Inpoint Commercial Real Estate Income (ICR-PA) 10-K 19 Mar 21 2020 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - shares	12 Months Ended
	Dec. 31, 2020	Mar. 15, 2021
Document And Entity Information [Line Items]
Document Type	10-K
Amendment Flag	false
Document Period End Date	Dec. 31, 2020
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	FY
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 Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	true
ICFR Auditor Attestation Flag	false
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
Title of 12(g) Security	Common Stock, $0.001 par value per share
Document Annual 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		398,971
Class I Common Stock
Document And Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		383,334
Class A Common Stock
Document And Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		657,457
Class D Common Stock
Document And Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		50,624
Class S Common Stock
Document And Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		0

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($)	Dec. 31, 2020	Dec. 31, 2019
ASSETS
Cash and cash equivalents	$ 72,107,000	$ 37,210,000
Restricted cash	0	429,000
Real estate securities at fair value	0	157,869,000
Commercial mortgage loans at cost, net of allowance for loan loss of $0	441,814,000	504,702,000
Real estate owned, net of depreciation	32,474,000
Finance lease right of use asset, net of amortization	5,525,000
Deferred debt finance costs	1,001,000	1,133,000
Accrued interest receivable	1,168,000	1,822,000
Prepaid expenses and other assets	902,000	154,000
Total assets	554,991,000	703,319,000
Liabilities:
Repurchase agreements - real estate securities		107,489,000
Repurchase agreements - commercial mortgage loans	290,699,000	335,805,000
Finance lease liability	16,790,000
Loan fees payable	401,000	55,000
Due to related parties	2,093,000	698,000
Interest payable	292,000	652,000
Distributions payable	867,000	1,699,000
Accrued expenses	3,593,000	755,000
Total liabilities	314,735,000	447,153,000
Stockholders' Equity:
Additional paid in capital (net of offering costs of $24,964 and $22,718 as of December 31, 2020 and 2019, respectively)	287,498,000	265,963,000
Accumulated deficit	(47,253,000)	(9,807,000)
Total stockholders' equity	240,256,000	256,166,000
Total liabilities and stockholders’ equity	554,991,000	703,319,000
Class P Common Stock
Stockholders' Equity:
Common stock	10,000	10,000
Total stockholders' equity	10,000	10,000
Class A Common Stock
Stockholders' Equity:
Common stock	1,000	0
Total stockholders' equity	1,000
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 (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($)	Dec. 31, 2020	Dec. 31, 2019
Allowance for loan loss	$ 0	$ 0
Additional paid in capital, offering costs	$ 24,964,000	$ 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	655,835	272,006
Common stock, shares, outstanding	655,835	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	398,233	121,718
Common stock, shares, outstanding	398,233	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	50,393	41,538
Common stock, shares, outstanding	50,393	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	381,955	100,743
Common stock, shares, outstanding	381,955	100,743

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Interest income:
Interest income	$ 33,490	$ 34,290	$ 11,105
Less: Interest expense	(10,317)	(14,035)	(4,091)
Net interest income	23,173	20,255	7,014
Revenue from real estate owned	972
Total income	24,145	20,255	7,014
Operating expenses:
Advisory fee	5,528	5,632	2,540
Debt finance costs	1,331	950	456
Directors compensation	94	86	84
Professional service fees	2,031	651	356
Real estate owned operating expenses	2,709
Depreciation and amortization	405
Other expenses	921	579	243
Expense reimbursement		(359)
Total operating expenses	13,019	7,539	3,679
Other (loss) income:
Provision for loan losses	(4,726)
Realized loss on sale of commercial loan	(375)
Unrealized gain (loss) in value of real estate securities	211	1,032	(1,279)
Realized loss on the sale of real estate securities	(35,020)	(43)
Total other (loss) income	(39,910)	989	(1,279)
Net (loss) income before income taxes	(28,784)	13,705	2,056
Income tax benefit		0	(13)
Net (loss) income	$ (28,784)	$ 13,705	$ 2,069
Net (loss) income per share, basic and diluted	$ (2.49)	$ 1.53	$ 0.57
Weighted average number of shares
Basic	11,561,828	8,958,684	3,638,407
Diluted	11,561,828	8,959,035	3,638,574

CONSOLIDATED STATEMENT OF CHANG

CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS' EQUITY - USD ($)	Total	Class P Common Stock	Class A Common Stock	Class T Common Stock	Class D Common Stock	Class I Common Stock	Additional Paid in Capital	Accumulated Deficit
Balance at Dec. 31, 2017	$ 41,985,000	$ 2,000					$ 43,428,000	$ (1,445,000)
Proceeds from issuance of common stock	114,070,000	4,000					114,066,000
Offering costs	(8,806,000)						(8,806,000)
Net income (loss)	2,069,000							2,069,000
Distributions declared	(7,008,000)	(7,008,000)	$ 0	$ 0	$ 0	$ 0		(7,008,000)
Redemptions	(46,000)						(46,000)
Equity-based compensation	8,000						8,000
Balance at Dec. 31, 2018	142,272,000	6,000					148,650,000	(6,384,000)
Proceeds from issuance of common stock	130,164,000	4,000					130,160,000
Offering costs	(10,993,000)						(10,993,000)
Net income (loss)	13,705,000							13,705,000
Distributions declared	(17,128,000)	(16,967,000)	(82,000)	(40,000)	(12,000)	(27,000)		(17,128,000)
Distribution reinvestment	37,000						37,000
Redemptions	(1,911,000)						(1,911,000)
Equity-based compensation	20,000						20,000
Balance at Dec. 31, 2019	256,166,000	10,000					265,963,000	(9,807,000)
Proceeds from issuance of common stock	24,269,000		1,000				24,268,000
Offering costs	(2,246,000)						(2,246,000)
Net income (loss)	(28,784,000)							(28,784,000)
Distributions declared	(8,662,000)	(7,768,000)	(419,000)	$ (213,000)	$ (33,000)	$ (229,000)		(8,662,000)
Distribution reinvestment	245,000						245,000
Redemptions	(763,000)						(763,000)
Equity-based compensation	31,000						31,000
Balance at Dec. 31, 2020	$ 240,256,000	$ 10,000	$ 1,000				$ 287,498,000	$ (47,253,000)

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Cash flows from operating activities
Net (loss) income	$ (28,784)	$ 13,705	$ 2,069
Adjustments to reconcile net income (loss) to cash provided by operations:
Net realized loss on real estate securities	35,020	43
Net unrealized (gain) loss on real estate securities	(211)	(1,032)	1,279
Provision for loan losses	4,726
Realized loss on sale of commercial loan	375
Depreciation and amortization expense	429
Amortization of equity-based compensation	31	20	8
Amortization of debt finance costs to operating expense	1,331	950	456
Amortization of debt finance costs to interest expense	79	80	56
Amortization of bond discount	(307)	(808)	(369)
Amortization of origination fees	(1,534)	(1,779)	(380)
Amortization of deferred exit fees	62	(624)	(144)
Changes in assets and liabilities:
Accrued interest receivable	268	(828)	(852)
Accrued expenses	487	1,059	(515)
Loan fees payable	346	(45)	60
Accrued interest payable	(397)	226	404
Due to related parties	648	(758)	1,174
Prepaid expenses and other assets	(571)	(131)	(18)
Net cash provided by operating activities	11,998	10,078	3,228
Cash flows from investing activities:
Origination of commercial loans	(69,135)	(329,155)	(219,274)
Origination fees received on commercial loans		1,951	2,319
Principal repayments of commercial loans	99,727	74,478
Proceeds from sale of commercial loan	9,625
Acquisition of real estate owned	347
Purchase of real estate securities		(76,277)	(69,767)
Real estate securities sold	121,189	9,211	2,996
Real estate securities principal pay-down	2,178	2,212	636
Net cash provided by (used in) investing activities	163,931	(317,580)	(283,090)
Cash flows from financing activities:
Proceeds from issuance of common stock	24,269	130,164	114,070
Redemptions of common stock	(763)	(1,911)	(46)
Payment of offering costs	(1,844)	(10,720)	(8,806)
Proceeds from repurchase agreements	578,182	1,309,146	668,045
Principal repayments of repurchase agreements	(730,830)	(1,092,052)	(458,877)
Debt finance costs	(1,224)	(1,650)	(1,107)
Distributions paid	(9,251)	(16,333)	(6,326)
Net cash (used in) provided by financing activities	(141,461)	316,644	306,953
Net change in cash, cash equivalents and restricted cash	34,468	9,142	27,091
Cash, cash equivalents and restricted cash at beginning of period	37,639	28,497	1,406
Cash, cash equivalents and restricted cash at end of period	72,107	37,639	28,497
Supplemental disclosure of cash flow information:
Change in deferred offering costs and accrued offering expenses, included in due to related parties		(498)	(1,005)
Amortization of deferred exit fees due to related party	346
Interest paid	10,677	13,810	3,688
Distributions payable	867	1,699	$ 941
Deferred interest capitalized on commercial loan	386
Transfer of commercial loan on deed-in-lieu of foreclosure to real estate owned	19,774
Accrued stockholder servicing fee due to related party	401	273
Distribution reinvestment	$ 245	$ 37

Organization and Business Opera

Organization and Business Operations	12 Months Ended
	Dec. 31, 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 meetings; 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. The Company continued to accept Private Offering subscription proceeds through July 16, 2019 from subscription agreements executed no later than June 28, 2019. The Company 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 common shares and 50,000,000 shares of preferred stock, and (ii) to modify the aggregate par value of all authorized shares of stock from $500 to $3,050. On April 29, 2019, the Company also filed articles supplementary with SDAT to reclassify and designate: (i) 500,000,000 authorized but unissued Class P common shares as Class A common shares; (ii) 500,000,000 authorized but unissued Class P common shares as Class D common shares; (iii) 500,000,000 authorized but unissued Class P common shares as Class I common shares; (iv) 500,000,000 authorized but unissued Class P common shares as Class S common shares; and (v) 500,000,000 authorized but unissued Class P common shares as Class T common shares. 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 plan (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. Though 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 resumed calculation of the NAV beginning as of June 30, 2020. In August 2020 the Company resumed paying distributions monthly to stockholders of record for all classes of its common stock. On October 1, 2020, the SEC declared effective the Company’s post-effective amendment to the Registration Statement thereby permitting the Company to resume offers and sales of shares of common stock in the IPO, including through the DRP. Please refer to “Note 15 – Subsequent Events” and Part II, “Item 1A – Risk Factors” for updates to the Company’s business after December 31, 2020 and risk factors related to the COVID-19 pandemic, respectively.

