Inpoint Commercial Real Estate Income (ICR-PA) 10-Q 14 May 21 2021 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2021	May 13, 2021
Document And Entity Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2021
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q1
Trading Symbol	ck0001690012
Entity Registrant Name	InPoint Commercial Real Estate Income, Inc.
Entity Central Index Key	0001690012
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	true
Entity Shell Company	false
Entity File Number	000-55782
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	32-0506267
Entity Address, Address Line One	2901 Butterfield Road
Entity Address, City or Town	Oak Brook
Entity Address, State or Province	IL
Entity Address, Postal Zip Code	60523
City Area Code	800
Local Phone Number	826-8228
Document Quarterly Report	true
Document Transition Report	false
Class P Common Stock
Document And Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		10,142,801
Class T Common Stock
Document And Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		399,818
Class I Common Stock
Document And Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		384,783
Class A Common Stock
Document And Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		659,118
Class D Common Stock
Document And Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		50,884
Class S Common Stock
Document And Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		0

CONSOLIDATED BALANCE SHEETS (un

CONSOLIDATED BALANCE SHEETS (unaudited) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
ASSETS
Cash and cash equivalents	$ 52,644	$ 72,107
Commercial mortgage loans at cost	475,414	441,814
Real estate owned, net of depreciation	32,236	32,474
Finance lease right of use asset, net of amortization	5,507	5,525
Deferred debt finance costs	1,183	1,001
Accrued interest receivable	1,241	1,168
Prepaid expenses and other assets	1,014	902
Total assets	569,239	554,991
Liabilities:
Repurchase agreements—commercial mortgage loans	305,943	290,699
Finance lease liability	16,865	16,790
Loan fees payable	361	401
Due to related parties	2,294	2,093
Accrued interest payable	296	292
Distributions payable	1,012	867
Accrued expenses	4,009	3,593
Total liabilities	330,780	314,735
Stockholders’ Equity:
Additional paid in capital (net of offering costs of $25,240 and $24,964 at March 31, 2021 and December 31, 2020, respectively)	287,228	287,498
Accumulated deficit	(48,780)	(47,253)
Total stockholders’ equity	238,459	240,256
Total liabilities and stockholders’ equity	569,239	554,991
Class P Common Stock
Stockholders’ Equity:
Common stock	10	10
Total stockholders’ equity	10	10
Class A Common Stock
Stockholders’ Equity:
Common stock	1	1
Total stockholders’ equity	1	1
Class T Common Stock
Stockholders’ Equity:
Common stock	0	0
Class S Common Stock
Stockholders’ Equity:
Common stock	0	0
Class D Common Stock
Stockholders’ Equity:
Common stock	0	0
Class I Common Stock
Stockholders’ Equity:
Common stock	$ 0	$ 0

CONSOLIDATED BALANCE SHEETS (_2

CONSOLIDATED BALANCE SHEETS (unaudited) (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Additional paid in capital, offering costs	$ 25,240	$ 24,964
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	10,145,579	10,151,787
Common stock, shares, outstanding	10,145,579	10,151,787
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	658,266	655,835
Common stock, shares, outstanding	658,266	655,835
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	399,381	398,233
Common stock, shares, outstanding	399,381	398,233
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	50,751	50,393
Common stock, shares, outstanding	50,751	50,393
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	384,038	381,955
Common stock, shares, outstanding	384,038	381,955

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Income:
Interest income	$ 6,451	$ 10,356
Less: Interest expense	(1,894)	(3,962)
Net interest income	4,557	6,394
Revenue from real estate owned	868
Total income	5,425	6,394
Operating expenses:
Advisory fee	737	844
Debt finance costs	431	254
Directors compensation	21	24
Professional service fees	224	218
Real estate owned operating expenses	2,155
Depreciation and amortization	272
Other expenses	220	225
Total operating expenses	4,060	1,565
Other income (loss):
Provision for loan losses		(4,500)
Unrealized loss in value of real estate securities		(38,187)
Total other income (loss)		(42,687)
Net income (loss)	$ 1,365	$ (37,858)
Net income (loss) per share basic and diluted	$ 0.12	$ (3.34)
Weighted average number of shares
Basic	11,640,959	11,349,448
Diluted	11,640,969	11,349,581

CONSOLIDATED STATEMENTS OF CHAN

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (unaudited) - USD ($) $ in Thousands	Total	Class P Common Stock	Class A Common Stock	Additional Paid in Capital	Accumulated Deficit
Balance at Dec. 31, 2019	$ 256,166	$ 10		$ 265,963	$ (9,807)
Proceeds from issuance of common stock	24,261		$ 1	24,260
Offering costs	(1,565)			(1,565)
Net income (loss)	(37,858)				(37,858)
Distributions declared	(3,525)				(3,525)
Distribution reinvestment	127			127
Redemptions	(763)			(763)
Equity-based compensation	8			8
Balance at Mar. 31, 2020	236,851	10	1	288,030	(51,190)
Balance at Dec. 31, 2020	240,256	10	1	287,498	(47,253)
Proceeds from issuance of common stock	1			1
Offering costs	(276)			(276)
Net income (loss)	1,365				1,365
Distributions declared	(2,892)				(2,892)
Distribution reinvestment	120			120
Redemptions	(125)			(125)
Equity-based compensation	10			10
Balance at Mar. 31, 2021	$ 238,459	$ 10	$ 1	$ 287,228	$ (48,780)

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Cash flows from operating activities:
Net income (loss)	$ 1,365	$ (37,858)
Adjustments to reconcile net income (loss) to cash provided by operations:
Net unrealized loss on real estate securities		38,187
Provision for loan losses		4,500	$ 4,726
Depreciation and amortization expense	272
Reduction in the carrying amount of the right-of-use asset	18
Amortization of equity-based compensation	10	8
Amortization of debt finance costs to operating expense	431	254
Amortization of debt finance costs to interest expense	13	19
Amortization of bond discount		(221)
Amortization of origination fees	(203)	(360)
Amortization of loan extension fees	(97)
Changes in assets and liabilities:
Accrued interest receivable	(73)	(58)
Accrued expenses	416	(381)
Loan fees payable	(40)	430
Accrued interest payable	79	(138)
Due to related parties	76	553
Prepaid expenses and other assets	(112)	47
Net cash provided by operating activities	2,155	4,982
Cash flows from investing activities:
Origination of commercial loans	(33,286)	(50,543)
Loan extension fees received on commercial loans	51
Principal repayments of commercial loans	77
Acquisition of real estate owned and capital expenditures	(34)
Real estate securities principal paydown		2,054
Net cash used in investing activities	(33,192)	(48,489)
Cash flows from financing activities:
Proceeds from issuance of common stock	1	24,261
Redemptions of common stock	(125)	(763)
Payment of offering costs	(294)	(1,132)
Proceeds from repurchase agreements	15,244	402,767
Principal repayments of repurchase agreements		(367,307)
Debt finance costs	(626)	(185)
Distributions paid	(2,626)	(5,098)
Net cash provided by financing activities	11,574	52,543
Net change in cash, cash equivalents and restricted cash	(19,463)	9,036
Cash, cash equivalents and restricted cash at beginning of period	72,107	37,639	37,639
Cash, cash equivalents and restricted cash at end of period	52,644	46,675	$ 72,107
Supplemental disclosure of cash flow information:
Amortization of deferred exit fees due to related party	142	231
Interest paid	1,890	4,100
Receivable for real estate securities paydown		(34)
Accrued stockholder servicing fee due to related party	(18)	433
Distribution reinvestment	$ 120	$ 127

Organization and Business Opera

Organization and Business Operations	3 Months Ended
	Mar. 31, 2021
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 floating-rate CRE debt, including first mortgage loans, subordinate mortgage and mezzanine loans, and participations in such loans. The Company may also invest in floating-rate CRE securities, such as commercial mortgage-backed securities (“CMBS”), and senior unsecured debt of publicly traded real estate investment trusts (“REITs”), and 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 advisory agreement dated April 29, 2019 among the Company, the Operating Partnership and the Advisor (the “Advisory Agreement”). The Advisor has delegated certain of its duties to SPCRE InPoint Advisors, LLC (the “Sub-Advisor”), a Delaware limited liability company formed in September 2016 that is a wholly owned subsidiary of Sound Point CRE Management, LP, pursuant to an amended and restated sub-advisory agreement between the Advisor and the Sub-Advisor dated April 29, 2019. Among other duties, the Sub-Advisor has the authority to identify, negotiate, acquire and originate the Company’s investments and provide portfolio management, disposition, property management and leasing services to the Company. Notwithstanding such delegation to the Sub-Advisor, the Advisor retains ultimate responsibility for the performance of all the matters entrusted to it under the Advisory Agreement, including those duties which the Advisor has not delegated to the Sub-Advisor such as (i) valuation of the Company’s assets and calculation of the Company’s net asset value (“NAV”); (ii) management of the Company’s day-to-day operations; (iii) preparation of stockholder reports and communications and arrangement of the Company’s annual stockholder meeting; and (iv) advising the Company regarding its initial qualification as a REIT for U.S. federal income tax purposes and monitoring its ongoing compliance with the REIT qualification requirements thereafter. On October 25, 2016, the Company commenced a private offering (the “Private Offering”) of up to $500,000 in shares of Class P common stock (“Class P shares”). Inland Securities Corporation, an affiliate of the Advisor (the “Dealer Manager”), was the dealer manager for the Private Offering. The Company issued 10,258,094 Class P shares in the Private Offering, resulting in gross proceeds of $276,681 and terminated the Private Offering on June 28, 2019, in anticipation of selling shares in a registered public offering. On May 3, 2019, the Company commenced its public offering of up to $2,350,000 of shares of its common stock (the “IPO”) registered with the Securities and Exchange Commission (the “SEC”) on Form S-11 (File No. 333-230465, the “Registration Statement”). The purchase price per share for each class of common stock in the IPO (Class A, Class I, Class D, Class S and Class T) varies and generally equals the prior month’s NAV per share, as determined monthly, plus applicable upfront selling commissions and dealer manager fees. The Dealer Manager serves as the Company’s exclusive dealer manager for the IPO on a best efforts basis. On March 24, 2020, the Board suspended (i) the sale of shares in the IPO, (ii) the operation of the share repurchase program (the “SRP”), (iii) the payment of distributions to the Company’s stockholders, and (iv) the operation of the distribution reinvestment plan (the “DRP”), effective as of April 6, 2020. In determining to take these actions, 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 resumed calculating the NAV beginning as of June 30, 2020 following its determination that there has been reduced volatility in the market for the Company’s investments and some improvement in the U.S. economic outlook. 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. On March 1, 2021, the SRP was reinstated for the Company’s stockholders requesting repurchase of shares as a result of the death or qualified disability of the holder. The Board has also approved the reinstatement of the SRP for all stockholders, effective July 1, 2021. 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 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 with NAV measured as of the last day of the previous calendar quarter. 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 with NAV measured as of the last day of the previous calendar quarter). 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. Please refer to “Note 15 – Subsequent Events” for updates to the Company’s business after March 31, 2021.

