Inpoint Commercial Real Estate Income (ICR-PA) 10-Q 10 May 19 2019 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2019	May 09, 2019
Document And Entity Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2019
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q1
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 Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	true
Common Class P
Document And Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		8,126,172
Common Class A
Document And Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		0
Common Class T
Document And Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		0
Common Class S
Document And Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		0
Common Class D
Document And Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		0
Common Class I
Document And Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		0

CONSOLIDATED BALANCE SHEETS (un

CONSOLIDATED BALANCE SHEETS (unaudited) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
ASSETS
Cash and cash equivalents	$ 29,519	$ 27,530
Restricted cash	471	967
Real estate securities at fair value	98,122	91,218
Commercial mortgage loans at cost, net of allowance for loan loss of $0	322,222	249,573
Deferred debt finance costs	685	518
Deferred offering costs	1,323	1,201
Accrued interest receivable	1,154	994
Prepaid expenses and other assets	29	22
Total assets	453,525	372,023
Liabilities:
Loan fees payable	150	100
Due to related parties	1,609	1,680
Interest payable	443	427
Distributions payable	1,189	941
Accrued expenses	852	399
Total liabilities	271,142	229,751
Stockholders’ Equity:
Class P common stock, $0.001 par value, 450,000,000 shares authorized, 7,525,008 and 5,940,744 shares issued and outstanding at March 31, 2019 and December 31, 2018, respectively	8	6
Additional paid in capital (net of offering costs of $14,748 and $11,724 at March 31, 2019 and December 31, 2018, respectively)	188,309	148,650
Distributions in excess of earnings	(5,934)	(6,384)
Total stockholders’ equity	182,383	142,272
Total liabilities and stockholders’ equity	453,525	372,023
Real Estate Securities
Liabilities:
Repurchase agreements	71,436	61,871
Interest payable	83	128
Commercial Mortgage Loans
Liabilities:
Repurchase agreements	$ 195,463	$ 164,333

CONSOLIDATED BALANCE SHEETS (_2

CONSOLIDATED BALANCE SHEETS (unaudited) (Parenthetical) - USD ($)	Mar. 31, 2019	Dec. 31, 2018
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	7,525,008	5,940,744
Common stock, shares, outstanding	7,525,008	5,940,744
Additional paid in capital, offering costs	$ 14,748,000	$ 11,724,000

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Interest income:
Interest income	$ 6,493	$ 830
Less: Interest expense	(2,755)	(103)
Net interest income	3,738	727
Operating expenses:
Advisory fee	1,531
Debt finance costs	195	65
Directors compensation	21	22
Professional service fees	150	116
Other expenses	84	59
Total operating expenses	1,981	262
Other income:
Unrealized gain in value of real estate securities	1,808	31
Realized loss on the sale of real estate securities	(43)
Other interest income	98
Total other income	1,863	31
Net income	$ 3,620	$ 496
Net income per share basic and diluted	$ 0.54	$ 0.23
Weighted average number of shares
Basic	6,676,846	2,119,814
Diluted	6,677,279	2,119,831

CONSOLIDATED STATEMENTS OF CHAN

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (unaudited) - USD ($) $ in Thousands	Total	Common Stock	Additional Paid in Capital	Distributions in Excess of Earnings
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	20,148	$ 1	20,147
Proceeds from issuance of common stock, shares		742,853
Offering costs	(1,575)		(1,575)
Net income	496			496
Distributions declared ($0.48 per share)	(1,008)			(1,008)
Equity based compensation	1		1
Balance at Mar. 31, 2018	60,047	$ 3	62,001	(1,957)
Balance, shares at Mar. 31, 2018		2,476,245
Balance at Dec. 31, 2018	142,272	$ 6	148,650	(6,384)
Balance, shares at Dec. 31, 2018		5,940,744
Proceeds from issuance of common stock	42,680	$ 2	42,678
Proceeds from issuance of common stock, shares		1,583,864
Offering costs	(3,024)		(3,024)
Net income	3,620			3,620
Distributions declared ($0.48 per share)	(3,170)			(3,170)
Equity based compensation	5		5
Equity based compensation, shares		400
Balance at Mar. 31, 2019	$ 182,383	$ 8	$ 188,309	$ (5,934)
Balance, shares at Mar. 31, 2019		7,525,008

CONSOLIDATED STATEMENTS OF CH_2

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (unaudited) (Parenthetical) - $ / shares	Mar. 31, 2019	Mar. 31, 2018
Statement Of Stockholders Equity [Abstract]
Distributions declared per share	$ 0.48	$ 0.48

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Cash flows from operating activities
Net income	$ 3,620	$ 496
Adjustments to reconcile net income to cash provided by operations:
Net realized loss on real estate securities	43
Net unrealized gain on real estate securities	(1,808)	(31)
Amortization of equity based compensation	5	1
Amortization of debt finance costs to operating expense	195	65
Amortization of debt finance costs to interest expense	22	1
Amortization of bond discount	(177)
Amortization of origination fees	(268)	(27)
Amortization of deferred exit fees	(131)
Changes in assets and liabilities:
Accrued interest receivable	(159)	(24)
Accrued expenses	(91)	22
Due to related parties	350	(7)
Prepaid expenses and other assets	(7)	(18)
Other liabilities	67	116
Net cash provided by operating activities	1,661	594
Cash flows from investing activities:
Origination of commercial loans	(72,868)	(19,560)
Origination fees received on commercial loans	618	131
Purchase of real estate securities	(14,884)	(5,000)
Real estate securities sold	9,211	77
Real estate securities principal pay-down	710
Net cash used in investing activities	(77,213)	(24,352)
Cash flows from financing activities:
Proceeds from issuance of common stock	42,680	20,148
Payment of offering costs	(3,024)	(1,575)
Proceeds from repurchase agreements	269,791	65,647
Principal repayments of repurchase agreements	(229,099)	(54,689)
Debt finance costs	(381)	(532)
Distributions paid	(2,922)	(882)
Net cash provided by financing activities	77,045	28,117
Net change in cash, cash equivalents and restricted cash	1,493	4,359
Cash, cash equivalents and restricted cash at beginning of period	28,497	1,406
Cash, cash equivalents and restricted cash at end of period	29,990	5,765
Supplemental disclosure of cash flow information:
Change in deferred offering costs and accrued offering expenses, included in due to related parties	(422)	(157)
Interest paid	2,739	102
Distributions payable	$ 1,189	$ 385

