Granite Point Mortgage Trust (GPMT) 10-K 2 Mar 20 2019 FY Annual report Financial data

Document

Document - USD ($) $ in Billions	12 Months Ended
	Dec. 31, 2019	Feb. 28, 2020	Jun. 30, 2019
Entity Information [Line Items]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 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	FY
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	364-5500
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
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 Public Float			$ 1
Entity Common Stock, Shares Outstanding		55,150,974
Documents Incorporated by Reference	Portions of the registrant’s definitive Proxy Statement for the 2020 Annual Meeting of Stockholders, which will be filed with the Securities and Exchange Commission under Regulation 14A within 120 days after the end of registrant’s fiscal year covered by this Annual Report, are incorporated by reference into Part III.
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		Dec. 31, 2019	Dec. 31, 2018
ASSETS
Loans held-for-investment		$ 4,226,212	$ 3,167,913
Available-for-sale securities, at fair value		12,830	12,606
Held-to-maturity securities		18,076	26,696
Cash and cash equivalents		80,281	91,700
Restricted cash		79,483	31,723
Accrued interest receivable		11,323	10,268
Deferred debt issuance costs		6,245	3,924
Prepaid expenses		883	1,055
Other assets		25,529	15,996
Total Assets	[1]	4,460,862	3,361,881
Liabilities
Repurchase agreements		1,924,021	1,500,543
Securitized debt obligations		1,041,044	654,263
Asset-specific financings		116,465	0
Revolving credit facilities		42,008	75,000
Convertible senior notes		269,634	268,138
Accrued interest payable		7,285	6,394
Unearned interest income		228	510
Dividends payable		23,063	18,346
Other liabilities		16,978	10,156
Total Liabilities	[1]	3,440,726	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		1,048,484	836,288
Accumulated other comprehensive income (loss)		32	(192)
Cumulative earnings		162,076	91,875
Cumulative distributions to stockholders		192,005	100,876
Total Stockholders’ Equity		1,019,136	827,531
Total Liabilities and Stockholders’ Equity		$ 4,460,862	$ 3,361,881
[1]	The consolidated balance sheets include assets of consolidated variable interest entities, or VIEs, that can only be used to settle obligations of these VIEs, and liabilities of the consolidated VIEs for which creditors do not have recourse to Granite Point Mortgage Trust Inc. At December 31, 2019 and December 31, 2018 , assets of the VIEs totaled $1,387,148 and $829,147 , and liabilities of the VIEs totaled $1,042,122 and $654,952 , respectively. See Note 3 - Variable Interest Entities for additional information.

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Statement of Financial Position [Abstract]
10% cumulative redeemable preferred stock par value per share (in usd per share)	$ 0.01	$ 0.01
10% cumulative redeemable preferred shares authorized (in shares)	50,000,000	50,000,000
10% cumulative redeemable preferred shares issued (in shares)	1,000	1,000
10% cumulative redeemable preferred shares outstanding (in shares)	1,000	1,000
Common stock par value per share (in usd per share)	$ 0.01	$ 0.01
Common shares authorized (in shares)	450,000,000	450,000,000
Common shares issued (in shares)	54,853,205	43,621,174
Common shares outstanding (in shares)	54,853,205	43,621,174
Assets of consolidated Variable Interest Entities	$ 1,387,148	$ 829,147
Liabilities of consolidated Variable Interest Entities	$ 1,042,122	$ 654,952

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Interest income:
Loans held-for-investment	$ 240,022,000	$ 179,284,000	$ 113,050,000
Available-for-sale securities	1,221,000	1,160,000	1,035,000
Held-to-maturity securities	2,239,000	3,194,000	3,726,000
Cash and cash equivalents	2,775,000	242,000	26,000
Total interest income	246,257,000	183,880,000	117,837,000
Interest expense:
Repurchase agreements	67,632,000	62,432,000	37,968,000
Securitized debt obligations	46,815,000	17,660,000	0
Convertible senior notes	17,971,000	10,783,000	397,000
Asset-specific financings	2,891,000	0	0
Revolving credit facilities	1,673,000	648,000	0
Note payable to affiliate	0	0	4,098,000
Total interest expense	136,982,000	91,523,000	42,463,000
Net interest income	109,275,000	92,357,000	75,374,000
Other income:
Fee income	1,210,000	1,446,000	0
Total other income	1,210,000	1,446,000	0
Expenses:
Management fees	14,854,000	12,509,000	9,737,000
Incentive fees	244,000	0	0
Servicing expenses	3,670,000	2,196,000	1,354,000
Other operating expenses	21,507,000	16,025,000	10,982,000
Total expenses	40,275,000	30,730,000	22,073,000
Income before income taxes	70,210,000	63,073,000	53,301,000
Benefit from income taxes	(4,000)	(2,000)	(4,000)
Net income	70,214,000	63,075,000	53,305,000
Dividends on preferred stock	100,000	100,000	50,000
Net income attributable to common stockholders	$ 70,114,000	$ 62,975,000	$ 53,255,000
Basic earnings per weighted average common share (in usd per share)	$ 1.32	$ 1.45	$ 0.60
Diluted earnings per weighted average common share (in usd per share)	$ 1.32	$ 1.42	$ 0.60
Weighted average basic common shares outstanding (in shares)	53,087,395	43,445,384	43,234,671
Weighted average diluted common shares outstanding (in shares)	53,087,395	52,039,997	43,234,671
Comprehensive income:
Net income attributable to common stockholders	$ 70,114,000	$ 62,975,000	$ 53,255,000
Other comprehensive income (loss), net of tax:
Unrealized gain (loss) on available-for-sale securities	224,000	(192,000)	112,000
Other comprehensive income (loss)	224,000	(192,000)	112,000
Comprehensive income attributable to common stockholders	$ 70,338,000	$ 62,783,000	$ 53,367,000

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, 2016	0	0
