Granite Point Mortgage Trust (GPMT) 10-K 27 Feb 19 2018 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Feb. 26, 2019	Jun. 30, 2018
Entity Information [Line Items]
Entity Registrant Name	GRANITE POINT MORTGAGE TRUST INC.
Entity Central Index Key	1,703,644
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Emerging Growth Company	false
Entity Small Business	false
Document Type	10-K
Document Period End Date	Dec. 31, 2018
Document Fiscal Year Focus	2,018
Document Fiscal Period Focus	FY
Amendment Flag	false
Entity Common Stock, Shares Outstanding		50,885,503
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Public Float			$ 780.3
Entity Shell Company	false

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands		Dec. 31, 2018	Dec. 31, 2017
ASSETS
Loans held-for-investment		$ 3,167,913	$ 2,304,266
Available-for-sale securities, at fair value		12,606	12,798
Held-to-maturity securities		26,696	42,169
Cash and cash equivalents		91,700	107,765
Restricted cash		31,723	2,953
Accrued interest receivable		10,268	7,105
Deferred debt issuance costs		3,924	8,872
Prepaid expenses		1,055	390
Other assets		15,996	12,812
Total Assets	[1]	3,361,881	2,499,130
Liabilities
Repurchase agreements		1,500,543	1,521,608
Securitized debt obligations		654,263	0
Revolving credit facilities		75,000	0
Convertible senior notes		268,138	121,314
Accrued interest payable		6,394	3,119
Unearned interest income		510	197
Dividends payable		18,346	16,454
Other liabilities		10,156	6,817
Total Liabilities	[1]	2,533,350	1,669,509
10% cumulative redeemable preferred stock, par value $0.01 per share; 50,000,000 shares authorized and 1,000 and 1,000 shares issued and outstanding, respectively		1,000	1,000
Stockholders' Equity
Common stock, par value $0.01 per share; 450,000,000 shares authorized and 43,621,174 and 43,235,103 shares issued and outstanding, respectively		436	432
Additional paid-in capital		836,288	829,704
Accumulated other comprehensive loss		(192)	0
Cumulative earnings		91,875	28,800
Cumulative distributions to stockholders		100,876	30,315
Total Stockholders’ Equity		827,531	828,621
Total Liabilities and Stockholders’ Equity		$ 3,361,881	$ 2,499,130
[1]	The consolidated balance sheets include assets of consolidated variable interest entities, or VIEs, that can only be used to settle obligations of these VIEs, and liabilities of the consolidated VIEs for which creditors do not have recourse to Granite Point Mortgage Trust Inc. At December 31, 2018 and December 31, 2017 , assets of the VIEs totaled $829,147 and $46,068 , and liabilities of the VIEs totaled $654,952 and $0 , respectively. See Note 3 - Variable Interest Entities

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Statement of Financial Position [Abstract]
10% cumulative redeemable preferred stock par value per share (in usd per share)	$ 0.01	$ 0.01
10% cumulative redeemable preferred shares authorized (in shares)	50,000,000	50,000,000
10% cumulative redeemable preferred shares issued (in shares)	1,000	1,000
10% cumulative redeemable preferred shares outstanding (in shares)	1,000	1,000
Common stock par value per share (in usd per share)	$ 0.01	$ 0.01
Common shares authorized (in shares)	450,000,000	450,000,000
Common shares issued (in shares)	43,621,174	43,235,103
Common shares outstanding (in shares)	43,621,174	43,235,103
Assets of consolidated Variable Interest Entities	$ 829,147	$ 46,068
Liabilities of consolidated Variable Interest Entities	$ 654,952	$ 0

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Interest income:
Loans held-for-investment	$ 179,284	$ 113,050	$ 55,627
Available-for-sale securities	1,160	1,035	1,002
Held-to-maturity securities	3,194	3,726	4,192
Cash and cash equivalents	242	26	7
Total interest income	183,880	117,837	60,828
Interest expense:
Repurchase agreements	62,432	37,968	8,611
Securitized debt obligations	17,660	0	0
Convertible senior notes	10,783	397	0
Revolving credit facilities	648	0	0
Note payable to affiliate	0	4,098	2,418
Total interest expense	91,523	42,463	11,029
Net interest income	92,357	75,374	49,799
Other income:
Fee income	1,446	0	203
Total other income	1,446	0	203
Expenses:
Management fees	12,509	9,737	7,173
Servicing expenses	2,196	1,354	605
Other operating expenses	16,025	10,982	6,878
Total expenses	30,730	22,073	14,656
Income before income taxes	63,073	53,301	35,346
Benefit from income taxes	(2)	(4)	(11)
Net income	63,075	53,305	35,357
Dividends on preferred stock	100	50	0
Net income attributable to common stockholders	$ 62,975	$ 53,255	$ 35,357
Basic earnings per weighted average common share (in usd per share)	$ 1.45	$ 0.60	$ 0
Diluted earnings per weighted average common share (in usd per share)	1.42	0.60	0
Dividends declared per common share (in usd per share)	$ 1.62	$ 0.70	$ 0
Weighted average basic common shares outstanding (in shares)	43,445,384	43,234,671	0
Weighted average diluted common shares outstanding (in shares)	52,039,997	43,234,671	0
Comprehensive income:
Net income attributable to common stockholders	$ 62,975	$ 53,255	$ 35,357
Other comprehensive (loss) income, net of tax:
Unrealized (loss) gain on available-for-sale securities	(192)	112	(112)
Other comprehensive (loss) income	(192)	112	(112)
Comprehensive income attributable to common stockholders	$ 62,783	$ 53,367	$ 35,245

CONSOLIDATED STATEMENTS OF STOC

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Accumulated Other Comprehensive (Loss) Income	Cumulative Earnings	Cumulative Distributions to Stockholders
Common shares outstanding at beginning of period (in shares) at Dec. 31, 2015		0
Stockholders’ equity at beginning of period at Dec. 31, 2015	$ 486,942	$ 0	$ 486,804	$ 0	$ 138	$ 0
Capital contributions from Two Harbors Investment Corp.	10,000		10,000
Distributions to Two Harbors Investment Corp.	(104,196)		(104,196)
Net income	35,357				35,357
Other comprehensive income before reclassifications	(112)			(112)
Amounts reclassified from accumulated other comprehensive income	0			0
Net other comprehensive income	$ (112)			(112)
Common shares outstanding at end of period (in shares) at Dec. 31, 2016	0	0
Stockholders’ equity at end of period at Dec. 31, 2016	$ 427,991	$ 0	392,608	(112)	35,495	0
Capital contributions from Two Harbors Investment Corp.	254,785		254,785
Distributions to Two Harbors Investment Corp.	(60,308)		(308)		(60,000)
Net income	53,305				53,305
Other comprehensive income before reclassifications	112			112
Amounts reclassified from accumulated other comprehensive income	0			0
Net other comprehensive income	$ 112			112
Issuance of common stock, net of offering costs (in shares)	43,071,000	43,071,000
Issuance of common stock, net of offering costs	$ 181,964	$ 431	181,533
Common dividends declared	(30,265)					(30,265)
Preferred dividends declared	$ (50)					(50)
Non-cash equity award compensation (in shares)	164,103	164,103
Non-cash equity award compensation	$ 1,087	$ 1	1,086
Common shares outstanding at end of period (in shares) at Dec. 31, 2017	43,235,103	43,235,103
Stockholders’ equity at end of period at Dec. 31, 2017	$ 828,621	$ 432	829,704	0	28,800	(30,315)
Capital contributions from Two Harbors Investment Corp.	0
Distributions to Two Harbors Investment Corp.	0
Net income	63,075				63,075
Other comprehensive income before reclassifications	(192)			(192)
Amounts reclassified from accumulated other comprehensive income	0			0
Net other comprehensive income	$ (192)			(192)
Issuance of common stock, net of offering costs (in shares)	164,940	164,940
Issuance of common stock, net of offering costs	$ 3,092	$ 2	3,090
Common dividends declared	(70,461)					(70,461)
Preferred dividends declared	$ (100)					(100)
Non-cash equity award compensation (in shares)	221,131	221,131
Non-cash equity award compensation	$ 3,496	$ 2	3,494
Common shares outstanding at end of period (in shares) at Dec. 31, 2018	43,621,174	43,621,174
Stockholders’ equity at end of period at Dec. 31, 2018	$ 827,531	$ 436	$ 836,288	$ (192)	$ 91,875	$ (100,876)

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS $ in Thousands	12 Months Ended
	Dec. 31, 2018USD ($)	Dec. 31, 2017USD ($)	Dec. 31, 2016USD ($)
Cash Flows From Operating Activities:
Net income	$ 63,075	$ 53,305	$ 35,357
Adjustments to reconcile net income to net cash provided by operating activities:
Accretion of discounts and net deferred fees on loans held-for-investment	(12,852)	(7,963)	(7,244)
Amortization of deferred debt issuance costs on convertible senior notes and securitized debt obligations	3,785	4,573	1,375
Equity based compensation	3,496	1,087	0
Depreciation of fixed assets	19	0	0
Net change in assets and liabilities:
Increase in accrued interest receivable	(3,163)	(3,360)	(2,178)
Increase in prepaid expenses	(665)	(390)	0
Increase in other assets	(3,203)	(5,072)	(5,431)
Increase in accrued interest payable	3,275	2,464	582
Increase (decrease) in unearned interest income	313	54	(12)
Increase in income taxes payable	0	0	(70)
(Decrease) increase in other payables to affiliates	0	(21,460)	13,173
Increase (decrease) in other liabilities	3,339	6,258	(47)
Increase in 10% cumulative redeemable preferred stock	0	1,000	0
Net cash provided by operating activities	57,419	30,496	35,505
Cash Flows From Investing Activities:
Originations, acquisitions and additional fundings of loans held-for-investment, net of deferred fees	(1,319,529)	(1,032,478)	(775,731)
Proceeds from repayment of loans held-for-investment	468,734	100,466	1,377
Principal payments on available-for-sale securities	0	0	2,202
Principal payments on held-to-maturity securities	15,473	6,083	15,008
Decrease (increase) in due from counterparties	0	249	(249)
Net cash used in investing activities	(835,322)	(925,680)	(757,393)
Cash Flows From Financing Activities:
Proceeds from repurchase agreements	1,228,361	1,735,685	998,698
Principal payments on repurchase agreements	(1,249,426)	(665,244)	(606,880)
Proceeds from issuance of securitized debt obligations	651,374	0	0
Proceeds from convertible senior notes	145,928	121,288	0
Proceeds from revolving credit facilities	124,394	0	0
Repayment of revolving credit facilities	(49,394)	0	0
Proceeds from note payable to affiliate	0	110,653	437,888
Repayment of note payable to affiliate	0	(704,285)	(11,518)
Decrease (increase) in deferred debt issuance costs	4,948	(11,054)	(2,163)
Proceeds from issuance of common stock, net of offering costs	3,092	181,964	0
Proceeds from capital contributions from Two Harbors Investment Corp.	0	254,785	10,000
Payments for distributions of capital to Two Harbors Investment Corp.	0	(60,308)	(104,196)
Dividends paid on preferred stock	(100)	(25)	0
Dividends paid on common stock	(68,569)	(13,836)	0
Net cash provided by financing activities	790,608	949,623	721,829
Net increase (decrease) in cash, cash equivalents and restricted cash	12,705	54,439	(59)
Cash, cash equivalents and restricted cash at beginning of period	110,718	56,279	56,338
Cash, cash equivalents and restricted cash at end of period	123,423	110,718	56,279
Supplemental Disclosure of Cash Flow Information:
Cash paid for interest	88,248	39,999	10,448
Cash (received) paid for taxes	(5)	(4)	64
Noncash Activities:
Acquisition of TH Commercial Holdings LLC from Two Harbors Investment Corp. in exchange for common and preferred shares (See Note 1)	0	651,000	0
Dividends declared but not paid at end of period	$ 18,346	$ 16,454	$ 0

Organization and Operations

Organization and Operations	12 Months Ended
	Dec. 31, 2018
Organization and Operations [Abstract]
Organization and Operations	Organization and Operations Granite Point Mortgage Trust Inc., or the Company, is a Maryland corporation that focuses primarily on directly originating, investing in and managing senior floating-rate commercial mortgage loans and other debt and debt-like commercial real estate investments. The Company is externally managed by Pine River Capital Management L.P., or the Manager. The Company’s common stock is listed on the New York Stock Exchange, or NYSE, under the symbol “GPMT”. The Company was incorporated on April 7, 2017 and commenced operations as a publicly traded company on June 28, 2017, upon completion of an initial public offering, or the IPO. Concurrently with the closing of the IPO, the Company completed a formation transaction, or the Formation Transaction, pursuant to which the Company acquired the equity interests in TH Commercial Holdings LLC, or the Predecessor, from Two Harbors Investment Corp., or Two Harbors, a publicly traded hybrid mortgage real estate investment trust (NYSE: TWO). In exchange, the Company issued 33,071,000 shares of its common stock, representing approximately 76.5% of its outstanding common stock after the IPO, and 1,000 shares of its 10% cumulative redeemable preferred stock to Two Harbors. Upon the completion of the Formation Transaction, the Predecessor became the Company’s wholly owned indirect subsidiary. On November 1, 2017, Two Harbors distributed to its common stockholders the 33,071,000 shares of the Company’s common stock it had acquired in connection with the Formation Transaction, allowing the Company’s market capitalization to be fully floating.

Basis of Presentation and Signi

Basis of Presentation and Significant Accounting Policies	12 Months Ended
	Dec. 31, 2018
Basis of Presentation and Significant Accounting Policies [Abstract]
Basis of Presentation and Significant Accounting Policies	Basis of Presentation and Significant Accounting Policies Consolidation and Basis of Presentation The accompanying consolidated financial statements include the accounts of all subsidiaries; inter-company accounts and transactions have been eliminated. Certain prior period amounts have been reclassified to conform to the current period presentation. The accounting and reporting policies of the Company conform to U.S. generally accepted accounting principles, or U.S. GAAP. All trust entities in which the Company holds investments that are considered VIEs for financial reporting purposes were reviewed for consolidation under the applicable consolidation guidance. Whenever the Company has both the power to direct the activities of a trust that most significantly impact the entities’ performance, and the obligation to absorb losses or the right to receive benefits of the entities that could be significant, the Company consolidates the trust. Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make a number of significant estimates. These include estimates of fair value of certain assets and liabilities, amount and timing of allowances for loan losses and impairments and other estimates that affect the reported amounts of certain assets and liabilities as of the date of the consolidated financial statements and the reported amounts of certain revenues and expenses during the reported period. It is likely that changes in these estimates ( e.g. , valuation changes to the underlying collateral of loans due to changes in capitalization rates, leasing, credit worthiness of major tenants, occupancy rates, availability of financing, exit plan, loan sponsorship, actions of other lenders, overall economic conditions, the broader commercial real estate market, local geographic sub-markets or other factors) will occur in the near term. The Company’s estimates are inherently subjective in nature and actual results could differ from its estimates and the differences may be material. Significant Accounting Policies Formation Transaction On June 28, 2017, the Company completed the Formation Transaction, through which the Company acquired the equity interests in the Predecessor from Two Harbors. In accordance with Accounting Standards Codification (ASC) 805, Business Combinations , the Predecessor is considered the acquiring or surviving entity, meaning the historical assets and liabilities of TH Commercial Holdings LLC included in the consolidated balance sheets are recorded at the Predecessor’s historical carryover cost basis. As a result of the Formation Transaction, the Company is considered a continuation of the Predecessor’s business operations and its historical results of operations and cash flows are included in the Company’s consolidated financial statements. In consideration for the contribution, Two Harbors received 33,071,000 shares of the Company’s common stock and 1,000 shares of cumulative redeemable preferred stock with an aggregate liquidation preference of $1,000 per share. Loans Held-for-Investment The Company originates and acquires commercial real estate debt and related instruments generally to be held as long-term investments. These assets are classified as loans held-for-investment on the consolidated balance sheets. Additionally, the Company was the sole certificate holder of a trust entity that held a commercial mezzanine loan. The trust was considered a VIE for financial reporting purposes and, thus, was reviewed for consolidation under the applicable consolidation guidance. As the Company had both the power to direct the activities of the trust that most significantly impact the entity’s performance, and the obligation to absorb losses or the right to receive benefits of the entity that could be significant, the Company consolidated the trust. The underlying loan was classified as a loan held-for-investment on the consolidated balance sheets. The loan was legally isolated from the Company and had been structured to be beyond the reach of creditors of the Company. In the second quarter of 2018, the Company financed a pool of its commercial real estate loans through a CLO, which is considered a VIE for financial reporting purposes and, thus, was reviewed for consolidation under the applicable consolidation guidance. Because the Company has both the power to direct the activities of the CLO that most significantly impact the entity’s performance, and the obligation to absorb losses or the right to receive benefits of the entity that could be significant, the Company consolidates the CLO and classifies the underlying loans as loans held-for-investment. Interest income on loans held-for-investment is recorded on the consolidated statements of comprehensive income. Loans held-for-investment are reported at cost, net of any unamortized acquisition premiums or discounts, loan fees and origination costs as applicable, unless the assets are deemed impaired. Impairment is indicated when it is deemed probable that the Company will not be able to collect all amounts due pursuant to the contractual terms of the loan. Because the Company’s loans held-for-investment are collateralized by real property or are collateral dependent, impairment is measured by comparing the estimated fair value of the underlying collateral less estimated costs to sell to the amortized cost of the respective loan. The valuation of the underlying collateral requires significant judgment, which includes assumptions regarding capitalization rates, leasing, credit worthiness of major tenants, occupancy rates, availability of financing, exit plan, loan sponsorship, actions of other lenders, overall economic conditions, the broader commercial real estate market, local geographic sub-markets, and other factors deemed necessary. If a loan is determined to be impaired, the Company records an allowance to reduce the carrying value of the loan through a charge to provision for loan losses. Actual losses, if any, could ultimately differ from these estimates. Interest income on loans held-for-investment is recognized at the loan coupon rate. Any premiums or discounts, loan fees, contractual exit fees and origination costs are amortized or accreted into interest income over the lives of the loans using the effective interest method. Loans are considered past due when they are 30 days past their contractual due date. Interest income recognition is suspended when loans are placed on nonaccrual status. Generally, commercial mortgage loans are placed on nonaccrual status when delinquent for more than 60 days or when determined not to be probable of full collection. Interest accrued, but not collected, at the date loans are placed on nonaccrual is reversed and subsequently recognized only to the extent it is received in cash or until it qualifies for return to accrual status. However, where there is doubt regarding the ultimate collectability of loan principal, all cash received is applied to reduce the carrying value of such loans. Commercial mortgage loans are restored to accrual status only when contractually current or the collection of future payments is reasonably assured. Available-for-Sale Securities, at Fair Value From time to time, the Company may selectively invest in commercial mortgage-backed securities, or CMBS, representing interests in pools of commercial mortgage loans issued by trusts. The Company has designated investments in certain CMBS as available-for-sale, or AFS, because the Company may dispose of them prior to maturity. All assets classified as AFS are reported at estimated fair value with unrealized gains and losses, excluding other than temporary impairments, included in accumulated other comprehensive loss. Interest income on available-for-sale securities is accrued based on the outstanding principal balance and their contractual terms. Premiums and discounts associated with CMBS are amortized into interest income over the life of such securities using the effective yield method. The Company evaluates its available-for-sale securities, on a quarterly basis, to assess whether a decline in the fair value of an AFS security below the Company’s amortized cost basis is an other-than-temporary impairment, or OTTI. The presence of OTTI is based upon a fair value decline below a security’s amortized cost basis and a corresponding adverse change in expected cash flows due to credit related factors as well as non-credit factors, such as changes in interest rates and market spreads. Impairment is considered other-than-temporary if an entity (i) intends to sell the security, (ii) will more likely than not be required to sell the security before it recovers in value, or (iii) does not expect to recover the security’s amortized cost basis, even if the entity does not intend to sell the security. Under these scenarios, the impairment is other-than-temporary and the full amount of impairment should be recognized currently in earnings and the cost basis of the investment security is adjusted. However, if an entity does not intend to sell the impaired debt security and it is more likely than not that it will not be required to sell before recovery, the OTTI is separated into (i) the estimated amount relating to credit loss, or credit component, and (ii) the amount relating to all other factors, or non-credit component. Only the estimated credit loss amount is recognized currently in earnings, with the remainder of the loss amount recognized in other comprehensive income (loss). The difference between the new amortized cost basis and the cash flows expected to be collected is accreted as interest income in accordance with the effective interest method. Held-to-Maturity Securities From time to time, the Company may selectively invest in commercial mortgage-backed securities, or CMBS, representing interests in pools of commercial mortgage loans issued by trusts. The Company has designated investments in certain CMBS as held-to-maturity, or HTM, because the Company has both the ability and intent to hold them until maturity. All assets classified as HTM are reported at stated cost plus any premiums or discounts, which are amortized or accreted through the consolidated statement of comprehensive income using the effective interest method. The Company evaluates its HTM securities, on a quarterly basis, to assess whether a decline in the fair value of an HTM security below the Company’s amortized cost basis is an OTTI. The presence of OTTI is based upon a fair value decline below a security’s amortized cost basis and a corresponding adverse change in expected cash flows due to credit related factors. Impairment is considered other-than-temporary if an entity does not expect to recover the security’s amortized cost basis. Impairment is recognized currently in earnings and the cost basis of the HTM security is adjusted. Cash and Cash Equivalents Cash and cash equivalents include cash held in bank accounts and cash held in money market funds on an overnight basis. Restricted Cash Restricted cash includes certain cash balances the Company is required to maintain in restricted accounts as collateral for the Company’s repurchase agreements and with counterparties to support activities related to securities. Cash held by counterparties as collateral, which resides in non-interest bearing accounts, is not available to the Company for general corporate purposes, but may be applied against amounts due to securities and repurchase agreement counterparties or returned to the Company when the collateral requirements are exceeded or at the maturity of the repurchase agreement. Accrued Interest Receivable Accrued interest receivable represents interest that is due and payable to the Company. Cash interest is generally received within thirty days of recording the receivable. Due from Counterparties Due from counterparties includes cash held by counterparties as collateral against the Company’s repurchase agreements but represents excess capacity and deemed unrestricted and a receivable from the counterparty as of the balance sheet date. Deferred Debt Issuance Costs Because the outstanding balance of the Company’s repurchase agreement facilities may fluctuate as the Company borrows and repays amounts, the Company presents unamortized deferred debt issuance costs related to these credit facilities as an asset on its consolidated balance sheets. Amortization of deferred debt issuance costs over the term of the related repurchase facility is reported within interest expense on repurchase agreements on the consolidated statements of comprehensive income. Repurchase Agreements The Company finances the acquisition of its loans held-for-investment, AFS securities and HTM securities through the use of repurchase agreements. Borrowings under repurchase agreements generally bear interest rates of a specified margin over one-month LIBOR and are generally uncommitted. The repurchase agreements are treated as collateralized financing transactions and are carried at their contractual amounts, as specified in the respective agreements. Securitized Debt Obligations In the second quarter of 2018, the Company financed a pool of its commercial real estate loans through a collateralized loan obligation, or CLO, retaining the subordinate securities in its investment portfolio. The securitization was accounted for as a financing arrangement and consolidated on the Company’s consolidated financial statements. The securitized debt obligations not retained by the Company, which are nonrecourse to the Company beyond the assets held in the CLO, are recorded at outstanding principal balance, net of any unamortized deferred debt issuance costs, on the Company’s consolidated balance sheets. Revolving Credit Facilities The Company finances the acquisition of its loans held-for-investment through the use of revolving credit facilities. Borrowings under revolving credit generally bear interest rates of a specified margin over one-month LIBOR and are generally uncommitted. The revolving credit facilities are treated as collateralized financing transactions and are carried at their contractual amounts, as specified in the respective agreements. Convertible Senior Notes Convertible senior notes include unsecured convertible debt that are carried at their unpaid principal balance, net of any unamortized deferred issuance costs, on the Company’s consolidated balance sheet. Interest on the notes is payable semiannually until such time the notes mature or are converted into shares of the Company’s common stock. Amortization of deferred debt issuance costs over the term of the notes is reported within interest expense on convertible senior notes on the consolidated statements of comprehensive income. Note Payable to Affiliate During the years ended December 31, 2017 and 2016, the Company financed certain of its loans held-for-investment through a revolving note payable to TH Insurance Holdings Company LLC, or TH Insurance, a captive insurance company and indirect subsidiary of Two Harbors and a member of the Federal Home Loan Bank of Des Moines, or the FHLB. In exchange for the note with TH Insurance, the Company received an allocated portion of TH Insurance’s advances from the FHLB and pledged to the FHLB a portion of its loans held-for-investment as collateral for TH Insurance’s advances. The affiliate note payable reflected terms consistent with TH Insurance’s FHLB advances. During the year ended December 31, 2017, the note payable to TH Insurance was in effect to assist with cash management and operational processes as the investments in the Company’s portfolio pledged to the FHLB were released and transitioned to its repurchase facilities. The affiliate note payable matured on October 27, 2017 and was repaid in full. Accrued Interest Payable Accrued interest payable represents interest that is due and payable to third parties. Interest is generally paid within 30 days to three months of recording the payable, based upon the Company’s remittance requirements. Income Taxes The Company has elected to be taxed as a REIT under the Code and the corresponding provisions of state law. To qualify as a REIT, the Company must distribute at least 90% of its annual REIT taxable income to stockholders (not including taxable income retained in its taxable subsidiaries) within the time frame set forth in the tax Code and the Company must also meet certain other requirements. In addition, because certain activities, if performed by the Company, may cause the Company to earn income which is not qualifying for the REIT gross income tests, the Company has formed a TRS, as defined in the Code, to engage in such activities. The TRS’s activities are subject to income taxes as well as any REIT taxable income not distributed to stockholders. The Company assesses its tax positions for all open tax years (2015, 2016 and 2017) and determines whether the Company has any material unrecognized liabilities in accordance with ASC 740, Income Taxes . The Company records these liabilities to the extent the Company deems them more likely than not to be incurred. The Company classifies interest and penalties on material uncertain tax positions as interest expense and other expense, respectively, in its consolidated statements of comprehensive income . There were no interest or penalties recorded during the periods presented in these financial statements. The Tax Cuts and Jobs Act of 2017 (“TCJA”) made many significant changes to the U.S. federal income tax laws applicable to businesses, including REITs and taxable REIT subsidiaries. Pursuant to the TCJA, as of January 1, 2018, the federal income tax rate applicable to corporations was reduced from 35% to 21% and the corporate alternative minimum tax was repealed. In addition, the deduction of net interest expense is limited for all businesses; provided that certain businesses, including real estate businesses, may elect not to be subject to such limitations and instead to depreciate their real property related assets over longer depreciable lives. Related Party Management Fee and Operating Expenses The Company does not have any employees and is externally managed by the Manager under the terms of a management agreement entered into in connection with closing of the IPO and Formation Transaction on June 28, 2017. Under the management agreement, the Manager and its affiliates provide the Company with the personnel and resources necessary to operate the Company’s business. In exchange, the Company pays the Manager a base management fee that is equal to 1.5% of the Company’s equity on an annualized basis as well as an incentive fee, which will be payable, if earned, beginning in the fourth quarter of 2018, in accordance with the terms of the management agreement. See further discussion of the base management fee and incentive fee calculations in Note 14 - Commitments and Contingencies . Prior to the IPO and Formation Transaction, the Predecessor was allocated its proportionate share of management fees incurred by Two Harbors under the management agreement that Two Harbors has with PRCM Advisers LLC, or PRCM Advisers, a subsidiary of the Manager. Under its management agreement with PRCM Advisers, Two Harbors pays the Manager Advisers a base management fee equal to 1.5% of its equity on an annualized basis. Additionally, certain direct and allocated operating expenses paid by the Manager to third-party vendors and by Two Harbors to PRCM Advisers and other third-party vendors are included in the Company’s consolidated statements of comprehensive income. Preferred Stock The Company accounts for its preferred stock in accordance with ASC 480, Distinguishing Liabilities from Equity . Holders of the Company’s preferred stock have certain preference rights with respect to the common stock. Based on the Company’s analysis, the preferred stock has been classified as redeemable interests outside of permanent equity in the mezzanine section of the Company’s consolidated balance sheet as a result of certain redemption requirements or other terms. Earnings Per Share Basic and diluted earnings per share are computed by dividing net income by the weighted average number of common shares and potential common shares outstanding during the period from the date the Company commenced operations as a publicly traded company and completed its IPO and Formation Transaction on June 28, 2017 through December 31, 2018 . Prior to its IPO and Formation Transaction, the Company did not have any publicly issued common stock. For both basic and diluted per share calculations, potential common shares represents issued and unvested shares of restricted stock, which have full rights to the common stock dividend declarations of the Company. If the assumed conversion of convertible notes into common shares is dilutive, diluted earnings per share is adjusted by adding back the periodic interest expense (net of any tax effects) associated with dilutive convertible notes to net income attributable to common stockholders and adding the shares issued in an assumed conversion to the diluted weighted average share count. Other Comprehensive Income (Loss) Current period net unrealized gains and losses on AFS securities are reported as components of accumulated other comprehensive income (loss) on the consolidated statements of stockholders’ equity and in the consolidated statements of comprehensive income. Equity Incentive Plan The Company has adopted the 2017 Equity Incentive Plan, or the Plan, to provide incentive compensation to attract and retain qualified directors, officers, advisors, consultants and other personnel, including certain personnel of the Manager and its affiliates. The Plan is administered by the compensation committee of the Company’s board of directors. The Plan permits the granting of restricted shares of common stock, phantom shares, dividend equivalent rights and other equity-based awards. See Note 17 - Equity Incentive Plan for further details regarding the Plan. The cost of equity-based compensation awarded to personnel provided by the manager is measured at fair value at each reporting date based on the price of the Company’s stock as of period end in accordance with ASC 505, Equity , or ASC 505, and amortized over the vesting term. Offsetting Assets and Liabilities Certain of the Company’s repurchase agreements are governed by underlying agreements that provide for a right of setoff in the event of default of either party to the agreement. Under certain of these agreements, the Company and the counterparty may be required to post cash collateral based upon the net underlying market value of the Company’s open positions with the counterparty. Under U.S. GAAP, if the Company has a valid right of setoff, it may offset the related asset and liability and report the net amount. The Company presents repurchase agreements subject to master netting arrangements or similar agreements on a gross basis. Regardless of whether or not the Company pledges or receives any cash collateral in accordance with its repurchase agreements, the Company does not offset financial assets and liabilities with the associated cash collateral on its consolidated balance sheets. The following table presents information about the Company’s repurchase agreements that are subject to master netting arrangements or similar agreements and can potentially be offset on the Company’s consolidated balance sheets as of December 31, 2018 and December 31, 2017 : (in thousands) December 31, December 31, Gross amounts of repurchase agreements $ 1,500,543 $ 1,521,608 Gross amounts offset in the consolidated balance sheets — — Net amounts of repurchase agreements presented in the consolidated balance sheets 1,500,543 1,521,608 Gross amounts not offset against repurchase agreements in the consolidated balance sheets (1) : Financial instruments (1,500,543 ) (1,521,608 ) Cash collateral received (pledged) — — Net amount $ — $ — ____________________ (1) Amounts presented are limited in total to the net amount of liabilities presented in the consolidated balance sheets by instrument. Excess cash collateral or financial assets that are pledged to counterparties may exceed the financial liabilities subject to a master netting arrangement or similar agreement. These excess amounts are excluded from the table above, although separately reported within restricted cash or due from counterparties in the Company’s consolidated balance sheets. Recently Issued and/or Adopted Accounting Standards Revenue from Contracts with Customers In May 2014, the Financial Accounting Standards Board, or FASB, issued ASU No. 2014-09, which is a comprehensive revenue recognition standard that supersedes virtually all existing revenue guidance under U.S. GAAP. The standard’s core principle is that an entity will recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods and services. As a result of the issuance of ASU No. 2015-14 in August 2015 deferring the effective date of ASU No. 2014-09 by one year, the ASU is effective for annual periods, and interim periods within those annual periods, beginning on or after December 15, 2017, with early adoption prohibited. The Company has evaluated the new guidance and determined that interest income and gains and losses on financial instruments are outside the scope of ASC 606, Revenues from Contracts with Customers . As a result, the adoption of this ASU did not have a material impact on the Company’s financial condition, results of operations or financial statement disclosures. Lease Classification and Accounting In February 2016, the FASB issued ASU No. 2016-02, which requires lessees to recognize on their balance sheets both a lease liability for the obligation to make lease payments and a right-of-use asset for the right to use the underlying asset for the lease term. The ASU is effective for annual periods, and interim periods within those annual periods, beginning on or after December 15, 2018, with early adoption permitted. The Company has determined this ASU will not have a material impact on the Company’s financial condition, results of operations or financial statement disclosures. Measurement of Credit Losses on Financial Instruments In June 2016, the FASB issued ASU No. 2016-13, which changes the impairment model for most financial assets and certain other instruments. Allowances for credit losses on available-for-sale, or AFS, and held-to-maturity, or HTM, debt securities will be recognized, rather than direct reductions in the amortized cost of the investments. The new model also requires the estimation of lifetime expected credit losses and corresponding recognition of allowance for losses on trade and other receivables, HTM debt securities, loans, and other instruments held at amortized cost. The ASU requires certain recurring disclosures and is effective for annual periods, and interim periods within those annual periods, beginning on or after December 15, 2019, with early adoption permitted for annual periods, and interim periods within those annual periods, beginning on or after December 15, 2018. The Company is evaluating the adoption of this ASU to determine the impact it may have on its consolidated financial statements, which at the date of adoption, is expected to increase the allowance for credit losses with a resulting negative adjustment to retained earnings. Accounting for Share-Based Payments to Nonemployees In June 2018, the FASB issued ASU No. 2018-07 to simplify the accounting for share-based payments to nonemployees by aligning it with the accounting for share-based payments to employees, with certain exceptions. Under the guidance, equity-classified nonemployee awards will be measured on and fixed at the grant date, rather than measured at fair value at each reporting date until the date at which the nonemployee’s performance is complete. The ASU is effective for annual periods, and interim periods within those annual periods, beginning on or after December 15, 2018, with early adoption permitted. The adoption of this ASU will not have a material impact on the Company’s consolidated financial statements. Fair Value Measurement Disclosure Requirements In August 2018, the FASB issued ASU No. 2018-13, which eliminates, adds and modifies certain disclosure requirements for fair value measurements. Under the guidance, entities are no longer required to disclose the amount of and reasons for transfers between Level 1 and Level 2 of the fair value hierarchy, but public companies are required to disclose (1) the changes in unrealized gains and losses for the period included in other comprehensive income for recurring Level 3 fair value measurements of instruments held at the end of the reporting period and (2) the range and weighted average used to develop significant unobservable inputs for Level 3 fair value measurements. The ASU is effective for annual periods, and interim periods within those annual periods, beginning on or after December 15, 2019, with early adoption permitted. Early adoption of this ASU did not have a material impact on the Company’s financial condition, results of operations or financial statement disclosures. SEC Disclosure Update and Simplification