Organization and Business Opera

Organization and Business Operations	3 Months Ended
	Mar. 31, 2019
Organization Consolidation And Presentation Of Financial Statements [Abstract]
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 floating rate first mortgage loans, subordinate mortgage and mezzanine loans, and participations in such loans and (ii) floating rate CRE securities, such as commercial mortgage-backed securities (“CMBS”), 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 April 29, 2019 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 dated April 29, 2019. 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	3 Months Ended
	Mar. 31, 2019
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Note 2 – Summary of Significant Accounting Policies Disclosures discussing all significant accounting policies are set forth in the Company’s Annual Report on Form 10-K for the year ended December 31, 2018 (the “Annual Report”), as filed with the Securities and Exchange Commission (the “SEC”) on March 12, 2019, under the heading Note 2 - Summary of Significant Accounting Policies. There have been no changes to the Company’s significant accounting policies for the three-months ended March 31, 2019. 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. In the opinion of management, the accompanying unaudited consolidated financial statements reflect all adjustments, which are normal and recurring in nature, necessary for fair financial statement presentation. 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 March 31, 2019 and December 31, 2018, 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: March 31, December 31, 2019 2018 Cash and cash equivalents $ 29,519 $ 27,530 Restricted cash 471 967 Total cash, cash equivalents, and restricted cash $ 29,990 $ 28,497 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	3 Months Ended
	Mar. 31, 2019
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 March 31, 2019: Number of Loans Principal Balance Unamortized (fees)/costs, net Carrying Value Weighted Average Interest Rate Weighted Average Years to Maturity First mortgage loans 19 $ 314,093 $ (2,371 ) $ 311,722 6.5 % 2.0 Credit loans 2 10,500 — 10,500 9.2 % 7.2 Total and average 21 $ 324,593 $ (2,371 ) $ 322,222 6.6 % 2.1 The following is a summary of the Company’s commercial mortgage loans held for investment as December 31, 2018: Number of Loans Principal Balance Unamortized (fees)/costs, net Carrying Value Weighted Average Interest Rate 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 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 or acquisition. As of March 31, 2019, 20 loans had a risk rating of 2 and one had a risk rating of 3. As of December 31, 2018, 17 loans had a risk rating of 2 and one had a risk rating of 3. 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	3 Months Ended
	Mar. 31, 2019
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 Company’s real estate securities as of March 31, 2019 and December 31, 2018: March 31, 2019 Number of Positions External Credit Rating Collateral Weighted Average Interest Rate Weighted Average Years to Maturity Par Value Amortized Cost Unrealized Gains Unrealized Losses Fair Value Realized Losses 3 AAA Hospitality, Office 3.3 % 0.7 $ 20,412 $ 20,308 $ 9 $ (46 ) $ 20,271 $ (43 ) 1 AA- Hospitality 3.5 % 1.1 2,000 1,999 — (11 ) 1,988 — 5 BB- Retail, Hospitality 5.3 % 1.3 38,445 38,383 150 (22 ) 38,511 — 2 Unrated Hospitality 7.7 % 1.1 37,700 36,868 484 — 37,352 — 11 5.8 % 1.1 $ 98,557 $ 97,558 $ 643 $ (79 ) $ 98,122 $ (43 ) December 31, 2018 Number of Positions External Credit Rating Collateral Weighted Average Interest Rate 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 At March 31, 2019, the Company held 11 CMBS with a total carrying value of $98,122 including a total unrealized gain of $643 and a total unrealized loss of $79. As of March 31, 2019, the amortized cost was $999 less than the par value of $98,557 due to five real estate securities purchased at a discount. At December 31, 2018, the Company held 10 CMBS with a total carrying value of $91,218 including 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 March 31, 2019 and December 31, 2018, no position had an unrealized loss for a period greater than 12 months. During the three-months ended March 31, 2019, the Company sold real estate securities for $9,211 that resulted in realized losses of $43. The Company did not have any realized gains or losses during the year ended December 31, 2018. As of March 31, 2019 and December 31, 2018, each of the CMBS were assigned an internal risk rating of 2.

Repurchase Agreements

Repurchase Agreements	3 Months Ended
	Mar. 31, 2019
Banking And Thrift [Abstract]
Repurchase Agreements	Note 5 – Repurchase Agreements Commercial Mortgage Loans On February 15, 2018, the Company, through a wholly owned subsidiary, entered into a master repurchase agreement (the “Repo Facility”) with Column Financial, Inc. as administrative agent for certain of its affiliates. The Repo Facility had an initial advance amount of $100,000 subject to a maximum advance amount of $250,000. The Company increased the advance amount in August 2018 to $175,000, and in January 2019 to the maximum of $250,000. The initial term of the Repo Facility was 12 months and the Company extended the maturity date in February 2019 to February 2020. The Repo Facility is used to finance eligible loans and acts in the manner of a revolving credit facility that can be repaid as the Company’s assets are paid off and re-drawn as advances against new assets. Advances under the Repo Facility accrue interest at a per annum rate equal to LIBOR plus 2.25%. The Repo Facility is subject to certain financial covenants. The Company was in compliance with all financial covenant requirements as of March 31, 2019 and December 31, 2018. The details of the Repo Facility as of March 31, 2019 and December 31, 2018 are as follows: Weighted Average Committed Financing Amount Outstanding (1) Accrued Interest Payable Collateral Pledged Interest Rate Days to Maturity As of March 31, 2019 $ 250,000 $ 195,536 $ 360 $ 272,093 4.73 % 319 As of December 31, 2018 $ 175,000 $ 164,410 $ 299 $ 225,075 4.71 % 317 (1) Excluding $73 and $77 of unamortized debt issuance costs at March 31, 2019 and December 31, 2018, respectively. Real Estate Securities The Company entered into master repurchase agreements f Weighted Average Amount Outstanding Accrued Interest Payable Collateral Pledged Interest Rate Days to Maturity As of March 31, 2019 $ 71,436 $ 83 $ 98,146 3.87 % 16 As of December 31, 2018 $ 61,871 $ 128 $ 84,646 3.79 % 9 In addition, the master repurchase agreements are subject to certain financial covenants. The Company was in compliance with all financial covenant requirements as of March 31, 2019 and December 31, 2018.

