Description of Investment Grade	Underperforming investment with expected loss of interest and some principal.

Commercial Mortgage Loans Hel_5

Commercial Mortgage Loans Held for Investment - Additional Information (Details)	12 Months Ended
	Dec. 31, 2018USD ($)RatingLoan	Dec. 31, 2017USD ($)Rating
Mortgage Loans On Real Estate [Abstract]
Weighted average risk rating | Rating	2	2
Allowance for loan losses | $	$ 0	$ 0
Number of loans risk rated two	17
Number of loans risk rated three	1

Real Estate Securities - Summar

Real Estate Securities - Summary of Company's Real Estate Securities (Details)	12 Months Ended
	Dec. 31, 2018USD ($)Investment	Dec. 31, 2017USD ($)Investment
Schedule Of Available For Sale Securities [Line Items]
Number of Positions | Investment	10	3
Weighted Average Coupon	5.70%	2.90%
Weighted Average Years to Maturity	1 year 3 months 18 days	1 year 8 months 12 days
Par Value	$ 93,522,000	$ 25,958,000
Amortized Cost	92,461,000	25,958,000
Unrealized Gains		36,000
Unrealized Losses	(1,243,000)	(1,000)
Real estate securities at fair value	$ 91,218,000	$ 25,993,000
AAA
Schedule Of Available For Sale Securities [Line Items]
Number of Positions | Investment	2	2
Collateral	Hospitality	Hospitality
Weighted Average Coupon	3.40%	2.40%
Weighted Average Years to Maturity	8 months 12 days	1 year 8 months 12 days
Par Value	$ 20,310,000	$ 20,879,000
Amortized Cost	20,310,000	20,879,000
Unrealized Gains		36,000
Unrealized Losses	(277,000)
Real estate securities at fair value	$ 20,033,000	$ 20,915,000
AA-
Schedule Of Available For Sale Securities [Line Items]
Number of Positions | Investment	1
Collateral	Hospitality
Weighted Average Coupon	3.50%
Weighted Average Years to Maturity	1 year 4 months 24 days
Par Value	$ 2,000,000
Amortized Cost	1,998,000
Unrealized Losses	(31,000)
Real estate securities at fair value	$ 1,967,000
BB-
Schedule Of Available For Sale Securities [Line Items]
Number of Positions | Investment	5	1
Collateral	Retail, Hospitality	Retail
Weighted Average Coupon	5.30%	4.90%
Weighted Average Years to Maturity	1 year 7 months 6 days	1 year 6 months
Par Value	$ 38,512,000	$ 5,079,000
Amortized Cost	38,438,000	5,079,000
Unrealized Losses	(460,000)	(1,000)
Real estate securities at fair value	$ 37,978,000	$ 5,078,000
Unrated
Schedule Of Available For Sale Securities [Line Items]
Number of Positions | Investment	2
Collateral	Hospitality
Weighted Average Coupon	7.70%
Weighted Average Years to Maturity	1 year 4 months 24 days
Par Value	$ 32,700,000
Amortized Cost	31,715,000
Unrealized Losses	(475,000)
Real estate securities at fair value	$ 31,240,000

Real Estate Securities - Additi

Real Estate Securities - Additional Information (Details)	12 Months Ended
	Dec. 31, 2018USD ($)RatingInvestmentSecurity	Dec. 31, 2017USD ($)RatingInvestment
Schedule Of Available For Sale Securities [Line Items]
Number of investments | Investment	10	3
Carrying value of investments	$ 91,218,000	$ 25,993,000
Unrealized loss	1,243,000	1,000
Available for sale securities amortized cost	92,461,000	25,958,000
Par Value	$ 93,522,000	25,958,000
Unrealized gain		$ 36,000
Number of positions in unrealized loss for a period greater than 12 months | Investment	0	0
Realized gains or losses	$ 0	$ 0
Weighted average risk rating | Rating	2	2
Commercial Mortgage Loans
Schedule Of Available For Sale Securities [Line Items]
Number of investments | Investment	10	3
Carrying value of investments	$ 91,218,000	$ 25,993,000
Unrealized loss	$ 1,243,000
Number of available for sale securities purchased at a discount | Security	3
Available for sale securities amortized cost	$ 1,061,000
Par Value	$ 93,522,000
Unrealized gain		35,000
Discount or premium		$ 0
Weighted average risk rating | Rating	2

