Inpoint Commercial Real Estate Income (ICR-PA) 10-K 11 Mar 22 2021 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - shares	12 Months Ended
	Dec. 31, 2021	Mar. 10, 2022
Document And Entity Information [Line Items]
Document Type	10-K
Amendment Flag	false
Document Period End Date	Dec. 31, 2021
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	FY
Trading Symbol	ICR PR A
Entity Registrant Name	INPOINT COMMERCIAL REAL ESTATE INCOME, INC.
Entity Central Index Key	0001690012
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	true
ICFR Auditor Attestation Flag	false
Entity Shell Company	false
Entity File Number	001-40833
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 Annual Report	true
Document Transition Report	false
Title of 12(b) Security	6.75% Series A Cumulative Redeemable Preferred Stock, par value $0.001
Security Exchange Name	NYSE
Auditor Name	KPMG LLP
Auditor Location	Chicago, IL
Auditor Firm ID	185
Class P Common Stock
Document And Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		9,294,665
Class T Common Stock
Document And Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		398,296
Class I Common Stock
Document And Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		380,713
Class A Common Stock
Document And Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		674,228
Class D Common Stock
Document And Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		47,189
Class S Common Stock
Document And Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		0

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2021		Dec. 31, 2020
ASSETS
Cash and cash equivalents	$ 57,268		$ 72,107
Commercial mortgage loans at cost, net of allowance for loan loss of $0	665,498	[1]	441,814
Real estate owned, net of depreciation	31,535		32,474
Finance lease right of use asset, net of amortization	5,454		5,525
Deferred debt finance costs	1,202		1,001
Accrued interest receivable	1,416		1,168
Prepaid expenses and other assets	2,055		902
Total assets	764,428		554,991
Liabilities:
Repurchase agreements	307,083		290,699
Credit facility payable	14,350
Loan participations sold, net	109,772
Finance lease liability	17,105		16,790
Loan fees payable			401
Due to related parties	2,894		2,093
Interest payable	364		292
Distributions payable	1,137		867
Accrued expenses	4,578		3,593
Total liabilities	457,283		314,735
Stockholders' Equity:
Preferred stock, $0.001 par value, 50,000,000 shares authorized: 6.75% Series A Cumulative Redeemable Preferred Stock, $0.001 par value, 4,025,000 shares authorized, 3,600,000 and 0 shares issued and outstanding as of December 31, 2021 and December 31, 2020, respectively	4
Additional paid in capital (net of offering costs of $29,534 and $24,964 as of December 31, 2021 and 2020, respectively)	359,406		287,498
Accumulated deficit	(52,275)		(47,253)
Total stockholders' equity	307,145		240,256
Total liabilities and stockholders’ equity	764,428		554,991
Class P Common Stock
Stockholders' Equity:
Common stock	9		10
Class A Common Stock
Stockholders' Equity:
Common stock	$ 1		1
Class T Common Stock
Stockholders' Equity:
Common stock			0
Class S Common Stock
Stockholders' Equity:
Common stock			0
Class D Common Stock
Stockholders' Equity:
Common stock			0
Class I Common Stock
Stockholders' Equity:
Common stock			$ 0
[1]

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($)	Dec. 31, 2021	Dec. 31, 2020
Allowance for loan loss	$ 0	$ 0
Additional paid in capital, offering costs	$ 29,534,000	$ 24,964,000
Preferred stock, par value	$ 0.001	$ 0.001
Preferred stock, shares authorized	50,000,000	50,000,000
Class P Common Stock
Common stock, par value	$ 0.001	$ 0.001
Common stock, shares authorized	500,000,000	500,000,000
Common stock, shares, issued	9,492,939	10,151,787
Common stock, shares, outstanding	9,492,939	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	659,270	655,835
Common stock, shares, outstanding	659,270	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	388,099	398,233
Common stock, shares, outstanding	388,099	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	47,298	50,393
Common stock, shares, outstanding	47,298	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	380,218	381,955
Common stock, shares, outstanding	380,218	381,955
6.75% Series A Cumulative Redeemable Preferred Stock
Preferred stock, par value	$ 0.001
Preferred stock, shares authorized	4,025,000
Percentage of cumulative redeemable preferred stock	6.75%
Preferred stock, shares issued	3,600,000	0
Preferred stock, shares outstanding	3,600,000	0

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Interest income:
Interest income	$ 28,988	$ 33,490	$ 34,290
Less: Interest expense	(8,801)	(10,317)	(14,035)
Net interest income	20,187	23,173	20,255
Revenue from real estate owned	8,109	972
Total income	28,296	24,145	20,255
Operating expenses:
Advisory fee	3,217	5,528	5,632
Debt finance costs	1,492	1,331	950
Directors compensation	73	94	86
Professional service fees	1,028	2,031	651
Real estate owned operating expenses	10,344	2,709
Depreciation and amortization	1,089	405
Other expenses	1,180	921	579
Expense reimbursement received from Advisor			(359)
Total operating expenses	18,423	13,019	7,539
Other (loss) income:
Provision for loan losses		(4,726)
Realized loss on sale of commercial loan		(375)
Unrealized gain (loss) in value of real estate securities		211	1,032
Realized loss on the sale of real estate securities		(35,020)	(43)
Total other (loss) income		(39,910)	989
Net income (loss)	9,873	(28,784)	13,705
Net income (loss) attributable to common stockholders	$ 8,219	$ (28,784)	$ 13,705
Net income (loss) per share attributable to common stockholders, basic and diluted	$ 0.72	$ (2.49)	$ 1.53
Weighted average number of shares
Basic	11,480,517	11,561,828	8,958,684
Diluted	11,481,464	11,561,828	8,959,035
Series A Preferred Stock
Other (loss) income:
Series A Preferred Stock dividends	$ 1,654

CONSOLIDATED STATEMENT OF CHANG

CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS' EQUITY - USD ($) $ in Thousands	Total	Preferred StockSeries A Preferred Stock	Common StockClass P Common Stock	Common StockClass A Common Stock	Additional Paid in Capital	Accumulated Deficit
Balance at Dec. 31, 2018	$ 142,272		$ 6		$ 148,650	$ (6,384)
Proceeds from issuance of common stock	130,164		4		130,160
Offering costs	(10,993)				(10,993)
Net income (loss)	13,705					13,705
Common stock distributions declared	(17,128)					(17,128)
Distribution reinvestment	37				37
Redemptions	(1,911)				(1,911)
Equity-based compensation	20				20
Balance at Dec. 31, 2019	256,166		10		265,963	(9,807)
Proceeds from issuance of common stock	24,269			$ 1	24,268
Offering costs	(2,246)				(2,246)
Net income (loss)	(28,784)					(28,784)
Common stock distributions declared	(8,662)					(8,662)
Distribution reinvestment	245				245
Redemptions	(763)				(763)
Equity-based compensation	31				31
Balance at Dec. 31, 2020	240,256		10	1	287,498	(47,253)
Proceeds from issuance of common stock	199				199
Proceeds from issuance of preferred stock	90,000	$ 4			89,996
Offering costs	(4,570)				(4,570)
Net income (loss)	9,873					9,873
Common stock distributions declared	(13,241)					(13,241)
Preferred stock distributions declared	(1,654)					(1,654)
Distribution reinvestment	583				583
Redemptions	(14,335)		(1)		(14,334)
Equity-based compensation	34				34
Balance at Dec. 31, 2021	$ 307,145	$ 4	$ 9	$ 1	$ 359,406	$ (52,275)

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Cash flows from operating activities
Net income (loss)	$ 9,873	$ (28,784)	$ 13,705
Adjustments to reconcile net income (loss) to cash provided by operations:
Net realized loss on real estate securities		35,020	43
Net unrealized gain on real estate securities		(211)	(1,032)
Provision for loan losses		4,726
Realized loss on sale of commercial loan		375
Depreciation and amortization expense	1,089	405
Reduction in the carrying amount of the right-of-use asset	71	24
Amortization of equity-based compensation	34	31	20
Amortization of debt finance costs to operating expense	1,492	1,331	950
Amortization of debt finance costs to interest expense	69	79	80
Amortization of bond discount		(307)	(808)
Amortization of origination fees	(702)	(1,534)	(1,779)
Amortization of deferred exit fees	6	62	(624)
Amortization of loan extension fees	(314)
Changes in assets and liabilities:
Accrued interest receivable	(248)	268	(828)
Accrued expenses	985	487	1,059
Loan fees payable	(401)	346	(45)
Accrued interest payable	387	(397)	226
Due to related parties	456	648	(758)
Prepaid expenses and other assets	(1,153)	(571)	(131)
Net cash provided by operating activities	11,644	11,998	10,078
Cash flows from investing activities:
Origination of commercial loans	(337,033)	(69,135)	(329,155)
Origination fees received on commercial loans			1,951
Loan extension fees received on commercial loans	231
Principal repayments of commercial loans	114,558	99,727	74,478
Proceeds from sale of commercial loan		9,625
Acquisition of real estate owned	(150)	347
Purchase of real estate securities			(76,277)
Real estate securities sold		121,189	9,211
Real estate securities principal pay-down		2,178	2,212
Net cash (used in) provided by investing activities	(222,394)	163,931	(317,580)
Cash flows from financing activities:
Proceeds from issuance of common stock	199	24,269	130,164
Proceeds from issuance of preferred stock	90,000
Redemptions of common stock	(14,335)	(763)	(1,911)
Payment of offering costs	(4,655)	(1,844)	(10,720)
Proceeds from repurchase agreements	194,101	578,182	1,309,146
Principal repayments of repurchase agreements	(177,703)	(730,830)	(1,092,052)
Proceeds from credit facility	14,350
Proceeds from sale of loan participations	109,772
Debt finance costs	(1,776)	(1,224)	(1,650)
Distributions paid to common stockholders	(12,388)	(9,251)	(16,333)
Distributions paid to preferred stockholders	(1,654)
Net cash provided by (used in) financing activities	195,911	(141,461)	316,644
Net change in cash, cash equivalents and restricted cash	(14,839)	34,468	9,142
Cash, cash equivalents and restricted cash at beginning of period	72,107	37,639	28,497
Cash, cash equivalents and restricted cash at end of period	57,268	72,107	37,639
Supplemental disclosure of cash flow information:
Change in deferred offering costs and accrued offering expenses, included in due to related parties			(498)
Amortization of deferred exit fees due to related party	430	346
Interest paid	8,729	10,677	13,810
Deferred interest capitalized on commercial loan		386
Transfer of commercial loan on deed-in-lieu of foreclosure to real estate owned		19,774
Accrued stockholder servicing fee due to related party	(85)	401	273
Distribution reinvestment	$ 583	$ 245	$ 37

Organization and Business Opera

Organization and Business Operations	12 Months Ended
	Dec. 31, 2021
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Organization and Business Operations	Note 1 – Organization and Business Operations InPoint Commercial Real Estate Income, Inc. (the “Company”) was incorporated in Maryland on September 13, 2016 to originate, acquire and manage a diversified portfolio of commercial real estate (“CRE”) investments primarily comprised of (i) CRE debt, including floating rate first mortgage loans, subordinate mortgage and mezzanine loans, and participations in such loans and (ii) floating rate CRE securities, such as commercial mortgage-backed securities (“CMBS”), and senior unsecured debt of publicly traded real estate investment trusts (“REITs”). The Company may also invest in select equity investments in single-tenant, net leased properties. Substantially all of the Company’s business is conducted through InPoint REIT Operating Partnership, LP (the “Operating Partnership”), a Delaware limited partnership. The Company is the sole general partner and directly or indirectly holds all of the limited partner interests in the Operating Partnership. The Company has elected to be taxed as a REIT for U.S. federal income tax purposes. The Company is externally managed by Inland InPoint Advisor, LLC (the “Advisor”), a Delaware limited liability company formed in August 2016 that is a wholly owned indirect subsidiary of Inland Real Estate Investment Corporation, a member of The Inland Real Estate Group of Companies, Inc. The Advisor is responsible for coordinating the management of the day-to-day operations and originating, acquiring and managing the Company’s CRE investment portfolio, subject to the supervision of the Company’s board of directors (the “Board”). The Advisor performs its duties and responsibilities as the Company’s fiduciary pursuant to an amended and restated advisory agreement dated July 1, 2021 among the Company, the Advisor and the Operating Partnership (the “Advisory Agreement”). The Advisor has delegated certain of its duties to SPCRE InPoint Advisors, LLC (the “Sub-Advisor”), a Delaware limited liability company formed in September 2016 that is a wholly owned subsidiary of Sound Point CRE Management, LP, pursuant to an amended and restated sub-advisory agreement between the Advisor and the Sub-Advisor dated July 1, 2021. Among other duties, the Sub-Advisor has the authority to identify, negotiate, acquire and originate the Company’s investments and provide portfolio management, disposition, property management and leasing services to the Company. Notwithstanding such delegation to the Sub-Advisor, the Advisor retains ultimate responsibility for the performance of all the matters entrusted to it under the Advisory Agreement, including those duties which the Advisor has not delegated to the Sub-Advisor such as (i) valuation of the Company’s assets and calculation of the Company’s net asset value (“NAV”); (ii) management of the Company’s day-to-day operations; (iii) preparation of stockholder reports and communications and arrangement of the Company’s annual stockholder meetings; and (iv) advising the Company regarding its initial qualification as a REIT for U.S. federal income tax purposes and monitoring its ongoing compliance with the REIT qualification requirements thereafter. On October 25, 2016, the Company commenced a private offering (the “Private Offering”) of up to $500,000 in shares of Class P common stock (“Class P Shares”). Inland Securities Corporation, an affiliate of the Advisor (the “Dealer Manager”), was the dealer manager for the Private Offering. On June 28, 2019, the Company terminated the Private Offering. The Company continued to accept Private Offering subscription proceeds through July 16, 2019 from subscription agreements executed no later than June 28, 2019. The Company issued 10,258,094 Class P Shares in the Private Offering, resulting in gross proceeds of $276,681. On March 22, 2019, the Company filed a Registration Statement on Form S-11 (File No. 333-230465) (the “Registration Statement”) to register up to $2,350,000 in shares of common stock (the “IPO”). On May 3, 2019, the Securities and Exchange Commission (the “SEC”) declared effective the Registration Statement and the Company commenced the IPO. The purchase price per share for each class of common stock in the IPO varies and generally equals the prior month’s NAV per share, as determined monthly, plus applicable upfront selling commissions and dealer manager fees. The Dealer Manager serves as the Company’s exclusive dealer manager for the IPO on a best efforts basis. On March 24, 2020, the Board suspended (i) the sale of shares in the IPO, (ii) the operation of the share repurchase plan (the “SRP”), (iii) the payment of distributions to the Company’s stockholders, and (iv) the operation of the distribution reinvestment plan (the “DRP”), effective as of April 6, 2020. In determining to take these actions, the Board considered various factors, including the impact of the 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 volatility in the market for the Company’s investments had declined and the U.S. economic outlook had improved. 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, and on July 1, 2021, the SRP was reinstated for all stockholders. In accordance with the terms of the SRP that allow the Company to repurchase fewer shares than the maximum amount permitted under the SRP, the Company repurchased fewer shares than the maximum amount permitted for the months of July, August, and September 2021 as directed by the Board. Beginning on October 1, 2021, the total amount of aggregate repurchases of shares is 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. On September 22, 2021, the Company completed an underwritten public offering of 3,500,000 shares of its 6.75% Series A Cumulative Redeemable Preferred Stock, par value $0.001 per share (the “Series A Preferred Stock”), with a liquidation preference of $25.00 per share (the “Preferred Stock Offering”). In addition, on October 15, 2021, Raymond James & Associates, Inc., as representative of the underwriters, partially exercised their over-allotment option to purchase an additional 100,000 shares of Series A Preferred Stock. The Series A Preferred Stock were issued and sold pursuant to an effective registration statement on Form S-11 (File No. 333-258802) filed with the SEC. The Company received proceeds of approximately $86,307, after underwriter’s discount and issuance costs and contributed the net proceeds to the Operating Partnership in exchange for an equivalent number of Series A units in the Operating Partnership. In connection with the Preferred Stock Offering, Regulation M under the Securities Exchange Act of 1934, as amended, prohibited us from selling our shares of common stock in our primary portion of our IPO and repurchasing our shares of common stock through our SRP during the applicable restricted period. After careful consideration of the regulatory requirements, the Board unanimously approved the temporary suspension of the sale of our shares of common stock in the primary portion of our IPO and the operation of our SRP, each effective at 9:30 a.m., Eastern Time, on September 7, 2021, until 9:30 a.m., Eastern Time, on September 15, 2021. For more information on the Preferred Stock Offering, see “Note 7 – Stockholders’ Equity”. Please refer to “Note 16 – Subsequent Events” and Part II, “Item 1A – Risk Factors” for updates to the Company’s business after December 31, 2021 and risk factors related to the COVID-19 pandemic, respectively.