Summary of Significant Accounti

Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2020
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Note 2 – Summary of Significant Accounting Policies Basis of Accounting The accompanying consolidated financial statements and related footnotes have been prepared in conformity with U.S. generally accepted accounting principles (“GAAP”) and require management to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the financial statements and the reported amounts of income and expenses during the reported periods. Actual results could differ from such estimates. Principles of Consolidation The Company consolidates all entities that the Company controls through either majority ownership or voting rights. The accompanying consolidated financial statements include the accounts of the Company and the Operating Partnership. All intercompany accounts and transactions have been eliminated in consolidation. In determining whether the Company has a controlling financial interest in a joint venture and the requirement to consolidate the accounts of that entity, management considers factors such as ownership interest, authority to make decisions and contractual and substantive participating rights of the other partners or members as well as whether the entity is a variable interest entity (“VIE”) for which the Company is the primary beneficiary. The Company has determined the Operating Partnership is a VIE of which the Company is the primary beneficiary. Substantially all of the Company’s assets and liabilities are held by the Operating Partnership. Cash, Cash Equivalents and Restricted Cash Cash and cash equivalents include funds on deposit with financial institutions, including demand deposits with financial institutions with original maturities of three months or less. The account balance may exceed the Federal Deposit Insurance Corporation (“FDIC”) insurance coverage limits and, as a result, there could be a concentration of credit risk related to amounts on deposit in excess of FDIC insurance coverage limits. The Company believes that the risk will not be significant, as the Company does not anticipate the financial institutions’ non-performance. Restricted cash represents cash the Company is required to hold in a segregated account. As of December 31, 2019, the restricted cash was held as additional collateral on real estate securities repurchase agreements. As of December 31, 2020, there is no restricted cash held. 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 consolidated statements of cash flows: December 31, 2020 2019 Cash and cash equivalents $ 72,107 $ 37,210 Restricted cash — 429 Total cash, cash equivalents, and restricted cash $ 72,107 $ 37,639 Real Estate Securities at Fair Value The Company’s real estate securities are comprised of CMBS and are accounted for in accordance with ASC Topic 320, Investments — Debt and Equity Securities ASC Topic 825 , Financial Instruments The Company records its transactions in securities on a trade date basis and recognizes realized gains and losses on securities transactions on an identified cost basis. Commercial Mortgage Loans Held for Investment and Allowance for Loan Losses Commercial mortgage loans are held for investment purposes and are anticipated to be held until maturity. Accordingly, they are carried at cost, net of unamortized loan fees and origination costs, and premiums or discounts. Commercial mortgage loans that are deemed to be impaired will be carried at amortized cost less a specific allowance for loan losses. Interest income is recorded on the accrual basis and related discounts, premiums and net deferred fees or costs on investments are amortized over the life of the investment using the effective interest method. Amortization is reflected as an adjustment to interest income in the Company’s consolidated statements of operations. Upon measurement of impairment, the Company records an allowance for loan losses to reduce the carrying value of the loan with a corresponding charge through the provision for loan losses on the Company’s consolidated statements of operations. The allowance for loan losses reflects management's estimate of loan losses inherent in the loan portfolio as of the balance sheet date. The Company uses a uniform process for determining its allowance for loan losses. The allowance for loan losses includes an asset-specific component and may include a general, formula-based component when the portfolio is determined to be of sufficient size to warrant such a reserve. The asset-specific reserve component relates to reserves for losses on individual impaired loans. The Company considers a loan to be impaired when, based upon current information and events, it believes that it is probable that the Company will be unable to collect all amounts due under the contractual terms of the loan agreement. This assessment is made on an individual loan basis each quarter based on such factors as payment status, lien position, borrower financial resources and investment in collateral, collateral type, project economics and geographic location, as well as national and regional economic factors. A reserve is established for an impaired loan when the present value of payments expected to be received, observable market prices or the estimated fair value of the collateral (for loans that are dependent on the collateral for repayment) is lower than the carrying value of that loan. For collateral dependent impaired loans, impairment is measured using the estimated fair value of collateral less the estimated cost to sell. Valuations are performed or obtained at the time a loan is determined to be impaired and designated non-performing, and they are updated if circumstances indicate that a significant change in value has occurred. The Advisor generally will use the income approach through internally developed valuation models to estimate the fair value of the collateral for such loans. In more limited cases, the Advisor will obtain external “as is” appraisals for loan collateral, generally when third party participations exist. General reserves are recorded when (i) available information as of each balance sheet date indicates that it is probable a loss has occurred in the portfolio and (ii) the amount of the loss can be reasonably estimated. The Company’s policy is to estimate loss rates based on actual losses experienced, if any, or based on historical realized losses experienced in the industry if the Company has not experienced any losses. Current collateral and economic conditions affecting the probability and severity of losses are taken into account when establishing the allowance for loan losses. The Company performs a comprehensive analysis of its loan portfolio and assigns risk ratings to loans that incorporate management's current judgments about their credit quality based on all known and relevant internal and external factors that may affect collectability. The Company considers, among other things, payment status, lien position, borrower financial resources and investment in collateral, collateral type, project economics and geographic location, as well as national and regional economic factors. This methodology results in loans being segmented by risk classification into risk rating categories that are associated with estimated probabilities of default and principal loss. Ratings range from “1” to “5” with “1” representing the lowest risk of loss and “5” representing the highest risk of loss. Loans are generally placed on non-accrual status when principal or interest payments are past due 90 days or more or when there is reasonable doubt that principal or interest will be collected in full. Accrued and unpaid interest is generally reversed against interest income in the period the loan is placed on non-accrual status. Interest payments received on non-accrual loans may be recognized as income or applied to principal depending upon management's judgment regarding the borrower's ability to make pending principal and interest payments. Non-accrual loans are restored to accrual status when past due principal and interest is paid and, in management's judgment, are likely to remain current. The Company may make exceptions to placing a loan on non-accrual status if the loan has sufficient collateral value and is in the process of collection. As of December 31, 2020 and 2019, the Company had $441,814 and $504,702 of commercial mortgage loans held for investment, respectively. The Company has not recorded any allowance for loan losses as the Company did not consider a loan loss to be probable. Interest Income Interest income on CMBS, which includes accretion of discounts and amortization of premiums on such CMBS, and on commercial loans, which includes origination fees paid by borrowers, is recognized over the life of the investment using the effective interest method. Management estimates, at the time of purchase, the future expected cash flows and determines the effective interest rate based on these estimated cash flows and the Company’s purchase price. As needed, these estimated cash flows are updated and a revised yield is computed based on the current amortized cost of the investment. In estimating these cash flows, there are a number of assumptions that are subject to uncertainties and contingencies, including the rate and timing of principal payments (prepayments, repurchases, defaults and liquidations), the pass through or coupon rate and interest rate fluctuations. In addition, management must use its judgment to estimate interest payment shortfalls due to delinquencies on the underlying mortgage loans. These uncertainties and contingencies are difficult to predict and are subject to future events that may impact management’s estimates and the Company’s interest income. Real Estate Owned Real estate owned (“REO”) represents real estate acquired by the Company through foreclosure, deed-in-lieu of foreclosure, or purchase. For real estate acquired by the Company through foreclosure or deed-in-lieu of foreclosure, REO assets are recorded at fair value at acquisition and are presented net of accumulated depreciation. For REO assets acquired through purchase, REO assets are recorded at cost at acquisition and are presented net of accumulated depreciation. REO assets are depreciated using the straight-line method over estimated useful lives of up to 40 years for buildings and improvements and up to 15 years for furniture, fixtures and equipment. Renovations and/or replacements that improve or extend the life of the real estate asset are capitalized and depreciated over their estimated useful lives. Revenue from Real Estate Owned Revenue from REO represents revenue associated with the operations of a hotel property classified as REO. Revenue from the operation of the hotel property is recognized when guestrooms are occupied, services have been rendered or fees have been earned. Revenues are recorded net of any discounts and sales and other taxes collected from customers. Revenues consist of room sales, food and beverage sales and other hotel revenues. Leases Finance lease right of use ("ROU") assets represent the Company’s right to use an underlying asset during the lease term, and lease liabilities represent the Company’s obligation to make lease payments arising from the lease. ROU assets are recorded based on the fair value of the underlying property. Lease liabilities are recognized at commencement date based on the present value of fixed lease payments over the lease term. Leases will be classified as either a finance or operating lease, with such classification affecting the pattern and classification of expense recognition in the consolidated statements of operations. For leases greater than 12 months, the Company determines, at the inception of the contract, if the arrangement meets the classification criteria for an operating or finance lease. For leases that have extension options, which can be exercised at the Company's discretion, management uses judgment to determine if it is reasonably certain that such extension options will be elected. If the extension options are reasonably certain to occur, the Company includes the extended term's lease payments in the calculation of the respective lease liability. Total lease expense is recognized as interest on the finance lease liability and amortization of the ROU asset on a straight-line basis over the lease term. The incremental borrowing rate used to discount the lease liability is determined at commencement of the lease, or upon modification of the lease, as the interest rate a lessee would have to pay to borrow on a fully collateralized basis over a similar term an amount equal to the lease payments in a similar economic environment. The Company's incremental borrowing rate considers information at both the corporate and property level and analysis of current market conditions for obtaining new financings. As of December 31, 2020, the Company had one finance lease assumed as part of a deed-in-lieu of foreclosure of a hotel property during August 2020. Fair Value Measurements The Company estimates fair value using available market information and valuation methodologies it believes to be appropriate for these purposes. The Company defines fair value based on the price that would be received upon sale of an asset or the exit price that would be paid to transfer a liability in an orderly transaction between market participants at the measurement date. ASC Topic 820 , Fair Value Measurements • Level I - Inputs are unadjusted, quoted prices in active markets for identical assets or liabilities at the measurement date. • Level II - Inputs (other than quoted prices included in Level I) are either directly or indirectly observable for the asset or liability through correlation with market data at the measurement date and for the duration of the instrument’s anticipated life. • Level III - Unobservable inputs which reflect management’s best estimate of what market participants would use in pricing the asset or liability at the measurement date. Consideration is given to the risk inherent in the valuation technique and the risk inherent in the inputs to the model. The determination of where an asset or liability falls in the above hierarchy requires judgment and factors specific to the asset or liability. In instances where the determination of the fair value measurement is based on inputs from different levels of the fair value hierarchy, the level in the fair value hierarchy within which the entire fair value measurement falls is based on the lowest level input that is significant to the fair value measurement in its entirety. The Company evaluates its hierarchy disclosures each quarter and depending on various factors, it is possible that an asset or liability may be classified differently from quarter to quarter. Real estate securities are valued utilizing both observable and unobservable market inputs. These factors include projected future cash flows, ratings, subordination levels, vintage, remaining lives, credit issues, recent trades of similar real estate securities and the spreads used in the prior valuation. The Company obtains current market spread information where available and uses this information in evaluating and validating the market price of all real estate securities. Depending upon the significance of the fair value inputs used in determining these fair values, these real estate securities are classified in either Level II or Level III of the fair value hierarchy. As of December 31, 2019, the Company received third-party quotes on each real estate security used in determining the fair value, all of which have been classified as Level II due to the observable nature of all significant inputs. As of December 31, 2020, the Company did not hold any real estate securities. The Company is required by GAAP to disclose fair value information about financial instruments that are not otherwise reported at fair value in its consolidated balance sheets, to the extent it is practicable to estimate a fair value for those instruments. These disclosure requirements exclude certain financial instruments and all non-financial instruments. Organization and Offering Expenses The Company is conducting an IPO that commenced following the conclusion of the Private Offering on June 28, 2019. For classes of shares sold in the IPO, the purchase price per share is based on a monthly NAV published around the 15 th Organization and offering expenses include all expenses incurred in connection with the Private Offering and IPO. Organization and offering expenses (other than selling commissions, dealer manager fees and stockholder servicing fees) of the Company may be paid by the Advisor, Sub-Advisor, the Dealer Manager, or their respective affiliates on behalf of the Company and subsequently reimbursed by the Company. For the Private Offering, offering expenses were deferred and a payable was recognized to the Advisor or Sub-Advisor until shares were sold in the Private Offering, at which point the expense reimbursement was paid from additional paid-in capital. For the IPO, offering costs are offset against additional paid-in capital when incurred. These expenses include but are not limited to: (i) reimbursing the Dealer Manager and participating broker-dealers for bona fide out-of-pocket, itemized and detailed due diligence expenses incurred by these entities, (ii) expenses for printing and mailing, charges of transfer agents, registrars, trustees, escrow holders, depositaries and experts, and (iii) expenses of qualifying the sale of the shares under federal and state laws, including taxes and fees and accountants’ and attorneys’ fees and expenses. The Company reimbursed the Advisor, the Sub-Advisor and their respective affiliates for costs and other expenses related to the Private Offering not in excess of 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. Repurchase Agreements The Company enters into master repurchase agreements that allow the Company to sell real estate loans and securities while providing a fixed repurchase price for the same real estate loans and securities in the future. Repurchase agreements are being accounted for as secured borrowings since the Company maintains effective control of the financed assets. Under the master repurchase agreements, the respective lender retains the right to mark the underlying collateral to fair value. Equity-Based Compensation In accordance with the Company’s Independent Director Restricted Share Plan (the “RSP”), restricted shares are issued to independent directors as compensation. The Company recognizes expense related to the fair value of equity-based compensation awards as operating expense in the consolidated statements of operations. The Company recognizes expense based on the fair value at the grant dated on a straight-line basis over the vesting period representing the requisite service period. See Note 11 – “Equity-Based Compensation” for further information. Income Taxes The Company qualifies as a REIT under the Internal Revenue Code of 1986, as amended, for federal income tax purposes commencing with the tax year ended December 31, 2017 and qualifies for taxation as a REIT. The Company generally will not be subject to federal income tax to the extent it distributes its REIT taxable income, subject to certain adjustments, to its stockholders. Subsequently, if the Company fails to qualify as a REIT in any taxable year, the Company will be subject to federal income tax on its taxable income at regular corporate tax rates. Even if the Company qualifies for taxation as a REIT, the Company may be subject to certain state and local taxes on its income, property or net worth and federal income and excise taxes on its undistributed income. The Company had no uncertain tax positions as of December 31, 2020 or 2019. The Company expects no significant increases or decreases in uncertain tax positions due to changes in tax positions within one year of December 31, 2020. The Company had no interest or penalties relating to income taxes recognized in the consolidated statements of operations for the years ended December 31, 2020, 2019 or 2018. As of December 31, 2020, returns for the calendar years 2017, 2018, 2019 and 2020 remain subject to examination by U.S. and various state and local tax jurisdictions. Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for future tax consequences and are attributable to (1) differences between the financial statement carrying amounts and their respective tax bases, and (2) net operating losses. For the year ended December 31, 2018, the Company has recognized $13 as a current income tax benefit in a consolidated taxable REIT subsidiary. This benefit is primarily comprised of a $13 refund in state income tax. For the year ended December 31, 2019, no income tax expense or benefit was recorded. As a result of the $1,235 operating loss from the Renaissance Chicago O’Hare Suites Hotel (the “Renaissance O’Hare”) on the Company’s consolidated statement of operations during the year ended December 31, 2020, the Company expects to recognize a net operating loss, for income tax purposes. The Company operates the Renaissance O’Hare through a taxable REIT subsidiary that has engaged a third-party hotel management company to manage the hotel under a management contract. Based on an effective tax rate of 28.51%, which is calculated by combining a 21% Federal tax rate and an IL tax rate of 7.51% (9.5% state rate net of the Federal benefit), the deferred tax benefit related to the operating loss is approximately $352. Since the taxable REIT subsidiary does not currently conduct any activities outside of the operation of Renaissance O’Hare and the hotel operations are not projecting future net taxable income, management does not believe it is more likely than not that the taxable REIT subsidiary will be able to utilize these net operating losses in future tax periods. As a result, during the year ended December 31, 2020, management recorded a full valuation allowance, in the amount of $352. Distributions Payable Distributions payable represent distributions declared as of the balance sheet date which are payable to stockholders. Per Share Data The Company calculates basic and diluted earnings per share by dividing net income attributable to the Company for the period by the weighted-average number of shares of common stock outstanding for that period. Basic earnings (loss) per share (“EPS”) is computed by dividing net income 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. For further information about the Company’s calculation of EPS, s ee Note 7 – “Net Income Per Share.”

Commercial Mortgage Loans Held

Commercial Mortgage Loans Held for Investment	12 Months Ended
	Dec. 31, 2020
Mortgage Loans On Real Estate [Abstract]
Commercial Mortgage Loans Held for Investment	Note 3 – Commercial Mortgage Loans Held for Investment The following is a summary of the Company’s commercial mortgage loans held for investment as of December 31, 2020: Number of Loans Principal Balance Unamortized (fees)/costs, net Carrying Value Weighted Average Coupon Weighted Average Years to Maturity First mortgage loans 26 $ 425,196 $ 118 $ 425,314 5.3 % 1.5 Credit loans 3 16,500 — 16,500 9.5 % 4.9 Total and average 29 $ 441,696 $ 118 $ 441,814 5.5 % 1.6 The following is a summary of the Company’s commercial mortgage loans held for investment as of December 31, 2019: Number of Loans Principal Balance Unamortized (fees)/costs, net Carrying Value Weighted Average Coupon 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 For the years ended December 31, 2020 and 2019, the activity in the Company’s commercial mortgage loans, held-for-investment portfolio was as follows: Year Ended December 31, 2020 Year Ended December 31, 2019 Balance at Beginning of Year $ 504,702 $ 249,573 Loan originations 69,135 329,155 Principal repayments (99,727 ) (74,478 ) Amortization of loan origination and deferred exit fees 1,818 2,403 Sale of commercial loan (10,000 ) — Origination fees received on commercial loans — (1,951 ) Provision for loan losses (4,726 ) — Deferred interest capitalized on commercial loan 386 — Transfer on deed-in-lieu of foreclosure to real estate owned (19,774 ) — Balance at End of Period $ 441,814 $ 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: Year Ended December 31, 2020 Year Ended December 31, 2019 Beginning of period $ — $ — Provision for loan losses (4,726 ) — Charge-offs 4,726 — Ending allowance for loan losses $ — $ — In accordance with the Company’s allowance for loan loss policy, during the year ended December 31, 2020, the Company recorded impairment charges of $4,726 on one first mortgage loan secured by a hotel property in Illinois. The impairment charges were based on the estimated fair value of the underlying collateral, and the loan was terminated during August in connection with the Company’s acquisition of the collateral via a deed-in-lieu of foreclosure. In addition, the Company previously recorded a provision for loan loss of $1,500 on a mezzanine loan secured by a hotel property in Miami, Florida that had been negatively impacted by the economic effects of the COVID-19 pandemic. During the year ended December 31, 2020, the Company determined that the loan had improved and that a loss was no longer probable. As such, the $1,500 allowance for loan loss previously recorded was reversed against the provision for loan losses. For the year ended December 31, 2020, interest income for the impaired loan was $465. For further information on the Company’s allowance for loan losses policy, see “Note 2 – Summary of Significant Accounting Policies.” Credit Characteristics As part of the Company’s process for monitoring the credit quality of its investments, it performs a quarterly asset review of the investment portfolio and assigns risk ratings to each of its loans and CMBS. Risk factors include payment status, lien position, borrower financial resources and investment in collateral, collateral type, project economics and geographic location, as well as national and regional economic factors. To determine the likelihood of loss, the loans are rated on a 5-point scale as follows: Investment Grade Investment Grade Definition 1 Investment exceeding fundamental performance expectations and/or capital gain expected. Trends and risk factors since time of investment are favorable. 2 Performing consistent with expectations and a full return of principal and interest expected. Trends and risk factors are neutral to favorable. 3 Performing investment requiring closer monitoring. Trends and risk factors show some deterioration. Collection of principal and interest is still expected. 4 Underperforming investment with the potential of some interest loss but still expecting a positive return on investment. Trends and risk factors are negative. 5 Underperforming investment with expected loss of interest and some principal. All investments are assigned an initial risk rating of 2 at origination. As of December 31, 2020, 19 loans had a risk rating of 2, seven had a risk rating of 3 and three had a risk rating of 4. As of December 31, 2019, 30 loans had a risk rating of 2 and two had a risk rating of 3.

Real Estate Securities

Real Estate Securities	12 Months Ended
	Dec. 31, 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 Company did not hold any real estate securities at December 31, 2020. The table below show the Company’s securities as of December 31, 2019: Number of Positions External Credit Rating Collateral Weighted Average Coupon Weighted Average Years to Maturity Par Value Amortized Cost Unrealized Gains Unrealized Losses Fair Value 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 During the year ended December 31, 2020, the Company sold all of its CMBS, generating proceeds of $121,189 and a realized loss of $35,020. At December 31, 2019, the Company held 17 CMBS with a total carrying value of $157,869 with a total net unrealized loss of $211. The Company had $43 and $0 of realized losses during the year ended December 31, 2019 and 2018, respectively. As of December 31, 2019, each of the CMBS were assigned an internal risk rating of 2.

Repurchase Agreements

Repurchase Agreements	12 Months Ended
	Dec. 31, 2020
Disclosure Of Repurchase Agreements [Abstract]
Repurchase Agreements	Note 5 – Repurchase Agreements Commercial Mortgage Loans On February 15, 2018, a wholly-owned subsidiary of On May 6, 2019, a wholly owned subsidiary of the Company 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. 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 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 details of the Company’s Repo Facilities as of December 31, 2020 and 2019 are as follows: December 31, 2020 Weighted Average Committed Financing Amount Outstanding (1) Accrued Interest Payable Collateral Pledged Interest Rate Days to Maturity CF Repo Facility $ 250,000 $ 159,948 $ 187 $ 228,359 3.00 % 352 JPM Repo Facility 150,000 130,778 105 190,047 2.08 % 126 $ 400,000 $ 290,726 $ 292 $ 418,406 2.58 % 250 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) Excluding $27 and $80 of unamortized debt issuance costs as of December 31, 2020 and 2019, respectively. Real Estate Securities The Company entered into two master repurchase agreements for real estate securities with separate counterparties and had the following balances outstanding as described in the table below: Weighted Average Amount Outstanding Accrued Interest Payable Collateral Pledged Interest Rate Days to Maturity As of December 31, 2020 $ — $ — $ — — — As of December 31, 2019 $ 107,489 $ 168 $ 149,164 3.14 % 11 During the year end December 31, 2020, the Company repaid all balances under the master repurchase agreements. The total amount outstanding as of December 31, 2019 was with JP Morgan Securities LLC. In addition, the master repurchase agreements are subject to certain financial covenants. The Company was in compliance with all financial covenant requirements as of December 31, 2019.

