Granite Point Mortgage Trust (GPMT) 10-Q 7 May 19 2019 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2019	May 03, 2019
Entity Information [Line Items]
Entity Registrant Name	GRANITE POINT MORTGAGE TRUST INC.
Entity Central Index Key	0001703644
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-Q
Document Period End Date	Mar. 31, 2019
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q1
Amendment Flag	false
Entity Common Stock, Shares Outstanding		53,741,316

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands		Mar. 31, 2019	Dec. 31, 2018
ASSETS
Loans held-for-investment		$ 3,292,989	$ 3,167,913
Available-for-sale securities, at fair value		12,798	12,606
Held-to-maturity securities		25,815	26,696
Cash and cash equivalents		65,384	91,700
Restricted cash		55,051	31,723
Accrued interest receivable		10,595	10,268
Deferred debt issuance costs		2,333	3,924
Prepaid expenses		764	1,055
Other assets		21,659	15,996
Total Assets	[1]	3,487,388	3,361,881
Liabilities
Repurchase agreements		993,634	1,500,543
Securitized debt obligations		1,197,814	654,263
Revolving credit facilities		0	75,000
Convertible senior notes		268,484	268,138
Accrued interest payable		10,117	6,394
Unearned interest income		197	510
Dividends payable		21,938	18,346
Other liabilities		13,073	10,156
Total Liabilities	[1]	2,505,257	2,533,350
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 52,171,921 and 43,621,174 shares issued and outstanding, respectively		522	436
Additional paid-in capital		994,592	836,288
Accumulated other comprehensive loss		0	(192)
Cumulative earnings		108,831	91,875
Cumulative distributions to stockholders		122,814	100,876
Total Stockholders’ Equity		981,131	827,531
Total Liabilities and Stockholders’ Equity		$ 3,487,388	$ 3,361,881
[1]	The condensed 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 March 31, 2019 and December 31, 2018 , assets of the VIEs totaled $1,547,626 and $829,147 , and liabilities of the VIEs totaled $1,199,164 and $654,952 , respectively. See Note 3 - Variable Interest Entities

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
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)	52,171,921	43,621,174
Common shares outstanding (in shares)	52,171,921	43,621,174
Assets of consolidated Variable Interest Entities	$ 1,547,626	$ 829,147
Liabilities of consolidated Variable Interest Entities	$ 1,199,164	$ 654,952

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Interest income:
Loans held-for-investment	$ 56,665	$ 38,793
Available-for-sale securities	308	272
Held-to-maturity securities	661	885
Cash and cash equivalents	511	27
Total interest income	58,145	39,977
Interest expense:
Repurchase agreements	16,989	16,194
Securitized debt obligations	9,859	0
Convertible senior notes	4,465	2,179
Revolving credit facilities	695	0
Total interest expense	32,008	18,373
Net interest income	26,137	21,604
Other income:
Fee income	913	882
Total other income	913	882
Expenses:
Management fees	3,449	3,209
Incentive fees	244	0
Servicing expenses	773	458
Other operating expenses	5,616	4,232
Total expenses	10,082	7,899
Income before income taxes	16,968	14,587
(Benefit from) provision for income taxes	(1)	1
Net income	16,969	14,586
Dividends on preferred stock	25	25
Net income attributable to common stockholders	$ 16,944	$ 14,561
Basic earnings per weighted average common share (in usd per share)	$ 0.35	$ 0.34
Diluted earnings per weighted average common share (in usd per share)	0.34	0.33
Dividends declared per common share (in usd per share)	$ 0.42	$ 0.38
Weighted average basic common shares outstanding (in shares)	48,601,431	43,374,228
Weighted average diluted common shares outstanding (in shares)	62,256,595	50,467,978
Comprehensive income:
Net income attributable to common stockholders	$ 16,944	$ 14,561
Other comprehensive income, net of tax:
Unrealized gain on available-for-sale securities	192	16
Other comprehensive income	192	16
Comprehensive income attributable to common stockholders	$ 17,136	$ 14,577

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, 2017	43,235,103	43,235,103
Stockholders’ equity at beginning of period at Dec. 31, 2017	$ 828,621	$ 432	$ 829,704	$ 0	$ 28,800	$ (30,315)
Net income	14,586				14,586
Other comprehensive income before reclassifications	16			16
Amounts reclassified from accumulated other comprehensive income	0			0
Net other comprehensive income	$ 16			16
Issuance of common stock, net of offering costs (in shares)	0
Common dividends declared	$ (16,506)					(16,506)
Preferred dividends declared	$ (25)					(25)
Non-cash equity award compensation (in shares)	201,956	201,956
Non-cash equity award compensation	$ 664	$ 2	662
Common shares outstanding at end of period (in shares) at Mar. 31, 2018	43,437,059	43,437,059
Stockholders’ equity at end of period at Mar. 31, 2018	$ 827,356	$ 434	830,366	16	43,386	(46,846)
Cumulative effect of adoption of new accounting principle	0		13		(13)
Stockholders' equity at beginning of period, adjusted balance	$ 827,531	$ 436	836,301	(192)	91,862	(100,876)
Common shares outstanding at beginning of period (in shares) at Dec. 31, 2018	43,621,174	43,621,174
Stockholders’ equity at beginning of period at Dec. 31, 2018	$ 827,531	$ 436	836,288	(192)	91,875	(100,876)
Net income	16,969				16,969
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)	8,291,829	8,291,829
Issuance of common stock, net of offering costs	$ 157,228	$ 83	157,145
Common dividends declared	(21,913)					(21,913)
Preferred dividends declared	$ (25)					(25)
Non-cash equity award compensation (in shares)	258,918	258,918
Non-cash equity award compensation	$ 1,149	$ 3	1,146
Common shares outstanding at end of period (in shares) at Mar. 31, 2019	52,171,921	52,171,921
Stockholders’ equity at end of period at Mar. 31, 2019	$ 981,131	$ 522	$ 994,592	$ 0	$ 108,831	$ (122,814)

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Cash Flows From Operating Activities:
Net income	$ 16,969	$ 14,586
Adjustments to reconcile net income to net cash provided by operating activities:
Accretion of discounts and net deferred fees on loans held-for-investment	(3,822)	(2,707)
Amortization of deferred debt issuance costs on convertible senior notes and securitized debt obligations	2,029	184
Equity based compensation	1,149	664
Depreciation of fixed assets	39	1
Net change in assets and liabilities:
Increase in accrued interest receivable	(327)	(536)
Decrease in prepaid expenses	291	192
Increase in other assets	(5,702)	(696)
Increase in accrued interest payable	3,723	2,161
Decrease in unearned interest income	(313)	(140)
Increase (decrease) in other liabilities	2,917	(580)
Net cash provided by operating activities	16,953	13,129
Cash Flows From Investing Activities:
Originations, acquisitions and additional fundings of loans held-for-investment, net of deferred fees	(276,574)	(154,101)
Proceeds from repayment of loans held-for-investment	155,320	96,427
Principal payments on held-to-maturity securities	881	4,793
Net cash used in investing activities	(120,373)	(52,881)
Cash Flows From Financing Activities:
Proceeds from repurchase agreements	225,261	140,731
Principal payments on repurchase agreements	(732,170)	(137,883)
Proceeds from issuance of securitized debt obligations	646,868	0
Principal payments on securitized debt obligations	(105,000)	0
Proceeds from convertible senior notes	0	18,247
Proceeds from revolving credit facilities	48,697	0
Repayment of revolving credit facilities	(123,697)	0
Decrease (increase) in deferred debt issuance costs	1,591	1,404
Proceeds from issuance of common stock, net of offering costs	157,228	0
Dividends paid on preferred stock	(25)	(25)
Dividends paid on common stock	(18,321)	(16,372)
Net cash provided by financing activities	100,432	6,102
Net decrease in cash, cash equivalents and restricted cash	(2,988)	(33,650)
Cash, cash equivalents and restricted cash at beginning of period	123,423	110,718
Cash, cash equivalents and restricted cash at end of period	120,435	77,068
Supplemental Disclosure of Cash Flow Information:
Cash paid for interest	28,284	16,212
Cash paid (received) for taxes, net	0	1
Noncash Activities:
Dividends declared but not paid at end of period	$ 21,938	$ 16,588