Stockholders' Equity

Stockholders' Equity	3 Months Ended
	Mar. 31, 2019
Equity [Abstract]
Stockholders' Equity	Note 6 – Stockholders’ Equity During the three-months ended March 31, 2019, pursuant to a private offering that commenced on October 25, 2016 (the “Offering”), the Company issued 1,583,864 shares of Class P common stock (“Class P Shares”) at an average price of $26.94 per share with total net proceeds of $39,656 after offering costs of $3,024. In addition, the Company incurred $112 in reimbursable deferred offering costs that are payable to the Advisor and Sub-Advisor from future stock issuances. During the three-months ended March 31, 2018, the Company issued 742,853 Class P Shares at an average price of $27.12 per share with total net proceeds of $18,572 after offering costs of $1,575. In addition, the Company incurred $122 in reimbursable deferred offering costs that are payable to the Advisor and Sub-Advisor from future stock issuance. Distributions The Company currently pays distributions on Class P Shares based on daily record dates, payable in arrears the following month, equal to a daily amount of 1/365 th Three-months ended March 31, 2019 2018 Distributions paid $ 2,922 $ 882 Distributions declared $ 3,170 $ 1,008 As of March 31, 2019 and December 31, 2018 distributions declared but not yet paid amounted to $1,189 and 941, respectively.

Net Income Per Share

Net Income Per Share	3 Months Ended
	Mar. 31, 2019
Earnings Per Share [Abstract]
Net Income Per Share	Note 7 – Net Income Per Share Basic earnings per share (“EPS”) is computed by dividing net income by the weighted average number of common shares outstanding for the period. Diluted EPS is computed by dividing net income by the common shares plus common share equivalents. The Company’s common share equivalents are unvested restricted shares. For the three-months ended March 31, 2019 and 2018, 433 and 17, respectively, 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 three-months ended March 31, 2019 and 2018. For further information about the Company’s restricted shares, see Note 10 – “Equity-Based Compensation.” The following table is a summary of the basic and diluted net income per share computation for the three-months ended March 31, 2019 and 2018: Three-months ended March 31, 2019 2018 Net income $ 3,620 $ 496 Weighted average shares outstanding, basic 6,676,846 2,119,814 Weighted average shares outstanding, diluted 6,677,279 2,119,831 Net income per share, basic and diluted $ 0.54 $ 0.23

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2019
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 CRE loans if the borrower meets certain conditions. As of March 31, 2019 and December 31, 2018, the Company had 15 and 13 CRE loans, respectively, with a total remaining future funding commitment of $26,745 and $30,343, 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	3 Months Ended
	Mar. 31, 2019
Related Party Transactions [Abstract]
Transactions with Related Parties	Note 9 – Transactions with Related Parties As of March 31, 2019, 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 $25.00 (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 Class P Shares were purchased; and (iii) repurchase requests made for these Class P 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 March 31, 2019, 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 Class P Shares pursuant to the Company’s share repurchase program prior to the fifth anniversary of the date on which such Class P Shares were purchased; and (ii) repurchase requests made for these Class P 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 three-months ended March 31, 2019 and 2018 and the amount due to related parties at March 31, 2019 and December 31, 2018: Three-months ended March 31, Payable as of March 31, Payable as of December 31, 2019 2018 2019 2018 Organization and offering expense reimbursement ( 1) $ 112 $ 122 $ 76 $ 512 Selling commissions and dealer manager fee ( 2) 2,485 1,296 — — Advisory fee ( 3) 1,531 — 1,531 1,161 Operating expense reimbursement ( 4) 2 2 2 7 Total $ 4,130 $ 1,420 $ 1,609 $ 1,680 (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) Inland Securities Corporation, the Company’s dealer manager (the “Dealer Manager”) and 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 three-months ended March 31, 2018. (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	3 Months Ended
	Mar. 31, 2019
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Equity-Based Compensation	Note 10 – Equity-Based Compensation Under the Company’s Independent Director Restricted Share Plan (“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. 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 restricted Class P Shares will vest in equal one-third increments on January 7, 2020, 2021 and 2022. Compensation expense associated with the restricted shares issued to the independent directors was $5 and $1, in the aggregate, for the three-months ended March 31, 2019 and 2018, respectively. As of March 31, 2019, the Company had $47 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 2.34 years. 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, 2018 1,200 $ 30 $ 30 Granted 1,200 30 30 Vested (400 ) (10 ) (10 ) Converted — — — Forfeited — — — Outstanding at March 31, 2019 2,000 50 50