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2021
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Note 2 – Summary of Significant Accounting Policies Disclosures discussing all significant accounting policies are set forth in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020 (the “Annual Report”), as filed with the SEC on March 19, 2021, under the heading “Note 2 – Summary of Significant Accounting Policies.” There have been no changes to the Company’s significant accounting policies for the three months ended March 31, 2021. Basis of Accounting The accompanying consolidated financial statements and related footnotes have been prepared in conformity with U.S. generally accepted accounting principles (“GAAP”) and require management to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the financial statements and the reported amounts of income and expenses during the reported periods. Actual results could differ from such estimates. In the opinion of management, the accompanying unaudited consolidated financial statements reflect all adjustments, which are normal and recurring in nature, necessary for fair financial statement presentation. Cash, Cash Equivalents and Restricted Cash Cash and cash equivalents include funds on deposit with financial institutions, including demand deposits with financial institutions with original maturities of three months or less. The account balance may exceed the Federal Deposit Insurance Corporation (“FDIC”) insurance coverage limits and, as a result, there could be a concentration of credit risk related to amounts on deposit in excess of FDIC insurance coverage limits. The Company believes that the risk will not be significant, as the Company does not anticipate the financial institutions’ non-performance. Restricted cash represents cash the Company is required to hold in a segregated account as additional collateral on real estate securities repurchase agreements. As of March 31, 2021 and December 31, 2020, the Company had repaid all outstanding repurchase agreements secured by real estate securities and, therefore, no restricted cash was held. Accounting Pronouncements Recently Issued but Not Yet Effective In June 2016, the Financial Accounting Standards Board (“FASB”) issued ASU 2016-13, “Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments” (“ASU 2016-13”), which changes how entities measure credit losses for financial assets carried at amortized cost. ASU 2016-13 eliminates the requirement that a credit loss must be probable before it can be recognized and instead requires an entity to recognize the current estimate of all expected credit losses. ASU 2016-13 is effective for SEC filers for reporting periods beginning after December 15, 2019. In November 2019, the FASB issued ASU 2019-10, “Financial Instruments – Credit Losses (Topic 326), Derivatives and Hedging (Topic 815), and Leases (Topic 842): Effective Dates”, which grants smaller reporting companies (as defined by the SEC) until reporting periods commencing after December 15, 2022 to implement ASU 2016-13. As a smaller reporting company, the Company will continue to evaluate the future impact ASU 2016-13, once implemented, will have on its allowance for loan losses estimate.

Commercial Mortgage Loans Held

Commercial Mortgage Loans Held for Investment	3 Months Ended
	Mar. 31, 2021
Mortgage Loans On Real Estate [Abstract]
Commercial Mortgage Loans Held for Investment	Note 3 – Commercial Mortgage Loans Held for Investment The tables below show the Company’s commercial mortgage loans held for investment as of March 31, 2021 and December 31, 2020: March 31, 2021 Loan Type (1) Number of Loans Principal Balance Unamortized (fees)/costs, net Carrying Value Weighted Average Interest Rate Weighted Average Years to Maturity First mortgage loans 28 $ 458,404 $ 510 $ 458,914 5.3 % 1.4 Credit loans 3 16,500 — 16,500 9.5 % 4.6 Total and average 31 $ 474,904 $ 510 $ 475,414 5.4 % 1.5 December 31, 2020 Loan Type (1) Number of Loans Principal Balance Unamortized (fees)/costs, net Carrying Value Weighted Average Interest Rate 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 (1) First mortgage loans are first position mortgage loans and credit loans are mezzanine and subordinated loans. For the three months ended March 31, 2021 and the year ended December 31, 2020, the activity in the Company’s commercial mortgage loans, held-for-investment portfolio was as follows: Three Months Ended March 31, 2021 Year Ended December 31, 2020 Balance at Beginning of Year $ 441,814 $ 504,702 Loan originations 33,286 69,135 Principal repayments (77 ) (99,727 ) Amortization of loan origination, loan extension and deferred exit fees 442 1,818 Sale of commercial loan — (10,000 ) Origination fees and extension fees received on commercial loans (51 ) — 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 $ 475,414 $ 441,814 Allowance for Loan Losses The following table presents the activity in the Company’s allowance for loan losses: Three Months Ended March 31, 2021 Three Months Ended March 31, 2020 Beginning of period $ — $ — Provision for loan losses — 4,500 Charge-offs — — Ending allowance for loan losses $ — $ 4,500 During the three-month period ended March 31, 2021, the Company determined that no loan losses were probable and, therefore, did not record an allowance for loan losses. In accordance with the Company’s allowance for loan loss policy, during the three-month period ended March 31, 2020, the Company recorded impairment charges of $3,000 on one first mortgage loan secured by a hotel property in Illinois and $1,500 on a credit loan secured by a hotel property located in Florida. The impairment charges were based on the estimated fair value of the underlying collateral. As of March 31, 2020, the recorded investments in these loans were $21,500 ($24,500, net of a $3,000 allowance for loan loss) and $1,500 ($3,000, net of a $1,500 allowance for loan loss), respectively. The two impaired loans were current on monthly payments, however, the economic impact of the COVID-19 pandemic on the hospitality industry was the key factor in the determination that the loans were impaired. “Note 2 – Summary of Significant Accounting Policies” in its Annual Report. Credit Characteristics As part of the Company’s process for monitoring the credit quality of its investments, it performs a quarterly asset review of the investment portfolio and assigns risk ratings to each of its loans and CMBS. Risk factors include payment status, lien position, borrower financial resources and investment in collateral, collateral type, project economics and geographic location, as well as national and regional economic factors. To determine the likelihood of loss, the loans are rated on a 5-point scale as follows: Investment Grade Investment Grade Definition 1 Investment exceeding fundamental performance expectations and/or capital gain expected. Trends and risk factors since time of investment are favorable. 2 Performing consistent with expectations and a full return of principal and interest expected. Trends and risk factors are neutral to favorable. 3 Performing investment requiring closer monitoring. Trends and risk factors show some deterioration. Collection of principal and interest is still expected. 4 Underperforming investment with the potential of some interest loss but still expecting a positive return on investment. Trends and risk factors are negative. 5 Underperforming investment with expected loss of interest and some principal. All investments are assigned an initial risk rating of 2 at origination or acquisition. As of March 31, 2021, 22 loans had a risk rating of 2, six had a risk rating of 3 and three had a risk rating of 4. 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. There were no loans with a risk rating of 1 or 5 as of March 31, 2021 or December 31, 2020.

Real Estate Securities

Real Estate Securities	3 Months Ended
	Mar. 31, 2021
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 as of March 31, 2020. These investments were 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 March 31, 2021 or December 31, 2020. During the three months ended March 31, 2020, the Company held real estate securities that generated unrealized losses in value of $38,187, primarily attributed to the significant economic impact of the COVID-19 pandemic on the economy.

Repurchase Agreements and Credi

Repurchase Agreements and Credit Facilities	3 Months Ended
	Mar. 31, 2021
Disclosure Of Repurchase Agreements [Abstract]
Repurchase Agreements and Credit Facilities	Note 5 – Repurchase Agreements and Credit Facilities Commercial Mortgage Loans On February 15, 2018, the Company, through a wholly owned subsidiary, entered into a master repurchase agreement (the “CF Repo Facility”) with Column Financial, Inc. as administrative agent for certain of its affiliates. The CF Repo Facility had an initial advance amount of $100,000 subject to a maximum advance amount of $250,000. The Company increased the advance amount in August 2018 to $175,000, and in January 2019 to $250,000. In March 2020, the Company temporarily increased the maximum advance amount to $300,000, and this increase expired on June 30, 2020 and the maximum advance amount reverted to $250,000. The initial term of the CF Repo Facility was 12 months and the Company extended the maturity date in March 2020 to February 2021. During December 2020, the maturity date was further extended to December 2021. Advances under the CF Repo Facility for loans made before December 18, 2020 accrue interest at a per annum rate equal to the London Interbank Offered Rate (“LIBOR”) plus 2.25% with a 0.75% floor. Loans made on or after December 18, 2020 accrue interest at a per annum annual rate equal to LIBOR plus 2.25% to 2.75% with a 0.25% to 0.75% floor. The CF Repo Facility is subject to certain financial covenants. The Company was in compliance with all financial covenant requirements as of March 31, 2021 and December 31, 2020. On May 6, 2019, the Company, through a wholly owned subsidiary, entered into an uncommitted master repurchase agreement (the “JPM Repo Facility”) with JPMorgan Chase Bank, National Association. The JPM Repo Facility provides up to $150,000 in advances that the Company expects to use to finance the acquisition or origination of eligible loans and participation interests therein. Advances under the JPM Repo Facility accrue interest at per annum rates equal to the sum of (i) the applicable LIBOR index rate plus (ii) a margin of between 1.75% to 2.50%, depending on the attributes of the purchased assets. The initial maturity date of the JPM Repo Facility is May 6, 2021, with two successive one-year extensions at the Company’s option, which may be exercised upon the satisfaction of certain conditions. The JPM Repo Facility is subject to certain financial covenants. The Company was in compliance with all financial covenant requirements as of March 31, 2021 and December 31, 2020. On March 10, 2021, the Company, through a wholly owned subsidiary, entered into a loan and security agreement and a promissory note (collectively the “WA Facility”) with Western Alliance Bank, an Arizona corporation (“Western Alliance”). The WA Facility provides for loan advances up to the lesser of $75,000 or the borrowing base. The borrowing base consists of eligible assets pledged to and accepted by Western Alliance in its discretion up to the lower of (i) 60% to 70% of loan-to-unpaid balance or (ii) 45% to 50% of the loan-to-appraised value (depending on the property type underlying the asset, for both (i) and (ii)). Assets that would otherwise be eligible become ineligible after being pledged as part of the borrowing base for 36 months. Advances under the WA 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 WA Facility is March 10, 2023. The Company has an option to convert the loan made pursuant to the WA Facility upon its initial maturity to a term loan with the same interest rate and floor and a maturity of two years in exchange for, among other things, a conversion fee of 0.25% of the outstanding amount at the time of conversion. The WA Facility requires maintenance of an average unrestricted aggregate deposit account balance with Western Alliance of not less than $3,750. Failure to meet the minimum deposit balance will result in, among other things, the interest rate of the WA Facility increasing by 0.25% per annum for each quarter in which the compensating balances are not maintained. The Company was in compliance with all financial covenant requirements as of March 31, 2021 The JPM Repo Facility, CF Repo Facility and WA Facility (collectively, the “Facilities”) are used to finance eligible loans and each act in the manner of a revolving credit facility that can be repaid as the Company’s assets are paid off and re-drawn as advances against new assets. The tables below show the Facilities as of March 31, 2021 and December 31, 2020: March 31, 2021 Weighted Average Committed Financing Amount Outstanding (1) Accrued Interest Payable Collateral Pledged Interest Rate Days to Maturity CF Repo Facility $ 250,000 $ 169,698 $ 188 $ 241,538 3.00 % 262 JPM Repo Facility 150,000 $ 136,271 $ 108 $ 197,616 2.03 % 36 WA Facility 75,000 — — — — 709 $ 475,000 $ 305,969 $ 296 $ 439,154 2.57 % 161 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 (1) Excludes $26 and $27 of unamortized debt issuance costs at March 31, 2021 and December 31, 2020, respectively.