Variable Interest Entities

Variable Interest Entities	12 Months Ended
	Dec. 31, 2018
Variable Interest Entities [Abstract]
Variable Interest Entities	Variable Interest Entities In the second quarter of 2018, the Company financed a pool of its commercial real estate loans through a CLO, which is considered a VIE for financial reporting purposes and, thus, was reviewed for consolidation under the applicable consolidation guidance. Because the Company has both the power to direct the activities of the CLO that most significantly impact the entity’s performance, and the obligation to absorb losses or the right to receive benefits of the entity that could be significant, the Company consolidates the CLO. As of December 31, 2017, the Company was the sole certificate holder of a trust entity that holds a commercial mezzanine loan. The trust is considered a VIE for financial reporting purposes and, thus, was reviewed for consolidation under the applicable consolidation guidance. Because the Company had both the power to direct the activities of the trust that most significantly impact the entity’s performance, and the obligation to absorb losses or the right to receive benefits of the entity that could be significant, the Company consolidated the trust. The loan held by the trust was repaid during the three months ended March 31, 2018. As a result, the Company no longer consolidates the trust on its consolidated financial statements. The following table presents a summary of the assets and liabilities of all variable interest entities consolidated on the Company’s consolidated balance sheets as of December 31, 2018 and December 31, 2017 : (in thousands) December 31, December 31, Loans held-for-investment $ 795,259 $ 45,890 Restricted cash 26,136 — Accrued interest receivable 2,622 178 Other assets 5,130 — Total Assets $ 829,147 $ 46,068 Securitized debt obligations $ 654,263 $ — Accrued interest payable 689 — Total Liabilities $ 654,952 $ — The Company is not required to consolidate VIEs for which it has concluded it does not have both the power to direct the activities of the VIEs that most significantly impact the entities’ performance, and the obligation to absorb losses or the right to receive benefits of the entities that could be significant. The Company’s investments in these unconsolidated VIEs include CMBS, which are classified within available-for-sale securities, at fair value, and held-to-maturity securities on the consolidated balance sheets. As of December 31, 2018 and December 31, 2017 , the carrying value, which also represents the maximum exposure to loss, of all CMBS in unconsolidated VIEs was $39.3 million and $55.0 million

Loans Held-for-Investment

Loans Held-for-Investment	12 Months Ended
	Dec. 31, 2018
Loans Held-for-Investment [Abstract]
Loans Held-for-Investment	Loans Held-for-Investment The Company originates and acquires commercial real estate debt and related instruments generally to be held as long-term investments. These assets are classified as loans held-for-investment on the consolidated balance sheets. In the second quarter of 2018, the Company financed a pool of its commercial real estate loans through a CLO, which is considered a VIE for financial reporting purposes and, thus, was reviewed for consolidation under the applicable consolidation guidance. Because the Company has both the power to direct the activities of the CLO that most significantly impact the entity’s performance, and the obligation to absorb losses or the right to receive benefits of the entity that could be significant, the Company consolidates the CLO and classifies the underlying loans as loans held-for-investment. Additionally, at December 31, 2017 the Company was the sole certificate holder of a trust entity that held a commercial mezzanine loan. The underlying loan held by the trust was consolidated on the Company’s consolidated balance sheet and classified as loans held-for-investment. See Note 3 - Variable Interest Entities for additional information regarding consolidation of the trust. Loans held-for-investment are reported at cost, net of any unamortized acquisition premiums or discounts, loan fees and origination costs as applicable, unless the assets are deemed impaired. The following tables summarize the Company’s loans held-for-investment by asset type, property type and geographic location as of December 31, 2018 and December 31, 2017 : December 31, (dollars in thousands) Senior Loans (1) Mezzanine Loans B-Notes Total Unpaid principal balance $ 3,147,310 $ 31,679 $ 14,652 $ 3,193,641 Unamortized (discount) premium (151 ) — — (151 ) Unamortized net deferred origination fees (25,577 ) — — (25,577 ) Carrying value $ 3,121,582 $ 31,679 $ 14,652 $ 3,167,913 Unfunded commitments $ 626,155 $ — $ — $ 626,155 Number of loans 88 3 1 92 Weighted average coupon 6.4 % 11.4 % 8.0 % 6.5 % Weighted average years to maturity (2) 2.0 1.9 8.1 2.0 December 31, (dollars in thousands) Senior Loans (1) Mezzanine Loans B-Notes Total Unpaid principal balance $ 2,220,361 $ 88,945 $ 14,845 $ 2,324,151 Unamortized (discount) premium (169 ) (9 ) — (178 ) Unamortized net deferred origination fees (19,752 ) 45 — (19,707 ) Carrying value $ 2,200,440 $ 88,981 $ 14,845 $ 2,304,266 Unfunded commitments $ 337,623 $ 1,580 $ — $ 339,203 Number of loans 53 5 1 59 Weighted average coupon 5.9 % 9.7 % 8.0 % 6.0 % Weighted average years to maturity (2) 2.3 2.0 9.1 2.4 ____________________ (1) Loans primarily secured by a first priority lien on commercial real property and related personal property and also includes, when applicable, any companion subordinate loans. (2) Based on contractual maturity date. Certain loans are subject to contractual extension options which may be subject to conditions as stipulated in the loan agreement. Actual maturities may differ from contractual maturities stated herein as certain borrowers may have the right to prepay with or without paying a prepayment penalty. The Company may also extend contractual maturities in connection with loan modifications. (dollars in thousands) December 31, December 31, Property Type Carrying Value % of Loan Portfolio Carrying Value % of Loan Portfolio Office $ 1,495,128 47.2 % $ 1,223,642 53.1 % Multifamily 569,259 18.0 % 356,016 15.4 % Hotel 427,611 13.5 % 274,416 11.9 % Retail 324,447 10.2 % 254,786 11.1 % Industrial 351,468 11.1 % 195,406 8.5 % Total $ 3,167,913 100.0 % $ 2,304,266 100.0 % (dollars in thousands) December 31, December 31, Geographic Location Carrying Value % of Loan Portfolio Carrying Value % of Loan Portfolio Northeast $ 1,171,691 37.0 % $ 896,361 38.9 % West 694,223 21.9 % 509,088 22.1 % Southwest 681,108 21.5 % 454,088 19.7 % Southeast 369,961 11.7 % 346,623 15.0 % Midwest 250,930 7.9 % 98,106 4.3 % Total $ 3,167,913 100.0 % $ 2,304,266 100.0 % At December 31, 2018 and December 31, 2017 , the Company pledged loans held-for-investment with a carrying value of $2.9 billion and $2.2 billion , respectively, as collateral for repurchase agreements, revolving credit facilities and securitized debt obligations. See Note 10 - Repurchase Agreements, Note 11 - Revolving Credit Facilities and Note 12 - Securitized Debt Obligations. The following table summarizes activity related to loans held-for-investment for the years ended December 31, 2018 and December 31, 2017 . Year Ended (in thousands) 2018 2017 Balance at beginning of period $ 2,304,266 $ 1,364,291 Originations, acquisitions and additional fundings 1,338,224 1,048,423 Repayments (468,734 ) (100,466 ) Net discount accretion (premium amortization) 27 (5 ) Increase in net deferred origination fees (18,694 ) (15,945 ) Amortization of net deferred origination fees 12,824 7,968 Allowance for loan losses — — Balance at end of period $ 3,167,913 $ 2,304,266 The Company evaluates each loan for impairment at least quarterly by assessing the risk factors of each loan and assigning a risk rating based on a variety of factors. Risk factors include property type, geographic and local market dynamics, physical condition, leasing and tenant profile, projected cash flow, loan structure and exit plan, loan-to-value ratio, project sponsorship, and other factors deemed necessary. Risk ratings are defined as follows: 1 – Lower Risk 2 – Average Risk 3 – Acceptable Risk 4 – Higher Risk: A loan that has exhibited material deterioration in cash flows and/or other credit factors, which, if negative trends continue, could be indicative of future loss. 5 – Impaired/Loss Likely: A loan that has a significantly increased probability of default or principal loss. The following table presents the number of loans, unpaid principal balance and carrying value (amortized cost) by risk rating for loans held-for-investment as of December 31, 2018 and December 31, 2017 : (dollars in thousands) December 31, December 31, Risk Rating Number of Loans Unpaid Principal Balance Carrying Value Number of Loans Unpaid Principal Balance Carrying Value 1 9 $ 354,791 $ 353,583 6 $ 414,695 $ 413,314 2 78 2,680,297 2,656,679 50 1,840,638 1,822,134 3 3 121,133 120,496 3 68,818 68,818 4 2 37,420 37,155 — — — 5 — — — — — — Total 92 $ 3,193,641 $ 3,167,913 59 $ 2,324,151 $ 2,304,266

Available-for-Sale Securities,

Available-for-Sale Securities, at Fair Value	12 Months Ended
	Dec. 31, 2018
Debt Securities, Available-for-sale [Abstract]
Available-for-Sale Securities, at Fair Value	Available-for-Sale Securities, at Fair Value The following table presents the face value and carrying value (which approximates fair value) of AFS securities as of December 31, 2018 and December 31, 2017 : (in thousands) December 31, December 31, Face value $ 12,798 $ 12,798 Gross unrealized gains — — Gross unrealized losses (192 ) — Carrying value $ 12,606 $ 12,798 On December 31, 2018 , the Company’s AFS securities had contractual maturities of less than one year . At December 31, 2018 and December 31, 2017 , the Company pledged AFS securities with a carrying value of $12.6 million and $12.8 million , respectively, as collateral for repurchase agreements. See Note 10 - Repurchase Agreements . At December 31, 2018 , the Company’s AFS securities were in an unrealized loss position. At December 31, 2017 , the Company’s AFS securities had a carrying value equal to their face value. Evaluating AFS Securities for Other-Than-Temporary Impairments In evaluating AFS securities for other-than-temporary impairments, or OTTI, the Company determines whether there has been a significant adverse quarterly change in the cash flow expectations for a security. The Company compares the amortized cost of each security in an unrealized loss position against the present value of expected future cash flows of the security. The Company also considers whether there has been a significant adverse change in the regulatory and/or economic environment as part of this analysis. If the amortized cost of the security is greater than the present value of expected future cash flows using the original yield as the discount rate, an other-than-temporary credit impairment has occurred. If the Company does not intend to sell and will not be more likely than not required to sell the security, the credit loss is recognized in earnings and the balance of the unrealized loss is recognized in other comprehensive (loss) income . If the Company intends to sell the security or will be more likely than not required to sell the security, the full unrealized loss is recognized in earnings. The Company did not record any other-than-temporary credit impairments during the years ended December 31, 2018 , 2017 and 2016 as expected cash flows were greater than amortized cost for all AFS securities held. Gross Realized Gains and Losses Gains and losses from the sale of AFS securities are recorded as realized gains (losses) in the Company’s consolidated statements of comprehensive income . The Company did not sell any AFS securities during the years ended December 31, 2018 , 2017 and 2016

Held-to-Maturity Securities

Held-to-Maturity Securities	12 Months Ended
	Dec. 31, 2018
Debt Securities, Held-to-maturity, Fair Value to Amortized Cost [Abstract]
Held-to-Maturity Securities	Held-to-Maturity Securities The following table presents the face value and carrying value of HTM securities by collateral type as of December 31, 2018 and December 31, 2017 : (in thousands) December 31, December 31, Face value $ 26,696 $ 42,169 Unamortized premium (discount) — — Carrying value $ 26,696 $ 42,169 On December 31, 2018 , the Company’s HTM securities had contractual maturities of less than one year . At December 31, 2018 and December 31, 2017 , the Company pledged HTM securities with a carrying value of $26.7 million and $42.2 million , respectively, as collateral for repurchase agreements. See Note 10 - Repurchase Agreements . Evaluating HTM Securities for Other-Than-Temporary Impairments In evaluating HTM securities for OTTI, the Company determines whether there has been a significant adverse quarterly change in the cash flow expectations for a security. The Company compares the amortized cost of each security against the present value of expected future cash flows of the security. The Company also considers whether there has been a significant adverse change in the regulatory and/or economic environment as part of this analysis. If the amortized cost of the security is greater than the present value of expected future cash flows using the original yield as the discount rate, an other-than-temporary credit impairment has occurred and the credit loss is recognized in earnings. The Company did not record any other-than-temporary credit impairments during the years ended December 31, 2018 , 2017 and 2016

Cash, Cash Equivalents and Rest

Cash, Cash Equivalents and Restricted Cash	12 Months Ended
	Dec. 31, 2018
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents [Abstract]
Cash, Cash Equivalents and Restricted Cash	Cash, Cash Equivalents and Restricted Cash Cash and cash equivalents include cash held in bank accounts and cash held in money market funds on an overnight basis. The Company is required to maintain certain cash balances in restricted accounts as collateral for the Company’s repurchase agreements and with counterparties to support activities related to securities. As of December 31, 2018 and December 31, 2017 , the Company had $5.6 million and $3.0 million , respectively, as collateral for repurchase agreements and by counterparties to support activities related to securities. In addition, as of December 31, 2018 , the Company held $26.1 million in restricted cash representing proceeds from principal paydowns of loans held in the CLO. The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported on the Company’s consolidated balance sheets as of December 31, 2018 and December 31, 2017 that sum to the total of the same such amounts shown in the statements of cash flows: (in thousands) December 31, December 31, Cash and cash equivalents $ 91,700 $ 107,765 Restricted cash 31,723 2,953 Total cash, cash equivalents and restricted cash $ 123,423 $ 110,718

Accrued Interest Receivable

Accrued Interest Receivable	12 Months Ended
	Dec. 31, 2018
Accrued Interest Receivable [Abstract]
Accrued Interest Receivable	Accrued Interest Receivable The following table presents the Company’s accrued interest receivable by collateral type as of December 31, 2018 and December 31, 2017 : (in thousands) December 31, December 31, Loans held-for-investment $ 10,089 $ 6,880 Available-for-sale securities 57 51 Held-to-maturity securities 122 174 Total $ 10,268 $ 7,105

