Inpoint Commercial Real Estate Income (ICR-PA) 10-Q 12 Aug 20 2020 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2020	Aug. 10, 2020
Document And Entity Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2020
Document Fiscal Year Focus	2020
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
Entity Interactive Data Current	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 Incorporation, State or Country Code	MD
Entity Tax Identification Number	32-0506267
Entity Address, Address Line One	2901 Butterfield Road
Entity Address, City or Town	Oak Brook
Entity Address, State or Province	IL
Entity Address, Postal Zip Code	60523
City Area Code	800
Local Phone Number	826-8228
Document Quarterly Report	true
Document Transition Report	false
Class P Common Stock
Document And Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		10,151,787
Class T Common Stock
Document And Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		397,251
Class I Common Stock
Document And Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		378,302
Class A Common Stock
Document And Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		653,566
Class D Common Stock
Document And Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		50,081
Class S Common Stock
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, 2020	Dec. 31, 2019
ASSETS
Cash and cash equivalents	$ 39,533	$ 37,210
Restricted cash	404	429
Real estate securities at fair value	73,903	157,869
Commercial mortgage loans at cost, net of allowance for loan loss of $5,765 and $0, respectively	498,141	504,702
Deferred debt finance costs	1,320	1,133
Accrued interest receivable	1,322	1,822
Prepaid expenses and other assets	35	154
Total assets	614,658	703,319
Liabilities:
Repurchase agreements—real estate securities	45,328	107,489
Repurchase agreements—commercial mortgage loans	327,928	335,805
Loan fees payable	181	55
Due to related parties	1,988	698
Interest payable	341	652
Distributions payable		1,699
Accrued expenses	1,362	755
Total liabilities	377,128	447,153
Stockholders’ Equity:
Additional paid in capital (net of offering costs of $24,618 and $22,718 at June 30, 2020 and December 31, 2019, respectively)	287,703	265,963
Accumulated deficit	(50,184)	(9,807)
Total stockholders’ equity	237,530	256,166
Total liabilities and stockholders’ equity	614,658	703,319
Class P Common Stock
Stockholders’ Equity:
Common stock	10	10
Total stockholders’ equity	10	10
Class A Common Stock
Stockholders’ Equity:
Common stock	1	0
Total stockholders’ equity	1
Class T Common Stock
Stockholders’ Equity:
Common stock	0	0
Class S Common Stock
Stockholders’ Equity:
Common stock	0	0
Class D Common Stock
Stockholders’ Equity:
Common stock	0	0
Class I Common Stock
Stockholders’ Equity:
Common stock	$ 0	$ 0

CONSOLIDATED BALANCE SHEETS (_2

CONSOLIDATED BALANCE SHEETS (unaudited) (Parenthetical) - USD ($)	Jun. 30, 2020	Dec. 31, 2019
Allowance for loan loss	$ 5,765,000	$ 0
Additional paid in capital, offering costs	$ 24,618,000	$ 22,718,000
Class P Common Stock
Common stock, par value	$ 0.001	$ 0.001
Common stock, shares authorized	500,000,000	500,000,000
Common stock, shares, issued	10,151,787	10,182,305
Common stock, shares, outstanding	10,151,787	10,182,305
Class A Common Stock
Common stock, par value	$ 0.001	$ 0.001
Common stock, shares authorized	500,000,000	500,000,000
Common stock, shares, issued	653,566	272,006
Common stock, shares, outstanding	653,566	272,006
Class T Common Stock
Common stock, par value	$ 0.001	$ 0.001
Common stock, shares authorized	500,000,000	500,000,000
Common stock, shares, issued	397,251	121,718
Common stock, shares, outstanding	397,251	121,718
Class S Common Stock
Common stock, par value	$ 0.001	$ 0.001
Common stock, shares authorized	500,000,000	500,000,000
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	500,000,000
Common stock, shares, issued	50,081	41,538
Common stock, shares, outstanding	50,081	41,538
Class I Common Stock
Common stock, par value	$ 0.001	$ 0.001
Common stock, shares authorized	500,000,000	500,000,000
Common stock, shares, issued	378,302	100,743
Common stock, shares, outstanding	378,302	100,743

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Interest income:
Interest income	$ 8,759	$ 8,456	$ 19,115	$ 15,047
Less: Interest expense	(2,683)	(3,509)	(6,645)	(6,264)
Net interest income	6,076	4,947	12,470	8,783
Operating expenses:
Advisory fee	1,557	1,954	2,401	3,485
Debt finance costs	304	226	558	422
Directors compensation	24	23	48	43
Professional service fees	1,294	159	1,512	309
Other expenses	247	83	472	166
Total operating expenses	3,426	2,445	4,991	4,425
Other (loss) income:
Provision for loan losses	(1,265)		(5,765)
Realized loss on sale of commercial loan	(375)		(375)
Unrealized gain (loss) in value of real estate securities	19,284	(18)	(18,903)	1,790
Realized loss on the sale of real estate securities	(19,288)		(19,288)	(43)
Total other (loss) income	(1,644)	(18)	(44,331)	1,747
Net income (loss)	$ 1,006	$ 2,484	$ (36,852)	$ 6,105
Net income (loss) per share basic and diluted	$ 0.09	$ 0.30	$ (3.21)	$ 0.82
Weighted average number of shares
Basic	11,630,987	8,287,246	11,490,217	7,486,495
Diluted	11,631,304	8,287,480	11,490,217	7,486,628

CONSOLIDATED STATEMENTS OF CHAN

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (unaudited) - USD ($) $ in Thousands	Total	Class P Common Stock	Class A Common Stock	Additional Paid in Capital	Accumulated Deficit
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 (loss)	6,105				6,105
Distributions declared	(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 (loss)	2,484				2,484
Distributions declared	(3,977)				(3,977)
Redemptions	(90)			(90)
Equity-based compensation	5			5
Balance at Jun. 30, 2019	229,144	9		236,562	(7,427)
Balance at Dec. 31, 2019	256,166	10		265,963	(9,807)
Proceeds from issuance of common stock	24,261		$ 1	24,260
Offering costs	(1,900)			(1,900)
Net income (loss)	(36,852)				(36,852)
Distributions declared	(3,525)				(3,525)
Distribution reinvestment	127			127
Redemptions	(763)			(763)
Equity-based compensation	16			16
Balance at Jun. 30, 2020	237,530	10	1	287,703	(50,184)
Balance at Mar. 31, 2020	236,851	10	1	288,030	(51,190)
Offering costs	(335)			(335)
Net income (loss)	1,006				1,006
Equity-based compensation	8			8
Balance at Jun. 30, 2020	$ 237,530	$ 10	$ 1	$ 287,703	$ (50,184)

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) $ in Thousands	6 Months Ended
	Jun. 30, 2020USD ($)	Jun. 30, 2019USD ($)
Cash flows from operating activities:
Net (loss) income	$ (36,852)	$ 6,105
Adjustments to reconcile net (loss) income to cash provided by operations:
Net realized loss on real estate securities	19,288	43
Net unrealized loss (gain) on real estate securities	18,903	(1,790)
Provision for loan losses	5,765
Realized loss on sale of commercial mortgage loan	375
Amortization of equity-based compensation	16	10
Amortization of debt finance costs to operating expense	558	422
Amortization of debt finance costs to interest expense	39	40
Amortization of bond discount	(309)	(383)
Amortization of origination fees	(821)	(645)
Amortization of deferred exit fees		(280)
Changes in assets and liabilities:
Accrued interest receivable	372	(489)
Accrued expenses	606	(491)
Loan fees payable	126
Accrued interest payable	(311)	775
Due to related parties	585	8
Prepaid expenses and other assets	119	101
Net cash provided by operating activities	8,459	3,426
Cash flows from investing activities:
Origination of commercial loans	(55,018)	(181,557)
Origination fees received on commercial loans		1,951
Principal repayments of commercial loans	47,036	2,477
Proceeds from sale of commercial loan	9,625
Purchase of real estate securities		(32,459)
Proceeds from real estate securities sold	43,928	9,211
Real estate securities principal pay-down	2,156	906
Net cash provided by (used in) investing activities	47,727	(199,471)
Cash flows from financing activities:
Proceeds from issuance of common stock	24,261	94,316
Redemptions of common stock	(763)	(90)
Payment of offering costs	(1,467)	(6,321)
Proceeds from repurchase agreements	520,663	613,365
Principal repayments of repurchase agreements	(590,714)	(477,785)
Debt finance costs	(770)	(1,337)
Distributions paid	(5,098)	(6,684)
Net cash (used in) provided by financing activities	(53,888)	215,464
Net change in cash, cash equivalents and restricted cash	2,298	19,419
Cash, cash equivalents and restricted cash at beginning of period	37,639	28,497
Cash, cash equivalents and restricted cash at end of period	39,937	47,916
Supplemental disclosure of cash flow information:
Change in deferred offering costs and accrued offering expenses, included in due to related parties		(431)
Amortization of deferred exit fees due to related party	273
Interest paid	6,956	6,162
Distributions payable		1,405
Payable for securities purchased		18,001
Accrued interest receivable on securities purchased		(1)
Purchase of real estate securities		$ (18,000)
Deferred interest capitalized on commercial loan	128
Accrued stockholder servicing fee due to related party	433
Distribution reinvestment	$ 127

Organization and Business Opera

Organization and Business Operations	6 Months Ended
	Jun. 30, 2020
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 “Board”). 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 in anticipation of selling shares in the IPO (described below). The Company continued to accept Private Offering subscription proceeds through July 16, 2019 from subscription agreements executed no later than June 28, 2019. As of July 16, 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 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 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 Shares as Class A common shares; (ii) 500,000,000 authorized but unissued Class P Shares as Class D common shares; (iii) 500,000,000 authorized but unissued Class P Shares as Class I common shares; (iv) 500,000,000 authorized but unissued Class P Shares as Class S common shares; and (v) 500,000,000 authorized but unissued Class P Shares as Class T common shares. On May 3, 2019, the Securities and Exchange Commission (the “SEC”) declared effective the Registration Statement and the Company commenced the IPO. Prior to July 17, 2019 (the “NAV Pricing Date”), the purchase price for each class of its common stock in its primary offering was $25.00 per share, plus applicable upfront selling commissions and dealer manager fees. Following the NAV Pricing Date, the purchase price per share for each class of common stock in the IPO varies and generally equals the prior month’s NAV per share, as determined monthly, plus applicable upfront selling commissions and dealer manager fees. The Dealer Manager serves as the Company’s exclusive dealer manager for the IPO on a best efforts basis. On March 24, 2020, the Board suspended (i) the sale of shares in the IPO, (ii) the operation of the share repurchase program (the “SRP”), (iii) the payment of distributions to the Company’s stockholders, and (iv) the operation of the distribution reinvestment plan (the “DRP”), effective as of April 6, 2020. In determining to suspend the IPO, the SRP, the payment of distributions and the DRP, the Board considered various factors, including the impact of the global COVID-19 pandemic on the economy, the inability to accurately calculate the Company’s NAV per share due to uncertainty, volatility and lack of liquidity in the market, the Company’s need for liquidity due to financing challenges related to additional collateral required by the banks that regularly finance the Company’s assets and these uncertain and rapidly changing economic conditions. While the Company did not calculate the NAV for the months of March through May 2020, the Advisor has determined since then that there has been reduced volatility in the market for the Company’s investments and some improvement in the U.S. economic outlook, and the Advisor resumed calculation of the NAV beginning as of June 30, 2020. However, the IPO, SRP, payment of distributions and DRP remained suspended as of June 30, 2020. The Company is working toward and intends to restart the IPO and the DRP subject to receiving the required regulatory approvals to do so. The Company will continue to closely monitor the pandemic, the economy and the markets for the Company’s investments in order to determine an appropriate time to resume the SRP. Please refer to “Note 13 – Subsequent Events” and Part II, “Item 1A – Risk Factors” for updates on the business after June 30, 2020 and discussion of risk factors related to the COVID-19 pandemic, respectively.