Stockholders' Equity

Stockholders' Equity	3 Months Ended
	Mar. 31, 2021
Equity [Abstract]
Stockholders' Equity	Note 6 – Stockholders’ Equity The following tables detail the change in the Company’s outstanding shares of all classes of common stock, including restricted common stock: Common Stock Three months ended March 31, 2021 Class P Class A Class T Class S Class D Class I Beginning balance 10,151,787 655,835 398,233 — 50,393 381,955 Issuance of shares — — — — — 64 Distribution reinvestment — 2,431 1,148 — 358 2,019 Issuance of restricted shares — — — — — — Redemptions (6,208 ) — — — — — Ending balance 10,145,579 658,266 399,381 — 50,751 384,038 Common Stock Three months ended March 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 — 8,066 276,250 Distribution reinvestment — 2,310 963 — 477 1,309 Issuance of restricted shares — — — — — — Redemptions (30,518 ) — — — — — Ending balance 10,151,787 653,566 397,251 — 50,081 378,302 Distributions Distributions declared for January and February of 2020 on Class P shares were 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, the Board suspended the payment of distributions to the Company’s stockholders. In determining to suspend the payment of distributions, the Board considered various factors, including the impact of the global COVID-19 pandemic on the economy, the inability to accurately calculate the Company’s NAV per share due to uncertainty, volatility and lack of liquidity in the market, the Company’s need for liquidity due to financing challenges related to additional collateral required by the banks that regularly finance the Company’s assets and these uncertain and rapidly changing economic conditions. Though the Company did not calculate the NAV for the months of March through May 2020, the Advisor resumed calculating the NAV beginning as of June 30, 2020 following its determination that there has been reduced volatility in the market for the Company’s investments and some improvement in the U.S. economic outlook. In August 2020, the Company resumed paying distributions monthly to stockholders of record for all classes of shares. Please refer to “Note 15 – Subsequent Events” for updates on the Company’s business after March 31, 2021. Distributions paid on all classes of shares of common stock for monthly record dates of July 31, 2020 and August 31, 2020 were payable in arrears the following month based upon monthly amounts of 1/12 th th th The table below presents the aggregate and net distributions declared for each applicable class of common stock during the three months ended March 31, 2021. The table excludes distributions declared for any month for a class of shares of stock when there were no outstanding shares of that class on the record date corresponding to that distribution. Common Stock Three months ended March 31, 2021 Class P Class A Class T Class S Class D Class I Aggregate gross distributions declared per share $ 0.2500 $ 0.2500 $ 0.2500 $ — $ 0.2500 $ 0.2500 Stockholder servicing fee per share N/A N/A 0.0424 — 0.0125 N/A Net distributions declared per share $ 0.2500 $ 0.2500 $ 0.2076 $ — $ 0.2375 $ 0.2500 Common Stock Three months ended March 31, 2020 Class P Class A Class T Class S Class D Class I Aggregate gross distributions declared per share $ 0.3200 $ 0.2700 $ 0.2700 $ — $ 0.2700 $ 0.2700 Stockholder servicing fee per share N/A N/A 0.0349 — 0.0103 N/A Net distributions declared per share $ 0.3200 $ 0.2700 $ 0.2351 $ — $ 0.2597 $ 0.2700 As of March 31, 2021, and December 31, 2020, distributions declared but not yet paid amounted to $1,012 and $867, respectively.

Net Income (Loss) Per Share

Net Income (Loss) Per Share	3 Months Ended
	Mar. 31, 2021
Earnings Per Share [Abstract]
Net Income (Loss) Per Share	Note 7 – Net Income (Loss) Per Share Basic earnings per share (“EPS”) are computed by dividing net income by the weighted average number of common shares outstanding for the period. Diluted EPS is computed by dividing net income by the common shares plus common share equivalents. The Company’s common share equivalents are unvested restricted shares. The Company excludes antidilutive restricted shares from the calculation of weighted-average shares for diluted earnings per share. There were 165 and 17 antidilutive restricted shares for the three months ended March 31, 2021 and 2020, respectively. ee “Note 11 – Equity-Based Compensation.” The following table is a summary of the basic and diluted net (loss) income per share computation for the three months ended March 31, 2021 and 2020: Three months ended March 31, 2021 2020 Net income (loss) $ 1,365 $ (37,858 ) Weighted average shares outstanding, basic 11,640,959 11,349,448 Dilutive effect of restricted stock 10 133 Weighted average shares outstanding, diluted 11,640,969 11,349,581 Net income (loss) per share, basic and diluted $ 0.12 $ (3.34 )

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2021
Commitments And Contingencies Disclosure [Abstract]
Commitments and Contingencies	Note 8 – Commitments and Contingencies In the ordinary course of business, the Company may become subject to litigation, claims and regulatory matters. The Company has no knowledge of material legal or regulatory proceedings pending or known to be contemplated against the Company at this time. The Company has made a commitment to advance additional funds under certain of its CRE loans if the borrower meets certain conditions. As of March 31, 2021, the Company had 22 of such loans with a total remaining future funding commitment of $56,649. As of December 31, 2020, the Company had 20 such loans with a total remaining future funding commitment of $50,940. The Company advances future funds if the borrower meets certain requirements as specified in the individual loan agreements.

Segment Reporting

Segment Reporting	3 Months Ended
	Mar. 31, 2021
Segment Reporting [Abstract]
Segment Reporting	Note 9 – Segment Reporting The Company has one reportable segment as defined by GAAP for the three months ended March 31, 2021 and 2020.

Transactions with Related Parti

Transactions with Related Parties	3 Months Ended
	Mar. 31, 2021
Related Party Transactions [Abstract]
Transactions with Related Parties	Note 10 – Transactions with Related Parties As of March 31, 2021, the Advisor had invested $1,000 in the Company through the purchase of 40,040 Class P shares. The purchase price per Class P share for the Advisor’s investment was equal to $25.00, with no payment of selling commissions, dealer manager fees or organization and offering expenses. The Advisor has agreed pursuant to its subscription agreement that, for so long as it or its affiliate is serving as the Company’s advisor, (i) it will not sell or transfer at least 8,000 of the Class P shares that it has purchased, accounting for $200 of its investment, to an unaffiliated third party; (ii) it will not be eligible to submit a request for these 40,040 Class P shares pursuant to the SRP prior to the fifth anniversary of the date on which such Class P shares were purchased (November 2021); and (iii) repurchase requests made for these Class P shares will only be accepted (a) on the last business day of a calendar quarter, (b) after all repurchase requests from all other stockholders for such quarter have been accepted and (c) to the extent that such repurchases do not cause total repurchases in the quarter in which they are being repurchased to exceed that quarter’s repurchase cap. As of March 31, 2021, Sound Point Capital Management, LP (“Sound Point”), an affiliate of the Sub-Advisor, had invested $3,000 in the Company through the purchase of 120,000 Class P shares. The purchase price per Class P share for this investment was $25.00, with no payment of selling commissions, dealer manager fees or organization and offering expenses. Sound Point has agreed pursuant to its subscription agreement that, for so long as the Sub-Advisor or its affiliate is serving as the Company’s sub-advisor, (i) it will not be eligible to submit a request for the repurchase of these 120,000 Class P shares pursuant to the SRP prior to the fifth anniversary of the date on which such Class P shares were purchased (November 2021); and (ii) repurchase requests made for these Class P shares will only be accepted (a) on the last business day of a calendar quarter, (b) after all repurchase requests from all other stockholders for such quarter have been accepted and (c) to the extent that such repurchases do not cause total repurchases in the quarter in which they are being repurchased to exceed that quarter’s repurchase cap. The following table summarizes the Company’s related party transactions for the three months ended March 31, 2021 and 2020 and the amount due to related parties at March 31, 2021 and December 31, 2020: Three months ended March 31, Payable as of March 31, Payable as of December 31, 2021 2020 2021 2020 Organization and offering expense reimbursement (1) $ — $ 60 $ — $ — Selling commissions and dealer manager fee (2) — 758 — — Advisory fee (3) 737 844 246 507 Loan fees (4) 558 794 1,376 912 Accrued stockholder servicing fee (5) — 446 657 674 Operating expense reimbursement to advisor (6) 15 — 15 — Total $ 1,310 $ 2,902 $ 2,294 $ 2,093 (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 reimburses the Advisor, the Sub-Advisor and their respective affiliates for costs and other expenses related to the IPO, provided the Advisor has agreed to reimburse the Company to the extent that the organization and offering expenses that the Company incurs exceeds 15% of its gross proceeds from the IPO. For the Private Offering, o (2) The Dealer Manager received selling commissions up to 5%, and a dealer manager fee up to 3%, of the transaction price for each Class P share sold in the Private Offering, the majority of which was paid to third-party broker-dealers. For the IPO, the Dealer Manager is entitled to receive (a) upfront selling commissions of up to 6.0%, and upfront dealer manager fees of up to 1.25%, of the transaction price of each Class A share sold in the primary offering, however such amounts may vary at certain participating broker-dealers provided that the sum will not exceed 7.25% of the transaction price; (b) upfront selling commissions of up to 3.0%, and upfront dealer manager fees of 0.5%, of the transaction price of each Class T share sold in the primary offering, however such amounts may vary at certain participating broker-dealers provided that the sum will not exceed 3.5% of the transaction price; and (c) upfront selling commissions of up to 3.5% of the transaction price of each Class S share sold in the primary offering. No upfront selling commissions or dealer manager fees are paid with respect to purchases of Class D shares, Class I shares or shares of any class sold pursuant to the DRP. (3) Pursuant to the Advisory Agreement, (1) the fixed component of the advisory fee is paid in an amount equal to 1/12th of 1.25% per annum of the gross value of the Company’s assets, paid monthly in arrears, provided that any such monthly payment shall not exceed 1/12th of 2.5% of the Company’s NAV; and (2) the performance component of the advisory fee is calculated and paid annually, such that for any year in which the Company’s total return per share exceeds 7% per annum, the Advisor will receive 20% of the excess total return allocable to shares of the Company’s common stock; provided that in no event will the performance fee exceed 15% of the aggregate total return allocable to shares of the Company’s common stock for such year. For the three months ended March 31, 2021, the Advisor waived $737 of the fixed component of the advisory fees. ( 4 ) Pursuant to the Advisory Agreement, the Company pays the Advisor all loan origination and administrative fees related to CRE loans held for investment, to the extent that such fees are paid by the borrower. ( 5 ) Subject to the Financial Industry Regulatory Authority, Inc. limitations on underwriting compensation, the Company pays the Dealer Manager selling commissions over time as stockholder servicing fees for ongoing services rendered to stockholders by participating broker-dealers or broker-dealers servicing stockholders’ accounts as follows: (a) for Class T shares only, 0.85% per annum of the NAV of the Class T shares; (b) for Class S shares only, 0.85% per annum of the aggregate NAV for the Class S shares; and (c) for Class D shares only, 0.25% per annum of the aggregate NAV for the Class D shares. The Company will cease paying the stockholder servicing fee with respect to any Class T share, Class S share or Class D share held in a stockholder’s account upon the occurrence of certain events. The Company accrues the full cost of the stockholder servicing fee as an offering cost at the time the Company sells Class T, Class S, and Class D shares. The Dealer Manager does not retain any of these fees, all of which are retained by, or reallowed (paid) to, participating broker-dealers and servicing broker-dealers for ongoing stockholder services performed by such broker-dealers. (6) The Company reimburses the Advisor for expenses that it (or the Sub-Advisor acting on the Advisor’s behalf) incurs in connection with providing services to the Company, provided that the Company does not reimburse overhead costs, including rent and utilities or personnel costs (including salaries, bonuses, benefits and severance payments) and the Company will only reimburse the Advisor for fees payable to its affiliates if they are incurred for legal or marketing services rendered on the Company’s behalf.