Summary of Significant Accounti

Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2021
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Note 2 – Summary of Significant Accounting Policies Basis of Accounting The accompanying consolidated financial statements and related footnotes have been prepared in conformity with U.S. generally accepted accounting principles (“GAAP”) and require management to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the financial statements and the reported amounts of income and expenses during the reported periods. Actual results could differ from such estimates. Certain amounts in the prior period consolidated financial statements have been reclassified to conform with the current year presentation. Principles of Consolidation The Company consolidates all entities that the Company controls through either majority ownership or voting rights. The accompanying consolidated financial statements include the accounts of the Company and the Operating Partnership. All intercompany accounts and transactions have been eliminated in consolidation. In determining whether the Company has a controlling financial interest in a joint venture and the requirement to consolidate the accounts of that entity, management considers factors such as ownership interest, authority to make decisions and contractual and substantive participating rights of the other partners or members as well as whether the entity is a variable interest entity (“VIE”) for which the Company is the primary beneficiary. The Company has determined the Operating Partnership is a VIE of which the Company is the primary beneficiary. Substantially all of the Company’s assets and liabilities are held by the Operating Partnership. Cash, Cash Equivalents and Restricted Cash Cash and cash equivalents include funds on deposit with financial institutions, including demand deposits with financial institutions with original maturities of three months or less. The account balance may exceed the Federal Deposit Insurance Corporation (“FDIC”) insurance coverage limits and, as a result, there could be a concentration of credit risk related to amounts on deposit in excess of FDIC insurance coverage limits. The Company believes that the risk will not be significant, as the Company does not anticipate the financial institutions’ non-performance. Restricted cash represents cash the Company is required to hold in a segregated account as additional collateral on real estate securities repurchase agreements. As of December 31, 2021 and 2020, the Company had repaid all outstanding repurchase agreements secured by real estate securities and, therefore, held no restricted cash. Real Estate Securities at Fair Value The Company’s real estate securities were comprised of CMBS and were accounted for in accordance with ASC Topic 320, Investments — Debt and Equity Securities ASC Topic 825 , Financial Instruments The Company recorded its transactions in securities on a trade date basis and recognizes realized gains and losses on securities transactions on an identified cost basis. The Company sold all of its real estate securities during the year ended December 31, 2020 and held no real estate securities as of December 31, 2021 and 2020. Commercial Mortgage Loans Held for Investment and Allowance for Loan Losses Commercial mortgage loans are held for investment purposes and are anticipated to be held until maturity. Accordingly, they are carried at cost, net of unamortized loan fees and origination costs, and premiums or discounts. Commercial mortgage loans that are deemed to be impaired will be carried at amortized cost less a specific allowance for loan losses. Interest income is recorded on the accrual basis and related discounts, premiums and net deferred fees or costs on investments are amortized over the life of the investment using the effective interest method. Amortization is reflected as an adjustment to interest income in the Company’s consolidated statements of operations. Upon measurement of impairment, the Company records an allowance for loan losses to reduce the carrying value of the loan with a corresponding charge through the provision for loan losses on the Company’s consolidated statements of operations. The allowance for loan losses reflects management's estimate of loan losses inherent in the loan portfolio as of the balance sheet date. The Company uses a uniform process for determining its allowance for loan losses. The allowance for loan losses includes an asset-specific component and may include a general, formula-based component when the portfolio is determined to be of sufficient size to warrant such a reserve. The asset-specific reserve component relates to reserves for losses on individual impaired loans. The Company considers a loan to be impaired when, based upon current information and events, it believes that it is probable that the Company will be unable to collect all amounts due under the contractual terms of the loan agreement. This assessment is made on an individual loan basis each quarter based on such factors as payment status, lien position, borrower financial resources and investment in collateral, collateral type, project economics and geographic location, as well as national and regional economic factors. A reserve is established for an impaired loan when the present value of payments expected to be received, observable market prices or the estimated fair value of the collateral (for loans that are dependent on the collateral for repayment) is lower than the carrying value of that loan. For collateral dependent impaired loans, impairment is measured using the estimated fair value of collateral less the estimated cost to sell. Valuations are performed or obtained at the time a loan is determined to be impaired and designated non-performing, and they are updated if circumstances indicate that a significant change in value has occurred. The Advisor generally will use the income approach through internally developed valuation models to estimate the fair value of the collateral for such loans. In more limited cases, the Advisor will obtain external “as is” appraisals for loan collateral, generally when third party participations exist. General reserves are recorded when (i) available information as of each balance sheet date indicates that it is probable a loss has occurred in the portfolio and (ii) the amount of the loss can be reasonably estimated. The Company’s policy is to estimate loss rates based on actual losses experienced, if any, or based on historical realized losses experienced in the industry if the Company has not experienced any losses. Current collateral and economic conditions affecting the probability and severity of losses are taken into account when establishing the allowance for loan losses. The Company performs a comprehensive analysis of its loan portfolio and assigns risk ratings to loans that incorporate management's current judgments about their credit quality based on all known and relevant internal and external factors that may affect collectability. The Company considers, among other things, payment status, lien position, borrower financial resources and investment in collateral, collateral type, project economics and geographic location, as well as national and regional economic factors. This methodology results in loans being segmented by risk classification into risk rating categories that are associated with estimated probabilities of default and principal loss. Ratings range from “1” to “5” with “1” representing the lowest risk of loss and “5” representing the highest risk of loss. Loans are generally placed on non-accrual status when principal or interest payments are past due 90 days or more or when there is reasonable doubt that principal or interest will be collected in full. Accrued and unpaid interest is generally reversed against interest income in the period the loan is placed on non-accrual status. Interest payments received on non-accrual loans may be recognized as income or applied to principal depending upon management's judgment regarding the borrower's ability to make pending principal and interest payments. Non-accrual loans are restored to accrual status when past due principal and interest is paid and, in management's judgment, are likely to remain current. The Company may make exceptions to placing a loan on non-accrual status if the loan has sufficient collateral value and is in the process of collection. As of December 31, 2021 and 2020, the Company had $665,498 and $441,814 of commercial mortgage loans held for investment, respectively. The Company has not recorded any allowance for loan losses as the Company did not consider a loan loss to be probable. Interest Income Interest income on CMBS, which includes accretion of discounts and amortization of premiums on such CMBS, and on commercial loans, which includes origination fees paid by borrowers, is recognized over the life of the investment using the effective interest method. Management estimates, at the time of purchase, the future expected cash flows and determines the effective interest rate based on these estimated cash flows and the Company’s purchase price. As needed, these estimated cash flows are updated and a revised yield is computed based on the current amortized cost of the investment. In estimating these cash flows, there are a number of assumptions that are subject to uncertainties and contingencies, including the rate and timing of principal payments (prepayments, repurchases, defaults and liquidations), the pass through or coupon rate and interest rate fluctuations. In addition, management must use its judgment to estimate interest payment shortfalls due to delinquencies on the underlying mortgage loans. These uncertainties and contingencies are difficult to predict and are subject to future events that may impact management’s estimates and the Company’s interest income. Real Estate Owned Real estate owned (“REO”) represents real estate acquired by the Company through foreclosure, deed-in-lieu of foreclosure, or purchase. For real estate acquired by the Company through foreclosure or deed-in-lieu of foreclosure, REO assets are recorded at fair value at acquisition and are presented net of accumulated depreciation. For REO assets acquired through purchase, REO assets are recorded at cost at acquisition and are presented net of accumulated depreciation. REO assets are depreciated using the straight-line method over estimated useful lives of up to 40 years for buildings and improvements and up to 15 years for furniture, fixtures and equipment. Renovations and/or replacements that improve or extend the life of the real estate asset are capitalized and depreciated over their estimated useful lives. Revenue from Real Estate Owned Revenue from REO represents revenue associated with the operations of a hotel property classified as REO. Revenue from the operation of the hotel property is recognized when guestrooms are occupied, services have been rendered or fees have been earned. Revenues are recorded net of any discounts and sales and other taxes collected from customers. Revenues consist of room sales, food and beverage sales and other hotel revenues. Leases Finance lease right of use ("ROU") assets represent the Company’s right to use an underlying asset during the lease term, and lease liabilities represent the Company’s obligation to make lease payments arising from the lease. ROU assets are recorded based on the fair value of the underlying property. Lease liabilities are recognized at commencement date based on the present value of fixed lease payments over the lease term. Leases will be classified as either a finance or operating lease, with such classification affecting the pattern and classification of expense recognition in the consolidated statements of operations. For leases greater than 12 months, the Company determines, at the inception of the contract, if the arrangement meets the classification criteria for an operating or finance lease. For leases that have extension options, which can be exercised at the Company's discretion, management uses judgment to determine if it is reasonably certain that such extension options will be elected. If the extension options are reasonably certain to occur, the Company includes the extended term's lease payments in the calculation of the respective lease liability. Total lease expense is recognized as interest on the finance lease liability and amortization of the ROU asset on a straight-line basis over the lease term. The incremental borrowing rate used to discount the lease liability is determined at commencement of the lease, or upon modification of the lease, as the interest rate a lessee would have to pay to borrow on a fully collateralized basis over a similar term an amount equal to the lease payments in a similar economic environment. The Company's incremental borrowing rate considers information at both the corporate and property level and analysis of current market conditions for obtaining new financings. As of December 31, 2021, the Company had one finance lease assumed as part of a deed-in-lieu of foreclosure of a hotel property during August 2020. Fair Value Measurements The Company estimates fair value using available market information and valuation methodologies it believes to be appropriate for these purposes. The Company defines fair value based on the price that would be received upon sale of an asset or the exit price that would be paid to transfer a liability in an orderly transaction between market participants at the measurement date. ASC Topic 820 , Fair Value Measurements • Level I - Inputs are unadjusted, quoted prices in active markets for identical assets or liabilities at the measurement date. • Level II - Inputs (other than quoted prices included in Level I) are either directly or indirectly observable for the asset or liability through correlation with market data at the measurement date and for the duration of the instrument’s anticipated life. • Level III - Unobservable inputs which reflect management’s best estimate of what market participants would use in pricing the asset or liability at the measurement date. Consideration is given to the risk inherent in the valuation technique and the risk inherent in the inputs to the model. The determination of where an asset or liability falls in the above hierarchy requires judgment and factors specific to the asset or liability. In instances where the determination of the fair value measurement is based on inputs from different levels of the fair value hierarchy, the level in the fair value hierarchy within which the entire fair value measurement falls is based on the lowest level input that is significant to the fair value measurement in its entirety. The Company evaluates its hierarchy disclosures each quarter and depending on various factors, it is possible that an asset or liability may be classified differently from quarter to quarter. The Company is required by GAAP to disclose fair value information about financial instruments that are not otherwise reported at fair value in its consolidated balance sheets, to the extent it is practicable to estimate a fair value for those instruments. These disclosure requirements exclude certain financial instruments and all non-financial instruments. Organization and Offering Expenses The Company is conducting an IPO that commenced following the conclusion of the Private Offering on June 28, 2019. For classes of shares sold in the IPO, the purchase price per share is based on a monthly NAV published around the 15 th Organization and offering expenses include all expenses incurred in connection with the Private Offering and IPO. Organization and offering expenses (other than selling commissions, dealer manager fees and stockholder servicing fees) of the Company may be paid by the Advisor, Sub-Advisor, the Dealer Manager, or their respective affiliates on behalf of the Company and subsequently reimbursed by the Company. For the Private Offering, offering expenses were deferred and a payable was recognized to the Advisor or Sub-Advisor until shares were sold in the Private Offering, at which point the expense reimbursement was paid from additional paid-in capital. For the IPO, offering costs are offset against additional paid-in capital when incurred. These expenses include but are not limited to: (i) reimbursing the Dealer Manager and participating broker-dealers for bona fide out-of-pocket, itemized and detailed due diligence expenses incurred by these entities, (ii) expenses for printing and mailing, charges of transfer agents, registrars, trustees, escrow holders, depositaries and experts, and (iii) expenses of qualifying the sale of the shares under federal and state laws, including taxes and fees and accountants’ and attorneys’ fees and expenses. The Company reimbursed the Advisor, the Sub-Advisor and their respective affiliates for costs and other expenses related to the Private Offering not in excess of the organization and offering expenses paid by investors in connection with the sale of Class P Shares in the Private Offering. The Company also reimburses the Advisor, the Sub-Advisor and their respective affiliates for costs and other expenses related to the IPO, provided the Advisor has agreed to reimburse the Company to the extent that the organization and offering expenses that the Company incurs exceeds 15% of its gross proceeds from the IPO. Repurchase Agreements The Company enters into master repurchase agreements that allow the Company to sell real estate loans and securities while providing a fixed repurchase price for the same real estate loans and securities in the future. Repurchase agreements are being accounted for as secured borrowings since the Company maintains effective control of the financed assets. Under the master repurchase agreements, the respective lender retains the right to mark the underlying collateral to fair value. Senior Loan Participations For several first mortgage loans, the Company sold a non-recourse senior loan participation interest to a third party and retained a subordinate participation interest. These do not qualify as sales under GAAP and are instead presented in a manner similar to a secured borrowing. On the balance sheet, there is a gross presentation with the full loan receivable recorded in Commercial mortgage loans at cost and an offsetting liability to the third party recorded in Loan participations sold, net. Interest income on the mortgage loans continues to be recorded as described above with interest amounts due to the third party for its senior loan participation interest recorded in interest expense. Equity-Based Compensation In accordance with the Company’s Independent Director Restricted Share Plan (the “RSP”), restricted shares are issued to independent directors as compensation. The Company recognizes expense related to the fair value of equity-based compensation awards as operating expense in the consolidated statements of operations. The Company recognizes expense based on the fair value at the grant dated on a straight-line basis over the vesting period representing the requisite service period. See Note 12 – “Equity-Based Compensation” for further information. Income Taxes The Company qualifies as a REIT under the Internal Revenue Code of 1986, as amended, for federal income tax purposes commencing with the tax year ended December 31, 2017 and qualifies for taxation as a REIT. The Company generally will not be subject to federal income tax to the extent it distributes its REIT taxable income, subject to certain adjustments, to its stockholders. Subsequently, if the Company fails to qualify as a REIT in any taxable year, the Company will be subject to federal income tax on its taxable income at regular corporate tax rates. Even if the Company qualifies for taxation as a REIT, the Company may be subject to certain state and local taxes on its income, property or net worth and federal income and excise taxes on its undistributed income. The Company had no uncertain tax positions as of December 31, 2021 or 2020. The Company expects no significant increases or decreases in uncertain tax positions due to changes in tax positions within one year of December 31, 2021. The Company had no interest or penalties relating to income taxes recognized in the consolidated statements of operations for the years ended December 31, 2021, 2020 or 2019. As of December 31, 2021, returns for the calendar years 2018, 2019, 2020 and 2021 remain subject to examination by U.S. and various state and local tax jurisdictions. Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for future tax consequences and are attributable to (1) differences between the financial statement carrying amounts and their respective tax bases, and (2) net operating losses. For the year ended December 31, 2019, no income tax expense or benefit was recorded. The Company operates the Renaissance O’Hare Suites Hotel (the “Renaissance O’Hare”) through a taxable REIT subsidiary (“TRS”) that has engaged a third-party hotel management company to manage the hotel under a management contract. The TRS generated operating losses of $660 and $1,661 in the years ended December 31, 2021 and 2020, respectively. Based on an effective tax rate of 28.51%, which is calculated by combining a 21% Federal tax rate and an IL tax rate of 7.51% (9.5% state rate net of the Federal benefit), the deferred tax benefit related to the operating loss is approximately $188 and $474 for the years ended December 31, 2021 and 2020, respectively. Since the TRS does not currently conduct any activities outside of the operation of Renaissance O’Hare and the hotel operations are not projecting future net taxable income, management does not believe it is more likely than not that the TRS will be able to utilize these net operating losses in future tax periods. As a result, during the year ended December 31, 2020, management recorded a full valuation allowance, in the amount of $474. The Company maintained this valuation allowance in 2021 and recorded an increase of $188 related to the increase in the deferred tax asset. At December 31, 2021, the Company’s U.S. net operating losses are $2,321. These losses do not expire. Distributions Payable Distributions payable represent distributions declared as of the balance sheet date which are payable to stockholders. Per Share Data The Company calculates basic and diluted earnings per share by dividing net income attributable to the Company for the period by the weighted-average number of shares of common stock outstanding for that period. Basic earnings (loss) per share (“EPS”) is computed by dividing net income by the weighted average number of common shares outstanding for the period. Diluted EPS is computed by dividing net income by the common shares plus common share equivalents. For further information about the Company’s calculation of EPS, s ee Note 8 – “Net Income Per Share Attributable to Common Stockholders.”

Commercial Mortgage Loans Held

Commercial Mortgage Loans Held for Investment	12 Months Ended
	Dec. 31, 2021
Mortgage Loans On Real Estate [Abstract]
Commercial Mortgage Loans Held for Investment	Note 3 – Commercial Mortgage Loans Held for Investment The following is a summary of the Company’s commercial mortgage loans held for investment as of December 31, 2021: Number of Loans Principal Balance Unamortized (fees)/costs, net Carrying Value Weighted Average Coupon Weighted Average Years to Maturity First mortgage loans 36 $ 650,670 $ 1,328 $ 651,998 4.5 % 1.6 Credit loans 2 13,500 — 13,500 9.6 % 4.4 Total and average 38 $ 664,170 $ 1,328 $ 665,498 4.6 % 1.7 The following is a summary of the Company’s commercial mortgage loans held for investment as of December 31, 2020: Number of Loans Principal Balance Unamortized (fees)/costs, net Carrying Value Weighted Average Coupon Weighted Average Years to Maturity First mortgage loans 26 $ 425,196 $ 118 $ 425,314 5.3 % 1.5 Credit loans 3 16,500 — 16,500 9.5 % 4.9 Total and average 29 $ 441,696 $ 118 $ 441,814 5.5 % 1.6 For the years ended December 31, 2021 and 2020, the activity in the Company’s commercial mortgage loans, held-for-investment portfolio was as follows: Year Ended December 31, 2021 Year Ended December 31, 2020 Balance at Beginning of Year $ 441,814 $ 504,702 Loan originations 337,033 69,135 Principal repayments (114,558 ) (99,727 ) Amortization of loan origination and deferred exit fees 1,440 1,818 Sale of commercial loan — (10,000 ) Origination fees and extension fees received on commercial loans (231 ) — 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 $ 665,498 $ 441,814 During May 2020, the Company sold one credit loan with an outstanding principal balance of $10,000 generating proceeds of $9,625. The Company had not previously planned to sell the loan and had classified it as held for investment. The Company recognized a loss of $375 recorded in realized loss on sale of commercial loan. Allowance for Loan Losses The following table presents the activity in the Company’s allowance for loan losses: Year Ended December 31, 2021 Year Ended December 31, 2020 Beginning of period $ — $ — Provision for loan losses — (4,726 ) Charge-offs — 4,726 Ending allowance for loan losses $ — $ — In accordance with the Company’s allowance for loan loss policy, during the year ended December 31, 2020, the Company recorded impairment charges of $4,726 on one first mortgage loan secured by a hotel property in Illinois. The impairment charges were based on the estimated fair value of the underlying collateral, and the loan was terminated during August in connection with the Company’s acquisition of the collateral via a deed-in-lieu of foreclosure. In addition, the Company previously recorded a provision for loan loss of $1,500 on a mezzanine loan secured by a hotel property in Miami, Florida that had been negatively impacted by the economic effects of the COVID-19 pandemic. During the year ended December 31, 2020, the Company determined that the loan had improved and that a loss was no longer probable. As such, the $1,500 allowance for loan loss previously recorded was reversed against the provision for loan losses. For the year ended December 31, 2020, interest income for the impaired loan was $465. For further information on the Company’s allowance for loan losses policy, see “Note 2 – Summary of Significant Accounting Policies.” Credit Characteristics As part of the Company’s process for monitoring the credit quality of its investments, it performs a quarterly asset review of the investment portfolio and assigns risk ratings to each of its loans and CMBS. Risk factors include payment status, lien position, borrower financial resources and investment in collateral, collateral type, project economics and geographic location, as well as national and regional economic factors. To determine the likelihood of loss, the loans are rated on a 5-point scale as follows: Investment Grade Investment Grade Definition 1 Investment exceeding fundamental performance expectations and/or capital gain expected. Trends and risk factors since time of investment are favorable. 2 Performing consistent with expectations and a full return of principal and interest expected. Trends and risk factors are neutral to favorable. 3 Performing investment requiring closer monitoring. Trends and risk factors show some deterioration. Collection of principal and interest is still expected. 4 Underperforming investment with the potential of some interest loss but still expecting a positive return on investment. Trends and risk factors are negative. 5 Underperforming investment with expected loss of interest and some principal. All investments are assigned an initial risk rating of 2 at origination. As of December 31, 2021, 33 loans had a risk rating of 2 and five had a risk rating of 3. 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.

Real Estate Securities

Real Estate Securities	12 Months Ended
	Dec. 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. 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 December 31, 2021 or 2020 as all of the real estate securities were sold during the year ended December 31, 2020. During the year ended December 31, 2020, the Company sold all of its CMBS, generating proceeds of $121,189 and a realized loss of $35,020. At December 31, 2019, the Company held 17 CMBS with a total carrying value of $157,869 with a total net unrealized loss of $211. The Company had $43 of realized losses during the year ended December 31, 2019.

Repurchase Agreements and Credi

Repurchase Agreements and Credit Facilities	12 Months Ended
	Dec. 31, 2021
Disclosure Of Repurchase Agreements [Abstract]
Repurchase Agreements and Credit Facilities	Note 5 – Repurchase Agreements and Credit Facilities On February 15, 2018, a wholly-owned subsidiary of 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 maturity date of the JPM Repo Facility is May 6, 2022. 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 Credit Facility”) with Western Alliance Bank (“Western Alliance”). The WA Credit 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 Credit Facility accrue interest at an annual rate equal to one-month LIBOR plus 3.25 % with a floor of 4.0 %. The initial maturity day of the WA Credit Facility is March 10, 2023 . The Company has an option to convert the loan made pursuant to the WA Credit 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 Credit 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 Credit 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 December 31, 2021. The JPM Repo Facility, CF Repo Facility and WA Credit 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 details of the Facilities as of December 31, 2021 and 2020 are as follows: December 31, 2021 Weighted Average Committed Financing Amount Outstanding (1) Accrued Interest Payable Collateral Pledged Interest Rate Days to Maturity CF Repo Facility $ 350,000 $ 189,654 $ 159 $ 260,691 2.16 % 314 JPM Repo Facility 150,000 117,470 92 167,704 2.02 % 126 Repurchase agreements - commercial mortgage loans 500,000 307,124 251 428,395 2.11 % 242 WA Credit Facility 75,000 14,350 22 20,500 4.00 % 434 $ 575,000 $ 321,474 $ 273 $ 448,895 2.19 % 251 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) Excluding $41 and $27 of unamortized debt issuance costs as of December 31, 2021 and 2020, respectively.

Loan Participations Sold, Net

Loan Participations Sold, Net	12 Months Ended
	Dec. 31, 2021
Mortgage Loans On Real Estate [Abstract]
Loan Participations Sold, Net	Note 6 – Loan Participations Sold, Net On November 15, 2021, the Company sold a non-recourse senior participation interest in nine first mortgage loans to a third party. Under the loan participation agreement, in the event of default by the underlying mortgagor, any amounts paid are first allocated to the third party before any amounts are allocated to the Company’s subordinate interest. The Company, as the directing participant in the loan participation agreement, is entitled to exercise, without the consent of the third party, each of the consent approval and control rights under the applicable underlying mortgage loan documents with a few exceptions. The Company requires the third party’s approval for any modification or amendment to the loan, a bankruptcy plan for an underlying mortgagor where the third party would incur an out-of-pocket loss, or any transfer of the underlying mortgaged property if the Company’s approval is required by the underlying mortgage documents. The Company remains the directing participant unless certain conditions are met related to losses on the property or if the mortgagor is an affiliate of the Company. In the former case, InPoint may post cash or short-term U.S. government securities as collateral to retain the rights of the directing participant. The third party, as the senior participation interest holder, will receive interest and principal payments from the borrower until they receive the amounts to which they are entitled. All expenses or losses on the underlying mortgages are allocated first to the Company and then to the third party. If the underlying mortgage is in default, the Company will have the option to purchase the third party’ s participation interest and remove it from the loan participation agreement. The financing or transfer of a portion of a loan by the non-recourse sale of a senior interest in the loan through a participation agreement generally does not qualify as a sale under GAAP. Therefore, in this instance, the Company presents the whole loan as an asset and the loan participation sold as a liability on the consolidated balance sheet until the loan is repaid. The obligation to pay principal and interest on these liabilities is generally based on the performance of the related loan obligation. The gross presentation of loan participations sold does not impact stockholders’ equity or net income. The following table details the Company’s loan participations sold as of December 31, 2021: December 31, 2021 Loan Participations Sold Count Principal Balance Book Value Yield/Cost (1) Guarantee (2) Weighted Average Maximum Maturity Total Loans 9 $ 137,215 $ 137,931 L+3.6% n/a 2.22 Senior participations (3) 9 $ 109,772 $ 109,772 L+2.0% n/a 2.22 ____________ (1) The yield/cost is the present value of all future principal and interest payments on the loan or participation interest and does not include any origination fees or deferred commitment fees. (2) As of December 31, 2021, the loan participation sold was non-recourse to the Company. (3) During the year ended December 31, 2021, the Company recorded $281 of interest expense related to loan participations sold.