Stockholders' Equity

Stockholders' Equity	12 Months Ended
	Dec. 31, 2020
Equity [Abstract]
Stockholders' Equity	Note 6 – Stockholders’ Equity The following tables detail the change in the Company’s outstanding shares of all class of common stock, including restricted common stock: Common Stock Year ended December 31, 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 — 8,066 276,618 Distribution reinvestment — 4,579 1,945 — 789 3,201 Issuance of restricted shares — — — — — 1,393 Redemptions (30,518 ) — — — — — Ending balance 10,151,787 655,835 398,233 — 50,393 381,955 Common Stock Year ended December 31, 2019 Class P Class A Class T Class S Class D Class I Beginning balance 5,940,744 — — — — — Issuance of shares 4,315,524 271,382 121,385 — 41,298 99,244 Distribution reinvestment — 624 333 — 240 302 Issuance of restricted shares 2,400 — — — — 1,197 Redemptions (76,363 ) — — — — — Ending balance 10,182,305 272,006 121,718 — 41,538 100,743 Common Stock Year ended December 31, 2018 Class P Class A Class T Class S Class D Class I Beginning balance 1,733,392 — — — — — Issuance of shares 4,209,178 — — — — — Issuance of restricted shares — — — — — — Redemptions (1,826 ) — — — — — Ending balance 5,940,744 — — — — — During the year ended December 31, 2020, the Company issued shares in the IPO at an average price per share of $25.83 with total net proceeds, including proceeds from the DRP, of $22,267 after offering costs of $2,246. In addition, the Company incurred $70 in reimbursable deferred offering costs that are payable to the Advisor and Sub-Advisor. During the year ended December 31, 2019, the Company issued shares in the Private Offering and the IPO (collectively, the “Offerings”) at an average price per share of $26.84 with total net proceeds of $119,208 after offering costs of $10,993. In addition, the Company incurred $390 in reimbursable deferred offering costs that were payable to the Advisor and Sub-Advisor. During the year ended December 31, 2018, the Company issued shares in the Private Offering at an average price per share of $27.10 with total net proceeds of $105,264 after offering costs of $8,806. In addition, the Company incurred $562 in reimbursable deferred offering costs that were payable to the Advisor and Sub-Advisor from future stock issuances. Distributions For the years ended December 31, 2018, 2017 and 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 1/365th of $1.92 per share. Distributions declared on or after August 1, 2019 through February 29, 2020 on Class P Shares are based on monthly record dates, payable in arrears the following month equal to a monthly amount of 1/12 th th On March 24, 2020, as a result of the COVID-19 pandemic, the Board suspended, among other things, the payment of distributions to the Company’s stockholders and the operation of the DRP, effective as of April 6, 2020. In making these decisions, the Board considered the difficulty of confidently determining an NAV as a result of the uncertainty surrounding the extent of the economic effects of the pandemic, as well as the financing challenges related to additional collateral required by the banks that regularly finance the Company’s assets. The Board believed that the responsible course of action in the face of the economic slowdown and uncertainty was to conserve liquidity and prioritize the payment of operating and other essential expenses until the extent of the economic effects of the pandemic could be better understood and analyzed. After considering, among other things, the reduced volatility in the market for the Company’s investments and some improvement in the U.S. economic outlook, on July 30, 2020, the Board authorized a distribution on the Company’s common stock that was paid to stockholders of record as of July 31, 2020. The gross distribution was 1/12 th th th Total distributions declared for Class P, Class A, Class T, Class D and Class I shares for the year ended December 31, 2020 were $7,768, $419, $213, $33 and $229, respectively. Total distributions declared for Class P, Class A, Class T, Class D and Class I shares for the year ended December 31, 2019 were $16,967, $82, $40, $12 and $27, respectively. For the year ended December 31, 2018, total distributions declared for Class P Shares was $7,008. Other than Class P Shares, no other classes of shares were outstanding during the year ended December 31, 2018. The table below presents the aggregate distributions declared per share for each applicable class of common stock during the years ended December 31, 2020, 2019 and 2018. The tables exclude from dividend declaration any month when there were no outstanding shares for a class of stock or during which distributions were suspended. Year ended December 31, 2020 Common Stock Class P Class A Class T Class S Class D Class I Aggregate gross distributions declared per share $ 0.7648 $ 0.7148 $ 0.7148 $ — $ 0.7148 $ 0.7148 Stockholder servicing fee per share N/A N/A 0.1270 — 0.0373 N/A Net distributions declared per share $ 0.7648 $ 0.7148 $ 0.5878 $ — $ 0.6775 $ 0.7148 Year ended December 31, 2019 Common Stock Class P Class A Class T Class S Class D Class I Aggregate gross distributions declared per share $ 1.9200 $ 0.5400 $ 0.6750 $ — $ 0.5400 $ 0.6750 Stockholder servicing fee per share N/A N/A 0.0890 — 0.0209 N/A Net distributions declared per share $ 1.9200 $ 0.5400 $ 0.5860 $ — $ 0.5191 $ 0.6750 Year ended December 31, 2018 Common Stock Class P Class A Class T Class S Class D Class I Aggregate gross distributions declared per share $ 1.9200 $ — $ — $ — $ — $ — Stockholder servicing fee per share N/A — — — — — Net distributions declared per share $ 1.9200 $ — $ — $ — $ — $ — As of December 31, 2020 and 2019, distributions declared but not yet paid amounted to $867 and $1,699, respectively. Distribution Reinvestment Plan The Company adopted a DRP, effective May 3, 2019, whereby Class A, Class T, Class S, Class D and Class I stockholders have the option to have their cash distributions reinvested in additional shares of common stock. Any cash distributions attributable to the class or classes of shares owned by participants in the DRP will be immediately reinvested in shares on behalf of the participants on the business day such distribution would have been paid to such stockholder. The per share purchase price for shares purchased pursuant to the DRP will be equal to the most recently published transaction price at the time the distribution is payable. Stockholders will not pay upfront selling commissions when purchasing shares pursuant to the DRP. The stockholder servicing fees with respect to Class T shares, Class S shares and Class D shares are calculated based on the NAV for those shares and may reduce the NAV or, alternatively, the distributions payable with respect to shares of each such class, including shares issued in respect of distributions on such shares under the DRP. Shares acquired under the DRP will entitle the participant to the same rights and be treated in the same manner as shares of that class purchased in the IPO. The Company reserves the right to amend any aspect of its DRP without the consent of its stockholders, provided that notice of any material amendment is sent to participants at least ten business days prior to the effective date of that amendment. In addition, the Company may suspend or terminate the DRP for any reason at any time upon ten business days’ prior written notice to participants. A stockholder’s participation in the plan will be terminated to the extent that a reinvestment of such stockholder’s distributions in the Company’s shares would cause the percentage ownership or other limitations contained in the Company’s charter to be violated. Participants may terminate their participation in the DRP with five business days’ prior written notice to the Company. On March 24, 2020, the Board suspended the IPO, effective immediately, and the DRP, effective April 6, 2020. In determining to suspend the IPO 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. After determining that there had been reduced volatility in the market for the Company’s investments and some improvement in the U.S. economic outlook, the Company’s Advisor resumed calculation of the NAV beginning as of June 30, 2020 , and on October 1, 2020, the SEC declared effective the post-effective amendment to the Company’s registration statement on Form S-11 thereby permitting the Company to resume offers and sales of shares of common stock in the IPO, including through the DRP. During the year ended December 31, 2020, the Company received proceeds from the DRP totaling $245 at an average price per share of $23.24. During the year ended December 31, 2019, the Company received proceeds from the DRP totaling $37 at an average price per share of $25.06. Share Repurchase Plan The Company has adopted an SRP, effective May 3, 2019, whereby on a monthly basis, stockholders who have held their shares of common stock for at least one year may request that the Company repurchase all or any portion of their shares. The Company may repurchase fewer shares than have been requested in any particular month to be repurchased under its SRP, or none at all, in its discretion at any time. In addition, the total amount of aggregate repurchases of shares will be limited to no more than 2% of the aggregate NAV per month and no more than 5% of the aggregate NAV per calendar quarter. The Board may modify, suspend or terminate the SRP if it deems such action to be in the Company’s best interest and the best interest of its stockholders. On March 24, 2020 the Board suspended the SRP. During the year ended December 31, 2020, prior to the suspension of the SRP, the Company repurchased $763 of common stock at an average price per share of $25.00. During the year ended December 31, 2019, the Company repurchased $1,911 of common stock at an average price per share of $25.02. During the year ended December 31, 2018, the Company repurchased $46 of common stock at an average price per share of $25.00 due to death or disability.

Net Income Per Share

Net Income Per Share	12 Months Ended
	Dec. 31, 2020
Earnings Per Share [Abstract]
Net Income Per Share	Note 7 – Net 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. For the year ended December 31, 2020, there were 583 antidilutive restricted shares and no additional shares related to common share equivalents were included in the computation of diluted earnings per share due to the net loss for the year. For the years ended December 31, 2019 and 2018, 351 and 167 additional shares related to restricted shares were included in the computations of diluted earnings per share, respectively, because the effect of those common share equivalents was dilutive. The Company excludes antidilutive restricted shares from the calculation of weighted-average shares for diluted earnings per share. There were no antidilutive restricted shares for the years ended December 31, 2019 and 2018. 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 years ended December 31, 2020, 2019 and 2018: Year Ended December 31, 2020 Year Ended December 31, 2019 Year Ended December 31, 2018 Net (loss) income $ (28,784 ) $ 13,705 $ 2,069 Weighted average shares outstanding, basic 11,561,828 8,958,684 3,638,407 Weighted average shares outstanding, diluted 11,561,828 8,959,035 3,638,574 Net (loss) income per share, basic and diluted $ (2.49 ) $ 1.53 $ 0.57

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 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 real estate loans if the borrower meets certain conditions. As of December 31, 2020 and 2019, the Company had 20 and 22 commercial mortgage loans, respectively, with a total remaining future funding commitment of $50,940 and $54,620, respectively. The Company could advance future funds at its discretion if requested by the borrower and the borrower meets certain requirements as specified in individual loan agreements.

Segment Reporting

Segment Reporting	12 Months Ended
	Dec. 31, 2020
Segment Reporting [Abstract]
Segment Reporting	Note 9 – Segment Reporting The Company has one reportable segment as defined by GAAP for the years ended December 31, 2020, 2019 and 2018.

Transactions with Related Parti

Transactions with Related Parties	12 Months Ended
	Dec. 31, 2020
Related Party Transactions [Abstract]
Transactions with Related Parties	Note 10 – Transactions with Related Parties As of December 31, 2020 and 2019, the Advisor had invested $1,000 in the Company through the purchase of 40,040 Class P Shares. The purchase price per Class P Share for the Advisor’s investment was the Transaction Price, with no payment of selling commissions, dealer manager fees or organization and offering expenses. The Advisor has agreed pursuant to its subscription agreement that, for so long as it or its affiliate is serving as the Advisor, (i) it will not sell or transfer at least 8,000 of the Class P Shares that it has purchased, accounting for $200 of its investment, to an unaffiliated third party; (ii) it will not be eligible to submit a request for these 40,040 Class P Shares pursuant to the Company’s SRP prior to the fifth anniversary of the date on which such 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 December 31, 2020 and 2019, Sound Point Capital Management, LP (“Sound Point”), an affiliate of the Sub-Advisor, had invested $3,000 in the Company through the purchase of 120,000 Class P Shares. The purchase price per Class P Share for this investment was the Transaction Price, with no payment of selling commissions, dealer manager fees or organization and offering expenses. Sound Point has agreed pursuant to its subscription agreement that, for so long as the Sub-Advisor or its affiliate is serving as the Sub-Advisor, (i) it will not be eligible to submit a request for the repurchase of these 120,000 shares pursuant to the Company’s SRP prior to the fifth anniversary of the date on which such shares were purchased (November 2021); and (ii) repurchase requests made for these shares will only be accepted (a) on the last business day of a calendar quarter, (b) after all repurchase requests from all other stockholders for such quarter have been accepted and (c) to the extent that such repurchases do not cause total repurchases in the quarter in which they are being repurchased to exceed that quarter’s repurchase cap. The following table summarizes the Company’s related party transactions for the years ended December 31, 2020, 2019 and 2018: Year Ended Year Ended Year Ended Payable as of December 31, December 31, 2020 December 31, 2019 December 31, 2018 2020 2019 Organization and offering expense reimbursement (1) $ 70 $ 390 $ 562 $ — $ 17 Selling commissions and dealer manager fee (2) 758 7,299 7,259 — — Advisory fee (3) 5,528 5,632 2,540 507 — Loan fees (4) 1,508 2,089 — 912 408 Accrued stockholder servicing fee (5) 446 277 — 674 273 Operating expense reimbursement to advisor (6) 1 5 14 — — Expense reimbursement received from advisor (7) — (359 ) — — — Total $ 8,311 $ 15,333 $ 10,375 $ 2,093 $ 698 ____________ (1) The Company reimbursed 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 did 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, offering costs were offset against stockholders’ equity when paid. Unpaid amounts were recorded as deferred offering costs and included in due to related parties in these consolidated balance sheets. For the IPO, offering costs are offset against stockholders’ equity when incurred. (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 is 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 Company’s 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 will receive 20% of the excess total return allocable to the Class P Shares; provided that in no event will the performance component of the advisory fee exceed 15% of the aggregate total return allocable to Class P Shares for such year. 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. (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 (7) The Advisor has agreed to reimburse the Company from time to time for certain costs incurred by the Company. For the year ended December 31, 2019, the Advisor reimbursed the Company $359. There were no expense reimbursements during the years ended December 31, 2020 and 2018. These reimbursements represent one-time cash payments to the Company in order to provide additional operating support to the Company and ensure a certain return for the Company. These cash payments are not subject to Board approval.

Equity-Based Compensation

Equity-Based Compensation	12 Months Ended
	Dec. 31, 2020
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Equity-Based Compensation	Note 11 – Equity-Based Compensation On December 1, 2020, the Company granted each of its three independent directors 464 restricted Class I shares for a total of 1,393 Class I Shares with a grant date fair value of $21.54 per share and a total value of $30. The restricted Class I shares will vest in equal one-third increments on December 1, 2021, 2022 and 2023. 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 will vest in equal one-third increments on December 2, 2020, 2021 and 2022. On January 7, 2019, the Company granted each of its three independent directors 400 restricted Class P Shares for a total of 1,200 Class P Shares with a grant date fair value of $25.00 per share and a total value of $30. The restricted Class P Shares will 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 at a grant date fair value of $25.00 per share for 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 RSP, restricted shares generally vest over a three-year vesting period from the date of the grant, subject to the specific terms of the grant. Restricted shares are included in common stock outstanding on the date of vesting. The grant-date value of the restricted shares is amortized over the vesting period representing the requisite service period. Compensation expense associated with the restricted shares issued to the independent directors was $31, $20 and $8 for the years ended December 31, 2020, 2019 and 2018, respectively. As of December 31, 2020, the Company had $60 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 1.26 years. The total fair value at the vesting date for restricted shares that vested during the year ended December 31, 2020 was $29. A summary table of the status of the restricted shares granted under the RSP is presented below: Restricted Shares Weighted Average Grant Date Fair Value Per Share Outstanding at December 31, 2019 3,197 $ 25.02 Granted 1,393 21.54 Vested (1,199 ) 25.02 Converted — — Forfeited — — Outstanding at December 31, 2020 3,391 $ 23.59

Fair Value of Financial Instrum

Fair Value of Financial Instruments	12 Months Ended
	Dec. 31, 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 carried at fair value in the consolidated balance sheets by its level in the fair value hierarchy (see Note 2 – “Summary of Significant Accounting Policies”): December 31, 2020 December 31, 2019 Total Level I Level II Level III Total Level I Level II Level III Real estate securities $ — — $ — — $ 157,869 — $ 157,869 — The Company did not transfer any assets within fair value levels during the years ended December 31, 2020 and 2019 As discussed in Note 2, GAAP requires the disclosure of fair value information about financial instruments, whether or not recognized in the consolidated balance sheets, for which it is practicable to estimate that value. The following table details the carrying amount and fair value of the financial instruments described in Note 2: December 31, 2020 December 31, 2019 Carrying Amount Estimated Fair Value Carrying Amount Estimated Fair Value Financial assets Cash and cash equivalents $ 72,107 $ 72,107 $ 37,210 $ 37,210 Restricted cash — — 429 429 Commercial mortgage loans, net 441,814 441,267 504,702 511,734 Total $ 513,921 $ 513,374 $ 542,341 $ 549,373 Financial liabilities Repurchase agreements - real estate securities $ — $ — $ 107,489 $ 107,489 Repurchase agreements - commercial mortgage loans 290,699 290,699 335,805 335,805 Total $ 290,699 $ 290,699 $ 443,294 $ 443,294 The following describes the Company’s methods for estimating the fair value for financial instruments: • The estimated fair values of restricted cash, cash and cash equivalents were based on the bank balance and was a Level 1 fair value measurement. • The estimated fair value of commercial mortgage loans, net is a Level 3 fair value measurement. The Sub-Advisor estimates the fair values of commercial loans based on a discounted cash flow methodology that analyzes various factors including capitalization rates, occupancy rates, sponsorship, geographic concentration, collateral type, market conditions and actions of other lenders. • The estimated fair value of repurchase agreements is a Level 3 fair value measurement based on an expected present value technique. This method discounts future estimated cash flows using rates the Company determined best reflect current market interest rates that would be offered for repurchase agreements with similar characteristics and credit quality.

Real Estate Owned

Real Estate Owned	12 Months Ended
	Dec. 31, 2020
Real Estate [Abstract]
Real Estate Owned	Note 13 – Real Estate Owned The following table summarizes the Company’s REO assets as of December 31, 2020: Acquisition Date Property Type Primary Location(s) Building and Improvements Furniture, Fixtures and Equipment Accumulated Depreciation Real Estate Owned, Net August 2020 (1)(2) Hotel Chicago, IL $ 26,683 $ 6,196 $ (405 ) $ 32,474 (1) Refer to Note 2 – “Summary of Significant Accounting Policies” for useful life of the above assets. (2) Represents hotel ground lease interest acquired by the Company by completing a deed-in-lieu of foreclosure transaction.

Leases

Leases	12 Months Ended
	Dec. 31, 2020
Leases [Abstract]
Leases	Note 14 – Leases The Company is the lessee under one ground lease. The ground lease, which commenced on April 1, 1999, was assumed as part of a property acquired through a deed-in-lieu of foreclosure transaction on August 20, 2020 and extends through March 31, 2098. The lease is classified as a finance lease. Under the ground lease, the Company is prohibited from mortgaging the land but is not prohibited from making a leasehold mortgage for property constructed on the land. The Company may terminate the lease as of March 31, 2049, March 31, 2065 and March 31, 2081 provided that twelve months’ notice is provided to the lessor prior to those respective dates. Upon assumption of the lease, the Company recorded a lease liability of $16,827 and a ROU asset of $5,549 on its consolidated balance sheet. The lease liability was based on the present value of the ground lease’s future payments using an interest rate of 11.37%, which the Company considers a reasonable estimate of the Company’s incremental borrowing rate. For the years ended December 31, 2020, 2019 and 2018, total finance lease cost was comprised as follows: Years ended December 31, 2020 2019 2018 Amortization of right-of-use assets $ 24 $ — $ — Interest on lease liabilities 634 — — Total finance lease cost $ 658 $ — $ — The table below shows the Company’s finance lease right of use asset, net of amortization as of December 31, 2020 and 2019: December 31, December 31, 2020 2019 Finance lease right of use asset, gross $ 5,549 $ — Accumulated amortization (24 ) — Finance lease right of use asset, net of amortization $ 5,525 $ — Lease payments for the ground lease as of December 31, 2020 for each of the five succeeding years and thereafter is as follows: Lease Payments 2021 $ 1,611 2022 1,611 2023 1,611 2024 1,744 2025 1,771 Thereafter 271,459 Total undiscounted lease payments $ 279,807 Less: Amount representing interest (263,017 ) Present value of lease liability $ 16,790