Summary of Significant Accounti

Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 2020
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, 2019 (the “Annual Report”), as filed with the SEC on March 11, 2020, 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, 2020. Basis of Accounting The accompanying consolidated financial statements and related footnotes have been prepared in conformity with U.S. generally accepted accounting principles (“GAAP”) and require management to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the financial statements and the reported amounts of income and expenses during the reported periods. Actual results could differ from such estimates. In the opinion of management, the accompanying unaudited consolidated financial statements reflect all adjustments, which are normal and recurring in nature, necessary for fair financial statement presentation. Cash, Cash Equivalents and Restricted Cash Cash and cash equivalents include funds on deposit with financial institutions, including demand deposits with financial institutions with original maturities of three months or less. The account balance may exceed the Federal Deposit Insurance Corporation (“FDIC”) insurance coverage limits and, as a result, there could be a concentration of credit risk related to amounts on deposit in excess of FDIC insurance coverage limits. The Company believes that the risk will not be significant, as the Company does not anticipate the financial institutions’ non-performance. Restricted cash represents cash the Company is required to hold in a segregated account. As of June 30, 2020 and December 31, 2019, 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, 2020 2019 Cash and cash equivalents $ 39,533 $ 37,210 Restricted cash 404 429 Total cash, cash equivalents, and restricted cash $ 39,937 $ 37,639 Accounting Pronouncements Recently Issued but Not Yet Effective In June 2016, the Financial Accounting Standards Board (“FASB”) 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. In November 2019, the FASB issued ASU 2019-10, “Financial Instruments – Credit Losses (Topic 326), Derivatives and Hedging (Topic 815), and Leases (Topic 842): Effective Dates”, which grants smaller reporting companies (as defined by the SEC) until reporting periods commencing after December 15, 2022 to implement ASU 2016-13. The Company has elected to use this extension and is continuing to evaluate 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, 2020
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, 2020 and December 31, 2019: June 30, 2020 Number of Loans Principal Balance Unamortized (fees)/costs, net Allowance for loan losses (1) Carrying Value Weighted Average Interest Rate Weighted Average Years to Maturity First mortgage loans 30 $ 488,012 $ (606 ) $ (4,265 ) $ 483,141 5.5 % 1.7 Credit loans 3 16,500 — (1,500 ) 15,000 9.5 % 5.4 Total and average 33 $ 504,512 $ (606 ) $ (5,765 ) $ 498,141 5.6 % 1.9 December 31, 2019 Number of Loans Principal Balance Unamortized (fees)/costs, net Allowance for loan losses Carrying Value Weighted Average Interest Rate Weighted Average Years to Maturity First mortgage loans 29 $ 489,902 $ (1,700 ) $ — $ 488,202 5.6 % 2.0 Credit loans 3 16,500 — — 16,500 9.5 % 5.9 Total and average 32 $ 506,402 $ (1,700 ) $ — $ 504,702 5.7 % 2.2 ____________ (1) Includes a reserve on one first mortgage loan and one credit loan at June 30, 2020. There is no general reserve for loan losses. For the six months ended June 30, 2020 and the year ended December 31, 2019, the activity in the Company’s commercial mortgage loans, held-for-investment portfolio was as follows: Six Months Ended June 30, 2020 Year Ended December 31, 2019 Balance at Beginning of Year $ 504,702 $ 249,573 Loan originations 55,018 329,155 Principal repayments (47,036 ) (74,478 ) Amortization of loan origination and deferred exit fees 1,094 2,403 Sale of commercial loan (10,000 ) — Origination fees received on commercial loans — (1,951 ) Provision for loan losses (5,765 ) — Deferred interest capitalized on commercial loan 128 — Balance at End of Period $ 498,141 $ 504,702 During May 2020, the Company sold one credit loan with an outstanding principal balance of $10,000 generating proceeds of $9,625. The Company had not previously planned to sell the loan and had classified it as held for investment. The Company recognized a loss of $375 recorded in realized loss on sale of commercial loan. Allowance for Loan Losses The following table presents the activity in the Company’s allowance for loan losses: Six Months Ended June 30, 2020 Six Months Ended June 30, 2019 Beginning of period $ — $ — Provision for loan losses (5,765 ) — Charge-offs — — Ending allowance for loan losses $ (5,765 ) $ — In accordance with the Company’s allowance for loan loss policy, during the six month period ended June 30, 2020, the Company recorded impairment charges of $4,265 on one first mortgage loan secured by a hotel property in Illinois and $1,500 on a credit loan secured by a hotel property located in Florida. The impairment charges were based on the estimated fair value of the underlying collateral. As of June 30, 2020, the Company’s recorded investment in the loans were $20,374 ($24,639, net of a $4,265 allowance for loan loss) and $1,500 ($3,000, net of a $1,500 allowance for loan loss), respectively. For the three and six months ended June 30, 2020, interest income for the impaired loans was $71 and $606, respectively. For further information on the Company’s allowance for loan losses policy, see “Note 2 – Summary of Significant Accounting Policies” in its Annual Report . 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, 2020, 24 loans had a risk rating of 2, five had a risk rating of 3, two had a risk rating of 4 and two had a risk rating of 5. As of December 31, 2019, 30 loans had a risk rating of 2 and two had a risk rating of 3. Loan Modifications During April 2020, the Company agreed to modify one first mortgage loan on a hospitality property providing for a two-month partial reduction in the required monthly interest payment with payment of the amount by which the interest payments were reduced deferred to the two-month period beginning in October 2020. Prior to the COVID-19 pandemic, the loan was current on all required payments.

Real Estate Securities

Real Estate Securities	6 Months Ended
	Jun. 30, 2020
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, 2020 and December 31, 2019: June 30, 2020 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, Office 1.0 % 0.6 $ 15,000 $ 15,000 $ — $ (1,068 ) $ 13,932 1 AA- Hospitality 1.2 % 0.9 2,000 2,000 — (155 ) 1,845 6 BB- Retail, Hospitality, Mixed Use, Office 3.2 % 0.9 48,419 48,441 — (9,594 ) 38,847 2 Unrated Hospitality 5.2 % 0.9 27,575 27,575 — (8,296 ) 19,279 11 3.4 % 0.8 $ 92,994 $ 93,016 $ — $ (19,113 ) $ 73,903 December 31, 2019 Number of Positions External Credit Rating Collateral Weighted Average Interest Rate Weighted Average Years to Maturity Par Value Amortized Cost Unrealized Gains Unrealized Losses Fair Value 3 AAA Hospitality, Office 2.6 % 0.5 $ 19,113 $ 19,081 $ — $ (43 ) $ 19,038 1 AA- Hospitality 2.8 % 0.4 2,000 1,999 — (11 ) 1,988 9 BB- Retail, Hospitality, Mixed Use, Office 4.4 % 1.3 72,052 72,033 104 (81 ) 72,056 1 BBB- Multifamily 3.4 % 1.5 10,000 10,000 — — 10,000 3 Unrated Hospitality 7.0 % 0.7 55,275 54,967 — (180 ) 54,787 17 5.0 % 1.0 $ 158,440 $ 158,080 $ 104 $ (315 ) $ 157,869 At June 30, 2020, the Company held 11 CMBS with a total carrying value of $73,903 and a total net unrealized loss of $19,113. At December 31, 2019, the Company held 17 CMBS with a total carrying value of $157,869 and a total net unrealized loss of $211. The increase in the unrealized loss was primarily attributed to the significant economic impact of the COVID-19 pandemic on the economy. In particular, CMBS secured by hospitality properties were severely impacted due to concerns over a decline in hotel stays throughout the country. During the three and six months ended June 30, 2020, the Company sold real estate securities for $43,928 that resulted in realized losses of $19,288. During the six months ended June 30, 2019, the Company sold real estate securities for $9,211 that resulted in realized losses of $43. As of June 30, 2020, three of the CMBS had an internal risk rating of 2, seven of the CMBS had an internal risk rating of 3, and one of the CMBS had an internal risk rating of 4. As of December 31, 2019, each CMBS had an internal risk rating of 2.

Repurchase Agreements

Repurchase Agreements	6 Months Ended
	Jun. 30, 2020
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. In March 2020, the Company temporarily increased the maximum advance amount to $300,000, with this increase as amended set to expire on June 30, 2020. The initial term of the CF Repo Facility was 12 months and the Company extended the maturity date in March 2020 to February 2021. Advances under the CF Repo Facility accrue interest at a per annum rate equal to the London Interbank Offered Rate (“LIBOR”) plus 2.0%. The CF Repo Facility is subject to certain financial covenants. The Company was in compliance with all financial covenant requirements as of June 30, 2020 and December 31, 2019. 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 $150,000 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 2.50%, 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, 2020 and December 31, 2019. The JPM Repo Facility and CF Repo Facility (collectively, the “Repo Facilities”) are used to finance eligible loans and 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 Repo Facilities as of June 30, 2020 and December 31, 2019: June 30, 2020 Weighted Average Committed Financing Amount Outstanding (1) Accrued Interest Payable Collateral Pledged Interest Rate Days to Maturity CF Repo Facility $ 300,000 $ 183,042 $ 145 $ 257,451 2.18 % 227 JPM Repo Facility 150,000 144,953 110 206,061 2.10 % 310 $ 450,000 $ 327,995 $ 255 $ 463,512 2.15 % 264 December 31, 2019 Weighted Average Committed Financing Amount Outstanding (1) Accrued Interest Payable Collateral Pledged Interest Rate Days to Maturity CF Repo Facility $ 250,000 $ 224,590 $ 327 $ 304,708 3.74 % 318 JPM Repo Facility 150,000 111,295 157 153,194 3.63 % 492 $ 400,000 $ 335,885 $ 484 $ 457,902 3.70 % 376 (1) Excludes $67 and $80 of unamortized debt issuance costs at June 30, 2020 and December 31, 2019, 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, 2020 $ 45,328 $ 86 $ 93,464 4.07 % 34 As of December 31, 2019 $ 107,489 $ 168 $ 149,164 3.14 % 11 The total amount outstanding as of June 30, 2020 and December 31, 2019 was with JP Morgan Securities LLC. The master repurchase agreements are subject to certain financial covenants. The Company was in compliance with all financial covenant requirements as of June 30, 2020 and December 31, 2019.