Organization and Operations

Organization and Operations	3 Months Ended
	Mar. 31, 2019
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	3 Months Ended
	Mar. 31, 2019
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 interim unaudited condensed consolidated financial statements of the Company have been prepared in accordance with the rules and regulations of the Securities and Exchange Commission, or SEC. Certain information and note disclosures normally included in financial statements prepared in accordance with U.S. generally accepted accounting principles, or U.S. GAAP, have been condensed or omitted according to such SEC rules and regulations. However, management believes that the disclosures included in these interim condensed consolidated financial statements are adequate to make the information presented not misleading. The accompanying condensed consolidated financial statements should be read in conjunction with the financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2018 . In the opinion of management, all normal and recurring adjustments necessary to present fairly the financial condition of the Company at March 31, 2019 and results of operations for all periods presented have been made. The results of operations for the three months ended March 31, 2019 should not be construed as indicative of the results to be expected for future periods or the full year. The condensed consolidated financial statements of the Company 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. All 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 an entity 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 entity. 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 condensed 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 Included in Note 2 to the Consolidated Financial Statements of the Company’s Annual Report on Form 10-K for the year ended December 31, 2018 is a summary of the Company’s significant accounting policies. Recently Issued and/or Adopted Accounting Standards 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’s adoption of this ASU did 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 condensed 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 Company’s adoption of this ASU was applied by recording a cumulative-effect adjustment to retained earnings as of January 1, 2019, which 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	3 Months Ended
	Mar. 31, 2019
Variable Interest Entities [Abstract]
Variable Interest Entities	Variable Interest Entities The Company finances pools of its commercial real estate loans through collateralized loan obligations, or CLOs, which are considered VIEs for financial reporting purposes and, thus, are reviewed for consolidation under the applicable consolidation guidance. Because the Company has both the power to direct the activities of the CLOs 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 CLOs. The following table presents a summary of the assets and liabilities of all variable interest entities consolidated on the Company’s condensed consolidated balance sheets as of March 31, 2019 and December 31, 2018 : (in thousands) March 31, December 31, Loans held-for-investment $ 1,488,891 $ 795,259 Restricted cash 47,076 26,136 Accrued interest receivable 4,634 2,622 Other assets 7,025 5,130 Total Assets $ 1,547,626 $ 829,147 Securitized debt obligations $ 1,197,814 $ 654,263 Accrued interest payable 1,341 689 Other liabilities 9 — Total Liabilities $ 1,199,164 $ 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 condensed consolidated balance sheets. As of March 31, 2019 and December 31, 2018 , the carrying value, which also represents the maximum exposure to loss, of all CMBS in unconsolidated VIEs was $38.6 million and $39.3 million

Loans Held-for-Investment

Loans Held-for-Investment	3 Months Ended
	Mar. 31, 2019
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 condensed consolidated balance sheets. The Company also finances pools of its commercial real estate loans through CLOs, which are considered a VIEs for financial reporting purposes and, thus, are reviewed for consolidation under the applicable consolidation guidance. Because the Company has both the power to direct the activities of the CLOs 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 CLOs and classifies the underlying loans as loans held-for-investment. Loans held-for-investment are reported at cost, net of any unamortized acquisition premiums or discounts, loan fees and origination costs as applicable. The following tables summarize the Company’s loans held-for-investment by asset type, property type and geographic location as of March 31, 2019 and December 31, 2018 : March 31, (dollars in thousands) Senior Loans (1) Mezzanine Loans B-Notes Total Unpaid principal balance $ 3,289,035 $ 14,381 $ 14,600 $ 3,318,016 Unamortized (discount) premium (138 ) — — (138 ) Unamortized net deferred origination fees (24,889 ) — — (24,889 ) Carrying value $ 3,264,008 $ 14,381 $ 14,600 $ 3,292,989 Unfunded commitments $ 624,244 $ — $ — $ 624,244 Number of loans 95 2 1 98 Weighted average coupon 6.4 % 11.9 % 8.0 % 6.4 % Weighted average years to maturity (2) 1.9 3.0 7.8 1.9 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 ____________________ (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 fee. The Company may also extend contractual maturities in connection with loan modifications. (dollars in thousands) March 31, December 31, Property Type Carrying Value % of Loan Portfolio Carrying Value % of Loan Portfolio Office $ 1,548,117 47.0 % $ 1,495,128 47.2 % Multifamily 668,410 20.3 % 569,259 18.0 % Hotel 483,553 14.7 % 427,611 13.5 % Retail 329,430 10.0 % 324,447 10.2 % Industrial 263,479 8.0 % 351,468 11.1 % Total $ 3,292,989 100.0 % $ 3,167,913 100.0 % (dollars in thousands) March 31, December 31, Geographic Location Carrying Value % of Loan Portfolio Carrying Value % of Loan Portfolio Northeast $ 1,126,245 34.3 % $ 1,171,691 37.0 % West 707,379 21.5 % 694,223 21.9 % Southwest 726,072 22.0 % 681,108 21.5 % Southeast 360,193 10.9 % 369,961 11.7 % Midwest 373,100 11.3 % 250,930 7.9 % Total $ 3,292,989 100.0 % $ 3,167,913 100.0 % At March 31, 2019 and December 31, 2018 , the Company pledged loans held-for-investment with a carrying value of $3.0 billion and $2.9 billion , respectively, as collateral for repurchase agreements, revolving credit facilities and securitized debt obligations. See Note 10 - Repurchase Agreements, Note 12 - Revolving Credit Facilities and Note 13 - Securitized Debt Obligations. The following table summarizes activity related to loans held-for-investment for the three months ended March 31, 2019 and December 31, 2018 . Three Months Ended (in thousands) 2019 2018 Balance at beginning of period $ 3,167,913 $ 2,304,266 Originations, acquisitions and additional fundings 279,694 156,186 Repayments (155,320 ) (96,427 ) Net discount accretion (premium amortization) 13 14 Increase in net deferred origination fees (3,120 ) (2,085 ) Amortization of net deferred origination fees 3,809 2,693 Allowance for loan losses — — Balance at end of period $ 3,292,989 $ 2,364,647 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 March 31, 2019 and December 31, 2018 : (dollars in thousands) March 31, December 31, Risk Rating Number of Loans Unpaid Principal Balance Carrying Value Number of Loans Unpaid Principal Balance Carrying Value 1 8 $ 359,595 $ 358,113 9 $ 354,791 $ 353,583 2 86 2,845,949 2,823,057 78 2,680,297 2,656,679 3 2 75,052 74,619 3 121,133 120,496 4 2 37,420 37,200 2 37,420 37,155 5 — — — — — — Total 98 $ 3,318,016 $ 3,292,989 92 $ 3,193,641 $ 3,167,913

Available-for-Sale Securities,

Available-for-Sale Securities, at Fair Value	3 Months Ended
	Mar. 31, 2019
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 March 31, 2019 and December 31, 2018 : (in thousands) March 31, December 31, Face value $ 12,798 $ 12,798 Gross unrealized gains — — Gross unrealized losses — (192 ) Carrying value $ 12,798 $ 12,606 On March 31, 2019 , the Company’s AFS securities had contractual maturities of less than one year . At March 31, 2019 and December 31, 2018 , the Company pledged AFS securities with a carrying value of $12.8 million and $12.6 million , respectively, as collateral for repurchase agreements. See Note 10 - Repurchase Agreements . At March 31, 2019 , the Company’s AFS securities had a carrying value equal to their face value. At December 31, 2018 , the Company’s AFS securities were in an unrealized loss position for less than twelve months. 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 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 three months ended March 31, 2019 and 2018

Held-to-Maturity Securities

Held-to-Maturity Securities	3 Months Ended
	Mar. 31, 2019
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 March 31, 2019 and December 31, 2018 : (in thousands) March 31, December 31, Face value $ 25,815 $ 26,696 Unamortized premium (discount) — — Carrying value $ 25,815 $ 26,696 On March 31, 2019 , the Company’s HTM securities had contractual maturities of less than one year . At March 31, 2019 and December 31, 2018 , the Company pledged HTM securities with a carrying value of $25.8 million and $26.7 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 three months ended March 31, 2019 and 2018

Cash, Cash Equivalents and Rest

Cash, Cash Equivalents and Restricted Cash	3 Months Ended
	Mar. 31, 2019
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 March 31, 2019 and December 31, 2018 , the Company had $8.0 million and $5.6 million , respectively, as collateral for repurchase agreements and by counterparties to support activities related to securities. In addition, as of March 31, 2019 and December 31, 2018 , the Company held $47.1 million and $26.1 million , respectively, in restricted cash representing proceeds from principal paydowns of loans held in the CLOs. The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported on the Company’s condensed consolidated balance sheets as of March 31, 2019 and December 31, 2018 that sum to the total of the same such amounts shown in the statements of cash flows: (in thousands) March 31, December 31, Cash and cash equivalents $ 65,384 $ 91,700 Restricted cash 55,051 31,723 Total cash, cash equivalents and restricted cash $ 120,435 $ 123,423