Equity-Based Compensation

Equity-Based Compensation	3 Months Ended
	Mar. 31, 2021
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 combined fair 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 combined fair value of $30. The restricted Class I shares vest in equal one-third increments on December 2, 2020, 2021 and 2022. On January 7, 2019, the Company granted 400 restricted Class P shares to each of its three independent directors for a total of 1,200 Class P shares with a grant date fair value of $25.00 per share and a total combined fair value of $30. These restricted Class P shares vest in equal one-third increments on January 7, 2020, 2021 and 2022. On March 1, 2018, the Company granted 400 restricted Class P shares to each of its three independent directors for a total of 1,200 Class P shares with a grant date fair value of $25.00 per share and a total combined fair value of $30. These restricted Class P shares vest in equal one-third increments on March 1, 2019, 2020 and 2021. Under the Company’s Independent Director Restricted Share Plan, restricted shares generally vest over a three-year vesting period from the date of the grant, subject to the specific terms of the grant. Restricted shares are included in common stock outstanding on the grant date. The grant-date value of the restricted shares is amortized over the vesting period representing the requisite service period. Compensation expense associated with the restricted shares issued to the independent directors was $10 and $8, in the aggregate, for the three months ended March 31, 2021 and 2020, respectively. As of March 31, 2021, the Company had $50 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 1.38 years. The total fair value at the vesting date for restricted shares that vested during the three months ended March 31, 2021 and 2020 was $16 and $20, respectively. A summary table of the status of the restricted shares is presented below: Restricted Shares Weighted Average Grant Date Fair Value Per Share Outstanding at December 31, 2020 3,391 $ 23.59 Granted — — Vested (800 ) 25.00 Converted — — Forfeited — — Outstanding at March 31, 2021 2,591 $ 23.16

Fair Value of Financial Instrum

Fair Value of Financial Instruments	3 Months Ended
	Mar. 31, 2021
Fair Value Disclosures [Abstract]
Fair Value of Financial Instruments	Note 12 – Fair Value of Financial Instruments GAAP requires the disclosure of fair value information about financial instruments, whether or not they are recognized at fair value in the consolidated balance sheets, for which it is practicable to estimate that value. The following table details the carrying amount and estimated fair value of the Company’s financial instruments at the dates below: March 31, 2021 December 31, 2020 Carrying Amount Estimated Fair Value Carrying Amount Estimated Fair Value Financial assets Cash and cash equivalents $ 52,644 $ 52,644 $ 72,107 $ 72,107 Commercial mortgage loans, net 475,414 475,593 441,814 441,267 Total $ 528,058 $ 528,237 $ 513,921 $ 513,374 Financial liabilities Repurchase agreements - commercial mortgage loans 305,943 305,943 290,699 290,699 Total $ 305,943 $ 305,943 $ 290,699 $ 290,699 The following describes the Company’s methods for estimating the fair value for financial instruments: • The estimated fair value of cash and cash equivalents and restricted cash was based on the bank balance and was a Level 1 fair value measurement. • The estimated fair value of commercial mortgage loans, net is a Level 3 fair value measurement. The Sub-Advisor estimates the fair values of commercial loans by analyzing interest rate spreads on loans based on various factors including capitalization rates, occupancy rates, sponsorship, geographic concentration, collateral type, market conditions and actions of other lenders. • The estimated fair value of repurchase agreements – commercial mortgage loans 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	3 Months Ended
	Mar. 31, 2021
Real Estate [Abstract]
Real Estate Owned	Note 13 – Real Estate Owned The following table summarizes the Company’s real estate owned assets as of March 31, 2021: 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 $ 6,230 $ (677 ) $ 32,236 (1) Refer to “Note 2 – Summary of Significant Accounting Policies” in the Annual Report for useful life of the above assets. (2) Represents assets acquired by the Company by completing a deed-in-lieu of foreclosure transaction. During February 2021, the Company received a loan under the Paycheck Protection Program (“PPP”) related to the operations of the Company’s 362-room hotel located in Chicago, Illinois known as the Renaissance Chicago O’Hare Suites Hotel. This five-year loan was for $1,093 with a fixed interest rate of 1.00% that does not compound. The PPP was created as part of the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”). To be eligible to receive a loan, companies must make a number of certifications related to The Company intends to qualify and apply for loan forgiveness and as such is accounting for this PPP loan using a government grant accounting approach. The grant proceeds are initially recorded in accrued expenses on the consolidated balance sheet. Each month, those proceeds are applied as a reduction to payroll-related costs within real estate owned operating expenses on the consolidated statement of operations until the proceeds have been fully absorbed by the payroll-related expenses.

Leases

Leases	3 Months Ended
	Mar. 31, 2021
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 the Renaissance Chicago O’Hare Suites Hotel 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 right-of-use 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 reasonable and within the range of the Company’s incremental borrowing rate. For the three months ended March 31, 2021 and 2020, total finance lease cost was comprised as follows: Three months ended March 31, 2021 2020 Amortization of right-of-use assets $ 18 $ — Interest on lease liabilities 478 — Total finance lease cost $ 496 $ — The table below shows the Company’s finance lease right of use asset, net of amortization as of March 31, 2021 and December 31, 2020: March 31, December 31, 2021 2020 Finance lease right of use asset, gross $ 5,549 $ 5,549 Accumulated amortization (42 ) (24 ) Finance lease right of use asset, net of amortization $ 5,507 $ 5,525 Lease payments for the ground lease as of March 31, 2021 for each of the five succeeding years and thereafter is as follows: Lease Payments 2021 $ 1,208 2022 1,611 2023 1,611 2024 1,745 2025 1,772 Thereafter 271,457 Total undiscounted lease payments $ 279,404 Less: Amount representing interest (262,539 ) Present value of lease liability $ 16,865

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2021
Subsequent Events [Abstract]
Subsequent Events	Note 15 – Subsequent Events The Company has evaluated subsequent events through May 14, 2021, the date the financial statements were issued. The following are updates on the Company’s operations since March 31, 2021. Distributions The Board has authorized distributions to stockholders of record as of April 30, 2021, payable on or about May 18, 2021 Common Stock Class P Class A Class T Class S Class D Class I Aggregate gross distributions declared per share $ 0.0917 $ 0.0917 $ 0.0917 $ — $ 0.0917 $ 0.0917 Stockholder servicing fee per share N/A N/A 0.0141 — 0.0041 N/A Net distributions declared per share $ 0.0917 $ 0.0917 $ 0.0776 $ — $ 0.0876 $ 0.0917 The Board has authorized distributions to stockholders of record as of May 31, 2021, payable on or about June 17, 2021 for each class of its common stock in the amount per share set forth below: Common Stock Class P Class A Class T Class S Class D Class I Aggregate gross distributions declared per share $ 0.0958 $ 0.0958 $ 0.0958 $ — $ 0.0958 $ 0.0958 Stockholder servicing fee per share N/A N/A TBD* — TBD* N/A Net distributions declared per share $ 0.0958 $ 0.0958 TBD* $ — TBD* $ 0.0958 * Amount to be determined. The gross distributions for the Class D and Class T Common Stock to stockholders of record as of May 31, 2021, will be reduced by class-specific stockholder servicing fees, resulting in a lower net distribution per share, which will be disclosed by the Company in future current reports on Form 8-K once those amounts have been determined. Extension of JPM Repo Facility On May 6, 2021, the Company extended the maturity date of the JPM Repo Facility to May 6, 2022 with no changes to any other loan terms or debt covenants.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2021
Accounting Policies [Abstract]
Basis of Accounting	Basis of Accounting The accompanying consolidated financial statements and related footnotes have been prepared in conformity with U.S. generally accepted accounting principles (“GAAP”) and require management to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the financial statements and the reported amounts of income and expenses during the reported periods. Actual results could differ from such estimates. In the opinion of management, the accompanying unaudited consolidated financial statements reflect all adjustments, which are normal and recurring in nature, necessary for fair financial statement presentation.
Cash, Cash Equivalents and Restricted Cash	Cash, Cash Equivalents and Restricted Cash Cash and cash equivalents include funds on deposit with financial institutions, including demand deposits with financial institutions with original maturities of three months or less. The account balance may exceed the Federal Deposit Insurance Corporation (“FDIC”) insurance coverage limits and, as a result, there could be a concentration of credit risk related to amounts on deposit in excess of FDIC insurance coverage limits. The Company believes that the risk will not be significant, as the Company does not anticipate the financial institutions’ non-performance. Restricted cash represents cash the Company is required to hold in a segregated account as additional collateral on real estate securities repurchase agreements. As of March 31, 2021 and December 31, 2020, the Company had repaid all outstanding repurchase agreements secured by real estate securities and, therefore, no restricted cash was held.
Accounting Pronouncements Recently Issued but Not Yet Effective	Accounting Pronouncements Recently Issued but Not Yet Effective In June 2016, the Financial Accounting Standards Board (“FASB”) issued ASU 2016-13, “Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments” (“ASU 2016-13”), which changes how entities measure credit losses for financial assets carried at amortized cost. ASU 2016-13 eliminates the requirement that a credit loss must be probable before it can be recognized and instead requires an entity to recognize the current estimate of all expected credit losses. ASU 2016-13 is effective for SEC filers for reporting periods beginning after December 15, 2019. In November 2019, the FASB issued ASU 2019-10, “Financial Instruments – Credit Losses (Topic 326), Derivatives and Hedging (Topic 815), and Leases (Topic 842): Effective Dates”, which grants smaller reporting companies (as defined by the SEC) until reporting periods commencing after December 15, 2022 to implement ASU 2016-13. As a smaller reporting company, the Company will continue to evaluate the future impact ASU 2016-13, once implemented, will have on its allowance for loan losses estimate.