Stockholders' Equity

Stockholders' Equity	6 Months Ended
	Jun. 30, 2020
Equity [Abstract]
Stockholders' Equity	Note 6 – Stockholders’ Equity The following tables detail the change in the Company’s outstanding shares of all classes of common stock, including restricted common stock: Common Stock Six-months ended June 30, 2020 Class P Class A Class T Class S Class D Class I Beginning balance 10,182,305 272,006 121,718 — 41,538 100,743 Issuance of shares — 379,250 274,570 — 8,066 276,250 Distribution reinvestment — 2,310 963 — 477 1,309 Issuance of restricted shares — — — — — — Redemptions (30,518 ) — — — — — Ending balance 10,151,787 653,566 397,251 — 50,081 378,302 Common Stock Six-months ended June 30, 2019 Class P Class A Class T Class S Class D Class I Beginning balance 5,940,744 — — — — — Issuance of shares 3,495,435 — — — — — Issuance of restricted shares 2,400 — — — — — Redemptions (3,586 ) — — — — — Ending balance 9,434,993 — — — — — Distributions From January 1, 2019 to July 31, 2019, 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 th th Common Stock Class P Class A Class T Class S Class D Class I Aggregate gross distributions declared per share $ 0.3200 $ 0.2700 $ 0.2700 $ — $ 0.2700 $ 0.2700 Stockholder servicing fee per share N/A N/A 0.0349 — 0.0103 N/A Net distributions declared per share $ 0.3200 $ 0.2700 $ 0.2351 $ — $ 0.2597 $ 0.2700 As of December 31, 2019, distributions declared but not yet paid amounted to $1,699. No distributions were declared beginning in March 2020, as discussed below. During the six-months ended June 30, 2019, the Company had no shares of Class A, Class T, Class S, Class D or Class I common stock outstanding. On March 24, 2020, the Board suspended the payment of distributions to the Company’s stockholders. In determining to suspend the payment of distributions, the Board considered various factors, including the impact of the global COVID-19 pandemic on the economy, the inability to accurately calculate the Company’s NAV per share due to uncertainty, volatility and lack of liquidity in the market, the Company’s need for liquidity due to financing challenges related to additional collateral required by the banks that regularly finance the Company’s assets and these uncertain and rapidly changing economic conditions. While the Company did not calculate the NAV for the months of March through May 2020, the Advisor has determined since then that there has been reduced volatility in the market for the Company’s investments and some improvement in the U.S. economic outlook, and the Advisor resumed calculation of the NAV beginning as of June 30, 2020. However, the payment of distributions remained suspended as of June 30, 2020. Please refer to “Note 13 – Subsequent Events” and Part II, “Item 1A – Risk Factors” for updates on the business after June 30, 2020 and discussion of risk factors related to the COVID-19 pandemic, respectively.

Net (Loss) Income Per Share

Net (Loss) Income Per Share	6 Months Ended
	Jun. 30, 2020
Earnings Per Share [Abstract]
Net (Loss) Income Per Share	Note 7 – Net (Loss) Income Per Share Basic earnings per share (“EPS”) are computed by dividing net income by the weighted average number of common shares outstanding for the period. Diluted EPS is computed by dividing net income by the common shares plus common share equivalents. The Company’s common share equivalents are unvested restricted shares. The Company excludes antidilutive restricted shares from the calculation of weighted-average shares for diluted earnings per share. There were zero and 214 antidilutive restricted shares for the three and six months ended June 30, 2020. There were no antidilutive restricted shares for the three months and six months ended June 30, 2019. ee “Note 11 – Equity-Based Compensation.” The following table is a summary of the basic and diluted net (loss) income per share computation for the three and six-months ended June 30, 2020 and 2019: Three-months ended June 30, Six-months ended June 30, 2020 2019 2020 2019 Net income (loss) $ 1,006 $ 2,484 $ (36,852 ) $ 6,105 Weighted average shares outstanding, basic 11,630,987 8,287,246 11,490,217 7,486,495 Dilutive effect of restricted stock 317 234 — 133 Weighted average shares outstanding, diluted 11,631,304 8,287,480 11,490,217 7,486,628 Net income (loss) per share, basic and diluted $ 0.09 $ 0.30 $ (3.21 ) $ 0.82

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2020
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, 2020, the Company had 22 of such loans with a total remaining future funding commitment of $59,278. As of December 31, 2019, the Company had 22 of such loans with a total remaining future funding commitment of $54,620. The Company advances future funds if the borrower meets certain requirements as specified in the individual loan agreements.

Segment Reporting

Segment Reporting	6 Months Ended
	Jun. 30, 2020
Segment Reporting [Abstract]
Segment Reporting	Note 9 – Segment Reporting The Company has one reportable segment as defined by GAAP for the six months ended June 30, 2020 and 2019.

Transactions with Related Parti

Transactions with Related Parties	6 Months Ended
	Jun. 30, 2020
Related Party Transactions [Abstract]
Transactions with Related Parties	Note 10 – Transactions with Related Parties As of June 30, 2020, 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 equal to $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 Company’s 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 SRP 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, 2020, 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 Company’s 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 SRP 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, 2020 and 2019 and the amount due to related parties at June 30, 2020 and December 31, 2019: Three-months ended June 30, Six-months ended June 30, Payable as of June 30, Payable as of December 31, 2020 2019 2020 2019 2020 2019 Organization and offering expense reimbursement (1) $ 10 $ 155 $ 70 $ 267 $ — $ 17 Selling commissions and dealer manager fee (2) — 3,132 758 5,617 — — Advisory fee (3) 1,557 1,954 2,401 3,485 519 — Loan fees (4) 299 — 1,093 — 763 408 Accrued stockholder servicing fee (5) — — 446 — 706 273 Operating expense reimbursement to advisor (6) — 3 — 5 — — Total $ 1,866 $ 5,244 $ 4,768 $ 9,374 $ 1,988 $ 698 (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. For the Private Offering, o (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. For the IPO, the Dealer Manager is entitled to receive (a) upfront selling commissions of up to 6.0%, and upfront dealer manager fees of up to 1.25%, of the transaction price of each Class A share sold in the primary offering, however such amounts may vary at certain participating broker-dealers provided that the sum will not exceed 7.25% of the transaction price; (b) upfront selling commissions of up to 3.0%, and upfront dealer manager fees of 0.5%, of the transaction price of each Class T share sold in the primary offering, however such amounts may vary at certain participating broker-dealers provided that the sum will not exceed 3.5% of the transaction price; and (c) upfront selling commissions of up to 3.5% of the transaction price of each Class S share sold in the primary offering. No upfront selling commissions or dealer manager fees are paid with respect to purchases of Class D shares, Class I shares or shares of any class sold pursuant to the DRP. (3) Under the Prior Advisory Agreement, the Company paid the Advisor an advisory fee comprised of (1) a fixed component and (2) a performance component. 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. 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. On April 29, 2019, the Company, the Advisor and the Operating Partnership entered into 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 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. For the six months ended June 30, 2020, the Advisor waived $874 of the fixed component of the advisory fees. ( 4 ) Effective July 17, 2019, the Company pays the Advisor all new loan origination and administrative fees related to CRE loans held for investment, to the extent that such fees are paid by the borrower. ( 5 ) Subject to the Financial Industry Regulatory Authority, Inc. limitations on underwriting compensation, the Company pays the Dealer Manager selling commissions over time as stockholder servicing fees for ongoing services rendered to stockholders by participating broker-dealers or broker-dealers servicing stockholders’ accounts as follows: (a) for Class T shares only, 0.85% per annum of the NAV of the Class T shares; (b) for Class S shares only, 0.85% per annum of the aggregate NAV for the Class S shares; and (c) for Class D shares only, 0.25% per annum of the aggregate NAV for the Class D shares. The Company will cease paying the stockholder servicing fee with respect to any Class T share, Class S share or Class D share held in a stockholder’s account upon the occurrence of certain events. The Company accrues the full cost of the stockholder servicing fee as an offering cost at the time the Company sells Class T, Class S, and Class D shares. The Dealer Manager does not retain any of these fees, all of which are retained by, or reallowed (paid) to, participating broker-dealers and servicing broker-dealers for ongoing stockholder services performed by such broker-dealers. (6) 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, 2020
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Equity-Based Compensation	Note 11 – Equity-Based Compensation On December 2, 2019, the Company granted each of its three independent directors 399 restricted Class I shares for a total of 1,197 Class I shares with a grant date fair value of $25.07 per share and a total value of $30. The restricted Class I shares vest in equal one-third increments on December 2, 2020, 2021 and 2022. On January 7, 2019, the Company granted 400 restricted Class P Shares to each of its three independent directors for a total of 1,200 Class P Shares with a grant date fair value of $25.00 per share and 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 400 restricted Class P Shares to each of its three independent directors for a total of 1,200 Class P Shares with a grant date fair value of $25.00 per share and a total value of $30. These restricted Class P Shares vest in equal one-third increments on March 1, 2019, 2020 and 2021. 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 grant date. The grant-date value of the restricted shares is amortized over the vesting period representing the requisite service period. Compensation expense associated with the restricted shares issued to the independent directors was $8 and $16, in the aggregate, for the three-months and six-months ended June 30, 2020, respectively. Compensation expense associated with the restricted shares issued to the independent directors was $5 and $10 for the three and six-months ended June 30, 2019. As of June 30, 2020, the Company had $46 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 1.54 years. The total fair value at the vesting date for restricted shares that vested during the six-months ended June 30, 2020 and 2019 was $17 and $10, respectively. There were no restricted shares that vested during the three-months ended June 30, 2020 and 2019. A summary table of the status of the restricted shares is presented below: Restricted Shares Weighted Average Grant Date Fair Value Per Share Outstanding at December 31, 2019 3,197 $ 25.02 Granted — — Vested (800 ) 25.00 Converted — — Forfeited — — Outstanding at June 30, 2020 2,397 $ 25.03