Accrued Interest Receivable

Accrued Interest Receivable	3 Months Ended
	Mar. 31, 2019
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 March 31, 2019 and December 31, 2018 : (in thousands) March 31, December 31, Loans held-for-investment $ 10,419 $ 10,089 Available-for-sale securities 57 57 Held-to-maturity securities 119 122 Total $ 10,595 $ 10,268

Fair Value

Fair Value	3 Months Ended
	Mar. 31, 2019
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 condensed 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 March 31, 2019 and December 31, 2018 . 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 condensed consolidated balance sheets. Recurring Fair Value Measurements March 31, 2019 (in thousands) Level 1 Level 2 Level 3 Total Assets Available-for-sale securities $ — $ 12,798 $ — $ 12,798 Total assets $ — $ 12,798 $ — $ 12,798 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 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 March 31, 2019 and December 31, 2018 , 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 three months ended March 31, 2019 and 2018 . 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 condensed 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. 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. 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 that mature in less than one year generally approximates fair value due to the short maturities. As of March 31, 2019 , the Company held $0.6 billion of repurchase agreements that are considered long-term. The Company’s long-term repurchase agreements 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 March 31, 2019 . 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 March 31, 2019 and December 31, 2018 . March 31, 2019 December 31, 2018 (in thousands) Carrying Value Fair Value Carrying Value Fair Value Assets Loans held-for-investment $ 3,292,989 $ 3,326,644 $ 3,167,913 $ 3,200,980 Available-for-sale securities $ 12,798 $ 12,798 $ 12,606 $ 12,606 Held-to-maturity securities $ 25,815 $ 25,995 $ 26,696 $ 26,611 Cash and cash equivalents $ 65,384 $ 65,384 $ 91,700 $ 91,700 Restricted cash $ 55,051 $ 55,051 $ 31,723 $ 31,723 Liabilities Repurchase agreements $ 993,634 $ 993,634 $ 1,500,543 $ 1,500,543 Securitized debt obligations $ 1,197,814 $ 1,206,683 $ 654,263 $ 654,330 Revolving credit facilities $ — $ — $ 75,000 $ 75,000 Convertible senior notes $ 268,484 $ 277,025 $ 268,138 $ 270,731

Repurchase Agreements

Repurchase Agreements	3 Months Ended
	Mar. 31, 2019
Disclosure of Repurchase Agreements [Abstract]
Repurchase Agreements	Repurchase Agreements As of March 31, 2019 and December 31, 2018 , the Company had outstanding $1.0 billion and $1.5 billion of repurchase agreements with a weighted average borrowing rate of 4.70% and 4.61% and weighted average remaining maturities of 0.8 and 0.9 years, respectively. At March 31, 2019 and December 31, 2018 , the repurchase agreement balances were as follows: (in thousands) March 31, December 31, Short-term $ 432,917 $ 842,078 Long-term 560,717 658,465 Total $ 993,634 $ 1,500,543 At March 31, 2019 and December 31, 2018 , the repurchase agreements had the following characteristics and remaining maturities: March 31, 2019 December 31, 2018 Collateral Type Collateral Type (dollars in thousands) Loans CMBS (1) Total Amount Outstanding Loans CMBS (1) Total Amount Outstanding Within 30 days $ — $ — $ — $ — $ — $ — 30 to 59 days 133,600 24,391 157,991 — 25,854 25,854 60 to 89 days 274,926 — 274,926 — — — 90 to 119 days — — — — — — 120 to 364 days — — — 816,224 — 816,224 One year and over 560,717 — 560,717 658,465 — 658,465 Total $ 969,243 $ 24,391 $ 993,634 $ 1,474,689 $ 25,854 $ 1,500,543 Weighted average borrowing rate 4.70 % 4.53 % 4.70 % 4.61 % 4.78 % 4.61 % ____________________ (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) March 31, December 31, Loans held-for-investment $ 1,511,353 $ 2,012,550 Available-for-sale securities, at fair value 12,798 12,606 Held-to-maturity securities 25,815 26,696 Restricted cash 2,922 2,922 Total $ 1,552,888 $ 2,054,774 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 March 31, 2019 and December 31, 2018 : March 31, 2019 December 31, 2018 (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 $ 518,819 $ 224,712 23 % 1.25 $ 475,474 $ 203,274 25 % 1.49 JPMorgan Chase Bank 203,185 171,960 18 % 0.23 481,754 168,234 20 % 0.47 Goldman Sachs Bank 133,600 55,933 6 % 0.09 251,785 93,651 11 % 0.33 All other counterparties (2) 138,030 109,682 11 % 0.55 291,531 92,614 11 % 1.12 Total $ 993,634 $ 562,287 $ 1,500,544 $ 557,773 ____________________ (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 two other counterparties as of March 31, 2019 and December 31, 2018 .

Offsetting Assets and Liabiliti

Offsetting Assets and Liabilities	3 Months Ended
	Mar. 31, 2019
Offsetting Assets and Liabilities [Abstract]
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 condensed 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 condensed consolidated balance sheets as of March 31, 2019 and December 31, 2018 : (in thousands) March 31, December 31, Gross amounts of repurchase agreements $ 993,634 $ 1,500,543 Gross amounts offset in the consolidated balance sheets — — Net amounts of repurchase agreements presented in the consolidated balance sheets 993,634 1,500,543 Gross amounts not offset against repurchase agreements in the consolidated balance sheets (1) : Financial instruments (993,634 ) (1,500,543 ) Cash collateral received (pledged) — — Net amount $ — $ — ____________________ (1) Amounts presented are limited in total to the net amount of liabilities presented in the condensed 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 condensed consolidated

Revolving Credit Facilities

Revolving Credit Facilities	3 Months Ended
	Mar. 31, 2019
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 March 31, 2019 . At March 31, 2019 and December 31, 2018 , borrowings under revolving credit facilities had the following remaining maturities: (in thousands) March 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 were pledged as collateral for the Company’s future payment obligations under its revolving credit facilities. No loans held-for-investment were pledged to revolving credit facilities as of March 31, 2019

Securitized Debt Obligations

Securitized Debt Obligations	3 Months Ended
	Mar. 31, 2019
Securitized Debt Obligations [Abstract]
Securitized Debt Obligations	Securitized Debt Obligations The Company finances pools of its commercial real estate loans through CLOs, which are consolidated on the Company’s condensed consolidated financial statements. See Note 3 - Variable Interest Entities for additional information regarding consolidation of the CLOs. The securitized debt obligations issued by the CLOs are recorded at outstanding principal, net of any unamortized deferred debt issuance costs, on the Company’s condensed consolidated balance sheets. As of March 31, 2019 and December 31, 2018 , the outstanding amount due on securitized debt obligations was $1.2 billion and $654.3 million , net of deferred issuance costs, with a weighted average interest rate of 4.00% and 3.58%

Convertible Senior Notes

Convertible Senior Notes	3 Months Ended
	Mar. 31, 2019
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 March 31, 2019 , the notes had a conversion rate of 50.2717 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 March 31, 2019 , 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 March 31, 2019 and December 31, 2018 was $268.5 million and $268.1 million

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2019
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies The following represent the material commitments and contingencies of the Company as of March 31, 2019 : Management agreement. Upon 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, are payable to the Manager, as defined in the management agreement. The incentive fee is 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. 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 March 31, 2019 . 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 March 31, 2019 and December 31, 2018 , the Company had unfunded commitments of $624.2 million and $626.2 million

Preferred Stock

Preferred Stock	3 Months Ended
	Mar. 31, 2019
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 three months ended March 31, 2019 and 2018 , the Company declared dividends to the preferred stockholder of $25,000 and $25,000

Stockholders' Equity

Stockholders' Equity	3 Months Ended
	Mar. 31, 2019
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. 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 $130.2 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, which was exercised in full on March 6, 2019 resulting in proceeds of $19.5 million from exercise of the underwriters option. In connection with this offering, the Manager agreed to pay approximately $1.6 million of the underwriting fees and discounts. As of March 31, 2019 , the Company had 52,171,921 shares of common stock outstanding. The following table presents a reconciliation of the common shares outstanding for the three months ended March 31, 2019 and 2018 : Number of common shares Common shares outstanding, December 31, 2017 43,235,103 Issuance of common stock — Issuance of restricted stock (1) 201,956 Common shares outstanding, March 31, 2018 43,437,059 Common shares outstanding, December 31, 2018 43,621,174 Issuance of common stock 8,291,829 Issuance of restricted stock (1) 258,918 Common shares outstanding, March 31, 2019 52,171,921 ____________________ (1) Represents shares of restricted stock granted under the 2017 Equity Incentive Plan, of which 512,358 restricted shares remained subject to vesting requirements at March 31, 2019 . Distributions to Stockholders The following table presents cash dividends declared by the Company on its common stock from December 31, 2017 through March 31, 2019 : Declaration Date Record Date Payment Date Cash Dividend Per Share March 20, 2019 April 1, 2019 April 18, 2019 $ 0.42 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 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 has not repurchased any of its common stock since the program was authorized. 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. As of March 31, 2019 , 579,269 shares of common stock had been sold under the equity distribution agreement for total accumulated net proceeds of approximately $10.9 million , of which 414,329 shares were sold for total proceeds of $7.8 million during the three months ended March 31, 2019 . Additionally, the Company received a base management fee reimbursement from the Manager of $0.1 million for stock sold under the equity distribution agreement during the three months ended March 31, 2019 . Accumulated Other Comprehensive Loss Accumulated other comprehensive loss at March 31, 2019 and December 31, 2018 was as follows: (in thousands) March 31, December 31, Available-for-sale securities Unrealized gains $ — $ — Unrealized losses — (192 ) Accumulated other comprehensive loss $ — $ (192 ) Reclassifications out of Accumulated Other Comprehensive Loss The Company did not record any reclassifications out of accumulated other comprehensive loss during the three months ended March 31, 2019 and 2018