Repurchase Agreements - Additio

Repurchase Agreements - Additional Information (Details)	1 Months Ended		12 Months Ended
	Nov. 30, 2018	Aug. 31, 2018USD ($)	Dec. 31, 2018Agreement	Jan. 31, 2019USD ($)	Jul. 31, 2018USD ($)
Commercial Mortgage Loans | Repo Facility
Repurchase Agreement [Line Items]
Repurchase agreement in advances loan		$ 175,000,000			$ 100,000,000
Repurchase agreement, maximum possible adjustment in loans		$ 250,000,000
Extended maturity date	2019-11
Commercial Mortgage Loans | Repo Facility | Subsequent Event
Repurchase Agreement [Line Items]
Repurchase agreement in advances loan				$ 250,000,000
Commercial Mortgage Loans | Repo Facility | LIBOR
Repurchase Agreement [Line Items]
Interest rate		2.25%
Real Estate Securities
Repurchase Agreement [Line Items]
Number of master repurchase agreements | Agreement			2

Repurchase Agreements - Schedul

Repurchase Agreements - Schedule of Outstanding Repurchase Agreements (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Assets Sold Under Agreements To Repurchase [Line Items]
Accrued Interest Payable	$ 427	$ 24
Commercial Mortgage Loans
Assets Sold Under Agreements To Repurchase [Line Items]
Amount Outstanding	164,333
Commercial Mortgage Loans | Repo Facility
Assets Sold Under Agreements To Repurchase [Line Items]
Committed Financing	175,000
Amount Outstanding	164,410
Accrued Interest Payable	299
Collateral Pledged	$ 225,075
Weighted Average Interest Rate	4.71%
Weighted Average Days to Maturity	317 days
Real Estate Securities
Assets Sold Under Agreements To Repurchase [Line Items]
Amount Outstanding	$ 61,871	17,113
Accrued Interest Payable	128	24
Collateral Pledged	$ 84,646	$ 19,946
Weighted Average Interest Rate	3.79%	2.27%
Weighted Average Days to Maturity	9 days	7 days

Repurchase Agreements - Sched_2

Repurchase Agreements - Schedule of Outstanding Repurchase Agreements (Parenthetical) (Details) $ in Thousands	Dec. 31, 2018USD ($)
Commercial Mortgage Loans | Repo Facility
Assets Sold Under Agreements To Repurchase [Line Items]
Unamortized debt issuance costs	$ 77

Stockholders' Equity - Addition

Stockholders' Equity - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands	4 Months Ended	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2018	Dec. 31, 2017
Class Of Stock [Line Items]
Proceeds from issuance of common stock	$ 5,942	$ 114,070	$ 40,406
Common stock, offering costs		8,806	2,918
Deferred offering costs		1,201	1,503
Distributions declared but not yet paid	$ 33	$ 941	$ 258
Class P Common Stock
Class Of Stock [Line Items]
Common stock, shares issued	237,700	4,209,178	1,495,692
Common stock issued, average price per share		$ 27.10	$ 27.01
Proceeds from issuance of common stock		$ 105,264	$ 37,488
Common stock, offering costs		8,806	2,918
Deferred offering costs		$ 562	997
Daily distribution amount	$ 0.005245902	$ 0.005260274
Distributions declared per share		$ 1.92
Distributions declared but not yet paid		$ 941	$ 258

Stockholders' Equity - Schedule

Stockholders' Equity - Schedule of Distributions Paid and Declared (Details) - USD ($) $ in Thousands	4 Months Ended	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2018	Dec. 31, 2017
Dividends Payable [Line Items]
Distributions paid		$ 6,326	$ 1,237
Class P Common Stock
Dividends Payable [Line Items]
Distributions paid		6,326	1,237
Distributions declared	$ 33	$ 7,008	$ 1,462

Net Income (Loss) Per Share - A

Net Income (Loss) Per Share - Additional information (Details) - shares	4 Months Ended	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2018	Dec. 31, 2017
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Restricted shares, outstanding	0		0
Restricted shares, issued	0		0
Restricted Shares
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Additional shares included in computation of diluted earnings per share		167
Antidilutive restricted shares		0

Net Income (Loss) Per Share - S

Net Income (Loss) Per Share - Summary of Basic and Diluted Net Income (Loss) Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	4 Months Ended	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2018	Dec. 31, 2017
Earnings Per Share [Abstract]
Net income (loss)	$ (31)	$ 2,069	$ 81
Weighted average shares outstanding, basic	142,443	3,638,407	757,025
Weighted average shares outstanding, diluted	142,443	3,638,574	757,025
Net income (loss) per share, basic and diluted	$ (0.22)	$ 0.57	$ 0.11

