Inpoint Commercial Real Estate Income (ICR-PA) 10-Q 14 Aug 19 2019 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2019	Aug. 13, 2019
Document And Entity Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2019
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q2
Trading Symbol	ck0001690012
Entity Registrant Name	InPoint Commercial Real Estate Income, Inc.
Entity Central Index Key	0001690012
Entity Current Reporting Status	Yes
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
Entity Shell Company	false
Entity File Number	000-55782
Entity Tax Identification Number	320506267
Entity Address, Address Line One	2901 Butterfield Road
Entity Address, City or Town	Oak Brook
Entity Address, State or Province	Illinois
Entity Address, Postal Zip Code	60523
City Area Code	800
Local Phone Number	826-8228
Common Class P
Document And Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		10,249,238
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		20,689
Common Class I
Document And Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		2,111
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

CONSOLIDATED BALANCE SHEETS (un

CONSOLIDATED BALANCE SHEETS (unaudited) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
ASSETS
Cash and cash equivalents	$ 47,442	$ 27,530
Restricted cash	474	967
Real estate securities at fair value	133,691	91,218
Commercial mortgage loans at cost, net of allowance for loan loss of $0	427,627	249,573
Deferred debt finance costs	1,381	518
Deferred offering costs	2,126	1,201
Accrued interest receivable	1,484	994
Other assets	14	22
Total assets	614,239	372,023
Liabilities:
Payable for securities purchased	18,001
Loan fees payable	100	100
Due to related parties	2,024	1,680
Interest payable	528	427
Distributions payable	1,405	941
Accrued expenses	1,265	399
Total liabilities	385,095	229,751
Stockholders’ Equity:
Additional paid in capital (net of offering costs of $18,045 and $11,724 at June 30, 2019 and December 31, 2018, respectively)	236,562	148,650
Distributions in excess of earnings	(7,427)	(6,384)
Total stockholders’ equity	229,144	142,272
Total liabilities and stockholders’ equity	614,239	372,023
Class P Common Stock
Stockholders’ Equity:
Class P common stock, $0.001 par value, 500,000,000 and 450,000,000 shares authorized, 9,434,993 and 5,940,744 shares issued and outstanding at June 30, 2019 and December 31, 2018, respectively	9	6
Real Estate Securities
Liabilities:
Repurchase agreements	82,756	61,871
Interest payable	75	128
Commercial Mortgage Loans
Liabilities:
Repurchase agreements	$ 279,016	$ 164,333

CONSOLIDATED BALANCE SHEETS (_2

CONSOLIDATED BALANCE SHEETS (unaudited) (Parenthetical) - USD ($)	Jun. 30, 2019	Dec. 31, 2018
Allowance for loan loss	$ 0	$ 0
Additional paid in capital, offering costs	$ 18,045,000	$ 11,724,000
Class P Common Stock
Common stock, par value	$ 0.001	$ 0.001
Common stock, shares authorized	500,000,000	450,000,000
Common stock, shares, issued	9,434,993	5,940,744
Common stock, shares, outstanding	9,434,993	5,940,744
Class A Common Stock
Common stock, par value	$ 0.001	$ 0.001
Common stock, shares authorized	500,000,000	0
Common stock, shares, issued	0	0
Common stock, shares, outstanding	0	0
Class T Common Stock
Common stock, par value	$ 0.001	$ 0.001
Common stock, shares authorized	500,000,000	0
Common stock, shares, issued	0	0
Common stock, shares, outstanding	0	0
Class S Common Stock
Common stock, par value	$ 0.001	$ 0.001
Common stock, shares authorized	500,000,000	0
Common stock, shares, issued	0	0
Common stock, shares, outstanding	0	0
Class D Common Stock
Common stock, par value	$ 0.001	$ 0.001
Common stock, shares authorized	500,000,000	0
Common stock, shares, issued	0	0
Common stock, shares, outstanding	0	0
Class I Common Stock
Common stock, par value	$ 0.001	$ 0.001
Common stock, shares authorized	500,000,000	0
Common stock, shares, issued	0	0
Common stock, shares, outstanding	0	0

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Interest income:
Interest income	$ 8,456	$ 1,986	$ 15,047	$ 2,816
Less: Interest expense	(3,509)	(705)	(6,264)	(808)
Net interest income	4,947	1,281	8,783	2,008
Operating expenses:
Advisory fee	1,954	539	3,485	539
Debt finance costs	226	122	422	187
Directors compensation	23	21	43	42
Professional service fees	159	90	309	207
Other expenses	83	56	166	115
Total operating expenses	2,445	828	4,425	1,090
Other income (loss):
Unrealized gain (loss) in value of real estate securities	(18)	90	1,790	121
Realized loss on the sale of real estate securities			(43)
Total other income (loss)	(18)	90	1,747	121
Net income	$ 2,484	$ 543	$ 6,105	$ 1,039
Net income per share basic and diluted	$ 0.30	$ 0.19	$ 0.82	$ 0.41
Weighted average number of shares
Basic	8,287,246	2,920,697	7,486,495	2,522,468
Diluted	8,287,480	2,920,781	7,486,628	2,522,535

CONSOLIDATED STATEMENTS OF CHAN

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (unaudited) - USD ($) $ in Thousands	Total	Common StockCommon Class P	Additional Paid in Capital	Distributions in Excess of Earnings
Balance at Dec. 31, 2017	$ 41,984	$ 1	$ 43,428	$ (1,445)
Proceeds from issuance of common stock	46,828	2	46,826
Offering costs	(3,654)		(3,654)
Net income	1,039			1,039
Distributions declared ($0.48 per share for three-months ended June 30, 2019 and 2018 & $0.96 per share for six-months ended June 30, 2019 and 2018 respectively)	(2,410)			(2,410)
Equity based compensation	3		3
Balance at Jun. 30, 2018	83,790	3	86,603	(2,816)
Balance at Mar. 31, 2018	60,047	3	62,001	(1,957)
Proceeds from issuance of common stock	26,678		26,678
Offering costs	(2,079)		(2,079)
Net income	543			543
Distributions declared ($0.48 per share for three-months ended June 30, 2019 and 2018 & $0.96 per share for six-months ended June 30, 2019 and 2018 respectively)	(1,402)			(1,402)
Equity based compensation	3		3
Balance at Jun. 30, 2018	83,790	3	86,603	(2,816)
Balance at Dec. 31, 2018	142,272	6	148,650	(6,384)
Proceeds from issuance of common stock	94,316	3	94,313
Offering costs	(6,321)		(6,321)
Net income	6,105			6,105
Distributions declared ($0.48 per share for three-months ended June 30, 2019 and 2018 & $0.96 per share for six-months ended June 30, 2019 and 2018 respectively)	(7,148)			(7,148)
Redemptions	(90)		(90)
Equity based compensation	10		10
Balance at Jun. 30, 2019	229,144	9	236,562	(7,427)
Balance at Mar. 31, 2019	182,383	8	188,309	(5,934)
Proceeds from issuance of common stock	51,636	1	51,635
Offering costs	(3,297)		(3,297)
Net income	2,484			2,484
Distributions declared ($0.48 per share for three-months ended June 30, 2019 and 2018 & $0.96 per share for six-months ended June 30, 2019 and 2018 respectively)	(3,977)			(3,977)
Redemptions	(90)		(90)
Equity based compensation	5		5
Balance at Jun. 30, 2019	$ 229,144	$ 9	$ 236,562	$ (7,427)