Equity Incentive Plan

Equity Incentive Plan	3 Months Ended
	Mar. 31, 2019
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 three months ended March 31, 2019 and 2018 , the Company granted 258,918 and 201,956 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 $19.31 and $17.33 per share on grant date, 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 three months ended March 31, 2019 and 2018 : Three Months Ended March 31, 2019 2018 Shares Weighted Average Grant Date Fair Market Value Shares Weighted Average Grant Date Fair Market Value Outstanding at Beginning of Period 321,134 $ 18.04 150,000 $ 19.50 Granted 258,918 19.31 201,956 17.33 Vested (67,694 ) (17.33 ) — — Forfeited — — — — Outstanding at End of Period 512,358 $ 18.78 351,956 $ 18.25 For the three months ended March 31, 2019 and 2018 , the Company recognized compensation related to restricted common stock of $1.1 million and $0.7 million

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2019
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes 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 three months ended March 31, 2019 and 2018 : Three Months Ended (in thousands) 2019 2018 Current tax (benefit) provision: Federal $ — $ (1 ) State — 2 Total current tax provision — 1 Deferred tax (benefit) (1 ) — Total (benefit from) provision for income taxes $ (1 ) $ 1 Based on the Company’s evaluation, it has been concluded that there are no significant uncertain tax positions requiring recognition in the Company’s condensed 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 condensed consolidated

Earnings Per Share

Earnings Per Share	3 Months Ended
	Mar. 31, 2019
Earnings Per Share [Abstract]
Earnings Per Share	Earnings Per Share The following table presents a reconciliation of the earnings and shares used in calculating basic and diluted earnings per share for the three months ended March 31, 2019 and 2018 : Three Months Ended March 31, (in thousands, except share data) 2019 2018 Numerator: Net income attributable to common stockholders - basic $ 16,944 $ 14,561 Interest expense attributable to convertible notes (1) 4,449 2,171 Net income attributable to common stockholders - diluted $ 21,393 $ 16,732 Denominator: Weighted average common shares outstanding 48,145,555 43,085,103 Weighted average restricted stock shares 455,876 289,125 Basic weighted average shares outstanding 48,601,431 43,374,228 Effect of dilutive shares issued in an assumed conversion of the convertible senior notes 13,655,164 7,093,750 Diluted weighted average shares outstanding 62,256,595 50,467,978 Earnings Per Share Basic $ 0.35 $ 0.34 Diluted $ 0.34 $ 0.33 ____________________ (1)

Related Party Transactions

Related Party Transactions	3 Months Ended
	Mar. 31, 2019
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 $3.4 million and $3.2 million as a management fee to the Manager for the three months ended March 31, 2019 and 2018 , respectively. The Company also incurred $0.2 million as an incentive fee to the Manager for the three months ended March 31, 2019 . No incentive fees were incurred for the three months ended March 31, 2018 . See further discussion of the base management fee and incentive fee calculations in Note 15 - Commitments and Contingencies . During the three months ended March 31, 2019 and 2018 , 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 $6.6 million and $3.7 million , respectively. In addition, during the three months ended March 31, 2019, the Manager paid the underwriters an amount equal to $0.20 per share for each share issued in connection with the Company’s underwritten public offering of its common stock and the related option exercised by the underwriters to purchase additional shares of the Company’s common stock. 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 $1.1 million and $0.7 million of compensation during the three months ended March 31, 2019 and 2018 related to restricted common stock issued to employees of the Manager and the Company’s independent directors pursuant to the Plan. See Note 18 - Equity Incentive Plan for additional information.

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2019
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events Events subsequent to March 31, 2019 , were evaluated through the date these financial statements were issued and no other additional events were identified requiring further disclosure in these condensed consolidated

Basis of Presentation and Sig_2

Basis of Presentation and Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2019
Basis of Presentation and Significant Accounting Policies [Abstract]
Consolidation and Basis of Presentation	Consolidation and Basis of Presentation The interim unaudited condensed consolidated financial statements of the Company have been prepared in accordance with the rules and regulations of the Securities and Exchange Commission, or SEC. Certain information and note disclosures normally included in financial statements prepared in accordance with U.S. generally accepted accounting principles, or U.S. GAAP, have been condensed or omitted according to such SEC rules and regulations. However, management believes that the disclosures included in these interim condensed consolidated financial statements are adequate to make the information presented not misleading. The accompanying condensed consolidated financial statements should be read in conjunction with the financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2018 . In the opinion of management, all normal and recurring adjustments necessary to present fairly the financial condition of the Company at March 31, 2019 and results of operations for all periods presented have been made. The results of operations for the three months ended March 31, 2019 should not be construed as indicative of the results to be expected for future periods or the full year. The condensed consolidated financial statements of the Company 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.
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 condensed 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.
Recently Issued and/or Adopted Accounting Standards	Recently Issued and/or Adopted Accounting Standards 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’s adoption of this ASU did 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 condensed 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 Company’s adoption of this ASU was applied by recording a cumulative-effect adjustment to retained earnings as of January 1, 2019, which 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 (Tab

Variable Interest Entities (Tables)	3 Months Ended
	Mar. 31, 2019
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 condensed consolidated balance sheets as of March 31, 2019 and December 31, 2018 : (in thousands) March 31, December 31, Loans held-for-investment $ 1,488,891 $ 795,259 Restricted cash 47,076 26,136 Accrued interest receivable 4,634 2,622 Other assets 7,025 5,130 Total Assets $ 1,547,626 $ 829,147 Securitized debt obligations $ 1,197,814 $ 654,263 Accrued interest payable 1,341 689 Other liabilities 9 — Total Liabilities $ 1,199,164 $ 654,952

Loans Held-for-Investment (Tabl

Loans Held-for-Investment (Tables)	3 Months Ended
	Mar. 31, 2019
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 March 31, 2019 and December 31, 2018 : March 31, (dollars in thousands) Senior Loans (1) Mezzanine Loans B-Notes Total Unpaid principal balance $ 3,289,035 $ 14,381 $ 14,600 $ 3,318,016 Unamortized (discount) premium (138 ) — — (138 ) Unamortized net deferred origination fees (24,889 ) — — (24,889 ) Carrying value $ 3,264,008 $ 14,381 $ 14,600 $ 3,292,989 Unfunded commitments $ 624,244 $ — $ — $ 624,244 Number of loans 95 2 1 98 Weighted average coupon 6.4 % 11.9 % 8.0 % 6.4 % Weighted average years to maturity (2) 1.9 3.0 7.8 1.9 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 ____________________ (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) March 31, December 31, Property Type Carrying Value % of Loan Portfolio Carrying Value % of Loan Portfolio Office $ 1,548,117 47.0 % $ 1,495,128 47.2 % Multifamily 668,410 20.3 % 569,259 18.0 % Hotel 483,553 14.7 % 427,611 13.5 % Retail 329,430 10.0 % 324,447 10.2 % Industrial 263,479 8.0 % 351,468 11.1 % Total $ 3,292,989 100.0 % $ 3,167,913 100.0 %
Schedule of Loans Held-for-Investment by Geographic Location	(dollars in thousands) March 31, December 31, Geographic Location Carrying Value % of Loan Portfolio Carrying Value % of Loan Portfolio Northeast $ 1,126,245 34.3 % $ 1,171,691 37.0 % West 707,379 21.5 % 694,223 21.9 % Southwest 726,072 22.0 % 681,108 21.5 % Southeast 360,193 10.9 % 369,961 11.7 % Midwest 373,100 11.3 % 250,930 7.9 % Total $ 3,292,989 100.0 % $ 3,167,913 100.0 %
Rollforward of Loans Held-for-Investment	The following table summarizes activity related to loans held-for-investment for the three months ended March 31, 2019 and December 31, 2018 . Three Months Ended (in thousands) 2019 2018 Balance at beginning of period $ 3,167,913 $ 2,304,266 Originations, acquisitions and additional fundings 279,694 156,186 Repayments (155,320 ) (96,427 ) Net discount accretion (premium amortization) 13 14 Increase in net deferred origination fees (3,120 ) (2,085 ) Amortization of net deferred origination fees 3,809 2,693 Allowance for loan losses — — Balance at end of period $ 3,292,989 $ 2,364,647
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 March 31, 2019 and December 31, 2018 : (dollars in thousands) March 31, December 31, Risk Rating Number of Loans Unpaid Principal Balance Carrying Value Number of Loans Unpaid Principal Balance Carrying Value 1 8 $ 359,595 $ 358,113 9 $ 354,791 $ 353,583 2 86 2,845,949 2,823,057 78 2,680,297 2,656,679 3 2 75,052 74,619 3 121,133 120,496 4 2 37,420 37,200 2 37,420 37,155 5 — — — — — — Total 98 $ 3,318,016 $ 3,292,989 92 $ 3,193,641 $ 3,167,913