Stockholders' Equity

Stockholders' Equity	12 Months Ended
	Dec. 31, 2021
Equity [Abstract]
Stockholders' Equity	Note 7 – Stockholders’ Equity Preferred Stock Offering On September 22, 2021, the Company issued and sold 3,500,000 shares of the Series A Preferred Stock at a public offering price of $25.00 per share. The Company also granted the underwriters a 30-day option to purchase an additional 525,000 shares to cover over-allotments. In addition, on October 15, 2021, Raymond James & Associates, Inc., as representative of the underwriters, partially exercised their over-allotment option to purchase an additional 100,000 shares of Series A Preferred Stock. The Series A Preferred Stock were issued and sold pursuant to an effective registration statement on Form S-11 (File No. 333-258802) filed with the SEC. Dividends on the Series A Preferred Stock are cumulative and payable quarterly in arrears at a rate per annum equal to 6.75% per annum of the $25.00 liquidation preference (the “Initial Rate”). Subject to certain exceptions, upon a Change of Control that occurs on or prior to September 22, 2022 or upon a Downgrade Event (as such terms are defined in the Articles Supplementary designating the Series A Preferred Stock (the “Articles Supplementary”)) or where any shares of the Series A Preferred Stock remain outstanding after September 22, 2026, the Series A Preferred Stock will thereafter accrue cumulative cash dividends at a rate higher than the Initial Rate. Subject to certain exceptions, beginning on September 22, 2022, upon the occurrence of a Change of Control, each holder of shares of Series A Preferred Stock will have the right to convert some or all of the Series A Preferred Stock held by such holder into a number of the Company’s shares of Class I common stock as provided for in the Articles Supplementary. The Company may not redeem the Series A Preferred Stock prior to September 22, 2026, except in limited circumstances relating to maintaining the Company’s qualification as a REIT and in connection with a Change of Control. On and after September 22, 2026, the Company may, at its option, redeem the Series A Preferred Stock, in whole or from time-to-time in part, at a price of $25.00 per shares of Series A Preferred Stock plus an amount equal to accrued and unpaid dividends (whether or not declared), if any. The Series A Preferred Stock has no maturity date and will remain outstanding indefinitely unless redeemed by the Company or converted by the holder pursuant to its terms (as set forth in the Articles Supplementary). The Series A Preferred Stock is listed on the New York Stock Exchange under the symbol ICR PR A. Share A ctivity for Common Stock and Preferred Stock The following tables detail the change in the Company’s outstanding shares of all class of common and preferred stock, including restricted common stock: Preferred Stock Common Stock Year ended December 31, 2021 Series A 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 3,600,000 — 4,801 3,673 — — 976 Distribution reinvestment — — 10,992 5,687 — 1,748 10,420 Issuance of restricted shares — — — — — — 1,477 Redemptions — (658,848 ) (12,358 ) (19,494 ) — (4,843 ) (14,610 ) Ending balance 3,600,000 9,492,939 659,270 388,099 — 47,298 380,218 Common Stock Year ended December 31, 2020 Class P Class A Class T Class S Class D Class I Beginning balance 10,182,305 272,006 121,718 — 41,538 100,743 Issuance of shares — 379,250 274,570 — 8,066 276,618 Distribution reinvestment — 4,579 1,945 — 789 3,201 Issuance of restricted shares — — — — — 1,393 Redemptions (30,518 ) — — — — — Ending balance 10,151,787 655,835 398,233 — 50,393 381,955 Common Stock Year ended December 31, 2019 Class P Class A Class T Class S Class D Class I Beginning balance 5,940,744 — — — — — Issuance of shares 4,315,524 271,382 121,385 — 41,298 99,244 Distribution reinvestment — 624 333 — 240 302 Issuance of restricted shares 2,400 — — — — 1,197 Redemptions (76,363 ) — — — — — Ending balance 10,182,305 272,006 121,718 — 41,538 100,743 During the year ended December 31, 2021, the Company issued shares in the IPO at an average price per share of $20.42 with total net proceeds, including proceeds from the DRP, of $(110) after offering costs of $892. In addition, the Company incurred $26 in reimbursable deferred offering costs that are payable to the Advisor and Sub-Advisor. The Company also issued shares of Series A Preferred Stock at an average price per share of $25.00 with total net proceeds of $86,307 after offering costs of $3,693. During the year ended December 31, 2020, the Company issued shares in the IPO at an average price per share of $25.83 with total net proceeds, including proceeds from the DRP, of $22,267 after offering costs of $2,246. In addition, the Company incurred $70 in reimbursable deferred offering costs that were payable to the Advisor and Sub-Advisor. During the year ended December 31, 2019, the Company issued shares in the Private Offering and the IPO (collectively, the “Offerings”) at an average price per share of $26.84 with total net proceeds of $119,208 after offering costs of $10,993. In addition, the Company incurred $390 in reimbursable deferred offering costs that were payable to the Advisor and Sub-Advisor. Distributions Common Stock For the years ended December 31, 2018, 2017 and from January 1, 2019 to July 31, 2019, the Company paid distributions on Class P Shares based on daily record dates, payable in arrears the following month, equal to a daily amount of 1/365th Distributions declared on or after August 1, 2019 through February 29, 2020 on Class P Shares are based on monthly record dates, payable in arrears the following month equal to a monthly amount of 1/12th Class D and Class I shares are based on monthly record dates, payable in arrears the following month equal to a monthly amount of 1/12th of $ 1.62 per share from August 1, 2019 through February 29 , 20 20 . On March 24, 2020, as a result of the COVID-19 pandemic, the Board suspended, among other things, the payment of distributions to the Company’s stockholders and the operation of the DRP, effective as of April 6, 2020. In making these decisions, the Board considered the difficulty of confidently determining an NAV as a result of the uncertainty surrounding the extent of the economic effects of the pandemic, as well as the financing challenges related to additional collateral required by the banks that regularly finance the Company’s assets. The Board believed that the responsible course of action in the face of the economic slowdown and uncertainty was to conserve liquidity and prioritize the payment of operating and other essential expenses until the extent of the economic effects of the pandemic could be better understood and analyzed. After considering, among other things, the reduced volatility in the market for the Company’s investments and some improvement in the U.S. economic outlook, on July 30, 2020, the Board authorized a distribution on the Company’s common stock that was paid to stockholders of record as of July 31, 2020. The table below presents the aggregate annualized and monthly distributions declared on common stock by record date for all classes of shares since the Company resumed paying distributions. Record date Aggregate annualized gross distribution declared per share of common stock Aggregate monthly gross distribution declared per share of common stock July 31, 2020 $ 0.8576 $ 0.0715 August 31, 2020 $ 0.8800 $ 0.0733 September 30, 2020 $ 0.9000 $ 0.0750 October 31, 2020 $ 0.9000 $ 0.0750 November 30, 2020 $ 0.9000 $ 0.0750 December 31, 2020 $ 0.9000 $ 0.0750 January 31, 2021 $ 0.9500 $ 0.0792 February 28, 2021 $ 1.0000 $ 0.0833 March 31, 2021 $ 1.0500 $ 0.0875 April 30, 2021 $ 1.1000 $ 0.0917 May 31, 2021 $ 1.1500 $ 0.0958 June 30, 2021 $ 1.2500 $ 0.1042 July 31, 2021 $ 1.2500 $ 0.1042 August 31, 2021 $ 1.2500 $ 0.1042 September 30, 2021 $ 1.2500 $ 0.1042 October 31, 2021 $ 1.2500 $ 0.1042 November 30, 2021 $ 1.2500 $ 0.1042 December 31, 2021 $ 1.2500 $ 0.1042 The gross distribution was reduced each month for Class D and Class T of the Company’s common stock for applicable class-specific stockholder servicing fees to arrive at a lower net distribution amount paid to those classes. For a description of the stockholder servicing fees applicable to Class D, Class S and Class T shares of the Company’s common stock, please see “Note 11 – Transactions with Related Parties” below. During the years ended December 31, 2021, 2020 and 2019, the Company did not have shares outstanding of Class S common stock. Total distributions declared for Class P, Class A, Class T, Class D and Class I shares for the year ended December 31, 2021 were $11,577, $767, $395, $54 and $448, respectively. Total distributions declared for Class P, Class A, Class T, Class D and Class I shares for the year ended December 31, 2020 were $7,768, $419, $213, $33 and $229, respectively. Total distributions declared for Class P, Class A, Class T, Class D and Class I shares for the year ended December 31, 2019 were $16,967, $82, $40, $12 and $27, respectively. Series A Preferred Stock Series A Preferred Stock dividends are paid quarterly in arrears based on an annualized distribution rate of 6.75% of the $25.00 per share liquidation preference, or $1.6875 per share per annum. During December 2021, our Board declared a quarterly dividend on the Series A Preferred Stock in the amount of $ 0.459375 per share which was paid on December 30, 2021 to holders of record on December 15, 2021 for the period beginning September 22, 2021 to, but not including, December 30, 2021. The table below presents the aggregate distributions declared per share for each applicable class of common stock and preferred stock during the years ended December 31, 2021, 2020 and 2019. The tables exclude from dividend declaration any month when there were no outstanding shares for a class of stock. Year ended December 31, 2021 Preferred Stock (1) Common Stock Series A Class P Class A Class T Class S Class D Class I Aggregate gross distributions declared per share $ 0.4594 $ 1.1669 $ 1.1669 $ 1.1669 $ — $ 1.1669 $ 1.1669 Stockholder servicing fee per share N/A N/A N/A 0.1720 — 0.0507 N/A Net distributions declared per share $ 0.4594 $ 1.1669 $ 1.1669 $ 0.9949 $ — $ 1.1162 $ 1.1669 Year ended December 31, 2020 Common Stock Class P Class A Class T Class S Class D Class I Aggregate gross distributions declared per share $ 0.7648 $ 0.7148 $ 0.7148 $ — $ 0.7148 $ 0.7148 Stockholder servicing fee per share N/A N/A $ 0.1270 — 0.0373 N/A Net distributions declared per share $ 0.7648 $ 0.7148 $ 0.5878 $ — $ 0.6775 $ 0.7148 Year ended December 31, 2019 Common Stock Class P Class A Class T Class S Class D Class I Aggregate gross distributions declared per share $ 1.9200 $ 0.5400 $ 0.6750 $ — $ 0.5400 $ 0.6750 Stockholder servicing fee per share N/A N/A 0.0890 — 0.0209 N/A Net distributions declared per share $ 1.9200 $ 0.5400 $ 0.5860 $ — $ 0.5191 $ 0.6750 (1) As of December 31, 2021 and 2020, distributions declared but not yet paid amounted to $1,137 and $867, respectively. Distribution Reinvestment Plan The Company adopted a DRP, effective May 3, 2019, whereby Class A, Class T, Class S, Class D and Class I stockholders have the option to have their cash distributions reinvested in additional shares of common stock. Any cash distributions attributable to the class or classes of shares owned by participants in the DRP will be immediately reinvested in shares on behalf of the participants on the business day such distribution would have been paid to such stockholder. The per share purchase price for shares purchased pursuant to the DRP will be equal to the most recently published transaction price at the time the distribution is payable. Stockholders will not pay upfront selling commissions when purchasing shares pursuant to the DRP. The stockholder servicing fees with respect to Class T shares, Class S shares and Class D shares are calculated based on the NAV for those shares and may reduce the NAV or, alternatively, the distributions payable with respect to shares of each such class, including shares issued in respect of distributions on such shares under the DRP. Shares acquired under the DRP will entitle the participant to the same rights and be treated in the same manner as shares of that class purchased in the IPO. The Company reserves the right to amend any aspect of its DRP without the consent of its stockholders, provided that notice of any material amendment is sent to participants at least ten business days prior to the effective date of that amendment. In addition, the Company may suspend or terminate the DRP for any reason at any time upon ten business days’ prior written notice to participants. A stockholder’s participation in the plan will be terminated to the extent that a reinvestment of such stockholder’s distributions in the Company’s shares would cause the percentage ownership or other limitations contained in the Company’s charter to be violated. Participants may terminate their participation in the DRP with five business days’ prior written notice to the Company. On March 24, 2020, the Board suspended the IPO, effective immediately, and the DRP, effective April 6, 2020. In determining to suspend the IPO and the DRP, the Board considered various factors, including the economic impact of the COVID-19 pandemic, the inability to accurately calculate the Company’s NAV per share due to uncertainty, volatility and lack of liquidity in the market, the Company’s need for liquidity due to financing challenges related to additional collateral required by the banks that regularly finance the Company’s assets and these uncertain and rapidly changing economic conditions. After determining that there had been reduced volatility in the market for the Company’s investments and some improvement in the U.S. economic outlook, the Advisor resumed calculation of the NAV beginning as of June 30, 2020 , and on October 1, 2020, the SEC declared effective the post-effective amendment to the Company’s registration statement on Form S-11 thereby permitting the Company to resume offers and sales of shares of common stock in the IPO, including through the DRP. During the year ended December 31, 2021, the Company received proceeds from the DRP totaling $583 at an average price per share of $20.22. During the year ended December 31, 2020, the Company received proceeds from the DRP totaling $245 at an average price per share of $23.24. Share Repurchase Plan The Company adopted a SRP, effective May 3, 2019, whereby on a monthly basis, stockholders who have held their shares of common stock for at least one year may request that the Company repurchase all or any portion of their shares. The Company may repurchase fewer shares than have been requested in any particular month to be repurchased under its SRP, or none at all, in its discretion at any time. In addition, the total amount of aggregate repurchases of shares will be limited to no more than 2% of the aggregate NAV per month and no more than 5% of the aggregate NAV per calendar quarter. The Board may modify, suspend or terminate the SRP if it deems such action to be in the Company’s best interest and the best interest of its stockholders. On March 24, 2020 the Board suspended the SRP. 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, and on July 1, 2021, the SRP was reinstated for all stockholders. In accordance with the terms of the SRP that allow the Company to repurchase fewer shares than the maximum amount permitted under the SRP, the Company repurchased fewer shares than the maximum amount permitted for the months of July, August and September 2021 as directed by the Board. Beginning on October 1, 2021, the total amount of aggregate repurchases of shares is 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). During the year ended December 31, 2021, after reinstatement of the SRP, the Company repurchased $14,335 of common stock at an average price per share of $20.19. During the year ended December 31, 2020, prior to the suspension of the SRP, the Company repurchased $763 of common stock at an average price per share of $25.00. During the year ended December 31, 2019, the Company repurchased $1,911 of common stock at an average price per share of $25.02.

Net Income Per Share Attributab

Net Income Per Share Attributable to Common Stockholders	12 Months Ended
	Dec. 31, 2021
Earnings Per Share [Abstract]
Net Income Per Share Attributable to Common Stockholders	Note 8 – Net Income Per Share Attributable to Common Stockholders Basic earnings per share attributable to common stockholders (“EPS”) is computed by dividing net income attributable to common stockholders by the weighted average number of common shares outstanding for the period. Diluted EPS is computed by dividing net income attributable to common stockholders by the common shares plus common share equivalents. The Company’s common share equivalents are unvested restricted shares. For the year ended December 31, 2021, 947 additional shares related to common share equivalents were included in the computation of diluted earnings per share because the effect of those common share equivalents was dilutive. For the year ended December 31, 2020, no additional shares related to restricted shares were included in the computations of diluted earnings per share due to the net loss for the year. For the year ended December 31, 2019, 351 additional shares related to restricted shares were included in the computations of diluted earnings per share because the effect of those common share equivalents was dilutive. The Company excludes antidilutive restricted shares from the calculation of weighted-average shares for diluted earnings per share. There were 610, 583 and no antidilutive restricted shares for the years ended December 31, 2021, 2020 and 2019, respectively. ee Note 12 – “Equity Based Compensation The following table is a summary of the basic and diluted net (loss) income per share attributable to common stockholders computation for the years ended December 31, 2021, 2020 and 2019: Year Ended December 31, 2021 Year Ended December 31, 2020 Year Ended December 31, 2019 Net income (loss) attributable to common stockholders $ 8,219 $ (28,784 ) $ 13,705 Weighted average shares outstanding, basic 11,480,517 11,561,828 8,958,684 Weighted average shares outstanding, diluted 11,481,464 11,561,828 8,959,035 Net income (loss) per share attributable to common stockholders, basic and diluted $ 0.72 $ (2.49 ) $ 1.53

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2021
Commitments And Contingencies Disclosure [Abstract]
Commitments and Contingencies	Note 9 – Commitments and Contingencies In the ordinary course of business, the Company may become subject to litigation, claims and regulatory matters. The Company has no knowledge of material legal or regulatory proceedings pending or known to be contemplated against the Company at this time. The Company has made a commitment to advance additional funds under certain of its real estate loans if the borrower meets certain conditions. As of December 31, 2021 and 2020, the Company had 32 and 20 commercial mortgage loans, respectively, with a total remaining future funding commitment of $74,518 and $50,940, respectively. The Company could advance future funds at its discretion if requested by the borrower and the borrower meets certain requirements as specified in individual loan agreements.

Segment Reporting

Segment Reporting	12 Months Ended
	Dec. 31, 2021
Segment Reporting [Abstract]
Segment Reporting	Note 10 – Segment Reporting The Company has one reportable segment as defined by GAAP for the years ended December 31, 2021, 2020 and 2019.

Transactions with Related Parti

Transactions with Related Parties	12 Months Ended
	Dec. 31, 2021
Related Party Transactions [Abstract]
Transactions with Related Parties	Note 11 – Transactions with Related Parties As of December 31, 2021 and 2020, the Advisor had invested $1,000 in the Company through the purchase of 40,040 Class P Shares. The purchase price per Class P Share for the Advisor’s investment was the Transaction Price, with no payment of selling commissions, dealer manager fees or organization and offering expenses. The Advisor has agreed pursuant to its subscription agreement that, for so long as it or its affiliate is serving as the Advisor, (i) it will not sell or transfer at least 8,000 of the Class P Shares that it has purchased, accounting for $200 of its investment, to an unaffiliated third party; (ii) it will not be eligible to submit a request for these 40,040 Class P Shares pursuant to the Company’s SRP prior to the fifth anniversary of the date on which such shares were purchased (November 2021); and (iii) repurchase requests made for these Class P Shares will only be accepted (a) on the last business day of a calendar quarter, (b) after all repurchase requests from all other stockholders for such quarter have been accepted and (c) to the extent that such repurchases do not cause total repurchases in the quarter in which they are being repurchased to exceed that quarter’s repurchase cap. As of December 31, 2021 and 2020, Sound Point Capital Management, LP (“Sound Point”), an affiliate of the Sub-Advisor, had invested $3,000 in the Company through the purchase of 120,000 Class P Shares. The purchase price per Class P Share for this investment was the Transaction Price, with no payment of selling commissions, dealer manager fees or organization and offering expenses. Sound Point has agreed pursuant to its subscription agreement that, for so long as the Sub-Advisor or its affiliate is serving as the Sub-Advisor, (i) it will not be eligible to submit a request for the repurchase of these 120,000 shares pursuant to the Company’s SRP prior to the fifth anniversary of the date on which such shares were purchased (November 2021); and (ii) repurchase requests made for these shares will only be accepted (a) on the last business day of a calendar quarter, (b) after all repurchase requests from all other stockholders for such quarter have been accepted and (c) to the extent that such repurchases do not cause total repurchases in the quarter in which they are being repurchased to exceed that quarter’s repurchase cap. The following table summarizes the Company’s related party transactions for the years ended December 31, 2021, 2020 and 2019: Year Ended Year Ended Year Ended Payable as of December 31, December 31, 2021 December 31, 2020 December 31, 2019 2021 2020 Organization and offering expense reimbursement (1) $ 26 $ 70 $ 390 $ — $ — Selling commissions and dealer manager fee (2) 8 758 7,299 — — Advisory fee (3) 3,217 5,528 5,632 321 507 Loan fees (4) 4,597 1,508 2,089 1,983 912 Accrued stockholder servicing fee (5) (23 ) 446 277 590 674 Operating expense reimbursement to Advisor (6) 56 1 5 — — Expense reimbursement received from Advisor (7) — — (359 ) — — Total $ 7,881 $ 8,311 $ 15,333 $ 2,894 $ 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 also reimburses the Advisor, the Sub-Advisor and their respective affiliates for costs and other expenses related to the IPO, provided the Advisor has agreed to reimburse the Company to the extent that the organization and offering expenses that the Company incurs exceeds 15% of its gross proceeds from the IPO. For the Private Offering, offering costs were offset against stockholders’ equity when paid. Unpaid amounts were recorded as deferred offering costs and included in due to related parties in these consolidated balance sheets. For the IPO, offering costs are offset against stockholders’ equity when incurred. (2) The Dealer Manager received selling commissions up to 5%, and a dealer manager fee up to 3%, of the transaction price for each Class P Share sold in the Private Offering, the majority of which is paid to third-party broker-dealers. For the IPO, the Dealer Manager is entitled to receive (a) upfront selling commissions of up to 6.0%, and upfront dealer manager fees of up to 1.25%, of the transaction price of each Class A share sold in the primary offering, however such amounts may vary at certain participating broker-dealers provided that the sum will not exceed 7.25% of the transaction price; (b) upfront selling commissions of up to 3.0%, and upfront dealer manager fees of 0.5%, of the transaction price of each Class T share sold in the primary offering, however such amounts may vary at certain participating broker-dealers provided that the sum will not exceed 3.5% of the transaction price; and (c) upfront selling commissions of up to 3.5% of the transaction price of each Class S share sold in the primary offering. No upfront selling commissions or dealer manager fees are paid with respect to purchases of Class D shares, Class I shares or shares of any class sold pursuant to the Company’s DRP. (3) The advisory fee is comprised of two separate components: (1) a fixed component payable monthly and (2) a performance component payable annually. Prior to July 1, 2021, the fixed component of the advisory fee was paid in an amount equal to 1/12th of 1.25 th 2.5 th 1.25 (4) Effective July 17, 2019, the Company pays the Advisor all new loan origination and administrative fees related to CRE loans held for investment, to the extent that such fees are paid by the borrower. (5) Subject to the Financial Industry Regulatory Authority, Inc. limitations on underwriting compensation, the Company pays the Dealer Manager selling commissions over time as stockholder servicing fees for ongoing services rendered to stockholders by participating broker-dealers or broker-dealers servicing stockholders’ accounts as follows: (a) for Class T shares only, 0.85% per annum of the NAV of the Class T shares; (b) for Class S shares only, 0.85% per annum of the aggregate NAV for the Class S shares; and (c) for Class D shares only, 0.25% per annum of the aggregate NAV for the Class D shares. The Company will cease paying the stockholder servicing fee with respect to any Class T share, Class S share or Class D share held in a stockholder’s account upon the occurrence of certain events. The Company accrues the full cost of the stockholder servicing fee as an offering cost at the time the Company sells Class T, Class S, and Class D shares. The Dealer Manager does not retain any of these fees, all of which are retained by, or reallowed (paid) to, participating broker-dealers and servicing broker-dealers for ongoing stockholder services performed by such broker-dealers. (6) Prior to July 1, 2021, the Company reimbursed 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 did not reimburse overhead costs, including rent and utilities or personnel costs (including salaries, bonuses, benefits and severance payments) and the Company only reimbursed the Advisor for fees payable to its affiliates if they are incurred for legal or marketing services rendered on the Company’s behalf. Effective July 1, 2021, the Company is obligated to reimburse for all of the expenses attributable to the Company or its subsidiaries, including the Operating Partnership, and paid or incurred and submitted to the Company for reimbursement by the Advisor, the Sub-Advisor or their respective affiliates in providing services to the Company under the Advisory Agreement, including personnel and related employment costs. (7) The Advisor has agreed to reimburse the Company from time to time for certain costs incurred by the Company. For the year ended December 31, 2019, the Advisor reimbursed the Company $359. There were no expense reimbursements during the years ended December 31, 2021 and 2020. These reimbursements represent one-time cash payments to the Company in order to provide additional operating support to the Company and ensure a certain return for the Company. These cash payments are not subject to Board approval. Expense Limitation Agreement Pursuant to an expense limitation agreement (the “Expense Limitation Agreement”) dated July 1, 2021, the Advisor and Sub-Advisor agree to waive reimbursement of or pay, on a quarterly basis, certain of the Company’s ordinary operating expenses for each class of shares to the extent necessary to ensure that the ordinary operating expenses do not exceed 1.5% of the average monthly net assets on an annualized basis (the “1.5% Expense Limit”). Amounts waived or paid by the Advisor or Sub-Advisor pursuant to the Expense Limitation Agreement are subject to conditional repayment on a quarterly basis by the Company during the three years following the quarter in which the expenses were incurred, but only to the extent such repayment does not cause the Company to exceed its then-current expenses limitation, if any, for such quarter. Any waiver or reimbursement by the Advisor or Sub-Advisor not repaid by the Company within the three-year Separately from the limitation on ordinary operating expenses under the Expense Limitation Agreement, the Advisor and Sub-Advisor voluntarily chose not to seek reimbursement for certain expenses that they incurred or paid on behalf of the Company during the year ended December 31, 2021, and for which they may have been entitled to be reimbursed. The Advisory Agreement and Sub-Advisory Agreement provide that expenses will be submitted monthly to the Company for reimbursement, and the amount of expenses submitted for reimbursement in any particular month is not necessarily indicative of the total amount of expenses actually incurred by the Advisor and Sub-Advisor in providing services to the Company and for which reimbursement could have been received by the Advisor and Sub-Advisor. Revolving Credit Liquidity Letter Agreements Inland Real Estate Investment Corporation (“IREIC”), the Company’s sponsor, and Sound Point have agreed under separate letter agreements dated July 20, 2021, and July 15, 2021, respectively, to make revolving credit loans to the Company in an aggregate principal amount outstanding at any one time not to exceed $5,000 and $15,000, respectively (the “IREIC-Sound Point Commitments”) from time to time until the Termination Date (defined below) of the letter agreements. These letter agreements are identical to each other in all material respects other than the commitment amounts. Use of the IREIC-Sound Point Commitments is limited to satisfying requirements to maintain cash or cash equivalents under the Company’s repurchase and other borrowing arrangements. The “Termination Date” is the earliest of (i) the Maturity Dated (defined below) (ii) the first date on which the Company’s balance sheet equity is equal to or greater than $500,000, (iii) the date IREIC or one of its affiliates is no longer the Company’s Advisor or Sound Point or one of its affiliates is no longer the Company’s Sub-Advisor and (iv) such earlier date on which the commitment will terminate as provided in the letter agreements, for example, because of an event of default. The “Maturity Date” is one year from the date of the agreement, and the Maturity Date will be automatically extended every year for an additional year, unless (a) the lender delivers notice of termination 60 days letter agreement (including the obligation to repay a loan in full on the Termination Date) and such failure is not remedied within three business days of its receipt of notice thereof; or (z) the Company becomes insolvent or the subject of any bankruptcy proceeding.

