Granite Point Mortgage Trust (GPMT) 10-Q 5 Nov 19 2019 Q3 Quarterly report Financial data

Document

Document - shares	9 Months Ended
	Sep. 30, 2019	Nov. 04, 2019
Entity Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2019
Document Transition Report	false
Entity File Number	001-38124
Entity Registrant Name	GRANITE POINT MORTGAGE TRUST INC.
Entity Central Index Key	0001703644
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q3
Amendment Flag	false
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	61-1843143
Entity Address, Address Line One	3 Bryant Park, Suite 2400A
Entity Address, City or Town	New York,
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	10036
City Area Code	212
Local Phone Number	364-3200
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		54,853,205
NEW YORK STOCK EXCHANGE, INC. [Member]
Entity Information [Line Items]
Title of 12(b) Security	Common Stock, par value $0.01 per share
Trading Symbol	GPMT
Security Exchange Name	NYSE

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands		Sep. 30, 2019	Dec. 31, 2018
ASSETS
Loans held-for-investment		$ 3,927,095	$ 3,167,913
Available-for-sale securities, at fair value		12,830	12,606
Held-to-maturity securities		19,594	26,696
Cash and cash equivalents		137,355	91,700
Restricted cash		168,809	31,723
Accrued interest receivable		10,797	10,268
Deferred debt issuance costs		7,183	3,924
Prepaid expenses		1,313	1,055
Other assets		22,636	15,996
Total Assets	[1]	4,307,612	3,361,881
Liabilities
Repurchase agreements		1,724,912	1,500,543
Securitized debt obligations		1,124,820	654,263
Asset-specific financings		114,080	0
Revolving credit facilities		0	75,000
Convertible senior notes		269,241	268,138
Accrued interest payable		11,253	6,394
Unearned interest income		215	510
Dividends payable		23,063	18,346
Other liabilities		15,788	10,156
Total Liabilities	[1]	3,283,372	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 54,853,205 and 43,621,174 shares issued and outstanding, respectively		549	436
Additional paid-in capital		1,047,200	836,288
Accumulated other comprehensive income (loss)		32	(192)
Cumulative earnings		144,400	91,875
Cumulative distributions to stockholders		168,941	100,876
Total Stockholders’ Equity		1,023,240	827,531
Total Liabilities and Stockholders’ Equity		$ 4,307,612	$ 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 September 30, 2019 and December 31, 2018 , assets of the VIEs totaled $1,472,564 and $829,147 , and liabilities of the VIEs totaled $1,125,992 and $654,952 , respectively. See Note 3 - Variable Interest Entities for additional information.

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 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)	54,853,205	43,621,174
Common shares outstanding (in shares)	54,853,205	43,621,174
Assets of consolidated Variable Interest Entities	$ 1,472,564	$ 829,147
Liabilities of consolidated Variable Interest Entities	$ 1,125,992	$ 654,952

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Interest income:
Loans held-for-investment	$ 61,796	$ 46,424	$ 176,594	$ 127,576
Available-for-sale securities	308	294	927	851
Held-to-maturity securities	530	757	1,804	2,478
Cash and cash equivalents	810	85	2,228	141
Total interest income	63,444	47,560	181,553	131,046
Interest expense:
Repurchase agreements	17,951	14,304	48,469	45,432
Securitized debt obligations	12,467	6,693	35,880	10,568
Convertible senior notes	4,503	2,216	13,459	6,601
Asset-specific financings	1,119	0	1,717	0
Revolving credit facilities	322	152	1,182	372
Total interest expense	36,362	23,365	100,707	62,973
Net interest income	27,082	24,195	80,846	68,073
Other income:
Fee income	0	0	1,115	1,446
Total other income	0	0	1,115	1,446
Expenses:
Management fees	3,801	3,111	11,013	9,434
Incentive fees	0	0	244	0
Servicing expenses	1,013	616	2,671	1,568
Other operating expenses	4,877	3,904	15,499	12,141
Total expenses	9,691	7,631	29,427	23,143
Income before income taxes	17,391	16,564	52,534	46,376
Benefit from income taxes	(1)	(1)	(4)	(2)
Net income	17,392	16,565	52,538	46,378
Dividends on preferred stock	25	25	75	75
Net income attributable to common stockholders	$ 17,367	$ 16,540	$ 52,463	$ 46,303
Basic earnings per weighted average common share (in usd per share)	$ 0.32	$ 0.38	$ 1	$ 1.07
Diluted earnings per weighted average common share (in usd per share)	0.32	0.37	1	1.04
Dividends declared per common share (in usd per share)	$ 0.42	$ 0.42	$ 1.26	$ 1.20
Weighted average basic common shares outstanding (in shares)	54,853,205	43,456,234	52,492,324	43,426,109
Weighted average diluted common shares outstanding (in shares)	54,853,205	50,651,612	52,492,324	50,616,264
Comprehensive income:
Net income attributable to common stockholders	$ 17,367	$ 16,540	$ 52,463	$ 46,303
Other comprehensive income, net of tax:
Unrealized gain on available-for-sale securities	0	32	224	32
Other comprehensive income	0	32	224	32
Comprehensive income attributable to common stockholders	$ 17,367	$ 16,572	$ 52,687	$ 46,335

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
Common dividends declared	(16,506)					(16,506)
Preferred dividends declared	(25)					(25)
Non-cash equity award compensation (in shares)		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
Stockholders’ equity at end of period at Mar. 31, 2018	$ 827,356	$ 434	830,366	16	43,386	(46,846)
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	46,378
Net other comprehensive income	$ 32
Non-cash equity award compensation (in shares)	221,131
Common shares outstanding at end of period (in shares) at Sep. 30, 2018	43,456,234	43,456,234
Stockholders’ equity at end of period at Sep. 30, 2018	$ 825,650	$ 435	832,535	32	75,178	(82,530)
Common shares outstanding at beginning of period (in shares) at Mar. 31, 2018		43,437,059
Stockholders’ equity at beginning of period at Mar. 31, 2018	827,356	$ 434	830,366	16	43,386	(46,846)
Net income	15,227				15,227
Other comprehensive income before reclassifications	(16)			(16)
Amounts reclassified from accumulated other comprehensive income	0			0
Net other comprehensive income	(16)			(16)
Common dividends declared	(17,383)					(17,383)
Preferred dividends declared	(25)					(25)
Non-cash equity award compensation (in shares)		19,175
Non-cash equity award compensation	1,203	$ 1	1,202
Common shares outstanding at end of period (in shares) at Jun. 30, 2018		43,456,234
Stockholders’ equity at end of period at Jun. 30, 2018	826,362	$ 435	831,568	0	58,613	(64,254)
Net income	16,565				16,565
Other comprehensive income before reclassifications	32			32
Amounts reclassified from accumulated other comprehensive income	0			0
Net other comprehensive income	32			32
Common dividends declared	(18,251)					(18,251)
Preferred dividends declared	(25)					(25)
Non-cash equity award compensation (in shares)		0
Non-cash equity award compensation	$ 967	$ 0	967
Common shares outstanding at end of period (in shares) at Sep. 30, 2018	43,456,234	43,456,234
Stockholders’ equity at end of period at Sep. 30, 2018	$ 825,650	$ 435	832,535	32	75,178	(82,530)
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
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
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
Stockholders’ equity at end of period at Mar. 31, 2019	$ 981,131	$ 522	994,592	0	108,831	(122,814)
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	52,538
Net other comprehensive income	$ 224
Issuance of common stock, net of offering costs (in shares)	10,954,924
Non-cash equity award compensation (in shares)	277,107
Common shares outstanding at end of period (in shares) at Sep. 30, 2019	54,853,205	54,853,205
Stockholders’ equity at end of period at Sep. 30, 2019	$ 1,023,240	$ 549	1,047,200	32	144,400	(168,941)
Common shares outstanding at beginning of period (in shares) at Mar. 31, 2019		52,171,921
Stockholders’ equity at beginning of period at Mar. 31, 2019	981,131	$ 522	994,592	0	108,831	(122,814)
Net income	18,177				18,177
Other comprehensive income before reclassifications	32			32
Amounts reclassified from accumulated other comprehensive income	0			0
Net other comprehensive income	32			32
Issuance of common stock, net of offering costs (in shares)		2,663,095
Issuance of common stock, net of offering costs	50,177	$ 27	50,150
Common dividends declared	(23,039)					(23,039)
Preferred dividends declared	(25)					(25)
Non-cash equity award compensation (in shares)		18,189
Non-cash equity award compensation	1,283	$ 0	1,283
Common shares outstanding at end of period (in shares) at Jun. 30, 2019		54,853,205
Stockholders’ equity at end of period at Jun. 30, 2019	1,027,736	$ 549	1,046,025	32	127,008	(145,878)
Net income	17,392				17,392
Other comprehensive income before reclassifications	0			0
Amounts reclassified from accumulated other comprehensive income	0			0
Net other comprehensive income	0			0
Common dividends declared	(23,038)					(23,038)
Preferred dividends declared	(25)					(25)
Non-cash equity award compensation (in shares)		0
Non-cash equity award compensation	$ 1,175	$ 0	1,175
Common shares outstanding at end of period (in shares) at Sep. 30, 2019	54,853,205	54,853,205
Stockholders’ equity at end of period at Sep. 30, 2019	$ 1,023,240	$ 549	$ 1,047,200	$ 32	$ 144,400	$ (168,941)