Available-for-Sale Securities_2

Available-for-Sale Securities, at Fair Value (Tables)	3 Months Ended
	Mar. 31, 2019
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 March 31, 2019 and December 31, 2018 : (in thousands) March 31, December 31, Face value $ 12,798 $ 12,798 Gross unrealized gains — — Gross unrealized losses — (192 ) Carrying value $ 12,798 $ 12,606

Held-to-Maturity Securities (Ta

Held-to-Maturity Securities (Tables)	3 Months Ended
	Mar. 31, 2019
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 March 31, 2019 and December 31, 2018 : (in thousands) March 31, December 31, Face value $ 25,815 $ 26,696 Unamortized premium (discount) — — Carrying value $ 25,815 $ 26,696

Cash, Cash Equivalents and Re_2

Cash, Cash Equivalents and Restricted Cash (Tables)	3 Months Ended
	Mar. 31, 2019
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 condensed consolidated balance sheets as of March 31, 2019 and December 31, 2018 that sum to the total of the same such amounts shown in the statements of cash flows: (in thousands) March 31, December 31, Cash and cash equivalents $ 65,384 $ 91,700 Restricted cash 55,051 31,723 Total cash, cash equivalents and restricted cash $ 120,435 $ 123,423

Accrued Interest Receivable (Ta

Accrued Interest Receivable (Tables)	3 Months Ended
	Mar. 31, 2019
Accrued Interest Receivable [Abstract]
Accrued Interest Receivable	The following table presents the Company’s accrued interest receivable by collateral type as of March 31, 2019 and December 31, 2018 : (in thousands) March 31, December 31, Loans held-for-investment $ 10,419 $ 10,089 Available-for-sale securities 57 57 Held-to-maturity securities 119 122 Total $ 10,595 $ 10,268

Fair Value (Tables)

Fair Value (Tables)	3 Months Ended
	Mar. 31, 2019
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 condensed consolidated balance sheets. Recurring Fair Value Measurements March 31, 2019 (in thousands) Level 1 Level 2 Level 3 Total Assets Available-for-sale securities $ — $ 12,798 $ — $ 12,798 Total assets $ — $ 12,798 $ — $ 12,798 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
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 March 31, 2019 and December 31, 2018 . March 31, 2019 December 31, 2018 (in thousands) Carrying Value Fair Value Carrying Value Fair Value Assets Loans held-for-investment $ 3,292,989 $ 3,326,644 $ 3,167,913 $ 3,200,980 Available-for-sale securities $ 12,798 $ 12,798 $ 12,606 $ 12,606 Held-to-maturity securities $ 25,815 $ 25,995 $ 26,696 $ 26,611 Cash and cash equivalents $ 65,384 $ 65,384 $ 91,700 $ 91,700 Restricted cash $ 55,051 $ 55,051 $ 31,723 $ 31,723 Liabilities Repurchase agreements $ 993,634 $ 993,634 $ 1,500,543 $ 1,500,543 Securitized debt obligations $ 1,197,814 $ 1,206,683 $ 654,263 $ 654,330 Revolving credit facilities $ — $ — $ 75,000 $ 75,000 Convertible senior notes $ 268,484 $ 277,025 $ 268,138 $ 270,731

Repurchase Agreements (Tables)

Repurchase Agreements (Tables)	3 Months Ended
	Mar. 31, 2019
Disclosure of Repurchase Agreements [Abstract]
Schedule Of Repurchase Agreements By Term, Short Or Long	At March 31, 2019 and December 31, 2018 , the repurchase agreement balances were as follows: (in thousands) March 31, December 31, Short-term $ 432,917 $ 842,078 Long-term 560,717 658,465 Total $ 993,634 $ 1,500,543
Schedule of Repurchase Agreements by Maturity	At March 31, 2019 and December 31, 2018 , the repurchase agreements had the following characteristics and remaining maturities: March 31, 2019 December 31, 2018 Collateral Type Collateral Type (dollars in thousands) Loans CMBS (1) Total Amount Outstanding Loans CMBS (1) Total Amount Outstanding Within 30 days $ — $ — $ — $ — $ — $ — 30 to 59 days 133,600 24,391 157,991 — 25,854 25,854 60 to 89 days 274,926 — 274,926 — — — 90 to 119 days — — — — — — 120 to 364 days — — — 816,224 — 816,224 One year and over 560,717 — 560,717 658,465 — 658,465 Total $ 969,243 $ 24,391 $ 993,634 $ 1,474,689 $ 25,854 $ 1,500,543 Weighted average borrowing rate 4.70 % 4.53 % 4.70 % 4.61 % 4.78 % 4.61 % ____________________ (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) March 31, December 31, Loans held-for-investment $ 1,511,353 $ 2,012,550 Available-for-sale securities, at fair value 12,798 12,606 Held-to-maturity securities 25,815 26,696 Restricted cash 2,922 2,922 Total $ 1,552,888 $ 2,054,774
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 March 31, 2019 and December 31, 2018 : March 31, 2019 December 31, 2018 (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 $ 518,819 $ 224,712 23 % 1.25 $ 475,474 $ 203,274 25 % 1.49 JPMorgan Chase Bank 203,185 171,960 18 % 0.23 481,754 168,234 20 % 0.47 Goldman Sachs Bank 133,600 55,933 6 % 0.09 251,785 93,651 11 % 0.33 All other counterparties (2) 138,030 109,682 11 % 0.55 291,531 92,614 11 % 1.12 Total $ 993,634 $ 562,287 $ 1,500,544 $ 557,773 ____________________ (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 two other counterparties as of March 31, 2019 and December 31, 2018

Offsetting Assets and Liabili_2

Offsetting Assets and Liabilities (Tables)	3 Months Ended
	Mar. 31, 2019
Offsetting Assets and Liabilities [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 condensed consolidated balance sheets as of March 31, 2019 and December 31, 2018 : (in thousands) March 31, December 31, Gross amounts of repurchase agreements $ 993,634 $ 1,500,543 Gross amounts offset in the consolidated balance sheets — — Net amounts of repurchase agreements presented in the consolidated balance sheets 993,634 1,500,543 Gross amounts not offset against repurchase agreements in the consolidated balance sheets (1) : Financial instruments (993,634 ) (1,500,543 ) Cash collateral received (pledged) — — Net amount $ — $ — ____________________ (1) Amounts presented are limited in total to the net amount of liabilities presented in the condensed 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 condensed consolidated

Revolving Credit Facilities (Ta

Revolving Credit Facilities (Tables)	3 Months Ended
	Mar. 31, 2019
Revolving Credit Facilities [Abstract]
Schedule of Revolving Credit Facilities	At March 31, 2019 and December 31, 2018 , borrowings under revolving credit facilities had the following remaining maturities: (in thousands) March 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