Commercial Mortgage Loans Hel_2

Commercial Mortgage Loans Held for Investment (Tables)	3 Months Ended
	Mar. 31, 2021
Mortgage Loans On Real Estate [Abstract]
Schedule of Commercial Mortgage Loans Held for Investment	The tables below show the Company’s commercial mortgage loans held for investment as of March 31, 2021 and December 31, 2020: March 31, 2021 Loan Type (1) Number of Loans Principal Balance Unamortized (fees)/costs, net Carrying Value Weighted Average Interest Rate Weighted Average Years to Maturity First mortgage loans 28 $ 458,404 $ 510 $ 458,914 5.3 % 1.4 Credit loans 3 16,500 — 16,500 9.5 % 4.6 Total and average 31 $ 474,904 $ 510 $ 475,414 5.4 % 1.5 December 31, 2020 Loan Type (1) Number of Loans Principal Balance Unamortized (fees)/costs, net Carrying Value Weighted Average Interest Rate 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 (1) First mortgage loans are first position mortgage loans and credit loans are mezzanine and subordinated loans.
Schedule of Commercial Mortgage Loans held for Investment Portfolio	For the three months ended March 31, 2021 and the year ended December 31, 2020, the activity in the Company’s commercial mortgage loans, held-for-investment portfolio was as follows: Three Months Ended March 31, 2021 Year Ended December 31, 2020 Balance at Beginning of Year $ 441,814 $ 504,702 Loan originations 33,286 69,135 Principal repayments (77 ) (99,727 ) Amortization of loan origination, loan extension and deferred exit fees 442 1,818 Sale of commercial loan — (10,000 ) Origination fees and extension fees received on commercial loans (51 ) — 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 $ 475,414 $ 441,814
Schedule of Allowance for Loan Losses	The following table presents the activity in the Company’s allowance for loan losses: Three Months Ended March 31, 2021 Three Months Ended March 31, 2020 Beginning of period $ — $ — Provision for loan losses — 4,500 Charge-offs — — Ending allowance for loan losses $ — $ 4,500
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.

Repurchase Agreements and Cre_2

Repurchase Agreements and Credit Facilities (Tables)	3 Months Ended
	Mar. 31, 2021
Commercial Mortgage Loans
Repurchase Agreement [Line Items]
Schedule of Outstanding Repurchase Agreements	The tables below show the Facilities as of March 31, 2021 and December 31, 2020: March 31, 2021 Weighted Average Committed Financing Amount Outstanding (1) Accrued Interest Payable Collateral Pledged Interest Rate Days to Maturity CF Repo Facility $ 250,000 $ 169,698 $ 188 $ 241,538 3.00 % 262 JPM Repo Facility 150,000 $ 136,271 $ 108 $ 197,616 2.03 % 36 WA Facility 75,000 — — — — 709 $ 475,000 $ 305,969 $ 296 $ 439,154 2.57 % 161 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 (1) Excludes $26 and $27 of unamortized debt issuance costs at March 31, 2021 and December 31, 2020, respectively.

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	3 Months Ended
	Mar. 31, 2021
Equity [Abstract]
Schedule of Change in Outstanding Shares Including Restricted Common Stock	The following tables detail the change in the Company’s outstanding shares of all classes of common stock, including restricted common stock: Common Stock Three months ended March 31, 2021 Class P Class A Class T Class S Class D Class I Beginning balance 10,151,787 655,835 398,233 — 50,393 381,955 Issuance of shares — — — — — 64 Distribution reinvestment — 2,431 1,148 — 358 2,019 Issuance of restricted shares — — — — — — Redemptions (6,208 ) — — — — — Ending balance 10,145,579 658,266 399,381 — 50,751 384,038 Common Stock Three months ended March 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 — 8,066 276,250 Distribution reinvestment — 2,310 963 — 477 1,309 Issuance of restricted shares — — — — — — Redemptions (30,518 ) — — — — — Ending balance 10,151,787 653,566 397,251 — 50,081 378,302
Schedule of Aggregate and Net Distributions Declared for Applicable Class of Common Stock	The table below presents the aggregate and net distributions declared for each applicable class of common stock during the three months ended March 31, 2021. The table excludes distributions declared for any month for a class of shares of stock when there were no outstanding shares of that class on the record date corresponding to that distribution. Common Stock Three months ended March 31, 2021 Class P Class A Class T Class S Class D Class I Aggregate gross distributions declared per share $ 0.2500 $ 0.2500 $ 0.2500 $ — $ 0.2500 $ 0.2500 Stockholder servicing fee per share N/A N/A 0.0424 — 0.0125 N/A Net distributions declared per share $ 0.2500 $ 0.2500 $ 0.2076 $ — $ 0.2375 $ 0.2500 Common Stock Three months ended March 31, 2020 Class P Class A Class T Class S Class D Class I Aggregate gross distributions declared per share $ 0.3200 $ 0.2700 $ 0.2700 $ — $ 0.2700 $ 0.2700 Stockholder servicing fee per share N/A N/A 0.0349 — 0.0103 N/A Net distributions declared per share $ 0.3200 $ 0.2700 $ 0.2351 $ — $ 0.2597 $ 0.2700

Net Income (Loss) Per Share (Ta

Net Income (Loss) Per Share (Tables)	3 Months Ended
	Mar. 31, 2021
Earnings Per Share [Abstract]
Summary of Basic and Diluted Net (Loss) Income Per Share	The following table is a summary of the basic and diluted net (loss) income per share computation for the three months ended March 31, 2021 and 2020: Three months ended March 31, 2021 2020 Net income (loss) $ 1,365 $ (37,858 ) Weighted average shares outstanding, basic 11,640,959 11,349,448 Dilutive effect of restricted stock 10 133 Weighted average shares outstanding, diluted 11,640,969 11,349,581 Net income (loss) per share, basic and diluted $ 0.12 $ (3.34 )

Transactions with Related Par_2

Transactions with Related Parties (Tables)	3 Months Ended
	Mar. 31, 2021
Related Party Transactions [Abstract]
Summary of Related Party Transactions	The following table summarizes the Company’s related party transactions for the three months ended March 31, 2021 and 2020 and the amount due to related parties at March 31, 2021 and December 31, 2020: Three months ended March 31, Payable as of March 31, Payable as of December 31, 2021 2020 2021 2020 Organization and offering expense reimbursement (1) $ — $ 60 $ — $ — Selling commissions and dealer manager fee (2) — 758 — — Advisory fee (3) 737 844 246 507 Loan fees (4) 558 794 1,376 912 Accrued stockholder servicing fee (5) — 446 657 674 Operating expense reimbursement to advisor (6) 15 — 15 — Total $ 1,310 $ 2,902 $ 2,294 $ 2,093 (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 reimburses the Advisor, the Sub-Advisor and their respective affiliates for costs and other expenses related to the IPO, provided the Advisor has agreed to reimburse the Company to the extent that the organization and offering expenses that the Company incurs exceeds 15% of its gross proceeds from the IPO. For the Private Offering, o (2) The Dealer Manager received selling commissions up to 5%, and a dealer manager fee up to 3%, of the transaction price for each Class P share sold in the Private Offering, the majority of which was paid to third-party broker-dealers. For the IPO, the Dealer Manager is entitled to receive (a) upfront selling commissions of up to 6.0%, and upfront dealer manager fees of up to 1.25%, of the transaction price of each Class A share sold in the primary offering, however such amounts may vary at certain participating broker-dealers provided that the sum will not exceed 7.25% of the transaction price; (b) upfront selling commissions of up to 3.0%, and upfront dealer manager fees of 0.5%, of the transaction price of each Class T share sold in the primary offering, however such amounts may vary at certain participating broker-dealers provided that the sum will not exceed 3.5% of the transaction price; and (c) upfront selling commissions of up to 3.5% of the transaction price of each Class S share sold in the primary offering. No upfront selling commissions or dealer manager fees are paid with respect to purchases of Class D shares, Class I shares or shares of any class sold pursuant to the DRP. (3) Pursuant to the Advisory Agreement, (1) the fixed component of the advisory fee is paid in an amount equal to 1/12th of 1.25% per annum of the gross value of the Company’s assets, paid monthly in arrears, provided that any such monthly payment shall not exceed 1/12th of 2.5% of the Company’s NAV; and (2) the performance component of the advisory fee is calculated and paid annually, such that for any year in which the Company’s total return per share exceeds 7% per annum, the Advisor will receive 20% of the excess total return allocable to shares of the Company’s common stock; provided that in no event will the performance fee exceed 15% of the aggregate total return allocable to shares of the Company’s common stock for such year. For the three months ended March 31, 2021, the Advisor waived $737 of the fixed component of the advisory fees. ( 4 ) Pursuant to the Advisory Agreement, the Company pays the Advisor all loan origination and administrative fees related to CRE loans held for investment, to the extent that such fees are paid by the borrower. ( 5 ) Subject to the Financial Industry Regulatory Authority, Inc. limitations on underwriting compensation, the Company pays the Dealer Manager selling commissions over time as stockholder servicing fees for ongoing services rendered to stockholders by participating broker-dealers or broker-dealers servicing stockholders’ accounts as follows: (a) for Class T shares only, 0.85% per annum of the NAV of the Class T shares; (b) for Class S shares only, 0.85% per annum of the aggregate NAV for the Class S shares; and (c) for Class D shares only, 0.25% per annum of the aggregate NAV for the Class D shares. The Company will cease paying the stockholder servicing fee with respect to any Class T share, Class S share or Class D share held in a stockholder’s account upon the occurrence of certain events. The Company accrues the full cost of the stockholder servicing fee as an offering cost at the time the Company sells Class T, Class S, and Class D shares. The Dealer Manager does not retain any of these fees, all of which are retained by, or reallowed (paid) to, participating broker-dealers and servicing broker-dealers for ongoing stockholder services performed by such broker-dealers. (6) The Company reimburses the Advisor for expenses that it (or the Sub-Advisor acting on the Advisor’s behalf) incurs in connection with providing services to the Company, provided that the Company does not reimburse overhead costs, including rent and utilities or personnel costs (including salaries, bonuses, benefits and severance payments) and the Company will only reimburse the Advisor for fees payable to its affiliates if they are incurred for legal or marketing services rendered on the Company’s behalf.