Fair Value of Financial Instrum

Fair Value of Financial Instruments	6 Months Ended
	Jun. 30, 2020
Fair Value Disclosures [Abstract]
Fair Value of Financial Instruments	Note 12 – Fair Value of Financial Instruments The following table presents the Company’s financial instruments measured on a recurring basis and 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, 2020 December 31, 2019 Total Level I Level II Level III Total Level I Level II Level III Real estate securities $ 73,903 — $ 73,903 — $ 157,869 — $ 157,869 — The Company did not transfer any assets within fair value levels during the three and six months ended June 30, 2020 and 2019. The following table presents the Company’s financial instruments measured on a non-recurring basis and carried at fair value in the consolidated balance sheet by their level in the fair value hierarchy as of June 30, 2020 and December 31, 2019: June 30, 2020 December 31, 2019 Total Level I Level II Level III Total Level I Level II Level III Collateral dependent impaired loans: Impaired first mortgage loan $ 20,235 — — $ 20,235 $ — — — $ — Impaired credit loan $ 1,500 — — $ 1,500 $ — — — $ — During the six months ended June 30, 2020, the Company recorded impairment charges of $4,265 and $1,500 each on one first mortgage loan and one credit loan, respectively, in accordance with the Company’s allowance for loan loss policy. The impairment charges were based on the estimated fair value of the underlying collateral. For further details on these loans, see discussion at “Note 3 – Commercial Mortgage Loans Held for Investment.” For collateral dependent impaired loans, these loans are recorded at the estimated fair value of collateral less the estimated cost to sell. If an appraised value is not available, the Advisor generally will use the income approach through internally developed valuation models to estimate the fair value of the collateral for such loans. The following table presents the valuation methods and significant unobservable inputs used to value Level 3 assets measured at fair value on a nonrecurring basis at June 30, 2020: Asset Valuation Method Unobservable Inputs Range of Quantitative Values Impaired first mortgage loan Market approach Appraised Value (1) $ 21,600 Impaired first mortgage loan Market approach Costs to Foreclose and Sell $ 1,365 Impaired credit loan Market approach Market Price of Single Asset Hotel Mezzanine CMBS 50% of Par ____________ (1) The Company obtained a third-party appraisal for the collateral on the impaired first mortgage loan and used this value rather than an indicative market value of the collateral used to establish the estimated fair value as of March 31, 2020. 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, 2020 December 31, 2019 Carrying Amount Estimated Fair Value Carrying Amount Estimated Fair Value Financial assets Cash and cash equivalents $ 39,533 $ 39,533 $ 37,210 $ 37,210 Restricted cash 404 404 429 429 Commercial mortgage loans, net 498,141 505,446 504,702 511,734 Total $ 538,078 $ 545,383 $ 542,341 $ 549,373 Financial liabilities Repurchase agreements - real estate securities $ 45,328 $ 45,328 $ 107,489 $ 107,489 Repurchase agreements - commercial mortgage loans 327,928 327,928 335,805 335,805 Total $ 373,256 $ 373,256 $ 443,294 $ 443,294 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, 2020
Subsequent Events [Abstract]
Subsequent Events	Note 13 – Subsequent Events The Company has evaluated subsequent events through August 12, 2020, the date the financial statements were issued. The following are updates on the Company’s portfolio and operations since June 30, 2020, including with respect to the ongoing COVID-19 pandemic. Amendment of the Distribution Reinvestment Plan On July 14, 2020, in anticipation of the potential future payments of distributions, the Board approved an amended and restated DRP, which became effective on August 7, 2020. As amended, stockholders who hold Class P Shares may now elect to participate in the DRP, and cash distributions with respect to Class P Shares will be applied to the purchase of Class I shares once the Company resumes the DRP, which remains suspended. Distributions The Board has authorized distributions for each class of its common stock in the amount per share set forth below: Common Stock Class P Class A Class T Class S Class D Class I Aggregate gross distributions declared per share $ 0.0715 $ 0.0715 $ 0.0715 $ — $ 0.0715 $ 0.0715 Stockholder servicing fee per share N/A N/A 0.0155 — 0.0045 N/A Net distributions declared per share $ 0.0715 $ 0.0715 $ 0.0560 $ — $ 0.0670 $ 0.0715 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 July 31, 2020 and will be paid on or about August 18, 2020. Cash and Cash Equivalents, and Restricted Cash As of July 31, 2020, the Company’s cash and cash equivalents, and restricted cash balances were $33,846 and $404, respectively.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2020
Accounting Policies [Abstract]
Basis of Accounting	Basis of Accounting The accompanying consolidated financial statements and related footnotes have been prepared in conformity with U.S. generally accepted accounting principles (“GAAP”) and require management to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the financial statements and the reported amounts of income and expenses during the reported periods. Actual results could differ from such estimates. In the opinion of management, the accompanying unaudited consolidated financial statements reflect all adjustments, which are normal and recurring in nature, necessary for fair financial statement presentation.
Cash, Cash Equivalents and Restricted Cash	Cash, Cash Equivalents and Restricted Cash Cash and cash equivalents include funds on deposit with financial institutions, including demand deposits with financial institutions with original maturities of three months or less. The account balance may exceed the Federal Deposit Insurance Corporation (“FDIC”) insurance coverage limits and, as a result, there could be a concentration of credit risk related to amounts on deposit in excess of FDIC insurance coverage limits. The Company believes that the risk will not be significant, as the Company does not anticipate the financial institutions’ non-performance. Restricted cash represents cash the Company is required to hold in a segregated account. As of June 30, 2020 and December 31, 2019, 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, 2020 2019 Cash and cash equivalents $ 39,533 $ 37,210 Restricted cash 404 429 Total cash, cash equivalents, and restricted cash $ 39,937 $ 37,639
Accounting Pronouncements Recently Issued but Not Yet Effective	Accounting Pronouncements Recently Issued but Not Yet Effective In June 2016, the Financial Accounting Standards Board (“FASB”) 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. In November 2019, the FASB issued ASU 2019-10, “Financial Instruments – Credit Losses (Topic 326), Derivatives and Hedging (Topic 815), and Leases (Topic 842): Effective Dates”, which grants smaller reporting companies (as defined by the SEC) until reporting periods commencing after December 15, 2022 to implement ASU 2016-13. The Company has elected to use this extension and is continuing to evaluate 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, 2020
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, 2020 2019 Cash and cash equivalents $ 39,533 $ 37,210 Restricted cash 404 429 Total cash, cash equivalents, and restricted cash $ 39,937 $ 37,639

Commercial Mortgage Loans Hel_2

Commercial Mortgage Loans Held for Investment (Tables)	6 Months Ended
	Jun. 30, 2020
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, 2020 and December 31, 2019: June 30, 2020 Number of Loans Principal Balance Unamortized (fees)/costs, net Allowance for loan losses (1) Carrying Value Weighted Average Interest Rate Weighted Average Years to Maturity First mortgage loans 30 $ 488,012 $ (606 ) $ (4,265 ) $ 483,141 5.5 % 1.7 Credit loans 3 16,500 — (1,500 ) 15,000 9.5 % 5.4 Total and average 33 $ 504,512 $ (606 ) $ (5,765 ) $ 498,141 5.6 % 1.9 December 31, 2019 Number of Loans Principal Balance Unamortized (fees)/costs, net Allowance for loan losses Carrying Value Weighted Average Interest Rate Weighted Average Years to Maturity First mortgage loans 29 $ 489,902 $ (1,700 ) $ — $ 488,202 5.6 % 2.0 Credit loans 3 16,500 — — 16,500 9.5 % 5.9 Total and average 32 $ 506,402 $ (1,700 ) $ — $ 504,702 5.7 % 2.2 ____________ (1) Includes a reserve on one first mortgage loan and one credit loan at June 30, 2020. There is no general reserve for loan losses.
Schedule of Commercial Mortgage Loans held for Investment Portfolio	For the six months ended June 30, 2020 and the year ended December 31, 2019, the activity in the Company’s commercial mortgage loans, held-for-investment portfolio was as follows: Six Months Ended June 30, 2020 Year Ended December 31, 2019 Balance at Beginning of Year $ 504,702 $ 249,573 Loan originations 55,018 329,155 Principal repayments (47,036 ) (74,478 ) Amortization of loan origination and deferred exit fees 1,094 2,403 Sale of commercial loan (10,000 ) — Origination fees received on commercial loans — (1,951 ) Provision for loan losses (5,765 ) — Deferred interest capitalized on commercial loan 128 — Balance at End of Period $ 498,141 $ 504,702
Schedule of Allowance for Loan Losses	The following table presents the activity in the Company’s allowance for loan losses: Six Months Ended June 30, 2020 Six Months Ended June 30, 2019 Beginning of period $ — $ — Provision for loan losses (5,765 ) — Charge-offs — — Ending allowance for loan losses $ (5,765 ) $ —
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, 2020
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, 2020 and December 31, 2019: June 30, 2020 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, Office 1.0 % 0.6 $ 15,000 $ 15,000 $ — $ (1,068 ) $ 13,932 1 AA- Hospitality 1.2 % 0.9 2,000 2,000 — (155 ) 1,845 6 BB- Retail, Hospitality, Mixed Use, Office 3.2 % 0.9 48,419 48,441 — (9,594 ) 38,847 2 Unrated Hospitality 5.2 % 0.9 27,575 27,575 — (8,296 ) 19,279 11 3.4 % 0.8 $ 92,994 $ 93,016 $ — $ (19,113 ) $ 73,903 December 31, 2019 Number of Positions External Credit Rating Collateral Weighted Average Interest Rate Weighted Average Years to Maturity Par Value Amortized Cost Unrealized Gains Unrealized Losses Fair Value 3 AAA Hospitality, Office 2.6 % 0.5 $ 19,113 $ 19,081 $ — $ (43 ) $ 19,038 1 AA- Hospitality 2.8 % 0.4 2,000 1,999 — (11 ) 1,988 9 BB- Retail, Hospitality, Mixed Use, Office 4.4 % 1.3 72,052 72,033 104 (81 ) 72,056 1 BBB- Multifamily 3.4 % 1.5 10,000 10,000 — — 10,000 3 Unrated Hospitality 7.0 % 0.7 55,275 54,967 — (180 ) 54,787 17 5.0 % 1.0 $ 158,440 $ 158,080 $ 104 $ (315 ) $ 157,869

Repurchase Agreements (Tables)

Repurchase Agreements (Tables)	6 Months Ended
	Jun. 30, 2020
Commercial Mortgage Loans
Repurchase Agreement [Line Items]
Schedule of Outstanding Repurchase Agreements	The tables below show the Repo Facilities as of June 30, 2020 and December 31, 2019: June 30, 2020 Weighted Average Committed Financing Amount Outstanding (1) Accrued Interest Payable Collateral Pledged Interest Rate Days to Maturity CF Repo Facility $ 300,000 $ 183,042 $ 145 $ 257,451 2.18 % 227 JPM Repo Facility 150,000 144,953 110 206,061 2.10 % 310 $ 450,000 $ 327,995 $ 255 $ 463,512 2.15 % 264 December 31, 2019 Weighted Average Committed Financing Amount Outstanding (1) Accrued Interest Payable Collateral Pledged Interest Rate Days to Maturity CF Repo Facility $ 250,000 $ 224,590 $ 327 $ 304,708 3.74 % 318 JPM Repo Facility 150,000 111,295 157 153,194 3.63 % 492 $ 400,000 $ 335,885 $ 484 $ 457,902 3.70 % 376 (1) Excludes $67 and $80 of unamortized debt issuance costs at June 30, 2020 and December 31, 2019, 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, 2020 $ 45,328 $ 86 $ 93,464 4.07 % 34 As of December 31, 2019 $ 107,489 $ 168 $ 149,164 3.14 % 11