Fair Value

Fair Value	12 Months Ended
	Dec. 31, 2018
Fair Value Disclosures [Abstract]
Fair Value	Fair Value Fair Value Measurements ASC 820 defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. ASC 820 clarifies that fair value should be based on the assumptions market participants would use when pricing an asset or liability and establishes a fair value hierarchy that prioritizes the information used to develop those assumptions. The fair value hierarchy gives the highest priority to quoted prices available in active markets ( i.e. , observable inputs) and the lowest priority to data lacking transparency ( i.e. , unobservable inputs). Additionally, ASC 820 requires an entity to consider all aspects of nonperformance risk, including the entity’s own credit standing, when measuring fair value of a liability. ASC 820 establishes a three-level hierarchy to be used when measuring and disclosing fair value. An instrument’s categorization within the fair value hierarchy is based on the lowest level of significant input to its valuation. Following is a description of the three levels: Level 1 Inputs are quoted prices in active markets for identical assets or liabilities as of the measurement date under current market conditions. Additionally, the entity must have the ability to access the active market and the quoted prices cannot be adjusted by the entity. Level 2 Inputs include quoted prices in active markets for similar assets or liabilities; quoted prices in inactive markets for identical or similar assets or liabilities; or inputs that are observable or can be corroborated by observable market data by correlation or other means for substantially the full-term of the assets or liabilities. Level 3 Unobservable inputs are supported by little or no market activity. The unobservable inputs represent the assumptions that market participants would use to price the assets and liabilities, including risk. Generally, Level 3 assets and liabilities are valued using pricing models, discounted cash flow methodologies, or similar techniques that require significant judgment or estimation. Following are descriptions of the valuation methodologies used to measure material assets and liabilities at fair value and details of the valuation models, key inputs to those models and significant assumptions utilized. Available-for-sale securities . The Company holds AFS securities that are carried at fair value on the consolidated balance sheet and are comprised of CMBS. In determining the fair value of the Company’s CMBS AFS, management judgment may be used to arrive at fair value that considers prices obtained from third-party pricing providers or broker quotes received using the bid price, which are both deemed indicative of market activity, and other applicable market data. The third-party pricing providers and brokers use pricing models that generally incorporate such factors as coupons, primary and secondary mortgage rates, rate reset period, issuer, prepayment speeds, credit enhancements and expected life of the security. If observable market prices are not available or insufficient to determine fair value due principally to illiquidity in the marketplace, then fair value is based upon internally developed models that are primarily based on observable market-based inputs but also include unobservable market data inputs (including prepayment speeds, delinquency levels, and credit losses). The Company classified its CMBS AFS as Level 2 fair value assets at December 31, 2018 and December 31, 2017 . Recurring Fair Value The following tables display the Company’s assets measured at fair value on a recurring basis. The Company does not hold any liabilities measured at fair value on its consolidated balance sheets. Recurring Fair Value Measurements December 31, 2018 (in thousands) Level 1 Level 2 Level 3 Total Assets Available-for-sale securities $ — $ 12,606 $ — $ 12,606 Total assets $ — $ 12,606 $ — $ 12,606 Recurring Fair Value Measurements December 31, 2017 (in thousands) Level 1 Level 2 Level 3 Total Assets Available-for-sale securities $ — $ 12,798 $ — $ 12,798 Total assets $ — $ 12,798 $ — $ 12,798 The Company may be required to measure certain assets or liabilities at fair value from time to time. These periodic fair value measures typically result from application of certain impairment measures under U.S. GAAP. These items would constitute nonrecurring fair value measures under ASC 820. As of December 31, 2018 and December 31, 2017 , the Company did not have any assets or liabilities measured at fair value on a nonrecurring basis in the periods presented. Transfers between Levels are deemed to take place on the first day of the reporting period in which the transfer has taken place. The Company did not incur transfers between Levels for the years ended December 31, 2018 and 2017 . Fair Value of Financial Instruments In accordance with ASC 820, the Company is required to disclose the fair value of financial instruments, both assets and liabilities recognized and not recognized in the consolidated balance sheets, for which fair value can be estimated. The following describes the Company’s methods for estimating the fair value for financial instruments. • Loans held-for-investment are carried at cost, net of any unamortized acquisition premiums or discounts, loan fees and origination costs as applicable, unless deemed impaired. The Company estimates the fair value of its loans held-for-investment by assessing any changes in market interest rates, shifts in credit profiles and actual operating results for mezzanine loans and senior loans, taking into consideration such factors as underlying property type, property competitive position within its market, market and submarket fundamentals, tenant mix, nature of business plan, sponsorship, extent of leverage and other loan terms. The Company categorizes the fair value measurement of these assets as Level 3. • AFS securities are recurring fair value measurements; carrying value equals fair value. See discussion of valuation methods and assumptions within the Fair Value Measurements section of this footnote. • HTM securities, which are comprised of CMBS, are carried at cost, net of any unamortized acquisition premiums or discounts, unless deemed other-than-temporarily impaired. In determining the fair value of the Company’s CMBS HTM, management judgment may be used to arrive at fair value that considers prices obtained from third-party pricing providers or broker quotes received using the bid price, which are both deemed indicative of market activity, and other applicable market data. The third-party pricing providers and brokers use pricing models that generally incorporate such factors as coupons, primary and secondary mortgage rates, rate reset period, issuer, prepayment speeds, credit enhancements and expected life of the security. The Company categorizes the fair value measurement of these assets as Level 2. • Cash and cash equivalents and restricted cash have a carrying value which approximates fair value because of the short maturities of these instruments. The Company categorizes the fair value measurement of these assets as Level 1. • The carrying value of repurchase agreements and revolving credit facilities that mature in less than one year generally approximates fair value due to the short maturities. As of December 31, 2018 , the Company held $0.7 billion of repurchase agreements and revolving credit facilities that are considered long-term. The Company’s long-term repurchase agreements and revolving credit facilities have floating rates based on an index plus a spread and the credit spread is typically consistent with those demanded in the market. Accordingly, the interest rates on these borrowings are at market and thus carrying value approximates fair value. The Company categorizes the fair value measurement of these liabilities as Level 2. • Securitized debt obligations are recorded at outstanding principal, net of any unamortized deferred debt issuance costs. In determining the fair value of its securitized debt obligations, management judgment may be used to arrive at fair value that considers prices obtained from third-party pricing providers, broker quotes received and other applicable market data. If observable market prices are not available or insufficient to determine fair value due principally to illiquidity in the marketplace, then fair value is based upon internally developed models that are primarily based on observable market-based inputs but also include unobservable market data inputs (including prepayment speeds, delinquency levels, and credit losses). The Company categorizes the fair value measurement of these liabilities as Level 2. • Convertible senior notes are carried at their unpaid principal balance, net of any unamortized deferred issuance costs. The Company estimates the fair value of its convertible senior notes using the market transaction price nearest to December 31, 2018 . The Company categorizes the fair value measurement of these assets as Level 2. The following table presents the carrying values and estimated fair values of assets and liabilities that are required to be recorded or disclosed at fair value at December 31, 2018 and December 31, 2017 . December 31, 2018 December 31, 2017 (in thousands) Carrying Value Fair Value Carrying Value Fair Value Assets Loans held-for-investment $ 3,167,913 $ 3,200,980 $ 2,304,266 $ 2,322,259 Available-for-sale securities $ 12,606 $ 12,606 $ 12,798 $ 12,798 Held-to-maturity securities $ 26,696 $ 26,611 $ 42,169 $ 42,797 Cash and cash equivalents $ 91,700 $ 91,700 $ 107,765 $ 107,765 Restricted cash $ 31,723 $ 31,723 $ 2,953 $ 2,953 Liabilities Repurchase agreements $ 1,500,543 $ 1,500,543 $ 1,521,608 $ 1,521,608 Securitized debt obligations $ 654,263 $ 654,330 $ — $ — Revolving credit facilities $ 75,000 $ 75,000 $ — $ — Convertible senior notes $ 268,138 $ 270,731 $ 121,314 $ 125,750

Repurchase Agreements

Repurchase Agreements	12 Months Ended
	Dec. 31, 2018
Disclosure of Repurchase Agreements [Abstract]
Repurchase Agreements	Repurchase Agreements As of December 31, 2018 and December 31, 2017 , the Company had outstanding $1.5 billion and $1.5 billion of repurchase agreements with a weighted average borrowing rate of 4.61% and 3.78% and weighted average remaining maturities of 0.9 and 1.8 years, respectively. At December 31, 2018 and December 31, 2017 , the repurchase agreement balances were as follows: (in thousands) December 31, December 31, Short-term $ 842,078 $ 56,546 Long-term 658,465 1,465,062 Total $ 1,500,543 $ 1,521,608 At December 31, 2018 and December 31, 2017 , the repurchase agreements had the following characteristics and remaining maturities: December 31, 2018 December 31, 2017 Collateral Type Collateral Type (dollars in thousands) Loans CMBS (1) Total Amount Outstanding Loans CMBS (1) Total Amount Outstanding Within 30 days $ — $ — $ — $ 22,032 $ — $ 22,032 30 to 59 days — 25,854 25,854 — 34,514 34,514 60 to 89 days — — — — — — 90 to 119 days — — — — — — 120 to 364 days 816,224 — 816,224 — — — One year and over 658,465 — 658,465 1,465,062 — 1,465,062 Total $ 1,474,689 $ 25,854 $ 1,500,543 $ 1,487,094 $ 34,514 $ 1,521,608 Weighted average borrowing rate 4.61 % 4.78 % 4.61 % 3.78 % 3.77 % 3.78 % ____________________ (1) Includes both AFS securities and HTM securities sold under agreements to repurchase. The following table summarizes assets at carrying values that are pledged or restricted as collateral for the future payment obligations of repurchase agreements: (in thousands) December 31, December 31, Loans held-for-investment $ 2,012,550 $ 2,202,049 Available-for-sale securities, at fair value 12,606 12,798 Held-to-maturity securities 26,696 42,169 Restricted cash 2,922 565 Total $ 2,054,774 $ 2,257,581 Although the transactions under repurchase agreements represent committed borrowings until maturity, the respective lender retains the right to mark the underlying collateral to fair value. A reduction in the value of pledged assets due to credit or market events, depending on the agreement, would require the Company to fund margin calls or repurchase the underlying collateral. The following table summarizes certain characteristics of the Company’s repurchase agreements and counterparty concentration at December 31, 2018 and December 31, 2017 : December 31, 2018 December 31, 2017 (dollars in thousands) Amount Outstanding Net Counterparty Exposure (1) Percent of Equity Weighted Average Years to Maturity Amount Outstanding Net Counterparty Exposure (1) Percent of Equity Weighted Average Years to Maturity Morgan Stanley Bank $ 475,474 $ 203,274 25 % 1.49 $ 425,539 $ 250,543 30 % 2.49 JPMorgan Chase Bank 481,754 168,234 20 % 0.47 285,457 215,068 26 % 1.32 Goldman Sachs Bank 251,785 93,651 11 % 0.33 252,734 86,091 10 % 1.33 Wells Fargo Bank 108,539 37,090 4 % 0.49 424,882 128,644 16 % 1.49 All other counterparties (2) 182,991 55,524 7 % 1.49 132,996 59,645 7 % 2.08 Total $ 1,500,543 $ 557,773 $ 1,521,608 $ 739,991 ____________________ (1) Represents the net carrying value of the loans held-for-investment, AFS securities and HTM securities sold under agreements to repurchase, including accrued interest plus any cash on deposit to secure the repurchase obligation, less the amount of the repurchase liability, including accrued interest. (2) Represents amounts outstanding with one other counterparty as of December 31, 2018 and two counterparties as of December 31, 2017 .

Revolving Credit Facilities Rev

Revolving Credit Facilities Revolving Credit Facilities	12 Months Ended
	Dec. 31, 2018
Revolving Credit Facilities [Abstract]
Revolving Credit Facilities	Revolving Credit Facilities To finance loans held-for-investment, the Company has entered into revolving credit facilities collateralized by the value of the loans pledged. As of December 31, 2018 , the Company had outstanding long-term borrowings under revolving credit facilities of $75.0 million with a weighted average borrowing rate of 5.2% and weighted average remaining maturities of 1.3 years. There were no amounts outstanding under revolving credit facilities as of December 31, 2017. At December 31, 2018 and December 31, 2017 , borrowings under revolving credit facilities had the following remaining maturities: (in thousands) December 31, December 31, Within 30 days $ — $ — 30 to 59 days — — 60 to 89 days — — 90 to 119 days — — 120 to 364 days — — One year and over 75,000 — Total $ 75,000 $ — Although the transactions under revolving credit facilities represent committed borrowings from the time of funding until maturity, the respective lender retains the right to mark the underlying collateral to fair value. A reduction in the value of pledged assets below a designated threshold would require the Company to provide additional collateral or pay down the facility. As of December 31, 2018 , loans held-for-investment with a carrying value of $127.9 million

Securitized Debt Obligations

Securitized Debt Obligations	12 Months Ended
	Dec. 31, 2018
Securitized Debt Obligations [Abstract]
Securitized Debt Obligations [Text Block]	Securitized Debt Obligations In the second quarter of 2018, the Company financed a pool of its commercial real estate loans through a collateralized loan obligation, or CLO, which is consolidated on the Company’s consolidated financial statements. See Note 3 - Variable Interest Entities for additional information regarding consolidation of the CLO. The securitized debt obligations issued by the CLO are recorded at outstanding principal, net of any unamortized deferred debt issuance costs, on the Company’s consolidated balance sheets. As of December 31, 2018 , the outstanding amount due on securitized debt obligations was $654.3 million , net of deferred issuance costs, with a weighted average interest rate of 3.58% and weighted average remaining maturities of 1.7

Convertible Senior Notes

Convertible Senior Notes	12 Months Ended
	Dec. 31, 2018
Convertible Debt [Abstract]
Convertible Senior Notes	Convertible Senior Notes In December 2017, the Company closed a private placement of $125.0 million aggregate principal amount of convertible senior notes due 2022. In January 2018, an additional $18.8 million in notes were issued by the Company in connection with the exercise of the initial purchaser’s option. The net proceeds from the offering were approximately $139.5 million after deducting underwriting discounts and expenses. The notes are unsecured, pay interest semiannually at a rate of 5.625% per annum and are convertible at the option of the holder into shares of the Company’s common stock. The notes will mature in December 2022 , unless earlier converted or repurchased in accordance with their terms. The Company does not have the right to redeem the notes prior to maturity, but may be required to repurchase the notes from holders under certain circumstances. As of December 31, 2018 , the notes had a conversion rate of 50.1610 shares of common stock per $1,000 principal amount of the notes . In October 2018, the Company closed an underwritten public offering of $131.6 million aggregate principal amount of convertible senior notes due 2023. The net proceeds from the offering were approximately $127.7 million after deducting underwriting discounts and expenses. The notes are unsecured, pay interest semiannually at a rate of 6.375% per annum and are convertible at the option of the holder into shares of the Company’s common stock. The notes will mature in October 2023 , unless earlier converted or repurchased in accordance with their terms. The Company does not have the right to redeem the notes prior to maturity, but may be required to repurchase the notes from holders under certain circumstances. As of December 31, 2018 , the notes had a conversion rate of 48.8496 shares of common stock per $1,000 principal amount of the notes . The outstanding amount due on convertible senior notes as of December 31, 2018 and December 31, 2017 was $268.1 million and $121.3 million

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2018
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies The following represent the material commitments and contingencies of the Company as of December 31, 2018 : Management agreement. Upon the closing the IPO on June 28, 2017, the Company entered into a management agreement with the Manager. The Company pays the Manager a base management fee equal to 1.5% of the Company’s equity on an annualized basis, as defined in the management agreement. For purposes of calculating the management fee, equity means the sum of the net proceeds received by the Company from all issuances of its equity securities, plus its cumulative “core earnings” at the end of the most recently completed calendar quarter, less any distributions to stockholders, any amount that the Company has paid to repurchase its stock, and any incentive fees earned by the Manager, but excluding the incentive fee earned in the current quarter. As a result, equity for purposes of calculating the management fee may differ from the amount of stockholders’ equity shown in the Company’s financial statements. Beginning in the fourth quarter of 2018, incentive fees, if earned, will be payable to the Manager, as defined in the management agreement. The incentive fee will be the excess of (1) the product of (a) 20% and (b) the result of (i) the Company’s “core earnings” for the previous 12 -month period, minus (ii) the product of (A) the Company’s equity in the previous 12 -month period, and (B) 8% per annum, less (2) the sum of any incentive fees paid to the Manager with respect to the first three calendar quarters of such previous 12 -month period; provided, however, that no incentive fees are payable with respect to any calendar quarter unless “core earnings” for the 12 most recently completed calendar quarters in the aggregate is greater than zero . In addition, under the terms of an amendment to the management agreement entered into in the fourth quarter of 2018, the Manager agreed to reimburse the Company an amount related to the compensation payable to the sales agents under the Company’s equity distribution agreement by netting such amount from the base management fee payable to the Manager for the applicable quarterly period. For purposes of calculating base management and incentive fees, “core earnings” means net income (loss) attributable to common stockholders, excluding non-cash equity compensation expense, incentive fees earned by the Manager, depreciation and amortization, any unrealized gains or losses or other similar non-cash items that are included in net income for the applicable period (regardless of whether such items are included in other comprehensive income or loss or in net income), and one-time events pursuant to changes in U.S. GAAP and certain material non-cash income or expense items, in each case after discussions between the Manager and the Company’s independent directors and approved by a majority of the Company’s independent directors. The initial term of the management agreement expires on June 28, 2020, and thereafter will automatically renew for successive one-year terms annually until terminated in accordance with the terms of the agreement. Upon termination of the management agreement by the Company without cause or by the Manager due to the Company’s material breach of the management agreement, the Company is required to pay a termination fee equal to three times the sum of the average annual base management fee and average annual incentive compensation, in each case earned by the Manager during the 24 -month period immediately preceding the date of termination, calculated as of the end of the most recently completed fiscal quarter prior to the date of termination. Employment contracts. The Company does not directly employ any personnel. Instead, the Company relies on the resources of the Manager and its affiliates to conduct the Company’s operations. Operating leases. As of December 31, 2018 , the Company was obligated under non-cancelable operating leases for office space. Future minimum rental payments, including escalation clauses, under leases with terms of one year or more at December 31, 2018 were as follows: (in thousands) Year Minimum Payment 2019 $ 694 2020 849 2021 849 2022 869 2023 896 Thereafter 1,858 Total $ 6,015 Expenses under the lease agreements were $0.7 million , $0.6 million and $0.3 million for the years ended December 31, 2018 , 2017 and 2016 , respectively. Legal and regulatory. From time to time, the Company may be subject to liability under laws and government regulations and various claims and legal actions arising in the ordinary course of business. Liabilities are established for legal claims when payments associated with the claims become probable and the costs can be reasonably estimated. The actual costs of resolving legal claims may be substantially higher or lower than the amounts established for those claims. Based on information currently available, management is not aware of any legal or regulatory claims that would have a material effect on the Company’s consolidated financial statements and therefore no accrual is required as of December 31, 2018 . Unfunded commitments on loans held-for-investment. Certain of the Company’s commercial real estate loan agreements contain provisions for future fundings to borrowers, generally to finance lease-related or capital expenditures. As of December 31, 2018 and December 31, 2017 , the Company had unfunded commitments of $626.2 million and $339.2 million

Preferred Stock

Preferred Stock	12 Months Ended
	Dec. 31, 2018
Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract]
Preferred Stock	Preferred Stock In connection with the Formation Transaction, the Company issued 1,000 shares of its 10% cumulative redeemable preferred stock to Two Harbors, which immediately sold such preferred stock to an unaffiliated third-party investor. The preferred stock ranks senior to the rights of holders of the Company’s common stock, but junior to all other classes or series of preferred stock that may be issued. The holders of the preferred stock are entitled to receive, when, as and if authorized and declared by the Company, cumulative cash dividends at the rate of 10% per annum of the $1,000 liquidation preference per share of the preferred stock. Such dividends accrue on a daily basis and are cumulative from and including the initial issue date of the preferred stock. The Company has the option at any time after five years from the initial issue date to redeem the preferred stock at a redemption price of $1,000 per share, plus any accrued and unpaid dividends. At any time after six years from the initial issue date, the Company will, at the request of any preferred stockholder, repurchase the holder’s preferred stock at a price of $1,000 per share, plus any accrued and unpaid dividends. During the years ended December 31, 2018 and 2017 , the Company declared dividends to the preferred stockholder of $100,000 and $50,556

Stockholders' Equity

Stockholders' Equity	12 Months Ended
	Dec. 31, 2018
Stockholders' Equity Attributable to Parent [Abstract]
Stockholders' Equity	Stockholders’ Equity Common Stock On June 28, 2017, the Company completed the IPO of 10,000,000 shares of its common stock at a price of $19.50 per share, for gross proceeds of $195.0 million . Net proceeds to the Company were approximately $181.9 million , after accounting for issuance costs of approximately $13.1 million . Concurrently with the closing of the IPO, the Company issued 33,071,000 shares of its common stock to Two Harbors in exchange for the equity interests in the Predecessor, which became the Company’s wholly owned indirect subsidiary as a result of the transaction. On November 1, 2017, Two Harbors distributed to its common stockholders the 33,071,000 shares of the Company’s common stock it had acquired in connection with the Formation Transaction, allowing the Company’s market capitalization to be fully floating. As of December 31, 2018 , the Company had 43,621,174 shares of common stock outstanding. The following table presents a reconciliation of the common shares outstanding for the years ended December 31, 2018 and 2017 : Number of common shares Common shares outstanding, December 31, 2016 — Issuance of common stock 43,071,000 Issuance of restricted stock (1) 164,103 Common shares outstanding, December 31, 2017 43,235,103 Issuance of common stock 164,940 Issuance of restricted stock (1) 221,131 Common shares outstanding, December 31, 2018 43,621,174 ____________________ (1) Represents shares of restricted stock granted under the 2017 Equity Incentive Plan, of which 321,134 restricted shares remained subject to vesting requirements at December 31, 2018 . Distributions to Stockholders The following table presents cash dividends declared by the Company on its common stock since its IPO and Formation Transaction: Declaration Date Record Date Payment Date Cash Dividend Per Share December 19, 2018 December 31, 2018 January 18, 2019 $ 0.42 September 20, 2018 October 2, 2018 October 18, 2018 $ 0.42 June 20, 2018 July 2, 2018 July 18, 2018 $ 0.40 March 15, 2018 March 29, 2018 April 18, 2018 $ 0.38 December 18, 2017 December 29, 2017 January 18, 2018 $ 0.38 September 18, 2017 September 29, 2017 October 18, 2017 $ 0.32 Share Repurchase Program On November 21, 2018, the Company's Board of Directors authorized a Share Repurchase Program, which allows the Company to repurchase up to 2,000,000 shares of its common stock. The shares are expected to be repurchased from time to time through privately negotiated transactions or open market transactions, including pursuant to a trading plan in accordance with Rules 10b5-1 and 10b-18 under the Securities Exchange Act of 1934, as amended, or by any combination of such methods. The manner, price, number and timing of share repurchases will be subject to a variety of factors, including market conditions and applicable Securities and Exchange Commission rules. The Company did not repurchase any of its common stock during the fiscal year ended December 31, 2018. At-the-Market Offering On November 21, 2018, the Company entered into an equity distribution agreement under which the Company may sell up to an aggregate of 8,000,000 shares of its common stock from time to time in any method permitted by law deemed to be an “at the market” offering as defined in Rule 415 under the Securities Act. During the year ended December 31, 2018, the Company sold 164,940 shares of common stock under the equity distribution agreement for total accumulated net proceeds of approximately $3.1 million and received base management fee reimbursements from the Manager of approximately $0.22 per share of common stock sold under the equity distribution agreement. Accumulated Other Comprehensive Loss Accumulated other comprehensive loss at December 31, 2018 and December 31, 2017 was as follows: (in thousands) December 31, December 31, Available-for-sale securities Unrealized gains $ — $ — Unrealized losses (192 ) — Accumulated other comprehensive loss $ (192 ) $ — Reclassifications out of Accumulated Other Comprehensive Income The Company did not record any reclassifications out of accumulated other comprehensive income during the years ended December 31, 2018 , 2017 and 2016

Equity Incentive Plan

Equity Incentive Plan	12 Months Ended
	Dec. 31, 2018
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Equity Incentive Plan	Equity Incentive Plan The Company’s Plan provides incentive compensation to attract and retain qualified directors, officers, advisors, consultants and other personnel, including certain personnel of the Manager and its affiliates. The Plan is administered by the compensation committee of the Company’s board of directors. The compensation committee has the full authority to administer and interpret the Plan, to authorize the granting of awards, to determine the eligibility of directors, officers, advisors, consultants and other personnel, including personnel of the Manager and its affiliates, to receive an award, to determine the number of shares of common stock to be covered by each award (subject to the individual participant limitations provided in the Plan), to determine the terms, provisions and conditions of each award (which may not be inconsistent with the terms of the Plan), to prescribe the form of instruments evidencing awards and to take any other actions and make all other determinations that it deems necessary or appropriate in connection with the Plan or the administration or interpretation thereof. In connection with this authority, the compensation committee may, among other things, establish performance goals that must be met in order for awards to be granted or to vest, or for the restrictions on any such awards to lapse. The Plan provides for grants of restricted common stock, phantom shares, dividend equivalent rights and other equity-based awards, subject to a ceiling of 3,242,306 shares available for issuance under the Plan. The Plan allows for the Company’s board of directors to expand the types of awards available under the Plan to include long-term incentive plan units in the future. If an award granted under the Plan expires or terminates, the shares subject to any portion of the award that expires or terminates without having been exercised or paid, as the case may be, will again become available for the issuance of additional awards. Unless earlier terminated by the Company’s board of directors, no new award may be granted under the Plan after the tenth anniversary of the date that such Plan was initially approved by the Company’s board of directors. No award may be granted under the Plan to any person who, assuming payment of all awards held by such person, would own or be deemed to own more than 9.8% of the outstanding shares of the Company’s common stock. During the years ended December 31, 2018 and 2017 , the Company granted 19,175 and 14,103 shares of common stock, respectively, to its independent directors as compensation for their service on the Company’s board of directors, pursuant to the terms of the Plan. The estimated fair value of these awards was $17.86 and $19.47 per share on grant date, based on the closing price of the Company’s common stock on the NYSE on such date. The shares issued in 2017 vested immediately, and the shares issued in 2018 have a one year vesting period. Additionally, during the years ended December 31, 2018 and 2017 , the Company granted 201,956 and 150,000 shares of restricted common stock, respectively, to key employees of the Manager and its affiliates pursuant to the terms of the Plan and the associated award agreements. The estimated fair value of these awards was $17.33 and $19.50 per share on grant date, based on the closing market price of the Company’s common stock on the NYSE on such date. However, as the cost of these awards is measured at fair value at each reporting date based on the price of the Company’s stock as of period end in accordance with ASC 505, Equity , or ASC 505, the fair value of these awards as of December 31, 2018 was $18.03 per share based on the closing market price of the Company’s common stock on the NYSE on such date. The shares underlying the grants vest in three equal annual installments commencing on the first anniversary of the grant date, as long as the grantee complies with the terms and conditions of his or her applicable restricted stock award agreement. The following table summarizes the activity related to restricted common stock for the years ended December 31, 2018 and 2017 : Year Ended December 31, 2018 2017 Shares Weighted Average Grant Date Fair Market Value Shares Weighted Average Grant Date Fair Market Value Outstanding at Beginning of Period 150,000 $ 19.50 — $ — Granted 221,131 17.38 164,103 19.50 Vested (49,997 ) (19.50 ) (14,103 ) (19.47 ) Forfeited — — — — Outstanding at End of Period 321,134 $ 18.04 150,000 $ 19.50 For the years ended December 31, 2018 and 2017 , the Company recognized compensation related to restricted common stock of $3.5 million and $1.1 million

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2018
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The Company has completed its determination of the accounting implications of the TCJA on its tax accruals, and there is no impact recorded to the 2018 financial statements. The Company has elected to be taxed as a REIT under the Code for U.S. federal income tax purposes. As long as the Company qualifies as a REIT, the Company generally will not be subject to U.S. federal income taxes on its taxable income to the extent it annually distributes its net taxable income to stockholders, and does not engage in prohibited transactions. The Company intends to distribute 100% of its REIT taxable income and comply with all requirements to continue to qualify as a REIT. The majority of states also recognize the Company’s REIT status. The Company’s TRS files a separate tax return and is fully taxed as a standalone U.S. C-corporation. It is assumed that the Company will retain its REIT status and will incur no REIT level taxation as it intends to comply with the REIT regulations and annual distribution requirements. The following table summarizes the tax provision recorded at the taxable subsidiary level for the years ended December 31, 2018 , 2017 and 2016 : Year Ended (in thousands) 2018 2017 2016 Current tax (benefit) provision: Federal $ (1 ) $ (6 ) $ (14 ) State 2 2 3 Total current tax (benefit) provision 1 (4 ) (11 ) Deferred tax benefit (3 ) — — Total benefit from income taxes $ (2 ) $ (4 ) $ (11 ) The Company’s taxable income before dividend distributions differs from its pre-tax net income for U.S. GAAP purposes primarily due differences in timing of income recognition due to the calculations surrounding market discount and original issue discount as well as amendments to loans treated as “significant modifications” for tax under applicable Treasury regulations. These book to tax differences in the REIT are not reflected in the consolidated financial statements as the Company assumes it will retain its REIT status. The following is a reconciliation of the statutory federal and state rates to the effective rates, for the years ended December 31, 2018 , 2017 and 2016 : Year Ended December 31, 2018 2017 2016 (dollars in thousands) Amount Percent Amount Percent Amount Percent Computed income tax expense at federal rate $ 13,245 21 % $ 18,656 35 % $ 12,371 35 % State taxes, net of federal benefit, if applicable 1 — % 1 — % 2 — % Permanent differences in taxable income from GAAP net income (94 ) — % 12 — % (9 ) — % Dividends paid deduction (13,154 ) (21 )% (18,673 ) (35 )% (12,375 ) (35 )% Benefit from income taxes/ Effective Tax Rate (1) $ (2 ) — % $ (4 ) — % $ (11 ) — % ____________________ (1) The benefit from income taxes is recorded at the taxable subsidiary level. The Company’s permanent differences in taxable income from GAAP net income attributable to common stockholders in the years ended December 31, 2018 , 2017 and 2016 were primarily due a recurring difference in compensation expense related to restricted stock dividends. Based on the Company’s evaluation, it has been concluded that there are no significant uncertain tax positions requiring recognition in the Company’s consolidated financial statements of a contingent tax liability for uncertain tax positions. Additionally, there were no amounts accrued for penalties or interest as of or during the periods presented in these consolidated