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Details) $ in Thousands	Dec. 31, 2018USD ($)Loan	Dec. 31, 2017USD ($)Loan
Commitments And Contingencies Disclosure [Abstract]
Number of commercial mortgage loans | Loan	13	2
Commercial mortgage loans, remaining future funding commitmen | $	$ 30,343	$ 9,700

Transactions with Related Par_3

Transactions with Related Parties - Additional Information (Details) - USD ($)	4 Months Ended	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2018	Dec. 31, 2017
Related Party Transaction [Line Items]
Proceeds from issuance of common stock	$ 5,942,000	$ 114,070,000	$ 40,406,000
Common stock, shares, issued		5,940,744	1,733,392
Class P Common Stock
Related Party Transaction [Line Items]
Proceeds from issuance of common stock		$ 105,264,000	$ 37,488,000
Advisor | Class P Common Stock
Related Party Transaction [Line Items]
Proceeds from issuance of common stock		$ 1,000,000	$ 1,000,000
Common stock, shares, issued		40,040	40,040
Payment of selling commissions		$ 0
Payment of dealer manager fees		0
Payment of organization and offering expenses		$ 0
Subscription agreement, minimum number of shares to be held		8,000
Subscription agreement, value of minimum number of shares to be held		$ 200,000
Description of subscription agreement		The Advisor has agreed pursuant to its subscription agreement that, for so long as it or its affiliate is serving as the Advisor, (i) it will not sell or transfer at least 8,000 of the Class P Shares that it has purchased, accounting for $200 of its investment, to an unaffiliated third party; (ii) it will not be eligible to submit a request for these 40,040 Class P Shares pursuant to the Company’s share repurchase program prior to the fifth anniversary of the date on which such shares were purchased; and (iii) repurchase requests made for these shares will only be accepted (a) on the last business day of a calendar quarter, (b) after all repurchase requests from all other stockholders for such quarter have been accepted and (c) to the extent that such repurchases do not cause total repurchases in the quarter in which they are being repurchased to exceed that quarter’s repurchase cap
Sub-Advisor | Class P Common Stock
Related Party Transaction [Line Items]
Proceeds from issuance of common stock		$ 3,000,000
Common stock, shares, issued		120,000
Payment of selling commissions		$ 0
Payment of dealer manager fees		0
Payment of organization and offering expenses		$ 0
Description of subscription agreement		Sound Point has agreed pursuant to its subscription agreement that, for so long as the Sub-Advisor or its affiliate is serving as the Sub-Advisor, (i) it will not be eligible to submit a request for the repurchase of these 120,000 shares pursuant to the Company’s share repurchase program prior to the fifth anniversary of the date on which such shares were purchased; and (ii) repurchase requests made for these shares will only be accepted (a) on the last business day of a calendar quarter, (b) after all repurchase requests from all other stockholders for such quarter have been accepted and (c) to the extent that such repurchases do not cause total repurchases in the quarter in which they are being repurchased to exceed that quarter’s repurchase cap.

Transactions with Related Par_4

Transactions with Related Parties - Summary of Related Party Transactions (Details) - USD ($) $ in Thousands	4 Months Ended	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2018	Dec. 31, 2017
Related Party Transaction [Line Items]
Advisory fee		$ 2,540
Total, payable		1,680	$ 1,512
Advisor
Related Party Transaction [Line Items]
Organization and offering expense reimbursement	$ 975	562	997
Selling commissions and dealer manager fee		7,259	2,457
Advisory fee	0	2,540	0
Operating expense reimbursement	21	14	224
Total	$ 996	10,375	3,678
Organization and offering expense reimbursement, payable		512	1,503
Advisory fee, payable		1,161
Operating expense reimbursement, payable		7	9
Total, payable		$ 1,680	$ 1,512

Transactions with Related Par_5

Transactions with Related Parties - Summary of Related Party Transactions (Parenthetical) (Details) - USD ($) $ in Thousands	4 Months Ended	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2018	Dec. 31, 2017
Related Party Transaction [Line Items]
Advisory fee		$ 2,540
Advisor
Related Party Transaction [Line Items]
Percentage of average aggregate value of assets		1.50%
Percentage of minimum total return per share		7.00%
Percentage of excess total return		20.00%
Percentage of aggregate total return		15.00%
Advisory fee	$ 0	$ 2,540	$ 0
Advisor | Maximum
Related Party Transaction [Line Items]
Percentage of selling commission		5.00%
Percentage of dealer manager fee		3.00%