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018
Cash Flows From Operating Activities:
Net income	$ 52,538	$ 46,378
Adjustments to reconcile net income to net cash provided by operating activities:
Accretion of discounts and net deferred fees on loans held-for-investment	(11,038)	(9,282)
Amortization of deferred debt issuance costs on convertible senior notes and securitized debt obligations	5,792	2,373
Equity based compensation	3,607	2,834
Depreciation of fixed assets	185	4
Net change in assets and liabilities:
Increase in accrued interest receivable	(529)	(1,083)
Increase in prepaid expenses	(258)	(945)
Increase in other assets	(6,825)	(1,963)
Increase in accrued interest payable	4,859	2,501
Decrease in unearned interest income	(295)	(80)
Increase in other liabilities	5,632	2,893
Net cash provided by operating activities	53,668	43,630
Cash Flows From Investing Activities:
Originations, acquisitions and additional fundings of loans held-for-investment, net of deferred fees	(1,216,678)	(839,668)
Proceeds from repayment of loans held-for-investment	468,534	444,878
Principal payments on held-to-maturity securities	7,102	11,643
Net cash used in investing activities	(741,042)	(383,147)
Cash Flows From Financing Activities:
Proceeds from repurchase agreements	1,014,802	871,608
Principal payments on repurchase agreements	(790,433)	(1,111,961)
Proceeds from issuance of securitized debt obligations	646,868	651,374
Principal payments on securitized debt obligations	(181,000)	0
Proceeds from convertible senior notes	0	18,247
Proceeds from asset-specific financings	114,080	0
Proceeds from revolving credit facilities	164,598	49,394
Repayment of revolving credit facilities	(239,598)	(49,394)
(Increase) decrease in deferred debt issuance costs	(3,259)	3,472
Proceeds from issuance of common stock, net of offering costs	207,405	0
Dividends paid on preferred stock	(75)	(75)
Dividends paid on common stock	(63,273)	(50,318)
Net cash provided by financing activities	870,115	382,347
Net increase in cash, cash equivalents and restricted cash	182,741	42,830
Cash, cash equivalents and restricted cash at beginning of period	123,423	110,718
Cash, cash equivalents and restricted cash at end of period	306,164	153,548
Supplemental Disclosure of Cash Flow Information:
Cash paid for interest	95,848	60,472
Cash paid (received) for taxes, net	0	(5)
Noncash Activities:
Dividends declared but not paid at end of period	$ 23,063	$ 18,276

Organization and Operations

Organization and Operations	9 Months Ended
	Sep. 30, 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 (now known as GP 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. The Company has elected to be treated as a real estate investment trust, or REIT, as defined under the Internal Revenue Code of 1986, as amended, or the Code, for U.S. federal income tax purposes. As long as the Company continues to comply with a number of requirements under federal tax law and maintains its qualification as a REIT, the Company generally will not be subject to U.S. federal income taxes to the extent that the Company distributes its taxable income to its stockholders on an annual basis and does not engage in prohibited transactions. However, certain activities that the Company may perform may cause it to earn income which will not be qualifying income for REIT purposes. The Company has designated one of its subsidiaries as a taxable REIT subsidiary, or TRS, as defined in the Code, to engage in such activities.

Basis of Presentation and Signi

Basis of Presentation and Significant Accounting Policies	9 Months Ended
	Sep. 30, 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 unaudited 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 September 30, 2019 and results of operations for all periods presented have been made. The results of operations for the three and nine months ended September 30, 2019 should not be construed as indicative of the results to be expected for future periods or the full year. The unaudited 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. Provided below is a summary of additional accounting policies that are significant to the Company’s consolidated financial condition and results of operations for the three and nine months ended September 30, 2019 . Asset-Specific Financings The Company finances certain of its loans held-for-investment through the use of an asset-specific financing facility. Borrowings under the asset-specific financing facility generally bear interest rates of a specified margin over one-month LIBOR. The asset-specific financings are treated as collateralized financing transactions and are carried at their contractual amounts, as specified in the respective agreements. 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, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments. The standard will replace the incurred loss impairment methodology pursuant to GAAP and significantly change how entities will measure credit losses for most financial assets and certain other instruments that are not measured at fair value through net income. The new model requires the estimation of lifetime expected credit losses and corresponding recognition of allowance for losses on loans, trade and other receivables, held-to-maturity (or HTM) debt securities and other instruments held at amortized cost while considering a broader range of reasonable and supportable information to inform such credit loss estimates. Additionally, this ASU will require recording allowances for available-for-sale debt securities rather than directly reducing the amortized cost carrying amount of such securities under the current other-than-temporary impairment model. 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. While the Company is evaluating the impact of adopting this ASU on its condensed consolidated financial statements, the Company expects that the adoption of ASU No. 2016-13 will result in an increased amount of the allowance for credit losses with a resulting negative adjustment to retained earnings. The Company currently does not have any allowance for credit losses recorded in its condensed consolidated financial statements. The Company is currently developing new processes, policies and controls to implement the standard, which it expects to have completed by the adoption date. 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 In August 2018, the SEC adopted a final rule that amends certain disclosure requirements that have become duplicative, overlapping or outdated in light of other SEC disclosure requirements, U.S. GAAP or changes in the information environment. However, the guidance also added requirements for entities to include in their interim financial statements a reconciliation of changes in stockholders’ equity for each period for which an income statement is required (both year-to-date and quarterly periods). The final rule is effective for all filings made on or after November 5, 2018. However, the SEC staff said it would not object to a registrant waiting to comply with the new interim disclosure requirement until the filing of its Form 10-Q for the quarter that begins after the effective date. As a result, the Company adopted the new interim disclosure requirement in connection with the Form 10-Q filing for the first quarter of 2019. The Company’s adoption of this final rule did not have a material impact on the Company’s financial condition, results of operations or financial statement disclosures.

Variable Interest Entities

Variable Interest Entities	9 Months Ended
	Sep. 30, 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 VIEs consolidated on the Company’s condensed consolidated balance sheets as of September 30, 2019 and December 31, 2018 : (in thousands) September 30, December 31, Loans held-for-investment $ 1,305,469 $ 795,259 Restricted cash 157,556 26,136 Accrued interest receivable 3,598 2,622 Other assets 5,941 5,130 Total Assets $ 1,472,564 $ 829,147 Securitized debt obligations $ 1,124,820 $ 654,263 Accrued interest payable 1,131 689 Other liabilities 41 — Total Liabilities $ 1,125,992 $ 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 AFS securities, at fair value, and HTM securities on the condensed consolidated balance sheets. As of September 30, 2019 and December 31, 2018 , the carrying value, which also represents the maximum exposure to loss, of all CMBS in unconsolidated VIEs was $32.4 million and $39.3 million , respectively.

Loans Held-for-Investment

Loans Held-for-Investment	9 Months Ended
	Sep. 30, 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. Interest income on loans held-for-investment is recognized at the loan coupon rate. Any premiums or discounts, loan fees, contractual exit fees and origination costs are amortized or accreted into interest income over the lives of the loans using the effective interest method. Loans are considered past due when they are 30 days past their contractual due date. Interest income recognition is suspended when loans are placed on nonaccrual status. Generally, commercial mortgage loans are placed on nonaccrual status when delinquent for more than 90 days or when determined not to be probable of full collection. Interest accrued, but not collected, at the date loans are placed on nonaccrual is reversed and subsequently recognized only to the extent it is received in cash or until it qualifies for return to accrual status. However, where there is doubt regarding the ultimate collectability of loan principal, all cash received is applied to reduce the carrying value of such loans. Commercial mortgage loans are restored to accrual status only when contractually current or the collection of future payments is reasonably assured. The Company also finances pools of its commercial real estate loans through CLOs, which are considered to be VIEs for financial reporting purposes and, thus, are reviewed for consolidation under the applicable consolidation guidance. 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, therefore 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 September 30, 2019 and December 31, 2018 : September 30, (dollars in thousands) Senior Loans (1) Mezzanine Loans B-Notes Total Unpaid principal balance $ 3,927,513 $ 13,806 $ 14,501 $ 3,955,820 Unamortized (discount) premium (127 ) — — (127 ) Unamortized net deferred origination fees (28,598 ) — — (28,598 ) Carrying value $ 3,898,788 $ 13,806 $ 14,501 $ 3,927,095 Unfunded commitments $ 666,959 $ — $ — $ 666,959 Number of loans 113 2 1 116 Weighted average coupon 5.9 % 12.1 % 8.0 % 5.9 % Weighted average years to maturity (2) 1.8 2.4 7.3 1.8 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 with such conditions stipulated in the applicable loan documents. 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) September 30, December 31, Property Type Carrying Value % of Loan Portfolio Carrying Value % of Loan Portfolio Office $ 1,697,438 43.2 % $ 1,495,128 47.2 % Multifamily 962,810 24.5 % 569,259 18.0 % Hotel 588,639 15.0 % 427,611 13.5 % Retail 374,622 9.5 % 324,447 10.2 % Industrial 269,018 6.9 % 351,468 11.1 % Other 34,568 0.9 % — — % Total $ 3,927,095 100.0 % $ 3,167,913 100.0 % (dollars in thousands) September 30, December 31, Geographic Location Carrying Value % of Loan Portfolio Carrying Value % of Loan Portfolio Northeast $ 1,217,385 31.1 % $ 1,171,691 37.0 % Southwest 1,010,930 25.7 % 681,108 21.5 % West 630,165 16.0 % 694,223 21.9 % Midwest 566,120 14.4 % 250,930 7.9 % Southeast 502,495 12.8 % 369,961 11.7 % Total $ 3,927,095 100.0 % $ 3,167,913 100.0 % At September 30, 2019 and December 31, 2018 , the Company pledged loans held-for-investment with a carrying value of $3.7 billion and $2.9 billion , respectively, as collateral for repurchase agreements, asset-specific financings, revolving credit facilities and securitized debt obligations. See Note 10 - Repurchase Agreements, Note 11 - Asset-specific Financings , 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 and nine months ended September 30, 2019 and 2018 . Three Months Ended Nine Months Ended (in thousands) 2019 2018 2019 2018 Balance at beginning of period $ 3,560,117 $ 2,483,606 $ 3,167,913 $ 2,304,266 Originations, acquisitions and additional fundings 535,021 249,532 1,230,712 851,662 Repayments (164,797 ) (24,199 ) (468,534 ) (444,878 ) Net discount accretion (premium amortization) 4 4 24 22 Increase in net deferred origination fees (6,387 ) (3,990 ) (14,034 ) (11,994 ) Amortization of net deferred origination fees 3,137 3,385 11,014 9,260 Allowance for loan losses — — — — Balance at end of period $ 3,927,095 $ 2,708,338 $ 3,927,095 $ 2,708,338 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 September 30, 2019 and December 31, 2018 : (dollars in thousands) September 30, December 31, Risk Rating Number of Loans Unpaid Principal Balance Carrying Value Number of Loans Unpaid Principal Balance Carrying Value 1 12 $ 475,467 $ 473,918 9 $ 354,791 $ 353,583 2 94 3,185,865 3,160,283 78 2,680,297 2,656,679 3 9 274,738 273,268 3 121,133 120,496 4 1 19,750 19,626 2 37,420 37,155 5 — — — — — — Total 116 $ 3,955,820 $ 3,927,095 92 $ 3,193,641 $ 3,167,913