Earnings Per Share

Earnings Per Share	12 Months Ended
	Dec. 31, 2018
Earnings Per Share [Abstract]
Earnings Per Share	Earnings Per Share The Company has calculated earnings per share only for the period common stock was outstanding, referred to as the post-formation period. The Company has defined the post-formation period to be the period beginning on June 28, 2017, the date the Company commenced operations as a publicly traded company, and thereafter. Earnings per share is calculated by dividing the net income for the post-formation period by the weighted average number of shares outstanding during the post-formation period. The following table presents a reconciliation of the earnings and shares used in calculating basic and diluted earnings per share for the years ended December 31, 2018 , 2017 and 2016 : Year Ended December 31, (in thousands, except share data) 2018 2017 2016 Numerator: Net income attributable to common stockholders - basic $ 62,975 $ 25,773 $ — Interest expense attributable to convertible notes (1) 10,742 — — Net income attributable to common stockholders - diluted $ 73,717 $ 25,773 $ — Denominator: Weighted average common shares outstanding 43,123,222 43,084,671 — Weighted average restricted stock shares 322,162 150,000 — Basic weighted average shares outstanding 43,445,384 43,234,671 — Effect of dilutive shares issued in an assumed conversion of the convertible senior notes 8,594,613 — — Diluted weighted average shares outstanding 52,039,997 43,234,671 — Earnings Per Share Basic $ 1.45 $ 0.60 $ — Diluted $ 1.42 $ 0.60 $ — ____________________ (1) Includes a nondiscretionary adjustment for the assumed change in the management fee calculation. For the year ended December 31, 2017, excluded from the calculation of diluted earnings per share is the effect of adding back $0.4 million of interest expense, net of a nondiscretionary adjustment for the assumed change in the management fee calculation, and 668,449

Related Party Transactions

Related Party Transactions	12 Months Ended
	Dec. 31, 2018
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions The following summary provides disclosure of the material transactions with affiliates of the Company. The Company does not have any employees and is externally managed by the Manager under the terms of a management agreement entered into in connection with closing of the IPO and Formation Transaction on June 28, 2017. Under the management agreement, the Manager and its affiliates provide the Company with the personnel and resources necessary to operate the Company’s business. In exchange, the Company pays the Manager a base management fee that is equal to 1.5% of the Company’s equity on an annualized basis as well as an incentive fee, which is payable, if earned, beginning in the fourth quarter of 2018, in accordance with the terms of the management agreement. For purposes of calculating the management fee, equity is adjusted to exclude any common stock repurchases as well as any unrealized gains, losses or other items that do not affect realized net income (loss), among other adjustments, in accordance with the management agreement. In addition, under the terms of an amendment to the management agreement entered into in the fourth quarter of 2018, the Manager agreed to reimburse the Company an amount related to the compensation payable to the sales agents under the Company’s equity distribution agreement by netting such amount from the base management fee payable to the Manager for the applicable quarterly period. The Company incurred $12.5 million and $6.3 million as a management fee to the Manager for the years ended December 31, 2018 and 2017 , respectively. See further discussion of the base management fee and incentive fee calculations in Note 14 - Commitments and Contingencies . Prior to the IPO and Formation Transaction, the Predecessor was allocated its proportionate share of management fees incurred by Two Harbors under the management agreement that Two Harbors has with PRCM Advisers. Under its management agreement with PRCM Advisers as in effect during the relevant period, Two Harbors paid PRCM Advisers a base management fee equal to 1.5% of its adjusted equity on an annualized basis. The Predecessor was allocated management fees incurred by Two Harbors of $3.4 million for the period from January 1, 2017 through June 27, 2017 and $7.2 million for the year ended December 31, 2016. During the years ended December 31, 2018 and 2017 , the Company reimbursed the Manager for certain direct and allocated costs incurred by the Manager on behalf of the Company. These direct and allocated costs totaled approximately $8.6 million and $2.2 million , respectively. In addition, during the years ended December 31, 2017 and 2016 , certain direct and allocated operating expenses were paid by Two Harbors to PRCM Advisers and other third-party vendors and included in the Company’s consolidated statements of comprehensive income . These direct and allocated costs totaled approximately $4.5 million and $6.9 million for the years ended December 31, 2017 and 2016 , respectively. Expenses during the period may have been different had the Predecessor not been a subsidiary of Two Harbors during those periods. The Company has contractual relationships with the majority of its third-party vendors and pays those vendors directly. The Company will continue to have certain costs allocated to it by the Manager under the management agreement for compensation, data services, technology and certain office lease payments. The Company recognized $3.5 million and $1.1 million of compensation during the years ended December 31, 2018 and 2017 related to restricted common stock issued to employees of the Manager and the Company’s independent directors pursuant to the Plan. See Note 17 - Equity Incentive Plan for additional information. During the years ended December 31, 2017 and 2016, the Company financed certain of its loans held-for-investment through a revolving note payable to TH Insurance Holdings Company LLC, or TH Insurance, a captive insurance company and indirect subsidiary of Two Harbors and a member of the Federal Home Loan Bank of Des Moines, or the FHLB. In exchange for the note with TH Insurance, the Company received an allocated portion of TH Insurance’s advances from the FHLB and pledged to the FHLB a portion of its loans held-for-investment as collateral for TH Insurance’s advances. The affiliate note payable reflected terms consistent with TH Insurance’s FHLB advances. During 2017, the note payable to TH Insurance was in effect to assist with cash management and operational processes as the investments in the Company’s portfolio pledged to the FHLB were released and transitioned to its repurchase facilities. The affiliate note payable matured on October 27, 2017 and was repaid in full.

Subsequent Events

Subsequent Events	12 Months Ended
	Dec. 31, 2018
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events On February 5, 2019, the Company closed an underwritten public offering of 6,850,000 shares of its common stock. The Company received total proceeds from the offering of approximately $130.0 million . In addition, the Company granted the underwriters a thirty-day option to purchase up to an additional 1,027,500 shares of its common stock. Events subsequent to December 31, 2018 , were evaluated through the date these financial statements were issued and no other additional events were identified requiring further disclosure in these consolidated

Quarterly Financial Data

Quarterly Financial Data	12 Months Ended
	Dec. 31, 2018
Quarterly Financial Information Disclosure [Abstract]
Quarterly Financial Information	Quarterly Financial Data - Unaudited 2018 Quarter Ended (in thousands, except share data) March 31 June 30 September 30 December 31 Total interest income $ 39,977 $ 43,509 $ 47,560 $ 52,834 Total interest expense 18,373 21,235 23,365 28,550 Net interest income 21,604 22,274 24,195 24,284 Total other income 882 564 — — Total expenses 7,899 7,613 7,631 7,587 Provision for (benefit from) income taxes 1 (2 ) (1 ) — Dividends on preferred stock 25 25 25 25 Net income $ 14,561 $ 15,202 $ 16,540 $ 16,672 Basic earnings per weighted average common share (See Note 19) $ 0.34 $ 0.35 $ 0.38 $ 0.38 Diluted earnings per weighted average common share (See Note 19) $ 0.33 $ 0.34 $ 0.37 $ 0.37 Basic weighted average number of shares of common stock 43,374,228 43,446,963 43,456,234 43,502,583 Diluted weighted average number of shares of common stock 50,467,978 50,634,463 50,651,612 56,264,771 2017 Quarter Ended (in thousands, except share data) March 31 June 30 September 30 December 31 Total interest income $ 23,818 $ 26,100 $ 30,864 $ 37,055 Total interest expense 6,106 7,773 12,497 16,087 Net interest income 17,712 18,327 18,367 20,968 Total other income — — — — Total expenses 4,257 4,132 6,851 6,833 Provision for (benefit from) income taxes 1 (2 ) (2 ) (1 ) Dividends on preferred stock — — 25 25 Net income $ 13,454 $ 14,197 $ 11,493 $ 14,111 Basic earnings per weighted average common share (See Note 18) $ — $ — $ 0.27 $ 0.33 Diluted earnings per weighted average common share (See Note 18) $ — $ — $ 0.27 $ 0.33 Basic weighted average number of shares of common stock — 43,234,205 43,234,254 43,235,103 Diluted weighted average number of shares of common stock — 43,234,205 43,234,254 43,235,103

Schedule IV Mortgage Loans on R

Schedule IV Mortgage Loans on Real Estate	12 Months Ended
	Dec. 31, 2018
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Abstract]
Mortgage Loans on Real Estate	GRANITE POINT MORTGAGE TRUST INC. SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE As of December 31, 2018 (dollars in thousands) Asset Type/ Location Interest Rate Final Maturity Date (1) Periodic Payment Terms (2) Prior Liens (3) Face Amount Carrying Amount Principal Amount Subject to Delinquent Principal or Interest Loans held-for-investment Retail/West L +3.34% 7/2020 IO $ — $ 112,891 $ 111,493 $ — Office/Northeast L +4.45% 10/2020 IO — 108,048 107,257 — Office/Various L +4.45% 8/2020 P&I — 108,687 108,031 — Mixed-Use/Southwest L +3.65% 12/2020 IO — 119,902 119,802 — Mixed-Use/Northeast L +3.75% 1/2022 IO — 26,974 25,960 — Industrial/Northeast L +3.70% 4/2019 IO — 89,000 89,000 — Office/Northeast L +3.50% 5/2021 IO — 79,144 78,386 — Office/West L +3.25% 11/2019 IO — 58,968 58,646 — Office/Northeast L +4.07% 10/2021 IO — 44,593 44,232 — Hotel/Southwest L +4.45% 12/2020 IO — 68,778 68,165 — Retail/West L +3.87% 7/2020 IO — 58,199 57,950 — Office/West L +4.10% 12/2020 IO — 60,798 60,310 — Office/Northeast L +3.95% 9/2020 P&I — 63,510 63,053 — Hotel/Southeast L +3.78% 5/2021 IO — 64,000 63,461 — Office/Southeast L +3.30% 1/2021 IO — 62,275 61,225 — Office/Southwest L +2.90% 12/2021 IO — 42,825 42,268 — Industrial/West L +4.50% 1/2020 IO — 44,588 44,348 — Office/Southeast L +4.75% 2/2021 P&I — 56,200 55,784 — Office/Northeast L +4.55% 12/2019 P&I — 46,568 46,460 — Industrial/Northeast L +4.38% 10/2020 IO — 53,132 52,795 — Industrial/Northeast L +2.70% 10/2021 IO — 47,484 47,096 — Hotel/West L +4.70% 5/2020 IO — 36,000 35,702 — Office/Northeast L +4.65% 1/2020 IO — 50,160 50,160 — Office/Northeast L +4.75% 12/2019 IO — 51,435 51,230 — Multifamily/Midwest L +2.99% 12/2021 IO — 51,000 50,514 — Office/Midwest L +3.25% 10/2021 IO — 19,156 18,766 — Multifamily/Southwest L +3.60% 5/2021 IO — 49,698 49,299 — Multifamily/Midwest L +4.15% 11/2021 IO — 15,000 14,616 — Industrial/Northeast L +2.93% 12/2021 IO — 40,800 40,373 — Office/Southwest L +3.78% 2/2021 IO — 46,002 45,727 — Mixed-Use/Northeast L +4.38% 1/2021 IO — 30,953 30,558 — Multifamily/Southwest L +3.65% 9/2020 IO — 40,478 40,062 — Mixed-Use/Northeast L +4.07% 5/2021 IO — 29,883 29,564 — Hotel/West L +3.60% 7/2021 IO — 41,000 40,626 — Hotel/West L +4.50% 7/2020 IO — 45,000 44,686 — Multifamily/Southwest L +2.93% 9/2021 IO — 38,326 38,026 — Multifamily/Midwest L +4.24% 11/2020 IO — 40,000 39,771 — Mixed-Use/West L +4.54% 12/2021 IO — 16,223 15,829 — Office/Northeast L +3.55% 6/2021 IO — 32,012 31,750 — Office/Northeast L +7.76% 7/2019 IO — 33,470 33,100 — Asset Type/ Location Interest Rate Final Maturity Date (1) Periodic Payment Terms (2) Prior Liens (3) Face Amount Carrying Amount Principal Amount Subject to Delinquent Principal or Interest Office/West L +3.90% 1/2021 IO — 31,781 31,493 — Multifamily/Northeast L +4.27% 12/2019 IO — 34,400 34,198 — Industrial/Northeast L +2.85% 11/2021 IO — 29,404 28,972 — Office/Southwest L +5.00% 5/2020 IO — 28,563 28,308 — Hotel/Midwest L +4.07% 7/2021 IO — 16,754 16,510 — Multifamily/Midwest L +2.92% 1/2023 IO — 26,885 26,621 — Office/Southwest L +4.05% 10/2020 IO — 21,895 21,716 — Office/Southwest L +4.40% 5/2020 IO — 27,582 27,385 — Office/Northeast 5.11 % 3/2026 P&I — 33,800 33,649 — Office/West L +4.55% 10/2019 IO — 27,184 27,093 — Office/Southeast L +3.50% 5/2021 P&I — 28,569 28,414 — Multifamily/Northeast L +4.10% 7/2020 IO — 30,000 29,854 — Office/West L +3.40% 7/2021 IO — 18,980 18,665 — Multifamily/Southwest L +3.55% 7/2021 IO — 28,966 28,735 — Office/Southeast L +3.50% 11/2021 IO — 23,780 23,425 — Hotel/Midwest L +3.90% 12/2021 IO — 20,500 20,264 — Hotel/Northeast L +4.90% 9/2020 IO — 23,500 23,380 — Office/West L +4.20% 8/2020 IO — 23,476 23,340 — Hotel/Southwest L +5.13% 1/2021 IO — 26,000 25,860 — Office/Southeast L +2.95% 1/2022 IO — 20,672 20,439 — Industrial/Northeast L +3.50% 8/2021 IO — 25,893 25,592 — Mixed-Use/Northeast L +3.87% 10/2021 IO — 21,061 20,802 — Hotel/Midwest L +4.07% 5/2021 IO — 25,000 24,768 — Hotel/Northeast L +4.21% 10/2021 IO — 8,368 8,182 — Office/Northeast L +4.20% 9/2020 IO — 23,610 23,471 — Industrial/Northeast L +5.15% 9/2020 P&I — 23,375 23,292 — Mixed-Use/Northeast L +4.77% 2/2021 IO — 19,772 19,548 — Office/Southeast L +4.05% 3/2020 IO — 23,000 22,887 — Retail/Southeast L +4.21% 7/2021 IO — 16,353 16,182 — Multifamily/Midwest L +4.05% 5/2021 IO — 19,893 19,739 — Office/Northeast L +4.77% 8/2020 IO — 16,769 16,646 — Multifamily/Northeast L +4.44% 1/2022 IO — 7,500 7,283 — Multifamily/Southeast L +4.15% 7/2020 IO — 19,985 19,881 — Office/Southwest L +3.24% 10/2021 IO — 18,188 18,019 — Multifamily/Midwest L +3.42% 12/2020 IO — 19,500 19,361 — Office/West L +4.05% 3/2021 IO — 17,278 17,131 — Multifamily/Southeast L +5.25% 8/2020 IO — 14,979 14,870 — Multifamily/Northeast L +4.85% 11/2019 IO — 17,669 17,579 — Hotel/West L +5.15% 4/2021 IO — 19,750 19,576 — Retail/Southwest L +4.80% 1/2021 P&I — 18,974 18,810 — Office/West L +3.20% 12/2021 IO — 13,160 12,956 — Multifamily/Southwest L +4.29% 4/2021 IO — 18,700 18,580 — Multifamily/West L +3.25% 4/2021 IO — 18,500 18,412 — Multifamily/West L +3.25% 4/2021 IO — 18,500 18,412 — Office/West L +5.90% 1/2020 IO — 12,642 12,561 — Hotel/Southeast L +8.75% 8/2019 IO 98,500 17,000 17,000 — Asset Type/ Location Interest Rate Final Maturity Date (1) Periodic Payment Terms (2) Prior Liens (3) Face Amount Carrying Amount Principal Amount Subject to Delinquent Principal or Interest Office/West L +3.75% 8/2021 IO — 10,480 10,342 — Multifamily/Southeast L +2.85% 9/2021 IO — 16,560 16,494 — Multifamily/Southwest L +3.15% 12/2021 IO — 16,000 15,804 — Hotel/West 8.00 % 2/2027 P&I — 14,652 14,652 — Office/Southeast L +9.50% 8/2020 IO 45,303 9,900 9,900 — Hotel/Northeast 13.00 % 11/2025 P&I 59,000 4,779 4,779 — Total loans held-for-investment $ 202,803 $ 3,193,641 $ 3,167,913 $ — ____________________ (1) Based on contractual maturity date. Certain commercial mortgage loans are subject to contractual extension options which may be subject to conditions as stipulated in the loan agreement. Actual maturities may differ from contractual maturities stated herein as certain borrowers may have the right to prepay with or without paying a prepayment penalty. The Company may also extend contractual maturities in connection with loan modifications. (2) Principal and interest (“P&I”); Interest-only (“IO”). Certain commercial mortgage loans labeled as P&I are non-amortizing until a specific date when they begin amortizing P&I, as stated in the loan agreements. (3)