CONSOLIDATED STATEMENTS OF CH_2

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (unaudited) (Parenthetical) - $ / shares	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Statement Of Stockholders Equity [Abstract]
Distributions declared per share	$ 0.48	$ 0.48	$ 0.96	$ 0.96

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018
Cash flows from operating activities:
Net income	$ 6,105	$ 1,039
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	(1,790)	(121)
Amortization of equity based compensation	10	3
Amortization of debt finance costs to operating expense	422	187
Amortization of debt finance costs to interest expense	40	22
Amortization of bond discount	(383)	(51)
Amortization of origination fees	(645)	(77)
Amortization of deferred exit fees	(280)	(27)
Changes in assets and liabilities:
Accrued interest receivable	(489)	(311)
Accrued expenses	(491)	(23)
Loan fees payable		85
Due to related parties	775	536
Other assets	8	(11)
Accrued interest payable	101	108
Net cash provided by operating activities	3,426	1,359
Cash flows from investing activities:
Origination of commercial loans	(181,557)	(83,236)
Origination fees received on commercial loans	1,951	711
Principal repayments of commercial loans	2,477
Purchase of real estate securities	(32,459)	(41,341)
Real estate securities sold	9,211	2,996
Real estate securities principal pay-down	906	236
Net cash used in investing activities	(199,471)	(120,634)
Cash flows from financing activities:
Proceeds from issuance of common stock	94,316	46,828
Redemptions of common stock	(90)
Payment of offering costs	(6,321)	(3,654)
Proceeds from repurchase agreements	613,365	232,475
Principal repayments of repurchase agreements	(477,785)	(142,070)
Debt finance costs	(1,337)	(654)
Distributions paid	(6,684)	(2,153)
Net cash provided by financing activities	215,464	130,772
Net change in cash, cash equivalents and restricted cash	19,419	11,497
Cash, cash equivalents and restricted cash at beginning of period	28,497	1,406
Cash, cash equivalents and restricted cash at end of period	47,916	12,903
Supplemental disclosure of cash flow information:
Change in deferred offering costs and accrued offering expenses, included in due to related parties	(431)	(335)
Interest paid	6,162	701
Distributions payable	1,405	$ 517
Payable for securities purchased	18,001
Accrued interest receivable on securities purchased	(1)
Purchase of real estate securities	$ (18,000)

Organization and Business Opera

Organization and Business Operations	6 Months Ended
	Jun. 30, 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 amended and restated advisory agreement dated April 29, 2019 among the Company, the Advisor and the Operating Partnership (the “Advisory Agreement”) which supersedes and replaces the advisory agreement dated October 25, 2016 (the “Prior 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 an amended and restated sub-advisory agreement between the Advisor and the Sub-Advisor dated April 29, 2019 which supersedes and replaces the sub-advisory agreement dated October 25, 2016. 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 (“NAV”); (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. On October 25, 2016, the Company commenced a private offering (the “Private Offering”) of up to $500,000 in shares of Class P common stock (“Class P Shares”). Inland Securities Corporation, an affiliate of the Advisor (the “Dealer Manager”), was the dealer manager for the Private Offering. On June 28, 2019, the Company terminated the Private Offering. As of August 13, 2019, the Company had received and accepted investors’ subscriptions for and issued 10,258,094 Class P Shares in the Private Offering, resulting in gross proceeds of $276,681. 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 Securities and Exchange Commission (the “SEC”) declared effective the Registration Statement. On April 29, 2019, the Company entered into a dealer manager agreement (the “Dealer Manager Agreement”) with the Dealer Manager pursuant to which the Dealer Manager serves as the exclusive dealer manager for the IPO on a best efforts basis. 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 of capital stock 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.

Summary of Significant Accounti

Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 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 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 six-months ended June 30, 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. Certain amounts in prior period consolidated financial statements have been reclassified to conform with the current period 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 June 30, 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 the Company’s consolidated balance sheets to the total amount shown in the Company’s consolidated statements of cash flows: June 30, December 31, 2019 2018 Cash and cash equivalents $ 47,442 $ 27,530 Restricted cash 474 967 Total cash, cash equivalents, and restricted cash $ 47,916 $ 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	6 Months Ended
	Jun. 30, 2019
Mortgage Loans On Real Estate [Abstract]
Commercial Mortgage Loans Held for Investment	Note 3 – Commercial Mortgage Loans Held for Investment The tables below show the Company’s commercial mortgage loans held for investment as of June 30, 2019 and December 31, 2018: June 30, 2019 Number of Loans Principal Balance Unamortized (fees)/costs, net Carrying Value Weighted Average Interest Rate Weighted Average Years to Maturity First mortgage loans 25 $ 420,304 $ (3,177 ) $ 417,127 6.2 % 2.0 Credit loans 2 10,500 — 10,500 9.2 % 7.0 Total and average 27 $ 430,804 $ (3,177 ) $ 427,627 6.3 % 2.1 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 June 30, 2019, 26 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	6 Months Ended
	Jun. 30, 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 tables below show the Company’s real estate securities as of June 30, 2019 and December 31, 2018: June 30, 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 3.2 % 0.6 $ 20,284 $ 20,204 $ 42 $ (4 ) $ 20,242 $ (43 ) 1 AA- Hospitality 3.4 % 1.0 2,000 1,999 — (1 ) 1,998 — 7 BB- Retail, Hospitality, Mixed Use, Multifamily 4.9 % 1.4 56,378 56,328 287 (21 ) 56,594 — 3 Unrated Hospitality 7.6 % 1.3 55,275 54,614 243 — 54,857 — 14 5.8 % 1.2 $ 133,937 $ 133,145 $ 572 $ (26 ) $ 133,691 $ (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 June 30, 2019, the Company held 14 CMBS with a total carrying value of $133,691 including a total unrealized gain of $572 and a total unrealized loss of $26. As of June 30, 2019, the amortized cost was $792 less than the par value of $133,937 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 June 30, 2019 and December 31, 2018, no position had an unrealized loss for a period greater than 12 months. During the three and six-months ended June 30, 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 three and six-months ended June 30, 2018. As June 30, 2019 and December 31, 2018, each of the CMBS were assigned an internal risk rating of 2.