Fair Value of Financial Instrum

Fair Value of Financial Instruments	3 Months Ended
	Mar. 31, 2019
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 March 31, 2019 December 31, 2018 Total Level I Level II Level III Total Level I Level II Level III Real estate securities $ 98,122 — $ 98,122 — $ 91,218 — $ 91,218 — The Company did not transfer any assets within fair value levels during the three-months ended March 31, 2019 or during the year ended December 31, 2018. GAAP requires the disclosure of fair value information about financial instruments, whether or not they are recognized at fair value in the consolidated balance sheets, for which it is practicable to estimate that value. The following table details the carrying amount and estimated fair value of the Company’s financial instruments at the dates below: March 31, 2019 December 31, 2018 Carrying Amount Estimated Fair Value Carrying Amount Estimated Fair Value Financial assets Cash and cash equivalents $ 29,519 $ 29,519 $ 27,530 $ 27,530 Restricted cash 471 471 967 967 Commercial mortgage loans, net 322,222 326,186 249,573 250,156 Total $ 352,212 $ 356,176 $ 278,070 $ 278,653 Financial liabilities Repurchase agreements - real estate securities $ 71,436 $ 71,436 $ 61,871 $ 61,871 Repurchase agreements - commercial mortgage loans 195,463 195,463 164,333 164,333 Total $ 266,899 $ 266,899 $ 226,204 $ 226,204 The following describes our methods for estimating the fair value for financial instruments: • The estimated fair value of cash and cash equivalents and restricted cash 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 by analyzing interest rate spreads on loans based on 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	3 Months Ended
	Mar. 31, 2019
Subsequent Events [Abstract]
Subsequent Events	Note 12 – Subsequent Events The Company has evaluated subsequent events through May 10, 2019, the date the 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: Initial Public Offering On March 22, 2019, the Company filed a Registration Statement on Form S-11 (File No. 333-230465) (the “Registration Statement”) to register up to $2,350,000 in shares of common stock (the “IPO”). On May 3, 2019, the SEC declared effective the Registration Statement. Charter Amendment and Supplement On April 29, 2019, the Company filed Articles of Amendment with the State Department of Assessments and Taxation of the State of Maryland (the “SDAT”) (i) to modify the number of shares the Company has authority to issue under its charter from 500,000,000 to 3,050,000,000, consisting of 3,000,000,000 Class P common shares and 50,000,000 shares of preferred stock, and (ii) to modify the aggregate par value of all authorized shares of stock from $500 to $3,050. On April 29, 2019, the Company also filed Articles Supplementary with SDAT to reclassify and designate: (i) 500,000,000 authorized but unissued Class P common shares as Class A common shares; (ii) 500,000,000 authorized but unissued Class P common shares as Class D common shares; (iii) 500,000,000 authorized but unissued Class P common shares as Class I common shares; (iv) 500,000,000 authorized but unissued Class P common shares as Class S common shares; and (v) 500,000,000 authorized but unissued Class P common shares as Class T common shares Advisory and Sub-Advisory Agreements On April 29, 2019, the Company and the Operating Partnership, entered into a First Amended and Restated Advisory Agreement with the Advisor, which supersedes and replaces the Advisory Agreement dated as of October 25, 2016, among the Company, the Operating Partnership and the Advisor. On April 29, 2019, the Advisor entered into a First Amended and Restated Sub-Advisory Agreement with the Sub-Advisor, which supersedes and replaces the Sub-Advisory Agreement dated as of October 25, 2016, between the Advisor and the Sub-Advisor. Dealer Manager Agreement On April 29, 2019, the Company entered into a Dealer Manager Agreement with the Dealer Manager pursuant to which the Dealer Manger will serve as the exclusive dealer manager for the IPO on a best efforts basis. JP Morgan Line On May 6, 2019, the Company’s wholly owned subsidiary entered into an Uncommitted Master Repurchase Agreement (the “JPM Repo Facility”) with JPMorgan Chase Bank, National Association. The JPM Repo Facility provides up to $150.0 million in advances that the Company expects to use to finance the acquisition or origination of eligible loans and participation interests therein. The JPM Repo Facility acts in the manner of a revolving credit facility that can be repaid as the Company’s assets are paid off and re-drawn as advances against new assets. Advances under the JPM Repo Facility accrue interest at per annum rates equal to the sum of (i) the applicable LIBOR index rate plus (ii) a margin of between 1.75% to 2.25%, depending on the attributes of the purchased assets. The initial maturity date of the JPM Repo Facility is May 6, 2021, with two successive one-year extensions the Company’s option, which may be exercised upon the satisfaction of certain conditions. Sale of Common Stock As of May 9, 2019, the Company had 8,126,172 shares of common stock outstanding and from April 1, 2019 through May 9, 2019, the Company raised proceeds from the Offering as follows: Source of Capital April 1, 2019 through May 9, 2018 Total Class P Shares $ 16,248 $ 219,356 Distributions 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 April 1, 2019 through the close of business July 31, 2019. Through that date distributions were declared in a daily amount equal to 1/365 th The table below sets forth the distributions paid in cash monthly in arrears: Distribution Period Month Distribution Paid Distribution Amount March 2019 April 2019 $ 1,189 April 2019 May 2019 $ 1,228

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2019
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. In the opinion of management, the accompanying unaudited consolidated financial statements reflect all adjustments, which are normal and recurring in nature, necessary for fair financial statement presentation.
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 March 31, 2019 and December 31, 2018, 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: March 31, December 31, 2019 2018 Cash and cash equivalents $ 29,519 $ 27,530 Restricted cash 471 967 Total cash, cash equivalents, and restricted cash $ 29,990 $ 28,497
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)	3 Months Ended
	Mar. 31, 2019
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: March 31, December 31, 2019 2018 Cash and cash equivalents $ 29,519 $ 27,530 Restricted cash 471 967 Total cash, cash equivalents, and restricted cash $ 29,990 $ 28,497

Commercial Mortgage Loans Hel_2

Commercial Mortgage Loans Held for Investment (Tables)	3 Months Ended
	Mar. 31, 2019
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 March 31, 2019: Number of Loans Principal Balance Unamortized (fees)/costs, net Carrying Value Weighted Average Interest Rate Weighted Average Years to Maturity First mortgage loans 19 $ 314,093 $ (2,371 ) $ 311,722 6.5 % 2.0 Credit loans 2 10,500 — 10,500 9.2 % 7.2 Total and average 21 $ 324,593 $ (2,371 ) $ 322,222 6.6 % 2.1 The following is a summary of the Company’s commercial mortgage loans held for investment as December 31, 2018: Number of Loans Principal Balance Unamortized (fees)/costs, net Carrying Value Weighted Average Interest Rate 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
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)	3 Months Ended
	Mar. 31, 2019
Investments Debt And Equity Securities [Abstract]
Summary of Company's Real Estate Securities	The table below shows the Company’s real estate securities as of March 31, 2019 and December 31, 2018: March 31, 2019 Number of Positions External Credit Rating Collateral Weighted Average Interest Rate Weighted Average Years to Maturity Par Value Amortized Cost Unrealized Gains Unrealized Losses Fair Value Realized Losses 3 AAA Hospitality, Office 3.3 % 0.7 $ 20,412 $ 20,308 $ 9 $ (46 ) $ 20,271 $ (43 ) 1 AA- Hospitality 3.5 % 1.1 2,000 1,999 — (11 ) 1,988 — 5 BB- Retail, Hospitality 5.3 % 1.3 38,445 38,383 150 (22 ) 38,511 — 2 Unrated Hospitality 7.7 % 1.1 37,700 36,868 484 — 37,352 — 11 5.8 % 1.1 $ 98,557 $ 97,558 $ 643 $ (79 ) $ 98,122 $ (43 ) December 31, 2018 Number of Positions External Credit Rating Collateral Weighted Average Interest Rate 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

Repurchase Agreements (Tables)