Available-for-Sale Securities,

Available-for-Sale Securities, at Fair Value	9 Months Ended
	Sep. 30, 2019
Debt Securities, Available-for-sale [Abstract]
Available-for-Sale Securities, at Fair Value	Available-for-Sale Securities The following table presents the face value and carrying value (which approximates fair value) of AFS securities as of September 30, 2019 and December 31, 2018 : (in thousands) September 30, December 31, Face value $ 12,798 $ 12,798 Gross unrealized gains 32 — Gross unrealized losses — (192 ) Carrying value $ 12,830 $ 12,606 On September 30, 2019 , the Company’s AFS securities had contractual maturities of less than one year . At September 30, 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 September 30, 2019 , the Company’s AFS securities were in an unrealized gain position. 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 and nine months ended September 30, 2019 and 2018 as expected cash flows were greater than amortized cost for all AFS securities held.

Held-to-Maturity Securities

Held-to-Maturity Securities	9 Months Ended
	Sep. 30, 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 September 30, 2019 and December 31, 2018 : (in thousands) September 30, December 31, Face value $ 19,594 $ 26,696 Unamortized premium (discount) — — Carrying value $ 19,594 $ 26,696 On September 30, 2019 , the Company’s HTM securities had contractual maturities of less than one year . At September 30, 2019 and December 31, 2018 , the Company pledged HTM securities with a carrying value of $19.6 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 and nine months ended September 30, 2019 and 2018 as expected cash flows were greater than amortized cost for all HTM securities held.

Cash, Cash Equivalents and Rest

Cash, Cash Equivalents and Restricted Cash	9 Months Ended
	Sep. 30, 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 investment activities. As of September 30, 2019 and December 31, 2018 , the Company had $11.2 million and $5.6 million , respectively, as collateral for repurchase agreements and by counterparties to support investment activities. In addition, as of September 30, 2019 and December 31, 2018 , the Company held $157.6 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 September 30, 2019 and December 31, 2018 that sum to the total of the same such amounts shown in the statements of cash flows: (in thousands) September 30, December 31, Cash and cash equivalents $ 137,355 $ 91,700 Restricted cash 168,809 31,723 Total cash, cash equivalents and restricted cash $ 306,164 $ 123,423

Accrued Interest Receivable

Accrued Interest Receivable	9 Months Ended
	Sep. 30, 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 September 30, 2019 and December 31, 2018 : (in thousands) September 30, December 31, Loans held-for-investment $ 10,663 $ 10,089 Available-for-sale securities 52 57 Held-to-maturity securities 82 122 Total $ 10,797 $ 10,268

Fair Value

Fair Value	9 Months Ended
	Sep. 30, 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 September 30, 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 September 30, 2019 (in thousands) Level 1 Level 2 Level 3 Total Assets Available-for-sale securities $ — $ 12,830 $ — $ 12,830 Total assets $ — $ 12,830 $ — $ 12,830 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 September 30, 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 and nine months ended September 30, 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, asset-specific financing facilities and revolving credit facilities that mature in less than one year generally approximates fair value due to the short maturities. The Company’s long-term repurchase agreements, asset-specific financing facilities and revolving credit facilities have floating rates based on an index plus a credit 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 September 30, 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 September 30, 2019 and December 31, 2018 . September 30, 2019 December 31, 2018 (in thousands) Carrying Value Fair Value Carrying Value Fair Value Assets Loans held-for-investment $ 3,927,095 $ 3,961,948 $ 3,167,913 $ 3,200,980 Available-for-sale securities $ 12,830 $ 12,830 $ 12,606 $ 12,606 Held-to-maturity securities $ 19,594 $ 19,666 $ 26,696 $ 26,611 Cash and cash equivalents $ 137,355 $ 137,355 $ 91,700 $ 91,700 Restricted cash $ 168,809 $ 168,809 $ 31,723 $ 31,723 Liabilities Repurchase agreements $ 1,724,912 $ 1,724,912 $ 1,500,543 $ 1,500,543 Securitized debt obligations $ 1,124,820 $ 1,136,007 $ 654,263 $ 654,330 Asset-specific financings $ 114,080 $ 114,080 $ — $ — Revolving credit facilities $ — $ — $ 75,000 $ 75,000 Convertible senior notes $ 269,241 $ 283,470 $ 268,138 $ 270,731

Repurchase Agreements

Repurchase Agreements	9 Months Ended
	Sep. 30, 2019
Disclosure of Repurchase Agreements [Abstract]
Repurchase Agreements	Repurchase Agreements As of September 30, 2019 and December 31, 2018 , the Company had outstanding $1.7 billion and $1.5 billion , respectively, of repurchase agreements with a weighted average borrowing rate of 4.22% and 4.61% , respectively, and weighted average remaining maturities of 1.9 and 0.9 years, respectively. At September 30, 2019 and December 31, 2018 , the repurchase agreement balances were as follows: (in thousands) September 30, December 31, Short-term $ 284,418 $ 842,078 Long-term 1,440,494 658,465 Total $ 1,724,912 $ 1,500,543 At September 30, 2019 and December 31, 2018 , the repurchase agreements had the following characteristics and remaining maturities: September 30, 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 — 21,664 21,664 — 25,854 25,854 60 to 89 days — — — — — — 90 to 119 days — — — — — — 120 to 364 days 262,754 — 262,754 816,224 — 816,224 One year and over 1,440,494 — 1,440,494 658,465 — 658,465 Total $ 1,703,248 $ 21,664 $ 1,724,912 $ 1,474,689 $ 25,854 $ 1,500,543 Weighted average borrowing rate 4.22 % 4.39 % 4.22 % 4.61 % 4.78 % 4.61 % ____________________ (1) Includes repurchase agreements collateralized by both AFS securities and HTM securities. The following table summarizes assets at carrying values that are pledged or restricted as collateral for the future payment obligations under repurchase agreements: (in thousands) September 30, December 31, Loans held-for-investment $ 2,283,362 $ 2,012,550 Available-for-sale securities, at fair value 12,830 12,606 Held-to-maturity securities 19,594 26,696 Restricted cash 1,549 2,922 Total $ 2,317,335 $ 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 September 30, 2019 and December 31, 2018 : September 30, 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 $ 600,000 $ 221,137 22 % 1.75 $ 475,474 $ 203,274 25 % 1.49 JPMorgan Chase Bank 384,436 156,116 15 % 2.60 481,754 168,234 20 % 0.47 Goldman Sachs Bank 262,754 85,606 8 % 0.59 251,785 93,651 11 % 0.33 All other counterparties (2) 477,722 133,024 13 % 2.39 291,531 92,614 11 % 1.12 Total $ 1,724,912 $ 595,883 $ 1,500,544 $ 557,773 ____________________ (1) Represents the net carrying value of the loans held-for-investment, AFS securities and HTM securities pledged as collateral for repurchase agreements, 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 September 30, 2019 and December 31, 2018 . The Company does not anticipate any defaults by its repurchase agreement counterparties, although there can be no assurance that one or more defaults will not occur.

Asset-Specific Financings

Asset-Specific Financings	9 Months Ended
	Sep. 30, 2019
Asset-Specific Financings [Abstract]
Asset-Specific Financings	Asset-Specific Financings To finance certain of its loans held-for-investment, the Company has entered into an asset-specific financing facility collateralized by the value of the loans pledged. As of September 30, 2019 , the Company had outstanding long-term borrowings under the asset-specific financing facility of $114.1 million with a weighted average borrowing rate of 4.0% and weighted average remaining maturities of 2.4 years. There were no amounts outstanding under the asset-specific financing facility as of December 31, 2018 . At September 30, 2019 and December 31, 2018 , borrowings under the asset-specific financing facility had the following remaining maturities: (in thousands) September 30, 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 114,080 — Total $ 114,080 $ — As of September 30, 2019 , loans held-for-investment with a carrying value of $141.3 million were pledged as collateral for the Company’s future payment obligations under its asset-specific financing facility. No loans held-for-investment were pledged for asset-specific financings as of December 31, 2018 . The Company does not anticipate any defaults by its asset-specific financing facility counterparty, although there can be no assurance that one or more defaults will not occur.

Revolving Credit Facilities

Revolving Credit Facilities	9 Months Ended
	Sep. 30, 2019
Revolving Credit Facilities [Abstract]
Revolving Credit Facilities	Revolving Credit Facilities To finance certain of its loans held-for-investment, the Company has entered into a revolving credit facility collateralized by a borrowing base of loans. The facility provides intermediate-term bridge or transitional financing for typically around 90 days per loan and matures on July 26, 2021 , unless extended pursuant to its terms. As of December 31, 2018 , the Company had outstanding borrowings under the revolving credit facility of $75.0 million with a weighted average borrowing rate of 5.2% . There were no amounts outstanding under the revolving credit facility as of September 30, 2019 . As of December 31, 2018 , loans held-for-investment with a carrying value of $127.9 million were considered the borrowing base collateral for the Company’s future payment obligations under its revolving credit facility. No loans held-for-investment were designated as collateral for the revolving credit facility as of September 30, 2019 . The Company does not anticipate any defaults by its revolving credit facility counterparty, although there can be no assurance that one or more defaults will not occur.