Equity-Based Compensation - Add

Equity-Based Compensation - Additional Information (Details) $ in Thousands	Mar. 01, 2018USD ($)Directorshares	Dec. 31, 2018USD ($)	Dec. 31, 2017shares	Dec. 31, 2016shares
Restricted Shares | RSP
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of restricted shares			0	0
Restricted Shares | Independent Directors | RSP
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting period		3 years
Compensation expense | $		$ 8
Unrecognized compensation cost | $		$ 22
Weighted average remaining period that compensation expense recognizable		2 years 2 months 1 day
Common Stock | Director Stock Awards
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of independent directors | Director	3
Restricted shares value | $	$ 30
Restricted shares description	The restricted Class P Shares will vest in equal one-third increments on March 1, 2019, 2020 and 2021	The Class P Shares will vest in equal one-third increments on January 7, 2020, 2021 and 2022.
Common Stock | Director Stock Awards | Year 1
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Restricted shares award vest percentage	33.33%
Common Stock | Director Stock Awards | Year 2
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Restricted shares award vest percentage	33.33%
Common Stock | Director Stock Awards | Year 3
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Restricted shares award vest percentage	33.33%
Common Stock | Director Stock Awards | Independent Director One
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of restricted shares	400
Common Stock | Director Stock Awards | Independent Director Two
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of restricted shares	400
Common Stock | Director Stock Awards | Independent Director Three
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of restricted shares	400
Common Stock | Director Stock Awards | Independent Directors
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of restricted shares	1,200

Equity-Based Compensation - Sum

Equity-Based Compensation - Summary of the Restricted Shares (Details) - Restricted Shares	12 Months Ended
	Dec. 31, 2018$ / sharesshares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Granted, Shares | shares	1,200
Outstanding ending balance, Shares | shares	1,200
Granted, Weighted average grant date fair value	$ 30
Outstanding ending balance, Weighted average grant date fair value	30
Granted, Aggregate intrinsic value	30
Outstanding ending balance, Aggregate intrinsic value	$ 30

Fair Value of Financial Instr_3

Fair Value of Financial Instruments - Financial Instruments Carried at Fair Value in Consolidated Balance Sheets (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Real estate securities at fair value	$ 91,218	$ 25,993
Fair Value Measurements, Recurring | Real Estate Securities
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Real estate securities at fair value	91,218	25,993
Fair Value Measurements, Recurring | Real Estate Securities | Level II
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Real estate securities at fair value	$ 91,218	$ 25,993

Fair Value of Financial Instr_4

Fair Value of Financial Instruments - Additional Information (Details) - USD ($)	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Fair Value Disclosures [Abstract]
Fair value assets transfers from level 1 to level 2 amount	$ 0	$ 0
Fair value assets transfers from level 2 to level 1 amount	0	0
Fair value assets transfers to level 3 amount	0	0
Fair value assets transfers out of level 3 amount	$ 0	$ 0

Fair Value of Financial Instr_5

Fair Value of Financial Instruments - Schedule of Carrying Amount and Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Carrying Amount
Financial assets
Cash and cash equivalents	$ 27,530	$ 1,311
Restricted cash	967	95
Commercial mortgage loans, net	249,573	32,094
Total	278,070	33,500
Financial liabilities
Total	226,204	17,113
Carrying Amount | Real Estate Securities
Financial liabilities
Repurchase agreements	61,871	17,113
Carrying Amount | Commercial Mortgage Loans
Financial liabilities
Repurchase agreements	164,333
Estimated Fair Value
Financial assets
Cash and cash equivalents	27,530	1,311
Restricted cash	967	95
Commercial mortgage loans, net	250,156	32,094
Total	278,653	33,500
Financial liabilities
Total	226,204	17,113
Estimated Fair Value | Real Estate Securities
Financial liabilities
Repurchase agreements	61,871	$ 17,113
Estimated Fair Value | Commercial Mortgage Loans
Financial liabilities
Repurchase agreements	$ 164,333