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	3 Months Ended
	Mar. 31, 2019
Stockholders' Equity Attributable to Parent [Abstract]
Rollforward of Common Stock	As of March 31, 2019 , the Company had 52,171,921 shares of common stock outstanding. The following table presents a reconciliation of the common shares outstanding for the three months ended March 31, 2019 and 2018 : Number of common shares Common shares outstanding, December 31, 2017 43,235,103 Issuance of common stock — Issuance of restricted stock (1) 201,956 Common shares outstanding, March 31, 2018 43,437,059 Common shares outstanding, December 31, 2018 43,621,174 Issuance of common stock 8,291,829 Issuance of restricted stock (1) 258,918 Common shares outstanding, March 31, 2019 52,171,921 ____________________ (1) Represents shares of restricted stock granted under the 2017 Equity Incentive Plan, of which 512,358 restricted shares remained subject to vesting requirements at March 31, 2019
Schedule of Dividends Declared	The following table presents cash dividends declared by the Company on its common stock from December 31, 2017 through March 31, 2019 : Declaration Date Record Date Payment Date Cash Dividend Per Share March 20, 2019 April 1, 2019 April 18, 2019 $ 0.42 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
Schedule of Accumulated Other Comprehensive Income (Loss)	Accumulated other comprehensive loss at March 31, 2019 and December 31, 2018 was as follows: (in thousands) March 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)	3 Months Ended
	Mar. 31, 2019
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 three months ended March 31, 2019 and 2018 : Three Months Ended March 31, 2019 2018 Shares Weighted Average Grant Date Fair Market Value Shares Weighted Average Grant Date Fair Market Value Outstanding at Beginning of Period 321,134 $ 18.04 150,000 $ 19.50 Granted 258,918 19.31 201,956 17.33 Vested (67,694 ) (17.33 ) — — Forfeited — — — — Outstanding at End of Period 512,358 $ 18.78 351,956 $ 18.25

Income Taxes (Tables)

Income Taxes (Tables)	3 Months Ended
	Mar. 31, 2019
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 three months ended March 31, 2019 and 2018 : Three Months Ended (in thousands) 2019 2018 Current tax (benefit) provision: Federal $ — $ (1 ) State — 2 Total current tax provision — 1 Deferred tax (benefit) (1 ) — Total (benefit from) provision for income taxes $ (1 ) $ 1

Earnings Per Share (Tables)

Earnings Per Share (Tables)	3 Months Ended
	Mar. 31, 2019
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 three months ended March 31, 2019 and 2018 : Three Months Ended March 31, (in thousands, except share data) 2019 2018 Numerator: Net income attributable to common stockholders - basic $ 16,944 $ 14,561 Interest expense attributable to convertible notes (1) 4,449 2,171 Net income attributable to common stockholders - diluted $ 21,393 $ 16,732 Denominator: Weighted average common shares outstanding 48,145,555 43,085,103 Weighted average restricted stock shares 455,876 289,125 Basic weighted average shares outstanding 48,601,431 43,374,228 Effect of dilutive shares issued in an assumed conversion of the convertible senior notes 13,655,164 7,093,750 Diluted weighted average shares outstanding 62,256,595 50,467,978 Earnings Per Share Basic $ 0.35 $ 0.34 Diluted $ 0.34 $ 0.33 ____________________ (1)

Organization and Operations (De

Organization and Operations (Details) - shares	Jun. 28, 2017	Mar. 31, 2019
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

Variable Interest Entities (Det

Variable Interest Entities (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Variable Interest Entity [Line Items]
Assets of consolidated Variable Interest Entities	$ 1,547,626	$ 829,147
Liabilities of consolidated Variable Interest Entities	1,199,164	654,952
Assets of nonconsolidated Variable Interest Entities	38,600	39,300
Maximum exposure to loss of nonconsolidated Variable Interest Entities	38,613	39,302
Loans Held-for-Investment [Member]
Variable Interest Entity [Line Items]
Assets of consolidated Variable Interest Entities	1,488,891	795,259
Restricted Cash and Cash Equivalents [Member]
Variable Interest Entity [Line Items]
Assets of consolidated Variable Interest Entities	47,076	26,136
Accrued Interest Receivable [Member]
Variable Interest Entity [Line Items]
Assets of consolidated Variable Interest Entities	4,634	2,622
Other Assets [Member]
Variable Interest Entity [Line Items]
Assets of consolidated Variable Interest Entities	7,025	5,130
Assets, Total [Member]
Variable Interest Entity [Line Items]
Assets of consolidated Variable Interest Entities	1,547,626	829,147
Securitized Debt Obligations [Member]
Variable Interest Entity [Line Items]
Liabilities of consolidated Variable Interest Entities	1,197,814	654,263
Accrued Interest Payable [Member]
Variable Interest Entity [Line Items]
Liabilities of consolidated Variable Interest Entities	1,341	689
Other Liabilities [Member]
Variable Interest Entity [Line Items]
Liabilities of consolidated Variable Interest Entities	9	0
Liabilities, Total [Member]
Variable Interest Entity [Line Items]
Liabilities of consolidated Variable Interest Entities	$ 1,199,164	$ 654,952

Loans Held-for-Investment (Deta

Loans Held-for-Investment (Details) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2019USD ($)loan	Dec. 31, 2018USD ($)loan
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unpaid principal balance	$ 3,318,016	$ 3,193,641
Unamortized (discount) premium	(138)	(151)
Unamortized net deferred origination fees	(24,889)	(25,577)
Loans held-for-investment	3,292,989	3,167,913
Unfunded commitments	$ 624,244	$ 626,155
Number of loans | loan	98	92
Weighted average coupon	6.40%	6.50%
Weighted average years to maturity	1 year 10 months 24 days	2 years
First Mortgage [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unpaid principal balance	$ 3,289,035	$ 3,147,310
Unamortized (discount) premium	(138)	(151)
Unamortized net deferred origination fees	(24,889)	(25,577)
Loans held-for-investment	3,264,008	3,121,582
Unfunded commitments	$ 624,244	$ 626,155
Number of loans | loan	95	88
Weighted average coupon	6.40%	6.40%
Weighted average years to maturity	1 year 10 months 24 days	2 years
Second Mortgage [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unpaid principal balance	$ 14,381	$ 31,679
Unamortized (discount) premium	0	0
Unamortized net deferred origination fees	0	0
Loans held-for-investment	14,381	31,679
Unfunded commitments	$ 0	$ 0
Number of loans | loan	2	3
Weighted average coupon	11.90%	11.40%
Weighted average years to maturity	3 years	1 year 10 months 24 days
Junior Loans [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unpaid principal balance	$ 14,600	$ 14,652
Unamortized (discount) premium	0	0
Unamortized net deferred origination fees	0	0
Loans held-for-investment	14,600	14,652
Unfunded commitments	$ 0	$ 0
Number of loans | loan	1	1
Weighted average coupon	8.00%	8.00%
Weighted average years to maturity	7 years 9 months 18 days	8 years 1 month 6 days

Loans Held-for-Investment by Pr

Loans Held-for-Investment by Property Type (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans held-for-investment	$ 3,292,989	$ 3,167,913
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	$ 1,548,117	$ 1,495,128
Percentage of total loans held-for-investment	47.00%	47.20%
Multifamily [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans held-for-investment	$ 668,410	$ 569,259
Percentage of total loans held-for-investment	20.30%	18.00%
Hotel [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans held-for-investment	$ 483,553	$ 427,611
Percentage of total loans held-for-investment	14.70%	13.50%
Retail Site [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans held-for-investment	$ 329,430	$ 324,447
Percentage of total loans held-for-investment	10.00%	10.20%
Industrial Property [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans held-for-investment	$ 263,479	$ 351,468
Percentage of total loans held-for-investment	8.00%	11.10%

Loans Held-for-Investment by Ge

Loans Held-for-Investment by Geographic Location (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans held-for-investment	$ 3,292,989	$ 3,167,913
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	$ 1,126,245	$ 1,171,691
Percentage of total loans held-for-investment	34.30%	37.00%
United States, Western Region [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans held-for-investment	$ 707,379	$ 694,223
Percentage of total loans held-for-investment	21.50%	21.90%
United States, Southwestern Region [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans held-for-investment	$ 726,072	$ 681,108
Percentage of total loans held-for-investment	22.00%	21.50%
United States, Southeastern Region [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans held-for-investment	$ 360,193	$ 369,961
Percentage of total loans held-for-investment	10.90%	11.70%
United States, Midwestern Region [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans held-for-investment	$ 373,100	$ 250,930
Percentage of total loans held-for-investment	11.30%	7.90%

Rollforward of Loans Held-for-I

Rollforward of Loans Held-for-Investment (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018	Dec. 31, 2018
Loans Held-for-Investment [Abstract]
Loans held-for-investment pledged as collateral for borrowings	$ 3,000,000		$ 2,900,000
Loans Held-for-Investment [Roll Forward]
Loans held-for-investment at beginning of period	3,167,913	$ 2,304,266
Originations, acquisitions and additional fundings	279,694	156,186
Repayments	(155,320)	(96,427)
Net discount accretion (premium amortization)	13	14
Increase in net deferred origination fees	(3,120)	(2,085)
Accretion of discounts and net deferred fees on loans held-for-investment	3,809	2,693
Allowance for loan losses	0	0
Loans held-for-investment at end of period	$ 3,292,989	$ 2,364,647