Securitized Debt Obligations

Securitized Debt Obligations	9 Months Ended
	Sep. 30, 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 September 30, 2019 and December 31, 2018 , the outstanding amount due on securitized debt obligations was $1.1 billion and $654.3 million , respectively, net of deferred issuance costs, with a weighted average interest rate of 3.72% and 3.58% , respectively.

Convertible Senior Notes

Convertible Senior Notes	9 Months Ended
	Sep. 30, 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 September 30, 2019 , the notes had a conversion rate of 50.4873 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 September 30, 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 September 30, 2019 and December 31, 2018 was $269.2 million and $268.1 million , respectively, net of deferred issuance costs.

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 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 September 30, 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. 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 September 30, 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 September 30, 2019 and December 31, 2018 , the Company had unfunded commitments of $667.0 million and $626.2 million , respectively, on loans held-for-investment with expirations dates within the next three years.

Preferred Stock

Preferred Stock	9 Months Ended
	Sep. 30, 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 and nine months ended September 30, 2019 , the Company declared dividends to the preferred stockholder of $25,000 and $75,000 , respectively. During the three and nine months ended September 30, 2018 , the Company declared dividends to the preferred stockholder of $25,000 and $75,000 , respectively.

Stockholders' Equity

Stockholders' Equity	9 Months Ended
	Sep. 30, 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 September 30, 2019 , the Company had 54,853,205 shares of common stock outstanding. The following table presents a reconciliation of the common shares outstanding for the nine months ended September 30, 2019 and 2018 : Number of common shares Common shares outstanding, December 31, 2017 43,235,103 Issuance of restricted stock (1) 221,131 Common shares outstanding, September 30, 2018 43,456,234 Common shares outstanding, December 31, 2018 43,621,174 Issuance of common stock 10,954,924 Issuance of restricted stock (1) 277,107 Common shares outstanding, September 30, 2019 54,853,205 ____________________ (1) Represents shares of restricted stock granted under the 2017 Equity Incentive Plan. See Note 18 - Equity Incentive Plan for additional information. Distributions to Stockholders The following table presents cash dividends declared by the Company on its common stock from December 31, 2017 through September 30, 2019 : Declaration Date Record Date Payment Date Cash Dividend Per Share September 18, 2019 October 3, 2019 October 18, 2019 $ 0.42 June 20, 2019 July 5, 2019 July 19, 2019 $ 0.42 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 the Exchange Act, 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 SEC 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 of 1933, as amended, or the Securities Act. As of September 30, 2019 , 3,242,364 shares of common stock had been sold under the equity distribution agreement for total accumulated net proceeds of approximately $61.2 million , of which 3,077,424 shares were sold for total proceeds of $58.1 million during the nine months ended September 30, 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 nine months ended September 30, 2019 . No shares were sold during the three months ended September 30, 2019 or the three and nine months ended September 30, 2018 . Accumulated Other Comprehensive Income (Loss) Accumulated other comprehensive income (loss) at September 30, 2019 and December 31, 2018 was as follows: (in thousands) September 30, December 31, Available-for-sale securities Unrealized gains $ 32 $ — Unrealized losses — (192 ) Accumulated other comprehensive income (loss) $ 32 $ (192 ) Reclassifications out of Accumulated Other Comprehensive Income (Loss) The Company did not record any reclassifications out of accumulated other comprehensive income (loss) during the three and nine months ended September 30, 2019 and 2018 .

Equity Incentive Plan

Equity Incentive Plan	9 Months Ended
	Sep. 30, 2019
Share-based Payment Arrangement [Abstract]
Equity Incentive Plan	Equity Incentive Plan The Company’s 2017 Equity Incentive Plan, or the 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 effective date of the Plan. 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 nine months ended September 30, 2019 and 2018 , the Company granted 18,189 and 19,175 shares of common stock, respectively, to its independent directors as compensation for their service on the Company’s board of directors, pursuant to the terms of the Plan. The estimated fair value of these awards was $19.24 and $17.86 per share, respectively, on the grant date, based on the closing price of the Company’s common stock on the NYSE on such date. The shares have a one year vesting period. Additionally, during the nine months ended September 30, 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, respectively, on the 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 nine months ended September 30, 2019 and 2018 : Nine Months Ended September 30, 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 277,107 19.31 221,131 17.38 Vested (136,870 ) (18.20 ) (49,997 ) (19.50 ) Forfeited — — — — Outstanding at End of Period 461,371 $ 18.75 321,134 $ 18.04 For the three and nine months ended September 30, 2019 , the Company recognized compensation related to restricted common stock of $1.2 million and $3.6 million , respectively. For the three and nine months ended September 30, 2018 , the Company recognized compensation related to restricted common stock of $1.0 million and $2.8 million , respectively.

Income Taxes

Income Taxes	9 Months Ended
	Sep. 30, 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 and nine months ended September 30, 2019 and 2018 : Three Months Ended Nine Months Ended (in thousands) 2019 2018 2019 2018 Current tax (benefit) provision: Federal $ — $ — $ — $ (1 ) State — — — 2 Total current tax provision — — — 1 Deferred tax (benefit) (1 ) (1 ) (4 ) (3 ) Total (benefit from) provision for income taxes $ (1 ) $ (1 ) $ (4 ) $ (2 ) 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 financial statements.

Earnings Per Share

Earnings Per Share	9 Months Ended
	Sep. 30, 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 and nine months ended September 30, 2019 and 2018 : Three Months Ended Nine Months Ended September 30, September 30, (in thousands, except share data) 2019 2018 2019 2018 Numerator: Net income attributable to common stockholders - basic $ 17,367 $ 16,540 $ 52,463 $ 46,303 Interest expense attributable to convertible notes (1) — 2,207 — 6,576 Net income attributable to common stockholders - diluted $ 17,367 $ 18,747 $ 52,463 $ 52,879 Denominator: Weighted average common shares outstanding 54,391,834 43,135,100 52,017,520 43,103,600 Weighted average restricted stock shares 461,371 321,134 474,804 322,509 Basic weighted average shares outstanding 54,853,205 43,456,234 52,492,324 43,426,109 Effect of dilutive shares issued in an assumed conversion of the convertible senior notes — 7,195,378 — 7,190,155 Diluted weighted average shares outstanding 54,853,205 50,651,612 52,492,324 50,616,264 Earnings Per Share Basic $ 0.32 $ 0.38 $ 1.00 $ 1.07 Diluted $ 0.32 $ 0.37 $ 1.00 $ 1.04 ____________________ (1) Includes a nondiscretionary adjustment for the assumed change in the management fee calculation. For the three and nine months ended September 30, 2019 , excluded from the calculation of diluted earnings per share is the effect of adding back $4.5 million and $13.5 million , respectively, of interest expense, net of nondiscretionary adjustment for the assumed change in the management fee calculation, and 13,670,761 and 13,665,619 weighted average common share equivalents, respectively, related to the assumed conversion of the Company’s convertible senior notes, as their inclusion would be antidilutive.

Related Party Transactions

Related Party Transactions	9 Months Ended
	Sep. 30, 2019
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions 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 $3.8 million and $11.0 million , respectively, as a management fee to the Manager for the three and nine months ended September 30, 2019 , and $3.1 million and $9.4 million , respectively, as a management fee to the Manager for the three and nine months ended September 30, 2018 . The Company also incurred $0.2 million as an incentive fee to the Manager for the nine months ended September 30, 2019 . No incentive fees were incurred for the three months ended September 30, 2019 or for the three and nine months ended September 30, 2018 . See further discussion of the base management fee and incentive fee calculations in Note 15 - Commitments and Contingencies and further discussion of base management fee reimbursements for common stock sold under the Company’s equity distribution agreement in Note 17 - Stockholder’s Equity . The Company reimburses the Manager for certain direct and allocated costs incurred by the Manager on behalf of the Company. During the three and nine months ended September 30, 2019 , direct and allocated costs totaled approximately $1.7 million and $10.0 million , respectively. During the three and nine months ended September 30, 2018 , direct and allocated costs totaled approximately $1.5 million and $6.7 million , respectively. In addition, during the nine months ended September 30, 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 a 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 $1.2 million and $3.6 million of compensation during the three and nine months ended September 30, 2019 , respectively, and $1.0 million and $2.8 million of compensation during the three and nine months ended September 30, 2018 , respectively, 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. The terms of these transactions may have been different had they been transacted with an unrelated third-party.

Subsequent Events

Subsequent Events	9 Months Ended
	Sep. 30, 2019
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events Events subsequent to September 30, 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 financial statements.

Basis of Presentation and Sig_2

Basis of Presentation and Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 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 unaudited 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 September 30, 2019 and results of operations for all periods presented have been made. The results of operations for the three and nine months ended September 30, 2019 should not be construed as indicative of the results to be expected for future periods or the full year. The unaudited 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	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.
Asset-Specific Financings	Asset-Specific Financings The Company finances certain of its loans held-for-investment through the use of an asset-specific financing facility. Borrowings under the asset-specific financing facility generally bear interest rates of a specified margin over one-month LIBOR. The asset-specific financings are treated as collateralized financing transactions and are carried at their contractual amounts, as specified in the respective agreements.
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, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments. The standard will replace the incurred loss impairment methodology pursuant to GAAP and significantly change how entities will measure credit losses for most financial assets and certain other instruments that are not measured at fair value through net income. The new model requires the estimation of lifetime expected credit losses and corresponding recognition of allowance for losses on loans, trade and other receivables, held-to-maturity (or HTM) debt securities and other instruments held at amortized cost while considering a broader range of reasonable and supportable information to inform such credit loss estimates. Additionally, this ASU will require recording allowances for available-for-sale debt securities rather than directly reducing the amortized cost carrying amount of such securities under the current other-than-temporary impairment model. 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. While the Company is evaluating the impact of adopting this ASU on its condensed consolidated financial statements, the Company expects that the adoption of ASU No. 2016-13 will result in an increased amount of the allowance for credit losses with a resulting negative adjustment to retained earnings. The Company currently does not have any allowance for credit losses recorded in its condensed consolidated financial statements. The Company is currently developing new processes, policies and controls to implement the standard, which it expects to have completed by the adoption date. 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 In August 2018, the SEC adopted a final rule that amends certain disclosure requirements that have become duplicative, overlapping or outdated in light of other SEC disclosure requirements, U.S. GAAP or changes in the information environment. However, the guidance also added requirements for entities to include in their interim financial statements a reconciliation of changes in stockholders’ equity for each period for which an income statement is required (both year-to-date and quarterly periods). The final rule is effective for all filings made on or after November 5, 2018. However, the SEC staff said it would not object to a registrant waiting to comply with the new interim disclosure requirement until the filing of its Form 10-Q for the quarter that begins after the effective date. As a result, the Company adopted the new interim disclosure requirement in connection with the Form 10-Q filing for the first quarter of 2019. The Company’s adoption of this final rule did not have a material impact on the Company’s financial condition, results of operations or financial statement disclosures.