Basis of Presentation and Sig_2

Basis of Presentation and Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2018
Basis of Presentation and Significant Accounting Policies [Abstract]
Consolidation and Basis of Presentation	Consolidation and Basis of Presentation The accompanying consolidated financial statements include the accounts of all subsidiaries; inter-company accounts and transactions have been eliminated. Certain prior period amounts have been reclassified to conform to the current period presentation. The accounting and reporting policies of the Company conform to U.S. generally accepted accounting principles, or U.S. GAAP.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make a number of significant estimates. These include estimates of fair value of certain assets and liabilities, amount and timing of allowances for loan losses and impairments and other estimates that affect the reported amounts of certain assets and liabilities as of the date of the consolidated financial statements and the reported amounts of certain revenues and expenses during the reported period. It is likely that changes in these estimates ( e.g.
Formation Transaction	Formation Transaction On June 28, 2017, the Company completed the Formation Transaction, through which the Company acquired the equity interests in the Predecessor from Two Harbors. In accordance with Accounting Standards Codification (ASC) 805, Business Combinations , the Predecessor is considered the acquiring or surviving entity, meaning the historical assets and liabilities of TH Commercial Holdings LLC included in the consolidated balance sheets are recorded at the Predecessor’s historical carryover cost basis. As a result of the Formation Transaction, the Company is considered a continuation of the Predecessor’s business operations and its historical results of operations and cash flows are included in the Company’s consolidated financial statements. In consideration for the contribution, Two Harbors received 33,071,000 shares of the Company’s common stock and 1,000 shares of cumulative redeemable preferred stock with an aggregate liquidation preference of $1,000
Loans Held-for-investment	Loans Held-for-Investment The Company originates and acquires commercial real estate debt and related instruments generally to be held as long-term investments. These assets are classified as loans held-for-investment on the consolidated balance sheets. Additionally, the Company was the sole certificate holder of a trust entity that held a commercial mezzanine loan. The trust was considered a VIE for financial reporting purposes and, thus, was reviewed for consolidation under the applicable consolidation guidance. As the Company had both the power to direct the activities of the trust that most significantly impact the entity’s performance, and the obligation to absorb losses or the right to receive benefits of the entity that could be significant, the Company consolidated the trust. The underlying loan was classified as a loan held-for-investment on the consolidated balance sheets. The loan was legally isolated from the Company and had been structured to be beyond the reach of creditors of the Company. In the second quarter of 2018, the Company financed a pool of its commercial real estate loans through a CLO, which is considered a VIE for financial reporting purposes and, thus, was reviewed for consolidation under the applicable consolidation guidance. Because the Company has both the power to direct the activities of the CLO that most significantly impact the entity’s performance, and the obligation to absorb losses or the right to receive benefits of the entity that could be significant, the Company consolidates the CLO and classifies the underlying loans as loans held-for-investment. Interest income on loans held-for-investment is recorded on the consolidated statements of comprehensive income. Loans held-for-investment are reported at cost, net of any unamortized acquisition premiums or discounts, loan fees and origination costs as applicable, unless the assets are deemed impaired. Impairment is indicated when it is deemed probable that the Company will not be able to collect all amounts due pursuant to the contractual terms of the loan. Because the Company’s loans held-for-investment are collateralized by real property or are collateral dependent, impairment is measured by comparing the estimated fair value of the underlying collateral less estimated costs to sell to the amortized cost of the respective loan. The valuation of the underlying collateral requires significant judgment, which includes assumptions regarding capitalization rates, leasing, credit worthiness of major tenants, occupancy rates, availability of financing, exit plan, loan sponsorship, actions of other lenders, overall economic conditions, the broader commercial real estate market, local geographic sub-markets, and other factors deemed necessary. If a loan is determined to be impaired, the Company records an allowance to reduce the carrying value of the loan through a charge to provision for loan losses. Actual losses, if any, could ultimately differ from these estimates. Interest income on loans held-for-investment is recognized at the loan coupon rate. Any premiums or discounts, loan fees, contractual exit fees and origination costs are amortized or accreted into interest income over the lives of the loans using the effective interest method. Loans are considered past due when they are 30 days past their contractual due date. Interest income recognition is suspended when loans are placed on nonaccrual status. Generally, commercial mortgage loans are placed on nonaccrual status when delinquent for more than 60
Available-for-Sale and Held-to-Maturity Securities	Available-for-Sale Securities, at Fair Value From time to time, the Company may selectively invest in commercial mortgage-backed securities, or CMBS, representing interests in pools of commercial mortgage loans issued by trusts. The Company has designated investments in certain CMBS as available-for-sale, or AFS, because the Company may dispose of them prior to maturity. All assets classified as AFS are reported at estimated fair value with unrealized gains and losses, excluding other than temporary impairments, included in accumulated other comprehensive loss. Interest income on available-for-sale securities is accrued based on the outstanding principal balance and their contractual terms. Premiums and discounts associated with CMBS are amortized into interest income over the life of such securities using the effective yield method. The Company evaluates its available-for-sale securities, on a quarterly basis, to assess whether a decline in the fair value of an AFS security below the Company’s amortized cost basis is an other-than-temporary impairment, or OTTI. The presence of OTTI is based upon a fair value decline below a security’s amortized cost basis and a corresponding adverse change in expected cash flows due to credit related factors as well as non-credit factors, such as changes in interest rates and market spreads. Impairment is considered other-than-temporary if an entity (i) intends to sell the security, (ii) will more likely than not be required to sell the security before it recovers in value, or (iii) does not expect to recover the security’s amortized cost basis, even if the entity does not intend to sell the security. Under these scenarios, the impairment is other-than-temporary and the full amount of impairment should be recognized currently in earnings and the cost basis of the investment security is adjusted. However, if an entity does not intend to sell the impaired debt security and it is more likely than not that it will not be required to sell before recovery, the OTTI is separated into (i) the estimated amount relating to credit loss, or credit component, and (ii) the amount relating to all other factors, or non-credit component. Only the estimated credit loss amount is recognized currently in earnings, with the remainder of the loss amount recognized in other comprehensive income (loss). The difference between the new amortized cost basis and the cash flows expected to be collected is accreted as interest income in accordance with the effective interest method. Held-to-Maturity Securities From time to time, the Company may selectively invest in commercial mortgage-backed securities, or CMBS, representing interests in pools of commercial mortgage loans issued by trusts. The Company has designated investments in certain CMBS as held-to-maturity, or HTM, because the Company has both the ability and intent to hold them until maturity. All assets classified as HTM are reported at stated cost plus any premiums or discounts, which are amortized or accreted through the consolidated statement of comprehensive income using the effective interest method.
Cash and Cash Equivalents	Cash and Cash Equivalents Cash and cash equivalents include cash held in bank accounts and cash held in money market funds on an overnight basis.
Restricted Cash	Restricted CashRestricted cash includes certain cash balances the Company is required to maintain in restricted accounts as collateral for the Company’s repurchase agreements and with counterparties to support activities related to securities. Cash held by counterparties as collateral, which resides in non-interest bearing accounts, is not available to the Company for general corporate purposes, but may be applied against amounts due to securities and repurchase agreement counterparties or returned to the Company when the collateral requirements are exceeded or at the maturity of the repurchase agreement.
Accrued Interest Receivable	Accrued Interest Receivable Accrued interest receivable represents interest that is due and payable to the Company. Cash interest is generally received within thirty days of recording the receivable.
Due From Counterparties	Due from CounterpartiesDue from counterparties includes cash held by counterparties as collateral against the Company’s repurchase agreements but represents excess capacity and deemed unrestricted and a receivable from the counterparty as of the balance sheet date.
Deferred Debt Issuance Costs	Deferred Debt Issuance CostsBecause the outstanding balance of the Company’s repurchase agreement facilities may fluctuate as the Company borrows and repays amounts, the Company presents unamortized deferred debt issuance costs related to these credit facilities as an asset on its consolidated balance sheets. Amortization of deferred debt issuance costs over the term of the related repurchase facility is reported within interest expense on repurchase agreements on the consolidated statements of comprehensive income.
Repurchase Agreements	Repurchase Agreements The Company finances the acquisition of its loans held-for-investment, AFS securities and HTM securities through the use of repurchase agreements. Borrowings under repurchase agreements generally bear interest rates of a specified margin over one-month LIBOR and are generally uncommitted. The repurchase agreements are treated as collateralized financing transactions and are carried at their contractual amounts, as specified in the respective agreements.
Securitized Debt Obligations	Securitized Debt Obligations In the second quarter of 2018, the Company financed a pool of its commercial real estate loans through a collateralized loan obligation, or CLO, retaining the subordinate securities in its investment portfolio. The securitization was accounted for as a financing arrangement and consolidated on the Company’s consolidated financial statements. The securitized debt obligations not retained by the Company, which are nonrecourse to the Company beyond the assets held in the CLO, are recorded at outstanding principal balance, net of any unamortized deferred debt issuance costs, on the Company’s consolidated
Revolving Credit Facilities	Revolving Credit Facilities The Company finances the acquisition of its loans held-for-investment through the use of revolving credit facilities. Borrowings under revolving credit generally bear interest rates of a specified margin over one-month LIBOR and are generally uncommitted. The revolving credit facilities are treated as collateralized financing transactions and are carried at their contractual amounts, as specified in the respective agreements.
Convertible Notes	Convertible Senior Notes Convertible senior notes include unsecured convertible debt that are carried at their unpaid principal balance, net of any unamortized deferred issuance costs, on the Company’s consolidated
Note Payable to Affiliate	Note Payable to AffiliateDuring the years ended December 31, 2017 and 2016, the Company financed certain of its loans held-for-investment through a revolving note payable to TH Insurance Holdings Company LLC, or TH Insurance, a captive insurance company and indirect subsidiary of Two Harbors and a member of the Federal Home Loan Bank of Des Moines, or the FHLB. In exchange for the note with TH Insurance, the Company received an allocated portion of TH Insurance’s advances from the FHLB and pledged to the FHLB a portion of its loans held-for-investment as collateral for TH Insurance’s advances. The affiliate note payable reflected terms consistent with TH Insurance’s FHLB advances. During the year ended December 31, 2017, the note payable to TH Insurance was in effect to assist with cash management and operational processes as the investments in the Company’s portfolio pledged to the FHLB were released and transitioned to its repurchase facilities. The affiliate note payable matured on October 27, 2017 and was repaid in full.
Accrued Interest Payable	Accrued Interest Payable Accrued interest payable represents interest that is due and payable to third parties. Interest is generally paid within 30 days to three months of recording the payable, based upon the Company’s remittance requirements.
Income Taxes	Income Taxes The Company has elected to be taxed as a REIT under the Code and the corresponding provisions of state law. To qualify as a REIT, the Company must distribute at least 90% of its annual REIT taxable income to stockholders (not including taxable income retained in its taxable subsidiaries) within the time frame set forth in the tax Code and the Company must also meet certain other requirements. In addition, because certain activities, if performed by the Company, may cause the Company to earn income which is not qualifying for the REIT gross income tests, the Company has formed a TRS, as defined in the Code, to engage in such activities. The TRS’s activities are subject to income taxes as well as any REIT taxable income not distributed to stockholders. The Company assesses its tax positions for all open tax years (2015, 2016 and 2017) and determines whether the Company has any material unrecognized liabilities in accordance with ASC 740, Income Taxes . The Company records these liabilities to the extent the Company deems them more likely than not to be incurred. The Company classifies interest and penalties on material uncertain tax positions as interest expense and other expense, respectively, in its consolidated statements of comprehensive income . There were no interest or penalties recorded during the periods presented in these financial statements. The Tax Cuts and Jobs Act of 2017 (“TCJA”) made many significant changes to the U.S. federal income tax laws applicable to businesses, including REITs and taxable REIT subsidiaries. Pursuant to the TCJA, as of January 1, 2018, the federal income tax rate applicable to corporations was reduced from 35% to 21%
Related Party Management Fee and Operating Expenses	Related Party Management Fee and Operating Expenses The Company does not have any employees and is externally managed by the Manager under the terms of a management agreement entered into in connection with closing of the IPO and Formation Transaction on June 28, 2017. Under the management agreement, the Manager and its affiliates provide the Company with the personnel and resources necessary to operate the Company’s business. In exchange, the Company pays the Manager a base management fee that is equal to 1.5% of the Company’s equity on an annualized basis as well as an incentive fee, which will be payable, if earned, beginning in the fourth quarter of 2018, in accordance with the terms of the management agreement. See further discussion of the base management fee and incentive fee calculations in Note 14 - Commitments and Contingencies . Prior to the IPO and Formation Transaction, the Predecessor was allocated its proportionate share of management fees incurred by Two Harbors under the management agreement that Two Harbors has with PRCM Advisers LLC, or PRCM Advisers, a subsidiary of the Manager. Under its management agreement with PRCM Advisers, Two Harbors pays the Manager Advisers a base management fee equal to 1.5% of its equity on an annualized basis. Additionally, certain direct and allocated operating expenses paid by the Manager to third-party vendors and by Two Harbors to PRCM Advisers and other third-party vendors are included in the Company’s consolidated
Preferred Stock	Preferred Stock The Company accounts for its preferred stock in accordance with ASC 480, Distinguishing Liabilities from Equity . Holders of the Company’s preferred stock have certain preference rights with respect to the common stock. Based on the Company’s analysis, the preferred stock has been classified as redeemable interests outside of permanent equity in the mezzanine section of the Company’s consolidated
Earnings Per Share	Earnings Per Share Basic and diluted earnings per share are computed by dividing net income by the weighted average number of common shares and potential common shares outstanding during the period from the date the Company commenced operations as a publicly traded company and completed its IPO and Formation Transaction on June 28, 2017 through December 31, 2018
Other Comprehensive Income (Loss)	Other Comprehensive Income (Loss) Current period net unrealized gains and losses on AFS securities are reported as components of accumulated other comprehensive income (loss) on the consolidated statements of stockholders’ equity and in the consolidated
Equity Incentive Plan	Equity Incentive Plan The Company has adopted the 2017 Equity Incentive Plan, or the Plan, to provide incentive compensation to attract and retain qualified directors, officers, advisors, consultants and other personnel, including certain personnel of the Manager and its affiliates. The Plan is administered by the compensation committee of the Company’s board of directors. The Plan permits the granting of restricted shares of common stock, phantom shares, dividend equivalent rights and other equity-based awards. See Note 17 - Equity Incentive Plan for further details regarding the Plan. The cost of equity-based compensation awarded to personnel provided by the manager is measured at fair value at each reporting date based on the price of the Company’s stock as of period end in accordance with ASC 505, Equity
Offsetting Assets and Liabilities	Offsetting Assets and Liabilities Certain of the Company’s repurchase agreements are governed by underlying agreements that provide for a right of setoff in the event of default of either party to the agreement. Under certain of these agreements, the Company and the counterparty may be required to post cash collateral based upon the net underlying market value of the Company’s open positions with the counterparty. Under U.S. GAAP, if the Company has a valid right of setoff, it may offset the related asset and liability and report the net amount. The Company presents repurchase agreements subject to master netting arrangements or similar agreements on a gross basis. Regardless of whether or not the Company pledges or receives any cash collateral in accordance with its repurchase agreements, the Company does not offset financial assets and liabilities with the associated cash collateral on its consolidated balance sheets. The following table presents information about the Company’s repurchase agreements that are subject to master netting arrangements or similar agreements and can potentially be offset on the Company’s consolidated balance sheets as of December 31, 2018 and December 31, 2017 : (in thousands) December 31, December 31, Gross amounts of repurchase agreements $ 1,500,543 $ 1,521,608 Gross amounts offset in the consolidated balance sheets — — Net amounts of repurchase agreements presented in the consolidated balance sheets 1,500,543 1,521,608 Gross amounts not offset against repurchase agreements in the consolidated balance sheets (1) : Financial instruments (1,500,543 ) (1,521,608 ) Cash collateral received (pledged) — — Net amount $ — $ — ____________________ (1) Amounts presented are limited in total to the net amount of liabilities presented in the consolidated balance sheets by instrument. Excess cash collateral or financial assets that are pledged to counterparties may exceed the financial liabilities subject to a master netting arrangement or similar agreement. These excess amounts are excluded from the table above, although separately reported within restricted cash or due from counterparties in the Company’s consolidated
Recently Issued and/or Adopted Accounting Standards	Recently Issued and/or Adopted Accounting Standards Revenue from Contracts with Customers In May 2014, the Financial Accounting Standards Board, or FASB, issued ASU No. 2014-09, which is a comprehensive revenue recognition standard that supersedes virtually all existing revenue guidance under U.S. GAAP. The standard’s core principle is that an entity will recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods and services. As a result of the issuance of ASU No. 2015-14 in August 2015 deferring the effective date of ASU No. 2014-09 by one year, the ASU is effective for annual periods, and interim periods within those annual periods, beginning on or after December 15, 2017, with early adoption prohibited. The Company has evaluated the new guidance and determined that interest income and gains and losses on financial instruments are outside the scope of ASC 606, Revenues from Contracts with Customers . As a result, the adoption of this ASU did not have a material impact on the Company’s financial condition, results of operations or financial statement disclosures. Lease Classification and Accounting In February 2016, the FASB issued ASU No. 2016-02, which requires lessees to recognize on their balance sheets both a lease liability for the obligation to make lease payments and a right-of-use asset for the right to use the underlying asset for the lease term. The ASU is effective for annual periods, and interim periods within those annual periods, beginning on or after December 15, 2018, with early adoption permitted. The Company has determined this ASU will not have a material impact on the Company’s financial condition, results of operations or financial statement disclosures. Measurement of Credit Losses on Financial Instruments In June 2016, the FASB issued ASU No. 2016-13, which changes the impairment model for most financial assets and certain other instruments. Allowances for credit losses on available-for-sale, or AFS, and held-to-maturity, or HTM, debt securities will be recognized, rather than direct reductions in the amortized cost of the investments. The new model also requires the estimation of lifetime expected credit losses and corresponding recognition of allowance for losses on trade and other receivables, HTM debt securities, loans, and other instruments held at amortized cost. The ASU requires certain recurring disclosures and is effective for annual periods, and interim periods within those annual periods, beginning on or after December 15, 2019, with early adoption permitted for annual periods, and interim periods within those annual periods, beginning on or after December 15, 2018. The Company is evaluating the adoption of this ASU to determine the impact it may have on its consolidated financial statements, which at the date of adoption, is expected to increase the allowance for credit losses with a resulting negative adjustment to retained earnings. Accounting for Share-Based Payments to Nonemployees In June 2018, the FASB issued ASU No. 2018-07 to simplify the accounting for share-based payments to nonemployees by aligning it with the accounting for share-based payments to employees, with certain exceptions. Under the guidance, equity-classified nonemployee awards will be measured on and fixed at the grant date, rather than measured at fair value at each reporting date until the date at which the nonemployee’s performance is complete. The ASU is effective for annual periods, and interim periods within those annual periods, beginning on or after December 15, 2018, with early adoption permitted. The adoption of this ASU will not have a material impact on the Company’s consolidated financial statements. Fair Value Measurement Disclosure Requirements In August 2018, the FASB issued ASU No. 2018-13, which eliminates, adds and modifies certain disclosure requirements for fair value measurements. Under the guidance, entities are no longer required to disclose the amount of and reasons for transfers between Level 1 and Level 2 of the fair value hierarchy, but public companies are required to disclose (1) the changes in unrealized gains and losses for the period included in other comprehensive income for recurring Level 3 fair value measurements of instruments held at the end of the reporting period and (2) the range and weighted average used to develop significant unobservable inputs for Level 3 fair value measurements. The ASU is effective for annual periods, and interim periods within those annual periods, beginning on or after December 15, 2019, with early adoption permitted. Early adoption of this ASU did not have a material impact on the Company’s financial condition, results of operations or financial statement disclosures. SEC Disclosure Update and Simplification

Basis of Presentation and Sig_3

Basis of Presentation and Significant Accounting Policies (Tables)	12 Months Ended
	Dec. 31, 2018
Basis of Presentation and Significant Accounting Policies [Abstract]
Offsetting Liabilities	The following table presents information about the Company’s repurchase agreements that are subject to master netting arrangements or similar agreements and can potentially be offset on the Company’s consolidated balance sheets as of December 31, 2018 and December 31, 2017 : (in thousands) December 31, December 31, Gross amounts of repurchase agreements $ 1,500,543 $ 1,521,608 Gross amounts offset in the consolidated balance sheets — — Net amounts of repurchase agreements presented in the consolidated balance sheets 1,500,543 1,521,608 Gross amounts not offset against repurchase agreements in the consolidated balance sheets (1) : Financial instruments (1,500,543 ) (1,521,608 ) Cash collateral received (pledged) — — Net amount $ — $ — ____________________ (1) Amounts presented are limited in total to the net amount of liabilities presented in the consolidated balance sheets by instrument. Excess cash collateral or financial assets that are pledged to counterparties may exceed the financial liabilities subject to a master netting arrangement or similar agreement. These excess amounts are excluded from the table above, although separately reported within restricted cash or due from counterparties in the Company’s consolidated

Variable Interest Entities (Tab

Variable Interest Entities (Tables)	12 Months Ended
	Dec. 31, 2018
Variable Interest Entities [Abstract]
Schedule of Variable Interest Entities	The following table presents a summary of the assets and liabilities of all variable interest entities consolidated on the Company’s consolidated balance sheets as of December 31, 2018 and December 31, 2017 : (in thousands) December 31, December 31, Loans held-for-investment $ 795,259 $ 45,890 Restricted cash 26,136 — Accrued interest receivable 2,622 178 Other assets 5,130 — Total Assets $ 829,147 $ 46,068 Securitized debt obligations $ 654,263 $ — Accrued interest payable 689 — Total Liabilities $ 654,952 $ —

Loans Held-for-Investment (Tabl

Loans Held-for-Investment (Tables)	12 Months Ended
	Dec. 31, 2018
Loans Held-for-Investment [Abstract]
Schedule of Loans Held-for-Investment	The following tables summarize the Company’s loans held-for-investment by asset type, property type and geographic location as of December 31, 2018 and December 31, 2017 : December 31, (dollars in thousands) Senior Loans (1) Mezzanine Loans B-Notes Total Unpaid principal balance $ 3,147,310 $ 31,679 $ 14,652 $ 3,193,641 Unamortized (discount) premium (151 ) — — (151 ) Unamortized net deferred origination fees (25,577 ) — — (25,577 ) Carrying value $ 3,121,582 $ 31,679 $ 14,652 $ 3,167,913 Unfunded commitments $ 626,155 $ — $ — $ 626,155 Number of loans 88 3 1 92 Weighted average coupon 6.4 % 11.4 % 8.0 % 6.5 % Weighted average years to maturity (2) 2.0 1.9 8.1 2.0 December 31, (dollars in thousands) Senior Loans (1) Mezzanine Loans B-Notes Total Unpaid principal balance $ 2,220,361 $ 88,945 $ 14,845 $ 2,324,151 Unamortized (discount) premium (169 ) (9 ) — (178 ) Unamortized net deferred origination fees (19,752 ) 45 — (19,707 ) Carrying value $ 2,200,440 $ 88,981 $ 14,845 $ 2,304,266 Unfunded commitments $ 337,623 $ 1,580 $ — $ 339,203 Number of loans 53 5 1 59 Weighted average coupon 5.9 % 9.7 % 8.0 % 6.0 % Weighted average years to maturity (2) 2.3 2.0 9.1 2.4 ____________________ (1) Loans primarily secured by a first priority lien on commercial real property and related personal property and also includes, when applicable, any companion subordinate loans. (2)
Schedule of Loans Held-for-Investment by Property Type	(dollars in thousands) December 31, December 31, Property Type Carrying Value % of Loan Portfolio Carrying Value % of Loan Portfolio Office $ 1,495,128 47.2 % $ 1,223,642 53.1 % Multifamily 569,259 18.0 % 356,016 15.4 % Hotel 427,611 13.5 % 274,416 11.9 % Retail 324,447 10.2 % 254,786 11.1 % Industrial 351,468 11.1 % 195,406 8.5 % Total $ 3,167,913 100.0 % $ 2,304,266 100.0 %
Schedule of Loans Held-for-Investment by Geographic Location	(dollars in thousands) December 31, December 31, Geographic Location Carrying Value % of Loan Portfolio Carrying Value % of Loan Portfolio Northeast $ 1,171,691 37.0 % $ 896,361 38.9 % West 694,223 21.9 % 509,088 22.1 % Southwest 681,108 21.5 % 454,088 19.7 % Southeast 369,961 11.7 % 346,623 15.0 % Midwest 250,930 7.9 % 98,106 4.3 % Total $ 3,167,913 100.0 % $ 2,304,266 100.0 %
Rollforward of Loans Held-for-Investment	The following table summarizes activity related to loans held-for-investment for the years ended December 31, 2018 and December 31, 2017 . Year Ended (in thousands) 2018 2017 Balance at beginning of period $ 2,304,266 $ 1,364,291 Originations, acquisitions and additional fundings 1,338,224 1,048,423 Repayments (468,734 ) (100,466 ) Net discount accretion (premium amortization) 27 (5 ) Increase in net deferred origination fees (18,694 ) (15,945 ) Amortization of net deferred origination fees 12,824 7,968 Allowance for loan losses — — Balance at end of period $ 3,167,913 $ 2,304,266
Schedule of Loans Held-for-Investment by Internal Risk Rating	The following table presents the number of loans, unpaid principal balance and carrying value (amortized cost) by risk rating for loans held-for-investment as of December 31, 2018 and December 31, 2017 : (dollars in thousands) December 31, December 31, Risk Rating Number of Loans Unpaid Principal Balance Carrying Value Number of Loans Unpaid Principal Balance Carrying Value 1 9 $ 354,791 $ 353,583 6 $ 414,695 $ 413,314 2 78 2,680,297 2,656,679 50 1,840,638 1,822,134 3 3 121,133 120,496 3 68,818 68,818 4 2 37,420 37,155 — — — 5 — — — — — — Total 92 $ 3,193,641 $ 3,167,913 59 $ 2,324,151 $ 2,304,266

Available-for-Sale Securities_2

Available-for-Sale Securities, at Fair Value (Tables)	12 Months Ended
	Dec. 31, 2018
Debt Securities, Available-for-sale [Abstract]
Schedule of Available-for-sale Securities Reconciliation	The following table presents the face value and carrying value (which approximates fair value) of AFS securities as of December 31, 2018 and December 31, 2017 : (in thousands) December 31, December 31, Face value $ 12,798 $ 12,798 Gross unrealized gains — — Gross unrealized losses (192 ) — Carrying value $ 12,606 $ 12,798

Held-to-Maturity Securities (Ta

Held-to-Maturity Securities (Tables)	12 Months Ended
	Dec. 31, 2018
Debt Securities, Held-to-maturity, Fair Value to Amortized Cost [Abstract]
Held-to-maturity Securities	The following table presents the face value and carrying value of HTM securities by collateral type as of December 31, 2018 and December 31, 2017 : (in thousands) December 31, December 31, Face value $ 26,696 $ 42,169 Unamortized premium (discount) — — Carrying value $ 26,696 $ 42,169

Cash, Cash Equivalents and Re_2

Cash, Cash Equivalents and Restricted Cash (Tables)	12 Months Ended
	Dec. 31, 2018
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents [Abstract]
Schedule of Cash and Cash Equivalents	The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported on the Company’s consolidated balance sheets as of December 31, 2018 and December 31, 2017 that sum to the total of the same such amounts shown in the statements of cash flows: (in thousands) December 31, December 31, Cash and cash equivalents $ 91,700 $ 107,765 Restricted cash 31,723 2,953 Total cash, cash equivalents and restricted cash $ 123,423 $ 110,718

Accrued Interest Receivable (Ta

Accrued Interest Receivable (Tables)	12 Months Ended
	Dec. 31, 2018
Accrued Interest Receivable [Abstract]
Accrued Interest Receivable	The following table presents the Company’s accrued interest receivable by collateral type as of December 31, 2018 and December 31, 2017 : (in thousands) December 31, December 31, Loans held-for-investment $ 10,089 $ 6,880 Available-for-sale securities 57 51 Held-to-maturity securities 122 174 Total $ 10,268 $ 7,105

Fair Value (Tables)

Fair Value (Tables)	12 Months Ended
	Dec. 31, 2018
Fair Value Disclosures [Abstract]
Fair Value, Measurement Inputs, Disclosure	The following tables display the Company’s assets measured at fair value on a recurring basis. The Company does not hold any liabilities measured at fair value on its consolidated balance sheets. Recurring Fair Value Measurements December 31, 2018 (in thousands) Level 1 Level 2 Level 3 Total Assets Available-for-sale securities $ — $ 12,606 $ — $ 12,606 Total assets $ — $ 12,606 $ — $ 12,606 Recurring Fair Value Measurements December 31, 2017 (in thousands) Level 1 Level 2 Level 3 Total Assets Available-for-sale securities $ — $ 12,798 $ — $ 12,798 Total assets $ — $ 12,798 $ — $ 12,798
Fair Value, by Balance Sheet Grouping	The following table presents the carrying values and estimated fair values of assets and liabilities that are required to be recorded or disclosed at fair value at December 31, 2018 and December 31, 2017 . December 31, 2018 December 31, 2017 (in thousands) Carrying Value Fair Value Carrying Value Fair Value Assets Loans held-for-investment $ 3,167,913 $ 3,200,980 $ 2,304,266 $ 2,322,259 Available-for-sale securities $ 12,606 $ 12,606 $ 12,798 $ 12,798 Held-to-maturity securities $ 26,696 $ 26,611 $ 42,169 $ 42,797 Cash and cash equivalents $ 91,700 $ 91,700 $ 107,765 $ 107,765 Restricted cash $ 31,723 $ 31,723 $ 2,953 $ 2,953 Liabilities Repurchase agreements $ 1,500,543 $ 1,500,543 $ 1,521,608 $ 1,521,608 Securitized debt obligations $ 654,263 $ 654,330 $ — $ — Revolving credit facilities $ 75,000 $ 75,000 $ — $ — Convertible senior notes $ 268,138 $ 270,731 $ 121,314 $ 125,750

Repurchase Agreements (Tables)

Repurchase Agreements (Tables)	12 Months Ended
	Dec. 31, 2018
Disclosure of Repurchase Agreements [Abstract]
Schedule Of Repurchase Agreements By Term, Short Or Long	At December 31, 2018 and December 31, 2017 , the repurchase agreement balances were as follows: (in thousands) December 31, December 31, Short-term $ 842,078 $ 56,546 Long-term 658,465 1,465,062 Total $ 1,500,543 $ 1,521,608
Schedule of Repurchase Agreements by Maturity	At December 31, 2018 and December 31, 2017 , the repurchase agreements had the following characteristics and remaining maturities: December 31, 2018 December 31, 2017 Collateral Type Collateral Type (dollars in thousands) Loans CMBS (1) Total Amount Outstanding Loans CMBS (1) Total Amount Outstanding Within 30 days $ — $ — $ — $ 22,032 $ — $ 22,032 30 to 59 days — 25,854 25,854 — 34,514 34,514 60 to 89 days — — — — — — 90 to 119 days — — — — — — 120 to 364 days 816,224 — 816,224 — — — One year and over 658,465 — 658,465 1,465,062 — 1,465,062 Total $ 1,474,689 $ 25,854 $ 1,500,543 $ 1,487,094 $ 34,514 $ 1,521,608 Weighted average borrowing rate 4.61 % 4.78 % 4.61 % 3.78 % 3.77 % 3.78 % ____________________ (1) Includes both AFS securities and HTM securities sold under agreements to repurchase.
Schedule of Underlying Assets of Repurchase Agreements when Amount of Repurchase Agreements Exceeds 10 Percent of Assets	The following table summarizes assets at carrying values that are pledged or restricted as collateral for the future payment obligations of repurchase agreements: (in thousands) December 31, December 31, Loans held-for-investment $ 2,012,550 $ 2,202,049 Available-for-sale securities, at fair value 12,606 12,798 Held-to-maturity securities 26,696 42,169 Restricted cash 2,922 565 Total $ 2,054,774 $ 2,257,581
Schedule of Repurchase Agreement Counterparties with Whom Repurchase Agreements Exceed 10 Percent of Stockholders' Equity	The following table summarizes certain characteristics of the Company’s repurchase agreements and counterparty concentration at December 31, 2018 and December 31, 2017 : December 31, 2018 December 31, 2017 (dollars in thousands) Amount Outstanding Net Counterparty Exposure (1) Percent of Equity Weighted Average Years to Maturity Amount Outstanding Net Counterparty Exposure (1) Percent of Equity Weighted Average Years to Maturity Morgan Stanley Bank $ 475,474 $ 203,274 25 % 1.49 $ 425,539 $ 250,543 30 % 2.49 JPMorgan Chase Bank 481,754 168,234 20 % 0.47 285,457 215,068 26 % 1.32 Goldman Sachs Bank 251,785 93,651 11 % 0.33 252,734 86,091 10 % 1.33 Wells Fargo Bank 108,539 37,090 4 % 0.49 424,882 128,644 16 % 1.49 All other counterparties (2) 182,991 55,524 7 % 1.49 132,996 59,645 7 % 2.08 Total $ 1,500,543 $ 557,773 $ 1,521,608 $ 739,991 ____________________ (1) Represents the net carrying value of the loans held-for-investment, AFS securities and HTM securities sold under agreements to repurchase, including accrued interest plus any cash on deposit to secure the repurchase obligation, less the amount of the repurchase liability, including accrued interest. (2) Represents amounts outstanding with one other counterparty as of December 31, 2018 and two counterparties as of December 31, 2017

Revolving Credit Facilities R_2

Revolving Credit Facilities Revolving Credit Facilities (Tables)	12 Months Ended
	Dec. 31, 2018
Revolving Credit Facilities [Abstract]
Schedule of Revolving Credit Facilities	At December 31, 2018 and December 31, 2017 , borrowings under revolving credit facilities had the following remaining maturities: (in thousands) December 31, December 31, Within 30 days $ — $ — 30 to 59 days — — 60 to 89 days — — 90 to 119 days — — 120 to 364 days — — One year and over 75,000 — Total $ 75,000 $ —

Commitments and Contingencies C

Commitments and Contingencies Commitments and Contingencies (Tables)	12 Months Ended
	Dec. 31, 2018
Commitments and Contingencies Disclosure [Abstract]
Schedule of Future Minimum Rental Payments for Operating Leases	Future minimum rental payments, including escalation clauses, under leases with terms of one year or more at December 31, 2018 were as follows: (in thousands) Year Minimum Payment 2019 $ 694 2020 849 2021 849 2022 869 2023 896 Thereafter 1,858 Total $ 6,015