Loans Held-for-Investment by In

Loans Held-for-Investment by Internal Risk Rating (Details) $ in Thousands	Mar. 31, 2019USD ($)loan	Dec. 31, 2018USD ($)loan
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of loans | loan	98	92
Unpaid principal balance	$ 3,318,016	$ 3,193,641
Loans held-for-investment	$ 3,292,989	$ 3,167,913
Risk Rating 1 [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of loans | loan	8	9
Unpaid principal balance	$ 359,595	$ 354,791
Loans held-for-investment	$ 358,113	$ 353,583
Risk Rating 2 [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of loans | loan	86	78
Unpaid principal balance	$ 2,845,949	$ 2,680,297
Loans held-for-investment	$ 2,823,057	$ 2,656,679
Risk Rating 3 [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of loans | loan	2	3
Unpaid principal balance	$ 75,052	$ 121,133
Loans held-for-investment	$ 74,619	$ 120,496
Risk Rating 4 [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of loans | loan	2	2
Unpaid principal balance	$ 37,420	$ 37,420
Loans held-for-investment	$ 37,200	$ 37,155
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	Mar. 31, 2019	Dec. 31, 2018
Debt Securities, Available-for-sale [Abstract]
Face value	$ 12,798	$ 12,798
Gross unrealized gains	0	0
Gross unrealized losses	0	(192)
Available-for-sale securities, at fair value	12,798	12,606
Available-for-sale securities pledged as collateral for borrowings	$ 12,800	$ 12,600

Held-to-Maturity Securities (De

Held-to-Maturity Securities (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Debt Securities, Held-to-maturity, Fair Value to Amortized Cost [Abstract]
Held-to-Maturity Securities, Face Value	$ 25,815	$ 26,696
Held-to-Maturity Securities, Unamortized Premium (Discount)	0	0
Held-to-maturity securities	25,815	26,696
Held-to-maturity securities pledged as collateral for borrowings	$ 25,800	$ 26,700

Schedule of Total Cash, Cash Eq

Schedule of Total Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018	Mar. 31, 2018	Dec. 31, 2017
Variable Interest Entity [Line Items]
Cash collateral for repurchase agreements and securities activity	$ 8,000	$ 5,600
Cash and cash equivalents	65,384	91,700
Restricted cash	55,051	31,723
Cash, cash equivalents and restricted cash	120,435	123,423	$ 77,068	$ 110,718
Restricted Cash and Cash Equivalents [Member]
Variable Interest Entity [Line Items]
Cash collateral for repurchase agreements and securities activity	$ 47,100	$ 26,100

Accrued Interest Receivable (De

Accrued Interest Receivable (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accrued interest receivable	$ 10,595	$ 10,268
Loans Held-for-Investment [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accrued interest receivable	10,419	10,089
Available-for-sale Securities [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accrued interest receivable	57	57
Held-to-maturity Securities [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accrued interest receivable	$ 119	$ 122

Fair Value, Measurement Inputs,

Fair Value, Measurement Inputs, Disclosure (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities, at fair value	$ 12,798	$ 12,606
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	12,798	12,606
Total assets	12,798	12,606
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	12,798	12,606
Total assets	12,798	12,606
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	Mar. 31, 2019USD ($)
Fair Value Disclosures [Abstract]
Long-term borrowings	$ 0.6

Fair Value by Balance Sheet Gro

Fair Value by Balance Sheet Grouping (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Fair Value Disclosures [Abstract]
Loans held-for-investment	$ 3,292,989	$ 3,167,913
Loans held-for-investment, at fair value	3,326,644	3,200,980
Available-for-sale securities, at fair value	12,798	12,606
Held-to-maturity securities	25,815	26,696
Held-to-maturity securities, at fair value	25,995	26,611
Cash and cash equivalents	65,384	91,700
Restricted cash	55,051	31,723
Repurchase agreements	993,634	1,500,543
Securitized debt obligations	1,197,814	654,263
Securitized debt obligations, at fair value	1,206,683	654,330
Revolving credit facilities	0	75,000
Convertible senior notes	268,484	268,138
Convertible senior notes, at fair value	$ 277,025	$ 270,731

Repurchase Agreements (Details)

Repurchase Agreements (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2019	Dec. 31, 2018
Disclosure of Repurchase Agreements [Abstract]
Repurchase agreements	$ 993,634	$ 1,500,543
Weighted average borrowing rate	4.70%	4.61%
Weighted average remaining maturity	9 months 18 days	10 months 24 days

Schedule of Repurchase Agreemen

Schedule of Repurchase Agreements by Term, Short or Long (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Assets Sold under Agreements to Repurchase [Line Items]
Repurchase agreements	$ 993,634	$ 1,500,543
Maturity up to One Year [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Repurchase agreements	432,917	842,078
Maturity Over One Year [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Repurchase agreements	$ 560,717	$ 658,465

Schedule of Repurchase Agreem_2

Schedule of Repurchase Agreements by Maturity (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Assets Sold under Agreements to Repurchase [Line Items]
Repurchase agreements	$ 993,634	$ 1,500,543
Weighted average borrowing rate	4.70%	4.61%
Loans Held-for-Investment [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Repurchase agreements	$ 969,243	$ 1,474,689
Weighted average borrowing rate	4.70%	4.61%
Commercial Mortgage Backed Securities [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Repurchase agreements	$ 24,391	$ 25,854
Weighted average borrowing rate	4.53%	4.78%
Maturity up to 30 days [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Repurchase agreements	$ 0	$ 0
Maturity up to 30 days [Member] | Loans Held-for-Investment [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Repurchase agreements	0	0
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	157,991	25,854
Maturity 30 to 59 Days [Member] | Loans Held-for-Investment [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Repurchase agreements	133,600	0
Maturity 30 to 59 Days [Member] | Commercial Mortgage Backed Securities [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Repurchase agreements	24,391	25,854
Maturity 60 to 89 Days [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Repurchase agreements	274,926	0
Maturity 60 to 89 Days [Member] | Loans Held-for-Investment [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Repurchase agreements	274,926	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	0	816,224
Maturity 120 to 364 days [Member] | Loans Held-for-Investment [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Repurchase agreements	0	816,224
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	560,717	658,465
Maturity Over One Year [Member] | Loans Held-for-Investment [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Repurchase agreements	560,717	658,465
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	Mar. 31, 2019	Dec. 31, 2018
Assets Sold under Agreements to Repurchase [Line Items]
Assets pledged or restricted as collateral for repurchase agreements	$ 1,552,888	$ 2,054,774
Loans Held-for-Investment [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Assets pledged or restricted as collateral for repurchase agreements	1,511,353	2,012,550
Available-for-sale Securities [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Assets pledged or restricted as collateral for repurchase agreements	12,798	12,606
Held-to-maturity Securities [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Assets pledged or restricted as collateral for repurchase agreements	25,815	26,696
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	$ 2,922

Schedule of Repurchase Agreem_3

Schedule of Repurchase Agreement Counterparties with Whom Repurchase Agreements Exceed 10 Percent of Stockholders' Equity (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2019	Dec. 31, 2018
Repurchase Agreement Counterparty [Line Items]
Repurchase agreements	$ 993,634	$ 1,500,543
Net counterparty exposure	$ 562,287	$ 557,773
Weighted average years to maturity	9 months 18 days	10 months 24 days
Repurchase Agreement Counterparty, Morgan Stanley Bank [Member]
Repurchase Agreement Counterparty [Line Items]
Repurchase agreements	$ 518,819	$ 475,474
Net counterparty exposure	$ 224,712	$ 203,274
Percent of equity	23.00%	25.00%
Weighted average years to maturity	1 year 3 months	1 year 5 months 26 days
Repurchase Agreement Counterparty, JPMorgan Chase Bank [Member]
Repurchase Agreement Counterparty [Line Items]
Repurchase agreements	$ 203,185	$ 481,754
Net counterparty exposure	$ 171,960	$ 168,234
Percent of equity	18.00%	20.00%
Weighted average years to maturity	7 days	14 days
Repurchase Agreement Counterparty, Goldman Sachs Bank [Member]
Repurchase Agreement Counterparty [Line Items]
Repurchase agreements	$ 133,600	$ 251,785
Net counterparty exposure	$ 55,933	$ 93,651
Percent of equity	6.00%	11.00%
Weighted average years to maturity	2 days	10 days
Repurchase Agreement Counterparty, All Other Counterparties [Member]
Repurchase Agreement Counterparty [Line Items]
Repurchase agreements	$ 138,030	$ 291,531
Net counterparty exposure	$ 109,682	$ 92,614
Percent of equity	11.00%	11.00%
Weighted average years to maturity	16 days	1 year 1 month 13 days
Number of repurchase agreement counterparties with whom amount at risk is less than 10 percent of equity	2