Subsequent Events

Subsequent Events	12 Months Ended
	Dec. 31, 2020
Subsequent Events [Abstract]
Subsequent Events	Note 15 – Subsequent Events The Company has evaluated subsequent events through March 19, 2021, the date the consolidated financial statements were issued, and determined that there have not been any events that have occurred that would require adjustments to disclosures in the consolidated financial statements except for the following transactions: Fee Waiver In order to support the performance of the Company, the Advisor has agreed to waive 50% of its management fee for the month of January 2021 and for future months until it notifies the Board that the waiver is terminated. Share Repurchase Plan Reinstatement The Board has approved the reinstatement of the SRP as described below. • On March 1, 2021, the SRP will be reinstated for the Company’s stockholders requesting repurchase of shares as a result of the death or qualified disability of the holder. Permitted repurchase requests must be submitted on or after March 1, 2021. The first settlement of permitted repurchase requests will be on March 31, 2021, the last business day of the month. • On July 1, 2021, the SRP will be reinstated for all stockholders. Repurchase requests must be submitted on or after July 1, 2021. The first settlement of permitted repurchase requests will be on July 30, 2021, the last business day of the month. In accordance with the terms of the SRP that allow the Company to repurchase fewer shares than the maximum amount permitted under the SRP, for the months of July, August and September 2021, the total amount of aggregate repurchases of shares (including Class P Shares) will be limited to no more than 1% of the Company’s aggregate NAV per month as of the last day of the previous calendar month and no more than 2.5% of the Company’s aggregate NAV per calendar quarter as of the last day of the previous calendar month. Beginning on October 1, 2021, the total amount of aggregate repurchases of shares will be limited as set forth in the SRP (no more than 2% of the Company’s aggregate NAV per month as of the last day of the previous calendar month and no more than 5% of the Company’s aggregate NAV per calendar quarter as of the last day of the previous calendar month). Notwithstanding the foregoing, the Company may repurchase fewer shares than these limits in any month, or none. Further, the Board may modify, suspend or terminate the SRP if it deems such action to be in the Company’s best interest and the best interest of its stockholders. Loan and Security Agreement and Promissory Note with Western Alliance Bank On March 10, 2021, the operating partnership subsidiary, the Operating Partnership entered into a Loan and Security Agreement and a Promissory Note (the “Western Alliance Facility”) with Western Alliance Bank, an Arizona corporation. The Western Alliance Facility provides for loan advances up to $75,000. The Company expects to use advances under the Western Alliance Facility to finance the acquisition or origination of commercial mortgage loans. The Western Alliance Facility acts in the manner of a revolving credit facility that can be repaid as the Company’s mortgage loan assets are paid off and re-drawn as advances against new assets. Advances under the Western Alliance Facility accrue interest at an annual rate equal to one-month LIBOR plus 3.25% with a floor of 4.0%. The initial maturity date of the Western Alliance Facility is March 10, 2023. In connection with the Western Alliance Facility, the Company entered into a Guaranty dated March 10, 2021 (the “Guaranty”), under which the Company agreed to guarantee all obligations, indebtedness and liabilities of the Operating Partnership under the Western Alliance Facility up to 30% of the amount owed under the Western Alliance Facility at the determination date plus certain additional amounts specified in the Guaranty, including all advances after the determination date. The Western Alliance Facility and the Guaranty contain representations, warranties, covenants, conditions precedent to funding, events of default and indemnities that are customary for agreements of this type. Distributions On January 28, 2021, the Company declared distributions for each class of its common stock to stockholders of record as of January 31, 2021, payable on or about February 17, 2021 in the amounts per share set forth below: Common Stock Class P Class A Class T Class D Class I Aggregate gross distributions declared per share $ 0.0792 $ 0.0792 $ 0.0792 $ 0.0792 $ 0.0792 Stockholder servicing fee per share N/A N/A 0.0146 0.0043 N/A Net distributions declared per share $ 0.0792 $ 0.0792 $ 0.0646 $ 0.0749 $ 0.0792 On January 28, 2021, the Company declared distributions for each class of its common stock to stockholders of record as of February 28, 2021, payable on or about March 17, 2021 in the amounts per share set forth below: Common Stock Class P Class A Class T Class D Class I Aggregate gross distributions declared per share $ 0.0833 $ 0.0833 $ 0.0833 $ 0.0833 $ 0.0833 Stockholder servicing fee per share N/A N/A 0.0132 0.0039 N/A Net distributions declared per share $ 0.0833 $ 0.0833 $ 0.0701 $ 0.0794 $ 0.0833 On January 28, 2021, the Company announced distributions for each class of its common stock to stockholders of record as of March 31, 2021, payable on or about April 19, 2021 in the amounts per share set forth below: Common Stock Class P Class A Class T Class D Class I Aggregate gross distributions declared per share $ 0.0875 $ 0.0875 $ 0.0875 $ 0.0875 $ 0.0875 Stockholder servicing fee per share N/A N/A 0.0146 0.0043 N/A Net distributions declared per share $ 0.0875 $ 0.0875 $ 0.0729 $ 0.0832 $ 0.0875

Schedule IV - Mortgage Loans on

Schedule IV - Mortgage Loans on Real Estate	12 Months Ended
	Dec. 31, 2020
Mortgage Loans On Real Estate [Abstract]
Schedule IV - Mortgage Loans on Real Estate	InPoint Commercial Real Estate Income, Inc. Schedule IV – Mortgage Loans on Real Estate December 31, 2020 (Dollar amounts in thousands) Type of Loan (1) Principal Balance Carrying Amount Property Type Cash Coupon (2) Periodic Payment Terms (3) Maximum Maturity (4) First Mortgage Loan 1 $ 14,650 $ 14,721 Office L+4.70% I/O 1/9/23 First Mortgage Loan 2 16,860 16,973 Office L+4.50% I/O 6/9/21 First Mortgage Loan 3 12,059 12,069 Retail L+3.75% I/O 4/9/23 First Mortgage Loan 4 31,000 30,970 Industrial L+4.00% I/O 5/9/23 First Mortgage Loan 5 6,962 6,983 Multifamily L+4.50% I/O 6/9/23 First Mortgage Loan 6 24,411 24,443 Office L+3.75% I/O 9/9/23 First Mortgage Loan 7 8,531 8,521 Multifamily L+3.70% I/O 10/9/23 First Mortgage Loan 8 6,860 6,861 Multifamily L+3.85% I/O 11/9/23 First Mortgage Loan 9 5,200 5,198 Multifamily L+3.90% I/O 12/9/23 First Mortgage Loan 10 16,537 16,518 Hospitality L+4.20% I/O 6/9/25 First Mortgage Loan 11 11,575 11,563 Multifamily L+3.45% I/O 2/9/24 First Mortgage Loan 12 15,761 15,732 Industrial L+3.30% I/O 4/9/24 First Mortgage Loan 13 24,000 23,929 Multifamily L+3.25% I/O 6/9/24 First Mortgage Loan 14 12,828 12,810 Multifamily L+3.25% I/O 6/9/24 First Mortgage Loan 15 47,507 47,357 Office L+2.75% I/O 7/9/24 First Mortgage Loan 16 6,350 6,325 Mixed Use L+3.60% I/O 7/9/24 First Mortgage Loan 17 7,567 7,592 Office L+4.20% I/O 9/9/24 First Mortgage Loan 18 15,260 15,274 Office L+3.10% I/O 10/9/24 First Mortgage Loan 19 30,000 30,035 Multifamily L+3.30% I/O 10/9/24 First Mortgage Loan 20 20,958 21,012 Office L+2.90% I/O 10/9/24 First Mortgage Loan 21 13,743 13,757 Multifamily L+3.00% I/O 11/9/24 First Mortgage Loan 22 32,632 32,656 Multifamily L+3.00% I/O 12/9/24 First Mortgage Loan 23 19,835 19,880 Office L+3.30% I/O 2/9/25 First Mortgage Loan 24 8,000 8,017 Retail L+3.85% I/O 3/9/25 First Mortgage Loan 25 9,320 9,327 Retail L+3.50% I/O 3/9/25 First Mortgage Loan 26 6,790 6,791 Multifamily L+4.00% I/O 10/9/25 Credit Loan 1 7,500 7,500 Office 9.20% I/O 10/11/27 Credit Loan 2 3,000 3,000 Hospitality 9.35% I/O 4/1/23 Credit Loan 3 6,000 6,000 Office 10.00% I/O 10/6/24 $ 441,696 $ 441,814 ____________ (1) First mortgage loans are first position mortgage loans and credit loans are mezzanine and subordinated loans. (2) Cash coupon is the stated rate on the loan. (3) I/O = interest only, P/I = principal and interest. (4) Maximum maturity assumes all extension options are exercised. Reconciliation of Commercial Mortgage Loans, At Cost: The following table reconciles commercial mortgage loans, at cost for the years ended: 2020 2019 2018 Balance at January 1, $ 504,702 $ 249,573 $ 32,094 Additions during period: Loan fundings 69,135 329,155 219,274 Deferred interest capitalized on commercial loan 386 — — Amortization of deferred fees and expenses 1,818 2,403 524 Deductions during period: Collections of principal (99,727 ) (74,478 ) — Sale of commercial loan (10,000 ) — — Provision for loan losses (4,726 ) — — Transfer on deed-in-lieu of foreclosure to real estate owned (19,774 ) — — Net fees capitalized into carrying value of loans — (1,951 ) (2,319 ) Balance at December 31, 441,814 $ 504,702 $ 249,573

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 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.
Principles of Consolidation	Principles of Consolidation The Company consolidates all entities that the Company controls through either majority ownership or voting rights. The accompanying consolidated financial statements include the accounts of the Company and the Operating Partnership. All intercompany accounts and transactions have been eliminated in consolidation. In determining whether the Company has a controlling financial interest in a joint venture and the requirement to consolidate the accounts of that entity, management considers factors such as ownership interest, authority to make decisions and contractual and substantive participating rights of the other partners or members as well as whether the entity is a variable interest entity (“VIE”) for which the Company is the primary beneficiary. The Company has determined the Operating Partnership is a VIE of which the Company is the primary beneficiary. Substantially all of the Company’s assets and liabilities are held by the Operating Partnership.
Cash, Cash Equivalents and Restricted Cash	Cash, Cash Equivalents and Restricted Cash Cash and cash equivalents include funds on deposit with financial institutions, including demand deposits with financial institutions with original maturities of three months or less. The account balance may exceed the Federal Deposit Insurance Corporation (“FDIC”) insurance coverage limits and, as a result, there could be a concentration of credit risk related to amounts on deposit in excess of FDIC insurance coverage limits. The Company believes that the risk will not be significant, as the Company does not anticipate the financial institutions’ non-performance. Restricted cash represents cash the Company is required to hold in a segregated account. As of December 31, 2019, the restricted cash was held as additional collateral on real estate securities repurchase agreements. As of December 31, 2020, there is no restricted cash held. 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 consolidated statements of cash flows: December 31, 2020 2019 Cash and cash equivalents $ 72,107 $ 37,210 Restricted cash — 429 Total cash, cash equivalents, and restricted cash $ 72,107 $ 37,639
Real Estate Securities at Fair Value	Real Estate Securities at Fair Value The Company’s real estate securities are comprised of CMBS and are accounted for in accordance with ASC Topic 320, Investments — Debt and Equity Securities ASC Topic 825 , Financial Instruments The Company records its transactions in securities on a trade date basis and recognizes realized gains and losses on securities transactions on an identified cost basis.
Commercial Mortgage Loans Held for Investment and Allowance for Loan Losses	Commercial Mortgage Loans Held for Investment and Allowance for Loan Losses Commercial mortgage loans are held for investment purposes and are anticipated to be held until maturity. Accordingly, they are carried at cost, net of unamortized loan fees and origination costs, and premiums or discounts. Commercial mortgage loans that are deemed to be impaired will be carried at amortized cost less a specific allowance for loan losses. Interest income is recorded on the accrual basis and related discounts, premiums and net deferred fees or costs on investments are amortized over the life of the investment using the effective interest method. Amortization is reflected as an adjustment to interest income in the Company’s consolidated statements of operations. Upon measurement of impairment, the Company records an allowance for loan losses to reduce the carrying value of the loan with a corresponding charge through the provision for loan losses on the Company’s consolidated statements of operations. The allowance for loan losses reflects management's estimate of loan losses inherent in the loan portfolio as of the balance sheet date. The Company uses a uniform process for determining its allowance for loan losses. The allowance for loan losses includes an asset-specific component and may include a general, formula-based component when the portfolio is determined to be of sufficient size to warrant such a reserve. The asset-specific reserve component relates to reserves for losses on individual impaired loans. The Company considers a loan to be impaired when, based upon current information and events, it believes that it is probable that the Company will be unable to collect all amounts due under the contractual terms of the loan agreement. This assessment is made on an individual loan basis each quarter based on such factors as payment status, lien position, borrower financial resources and investment in collateral, collateral type, project economics and geographic location, as well as national and regional economic factors. A reserve is established for an impaired loan when the present value of payments expected to be received, observable market prices or the estimated fair value of the collateral (for loans that are dependent on the collateral for repayment) is lower than the carrying value of that loan. For collateral dependent impaired loans, impairment is measured using the estimated fair value of collateral less the estimated cost to sell. Valuations are performed or obtained at the time a loan is determined to be impaired and designated non-performing, and they are updated if circumstances indicate that a significant change in value has occurred. The Advisor generally will use the income approach through internally developed valuation models to estimate the fair value of the collateral for such loans. In more limited cases, the Advisor will obtain external “as is” appraisals for loan collateral, generally when third party participations exist. General reserves are recorded when (i) available information as of each balance sheet date indicates that it is probable a loss has occurred in the portfolio and (ii) the amount of the loss can be reasonably estimated. The Company’s policy is to estimate loss rates based on actual losses experienced, if any, or based on historical realized losses experienced in the industry if the Company has not experienced any losses. Current collateral and economic conditions affecting the probability and severity of losses are taken into account when establishing the allowance for loan losses. The Company performs a comprehensive analysis of its loan portfolio and assigns risk ratings to loans that incorporate management's current judgments about their credit quality based on all known and relevant internal and external factors that may affect collectability. The Company considers, among other things, payment status, lien position, borrower financial resources and investment in collateral, collateral type, project economics and geographic location, as well as national and regional economic factors. This methodology results in loans being segmented by risk classification into risk rating categories that are associated with estimated probabilities of default and principal loss. Ratings range from “1” to “5” with “1” representing the lowest risk of loss and “5” representing the highest risk of loss. Loans are generally placed on non-accrual status when principal or interest payments are past due 90 days or more or when there is reasonable doubt that principal or interest will be collected in full. Accrued and unpaid interest is generally reversed against interest income in the period the loan is placed on non-accrual status. Interest payments received on non-accrual loans may be recognized as income or applied to principal depending upon management's judgment regarding the borrower's ability to make pending principal and interest payments. Non-accrual loans are restored to accrual status when past due principal and interest is paid and, in management's judgment, are likely to remain current. The Company may make exceptions to placing a loan on non-accrual status if the loan has sufficient collateral value and is in the process of collection. As of December 31, 2020 and 2019, the Company had $441,814 and $504,702 of commercial mortgage loans held for investment, respectively. The Company has not recorded any allowance for loan losses as the Company did not consider a loan loss to be probable.
Interest Income	Interest Income Interest income on CMBS, which includes accretion of discounts and amortization of premiums on such CMBS, and on commercial loans, which includes origination fees paid by borrowers, is recognized over the life of the investment using the effective interest method. Management estimates, at the time of purchase, the future expected cash flows and determines the effective interest rate based on these estimated cash flows and the Company’s purchase price. As needed, these estimated cash flows are updated and a revised yield is computed based on the current amortized cost of the investment. In estimating these cash flows, there are a number of assumptions that are subject to uncertainties and contingencies, including the rate and timing of principal payments (prepayments, repurchases, defaults and liquidations), the pass through or coupon rate and interest rate fluctuations. In addition, management must use its judgment to estimate interest payment shortfalls due to delinquencies on the underlying mortgage loans. These uncertainties and contingencies are difficult to predict and are subject to future events that may impact management’s estimates and the Company’s interest income.
Real Estate Owned	Real Estate Owned Real estate owned (“REO”) represents real estate acquired by the Company through foreclosure, deed-in-lieu of foreclosure, or purchase. For real estate acquired by the Company through foreclosure or deed-in-lieu of foreclosure, REO assets are recorded at fair value at acquisition and are presented net of accumulated depreciation. For REO assets acquired through purchase, REO assets are recorded at cost at acquisition and are presented net of accumulated depreciation. REO assets are depreciated using the straight-line method over estimated useful lives of up to 40 years for buildings and improvements and up to 15 years for furniture, fixtures and equipment. Renovations and/or replacements that improve or extend the life of the real estate asset are capitalized and depreciated over their estimated useful lives.
Revenue from Real Estate Owned	Revenue from Real Estate Owned Revenue from REO represents revenue associated with the operations of a hotel property classified as REO. Revenue from the operation of the hotel property is recognized when guestrooms are occupied, services have been rendered or fees have been earned. Revenues are recorded net of any discounts and sales and other taxes collected from customers. Revenues consist of room sales, food and beverage sales and other hotel revenues.
Leases	Leases Finance lease right of use ("ROU") assets represent the Company’s right to use an underlying asset during the lease term, and lease liabilities represent the Company’s obligation to make lease payments arising from the lease. ROU assets are recorded based on the fair value of the underlying property. Lease liabilities are recognized at commencement date based on the present value of fixed lease payments over the lease term. Leases will be classified as either a finance or operating lease, with such classification affecting the pattern and classification of expense recognition in the consolidated statements of operations. For leases greater than 12 months, the Company determines, at the inception of the contract, if the arrangement meets the classification criteria for an operating or finance lease. For leases that have extension options, which can be exercised at the Company's discretion, management uses judgment to determine if it is reasonably certain that such extension options will be elected. If the extension options are reasonably certain to occur, the Company includes the extended term's lease payments in the calculation of the respective lease liability. Total lease expense is recognized as interest on the finance lease liability and amortization of the ROU asset on a straight-line basis over the lease term. The incremental borrowing rate used to discount the lease liability is determined at commencement of the lease, or upon modification of the lease, as the interest rate a lessee would have to pay to borrow on a fully collateralized basis over a similar term an amount equal to the lease payments in a similar economic environment. The Company's incremental borrowing rate considers information at both the corporate and property level and analysis of current market conditions for obtaining new financings. As of December 31, 2020, the Company had one finance lease assumed as part of a deed-in-lieu of foreclosure of a hotel property during August 2020.
Fair Value Measurements	Fair Value Measurements The Company estimates fair value using available market information and valuation methodologies it believes to be appropriate for these purposes. The Company defines fair value based on the price that would be received upon sale of an asset or the exit price that would be paid to transfer a liability in an orderly transaction between market participants at the measurement date. ASC Topic 820 , Fair Value Measurements • Level I - Inputs are unadjusted, quoted prices in active markets for identical assets or liabilities at the measurement date. • Level II - Inputs (other than quoted prices included in Level I) are either directly or indirectly observable for the asset or liability through correlation with market data at the measurement date and for the duration of the instrument’s anticipated life. • Level III - Unobservable inputs which reflect management’s best estimate of what market participants would use in pricing the asset or liability at the measurement date. Consideration is given to the risk inherent in the valuation technique and the risk inherent in the inputs to the model. The determination of where an asset or liability falls in the above hierarchy requires judgment and factors specific to the asset or liability. In instances where the determination of the fair value measurement is based on inputs from different levels of the fair value hierarchy, the level in the fair value hierarchy within which the entire fair value measurement falls is based on the lowest level input that is significant to the fair value measurement in its entirety. The Company evaluates its hierarchy disclosures each quarter and depending on various factors, it is possible that an asset or liability may be classified differently from quarter to quarter. Real estate securities are valued utilizing both observable and unobservable market inputs. These factors include projected future cash flows, ratings, subordination levels, vintage, remaining lives, credit issues, recent trades of similar real estate securities and the spreads used in the prior valuation. The Company obtains current market spread information where available and uses this information in evaluating and validating the market price of all real estate securities. Depending upon the significance of the fair value inputs used in determining these fair values, these real estate securities are classified in either Level II or Level III of the fair value hierarchy. As of December 31, 2019, the Company received third-party quotes on each real estate security used in determining the fair value, all of which have been classified as Level II due to the observable nature of all significant inputs. As of December 31, 2020, the Company did not hold any real estate securities. The Company is required by GAAP to disclose fair value information about financial instruments that are not otherwise reported at fair value in its consolidated balance sheets, to the extent it is practicable to estimate a fair value for those instruments. These disclosure requirements exclude certain financial instruments and all non-financial instruments.
Organization and Offering Expenses	Organization and Offering Expenses The Company is conducting an IPO that commenced following the conclusion of the Private Offering on June 28, 2019. For classes of shares sold in the IPO, the purchase price per share is based on a monthly NAV published around the 15 th Organization and offering expenses include all expenses incurred in connection with the Private Offering and IPO. Organization and offering expenses (other than selling commissions, dealer manager fees and stockholder servicing fees) of the Company may be paid by the Advisor, Sub-Advisor, the Dealer Manager, or their respective affiliates on behalf of the Company and subsequently reimbursed by the Company. For the Private Offering, offering expenses were deferred and a payable was recognized to the Advisor or Sub-Advisor until shares were sold in the Private Offering, at which point the expense reimbursement was paid from additional paid-in capital. For the IPO, offering costs are offset against additional paid-in capital when incurred. These expenses include but are not limited to: (i) reimbursing the Dealer Manager and participating broker-dealers for bona fide out-of-pocket, itemized and detailed due diligence expenses incurred by these entities, (ii) expenses for printing and mailing, charges of transfer agents, registrars, trustees, escrow holders, depositaries and experts, and (iii) expenses of qualifying the sale of the shares under federal and state laws, including taxes and fees and accountants’ and attorneys’ fees and expenses. The Company reimbursed the Advisor, the Sub-Advisor and their respective affiliates for costs and other expenses related to the Private Offering not in excess of 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.
Repurchase Agreements	Repurchase Agreements The Company enters into master repurchase agreements that allow the Company to sell real estate loans and securities while providing a fixed repurchase price for the same real estate loans and securities in the future. Repurchase agreements are being accounted for as secured borrowings since the Company maintains effective control of the financed assets. Under the master repurchase agreements, the respective lender retains the right to mark the underlying collateral to fair value.
Equity-Based Compensation	Equity-Based Compensation In accordance with the Company’s Independent Director Restricted Share Plan (the “RSP”), restricted shares are issued to independent directors as compensation. The Company recognizes expense related to the fair value of equity-based compensation awards as operating expense in the consolidated statements of operations. The Company recognizes expense based on the fair value at the grant dated on a straight-line basis over the vesting period representing the requisite service period. See Note 11 – “Equity-Based Compensation” for further information.
Income Taxes	Income Taxes The Company qualifies as a REIT under the Internal Revenue Code of 1986, as amended, for federal income tax purposes commencing with the tax year ended December 31, 2017 and qualifies for taxation as a REIT. The Company generally will not be subject to federal income tax to the extent it distributes its REIT taxable income, subject to certain adjustments, to its stockholders. Subsequently, if the Company fails to qualify as a REIT in any taxable year, the Company will be subject to federal income tax on its taxable income at regular corporate tax rates. Even if the Company qualifies for taxation as a REIT, the Company may be subject to certain state and local taxes on its income, property or net worth and federal income and excise taxes on its undistributed income. The Company had no uncertain tax positions as of December 31, 2020 or 2019. The Company expects no significant increases or decreases in uncertain tax positions due to changes in tax positions within one year of December 31, 2020. The Company had no interest or penalties relating to income taxes recognized in the consolidated statements of operations for the years ended December 31, 2020, 2019 or 2018. As of December 31, 2020, returns for the calendar years 2017, 2018, 2019 and 2020 remain subject to examination by U.S. and various state and local tax jurisdictions. Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for future tax consequences and are attributable to (1) differences between the financial statement carrying amounts and their respective tax bases, and (2) net operating losses. For the year ended December 31, 2018, the Company has recognized $13 as a current income tax benefit in a consolidated taxable REIT subsidiary. This benefit is primarily comprised of a $13 refund in state income tax. For the year ended December 31, 2019, no income tax expense or benefit was recorded. As a result of the $1,235 operating loss from the Renaissance Chicago O’Hare Suites Hotel (the “Renaissance O’Hare”) on the Company’s consolidated statement of operations during the year ended December 31, 2020, the Company expects to recognize a net operating loss, for income tax purposes. The Company operates the Renaissance O’Hare through a taxable REIT subsidiary that has engaged a third-party hotel management company to manage the hotel under a management contract. Based on an effective tax rate of 28.51%, which is calculated by combining a 21% Federal tax rate and an IL tax rate of 7.51% (9.5% state rate net of the Federal benefit), the deferred tax benefit related to the operating loss is approximately $352. Since the taxable REIT subsidiary does not currently conduct any activities outside of the operation of Renaissance O’Hare and the hotel operations are not projecting future net taxable income, management does not believe it is more likely than not that the taxable REIT subsidiary will be able to utilize these net operating losses in future tax periods. As a result, during the year ended December 31, 2020, management recorded a full valuation allowance, in the amount of $352.
Distributions Payable	Distributions Payable Distributions payable represent distributions declared as of the balance sheet date which are payable to stockholders.
Per Share Data	Per Share Data The Company calculates basic and diluted earnings per share by dividing net income attributable to the Company for the period by the weighted-average number of shares of common stock outstanding for that period. Basic earnings (loss) per share (“EPS”) is computed by dividing net income 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. For further information about the Company’s calculation of EPS, s ee Note 7 – “Net Income Per Share.”