Repurchase Agreements (Tables)	3 Months Ended
	Mar. 31, 2019
Commercial Mortgage Loans
Repurchase Agreement [Line Items]
Schedule of Outstanding Repurchase Agreements	The details of the Repo Facility as of March 31, 2019 and December 31, 2018 are as follows: Weighted Average Committed Financing Amount Outstanding (1) Accrued Interest Payable Collateral Pledged Interest Rate Days to Maturity As of March 31, 2019 $ 250,000 $ 195,536 $ 360 $ 272,093 4.73 % 319 As of December 31, 2018 $ 175,000 $ 164,410 $ 299 $ 225,075 4.71 % 317 (1) Excluding $73 and $77 of unamortized debt issuance costs at March 31, 2019 and December 31, 2018, respectively.
Real Estate Securities
Repurchase Agreement [Line Items]
Schedule of Outstanding Repurchase Agreements	The Company entered into master repurchase agreements f Weighted Average Amount Outstanding Accrued Interest Payable Collateral Pledged Interest Rate Days to Maturity As of March 31, 2019 $ 71,436 $ 83 $ 98,146 3.87 % 16 As of December 31, 2018 $ 61,871 $ 128 $ 84,646 3.79 % 9

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	3 Months Ended
	Mar. 31, 2019
Equity [Abstract]
Schedule of Distributions Paid and Declared	The table below presents the distributions paid and declared during the three-months ended March 31, 2019 and 2018. Three-months ended March 31, 2019 2018 Distributions paid $ 2,922 $ 882 Distributions declared $ 3,170 $ 1,008

Net Income Per Share (Tables)

Net Income Per Share (Tables)	3 Months Ended
	Mar. 31, 2019
Earnings Per Share [Abstract]
Summary of Basic and Diluted Net Income Per Share	The following table is a summary of the basic and diluted net income per share computation for the three-months ended March 31, 2019 and 2018: Three-months ended March 31, 2019 2018 Net income $ 3,620 $ 496 Weighted average shares outstanding, basic 6,676,846 2,119,814 Weighted average shares outstanding, diluted 6,677,279 2,119,831 Net income per share, basic and diluted $ 0.54 $ 0.23

Transactions with Related Par_2

Transactions with Related Parties (Tables)	3 Months Ended
	Mar. 31, 2019
Related Party Transactions [Abstract]
Summary of Related Party Transactions	The following table summarizes the Company’s related party transactions for the three-months ended March 31, 2019 and 2018 and the amount due to related parties at March 31, 2019 and December 31, 2018: Three-months ended March 31, Payable as of March 31, Payable as of December 31, 2019 2018 2019 2018 Organization and offering expense reimbursement ( 1) $ 112 $ 122 $ 76 $ 512 Selling commissions and dealer manager fee ( 2) 2,485 1,296 — — Advisory fee ( 3) 1,531 — 1,531 1,161 Operating expense reimbursement ( 4) 2 2 2 7 Total $ 4,130 $ 1,420 $ 1,609 $ 1,680 (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) Inland Securities Corporation, the Company’s dealer manager (the “Dealer Manager”) and 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 three-months ended March 31, 2018. (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)	3 Months Ended
	Mar. 31, 2019
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, 2018 1,200 $ 30 $ 30 Granted 1,200 30 30 Vested (400 ) (10 ) (10 ) Converted — — — Forfeited — — — Outstanding at March 31, 2019 2,000 50 50

Fair Value of Financial Instr_2

Fair Value of Financial Instruments (Tables)	3 Months Ended
	Mar. 31, 2019
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 March 31, 2019 December 31, 2018 Total Level I Level II Level III Total Level I Level II Level III Real estate securities $ 98,122 — $ 98,122 — $ 91,218 — $ 91,218 —
Schedule of Carrying Amount and Estimated Fair Value of Company's Financial Instruments	The following table details the carrying amount and estimated fair value of the Company’s financial instruments at the dates below: March 31, 2019 December 31, 2018 Carrying Amount Estimated Fair Value Carrying Amount Estimated Fair Value Financial assets Cash and cash equivalents $ 29,519 $ 29,519 $ 27,530 $ 27,530 Restricted cash 471 471 967 967 Commercial mortgage loans, net 322,222 326,186 249,573 250,156 Total $ 352,212 $ 356,176 $ 278,070 $ 278,653 Financial liabilities Repurchase agreements - real estate securities $ 71,436 $ 71,436 $ 61,871 $ 61,871 Repurchase agreements - commercial mortgage loans 195,463 195,463 164,333 164,333 Total $ 266,899 $ 266,899 $ 226,204 $ 226,204

Subsequent Events (Tables)

Subsequent Events (Tables)	3 Months Ended
	Mar. 31, 2019
Subsequent Events [Abstract]
Schedule of Common Stock Outstanding and Proceeds from Offering	As of May 9, 2019, the Company had 8,126,172 shares of common stock outstanding and from April 1, 2019 through May 9, 2019, the Company raised proceeds from the Offering as follows: Source of Capital April 1, 2019 through May 9, 2018 Total Class P Shares $ 16,248 $ 219,356
Subsequent Dividends Paid In Cash Monthly in Arrears	The table below sets forth the distributions paid in cash monthly in arrears: Distribution Period Month Distribution Paid Distribution Amount March 2019 April 2019 $ 1,189 April 2019 May 2019 $ 1,228

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Additional Information (Details)	3 Months Ended
	Mar. 31, 2019
Accounting Policies [Abstract]
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.