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	6 Months Ended
	Jun. 30, 2020
Equity [Abstract]
Schedule of Change in Outstanding Shares Including Restricted Common Stock	The following tables detail the change in the Company’s outstanding shares of all classes of common stock, including restricted common stock: Common Stock Six-months ended June 30, 2020 Class P Class A Class T Class S Class D Class I Beginning balance 10,182,305 272,006 121,718 — 41,538 100,743 Issuance of shares — 379,250 274,570 — 8,066 276,250 Distribution reinvestment — 2,310 963 — 477 1,309 Issuance of restricted shares — — — — — — Redemptions (30,518 ) — — — — — Ending balance 10,151,787 653,566 397,251 — 50,081 378,302 Common Stock Six-months ended June 30, 2019 Class P Class A Class T Class S Class D Class I Beginning balance 5,940,744 — — — — — Issuance of shares 3,495,435 — — — — — Issuance of restricted shares 2,400 — — — — — Redemptions (3,586 ) — — — — — Ending balance 9,434,993 — — — — —
Schedule of Aggregate Distributions Declared for Applicable Class of Common Stock	The table below presents the aggregate distributions declared for each applicable class of common stock during the six-months ended June 30, 2020. The table excludes from dividend declaration any month when there were no outstanding shares for a class of stock. Common Stock Class P Class A Class T Class S Class D Class I Aggregate gross distributions declared per share $ 0.3200 $ 0.2700 $ 0.2700 $ — $ 0.2700 $ 0.2700 Stockholder servicing fee per share N/A N/A 0.0349 — 0.0103 N/A Net distributions declared per share $ 0.3200 $ 0.2700 $ 0.2351 $ — $ 0.2597 $ 0.2700

Net (Loss) Income Per Share (Ta

Net (Loss) Income Per Share (Tables)	6 Months Ended
	Jun. 30, 2020
Earnings Per Share [Abstract]
Summary of Basic and Diluted Net (Loss) Income Per Share	The following table is a summary of the basic and diluted net (loss) income per share computation for the three and six-months ended June 30, 2020 and 2019: Three-months ended June 30, Six-months ended June 30, 2020 2019 2020 2019 Net income (loss) $ 1,006 $ 2,484 $ (36,852 ) $ 6,105 Weighted average shares outstanding, basic 11,630,987 8,287,246 11,490,217 7,486,495 Dilutive effect of restricted stock 317 234 — 133 Weighted average shares outstanding, diluted 11,631,304 8,287,480 11,490,217 7,486,628 Net income (loss) per share, basic and diluted $ 0.09 $ 0.30 $ (3.21 ) $ 0.82

Transactions with Related Par_2

Transactions with Related Parties (Tables)	6 Months Ended
	Jun. 30, 2020
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, 2020 and 2019 and the amount due to related parties at June 30, 2020 and December 31, 2019: Three-months ended June 30, Six-months ended June 30, Payable as of June 30, Payable as of December 31, 2020 2019 2020 2019 2020 2019 Organization and offering expense reimbursement (1) $ 10 $ 155 $ 70 $ 267 $ — $ 17 Selling commissions and dealer manager fee (2) — 3,132 758 5,617 — — Advisory fee (3) 1,557 1,954 2,401 3,485 519 — Loan fees (4) 299 — 1,093 — 763 408 Accrued stockholder servicing fee (5) — — 446 — 706 273 Operating expense reimbursement to advisor (6) — 3 — 5 — — Total $ 1,866 $ 5,244 $ 4,768 $ 9,374 $ 1,988 $ 698 (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. For the Private Offering, o (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. For the IPO, the Dealer Manager is entitled to receive (a) upfront selling commissions of up to 6.0%, and upfront dealer manager fees of up to 1.25%, of the transaction price of each Class A share sold in the primary offering, however such amounts may vary at certain participating broker-dealers provided that the sum will not exceed 7.25% of the transaction price; (b) upfront selling commissions of up to 3.0%, and upfront dealer manager fees of 0.5%, of the transaction price of each Class T share sold in the primary offering, however such amounts may vary at certain participating broker-dealers provided that the sum will not exceed 3.5% of the transaction price; and (c) upfront selling commissions of up to 3.5% of the transaction price of each Class S share sold in the primary offering. No upfront selling commissions or dealer manager fees are paid with respect to purchases of Class D shares, Class I shares or shares of any class sold pursuant to the DRP. (3) Under the Prior Advisory Agreement, the Company paid the Advisor an advisory fee comprised of (1) a fixed component and (2) a performance component. 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. 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. On April 29, 2019, the Company, the Advisor and the Operating Partnership entered into 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 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. For the six months ended June 30, 2020, the Advisor waived $874 of the fixed component of the advisory fees. ( 4 ) Effective July 17, 2019, the Company pays the Advisor all new loan origination and administrative fees related to CRE loans held for investment, to the extent that such fees are paid by the borrower. ( 5 ) Subject to the Financial Industry Regulatory Authority, Inc. limitations on underwriting compensation, the Company pays the Dealer Manager selling commissions over time as stockholder servicing fees for ongoing services rendered to stockholders by participating broker-dealers or broker-dealers servicing stockholders’ accounts as follows: (a) for Class T shares only, 0.85% per annum of the NAV of the Class T shares; (b) for Class S shares only, 0.85% per annum of the aggregate NAV for the Class S shares; and (c) for Class D shares only, 0.25% per annum of the aggregate NAV for the Class D shares. The Company will cease paying the stockholder servicing fee with respect to any Class T share, Class S share or Class D share held in a stockholder’s account upon the occurrence of certain events. The Company accrues the full cost of the stockholder servicing fee as an offering cost at the time the Company sells Class T, Class S, and Class D shares. The Dealer Manager does not retain any of these fees, all of which are retained by, or reallowed (paid) to, participating broker-dealers and servicing broker-dealers for ongoing stockholder services performed by such broker-dealers. (6) 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, 2020
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 Per Share Outstanding at December 31, 2019 3,197 $ 25.02 Granted — — Vested (800 ) 25.00 Converted — — Forfeited — — Outstanding at June 30, 2020 2,397 $ 25.03

Fair Value of Financial Instr_2

Fair Value of Financial Instruments (Tables)	6 Months Ended
	Jun. 30, 2020
Fair Value Disclosures [Abstract]
Financial Instruments Measured on Recurring Basis and Carried at Fair Value in Consolidated Balance Sheets	The following table presents the Company’s financial instruments measured on a recurring basis and 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, 2020 December 31, 2019 Total Level I Level II Level III Total Level I Level II Level III Real estate securities $ 73,903 — $ 73,903 — $ 157,869 — $ 157,869 —
Financial Instruments Measured on Non-Recurring Basis and Carried at Fair Value in Consolidated Balance Sheet	The following table presents the Company’s financial instruments measured on a non-recurring basis and carried at fair value in the consolidated balance sheet by their level in the fair value hierarchy as of June 30, 2020 and December 31, 2019: June 30, 2020 December 31, 2019 Total Level I Level II Level III Total Level I Level II Level III Collateral dependent impaired loans: Impaired first mortgage loan $ 20,235 — — $ 20,235 $ — — — $ — Impaired credit loan $ 1,500 — — $ 1,500 $ — — — $ —
Schedule of Valuation Methods and Significant Unobservable Inputs Used to Value Level 3	The following table presents the valuation methods and significant unobservable inputs used to value Level 3 assets measured at fair value on a nonrecurring basis at June 30, 2020: Asset Valuation Method Unobservable Inputs Range of Quantitative Values Impaired first mortgage loan Market approach Appraised Value (1) $ 21,600 Impaired first mortgage loan Market approach Costs to Foreclose and Sell $ 1,365 Impaired credit loan Market approach Market Price of Single Asset Hotel Mezzanine CMBS 50% of Par ____________ (1) The Company obtained a third-party appraisal for the collateral on the impaired first mortgage loan and used this value rather than an indicative market value of the collateral used to establish the estimated fair value as of March 31, 2020.
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, 2020 December 31, 2019 Carrying Amount Estimated Fair Value Carrying Amount Estimated Fair Value Financial assets Cash and cash equivalents $ 39,533 $ 39,533 $ 37,210 $ 37,210 Restricted cash 404 404 429 429 Commercial mortgage loans, net 498,141 505,446 504,702 511,734 Total $ 538,078 $ 545,383 $ 542,341 $ 549,373 Financial liabilities Repurchase agreements - real estate securities $ 45,328 $ 45,328 $ 107,489 $ 107,489 Repurchase agreements - commercial mortgage loans 327,928 327,928 335,805 335,805 Total $ 373,256 $ 373,256 $ 443,294 $ 443,294

Subsequent Events (Tables)

Subsequent Events (Tables)	6 Months Ended
	Jun. 30, 2020
Subsequent Events [Abstract]
Schedule of Authorized Distributions for Class of Common Stock	The Board has authorized distributions for each class of its common stock in the amount per share set forth below: Common Stock Class P Class A Class T Class S Class D Class I Aggregate gross distributions declared per share $ 0.0715 $ 0.0715 $ 0.0715 $ — $ 0.0715 $ 0.0715 Stockholder servicing fee per share N/A N/A 0.0155 — 0.0045 N/A Net distributions declared per share $ 0.0715 $ 0.0715 $ 0.0560 $ — $ 0.0670 $ 0.0715

Organization and Business Ope_2

Organization and Business Operations - Additional Information (Details) - USD ($)	Jul. 16, 2019	Mar. 22, 2019	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2019	Jul. 17, 2019	Apr. 29, 2019	Apr. 28, 2019	Oct. 25, 2016
Organization And Business Operations [Line Items]
Advisory agreement date				Oct. 25, 2016
Common stock shares authorized at $0.001 par per share								$ 3,050,000	$ 500,000
Issuance of common stock, shares			$ 51,636,000	$ 24,261,000	$ 94,316,000
Shares authorized, common stock and preferred stock				3,050,000,000					500,000,000
Preferred Stock
Organization And Business Operations [Line Items]
Shares authorized, preferred stock									50,000,000
Maximum | Initial Public Offering
Organization And Business Operations [Line Items]
Issuance of common stock, shares		$ 2,350,000,000
Class P Common Stock
Organization And Business Operations [Line Items]
Shares issued, private offering	10,258,094
Gross proceeds from issuance of private offering	$ 276,681,000
Issuance of common stock, shares			$ 1,000		$ 3,000
Shares authorized, common stock				500,000,000		500,000,000		500,000,000	3,000,000,000
Common stock, purchase price per share							$ 25
Class P Common Stock | Maximum
Organization And Business Operations [Line Items]
Common stock shares authorized at $0.001 par per share										$ 500,000,000
Class A Common Stock
Organization And Business Operations [Line Items]
Issuance of common stock, shares				$ 1,000
Shares authorized, common stock				500,000,000		500,000,000		500,000,000
Class D Common Stock
Organization And Business Operations [Line Items]
Shares authorized, common stock				500,000,000		500,000,000		500,000,000
Class I Common Stock
Organization And Business Operations [Line Items]
Shares authorized, common stock				500,000,000		500,000,000		500,000,000
Class S Common Stock
Organization And Business Operations [Line Items]
Shares authorized, common stock				500,000,000		500,000,000		500,000,000
Class T Common Stock
Organization And Business Operations [Line Items]
Shares authorized, common stock				500,000,000		500,000,000		500,000,000