Equity-Based Compensation

Equity-Based Compensation	12 Months Ended
	Dec. 31, 2021
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Equity-Based Compensation	Note 12 – Equity-Based Compensation With each stock grant, the Company awards each of its three independent directors an equal number of shares. The table below summarizes total stock grants made at each grant date as of December 31, 2021. Grant Date Class of common stock granted Total number of shares granted Grant Date Fair Value Per Share Total Fair Value of Grant Proportion of total shares that vest annually Vesting Date Year 1 Vesting Date Year 2 Vesting Date Year 3 March 1, 2018 Class P 1,200 $ 25.00 $ 30 1/3 3/1/2019 3/1/2020 3/1/2021 January 7, 2019 Class P 1,200 $ 25.00 $ 30 1/3 1/7/2020 1/7/2021 1/7/2022 December 2, 2019 Class I 1,197 $ 25.07 $ 30 1/3 12/2/2020 12/2/2021 12/2/2022 December 1, 2020 Class I 1,393 $ 21.54 $ 30 1/3 12/1/2021 12/1/2022 12/1/2023 October 14, 2021 Class I 1,477 $ 20.31 $ 30 1/3 10/14/2022 10/14/2023 10/14/2024 Under the RSP, restricted shares generally vest over a three-year A summary table of the status of the restricted shares granted under the RSP is presented below: Restricted Shares Weighted Average Grant Date Fair Value Per Share Outstanding at December 31, 2020 3,391 $ 23.59 Granted 1,477 20.31 Vested (1,663 ) 24.05 Converted — — Forfeited — — Outstanding at December 31, 2021 3,205 $ 21.85

Fair Value of Financial Instrum

Fair Value of Financial Instruments	12 Months Ended
	Dec. 31, 2021
Fair Value Disclosures [Abstract]
Fair Value of Financial Instruments	Note 13 – Fair Value of Financial Instruments As discussed in Note 2, GAAP requires the disclosure of fair value information about financial instruments, whether or not recognized in the consolidated balance sheets, for which it is practicable to estimate that value. The following table details the carrying amount and fair value of the financial instruments described in Note 2: December 31, 2021 December 31, 2020 Carrying Amount Estimated Fair Value Carrying Amount Estimated Fair Value Financial assets Cash and cash equivalents $ 57,268 $ 57,268 $ 72,107 $ 72,107 Commercial mortgage loans, net 665,498 667,405 441,814 441,267 Total $ 722,766 $ 724,673 $ 513,921 $ 513,374 Financial liabilities Repurchase agreements - commercial mortgage loans $ 307,083 $ 307,083 $ 290,699 $ 290,699 Credit facility payable 14,350 14,350 — — Loan participations sold 109,772 109,772 — — Total $ 431,205 $ 431,205 $ 290,699 $ 290,699 The following describes the Company’s methods for estimating the fair value for financial instruments: • The estimated fair values of restricted cash, cash and cash equivalents were based on the bank balance and was a Level 1 fair value measurement. • The estimated fair value of commercial mortgage loans, net is a Level 3 fair value measurement. The Sub-Advisor estimates the fair values of commercial loans based on a discounted cash flow methodology that analyzes various factors including capitalization rates, occupancy rates, sponsorship, geographic concentration, collateral type, market conditions and actions of other lenders. • The estimated fair value of repurchase agreements – commercial mortgage loans, credit facility payable and loan participations sold are Level 3 fair value measurements based on expected present value techniques. 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, credit facilities and loan participations sold with similar characteristics and credit quality.

Real Estate Owned

Real Estate Owned	12 Months Ended
	Dec. 31, 2021
Real Estate [Abstract]
Real Estate Owned	Note 14 – Real Estate Owned The following table summarizes the Company’s REO assets as of December 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 $ 6,345 $ (1,493 ) $ 31,535 (1) Refer to Note 2 – “Summary of Significant Accounting Policies” for useful life of the above assets. (2) Represents hotel ground lease interest acquired by the Company by completing a deed-in-lieu of foreclosure transaction. During February 2021, the Company received a loan under the Paycheck Protection Program (“PPP”) related to the operations of the Renaissance O’Hare. This five-year The Company qualified and applied for loan forgiveness and was granted forgiveness by the U.S. Small Business Administration. The Company accounted for this PPP loan using a government grant accounting approach. The grant proceeds were initially recorded in accrued expenses on the consolidated balance sheet. Each month, those proceeds were 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. As of December 31, 2021, no balance remains recorded in accrued expenses for the PPP loan to be absorbed by payroll-related expenses.

Leases

Leases	12 Months Ended
	Dec. 31, 2021
Leases [Abstract]
Leases	Note 15 – Leases The Company is the lessee under one ground lease. The ground lease, which commenced on April 1, 1999, was assumed as part of a property acquired through a deed-in-lieu of foreclosure transaction on August 20, 2020 and extends through March 31, 2098. The lease is classified as a finance lease. Under the ground lease, the Company is prohibited from mortgaging the land but is not prohibited from making a leasehold mortgage for property constructed on the land. The Company may terminate the lease as of March 31, 2049, March 31, 2065 and March 31, 2081 provided that twelve months’ notice is provided to the lessor prior to those respective dates. Upon assumption of the lease, the Company recorded a lease liability of $16,827 and a ROU asset of $5,549 on its consolidated balance sheet. The lease liability was based on the present value of the ground lease’s future payments using an interest rate of 11.37%, which the Company considers a reasonable estimate of the Company’s incremental borrowing rate. For the years ended December 31, 2021, 2020 and 2019, total finance lease cost was comprised as follows: Years ended December 31, 2021 2020 2019 Amortization of right-of-use assets $ 71 $ 24 $ — Interest on lease liabilities 1,925 634 — Total finance lease cost $ 1,996 $ 658 $ — The table below shows the Company’s finance lease right of use asset, net of amortization as of December 31, 2021 and 2020: December 31, December 31, 2021 2020 Finance lease right of use asset, gross $ 5,549 $ 5,549 Accumulated amortization (95 ) (24 ) Finance lease right of use asset, net of amortization $ 5,454 $ 5,525 Lease payments for the ground lease as of December 31, 2021 for each of the five succeeding years and thereafter is as follows: Lease Payments 2022 $ 1,611 2023 1,611 2024 1,745 2025 1,772 2026 1,772 Thereafter 269,686 Total undiscounted lease payments $ 278,197 Less: Amount representing interest (261,092 ) Present value of lease liability $ 17,105

Subsequent Events

Subsequent Events	12 Months Ended
	Dec. 31, 2021
Subsequent Events [Abstract]
Subsequent Events	Note 16 – Subsequent Events The Company has evaluated subsequent events through March 11, 2022, the date the consolidated financial statements were issued, and determined that there have not been any events that have occurred that would require adjustments to disclosures in the consolidated financial statements except for the following transactions: Distributions On February 17, 2022, the Company paid distributions for each class of its common stock to stockholders of record as of January 31, 2022 in the amounts per share set forth below: Common Stock Class P Class A Class T Class D Class I Aggregate gross distributions declared per share $ 0.1042 $ 0.1042 $ 0.1042 $ 0.1042 $ 0.1042 Stockholder servicing fee per share N/A N/A 0.0146 0.0043 N/A Net distributions declared per share $ 0.1042 $ 0.1042 $ 0.0896 $ 0.0999 $ 0.1042 On February 25, 2022, the Company declared distributions for each class of its common stock to stockholders of record as of February 28, 2022, payable on or about March 17, 2022 in the amounts per share set forth below: Common Stock Class P Class A Class T Class D Class I Aggregate gross distributions declared per share $ 0.1042 $ 0.1042 $ 0.1042 $ 0.1042 $ 0.1042 Stockholder servicing fee per share N/A N/A 0.0132 0.0039 N/A Net distributions declared per share $ 0.1042 $ 0.1042 $ 0.0910 $ 0.1003 $ 0.1042 On March 4, 2022, the Company declared a distribution on its Series A Preferred stock to stockholders of record as of March 15, 2022, payable on or about March 30, 2022 in the amount of $0.421875 per share. Loan Originations The following table presents each of our commercial mortgage loans originated since December 31, 2021 as of March 11, 2022 ($ in thousands): Origination Date Loan Type (1) Principal Balance Cash Coupon (2) All-in Yield (2) Maximum Maturity (3) State Property Type LTV (4) 1/14/22 First mortgage $ 36,800 S+3.40% 3.7 % 1/9/27 MO Multifamily 80 % 1/20/22 First mortgage 16,153 S+3.65% 3.9 % 2/9/27 NC Retail 63 % 1/26/22 First mortgage 14,000 S+3.55% 3.8 % 2/9/27 NJ Industrial 63 % 1/28/22 First mortgage 12,300 S+3.30% 3.6 % 2/9/27 NC Multifamily 70 % 2/25/22 First mortgage 30,000 S+3.04% 3.3 % 3/9/27 NY Mixed Use 67 % 3/1/22 First mortgage 26,185 S+3.40% 3.7 % 3/9/27 TX Multifamily 78 % (1) (2) (3) Maximum maturity assumes all extension options are exercised by the borrower, however loans may be repaid prior to such date. (4)

Schedule IV - Mortgage Loans on

Schedule IV - Mortgage Loans on Real Estate	12 Months Ended
	Dec. 31, 2021
Mortgage Loans On Real Estate [Abstract]
Schedule IV - Mortgage Loans on Real Estate	Type of Loan (1) Principal Balance (2) Carrying Amount (2) Property Type Cash Coupon (2) Periodic Payment Terms (3) Maximum Maturity (4) First Mortgage Loan 1 $ 14,650 $ 14,723 Office L+4.70% I/O 1/9/23 First Mortgage Loan 2 16,860 17,113 Office L+4.50% I/O 7/9/23 First Mortgage Loan 3 24,411 24,477 Office L+3.75% I/O 9/9/23 First Mortgage Loan 4 5,200 5,226 Multifamily L+3.90% I/O 12/9/23 First Mortgage Loan 5 16,150 16,170 Hospitality L+4.20% I/O 6/9/25 First Mortgage Loan 6 11,659 11,712 Multifamily L+3.45% I/O 2/9/24 First Mortgage Loan 7 24,000 24,077 Multifamily L+3.25% I/O 6/9/24 First Mortgage Loan 8 13,409 13,475 Multifamily L+3.25% I/O 6/9/24 First Mortgage Loan 9 47,746 47,872 Office L+2.75% I/O 7/9/24 First Mortgage Loan 10 6,631 6,646 Mixed Use L+3.60% I/O 7/9/24 First Mortgage Loan 11 8,258 8,301 Office L+4.20% I/O 9/9/24 First Mortgage Loan 12 15,563 15,587 Office L+3.10% I/O 10/9/24 First Mortgage Loan 13 20,958 21,056 Office L+2.90% I/O 10/9/24 First Mortgage Loan 14 13,907 13,933 Multifamily L+3.00% I/O 11/9/24 First Mortgage Loan 15 34,007 34,054 Multifamily L+3.00% I/O 12/9/24 First Mortgage Loan 16 21,189 21,283 Office L+3.30% I/O 2/9/25 First Mortgage Loan 17 10,320 10,356 Retail L+3.85% I/O 3/9/25 First Mortgage Loan 18 9,400 9,415 Retail L+3.50% I/O 3/9/25 First Mortgage Loan 19 7,210 7,218 Multifamily L+4.00% I/O 10/9/25 First Mortgage Loan 20 13,000 13,049 Office L+5.00% I/O 3/9/26 First Mortgage Loan 21 19,903 19,918 Industrial L+4.00% I/O 3/9/26 First Mortgage Loan 22 12,090 12,111 Multifamily L+3.50% I/O 4/9/26 First Mortgage Loan 23 9,412 9,427 Multifamily L+3.50% I/O 4/9/26 First Mortgage Loan 24 9,090 9,090 Industrial L+4.00% I/O 5/9/26 First Mortgage Loan 25 27,579 27,579 Multifamily L+3.15% I/O 5/9/26 First Mortgage Loan 26 11,200 11,206 Multifamily L+3.20% I/O 6/9/26 First Mortgage Loan 27 15,138 15,146 Multifamily L+3.10% I/O 6/9/26 First Mortgage Loan 28 20,500 20,543 Mixed Use L+8.00% I/O 12/9/23 First Mortgage Loan 29 6,430 6,435 Mixed Use L+4.50% I/O 7/9/26 First Mortgage Loan 30 29,350 29,350 Multifamily L+3.20% I/O 10/9/26 First Mortgage Loan 31 22,280 22,280 Multifamily L+2.95% I/O 11/9/26 First Mortgage Loan 32 24,810 24,810 Multifamily L+2.90% I/O 11/9/26 First Mortgage Loan 33 21,150 21,150 Multifamily L+3.05% I/O 12/9/26 First Mortgage Loan 34 22,650 22,650 Multifamily L+2.85% I/O 12/9/26 First Mortgage Loan 35 39,350 39,350 Multifamily L+3.05% I/O 12/9/26 First Mortgage Loan 36 25,210 25,210 Multifamily L+3.20% I/O 1/9/27 Credit Loan 1 7,500 7,500 Office 9.20% I/O 10/11/27 Credit Loan 2 6,000 6,000 Office 10.00% I/O 10/6/24 $ 664,170 $ 665,498 ____________ (1) (2) (3) (4) Reconciliation of Commercial Mortgage Loans, At Cost: The following table reconciles commercial mortgage loans, at cost for the years ended: 2021 2020 2019 Balance at January 1, $ 441,814 $ 504,702 $ 249,573 Additions during period: Loan fundings 337,033 69,135 329,155 Deferred interest capitalized on commercial loan — 386 — Amortization of deferred fees and expenses 1,440 1,818 2,403 Deductions during period: Collections of principal (114,558 ) (99,727 ) (74,478 ) Sale of commercial loan — (10,000 ) — Provision for loan losses — (4,726 ) — Transfer on deed-in-lieu of foreclosure to real estate owned — (19,774 ) — Net fees capitalized into carrying value of loans (231 ) — (1,951 ) Balance at December 31, 665,498 $ 441,814 $ 504,702

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 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.
Principles of Consolidation	Principles of Consolidation The Company consolidates all entities that the Company controls through either majority ownership or voting rights. The accompanying consolidated financial statements include the accounts of the Company and the Operating Partnership. All intercompany accounts and transactions have been eliminated in consolidation. In determining whether the Company has a controlling financial interest in a joint venture and the requirement to consolidate the accounts of that entity, management considers factors such as ownership interest, authority to make decisions and contractual and substantive participating rights of the other partners or members as well as whether the entity is a variable interest entity (“VIE”) for which the Company is the primary beneficiary. The Company has determined the Operating Partnership is a VIE of which the Company is the primary beneficiary. Substantially all of the Company’s assets and liabilities are held by the Operating Partnership.
Cash, Cash Equivalents and Restricted Cash	Cash, Cash Equivalents and Restricted Cash Cash and cash equivalents include funds on deposit with financial institutions, including demand deposits with financial institutions with original maturities of three months or less. The account balance may exceed the Federal Deposit Insurance Corporation (“FDIC”) insurance coverage limits and, as a result, there could be a concentration of credit risk related to amounts on deposit in excess of FDIC insurance coverage limits. The Company believes that the risk will not be significant, as the Company does not anticipate the financial institutions’ non-performance. Restricted cash represents cash the Company is required to hold in a segregated account as additional collateral on real estate securities repurchase agreements. As of December 31, 2021 and 2020, the Company had repaid all outstanding repurchase agreements secured by real estate securities and, therefore, held no restricted cash.
Real Estate Securities at Fair Value	Real Estate Securities at Fair Value The Company’s real estate securities were comprised of CMBS and were accounted for in accordance with ASC Topic 320, Investments — Debt and Equity Securities ASC Topic 825 , Financial Instruments The Company recorded its transactions in securities on a trade date basis and recognizes realized gains and losses on securities transactions on an identified cost basis. The Company sold all of its real estate securities during the year ended December 31, 2020 and held no real estate securities as of December 31, 2021 and 2020.
Commercial Mortgage Loans Held for Investment and Allowance for Loan Losses	Commercial Mortgage Loans Held for Investment and Allowance for Loan Losses Commercial mortgage loans are held for investment purposes and are anticipated to be held until maturity. Accordingly, they are carried at cost, net of unamortized loan fees and origination costs, and premiums or discounts. Commercial mortgage loans that are deemed to be impaired will be carried at amortized cost less a specific allowance for loan losses. Interest income is recorded on the accrual basis and related discounts, premiums and net deferred fees or costs on investments are amortized over the life of the investment using the effective interest method. Amortization is reflected as an adjustment to interest income in the Company’s consolidated statements of operations. Upon measurement of impairment, the Company records an allowance for loan losses to reduce the carrying value of the loan with a corresponding charge through the provision for loan losses on the Company’s consolidated statements of operations. The allowance for loan losses reflects management's estimate of loan losses inherent in the loan portfolio as of the balance sheet date. The Company uses a uniform process for determining its allowance for loan losses. The allowance for loan losses includes an asset-specific component and may include a general, formula-based component when the portfolio is determined to be of sufficient size to warrant such a reserve. The asset-specific reserve component relates to reserves for losses on individual impaired loans. The Company considers a loan to be impaired when, based upon current information and events, it believes that it is probable that the Company will be unable to collect all amounts due under the contractual terms of the loan agreement. This assessment is made on an individual loan basis each quarter based on such factors as payment status, lien position, borrower financial resources and investment in collateral, collateral type, project economics and geographic location, as well as national and regional economic factors. A reserve is established for an impaired loan when the present value of payments expected to be received, observable market prices or the estimated fair value of the collateral (for loans that are dependent on the collateral for repayment) is lower than the carrying value of that loan. For collateral dependent impaired loans, impairment is measured using the estimated fair value of collateral less the estimated cost to sell. Valuations are performed or obtained at the time a loan is determined to be impaired and designated non-performing, and they are updated if circumstances indicate that a significant change in value has occurred. The Advisor generally will use the income approach through internally developed valuation models to estimate the fair value of the collateral for such loans. In more limited cases, the Advisor will obtain external “as is” appraisals for loan collateral, generally when third party participations exist. General reserves are recorded when (i) available information as of each balance sheet date indicates that it is probable a loss has occurred in the portfolio and (ii) the amount of the loss can be reasonably estimated. The Company’s policy is to estimate loss rates based on actual losses experienced, if any, or based on historical realized losses experienced in the industry if the Company has not experienced any losses. Current collateral and economic conditions affecting the probability and severity of losses are taken into account when establishing the allowance for loan losses. The Company performs a comprehensive analysis of its loan portfolio and assigns risk ratings to loans that incorporate management's current judgments about their credit quality based on all known and relevant internal and external factors that may affect collectability. The Company considers, among other things, payment status, lien position, borrower financial resources and investment in collateral, collateral type, project economics and geographic location, as well as national and regional economic factors. This methodology results in loans being segmented by risk classification into risk rating categories that are associated with estimated probabilities of default and principal loss. Ratings range from “1” to “5” with “1” representing the lowest risk of loss and “5” representing the highest risk of loss. Loans are generally placed on non-accrual status when principal or interest payments are past due 90 days or more or when there is reasonable doubt that principal or interest will be collected in full. Accrued and unpaid interest is generally reversed against interest income in the period the loan is placed on non-accrual status. Interest payments received on non-accrual loans may be recognized as income or applied to principal depending upon management's judgment regarding the borrower's ability to make pending principal and interest payments. Non-accrual loans are restored to accrual status when past due principal and interest is paid and, in management's judgment, are likely to remain current. The Company may make exceptions to placing a loan on non-accrual status if the loan has sufficient collateral value and is in the process of collection. As of December 31, 2021 and 2020, the Company had $665,498 and $441,814 of commercial mortgage loans held for investment, respectively. The Company has not recorded any allowance for loan losses as the Company did not consider a loan loss to be probable.
Interest Income	Interest Income Interest income on CMBS, which includes accretion of discounts and amortization of premiums on such CMBS, and on commercial loans, which includes origination fees paid by borrowers, is recognized over the life of the investment using the effective interest method. Management estimates, at the time of purchase, the future expected cash flows and determines the effective interest rate based on these estimated cash flows and the Company’s purchase price. As needed, these estimated cash flows are updated and a revised yield is computed based on the current amortized cost of the investment. In estimating these cash flows, there are a number of assumptions that are subject to uncertainties and contingencies, including the rate and timing of principal payments (prepayments, repurchases, defaults and liquidations), the pass through or coupon rate and interest rate fluctuations. In addition, management must use its judgment to estimate interest payment shortfalls due to delinquencies on the underlying mortgage loans. These uncertainties and contingencies are difficult to predict and are subject to future events that may impact management’s estimates and the Company’s interest income.
Real Estate Owned	Real Estate Owned Real estate owned (“REO”) represents real estate acquired by the Company through foreclosure, deed-in-lieu of foreclosure, or purchase. For real estate acquired by the Company through foreclosure or deed-in-lieu of foreclosure, REO assets are recorded at fair value at acquisition and are presented net of accumulated depreciation. For REO assets acquired through purchase, REO assets are recorded at cost at acquisition and are presented net of accumulated depreciation. REO assets are depreciated using the straight-line method over estimated useful lives of up to 40 years for buildings and improvements and up to 15 years for furniture, fixtures and equipment. Renovations and/or replacements that improve or extend the life of the real estate asset are capitalized and depreciated over their estimated useful lives.
Revenue from Real Estate Owned	Revenue from Real Estate Owned Revenue from REO represents revenue associated with the operations of a hotel property classified as REO. Revenue from the operation of the hotel property is recognized when guestrooms are occupied, services have been rendered or fees have been earned. Revenues are recorded net of any discounts and sales and other taxes collected from customers. Revenues consist of room sales, food and beverage sales and other hotel revenues.
Leases	Leases Finance lease right of use ("ROU") assets represent the Company’s right to use an underlying asset during the lease term, and lease liabilities represent the Company’s obligation to make lease payments arising from the lease. ROU assets are recorded based on the fair value of the underlying property. Lease liabilities are recognized at commencement date based on the present value of fixed lease payments over the lease term. Leases will be classified as either a finance or operating lease, with such classification affecting the pattern and classification of expense recognition in the consolidated statements of operations. For leases greater than 12 months, the Company determines, at the inception of the contract, if the arrangement meets the classification criteria for an operating or finance lease. For leases that have extension options, which can be exercised at the Company's discretion, management uses judgment to determine if it is reasonably certain that such extension options will be elected. If the extension options are reasonably certain to occur, the Company includes the extended term's lease payments in the calculation of the respective lease liability. Total lease expense is recognized as interest on the finance lease liability and amortization of the ROU asset on a straight-line basis over the lease term. The incremental borrowing rate used to discount the lease liability is determined at commencement of the lease, or upon modification of the lease, as the interest rate a lessee would have to pay to borrow on a fully collateralized basis over a similar term an amount equal to the lease payments in a similar economic environment. The Company's incremental borrowing rate considers information at both the corporate and property level and analysis of current market conditions for obtaining new financings. As of December 31, 2021, the Company had one finance lease assumed as part of a deed-in-lieu of foreclosure of a hotel property during August 2020.
Fair Value Measurements	Fair Value Measurements The Company estimates fair value using available market information and valuation methodologies it believes to be appropriate for these purposes. The Company defines fair value based on the price that would be received upon sale of an asset or the exit price that would be paid to transfer a liability in an orderly transaction between market participants at the measurement date. ASC Topic 820 , Fair Value Measurements • Level I - Inputs are unadjusted, quoted prices in active markets for identical assets or liabilities at the measurement date. • Level II - Inputs (other than quoted prices included in Level I) are either directly or indirectly observable for the asset or liability through correlation with market data at the measurement date and for the duration of the instrument’s anticipated life. • Level III - Unobservable inputs which reflect management’s best estimate of what market participants would use in pricing the asset or liability at the measurement date. Consideration is given to the risk inherent in the valuation technique and the risk inherent in the inputs to the model. The determination of where an asset or liability falls in the above hierarchy requires judgment and factors specific to the asset or liability. In instances where the determination of the fair value measurement is based on inputs from different levels of the fair value hierarchy, the level in the fair value hierarchy within which the entire fair value measurement falls is based on the lowest level input that is significant to the fair value measurement in its entirety. The Company evaluates its hierarchy disclosures each quarter and depending on various factors, it is possible that an asset or liability may be classified differently from quarter to quarter. The Company is required by GAAP to disclose fair value information about financial instruments that are not otherwise reported at fair value in its consolidated balance sheets, to the extent it is practicable to estimate a fair value for those instruments. These disclosure requirements exclude certain financial instruments and all non-financial instruments.
Organization and Offering Expenses	Organization and Offering Expenses The Company is conducting an IPO that commenced following the conclusion of the Private Offering on June 28, 2019. For classes of shares sold in the IPO, the purchase price per share is based on a monthly NAV published around the 15 th Organization and offering expenses include all expenses incurred in connection with the Private Offering and IPO. Organization and offering expenses (other than selling commissions, dealer manager fees and stockholder servicing fees) of the Company may be paid by the Advisor, Sub-Advisor, the Dealer Manager, or their respective affiliates on behalf of the Company and subsequently reimbursed by the Company. For the Private Offering, offering expenses were deferred and a payable was recognized to the Advisor or Sub-Advisor until shares were sold in the Private Offering, at which point the expense reimbursement was paid from additional paid-in capital. For the IPO, offering costs are offset against additional paid-in capital when incurred. These expenses include but are not limited to: (i) reimbursing the Dealer Manager and participating broker-dealers for bona fide out-of-pocket, itemized and detailed due diligence expenses incurred by these entities, (ii) expenses for printing and mailing, charges of transfer agents, registrars, trustees, escrow holders, depositaries and experts, and (iii) expenses of qualifying the sale of the shares under federal and state laws, including taxes and fees and accountants’ and attorneys’ fees and expenses. The Company reimbursed the Advisor, the Sub-Advisor and their respective affiliates for costs and other expenses related to the Private Offering not in excess of the organization and offering expenses paid by investors in connection with the sale of Class P Shares in the Private Offering. The Company also reimburses the Advisor, the Sub-Advisor and their respective affiliates for costs and other expenses related to the IPO, provided the Advisor has agreed to reimburse the Company to the extent that the organization and offering expenses that the Company incurs exceeds 15% of its gross proceeds from the IPO.
Repurchase Agreements	Repurchase Agreements The Company enters into master repurchase agreements that allow the Company to sell real estate loans and securities while providing a fixed repurchase price for the same real estate loans and securities in the future. Repurchase agreements are being accounted for as secured borrowings since the Company maintains effective control of the financed assets. Under the master repurchase agreements, the respective lender retains the right to mark the underlying collateral to fair value.
Senior Loan Participations	Senior Loan Participations For several first mortgage loans, the Company sold a non-recourse senior loan participation interest to a third party and retained a subordinate participation interest. These do not qualify as sales under GAAP and are instead presented in a manner similar to a secured borrowing. On the balance sheet, there is a gross presentation with the full loan receivable recorded in Commercial mortgage loans at cost and an offsetting liability to the third party recorded in Loan participations sold, net. Interest income on the mortgage loans continues to be recorded as described above with interest amounts due to the third party for its senior loan participation interest recorded in interest expense.
Equity-Based Compensation	Equity-Based Compensation In accordance with the Company’s Independent Director Restricted Share Plan (the “RSP”), restricted shares are issued to independent directors as compensation. The Company recognizes expense related to the fair value of equity-based compensation awards as operating expense in the consolidated statements of operations. The Company recognizes expense based on the fair value at the grant dated on a straight-line basis over the vesting period representing the requisite service period. See Note 12 – “Equity-Based Compensation” for further information.
Income Taxes	Income Taxes The Company qualifies as a REIT under the Internal Revenue Code of 1986, as amended, for federal income tax purposes commencing with the tax year ended December 31, 2017 and qualifies for taxation as a REIT. The Company generally will not be subject to federal income tax to the extent it distributes its REIT taxable income, subject to certain adjustments, to its stockholders. Subsequently, if the Company fails to qualify as a REIT in any taxable year, the Company will be subject to federal income tax on its taxable income at regular corporate tax rates. Even if the Company qualifies for taxation as a REIT, the Company may be subject to certain state and local taxes on its income, property or net worth and federal income and excise taxes on its undistributed income. The Company had no uncertain tax positions as of December 31, 2021 or 2020. The Company expects no significant increases or decreases in uncertain tax positions due to changes in tax positions within one year of December 31, 2021. The Company had no interest or penalties relating to income taxes recognized in the consolidated statements of operations for the years ended December 31, 2021, 2020 or 2019. As of December 31, 2021, returns for the calendar years 2018, 2019, 2020 and 2021 remain subject to examination by U.S. and various state and local tax jurisdictions. Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for future tax consequences and are attributable to (1) differences between the financial statement carrying amounts and their respective tax bases, and (2) net operating losses. For the year ended December 31, 2019, no income tax expense or benefit was recorded. The Company operates the Renaissance O’Hare Suites Hotel (the “Renaissance O’Hare”) through a taxable REIT subsidiary (“TRS”) that has engaged a third-party hotel management company to manage the hotel under a management contract. The TRS generated operating losses of $660 and $1,661 in the years ended December 31, 2021 and 2020, respectively. Based on an effective tax rate of 28.51%, which is calculated by combining a 21% Federal tax rate and an IL tax rate of 7.51% (9.5% state rate net of the Federal benefit), the deferred tax benefit related to the operating loss is approximately $188 and $474 for the years ended December 31, 2021 and 2020, respectively. Since the TRS does not currently conduct any activities outside of the operation of Renaissance O’Hare and the hotel operations are not projecting future net taxable income, management does not believe it is more likely than not that the TRS will be able to utilize these net operating losses in future tax periods. As a result, during the year ended December 31, 2020, management recorded a full valuation allowance, in the amount of $474. The Company maintained this valuation allowance in 2021 and recorded an increase of $188 related to the increase in the deferred tax asset. At December 31, 2021, the Company’s U.S. net operating losses are $2,321. These losses do not expire.
Distributions Payable	Distributions Payable Distributions payable represent distributions declared as of the balance sheet date which are payable to stockholders.
Per Share Data	Per Share Data The Company calculates basic and diluted earnings per share by dividing net income attributable to the Company for the period by the weighted-average number of shares of common stock outstanding for that period. Basic earnings (loss) per share (“EPS”) is computed by dividing net income by the weighted average number of common shares outstanding for the period. Diluted EPS is computed by dividing net income by the common shares plus common share equivalents. For further information about the Company’s calculation of EPS, s ee Note 8 – “Net Income Per Share Attributable to Common Stockholders.”