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Reconciliation of Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents [Abstract]
Cash and cash equivalents	$ 29,519	$ 27,530
Restricted cash	471	967
Total cash, cash equivalents, and restricted cash	$ 29,990	$ 28,497

Commercial Mortgage Loans Hel_3

Commercial Mortgage Loans Held for Investment - Summary of Commercial Mortgage Loans held for Investment (Details) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2019USD ($)Loan	Dec. 31, 2018USD ($)Loan
Mortgage Loans On Real Estate [Line Items]
Number of Loans | Loan	21	18
Principal Balance	$ 324,593	$ 251,725
Unamortized (fees)/costs, net	(2,371)	(2,152)
Carrying Value	$ 322,222	$ 249,573
Weighted Average Interest Rate	6.60%	6.50%
Weighted Average Years to Maturity	2 years 1 month 6 days	2 years 6 months
First Mortgage Loans [Member]
Mortgage Loans On Real Estate [Line Items]
Number of Loans | Loan	19	16
Principal Balance	$ 314,093	$ 241,225
Unamortized (fees)/costs, net	(2,371)	(2,152)
Carrying Value	$ 311,722	$ 239,073
Weighted Average Interest Rate	6.50%	6.40%
Weighted Average Years to Maturity	2 years	2 years 2 months 12 days
Credit Loans [Member]
Mortgage Loans On Real Estate [Line Items]
Number of Loans | Loan	2	2
Principal Balance	$ 10,500	$ 10,500
Carrying Value	$ 10,500	$ 10,500
Weighted Average Interest Rate	9.20%	9.20%
Weighted Average Years to Maturity	7 years 2 months 12 days	7 years 6 months

Commercial Mortgage Loans Hel_4

Commercial Mortgage Loans Held for Investment - Summary of Investment Grade of Loans Loss (Details) - Commercial Mortgage Loans	3 Months Ended
	Mar. 31, 2019
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)	3 Months Ended	12 Months Ended
	Mar. 31, 2019USD ($)LoanRating	Dec. 31, 2018USD ($)LoanRating
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	20	17
Number of loans risk rated three	1	1

Real Estate Securities - Summar

Real Estate Securities - Summary of Company's Real Estate Securities (Details)	3 Months Ended	12 Months Ended
	Mar. 31, 2019USD ($)Investment	Dec. 31, 2018USD ($)Investment
Schedule Of Available For Sale Securities [Line Items]
Number of Positions | Investment	11	10
Weighted Average Interest Rate	5.80%	5.70%
Weighted Average Years to Maturity	1 year 1 month 6 days	1 year 3 months 18 days
Par Value	$ 98,557,000	$ 93,522,000
Amortized Cost	97,558,000	92,461,000
Unrealized Gains	643,000
Unrealized Losses	(79,000)	(1,243,000)
Real estate securities at fair value	98,122,000	$ 91,218,000
Realized Losses	$ (43,000)
AAA
Schedule Of Available For Sale Securities [Line Items]
Number of Positions | Investment	3	2
Collateral	Hospitality, Office	Hospitality
Weighted Average Interest Rate	3.30%	3.40%
Weighted Average Years to Maturity	8 months 12 days	8 months 12 days
Par Value	$ 20,412,000	$ 20,310,000
Amortized Cost	20,308,000	20,310,000
Unrealized Gains	9,000
Unrealized Losses	(46,000)	(277,000)
Real estate securities at fair value	20,271,000	$ 20,033,000
Realized Losses	$ (43,000)
AA-
Schedule Of Available For Sale Securities [Line Items]
Number of Positions | Investment	1	1
Collateral	Hospitality	Hospitality
Weighted Average Interest Rate	3.50%	3.50%
Weighted Average Years to Maturity	1 year 1 month 6 days	1 year 4 months 24 days
Par Value	$ 2,000,000	$ 2,000,000
Amortized Cost	1,999,000	1,998,000
Unrealized Losses	(11,000)	(31,000)
Real estate securities at fair value	$ 1,988,000	$ 1,967,000
BB-
Schedule Of Available For Sale Securities [Line Items]
Number of Positions | Investment	5	5
Collateral	Retail, Hospitality	Retail, Hospitality
Weighted Average Interest Rate	5.30%	5.30%
Weighted Average Years to Maturity	1 year 3 months 18 days	1 year 7 months 6 days
Par Value	$ 38,445,000	$ 38,512,000
Amortized Cost	38,383,000	38,438,000
Unrealized Gains	150,000
Unrealized Losses	(22,000)	(460,000)
Real estate securities at fair value	$ 38,511,000	$ 37,978,000
Unrated
Schedule Of Available For Sale Securities [Line Items]
Number of Positions | Investment	2	2
Collateral	Hospitality	Hospitality
Weighted Average Interest Rate	7.70%	7.70%
Weighted Average Years to Maturity	1 year 1 month 6 days	1 year 4 months 24 days
Par Value	$ 37,700,000	$ 32,700,000
Amortized Cost	36,868,000	31,715,000
Unrealized Gains	484,000
Unrealized Losses		(475,000)
Real estate securities at fair value	$ 37,352,000	$ 31,240,000

Real Estate Securities - Additi

Real Estate Securities - Additional Information (Details)	3 Months Ended		12 Months Ended
	Mar. 31, 2019USD ($)RatingInvestmentSecurity	Mar. 31, 2018USD ($)	Dec. 31, 2018USD ($)RatingInvestmentSecurity
Schedule Of Available For Sale Securities [Line Items]
Number of investments | Investment	11		10
Carrying value of investments	$ 98,122,000		$ 91,218,000
Unrealized loss	79,000		1,243,000
Available for sale securities amortized cost	97,558,000		92,461,000
Par Value	98,557,000		$ 93,522,000
Unrealized gain	$ 643,000
Number of positions in unrealized loss for a period greater than 12 months | Investment	0		0
Realized gains or losses	$ (43,000)		$ 0
Real estate securities sold	$ 9,211,000	$ 77,000
Weighted average risk rating | Rating	2		2
Commercial Mortgage Loans
Schedule Of Available For Sale Securities [Line Items]
Number of investments | Investment	11		10
Carrying value of investments	$ 98,122,000		$ 91,218,000
Unrealized loss	$ 79,000		$ 1,243,000
Number of available for sale securities purchased at a discount | Security	5		3
Available for sale securities amortized cost	$ 999,000		$ 1,061,000
Par Value	98,557,000		93,522,000
Unrealized gain	643,000
Discount or premium	$ 0		$ 0
Weighted average risk rating | Rating	2		2