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Additional Information (Details)	6 Months Ended
	Jun. 30, 2020
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, 2020	Dec. 31, 2019
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents [Abstract]
Cash and cash equivalents	$ 39,533	$ 37,210
Restricted cash	404	429
Total cash, cash equivalents, and restricted cash	$ 39,937	$ 37,639

Commercial Mortgage Loans Hel_3

Commercial Mortgage Loans Held for Investment - Schedule of Commercial Mortgage Loans held for Investment (Details)	6 Months Ended	12 Months Ended
	Jun. 30, 2020USD ($)Loan	Dec. 31, 2019USD ($)Loan	Dec. 31, 2018USD ($)
Mortgage Loans On Real Estate [Line Items]
Number of Loans | Loan	33	32
Principal Balance	$ 504,512,000	$ 506,402,000
Unamortized (fees)/costs, net	(606,000)	(1,700,000)
Allowance for loan losses	(5,765,000)	0
Carrying Value	$ 498,141,000	$ 504,702,000	$ 249,573,000
Weighted Average Interest Rate	5.60%	5.70%
Weighted Average Years to Maturity	1 year 10 months 24 days	2 years 2 months 12 days
First Mortgage Loans [Member]
Mortgage Loans On Real Estate [Line Items]
Number of Loans | Loan	30	29
Principal Balance	$ 488,012,000	$ 489,902,000
Unamortized (fees)/costs, net	(606,000)	(1,700,000)
Allowance for loan losses	(4,265,000)
Carrying Value	$ 483,141,000	$ 488,202,000
Weighted Average Interest Rate	5.50%	5.60%
Weighted Average Years to Maturity	1 year 8 months 12 days	2 years
Credit Loans [Member]
Mortgage Loans On Real Estate [Line Items]
Number of Loans | Loan	3	3
Principal Balance	$ 16,500,000	$ 16,500,000
Allowance for loan losses	(1,500,000)
Carrying Value	$ 15,000,000	$ 16,500,000
Weighted Average Interest Rate	9.50%	9.50%
Weighted Average Years to Maturity	5 years 4 months 24 days	5 years 10 months 24 days

Commercial Mortgage Loans Hel_4

Commercial Mortgage Loans Held for Investment - Schedule of Commercial Mortgage Loans held for Investment (Parenthetical) (Details)	Jun. 30, 2020USD ($)Loan
Mortgage Loans On Real Estate [Line Items]
General reserve for loan losses | $	$ 0
First Mortgage Loans [Member]
Mortgage Loans On Real Estate [Line Items]
Number of loans reserved	1
Credit Loans [Member]
Mortgage Loans On Real Estate [Line Items]
Number of loans reserved	1

Commercial Mortgage Loans Hel_5

Commercial Mortgage Loans Held for Investment - Schedule of Commercial Mortgage Loans held for Investment Portfolio (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended	6 Months Ended	12 Months Ended
	May 31, 2020	Jun. 30, 2020	Jun. 30, 2020	Dec. 31, 2019
Mortgage Loans On Real Estate [Abstract]
Balance at Beginning of Year			$ 504,702	$ 249,573
Loan originations			55,018	329,155
Principal repayments			(47,036)	(74,478)
Amortization of loan origination and deferred exit fees			1,094	2,403
Sale of commercial loan	$ (10,000)		(10,000)
Origination fees received on commercial loans				(1,951)
Provision for loan losses		$ (1,265)	(5,765)
Deferred interest capitalized on commercial loan			128
Balance at End of Period		$ 498,141	$ 498,141	$ 504,702

Commercial Mortgage Loans Hel_6

Commercial Mortgage Loans Held for Investment - Additional Information (Details)	1 Months Ended		3 Months Ended	6 Months Ended	12 Months Ended
	May 31, 2020USD ($)Loan	Apr. 30, 2020Loan	Jun. 30, 2020USD ($)	Jun. 30, 2020USD ($)LoanRating	Dec. 31, 2019USD ($)LoanRating
Mortgage Loans On Real Estate [Line Items]
Commercial mortgage loans sold amount	$ 10,000,000			$ 10,000,000
Proceeds from sale of mortgage loans held for investment	9,625,000
Realized loss on sale of commercial mortgage loan	$ 375,000		$ 375,000	375,000
Allowance for loan loss			5,765,000	5,765,000	$ 0
Interest income for impaired loans			71,000	$ 606,000
Initial risk rating for commercial mortgage loans held for investment and real estate securities | Rating				2	2
Number of loans risk rated two | Loan				24	30
Number of loans risk rated three | Loan				5	2
Number of loans risk rated four | Loan				2
Number of loans risk rated five | Loan				2
Number of loans modified on hospitality property | Loan		1
Credit Loans [Member]
Mortgage Loans On Real Estate [Line Items]
Number of loans sold | Loan	1
Impairment charges on loans				$ 1,500,000
Number of loans impaired | Loan				1
Allowance for loan loss			1,500,000	$ 1,500,000
Credit Loans [Member] | Florida [Member]
Mortgage Loans On Real Estate [Line Items]
Impairment charges on loans				1,500,000
Investment in loans, net of allowance for loan loss			1,500,000	1,500,000
Investment in loans, gross			3,000,000	3,000,000
Allowance for loan loss			1,500,000	1,500,000
First Mortgage Loans [Member]
Mortgage Loans On Real Estate [Line Items]
Impairment charges on loans				$ 4,265,000
Number of loans impaired | Loan				1
Allowance for loan loss			4,265,000	$ 4,265,000
First Mortgage Loans [Member] | Illinois [Member]
Mortgage Loans On Real Estate [Line Items]
Impairment charges on loans				$ 4,265,000
Number of loans impaired | Loan				1
Investment in loans, net of allowance for loan loss			20,374,000	$ 20,374,000
Investment in loans, gross			24,639,000	24,639,000
Allowance for loan loss			$ 4,265,000	$ 4,265,000

Commercial Mortgage Loans Hel_7

Commercial Mortgage Loans Held for Investment - Schedule of Allowance for Loan Losses (Details) - USD ($)	3 Months Ended	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2020
Mortgage Loans On Real Estate [Abstract]
Beginning of period		$ 0
Provision for loan losses	$ (1,265,000)	(5,765,000)
Ending allowance for loan losses	$ (5,765,000)	$ (5,765,000)

Commercial Mortgage Loans Hel_8

Commercial Mortgage Loans Held for Investment - Summary of Investment Grade of Loans Loss (Details) - Commercial Mortgage Loans	6 Months Ended
	Jun. 30, 2020
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.

Real Estate Securities - Summar

Real Estate Securities - Summary of Company's Real Estate Securities (Details)	6 Months Ended	12 Months Ended
	Jun. 30, 2020USD ($)Investment	Dec. 31, 2019USD ($)Investment
Schedule Of Available For Sale Securities [Line Items]
Real estate securities at fair value	$ 73,903,000	$ 157,869,000
Real Estate Securities
Schedule Of Available For Sale Securities [Line Items]
Number of Positions | Investment	11	17
Weighted Average Interest Rate	3.40%	5.00%
Weighted Average Years to Maturity	9 months 18 days	1 year
Par Value	$ 92,994,000	$ 158,440,000
Amortized Cost	93,016,000	158,080,000
Unrealized Gains		104,000
Unrealized Losses	(19,113,000)	(315,000)
Real estate securities at fair value	$ 73,903,000	$ 157,869,000
Real Estate Securities | AAA
Schedule Of Available For Sale Securities [Line Items]
Number of Positions | Investment	2	3
Collateral	Hospitality, Office	Hospitality, Office
Weighted Average Interest Rate	1.00%	2.60%
Weighted Average Years to Maturity	7 months 6 days	6 months
Par Value	$ 15,000,000	$ 19,113,000
Amortized Cost	15,000,000	19,081,000
Unrealized Losses	(1,068,000)	(43,000)
Real estate securities at fair value	$ 13,932,000	$ 19,038,000
Real Estate Securities | AA-
Schedule Of Available For Sale Securities [Line Items]
Number of Positions | Investment	1	1
Collateral	Hospitality	Hospitality
Weighted Average Interest Rate	1.20%	2.80%
Weighted Average Years to Maturity	10 months 24 days	4 months 24 days
Par Value	$ 2,000,000	$ 2,000,000
Amortized Cost	2,000,000	1,999,000
Unrealized Losses	(155,000)	(11,000)
Real estate securities at fair value	$ 1,845,000	$ 1,988,000
Real Estate Securities | BB-
Schedule Of Available For Sale Securities [Line Items]
Number of Positions | Investment	6	9
Collateral	Retail, Hospitality, Mixed Use, Office	Retail, Hospitality, Mixed Use, Office
Weighted Average Interest Rate	3.20%	4.40%
Weighted Average Years to Maturity	10 months 24 days	1 year 3 months 18 days
Par Value	$ 48,419,000	$ 72,052,000
Amortized Cost	48,441,000	72,033,000
Unrealized Gains		104,000
Unrealized Losses	(9,594,000)	(81,000)
Real estate securities at fair value	$ 38,847,000	$ 72,056,000
Real Estate Securities | BBB-
Schedule Of Available For Sale Securities [Line Items]
Number of Positions | Investment		1
Collateral		Multifamily
Weighted Average Interest Rate		3.40%
Weighted Average Years to Maturity		1 year 6 months
Par Value		$ 10,000,000
Amortized Cost		10,000,000
Real estate securities at fair value		$ 10,000,000
Real Estate Securities | Unrated
Schedule Of Available For Sale Securities [Line Items]
Number of Positions | Investment	2	3
Collateral	Hospitality	Hospitality
Weighted Average Interest Rate	5.20%	7.00%
Weighted Average Years to Maturity	10 months 24 days	8 months 12 days
Par Value	$ 27,575,000	$ 55,275,000
Amortized Cost	27,575,000	54,967,000
Unrealized Losses	(8,296,000)	(180,000)
Real estate securities at fair value	$ 19,279,000	$ 54,787,000

Real Estate Securities - Additi

Real Estate Securities - Additional Information (Details) $ in Thousands	3 Months Ended	6 Months Ended		12 Months Ended
	Jun. 30, 2020USD ($)Investment	Jun. 30, 2020USD ($)RatingInvestmentSecurity	Jun. 30, 2019USD ($)	Dec. 31, 2019USD ($)RatingInvestment
Schedule Of Available For Sale Securities [Line Items]
Carrying value of investments	$ 73,903	$ 73,903		$ 157,869
Real estate securities sold		$ 43,928	$ 9,211
Real Estate Securities
Schedule Of Available For Sale Securities [Line Items]
Number of investments | Investment	11	11		17
Carrying value of investments	$ 73,903	$ 73,903		$ 157,869
Net unrealized loss		19,113		$ 211
Realized loss	19,288	19,288	43
Real estate securities sold	$ 43,928	$ 43,928	$ 9,211
Weighted average risk rating | Rating				2
Commercial Mortgage Backed Securities Interest Risk Rating Two
Schedule Of Available For Sale Securities [Line Items]
Weighted average risk rating | Rating		2
Number of commercial mortgage backed securities | Security		3
Commercial Mortgage Backed Securities Interest Risk Rating Three
Schedule Of Available For Sale Securities [Line Items]
Weighted average risk rating | Rating		3
Number of commercial mortgage backed securities | Security		7
Commercial Mortgage Backed Securities Internal Risk Rating Four
Schedule Of Available For Sale Securities [Line Items]
Weighted average risk rating | Rating		4
Number of commercial mortgage backed securities | Security		1