Repurchase Agreements

Repurchase Agreements	6 Months Ended
	Jun. 30, 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 “CF Repo Facility”) with Column Financial, Inc. as administrative agent for certain of its affiliates. The CF 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 CF Repo Facility was 12 months and the Company extended the maturity date in May 2019 to May 2020. The CF 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 CF Repo Facility accrue interest at a per annum rate equal to London Interbank Offered Rate (“LIBOR”) plus 2.25%. The CF Repo Facility is subject to certain financial covenants. The Company was in compliance with all financial covenant requirements as of June 30, 2019 and December 31, 2018. On May 6, 2019, the Company, through a 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. 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 at the Company’s option, which may be exercised upon the satisfaction of certain conditions. The JPM Repo Facility is subject to certain financial covenants. The Company was in compliance with all financial covenant requirements as of June 30, 2019. The JPM Repo Facility and CF Repo Facility (collectively, the “Repo Facilities”) each act 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. The tables below show the Company’s Repo Facilities as of June 30, 2019 and December 31, 2018: June 30, 2019 Weighted Average Committed Financing Amount Outstanding (1) Accrued Interest Payable Collateral Pledged Interest Rate Days to Maturity CF Repo Facility $ 250,000 $ 235,610 $ 395 $ 331,517 4.65 % 318 JPM Repo Facility 150,000 43,495 58 84,038 4.30 % 676 $ 400,000 $ 279,105 $ 453 $ 415,555 4.59 % 374 December 31, 2018 Weighted Average Committed Financing Amount Outstanding (1) Accrued Interest Payable Collateral Pledged Interest Rate Days to Maturity CF Repo Facility $ 175,000 $ 164,410 $ 299 $ 225,075 4.71 % 317 JPM Repo Facility — — — — — — $ 175,000 $ 164,410 $ 299 $ 225,075 4.71 % 317 (1) Excluding $89 and $77 of unamortized debt issuance costs at June 30, 2019 and December 31, 2018, respectively. Real Estate Securities The Company entered into two master repurchase agreements f Weighted Average Amount Outstanding Accrued Interest Payable Collateral Pledged Interest Rate Days to Maturity As of June 30, 2019 $ 82,756 $ 75 $ 115,721 3.87 % 19 As of December 31, 2018 $ 61,871 $ 128 $ 84,646 3.79 % 9 The total amount outstanding as of June 30, 2019 and December 31, 2018 was with JP Morgan Securities LLC. In addition, the master repurchase agreements are subject to certain financial covenants. The Company was in compliance with all financial covenant requirements as of June 30, 2019 and December 31, 2018.

Stockholders' Equity

Stockholders' Equity	6 Months Ended
	Jun. 30, 2019
Equity [Abstract]
Stockholders' Equity	Note 6 – Stockholders’ Equity During the six-months ended June 30, 2019, pursuant to the Private Offering, the Company issued 3,495,435 Class P Shares at an average price of $26.98 per share with total net proceeds of $87,995 after offering costs of $6,321. In addition, the Company incurred $267 in reimbursable deferred offering costs that were payable to the Advisor and Sub-Advisor from future stock issuances. During the six-months ended June 30, 2018, the Company issued 1,725,216 Class P Shares at an average price of $27.14 per share with total net proceeds of $43,174 after offering costs of $3,654. In addition, the Company incurred $276 in reimbursable deferred offering costs that were payable to the Advisor and Sub-Advisor from future stock issuance. On June 28, 2019, the Company terminated the Private Offering in anticipation of selling shares in conjunction with the IPO. The Company continued to accept Private Offering subscription proceeds through July 16, 2019 from subscription agreements executed no later than June 28, 2019. During the six-months ended June 30, 2019 and 2018, the Company did not issue any or have any outstanding shares of Class A, Class T, Class S, Class D or Class I common stock. The following table details the change in the Company’s outstanding shares of Class P Shares, including restricted common stock: Six-months ended June 30, 2019 2018 Beginning balance 5,940,744 1,733,392 Issuance of Class P Shares 3,495,435 1,725,216 Issuance of restricted Class P Shares 2,400 — Redemptions (3,586 ) — Ending balance 9,434,993 3,458,608 Distributions During the six-months ended June 30, 2019 and 2018, the Company paid 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 June 30, Six-months ended June 30, 2019 2018 2019 2018 Distributions paid $ 3,762 $ 1,271 $ 6,684 $ 2,153 Distributions declared $ 3,977 $ 1,402 $ 7,148 $ 2,410 As of June 30, 2019 and December 31, 2018, distributions declared but not yet paid amounted to $1,405 and $941, respectively. As of June 30, 2019 and December 31, 2018, the Company had not declared or paid any distributions on Class A, Class T, Class S, Class D or Class I common stock.

Net Income Per Share

Net Income Per Share	6 Months Ended
	Jun. 30, 2019
Earnings Per Share [Abstract]
Net Income Per Share	Note 7 – Net Income Per Share The following table is a summary of the basic and diluted net income per share computation for the three and six-months ended June 30, 2019 and 2018: Three-months ended June 30, Six-months ended June 30, 2019 2018 2019 2018 Net income $ 2,484 $ 543 $ 6,105 $ 1,039 Weighted average shares outstanding, basic 8,287,246 2,920,697 7,486,495 2,522,468 Weighted average shares outstanding, diluted 8,287,480 2,920,781 7,486,628 2,522,535 Net income per share, basic and diluted $ 0.30 $ 0.19 $ 0.82 $ 0.41

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 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 June 30, 2019 and December 31, 2018, the Company had 19 and 13 CRE loans, respectively, with a total remaining future funding commitment of $45,352 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	6 Months Ended
	Jun. 30, 2019
Related Party Transactions [Abstract]
Transactions with Related Parties	Note 9 – Transactions with Related Parties As of June 30, 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, 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 (November 2021); 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 June 30, 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 $25.00, 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 (November 2021); 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 and six-months ended June 30, 2019 and 2018 and the amount due to related parties at June 30, 2019 and December 31, 2018: Three-months ended June 30, Six-months ended June 30, Payable as of June 30, Payable as of December 31, 2019 2018 2019 2018 2019 2018 Organization and offering expense reimbursement (1) $ 155 $ 154 $ 267 $ 276 $ 67 $ 512 Selling commissions and dealer manager fee (2) 3,132 1,747 5,617 3,043 — — Advisory fee (3) 1,954 539 3,485 539 1,954 1,161 Operating expense reimbursement (4) 3 4 5 5 3 7 Total $ 5,244 $ 2,444 $ 9,374 $ 3,863 $ 2,024 $ 1,680 (1) The Company reimburses the Advisor, the Sub-Advisor and their respective affiliates for costs and other expenses related to the Private 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 Private Offering. The Company also reimburses the Advisor, the Sub-Advisor and their respective affiliates for costs and other expenses related to the IPO, provided the Advisor has agreed to reimburse the Company to the extent that the organization and offering expenses that the Company incurs exceeds 15% of its gross proceeds from the IPO. (2) The Dealer Manager received 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 Private Offering, the majority of which was 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. Pursuant to the Prior Advisory Agreement, (1) the fixed component of the advisory fee was 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; and (2) the performance component of the advisory fee was 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 received 20% of the excess total return allocable to the Class P Shares; provided that in no event did 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. On April 29, 2019, the Company, the Advisor and the Operating Partnership entered in the Advisory Agreement, which supersedes and replaces the Prior Advisory Agreement. Pursuant to the Advisory Agreement, (1) the fixed component of the advisory fee is paid in an amount equal to (i) prior to July 17, 2019 (the “NAV Pricing Date”), 1/4th of 1.5% per annum of the gross value of the Company’s assets, paid quarterly in arrears, and (ii) following the NAV Pricing Date, 1/12th of 1.25% per annum of the gross value of the Company’s assets, paid monthly in arrears, provided that any such monthly payment shall not exceed 1/12th of 2.5% of the Company’s NAV; and (2) the performance component of the advisory fee is calculated and paid annually, such that for any year in which the Company’s total return per share exceeds 7% per annum, the Advisor will receive 20% of the excess total return allocable to shares of the Company’s common stock; provided that in no event will the performance fee exceed 15% of the aggregate total return allocable to shares of the Company’s common stock for such year. (4) The Company reimburses the Advisor for expenses that it (or the Sub-Advisor acting on the Advisor’s behalf) 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) and the Company will only reimburse the Advisor for fees payable to its affiliates if they are incurred for legal or marketing services rendered on the Company’s behalf.