Commercial Mortgage Loans Hel_2

Commercial Mortgage Loans Held for Investment (Tables)	12 Months Ended
	Dec. 31, 2021
Mortgage Loans On Real Estate [Abstract]
Schedule of Commercial Mortgage Loans Held for Investment	The following is a summary of the Company’s commercial mortgage loans held for investment as of December 31, 2021: Number of Loans Principal Balance Unamortized (fees)/costs, net Carrying Value Weighted Average Coupon Weighted Average Years to Maturity First mortgage loans 36 $ 650,670 $ 1,328 $ 651,998 4.5 % 1.6 Credit loans 2 13,500 — 13,500 9.6 % 4.4 Total and average 38 $ 664,170 $ 1,328 $ 665,498 4.6 % 1.7 The following is a summary of the Company’s commercial mortgage loans held for investment as of December 31, 2020: Number of Loans Principal Balance Unamortized (fees)/costs, net Carrying Value Weighted Average Coupon Weighted Average Years to Maturity First mortgage loans 26 $ 425,196 $ 118 $ 425,314 5.3 % 1.5 Credit loans 3 16,500 — 16,500 9.5 % 4.9 Total and average 29 $ 441,696 $ 118 $ 441,814 5.5 % 1.6
Schedule of Commercial Mortgage Loans held for Investment Portfolio	For the years ended December 31, 2021 and 2020, the activity in the Company’s commercial mortgage loans, held-for-investment portfolio was as follows: Year Ended December 31, 2021 Year Ended December 31, 2020 Balance at Beginning of Year $ 441,814 $ 504,702 Loan originations 337,033 69,135 Principal repayments (114,558 ) (99,727 ) Amortization of loan origination and deferred exit fees 1,440 1,818 Sale of commercial loan — (10,000 ) Origination fees and extension fees received on commercial loans (231 ) — 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 $ 665,498 $ 441,814
Schedule of Allowance for Loan Losses	The following table presents the activity in the Company’s allowance for loan losses: Year Ended December 31, 2021 Year Ended December 31, 2020 Beginning of period $ — $ — Provision for loan losses — (4,726 ) Charge-offs — 4,726 Ending allowance for loan losses $ — $ —
Summary of Investment Grade of Loans Loss	As part of the Company’s process for monitoring the credit quality of its investments, it performs a quarterly asset review of the investment portfolio and assigns risk ratings to each of its loans and CMBS. Risk factors include payment status, lien position, borrower financial resources and investment in collateral, collateral type, project economics and geographic location, as well as national and regional economic factors. To determine the likelihood of loss, the loans are rated on a 5-point scale as follows: Investment Grade Investment Grade Definition 1 Investment exceeding fundamental performance expectations and/or capital gain expected. Trends and risk factors since time of investment are favorable. 2 Performing consistent with expectations and a full return of principal and interest expected. Trends and risk factors are neutral to favorable. 3 Performing investment requiring closer monitoring. Trends and risk factors show some deterioration. Collection of principal and interest is still expected. 4 Underperforming investment with the potential of some interest loss but still expecting a positive return on investment. Trends and risk factors are negative. 5 Underperforming investment with expected loss of interest and some principal.

Repurchase Agreements and Cre_2

Repurchase Agreements and Credit Facilities (Tables)	12 Months Ended
	Dec. 31, 2021
Disclosure Of Repurchase Agreements [Abstract]
Schedule of Outstanding Repurchase Agreements	The details of the Facilities as of December 31, 2021 and 2020 are as follows: December 31, 2021 Weighted Average Committed Financing Amount Outstanding (1) Accrued Interest Payable Collateral Pledged Interest Rate Days to Maturity CF Repo Facility $ 350,000 $ 189,654 $ 159 $ 260,691 2.16 % 314 JPM Repo Facility 150,000 117,470 92 167,704 2.02 % 126 Repurchase agreements - commercial mortgage loans 500,000 307,124 251 428,395 2.11 % 242 WA Credit Facility 75,000 14,350 22 20,500 4.00 % 434 $ 575,000 $ 321,474 $ 273 $ 448,895 2.19 % 251 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) Excluding $41 and $27 of unamortized debt issuance costs as of December 31, 2021 and 2020, respectively.

Loan Participations Sold, Net (

Loan Participations Sold, Net (Tables)	12 Months Ended
	Dec. 31, 2021
Mortgage Loans On Real Estate [Abstract]
Summary of Loan Participations Sold	The following table details the Company’s loan participations sold as of December 31, 2021: December 31, 2021 Loan Participations Sold Count Principal Balance Book Value Yield/Cost (1) Guarantee (2) Weighted Average Maximum Maturity Total Loans 9 $ 137,215 $ 137,931 L+3.6% n/a 2.22 Senior participations (3) 9 $ 109,772 $ 109,772 L+2.0% n/a 2.22 ____________ (1) The yield/cost is the present value of all future principal and interest payments on the loan or participation interest and does not include any origination fees or deferred commitment fees. (2) As of December 31, 2021, the loan participation sold was non-recourse to the Company. (3) During the year ended December 31, 2021, the Company recorded $281 of interest expense related to loan participations sold.

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	12 Months Ended
	Dec. 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 class of common and preferred stock, including restricted common stock: Preferred Stock Common Stock Year ended December 31, 2021 Series A 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 3,600,000 — 4,801 3,673 — — 976 Distribution reinvestment — — 10,992 5,687 — 1,748 10,420 Issuance of restricted shares — — — — — — 1,477 Redemptions — (658,848 ) (12,358 ) (19,494 ) — (4,843 ) (14,610 ) Ending balance 3,600,000 9,492,939 659,270 388,099 — 47,298 380,218 Common Stock Year ended December 31, 2020 Class P Class A Class T Class S Class D Class I Beginning balance 10,182,305 272,006 121,718 — 41,538 100,743 Issuance of shares — 379,250 274,570 — 8,066 276,618 Distribution reinvestment — 4,579 1,945 — 789 3,201 Issuance of restricted shares — — — — — 1,393 Redemptions (30,518 ) — — — — — Ending balance 10,151,787 655,835 398,233 — 50,393 381,955 Common Stock Year ended December 31, 2019 Class P Class A Class T Class S Class D Class I Beginning balance 5,940,744 — — — — — Issuance of shares 4,315,524 271,382 121,385 — 41,298 99,244 Distribution reinvestment — 624 333 — 240 302 Issuance of restricted shares 2,400 — — — — 1,197 Redemptions (76,363 ) — — — — — Ending balance 10,182,305 272,006 121,718 — 41,538 100,743
Schedule of Distributions Declared	The table below presents the aggregate annualized and monthly distributions declared on common stock by record date for all classes of shares since the Company resumed paying distributions. Record date Aggregate annualized gross distribution declared per share of common stock Aggregate monthly gross distribution declared per share of common stock July 31, 2020 $ 0.8576 $ 0.0715 August 31, 2020 $ 0.8800 $ 0.0733 September 30, 2020 $ 0.9000 $ 0.0750 October 31, 2020 $ 0.9000 $ 0.0750 November 30, 2020 $ 0.9000 $ 0.0750 December 31, 2020 $ 0.9000 $ 0.0750 January 31, 2021 $ 0.9500 $ 0.0792 February 28, 2021 $ 1.0000 $ 0.0833 March 31, 2021 $ 1.0500 $ 0.0875 April 30, 2021 $ 1.1000 $ 0.0917 May 31, 2021 $ 1.1500 $ 0.0958 June 30, 2021 $ 1.2500 $ 0.1042 July 31, 2021 $ 1.2500 $ 0.1042 August 31, 2021 $ 1.2500 $ 0.1042 September 30, 2021 $ 1.2500 $ 0.1042 October 31, 2021 $ 1.2500 $ 0.1042 November 30, 2021 $ 1.2500 $ 0.1042 December 31, 2021 $ 1.2500 $ 0.1042 The table below presents the aggregate distributions declared per share for each applicable class of common stock and preferred stock during the years ended December 31, 2021, 2020 and 2019. The tables exclude from dividend declaration any month when there were no outstanding shares for a class of stock. Year ended December 31, 2021 Preferred Stock (1) Common Stock Series A Class P Class A Class T Class S Class D Class I Aggregate gross distributions declared per share $ 0.4594 $ 1.1669 $ 1.1669 $ 1.1669 $ — $ 1.1669 $ 1.1669 Stockholder servicing fee per share N/A N/A N/A 0.1720 — 0.0507 N/A Net distributions declared per share $ 0.4594 $ 1.1669 $ 1.1669 $ 0.9949 $ — $ 1.1162 $ 1.1669 Year ended December 31, 2020 Common Stock Class P Class A Class T Class S Class D Class I Aggregate gross distributions declared per share $ 0.7648 $ 0.7148 $ 0.7148 $ — $ 0.7148 $ 0.7148 Stockholder servicing fee per share N/A N/A $ 0.1270 — 0.0373 N/A Net distributions declared per share $ 0.7648 $ 0.7148 $ 0.5878 $ — $ 0.6775 $ 0.7148 Year ended December 31, 2019 Common Stock Class P Class A Class T Class S Class D Class I Aggregate gross distributions declared per share $ 1.9200 $ 0.5400 $ 0.6750 $ — $ 0.5400 $ 0.6750 Stockholder servicing fee per share N/A N/A 0.0890 — 0.0209 N/A Net distributions declared per share $ 1.9200 $ 0.5400 $ 0.5860 $ — $ 0.5191 $ 0.6750 (1)

Net Income Per Share Attribut_2

Net Income Per Share Attributable to Common Stockholders (Tables)	12 Months Ended
	Dec. 31, 2021
Earnings Per Share [Abstract]
Summary of Basic and Diluted Net (Loss) Income Per Share Attributable to Common Stockholders	The following table is a summary of the basic and diluted net (loss) income per share attributable to common stockholders computation for the years ended December 31, 2021, 2020 and 2019: Year Ended December 31, 2021 Year Ended December 31, 2020 Year Ended December 31, 2019 Net income (loss) attributable to common stockholders $ 8,219 $ (28,784 ) $ 13,705 Weighted average shares outstanding, basic 11,480,517 11,561,828 8,958,684 Weighted average shares outstanding, diluted 11,481,464 11,561,828 8,959,035 Net income (loss) per share attributable to common stockholders, basic and diluted $ 0.72 $ (2.49 ) $ 1.53

Transactions with Related Par_2

Transactions with Related Parties (Tables)	12 Months Ended
	Dec. 31, 2021
Related Party Transactions [Abstract]
Summary of Related Party Transactions	The following table summarizes the Company’s related party transactions for the years ended December 31, 2021, 2020 and 2019: Year Ended Year Ended Year Ended Payable as of December 31, December 31, 2021 December 31, 2020 December 31, 2019 2021 2020 Organization and offering expense reimbursement (1) $ 26 $ 70 $ 390 $ — $ — Selling commissions and dealer manager fee (2) 8 758 7,299 — — Advisory fee (3) 3,217 5,528 5,632 321 507 Loan fees (4) 4,597 1,508 2,089 1,983 912 Accrued stockholder servicing fee (5) (23 ) 446 277 590 674 Operating expense reimbursement to Advisor (6) 56 1 5 — — Expense reimbursement received from Advisor (7) — — (359 ) — — Total $ 7,881 $ 8,311 $ 15,333 $ 2,894 $ 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 also reimburses the Advisor, the Sub-Advisor and their respective affiliates for costs and other expenses related to the IPO, provided the Advisor has agreed to reimburse the Company to the extent that the organization and offering expenses that the Company incurs exceeds 15% of its gross proceeds from the IPO. For the Private Offering, offering costs were offset against stockholders’ equity when paid. Unpaid amounts were recorded as deferred offering costs and included in due to related parties in these consolidated balance sheets. For the IPO, offering costs are offset against stockholders’ equity when incurred. (2) The Dealer Manager received selling commissions up to 5%, and a dealer manager fee up to 3%, of the transaction price for each Class P Share sold in the Private Offering, the majority of which is paid to third-party broker-dealers. For the IPO, the Dealer Manager is entitled to receive (a) upfront selling commissions of up to 6.0%, and upfront dealer manager fees of up to 1.25%, of the transaction price of each Class A share sold in the primary offering, however such amounts may vary at certain participating broker-dealers provided that the sum will not exceed 7.25% of the transaction price; (b) upfront selling commissions of up to 3.0%, and upfront dealer manager fees of 0.5%, of the transaction price of each Class T share sold in the primary offering, however such amounts may vary at certain participating broker-dealers provided that the sum will not exceed 3.5% of the transaction price; and (c) upfront selling commissions of up to 3.5% of the transaction price of each Class S share sold in the primary offering. No upfront selling commissions or dealer manager fees are paid with respect to purchases of Class D shares, Class I shares or shares of any class sold pursuant to the Company’s DRP. (3) The advisory fee is comprised of two separate components: (1) a fixed component payable monthly and (2) a performance component payable annually. Prior to July 1, 2021, the fixed component of the advisory fee was paid in an amount equal to 1/12th of 1.25 th 2.5 th 1.25 (4) Effective July 17, 2019, the Company pays the Advisor all new loan origination and administrative fees related to CRE loans held for investment, to the extent that such fees are paid by the borrower. (5) Subject to the Financial Industry Regulatory Authority, Inc. limitations on underwriting compensation, the Company pays the Dealer Manager selling commissions over time as stockholder servicing fees for ongoing services rendered to stockholders by participating broker-dealers or broker-dealers servicing stockholders’ accounts as follows: (a) for Class T shares only, 0.85% per annum of the NAV of the Class T shares; (b) for Class S shares only, 0.85% per annum of the aggregate NAV for the Class S shares; and (c) for Class D shares only, 0.25% per annum of the aggregate NAV for the Class D shares. The Company will cease paying the stockholder servicing fee with respect to any Class T share, Class S share or Class D share held in a stockholder’s account upon the occurrence of certain events. The Company accrues the full cost of the stockholder servicing fee as an offering cost at the time the Company sells Class T, Class S, and Class D shares. The Dealer Manager does not retain any of these fees, all of which are retained by, or reallowed (paid) to, participating broker-dealers and servicing broker-dealers for ongoing stockholder services performed by such broker-dealers. (6) Prior to July 1, 2021, the Company reimbursed 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 did not reimburse overhead costs, including rent and utilities or personnel costs (including salaries, bonuses, benefits and severance payments) and the Company only reimbursed the Advisor for fees payable to its affiliates if they are incurred for legal or marketing services rendered on the Company’s behalf. Effective July 1, 2021, the Company is obligated to reimburse for all of the expenses attributable to the Company or its subsidiaries, including the Operating Partnership, and paid or incurred and submitted to the Company for reimbursement by the Advisor, the Sub-Advisor or their respective affiliates in providing services to the Company under the Advisory Agreement, including personnel and related employment costs. (7) The Advisor has agreed to reimburse the Company from time to time for certain costs incurred by the Company. For the year ended December 31, 2019, the Advisor reimbursed the Company $359. There were no expense reimbursements during the years ended December 31, 2021 and 2020. These reimbursements represent one-time cash payments to the Company in order to provide additional operating support to the Company and ensure a certain return for the Company. These cash payments are not subject to Board approval.

Equity-Based Compensation (Tabl

Equity-Based Compensation (Tables)	12 Months Ended
	Dec. 31, 2021
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Summary of Total Stock Grants	The table below summarizes total stock grants made at each grant date as of December 31, 2021. Grant Date Class of common stock granted Total number of shares granted Grant Date Fair Value Per Share Total Fair Value of Grant Proportion of total shares that vest annually Vesting Date Year 1 Vesting Date Year 2 Vesting Date Year 3 March 1, 2018 Class P 1,200 $ 25.00 $ 30 1/3 3/1/2019 3/1/2020 3/1/2021 January 7, 2019 Class P 1,200 $ 25.00 $ 30 1/3 1/7/2020 1/7/2021 1/7/2022 December 2, 2019 Class I 1,197 $ 25.07 $ 30 1/3 12/2/2020 12/2/2021 12/2/2022 December 1, 2020 Class I 1,393 $ 21.54 $ 30 1/3 12/1/2021 12/1/2022 12/1/2023 October 14, 2021 Class I 1,477 $ 20.31 $ 30 1/3 10/14/2022 10/14/2023 10/14/2024
Summary of Restricted Shares Granted under RSP	A summary table of the status of the restricted shares granted under the RSP is presented below: Restricted Shares Weighted Average Grant Date Fair Value Per Share Outstanding at December 31, 2020 3,391 $ 23.59 Granted 1,477 20.31 Vested (1,663 ) 24.05 Converted — — Forfeited — — Outstanding at December 31, 2021 3,205 $ 21.85

Fair Value of Financial Instr_2

Fair Value of Financial Instruments (Tables)	12 Months Ended
	Dec. 31, 2021
Fair Value Disclosures [Abstract]
Schedule of Carrying Amount and Fair Value of Financial Instruments	The following table details the carrying amount and fair value of the financial instruments described in Note 2: December 31, 2021 December 31, 2020 Carrying Amount Estimated Fair Value Carrying Amount Estimated Fair Value Financial assets Cash and cash equivalents $ 57,268 $ 57,268 $ 72,107 $ 72,107 Commercial mortgage loans, net 665,498 667,405 441,814 441,267 Total $ 722,766 $ 724,673 $ 513,921 $ 513,374 Financial liabilities Repurchase agreements - commercial mortgage loans $ 307,083 $ 307,083 $ 290,699 $ 290,699 Credit facility payable 14,350 14,350 — — Loan participations sold 109,772 109,772 — — Total $ 431,205 $ 431,205 $ 290,699 $ 290,699

Real Estate Owned (Tables)

Real Estate Owned (Tables)	12 Months Ended
	Dec. 31, 2021
Real Estate [Abstract]
Schedule of Company's REO Assets	The following table summarizes the Company’s REO assets as of December 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 $ 6,345 $ (1,493 ) $ 31,535 (1) Refer to Note 2 – “Summary of Significant Accounting Policies” for useful life of the above assets. (2) Represents hotel ground lease interest acquired by the Company by completing a deed-in-lieu of foreclosure transaction.