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	12 Months Ended
	Dec. 31, 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 consolidated statements of cash flows: December 31, 2020 2019 Cash and cash equivalents $ 72,107 $ 37,210 Restricted cash — 429 Total cash, cash equivalents, and restricted cash $ 72,107 $ 37,639

Commercial Mortgage Loans Hel_2

Commercial Mortgage Loans Held for Investment (Tables)	12 Months Ended
	Dec. 31, 2020
Mortgage Loans On Real Estate [Abstract]
Schedule of Commercial Mortgage Loans Held for Investment	The following is a summary of the Company’s commercial mortgage loans held for investment as of December 31, 2020: Number of Loans Principal Balance Unamortized (fees)/costs, net Carrying Value Weighted Average Coupon Weighted Average Years to Maturity First mortgage loans 26 $ 425,196 $ 118 $ 425,314 5.3 % 1.5 Credit loans 3 16,500 — 16,500 9.5 % 4.9 Total and average 29 $ 441,696 $ 118 $ 441,814 5.5 % 1.6 The following is a summary of the Company’s commercial mortgage loans held for investment as of December 31, 2019: Number of Loans Principal Balance Unamortized (fees)/costs, net Carrying Value Weighted Average Coupon 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
Schedule of Commercial Mortgage Loans held for Investment Portfolio	For the years ended December 31, 2020 and 2019, the activity in the Company’s commercial mortgage loans, held-for-investment portfolio was as follows: Year Ended December 31, 2020 Year Ended December 31, 2019 Balance at Beginning of Year $ 504,702 $ 249,573 Loan originations 69,135 329,155 Principal repayments (99,727 ) (74,478 ) Amortization of loan origination and deferred exit fees 1,818 2,403 Sale of commercial loan (10,000 ) — Origination fees received on commercial loans — (1,951 ) Provision for loan losses (4,726 ) — Deferred interest capitalized on commercial loan 386 — Transfer on deed-in-lieu of foreclosure to real estate owned (19,774 ) — Balance at End of Period $ 441,814 $ 504,702
Schedule of Allowance for Loan Losses	The following table presents the activity in the Company’s allowance for loan losses: Year Ended December 31, 2020 Year Ended December 31, 2019 Beginning of period $ — $ — Provision for loan losses (4,726 ) — Charge-offs 4,726 — Ending allowance for loan losses $ — $ —
Summary of Investment Grade of Loans Loss	As part of the Company’s process for monitoring the credit quality of its investments, it performs a quarterly asset review of the investment portfolio and assigns risk ratings to each of its loans and CMBS. Risk factors include payment status, lien position, borrower financial resources and investment in collateral, collateral type, project economics and geographic location, as well as national and regional economic factors. To determine the likelihood of loss, the loans are rated on a 5-point scale as follows: Investment Grade Investment Grade Definition 1 Investment exceeding fundamental performance expectations and/or capital gain expected. Trends and risk factors since time of investment are favorable. 2 Performing consistent with expectations and a full return of principal and interest expected. Trends and risk factors are neutral to favorable. 3 Performing investment requiring closer monitoring. Trends and risk factors show some deterioration. Collection of principal and interest is still expected. 4 Underperforming investment with the potential of some interest loss but still expecting a positive return on investment. Trends and risk factors are negative. 5 Underperforming investment with expected loss of interest and some principal.

Real Estate Securities (Tables)

Real Estate Securities (Tables)	12 Months Ended
	Dec. 31, 2020
Investments Debt And Equity Securities [Abstract]
Summary of Company's Real Estate Securities	The table below show the Company’s securities as of December 31, 2019: Number of Positions External Credit Rating Collateral Weighted Average Coupon Weighted Average Years to Maturity Par Value Amortized Cost Unrealized Gains Unrealized Losses Fair Value 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)	12 Months Ended
	Dec. 31, 2020
Commercial Mortgage Loans
Repurchase Agreement [Line Items]
Schedule of Outstanding Repurchase Agreements	The details of the Company’s Repo Facilities as of December 31, 2020 and 2019 are as follows: December 31, 2020 Weighted Average Committed Financing Amount Outstanding (1) Accrued Interest Payable Collateral Pledged Interest Rate Days to Maturity CF Repo Facility $ 250,000 $ 159,948 $ 187 $ 228,359 3.00 % 352 JPM Repo Facility 150,000 130,778 105 190,047 2.08 % 126 $ 400,000 $ 290,726 $ 292 $ 418,406 2.58 % 250 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) Excluding $27 and $80 of unamortized debt issuance costs as of December 31, 2020 and 2019, respectively.
Real Estate Securities
Repurchase Agreement [Line Items]
Schedule of Outstanding Repurchase Agreements	The Company entered into two master repurchase agreements for real estate securities with separate counterparties and had the following balances outstanding as described in the table below: Weighted Average Amount Outstanding Accrued Interest Payable Collateral Pledged Interest Rate Days to Maturity As of December 31, 2020 $ — $ — $ — — — As of December 31, 2019 $ 107,489 $ 168 $ 149,164 3.14 % 11

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	12 Months Ended
	Dec. 31, 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 class of common stock, including restricted common stock: Common Stock Year ended December 31, 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 — 8,066 276,618 Distribution reinvestment — 4,579 1,945 — 789 3,201 Issuance of restricted shares — — — — — 1,393 Redemptions (30,518 ) — — — — — Ending balance 10,151,787 655,835 398,233 — 50,393 381,955 Common Stock Year ended December 31, 2019 Class P Class A Class T Class S Class D Class I Beginning balance 5,940,744 — — — — — Issuance of shares 4,315,524 271,382 121,385 — 41,298 99,244 Distribution reinvestment — 624 333 — 240 302 Issuance of restricted shares 2,400 — — — — 1,197 Redemptions (76,363 ) — — — — — Ending balance 10,182,305 272,006 121,718 — 41,538 100,743 Common Stock Year ended December 31, 2018 Class P Class A Class T Class S Class D Class I Beginning balance 1,733,392 — — — — — Issuance of shares 4,209,178 — — — — — Issuance of restricted shares — — — — — — Redemptions (1,826 ) — — — — — Ending balance 5,940,744 — — — — —
Schedule of Aggregate Distributions Declared for Applicable Class of Common Stock	The table below presents the aggregate distributions declared per share for each applicable class of common stock during the years ended December 31, 2020, 2019 and 2018. The tables exclude from dividend declaration any month when there were no outstanding shares for a class of stock or during which distributions were suspended. Year ended December 31, 2020 Common Stock Class P Class A Class T Class S Class D Class I Aggregate gross distributions declared per share $ 0.7648 $ 0.7148 $ 0.7148 $ — $ 0.7148 $ 0.7148 Stockholder servicing fee per share N/A N/A 0.1270 — 0.0373 N/A Net distributions declared per share $ 0.7648 $ 0.7148 $ 0.5878 $ — $ 0.6775 $ 0.7148 Year ended December 31, 2019 Common Stock Class P Class A Class T Class S Class D Class I Aggregate gross distributions declared per share $ 1.9200 $ 0.5400 $ 0.6750 $ — $ 0.5400 $ 0.6750 Stockholder servicing fee per share N/A N/A 0.0890 — 0.0209 N/A Net distributions declared per share $ 1.9200 $ 0.5400 $ 0.5860 $ — $ 0.5191 $ 0.6750 Year ended December 31, 2018 Common Stock Class P Class A Class T Class S Class D Class I Aggregate gross distributions declared per share $ 1.9200 $ — $ — $ — $ — $ — Stockholder servicing fee per share N/A — — — — — Net distributions declared per share $ 1.9200 $ — $ — $ — $ — $ —

Net Income Per Share (Tables)

Net Income Per Share (Tables)	12 Months Ended
	Dec. 31, 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 years ended December 31, 2020, 2019 and 2018: Year Ended December 31, 2020 Year Ended December 31, 2019 Year Ended December 31, 2018 Net (loss) income $ (28,784 ) $ 13,705 $ 2,069 Weighted average shares outstanding, basic 11,561,828 8,958,684 3,638,407 Weighted average shares outstanding, diluted 11,561,828 8,959,035 3,638,574 Net (loss) income per share, basic and diluted $ (2.49 ) $ 1.53 $ 0.57

Transactions with Related Par_2

Transactions with Related Parties (Tables)	12 Months Ended
	Dec. 31, 2020
Related Party Transactions [Abstract]
Summary of Related Party Transactions	The following table summarizes the Company’s related party transactions for the years ended December 31, 2020, 2019 and 2018: Year Ended Year Ended Year Ended Payable as of December 31, December 31, 2020 December 31, 2019 December 31, 2018 2020 2019 Organization and offering expense reimbursement (1) $ 70 $ 390 $ 562 $ — $ 17 Selling commissions and dealer manager fee (2) 758 7,299 7,259 — — Advisory fee (3) 5,528 5,632 2,540 507 — Loan fees (4) 1,508 2,089 — 912 408 Accrued stockholder servicing fee (5) 446 277 — 674 273 Operating expense reimbursement to advisor (6) 1 5 14 — — Expense reimbursement received from advisor (7) — (359 ) — — — Total $ 8,311 $ 15,333 $ 10,375 $ 2,093 $ 698 ____________ (1) The Company reimbursed 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 did 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, offering costs were offset against stockholders’ equity when paid. Unpaid amounts were recorded as deferred offering costs and included in due to related parties in these consolidated balance sheets. For the IPO, offering costs are offset against stockholders’ equity when incurred. (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 is 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 Company’s 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 will receive 20% of the excess total return allocable to the Class P Shares; provided that in no event will the performance component of the advisory fee exceed 15% of the aggregate total return allocable to Class P Shares for such year. 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. (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 (7) The Advisor has agreed to reimburse the Company from time to time for certain costs incurred by the Company. For the year ended December 31, 2019, the Advisor reimbursed the Company $359. There were no expense reimbursements during the years ended December 31, 2020 and 2018. These reimbursements represent one-time cash payments to the Company in order to provide additional operating support to the Company and ensure a certain return for the Company. These cash payments are not subject to Board approval.

Equity-Based Compensation (Tabl

Equity-Based Compensation (Tables)	12 Months Ended
	Dec. 31, 2020
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Summary of Restricted Shares Granted under RSP	A summary table of the status of the restricted shares granted under the RSP is presented below: Restricted Shares Weighted Average Grant Date Fair Value Per Share Outstanding at December 31, 2019 3,197 $ 25.02 Granted 1,393 21.54 Vested (1,199 ) 25.02 Converted — — Forfeited — — Outstanding at December 31, 2020 3,391 $ 23.59

Fair Value of Financial Instr_2

Fair Value of Financial Instruments (Tables)	12 Months Ended
	Dec. 31, 2020
Fair Value Disclosures [Abstract]
Financial Instruments Carried at Fair Value in Consolidated Balance Sheets	The following table presents the Company’s financial instruments carried at fair value in the consolidated balance sheets by its level in the fair value hierarchy (see Note 2 – “Summary of Significant Accounting Policies”): December 31, 2020 December 31, 2019 Total Level I Level II Level III Total Level I Level II Level III Real estate securities $ — — $ — — $ 157,869 — $ 157,869 —
Schedule of Carrying Amount and Fair Value of Financial Instruments	The following table details the carrying amount and fair value of the financial instruments described in Note 2: December 31, 2020 December 31, 2019 Carrying Amount Estimated Fair Value Carrying Amount Estimated Fair Value Financial assets Cash and cash equivalents $ 72,107 $ 72,107 $ 37,210 $ 37,210 Restricted cash — — 429 429 Commercial mortgage loans, net 441,814 441,267 504,702 511,734 Total $ 513,921 $ 513,374 $ 542,341 $ 549,373 Financial liabilities Repurchase agreements - real estate securities $ — $ — $ 107,489 $ 107,489 Repurchase agreements - commercial mortgage loans 290,699 290,699 335,805 335,805 Total $ 290,699 $ 290,699 $ 443,294 $ 443,294

Real Estate Owned (Tables)

Real Estate Owned (Tables)	12 Months Ended
	Dec. 31, 2020
Real Estate [Abstract]
Schedule of Company's REO Assets	The following table summarizes the Company’s REO assets as of December 31, 2020: Acquisition Date Property Type Primary Location(s) Building and Improvements Furniture, Fixtures and Equipment Accumulated Depreciation Real Estate Owned, Net August 2020 (1)(2) Hotel Chicago, IL $ 26,683 $ 6,196 $ (405 ) $ 32,474 (1) Refer to Note 2 – “Summary of Significant Accounting Policies” for useful life of the above assets. (2) Represents hotel ground lease interest acquired by the Company by completing a deed-in-lieu of foreclosure transaction.