Repurchase Agreements - Additio

Repurchase Agreements - Additional Information (Details)	May 06, 2019USD ($)	Mar. 31, 2020	Jun. 30, 2020USD ($)Agreement	Jan. 31, 2019USD ($)	Aug. 31, 2018USD ($)	Feb. 15, 2018USD ($)
Real Estate Securities
Repurchase Agreement [Line Items]
Number of master repurchase agreements | Agreement			2
CF Repo Facility | Commercial Mortgage Loans
Repurchase Agreement [Line Items]
Repurchase agreement, maximum advance amount			$ 300,000,000	$ 250,000,000	$ 175,000,000	$ 100,000,000
Expiration date of repurchase agreement			Jun. 30, 2020
Extended maturity date		2021-02
CF Repo Facility | Commercial Mortgage Loans | London Interbank Offered Rate
Repurchase Agreement [Line Items]
LIBOR spread		2.00%
JP Morgan Repo Facility | Commercial Mortgage Loans
Repurchase Agreement [Line Items]
Repurchase agreement, maximum advance amount	$ 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
JP Morgan Repo Facility | Commercial Mortgage Loans | London Interbank Offered Rate | Minimum [Member]
Repurchase Agreement [Line Items]
LIBOR spread	1.75%
JP Morgan Repo Facility | Commercial Mortgage Loans | London Interbank Offered Rate | Maximum
Repurchase Agreement [Line Items]
LIBOR spread	2.50%

Repurchase Agreements - Schedul

Repurchase Agreements - Schedule of Outstanding Repurchase Agreements (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2020	Dec. 31, 2019
Assets Sold Under Agreements To Repurchase [Line Items]
Accrued Interest Payable	$ 341	$ 652
Commercial Mortgage Loans
Assets Sold Under Agreements To Repurchase [Line Items]
Amount Outstanding	45,328	107,489
Accrued Interest Payable	86	168
Collateral Pledged	$ 93,464	$ 149,164
Weighted Average Interest Rate	4.07%	3.14%
Weighted Average Days to Maturity	34 days	11 days
CF Repo Facility | Commercial Mortgage Loans
Assets Sold Under Agreements To Repurchase [Line Items]
Committed Financing	$ 300,000	$ 250,000
Amount Outstanding	183,042	224,590
Accrued Interest Payable	145	327
Collateral Pledged	$ 257,451	$ 304,708
Weighted Average Interest Rate	2.18%	3.74%
Weighted Average Days to Maturity	227 days	318 days
JPM Repo Facility | Commercial Mortgage Loans
Assets Sold Under Agreements To Repurchase [Line Items]
Committed Financing	$ 150,000	$ 150,000
Amount Outstanding	144,953	111,295
Accrued Interest Payable	110	157
Collateral Pledged	$ 206,061	$ 153,194
Weighted Average Interest Rate	2.10%	3.63%
Weighted Average Days to Maturity	310 days	492 days
Repo Facility | Commercial Mortgage Loans
Assets Sold Under Agreements To Repurchase [Line Items]
Committed Financing	$ 450,000	$ 400,000
Amount Outstanding	327,995	335,885
Accrued Interest Payable	255	484
Collateral Pledged	$ 463,512	$ 457,902
Weighted Average Interest Rate	2.15%	3.70%
Weighted Average Days to Maturity	264 days	376 days

Repurchase Agreements - Sched_2

Repurchase Agreements - Schedule of Outstanding Repurchase Agreements (Parenthetical) (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Commercial Mortgage Loans | Repo Facility
Assets Sold Under Agreements To Repurchase [Line Items]
Unamortized debt issuance costs	$ 67	$ 80

Stockholders' Equity - Schedule

Stockholders' Equity - Schedule of Change in Outstanding Shares Including Restricted Common Stock (Details) - shares	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Class P Common Stock
Class Of Stock [Line Items]
Beginning balance	10,182,305	5,940,744
Issuance of shares		3,495,435
Issuance of restricted shares		2,400
Redemptions	(30,518)	(3,586)
Ending balance	10,151,787	9,434,993
Class A Common Stock
Class Of Stock [Line Items]
Beginning balance	272,006
Issuance of shares	379,250
Distribution reinvestment	2,310
Ending balance	653,566	0
Class T Common Stock
Class Of Stock [Line Items]
Beginning balance	121,718
Issuance of shares	274,570
Distribution reinvestment	963
Ending balance	397,251	0
Class S Common Stock
Class Of Stock [Line Items]
Beginning balance	0
Ending balance	0	0
Class D Common Stock
Class Of Stock [Line Items]
Beginning balance	41,538
Issuance of shares	8,066
Distribution reinvestment	477
Ending balance	50,081	0
Class I Common Stock
Class Of Stock [Line Items]
Beginning balance	100,743
Issuance of shares	276,250
Distribution reinvestment	1,309
Ending balance	378,302	0

Stockholders' Equity - Addition

Stockholders' Equity - Additional Information (Details) - USD ($)	Mar. 01, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019	Jul. 31, 2019	Feb. 29, 2020	Dec. 31, 2019	Dec. 31, 2018
Class Of Stock [Line Items]
Distributions payable		$ 1,405,000		$ 1,405,000			$ 1,699,000
Distributions declared		$ 3,977,000	$ 3,525,000	$ 7,148,000
Common Stock
Class Of Stock [Line Items]
Distributions payable							$ 1,699,000
Distributions declared	$ 0
Class P Common Stock
Class Of Stock [Line Items]
Daily distribution amount					$ 0.005260274
Annualized gross distribution per share					$ 1.92	$ 1.92
Gross monthly distribution amount						0.16
Common stock, shares outstanding		9,434,993	10,151,787	9,434,993			10,182,305	5,940,744
Class A Common Stock
Class Of Stock [Line Items]
Annualized gross distribution per share						1.62
Gross monthly distribution amount						0.135
Common stock, shares outstanding		0	653,566	0			272,006
Class T Common Stock
Class Of Stock [Line Items]
Annualized gross distribution per share						1.62
Gross monthly distribution amount						0.135
Common stock, shares outstanding		0	397,251	0			121,718
Class D Common Stock
Class Of Stock [Line Items]
Annualized gross distribution per share						1.62
Gross monthly distribution amount						0.135
Common stock, shares outstanding		0	50,081	0			41,538
Class I Common Stock
Class Of Stock [Line Items]
Annualized gross distribution per share						1.62
Gross monthly distribution amount						$ 0.135
Common stock, shares outstanding		0	378,302	0			100,743
Class S Common Stock
Class Of Stock [Line Items]
Common stock, shares outstanding		0	0	0			0

Stockholders' Equity - Schedu_2

Stockholders' Equity - Schedule of Aggregate Distributions Declared for Applicable Class of Common Stock (Details)	6 Months Ended
	Jun. 30, 2020$ / shares
Class P Common Stock
Distributions Declared [Line Items]
Aggregate gross distributions declared per share	$ 0.3200
Net distributions declared per share	0.3200
Class A Common Stock
Distributions Declared [Line Items]
Aggregate gross distributions declared per share	0.2700
Net distributions declared per share	0.2700
Class T Common Stock
Distributions Declared [Line Items]
Aggregate gross distributions declared per share	0.2700
Stockholder servicing fee per share	0.0349
Net distributions declared per share	0.2351
Class D Common Stock
Distributions Declared [Line Items]
Aggregate gross distributions declared per share	0.2700
Stockholder servicing fee per share	0.0103
Net distributions declared per share	0.2597
Class I Common Stock
Distributions Declared [Line Items]
Aggregate gross distributions declared per share	0.2700
Net distributions declared per share	$ 0.2700

Net (Loss) Income Per Share - A

Net (Loss) Income Per Share - Additional information (Details) - shares	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Earnings Per Share [Abstract]
Antidilutive restricted shares	0	0	214	0

Net (Loss) Income Per Share - S

Net (Loss) Income Per Share - Summary of Basic and Diluted Net (Loss) Income Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Earnings Per Share [Abstract]
Net income (loss)	$ 1,006	$ 2,484	$ (36,852)	$ 6,105
Weighted average shares outstanding, basic	11,630,987	8,287,246	11,490,217	7,486,495
Dilutive effect of restricted stock	317	234		133
Weighted average shares outstanding, diluted	11,631,304	8,287,480	11,490,217	7,486,628
Net income (loss) per share, basic and diluted	$ 0.09	$ 0.30	$ (3.21)	$ 0.82

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Details) $ in Thousands	Jun. 30, 2020USD ($)Loan	Dec. 31, 2019USD ($)Loan
Commitments And Contingencies Disclosure [Abstract]
Number of commercial real estate loans | Loan	22	22
Commercial real estate, remaining future funding commitment | $	$ 59,278	$ 54,620

Segment Reporting - Additional

Segment Reporting - Additional Information (Details) - Segment	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Segment Reporting [Abstract]
Number of reportable segment	1	1

Transactions with Related Par_3

Transactions with Related Parties - Additional Information (Details) - USD ($)	1 Months Ended	6 Months Ended
	Nov. 30, 2016	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2019	Jul. 17, 2019
Related Party Transaction [Line Items]
Proceeds from issuance of common stock		$ 24,261,000	$ 94,316,000
Class P Common Stock
Related Party Transaction [Line Items]
Common stock, shares, issued		10,151,787		10,182,305
Common stock, purchase price per share					$ 25
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 Company’s 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 SRP 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 Company’s 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 SRP 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, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2019
Related Party Transaction [Line Items]
Advisory fee	$ 1,557	$ 1,954	$ 2,401	$ 3,485
Accrued stockholder servicing fee			433
Total, payable	1,988		1,988		$ 698
Advisor
Related Party Transaction [Line Items]
Organization and offering expense reimbursement	10	155	70	267
Selling commissions and dealer manager fee		3,132	758	5,617
Advisory fee	1,557	1,954	2,401	3,485
Loan fees	299		1,093
Accrued stockholder servicing fee			446
Operating expense reimbursement to advisor		3		5
Total	1,866	$ 5,244	4,768	$ 9,374
Organization and offering expense reimbursement, payable					17
Advisory fee, payable	519		519
Loan fees, payable	763		763		408
Accrued stockholder servicing fee, payable	706		706		273
Total, payable	$ 1,988		$ 1,988		$ 698