Leases (Tables)

Leases (Tables)	12 Months Ended
	Dec. 31, 2021
Leases [Abstract]
Summary of Finance Lease Cost	For the years ended December 31, 2021, 2020 and 2019, total finance lease cost was comprised as follows: Years ended December 31, 2021 2020 2019 Amortization of right-of-use assets $ 71 $ 24 $ — Interest on lease liabilities 1,925 634 — Total finance lease cost $ 1,996 $ 658 $ —
Schedule of Finance Lease Right of Use Asset, Net of Amortization	The table below shows the Company’s finance lease right of use asset, net of amortization as of December 31, 2021 and 2020: December 31, December 31, 2021 2020 Finance lease right of use asset, gross $ 5,549 $ 5,549 Accumulated amortization (95 ) (24 ) Finance lease right of use asset, net of amortization $ 5,454 $ 5,525
Schedule of Lease Payments for the Ground Lease	Lease payments for the ground lease as of December 31, 2021 for each of the five succeeding years and thereafter is as follows: Lease Payments 2022 $ 1,611 2023 1,611 2024 1,745 2025 1,772 2026 1,772 Thereafter 269,686 Total undiscounted lease payments $ 278,197 Less: Amount representing interest (261,092 ) Present value of lease liability $ 17,105

Subsequent Events (Tables)

Subsequent Events (Tables)	12 Months Ended
	Dec. 31, 2021
Subsequent Events [Abstract]
Schedule of Declared Distributions for Class of Common Stock	On February 17, 2022, the Company paid distributions for each class of its common stock to stockholders of record as of January 31, 2022 in the amounts per share set forth below: Common Stock Class P Class A Class T Class D Class I Aggregate gross distributions declared per share $ 0.1042 $ 0.1042 $ 0.1042 $ 0.1042 $ 0.1042 Stockholder servicing fee per share N/A N/A 0.0146 0.0043 N/A Net distributions declared per share $ 0.1042 $ 0.1042 $ 0.0896 $ 0.0999 $ 0.1042 On February 25, 2022, the Company declared distributions for each class of its common stock to stockholders of record as of February 28, 2022, payable on or about March 17, 2022 in the amounts per share set forth below: Common Stock Class P Class A Class T Class D Class I Aggregate gross distributions declared per share $ 0.1042 $ 0.1042 $ 0.1042 $ 0.1042 $ 0.1042 Stockholder servicing fee per share N/A N/A 0.0132 0.0039 N/A Net distributions declared per share $ 0.1042 $ 0.1042 $ 0.0910 $ 0.1003 $ 0.1042
Schedule of Commercial Mortgage Loans Originated	The following table presents each of our commercial mortgage loans originated since December 31, 2021 as of March 11, 2022 ($ in thousands): Origination Date Loan Type (1) Principal Balance Cash Coupon (2) All-in Yield (2) Maximum Maturity (3) State Property Type LTV (4) 1/14/22 First mortgage $ 36,800 S+3.40% 3.7 % 1/9/27 MO Multifamily 80 % 1/20/22 First mortgage 16,153 S+3.65% 3.9 % 2/9/27 NC Retail 63 % 1/26/22 First mortgage 14,000 S+3.55% 3.8 % 2/9/27 NJ Industrial 63 % 1/28/22 First mortgage 12,300 S+3.30% 3.6 % 2/9/27 NC Multifamily 70 % 2/25/22 First mortgage 30,000 S+3.04% 3.3 % 3/9/27 NY Mixed Use 67 % 3/1/22 First mortgage 26,185 S+3.40% 3.7 % 3/9/27 TX Multifamily 78 % (1) (2) (3) Maximum maturity assumes all extension options are exercised by the borrower, however loans may be repaid prior to such date. (4)

Organization and Business Ope_2

Organization and Business Operations - Additional Information (Details) - USD ($)	Oct. 15, 2021	Oct. 01, 2021	Sep. 22, 2021	Mar. 22, 2019	Oct. 25, 2016	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Jun. 28, 2019	Jun. 30, 2021
Organization And Business Operations [Line Items]
Issuance of common stock, shares						$ 199,000	$ 24,269,000	$ 130,164,000
Stock repurchase shares										0
Preferred stock, par value						$ 0.001	$ 0.001
Maximum | Share Repurchase Program
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
Series A Preferred Stock
Organization And Business Operations [Line Items]
Liquidation preference per share						$ 25
Series A Preferred Stock | Preferred Stock Offering
Organization And Business Operations [Line Items]
Preferred stock, shares issued			3,500,000
Percentage of cumulative redeemable preferred stock			6.75%
Preferred stock, par value			$ 0.001
Liquidation preference per share			$ 25
Net proceeds after underwriter's discount and issuance costs			$ 86,307,000
Series A Preferred Stock | Over-Allotment | Raymond James & Associates, Inc.
Organization And Business Operations [Line Items]
Additional shares issued to cover over-allotments	100,000

Summary of Significant Accoun_3

Summary of Significant Accounting Policies - Additional Information (Details)	12 Months Ended				30 Months Ended
	Dec. 31, 2021USD ($)Rating		Dec. 31, 2020USD ($)	Dec. 31, 2019USD ($)	Dec. 31, 2021USD ($)		Jun. 28, 2019$ / shares	Dec. 31, 2018USD ($)
Summary Of Significant Accounting Policies Disclosures [Line Items]
Cash and cash equivalents, description	Cash and cash equivalents include funds on deposit with financial institutions, including demand deposits with financial institutions with original maturities of three months or less.
Restricted cash current	$ 0		$ 0		$ 0
Real estate securities at fair value	0		0		0
Commercial mortgage loans held for investment	665,498,000	[1]	441,814,000	$ 504,702,000	665,498,000	[1]		$ 249,573,000
Allowance for loan losses	0		0		0
Uncertain tax positions	0		0		0
Uncertain tax positions, period increase (decrease)	0
Uncertain tax positions, income tax interest or penalties	$ 0		0	0
Current income tax expense (benefit)				$ 0
Effective tax rate	28.51%
Federal tax rate	21.00%
IL tax rate	7.51%
State rate net of federal benefit	9.50%
Deferred tax benefit	$ 188,000		474,000
Valuation allowance	188,000		474,000
U.S
Summary Of Significant Accounting Policies Disclosures [Line Items]
Operating loss	2,321,000				$ 2,321,000
Hotel
Summary Of Significant Accounting Policies Disclosures [Line Items]
Operating loss	$ 660,000		$ 1,661,000
Advisor
Summary Of Significant Accounting Policies Disclosures [Line Items]
Maximum percentage of gross proceeds from issuance of initial public offering					15.00%
Class P Common Stock
Summary Of Significant Accounting Policies Disclosures [Line Items]
Shares issued excluding issuance cost price per share | $ / shares							$ 25
Shares issued, price per share | $ / shares							$ 27.38
Maximum | Buildings and Improvements
Summary Of Significant Accounting Policies Disclosures [Line Items]
REO assets estimated useful lives	40 years
Maximum | Furniture, Fixtures and Equipment
Summary Of Significant Accounting Policies Disclosures [Line Items]
REO assets estimated useful lives	15 years
Maximum | Commercial Mortgage Loans
Summary Of Significant Accounting Policies Disclosures [Line Items]
Risk rating to loan loss | Rating	5
Minimum | Commercial Mortgage Loans
Summary Of Significant Accounting Policies Disclosures [Line Items]
Risk rating to loan loss | Rating	1
[1]

Commercial Mortgage Loans Hel_3

Commercial Mortgage Loans Held for Investment - Summary of Commercial Mortgage Loans held for Investment (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2021USD ($)Loan		Dec. 31, 2020USD ($)Loan	Dec. 31, 2019USD ($)	Dec. 31, 2018USD ($)
Mortgage Loans On Real Estate [Line Items]
Number of Loans | Loan	38		29
Principal Balance	$ 664,170	[1]	$ 441,696
Unamortized (fees)/costs, net	1,328		118
Carrying Value	$ 665,498	[1]	$ 441,814	$ 504,702	$ 249,573
Weighted Average Coupon	4.60%		5.50%
Weighted Average Years to Maturity	1 year 8 months 12 days		1 year 7 months 6 days
First Mortgage Loans [Member]
Mortgage Loans On Real Estate [Line Items]
Number of Loans | Loan	36		26
Principal Balance	$ 650,670		$ 425,196
Unamortized (fees)/costs, net	1,328		118
Carrying Value	$ 651,998		$ 425,314
Weighted Average Coupon	4.50%		5.30%
Weighted Average Years to Maturity	1 year 7 months 6 days		1 year 6 months
Credit Loans [Member]
Mortgage Loans On Real Estate [Line Items]
Number of Loans | Loan	2		3
Principal Balance	$ 13,500		$ 16,500
Carrying Value	$ 13,500		$ 16,500
Weighted Average Coupon	9.60%		9.50%
Weighted Average Years to Maturity	4 years 4 months 24 days		4 years 10 months 24 days
[1]

Commercial Mortgage Loans Hel_4

Commercial Mortgage Loans Held for Investment - Schedule of Commercial Mortgage Loans held for Investment Portfolio (Details) - USD ($) $ in Thousands	1 Months Ended	12 Months Ended
	May 31, 2020	Dec. 31, 2021		Dec. 31, 2020	Dec. 31, 2019
Mortgage Loans On Real Estate [Abstract]
Balance at Beginning of Year		$ 441,814		$ 504,702	$ 249,573
Loan originations		337,033		69,135	329,155
Principal repayments		(114,558)		(99,727)	(74,478)
Amortization of loan origination and deferred exit fees		1,440		1,818	2,403
Sale of commercial loan	$ (10,000)	0		(10,000)	0
Origination fees and extension fees received on commercial loans		(231)
Provision for loan losses				(4,726)
Deferred interest capitalized on commercial loan				386
Transfer on deed-in-lieu of foreclosure to real estate owned		0		(19,774)	0
Balance at End of Period		$ 665,498	[1]	$ 441,814	$ 504,702
[1]

Commercial Mortgage Loans Hel_5

Commercial Mortgage Loans Held for Investment - Additional Information (Details)	1 Months Ended	12 Months Ended
	May 31, 2020USD ($)Loan	Dec. 31, 2021USD ($)RatingLoan	Dec. 31, 2020USD ($)RatingLoan	Dec. 31, 2019USD ($)
Mortgage Loans On Real Estate [Line Items]
Commercial mortgage loans sold amount	$ 10,000,000	$ 0	$ 10,000,000	$ 0
Proceeds from sale of mortgage loans held for investment	$ 9,625,000
Realized loss on sale of commercial loan			375,000
Allowance for loan loss		$ 0	0
Interest income for impaired loans			$ 465,000
Initial risk rating for commercial mortgage loans held for investment and real estate securities | Rating		2	2
Number of loans risk rated two | Loan		33	19
Number of loans risk rated three | Loan		5	7
Number of loans risk rated four | Loan			3
Credit Loans [Member]
Mortgage Loans On Real Estate [Line Items]
Number of loans sold | Loan	1
Credit Loans [Member] | Florida [Member]
Mortgage Loans On Real Estate [Line Items]
Allowance for loan loss			$ 1,500,000
First Mortgage Loans [Member] | Illinois [Member]
Mortgage Loans On Real Estate [Line Items]
Impairment charges on loans			$ 4,726,000
Number of loans impaired | Loan			1
First Mortgage Loans [Member] | Florida [Member]
Mortgage Loans On Real Estate [Line Items]
Provision for loan loss reversed			$ 1,500,000

Commercial Mortgage Loans Hel_6

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

Commercial Mortgage Loans Hel_7

Commercial Mortgage Loans Held for Investment - Summary of Investment Grade of Loans Loss (Details) - Commercial Mortgage Loans	12 Months Ended
	Dec. 31, 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)	12 Months Ended
	Dec. 31, 2020USD ($)	Dec. 31, 2019USD ($)Investment	Dec. 31, 2021USD ($)
Schedule Of Available For Sale Securities [Line Items]
Carrying value of investments	$ 0		$ 0
Real estate securities sold	121,189,000	$ 9,211,000
Commercial Mortgage Loans
Schedule Of Available For Sale Securities [Line Items]
Carrying value of investments	0	$ 157,869,000	$ 0
Real estate securities sold	121,189,000
Number of investments | Investment		17
Net unrealized loss		$ 211,000
Realized loss	$ 35,020,000	$ 43,000

Repurchase Agreements and Cre_3

Repurchase Agreements and Credit Facilities - Additional Information (Details) - USD ($)	Mar. 10, 2021	May 06, 2019	Dec. 31, 2021	Nov. 30, 2021
CF Repo Facility
Repurchase Agreement [Line Items]
Repurchase agreement, maximum advance amount				$ 350,000,000
CF Repo Facility | London Interbank Offered Rate | Minimum
Repurchase Agreement [Line Items]
LIBOR spread			1.75%
Floor rate			0.15%
CF Repo Facility | London Interbank Offered Rate | Maximum
Repurchase Agreement [Line Items]
LIBOR spread			2.50%
Floor rate			0.75%
JP Morgan Repo Facility
Repurchase Agreement [Line Items]
Repurchase agreement, maximum advance amount		$ 150,000,000
Maturity date		May 6, 2022
JP Morgan Repo Facility | London Interbank Offered Rate | Minimum
Repurchase Agreement [Line Items]
LIBOR spread		1.75%
JP Morgan Repo Facility | London Interbank Offered Rate | Maximum
Repurchase Agreement [Line Items]
LIBOR spread		2.50%
Western Alliance Credit Facility
Repurchase Agreement [Line Items]
Repurchase agreement, maximum advance amount	$ 75,000,000
Maturity date	Mar. 10, 2023
Borrowing base period for eligible pledged assets become ineligible	36 months
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%
Western Alliance Credit Facility | Minimum
Repurchase Agreement [Line Items]
Loan-to-unpaid balance percentage	60.00%
Loan-to-appraised value percentage	45.00%
Western Alliance Credit Facility | Maximum
Repurchase Agreement [Line Items]
Loan-to-unpaid balance percentage	70.00%
Loan-to-appraised value percentage	50.00%
Western Alliance Credit Facility | London Interbank Offered Rate
Repurchase Agreement [Line Items]
LIBOR spread	3.25%
Floor rate	4.00%

Repurchase Agreements and Cre_4

Repurchase Agreements and Credit Facilities - Schedule of Outstanding Repurchase Agreements (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Repurchase Agreements And Credit Facility [Line Items]
Accrued Interest Payable	$ 364	$ 292
CF Repo Facility
Repurchase Agreements And Credit Facility [Line Items]
Committed Financing	350,000	250,000
Amount Outstanding	189,654	159,948
Accrued Interest Payable	159	187
Collateral Pledged	$ 260,691	$ 228,359
Weighted Average Interest Rate	2.16%	3.00%
Weighted Average Days to Maturity	314 days	352 days
Repo Facility
Repurchase Agreements And Credit Facility [Line Items]
Committed Financing	$ 500,000	$ 400,000
Amount Outstanding	307,124	290,726
Accrued Interest Payable	251	292
Collateral Pledged	$ 428,395	$ 418,406
Weighted Average Interest Rate	2.11%	2.58%
Weighted Average Days to Maturity	242 days	250 days
Facilities
Repurchase Agreements And Credit Facility [Line Items]
Committed Financing	$ 575,000
Amount Outstanding	321,474
Accrued Interest Payable	273
Collateral Pledged	$ 448,895
Weighted Average Interest Rate	2.19%
Weighted Average Days to Maturity	251 days
Western Alliance Credit Facility
Repurchase Agreements And Credit Facility [Line Items]
Committed Financing	$ 75,000
Amount Outstanding	14,350
Accrued Interest Payable	22
Collateral Pledged	$ 20,500
Weighted Average Interest Rate	4.00%
Weighted Average Days to Maturity	434 days
JP Morgan Repo Facility
Repurchase Agreements And Credit Facility [Line Items]
Committed Financing	$ 150,000	$ 150,000
Amount Outstanding	117,470	130,778
Accrued Interest Payable	92	105
Collateral Pledged	$ 167,704	$ 190,047
Weighted Average Interest Rate	2.02%	2.08%
Weighted Average Days to Maturity	126 days	126 days

Repurchase Agreements and Cre_5

Repurchase Agreements and Credit Facilities - Schedule of Outstanding Repurchase Agreements (Parenthetical) (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Repo Facility
Repurchase Agreements And Credit Facility [Line Items]
Unamortized debt issuance costs	$ 41	$ 27

Loan Participations Sold, Net -

Loan Participations Sold, Net - Additional Information (Details)	Nov. 15, 2021Loan
First Mortgage Loans [Member]
Mortgage Loans On Real Estate [Line Items]
Number of loans sold to third party	9

Loan Participations Sold, Net_2

Loan Participations Sold, Net - Summary of Loan Participations Sold (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2021USD ($)Loan	Dec. 31, 2020
Mortgage Loans On Real Estate [Line Items]
Weighted Average Coupon	4.60%	5.50%
Weighted Average Years to Maturity	1 year 8 months 12 days	1 year 7 months 6 days
Loan Participations
Mortgage Loans On Real Estate [Line Items]
Number of loans sold to third party | Loan	9
Principal Balance	$ 137,215
Book Value	$ 137,931
Weighted Average Coupon	3.60%
Weighted Average Years to Maturity	2 years 2 months 19 days
Senior Loan Participations
Mortgage Loans On Real Estate [Line Items]
Number of loans sold to third party | Loan	9
Principal Balance	$ 109,772
Book Value	$ 109,772
Weighted Average Coupon	2.00%
Weighted Average Years to Maturity	2 years 2 months 19 days

Loan Participations Sold, Net_3

Loan Participations Sold, Net - Summary of Loan Participations Sold (Parenthetical) (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2021USD ($)
Loan Participations
Mortgage Loans On Real Estate [Line Items]
Interest expense on loan sold	$ 281

Stockholders' Equity - Addition

Stockholders' Equity - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands	Oct. 15, 2021	Oct. 01, 2021	Sep. 22, 2021	Jul. 31, 2020	May 03, 2019	Dec. 31, 2021	Nov. 30, 2021	Oct. 31, 2021	Sep. 30, 2021	Aug. 31, 2021	Jul. 31, 2021	Jun. 30, 2021	May 31, 2021	Apr. 30, 2021	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	Dec. 30, 2021	Feb. 29, 2020	Jul. 31, 2019	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Class Of Stock [Line Items]
Preferred stock, change of control, terms of conversion																											Subject to certain exceptions, beginning on September 22, 2022, upon the occurrence of a Change of Control, each holder of shares of Series A Preferred Stock will have the right to convert some or all of the Series A Preferred Stock held by such holder into a number of the Company’s shares of Class I common stock as provided for in the Articles Supplementary.
Common stock, offering costs																											$ 4,655	$ 1,844	$ 10,720
Dividends payable record date				Jul. 31, 2020		Dec. 31, 2021	Nov. 30, 2021	Oct. 31, 2021	Sep. 30, 2021	Aug. 31, 2021	Jul. 31, 2021	Jun. 30, 2021	May 31, 2021	Apr. 30, 2021	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
Distributions payable						$ 1,137												$ 867									1,137	867
Proceeds from issuance of common stock																											199	24,269	130,164
Repurchased of common stock																											$ 14,335	$ 763	$ 1,911
Repurchased of common stock average price per share																											$ 20.19	$ 25	$ 25.02
Maximum
Class Of Stock [Line Items]
Aggregate net asset value of shares repurchased per month					2.00%
Aggregate net asset value of shares repurchased per quarter					5.00%
Maximum | Share Repurchase Program
Class Of Stock [Line Items]
Percentage of aggregate net asset value per month		2.00%
Percentage of aggregate net asset value per quarter		5.00%
Series A Preferred Stock
Class Of Stock [Line Items]
Liquidation preference per share						$ 25																					$ 25
Preferred stock, redemption date			Sep. 22, 2026
Preferred stock, redemption price per share			$ 25
Percentage of dividend rate																											6.75%
Annual dividend per share																											$ 1.6875
Dividend paid pro rate																								$ 0.459375
Class P Common Stock
Class Of Stock [Line Items]
Daily distribution amount																										$ 0.005260274				$ 0.005260274	$ 0.005260274
Annualized gross distribution per share																									$ 1.92	$ 1.92				$ 1.92	$ 1.92
Gross monthly distribution amount																									0.16
Common stock, shares, outstanding						9,492,939												10,151,787									9,492,939	10,151,787	10,182,305	5,940,744
Distributions declared																											$ 11,577	$ 7,768	$ 16,967
Class A Common Stock
Class Of Stock [Line Items]
Annualized gross distribution per share																									1.62
Gross monthly distribution amount																									0.135
Common stock, shares, outstanding						659,270												655,835									659,270	655,835	272,006
Distributions declared																											$ 767	$ 419	$ 82
Class T Common Stock
Class Of Stock [Line Items]
Annualized gross distribution per share																									1.62
Gross monthly distribution amount																									0.135
Common stock, shares, outstanding						388,099												398,233									388,099	398,233	121,718
Distributions declared																											$ 395	$ 213	$ 40
Class D Common Stock
Class Of Stock [Line Items]
Annualized gross distribution per share																									1.62
Gross monthly distribution amount																									0.135
Common stock, shares, outstanding						47,298												50,393									47,298	50,393	41,538
Distributions declared																											$ 54	$ 33	$ 12
Class I Common Stock
Class Of Stock [Line Items]
Annualized gross distribution per share																									1.62
Gross monthly distribution amount																									$ 0.135
Common stock, shares, outstanding						380,218												381,955									380,218	381,955	100,743
Distributions declared																											$ 448	$ 229	$ 27
Class S Common Stock
Class Of Stock [Line Items]
Common stock, shares, outstanding						0												0									0	0	0
Preferred Stock Offering | Series A Preferred Stock
Class Of Stock [Line Items]
Preferred stock, shares issued			3,500,000
Offered price			$ 25
Option to purchase additional shares for underwriters, number of days			30 days
Net proceeds after underwriter's discount and issuance costs			$ 86,307
Percentage of cumulative redeemable preferred stock			6.75%
Liquidation preference per share			$ 25
Over-Allotment | Series A Preferred Stock
Class Of Stock [Line Items]
Additional shares authorized to cover over-allotments			525,000
Over-Allotment | Series A Preferred Stock | Raymond James & Associates, Inc.
Class Of Stock [Line Items]
Additional shares issued to cover over-allotments	100,000
Initial Public Offering
Class Of Stock [Line Items]
Common stock issued, average price per share						$ 20.42																					$ 20.42
Proceeds from issuance of common stock, net of offering costs																											$ (110)
Common stock, offering costs																											892
Reimbursable deferred offering costs						$ 26																					$ 26
Initial Public Offering | Series A Preferred Stock
Class Of Stock [Line Items]
Common stock issued, average price per share						$ 25																					$ 25
Proceeds from issuance of common stock, net of offering costs																											$ 86,307
Common stock, offering costs																											3,693
Offerings
Class Of Stock [Line Items]
Common stock issued, average price per share																		$ 25.83										$ 25.83	$ 26.84
Proceeds from issuance of common stock, net of offering costs																												$ 22,267	$ 119,208
Common stock, offering costs																												2,246	10,993
Reimbursable deferred offering costs																		$ 70										70	$ 390
DRP
Class Of Stock [Line Items]
Proceeds from issuance of common stock																											$ 583	$ 245
Average price per share						$ 20.22												$ 23.24									$ 20.22	$ 23.24