Leases (Tables)

Leases (Tables)	12 Months Ended
	Dec. 31, 2020
Leases [Abstract]
Summary of Finance Lease Cost	For the years ended December 31, 2020, 2019 and 2018, total finance lease cost was comprised as follows: Years ended December 31, 2020 2019 2018 Amortization of right-of-use assets $ 24 $ — $ — Interest on lease liabilities 634 — — Total finance lease cost $ 658 $ — $ —
Schedule of Finance Lease Right of Use Asset, Net of Amortization	The table below shows the Company’s finance lease right of use asset, net of amortization as of December 31, 2020 and 2019: December 31, December 31, 2020 2019 Finance lease right of use asset, gross $ 5,549 $ — Accumulated amortization (24 ) — Finance lease right of use asset, net of amortization $ 5,525 $ —
Schedule of Lease Payments for the Ground Lease	Lease payments for the ground lease as of December 31, 2020 for each of the five succeeding years and thereafter is as follows: Lease Payments 2021 $ 1,611 2022 1,611 2023 1,611 2024 1,744 2025 1,771 Thereafter 271,459 Total undiscounted lease payments $ 279,807 Less: Amount representing interest (263,017 ) Present value of lease liability $ 16,790

Subsequent Events (Tables)

Subsequent Events (Tables)	12 Months Ended
	Dec. 31, 2020
Subsequent Events [Abstract]
Schedule of Declared Distributions for Class of Common Stock	On January 28, 2021, the Company declared distributions for each class of its common stock to stockholders of record as of January 31, 2021, payable on or about February 17, 2021 in the amounts per share set forth below: Common Stock Class P Class A Class T Class D Class I Aggregate gross distributions declared per share $ 0.0792 $ 0.0792 $ 0.0792 $ 0.0792 $ 0.0792 Stockholder servicing fee per share N/A N/A 0.0146 0.0043 N/A Net distributions declared per share $ 0.0792 $ 0.0792 $ 0.0646 $ 0.0749 $ 0.0792 On January 28, 2021, the Company declared distributions for each class of its common stock to stockholders of record as of February 28, 2021, payable on or about March 17, 2021 in the amounts per share set forth below: Common Stock Class P Class A Class T Class D Class I Aggregate gross distributions declared per share $ 0.0833 $ 0.0833 $ 0.0833 $ 0.0833 $ 0.0833 Stockholder servicing fee per share N/A N/A 0.0132 0.0039 N/A Net distributions declared per share $ 0.0833 $ 0.0833 $ 0.0701 $ 0.0794 $ 0.0833 On January 28, 2021, the Company announced distributions for each class of its common stock to stockholders of record as of March 31, 2021, payable on or about April 19, 2021 in the amounts per share set forth below: Common Stock Class P Class A Class T Class D Class I Aggregate gross distributions declared per share $ 0.0875 $ 0.0875 $ 0.0875 $ 0.0875 $ 0.0875 Stockholder servicing fee per share N/A N/A 0.0146 0.0043 N/A Net distributions declared per share $ 0.0875 $ 0.0875 $ 0.0729 $ 0.0832 $ 0.0875

Organization and Business Ope_2

Organization and Business Operations - Additional Information (Details) - USD ($)	Mar. 22, 2019	Oct. 25, 2016	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Jul. 16, 2019	Jun. 28, 2019	Apr. 29, 2019	Apr. 28, 2019
Organization And Business Operations [Line Items]
Advisory agreement date			Oct. 25, 2016
Issuance of common stock, shares			$ 24,269,000	$ 130,164,000	$ 114,070,000
Shares authorized, common stock and preferred stock			3,050,000,000						500,000,000
Common stock shares authorized								$ 3,050,000	$ 500,000
Preferred Stock
Organization And Business Operations [Line Items]
Shares authorized, preferred stock								50,000,000
Initial Public Offering | Common Stock
Organization And Business Operations [Line Items]
Common stock, purchase price per share						$ 25
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				$ 4,000	$ 4,000
Shares authorized, common stock			500,000,000	500,000,000				3,000,000,000
Common stock, purchase price per share							$ 27.38
Class P Common Stock | Maximum
Organization And Business Operations [Line Items]
Shares issued value, private offering		$ 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
Remaining Class P Common Stock
Organization And Business Operations [Line Items]
Shares authorized, common stock								500,000,000

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Additional Information (Details)	12 Months Ended			18 Months Ended
	Dec. 31, 2020USD ($)Rating	Dec. 31, 2019USD ($)	Dec. 31, 2018USD ($)	Dec. 31, 2020USD ($)	Jun. 28, 2019$ / shares	Dec. 31, 2017USD ($)
Summary Of Significant Accounting Policies Disclosures [Line Items]
Cash and cash equivalents, description	Cash and cash equivalents include funds on deposit with financial institutions, including demand deposits with financial institutions with original maturities of three months or less.
Restricted cash	$ 0	$ 429,000		$ 0
Commercial mortgage loans held for investment	441,814,000	504,702,000	$ 249,573,000	441,814,000		$ 32,094,000
Allowance for loan losses	0	0		0
Real estate securities at fair value	0	157,869,000		0
Uncertain tax positions	0	0		$ 0
Uncertain tax positions, period increase (decrease)	0
Uncertain tax positions, income tax interest or penalties	$ 0	0	0
Current state income tax expense (benefit)			(13,000)
Current income tax expense (benefit)		$ 0	$ (13,000)
Effective tax rate	28.51%
Federal tax rate	21.00%
IL tax rate	7.51%
State rate net of federal benefit	9.50%
Deferred tax benefit	$ 352,000
Valuation allowance	352,000
Hotel
Summary Of Significant Accounting Policies Disclosures [Line Items]
Operating loss	$ 1,235,000
Advisor
Summary Of Significant Accounting Policies Disclosures [Line Items]
Maximum percentage of gross proceeds from issuance of initial public offering				15.00%
Class P Common Stock
Summary Of Significant Accounting Policies Disclosures [Line Items]
Shares issued excluding issuance cost price per share | $ / shares					$ 25
Shares issued, price per share | $ / shares					$ 27.38
Maximum | Buildings and Improvements
Summary Of Significant Accounting Policies Disclosures [Line Items]
REO assets estimated useful lives	40 years
Maximum | Furniture, Fixtures and Equipment
Summary Of Significant Accounting Policies Disclosures [Line Items]
REO assets estimated useful lives	15 years
Maximum | Real Estate Securities
Summary Of Significant Accounting Policies Disclosures [Line Items]
Risk rating to loan loss | Rating	5
Minimum | Real Estate Securities
Summary Of Significant Accounting Policies Disclosures [Line Items]
Risk rating to loan loss | Rating	1

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Reconciliation of Cash, Cash Equivalents and Restricted Cash (Details) - USD ($)	Dec. 31, 2020	Dec. 31, 2019
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents [Abstract]
Cash and cash equivalents	$ 72,107,000	$ 37,210,000
Restricted cash	0	429,000
Total cash, cash equivalents, and restricted cash	$ 72,107,000	$ 37,639,000

Commercial Mortgage Loans Hel_3

Commercial Mortgage Loans Held for Investment - Summary of Commercial Mortgage Loans held for Investment (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2020USD ($)Loan	Dec. 31, 2019USD ($)Loan	Dec. 31, 2018USD ($)	Dec. 31, 2017USD ($)
Mortgage Loans On Real Estate [Line Items]
Number of Loans | Loan	29	32
Principal Balance	$ 441,696	$ 506,402
Unamortized (fees)/costs, net	118	(1,700)
Carrying Value	$ 441,814	$ 504,702	$ 249,573	$ 32,094
Weighted Average Coupon	5.50%	5.70%
Weighted Average Years to Maturity	1 year 7 months 6 days	2 years 2 months 12 days
First Mortgage Loans [Member]
Mortgage Loans On Real Estate [Line Items]
Number of Loans | Loan	26	29
Principal Balance	$ 425,196	$ 489,902
Unamortized (fees)/costs, net	118	(1,700)
Carrying Value	$ 425,314	$ 488,202
Weighted Average Coupon	5.30%	5.60%
Weighted Average Years to Maturity	1 year 6 months	2 years
Credit Loans [Member]
Mortgage Loans On Real Estate [Line Items]
Number of Loans | Loan	3	3
Principal Balance	$ 16,500	$ 16,500
Carrying Value	$ 16,500	$ 16,500
Weighted Average Coupon	9.50%	9.50%
Weighted Average Years to Maturity	4 years 10 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 Portfolio (Details) - USD ($) $ in Thousands	1 Months Ended	12 Months Ended
	May 31, 2020	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Mortgage Loans On Real Estate [Abstract]
Balance at Beginning of Year		$ 504,702	$ 249,573	$ 32,094
Loan originations		69,135	329,155	219,274
Principal repayments		(99,727)	(74,478)	0
Amortization of loan origination and deferred exit fees		1,818	2,403	524
Sale of commercial loan	$ (10,000)	(10,000)	0	0
Origination fees received on commercial loans		0	(1,951)	(2,319)
Provision for loan losses		(4,726)
Deferred interest capitalized on commercial loan		386
Transfer on deed-in-lieu of foreclosure to real estate owned		(19,774)	0	0
Balance at End of Period		$ 441,814	$ 504,702	$ 249,573

Commercial Mortgage Loans Hel_5

Commercial Mortgage Loans Held for Investment - Additional Information (Details)	1 Months Ended	12 Months Ended
	May 31, 2020USD ($)Loan	Dec. 31, 2020USD ($)RatingLoan	Dec. 31, 2019USD ($)RatingLoan	Dec. 31, 2018USD ($)
Mortgage Loans On Real Estate [Line Items]
Commercial mortgage loans sold amount	$ 10,000,000	$ 10,000,000	$ 0	$ 0
Proceeds from sale of mortgage loans held for investment	$ 9,625,000
Realized loss on sale of commercial loan		375,000
Allowance for loan loss		0	$ 0
Interest income for impaired loans		$ 465,000
Initial risk rating for commercial mortgage loans held for investment and real estate securities | Rating		2	2
Number of loans risk rated two | Loan		19	30
Number of loans risk rated three | Loan		7	2
Number of loans risk rated four | Loan		3
Credit Loans [Member]
Mortgage Loans On Real Estate [Line Items]
Number of loans sold | Loan	1
Credit Loans [Member] | Florida [Member]
Mortgage Loans On Real Estate [Line Items]
Allowance for loan loss		$ 1,500,000
First Mortgage Loans [Member] | Illinois [Member]
Mortgage Loans On Real Estate [Line Items]
Impairment charges on loans		$ 4,726,000
Number of loans impaired | Loan		1
First Mortgage Loans [Member] | Florida [Member]
Mortgage Loans On Real Estate [Line Items]
Provision for loan loss reversed		$ 1,500,000

Commercial Mortgage Loans Hel_6

Commercial Mortgage Loans Held for Investment - Schedule of Allowance for Loan Losses (Details)	12 Months Ended
	Dec. 31, 2020USD ($)
Mortgage Loans On Real Estate [Abstract]
Beginning of period	$ 0
Provision for loan losses	4,726,000
Charge-offs	4,726,000
Ending allowance for loan losses	$ 0

Commercial Mortgage Loans Hel_7

Commercial Mortgage Loans Held for Investment - Summary of Investment Grade of Loans Loss (Details) - Commercial Mortgage Loans	12 Months Ended
	Dec. 31, 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)	12 Months Ended
	Dec. 31, 2019USD ($)Investment	Dec. 31, 2020USD ($)
Schedule Of Available For Sale Securities [Line Items]
Real estate securities at fair value	$ 157,869,000	$ 0
Real Estate Securities
Schedule Of Available For Sale Securities [Line Items]
Number of Positions | Investment	17
Weighted Average Coupon	5.00%
Weighted Average Years to Maturity	1 year
Par Value	$ 158,440,000
Amortized Cost	158,080,000
Unrealized Gains	104,000
Unrealized Losses	(315,000)
Real estate securities at fair value	$ 157,869,000
Real Estate Securities | AAA
Schedule Of Available For Sale Securities [Line Items]
Number of Positions | Investment	3
Collateral	Hospitality, Office
Weighted Average Coupon	2.60%
Weighted Average Years to Maturity	6 months
Par Value	$ 19,113,000
Amortized Cost	19,081,000
Unrealized Losses	(43,000)
Real estate securities at fair value	$ 19,038,000
Real Estate Securities | AA-
Schedule Of Available For Sale Securities [Line Items]
Number of Positions | Investment	1
Collateral	Hospitality
Weighted Average Coupon	2.80%
Weighted Average Years to Maturity	4 months 24 days
Par Value	$ 2,000,000
Amortized Cost	1,999,000
Unrealized Losses	(11,000)
Real estate securities at fair value	$ 1,988,000
Real Estate Securities | BB-
Schedule Of Available For Sale Securities [Line Items]
Number of Positions | Investment	9
Collateral	Retail, Hospitality, Mixed Use, Office
Weighted Average Coupon	4.40%
Weighted Average Years to Maturity	1 year 3 months 18 days
Par Value	$ 72,052,000
Amortized Cost	72,033,000
Unrealized Gains	104,000
Unrealized Losses	(81,000)
Real estate securities at fair value	$ 72,056,000
Real Estate Securities | BBB-
Schedule Of Available For Sale Securities [Line Items]
Number of Positions | Investment	1
Collateral	Multifamily
Weighted Average Coupon	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	3
Collateral	Hospitality
Weighted Average Coupon	7.00%
Weighted Average Years to Maturity	8 months 12 days
Par Value	$ 55,275,000
Amortized Cost	54,967,000
Unrealized Losses	(180,000)
Real estate securities at fair value	$ 54,787,000

Real Estate Securities - Additi

Real Estate Securities - Additional Information (Details)	12 Months Ended
	Dec. 31, 2020USD ($)	Dec. 31, 2019USD ($)Investment	Dec. 31, 2018USD ($)
Schedule Of Available For Sale Securities [Line Items]
Real estate securities sold	$ 121,189,000	$ 9,211,000	$ 2,996,000
Carrying value of investments	0	$ 157,869,000
Real Estate Securities
Schedule Of Available For Sale Securities [Line Items]
Real estate securities sold	121,189,000
Number of investments | Investment		17
Carrying value of investments		$ 157,869,000
Net unrealized loss		211,000
Realized loss	$ 35,020,000	$ 43,000	$ 0
Number of commercial mortgage backed securities rated two | Investment		17

Repurchase Agreements - Additio

Repurchase Agreements - Additional Information (Details)	May 06, 2019USD ($)	Dec. 31, 2020	Mar. 31, 2020USD ($)	Dec. 31, 2020Agreement	Jun. 30, 2020USD ($)	Jan. 31, 2019USD ($)	Aug. 31, 2018USD ($)	Feb. 15, 2018USD ($)
Real Estate Securities
Repurchase Agreement [Line Items]
Number of master repurchase agreements | Agreement				2
CF Repo Facility | London Interbank Offered Rate (LIBOR) | New Loans | Minimum
Repurchase Agreement [Line Items]
LIBOR spread				2.25%
Floor rate				0.25%
CF Repo Facility | London Interbank Offered Rate (LIBOR) | New Loans | Maximum
Repurchase Agreement [Line Items]
LIBOR spread				2.75%
Floor rate				0.75%
CF Repo Facility | Commercial Mortgage Loans
Repurchase Agreement [Line Items]
Repurchase agreement, maximum advance amount			$ 300,000,000		$ 250,000,000	$ 250,000,000	$ 175,000,000	$ 100,000,000
Extended maturity date		2021-12	2021-02
CF Repo Facility | Commercial Mortgage Loans | London Interbank Offered Rate (LIBOR) | Minimum
Repurchase Agreement [Line Items]
LIBOR spread				2.25%
Floor rate				0.25%
CF Repo Facility | Commercial Mortgage Loans | London Interbank Offered Rate (LIBOR) | Maximum
Repurchase Agreement [Line Items]
LIBOR spread				2.75%
Floor rate				0.75%
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 (LIBOR) | Minimum
Repurchase Agreement [Line Items]
LIBOR spread	1.75%
JP Morgan Repo Facility | Commercial Mortgage Loans | London Interbank Offered Rate (LIBOR) | Maximum
Repurchase Agreement [Line Items]
LIBOR spread	2.50%

Repurchase Agreements - Schedul

Repurchase Agreements - Schedule of Outstanding Repurchase Agreements (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Assets Sold Under Agreements To Repurchase [Line Items]
Accrued Interest Payable	$ 292	$ 652
Commercial Mortgage Loans | CF Repo Facility
Assets Sold Under Agreements To Repurchase [Line Items]
Committed Financing	250,000	250,000
Amount Outstanding	159,948	224,590
Accrued Interest Payable	187	327
Collateral Pledged	$ 228,359	$ 304,708
Weighted Average Interest Rate	3.00%	3.74%
Weighted Average Days to Maturity	352 days	318 days
Commercial Mortgage Loans | Repo Facility
Assets Sold Under Agreements To Repurchase [Line Items]
Committed Financing	$ 400,000	$ 400,000
Amount Outstanding	290,726	335,885
Accrued Interest Payable	292	484
Collateral Pledged	$ 418,406	$ 457,902
Weighted Average Interest Rate	2.58%	3.70%
Weighted Average Days to Maturity	250 days	376 days
Commercial Mortgage Loans | JP Morgan Repo Facility
Assets Sold Under Agreements To Repurchase [Line Items]
Committed Financing	$ 150,000	$ 150,000
Amount Outstanding	130,778	111,295
Accrued Interest Payable	105	157
Collateral Pledged	$ 190,047	$ 153,194
Weighted Average Interest Rate	2.08%	3.63%
Weighted Average Days to Maturity	126 days	492 days
Real Estate Securities
Assets Sold Under Agreements To Repurchase [Line Items]
Amount Outstanding		$ 107,489
Accrued Interest Payable		168
Collateral Pledged		$ 149,164
Weighted Average Interest Rate		3.14%
Weighted Average Days to Maturity		11 days

Repurchase Agreements - Sched_2

Repurchase Agreements - Schedule of Outstanding Repurchase Agreements (Parenthetical) (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Commercial Mortgage Loans | Repo Facility
Assets Sold Under Agreements To Repurchase [Line Items]
Unamortized debt issuance costs	$ 27	$ 80

Stockholders' Equity - Schedule

Stockholders' Equity - Schedule of Change in Outstanding Shares Including Restricted Common Stock (Details) - shares	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Class P Common Stock
Class Of Stock [Line Items]
Beginning balance	10,182,305	5,940,744	1,733,392
Issuance of shares		4,315,524	4,209,178
Issuance of restricted shares		2,400
Redemptions	(30,518)	(76,363)	(1,826)
Ending balance	10,151,787	10,182,305	5,940,744
Class A Common Stock
Class Of Stock [Line Items]
Beginning balance	272,006
Issuance of shares	379,250	271,382
Distribution reinvestment	4,579	624
Ending balance	655,835	272,006
Class T Common Stock
Class Of Stock [Line Items]
Beginning balance	121,718
Issuance of shares	274,570	121,385
Distribution reinvestment	1,945	333
Ending balance	398,233	121,718
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	41,298
Distribution reinvestment	789	240
Ending balance	50,393	41,538
Class I Common Stock
Class Of Stock [Line Items]
Beginning balance	100,743
Issuance of shares	276,618	99,244
Distribution reinvestment	3,201	302
Issuance of restricted shares	1,393	1,197
Ending balance	381,955	100,743