Equity-Based Compensation (Tabl

Equity-Based Compensation (Tables)	3 Months Ended
	Mar. 31, 2021
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Summary of Restricted Shares	A summary table of the status of the restricted shares is presented below: Restricted Shares Weighted Average Grant Date Fair Value Per Share Outstanding at December 31, 2020 3,391 $ 23.59 Granted — — Vested (800 ) 25.00 Converted — — Forfeited — — Outstanding at March 31, 2021 2,591 $ 23.16

Fair Value of Financial Instr_2

Fair Value of Financial Instruments (Tables)	3 Months Ended
	Mar. 31, 2021
Fair Value Disclosures [Abstract]
Schedule of Carrying Amount and Estimated Fair Value of Company's Financial Instruments	The following table details the carrying amount and estimated fair value of the Company’s financial instruments at the dates below: March 31, 2021 December 31, 2020 Carrying Amount Estimated Fair Value Carrying Amount Estimated Fair Value Financial assets Cash and cash equivalents $ 52,644 $ 52,644 $ 72,107 $ 72,107 Commercial mortgage loans, net 475,414 475,593 441,814 441,267 Total $ 528,058 $ 528,237 $ 513,921 $ 513,374 Financial liabilities Repurchase agreements - commercial mortgage loans 305,943 305,943 290,699 290,699 Total $ 305,943 $ 305,943 $ 290,699 $ 290,699

Real Estate Owned (Tables)

Real Estate Owned (Tables)	3 Months Ended
	Mar. 31, 2021
Real Estate [Abstract]
Schedule of Company's REO Assets	The following table summarizes the Company’s real estate owned assets as of March 31, 2021: 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 $ 6,230 $ (677 ) $ 32,236 (1) Refer to “Note 2 – Summary of Significant Accounting Policies” in the Annual Report for useful life of the above assets. (2) Represents assets acquired by the Company by completing a deed-in-lieu of foreclosure transaction.

Leases (Tables)

Leases (Tables)	3 Months Ended
	Mar. 31, 2021
Leases [Abstract]
Summary of Finance Lease Cost	For the three months ended March 31, 2021 and 2020, total finance lease cost was comprised as follows: Three months ended March 31, 2021 2020 Amortization of right-of-use assets $ 18 $ — Interest on lease liabilities 478 — Total finance lease cost $ 496 $ —
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 March 31, 2021 and December 31, 2020: March 31, December 31, 2021 2020 Finance lease right of use asset, gross $ 5,549 $ 5,549 Accumulated amortization (42 ) (24 ) Finance lease right of use asset, net of amortization $ 5,507 $ 5,525
Schedule of Lease Payments for the Ground Lease	Lease payments for the ground lease as of March 31, 2021 for each of the five succeeding years and thereafter is as follows: Lease Payments 2021 $ 1,208 2022 1,611 2023 1,611 2024 1,745 2025 1,772 Thereafter 271,457 Total undiscounted lease payments $ 279,404 Less: Amount representing interest (262,539 ) Present value of lease liability $ 16,865

Subsequent Events (Tables)

Subsequent Events (Tables)	3 Months Ended
	Mar. 31, 2021
Subsequent Events [Abstract]
Schedule of Authorized Distributions for Class of Common Stock	The Board has authorized distributions to stockholders of record as of April 30, 2021, payable on or about May 18, 2021 Common Stock Class P Class A Class T Class S Class D Class I Aggregate gross distributions declared per share $ 0.0917 $ 0.0917 $ 0.0917 $ — $ 0.0917 $ 0.0917 Stockholder servicing fee per share N/A N/A 0.0141 — 0.0041 N/A Net distributions declared per share $ 0.0917 $ 0.0917 $ 0.0776 $ — $ 0.0876 $ 0.0917 Common Stock Class P Class A Class T Class S Class D Class I Aggregate gross distributions declared per share $ 0.0958 $ 0.0958 $ 0.0958 $ — $ 0.0958 $ 0.0958 Stockholder servicing fee per share N/A N/A TBD* — TBD* N/A Net distributions declared per share $ 0.0958 $ 0.0958 TBD* $ — TBD* $ 0.0958 * Amount to be determined. The gross distributions for the Class D and Class T Common Stock to stockholders of record as of May 31, 2021, will be reduced by class-specific stockholder servicing fees, resulting in a lower net distribution per share, which will be disclosed by the Company in future current reports on Form 8-K once those amounts have been determined.

Organization and Business Ope_2

Organization and Business Operations - Additional Information (Details) - USD ($)	Oct. 01, 2021	May 03, 2019	Oct. 25, 2016	Sep. 30, 2021	Aug. 31, 2021	Jul. 31, 2021	Sep. 30, 2021	Mar. 31, 2021	Mar. 31, 2020
Organization And Business Operations [Line Items]
Issuance of common stock, shares								$ 1,000	$ 24,261,000
Stock repurchase shares								0
Maximum | Forecast
Organization And Business Operations [Line Items]
Percentage of aggregate net asset value per month				1.00%	1.00%	1.00%
Percentage of aggregate net asset value per quarter							2.50%
Maximum | Share Repurchase Program | Forecast
Organization And Business Operations [Line Items]
Percentage of aggregate net asset value per month	2.00%
Percentage of aggregate net asset value per quarter	5.00%
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
Class P Common Stock | Maximum
Organization And Business Operations [Line Items]
Shares issued value, private offering			$ 500,000,000

Summary of Significant Accoun_3

Summary of Significant Accounting Policies - Additional Information (Details) - USD ($)	3 Months Ended
	Mar. 31, 2021	Dec. 31, 2020
Accounting Policies [Abstract]
Cash and cash equivalents, description	Cash and cash equivalents include funds on deposit with financial institutions, including demand deposits with financial institutions with original maturities of three months or less.
Restricted cash current	$ 0	$ 0

Commercial Mortgage Loans Hel_3

Commercial Mortgage Loans Held for Investment - Schedule of Commercial Mortgage Loans held for Investment (Details) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2021USD ($)Loan	Dec. 31, 2020USD ($)Loan	Dec. 31, 2019USD ($)
Mortgage Loans On Real Estate [Line Items]
Number of Loans | Loan	31	29
Principal Balance	$ 474,904	$ 441,696
Unamortized (fees)/costs, net	510	118
Carrying Value	$ 475,414	$ 441,814	$ 504,702
Weighted Average Interest Rate	5.40%	5.50%
Weighted Average Years to Maturity	1 year 6 months	1 year 7 months 6 days
First Mortgage Loans [Member]
Mortgage Loans On Real Estate [Line Items]
Number of Loans | Loan	28	26
Principal Balance	$ 458,404	$ 425,196
Unamortized (fees)/costs, net	510	118
Carrying Value	$ 458,914	$ 425,314
Weighted Average Interest Rate	5.30%	5.30%
Weighted Average Years to Maturity	1 year 4 months 24 days	1 year 6 months
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 Interest Rate	9.50%	9.50%
Weighted Average Years to Maturity	4 years 7 months 6 days	4 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	3 Months Ended		12 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Mortgage Loans On Real Estate [Abstract]
Balance at Beginning of Year	$ 441,814	$ 504,702	$ 504,702
Loan originations	33,286		69,135
Principal repayments	(77)		(99,727)
Amortization of loan origination, loan extension and deferred exit fees	442		1,818
Sale of commercial loan			(10,000)
Origination fees and extension fees received on commercial loans	(51)
Provision for loan losses		$ (4,500)	(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	$ 475,414		$ 441,814

Commercial Mortgage Loans Hel_5

Commercial Mortgage Loans Held for Investment - Schedule of Allowance for Loan Losses (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2020	Dec. 31, 2020
Mortgage Loans On Real Estate [Abstract]
Provision for loan losses	$ 4,500	$ 4,726
Ending allowance for loan losses	$ 4,500

Commercial Mortgage Loans Hel_6

Commercial Mortgage Loans Held for Investment - Additional Information (Details) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2021USD ($)LoanRating	Mar. 31, 2020USD ($)Loan	Dec. 31, 2020LoanRating
Mortgage Loans On Real Estate [Line Items]
Allowance for loan loss		$ 4,500
Interest income for impaired loans		546
Initial risk rating for commercial mortgage loans held for investment and real estate securities | Rating	2		2
Number of loans risk rated two | Loan	22		19
Number of loans risk rated three | Loan	6		7
Number of loans risk rated four | Loan	3		3
Number of loans risk rated one | Loan	0		0
Number of loans risk rated five | Loan	0		0
First Mortgage Loans [Member] | Illinois [Member]
Mortgage Loans On Real Estate [Line Items]
Impairment charges on loans		$ 3,000
Number of loans impaired | Loan		1
Allowance for loan loss		$ 3,000
Investments		21,500
Investment total		24,500
Credit Loans [Member] | FLORIDA
Mortgage Loans On Real Estate [Line Items]
Impairment charges on loans		1,500
Allowance for loan loss	$ 0	1,500
Investments		1,500
Investment total		$ 3,000

Commercial Mortgage Loans Hel_7

Commercial Mortgage Loans Held for Investment - Summary of Investment Grade of Loans Loss (Details) - Commercial Mortgage Loans	3 Months Ended
	Mar. 31, 2021
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 - Additi

Real Estate Securities - Additional Information (Details) - Real Estate Securities - USD ($)	3 Months Ended
	Mar. 31, 2020	Dec. 31, 2020
Schedule Of Available For Sale Securities [Line Items]
Carrying value of investments	$ 0	$ 0
Net unrealized loss	$ 38,187,000

Repurchase Agreements and Cre_3

Repurchase Agreements and Credit Facilities - Additional Information (Details) - USD ($)	Mar. 10, 2021	May 06, 2019	Dec. 31, 2020	Mar. 31, 2020	Mar. 31, 2021	Jun. 30, 2020	Jan. 31, 2019	Aug. 31, 2018	Jun. 30, 2018	Feb. 15, 2018
Commercial Mortgage Loans | Western Alliance Facility
Repurchase Agreement [Line Items]
Borrowing base period for eligible pledged assets become ineligible	36 months
Loan advances	$ 75,000,000
Initial maturity date	Mar. 10, 2023
Convertible by option term loan initial maturity period	2 years
Percentage of conversion fee of convertible by option term loan.	0.25%
Minimum average unrestricted aggregate deposit balance amount to be maintained	$ 3,750,000
Increased interest rate due to failure to meet the minimum deposit balance	0.25%
Commercial Mortgage Loans | Minimum | Western Alliance Facility
Repurchase Agreement [Line Items]
Loan-to-unpaid balance percentage	60.00%
Loan-to-appraised value percentage	45.00%
Commercial Mortgage Loans | Maximum | Western Alliance Facility
Repurchase Agreement [Line Items]
Loan-to-unpaid balance percentage	70.00%
Loan-to-appraised value percentage	50.00%
Commercial Mortgage Loans | London Interbank Offered Rate | Western Alliance Facility
Repurchase Agreement [Line Items]
LIBOR spread	3.25%
Floor rate	4.00%
CF Repo Facility | London Interbank Offered Rate | Minimum | Loan made on or after December 18, 2020
Repurchase Agreement [Line Items]
LIBOR spread					2.25%
Floor rate					0.25%
CF Repo Facility | London Interbank Offered Rate | Maximum | Loan made on or after December 18, 2020
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	$ 250,000,000	$ 100,000,000
Extended maturity date			2021-12	2021-02
CF Repo Facility | Commercial Mortgage Loans | London Interbank Offered Rate | Loans made before December 18, 2020
Repurchase Agreement [Line Items]
LIBOR spread					2.25%
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 | Minimum
Repurchase Agreement [Line Items]
LIBOR spread		1.75%
JP Morgan Repo Facility | Commercial Mortgage Loans | London Interbank Offered Rate | Maximum
Repurchase Agreement [Line Items]
LIBOR spread		2.50%