Repurchase Agreements - Additio

Repurchase Agreements - Additional Information (Details)	1 Months Ended		3 Months Ended
	Feb. 28, 2019	Aug. 31, 2018USD ($)	Mar. 31, 2019Agreement	Jan. 31, 2019USD ($)	Jul. 31, 2018USD ($)
Commercial Mortgage Loans | Repo Facility
Repurchase Agreement [Line Items]
Repurchase agreement in advances loan		$ 175,000,000		$ 250,000,000	$ 100,000,000
Repurchase agreement, maximum possible adjustment in loans					$ 250,000,000
Extended maturity date	2020-02
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	3 Months Ended	12 Months Ended
	Mar. 31, 2019	Dec. 31, 2018
Assets Sold Under Agreements To Repurchase [Line Items]
Accrued Interest Payable	$ 443	$ 427
Weighted Average Interest Rate	5.80%	5.70%
Commercial Mortgage Loans
Assets Sold Under Agreements To Repurchase [Line Items]
Amount Outstanding	$ 195,463	$ 164,333
Commercial Mortgage Loans | Repo Facility
Assets Sold Under Agreements To Repurchase [Line Items]
Committed Financing	250,000	175,000
Amount Outstanding	195,536	164,410
Accrued Interest Payable	360	299
Collateral Pledged	$ 272,093	$ 225,075
Weighted Average Interest Rate	4.73%	4.71%
Weighted Average Days to Maturity	319 days	317 days
Real Estate Securities
Assets Sold Under Agreements To Repurchase [Line Items]
Amount Outstanding	$ 71,436	$ 61,871
Accrued Interest Payable	83	128
Collateral Pledged	$ 98,146	$ 84,646
Weighted Average Interest Rate	3.87%	3.79%
Weighted Average Days to Maturity	16 days	9 days

Repurchase Agreements - Sched_2

Repurchase Agreements - Schedule of Outstanding Repurchase Agreements (Parenthetical) (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Commercial Mortgage Loans | Repo Facility
Assets Sold Under Agreements To Repurchase [Line Items]
Unamortized debt issuance costs	$ 73	$ 77

Stockholders' Equity - Addition

Stockholders' Equity - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		11 Months Ended	32 Months Ended
	Mar. 31, 2019	Mar. 31, 2018	Apr. 01, 2019	May 09, 2019	Dec. 31, 2018
Class Of Stock [Line Items]
Proceeds from issuance of common stock	$ 42,680	$ 20,148
Common stock, offering costs	3,024	$ 1,575
Deferred offering costs	$ 1,323				$ 1,201
Distributions declared per share	$ 0.48	$ 0.48
Distributions declared but not yet paid	$ 1,189	$ 385			941
Class P Common Stock
Class Of Stock [Line Items]
Common stock, shares issued	1,583,864	742,853
Common stock issued, average price per share	$ 26.94	$ 27.12
Proceeds from issuance of common stock	$ 39,656	$ 18,572	$ 16,248	$ 219,356
Common stock, offering costs	3,024	1,575
Deferred offering costs	$ 112	$ 122
Daily distribution amount	$ 0.005260274
Distributions declared per share	$ 1.92
Distributions declared but not yet paid	$ 1,189				$ 941

Stockholders' Equity - Schedule

Stockholders' Equity - Schedule of Distributions Paid and Declared (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Dividends Payable [Line Items]
Distributions paid	$ 2,922	$ 882
Class P Common Stock
Dividends Payable [Line Items]
Distributions paid	2,922	882
Distributions declared	$ 3,170	$ 1,008

Net Income Per Share - Addition

Net Income Per Share - Additional information (Details) - Restricted Shares - shares	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Additional shares included in computation of diluted earnings per share	433	17
Antidilutive restricted shares	0	0

Net Income Per Share - Summary

Net Income Per Share - Summary of Basic and Diluted Net Income Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Earnings Per Share [Abstract]
Net income	$ 3,620	$ 496
Weighted average shares outstanding, basic	6,676,846	2,119,814
Weighted average shares outstanding, diluted	6,677,279	2,119,831
Net income per share, basic and diluted	$ 0.54	$ 0.23

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Details) $ in Thousands	Mar. 31, 2019USD ($)Loan	Dec. 31, 2018USD ($)Loan
Commitments And Contingencies Disclosure [Abstract]
Number of commerical real estate loans | Loan	15	13
Commercial real estate, remaining future funding commitment | $	$ 26,745	$ 30,343

Transactions with Related Par_3

Transactions with Related Parties - Additional Information (Details) - USD ($)	3 Months Ended		11 Months Ended	32 Months Ended
	Mar. 31, 2019	Mar. 31, 2018	Apr. 01, 2019	May 09, 2019	Dec. 31, 2018
Related Party Transaction [Line Items]
Proceeds from issuance of common stock	$ 42,680,000	$ 20,148,000
Common stock, shares, issued	7,525,008				5,940,744
Class P Common Stock
Related Party Transaction [Line Items]
Proceeds from issuance of common stock	$ 39,656,000	$ 18,572,000	$ 16,248,000	$ 219,356,000
Advisor | Class P Common Stock
Related Party Transaction [Line Items]
Proceeds from issuance of common stock	$ 1,000,000
Common stock, shares, issued	40,040
Common stock, purchase price per share	$ 25
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 Class P Shares were purchased; and (iii) repurchase requests made for these Class P 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 Class P Shares pursuant to the Company’s share repurchase program prior to the fifth anniversary of the date on which such Class P Shares were purchased; and (ii) repurchase requests made for these Class P 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	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018	Dec. 31, 2018
Related Party Transaction [Line Items]
Advisory fee	$ 1,531
Total, payable	1,609		$ 1,680
Advisor
Related Party Transaction [Line Items]
Organization and offering expense reimbursement	112	$ 122
Selling commissions and dealer manager fee	2,485	1,296
Advisory fee	1,531	0
Operating expense reimbursement	2	2
Total	4,130	$ 1,420
Organization and offering expense reimbursement, payable	76		512
Advisory fee, payable	1,531		1,161
Operating expense reimbursement, payable	2		7
Total, payable	$ 1,609		$ 1,680

Transactions with Related Par_5

Transactions with Related Parties - Summary of Related Party Transactions (Parenthetical) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Related Party Transaction [Line Items]
Advisory fee	$ 1,531
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	$ 1,531	$ 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	Jan. 07, 2019USD ($)Directorshares	Mar. 01, 2018USD ($)Directorshares	Mar. 31, 2019USD ($)	Mar. 31, 2018USD ($)
Restricted Shares | Independent Directors | RSP
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Compensation expense | $			$ 5	$ 1
Unrecognized compensation cost | $			$ 47
Weighted average remaining period that compensation expense recognizable			2 years 4 months 2 days
Common Stock | Director Stock Awards
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of independent directors | Director	3	3
Restricted shares value | $	$ 30	$ 30
Restricted shares description	The restricted Class P Shares will vest in equal one-third increments on January 7, 2020, 2021 and 2022	The restricted Class P Shares will vest in equal one-third increments on March 1, 2019, 2020 and 2021
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%	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%	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%	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	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	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	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	1,200