Stockholders' Equity - Addition

Stockholders' Equity - Additional Information (Details) - USD ($)	Dec. 31, 2020	Nov. 30, 2020	Oct. 31, 2020	Sep. 30, 2020	Aug. 31, 2020	Jul. 31, 2020	May 03, 2019	Feb. 29, 2020	Jul. 31, 2019	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Class Of Stock [Line Items]
Common stock issued, average price per share												$ 27.10
Proceeds from issuance of common stock, net of offering costs												$ 105,264,000
Common stock, offering costs										$ 1,844,000	$ 10,720,000	8,806,000
Reimbursable deferred offering costs												562,000
Gross distribution per share						$ 0.8576
Gross distribution amount	$ 0.075	$ 0.075	$ 0.075	$ 0.075	$ 0.073333333	$ 0.071466667
Gross distribution per share	$ 0.90	$ 0.90	$ 0.90	$ 0.90	$ 0.88
Dividends payable record date	Dec. 31, 2020	Nov. 30, 2020	Oct. 31, 2020	Sep. 30, 2020	Aug. 31, 2020	Jul. 31, 2020
Distributions declared										8,662,000	17,128,000	7,008,000
Distributions payable	$ 867,000									867,000	1,699,000	941,000
Proceeds from issuance of common stock										24,269,000	130,164,000	114,070,000
Repurchased of common stock										$ 763,000	$ 1,911,000	$ 46,000
Repurchased of common stock average price per share										$ 25	$ 25.02	$ 25
Maximum
Class Of Stock [Line Items]
Aggregate net asset value of shares repurchased per month							2.00%
Aggregate net asset value of shares repurchased per quarter							5.00%
Common Stock
Class Of Stock [Line Items]
Distributions payable	$ 867,000									$ 867,000	$ 1,699,000
Class P Common Stock
Class Of Stock [Line Items]
Daily distribution amount									$ 0.005260274			0.005260274	$ 0.005260274
Annualized gross distribution per share								$ 1.92				1.92	$ 1.92
Gross monthly distribution amount								0.16
Gross distribution per share										$ 0.7648	$ 1.9200	$ 1.9200
Distributions declared										$ 7,768,000	$ 16,967,000	$ 7,008,000
Class A Common Stock
Class Of Stock [Line Items]
Annualized gross distribution per share								1.62
Gross monthly distribution amount								0.135
Gross distribution per share										$ 0.7148	$ 0.5400
Distributions declared										$ 419,000	$ 82,000	0
Class T Common Stock
Class Of Stock [Line Items]
Annualized gross distribution per share								1.62
Gross monthly distribution amount								0.135
Gross distribution per share										$ 0.7148	$ 0.6750
Distributions declared										$ 213,000	$ 40,000	0
Class D Common Stock
Class Of Stock [Line Items]
Annualized gross distribution per share								1.62
Gross monthly distribution amount								0.135
Gross distribution per share										$ 0.7148	$ 0.5400
Distributions declared										$ 33,000	$ 12,000	0
Class I Common Stock
Class Of Stock [Line Items]
Annualized gross distribution per share								1.62
Gross monthly distribution amount								$ 0.135
Gross distribution per share										$ 0.7148	$ 0.6750
Distributions declared										$ 229,000	$ 27,000	$ 0
Initial Public Offering
Class Of Stock [Line Items]
Common stock issued, average price per share	$ 25.83									$ 25.83
Proceeds from issuance of common stock, net of offering costs										$ 22,267,000
Common stock, offering costs										2,246,000
Reimbursable deferred offering costs	$ 70,000									70,000
Offerings
Class Of Stock [Line Items]
Common stock issued, average price per share											$ 26.84
Proceeds from issuance of common stock, net of offering costs											$ 119,208,000
Common stock, offering costs											10,993,000
Reimbursable deferred offering costs											390,000
DRP
Class Of Stock [Line Items]
Proceeds from issuance of common stock										$ 245,000	$ 37,000
Average price per share	$ 23.24									$ 23.24	$ 25.06

Stockholders' Equity - Schedu_2

Stockholders' Equity - Schedule of Aggregate Distributions Declared for Applicable Class of Common Stock (Details) - $ / shares	Dec. 31, 2020	Nov. 30, 2020	Oct. 31, 2020	Sep. 30, 2020	Aug. 31, 2020	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Distributions Declared [Line Items]
Aggregate gross distributions declared per share	$ 0.90	$ 0.90	$ 0.90	$ 0.90	$ 0.88
Class P Common Stock
Distributions Declared [Line Items]
Aggregate gross distributions declared per share						$ 0.7648	$ 1.9200	$ 1.9200
Net distributions declared per share						0.7648	1.9200	$ 1.9200
Class A Common Stock
Distributions Declared [Line Items]
Aggregate gross distributions declared per share						0.7148	0.5400
Net distributions declared per share						0.7148	0.5400
Class T Common Stock
Distributions Declared [Line Items]
Aggregate gross distributions declared per share						0.7148	0.6750
Stockholder servicing fee per share						0.1270	0.0890
Net distributions declared per share						0.5878	0.5860
Class D Common Stock
Distributions Declared [Line Items]
Aggregate gross distributions declared per share						0.7148	0.5400
Stockholder servicing fee per share						0.0373	0.0209
Net distributions declared per share						0.6775	0.5191
Class I Common Stock
Distributions Declared [Line Items]
Aggregate gross distributions declared per share						0.7148	0.6750
Net distributions declared per share						$ 0.7148	$ 0.6750

Net Income Per Share - Addition

Net Income Per Share - Additional information (Details) - Restricted Shares - shares	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Earnings Per Share Diluted [Line Items]
Additional shares included in computation of diluted earnings per share	0	351	167
Antidilutive restricted shares	583	0	0

Net Income Per Share - Summary

Net Income Per Share - Summary of Basic and Diluted Net (Loss) Income Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Earnings Per Share [Abstract]
Net income (loss)	$ (28,784)	$ 13,705	$ 2,069
Weighted average shares outstanding, basic	11,561,828	8,958,684	3,638,407
Weighted average shares outstanding, diluted	11,561,828	8,959,035	3,638,574
Net (loss) income per share, basic and diluted	$ (2.49)	$ 1.53	$ 0.57

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Details) $ in Thousands	Dec. 31, 2020USD ($)Loan	Dec. 31, 2019USD ($)Loan
Commitments And Contingencies Disclosure [Abstract]
Number of commercial mortgage loans with remaining future funding commitment | Loan	20	22
Commercial mortgage loans, remaining future funding commitment | $	$ 50,940	$ 54,620

Segment Reporting - Additional

Segment Reporting - Additional Information (Details) - Segment	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Segment Reporting [Abstract]
Number of reportable segment	1	1	1

Transactions with Related Par_3

Transactions with Related Parties - Additional Information (Details) - USD ($)	1 Months Ended	12 Months Ended
	Nov. 30, 2016	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Related Party Transaction [Line Items]
Proceeds from issuance of common stock		$ 24,269,000	$ 130,164,000	$ 114,070,000
Class P Common Stock
Related Party Transaction [Line Items]
Common stock, shares, issued		10,151,787	10,182,305
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
Payment of selling commissions	$ 0
Payment of dealer manager fees	0
Payment of organization and offering expenses	0
Subscription agreement, minimum number of shares to be held		8,000
Subscription agreement, value of minimum number of shares to be held		$ 200,000
Description of subscription agreement		The Advisor has agreed pursuant to its subscription agreement that, for so long as it or its affiliate is serving as the Advisor, (i) it will not sell or transfer at least 8,000 of the Class P Shares that it has purchased, accounting for $200 of its investment, to an unaffiliated third party; (ii) it will not be eligible to submit a request for these 40,040 Class P Shares pursuant to the Company’s SRP prior to the fifth anniversary of the date on which such 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
Payment of selling commissions	$ 0
Payment of dealer manager fees	0
Payment of organization and offering expenses	$ 0
Description of subscription agreement		Sound Point has agreed pursuant to its subscription agreement that, for so long as the Sub-Advisor or its affiliate is serving as the Sub-Advisor, (i) it will not be eligible to submit a request for the repurchase of these 120,000 shares pursuant to the Company’s SRP prior to the fifth anniversary of the date on which such shares were purchased (November 2021); and (ii) repurchase requests made for these shares will only be accepted (a) on the last business day of a calendar quarter, (b) after all repurchase requests from all other stockholders for such quarter have been accepted and (c) to the extent that such repurchases do not cause total repurchases in the quarter in which they are being repurchased to exceed that quarter’s repurchase cap.

Transactions with Related Par_4

Transactions with Related Parties - Summary of Related Party Transactions (Details) - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Related Party Transaction [Line Items]
Advisory fee	$ 5,528,000	$ 5,632,000	$ 2,540,000
Accrued stockholder servicing fee	401,000	273,000
Total, payable	2,093,000	698,000
Advisor
Related Party Transaction [Line Items]
Organization and offering expense reimbursement	70,000	390,000	562,000
Selling commissions and dealer manager fee	758,000	7,299,000	7,259,000
Advisory fee	5,528,000	5,632,000	2,540,000
Loan fees	1,508,000	2,089,000
Accrued stockholder servicing fee	446,000	277,000
Operating expense reimbursement to advisor	1,000	5,000	14,000
Expense reimbursement received from advisor	0	(359,000)	0
Total	8,311,000	15,333,000	$ 10,375,000
Organization and offering expense reimbursement, payable		17,000
Advisory fee, payable	507,000
Loan fees, payable	912,000	408,000
Accrued stockholder servicing fee, payable	674,000	273,000
Total, payable	$ 2,093,000	$ 698,000

Transactions with Related Par_5

Transactions with Related Parties - Summary of Related Party Transactions (Parenthetical) (Details) - Advisor - USD ($)	Jul. 17, 2019	Jul. 16, 2019	Dec. 31, 2019	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2020	Apr. 28, 2019
Related Party Transaction [Line Items]
Maximum percentage of gross proceeds from issuance of initial public offering							15.00%
Percentage of average aggregate value of assets				1.50%	1.50%
Percentage of excess total return				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 fee waived				$ 874,000	$ 1,109,000	$ 258,000
Performance component of advisory fee waived				0	319,000	0
Expense reimbursement received from advisor				$ 0	$ 359,000	$ 0
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 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 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 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
Related Party Transaction [Line Items]
Percentage of minimum total return per share			7.00%					7.00%
Percentage of aggregate total return			15.00%					15.00%

Equity-Based Compensation - Add

Equity-Based Compensation - Additional Information (Details) $ / shares in Units, $ in Thousands	Dec. 01, 2020USD ($)Director$ / sharesshares	Dec. 02, 2019USD ($)Director$ / sharesshares	Jan. 07, 2019USD ($)Director$ / sharesshares	Mar. 01, 2018USD ($)Director$ / sharesshares	Dec. 31, 2020USD ($)$ / sharesshares	Dec. 31, 2019USD ($)shares	Dec. 31, 2018USD ($)
RSP | Restricted Shares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Grant date fair value of restricted shares | $ / shares					$ 21.54
Fair value of restricted shares at vesting date | $					$ 29
RSP | Restricted Shares | Independent Directors
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting period					3 years
Compensation expense | $					$ 31	$ 20	$ 8
Unrecognized compensation cost | $					$ 60
Weighted average remaining period that compensation expense recognizable					1 year 3 months 3 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	$ 30
Restricted shares description			The restricted Class P Shares will 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
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of restricted shares					1,393	1,197
Class I 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	$ 21.54	$ 25.07
Restricted shares value | $	$ 30	$ 30
Restricted shares description	The restricted Class I shares will vest in equal one-third increments on December 1, 2021, 2022 and 2023.	The restricted Class I shares will 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%	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%	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%	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	464	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	464	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	464	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	1,393	1,197

Equity-Based Compensation - Sum

Equity-Based Compensation - Summary of the Restricted Shares Granted under RSP (Details) - Restricted Shares - RSP	12 Months Ended
	Dec. 31, 2020$ / sharesshares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Outstanding beginning balance, Shares | shares	3,197
Granted, Shares | shares	1,393
Vested, Shares | shares	(1,199)
Outstanding ending balance, Shares | shares	3,391
Outstanding beginning balance, Weighted average grant date fair value per share | $ / shares	$ 25.02
Granted, Weighted average grant date fair value per share | $ / shares	21.54
Vested, Weighted average grant date fair value per share | $ / shares	25.02
Outstanding ending balance, Weighted average grant date fair value per share | $ / shares	$ 23.59

Fair Value of Financial Instr_3

Fair Value of Financial Instruments - Financial Instruments Carried at Fair Value in Consolidated Balance Sheets (Details) - USD ($)	Dec. 31, 2020	Dec. 31, 2019
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Real estate securities at fair value	$ 0	$ 157,869,000
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		157,869,000
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		$ 157,869,000

Fair Value of Financial Instr_4

Fair Value of Financial Instruments - Additional Information (Details) - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Fair Value Disclosures [Abstract]
Fair value assets transfers from level 1 to level 2 amount	$ 0	$ 0
Fair value assets transfers from level 2 to level 1 amount	0	0
Fair value assets transfers to level 3 amount	0	0
Fair value assets transfers out of level 3 amount	$ 0	$ 0

Fair Value of Financial Instr_5

Fair Value of Financial Instruments - Schedule of Carrying Amount and Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Carrying Amount
Financial assets
Cash and cash equivalents	$ 72,107	$ 37,210
Restricted cash		429
Commercial mortgage loans, net	441,814	504,702
Total	513,921	542,341
Financial liabilities
Total	290,699	443,294
Carrying Amount | Real Estate Securities
Financial liabilities
Repurchase agreements		107,489
Carrying Amount | Commercial Mortgage Loans
Financial liabilities
Repurchase agreements	290,699	335,805
Estimated Fair Value
Financial assets
Cash and cash equivalents	72,107	37,210
Restricted cash		429
Commercial mortgage loans, net	441,267	511,734
Total	513,374	549,373
Financial liabilities
Total	290,699	443,294
Estimated Fair Value | Real Estate Securities
Financial liabilities
Repurchase agreements		107,489
Estimated Fair Value | Commercial Mortgage Loans
Financial liabilities
Repurchase agreements	$ 290,699	$ 335,805

Real Estate Owned - Schedule of

Real Estate Owned - Schedule of Company's REO Assets (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2020USD ($)
Real Estate [Line Items]
Real Estate Owned, Net	$ 32,474
Hotel | Chicago, IL
Real Estate [Line Items]
Acquisition Date	2020-08	[1],[2]
Building and Improvements	$ 26,683
Furniture, Fixtures and Equipment	6,196
Accumulated Depreciation	(405)
Real Estate Owned, Net	$ 32,474
[1]	Refer to Note 2 – “Summary of Significant Accounting Policies” for useful life of the above assets.
[2]	Represents hotel ground lease interest acquired by the Company by completing a deed-in-lieu of foreclosure transaction.

Leases - Additional Information

Leases - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Aug. 20, 2020
Leases [Abstract]
Lessee finance lease description	The Company is the lessee under one ground lease. The ground lease, which commenced on April 1, 1999, was assumed as part of a property acquired through a deed-in-lieu of foreclosure transaction on August 20, 2020 and extends through March 31, 2098. The lease is classified as a finance lease. Under the ground lease, the Company is prohibited from mortgaging the land but is not prohibited from making a leasehold mortgage for property constructed on the land. The Company may terminate the lease as of March 31, 2049, March 31, 2065 and March 31, 2081 provided that twelve months’ notice is provided to the lessor prior to those respective dates.
Finance lease, commencement date	Apr. 1, 1999
Finance lease, expiration date	Mar. 31, 2098
Lessee finance lease termination description	Company may terminate the lease as of March 31, 2049, March 31, 2065 and March 31, 2081
Finance lease liability	$ 16,790	$ 16,827
Finance lease, right of use asset	$ 5,549
Finance lease liability, interest rate	11.37%

Leases - Summary of Finance Lea

Leases - Summary of Finance Lease Cost (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2020USD ($)
Leases [Abstract]
Amortization of right-of-use assets	$ 24
Interest on lease liabilities	634
Total finance lease cost	$ 658

Leases - Schedule of Finance Le

Leases - Schedule of Finance Lease Right of Use Asset, Net of Amortization (Details) $ in Thousands	Dec. 31, 2020USD ($)
Leases [Abstract]
Finance lease right of use asset, gross	$ 5,549
Accumulated amortization	(24)
Finance lease right of use asset, net of amortization	$ 5,525

Leases - Schedule of Lease Paym

Leases - Schedule of Lease Payments for the Ground Lease (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Aug. 20, 2020
Leases [Abstract]
2021	$ 1,611
2022	1,611
2023	1,611
2024	1,744
2025	1,771
Thereafter	271,459
Total undiscounted lease payments	279,807
Less: Amount representing interest	(263,017)
Present value of lease liability	$ 16,790	$ 16,827

Subsequent Events - Additional

Subsequent Events - Additional Information (Details) - USD ($) $ in Thousands

Oct. 01, 2021

Mar. 10, 2021

Jan. 28, 2021

Dec. 31, 2020

Nov. 30, 2020

Oct. 31, 2020

Sep. 30, 2020

Aug. 31, 2020

Jul. 31, 2020

May 03, 2019

Jan. 31, 2021

Sep. 30, 2021

Subsequent Event [Line Items]

Distributions record date

Dec. 31, 2020

Nov. 30, 2020

Oct. 31, 2020

Sep. 30, 2020

Aug. 31, 2020

Jul. 31, 2020

Maximum

Subsequent Event [Line Items]

Aggregate net asset value of shares repurchased per month

2.00%

Aggregate net asset value of shares repurchased per quarter

5.00%

Forecast | Maximum

Subsequent Event [Line Items]

Aggregate net asset value of shares repurchased per month

2.00%

1.00%

Aggregate net asset value of shares repurchased per quarter

5.00%

2.50%

Subsequent Event

Subsequent Event [Line Items]

Percentage of advisory fees waived

50.00%

Subsequent Event | Common Stock | Dividend Distribution Declared on January 28, 2021

Subsequent Event [Line Items]

Distributions declared date

Jan. 28, 2021

Distributions record date

Jan. 31, 2021

Distributions payable date

Feb. 17, 2021

Subsequent Event | Common Stock | Dividend Distribution Declared on January 28, 2021

Subsequent Event [Line Items]