Subsequent Events - Additional

Subsequent Events - Additional Information (Details) $ / shares in Units, $ in Thousands	Jan. 07, 2019USD ($)Directorshares	Mar. 01, 2018USD ($)Directorshares	Dec. 31, 2018$ / sharesshares	Mar. 11, 2019shares	Dec. 31, 2017shares	Dec. 31, 2016$ / shares
Subsequent Event [Line Items]
Common stock, shares, outstanding			5,940,744		1,733,392
Subsequent Event
Subsequent Event [Line Items]
Common stock, shares, outstanding				7,197,665
Class P Common Stock
Subsequent Event [Line Items]
Distribution Period Start Date			Dec. 1, 2018
Distribution Period End Date			Mar. 31, 2019
Daily distribution amount | $ / shares			$ 0.005260274			$ 0.005245902
Class P Common Stock | Director Stock Awards
Subsequent Event [Line Items]
Number of independent directors | Director		3
Restricted shares description		The restricted Class P Shares will vest in equal one-third increments on March 1, 2019, 2020 and 2021	The Class P Shares will vest in equal one-third increments on January 7, 2020, 2021 and 2022.
Restricted shares value | $		$ 30
Class P Common Stock | Director Stock Awards | Subsequent Event
Subsequent Event [Line Items]
Number of independent directors | Director	3
Restricted shares value | $	$ 30
Class P Common Stock | Director Stock Awards | Year 1
Subsequent Event [Line Items]
Restricted shares award vest percentage		33.33%
Class P Common Stock | Director Stock Awards | Year 1 | Subsequent Event
Subsequent Event [Line Items]
Restricted shares award vest percentage	33.33%
Class P Common Stock | Director Stock Awards | Year 2
Subsequent Event [Line Items]
Restricted shares award vest percentage		33.33%
Class P Common Stock | Director Stock Awards | Year 2 | Subsequent Event
Subsequent Event [Line Items]
Restricted shares award vest percentage	33.33%
Class P Common Stock | Director Stock Awards | Year 3
Subsequent Event [Line Items]
Restricted shares award vest percentage		33.33%
Class P Common Stock | Director Stock Awards | Year 3 | Subsequent Event
Subsequent Event [Line Items]
Restricted shares award vest percentage	33.33%
Independent Director One | Class P Common Stock | Director Stock Awards
Subsequent Event [Line Items]
Number of restricted shares		400
Independent Director One | Class P Common Stock | Director Stock Awards | Subsequent Event
Subsequent Event [Line Items]
Number of restricted shares	400
Independent Director Two | Class P Common Stock | Director Stock Awards
Subsequent Event [Line Items]
Number of restricted shares		400
Independent Director Two | Class P Common Stock | Director Stock Awards | Subsequent Event
Subsequent Event [Line Items]
Number of restricted shares	400
Independent Director Three | Class P Common Stock | Director Stock Awards
Subsequent Event [Line Items]
Number of restricted shares		400
Independent Director Three | Class P Common Stock | Director Stock Awards | Subsequent Event
Subsequent Event [Line Items]
Number of restricted shares	400
Independent Directors | Class P Common Stock | Director Stock Awards
Subsequent Event [Line Items]
Number of restricted shares		1,200
Independent Directors | Class P Common Stock | Director Stock Awards | Subsequent Event
Subsequent Event [Line Items]
Number of restricted shares	1,200

Subsequent Events - Schedule of

Subsequent Events - Schedule of Common Stock Outstanding and Proceeds from Offering (Details) - USD ($) $ in Thousands	2 Months Ended	4 Months Ended	12 Months Ended		30 Months Ended
	Mar. 11, 2019	Dec. 31, 2016	Dec. 31, 2018	Dec. 31, 2017	Mar. 11, 2019
Subsequent Event [Line Items]
Proceeds from issuance of common stock		$ 5,942	$ 114,070	$ 40,406
Class P Common Stock
Subsequent Event [Line Items]
Proceeds from issuance of common stock			$ 105,264	$ 37,488
Class P Common Stock | Subsequent Event
Subsequent Event [Line Items]
Proceeds from issuance of common stock	$ 33,851				$ 194,268

Subsequent Events - Schedule _2

Subsequent Events - Schedule of Distributions Declared (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Subsequent Event [Line Items]
Distribution Amount	$ 941	$ 258	$ 33
Class P Common Stock
Subsequent Event [Line Items]
Distribution Amount	$ 941	$ 258
Class P Common Stock | December 2018
Subsequent Event [Line Items]
Distribution Period	December 2018
Month Distribution Paid	2019-01
Distribution Amount	$ 941
Class P Common Stock | January 2019
Subsequent Event [Line Items]
Distribution Period	January 2019
Month Distribution Paid	2019-02
Distribution Amount	$ 1,004
Class P Common Stock | February 2019
Subsequent Event [Line Items]
Distribution Period	February 2019
Month Distribution Paid	2019-03
Distribution Amount	$ 976