Stockholders’ equity at beginning of period at Dec. 31, 2016	$ 427,991	$ 0	$ 392,608	$ (112)	$ 35,495	$ 0
Capital contributions from Two Harbors Investment Corp.	254,785		254,785
Distributions to Two Harbors Investment Corp.	(60,308)		(308)		(60,000)
Net income	53,305				53,305
Other comprehensive income (loss) before reclassifications	112			112
Amounts reclassified from accumulated other comprehensive income	0			0
Net other comprehensive income (loss)	$ 112			112
Issuance of common stock, net of offering costs (in shares)	43,071,000	43,071,000
Issuance of common stock, net of offering costs	$ 181,964	$ 431	181,533
Common dividends declared	(30,265)					(30,265)
Preferred dividends declared	$ (50)					(50)
Non-cash equity award compensation (in shares)	164,103	164,103
Non-cash equity award compensation	$ 1,087	$ 1	1,086
Common shares outstanding at end of period (in shares) at Dec. 31, 2017	43,235,103	43,235,103
Stockholders’ equity at end of period at Dec. 31, 2017	$ 828,621	$ 432	829,704	0	28,800	(30,315)
Capital contributions from Two Harbors Investment Corp.	0
Distributions to Two Harbors Investment Corp.	0
Net income	63,075				63,075
Other comprehensive income (loss) before reclassifications	(192)			(192)
Amounts reclassified from accumulated other comprehensive income	0			0
Net other comprehensive income (loss)	$ (192)			(192)
Issuance of common stock, net of offering costs (in shares)	164,940	164,940
Issuance of common stock, net of offering costs	$ 3,092	$ 2	3,090
Common dividends declared	(70,461)					(70,461)
Preferred dividends declared	$ (100)					(100)
Non-cash equity award compensation (in shares)	221,131	221,131
Non-cash equity award compensation	$ 3,496	$ 2	3,494
Common shares outstanding at end of period (in shares) at Dec. 31, 2018	43,621,174	43,621,174
Stockholders’ equity at end of period at Dec. 31, 2018	$ 827,531	$ 436	836,288	(192)	91,875	(100,876)
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)
Capital contributions from Two Harbors Investment Corp.	0
Distributions to Two Harbors Investment Corp.	0
Net income	70,214				70,214
Other comprehensive income (loss) before reclassifications	224			224
Amounts reclassified from accumulated other comprehensive income	0			0
Net other comprehensive income (loss)	$ 224			224
Issuance of common stock, net of offering costs (in shares)	10,954,924	10,954,924
Issuance of common stock, net of offering costs	$ 207,514	$ 110	207,404
Common dividends declared	(91,029)					(91,029)
Preferred dividends declared	$ (100)					(100)
Non-cash equity award compensation (in shares)	277,107	277,107
Non-cash equity award compensation	$ 4,782	$ 3	4,779
Common shares outstanding at end of period (in shares) at Dec. 31, 2019	54,853,205	54,853,205
Stockholders’ equity at end of period at Dec. 31, 2019	$ 1,019,136	$ 549	$ 1,048,484	$ 32	$ 162,076	$ (192,005)

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Cash Flows From Operating Activities:
Net income	$ 70,214	$ 63,075	$ 53,305
Adjustments to reconcile net income to net cash provided by operating activities:
Accretion of discounts and net deferred fees on loans held-for-investment	(15,417)	(12,852)	(7,963)
Amortization of deferred debt issuance costs on convertible senior notes and securitized debt obligations	7,588	3,785	4,573
Equity based compensation	4,782	3,496	1,087
Depreciation of fixed assets	266	19	0
Net change in assets and liabilities:
Increase in accrued interest receivable	(1,055)	(3,163)	(3,360)
Decrease (increase) in prepaid expenses	172	(665)	(390)
Increase in other assets	(9,799)	(3,203)	(5,072)
Increase in accrued interest payable	891	3,275	2,464
(Decrease) increase in unearned interest income	(282)	313	54
Decrease in other payables to affiliates	0	0	(21,460)
Increase in other liabilities	6,822	3,339	6,258
Increase in 10% cumulative redeemable preferred stock	0	0	1,000
Net cash provided by operating activities	64,182	57,419	30,496
Cash Flows From Investing Activities:
Originations, acquisitions and additional fundings of loans held-for-investment, net of deferred fees	(1,812,698)	(1,319,529)	(1,032,478)
Proceeds from repayment of loans held-for-investment	769,816	468,734	100,466
Principal payments on held-to-maturity securities	8,620	15,473	6,083
Decrease in due from counterparties	0	0	(249)
Net cash used in investing activities	(1,034,262)	(835,322)	(925,680)
Cash Flows From Financing Activities:
Proceeds from repurchase agreements	1,390,059	1,228,361	1,735,685
Principal payments on repurchase agreements	(966,581)	(1,249,426)	(665,244)
Proceeds from issuance of securitized debt obligations	646,868	651,374	0
Principal payments on securitized debt obligations	(266,179)	0	0
Proceeds from convertible senior notes	0	145,928	121,288
Proceeds from asset-specific financings	116,465	0	0
Proceeds from revolving credit facilities	361,273	124,394	0
Repayment of revolving credit facilities	(394,265)	(49,394)	0
Proceeds from note payable to affiliate	0	0	110,653
Repayment of note payable to affiliate	0	0	(704,285)
(Increase) decrease in deferred debt issuance costs	(2,321)	4,948	(11,054)
Proceeds from issuance of common stock, net of offering costs	207,514	3,092	181,964
Capital contributions from Two Harbors Investment Corp.	0	0	254,785
Distributions to Two Harbors Investment Corp.	0	0	(60,308)
Dividends paid on preferred stock	(100)	(100)	(25)
Dividends paid on common stock	(86,312)	(68,569)	(13,836)
Net cash provided by financing activities	1,006,421	790,608	949,623
Net increase in cash, cash equivalents and restricted cash	36,341	12,705	54,439
Cash, cash equivalents and restricted cash at beginning of period	123,423	110,718	56,279
Cash, cash equivalents and restricted cash at end of period	159,764	123,423	110,718