Distributions declared date

Jan. 28, 2021

Distributions record date

Feb. 28, 2021

Distributions payable date

Mar. 17, 2021

Subsequent Event | Common Stock | Dividend Distribution Declared on January 28, 2021

Subsequent Event [Line Items]

Distributions declared date

Jan. 28, 2021

Distributions record date

Mar. 31, 2021

Distributions payable date

Apr. 19, 2021

Subsequent Event | Western Alliance Facility

Subsequent Event [Line Items]

Loan advances

$ 75,000

Initial maturity date

Mar. 10, 2023

Maximum guaranty percentage on obligations, indebtedness and liabilities of operating partnership

30.00%

Subsequent Event | Western Alliance Facility | London Interbank Offered Rate (LIBOR)

Subsequent Event [Line Items]

LIBOR spread

3.25%

Subsequent Event | Western Alliance Facility | Floor

Subsequent Event [Line Items]

LIBOR spread

4.00%

Subsequent Events - Schedule of

Subsequent Events - Schedule of Declared Distributions for Class of Common Stock (Details) - $ / shares	Jan. 28, 2021	Dec. 31, 2020	Nov. 30, 2020	Oct. 31, 2020	Sep. 30, 2020	Aug. 31, 2020	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Subsequent Event [Line Items]
Aggregate gross distributions declared per share		$ 0.90	$ 0.90	$ 0.90	$ 0.90	$ 0.88
Class P Common Stock
Subsequent Event [Line Items]
Aggregate gross distributions declared per share							$ 0.7648	$ 1.9200	$ 1.9200
Class A Common Stock
Subsequent Event [Line Items]
Aggregate gross distributions declared per share							0.7148	0.5400
Class T Common Stock
Subsequent Event [Line Items]
Aggregate gross distributions declared per share							0.7148	0.6750
Stockholder servicing fee per share							0.1270	0.0890
Class D Common Stock
Subsequent Event [Line Items]
Aggregate gross distributions declared per share							0.7148	0.5400
Stockholder servicing fee per share							0.0373	0.0209
Class I Common Stock
Subsequent Event [Line Items]
Aggregate gross distributions declared per share							$ 0.7148	$ 0.6750
Subsequent Event | Dividend Distribution Declared on January 28, 2021 | Class P Common Stock
Subsequent Event [Line Items]
Aggregate gross distributions declared per share	$ 0.0792
Net distributions declared per share	0.0792
Subsequent Event | Dividend Distribution Declared on January 28, 2021 | Class A Common Stock
Subsequent Event [Line Items]
Aggregate gross distributions declared per share	0.0792
Net distributions declared per share	0.0792
Subsequent Event | Dividend Distribution Declared on January 28, 2021 | Class T Common Stock
Subsequent Event [Line Items]
Aggregate gross distributions declared per share	0.0792
Stockholder servicing fee per share	0.0146
Net distributions declared per share	0.0646
Subsequent Event | Dividend Distribution Declared on January 28, 2021 | Class D Common Stock
Subsequent Event [Line Items]
Aggregate gross distributions declared per share	0.0792
Stockholder servicing fee per share	0.0043
Net distributions declared per share	0.0749
Subsequent Event | Dividend Distribution Declared on January 28, 2021 | Class I Common Stock
Subsequent Event [Line Items]
Aggregate gross distributions declared per share	0.0792
Net distributions declared per share	0.0792
Subsequent Event | Dividend Distribution Declared on January 28, 2021 | Class P Common Stock
Subsequent Event [Line Items]
Aggregate gross distributions declared per share	0.0833
Net distributions declared per share	0.0833
Subsequent Event | Dividend Distribution Declared on January 28, 2021 | Class A Common Stock
Subsequent Event [Line Items]
Aggregate gross distributions declared per share	0.0833
Net distributions declared per share	0.0833
Subsequent Event | Dividend Distribution Declared on January 28, 2021 | Class T Common Stock
Subsequent Event [Line Items]
Aggregate gross distributions declared per share	0.0833
Stockholder servicing fee per share	0.0132
Net distributions declared per share	0.0701
Subsequent Event | Dividend Distribution Declared on January 28, 2021 | Class D Common Stock
Subsequent Event [Line Items]
Aggregate gross distributions declared per share	0.0833
Stockholder servicing fee per share	0.0039
Net distributions declared per share	0.0794
Subsequent Event | Dividend Distribution Declared on January 28, 2021 | Class I Common Stock
Subsequent Event [Line Items]
Aggregate gross distributions declared per share	0.0833
Net distributions declared per share	0.0833
Subsequent Event | Dividend Distribution Declared on January 28, 2021 | Class P Common Stock
Subsequent Event [Line Items]
Aggregate gross distributions declared per share	0.0875
Net distributions declared per share	0.0875
Subsequent Event | Dividend Distribution Declared on January 28, 2021 | Class A Common Stock
Subsequent Event [Line Items]
Aggregate gross distributions declared per share	0.0875
Net distributions declared per share	0.0875
Subsequent Event | Dividend Distribution Declared on January 28, 2021 | Class T Common Stock
Subsequent Event [Line Items]
Aggregate gross distributions declared per share	0.0875
Stockholder servicing fee per share	0.0146
Net distributions declared per share	0.0729
Subsequent Event | Dividend Distribution Declared on January 28, 2021 | Class D Common Stock
Subsequent Event [Line Items]
Aggregate gross distributions declared per share	0.0875
Stockholder servicing fee per share	0.0043
Net distributions declared per share	0.0832
Subsequent Event | Dividend Distribution Declared on January 28, 2021 | Class I Common Stock
Subsequent Event [Line Items]
Aggregate gross distributions declared per share	0.0875
Net distributions declared per share	$ 0.0875

Schedule IV - Mortgage Loans _2

Schedule IV - Mortgage Loans on Real Estate - Schedule of Mortgage Loans on Real Estate (Details) - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Mortgage Loans On Real Estate [Line Items]
Principal Balance		$ 441,696	$ 506,402
Carrying Amount		441,814	$ 504,702	$ 249,573	$ 32,094
First Mortgage Loan 1 | Office | London Interbank Offered Rate (LIBOR)
Mortgage Loans On Real Estate [Line Items]
Principal Balance		14,650
Carrying Amount		$ 14,721
Cash Coupon	[1]	L+4.70%
Cash Coupon, Rate		4.70%
Periodic Payment Terms	[2]	I/O
Maximum Maturity	[3]	Jan. 9, 2023
First Mortgage Loan 2 | Office | London Interbank Offered Rate (LIBOR)
Mortgage Loans On Real Estate [Line Items]
Principal Balance		$ 16,860
Carrying Amount		$ 16,973
Cash Coupon	[1]	L+4.50%
Cash Coupon, Rate		4.50%
Periodic Payment Terms	[2]	I/O
Maximum Maturity	[3]	Jun. 9, 2021
First Mortgage Loan 3 | Retail | London Interbank Offered Rate (LIBOR)
Mortgage Loans On Real Estate [Line Items]
Principal Balance		$ 12,059
Carrying Amount		$ 12,069
Cash Coupon	[1]	L+3.75%
Cash Coupon, Rate		3.75%
Periodic Payment Terms	[2]	I/O
Maximum Maturity	[3]	Apr. 9, 2023
First Mortgage Loan 4 | Industrial | London Interbank Offered Rate (LIBOR)
Mortgage Loans On Real Estate [Line Items]
Principal Balance		$ 31,000
Carrying Amount		$ 30,970
Cash Coupon	[1]	L+4.00%
Cash Coupon, Rate		4.00%
Periodic Payment Terms	[2]	I/O
Maximum Maturity	[3]	May 9, 2023
First Mortgage Loan 5 | Multifamily | London Interbank Offered Rate (LIBOR)
Mortgage Loans On Real Estate [Line Items]
Principal Balance		$ 6,962
Carrying Amount		$ 6,983
Cash Coupon	[1]	L+4.50%
Cash Coupon, Rate		4.50%
Periodic Payment Terms	[2]	I/O
Maximum Maturity	[3]	Jun. 9, 2023
First Mortgage Loan 6 | Office | London Interbank Offered Rate (LIBOR)
Mortgage Loans On Real Estate [Line Items]
Principal Balance		$ 24,411
Carrying Amount		$ 24,443
Cash Coupon	[1]	L+3.75%
Cash Coupon, Rate		3.75%
Periodic Payment Terms	[2]	I/O
Maximum Maturity	[3]	Sep. 9, 2023
First Mortgage Loan 7 | Multifamily | London Interbank Offered Rate (LIBOR)
Mortgage Loans On Real Estate [Line Items]
Principal Balance		$ 8,531
Carrying Amount		$ 8,521
Cash Coupon	[1]	L+3.70%
Cash Coupon, Rate		3.70%
Periodic Payment Terms	[2]	I/O
Maximum Maturity	[3]	Oct. 9, 2023
First Mortgage Loan 8 | Multifamily | London Interbank Offered Rate (LIBOR)
Mortgage Loans On Real Estate [Line Items]
Principal Balance		$ 6,860
Carrying Amount		$ 6,861
Cash Coupon	[1]	L+3.85%
Cash Coupon, Rate		3.85%
Periodic Payment Terms	[2]	I/O
Maximum Maturity	[3]	Nov. 9, 2023
First Mortgage Loan 9 | Multifamily | London Interbank Offered Rate (LIBOR)
Mortgage Loans On Real Estate [Line Items]
Principal Balance		$ 5,200
Carrying Amount		$ 5,198
Cash Coupon	[1]	L+3.90%
Cash Coupon, Rate		3.90%
Periodic Payment Terms	[2]	I/O
Maximum Maturity	[3]	Dec. 9, 2023
First Mortgage Loan10 | Hotel | London Interbank Offered Rate (LIBOR)
Mortgage Loans On Real Estate [Line Items]
Principal Balance		$ 16,537
Carrying Amount		$ 16,518
Cash Coupon	[1]	L+4.20%
Cash Coupon, Rate		4.20%
Periodic Payment Terms	[2]	I/O
Maximum Maturity	[3]	Jun. 9, 2025
First Mortgage Loan 11 | Multifamily | London Interbank Offered Rate (LIBOR)
Mortgage Loans On Real Estate [Line Items]
Principal Balance		$ 11,575
Carrying Amount		$ 11,563
Cash Coupon	[1]	L+3.45%
Cash Coupon, Rate		3.45%
Periodic Payment Terms	[2]	I/O
Maximum Maturity	[3]	Feb. 9, 2024
First Mortgage Loan 12 | Industrial | London Interbank Offered Rate (LIBOR)
Mortgage Loans On Real Estate [Line Items]
Principal Balance		$ 15,761
Carrying Amount		$ 15,732
Cash Coupon	[1]	L+3.30%
Cash Coupon, Rate		3.30%
Periodic Payment Terms	[2]	I/O
Maximum Maturity	[3]	Apr. 9, 2024
First Mortgage Loan 13 | Multifamily | London Interbank Offered Rate (LIBOR)
Mortgage Loans On Real Estate [Line Items]
Principal Balance		$ 24,000
Carrying Amount		$ 23,929
Cash Coupon	[1]	L+3.25%
Cash Coupon, Rate		3.25%
Periodic Payment Terms	[2]	I/O
Maximum Maturity	[3]	Jun. 9, 2024
First Mortgage Loan 14 | Multifamily | London Interbank Offered Rate (LIBOR)
Mortgage Loans On Real Estate [Line Items]
Principal Balance		$ 12,828
Carrying Amount		$ 12,810
Cash Coupon	[1]	L+3.25%
Cash Coupon, Rate		3.25%
Periodic Payment Terms	[2]	I/O
Maximum Maturity	[3]	Jun. 9, 2024
First Mortgage Loan 15 | Office | London Interbank Offered Rate (LIBOR)
Mortgage Loans On Real Estate [Line Items]
Principal Balance		$ 47,507
Carrying Amount		$ 47,357
Cash Coupon	[1]	L+2.75%
Cash Coupon, Rate		2.75%
Periodic Payment Terms	[2]	I/O
Maximum Maturity	[3]	Jul. 9, 2024
First Mortgage Loan 16 | Mixed Use | London Interbank Offered Rate (LIBOR)
Mortgage Loans On Real Estate [Line Items]
Principal Balance		$ 6,350
Carrying Amount		$ 6,325
Cash Coupon	[1]	L+3.60%
Cash Coupon, Rate		3.60%
Periodic Payment Terms	[2]	I/O
Maximum Maturity	[3]	Jul. 9, 2024
First Mortgage Loan 17 | Office | London Interbank Offered Rate (LIBOR)
Mortgage Loans On Real Estate [Line Items]
Principal Balance		$ 7,567
Carrying Amount		$ 7,592
Cash Coupon	[1]	L+4.20%
Cash Coupon, Rate		4.20%
Periodic Payment Terms	[2]	I/O
Maximum Maturity	[3]	Sep. 9, 2024
First Mortgage Loan 18 | Office | London Interbank Offered Rate (LIBOR)
Mortgage Loans On Real Estate [Line Items]
Principal Balance		$ 15,260
Carrying Amount		$ 15,274
Cash Coupon	[1]	L+3.10%
Cash Coupon, Rate		3.10%
Periodic Payment Terms	[2]	I/O
Maximum Maturity	[3]	Oct. 9, 2024
First Mortgage Loan 19 | Multifamily | London Interbank Offered Rate (LIBOR)
Mortgage Loans On Real Estate [Line Items]
Principal Balance		$ 30,000
Carrying Amount		$ 30,035
Cash Coupon	[1]	L+3.30%
Cash Coupon, Rate		3.30%
Periodic Payment Terms	[2]	I/O
Maximum Maturity	[3]	Oct. 9, 2024
First Mortgage Loan 20 | Office | London Interbank Offered Rate (LIBOR)
Mortgage Loans On Real Estate [Line Items]
Principal Balance		$ 20,958
Carrying Amount		$ 21,012
Cash Coupon	[1]	L+2.90%
Cash Coupon, Rate		2.90%
Periodic Payment Terms	[2]	I/O
Maximum Maturity	[3]	Oct. 9, 2024
First Mortgage Loan 21 | Multifamily | London Interbank Offered Rate (LIBOR)
Mortgage Loans On Real Estate [Line Items]
Principal Balance		$ 13,743
Carrying Amount		$ 13,757
Cash Coupon	[1]	L+3.00%
Cash Coupon, Rate		3.00%
Periodic Payment Terms	[2]	I/O
Maximum Maturity	[3]	Nov. 9, 2024
First Mortgage Loan 22 | Multifamily | London Interbank Offered Rate (LIBOR)
Mortgage Loans On Real Estate [Line Items]
Principal Balance		$ 32,632
Carrying Amount		$ 32,656
Cash Coupon	[1]	L+3.00%
Cash Coupon, Rate		3.00%
Periodic Payment Terms	[2]	I/O
Maximum Maturity	[3]	Dec. 9, 2024
First Mortgage Loan 23 | Office | London Interbank Offered Rate (LIBOR)
Mortgage Loans On Real Estate [Line Items]
Principal Balance		$ 19,835
Carrying Amount		$ 19,880
Cash Coupon	[1]	L+3.30%
Cash Coupon, Rate		3.30%
Periodic Payment Terms	[2]	I/O
Maximum Maturity	[3]	Feb. 9, 2025
First Mortgage Loan 24 | Retail | London Interbank Offered Rate (LIBOR)
Mortgage Loans On Real Estate [Line Items]
Principal Balance		$ 8,000
Carrying Amount		$ 8,017
Cash Coupon	[1]	L+3.85%
Cash Coupon, Rate		3.85%
Periodic Payment Terms	[2]	I/O
Maximum Maturity	[3]	Mar. 9, 2025
First Mortgage Loan 25 | Retail | London Interbank Offered Rate (LIBOR)
Mortgage Loans On Real Estate [Line Items]
Principal Balance		$ 9,320
Carrying Amount		$ 9,327
Cash Coupon	[1]	L+3.50%
Cash Coupon, Rate		3.50%
Periodic Payment Terms	[2]	I/O
Maximum Maturity	[3]	Mar. 9, 2025
First Mortgage Loan 26 | Multifamily | London Interbank Offered Rate (LIBOR)
Mortgage Loans On Real Estate [Line Items]
Principal Balance		$ 6,790
Carrying Amount		$ 6,791
Cash Coupon	[1]	L+4.00%
Cash Coupon, Rate		4.00%
Periodic Payment Terms	[2]	I/O
Maximum Maturity	[3]	Oct. 9, 2025
Credit Loan 1 | Office
Mortgage Loans On Real Estate [Line Items]
Principal Balance		$ 7,500
Carrying Amount		$ 7,500
Cash Coupon, Rate		9.20%
Periodic Payment Terms	[2]	I/O
Maximum Maturity	[3]	Oct. 11, 2027
Credit Loan 2 | Hotel
Mortgage Loans On Real Estate [Line Items]
Principal Balance		$ 3,000
Carrying Amount		$ 3,000
Cash Coupon, Rate		9.35%
Periodic Payment Terms	[2]	I/O
Maximum Maturity	[3]	Apr. 1, 2023
Credit Loan 3 | Office
Mortgage Loans On Real Estate [Line Items]
Principal Balance		$ 6,000
Carrying Amount		$ 6,000
Cash Coupon, Rate		10.00%
Periodic Payment Terms	[2]	I/O
Maximum Maturity	[3]	Oct. 6, 2024
[1]	Cash coupon is the stated rate on the loan.
[2]	I/O = interest only, P/I = principal and interest.
[3]	Maximum maturity assumes all extension options are exercised.

Schedule IV - Mortgage Loans _3

Schedule IV - Mortgage Loans on Real Estate - Schedule of Reconciliation of Commercial Mortgage Loans, at Cost (Details) - USD ($) $ in Thousands	1 Months Ended	12 Months Ended
	May 31, 2020	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Mortgage Loans On Real Estate [Abstract]
Balance at Beginning of Year		$ 504,702	$ 249,573	$ 32,094
Loan fundings		69,135	329,155	219,274
Deferred interest capitalized on commercial loan		386	0	0
Amortization of deferred fees and expenses		1,818	2,403	524
Collections of principal		(99,727)	(74,478)	0
Sale of commercial loan	$ (10,000)	(10,000)	0	0
Provision for loan losses		(4,726)	0	0
Transfer on deed-in-lieu of foreclosure to real estate owned		(19,774)	0	0
Net fees capitalized into carrying value of loans		0	(1,951)	(2,319)
Balance at End of Period		$ 441,814	$ 504,702	$ 249,573