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	12 Months Ended
	Dec. 31, 2018
Stockholders' Equity Attributable to Parent [Abstract]
Rollforward of Common Stock	As of December 31, 2018 , the Company had 43,621,174 shares of common stock outstanding. The following table presents a reconciliation of the common shares outstanding for the years ended December 31, 2018 and 2017 : Number of common shares Common shares outstanding, December 31, 2016 — Issuance of common stock 43,071,000 Issuance of restricted stock (1) 164,103 Common shares outstanding, December 31, 2017 43,235,103 Issuance of common stock 164,940 Issuance of restricted stock (1) 221,131 Common shares outstanding, December 31, 2018 43,621,174 ____________________ (1) Represents shares of restricted stock granted under the 2017 Equity Incentive Plan, of which 321,134 restricted shares remained subject to vesting requirements at December 31, 2018
Schedule of Dividends Declared	The following table presents cash dividends declared by the Company on its common stock since its IPO and Formation Transaction: Declaration Date Record Date Payment Date Cash Dividend Per Share December 19, 2018 December 31, 2018 January 18, 2019 $ 0.42 September 20, 2018 October 2, 2018 October 18, 2018 $ 0.42 June 20, 2018 July 2, 2018 July 18, 2018 $ 0.40 March 15, 2018 March 29, 2018 April 18, 2018 $ 0.38 December 18, 2017 December 29, 2017 January 18, 2018 $ 0.38 September 18, 2017 September 29, 2017 October 18, 2017 $ 0.32
Schedule of Accumulated Other Comprehensive Income (Loss)	Accumulated other comprehensive loss at December 31, 2018 and December 31, 2017 was as follows: (in thousands) December 31, December 31, Available-for-sale securities Unrealized gains $ — $ — Unrealized losses (192 ) — Accumulated other comprehensive loss $ (192 ) $ —

Equity Incentive Plan (Tables)

Equity Incentive Plan (Tables)	12 Months Ended
	Dec. 31, 2018
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity	The following table summarizes the activity related to restricted common stock for the years ended December 31, 2018 and 2017

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2018
Income Tax Disclosure [Abstract]
Schedule of Components of Income Tax Expense (Benefit)	The following table summarizes the tax provision recorded at the taxable subsidiary level for the years ended December 31, 2018 , 2017 and 2016 : Year Ended (in thousands) 2018 2017 2016 Current tax (benefit) provision: Federal $ (1 ) $ (6 ) $ (14 ) State 2 2 3 Total current tax (benefit) provision 1 (4 ) (11 ) Deferred tax benefit (3 ) — — Total benefit from income taxes $ (2 ) $ (4 ) $ (11 )
Schedule of Effective Income Tax Rate Reconciliation	The following is a reconciliation of the statutory federal and state rates to the effective rates, for the years ended December 31, 2018 , 2017 and 2016 : Year Ended December 31, 2018 2017 2016 (dollars in thousands) Amount Percent Amount Percent Amount Percent Computed income tax expense at federal rate $ 13,245 21 % $ 18,656 35 % $ 12,371 35 % State taxes, net of federal benefit, if applicable 1 — % 1 — % 2 — % Permanent differences in taxable income from GAAP net income (94 ) — % 12 — % (9 ) — % Dividends paid deduction (13,154 ) (21 )% (18,673 ) (35 )% (12,375 ) (35 )% Benefit from income taxes/ Effective Tax Rate (1) $ (2 ) — % $ (4 ) — % $ (11 ) — % ____________________ (1)

Earnings Per Share (Tables)

Earnings Per Share (Tables)	12 Months Ended
	Dec. 31, 2018
Earnings Per Share [Abstract]
Schedule of Earnings Per Share, Basic and Diluted	The following table presents a reconciliation of the earnings and shares used in calculating basic and diluted earnings per share for the years ended December 31, 2018 , 2017 and 2016 : Year Ended December 31, (in thousands, except share data) 2018 2017 2016 Numerator: Net income attributable to common stockholders - basic $ 62,975 $ 25,773 $ — Interest expense attributable to convertible notes (1) 10,742 — — Net income attributable to common stockholders - diluted $ 73,717 $ 25,773 $ — Denominator: Weighted average common shares outstanding 43,123,222 43,084,671 — Weighted average restricted stock shares 322,162 150,000 — Basic weighted average shares outstanding 43,445,384 43,234,671 — Effect of dilutive shares issued in an assumed conversion of the convertible senior notes 8,594,613 — — Diluted weighted average shares outstanding 52,039,997 43,234,671 — Earnings Per Share Basic $ 1.45 $ 0.60 $ — Diluted $ 1.42 $ 0.60 $ — ____________________ (1) Includes a nondiscretionary adjustment for the assumed change in the management fee calculation. For the year ended December 31, 2017, excluded from the calculation of diluted earnings per share is the effect of adding back $0.4 million of interest expense, net of a nondiscretionary adjustment for the assumed change in the management fee calculation, and 668,449

Quarterly Financial Data (Table

Quarterly Financial Data (Tables)	12 Months Ended
	Dec. 31, 2018
Quarterly Financial Information Disclosure [Abstract]
Quarterly Financial Information	2018 Quarter Ended (in thousands, except share data) March 31 June 30 September 30 December 31 Total interest income $ 39,977 $ 43,509 $ 47,560 $ 52,834 Total interest expense 18,373 21,235 23,365 28,550 Net interest income 21,604 22,274 24,195 24,284 Total other income 882 564 — — Total expenses 7,899 7,613 7,631 7,587 Provision for (benefit from) income taxes 1 (2 ) (1 ) — Dividends on preferred stock 25 25 25 25 Net income $ 14,561 $ 15,202 $ 16,540 $ 16,672 Basic earnings per weighted average common share (See Note 19) $ 0.34 $ 0.35 $ 0.38 $ 0.38 Diluted earnings per weighted average common share (See Note 19) $ 0.33 $ 0.34 $ 0.37 $ 0.37 Basic weighted average number of shares of common stock 43,374,228 43,446,963 43,456,234 43,502,583 Diluted weighted average number of shares of common stock 50,467,978 50,634,463 50,651,612 56,264,771 2017 Quarter Ended (in thousands, except share data) March 31 June 30 September 30 December 31 Total interest income $ 23,818 $ 26,100 $ 30,864 $ 37,055 Total interest expense 6,106 7,773 12,497 16,087 Net interest income 17,712 18,327 18,367 20,968 Total other income — — — — Total expenses 4,257 4,132 6,851 6,833 Provision for (benefit from) income taxes 1 (2 ) (2 ) (1 ) Dividends on preferred stock — — 25 25 Net income $ 13,454 $ 14,197 $ 11,493 $ 14,111 Basic earnings per weighted average common share (See Note 18) $ — $ — $ 0.27 $ 0.33 Diluted earnings per weighted average common share (See Note 18) $ — $ — $ 0.27 $ 0.33 Basic weighted average number of shares of common stock — 43,234,205 43,234,254 43,235,103 Diluted weighted average number of shares of common stock — 43,234,205 43,234,254 43,235,103

Organization and Operations (De

Organization and Operations (Details) - shares	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Jun. 28, 2017
Class of Stock [Line Items]
Ownership percentage by Two Harbors Investment Corp.			76.50%
Preferred stock dividend rate	10.00%
Common Stock [Member]
Class of Stock [Line Items]
Number of shares issued in exchange for acquisition of TH Commercial Holdings LLC (in shares)		33,071,000
Preferred Stock [Member]
Class of Stock [Line Items]
Number of shares issued in exchange for acquisition of TH Commercial Holdings LLC (in shares)		1,000

Organization and Operations Two

Organization and Operations Two Harbors Investment Corp. Special Dividend (Details)	Nov. 01, 2017shares
Organization and Operations [Abstract]
Number of shares of the company's common stock distributed by Two Harbors Investment Corp. to its stockholders via special dividend (in shares)	33,071,000

Basis of Presentation and Sig_4

Basis of Presentation and Significant Accounting Policies Formation Transaction (Details) - $ / shares	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2018
Class of Stock [Line Items]
Preferred stock liquidation preference (in usd per share)		$ 1,000
Common Stock [Member]
Class of Stock [Line Items]
Number of shares issued in exchange for acquisition of TH Commercial Holdings LLC (in shares)	33,071,000
Preferred Stock [Member]
Class of Stock [Line Items]
Number of shares issued in exchange for acquisition of TH Commercial Holdings LLC (in shares)	1,000

Basis of Presentation and Sig_5

Basis of Presentation and Significant Accounting Policies Income Taxes (Details)	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Basis of Presentation and Significant Accounting Policies [Abstract]
Percent of REIT taxable income the company is required to distribute	90.00%
Federal income tax rate applicable to corporations	21.00%	35.00%	35.00%

Basis of Presentation and Sig_6

Basis of Presentation and Significant Accounting Policies Related Party Management Fee and Operating Expenses (Details)	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Basis of Presentation and Significant Accounting Policies [Abstract]
Percent per annum of equity used to calculate management fees	1.50%	1.50%

Basis of Presentation and Sig_7

Basis of Presentation and Significant Accounting Policies Offsetting Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Basis of Presentation and Significant Accounting Policies [Abstract]
Gross amount of recognized repurchase agreements	$ 1,500,543	$ 1,521,608
Gross amount of financial assets offset against repurchase agreements in the balance sheet	0	0
Repurchase agreements	1,500,543	1,521,608
Gross amount of financial assets not offset against repurchase agreements in the balance sheet	(1,500,543)	(1,521,608)
Gross amount of cash collateral pledged not offset against repurchase agreements in the balance sheet	0	0
Net amount of repurchase agreements after effects of amounts offset and not offset in the balance sheet	$ 0	$ 0

Variable Interest Entities (Det

Variable Interest Entities (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Variable Interest Entity [Line Items]
Assets of consolidated Variable Interest Entities	$ 829,147	$ 46,068
Liabilities of consolidated Variable Interest Entities	654,952	0
Assets of nonconsolidated Variable Interest Entities	39,300	55,000
Maximum exposure to loss of nonconsolidated Variable Interest Entities	39,302	54,967
Loans Held-for-Investment [Member]
Variable Interest Entity [Line Items]
Assets of consolidated Variable Interest Entities	795,259	45,890
Restricted Cash and Cash Equivalents [Member]
Variable Interest Entity [Line Items]
Assets of consolidated Variable Interest Entities	26,136	0
Accrued Interest Receivable [Member]
Variable Interest Entity [Line Items]
Assets of consolidated Variable Interest Entities	2,622	178
Other Assets [Member]
Variable Interest Entity [Line Items]
Assets of consolidated Variable Interest Entities	5,130	0
Assets, Total [Member]
Variable Interest Entity [Line Items]
Assets of consolidated Variable Interest Entities	829,147	46,068
Securitized Debt Obligations [Member]
Variable Interest Entity [Line Items]
Liabilities of consolidated Variable Interest Entities	654,263	0
Accrued Interest Payable [Member]
Variable Interest Entity [Line Items]
Liabilities of consolidated Variable Interest Entities	689	0
Liabilities, Total [Member]
Variable Interest Entity [Line Items]
Liabilities of consolidated Variable Interest Entities	$ 654,952	$ 0

Loans Held-for-Investment (Deta

Loans Held-for-Investment (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2018USD ($)loan	Dec. 31, 2017USD ($)loan
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unpaid principal balance	$ 3,193,641	$ 2,324,151
Unamortized (discount) premium	(151)	(178)
Unamortized net deferred origination fees	(25,577)	(19,707)
Loans held-for-investment	3,167,913	2,304,266
Unfunded commitments	$ 626,155	$ 339,203
Number of loans | loan	92	59
Weighted average coupon	6.50%	6.00%
Weighted average years to maturity	2 years	2 years 4 months 24 days
First Mortgage [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unpaid principal balance	$ 3,147,310	$ 2,220,361
Unamortized (discount) premium	(151)	(169)
Unamortized net deferred origination fees	(25,577)	(19,752)
Loans held-for-investment	3,121,582	2,200,440
Unfunded commitments	$ 626,155	$ 337,623
Number of loans | loan	88	53
Weighted average coupon	6.40%	5.90%
Weighted average years to maturity	2 years	2 years 3 months 18 days
Second Mortgage [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unpaid principal balance	$ 31,679	$ 88,945
Unamortized (discount) premium	0	(9)
Unamortized net deferred origination fees	0	45
Loans held-for-investment	31,679	88,981
Unfunded commitments	$ 0	$ 1,580
Number of loans | loan	3	5
Weighted average coupon	11.40%	9.70%
Weighted average years to maturity	1 year 10 months 24 days	2 years
Junior Loans [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unpaid principal balance	$ 14,652	$ 14,845
Unamortized (discount) premium	0	0
Unamortized net deferred origination fees	0	0
Loans held-for-investment	14,652	14,845
Unfunded commitments	$ 0	$ 0
Number of loans | loan	1	1
Weighted average coupon	8.00%	8.00%
Weighted average years to maturity	8 years 1 month 6 days	9 years 1 month 6 days

Loans Held-for-Investment by Pr

Loans Held-for-Investment by Property Type (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans held-for-investment	$ 3,167,913	$ 2,304,266
Percentage of total loans held-for-investment	100.00%	100.00%
Office Building [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans held-for-investment	$ 1,495,128	$ 1,223,642
Percentage of total loans held-for-investment	47.20%	53.10%
Multifamily [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans held-for-investment	$ 569,259	$ 356,016
Percentage of total loans held-for-investment	18.00%	15.40%
Hotel [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans held-for-investment	$ 427,611	$ 274,416
Percentage of total loans held-for-investment	13.50%	11.90%
Retail Site [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans held-for-investment	$ 324,447	$ 254,786
Percentage of total loans held-for-investment	10.20%	11.10%
Industrial Property [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans held-for-investment	$ 351,468	$ 195,406
Percentage of total loans held-for-investment	11.10%	8.50%

Loans Held-for-Investment by Ge

Loans Held-for-Investment by Geographic Location (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans held-for-investment	$ 3,167,913	$ 2,304,266
Percentage of total loans held-for-investment	100.00%	100.00%
United States, Northeastern Region [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans held-for-investment	$ 1,171,691	$ 896,361
Percentage of total loans held-for-investment	37.00%	38.90%
United States, Western Region [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans held-for-investment	$ 694,223	$ 509,088
Percentage of total loans held-for-investment	21.90%	22.10%
United States, Southwestern Region [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans held-for-investment	$ 681,108	$ 454,088
Percentage of total loans held-for-investment	21.50%	19.70%
United States, Southeastern Region [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans held-for-investment	$ 369,961	$ 346,623
Percentage of total loans held-for-investment	11.70%	15.00%
United States, Midwestern Region [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans held-for-investment	$ 250,930	$ 98,106
Percentage of total loans held-for-investment	7.90%	4.30%

Rollforward of Loans Held-for-I

Rollforward of Loans Held-for-Investment (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Loans Held-for-Investment [Abstract]
Loans held-for-investment pledged as collateral for borrowings	$ 2,900,000	$ 2,200,000
Loans Held-for-Investment [Roll Forward]
Loans held-for-investment at beginning of period	2,304,266	1,364,291
Originations, acquisitions and additional fundings	1,338,224	1,048,423
Repayments	(468,734)	(100,466)
Net discount accretion (premium amortization)	27	(5)
Increase in net deferred origination fees	(18,694)	(15,945)
Accretion of discounts and net deferred fees on loans held-for-investment	12,824	7,968
Allowance for loan losses	0	0
Loans held-for-investment at end of period	$ 3,167,913	$ 2,304,266

Loans Held-for-Investment by In

Loans Held-for-Investment by Internal Risk Rating (Details) $ in Thousands	Dec. 31, 2018USD ($)loan	Dec. 31, 2017USD ($)loan
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of loans | loan	92	59
Unpaid principal balance	$ 3,193,641	$ 2,324,151
Loans held-for-investment	$ 3,167,913	$ 2,304,266
Risk Rating 1 [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of loans | loan	9	6
Unpaid principal balance	$ 354,791	$ 414,695
Loans held-for-investment	$ 353,583	$ 413,314
Risk Rating 2 [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of loans | loan	78	50
Unpaid principal balance	$ 2,680,297	$ 1,840,638
Loans held-for-investment	$ 2,656,679	$ 1,822,134
Risk Rating 3 [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of loans | loan	3	3
Unpaid principal balance	$ 121,133	$ 68,818
Loans held-for-investment	$ 120,496	$ 68,818
Risk Rating 4 [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of loans | loan	2	0
Unpaid principal balance	$ 37,420	$ 0
Loans held-for-investment	$ 37,155	$ 0
Risk Rating 5 [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of loans | loan	0	0
Unpaid principal balance	$ 0	$ 0
Loans held-for-investment	$ 0	$ 0

Schedule of Available-for-sale

Schedule of Available-for-sale Securities Reconciliation (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Debt Securities, Available-for-sale [Abstract]
Face value	$ 12,798	$ 12,798
Gross unrealized gains	0	0
Gross unrealized losses	(192)	0
Available-for-sale securities, at fair value	12,606	12,798
Available-for-sale securities pledged as collateral for borrowings	$ 12,600	$ 12,800

Held-to-Maturity Securities (De

Held-to-Maturity Securities (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Debt Securities, Held-to-maturity, Fair Value to Amortized Cost [Abstract]
Held-to-Maturity Securities, Face Value	$ 26,696	$ 42,169
Held-to-Maturity Securities, Unamortized Premium (Discount)	0	0
Held-to-maturity securities	26,696	42,169
Held-to-maturity securities pledged as collateral for borrowings	$ 26,700	$ 42,200

Schedule of Total Cash, Cash Eq

Schedule of Total Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Variable Interest Entity [Line Items]
Cash collateral for repurchase agreements and securities activity	$ 5,600	$ 3,000
Cash and cash equivalents	91,700	107,765
Restricted cash	31,723	2,953
Cash, cash equivalents and restricted cash	123,423	$ 110,718	$ 56,279	$ 56,338
Restricted Cash and Cash Equivalents [Member]
Variable Interest Entity [Line Items]
Cash collateral for repurchase agreements and securities activity	$ 26,100

Accrued Interest Receivable (De

Accrued Interest Receivable (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accrued interest receivable	$ 10,268	$ 7,105
Loans Held-for-Investment [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accrued interest receivable	10,089	6,880
Available-for-sale Securities [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accrued interest receivable	57	51
Held-to-maturity Securities [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accrued interest receivable	$ 122	$ 174

Fair Value, Measurement Inputs,

Fair Value, Measurement Inputs, Disclosure (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities, at fair value	$ 12,606	$ 12,798
Fair Value, Measurements, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities, at fair value	12,606	12,798
Total assets	12,606	12,798
Fair Value, Inputs, Level 1 [Member] | Fair Value, Measurements, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities, at fair value	0	0
Total assets	0	0
Fair Value, Inputs, Level 2 [Member] | Fair Value, Measurements, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities, at fair value	12,606	12,798
Total assets	12,606	12,798
Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities, at fair value	0	0
Total assets	$ 0	$ 0

Fair Value of Financial Instrum

Fair Value of Financial Instruments (Details) $ in Billions	Dec. 31, 2018USD ($)
Fair Value Disclosures [Abstract]
Long-term repurchase agreements and revolving credit facilities	$ 0.7

Fair Value by Balance Sheet Gro

Fair Value by Balance Sheet Grouping (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Fair Value Disclosures [Abstract]
Loans held-for-investment	$ 3,167,913	$ 2,304,266
Loans held-for-investment, at fair value	3,200,980	2,322,259
Available-for-sale securities, at fair value	12,606	12,798
Held-to-maturity securities	26,696	42,169
Held-to-maturity securities, at fair value	26,611	42,797
Cash and cash equivalents	91,700	107,765
Restricted cash	31,723	2,953
Repurchase agreements	1,500,543	1,521,608
Securitized debt obligations	654,263	0
Securitized debt obligations, at fair value	654,330	0
Revolving credit facilities	75,000	0
Convertible senior notes	268,138	121,314
Convertible senior notes, at fair value	$ 270,731	$ 125,750

Repurchase Agreements (Details)

Repurchase Agreements (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Disclosure of Repurchase Agreements [Abstract]
Repurchase agreements	$ 1,500,543	$ 1,521,608
Weighted average borrowing rate	4.61%	3.78%
Weighted average remaining maturity	10 months 24 days	1 year 9 months 18 days

Schedule of Repurchase Agreemen

Schedule of Repurchase Agreements by Term, Short or Long (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Assets Sold under Agreements to Repurchase [Line Items]
Repurchase agreements	$ 1,500,543	$ 1,521,608
Maturity up to One Year [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Repurchase agreements	842,078	56,546
Maturity Over One Year [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Repurchase agreements	$ 658,465	$ 1,465,062

Schedule of Repurchase Agreem_2

Schedule of Repurchase Agreements by Maturity (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Assets Sold under Agreements to Repurchase [Line Items]
Repurchase agreements	$ 1,500,543	$ 1,521,608
Weighted average borrowing rate	4.61%	3.78%
Loans Held-for-Investment [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Repurchase agreements	$ 1,474,689	$ 1,487,094
Weighted average borrowing rate	4.61%	3.78%
Commercial Mortgage Backed Securities [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Repurchase agreements	$ 25,854	$ 34,514
Weighted average borrowing rate	4.78%	3.77%
Maturity up to 30 days [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Repurchase agreements	$ 0	$ 22,032
Maturity up to 30 days [Member] | Loans Held-for-Investment [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Repurchase agreements	0	22,032
Maturity up to 30 days [Member] | Commercial Mortgage Backed Securities [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Repurchase agreements	0	0
Maturity 30 to 59 Days [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Repurchase agreements	25,854	34,514
Maturity 30 to 59 Days [Member] | Loans Held-for-Investment [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Repurchase agreements	0	0
Maturity 30 to 59 Days [Member] | Commercial Mortgage Backed Securities [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Repurchase agreements	25,854	34,514
Maturity 60 to 89 Days [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Repurchase agreements	0	0
Maturity 60 to 89 Days [Member] | Loans Held-for-Investment [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Repurchase agreements	0	0
Maturity 60 to 89 Days [Member] | Commercial Mortgage Backed Securities [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Repurchase agreements	0	0
Maturity 90 to 119 Days [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Repurchase agreements	0	0
Maturity 90 to 119 Days [Member] | Loans Held-for-Investment [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Repurchase agreements	0	0
Maturity 90 to 119 Days [Member] | Commercial Mortgage Backed Securities [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Repurchase agreements	0	0
Maturity 120 to 364 days [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Repurchase agreements	816,224	0
Maturity 120 to 364 days [Member] | Loans Held-for-Investment [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Repurchase agreements	816,224	0
Maturity 120 to 364 days [Member] | Commercial Mortgage Backed Securities [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Repurchase agreements	0	0
Maturity Over One Year [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Repurchase agreements	658,465	1,465,062
Maturity Over One Year [Member] | Loans Held-for-Investment [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Repurchase agreements	658,465	1,465,062
Maturity Over One Year [Member] | Commercial Mortgage Backed Securities [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Repurchase agreements	$ 0	$ 0

Schedule of Underlying Assets o

Schedule of Underlying Assets of Repurchase Agreements when Amount of Repurchase Agreements Exceeds 10 Percent of Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Assets Sold under Agreements to Repurchase [Line Items]
Assets pledged or restricted as collateral for repurchase agreements	$ 2,054,774	$ 2,257,581
Loans Held-for-Investment [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Assets pledged or restricted as collateral for repurchase agreements	2,012,550	2,202,049
Available-for-sale Securities [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Assets pledged or restricted as collateral for repurchase agreements	12,606	12,798
Held-to-maturity Securities [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Assets pledged or restricted as collateral for repurchase agreements	26,696	42,169
Restricted Cash and Cash Equivalents [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Assets pledged or restricted as collateral for repurchase agreements	$ 2,922	$ 565

Schedule of Repurchase Agreem_3

Schedule of Repurchase Agreement Counterparties with Whom Repurchase Agreements Exceed 10 Percent of Stockholders' Equity (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Repurchase Agreement Counterparty [Line Items]
Repurchase agreements	$ 1,500,543	$ 1,521,608
Net counterparty exposure	$ 557,773	$ 739,991
Weighted average years to maturity	10 months 24 days	1 year 9 months 18 days
Repurchase Agreement Counterparty, Morgan Stanley Bank [Member]
Repurchase Agreement Counterparty [Line Items]
Repurchase agreements	$ 475,474	$ 425,539
Net counterparty exposure	$ 203,274	$ 250,543
Percent of equity	25.00%	30.00%
Weighted average years to maturity	1 year 5 months 26 days	2 years 5 months 26 days
Repurchase Agreement Counterparty, JPMorgan Chase Bank [Member]
Repurchase Agreement Counterparty [Line Items]
Repurchase agreements	$ 481,754	$ 285,457
Net counterparty exposure	$ 168,234	$ 215,068
Percent of equity	20.00%	26.00%
Weighted average years to maturity	14 days	1 year 3 months 25 days
Repurchase Agreement Counterparty, Goldman Sachs Bank [Member]
Repurchase Agreement Counterparty [Line Items]
Repurchase agreements	$ 251,785	$ 252,734
Net counterparty exposure	$ 93,651	$ 86,091
Percent of equity	11.00%	10.00%
Weighted average years to maturity	10 days	1 year 3 months 29 days
Repurchase Agreement Counterparty, Wells Fargo Bank [Member]
Repurchase Agreement Counterparty [Line Items]
Repurchase agreements	$ 108,539	$ 424,882
Net counterparty exposure	$ 37,090	$ 128,644
Percent of equity	4.00%	16.00%
Weighted average years to maturity	14 days	1 year 5 months 26 days
Repurchase Agreement Counterparty, All Other Counterparties [Member]
Repurchase Agreement Counterparty [Line Items]
Repurchase agreements	$ 182,991	$ 132,996
Net counterparty exposure	$ 55,524	$ 59,645
Percent of equity	7.00%	7.00%
Weighted average years to maturity	1 year 5 months 26 days	2 years 29 days
Number of repurchase agreement counterparties with whom amount at risk is less than 10 percent of equity	1	2

Revolving Credit Facilities R_3

Revolving Credit Facilities Revolving Credit Facilities (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Line of Credit Facility [Line Items]
Revolving credit facilities	$ 75,000	$ 0
Weighted average borrowing rate	5.20%
Weighted average remaining maturity	1 year 3 months 18 days
Loans held-for-investment pledged as collateral for borrowings	$ 2,900,000	$ 2,200,000
Revolving Credit Facility [Member]
Line of Credit Facility [Line Items]
Loans held-for-investment pledged as collateral for borrowings	$ 127,900