Variable Interest Entities (Tab

Variable Interest Entities (Tables)	9 Months Ended
	Sep. 30, 2019
Variable Interest Entities [Abstract]
Schedule of Variable Interest Entities	The following table presents a summary of the assets and liabilities of all VIEs consolidated on the Company’s condensed consolidated balance sheets as of September 30, 2019 and December 31, 2018 : (in thousands) September 30, December 31, Loans held-for-investment $ 1,305,469 $ 795,259 Restricted cash 157,556 26,136 Accrued interest receivable 3,598 2,622 Other assets 5,941 5,130 Total Assets $ 1,472,564 $ 829,147 Securitized debt obligations $ 1,124,820 $ 654,263 Accrued interest payable 1,131 689 Other liabilities 41 — Total Liabilities $ 1,125,992 $ 654,952

Loans Held-for-Investment (Tabl

Loans Held-for-Investment (Tables)	9 Months Ended
	Sep. 30, 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 September 30, 2019 and December 31, 2018 : September 30, (dollars in thousands) Senior Loans (1) Mezzanine Loans B-Notes Total Unpaid principal balance $ 3,927,513 $ 13,806 $ 14,501 $ 3,955,820 Unamortized (discount) premium (127 ) — — (127 ) Unamortized net deferred origination fees (28,598 ) — — (28,598 ) Carrying value $ 3,898,788 $ 13,806 $ 14,501 $ 3,927,095 Unfunded commitments $ 666,959 $ — $ — $ 666,959 Number of loans 113 2 1 116 Weighted average coupon 5.9 % 12.1 % 8.0 % 5.9 % Weighted average years to maturity (2) 1.8 2.4 7.3 1.8 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 with such conditions stipulated in the applicable loan documents. 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.
Schedule of Loans Held-for-Investment by Property Type	(dollars in thousands) September 30, December 31, Property Type Carrying Value % of Loan Portfolio Carrying Value % of Loan Portfolio Office $ 1,697,438 43.2 % $ 1,495,128 47.2 % Multifamily 962,810 24.5 % 569,259 18.0 % Hotel 588,639 15.0 % 427,611 13.5 % Retail 374,622 9.5 % 324,447 10.2 % Industrial 269,018 6.9 % 351,468 11.1 % Other 34,568 0.9 % — — % Total $ 3,927,095 100.0 % $ 3,167,913 100.0 %
Schedule of Loans Held-for-Investment by Geographic Location	(dollars in thousands) September 30, December 31, Geographic Location Carrying Value % of Loan Portfolio Carrying Value % of Loan Portfolio Northeast $ 1,217,385 31.1 % $ 1,171,691 37.0 % Southwest 1,010,930 25.7 % 681,108 21.5 % West 630,165 16.0 % 694,223 21.9 % Midwest 566,120 14.4 % 250,930 7.9 % Southeast 502,495 12.8 % 369,961 11.7 % Total $ 3,927,095 100.0 % $ 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 and nine months ended September 30, 2019 and 2018 . Three Months Ended Nine Months Ended (in thousands) 2019 2018 2019 2018 Balance at beginning of period $ 3,560,117 $ 2,483,606 $ 3,167,913 $ 2,304,266 Originations, acquisitions and additional fundings 535,021 249,532 1,230,712 851,662 Repayments (164,797 ) (24,199 ) (468,534 ) (444,878 ) Net discount accretion (premium amortization) 4 4 24 22 Increase in net deferred origination fees (6,387 ) (3,990 ) (14,034 ) (11,994 ) Amortization of net deferred origination fees 3,137 3,385 11,014 9,260 Allowance for loan losses — — — — Balance at end of period $ 3,927,095 $ 2,708,338 $ 3,927,095 $ 2,708,338
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 September 30, 2019 and December 31, 2018 : (dollars in thousands) September 30, December 31, Risk Rating Number of Loans Unpaid Principal Balance Carrying Value Number of Loans Unpaid Principal Balance Carrying Value 1 12 $ 475,467 $ 473,918 9 $ 354,791 $ 353,583 2 94 3,185,865 3,160,283 78 2,680,297 2,656,679 3 9 274,738 273,268 3 121,133 120,496 4 1 19,750 19,626 2 37,420 37,155 5 — — — — — — Total 116 $ 3,955,820 $ 3,927,095 92 $ 3,193,641 $ 3,167,913

Available-for-Sale Securities_2

Available-for-Sale Securities, at Fair Value (Tables)	9 Months Ended
	Sep. 30, 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 September 30, 2019 and December 31, 2018 : (in thousands) September 30, December 31, Face value $ 12,798 $ 12,798 Gross unrealized gains 32 — Gross unrealized losses — (192 ) Carrying value $ 12,830 $ 12,606

Held-to-Maturity Securities (Ta

Held-to-Maturity Securities (Tables)	9 Months Ended
	Sep. 30, 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 September 30, 2019 and December 31, 2018 : (in thousands) September 30, December 31, Face value $ 19,594 $ 26,696 Unamortized premium (discount) — — Carrying value $ 19,594 $ 26,696

Cash, Cash Equivalents and Re_2

Cash, Cash Equivalents and Restricted Cash (Tables)	9 Months Ended
	Sep. 30, 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 September 30, 2019 and December 31, 2018 that sum to the total of the same such amounts shown in the statements of cash flows: (in thousands) September 30, December 31, Cash and cash equivalents $ 137,355 $ 91,700 Restricted cash 168,809 31,723 Total cash, cash equivalents and restricted cash $ 306,164 $ 123,423

Accrued Interest Receivable (Ta

Accrued Interest Receivable (Tables)	9 Months Ended
	Sep. 30, 2019
Accrued Interest Receivable [Abstract]
Accrued Interest Receivable	The following table presents the Company’s accrued interest receivable by collateral type as of September 30, 2019 and December 31, 2018 : (in thousands) September 30, December 31, Loans held-for-investment $ 10,663 $ 10,089 Available-for-sale securities 52 57 Held-to-maturity securities 82 122 Total $ 10,797 $ 10,268

Fair Value (Tables)

Fair Value (Tables)	9 Months Ended
	Sep. 30, 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 September 30, 2019 (in thousands) Level 1 Level 2 Level 3 Total Assets Available-for-sale securities $ — $ 12,830 $ — $ 12,830 Total assets $ — $ 12,830 $ — $ 12,830 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 September 30, 2019 and December 31, 2018 . September 30, 2019 December 31, 2018 (in thousands) Carrying Value Fair Value Carrying Value Fair Value Assets Loans held-for-investment $ 3,927,095 $ 3,961,948 $ 3,167,913 $ 3,200,980 Available-for-sale securities $ 12,830 $ 12,830 $ 12,606 $ 12,606 Held-to-maturity securities $ 19,594 $ 19,666 $ 26,696 $ 26,611 Cash and cash equivalents $ 137,355 $ 137,355 $ 91,700 $ 91,700 Restricted cash $ 168,809 $ 168,809 $ 31,723 $ 31,723 Liabilities Repurchase agreements $ 1,724,912 $ 1,724,912 $ 1,500,543 $ 1,500,543 Securitized debt obligations $ 1,124,820 $ 1,136,007 $ 654,263 $ 654,330 Asset-specific financings $ 114,080 $ 114,080 $ — $ — Revolving credit facilities $ — $ — $ 75,000 $ 75,000 Convertible senior notes $ 269,241 $ 283,470 $ 268,138 $ 270,731

Repurchase Agreements (Tables)

Repurchase Agreements (Tables)	9 Months Ended
	Sep. 30, 2019
Disclosure of Repurchase Agreements [Abstract]
Schedule Of Repurchase Agreements By Term, Short Or Long	At September 30, 2019 and December 31, 2018 , the repurchase agreement balances were as follows: (in thousands) September 30, December 31, Short-term $ 284,418 $ 842,078 Long-term 1,440,494 658,465 Total $ 1,724,912 $ 1,500,543
Schedule of Repurchase Agreements by Maturity	At September 30, 2019 and December 31, 2018 , the repurchase agreements had the following characteristics and remaining maturities: September 30, 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 — 21,664 21,664 — 25,854 25,854 60 to 89 days — — — — — — 90 to 119 days — — — — — — 120 to 364 days 262,754 — 262,754 816,224 — 816,224 One year and over 1,440,494 — 1,440,494 658,465 — 658,465 Total $ 1,703,248 $ 21,664 $ 1,724,912 $ 1,474,689 $ 25,854 $ 1,500,543 Weighted average borrowing rate 4.22 % 4.39 % 4.22 % 4.61 % 4.78 % 4.61 % ____________________ (1) Includes repurchase agreements collateralized by both AFS securities and HTM securities.
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 under repurchase agreements: (in thousands) September 30, December 31, Loans held-for-investment $ 2,283,362 $ 2,012,550 Available-for-sale securities, at fair value 12,830 12,606 Held-to-maturity securities 19,594 26,696 Restricted cash 1,549 2,922 Total $ 2,317,335 $ 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 September 30, 2019 and December 31, 2018 : September 30, 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 $ 600,000 $ 221,137 22 % 1.75 $ 475,474 $ 203,274 25 % 1.49 JPMorgan Chase Bank 384,436 156,116 15 % 2.60 481,754 168,234 20 % 0.47 Goldman Sachs Bank 262,754 85,606 8 % 0.59 251,785 93,651 11 % 0.33 All other counterparties (2) 477,722 133,024 13 % 2.39 291,531 92,614 11 % 1.12 Total $ 1,724,912 $ 595,883 $ 1,500,544 $ 557,773 ____________________ (1) Represents the net carrying value of the loans held-for-investment, AFS securities and HTM securities pledged as collateral for repurchase agreements, 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 September 30, 2019 and December 31, 2018 .