Supplemental Disclosure of Cash Flow Information:
Cash paid for interest	136,091	88,248	39,999
Cash received for taxes	0	(5)	(4)
Noncash Activities:
Acquisition of TH Commercial Holdings LLC from Two Harbors Investment Corp. in exchange for common and preferred shares (See Note 1)	0	0	651,000
Dividends declared but not paid at end of period	$ 23,063	$ 18,346	$ 16,454

Organization and Operations

Organization and Operations	12 Months Ended
	Dec. 31, 2019
Organization and Operations [Abstract]
Organization and Operations	Organization and Operations Granite Point Mortgage Trust Inc., or the Company, is a Maryland corporation that focuses primarily on directly originating, investing in and managing senior floating-rate commercial mortgage loans and other debt and debt-like commercial real estate investments. The Company is currently 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. On March 2, 2020, the Company announced that it has agreed to a process with the Manager to internalize the Company’s management function. If the internalization is completed, the Company will become a self-managed REIT. There can be no assurance that the internalization will be consummated. 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	12 Months Ended
	Dec. 31, 2019
Basis of Presentation and Significant Accounting Policies [Abstract]
Basis of Presentation and Significant Accounting Policies	Basis of Presentation and Significant Accounting Policies Consolidation and Basis of Presentation The accompanying consolidated financial statements include the accounts of all subsidiaries; inter-company accounts and transactions have been eliminated. Certain prior period amounts have been reclassified to conform to the current period presentation. The accounting and reporting policies of the Company conform to U.S. generally accepted accounting principles, or GAAP. All entities in which the Company holds investments that are considered variable interest entities, or 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 GAAP requires management to make a number of significant estimates. These include estimates of fair value of certain assets and liabilities, amount and timing of allowances for loan losses and impairments and other estimates that affect the reported amounts of certain assets and liabilities as of the date of the consolidated financial statements and the reported amounts of certain revenues and expenses during the reported period. It is likely that changes in these estimates ( e.g. , valuation changes to the underlying collateral of loans due to changes in capitalization rates, leasing, credit worthiness of major tenants, occupancy rates, availability of financing, exit plan, loan sponsorship, actions of other lenders, overall economic conditions, the broader commercial real estate market, local geographic sub-markets or other factors) will occur in the near term. The Company’s estimates are inherently subjective in nature and actual results could differ from its estimates and the differences may be material. Significant Accounting Policies Formation Transaction On June 28, 2017, the Company completed the Formation Transaction, through which the Company acquired the equity interests in the Predecessor from Two Harbors. In accordance with Accounting Standards Codification (ASC) 805, Business Combinations , the Predecessor is considered the acquiring or surviving entity, meaning the historical assets and liabilities of TH Commercial Holdings LLC included in the consolidated balance sheets are recorded at the Predecessor’s historical carryover cost basis. As a result of the Formation Transaction, the Company is considered a continuation of the Predecessor’s business operations and its historical results of operations and cash flows are included in the Company’s consolidated financial statements. In consideration for the contribution, Two Harbors received 33,071,000 shares of the Company’s common stock and 1,000 shares of cumulative redeemable preferred stock with an aggregate liquidation preference of $1,000 per share. Loans Held-for-Investment The Company originates and acquires commercial real estate debt and related instruments generally to be held as long-term investments. These assets are classified as loans held-for-investment on the consolidated balance sheets. Additionally, the Company 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. 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. Interest income on loans held-for-investment is recorded on the consolidated statements of comprehensive income. Loans held-for-investment are reported at cost, net of any unamortized acquisition premiums or discounts, loan fees and origination costs as applicable, unless the assets are deemed impaired. Impairment is indicated when it is deemed probable that the Company will not be able to collect all amounts due pursuant to the contractual terms of the loan. Because the Company’s loans held-for-investment are collateralized by real property or are collateral dependent, impairment is measured by comparing the estimated fair value of the underlying collateral less estimated costs to sell to the amortized cost of the respective loan. The valuation of the underlying collateral requires significant judgment, which includes assumptions regarding capitalization rates, leasing, credit worthiness of major tenants, occupancy rates, availability of financing, exit plan, loan sponsorship, actions of other lenders, overall economic conditions, the broader commercial real estate market, local geographic sub-markets, and other factors deemed necessary. If a loan is determined to be impaired, the Company records an allowance to reduce the carrying value of the loan through a charge to provision for loan losses. Actual losses, if any, could ultimately differ from these estimates. Interest income on loans held-for-investment is recognized at the loan coupon rate. Any premiums or discounts, loan fees, contractual exit fees and origination costs are amortized or accreted into interest income over the lives of the loans using the effective interest method. Generally, loans held-for-investment are placed on nonaccrual status when delinquent for more than 90 days or when determined not to be probable of full collection. Interest income recognition is suspended when loans are placed on nonaccrual status. 