Equity-Based Compensation

Equity-Based Compensation	6 Months Ended
	Jun. 30, 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, 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. These restricted Class P Shares vest in equal one-third increments on January 7, 2020, 2021 and 2022. 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. These restricted Class P Shares vest in equal one-third increments on March 1, 2019, 2020 and 2021. Compensation expense associated with the restricted shares issued to the independent directors was $5 and $10, in the aggregate, for the three and six-months ended June 30, 2019, respectively. Compensation expense associated with the restricted shares issued to the independent directors was $3 for both the three and six-months ended June 30, 2018. As of June 30, 2019, the Company had $42 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 2.09 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 June 30, 2019 2,000 $ 50 $ 50

Fair Value of Financial Instrum

Fair Value of Financial Instruments	6 Months Ended
	Jun. 30, 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 their level in the fair value hierarchy (see Note 2 – Summary of Significant Accounting Policies June 30, 2019 December 31, 2018 Total Level I Level II Level III Total Level I Level II Level III Real estate securities $ 133,691 — $ 133,691 — $ 91,218 — $ 91,218 — The Company did not transfer any assets within fair value levels during the three and six months ended June 30, 2019 and 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: June 30, 2019 December 31, 2018 Carrying Amount Estimated Fair Value Carrying Amount Estimated Fair Value Financial assets Cash and cash equivalents $ 47,442 $ 47,442 $ 27,530 $ 27,530 Restricted cash 474 474 967 967 Commercial mortgage loans, net 427,627 432,697 249,573 250,156 Total $ 475,543 $ 480,613 $ 278,070 $ 278,653 Financial liabilities Repurchase agreements - real estate securities $ 82,756 $ 82,756 $ 61,871 $ 61,871 Repurchase agreements - commercial mortgage loans 279,016 279,016 164,333 164,333 Total $ 361,772 $ 361,772 $ 226,204 $ 226,204 The following describes the Company’s 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 the Company determined best reflect current market interest rates that would be offered for repurchase agreements with similar characteristics and credit quality.

Subsequent Events

Subsequent Events	6 Months Ended
	Jun. 30, 2019
Subsequent Events [Abstract]
Subsequent Events	Note 12 – Subsequent Events The Company has evaluated subsequent events through August 14, 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: Sale of Common Stock As of August 13, 2019, the Company had received gross proceeds of $277,271 from the issuance of its common stock. Distributions Class P Shares On August 13, 2019, the Company’s board of directors declared distributions payable to holders of record of Class P Shares as of the close of business on August 31, 2019 in an amount equal to 1/12th of $1.92 per share. The table below sets forth the distributions paid after June 30, 2019 to holders of Class P shares in cash monthly in arrears: Distribution Period Month Distribution Paid Distribution Amount June 2019 July 2019 $ 1,405 July 2019 August 2019 $ 1,644 Publicly Offered Shares On July 2, 2019, the Company declared distributions for each publicly offered class of its common stock in the amount per share set forth below: Gross Distribution (1) Class A Common Stock $ 0.135 Class D Common Stock $ 0.135 Class I Common Stock $ 0.135 Class S Common Stock $ 0.135 Class T Common Stock $ 0.135 (1) The gross distribution for the Class D, Class S and Class T common stock will be reduced by class-specific stockholder servicing fees, resulting in a lower net distribution per share. The net distributions for each class of common stock (which represents the gross distributions less stockholder servicing fees for the applicable class of common stock) are payable to stockholders of record as of the close of business on August 31, 2019 and will be paid on or about September 18, 2019. These distributions will be paid in cash or, for stockholders participating in the Company’s distribution reinvestment plan, reinvested in shares of the Company’s common stock.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 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. Certain amounts in prior period consolidated financial statements have been reclassified to conform with the current period 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 June 30, 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 the Company’s consolidated balance sheets to the total amount shown in the Company’s consolidated statements of cash flows: June 30, December 31, 2019 2018 Cash and cash equivalents $ 47,442 $ 27,530 Restricted cash 474 967 Total cash, cash equivalents, and restricted cash $ 47,916 $ 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)	6 Months Ended
	Jun. 30, 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 the Company’s consolidated balance sheets to the total amount shown in the Company’s consolidated statements of cash flows: June 30, December 31, 2019 2018 Cash and cash equivalents $ 47,442 $ 27,530 Restricted cash 474 967 Total cash, cash equivalents, and restricted cash $ 47,916 $ 28,497

Commercial Mortgage Loans Hel_2

Commercial Mortgage Loans Held for Investment (Tables)	6 Months Ended
	Jun. 30, 2019
Mortgage Loans On Real Estate [Abstract]
Schedule of Commercial Mortgage Loans Held for Investment	The tables below show the Company’s commercial mortgage loans held for investment as of June 30, 2019 and December 31, 2018: June 30, 2019 Number of Loans Principal Balance Unamortized (fees)/costs, net Carrying Value Weighted Average Interest Rate Weighted Average Years to Maturity First mortgage loans 25 $ 420,304 $ (3,177 ) $ 417,127 6.2 % 2.0 Credit loans 2 10,500 — 10,500 9.2 % 7.0 Total and average 27 $ 430,804 $ (3,177 ) $ 427,627 6.3 % 2.1 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)	6 Months Ended
	Jun. 30, 2019
Investments Debt And Equity Securities [Abstract]
Summary of Company's Real Estate Securities	The tables below show the Company’s real estate securities as of June 30, 2019 and December 31, 2018: June 30, 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 3.2 % 0.6 $ 20,284 $ 20,204 $ 42 $ (4 ) $ 20,242 $ (43 ) 1 AA- Hospitality 3.4 % 1.0 2,000 1,999 — (1 ) 1,998 — 7 BB- Retail, Hospitality, Mixed Use, Multifamily 4.9 % 1.4 56,378 56,328 287 (21 ) 56,594 — 3 Unrated Hospitality 7.6 % 1.3 55,275 54,614 243 — 54,857 — 14 5.8 % 1.2 $ 133,937 $ 133,145 $ 572 $ (26 ) $ 133,691 $ (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)	6 Months Ended
	Jun. 30, 2019
Commercial Mortgage Loans
Repurchase Agreement [Line Items]
Schedule of Outstanding Repurchase Agreements	The tables below show the Company’s Repo Facilities as of June 30, 2019 and December 31, 2018: June 30, 2019 Weighted Average Committed Financing Amount Outstanding (1) Accrued Interest Payable Collateral Pledged Interest Rate Days to Maturity CF Repo Facility $ 250,000 $ 235,610 $ 395 $ 331,517 4.65 % 318 JPM Repo Facility 150,000 43,495 58 84,038 4.30 % 676 $ 400,000 $ 279,105 $ 453 $ 415,555 4.59 % 374 December 31, 2018 Weighted Average Committed Financing Amount Outstanding (1) Accrued Interest Payable Collateral Pledged Interest Rate Days to Maturity CF Repo Facility $ 175,000 $ 164,410 $ 299 $ 225,075 4.71 % 317 JPM Repo Facility — — — — — — $ 175,000 $ 164,410 $ 299 $ 225,075 4.71 % 317 (1) Excluding $89 and $77 of unamortized debt issuance costs at June 30, 2019 and December 31, 2018, respectively.
Real Estate Securities
Repurchase Agreement [Line Items]
Schedule of Outstanding Repurchase Agreements	The Company entered into two master repurchase agreements f Weighted Average Amount Outstanding Accrued Interest Payable Collateral Pledged Interest Rate Days to Maturity As of June 30, 2019 $ 82,756 $ 75 $ 115,721 3.87 % 19 As of December 31, 2018 $ 61,871 $ 128 $ 84,646 3.79 % 9