Asset-Specific Financings (Tabl

Asset-Specific Financings (Tables)	9 Months Ended
	Sep. 30, 2019
Asset-Specific Financings [Abstract]
Schedule of Asset-Specific Financings	At September 30, 2019 and December 31, 2018 , borrowings under the asset-specific financing facility had the following remaining maturities: (in thousands) September 30, 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 114,080 — Total $ 114,080 $ —

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	9 Months Ended
	Sep. 30, 2019
Stockholders' Equity Attributable to Parent [Abstract]
Rollforward of Common Stock	As of September 30, 2019 , the Company had 54,853,205 shares of common stock outstanding. The following table presents a reconciliation of the common shares outstanding for the nine months ended September 30, 2019 and 2018 : Number of common shares Common shares outstanding, December 31, 2017 43,235,103 Issuance of restricted stock (1) 221,131 Common shares outstanding, September 30, 2018 43,456,234 Common shares outstanding, December 31, 2018 43,621,174 Issuance of common stock 10,954,924 Issuance of restricted stock (1) 277,107 Common shares outstanding, September 30, 2019 54,853,205 ____________________ (1) Represents shares of restricted stock granted under the 2017 Equity Incentive Plan. See Note 18 - Equity Incentive Plan for additional information.
Schedule of Dividends Declared	The following table presents cash dividends declared by the Company on its common stock from December 31, 2017 through September 30, 2019 : Declaration Date Record Date Payment Date Cash Dividend Per Share September 18, 2019 October 3, 2019 October 18, 2019 $ 0.42 June 20, 2019 July 5, 2019 July 19, 2019 $ 0.42 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 income (loss) at September 30, 2019 and December 31, 2018 was as follows: (in thousands) September 30, December 31, Available-for-sale securities Unrealized gains $ 32 $ — Unrealized losses — (192 ) Accumulated other comprehensive income (loss) $ 32 $ (192 )

Equity Incentive Plan (Tables)

Equity Incentive Plan (Tables)	9 Months Ended
	Sep. 30, 2019
Share-based Payment Arrangement [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 nine months ended September 30, 2019 and 2018 : Nine Months Ended September 30, 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 277,107 19.31 221,131 17.38 Vested (136,870 ) (18.20 ) (49,997 ) (19.50 ) Forfeited — — — — Outstanding at End of Period 461,371 $ 18.75 321,134 $ 18.04

Income Taxes (Tables)

Income Taxes (Tables)	9 Months Ended
	Sep. 30, 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 and nine months ended September 30, 2019 and 2018 : Three Months Ended Nine Months Ended (in thousands) 2019 2018 2019 2018 Current tax (benefit) provision: Federal $ — $ — $ — $ (1 ) State — — — 2 Total current tax provision — — — 1 Deferred tax (benefit) (1 ) (1 ) (4 ) (3 ) Total (benefit from) provision for income taxes $ (1 ) $ (1 ) $ (4 ) $ (2 )

Earnings Per Share (Tables)

Earnings Per Share (Tables)	9 Months Ended
	Sep. 30, 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 and nine months ended September 30, 2019 and 2018 : Three Months Ended Nine Months Ended September 30, September 30, (in thousands, except share data) 2019 2018 2019 2018 Numerator: Net income attributable to common stockholders - basic $ 17,367 $ 16,540 $ 52,463 $ 46,303 Interest expense attributable to convertible notes (1) — 2,207 — 6,576 Net income attributable to common stockholders - diluted $ 17,367 $ 18,747 $ 52,463 $ 52,879 Denominator: Weighted average common shares outstanding 54,391,834 43,135,100 52,017,520 43,103,600 Weighted average restricted stock shares 461,371 321,134 474,804 322,509 Basic weighted average shares outstanding 54,853,205 43,456,234 52,492,324 43,426,109 Effect of dilutive shares issued in an assumed conversion of the convertible senior notes — 7,195,378 — 7,190,155 Diluted weighted average shares outstanding 54,853,205 50,651,612 52,492,324 50,616,264 Earnings Per Share Basic $ 0.32 $ 0.38 $ 1.00 $ 1.07 Diluted $ 0.32 $ 0.37 $ 1.00 $ 1.04 ____________________ (1) Includes a nondiscretionary adjustment for the assumed change in the management fee calculation. For the three and nine months ended September 30, 2019 , excluded from the calculation of diluted earnings per share is the effect of adding back $4.5 million and $13.5 million , respectively, of interest expense, net of nondiscretionary adjustment for the assumed change in the management fee calculation, and 13,670,761 and 13,665,619 weighted average common share equivalents, respectively, related to the assumed conversion of the Company’s convertible senior notes, as their inclusion would be antidilutive.

Organization and Operations (De

Organization and Operations (Details) - shares	Jun. 28, 2017	Sep. 30, 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	Sep. 30, 2019	Dec. 31, 2018
Variable Interest Entity [Line Items]
Assets of consolidated Variable Interest Entities	$ 1,472,564	$ 829,147
Liabilities of consolidated Variable Interest Entities	1,125,992	654,952
Assets of nonconsolidated Variable Interest Entities	32,400	39,300
Maximum exposure to loss of nonconsolidated Variable Interest Entities	32,424	39,302
Loans Held-for-Investment [Member]
Variable Interest Entity [Line Items]
Assets of consolidated Variable Interest Entities	1,305,469	795,259
Restricted Cash and Cash Equivalents [Member]
Variable Interest Entity [Line Items]
Assets of consolidated Variable Interest Entities	157,556	26,136
Accrued Interest Receivable [Member]
Variable Interest Entity [Line Items]
Assets of consolidated Variable Interest Entities	3,598	2,622
Other Assets [Member]
Variable Interest Entity [Line Items]
Assets of consolidated Variable Interest Entities	5,941	5,130
Assets, Total [Member]
Variable Interest Entity [Line Items]
Assets of consolidated Variable Interest Entities	1,472,564	829,147
Securitized Debt Obligations [Member]
Variable Interest Entity [Line Items]
Liabilities of consolidated Variable Interest Entities	1,124,820	654,263
Accrued Interest Payable [Member]
Variable Interest Entity [Line Items]
Liabilities of consolidated Variable Interest Entities	1,131	689
Other Liabilities [Member]
Variable Interest Entity [Line Items]
Liabilities of consolidated Variable Interest Entities	41	0
Liabilities, Total [Member]
Variable Interest Entity [Line Items]
Liabilities of consolidated Variable Interest Entities	$ 1,125,992	$ 654,952

Loans Held-for-Investment (Deta

Loans Held-for-Investment (Details) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2019USD ($)loan	Dec. 31, 2018USD ($)loan
Accounts, Notes, Loans and Financing Receivable [Line Items]
Threshold period when loans are considered past due	30 days
Threshold period when delinquent loans are placed on nonaccrual status	90 days
Unpaid principal balance	$ 3,955,820	$ 3,193,641
Unamortized (discount) premium	(127)	(151)
Unamortized net deferred origination fees	(28,598)	(25,577)
Loans held-for-investment	3,927,095	3,167,913
Unfunded commitments	$ 666,959	$ 626,155
Number of loans | loan	116	92
Weighted average coupon	5.90%	6.50%
Weighted average years to maturity	1 year 9 months 18 days	2 years
First Mortgage [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unpaid principal balance	$ 3,927,513	$ 3,147,310
Unamortized (discount) premium	(127)	(151)
Unamortized net deferred origination fees	(28,598)	(25,577)
Loans held-for-investment	3,898,788	3,121,582
Unfunded commitments	$ 666,959	$ 626,155
Number of loans | loan	113	88
Weighted average coupon	5.90%	6.40%
Weighted average years to maturity	1 year 9 months 18 days	2 years
Second Mortgage [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unpaid principal balance	$ 13,806	$ 31,679
Unamortized (discount) premium	0	0
Unamortized net deferred origination fees	0	0
Loans held-for-investment	13,806	31,679
Unfunded commitments	$ 0	$ 0
Number of loans | loan	2	3
Weighted average coupon	12.10%	11.40%
Weighted average years to maturity	2 years 4 months 24 days	1 year 10 months 24 days
Junior Loans [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unpaid principal balance	$ 14,501	$ 14,652
Unamortized (discount) premium	0	0
Unamortized net deferred origination fees	0	0
Loans held-for-investment	14,501	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 3 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	Sep. 30, 2019	Dec. 31, 2018
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans held-for-investment	$ 3,927,095	$ 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	$ 1,697,438	$ 1,495,128
Percentage of total loans held-for-investment	43.20%	47.20%
Multifamily [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans held-for-investment	$ 962,810	$ 569,259
Percentage of total loans held-for-investment	24.50%	18.00%
Hotel [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans held-for-investment	$ 588,639	$ 427,611
Percentage of total loans held-for-investment	15.00%	13.50%
Retail Site [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans held-for-investment	$ 374,622	$ 324,447
Percentage of total loans held-for-investment	9.50%	10.20%
Industrial Property [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans held-for-investment	$ 269,018	$ 351,468
Percentage of total loans held-for-investment	6.90%	11.10%
Other Property [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans held-for-investment	$ 34,568	$ 0
Percentage of total loans held-for-investment	0.90%	0.00%