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, when there is doubt regarding the ultimate collectability of loan principal, all cash received is applied to reduce the carrying value of such loans. Loans held-for-investment are restored to accrual status only when contractually current or the collection of future payments is reasonably assured. Available-for-Sale Securities, at Fair Value From time to time, the Company may selectively invest in commercial mortgage-backed securities, or CMBS, representing interests in pools of commercial mortgage loans issued by trusts. The Company has designated investments in certain CMBS as available-for-sale, or AFS, because the Company may dispose of them prior to maturity. All assets classified as AFS are reported at estimated fair value with unrealized gains and losses, excluding other than temporary impairments, included in accumulated other comprehensive loss. Interest income on AFS securities is accrued based on the outstanding principal balance and contractual terms. Premiums and discounts associated with CMBS are amortized into interest income over the life of such securities using the effective yield method. On a quarterly basis, the Company evaluates its AFS securities, on a quarterly basis, to assess whether a decline in the fair value of an AFS security below the Company’s amortized cost basis is an other-than-temporary impairment, or OTTI. The presence of OTTI is based upon a fair value decline below a security’s amortized cost basis and a corresponding adverse change in expected cash flows due to credit related factors as well as non-credit factors, such as changes in interest rates and market spreads. Impairment is considered other-than-temporary if an entity (i) intends to sell the security, (ii) will more likely than not be required to sell the security before it recovers in value, or (iii) does not expect to recover the security’s amortized cost basis, even if the entity does not intend to sell the security. Under these scenarios, the impairment is other-than-temporary and the full amount of impairment should be recognized currently in earnings and the cost basis of the investment security is adjusted. However, if an entity does not intend to sell the impaired debt security and it is more likely than not that it will not be required to sell before recovery, the OTTI is separated into (i) the estimated amount relating to credit loss, or credit component, and (ii) the amount relating to all other factors, or non-credit component. Only the estimated credit loss amount is recognized currently in earnings, with the remainder of the loss amount recognized in other comprehensive income (loss). The difference between the new amortized cost basis and the cash flows expected to be collected is accreted as interest income in accordance with the effective interest method. Held-to-Maturity Securities From time to time, the Company may selectively invest in commercial mortgage-backed securities, or CMBS, representing interests in pools of commercial mortgage loans issued by trusts. The Company has designated investments in certain CMBS as held-to-maturity, or HTM, because the Company has both the ability and intent to hold them until maturity. All assets classified as HTM are reported at stated cost plus any premiums or discounts, which are amortized or accreted through the consolidated statement of comprehensive income using the effective interest method. The Company evaluates its HTM securities, on a quarterly basis, to assess whether a decline in the fair value of an HTM security below the Company’s amortized cost basis is an OTTI. The presence of OTTI is based upon a fair value decline below a security’s amortized cost basis and a corresponding adverse change in expected cash flows due to credit related factors. Impairment is considered other-than-temporary if an entity does not expect to recover the security’s amortized cost basis. Impairment is recognized currently in earnings and the cost basis of the HTM security is adjusted. Cash and Cash Equivalents Cash and cash equivalents include cash held in bank accounts and cash held in money market funds on an overnight basis. Restricted Cash Restricted cash includes certain cash balances the Company is required to maintain in restricted accounts as collateral for the Company’s repurchase agreements and with counterparties to support activities related to securities. Cash held by counterparties as collateral, which resides in non-interest bearing accounts, is not available to the Company for general corporate purposes, but may be applied against amounts due to securities and repurchase agreement counterparties or returned to the Company when the collateral requirements are exceeded or at the maturity of the repurchase agreement. Accrued Interest Receivable Accrued interest receivable represents interest that is due and payable to the Company. Cash interest is generally received within 30 days of recording the receivable. Due from Counterparties Due from counterparties includes cash held by counterparties as collateral