Revolving Credit Facilities Sch

Revolving Credit Facilities Schedule of Revolving Credit Facilities by Maturity (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Line of Credit Facility [Line Items]
Revolving credit facilities	$ 75,000	$ 0
Maturity up to 30 days [Member]
Line of Credit Facility [Line Items]
Revolving credit facilities	0	0
Maturity 30 to 59 Days [Member]
Line of Credit Facility [Line Items]
Revolving credit facilities	0	0
Maturity 60 to 89 Days [Member]
Line of Credit Facility [Line Items]
Revolving credit facilities	0	0
Maturity 90 to 119 Days [Member]
Line of Credit Facility [Line Items]
Revolving credit facilities	0	0
Maturity 120 to 364 days [Member]
Line of Credit Facility [Line Items]
Revolving credit facilities	0	0
Maturity Over One Year [Member]
Line of Credit Facility [Line Items]
Revolving credit facilities	$ 75,000	$ 0

Securitized Debt Obligations (D

Securitized Debt Obligations (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Securitized Debt Obligations [Abstract]
Securitized debt obligations	$ 654,263	$ 0
Weighted average interest rate of securitized debt obligations outstanding	3.58%
Weighted average remaining maturity of securitized debt obligations outstanding	1 year 8 months 12 days

Convertible Senior Notes (Detai

Convertible Senior Notes (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2018USD ($)	Dec. 31, 2017USD ($)
Debt Instrument, Redemption [Line Items]
Convertible senior notes	$ 268,138	$ 121,314
Convertible Debt, 2017 Issuance [Member]
Debt Instrument, Redemption [Line Items]
Proceeds from convertible senior notes		139,500
Convertible senior notes conversion ratio	0.050161
Convertible Debt, 2017 Issuance [Member] | Convertible Debt [Member]
Debt Instrument, Redemption [Line Items]
Convertible senior notes interest rate per annum	5.625%
Convertible Debt, 2017 Issuance [Member] | Convertible Debt [Member] | Private Placement [Member]
Debt Instrument, Redemption [Line Items]
Convertible senior notes aggregate principal amount	$ 125,000
Convertible Debt, 2017 Issuance [Member] | Convertible Debt [Member] | Over-Allotment Option [Member]
Debt Instrument, Redemption [Line Items]
Convertible senior notes aggregate principal amount	$ 18,800
Convertible Debt, 2018 Issuance [Member]
Debt Instrument, Redemption [Line Items]
Proceeds from convertible senior notes		$ 127,700
Convertible senior notes conversion ratio	0.0488496
Convertible Debt, 2018 Issuance [Member] | Convertible Debt [Member]
Debt Instrument, Redemption [Line Items]
Convertible senior notes interest rate per annum	6.375%
Convertible Debt, 2018 Issuance [Member] | Convertible Debt [Member] | Private Placement [Member]
Debt Instrument, Redemption [Line Items]
Convertible senior notes aggregate principal amount	$ 131,600

Commitments and Contingencies M

Commitments and Contingencies Management Agreement (Details)	12 Months Ended
	Dec. 31, 2018USD ($)	Dec. 31, 2017
Commitments and Contingencies Disclosure [Abstract]
Percent per annum of equity used to calculate management fees	1.50%	1.50%
Incentive fee calculation, core earnings multiplication factor	20.00%
Incentive fee calculation, rolling period	12 months
Incentive fee calculation, equity multiplication factor	8.00%
Incentive fee calculation, period incentive fee paid	9 months
Incentive fee, rolling period for threshold	3 years
Incentive fee, threshold amount of core earnings	$ 0
Management agreement, renewal term	1 year
Management agreement, termination fee factor	3
Management agreement, termination fee period	24 months

Commitments and Contingencies O

Commitments and Contingencies Operating Leases (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Commitments and Contingencies Disclosure [Abstract]
Operating Leases, Future Minimum Payments Due, Next Twelve Months	$ 694
Operating Leases, Future Minimum Payments, Due in Two Years	849
Operating Leases, Future Minimum Payments, Due in Three Years	849
Operating Leases, Future Minimum Payments, Due in Four Years	869
Operating Leases, Future Minimum Payments, Due in Five Years	896
Operating Leases, Future Minimum Payments, Due Thereafter	1,858
Operating Leases, Future Minimum Payments Due	6,015
Expenses under lease agreements, net of contractual subleases	$ 700	$ 600	$ 300

Commitments and Contingencies U

Commitments and Contingencies Unfunded Commitments (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Commitments and Contingencies Disclosure [Abstract]
Unfunded commitments	$ 626,155	$ 339,203

Preferred Stock (Details)

Preferred Stock (Details) - USD ($)	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Class of Stock [Line Items]
Preferred stock dividend rate	10.00%
Preferred stock liquidation preference (in usd per share)	$ 1,000
Period after which the company may redeem preferred stock	5 years
Preferred stock, redemption price per share (in usd per share)	$ 1,000
Period after which the holder may redeem preferred stock	6 years
Preferred dividends declared	$ 100,000	$ 50,556
Preferred Stock [Member]
Class of Stock [Line Items]
Number of shares issued in exchange for acquisition of TH Commercial Holdings LLC (in shares)		1,000

Stockholders' Equity Common Sto

Stockholders' Equity Common Stock Rollforward (Details) - USD ($) $ / shares in Units, $ in Thousands	Nov. 01, 2017	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016	Jun. 28, 2017
Class of Stock [Line Items]
Common stock issued during period (in shares)		164,940	43,071,000
Price per share of common stock issued during the period (in usd per share)					$ 19.50
Gross proceeds from issuance of common stock			$ 195,000
Proceeds from issuance of common stock, net of offering costs		$ 3,092	181,964	$ 0
Issuance costs incurred in common stock offering			$ 13,100
Number of shares of the company's common stock distributed by Two Harbors Investment Corp. to its stockholders via special dividend (in shares)	33,071,000
Increase (Decrease) in Common Stock Outstanding [Roll Forward]
Common shares outstanding at beginning of period (in shares)		43,235,103	0
Common stock issued during period (in shares)		164,940	43,071,000
Restricted stock issued during period (in shares)		221,131	164,103
Common shares outstanding at end of period (in shares)		43,621,174	43,235,103	0
Number of nonvested restricted common shares outstanding (in shares)		321,134	150,000	0
Common Stock [Member]
Class of Stock [Line Items]
Number of shares issued in exchange for acquisition of TH Commercial Holdings LLC (in shares)			33,071,000
Increase (Decrease) in Common Stock Outstanding [Roll Forward]
Common shares outstanding at end of period (in shares)		43,621,174
IPO [Member]
Class of Stock [Line Items]
Proceeds from issuance of common stock, net of offering costs			$ 181,900
IPO [Member] | Common Stock [Member]
Class of Stock [Line Items]
Common stock issued during period (in shares)			10,000,000
Increase (Decrease) in Common Stock Outstanding [Roll Forward]
Common stock issued during period (in shares)			10,000,000

Stockholders' Equity Schedule o

Stockholders' Equity Schedule of Common Dividends Declared (Details) - $ / shares	3 Months Ended						12 Months Ended
	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017	Sep. 30, 2017	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Class of Stock [Line Items]
Dividends declared per common share (in usd per share)							$ 1.62	$ 0.70	$ 0
Common Stock [Member]
Class of Stock [Line Items]
Declaration Date	Dec. 19, 2018	Sep. 20, 2018	Jun. 20, 2018	Mar. 15, 2018	Dec. 18, 2017	Sep. 18, 2017
Record Date	Dec. 31, 2018	Oct. 2, 2018	Jul. 2, 2018	Mar. 29, 2018	Dec. 29, 2017	Sep. 29, 2017
Payment Date	Jan. 18, 2019	Oct. 18, 2018	Jul. 18, 2018	Apr. 18, 2018	Jan. 18, 2018	Oct. 18, 2017
Dividends declared per common share (in usd per share)	$ 0.42	$ 0.42	$ 0.40	$ 0.38	$ 0.38	$ 0.32

Stockholders' Equity Share Repu

Stockholders' Equity Share Repurchase Program (Details)	Dec. 31, 2018shares
Stockholders' Equity Attributable to Parent [Abstract]
Number of shares authorized to be repurchased under stock repurchase program (in shares)	2,000,000

Stockholders' Equity At-the-Mar

Stockholders' Equity At-the-Market Offering (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Class of Stock [Line Items]
Number of shares authorized to be sold under equity distribution agreement (in shares)	8,000,000
Common stock issued during period (in shares)	164,940	43,071,000
Issuance of common stock, net of offering costs	$ 3,092	$ 181,964
At the Market Offering [Member]
Class of Stock [Line Items]
Common stock issued during period (in shares)	164,940
Issuance of common stock, net of offering costs	$ 3,100
Management fee reimbursements per share sold (in usd per share)	$ 0.22

Stockholders' Equity Schedule_2

Stockholders' Equity Schedule of Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Stockholders' Equity Attributable to Parent [Abstract]
Unrealized gains	$ 0	$ 0
Unrealized losses	(192)	0
Accumulated other comprehensive income	$ (192)	$ 0

Equity Incentive Plan (Details)

Equity Incentive Plan (Details) - $ / shares	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of restricted common shares reserved for issuance under equity incentive plan (in shares)	3,242,306
Number of restricted common shares granted during period under equity incentive plan (in shares)	221,131	164,103
Weighted average grant date fair value of restricted common shares granted during period under equity incentive plan (in usd per share)	$ 17.38	$ 19.50
Director [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of restricted common shares granted during period under equity incentive plan (in shares)	19,175	14,103
Weighted average grant date fair value of restricted common shares granted during period under equity incentive plan (in usd per share)	$ 17.86	$ 19.47
Key Employees [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of restricted common shares granted during period under equity incentive plan (in shares)	201,956	150,000
Weighted average grant date fair value of restricted common shares granted during period under equity incentive plan (in usd per share)	$ 17.33	$ 19.50
Common stock share price (in usd per share)	$ 18.03
Award vesting period of restricted common shares granted during period under equity incentive plan	3 years

Schedule of Share-based Compens

Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Number of nonvested restricted common shares outstanding at beginning of period (in shares)	150,000	0
Weighted average grant date fair value of nonvested restricted common shares outstanding at beginning of period (in usd per share)	$ 19.50	$ 0
Number of restricted common shares granted during period under equity incentive plan (in shares)	221,131	164,103
Weighted average grant date fair value of restricted common shares granted during period under equity incentive plan (in usd per share)	$ 17.38	$ 19.50
Number of restricted common shares vested during period (in shares)	(49,997)	(14,103)
Weighted average grant date fair value of restricted common shares vested during period (in usd per share)	$ (19.50)	$ (19.47)
Number of restricted common shares forfeited during period (in shares)	0	0
Weighted average grant date fair value of restricted common shares forfeited during period (in usd per share)	$ 0	$ 0
Number of nonvested restricted common shares outstanding at end of period (in shares)	321,134	150,000
Weighted average grant date fair value of nonvested restricted common shares outstanding at end of period (in usd per share)	$ 18.04	$ 19.50
Equity based compensation	$ 3,500	$ 1,100

Income Taxes (Details)

Income Taxes (Details)	Dec. 31, 2018
Income Tax Disclosure [Abstract]
Percentage of REIT taxable income the company currently intends to distribute	100.00%

Components of Income Tax Expens

Components of Income Tax Expense (Benefit) (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Income Tax Disclosure [Abstract]
Current federal tax benefit									$ (1)	$ (6)	$ (14)
Current state tax provision									2	2	3
Total current tax (benefit) provision									1	(4)	(11)
Deferred tax benefit									(3)	0	0
Benefit from income taxes	$ 0	$ (1)	$ (2)	$ 1	$ (1)	$ (2)	$ (2)	$ 1	$ (2)	$ (4)	$ (11)

Effective Income Tax Rate Recon

Effective Income Tax Rate Reconciliation (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Income Tax Disclosure [Abstract]
Computed income tax expense at federal rate									$ 13,245	$ 18,656	$ 12,371
Federal income tax rate applicable to corporations									21.00%	35.00%	35.00%
State taxes, net of federal benefit, if applicable									$ 1	$ 1	$ 2
State taxes, net of federal benefit, if applicable, effective tax rate									0.00%	0.00%	0.00%
Permanent differences in taxable income from GAAP net income									$ (94)	$ 12	$ (9)
Permanent differences in taxable income from GAAP net income, effective tax rate									0.00%	0.00%	0.00%
Dividends paid deduction									$ (13,154)	$ (18,673)	$ (12,375)
Dividends paid deduction, effective tax rate									(21.00%)	(35.00%)	(35.00%)
Benefit from income taxes	$ 0	$ (1)	$ (2)	$ 1	$ (1)	$ (2)	$ (2)	$ 1	$ (2)	$ (4)	$ (11)
Benefit from income taxes, effective tax rate									0.00%	0.00%	0.00%

Earnings Per Share (Details)

Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Earnings Per Share [Abstract]
Net income attributable to common stockholders - basic									$ 62,975	$ 25,773	$ 0
Interest expense attributable to convertible notes									10,742	0	0
Net income attributable to common stockholders - diluted									$ 73,717	$ 25,773	$ 0
Weighted average common shares outstanding (in shares)									43,123,222	43,084,671	0
Weighted average restricted stock shares (in shares)									322,162	150,000	0
Basic weighted average shares outstanding (in shares)	43,502,583	43,456,234	43,446,963	43,374,228	43,235,103	43,234,254	43,234,205	0	43,445,384	43,234,671	0
Effect of dilutive shares issued in an assumed conversion of the convertible senior notes (in shares)									8,594,613	0	0
Diluted weighted average shares outstanding (in shares)	56,264,771	50,651,612	50,634,463	50,467,978	43,235,103	43,234,254	43,234,205	0	52,039,997	43,234,671	0
Basic earnings per weighted average common share (in usd per share)	$ 0.38	$ 0.38	$ 0.35	$ 0.34	$ 0.33	$ 0.27	$ 0	$ 0	$ 1.45	$ 0.60	$ 0
Diluted earnings per weighted average common share (in usd per share)	$ 0.37	$ 0.37	$ 0.34	$ 0.33	$ 0.33	$ 0.27	$ 0	$ 0	$ 1.42	$ 0.60	$ 0
Interest expense attributable to antidilutive convertible notes excluded from computation of earnings per share										$ 400
Antidilutive convertible notes excluded from computation of earnings per share (in shares)										668,449

Schedule of Related Party Trans

Schedule of Related Party Transactions, by Related Party (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Related Party Transaction [Line Items]
Percent per annum of equity used to calculate management fees	1.50%	1.50%
Management fees	$ 12,509	$ 9,737	$ 7,173
Equity based compensation	$ 3,500	1,100
Pine River Capital Management L.P. [Member]
Related Party Transaction [Line Items]
Percent per annum of equity used to calculate management fees	1.50%
Management fees	$ 12,500	6,300
Direct and allocated costs incurred by manager	$ 8,600	$ 2,200
PRCM Advisers LLC [Member]
Related Party Transaction [Line Items]
Percent per annum of equity used to calculate management fees		1.50%
Management fees		$ 3,400	7,200
Direct and allocated costs incurred by manager		$ 4,500	$ 6,900

Subsequent Events Subsequent Ev

Subsequent Events Subsequent Events (Details) - USD ($) $ in Thousands	2 Months Ended	12 Months Ended
	Mar. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Subsequent Event [Line Items]
Common stock issued during period (in shares)		164,940	43,071,000
Proceeds from issuance of common stock, net of offering costs		$ 3,092	$ 181,964	$ 0
Subsequent Event [Member]
Subsequent Event [Line Items]
Common stock issued during period (in shares)	6,850,000
Proceeds from issuance of common stock, net of offering costs	$ 130,000
Subsequent Event [Member] | Over-Allotment Option [Member]
Subsequent Event [Line Items]
Common stock issued during period (in shares)	1,027,500

Quarterly Financial Data (Detai

Quarterly Financial Data (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Quarterly Financial Information Disclosure [Abstract]
Total interest income	$ 52,834	$ 47,560	$ 43,509	$ 39,977	$ 37,055	$ 30,864	$ 26,100	$ 23,818	$ 183,880	$ 117,837	$ 60,828
Total interest expense	28,550	23,365	21,235	18,373	16,087	12,497	7,773	6,106	91,523	42,463	11,029
Net interest income	24,284	24,195	22,274	21,604	20,968	18,367	18,327	17,712	92,357	75,374	49,799
Total other income	0	0	564	882	0	0	0	0	1,446	0	203
Total expenses	7,587	7,631	7,613	7,899	6,833	6,851	4,132	4,257	30,730	22,073	14,656
Benefit from income taxes	0	(1)	(2)	1	(1)	(2)	(2)	1	(2)	(4)	(11)
Dividends on preferred stock	25	25	25	25	25	25	0	0	100	50	0
Net income	$ 16,672	$ 16,540	$ 15,202	$ 14,561	$ 14,111	$ 11,493	$ 14,197	$ 13,454	$ 63,075	$ 53,305	$ 35,357
Basic earnings per weighted average common share (in usd per share)	$ 0.38	$ 0.38	$ 0.35	$ 0.34	$ 0.33	$ 0.27	$ 0	$ 0	$ 1.45	$ 0.60	$ 0
Diluted earnings per weighted average common share (in usd per share)	$ 0.37	$ 0.37	$ 0.34	$ 0.33	$ 0.33	$ 0.27	$ 0	$ 0	$ 1.42	$ 0.60	$ 0
Weighted average basic common shares outstanding (in shares)	43,502,583	43,456,234	43,446,963	43,374,228	43,235,103	43,234,254	43,234,205	0	43,445,384	43,234,671	0
Weighted average diluted common shares outstanding (in shares)	56,264,771	50,651,612	50,634,463	50,467,978	43,235,103	43,234,254	43,234,205	0	52,039,997	43,234,671	0