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	6 Months Ended
	Jun. 30, 2019
Equity [Abstract]
Schedule of Change in Outstanding Shares Including Restricted Common Stock	The following table details the change in the Company’s outstanding shares of Class P Shares, including restricted common stock: Six-months ended June 30, 2019 2018 Beginning balance 5,940,744 1,733,392 Issuance of Class P Shares 3,495,435 1,725,216 Issuance of restricted Class P Shares 2,400 — Redemptions (3,586 ) — Ending balance 9,434,993 3,458,608
Schedule of Distributions Paid and Declared	The table below presents the distributions paid and declared during the three and six months ended June 30, 2019 and 2018. Three-months ended June 30, Six-months ended June 30, 2019 2018 2019 2018 Distributions paid $ 3,762 $ 1,271 $ 6,684 $ 2,153 Distributions declared $ 3,977 $ 1,402 $ 7,148 $ 2,410

Net Income Per Share (Tables)

Net Income Per Share (Tables)	6 Months Ended
	Jun. 30, 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 and six-months ended June 30, 2019 and 2018: Three-months ended June 30, Six-months ended June 30, 2019 2018 2019 2018 Net income $ 2,484 $ 543 $ 6,105 $ 1,039 Weighted average shares outstanding, basic 8,287,246 2,920,697 7,486,495 2,522,468 Weighted average shares outstanding, diluted 8,287,480 2,920,781 7,486,628 2,522,535 Net income per share, basic and diluted $ 0.30 $ 0.19 $ 0.82 $ 0.41

Transactions with Related Par_2

Transactions with Related Parties (Tables)	6 Months Ended
	Jun. 30, 2019
Related Party Transactions [Abstract]
Summary of Related Party Transactions	The following table summarizes the Company’s related party transactions for the three and six-months ended June 30, 2019 and 2018 and the amount due to related parties at June 30, 2019 and December 31, 2018: Three-months ended June 30, Six-months ended June 30, Payable as of June 30, Payable as of December 31, 2019 2018 2019 2018 2019 2018 Organization and offering expense reimbursement (1) $ 155 $ 154 $ 267 $ 276 $ 67 $ 512 Selling commissions and dealer manager fee (2) 3,132 1,747 5,617 3,043 — — Advisory fee (3) 1,954 539 3,485 539 1,954 1,161 Operating expense reimbursement (4) 3 4 5 5 3 7 Total $ 5,244 $ 2,444 $ 9,374 $ 3,863 $ 2,024 $ 1,680 (1) The Company reimburses the Advisor, the Sub-Advisor and their respective affiliates for costs and other expenses related to the Private 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 Private Offering. The Company also reimburses the Advisor, the Sub-Advisor and their respective affiliates for costs and other expenses related to the IPO, provided the Advisor has agreed to reimburse the Company to the extent that the organization and offering expenses that the Company incurs exceeds 15% of its gross proceeds from the IPO. (2) The Dealer Manager received 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 Private Offering, the majority of which was 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. Pursuant to the Prior Advisory Agreement, (1) the fixed component of the advisory fee was 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; and (2) the performance component of the advisory fee was 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 received 20% of the excess total return allocable to the Class P Shares; provided that in no event did 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. On April 29, 2019, the Company, the Advisor and the Operating Partnership entered in the Advisory Agreement, which supersedes and replaces the Prior Advisory Agreement. Pursuant to the Advisory Agreement, (1) the fixed component of the advisory fee is paid in an amount equal to (i) prior to July 17, 2019 (the “NAV Pricing Date”), 1/4th of 1.5% per annum of the gross value of the Company’s assets, paid quarterly in arrears, and (ii) following the NAV Pricing Date, 1/12th of 1.25% per annum of the gross value of the Company’s assets, paid monthly in arrears, provided that any such monthly payment shall not exceed 1/12th of 2.5% of the Company’s NAV; and (2) the performance component of the advisory fee is calculated and paid annually, such that for any year in which the Company’s total return per share exceeds 7% per annum, the Advisor will receive 20% of the excess total return allocable to shares of the Company’s common stock; provided that in no event will the performance fee exceed 15% of the aggregate total return allocable to shares of the Company’s common stock for such year. (4) The Company reimburses the Advisor for expenses that it (or the Sub-Advisor acting on the Advisor’s behalf) 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) and the Company will only reimburse the Advisor for fees payable to its affiliates if they are incurred for legal or marketing services rendered on the Company’s behalf.

Equity-Based Compensation (Tabl

Equity-Based Compensation (Tables)	6 Months Ended
	Jun. 30, 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 June 30, 2019 2,000 $ 50 $ 50

Fair Value of Financial Instr_2

Fair Value of Financial Instruments (Tables)	6 Months Ended
	Jun. 30, 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 their level in the fair value hierarchy (see Note 2 – Summary of Significant Accounting Policies June 30, 2019 December 31, 2018 Total Level I Level II Level III Total Level I Level II Level III Real estate securities $ 133,691 — $ 133,691 — $ 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: June 30, 2019 December 31, 2018 Carrying Amount Estimated Fair Value Carrying Amount Estimated Fair Value Financial assets Cash and cash equivalents $ 47,442 $ 47,442 $ 27,530 $ 27,530 Restricted cash 474 474 967 967 Commercial mortgage loans, net 427,627 432,697 249,573 250,156 Total $ 475,543 $ 480,613 $ 278,070 $ 278,653 Financial liabilities Repurchase agreements - real estate securities $ 82,756 $ 82,756 $ 61,871 $ 61,871 Repurchase agreements - commercial mortgage loans 279,016 279,016 164,333 164,333 Total $ 361,772 $ 361,772 $ 226,204 $ 226,204

Subsequent Events (Tables)

Subsequent Events (Tables)	6 Months Ended
	Jun. 30, 2019
Schedule of Declared Distributions for Publicly Offered Class of Common Stock	On July 2, 2019, the Company declared distributions for each publicly offered class of its common stock in the amount per share set forth below: Gross Distribution (1) Class A Common Stock $ 0.135 Class D Common Stock $ 0.135 Class I Common Stock $ 0.135 Class S Common Stock $ 0.135 Class T Common Stock $ 0.135 (1) The gross distribution for the Class D, Class S and Class T common stock will be reduced by class-specific stockholder servicing fees, resulting in a lower net distribution per share.
Class P Common Stock
Subsequent Dividends Paid In Cash Monthly in Arrears	The table below sets forth the distributions paid after June 30, 2019 to holders of Class P shares in cash monthly in arrears: Distribution Period Month Distribution Paid Distribution Amount June 2019 July 2019 $ 1,405 July 2019 August 2019 $ 1,644