against the Company’s repurchase agreements but represents excess capacity and deemed unrestricted and a receivable from the counterparty as of the balance sheet date. Deferred Debt Issuance Costs Because the outstanding balance of the Company’s repurchase agreement facilities may fluctuate as the Company borrows and repays amounts, the Company presents unamortized deferred debt issuance costs related to these credit facilities as an asset on its consolidated balance sheets. Amortization of deferred debt issuance costs over the term of the related repurchase facility is reported within interest expense on repurchase agreements on the consolidated statements of comprehensive income. Repurchase Agreements The Company finances the acquisition of its loans held-for-investment, AFS securities and HTM securities through the use of repurchase agreements. Borrowings under repurchase agreements generally bear interest rates of a specified margin over one-month LIBOR and are generally uncommitted. The repurchase agreements are treated as collateralized financing transactions and are carried at their contractual amounts, as specified in the respective agreements. Securitized Debt Obligations The Company finances pools of its loans held-for-investment through collateralized loan obligations, or CLOs, retaining the subordinate securities in its investment portfolio. The CLOs are accounted for as financing arrangements and consolidated on the Company’s consolidated financial statements. The securitized debt obligations not retained by the Company, which are nonrecourse to the Company beyond the assets held in the CLOs, are recorded at outstanding principal balance, net of any unamortized deferred debt issuance costs, on the Company’s consolidated balance sheets. 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. Revolving Credit Facilities The Company finances the acquisition of its loans held-for-investment through the use of revolving credit facilities. Borrowings under revolving credit generally bear interest rates of a specified margin over one-month LIBOR and are generally uncommitted. The revolving credit facilities are treated as collateralized financing transactions and are carried at their contractual amounts, as specified in the respective agreements. Convertible Senior Notes Convertible senior notes include unsecured convertible debt that are carried at their unpaid principal balance, net of any unamortized deferred issuance costs, on the Company’s consolidated balance sheets. Interest on the notes is payable semiannually until such time the notes mature or are converted into shares of the Company’s common stock. Amortization of deferred debt issuance costs over the term of the notes is reported within interest expense on convertible senior notes on the consolidated statements of comprehensive income. Note Payable to Affiliate During the year ended December 31, 2017, the Company financed certain of its loans held-for-investment through a revolving note payable to TH Insurance Holdings Company LLC, or TH Insurance, a captive insurance company and indirect subsidiary of Two Harbors and a member of the Federal Home Loan Bank of Des Moines, or the FHLB. In exchange for the note with TH Insurance, the Company received an allocated portion of TH Insurance’s advances from the FHLB and pledged to the FHLB a portion of its loans held-for-investment as collateral for TH Insurance’s advances. The affiliate note payable reflected terms consistent with TH Insurance’s FHLB advances. During the year ended December 31, 2017, the note payable to TH Insurance was in effect to assist with cash management and operational processes as the investments in the Company’s portfolio pledged to the FHLB were released and transitioned to its repurchase facilities. The affiliate note payable matured on October 27, 2017 and was repaid in full. Accrued Interest Payable Accrued interest payable represents interest that is due and payable to third parties. Interest is generally paid within 30 days to three months of recording the payable, based upon the Company’s remittance requirements. Income Taxes The Company has elected to be taxed as a REIT under the Code and the corresponding provisions of state law. To qualify as a REIT, the Company must distribute at least 90% of its annual REIT taxable income to stockholders (not including taxable income retained in its taxable subsidiaries) within the time frame set forth in the tax Code and the Company must also meet certain other requirements. In addition, because certain activities, if performed by the Company, may cause the Company to earn income which is not qualifying for the REIT gross income tests, the Company has formed TRSs, as defined in the Code, to engage in such activities. The TRS’s activities are subject to income taxes as well as any REIT taxable income not distributed to stockholders. The Company assesses its tax positions for all open tax years and determines whether the Company has any material unrecognized liabilities in accordance with ASC 740, Income Taxes , or ASC 740. The Company records these liabilities to the extent the Company deems them more likely than not to be incurred. The Company classifies interest and penalties on material uncertain tax positions as interest expense and operating expense, respectively, in its consolidated statements of comprehensive income . Tax effects of the Tax Cuts and Jobs Act of 2017 (“TCJA”), which was signed into law on December 22, 2017 significantly revised the U.S. corporate income tax by, among other things, lowering the federal income tax rate applicable to corporations from 35% to 21% and repealing the corporate alternative minimum tax. In addition, the