Repurchase Agreements and Cre_4

Repurchase Agreements and Credit Facilities - Schedule of Outstanding Repurchase Agreements (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2021	Dec. 31, 2020
Assets Sold Under Agreements To Repurchase [Line Items]
Accrued Interest Payable	$ 296	$ 292
CF Repo Facility | Commercial Mortgage Loans
Assets Sold Under Agreements To Repurchase [Line Items]
Committed Financing	250,000	250,000
Amount Outstanding	169,698	159,948
Accrued Interest Payable	188	187
Collateral Pledged	$ 241,538	$ 228,359
Weighted Average Interest Rate	3.00%	3.00%
Weighted Average Days to Maturity	262 days	352 days
JPM Repo Facility | Commercial Mortgage Loans
Assets Sold Under Agreements To Repurchase [Line Items]
Committed Financing	$ 150,000	$ 150,000
Amount Outstanding	136,271	130,778
Accrued Interest Payable	108	105
Collateral Pledged	$ 197,616	$ 190,047
Weighted Average Interest Rate	2.03%	2.08%
Weighted Average Days to Maturity	36 days	126 days
Western Alliance Facility | Commercial Mortgage Loans
Assets Sold Under Agreements To Repurchase [Line Items]
Committed Financing	$ 75,000
Weighted Average Days to Maturity	709 days
Repo Facility | Commercial Mortgage Loans
Assets Sold Under Agreements To Repurchase [Line Items]
Committed Financing	$ 475,000	$ 400,000
Amount Outstanding	305,969	290,726
Accrued Interest Payable	296	292
Collateral Pledged	$ 439,154	$ 418,406
Weighted Average Interest Rate	2.57%	2.58%
Weighted Average Days to Maturity	161 days	250 days

Repurchase Agreements and Cre_5

Repurchase Agreements and Credit Facilities - Schedule of Outstanding Repurchase Agreements (Parenthetical) (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Commercial Mortgage Loans | Repo Facility
Assets Sold Under Agreements To Repurchase [Line Items]
Unamortized debt issuance costs	$ 26	$ 27

Stockholders' Equity - Schedule

Stockholders' Equity - Schedule of Change in Outstanding Shares Including Restricted Common Stock (Details) - shares	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Class P Common Stock
Class Of Stock [Line Items]
Beginning balance	10,151,787	10,182,305
Redemptions	(6,208)	(30,518)
Ending balance	10,145,579	10,151,787
Class A Common Stock
Class Of Stock [Line Items]
Beginning balance	655,835	272,006
Issuance of shares		379,250
Distribution reinvestment	2,431	2,310
Ending balance	658,266	653,566
Class T Common Stock
Class Of Stock [Line Items]
Beginning balance	398,233	121,718
Issuance of shares		274,570
Distribution reinvestment	1,148	963
Ending balance	399,381	397,251
Class S Common Stock
Class Of Stock [Line Items]
Beginning balance	0
Ending balance	0
Class D Common Stock
Class Of Stock [Line Items]
Beginning balance	50,393	41,538
Issuance of shares		8,066
Distribution reinvestment	358	477
Ending balance	50,751	50,081
Class I Common Stock
Class Of Stock [Line Items]
Beginning balance	381,955	100,743
Issuance of shares	64	276,250
Distribution reinvestment	2,019	1,309
Ending balance	384,038	378,302

Stockholders' Equity - Addition

Stockholders' Equity - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands	Mar. 31, 2021	Feb. 28, 2021	Jan. 31, 2021	Dec. 31, 2020	Nov. 30, 2020	Oct. 31, 2020	Sep. 30, 2020	Aug. 31, 2020	Jul. 31, 2020	Feb. 29, 2020	Jan. 31, 2020
Class Of Stock [Line Items]
Gross monthly distribution amount	$ 0.0875	$ 0.0833	$ 0.0792
Annualized gross distribution per share	$ 1.05	$ 1	$ 0.95
Distributions payable	$ 1,012			$ 867
Class P Common Stock
Class Of Stock [Line Items]
Gross monthly distribution amount										$ 0.16	$ 0.16
Annualized gross distribution per share										1.92	1.92
Class A Common Stock
Class Of Stock [Line Items]
Gross monthly distribution amount										0.135	0.135
Annualized gross distribution per share										1.62	1.62
Class T Common Stock
Class Of Stock [Line Items]
Gross monthly distribution amount										0.135	0.135
Annualized gross distribution per share										1.62	1.62
Class D Common Stock
Class Of Stock [Line Items]
Gross monthly distribution amount										0.135	0.135
Annualized gross distribution per share										1.62	1.62
Class I Common Stock
Class Of Stock [Line Items]
Gross monthly distribution amount										0.135	0.135
Annualized gross distribution per share										$ 1.62	$ 1.62
Common Class P A T S D I
Class Of Stock [Line Items]
Gross monthly distribution amount				$ 0.075	$ 0.075	$ 0.075	$ 0.075	$ 0.073	$ 0.071
Annualized gross distribution per share				$ 0.90	$ 0.90	$ 0.90	$ 0.90	$ 0.88	$ 0.8576

Stockholders' Equity - Schedu_2

Stockholders' Equity - Schedule of Aggregate and Net Distributions Declared for Applicable Class of Common Stock (Details) - $ / shares	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Class P Common Stock
Distributions Declared [Line Items]
Aggregate gross distributions declared per share	$ 0.2500	$ 0.3200
Net distributions declared per share	0.2500	0.3200
Class A Common Stock
Distributions Declared [Line Items]
Aggregate gross distributions declared per share	0.2500	0.2700
Net distributions declared per share	0.2500	0.2700
Class T Common Stock
Distributions Declared [Line Items]
Aggregate gross distributions declared per share	0.2500	0.2700
Stockholder servicing fee per share	0.0424	0.0349
Net distributions declared per share	0.2076	0.2351
Class D Common Stock
Distributions Declared [Line Items]
Aggregate gross distributions declared per share	0.2500	0.2700
Stockholder servicing fee per share	0.0125	0.0103
Net distributions declared per share	0.2375	0.2597
Class I Common Stock
Distributions Declared [Line Items]
Aggregate gross distributions declared per share	0.2500	0.2700
Net distributions declared per share	$ 0.2500	$ 0.2700

Net Income (Loss) Per Share - A

Net Income (Loss) Per Share - Additional information (Details) - shares	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Earnings Per Share [Abstract]
Antidilutive restricted shares	165	17

Net Income (Loss) Per Share - S

Net Income (Loss) Per Share - Summary of Basic and Diluted Net (Loss) Income Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Earnings Per Share [Abstract]
Net income (loss)	$ 1,365	$ (37,858)
Weighted average shares outstanding, basic	11,640,959	11,349,448
Dilutive effect of restricted stock	10	133
Weighted average shares outstanding, diluted	11,640,969	11,349,581
Net income (loss) per share, basic and diluted	$ 0.12	$ (3.34)

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Details) $ in Thousands	Mar. 31, 2021USD ($)Loan	Dec. 31, 2020USD ($)Loan
Commitments And Contingencies Disclosure [Abstract]
Number of commercial real estate loans | Loan	22	20
Commercial real estate, remaining future funding commitment | $	$ 56,649	$ 50,940

Segment Reporting - Additional

Segment Reporting - Additional Information (Details) - Segment	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Segment Reporting [Abstract]
Number of reportable segment	1	1

Transactions with Related Par_3

Transactions with Related Parties - Additional Information (Details) - USD ($)	1 Months Ended	3 Months Ended
	Nov. 30, 2016	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Related Party Transaction [Line Items]
Proceeds from issuance of common stock		$ 1,000	$ 24,261,000
Class P Common Stock
Related Party Transaction [Line Items]
Common stock, shares, issued		10,145,579		10,151,787
Advisor | Class P Common Stock
Related Party Transaction [Line Items]
Proceeds from issuance of common stock	$ 1,000,000
Common stock, shares, issued	40,040
Common stock, purchase price per share	$ 25
Payment of selling commissions	$ 0
Payment of dealer manager fees	0
Payment of organization and offering expenses	0
Subscription agreement, minimum number of shares to be held		8,000
Subscription agreement, value of minimum number of shares to be held		$ 200,000
Description of subscription agreement		The Advisor has agreed pursuant to its subscription agreement that, for so long as it or its affiliate is serving as the Company’s advisor, (i) it will not sell or transfer at least 8,000 of the Class P shares that it has purchased, accounting for $200 of its investment, to an unaffiliated third party; (ii) it will not be eligible to submit a request for these 40,040 Class P shares pursuant to the SRP prior to the fifth anniversary of the date on which such Class P shares were purchased (November 2021); and (iii) repurchase requests made for these Class P shares will only be accepted (a) on the last business day of a calendar quarter, (b) after all repurchase requests from all other stockholders for such quarter have been accepted and (c) to the extent that such repurchases do not cause total repurchases in the quarter in which they are being repurchased to exceed that quarter’s repurchase cap
Sub-Advisor | Class P Common Stock
Related Party Transaction [Line Items]
Proceeds from issuance of common stock	$ 3,000,000
Common stock, shares, issued	120,000
Common stock, purchase price per share	$ 25
Payment of selling commissions	$ 0
Payment of dealer manager fees	0
Payment of organization and offering expenses	$ 0
Description of subscription agreement		Sound Point has agreed pursuant to its subscription agreement that, for so long as the Sub-Advisor or its affiliate is serving as the Company’s sub-advisor, (i) it will not be eligible to submit a request for the repurchase of these 120,000 Class P shares pursuant to the SRP prior to the fifth anniversary of the date on which such Class P shares were purchased (November 2021); and (ii) repurchase requests made for these Class P shares will only be accepted (a) on the last business day of a calendar quarter, (b) after all repurchase requests from all other stockholders for such quarter have been accepted and (c) to the extent that such repurchases do not cause total repurchases in the quarter in which they are being repurchased to exceed that quarter’s repurchase cap.