Organization and Business Ope_2

Organization and Business Operations - Additional Information (Details) - USD ($)	Aug. 13, 2019	Mar. 22, 2019	Oct. 25, 2016	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018	Apr. 29, 2019	Apr. 28, 2019	Dec. 31, 2018
Organization And Business Operations [Line Items]
Advisory agreement date						Oct. 25, 2016
Issuance of common stock, shares				$ 51,636,000	$ 26,678,000	$ 94,316,000	$ 46,828,000
Shares authorized								3,050,000,000	500,000,000
Common stock shares authorized								$ 3,050	$ 500
Preferred Stock
Organization And Business Operations [Line Items]
Shares authorized								50,000,000
Maximum | Initial Public Offering
Organization And Business Operations [Line Items]
Issuance of common stock, shares		$ 2,350,000
Common Class P
Organization And Business Operations [Line Items]
Shares authorized				500,000,000		500,000,000		3,000,000,000		450,000,000
Common Class P | Maximum
Organization And Business Operations [Line Items]
Shares issued value, private offering			$ 500,000
Common Class P | Subsequent Event
Organization And Business Operations [Line Items]
Shares issued, private offering	10,258,094
Gross proceeds from issuance of private offering	$ 276,681
Common Class A
Organization And Business Operations [Line Items]
Shares authorized				500,000,000		500,000,000		500,000,000		0
Common Class D
Organization And Business Operations [Line Items]
Shares authorized				500,000,000		500,000,000		500,000,000		0
Common Class I
Organization And Business Operations [Line Items]
Shares authorized				500,000,000		500,000,000		500,000,000		0
Common Class S
Organization And Business Operations [Line Items]
Shares authorized				500,000,000		500,000,000		500,000,000		0
Common Class T
Organization And Business Operations [Line Items]
Shares authorized				500,000,000		500,000,000		500,000,000		0

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Additional Information (Details)	6 Months Ended
	Jun. 30, 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	Jun. 30, 2019	Dec. 31, 2018
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents [Abstract]
Cash and cash equivalents	$ 47,442	$ 27,530
Restricted cash	474	967
Total cash, cash equivalents, and restricted cash	$ 47,916	$ 28,497

Commercial Mortgage Loans Hel_3

Commercial Mortgage Loans Held for Investment - Schedule of Commercial Mortgage Loans held for Investment (Details) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2019USD ($)Loan	Dec. 31, 2018USD ($)Loan
Mortgage Loans On Real Estate [Line Items]
Number of Loans | Loan	27	18
Principal Balance	$ 430,804	$ 251,725
Unamortized (fees)/costs, net	(3,177)	(2,152)
Carrying Value	$ 427,627	$ 249,573
Weighted Average Interest Rate	6.30%	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	25	16
Principal Balance	$ 420,304	$ 241,225
Unamortized (fees)/costs, net	(3,177)	(2,152)
Carrying Value	$ 417,127	$ 239,073
Weighted Average Interest Rate	6.20%	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	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	6 Months Ended
	Jun. 30, 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)	6 Months Ended	12 Months Ended
	Jun. 30, 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	26	17
Number of loans risk rated three	1	1

Real Estate Securities - Summar

Real Estate Securities - Summary of Company's Real Estate Securities (Details)	6 Months Ended	12 Months Ended
	Jun. 30, 2019USD ($)Investment	Dec. 31, 2018USD ($)Investment
Schedule Of Available For Sale Securities [Line Items]
Number of Positions | Investment	14	10
Weighted Average Interest Rate	5.80%	5.70%
Weighted Average Years to Maturity	1 year 2 months 12 days	1 year 3 months 18 days
Par Value	$ 133,937,000	$ 93,522,000
Amortized Cost	133,145,000	92,461,000
Unrealized Gains	572,000
Unrealized Losses	(26,000)	(1,243,000)
Real estate securities at fair value	133,691,000	$ 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	3.20%	3.40%
Weighted Average Years to Maturity	7 months 6 days	8 months 12 days
Par Value	$ 20,284,000	$ 20,310,000
Amortized Cost	20,204,000	20,310,000
Unrealized Gains	42,000
Unrealized Losses	(4,000)	(277,000)
Real estate securities at fair value	20,242,000	$ 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	3.40%	3.50%
Weighted Average Years to Maturity	1 year	1 year 4 months 24 days
Par Value	$ 2,000,000	$ 2,000,000
Amortized Cost	1,999,000	1,998,000
Unrealized Losses	(1,000)	(31,000)
Real estate securities at fair value	$ 1,998,000	$ 1,967,000
BB-
Schedule Of Available For Sale Securities [Line Items]
Number of Positions | Investment	7	5
Collateral	Retail, Hospitality, Mixed Use, Multifamily	Retail, Hospitality
Weighted Average Interest Rate	4.90%	5.30%
Weighted Average Years to Maturity	1 year 4 months 24 days	1 year 7 months 6 days
Par Value	$ 56,378,000	$ 38,512,000
Amortized Cost	56,328,000	38,438,000
Unrealized Gains	287,000
Unrealized Losses	(21,000)	(460,000)
Real estate securities at fair value	$ 56,594,000	$ 37,978,000
Unrated
Schedule Of Available For Sale Securities [Line Items]
Number of Positions | Investment	3	2
Collateral	Hospitality	Hospitality
Weighted Average Interest Rate	7.60%	7.70%
Weighted Average Years to Maturity	1 year 3 months 18 days	1 year 4 months 24 days
Par Value	$ 55,275,000	$ 32,700,000
Amortized Cost	54,614,000	31,715,000
Unrealized Gains	243,000
Unrealized Losses		(475,000)
Real estate securities at fair value	$ 54,857,000	$ 31,240,000

Real Estate Securities - Additi

Real Estate Securities - Additional Information (Details)	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2019USD ($)InvestmentSecurity	Jun. 30, 2018USD ($)	Jun. 30, 2019USD ($)RatingInvestmentSecurity	Jun. 30, 2018USD ($)	Dec. 31, 2018USD ($)RatingInvestmentSecurity
Schedule Of Available For Sale Securities [Line Items]
Number of investments | Investment	14		14		10
Carrying value of investments	$ 133,691,000		$ 133,691,000		$ 91,218,000
Unrealized loss	26,000		26,000		1,243,000
Available for sale securities amortized cost	133,145,000		133,145,000		92,461,000
Par Value	133,937,000		133,937,000		$ 93,522,000
Unrealized gain	$ 572,000		$ 572,000
Number of positions in unrealized loss for a period greater than 12 months | Investment	0		0		0
Realized gains or losses	$ (43,000)	$ 0	$ (43,000)	$ 0
Real estate securities sold	$ 9,211,000		$ 9,211,000	$ 2,996,000
Weighted average risk rating | Rating			2		2
Commercial Mortgage Loans
Schedule Of Available For Sale Securities [Line Items]
Number of investments | Investment	14		14		10
Carrying value of investments	$ 133,691,000		$ 133,691,000		$ 91,218,000
Unrealized loss	$ 26,000		$ 26,000		$ 1,243,000
Number of available for sale securities purchased at a discount | Security	5		5		3
Available for sale securities amortized cost	$ 792,000		$ 792,000		$ 1,061,000
Par Value	133,937,000		133,937,000		93,522,000
Unrealized gain	572,000		572,000
Discount or premium	$ 0		$ 0		$ 0
Weighted average risk rating | Rating			2		2