deduction of net interest expense is limited for all businesses; provided that certain businesses, including real estate businesses, may elect not to be subject to such limitations and instead to depreciate their real property related assets over longer depreciable lives. This limitation could adversely affect our TRS. Related Party Management Fee and Operating Expenses The Company does not have any employees and is currently externally managed by the Manager under the terms of a management agreement entered into in connection with closing of the IPO and Formation Transaction on June 28, 2017. Under the management agreement, the Manager and its affiliates provide the Company with the personnel and resources necessary to operate the Company’s business. In exchange, the Company pays the Manager a base management fee that is equal to 1.5% of the Company’s equity on an annualized basis as well as an incentive fee, which will be payable, if earned, beginning in the fourth quarter of 2018, in accordance with the terms of the management agreement. See further discussion of the base management fee and incentive fee calculations in Note 12 - Commitments and Contingencies . On March 2, 2020, the Company announced that it has agreed to a process with the Manager to internalize the Company’s management function. If the internalization is completed, the management agreement will be terminated and therefore the Company will no longer pay a management fee or reimburse expenses. Prior to the IPO and Formation Transaction, the Predecessor was allocated its proportionate share of management fees incurred by Two Harbors under the management agreement that Two Harbors has with PRCM Advisers LLC, or PRCM Advisers, a subsidiary of the Manager. Under its management agreement with PRCM Advisers as in effect during the relevant period, Two Harbors paid PRCM Advisers a base management fee equal to 1.5% of its equity on an annualized basis. Additionally, certain direct and allocated operating expenses paid by the Manager to third-party vendors and by Two Harbors to PRCM Advisers and other third-party vendors are included in the Company’s consolidated statements of comprehensive income. Preferred Stock The Company accounts for its preferred stock in accordance with ASC 480, Distinguishing Liabilities from Equity . Holders of the Company’s preferred stock have certain preference rights with respect to the common stock. Based on the Company’s analysis, the preferred stock has been classified as redeemable interests outside of permanent equity in the mezzanine section of the Company’s consolidated balance sheets as a result of certain redemption requirements or other terms. Earnings Per Share Basic and diluted earnings per share are computed by dividing net income by the weighted average number of common shares and potential common shares outstanding during the period from the date the Company commenced operations as a publicly traded company and completed its IPO and Formation Transaction on June 28, 2017 through December 31, 2019 . Prior to its IPO and Formation Transaction, the Company did not have any publicly issued common stock. For both basic and diluted per share calculations, potential common shares represents issued and unvested shares of restricted stock, which have full rights to the common stock dividend declarations of the Company. If the assumed conversion of convertible notes into common shares is dilutive, diluted earnings per share is adjusted by adding back the periodic interest expense (net of any tax effects) associated with dilutive convertible notes to net income attributable to common stockholders and adding the shares issued in an assumed conversion to the diluted weighted average share count. Other Comprehensive Income (Loss) Current period net unrealized gains and losses on AFS securities are reported as components of accumulated other comprehensive income (loss) on the consolidated statements of stockholders’ equity and in the consolidated statements of comprehensive income. Equity Incentive Plan The Company has adopted the 2017 Equity Incentive Plan, or the Plan, to provide incentive compensation to attract and retain qualified directors, officers, advisors, consultants and other personnel, including certain personnel of the Manager and its affiliates. The Plan is administered by the compensation committee of the Company’s board of directors. The Plan permits the granting of restricted shares of common stock, phantom shares, dividend equivalent rights and other equity-based awards. See Note 15 - Equity Incentive Plan for further details regarding the Plan. The cost of equity-based compensation awarded to employees of our Manager is measured on and fixed at the grant date, based on the price of the Company’s stock as of period end, and amortized over the vesting term. 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. Current Expected Credit Losses In June 2016, the Financial Accounting Standards Board, or FASB, issued ASU 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, or ASU 2016-13. ASU 2016-13 significantly changes how entities will measure credit losses for most financial assets and certain other instruments that are not measured at fair value through net income. ASU 2016-13 will replace the incurred loss model under existing guidance with a Current Expected Credit Loss (or “CECL”), model for instruments measured at amortized cost, and also require entities to record allowances for AFS debt securities rather than reduce the carrying amount, as they do today under the other-than-temporary impairment model. It also simplifies the accounting model for purchased credit-impaired debt securities and loans. In addition, the new