Stockholders' Equity - Schedule

Stockholders' Equity - Schedule of Change in Outstanding Shares Including Restricted Common Stock (Details) - shares	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Series A Preferred Stock
Class Of Stock [Line Items]
Issuance of shares	3,600,000
Ending balance	3,600,000
Class P Common Stock
Class Of Stock [Line Items]
Beginning balance	10,151,787	10,182,305	5,940,744
Issuance of shares			4,315,524
Issuance of restricted shares			2,400
Redemptions	(658,848)	(30,518)	(76,363)
Ending balance	9,492,939	10,151,787	10,182,305
Class A Common Stock
Class Of Stock [Line Items]
Beginning balance	655,835	272,006
Issuance of shares	4,801	379,250	271,382
Distribution reinvestment	10,992	4,579	624
Redemptions	(12,358)
Ending balance	659,270	655,835	272,006
Class T Common Stock
Class Of Stock [Line Items]
Beginning balance	398,233	121,718
Issuance of shares	3,673	274,570	121,385
Distribution reinvestment	5,687	1,945	333
Redemptions	(19,494)
Ending balance	388,099	398,233	121,718
Class S Common Stock
Class Of Stock [Line Items]
Beginning balance	0	0
Ending balance	0	0	0
Class D Common Stock
Class Of Stock [Line Items]
Beginning balance	50,393	41,538
Issuance of shares		8,066	41,298
Distribution reinvestment	1,748	789	240
Redemptions	(4,843)
Ending balance	47,298	50,393	41,538
Class I Common Stock
Class Of Stock [Line Items]
Beginning balance	381,955	100,743
Issuance of shares	976	276,618	99,244
Distribution reinvestment	10,420	3,201	302
Issuance of restricted shares	1,477	1,393	1,197
Redemptions	(14,610)
Ending balance	380,218	381,955	100,743

Stockholders' Equity - Schedu_2

Stockholders' Equity - Schedule of Aggregate Annualized and Monthly Distributions Declared by Record Date for all Classes of Shares (Details) - $ / shares	Jul. 31, 2020	Dec. 31, 2021	Nov. 30, 2021	Oct. 31, 2021	Sep. 30, 2021	Aug. 31, 2021	Jul. 31, 2021	Jun. 30, 2021	May 31, 2021	Apr. 30, 2021	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
Class Of Stock [Line Items]
Dividends payable record date	Jul. 31, 2020	Dec. 31, 2021	Nov. 30, 2021	Oct. 31, 2021	Sep. 30, 2021	Aug. 31, 2021	Jul. 31, 2021	Jun. 30, 2021	May 31, 2021	Apr. 30, 2021	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
Aggregate Annualized Gross Dividend Declared of Common Stock
Class Of Stock [Line Items]
Aggregate annualized gross distribution declared per share of common stock		$ 1.2500	$ 1.2500	$ 1.2500	$ 1.2500	$ 1.2500	$ 1.2500	$ 1.2500	$ 1.1500	$ 1.1000	$ 1.0500	$ 1	$ 0.9500	$ 0.9000	$ 0.9000	$ 0.9000	$ 0.9000	$ 0.8800	$ 0.8576
Aggregate Monthly Gross Dividend Declared of Common Stock
Class Of Stock [Line Items]
Aggregate annualized gross distribution declared per share of common stock		$ 0.1042	$ 0.1042	$ 0.1042	$ 0.1042	$ 0.1042	$ 0.1042	$ 0.1042	$ 0.0958	$ 0.0917	$ 0.0875	$ 0.0833	$ 0.0792	$ 0.0750	$ 0.0750	$ 0.0750	$ 0.0750	$ 0.0733	$ 0.0715

Stockholders' Equity - Schedu_3

Stockholders' Equity - Schedule of Aggregate Distributions Declared for Applicable Class of Common Stock (Details) - $ / shares	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Series A Preferred Stock
Distributions Declared [Line Items]
Aggregate annualized gross distribution declared per share of common stock	$ 0.4594
Net distributions declared per share	0.4594
Class P Common Stock
Distributions Declared [Line Items]
Aggregate annualized gross distribution declared per share of common stock	1.1669	$ 0.7648	$ 1.9200
Net distributions declared per share	1.1669	0.7648	1.9200
Class A Common Stock
Distributions Declared [Line Items]
Aggregate annualized gross distribution declared per share of common stock	1.1669	0.7148	0.5400
Net distributions declared per share	1.1669	0.7148	0.5400
Class T Common Stock
Distributions Declared [Line Items]
Aggregate annualized gross distribution declared per share of common stock	1.1669	0.7148	0.6750
Stockholder servicing fee per share	0.1720	0.1270	0.0890
Net distributions declared per share	0.9949	0.5878	0.5860
Class D Common Stock
Distributions Declared [Line Items]
Aggregate annualized gross distribution declared per share of common stock	1.1669	0.7148	0.5400
Stockholder servicing fee per share	0.0507	0.0373	0.0209
Net distributions declared per share	1.1162	0.6775	0.5191
Class I Common Stock
Distributions Declared [Line Items]
Aggregate annualized gross distribution declared per share of common stock	1.1669	0.7148	0.6750
Net distributions declared per share	$ 1.1669	$ 0.7148	$ 0.6750

Net Income Per Share Attribut_3

Net Income Per Share Attributable to Common Stockholders - Additional information (Details) - Restricted Shares - shares	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Earnings Per Share Diluted [Line Items]
Additional shares included in computation of diluted earnings per share	947	0	351
Antidilutive restricted shares	610	583	0

Net Income Per Share Attribut_4

Net Income Per Share Attributable to Common Stockholders - Summary of Basic and Diluted Net (Loss) Income Per Share Attributable to Common Stockholders (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Earnings Per Share [Abstract]
Net income (loss) attributable to common stockholders	$ 8,219	$ (28,784)	$ 13,705
Weighted average shares outstanding, basic	11,480,517	11,561,828	8,958,684
Weighted average shares outstanding, diluted	11,481,464	11,561,828	8,959,035
Net income (loss) per share attributable to common stockholders, basic and diluted	$ 0.72	$ (2.49)	$ 1.53

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Details) $ in Thousands	Dec. 31, 2021USD ($)Loan	Dec. 31, 2020USD ($)Loan
Commitments And Contingencies Disclosure [Abstract]
Number of commercial real estate loans | Loan	32	20
Commercial real estate, remaining future funding commitment | $	$ 74,518	$ 50,940

Segment Reporting - Additional

Segment Reporting - Additional Information (Details) - Segment	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Segment Reporting [Abstract]
Number of reportable segment	1	1	1

Transactions with Related Par_3

Transactions with Related Parties - Additional Information (Details) - USD ($)	Jul. 20, 2021	Jul. 15, 2021	Nov. 30, 2016	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Related Party Transaction [Line Items]
Proceeds from issuance of common stock				$ 199,000	$ 24,269,000	$ 130,164,000
Expense Limitation Agreement
Related Party Transaction [Line Items]
Annualized basis expense limit percentage				1.50%
Reimbursement of expenses payable term				3 years
Waive reimbursement on quarterly basis terms				waive reimbursement of or pay, on a quarterly basis, certain of the Company’s ordinary operating expenses for each class of shares to the extent necessary to ensure that the ordinary operating expenses do not exceed 1.5% of the average monthly net assets on an annualized basis (the “1.5% Expense Limit”). Amounts waived or paid by the Advisor or Sub-Advisor pursuant to the Expense Limitation Agreement are subject to conditional repayment on a quarterly basis  by the Company during the three years following the quarter in which the expenses were incurred, but only to the extent such repayment does not cause the Company to exceed its then-current expenses limitation, if any, for such quarter. Any waiver or reimbursement by the Advisor or Sub-Advisor not repaid by the Company within the three-year period will be deemed permanently waived and not subject to repayment under the Expense Limitation Agreement. During the year ended December 31, 2021, the amount of ordinary operating expenses either submitted for reimbursement by the Advisor and Sub-Advisor or incurred by the Company directly that was subject to the Expense Limitation Agreement did not exceed the 1.5% Expense Limit.
Expense Limitation Agreement | Maximum
Related Party Transaction [Line Items]
Reimbursement of expenses payable term				3 years
Class P Common Stock
Related Party Transaction [Line Items]
Common stock, shares, issued				9,492,939	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
Payment of selling commissions			$ 0
Payment of dealer manager fees			0
Payment of organization and offering expenses			0
Subscription agreement, minimum number of shares to be held				8,000
Subscription agreement, value of minimum number of shares to be held				$ 200,000
Description of subscription agreement				The Advisor has agreed pursuant to its subscription agreement that, for so long as it or its affiliate is serving as the Advisor, (i) it will not sell or transfer at least 8,000 of the Class P Shares that it has purchased, accounting for $200 of its investment, to an unaffiliated third party; (ii) it will not be eligible to submit a request for these 40,040 Class P Shares pursuant to the Company’s SRP prior to the fifth anniversary of the date on which such shares were purchased (November 2021); and (iii) repurchase requests made for these Class P Shares will only be accepted (a) on the last business day of a calendar quarter, (b) after all repurchase requests from all other stockholders for such quarter have been accepted and (c) to the extent that such repurchases do not cause total repurchases in the quarter in which they are being repurchased to exceed that quarter’s repurchase cap
Sub-Advisor | Class P Common Stock
Related Party Transaction [Line Items]
Proceeds from issuance of common stock			$ 3,000,000
Common stock, shares, issued			120,000
Payment of selling commissions			$ 0
Payment of dealer manager fees			0
Payment of organization and offering expenses			$ 0
Description of subscription agreement				Sound Point has agreed pursuant to its subscription agreement that, for so long as the Sub-Advisor or its affiliate is serving as the Sub-Advisor, (i) it will not be eligible to submit a request for the repurchase of these 120,000 shares pursuant to the Company’s SRP prior to the fifth anniversary of the date on which such shares were purchased (November 2021); and (ii) repurchase requests made for these shares will only be accepted (a) on the last business day of a calendar quarter, (b) after all repurchase requests from all other stockholders for such quarter have been accepted and (c) to the extent that such repurchases do not cause total repurchases in the quarter in which they are being repurchased to exceed that quarter’s repurchase cap.
Inland Real Estate Investment Corporation | Revolving Credit Liquidity Letter Agreements
Related Party Transaction [Line Items]
Number of days notice of termination prior to maturity date of agreement	60 days	60 days
Fixed interest rate	6.00%	6.00%
Inland Real Estate Investment Corporation | Revolving Credit Liquidity Letter Agreements | Maximum
Related Party Transaction [Line Items]
Aggregate principal amount outstanding	$ 5,000,000	$ 15,000,000
Inland Real Estate Investment Corporation | Revolving Credit Liquidity Letter Agreements | Minimum [Member]
Related Party Transaction [Line Items]
Stockholders equity balance to trigger termination of liquidity letter agreements	$ 500,000,000	$ 500,000,000

Transactions with Related Par_4

Transactions with Related Parties - Summary of Related Party Transactions (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Related Party Transaction [Line Items]
Advisory fee	$ 3,217	$ 5,528	$ 5,632
Accrued stockholder servicing fee	(85)	401	273
Total, payable	2,894	2,093
Advisor Sub Advisor And Dealer Manager
Related Party Transaction [Line Items]
Organization and offering expense reimbursement	26	70	390
Selling commissions and dealer manager fee	8	758	7,299
Advisory fee	3,217	5,528	5,632
Loan fees	4,597	1,508	2,089
Accrued stockholder servicing fee	(23)	446	277
Operating expense reimbursement to Advisor	56	1	5
Expense reimbursement received from Advisor			(359)
Total	7,881	8,311	$ 15,333
Advisory fee, payable	321	507
Loan fees, payable	1,983	912
Accrued stockholder servicing fee, payable	590	674
Total, payable	$ 2,894	$ 2,093

Transactions with Related Par_5

Transactions with Related Parties - Summary of Related Party Transactions (Parenthetical) (Details) - Advisor - USD ($)	Jul. 01, 2021	Jul. 16, 2019	Jun. 30, 2021	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2021
Related Party Transaction [Line Items]
Maximum percentage of gross proceeds from issuance of initial public offering							15.00%
Percentage of excess total return	20.00%
Percentage of gross value of assets, paid monthly			0.104%
Percentage of net asset value of assets, paid monthly			0.104%
Fixed component of advisory fee waived				$ 1,475,000	$ 874,000	$ 1,109,000
Performance component of advisory fee waived					0	319,000
Expense reimbursement received from advisor				$ 0	$ 0	$ 359,000
Class D and Class I Common Stock
Related Party Transaction [Line Items]
Percentage of upfront selling commission				0.00%
Percentage of upfront dealer manager fee				0.00%
Class T Common Stock
Related Party Transaction [Line Items]
Percentage of stockholder servicing fees on net asset value				0.85%
Class S Common Stock
Related Party Transaction [Line Items]
Aggregate percentage of stockholder servicing fees on net asset value				0.85%
Class D Common Stock
Related Party Transaction [Line Items]
Aggregate percentage of stockholder servicing fees on net asset value				0.25%
Initial Public Offering | Class T Common Stock
Related Party Transaction [Line Items]
Percentage of upfront dealer manager fee				0.50%
Maximum
Related Party Transaction [Line Items]
Percentage of aggregate total return	15.00%
Percentage of net asset value of assets, paid monthly			0.208%
Maximum | Private Offering | Class P Common Stock
Related Party Transaction [Line Items]
Percentage of selling commission		5.00%
Percentage of dealer manager fee		3.00%
Maximum | Initial Public Offering | Class A Common Stock
Related Party Transaction [Line Items]
Percentage of upfront selling commission				6.00%
Percentage of upfront dealer manager fee				1.25%
Percentage of participation dealers fee				7.25%
Maximum | Initial Public Offering | Class T Common Stock
Related Party Transaction [Line Items]
Percentage of upfront selling commission				3.00%
Percentage of participation dealers fee				3.50%
Maximum | Initial Public Offering | Class S Common Stock
Related Party Transaction [Line Items]
Percentage of upfront selling commission				3.50%
Minimum
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) $ in Thousands	12 Months Ended
	Dec. 31, 2021USD ($)Director	Dec. 31, 2020USD ($)	Dec. 31, 2019USD ($)
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of independent directors | Director	3
RSP | Restricted Shares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Fair value of restricted shares at vesting date	$ 33
RSP | Restricted Shares | Independent Directors
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting period	3 years
Compensation expense	$ 34	$ 31	$ 20
Unrecognized compensation cost	$ 56
Weighted average remaining period that compensation expense recognizable	1 year 4 months 6 days

Equity-Based Compensation - Sum

Equity-Based Compensation - Summary of Total Stock Grants (Details) - USD ($) $ / shares in Units, $ in Thousands	Oct. 14, 2021	Dec. 01, 2020	Dec. 02, 2019	Jan. 07, 2019	Mar. 01, 2018	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Class P Common Stock
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total number of shares granted								2,400
Class I Common Stock
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total number of shares granted						1,477	1,393	1,197
Restricted Shares | RSP
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Grant Date Fair Value Per Share						$ 20.31
Restricted Shares | RSP | Class P Common Stock
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total number of shares granted				1,200	1,200
Grant Date Fair Value Per Share				$ 25	$ 25
Total Fair Value of Grant				$ 30	$ 30
Proportion of total shares that vest annually				33.33%	33.33%
Restricted Shares | RSP | Class I Common Stock
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total number of shares granted	1,477	1,393	1,197
Grant Date Fair Value Per Share	$ 20.31	$ 21.54	$ 25.07
Total Fair Value of Grant	$ 30	$ 30	$ 30
Proportion of total shares that vest annually	33.33%	33.33%	33.33%
Year 1 | Restricted Shares | RSP | Class P Common Stock
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting Date				Jan. 7, 2020	Mar. 1, 2019
Year 1 | Restricted Shares | RSP | Class I Common Stock
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting Date	Oct. 14, 2022	Dec. 1, 2021	Dec. 2, 2020
Year 2 | Restricted Shares | RSP | Class P Common Stock
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting Date				Jan. 7, 2021	Mar. 1, 2020
Year 2 | Restricted Shares | RSP | Class I Common Stock
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting Date	Oct. 14, 2023	Dec. 1, 2022	Dec. 2, 2021
Year 3 | Restricted Shares | RSP | Class P Common Stock
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting Date				Jan. 7, 2022	Mar. 1, 2021
Year 3 | Restricted Shares | RSP | Class I Common Stock
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting Date	Oct. 14, 2024	Dec. 1, 2023	Dec. 2, 2022

Equity-Based Compensation - S_2

Equity-Based Compensation - Summary of the Restricted Shares Granted under RSP (Details) - Restricted Shares - RSP	12 Months Ended
	Dec. 31, 2021$ / sharesshares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Outstanding beginning balance, Shares | shares	3,391
Granted, Shares | shares	1,477
Vested, Shares | shares	(1,663)
Outstanding ending balance, Shares | shares	3,205
Outstanding beginning balance, Weighted average grant date fair value per share | $ / shares	$ 23.59
Grant Date Fair Value Per Share | $ / shares	20.31
Vested, Weighted average grant date fair value per share | $ / shares	24.05
Outstanding ending balance, Weighted average grant date fair value per share | $ / shares	$ 21.85

Fair Value of Financial Instr_3

Fair Value of Financial Instruments - Schedule of Carrying Amount and Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Carrying Amount
Financial assets
Cash and cash equivalents	$ 57,268	$ 72,107
Commercial mortgage loans, net	665,498	441,814
Total	722,766	513,921
Financial liabilities
Credit facility payable	14,350
Loan participations sold	109,772
Total	431,205	290,699
Carrying Amount | Commercial Mortgage Loans
Financial liabilities
Repurchase agreements	307,083	290,699
Estimated Fair Value
Financial assets
Cash and cash equivalents	57,268	72,107
Commercial mortgage loans, net	667,405	441,267
Total	724,673	513,374
Financial liabilities
Credit facility payable	14,350
Loan participations sold	109,772
Total	431,205	290,699
Estimated Fair Value | Commercial Mortgage Loans
Financial liabilities
Repurchase agreements	$ 307,083	$ 290,699

Real Estate Owned - Schedule of

Real Estate Owned - Schedule of Company's REO Assets (Details) - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2021	Dec. 31, 2020
Real Estate [Line Items]
Real Estate Owned, Net		$ 31,535	$ 32,474
Hotel | Chicago, IL
Real Estate [Line Items]
Acquisition Date	[1],[2]	2020-08
Building and Improvements		$ 26,683
Furniture, Fixtures and Equipment		6,345
Accumulated Depreciation		(1,493)
Real Estate Owned, Net		$ 31,535
[1]	Refer to Note 2 – “Summary of Significant Accounting Policies” for useful life of the above assets.
[2]	Represents hotel ground lease interest acquired by the Company by completing a deed-in-lieu of foreclosure transaction.