Repurchase Agreements - Additio

Repurchase Agreements - Additional Information (Details)	May 06, 2019USD ($)	Feb. 28, 2019	Aug. 31, 2018USD ($)	Jun. 30, 2019Agreement	Jan. 31, 2019USD ($)	Jul. 31, 2018USD ($)
Commercial Mortgage Loans | CF 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		2020-05
Commercial Mortgage Loans | CF Repo Facility | LIBOR
Repurchase Agreement [Line Items]
Interest rate			2.25%
Commercial Mortgage Loans | JP Morgan Repo Facility
Repurchase Agreement [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
Commercial Mortgage Loans | JP Morgan Repo Facility | Minimum [Member]
Repurchase Agreement [Line Items]
Interest rate	1.75%
Commercial Mortgage Loans | JP Morgan Repo Facility | Maximum
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	6 Months Ended	12 Months Ended
	Jun. 30, 2019	Dec. 31, 2018
Assets Sold Under Agreements To Repurchase [Line Items]
Accrued Interest Payable	$ 528	$ 427
Weighted Average Interest Rate	5.80%	5.70%
Commercial Mortgage Loans
Assets Sold Under Agreements To Repurchase [Line Items]
Amount Outstanding	$ 279,016	$ 164,333
Commercial Mortgage Loans | CF Repo Facility
Assets Sold Under Agreements To Repurchase [Line Items]
Committed Financing	250,000	175,000
Amount Outstanding	235,610	164,410
Accrued Interest Payable	395	299
Collateral Pledged	$ 331,517	$ 225,075
Weighted Average Interest Rate	4.65%	4.71%
Weighted Average Days to Maturity	318 days	317 days
Commercial Mortgage Loans | JPM Repo Facility
Assets Sold Under Agreements To Repurchase [Line Items]
Committed Financing	$ 150,000
Amount Outstanding	43,495
Accrued Interest Payable	58
Collateral Pledged	$ 84,038
Weighted Average Interest Rate	4.30%
Weighted Average Days to Maturity	676 days
Commercial Mortgage Loans | Repo Facility
Assets Sold Under Agreements To Repurchase [Line Items]
Committed Financing	$ 400,000	$ 175,000
Amount Outstanding	279,105	164,410
Accrued Interest Payable	453	299
Collateral Pledged	$ 415,555	$ 225,075
Weighted Average Interest Rate	4.59%	4.71%
Weighted Average Days to Maturity	374 days	317 days
Real Estate Securities
Assets Sold Under Agreements To Repurchase [Line Items]
Amount Outstanding	$ 82,756	$ 61,871
Accrued Interest Payable	75	128
Collateral Pledged	$ 115,721	$ 84,646
Weighted Average Interest Rate	3.87%	3.79%
Weighted Average Days to Maturity	19 days	9 days

Repurchase Agreements - Sched_2

Repurchase Agreements - Schedule of Outstanding Repurchase Agreements (Parenthetical) (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Commercial Mortgage Loans | Repo Facility
Assets Sold Under Agreements To Repurchase [Line Items]
Unamortized debt issuance costs	$ 89	$ 77

Stockholders' Equity - Addition

Stockholders' Equity - Additional Information (Details) - USD ($)	6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Dec. 31, 2018	Dec. 31, 2017
Class Of Stock [Line Items]
Proceeds from issuance of common stock	$ 94,316,000	$ 46,828,000
Common stock, offering costs	6,321,000	3,654,000
Deferred offering costs	2,126,000		$ 1,201,000
Distributions payable	$ 1,405,000	$ 517,000	$ 941,000
Common Class A
Class Of Stock [Line Items]
Common stock, shares, issued	0	0	0
Common stock, shares, outstanding	0	0	0
Distributions declared or paid	$ 0		$ 0
Common Class T
Class Of Stock [Line Items]
Common stock, shares, issued	0	0	0
Common stock, shares, outstanding	0	0	0
Distributions declared or paid	$ 0		$ 0
Common Class S
Class Of Stock [Line Items]
Common stock, shares, issued	0	0	0
Common stock, shares, outstanding	0	0	0
Distributions declared or paid	$ 0		$ 0
Common Class D
Class Of Stock [Line Items]
Common stock, shares, issued	0	0	0
Common stock, shares, outstanding	0	0	0
Distributions declared or paid	$ 0		$ 0
Common Class I
Class Of Stock [Line Items]
Common stock, shares, issued	0	0	0
Common stock, shares, outstanding	0	0	0
Distributions declared or paid	$ 0		$ 0
Class P Common Stock
Class Of Stock [Line Items]
Common stock, shares issued	3,495,435	1,725,216
Common stock, shares, issued	9,434,993		5,940,744
Common stock, shares, outstanding	9,434,993	3,458,608	5,940,744	1,733,392
Daily distribution amount	$ 0.005260274	$ 0.005260274
Distributions declared per share	$ 1.92	$ 1.92
Class P Common Stock
Class Of Stock [Line Items]
Common stock, shares issued	3,495,435	1,725,216
Common stock issued, average price per share	$ 26.98	$ 27.14
Proceeds from issuance of common stock	$ 87,995,000	$ 43,174,000
Common stock, offering costs	6,321,000	3,654,000
Deferred offering costs	267,000	$ 276,000
Distributions payable	$ 1,405,000		$ 941,000

Stockholders' Equity - Schedule

Stockholders' Equity - Schedule of Change in Outstanding Shares Including Restricted Common Stock (Details) - Common Class P - shares	6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018
Class Of Stock [Line Items]
Beginning balance	5,940,744	1,733,392
Issuance of Class P Shares	3,495,435	1,725,216
Issuance of restricted Class P Shares	2,400
Redemptions	(3,586)
Ending balance	9,434,993	3,458,608

Stockholders' Equity - Schedu_2

Stockholders' Equity - Schedule of Distributions Paid and Declared (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Dividends Payable [Line Items]
Distributions paid			$ 6,684	$ 2,153
Class P Common Stock
Dividends Payable [Line Items]
Distributions paid	$ 3,762	$ 1,271	6,684	2,153
Distributions declared	$ 3,977	$ 1,402	$ 7,148	$ 2,410

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		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Earnings Per Share [Abstract]
Net income	$ 2,484	$ 543	$ 6,105	$ 1,039
Weighted average shares outstanding, basic	8,287,246	2,920,697	7,486,495	2,522,468
Weighted average shares outstanding, diluted	8,287,480	2,920,781	7,486,628	2,522,535
Net income per share, basic and diluted	$ 0.30	$ 0.19	$ 0.82	$ 0.41

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Details) $ in Thousands	Jun. 30, 2019USD ($)Loan	Dec. 31, 2018USD ($)Loan
Commitments And Contingencies Disclosure [Abstract]
Number of commercial real estate loans | Loan	19	13
Commercial real estate, remaining future funding commitment | $	$ 45,352	$ 30,343