model applies to off-balance sheet credit exposures, such as unfunded loan commitments. ASU 2016-13 is effective for fiscal years beginning after December 15, 2019 and is to be adopted through a cumulative-effect adjustment to cumulative earnings as of January 1, 2020. The CECL reserve required under ASU 2016-13 is a valuation account that is deducted from the amortized cost basis of related loans and debt securities on the Company’s consolidated balance sheets, and which will reduce the Company’s total stockholders’ equity. The initial CECL reserve recorded on January 1, 2020 will be reflected as a direct charge to cumulative earnings; however future changes to the CECL reserve will be recognized through net income on the Company’s consolidated statements of operations. While ASU 2016-13 does not require any particular method for determining the CECL allowance, it does specify the allowance should be based on relevant information about past events, including historical loss experience, current portfolio, market conditions, and reasonable and supportable forecasts for the duration of each respective loan. In addition, other than a few narrow exceptions, ASU 2016-13 requires that all financial instruments subject to the CECL model have some amount of loss reserve to reflect the GAAP principal underlying the CECL model that all loans, debt securities, and similar assets have some inherent risk of loss, regardless of credit quality, subordinate capital, or other mitigating factors. The Company’s loans typically include commitments to fund incremental proceeds to its borrowers over the life of the loan. Those future funding commitments are also subject to a CECL reserve. The CECL reserve related to future loan fundings is recorded as a component of other liabilities on the Company’s consolidated balance sheets, and not as an offset to the related loan balance. This CECL reserve will be estimated using the same process outlined below for the Company’s outstanding loan balances, and changes in this component of the CECL reserve will similarly flow through the Company’s consolidated statement of operations. The Company’s implementation process included a selection of a credit loss analytical model, completion and documentation of policies and procedures, changes to internal reporting processes and related internal controls, and additional disclosures. A control framework for governance, data, forecast, and model controls was developed to support the CECL process. Estimating a CECL reserve requires significant judgment and a variety of subjective assumptions, including (i) determination of relevant historical loan loss data sets, (ii) the expected timing and amount of future loan fundings and repayments, (iii) the current credit quality of loans and operating performance of loan collateral and the Company’s expectations of performance, and (iv) expectations for macroeconomic conditions over the relevant time period. Considering the lack of historical company data related to any realized loan losses since its inception, the Company elected to estimate its CECL reserve by using a probability-weighted analytical model that considers the likelihood of default and loss-given-default for each individual loan. The analytical model incorporates third-party database with historical loan losses from 1998 to 2019 for over 100,000 commercial real estate loans. Additionally, in determining its initial CECL reserve estimate, the Company employed a macroeconomic forecast that projects a stable overall economic scenario over the reasonable projection period. Significant inputs to the Company’s estimate of the CECL reserve include loan specific factors such as a debt service coverage ratio (“DSCR”), a loan-to-value ratio (“LTV”), remaining loan term, property type, and others. In certain instances, for loans with unique risk characteristics, we may instead elect to employ different methods to estimate loan losses that also conform to ASU 2016-13 and related guidance. No such method was used to develop the estimate of our initial CECL reserve. Upon adoption of ASU No. 2016-13 on January 1, 2020, the Company expects to record an initial CECL reserve of approximately $18.5 million , or approximately $0.34 per share, which is an equivalent to approximately 0.37% of the Company’s aggregate loan commitment balance of $5.0 billion at December 31, 2019. The Company currently does not have any provision for loan losses recorded in its consolidated financial statements. 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, 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	12 Months Ended
	Dec. 31, 2019
Variable Interest Entities [Abstract]
Variable Interest Entities	Variable Interest Entities The Company finances pools of its commercial real estate loans through CLOs, which are considered 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. The following table presents a summary of the assets and liabilities of all VIEs consolidated on the Company’s consolidated balance sheets as of December 31, 2019 and December 31, 2018 : (in thousands) December 31, December 31, Loans held-for-investment $ 1,301,369 $ 795,259 Restricted cash 76,093 26,136 Accrued interest receivable 3,556 2,622 Other assets 6,130 5,130 Total Assets $ 1,387,148 $ 829,147 Securitized debt obligations $ 1,041,044 $ 654,263 Accrued interest payable 1,078 689 Other liabilities — — Total Liabilities $ 1,042,122 $ 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 consolidated balance sheets. As of December 31, 2019 and December 31, 2018 , the carrying value, which also represents the maximum exposure to loss, of all CMBS in unconsolidated VIEs was $30.9 million and $39.3 million , respectively.