Loans Held-for-Investment by Ge

Loans Held-for-Investment by Geographic Location (Details) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans held-for-investment	$ 3,927,095	$ 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	$ 1,217,385	$ 1,171,691
Percentage of total loans held-for-investment	31.10%	37.00%
United States, Western Region [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans held-for-investment	$ 630,165	$ 694,223
Percentage of total loans held-for-investment	16.00%	21.90%
United States, Southwestern Region [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans held-for-investment	$ 1,010,930	$ 681,108
Percentage of total loans held-for-investment	25.70%	21.50%
United States, Southeastern Region [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans held-for-investment	$ 502,495	$ 369,961
Percentage of total loans held-for-investment	12.80%	11.70%
United States, Midwestern Region [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans held-for-investment	$ 566,120	$ 250,930
Percentage of total loans held-for-investment	14.40%	7.90%

Rollforward of Loans Held-for-I

Rollforward of Loans Held-for-Investment (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018	Dec. 31, 2018
Loans Held-for-Investment [Abstract]
Loans held-for-investment pledged as collateral for borrowings	$ 3,700,000		$ 3,700,000		$ 2,900,000
Loans Held-for-Investment [Roll Forward]
Loans held-for-investment at beginning of period	3,560,117	$ 2,483,606	3,167,913	$ 2,304,266
Originations, acquisitions and additional fundings	535,021	249,532	1,230,712	851,662
Repayments	(164,797)	(24,199)	(468,534)	(444,878)
Net discount accretion (premium amortization)	4	4	24	22
Increase in net deferred origination fees	(6,387)	(3,990)	(14,034)	(11,994)
Accretion of discounts and net deferred fees on loans held-for-investment	3,137	3,385	11,014	9,260
Allowance for loan losses	0	0	0	0
Loans held-for-investment at end of period	$ 3,927,095	$ 2,708,338	$ 3,927,095	$ 2,708,338

Loans Held-for-Investment by In

Loans Held-for-Investment by Internal Risk Rating (Details) $ in Thousands	Sep. 30, 2019USD ($)loan	Dec. 31, 2018USD ($)loan
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of loans | loan	116	92
Unpaid principal balance	$ 3,955,820	$ 3,193,641
Loans held-for-investment	$ 3,927,095	$ 3,167,913
Risk Rating 1 [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of loans | loan	12	9
Unpaid principal balance	$ 475,467	$ 354,791
Loans held-for-investment	$ 473,918	$ 353,583
Risk Rating 2 [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of loans | loan	94	78
Unpaid principal balance	$ 3,185,865	$ 2,680,297
Loans held-for-investment	$ 3,160,283	$ 2,656,679
Risk Rating 3 [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of loans | loan	9	3
Unpaid principal balance	$ 274,738	$ 121,133
Loans held-for-investment	$ 273,268	$ 120,496
Risk Rating 4 [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of loans | loan	1	2
Unpaid principal balance	$ 19,750	$ 37,420
Loans held-for-investment	$ 19,626	$ 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	Sep. 30, 2019	Dec. 31, 2018
Debt Securities, Available-for-sale [Abstract]
Face value	$ 12,798	$ 12,798
Gross unrealized gains	32	0
Gross unrealized losses	0	(192)
Available-for-sale securities, at fair value	12,830	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	Sep. 30, 2019	Dec. 31, 2018
Debt Securities, Held-to-maturity, Fair Value to Amortized Cost [Abstract]
Held-to-Maturity Securities, Face Value	$ 19,594	$ 26,696
Held-to-Maturity Securities, Unamortized Premium (Discount)	0	0
Held-to-maturity securities	19,594	26,696
Held-to-maturity securities pledged as collateral for borrowings	$ 19,600	$ 26,700

Schedule of Total Cash, Cash Eq

Schedule of Total Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018	Sep. 30, 2018	Dec. 31, 2017
Variable Interest Entity [Line Items]
Cash collateral for repurchase agreements and securities activity	$ 11,200	$ 5,600
Cash and cash equivalents	137,355	91,700
Restricted cash	168,809	31,723
Cash, cash equivalents and restricted cash	306,164	123,423	$ 153,548	$ 110,718
Restricted Cash and Cash Equivalents [Member]
Variable Interest Entity [Line Items]
Cash collateral for repurchase agreements and securities activity	$ 157,600	$ 26,100

Accrued Interest Receivable (De

Accrued Interest Receivable (Details) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accrued interest receivable	$ 10,797	$ 10,268
Loans Held-for-Investment [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accrued interest receivable	10,663	10,089
Available-for-sale Securities [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accrued interest receivable	52	57
Held-to-maturity Securities [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accrued interest receivable	$ 82	$ 122

Fair Value, Measurement Inputs,

Fair Value, Measurement Inputs, Disclosure (Details) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities, at fair value	$ 12,830	$ 12,606
Fair Value, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities, at fair value	12,830	12,606
Total assets	12,830	12,606
Fair Value, Inputs, Level 1 [Member] | Fair Value, 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, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities, at fair value	12,830	12,606
Total assets	12,830	12,606
Fair Value, Inputs, Level 3 [Member] | Fair Value, 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 by Balance Sheet Gro

Fair Value by Balance Sheet Grouping (Details) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Fair Value Disclosures [Abstract]
Loans held-for-investment	$ 3,927,095	$ 3,167,913
Loans held-for-investment, at fair value	3,961,948	3,200,980
Available-for-sale securities, at fair value	12,830	12,606
Held-to-maturity securities	19,594	26,696
Held-to-maturity securities, at fair value	19,666	26,611
Cash and cash equivalents	137,355	91,700
Restricted cash	168,809	31,723
Repurchase agreements	1,724,912	1,500,543
Securitized debt obligations	1,124,820	654,263
Securitized debt obligations, at fair value	1,136,007	654,330
Asset-specific financings	114,080	0
Revolving credit facilities	0	75,000
Convertible senior notes	269,241	268,138
Convertible senior notes, at fair value	$ 283,470	$ 270,731

Repurchase Agreements (Details)

Repurchase Agreements (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2019	Dec. 31, 2018
Disclosure of Repurchase Agreements [Abstract]
Repurchase agreements	$ 1,724,912	$ 1,500,543
Weighted average borrowing rate	4.22%	4.61%
Weighted average remaining maturity	1 year 10 months 24 days	10 months 24 days

Schedule of Repurchase Agreemen

Schedule of Repurchase Agreements by Term, Short or Long (Details) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Assets Sold under Agreements to Repurchase [Line Items]
Repurchase agreements	$ 1,724,912	$ 1,500,543
Maturity up to One Year [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Repurchase agreements	284,418	842,078
Maturity Over One Year [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Repurchase agreements	$ 1,440,494	$ 658,465

Schedule of Repurchase Agreem_2

Schedule of Repurchase Agreements by Maturity (Details) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Assets Sold under Agreements to Repurchase [Line Items]
Repurchase agreements	$ 1,724,912	$ 1,500,543
Weighted average borrowing rate	4.22%	4.61%
Loans Held-for-Investment [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Repurchase agreements	$ 1,703,248	$ 1,474,689
Weighted average borrowing rate	4.22%	4.61%
Commercial Mortgage Backed Securities [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Repurchase agreements	$ 21,664	$ 25,854
Weighted average borrowing rate	4.39%	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	21,664	25,854
Maturity 30 to 59 Days [Member] | Loans Held-for-Investment [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Repurchase agreements	0	0
Maturity 30 to 59 Days [Member] | Commercial Mortgage Backed Securities [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Repurchase agreements	21,664	25,854
Maturity 60 to 89 Days [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Repurchase agreements	0	0
Maturity 60 to 89 Days [Member] | Loans Held-for-Investment [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Repurchase agreements	0	0
Maturity 60 to 89 Days [Member] | Commercial Mortgage Backed Securities [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Repurchase agreements	0	0
Maturity 90 to 119 Days [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Repurchase agreements	0	0
Maturity 90 to 119 Days [Member] | Loans Held-for-Investment [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Repurchase agreements	0	0
Maturity 90 to 119 Days [Member] | Commercial Mortgage Backed Securities [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Repurchase agreements	0	0
Maturity 120 to 364 days [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Repurchase agreements	262,754	816,224
Maturity 120 to 364 days [Member] | Loans Held-for-Investment [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Repurchase agreements	262,754	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	1,440,494	658,465
Maturity Over One Year [Member] | Loans Held-for-Investment [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Repurchase agreements	1,440,494	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	Sep. 30, 2019	Dec. 31, 2018
Assets Sold under Agreements to Repurchase [Line Items]
Assets pledged or restricted as collateral for repurchase agreements	$ 2,317,335	$ 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	2,283,362	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	12,830	12,606
Held-to-maturity Securities [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Assets pledged or restricted as collateral for repurchase agreements	19,594	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	$ 1,549	$ 2,922

Schedule of Repurchase Agreem_3

Schedule of Repurchase Agreement Counterparties with Whom Repurchase Agreements Exceed 10 Percent of Stockholders' Equity (Details) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2019USD ($)	Dec. 31, 2018USD ($)
Repurchase Agreement Counterparty [Line Items]
Repurchase agreements	$ 1,724,912	$ 1,500,543
Net counterparty exposure	$ 595,883	$ 557,773
Weighted average years to maturity	1 year 10 months 24 days	10 months 24 days
Repurchase Agreement Counterparty, Morgan Stanley Bank [Member]
Repurchase Agreement Counterparty [Line Items]
Repurchase agreements	$ 600,000	$ 475,474
Net counterparty exposure	$ 221,137	$ 203,274
Percent of equity	22.00%	25.00%
Weighted average years to maturity	1 year 9 months	1 year 5 months 26 days
Repurchase Agreement Counterparty, JPMorgan Chase Bank [Member]
Repurchase Agreement Counterparty [Line Items]
Repurchase agreements	$ 384,436	$ 481,754
Net counterparty exposure	$ 156,116	$ 168,234
Percent of equity	15.00%	20.00%
Weighted average years to maturity	2 years 7 months 6 days	14 days
Repurchase Agreement Counterparty, Goldman Sachs Bank [Member]
Repurchase Agreement Counterparty [Line Items]
Repurchase agreements	$ 262,754	$ 251,785
Net counterparty exposure	$ 85,606	$ 93,651
Percent of equity	8.00%	11.00%
Weighted average years to maturity	17 days	10 days
Repurchase Agreement Counterparty, All Other Counterparties [Member]
Repurchase Agreement Counterparty [Line Items]
Repurchase agreements	$ 477,722	$ 291,531
Net counterparty exposure	$ 133,024	$ 92,614
Percent of equity	13.00%	11.00%
Weighted average years to maturity	2 years 4 months 20 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	2