Transactions with Related Par_3

Transactions with Related Parties - Additional Information (Details) - USD ($)	6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018
Related Party Transaction [Line Items]
Proceeds from issuance of common stock	$ 94,316,000	$ 46,828,000
Class P Common Stock
Related Party Transaction [Line Items]
Proceeds from issuance of common stock	87,995,000	$ 43,174,000
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 (November 2021); 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
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
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 (November 2021); 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		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018	Dec. 31, 2018
Related Party Transaction [Line Items]
Advisory fee	$ 1,954	$ 539	$ 3,485	$ 539
Total, payable	2,024		2,024		$ 1,680
Advisor
Related Party Transaction [Line Items]
Organization and offering expense reimbursement	155	154	267	276
Selling commissions and dealer manager fee	3,132	1,747	5,617	3,043
Advisory fee	1,954	539	3,485	539
Operating expense reimbursement	3	4	5	5
Total	5,244	$ 2,444	9,374	$ 3,863
Organization and offering expense reimbursement, payable	67		67		512
Advisory fee, payable	1,954		1,954		1,161
Operating expense reimbursement, payable	3		3		7
Total, payable	$ 2,024		$ 2,024		$ 1,680

Transactions with Related Par_5

Transactions with Related Parties - Summary of Related Party Transactions (Parenthetical) (Details) - Advisor	Jul. 17, 2019	Jul. 16, 2019	Apr. 29, 2019	Jun. 30, 2019
Related Party Transaction [Line Items]
Percentage of average aggregate value of assets				0.375%
Percentage of excess total return			20.00%	20.00%
Subsequent Event
Related Party Transaction [Line Items]
Percentage of gross value of assets	0.104%	0.375%
Minimum [Member]
Related Party Transaction [Line Items]
Percentage of minimum total return per share			7.00%	7.00%
Percentage of aggregate total return			15.00%	15.00%
Maximum
Related Party Transaction [Line Items]
Percentage of selling commission				5.00%
Percentage of dealer manager fee				3.00%
Maximum | Subsequent Event
Related Party Transaction [Line Items]
Percentage of net asset value of assets	0.208%
Class P Common Stock | Minimum [Member]
Related Party Transaction [Line Items]
Percentage of gross proceeds from issuance of initial public offering				15.00%

Equity-Based Compensation - Add

Equity-Based Compensation - Additional Information (Details) $ in Thousands	Jan. 07, 2019USD ($)Directorshares	Mar. 01, 2018USD ($)Directorshares	Jun. 30, 2019USD ($)	Jun. 30, 2018USD ($)	Jun. 30, 2019USD ($)	Jun. 30, 2018USD ($)
Restricted Shares | Independent Directors | RSP
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Compensation expense | $			$ 5	$ 3	$ 10	$ 3
Unrecognized compensation cost | $			$ 42		$ 42
Weighted average remaining period that compensation expense recognizable					2 years 1 month 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	These restricted Class P Shares vest in equal one-third increments on January 7, 2020, 2021 and 2022	These restricted Class P Shares 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	6 Months Ended
	Jun. 30, 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	Jun. 30, 2019	Dec. 31, 2018
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Real estate securities at fair value	$ 133,691	$ 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	133,691	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	$ 133,691	$ 91,218

Fair Value of Financial Instr_4

Fair Value of Financial Instruments - Additional Information (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Fair Value Disclosures [Abstract]
Fair value assets transfers from level 1 to level 2 amount	$ 0	$ 0	$ 0	$ 0
Fair value assets transfers from level 2 to level 1 amount	0	0	0	0
Fair value assets transfers to level 3 amount	0	0	0	0
Fair value assets transfers out of level 3 amount	$ 0	$ 0	$ 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	Jun. 30, 2019	Dec. 31, 2018
Carrying Amount
Financial assets
Cash and cash equivalents	$ 47,442	$ 27,530
Restricted cash	474	967
Commercial mortgage loans, net	427,627	249,573
Total	475,543	278,070
Financial liabilities
Total	361,772	226,204
Carrying Amount | Real Estate Securities
Financial liabilities
Repurchase agreements	82,756	61,871
Carrying Amount | Commercial Mortgage Loans
Financial liabilities
Repurchase agreements	279,016	164,333
Estimated Fair Value
Financial assets
Cash and cash equivalents	47,442	27,530
Restricted cash	474	967
Commercial mortgage loans, net	432,697	250,156
Total	480,613	278,653
Financial liabilities
Total	361,772	226,204
Estimated Fair Value | Real Estate Securities
Financial liabilities
Repurchase agreements	82,756	61,871
Estimated Fair Value | Commercial Mortgage Loans
Financial liabilities
Repurchase agreements	$ 279,016	$ 164,333

Subsequent Events - Additional

Subsequent Events - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands	Aug. 13, 2019	Jul. 02, 2019	Jun. 30, 2019	Jun. 30, 2018
Subsequent Event [Line Items]
Proceeds from issuance of common stock			$ 94,316	$ 46,828
Common Stock
Subsequent Event [Line Items]
Proceeds from issuance of common stock			$ 87,995	$ 43,174
Class P Common Stock
Subsequent Event [Line Items]
Distributions declared per share			$ 1.92	$ 1.92
Subsequent Event
Subsequent Event [Line Items]
Proceeds from issuance of common stock	$ 277,271
Subsequent Event | Common Stock
Subsequent Event [Line Items]
Distribution Period End Date		Aug. 31, 2019
Dividends declared		Jul. 2, 2019
Dividends payable date to be paid		Sep. 18, 2019
Subsequent Event | Class P Common Stock
Subsequent Event [Line Items]
Distribution Period Start Date	Aug. 13, 2019
Distribution Period End Date	Aug. 31, 2019
Dividend payable distribution amount	$ 0.16
Distributions declared per share	$ 1.92

Subsequent Events - Subsequent

Subsequent Events - Subsequent Distributions Paid in Cash Monthly in Arrears (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2019	Dec. 31, 2018	Jun. 30, 2018
Subsequent Event [Line Items]
Distribution Amount	$ 1,405	$ 941	$ 517
Class P Common Stock | June 2019
Subsequent Event [Line Items]
Distribution Period	June 2019
Month Distribution Paid	2019-07
Distribution Amount	$ 1,405
Class P Common Stock | July 2019
Subsequent Event [Line Items]
Distribution Period	July 2019
Month Distribution Paid	2019-08
Distribution Amount	$ 1,644

Subsequent Events - Schedule of

Subsequent Events - Schedule of Declared Distributions for Publicly Offered Class of Common Stock (Details) - $ / shares	Jul. 02, 2019	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Subsequent Event [Line Items]
Gross Distribution		$ 0.48	$ 0.48	$ 0.96	$ 0.96
Common Class A | Subsequent Event
Subsequent Event [Line Items]
Gross Distribution	$ 0.135
Common Class D | Subsequent Event
Subsequent Event [Line Items]
Gross Distribution	0.135
Common Class I | Subsequent Event
Subsequent Event [Line Items]
Gross Distribution	0.135
Common Class S | Subsequent Event
Subsequent Event [Line Items]
Gross Distribution	0.135
Common Class T | Subsequent Event
Subsequent Event [Line Items]
Gross Distribution	$ 0.135