Real Estate Owned - Additional

Real Estate Owned - Additional Information (Details) - Paycheck Protection Program - USD ($)	1 Months Ended
	Feb. 28, 2021	Dec. 31, 2021
Real Estate [Line Items]
Loans amount	$ 1,093,000
Loan term	5 years
Fixed interest rate	1.00%
Accrued expenses		$ 0

Leases - Additional Information

Leases - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 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 a property acquired through a deed-in-lieu of foreclosure transaction on August 20, 2020 and extends through March 31, 2098. The lease is classified as a finance lease. Under the ground lease, the Company is prohibited from mortgaging the land but is not prohibited from making a leasehold mortgage for property constructed on the land. The Company may terminate the lease as of March 31, 2049, March 31, 2065 and March 31, 2081 provided that twelve months’ notice is provided to the lessor prior to those respective dates.
Finance lease, commencement date	Apr. 1, 1999
Finance lease, expiration date	Mar. 31, 2098
Lessee finance lease termination description	Company may terminate the lease as of March 31, 2049, March 31, 2065 and March 31, 2081
Finance lease liability	$ 17,105	$ 16,790	$ 16,827
Finance lease, right of use asset	$ 5,549	$ 5,549	$ 5,549
Finance lease liability, interest rate	11.37%

Leases - Summary of Finance Lea

Leases - Summary of Finance Lease Cost (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Leases [Abstract]
Amortization of right-of-use assets	$ 71	$ 24
Interest on lease liabilities	1,925	634
Total finance lease cost	$ 1,996	$ 658

Leases - Schedule of Finance Le

Leases - Schedule of Finance Lease Right of Use Asset, Net of Amortization (Details) - USD ($) $ in Thousands	Dec. 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	(95)	(24)
Finance lease right of use asset, net of amortization	$ 5,454	$ 5,525

Leases - Schedule of Lease Paym

Leases - Schedule of Lease Payments for the Ground Lease (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020	Aug. 20, 2020
Leases [Abstract]
2022	$ 1,611
2023	1,611
2024	1,745
2025	1,772
2026	1,772
Thereafter	269,686
Total undiscounted lease payments	278,197
Less: Amount representing interest	(261,092)
Present value of lease liability	$ 17,105	$ 16,790	$ 16,827

Subsequent Events - Additional

Subsequent Events - Additional Information (Details) - $ / shares

Mar. 30, 2022

Feb. 28, 2022

Jan. 31, 2022

Jul. 31, 2020

Dec. 31, 2021

Nov. 30, 2021

Oct. 31, 2021

Sep. 30, 2021

Aug. 31, 2021

Jul. 31, 2021

Jun. 30, 2021

May 31, 2021

Apr. 30, 2021

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

Subsequent Event [Line Items]

Distributions record date

Jul. 31, 2020

Dec. 31, 2021

Nov. 30, 2021

Oct. 31, 2021

Sep. 30, 2021

Aug. 31, 2021

Jul. 31, 2021

Jun. 30, 2021

May 31, 2021

Apr. 30, 2021

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

Subsequent Event | Series A Preferred Stock

Subsequent Event [Line Items]

Distributions payable date

Mar. 30, 2022

Distributions record date

Mar. 15, 2022

Distributions declared date

Mar. 4, 2022

Distributions declared per share

$ 0.421875

Subsequent Event | Common Stock

Subsequent Event [Line Items]

Distributions payable date

Mar. 17, 2022

Feb. 17, 2022

Distributions record date

Feb. 28, 2022

Jan. 31, 2022

Distributions declared date

Feb. 25, 2022

Subsequent Events - Schedule of

Subsequent Events - Schedule of Declared Distributions for Class of Common Stock (Details) - $ / shares	Feb. 28, 2022	Jan. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Class P Common Stock
Subsequent Event [Line Items]
Aggregate gross distributions declared per share			$ 1.1669	$ 0.7648	$ 1.9200
Class A Common Stock
Subsequent Event [Line Items]
Aggregate gross distributions declared per share			1.1669	0.7148	0.5400
Class T Common Stock
Subsequent Event [Line Items]
Aggregate gross distributions declared per share			1.1669	0.7148	0.6750
Stockholder servicing fee per share			0.1720	0.1270	0.0890
Class D Common Stock
Subsequent Event [Line Items]
Aggregate gross distributions declared per share			1.1669	0.7148	0.5400
Stockholder servicing fee per share			0.0507	0.0373	0.0209
Class I Common Stock
Subsequent Event [Line Items]
Aggregate gross distributions declared per share			$ 1.1669	$ 0.7148	$ 0.6750
Subsequent Event | Class P Common Stock
Subsequent Event [Line Items]
Aggregate gross distributions declared per share	$ 0.1042	$ 0.1042
Net distributions declared per share	0.1042	0.1042
Subsequent Event | Class A Common Stock
Subsequent Event [Line Items]
Aggregate gross distributions declared per share	0.1042	0.1042
Net distributions declared per share	0.1042	0.1042
Subsequent Event | Class T Common Stock
Subsequent Event [Line Items]
Aggregate gross distributions declared per share	0.1042	0.1042
Stockholder servicing fee per share	0.0132	0.0146
Net distributions declared per share	0.0910	0.0896
Subsequent Event | Class D Common Stock
Subsequent Event [Line Items]
Aggregate gross distributions declared per share	0.1042	0.1042
Stockholder servicing fee per share	0.0039	0.0043
Net distributions declared per share	0.1003	0.0999
Subsequent Event | Class I Common Stock
Subsequent Event [Line Items]
Aggregate gross distributions declared per share	0.1042	0.1042
Net distributions declared per share	$ 0.1042	$ 0.1042

Subsequent Events - Schedule _2

Subsequent Events - Schedule of Commercial Mortgage Loans Originated (Details) - USD ($) $ in Thousands		Mar. 11, 2022	Mar. 08, 2022	Dec. 31, 2021	[1]	Dec. 31, 2020
Subsequent Event [Line Items]
Principal Balance				$ 664,170		$ 441,696
Subsequent Event | Secured Overnight Financing Rate (SOFR)
Subsequent Event [Line Items]
All-in Yield			0.26%
Subsequent Event | First Mortgage Loan | Multifamily | Secured Overnight Financing Rate (SOFR) | MO
Subsequent Event [Line Items]
Origination Date		Jan. 14, 2022
Principal Balance		$ 36,800
Cash Coupon	[2]	S+3.40%
All-in Yield	[2]	3.70%
Maximum Maturity	[3]	Jan. 9, 2027
LTV	[4]	80.00%
Subsequent Event | First Mortgage Loan | Multifamily | Secured Overnight Financing Rate (SOFR) | NC
Subsequent Event [Line Items]
Origination Date		Jan. 28, 2022
Principal Balance		$ 12,300
Cash Coupon	[2]	S+3.30%
All-in Yield	[2]	3.60%
Maximum Maturity	[3]	Feb. 9, 2027
LTV	[4]	70.00%
Subsequent Event | First Mortgage Loan | Multifamily | Secured Overnight Financing Rate (SOFR) | TX
Subsequent Event [Line Items]
Origination Date		Mar. 1, 2022
Principal Balance		$ 26,185
Cash Coupon	[2]	S+3.40%
All-in Yield	[2]	3.70%
Maximum Maturity	[3]	Mar. 9, 2027
LTV	[4]	78.00%
Subsequent Event | First Mortgage Loan | Retail | Secured Overnight Financing Rate (SOFR) | NC
Subsequent Event [Line Items]
Origination Date		Jan. 20, 2022
Principal Balance		$ 16,153
Cash Coupon	[2]	S+3.65%
All-in Yield	[2]	3.90%
Maximum Maturity	[3]	Feb. 9, 2027
LTV	[4]	63.00%
Subsequent Event | First Mortgage Loan | Industrial | Secured Overnight Financing Rate (SOFR) | NJ
Subsequent Event [Line Items]
Origination Date		Jan. 26, 2022
Principal Balance		$ 14,000
Cash Coupon	[2]	S+3.55%
All-in Yield	[2]	3.80%
Maximum Maturity	[3]	Feb. 9, 2027
LTV	[4]	63.00%
Subsequent Event | First Mortgage Loan | Mixed Use | Secured Overnight Financing Rate (SOFR) | NY
Subsequent Event [Line Items]
Origination Date		Feb. 25, 2022
Principal Balance		$ 30,000
Cash Coupon	[2]	S+3.04%
All-in Yield	[2]	3.30%
Maximum Maturity	[3]	Mar. 9, 2027
LTV	[4]	67.00%
[1]
[2]
[3]	Maximum maturity assumes all extension options are exercised by the borrower, however loans may be repaid prior to such date.
[4]	Loan-to-value (“LTV”) was determined at loan origination and is not updated for subsequent property valuations or loan modifications. The total is the weighted average LTV.

Subsequent Events - Schedule _3

Subsequent Events - Schedule of Commercial Mortgage Loans Originated (Parenthetical) (Details)	Mar. 08, 2022
Subsequent Event | SOFR Rate
Subsequent Event [Line Items]
All-in yield	0.26%

Schedule IV - Mortgage Loans _2

Schedule IV - Mortgage Loans on Real Estate - Schedule of Mortgage Loans on Real Estate (Details) - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2021		Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Mortgage Loans On Real Estate [Line Items]
Principal Balance		$ 664,170	[1]	$ 441,696
Carrying Amount		665,498	[1]	$ 441,814	$ 504,702	$ 249,573
First Mortgage Loan 1 | Office | London Interbank Offered Rate
Mortgage Loans On Real Estate [Line Items]
Principal Balance	[1]	14,650
Carrying Amount	[1]	$ 14,723
Cash Coupon	[1]	L+4.70%
Cash Coupon, Rate	[1]	4.70%
Periodic Payment Terms	[2]	I/O
Maximum Maturity	[3]	Jan. 9, 2023
First Mortgage Loan 2 | Office | London Interbank Offered Rate
Mortgage Loans On Real Estate [Line Items]
Principal Balance	[1]	$ 16,860
Carrying Amount	[1]	$ 17,113
Cash Coupon	[1]	L+4.50%
Cash Coupon, Rate	[1]	4.50%
Periodic Payment Terms	[2]	I/O
Maximum Maturity	[3]	Jul. 9, 2023
First Mortgage Loan 3 | Office | London Interbank Offered Rate
Mortgage Loans On Real Estate [Line Items]
Principal Balance	[1]	$ 24,411
Carrying Amount	[1]	$ 24,477
Cash Coupon	[1]	L+3.75%
Cash Coupon, Rate	[1]	3.75%
Periodic Payment Terms	[2]	I/O
Maximum Maturity	[3]	Sep. 9, 2023
First Mortgage Loan 4 | Multifamily | London Interbank Offered Rate
Mortgage Loans On Real Estate [Line Items]
Principal Balance	[1]	$ 5,200
Carrying Amount	[1]	$ 5,226
Cash Coupon	[1]	L+3.90%
Cash Coupon, Rate	[1]	3.90%
Periodic Payment Terms	[2]	I/O
Maximum Maturity	[3]	Dec. 9, 2023
First Mortgage Loan 5 | Hotel | London Interbank Offered Rate
Mortgage Loans On Real Estate [Line Items]
Principal Balance	[1]	$ 16,150
Carrying Amount	[1]	$ 16,170
Cash Coupon	[1]	L+4.20%
Cash Coupon, Rate	[1]	4.20%
Periodic Payment Terms	[2]	I/O
Maximum Maturity	[3]	Jun. 9, 2025
First Mortgage Loan 6 | Multifamily | London Interbank Offered Rate
Mortgage Loans On Real Estate [Line Items]
Principal Balance	[1]	$ 11,659
Carrying Amount	[1]	$ 11,712
Cash Coupon	[1]	L+3.45%
Cash Coupon, Rate	[1]	3.45%
Periodic Payment Terms	[2]	I/O
Maximum Maturity	[3]	Feb. 9, 2024
First Mortgage Loan 7 | Multifamily | London Interbank Offered Rate
Mortgage Loans On Real Estate [Line Items]
Principal Balance	[1]	$ 24,000
Carrying Amount	[1]	$ 24,077
Cash Coupon	[1]	L+3.25%
Cash Coupon, Rate	[1]	3.25%
Periodic Payment Terms	[2]	I/O
Maximum Maturity	[3]	Jun. 9, 2024
First Mortgage Loan 8 | Multifamily | London Interbank Offered Rate
Mortgage Loans On Real Estate [Line Items]
Principal Balance	[1]	$ 13,409
Carrying Amount	[1]	$ 13,475
Cash Coupon	[1]	L+3.25%
Cash Coupon, Rate	[1]	3.25%
Periodic Payment Terms	[2]	I/O
Maximum Maturity	[3]	Jun. 9, 2024
First Mortgage Loan 9 | Office | London Interbank Offered Rate
Mortgage Loans On Real Estate [Line Items]
Principal Balance	[1]	$ 47,746
Carrying Amount	[1]	$ 47,872
Cash Coupon	[1]	L+2.75%
Cash Coupon, Rate	[1]	2.75%
Periodic Payment Terms	[2]	I/O
Maximum Maturity	[3]	Jul. 9, 2024
First Mortgage Loan10 | Mixed Use | London Interbank Offered Rate
Mortgage Loans On Real Estate [Line Items]
Principal Balance	[1]	$ 6,631
Carrying Amount	[1]	$ 6,646
Cash Coupon	[1]	L+3.60%
Cash Coupon, Rate	[1]	3.60%
Periodic Payment Terms	[2]	I/O
Maximum Maturity	[3]	Jul. 9, 2024
First Mortgage Loan 11 | Office | London Interbank Offered Rate
Mortgage Loans On Real Estate [Line Items]
Principal Balance	[1]	$ 8,258
Carrying Amount	[1]	$ 8,301
Cash Coupon	[1]	L+4.20%
Cash Coupon, Rate	[1]	4.20%
Periodic Payment Terms	[2]	I/O
Maximum Maturity	[3]	Sep. 9, 2024
First Mortgage Loan 12 | Office | London Interbank Offered Rate
Mortgage Loans On Real Estate [Line Items]
Principal Balance	[1]	$ 15,563
Carrying Amount	[1]	$ 15,587
Cash Coupon	[1]	L+3.10%
Cash Coupon, Rate	[1]	3.10%
Periodic Payment Terms	[2]	I/O
Maximum Maturity	[3]	Oct. 9, 2024
First Mortgage Loan 13 | Office | London Interbank Offered Rate
Mortgage Loans On Real Estate [Line Items]
Principal Balance	[1]	$ 20,958
Carrying Amount	[1]	$ 21,056
Cash Coupon	[1]	L+2.90%
Cash Coupon, Rate	[1]	2.90%
Periodic Payment Terms	[2]	I/O
Maximum Maturity	[3]	Oct. 9, 2024
First Mortgage Loan 14 | Multifamily | London Interbank Offered Rate
Mortgage Loans On Real Estate [Line Items]
Principal Balance	[1]	$ 13,907
Carrying Amount	[1]	$ 13,933
Cash Coupon	[1]	L+3.00%
Cash Coupon, Rate	[1]	3.00%
Periodic Payment Terms	[2]	I/O
Maximum Maturity	[3]	Nov. 9, 2024
First Mortgage Loan 15 | Multifamily | London Interbank Offered Rate
Mortgage Loans On Real Estate [Line Items]
Principal Balance	[1]	$ 34,007
Carrying Amount	[1]	$ 34,054
Cash Coupon	[1]	L+3.00%
Cash Coupon, Rate	[1]	3.00%
Periodic Payment Terms	[2]	I/O
Maximum Maturity	[3]	Dec. 9, 2024
First Mortgage Loan 16 | Office | London Interbank Offered Rate
Mortgage Loans On Real Estate [Line Items]
Principal Balance	[1]	$ 21,189
Carrying Amount	[1]	$ 21,283
Cash Coupon	[1]	L+3.30%
Cash Coupon, Rate	[1]	3.30%
Periodic Payment Terms	[2]	I/O
Maximum Maturity	[3]	Feb. 9, 2025
First Mortgage Loan 17 | Retail | London Interbank Offered Rate
Mortgage Loans On Real Estate [Line Items]
Principal Balance	[1]	$ 10,320
Carrying Amount	[1]	$ 10,356
Cash Coupon	[1]	L+3.85%
Cash Coupon, Rate	[1]	3.85%
Periodic Payment Terms	[2]	I/O
Maximum Maturity	[3]	Mar. 9, 2025
First Mortgage Loan 18 | Retail | London Interbank Offered Rate
Mortgage Loans On Real Estate [Line Items]
Principal Balance	[1]	$ 9,400
Carrying Amount	[1]	$ 9,415
Cash Coupon	[1]	L+3.50%
Cash Coupon, Rate	[1]	3.50%
Periodic Payment Terms	[2]	I/O
Maximum Maturity	[3]	Mar. 9, 2025
First Mortgage Loan 19 | Multifamily | London Interbank Offered Rate
Mortgage Loans On Real Estate [Line Items]
Principal Balance	[1]	$ 7,210
Carrying Amount	[1]	$ 7,218
Cash Coupon	[1]	L+4.00%
Cash Coupon, Rate	[1]	4.00%
Periodic Payment Terms	[2]	I/O
Maximum Maturity	[3]	Oct. 9, 2025
First Mortgage Loan 20 | Office | London Interbank Offered Rate
Mortgage Loans On Real Estate [Line Items]
Principal Balance	[1]	$ 13,000
Carrying Amount	[1]	$ 13,049
Cash Coupon	[1]	L+5.00%
Cash Coupon, Rate	[1]	5.00%
Periodic Payment Terms	[2]	I/O
Maximum Maturity	[3]	Mar. 9, 2026
First Mortgage Loan 21 | Industrial | London Interbank Offered Rate
Mortgage Loans On Real Estate [Line Items]
Principal Balance	[1]	$ 19,903
Carrying Amount	[1]	$ 19,918
Cash Coupon	[1]	L+4.00%
Cash Coupon, Rate	[1]	4.00%
Periodic Payment Terms	[2]	I/O
Maximum Maturity	[3]	Mar. 9, 2026
First Mortgage Loan 22 | Multifamily | London Interbank Offered Rate
Mortgage Loans On Real Estate [Line Items]
Principal Balance	[1]	$ 12,090
Carrying Amount	[1]	$ 12,111
Cash Coupon	[1]	L+3.50%
Cash Coupon, Rate	[1]	3.50%
Periodic Payment Terms	[2]	I/O
Maximum Maturity	[3]	Apr. 9, 2026
First Mortgage Loan 23 | Multifamily | London Interbank Offered Rate
Mortgage Loans On Real Estate [Line Items]
Principal Balance	[1]	$ 9,412
Carrying Amount	[1]	$ 9,427
Cash Coupon	[1]	L+3.50%
Cash Coupon, Rate	[1]	3.50%
Periodic Payment Terms	[2]	I/O
Maximum Maturity	[3]	Apr. 9, 2026
First Mortgage Loan 24 | Industrial | London Interbank Offered Rate
Mortgage Loans On Real Estate [Line Items]
Principal Balance	[1]	$ 9,090
Carrying Amount	[1]	$ 9,090
Cash Coupon	[1]	L+4.00%
Cash Coupon, Rate	[1]	4.00%
Periodic Payment Terms	[2]	I/O
Maximum Maturity	[3]	May 9, 2026
First Mortgage Loan 25 | Multifamily | London Interbank Offered Rate
Mortgage Loans On Real Estate [Line Items]
Principal Balance	[1]	$ 27,579
Carrying Amount	[1]	$ 27,579
Cash Coupon	[1]	L+3.15%
Cash Coupon, Rate	[1]	3.15%
Periodic Payment Terms	[2]	I/O
Maximum Maturity	[3]	May 9, 2026
First Mortgage Loan 26 | Multifamily | London Interbank Offered Rate
Mortgage Loans On Real Estate [Line Items]
Principal Balance	[1]	$ 11,200
Carrying Amount	[1]	$ 11,206
Cash Coupon	[1]	L+3.20%
Cash Coupon, Rate	[1]	3.20%
Periodic Payment Terms	[2]	I/O
Maximum Maturity	[3]	Jun. 9, 2026
First Mortgage Loan 27 | Multifamily | London Interbank Offered Rate
Mortgage Loans On Real Estate [Line Items]
Principal Balance	[1]	$ 15,138
Carrying Amount	[1]	$ 15,146
Cash Coupon	[1]	L+3.10%
Cash Coupon, Rate	[1]	3.10%
Periodic Payment Terms	[2]	I/O
Maximum Maturity	[3]	Jun. 9, 2026
First Mortgage Loan 28 | Mixed Use | London Interbank Offered Rate
Mortgage Loans On Real Estate [Line Items]
Principal Balance	[1]	$ 20,500
Carrying Amount	[1]	$ 20,543
Cash Coupon	[1]	L+8.00%
Cash Coupon, Rate	[1]	8.00%
Periodic Payment Terms	[2]	I/O
Maximum Maturity	[3]	Dec. 9, 2023
First Mortgage Loan 29 | Mixed Use | London Interbank Offered Rate
Mortgage Loans On Real Estate [Line Items]
Principal Balance	[1]	$ 6,430
Carrying Amount	[1]	$ 6,435
Cash Coupon	[1]	L+4.50%
Cash Coupon, Rate	[1]	4.50%
Periodic Payment Terms	[2]	I/O
Maximum Maturity	[3]	Jul. 9, 2026
First Mortgage Loan 30 | Multifamily | London Interbank Offered Rate
Mortgage Loans On Real Estate [Line Items]
Principal Balance	[1]	$ 29,350
Carrying Amount	[1]	$ 29,350
Cash Coupon	[1]	L+3.20%
Cash Coupon, Rate	[1]	3.20%
Periodic Payment Terms	[2]	I/O
Maximum Maturity	[3]	Oct. 9, 2026
Credit Loan 1 | Office
Mortgage Loans On Real Estate [Line Items]
Principal Balance	[1]	$ 7,500
Carrying Amount	[1]	$ 7,500
Cash Coupon, Rate	[1]	9.20%
Periodic Payment Terms	[2]	I/O
Maximum Maturity	[3]	Oct. 11, 2027
First Mortgage Loan 31 | Multifamily | London Interbank Offered Rate
Mortgage Loans On Real Estate [Line Items]
Principal Balance	[1]	$ 22,280
Carrying Amount	[1]	$ 22,280
Cash Coupon	[1]	L+2.95%
Cash Coupon, Rate	[1]	2.95%
Periodic Payment Terms	[2]	I/O
Maximum Maturity	[3]	Nov. 9, 2026
Credit Loan 2 | Office
Mortgage Loans On Real Estate [Line Items]
Principal Balance	[1]	$ 6,000
Carrying Amount	[1]	$ 6,000
Cash Coupon, Rate	[1]	10.00%
Periodic Payment Terms	[2]	I/O
Maximum Maturity	[3]	Oct. 6, 2024
First Mortgage Loan 32 | Multifamily | London Interbank Offered Rate
Mortgage Loans On Real Estate [Line Items]
Principal Balance	[1]	$ 24,810
Carrying Amount	[1]	$ 24,810
Cash Coupon	[1]	L+2.90%
Cash Coupon, Rate	[1]	2.90%
Periodic Payment Terms	[2]	I/O
Maximum Maturity	[3]	Nov. 9, 2026
First Mortgage Loan 33 | Multifamily | London Interbank Offered Rate
Mortgage Loans On Real Estate [Line Items]
Principal Balance	[1]	$ 21,150
Carrying Amount	[1]	$ 21,150
Cash Coupon	[1]	L+3.05%
Cash Coupon, Rate	[1]	3.05%
Periodic Payment Terms	[2]	I/O
Maximum Maturity	[3]	Dec. 9, 2026
First Mortgage Loan 34 | Multifamily | London Interbank Offered Rate
Mortgage Loans On Real Estate [Line Items]
Principal Balance	[1]	$ 22,650
Carrying Amount	[1]	$ 22,650
Cash Coupon	[1]	L+2.85%
Cash Coupon, Rate	[1]	2.85%
Periodic Payment Terms	[2]	I/O
Maximum Maturity	[3]	Dec. 9, 2026
First Mortgage Loan 35 | Multifamily | London Interbank Offered Rate
Mortgage Loans On Real Estate [Line Items]
Principal Balance	[1]	$ 39,350
Carrying Amount	[1]	$ 39,350
Cash Coupon	[1]	L+3.05%
Cash Coupon, Rate	[1]	3.05%
Periodic Payment Terms	[2]	I/O
Maximum Maturity	[3]	Dec. 9, 2026
First Mortgage Loan 36 | Multifamily | London Interbank Offered Rate
Mortgage Loans On Real Estate [Line Items]
Principal Balance	[1]	$ 25,210
Carrying Amount	[1]	$ 25,210
Cash Coupon	[1]	L+3.20%
Cash Coupon, Rate	[1]	3.20%
Periodic Payment Terms	[2]	I/O
Maximum Maturity	[3]	Jan. 9, 2027
[1]
[2]
[3]	Maximum maturity assumes all extension options are exercised.

Schedule IV - Mortgage Loans _3

Schedule IV - Mortgage Loans on Real Estate - Schedule of Mortgage Loans on Real Estate (Parenthetical) (Details)	12 Months Ended
	Dec. 31, 2021
Mortgage Loans On Real Estate [Line Items]
Undivided senior interest sold	80.00%
Interest rate on loan participants sold	L+2.00
Spread on loan participations sold	2.00%
Undivided subordinate interest retained	20.00%
London Interbank Offered Rate (LIBOR)
Mortgage Loans On Real Estate [Line Items]
Mortgage loans floor interest rate	0.99%

Schedule IV - Mortgage Loans _4

Schedule IV - Mortgage Loans on Real Estate - Schedule of Reconciliation of Commercial Mortgage Loans, at Cost (Details) - USD ($) $ in Thousands	1 Months Ended	12 Months Ended
	May 31, 2020	Dec. 31, 2021		Dec. 31, 2020	Dec. 31, 2019
Mortgage Loans On Real Estate [Abstract]
Balance at Beginning of Year		$ 441,814		$ 504,702	$ 249,573
Loan fundings		337,033		69,135	329,155
Deferred interest capitalized on commercial loan		0		386	0
Amortization of deferred fees and expenses		1,440		1,818	2,403
Collections of principal		(114,558)		(99,727)	(74,478)
Sale of commercial loan	$ (10,000)	0		(10,000)	0
Provision for loan losses		0		(4,726)	0
Transfer on deed-in-lieu of foreclosure to real estate owned		0		(19,774)	0
Net fees capitalized into carrying value of loans		(231)		0	(1,951)
Balance at End of Period		$ 665,498	[1]	$ 441,814	$ 504,702
[1]