Transactions with Related Par_5

Transactions with Related Parties - Summary of Related Party Transactions (Parenthetical) (Details) - Advisor - USD ($) $ in Thousands	Jul. 17, 2019	Jul. 16, 2019	Apr. 29, 2019	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2020	Apr. 28, 2019
Related Party Transaction [Line Items]
Percentage of gross proceeds from issuance of initial public offering						15.00%
Percentage of average aggregate value of assets - Prior Advisory Agreement					1.50%
Percentage of excess total return			20.00%	20.00%	20.00%
Percentage of gross value of assets, paid quarterly		0.375%
Percentage of gross value of assets, paid monthly	0.104%
Fixed component of advisory fees waived				$ 874
Class T Common Stock
Related Party Transaction [Line Items]
Percentage of stockholder servicing fees on net asset value				0.85%
Class S Common Stock
Related Party Transaction [Line Items]
Aggregate percentage of stockholder servicing fees on net asset value				0.85%
Class D and Class I Common Stock
Related Party Transaction [Line Items]
Percentage of upfront selling commission				0.00%
Percentage of upfront dealer manager fee				0.00%
Class D Common Stock
Related Party Transaction [Line Items]
Aggregate percentage of stockholder servicing fees on net asset value				0.25%
Initial Public Offering | Class T Common Stock
Related Party Transaction [Line Items]
Percentage of upfront dealer manager fee				0.50%
Maximum
Related Party Transaction [Line Items]
Percentage of aggregate total return							15.00%	15.00%
Percentage of net asset value of assets, paid monthly	0.208%
Maximum | Private Offering | Class P Common Stock
Related Party Transaction [Line Items]
Percentage of selling commission		5.00%
Percentage of dealer manager fee		3.00%
Maximum | Initial Public Offering | Class A Common Stock
Related Party Transaction [Line Items]
Percentage of upfront selling commission				6.00%
Percentage of upfront dealer manager fee				1.25%
Percentage of participation dealers fee				7.25%
Maximum | Initial Public Offering | Class T Common Stock
Related Party Transaction [Line Items]
Percentage of upfront selling commission				3.00%
Percentage of participation dealers fee				3.50%
Maximum | Initial Public Offering | Class S Common Stock
Related Party Transaction [Line Items]
Percentage of upfront selling commission				3.50%
Minimum [Member]
Related Party Transaction [Line Items]
Minimum percentage to earn performance component of advisory fee							7.00%	7.00%

Equity-Based Compensation - Add

Equity-Based Compensation - Additional Information (Details)	Dec. 02, 2019USD ($)Director$ / sharesshares	Jan. 07, 2019USD ($)Director$ / sharesshares	Mar. 01, 2018USD ($)Director$ / sharesshares	Jun. 30, 2020USD ($)	Jun. 30, 2019USD ($)	Jun. 30, 2020USD ($)	Jun. 30, 2019USD ($)shares
RSP | Restricted Shares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Fair value of restricted shares at vesting date | $				$ 0	$ 0	$ 17,000	$ 10,000
RSP | Restricted Shares | Independent Directors
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting period						3 years
Compensation expense | $				8,000	$ 5,000	$ 16,000	$ 10,000
Unrecognized compensation cost | $				$ 46,000		$ 46,000
Weighted average remaining period that compensation expense recognizable						1 year 6 months 14 days
Class P Common Stock
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of restricted shares							2,400
Class P Common Stock | RSP | Restricted Shares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of independent directors | Director		3	3
Grant date fair value of restricted shares | $ / shares		$ 25	$ 25
Restricted shares value | $		$ 30,000	$ 30,000
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
Class P Common Stock | RSP | Restricted Shares | Year 1
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Restricted shares award vest percentage		33.33%	33.33%
Class P Common Stock | RSP | Restricted Shares | Year 2
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Restricted shares award vest percentage		33.33%	33.33%
Class P Common Stock | RSP | Restricted Shares | Year 3
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Restricted shares award vest percentage		33.33%	33.33%
Class P Common Stock | RSP | Restricted Shares | Independent Director One
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of restricted shares		400	400
Class P Common Stock | RSP | Restricted Shares | Independent Director Two
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of restricted shares		400	400
Class P Common Stock | RSP | Restricted Shares | Independent Director Three
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of restricted shares		400	400
Class P Common Stock | RSP | Restricted Shares | Independent Directors
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of restricted shares		1,200	1,200
Class I Common Stock | RSP | Restricted Shares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of independent directors | Director	3
Grant date fair value of restricted shares | $ / shares	$ 25.07
Restricted shares value | $	$ 30,000
Restricted shares description	The restricted Class I shares vest in equal one-third increments on December 2, 2020, 2021 and 2022
Class I Common Stock | RSP | Restricted Shares | Year 1
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Restricted shares award vest percentage	33.33%
Class I Common Stock | RSP | Restricted Shares | Year 2
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Restricted shares award vest percentage	33.33%
Class I Common Stock | RSP | Restricted Shares | Year 3
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Restricted shares award vest percentage	33.33%
Class I Common Stock | RSP | Restricted Shares | Independent Director One
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of restricted shares	399
Class I Common Stock | RSP | Restricted Shares | Independent Director Two
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of restricted shares	399
Class I Common Stock | RSP | Restricted Shares | Independent Director Three
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of restricted shares	399
Class I Common Stock | RSP | Restricted Shares | Independent Directors
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of restricted shares	1,197

Equity-Based Compensation - Sum

Equity-Based Compensation - Summary of the Restricted Shares (Details) - Restricted Shares	6 Months Ended
	Jun. 30, 2020$ / sharesshares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Outstanding beginning balance, Shares | shares	3,197
Vested, Shares | shares	(800)
Outstanding ending balance, Shares | shares	2,397
Outstanding beginning balance, Weighted average grant date fair value per share | $ / shares	$ 25.02
Vested, Weighted average grant date fair value per share | $ / shares	25
Outstanding ending balance, Weighted average grant date fair value per share | $ / shares	$ 25.03

Fair Value of Financial Instr_3

Fair Value of Financial Instruments - Financial Instruments Measured on Recurring Basis and Carried at Fair Value in Consolidated Balance Sheets (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Real estate securities at fair value	$ 73,903	$ 157,869
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	73,903	157,869
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	$ 73,903	$ 157,869

Fair Value of Financial Instr_4

Fair Value of Financial Instruments - Additional Information (Details)	3 Months Ended		6 Months Ended
	Jun. 30, 2020USD ($)	Jun. 30, 2019USD ($)	Jun. 30, 2020USD ($)Loan	Jun. 30, 2019USD ($)
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
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
First Mortgage Loans [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Impairment charges on loans			$ 4,265,000
Number of loans impaired | Loan			1
Credit Loans [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Impairment charges on loans			$ 1,500,000
Number of loans impaired | Loan			1

Fair Value of Financial Instr_5

Fair Value of Financial Instruments - Financial Instruments Measured on Non-Recurring Basis and Carried at Fair Value in Consolidated Balance Sheet (Details) - Fair Value Measurements, Non-recurring $ in Thousands	Jun. 30, 2020USD ($)
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Impaired first mortgage loan	$ 20,235
Impaired credit loan	1,500
Level III
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Impaired first mortgage loan	20,235
Impaired credit loan	$ 1,500

Fair Value of Financial Instr_6

Fair Value of Financial Instruments - Schedule of Valuation Methods and Significant Unobservable Inputs Used to Value Level 3 (Details) - Fair Value Measurements, Non-recurring - Market Approach $ in Thousands	Jun. 30, 2020USD ($)
Appraised Value | Impaired First Mortgage Loan
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Range of quantitative values	$ 21,600
Costs to Foreclose and Sell | Impaired First Mortgage Loan
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Range of quantitative values	$ 1,365
Market Price of Single Asset Hotel Mezzanine CMBS | Impaired Credit Loan
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Range of quantitative percentages	50.00%

Fair Value of Financial Instr_7

Fair Value of Financial Instruments - Schedule of Carrying Amount and Estimated Fair Value of Company's Financial Instruments (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Carrying Amount
Financial assets
Cash and cash equivalents	$ 39,533	$ 37,210
Restricted cash	404	429
Commercial mortgage loans, net	498,141	504,702
Total	538,078	542,341
Financial liabilities
Total	373,256	443,294
Carrying Amount | Real Estate Securities
Financial liabilities
Repurchase agreements	45,328	107,489
Carrying Amount | Commercial Mortgage Loans
Financial liabilities
Repurchase agreements	327,928	335,805
Estimated Fair Value
Financial assets
Cash and cash equivalents	39,533	37,210
Restricted cash	404	429
Commercial mortgage loans, net	505,446	511,734
Total	545,383	549,373
Financial liabilities
Total	373,256	443,294
Estimated Fair Value | Real Estate Securities
Financial liabilities
Repurchase agreements	45,328	107,489
Estimated Fair Value | Commercial Mortgage Loans
Financial liabilities
Repurchase agreements	$ 327,928	$ 335,805

Subsequent Events - Schedule of

Subsequent Events - Schedule of Authorized Distributions for Class of Common Stock (Details) - $ / shares	Jul. 30, 2020	Jun. 30, 2020
Class P Common Stock
Subsequent Event [Line Items]
Aggregate gross distributions declared per share		$ 0.3200
Class A Common Stock
Subsequent Event [Line Items]
Aggregate gross distributions declared per share		0.2700
Class T Common Stock
Subsequent Event [Line Items]
Aggregate gross distributions declared per share		0.2700
Stockholder servicing fee per share		0.0349
Class D Common Stock
Subsequent Event [Line Items]
Aggregate gross distributions declared per share		0.2700
Stockholder servicing fee per share		0.0103
Class I Common Stock
Subsequent Event [Line Items]
Aggregate gross distributions declared per share		$ 0.2700
Subsequent Event | Class P Common Stock
Subsequent Event [Line Items]
Aggregate gross distributions declared per share	$ 0.0715
Net distributions declared per share	0.0715
Subsequent Event | Class A Common Stock
Subsequent Event [Line Items]
Aggregate gross distributions declared per share	0.0715
Net distributions declared per share	0.0715
Subsequent Event | Class T Common Stock
Subsequent Event [Line Items]
Aggregate gross distributions declared per share	0.0715
Stockholder servicing fee per share	0.0155
Net distributions declared per share	0.0560
Subsequent Event | Class D Common Stock
Subsequent Event [Line Items]
Aggregate gross distributions declared per share	0.0715
Stockholder servicing fee per share	0.0045
Net distributions declared per share	0.0670
Subsequent Event | Class I Common Stock
Subsequent Event [Line Items]
Aggregate gross distributions declared per share	0.0715
Net distributions declared per share	$ 0.0715

Subsequent Events - Additional

Subsequent Events - Additional Information (Details) - USD ($) $ in Thousands	Jul. 30, 2020	Jul. 31, 2020	Jun. 30, 2020	Dec. 31, 2019
Subsequent Event [Line Items]
Cash and cash equivalents			$ 39,533	$ 37,210
Subsequent Event
Subsequent Event [Line Items]
Cash and cash equivalents		$ 33,846
Restricted cash		$ 404
Subsequent Event | Common Stock
Subsequent Event [Line Items]
Distributions record date	Jul. 31, 2020
Distributions payable date	Aug. 18, 2020