Equity-Based Compensation - Sum

Equity-Based Compensation - Summary of the Restricted Shares (Details) - Restricted Shares	3 Months Ended
	Mar. 31, 2019$ / sharesshares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Outstanding beginning balance, Shares | shares	1,200
Granted, Shares | shares	1,200
Vested, Shares | shares	(400)
Outstanding ending balance, Shares | shares	2,000
Outstanding beginning balance, Weighted average grant date fair value	$ 30
Granted, Weighted average grant date fair value	30
Vested, Weighted average grant date fair value	(10)
Outstanding ending balance, Weighted average grant date fair value	50
Outstanding beginning balance, Aggregate intrinsic value	30
Granted, Aggregate intrinsic value	30
Vested, Aggregate intrinsic value	(10)
Outstanding ending balance, Aggregate intrinsic value	$ 50

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	Mar. 31, 2019	Dec. 31, 2018
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Real estate securities at fair value	$ 98,122	$ 91,218
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	98,122	91,218
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	$ 98,122	$ 91,218

Fair Value of Financial Instr_4

Fair Value of Financial Instruments - Additional Information (Details) - USD ($)	3 Months Ended	12 Months Ended
	Mar. 31, 2019	Dec. 31, 2018
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 Estimated Fair Value of Company's Financial Instruments (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Carrying Amount
Financial assets
Cash and cash equivalents	$ 29,519	$ 27,530
Restricted cash	471	967
Commercial mortgage loans, net	322,222	249,573
Total	352,212	278,070
Financial liabilities
Total	266,899	226,204
Carrying Amount | Real Estate Securities
Financial liabilities
Repurchase agreements	71,436	61,871
Carrying Amount | Commercial Mortgage Loans
Financial liabilities
Repurchase agreements	195,463	164,333
Estimated Fair Value
Financial assets
Cash and cash equivalents	29,519	27,530
Restricted cash	471	967
Commercial mortgage loans, net	326,186	250,156
Total	356,176	278,653
Financial liabilities
Total	266,899	226,204
Estimated Fair Value | Real Estate Securities
Financial liabilities
Repurchase agreements	71,436	61,871
Estimated Fair Value | Commercial Mortgage Loans
Financial liabilities
Repurchase agreements	$ 195,463	$ 164,333

Subsequent Events - Additional

Subsequent Events - Additional Information (Details) - USD ($)	May 06, 2019	Mar. 22, 2019	Mar. 31, 2019	Mar. 31, 2018	May 09, 2019	Apr. 29, 2019	Apr. 28, 2019	Dec. 31, 2018
Subsequent Event [Line Items]
Issuance of common stock, shares			$ 42,680,000	$ 20,148,000
Shares authorized			450,000,000					450,000,000
Common stock, shares, outstanding			7,525,008					5,940,744
Class P Common Stock
Subsequent Event [Line Items]
Issuance of common stock, shares			$ 2,000	$ 1,000
Distribution Period Start Date			Apr. 1, 2019
Distribution Period End Date			Jul. 31, 2019
Daily distribution amount			$ 0.005260274
Subsequent Event
Subsequent Event [Line Items]
Shares authorized						3,050,000,000	500,000,000
Common stock shares authorized						$ 3,050	$ 500
Common stock, shares, outstanding					8,126,172
Subsequent Event | JP Morgan Repo Facility
Subsequent Event [Line Items]
Repurchase agreement in advances loan	$ 150,000,000
Initial maturity date	May 6, 2021
Line of credit facility successive term option to extension period, description	two successive one-year extensions
Subsequent Event | Preferred Stock
Subsequent Event [Line Items]
Shares authorized						50,000,000
Common Class P | Subsequent Event
Subsequent Event [Line Items]
Shares authorized						3,000,000,000
Common Class A | Subsequent Event
Subsequent Event [Line Items]
Shares authorized						500,000,000
Common Class D | Subsequent Event
Subsequent Event [Line Items]
Shares authorized						500,000,000
Common Class I | Subsequent Event
Subsequent Event [Line Items]
Shares authorized						500,000,000
Common Class S | Subsequent Event
Subsequent Event [Line Items]
Shares authorized						500,000,000
Common Class T | Subsequent Event
Subsequent Event [Line Items]
Shares authorized						500,000,000
Maximum | Subsequent Event | JP Morgan Repo Facility
Subsequent Event [Line Items]
Interest rate	2.25%
Minimum [Member] | Subsequent Event | JP Morgan Repo Facility
Subsequent Event [Line Items]
Interest rate	1.75%
Initial Public Offering | Maximum
Subsequent Event [Line Items]
Issuance of common stock, shares		$ 2,350,000

Subsequent Events - Schedule of

Subsequent Events - Schedule of Common Stock Outstanding and Proceeds from Offering (Details) - USD ($) $ in Thousands	3 Months Ended		11 Months Ended	32 Months Ended
	Mar. 31, 2019	Mar. 31, 2018	Apr. 01, 2019	May 09, 2019
Subsequent Event [Line Items]
Proceeds from issuance of common stock	$ 42,680	$ 20,148
Class P Common Stock
Subsequent Event [Line Items]
Proceeds from issuance of common stock	$ 39,656	$ 18,572	$ 16,248	$ 219,356

Subsequent Events - Subsequent

Subsequent Events - Subsequent Distributions Paid in Cash Monthly in Arrears (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Dec. 31, 2018	Mar. 31, 2018
Subsequent Event [Line Items]
Distribution Amount	$ 1,189	$ 941	$ 385
Class P Common Stock
Subsequent Event [Line Items]
Distribution Amount	$ 1,189	$ 941
Class P Common Stock | March 2019
Subsequent Event [Line Items]
Distribution Period	March 2019
Month Distribution Paid	2019-04
Distribution Amount	$ 1,189
Class P Common Stock | April 2019
Subsequent Event [Line Items]
Distribution Period	April 2019
Month Distribution Paid	2019-05
Distribution Amount	$ 1,228