Transactions with Related Par_4

Transactions with Related Parties - Summary of Related Party Transactions (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Related Party Transaction [Line Items]
Advisory fee	$ 737	$ 844
Accrued stockholder servicing fee	(18)	433
Total, payable	2,294		$ 2,093
Advisor
Related Party Transaction [Line Items]
Organization and offering expense reimbursement		60
Selling commissions and dealer manager fee		758
Advisory fee	737	844
Loan fees	558	794
Accrued stockholder servicing fee		446
Operating expense reimbursement to advisor	15
Total	1,310	$ 2,902
Advisory fee, payable	246		507
Loan fees, payable	1,376		912
Accrued stockholder servicing fee, payable	657		674
Operating expense reimbursement to advisor, payable	15
Total, payable	$ 2,294		$ 2,093

Transactions with Related Par_5

Transactions with Related Parties - Summary of Related Party Transactions (Parenthetical) (Details) - Advisor - USD ($) $ in Thousands	Jul. 17, 2019	Jul. 16, 2019	Mar. 31, 2021	Mar. 31, 2020	Mar. 31, 2021	Mar. 31, 2021
Related Party Transaction [Line Items]
Maximum percentage of gross proceeds from issuance of initial public offering					15.00%
Percentage of gross value of assets, paid monthly	0.104%
Percentage of excess total return				20.00%		20.00%
Fixed component of advisory fees waived			$ 737
Class T Common Stock
Related Party Transaction [Line Items]
Percentage of stockholder servicing fees on net asset value			0.85%
Class S Common Stock
Related Party Transaction [Line Items]
Aggregate percentage of stockholder servicing fees on net asset value			0.85%
Class D and Class I Common Stock
Related Party Transaction [Line Items]
Percentage of upfront selling commission			0.00%
Percentage of upfront dealer manager fee			0.00%
Class D Common Stock
Related Party Transaction [Line Items]
Aggregate percentage of stockholder servicing fees on net asset value			0.25%
Initial Public Offering | Class T Common Stock
Related Party Transaction [Line Items]
Percentage of upfront dealer manager fee			0.50%
Maximum
Related Party Transaction [Line Items]
Percentage of net asset value of assets, paid monthly	0.208%
Percentage of aggregate total return						15.00%
Maximum | Private Offering | Class P Common Stock
Related Party Transaction [Line Items]
Percentage of selling commission		5.00%
Percentage of dealer manager fee		3.00%
Maximum | Initial Public Offering | Class A Common Stock
Related Party Transaction [Line Items]
Percentage of upfront selling commission			6.00%
Percentage of upfront dealer manager fee			1.25%
Percentage of participation dealers fee			7.25%
Maximum | Initial Public Offering | Class T Common Stock
Related Party Transaction [Line Items]
Percentage of upfront selling commission			3.00%
Percentage of participation dealers fee			3.50%
Maximum | Initial Public Offering | Class S Common Stock
Related Party Transaction [Line Items]
Percentage of upfront selling commission			3.50%
Minimum [Member]
Related Party Transaction [Line Items]
Minimum percentage to earn performance component of advisory fee						7.00%

Equity-Based Compensation - Add

Equity-Based Compensation - Additional Information (Details) - RSP - Restricted Shares $ / 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	Mar. 31, 2021USD ($)	Mar. 31, 2020USD ($)
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Fair value of restricted shares at vesting date | $					$ 16	$ 20
Independent Directors
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting period					3 years
Compensation expense | $					$ 10	$ 8
Unrecognized compensation cost | $					$ 50
Weighted average remaining period that compensation expense recognizable					1 year 4 months 17 days
Class P Common Stock
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
Combined fair value of restricted shares | $			$ 30	$ 30
Restricted shares description			These restricted Class P shares vest in equal one-third increments on January 7, 2020, 2021 and 2022	These restricted Class P shares vest in equal one-third increments on March 1, 2019, 2020 and 2021
Class P Common Stock | 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 | 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 | 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 | Independent Director One
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of restricted shares			400	400
Class P Common Stock | Independent Director Two
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of restricted shares			400	400
Class P Common Stock | Independent Director Three
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of restricted shares			400	400
Class P Common Stock | 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 independent directors | Director	3	3
Grant date fair value of restricted shares | $ / shares	$ 21.54	$ 25.07
Combined fair value of restricted shares | $	$ 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 vest in equal one-third increments on December 2, 2020, 2021 and 2022
Class I Common Stock | 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 | 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 | 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 | Independent Director One
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of restricted shares	464	399
Class I Common Stock | Independent Director Two
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of restricted shares	464	399
Class I Common Stock | Independent Director Three
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of restricted shares	464	399
Class I Common Stock | 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 (Details) - Restricted Shares	3 Months Ended
	Mar. 31, 2021$ / sharesshares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Outstanding beginning balance, Shares | shares	3,391
Vested, Shares | shares	(800)
Outstanding ending balance, Shares | shares	2,591
Outstanding beginning balance, Weighted average grant date fair value per share | $ / shares	$ 23.59
Vested, Weighted average grant date fair value per share | $ / shares	25
Outstanding ending balance, Weighted average grant date fair value per share | $ / shares	$ 23.16

Fair Value of Financial Instr_3

Fair Value of Financial Instruments - Schedule of Carrying Amount and Estimated Fair Value of Company's Financial Instruments (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Carrying Amount
Financial assets
Cash and cash equivalents	$ 52,644	$ 72,107
Commercial mortgage loans, net	475,414	441,814
Total	528,058	513,921
Financial liabilities
Total	305,943	290,699
Carrying Amount | Commercial Mortgage Loans
Financial liabilities
Repurchase agreements	305,943	290,699
Estimated Fair Value
Financial assets
Cash and cash equivalents	52,644	72,107
Commercial mortgage loans, net	475,593	441,267
Total	528,237	513,374
Financial liabilities
Total	305,943	290,699
Estimated Fair Value | Commercial Mortgage Loans
Financial liabilities
Repurchase agreements	$ 305,943	$ 290,699

Real Estate Owned - Schedule of

Real Estate Owned - Schedule of Company's REO Assets (Details) - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2021	Dec. 31, 2020
Real Estate [Line Items]
Real Estate Owned, Net		$ 32,236	$ 32,474
Hotel | Chicago, IL
Real Estate [Line Items]
Acquisition Date	[1],[2]	2021-08
Building and Improvements		$ 26,683
Furniture, Fixtures and Equipment		6,230
Accumulated Depreciation		(677)
Real Estate Owned, Net		$ 32,236
[1]	Refer to “Note 2 – Summary of Significant Accounting Policies” in the Annual Report for useful life of the above assets.
[2]	Represents assets acquired by the Company by completing a deed-in-lieu of foreclosure transaction.

Real Estate Owned - Additional

Real Estate Owned - Additional Information (Details) - Paycheck Protection Program $ in Thousands	1 Months Ended
	Feb. 28, 2021USD ($)Room
Real Estate [Line Items]
Loan advances | $	$ 1,093
Loan term	5 years
fixed interest rate	1.00%
Chicago, IL
Real Estate [Line Items]
Number of hotel room | Room	362

Leases - Additional Information

Leases - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	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 the Renaissance Chicago O’Hare Suites Hotel 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
Finance lease liability	$ 16,865	$ 16,790	$ 16,827
Finance lease, right-of-use asset	$ 5,549	$ 5,549	$ 5,549
Finance lease liability, interest rate	11.37%
Lessee finance lease termination description	Company may terminate the lease as of March 31, 2049, March 31, 2065 and March 31, 2081

Leases - Summary of Finance Lea

Leases - Summary of Finance Lease Cost (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2021USD ($)
Leases [Abstract]
Amortization of right-of-use assets	$ 18
Interest on lease liabilities	478
Total finance lease cost	$ 496

Leases - Schedule of Finance Le

Leases - Schedule of Finance Lease Right of Use Asset, Net of Amortization (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020	Aug. 20, 2020
Leases [Abstract]
Finance lease right of use asset, gross	$ 5,549	$ 5,549	$ 5,549
Accumulated amortization	(42)	(24)
Finance lease right of use asset, net of amortization	$ 5,507	$ 5,525

Leases - Schedule of Lease Paym

Leases - Schedule of Lease Payments for the Ground Lease (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020	Aug. 20, 2020
Leases [Abstract]
2021	$ 1,208
2022	1,611
2023	1,611
2024	1,745
2025	1,772
Thereafter	271,457
Total undiscounted lease payments	279,404
Less: Amount representing interest	(262,539)
Present value of lease liability	$ 16,865	$ 16,790	$ 16,827

Subsequent Events - Additional

Subsequent Events - Additional Information (Details)	May 06, 2021	May 31, 2021	Apr. 30, 2021
Common Stock | Dividend Distribution Declared Record as of May 31, 2021 | Forecast
Subsequent Event [Line Items]
Distributions record date		May 31, 2021
Subsequent Event | JP Morgan Repo Facility
Subsequent Event [Line Items]
Debt instrument maturity date	May 6, 2022
Subsequent Event | Common Stock | Dividend Distribution Declared Record as of April 30, 2021
Subsequent Event [Line Items]
Distributions record date			Apr. 30, 2021
Distributions payable date		May 18, 2021
Subsequent Event | Common Stock | Dividend Distribution Declared Record as of May 31, 2021
Subsequent Event [Line Items]
Distributions payable date		Jun. 17, 2021

Subsequent Events - Schedule of

Subsequent Events - Schedule of Authorized Distributions for Class of Common Stock (Details) - $ / shares	1 Months Ended		3 Months Ended
	May 31, 2021	Apr. 30, 2021	Mar. 31, 2021	Mar. 31, 2020
Class P Common Stock
Subsequent Event [Line Items]
Aggregate gross distributions declared per share			$ 0.2500	$ 0.3200
Class P Common Stock | Forecast
Subsequent Event [Line Items]
Aggregate gross distributions declared per share	$ 0.0958
Net distributions declared per share	0.0958
Class A Common Stock
Subsequent Event [Line Items]
Aggregate gross distributions declared per share			0.2500	0.2700
Class A Common Stock | Forecast
Subsequent Event [Line Items]
Aggregate gross distributions declared per share	0.0958
Net distributions declared per share	0.0958
Class T Common Stock
Subsequent Event [Line Items]
Aggregate gross distributions declared per share			0.2500	0.2700
Stockholder servicing fee per share			0.0424	0.0349
Class T Common Stock | Forecast
Subsequent Event [Line Items]
Aggregate gross distributions declared per share	0.0958
Class D Common Stock
Subsequent Event [Line Items]
Aggregate gross distributions declared per share			0.2500	0.2700
Stockholder servicing fee per share			0.0125	0.0103
Class D Common Stock | Forecast
Subsequent Event [Line Items]
Aggregate gross distributions declared per share	0.0958
Class I Common Stock
Subsequent Event [Line Items]
Aggregate gross distributions declared per share			$ 0.2500	$ 0.2700
Class I Common Stock | Forecast
Subsequent Event [Line Items]
Aggregate gross distributions declared per share	0.0958
Net distributions declared per share	$ 0.0958
Subsequent Event | Class P Common Stock
Subsequent Event [Line Items]
Aggregate gross distributions declared per share		$ 0.0917
Net distributions declared per share		0.0917
Subsequent Event | Class A Common Stock
Subsequent Event [Line Items]
Aggregate gross distributions declared per share		0.0917
Net distributions declared per share		0.0917
Subsequent Event | Class T Common Stock
Subsequent Event [Line Items]
Aggregate gross distributions declared per share		0.0917
Stockholder servicing fee per share		0.0141
Net distributions declared per share		0.0776
Subsequent Event | Class D Common Stock
Subsequent Event [Line Items]
Aggregate gross distributions declared per share		0.0917
Stockholder servicing fee per share		0.0041
Net distributions declared per share		0.0876
Subsequent Event | Class I Common Stock
Subsequent Event [Line Items]
Aggregate gross distributions declared per share		0.0917
Net distributions declared per share		$ 0.0917