Offsetting Assets and Liabili_3

Offsetting Assets and Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Offsetting Assets and Liabilities [Abstract]
Gross amount of recognized repurchase agreements	$ 993,634	$ 1,500,543
Gross amount of financial assets offset against repurchase agreements in the balance sheet	0	0
Repurchase agreements	993,634	1,500,543
Gross amount of financial assets not offset against repurchase agreements in the balance sheet	(993,634)	(1,500,543)
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

Revolving Credit Facilities (De

Revolving Credit Facilities (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Mar. 31, 2019
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	$ 3,000,000
Revolving Credit Facility [Member]
Line of Credit Facility [Line Items]
Loans held-for-investment pledged as collateral for borrowings	$ 127,900

Schedule of Revolving Credit Fa

Schedule of Revolving Credit Facilities by Maturity (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Line of Credit Facility [Line Items]
Revolving credit facilities	$ 0	$ 75,000
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	$ 0

Securitized Debt Obligations (D

Securitized Debt Obligations (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Securitized Debt Obligations [Abstract]
Securitized debt obligations	$ 1,197,814	$ 654,263
Weighted average interest rate of securitized debt obligations outstanding	4.00%	3.58%

Convertible Senior Notes (Detai

Convertible Senior Notes (Details) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2019USD ($)	Dec. 31, 2018USD ($)	Dec. 31, 2017USD ($)
Debt Instrument, Redemption [Line Items]
Convertible senior notes	$ 268,484	$ 268,138
Convertible Debt, 2017 Issuance [Member]
Debt Instrument, Redemption [Line Items]
Proceeds from convertible senior notes			$ 139,500
Convertible senior notes conversion ratio	0.0502717
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)	3 Months Ended
	Mar. 31, 2019USD ($)
Commitments and Contingencies Disclosure [Abstract]
Percent per annum of equity used to calculate management fees	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 U

Commitments and Contingencies Unfunded Commitments (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Commitments and Contingencies Disclosure [Abstract]
Unfunded commitments	$ 624,244	$ 626,155

Preferred Stock (Details)

Preferred Stock (Details) - USD ($)	Jun. 28, 2017	Mar. 31, 2019	Mar. 31, 2018
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		$ 25,000	$ 25,000
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

Stockholders' Equity Common Sto

Stockholders' Equity Common Stock Rollforward (Details) - USD ($) $ / shares in Units, $ in Thousands	Nov. 01, 2017	Jun. 28, 2017	Mar. 06, 2019	Mar. 31, 2019	Mar. 31, 2018	Dec. 31, 2018	Dec. 31, 2017
Class of Stock [Line Items]
Common stock issued during period (in shares)				8,291,829	0
Gross proceeds from issuance of common stock		$ 195,000
Proceeds from issuance of common stock, net of offering costs		181,900	$ 130,200	$ 157,228	$ 0
Issuance costs incurred in common stock offering		$ 13,100	1,600
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)				43,621,174	43,235,103
Common stock issued during period (in shares)				8,291,829	0
Restricted stock issued during period (in shares)				258,918	201,956
Common shares outstanding at end of period (in shares)				52,171,921	43,437,059
Number of nonvested restricted common shares outstanding (in shares)				512,358	351,956	321,134	150,000
Over-Allotment Option [Member]
Class of Stock [Line Items]
Proceeds from issuance of common stock, net of offering costs			$ 19,500
Common Stock [Member]
Class of Stock [Line Items]
Common stock issued during period (in shares)		10,000,000	6,850,000
Price per share of common stock issued during the period (in usd per share)		$ 19.50
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 stock issued during period (in shares)		10,000,000	6,850,000
Common shares outstanding at end of period (in shares)				52,171,921
Common Stock [Member] | Over-Allotment Option [Member]
Class of Stock [Line Items]
Common stock issued during period (in shares)			1,027,500
Increase (Decrease) in Common Stock Outstanding [Roll Forward]
Common stock issued during period (in shares)			1,027,500

Stockholders' Equity Schedule o

Stockholders' Equity Schedule of Common Dividends Declared (Details) - $ / shares	3 Months Ended
	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018
Class of Stock [Line Items]
Dividends declared per common share (in usd per share)	$ 0.42				$ 0.38
Common Stock [Member]
Class of Stock [Line Items]
Declaration Date	Mar. 20, 2019	Dec. 19, 2018	Sep. 20, 2018	Jun. 20, 2018	Mar. 15, 2018
Record Date	Apr. 1, 2019	Dec. 31, 2018	Oct. 2, 2018	Jul. 2, 2018	Mar. 29, 2018
Payment Date	Apr. 18, 2019	Jan. 18, 2019	Oct. 18, 2018	Jul. 18, 2018	Apr. 18, 2018
Dividends declared per common share (in usd per share)	$ 0.42	$ 0.42	$ 0.42	$ 0.40	$ 0.38

Stockholders' Equity Share Repu

Stockholders' Equity Share Repurchase Program (Details)	Mar. 31, 2019shares
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 ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Class of Stock [Line Items]
Number of shares authorized to be sold under equity distribution agreement (in shares)	8,000,000
Number of common shares issued under equity distribution agreement and outstanding as of period-end (in shares)	579,269
Accumulated proceeds from issuance of common shares under equity distribution agreement	$ 10,900
Common stock issued during period (in shares)	8,291,829	0
Issuance of common stock, net of offering costs	$ 157,228
Management fee reimbursements for stock sold	$ 100
At the Market Offering [Member]
Class of Stock [Line Items]
Common stock issued during period (in shares)	414,329
Issuance of common stock, net of offering costs	$ 7,800

Stockholders' Equity Schedule_2

Stockholders' Equity Schedule of Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Stockholders' Equity Attributable to Parent [Abstract]
Unrealized gains	$ 0	$ 0
Unrealized losses	0	(192)
Accumulated other comprehensive income	$ 0	$ (192)

Equity Incentive Plan (Details)

Equity Incentive Plan (Details) - $ / shares	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
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)	258,918	201,956
Weighted average grant date fair value of restricted common shares granted during period under equity incentive plan (in usd per share)	$ 19.31	$ 17.33
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)	258,918	201,956
Weighted average grant date fair value of restricted common shares granted during period under equity incentive plan (in usd per share)	$ 19.31	$ 17.33
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	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
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)	321,134	150,000
Weighted average grant date fair value of nonvested restricted common shares outstanding at beginning of period (in usd per share)	$ 18.04	$ 19.50
Number of restricted common shares granted during period under equity incentive plan (in shares)	258,918	201,956
Weighted average grant date fair value of restricted common shares granted during period under equity incentive plan (in usd per share)	$ 19.31	$ 17.33
Number of restricted common shares vested during period (in shares)	(67,694)	0
Weighted average grant date fair value of restricted common shares vested during period (in usd per share)	$ (17.33)	$ 0
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)	512,358	351,956
Weighted average grant date fair value of nonvested restricted common shares outstanding at end of period (in usd per share)	$ 18.78	$ 18.25
Equity based compensation	$ 1,100	$ 700

Income Taxes (Details)

Income Taxes (Details)	Mar. 31, 2019
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
	Mar. 31, 2019	Mar. 31, 2018
Income Tax Disclosure [Abstract]
Current federal tax benefit	$ 0	$ (1)
Current state tax provision	0	2
Total current tax provision	0	1
Deferred tax (benefit)	(1)	0
Total (benefit from) provision for income taxes	$ (1)	$ 1

Earnings Per Share (Details)

Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Earnings Per Share [Abstract]
Net income attributable to common stockholders - basic	$ 16,944	$ 14,561
Interest expense attributable to convertible notes	4,449	2,171
Net income attributable to common stockholders - diluted	$ 21,393	$ 16,732
Weighted average common shares outstanding (in shares)	48,145,555	43,085,103
Weighted average restricted stock shares (in shares)	455,876	289,125
Basic weighted average shares outstanding (in shares)	48,601,431	43,374,228
Effect of dilutive shares issued in an assumed conversion of the convertible senior notes (in shares)	13,655,164	7,093,750
Diluted weighted average shares outstanding (in shares)	62,256,595	50,467,978
Basic earnings per weighted average common share (in usd per share)	$ 0.35	$ 0.34
Diluted earnings per weighted average common share (in usd per share)	$ 0.34	$ 0.33

Schedule of Related Party Trans

Schedule of Related Party Transactions, by Related Party (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Related Party Transactions [Abstract]
Percent per annum of equity used to calculate management fees	1.50%
Management fees	$ 3,449	$ 3,209
Incentive fees	244	0
Direct and allocated costs incurred by manager	6,600	3,700
Equity based compensation	$ 1,100	$ 700