Asset-Specific Financings (Deta

Asset-Specific Financings (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2019	Dec. 31, 2018
Line of Credit Facility [Line Items]
Asset-specific financings	$ 114,080	$ 0
Weighted average borrowing rate of asset-specific financings	4.00%
Weighted average term to maturity of asset-specific financing facilities	2 years 4 months 24 days
Loans held-for-investment pledged as collateral for borrowings	$ 3,700,000	$ 2,900,000
Asset-Specific Financings [Member]
Line of Credit Facility [Line Items]
Loans held-for-investment pledged as collateral for borrowings	$ 141,300

Schedule Asset-Specific Financi

Schedule Asset-Specific Financing Facilities by Maturity (Details) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Line of Credit Facility [Line Items]
Asset-specific financings	$ 114,080	$ 0
Maturity up to 30 days [Member]
Line of Credit Facility [Line Items]
Asset-specific financings	0	0
Maturity 30 to 59 Days [Member]
Line of Credit Facility [Line Items]
Asset-specific financings	0	0
Maturity 60 to 89 Days [Member]
Line of Credit Facility [Line Items]
Asset-specific financings	0	0
Maturity 90 to 119 Days [Member]
Line of Credit Facility [Line Items]
Asset-specific financings	0	0
Maturity 120 to 364 days [Member]
Line of Credit Facility [Line Items]
Asset-specific financings	0	$ 0
Maturity Over One Year [Member]
Line of Credit Facility [Line Items]
Asset-specific financings	$ 114,080

Revolving Credit Facilities (De

Revolving Credit Facilities (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2019	Dec. 31, 2018
Line of Credit Facility [Line Items]
Typical term per loan of revolving credit facility financing	90 days
Revolving credit facilities	$ 0	$ 75,000
Weighted average borrowing rate of revolving credit facilities		5.20%
Loans held-for-investment pledged as collateral for borrowings	$ 3,700,000	$ 2,900,000
Revolving Credit Facility [Member]
Line of Credit Facility [Line Items]
Loans held-for-investment pledged as collateral for borrowings		$ 127,900

Securitized Debt Obligations (D

Securitized Debt Obligations (Details) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Securitized Debt Obligations [Abstract]
Securitized debt obligations	$ 1,124,820	$ 654,263
Weighted average interest rate of securitized debt obligations outstanding	3.72%	3.58%

Convertible Senior Notes (Detai

Convertible Senior Notes (Details) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2019USD ($)	Dec. 31, 2018USD ($)	Dec. 31, 2017USD ($)
Debt Instrument, Redemption [Line Items]
Convertible senior notes	$ 269,241	$ 268,138
Convertible Debt, 2017 Issuance [Member]
Debt Instrument, Redemption [Line Items]
Proceeds from convertible senior notes			$ 139,500
Convertible senior notes conversion ratio	0.0504873
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)	9 Months Ended
	Sep. 30, 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	Sep. 30, 2019	Dec. 31, 2018
Commitments and Contingencies Disclosure [Abstract]
Unfunded commitments	$ 666,959	$ 626,155

Preferred Stock (Details)

Preferred Stock (Details) - USD ($)	Jun. 28, 2017	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Class of Stock [Line Items]
Preferred stock dividend rate				10.00%
Preferred stock liquidation preference (in usd per share)		$ 1,000		$ 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		$ 1,000
Period after which the holder may redeem preferred stock				6 years
Preferred dividends declared		$ 25,000	$ 25,000	$ 75,000	$ 75,000
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	Sep. 30, 2019	Sep. 30, 2018
Class of Stock [Line Items]
Common stock issued during period (in shares)				10,954,924
Gross proceeds from issuance of common stock		$ 195,000
Proceeds from issuance of common stock, net of offering costs		181,900	$ 130,200	$ 207,405	$ 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)				10,954,924
Restricted stock issued during period (in shares)				277,107	221,131
Common shares outstanding at end of period (in shares)				54,853,205	43,456,234
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)				54,853,205
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							9 Months Ended
	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Sep. 30, 2019	Sep. 30, 2018
Class of Stock [Line Items]
Dividends declared per common share (in usd per share)	$ 0.42				$ 0.42			$ 1.26	$ 1.20
Common Stock [Member]
Class of Stock [Line Items]
Declaration Date	Sep. 18, 2019	Jun. 20, 2019	Mar. 20, 2019	Dec. 19, 2018	Sep. 20, 2018	Jun. 20, 2018	Mar. 15, 2018
Record Date	Oct. 3, 2019	Jul. 5, 2019	Apr. 1, 2019	Dec. 31, 2018	Oct. 2, 2018	Jul. 2, 2018	Mar. 29, 2018
Payment Date	Oct. 18, 2019	Jul. 19, 2019	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	$ 0.42	$ 0.42	$ 0.40	$ 0.38

Stockholders' Equity Share Repu

Stockholders' Equity Share Repurchase Program (Details)	Sep. 30, 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				9 Months Ended
	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Class of Stock [Line Items]
Number of shares authorized to be sold under equity distribution agreement (in shares)	8,000,000				8,000,000
Number of common shares issued under equity distribution agreement and outstanding as of period-end (in shares)	3,242,364				3,242,364
Accumulated proceeds from issuance of common shares under equity distribution agreement	$ 61,200				$ 61,200
Common stock issued during period (in shares)					10,954,924
Issuance of common stock, net of offering costs		$ 50,177	$ 157,228
Management fee reimbursements for stock sold	$ 0			$ 0	$ 100	$ 0
At the Market Offering [Member]
Class of Stock [Line Items]
Common stock issued during period (in shares)	0			0	3,077,424	0
Issuance of common stock, net of offering costs	$ 0			$ 0	$ 58,100	$ 0

Stockholders' Equity Schedule_2

Stockholders' Equity Schedule of Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Stockholders' Equity Attributable to Parent [Abstract]
Unrealized gains	$ 32	$ 0
Unrealized losses	0	(192)
Accumulated other comprehensive income	$ 32	$ (192)

Equity Incentive Plan (Details)

Equity Incentive Plan (Details) - $ / shares	9 Months Ended
	Sep. 30, 2019	Sep. 30, 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
Maximum number of shares that an individual may be granted as a proportion of outstanding common stock	9.80%
Number of restricted common shares granted during period under equity incentive plan (in shares)	277,107	221,131
Weighted average grant date fair value of restricted common shares granted during period under equity incentive plan (in usd per share)	$ 19.31	$ 17.38
Director [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of restricted common shares granted during period under equity incentive plan (in shares)	18,189	19,175
Weighted average grant date fair value of restricted common shares granted during period under equity incentive plan (in usd per share)	$ 19.24	$ 17.86
Award vesting period of restricted common shares granted during period under equity incentive plan	1 year
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		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 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)			277,107	221,131
Weighted average grant date fair value of restricted common shares granted during period under equity incentive plan (in usd per share)			$ 19.31	$ 17.38
Number of restricted common shares vested during period (in shares)			(136,870)	(49,997)
Weighted average grant date fair value of restricted common shares vested during period (in usd per share)			$ (18.20)	$ (19.50)
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)	461,371	321,134	461,371	321,134
Weighted average grant date fair value of nonvested restricted common shares outstanding at end of period (in usd per share)	$ 18.75	$ 18.04	$ 18.75	$ 18.04
Equity based compensation	$ 1,200	$ 1,000	$ 3,600	$ 2,800

Income Taxes (Details)

Income Taxes (Details)	Sep. 30, 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		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Income Tax Disclosure [Abstract]
Current federal tax benefit	$ 0	$ 0	$ 0	$ (1)
Current state tax provision	0	0	0	2
Total current tax provision	0	0	0	1
Deferred tax (benefit)	(1)	(1)	(4)	(3)
Total (benefit from) provision for income taxes	$ (1)	$ (1)	$ (4)	$ (2)

Earnings Per Share (Details)

Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Earnings Per Share [Abstract]
Net income attributable to common stockholders - basic	$ 17,367	$ 16,540	$ 52,463	$ 46,303
Interest expense attributable to convertible notes	0	2,207	0	6,576
Net income attributable to common stockholders - diluted	$ 17,367	$ 18,747	$ 52,463	$ 52,879
Weighted average common shares outstanding (in shares)	54,391,834	43,135,100	52,017,520	43,103,600
Weighted average restricted stock shares (in shares)	461,371	321,134	474,804	322,509
Basic weighted average shares outstanding (in shares)	54,853,205	43,456,234	52,492,324	43,426,109
Effect of dilutive shares issued in an assumed conversion of the convertible senior notes (in shares)	0	7,195,378	0	7,190,155
Diluted weighted average shares outstanding (in shares)	54,853,205	50,651,612	52,492,324	50,616,264
Basic earnings per weighted average common share (in usd per share)	$ 0.32	$ 0.38	$ 1	$ 1.07
Diluted earnings per weighted average common share (in usd per share)	$ 0.32	$ 0.37	$ 1	$ 1.04
Interest expense attributable to antidilutive convertible notes excluded from computation of earnings per share	$ 4,500		$ 13,500
Antidilutive convertible notes excluded from computation of earnings per share (in shares)	13,670,761		13,665,619

Schedule of Related Party Trans

Schedule of Related Party Transactions, by Related Party (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Related Party Transactions [Abstract]
Percent per annum of equity used to calculate management fees			1.50%
Management fees	$ 3,801	$ 3,111	$ 11,013	$ 9,434
Incentive fees	0	0	244	0
Direct and allocated costs incurred by manager	1,700	1,500	$ 10,000	6,700
Cost incurred by manager per share issued			$ 0.20
Equity based compensation	$ 1,200	$ 1,000	$ 3,600	$ 2,800