Schedule IV Mortgage Loans on_2

Schedule IV Mortgage Loans on Real Estate (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Prior Liens	$ 202,803
Face Amount	3,193,641
Carrying amount	3,167,913	$ 2,304,266	$ 1,364,291
Principal Amount Subject to Delinquent Principal or Interest	$ 0
Retail West [Member]
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate, Variable Rate Basis	1M Libor
Interest Rate, Basis Spread on Variable Rate	3.34%
Final Maturity Date	Jul. 9, 2020
Periodic Payment Terms	IO
Prior Liens	$ 0
Face Amount	112,891
Carrying amount	111,493
Principal Amount Subject to Delinquent Principal or Interest	$ 0
Office Northeast [Member]
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate, Variable Rate Basis	1M Libor
Interest Rate, Basis Spread on Variable Rate	4.45%
Final Maturity Date	Oct. 9, 2020
Periodic Payment Terms	IO
Prior Liens	$ 0
Face Amount	108,048
Carrying amount	107,257
Principal Amount Subject to Delinquent Principal or Interest	$ 0
Office Diversified US [Member]
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate, Variable Rate Basis	1M Libor
Interest Rate, Basis Spread on Variable Rate	4.45%
Final Maturity Date	Aug. 9, 2020
Periodic Payment Terms	P&I
Prior Liens	$ 0
Face Amount	108,687
Carrying amount	108,031
Principal Amount Subject to Delinquent Principal or Interest	$ 0
Retail Mixed Use Southwest [Member]
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate, Variable Rate Basis	1M Libor
Interest Rate, Basis Spread on Variable Rate	3.65%
Final Maturity Date	Dec. 9, 2020
Periodic Payment Terms	IO
Prior Liens	$ 0
Face Amount	119,902
Carrying amount	119,802
Principal Amount Subject to Delinquent Principal or Interest	$ 0
Mixed Use Northeast [Member]
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate, Variable Rate Basis	1M Libor
Interest Rate, Basis Spread on Variable Rate	3.75%
Final Maturity Date	Jan. 9, 2022
Periodic Payment Terms	IO
Prior Liens	$ 0
Face Amount	26,974
Carrying amount	25,960
Principal Amount Subject to Delinquent Principal or Interest	$ 0
Industrial Northeast [Member]
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate, Variable Rate Basis	1M Libor
Interest Rate, Basis Spread on Variable Rate	3.70%
Final Maturity Date	Apr. 9, 2019
Periodic Payment Terms	IO
Prior Liens	$ 0
Face Amount	89,000
Carrying amount	89,000
Principal Amount Subject to Delinquent Principal or Interest	$ 0
Office Northeast 2 [Member]
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate, Variable Rate Basis	1M Libor
Interest Rate, Basis Spread on Variable Rate	3.50%
Final Maturity Date	May 9, 2021
Periodic Payment Terms	IO
Prior Liens	$ 0
Face Amount	79,144
Carrying amount	78,386
Principal Amount Subject to Delinquent Principal or Interest	$ 0
Office West [Member]
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate, Variable Rate Basis	1M Libor
Interest Rate, Basis Spread on Variable Rate	3.25%
Final Maturity Date	Nov. 9, 2019
Periodic Payment Terms	IO
Prior Liens	$ 0
Face Amount	58,968
Carrying amount	58,646
Principal Amount Subject to Delinquent Principal or Interest	$ 0
Office Northeast 3 [Member]
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate, Variable Rate Basis	1M Libor
Interest Rate, Basis Spread on Variable Rate	4.07%
Final Maturity Date	Oct. 9, 2021
Periodic Payment Terms	IO
Prior Liens	$ 0
Face Amount	44,593
Carrying amount	44,232
Principal Amount Subject to Delinquent Principal or Interest	$ 0
Hotel Southwest [Member]
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate, Variable Rate Basis	1M Libor
Interest Rate, Basis Spread on Variable Rate	4.45%
Final Maturity Date	Dec. 9, 2020
Periodic Payment Terms	IO
Prior Liens	$ 0
Face Amount	68,778
Carrying amount	68,165
Principal Amount Subject to Delinquent Principal or Interest	$ 0
Retail West 2 [Member]
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate, Variable Rate Basis	1M Libor
Interest Rate, Basis Spread on Variable Rate	3.87%
Final Maturity Date	Jul. 9, 2020
Periodic Payment Terms	IO
Prior Liens	$ 0
Face Amount	58,199
Carrying amount	57,950
Principal Amount Subject to Delinquent Principal or Interest	$ 0
Office West 2 [Member]
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate, Variable Rate Basis	1M Libor
Interest Rate, Basis Spread on Variable Rate	4.10%
Final Maturity Date	Dec. 9, 2020
Periodic Payment Terms	IO
Prior Liens	$ 0
Face Amount	60,798
Carrying amount	60,310
Principal Amount Subject to Delinquent Principal or Interest	$ 0
Office Northeast 4 [Member]
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate, Variable Rate Basis	1M Libor
Interest Rate, Basis Spread on Variable Rate	3.95%
Final Maturity Date	Sep. 9, 2020
Periodic Payment Terms	P&I
Prior Liens	$ 0
Face Amount	63,510
Carrying amount	63,053
Principal Amount Subject to Delinquent Principal or Interest	$ 0
Hotel Southeast [Member]
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate, Variable Rate Basis	1M Libor
Interest Rate, Basis Spread on Variable Rate	3.78%
Final Maturity Date	May 9, 2021
Periodic Payment Terms	IO
Prior Liens	$ 0
Face Amount	64,000
Carrying amount	63,461
Principal Amount Subject to Delinquent Principal or Interest	$ 0
Office Southeast [Member]
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate, Variable Rate Basis	1M Libor
Interest Rate, Basis Spread on Variable Rate	3.30%
Final Maturity Date	Jan. 9, 2021
Periodic Payment Terms	IO
Prior Liens	$ 0
Face Amount	62,275
Carrying amount	61,225
Principal Amount Subject to Delinquent Principal or Interest	$ 0
Office Southwest [Member]
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate, Variable Rate Basis	1M Libor
Interest Rate, Basis Spread on Variable Rate	2.90%
Final Maturity Date	Dec. 9, 2021
Periodic Payment Terms	IO
Prior Liens	$ 0
Face Amount	42,825
Carrying amount	42,268
Principal Amount Subject to Delinquent Principal or Interest	$ 0
Industrial West [Member]
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate, Variable Rate Basis	1M Libor
Interest Rate, Basis Spread on Variable Rate	4.50%
Final Maturity Date	Jan. 9, 2020
Periodic Payment Terms	IO
Prior Liens	$ 0
Face Amount	44,588
Carrying amount	44,348
Principal Amount Subject to Delinquent Principal or Interest	$ 0
Office Southeast 2 [Member]
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate, Variable Rate Basis	1M Libor
Interest Rate, Basis Spread on Variable Rate	4.75%
Final Maturity Date	Feb. 9, 2021
Periodic Payment Terms	P&I
Prior Liens	$ 0
Face Amount	56,200
Carrying amount	55,784
Principal Amount Subject to Delinquent Principal or Interest	$ 0
Office Northeast 5 [Member]
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate, Variable Rate Basis	1M Libor
Interest Rate, Basis Spread on Variable Rate	4.55%
Final Maturity Date	Dec. 9, 2019
Periodic Payment Terms	P&I
Prior Liens	$ 0
Face Amount	46,568
Carrying amount	46,460
Principal Amount Subject to Delinquent Principal or Interest	$ 0
Industrial Northeast 2 [Member]
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate, Variable Rate Basis	1M Libor
Interest Rate, Basis Spread on Variable Rate	4.38%
Final Maturity Date	Oct. 9, 2020
Periodic Payment Terms	IO
Prior Liens	$ 0
Face Amount	53,132
Carrying amount	52,795
Principal Amount Subject to Delinquent Principal or Interest	$ 0
Industrial Northeast 3 [Member]
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate, Variable Rate Basis	1M Libor
Interest Rate, Basis Spread on Variable Rate	2.70%
Final Maturity Date	Oct. 9, 2021
Periodic Payment Terms	IO
Prior Liens	$ 0
Face Amount	47,484
Carrying amount	47,096
Principal Amount Subject to Delinquent Principal or Interest	$ 0
Hotel West [Member]
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate, Variable Rate Basis	1M Libor
Interest Rate, Basis Spread on Variable Rate	4.70%
Final Maturity Date	May 9, 2020
Periodic Payment Terms	IO
Prior Liens	$ 0
Face Amount	36,000
Carrying amount	35,702
Principal Amount Subject to Delinquent Principal or Interest	$ 0
Office Northeast 6 [Member]
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate, Variable Rate Basis	1M Libor
Interest Rate, Basis Spread on Variable Rate	4.65%
Final Maturity Date	Jan. 9, 2020
Periodic Payment Terms	IO
Prior Liens	$ 0
Face Amount	50,160
Carrying amount	50,160
Principal Amount Subject to Delinquent Principal or Interest	$ 0
Multifamily Midwest [Member]
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate, Variable Rate Basis	1M Libor
Interest Rate, Basis Spread on Variable Rate	2.99%
Final Maturity Date	Dec. 9, 2021
Periodic Payment Terms	IO
Prior Liens	$ 0
Face Amount	51,000
Carrying amount	50,514
Principal Amount Subject to Delinquent Principal or Interest	$ 0
Office Midwest [Member]
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate, Variable Rate Basis	1M Libor
Interest Rate, Basis Spread on Variable Rate	3.25%
Final Maturity Date	Oct. 9, 2021
Periodic Payment Terms	IO
Prior Liens	$ 0
Face Amount	19,156
Carrying amount	18,766
Principal Amount Subject to Delinquent Principal or Interest	$ 0
Multifamily Southwest [Member]
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate, Variable Rate Basis	1M Libor
Interest Rate, Basis Spread on Variable Rate	3.60%
Final Maturity Date	May 9, 2021
Periodic Payment Terms	IO
Prior Liens	$ 0
Face Amount	49,698
Carrying amount	49,299
Principal Amount Subject to Delinquent Principal or Interest	$ 0
Multifamily Midwest 2 [Member]
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate, Variable Rate Basis	1M Libor
Interest Rate, Basis Spread on Variable Rate	4.15%
Final Maturity Date	Nov. 9, 2021
Periodic Payment Terms	IO
Prior Liens	$ 0
Face Amount	15,000
Carrying amount	14,616
Principal Amount Subject to Delinquent Principal or Interest	$ 0
Industrial Northeast 4 [Member]
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate, Variable Rate Basis	1M Libor
Interest Rate, Basis Spread on Variable Rate	2.93%
Final Maturity Date	Dec. 18, 2021
Periodic Payment Terms	IO
Prior Liens	$ 0
Face Amount	40,800
Carrying amount	40,373
Principal Amount Subject to Delinquent Principal or Interest	$ 0
Office Southwest 2 [Member]
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate, Variable Rate Basis	1M Libor
Interest Rate, Basis Spread on Variable Rate	3.78%
Final Maturity Date	Feb. 9, 2021
Periodic Payment Terms	IO
Prior Liens	$ 0
Face Amount	46,002
Carrying amount	45,727
Principal Amount Subject to Delinquent Principal or Interest	$ 0
Mixed Use Northeast 2 [Member]
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate, Variable Rate Basis	1M Libor
Interest Rate, Basis Spread on Variable Rate	4.38%
Final Maturity Date	Jan. 9, 2021
Periodic Payment Terms	IO
Prior Liens	$ 0
Face Amount	30,953
Carrying amount	30,558
Principal Amount Subject to Delinquent Principal or Interest	$ 0
Multifamily Southwest 2 [Member]
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate, Variable Rate Basis	1M Libor
Interest Rate, Basis Spread on Variable Rate	3.65%
Final Maturity Date	Sep. 9, 2020
Periodic Payment Terms	IO
Prior Liens	$ 0
Face Amount	40,478
Carrying amount	40,062
Principal Amount Subject to Delinquent Principal or Interest	$ 0
Mixed Use Northeast 3 [Member]
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate, Variable Rate Basis	1M Libor
Interest Rate, Basis Spread on Variable Rate	4.07%
Final Maturity Date	May 9, 2021
Periodic Payment Terms	IO
Prior Liens	$ 0
Face Amount	29,883
Carrying amount	29,564
Principal Amount Subject to Delinquent Principal or Interest	$ 0
Hotel West 2 [Member]
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate, Variable Rate Basis	1M Libor
Interest Rate, Basis Spread on Variable Rate	3.60%
Final Maturity Date	Jul. 9, 2021
Periodic Payment Terms	IO
Prior Liens	$ 0
Face Amount	41,000
Carrying amount	40,626
Principal Amount Subject to Delinquent Principal or Interest	$ 0
Hotel West 3 [Member]
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate, Variable Rate Basis	1M Libor
Interest Rate, Basis Spread on Variable Rate	4.50%
Final Maturity Date	Jul. 9, 2020
Periodic Payment Terms	IO
Prior Liens	$ 0
Face Amount	45,000
Carrying amount	44,686
Principal Amount Subject to Delinquent Principal or Interest	$ 0
Multifamily Southwest 3 [Member]
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate, Variable Rate Basis	1M Libor
Interest Rate, Basis Spread on Variable Rate	2.93%
Final Maturity Date	Sep. 9, 2021
Periodic Payment Terms	IO
Prior Liens	$ 0
Face Amount	38,326
Carrying amount	38,026
Principal Amount Subject to Delinquent Principal or Interest	$ 0
Multifamily Midwest 3 [Member]
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate, Variable Rate Basis	1M Libor
Interest Rate, Basis Spread on Variable Rate	4.24%
Final Maturity Date	Nov. 9, 2020
Periodic Payment Terms	IO
Prior Liens	$ 0
Face Amount	40,000
Carrying amount	39,771
Principal Amount Subject to Delinquent Principal or Interest	$ 0
Mixed Use West [Member]
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate, Variable Rate Basis	1M Libor
Interest Rate, Basis Spread on Variable Rate	4.54%
Final Maturity Date	Dec. 9, 2021
Periodic Payment Terms	IO
Prior Liens	$ 0
Face Amount	16,223
Carrying amount	15,829
Principal Amount Subject to Delinquent Principal or Interest	$ 0
Office Northeast 8 [Member]
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate, Variable Rate Basis	1M Libor
Interest Rate, Basis Spread on Variable Rate	3.55%
Final Maturity Date	Jun. 9, 2021
Periodic Payment Terms	IO
Prior Liens	$ 0
Face Amount	32,012
Carrying amount	31,750
Principal Amount Subject to Delinquent Principal or Interest	$ 0
Office Northeast 9 [Member]
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate, Variable Rate Basis	1M Libor
Interest Rate, Basis Spread on Variable Rate	7.76%
Final Maturity Date	Jul. 9, 2019
Periodic Payment Terms	IO
Prior Liens	$ 0
Face Amount	33,470
Carrying amount	33,100
Principal Amount Subject to Delinquent Principal or Interest	$ 0
Office West 3 [Member]
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate, Variable Rate Basis	1M Libor
Interest Rate, Basis Spread on Variable Rate	3.90%
Final Maturity Date	Jan. 9, 2021
Periodic Payment Terms	IO
Prior Liens	$ 0
Face Amount	31,781
Carrying amount	31,493
Principal Amount Subject to Delinquent Principal or Interest	$ 0
Multifamily Northeast [Member]
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate, Variable Rate Basis	1M Libor
Interest Rate, Basis Spread on Variable Rate	4.27%
Final Maturity Date	Dec. 9, 2019
Periodic Payment Terms	IO
Prior Liens	$ 0
Face Amount	34,400
Carrying amount	34,198
Principal Amount Subject to Delinquent Principal or Interest	$ 0
Industrial Northeast 5 [Member]
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate, Variable Rate Basis	1M Libor
Interest Rate, Basis Spread on Variable Rate	2.85%
Final Maturity Date	Nov. 9, 2021
Periodic Payment Terms	IO
Prior Liens	$ 0
Face Amount	29,404
Carrying amount	28,972
Principal Amount Subject to Delinquent Principal or Interest	$ 0
Office Southwest 3 [Member]
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate, Variable Rate Basis	1M Libor
Interest Rate, Basis Spread on Variable Rate	5.00%
Final Maturity Date	May 9, 2020
Periodic Payment Terms	IO
Prior Liens	$ 0
Face Amount	28,563
Carrying amount	28,308
Principal Amount Subject to Delinquent Principal or Interest	$ 0
Hotel Midwest [Member]
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate, Variable Rate Basis	1M Libor
Interest Rate, Basis Spread on Variable Rate	4.07%
Final Maturity Date	Jul. 9, 2021
Periodic Payment Terms	IO
Prior Liens	$ 0
Face Amount	16,754
Carrying amount	16,510
Principal Amount Subject to Delinquent Principal or Interest	$ 0
Multifamily Midwest 4 [Member]
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate, Variable Rate Basis	1M Libor
Interest Rate, Basis Spread on Variable Rate	2.92%
Final Maturity Date	Jan. 9, 2023
Periodic Payment Terms	IO
Prior Liens	$ 0
Face Amount	26,885
Carrying amount	26,621
Principal Amount Subject to Delinquent Principal or Interest	$ 0
Office Southwest 4 [Member]
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate, Variable Rate Basis	1M Libor
Interest Rate, Basis Spread on Variable Rate	4.05%
Final Maturity Date	Oct. 9, 2020
Periodic Payment Terms	IO
Prior Liens	$ 0
Face Amount	21,895
Carrying amount	21,716
Principal Amount Subject to Delinquent Principal or Interest	$ 0
Office Southwest 5 [Member]
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate, Variable Rate Basis	1M Libor
Interest Rate, Basis Spread on Variable Rate	4.40%
Final Maturity Date	May 9, 2020
Periodic Payment Terms	IO
Prior Liens	$ 0
Face Amount	27,582
Carrying amount	27,385
Principal Amount Subject to Delinquent Principal or Interest	$ 0
Office Northeast 10 [Member]
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Fixed Interest Rate	5.11%
Final Maturity Date	Mar. 6, 2026
Periodic Payment Terms	P&I
Prior Liens	$ 0
Face Amount	33,800
Carrying amount	33,649
Principal Amount Subject to Delinquent Principal or Interest	$ 0
Office West 4 [Member]
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate, Variable Rate Basis	1M Libor
Interest Rate, Basis Spread on Variable Rate	4.55%
Final Maturity Date	Oct. 9, 2019
Periodic Payment Terms	IO
Prior Liens	$ 0
Face Amount	27,184
Carrying amount	27,093
Principal Amount Subject to Delinquent Principal or Interest	$ 0
Office Southeast 3 [Member]
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate, Variable Rate Basis	1M Libor
Interest Rate, Basis Spread on Variable Rate	3.50%
Final Maturity Date	May 9, 2021
Periodic Payment Terms	P&I
Prior Liens	$ 0
Face Amount	28,569
Carrying amount	28,414
Principal Amount Subject to Delinquent Principal or Interest	$ 0
Multifamily Northeast 2 [Member]
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate, Variable Rate Basis	1M Libor
Interest Rate, Basis Spread on Variable Rate	4.10%
Final Maturity Date	Jul. 9, 2020
Periodic Payment Terms	IO
Prior Liens	$ 0
Face Amount	30,000
Carrying amount	29,854
Principal Amount Subject to Delinquent Principal or Interest	$ 0
Office West 5 [Member]
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate, Variable Rate Basis	1M Libor
Interest Rate, Basis Spread on Variable Rate	3.40%
Final Maturity Date	Jul. 9, 2021
Periodic Payment Terms	IO
Prior Liens	$ 0
Face Amount	18,980
Carrying amount	18,665
Principal Amount Subject to Delinquent Principal or Interest	$ 0
Multifamily Southwest 4 [Member]
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate, Variable Rate Basis	1M Libor
Interest Rate, Basis Spread on Variable Rate	3.55%
Final Maturity Date	Jul. 9, 2021
Periodic Payment Terms	IO
Prior Liens	$ 0
Face Amount	28,966
Carrying amount	28,735
Principal Amount Subject to Delinquent Principal or Interest	$ 0
Office Southeast 4 [Member]
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate, Variable Rate Basis	1M Libor
Interest Rate, Basis Spread on Variable Rate	3.50%
Final Maturity Date	Nov. 9, 2021
Periodic Payment Terms	IO
Prior Liens	$ 0
Face Amount	23,780
Carrying amount	23,425
Principal Amount Subject to Delinquent Principal or Interest	$ 0
Hotel Midwest 2 [Member]
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate, Variable Rate Basis	1M Libor
Interest Rate, Basis Spread on Variable Rate	3.90%
Final Maturity Date	Dec. 9, 2021
Periodic Payment Terms	IO
Prior Liens	$ 0
Face Amount	20,500
Carrying amount	20,264
Principal Amount Subject to Delinquent Principal or Interest	$ 0
Hotel Northeast [Member]
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate, Variable Rate Basis	1M Libor
Interest Rate, Basis Spread on Variable Rate	4.90%
Final Maturity Date	Sep. 9, 2020
Periodic Payment Terms	IO
Prior Liens	$ 0
Face Amount	23,500
Carrying amount	23,380
Principal Amount Subject to Delinquent Principal or Interest	$ 0
Office West 6 [Member]
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate, Variable Rate Basis	1M Libor
Interest Rate, Basis Spread on Variable Rate	4.20%
Final Maturity Date	Aug. 9, 2020
Periodic Payment Terms	IO
Prior Liens	$ 0
Face Amount	23,476
Carrying amount	23,340
Principal Amount Subject to Delinquent Principal or Interest	$ 0
Hotel Southwest 2 [Member]
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate, Variable Rate Basis	1M Libor
Interest Rate, Basis Spread on Variable Rate	5.13%
Final Maturity Date	Jan. 9, 2021
Periodic Payment Terms	IO
Prior Liens	$ 0
Face Amount	26,000
Carrying amount	25,860
Principal Amount Subject to Delinquent Principal or Interest	$ 0
Office Southeast 5 [Member]
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate, Variable Rate Basis	1M Libor
Interest Rate, Basis Spread on Variable Rate	2.95%
Final Maturity Date	Jan. 9, 2022
Periodic Payment Terms	IO
Prior Liens	$ 0
Face Amount	20,672
Carrying amount	20,439
Principal Amount Subject to Delinquent Principal or Interest	$ 0
Industrial Northeast 6 [Member]
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate, Variable Rate Basis	1M Libor
Interest Rate, Basis Spread on Variable Rate	3.50%
Final Maturity Date	Aug. 9, 2021
Periodic Payment Terms	IO
Prior Liens	$ 0
Face Amount	25,893
Carrying amount	25,592
Principal Amount Subject to Delinquent Principal or Interest	$ 0
Mixed Use Northeast 4 [Member]
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate, Variable Rate Basis	1M Libor
Interest Rate, Basis Spread on Variable Rate	3.87%
Final Maturity Date	Oct. 9, 2021
Periodic Payment Terms	IO
Prior Liens	$ 0
Face Amount	21,061
Carrying amount	20,802
Principal Amount Subject to Delinquent Principal or Interest	$ 0
Hotel Midwest 3 [Member]
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate, Variable Rate Basis	1M Libor
Interest Rate, Basis Spread on Variable Rate	4.07%
Final Maturity Date	May 9, 2021
Periodic Payment Terms	IO
Prior Liens	$ 0
Face Amount	25,000
Carrying amount	24,768
Principal Amount Subject to Delinquent Principal or Interest	$ 0
Hotel Northeast 2 [Member]
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate, Variable Rate Basis	1M Libor
Interest Rate, Basis Spread on Variable Rate	4.21%
Final Maturity Date	Oct. 9, 2021
Periodic Payment Terms	IO
Prior Liens	$ 0
Face Amount	8,368
Carrying amount	8,182
Principal Amount Subject to Delinquent Principal or Interest	$ 0
Office Northeast 11 [Member]
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate, Variable Rate Basis	1M Libor
Interest Rate, Basis Spread on Variable Rate	4.20%
Final Maturity Date	Sep. 9, 2020
Periodic Payment Terms	IO
Prior Liens	$ 0
Face Amount	23,610
Carrying amount	23,471
Principal Amount Subject to Delinquent Principal or Interest	$ 0
Industrial Northeast 7 [Member]
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate, Variable Rate Basis	1M Libor
Interest Rate, Basis Spread on Variable Rate	5.15%
Final Maturity Date	Sep. 9, 2020
Periodic Payment Terms	P&I
Prior Liens	$ 0
Face Amount	23,375
Carrying amount	23,292
Principal Amount Subject to Delinquent Principal or Interest	$ 0
Mixed Use Northeast 5 [Member]
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate, Variable Rate Basis	1M Libor
Interest Rate, Basis Spread on Variable Rate	4.77%
Final Maturity Date	Feb. 9, 2021
Periodic Payment Terms	IO
Prior Liens	$ 0
Face Amount	19,772
Carrying amount	19,548
Principal Amount Subject to Delinquent Principal or Interest	$ 0
Office Southeast 6 [Member]
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate, Variable Rate Basis	1M Libor
Interest Rate, Basis Spread on Variable Rate	4.05%
Final Maturity Date	Mar. 9, 2020
Periodic Payment Terms	IO
Prior Liens	$ 0
Face Amount	23,000
Carrying amount	22,887
Principal Amount Subject to Delinquent Principal or Interest	$ 0
Retail Southeast [Member]
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate, Variable Rate Basis	1M Libor
Interest Rate, Basis Spread on Variable Rate	4.21%
Final Maturity Date	Jul. 9, 2021
Periodic Payment Terms	IO
Prior Liens	$ 0
Face Amount	16,353
Carrying amount	16,182
Principal Amount Subject to Delinquent Principal or Interest	$ 0
Multifamily Midwest 5 [Member]
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate, Variable Rate Basis	1M Libor
Interest Rate, Basis Spread on Variable Rate	4.05%
Final Maturity Date	May 9, 2021
Periodic Payment Terms	IO
Prior Liens	$ 0
Face Amount	19,893
Carrying amount	19,739
Principal Amount Subject to Delinquent Principal or Interest	$ 0
Office Northeast 12 [Member]
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate, Variable Rate Basis	1M Libor
Interest Rate, Basis Spread on Variable Rate	4.77%
Final Maturity Date	Aug. 9, 2020
Periodic Payment Terms	IO
Prior Liens	$ 0
Face Amount	16,769
Carrying amount	16,646
Principal Amount Subject to Delinquent Principal or Interest	$ 0
Multifamily Northeast 3 [Member]
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate, Variable Rate Basis	1M Libor
Interest Rate, Basis Spread on Variable Rate	4.44%
Final Maturity Date	Jan. 9, 2022
Periodic Payment Terms	IO
Prior Liens	$ 0
Face Amount	7,500
Carrying amount	7,283
Principal Amount Subject to Delinquent Principal or Interest	$ 0
Multifamily Southeast [Member]
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate, Variable Rate Basis	1M Libor
Interest Rate, Basis Spread on Variable Rate	4.15%
Final Maturity Date	Jul. 9, 2020
Periodic Payment Terms	IO
Prior Liens	$ 0
Face Amount	19,985
Carrying amount	19,881
Principal Amount Subject to Delinquent Principal or Interest	$ 0
Office Southwest 6 [Member]
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate, Variable Rate Basis	1M Libor
Interest Rate, Basis Spread on Variable Rate	3.24%
Final Maturity Date	Oct. 9, 2021
Periodic Payment Terms	IO
Prior Liens	$ 0
Face Amount	18,188
Carrying amount	18,019
Principal Amount Subject to Delinquent Principal or Interest	$ 0
Multifamily Midwest 6 [Member]
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate, Variable Rate Basis	1M Libor
Interest Rate, Basis Spread on Variable Rate	3.42%
Final Maturity Date	Dec. 9, 2020
Periodic Payment Terms	IO
Prior Liens	$ 0
Face Amount	19,500
Carrying amount	19,361
Principal Amount Subject to Delinquent Principal or Interest	$ 0
Office West 7 [Member]
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate, Variable Rate Basis	1M Libor
Interest Rate, Basis Spread on Variable Rate	4.05%
Final Maturity Date	Mar. 9, 2021
Periodic Payment Terms	IO
Prior Liens	$ 0
Face Amount	17,278
Carrying amount	17,131
Principal Amount Subject to Delinquent Principal or Interest	$ 0
Multifamily Southeast 2 [Member]
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate, Variable Rate Basis	1M Libor
Interest Rate, Basis Spread on Variable Rate	5.25%
Final Maturity Date	Aug. 9, 2020
Periodic Payment Terms	IO
Prior Liens	$ 0
Face Amount	14,979
Carrying amount	14,870
Principal Amount Subject to Delinquent Principal or Interest	$ 0
Multifamily Northeast 4 [Member]
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate, Variable Rate Basis	1M Libor
Interest Rate, Basis Spread on Variable Rate	4.85%
Final Maturity Date	Nov. 9, 2019
Periodic Payment Terms	IO
Prior Liens	$ 0
Face Amount	17,669
Carrying amount	17,579
Principal Amount Subject to Delinquent Principal or Interest	$ 0
Hotel West 4 [Member]
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate, Variable Rate Basis	1M Libor
Interest Rate, Basis Spread on Variable Rate	5.15%
Final Maturity Date	Apr. 9, 2021
Periodic Payment Terms	IO
Prior Liens	$ 0
Face Amount	19,750
Carrying amount	19,576
Principal Amount Subject to Delinquent Principal or Interest	$ 0
Retail Southwest [Member]
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate, Variable Rate Basis	1M Libor
Interest Rate, Basis Spread on Variable Rate	4.80%
Final Maturity Date	Jan. 9, 2021
Periodic Payment Terms	P&I
Prior Liens	$ 0
Face Amount	18,974
Carrying amount	18,810
Principal Amount Subject to Delinquent Principal or Interest	$ 0
Office West 8 [Member]
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate, Variable Rate Basis	1M Libor
Interest Rate, Basis Spread on Variable Rate	3.20%
Final Maturity Date	Dec. 9, 2021
Periodic Payment Terms	IO
Prior Liens	$ 0
Face Amount	13,160
Carrying amount	12,956
Principal Amount Subject to Delinquent Principal or Interest	$ 0
Multifamily Southwest 5 [Member]
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate, Variable Rate Basis	1M Libor
Interest Rate, Basis Spread on Variable Rate	4.29%
Final Maturity Date	Apr. 9, 2021
Periodic Payment Terms	IO
Prior Liens	$ 0
Face Amount	18,700
Carrying amount	18,580
Principal Amount Subject to Delinquent Principal or Interest	$ 0
Multifamily West [Member]
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate, Variable Rate Basis	1M Libor
Interest Rate, Basis Spread on Variable Rate	3.25%
Final Maturity Date	Apr. 9, 2021
Periodic Payment Terms	IO
Prior Liens	$ 0
Face Amount	18,500
Carrying amount	18,412
Principal Amount Subject to Delinquent Principal or Interest	$ 0
Multifamily West 2 [Member]
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate, Variable Rate Basis	1M Libor
Interest Rate, Basis Spread on Variable Rate	3.25%
Final Maturity Date	Apr. 9, 2021
Periodic Payment Terms	IO
Prior Liens	$ 0
Face Amount	18,500
Carrying amount	18,412
Principal Amount Subject to Delinquent Principal or Interest	$ 0
Office West 9 [Member]
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate, Variable Rate Basis	1M Libor
Interest Rate, Basis Spread on Variable Rate	5.90%
Final Maturity Date	Jan. 9, 2020
Periodic Payment Terms	IO
Prior Liens	$ 0
Face Amount	12,642
Carrying amount	12,561
Principal Amount Subject to Delinquent Principal or Interest	$ 0
Hotel Southeast 2 [Member]
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate, Variable Rate Basis	1M Libor
Interest Rate, Basis Spread on Variable Rate	8.75%
Final Maturity Date	Aug. 9, 2019
Periodic Payment Terms	IO
Prior Liens	$ 98,500
Face Amount	17,000
Carrying amount	17,000
Principal Amount Subject to Delinquent Principal or Interest	$ 0
Office West 10 [Member]
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate, Variable Rate Basis	1M Libor
Interest Rate, Basis Spread on Variable Rate	3.75%
Final Maturity Date	Aug. 9, 2021
Periodic Payment Terms	IO
Prior Liens	$ 0
Face Amount	10,480
Carrying amount	10,342
Principal Amount Subject to Delinquent Principal or Interest	$ 0
Multifamily Southeast 3 [Member]
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate, Variable Rate Basis	1M Libor
Interest Rate, Basis Spread on Variable Rate	2.85%
Final Maturity Date	Sep. 9, 2021
Periodic Payment Terms	IO
Prior Liens	$ 0
Face Amount	16,560
Carrying amount	16,494
Principal Amount Subject to Delinquent Principal or Interest	$ 0
Multifamily Southwest 6 [Member]
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate, Variable Rate Basis	1M Libor
Interest Rate, Basis Spread on Variable Rate	3.15%
Final Maturity Date	Dec. 9, 2021
Periodic Payment Terms	IO
Prior Liens	$ 0
Face Amount	16,000
Carrying amount	15,804
Principal Amount Subject to Delinquent Principal or Interest	$ 0
Hotel West 5 [Member]
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Fixed Interest Rate	8.00%
Final Maturity Date	Feb. 1, 2027
Periodic Payment Terms	P&I
Prior Liens	$ 0
Face Amount	14,652
Carrying amount	14,652
Principal Amount Subject to Delinquent Principal or Interest	$ 0
Office Southeast 7 [Member]
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate, Variable Rate Basis	1M Libor
Interest Rate, Basis Spread on Variable Rate	9.50%
Final Maturity Date	Aug. 13, 2020
Periodic Payment Terms	IO
Prior Liens	$ 45,303
Face Amount	9,900
Carrying amount	9,900
Principal Amount Subject to Delinquent Principal or Interest	$ 0
Hotel Northeast 3 [Member]
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Fixed Interest Rate	13.00%
Final Maturity Date	Nov. 6, 2025
Periodic Payment Terms	P&I
Prior Liens	$ 59,000
Face Amount	4,779
Carrying amount	4,779
Principal Amount Subject to Delinquent Principal or Interest	$ 0
Office Northeast 7 [Member]
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate, Variable Rate Basis	1M Libor
Interest Rate, Basis Spread on Variable Rate	4.75%
Final Maturity Date	Dec. 9, 2019
Periodic Payment Terms	IO
Prior Liens	$ 0
Face Amount	51,435
Carrying amount	51,230
Principal Amount Subject to Delinquent Principal or Interest	$ 0