Loans Held-for-Investment

Loans Held-for-Investment	12 Months Ended
	Dec. 31, 2019
Loans Held-for-Investment [Abstract]
Loans Held-for-Investment	Loans Held-for-Investment The Company originates and acquires commercial real estate debt and related instruments generally to be held as long-term investments. These assets are classified as “loans held-for-investment” on the consolidated balance sheets. 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 December 31, 2019 and December 31, 2018 : December 31, (dollars in thousands) Senior Loans (1) Mezzanine Loans B-Notes Total Unpaid principal balance $ 4,229,194 $ 13,503 $ 14,448 $ 4,257,145 Unamortized (discount) premium (124 ) — — (124 ) Unamortized net deferred origination fees (30,788 ) (21 ) — (30,809 ) Carrying value $ 4,198,282 $ 13,482 $ 14,448 $ 4,226,212 Unfunded commitments $ 748,878 $ — $ — $ 748,878 Number of loans 117 2 1 120 Weighted average coupon 5.4 % 11.7 % 8.0 % 5.4 % Weighted average years to maturity (2) 1.8 2.0 7.1 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) December 31, December 31, Property Type Carrying Value % of Loan Portfolio Carrying Value % of Loan Portfolio Office $ 1,779,173 42.0 % $ 1,495,128 47.2 % Multifamily 1,058,708 25.1 % 569,259 18.0 % Hotel 640,503 15.2 % 427,611 13.5 % Retail 398,742 9.4 % 324,447 10.2 % Industrial 312,637 7.4 % 351,468 11.1 % Other 36,449 0.9 % — — % Total $ 4,226,212 100.0 % $ 3,167,913 100.0 % (dollars in thousands) December 31, December 31, Geographic Location Carrying Value % of Loan Portfolio Carrying Value % of Loan Portfolio Northeast $ 1,196,767 28.4 % $ 1,171,691 37.0 % Southwest 923,519 21.8 % 681,108 21.5 % West 735,416 17.4 % 694,223 21.9 % Midwest 700,778 16.6 % 250,930 7.9 % Southeast 669,732 15.8 % 369,961 11.7 % Total $ 4,226,212 100.0 % $ 3,167,913 100.0 % At December 31, 2019 and December 31, 2018 , the Company pledged loans held-for-investment with a carrying value of $4.1 billion and $2.9 billion , respectively, as collateral for repurchase agreements, asset-specific financings, revolving credit facilities and securitized debt obligations. See Note 9 - Borrowings and Note 10 - Securitized Debt Obligations. The following table summarizes activity related to loans held-for-investment for the years ended December 31, 2019 , 2018 and 2017 . Year Ended (in thousands) 2019 2018 2017 Balance at beginning of period $ 3,167,913 $ 2,304,266 $ 1,364,291 Originations, acquisitions and additional fundings 1,833,320 1,338,224 1,048,423 Repayments (769,816 ) (468,734 ) (100,466 ) Net discount accretion (premium amortization) 27 27 (5 ) Increase in net deferred origination fees (20,622 ) (18,694 ) (15,945 ) Amortization of net deferred origination fees 15,390 12,824 7,968 Allowance for loan losses — — — Balance at end of period $ 4,226,212 $ 3,167,913 $ 2,304,266 The Company evaluates each loan for impairment at least quarterly by assessing the risk factors of each loan and assigning a risk rating based on a variety of factors. Risk factors include property type, geographic and local market dynamics, physical condition, leasing and tenant profile, projected cash flow, loan structure and exit plan, loan-to-value ratio, project sponsorship and other factors deemed necessary. Risk ratings are defined as follows: 1 – Lower Risk 2 – Average Risk 3 – Acceptable Risk 4 – Higher Risk: A loan that has exhibited material deterioration in cash flows and/or other credit factors, which, if negative trends continue, could be indicative of future loss. 5 – Impaired/Loss Likely: A loan that has a significantly increased probability of default or principal loss and has been deemed impaired. The following table presents the number of loans, unpaid principal balance and carrying value (amortized cost) by risk rating for loans held-for-investment as of December 31, 2019 and December 31, 2018 : (dollars in thousands) December 31, December 31, Risk Rating Number of Loans Unpaid Principal Balance Carrying Value Number of Loans Unpaid Principal Balance Carrying Value 1 9 $ 293,191 $ 292,270 9 $ 354,791 $ 353,583 2 100 3,661,077 3,632,528 78 2,680,297 2,656,679 3 9 243,127 241,901 3 121,133 120,496 4 2 59,750 59,513 2 37,420 37,155 5 — — — — — — Total 120 $ 4,257,145 $ 4,226,212 92 $ 3,193,641 $ 3,167,913 The Company has not identified any impaired loans and it has not recorded any allowances for losses as it is not deemed probable that the Company will not be able to collect all amounts due pursuant to the contractual terms of the loans.

Available-for-Sale Securities,

Available-for-Sale Securities, at Fair Value	12 Months Ended
	Dec. 31, 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 December 31, 2019 and December 31, 2018 : (in thousands) December 31, December 31, Face value $ 12,798 $ 12,798 Gross unrealized gains 32 — Gross unrealized losses — (192 ) Carrying value $ 12,830 $ 12,606 On December 31, 2019 , the Company’s AFS securities had contractual maturities of less than one year . At December 31, 2019 and December 31, 2018 , the Company pledged AFS securities with a carrying value of $12.8 million and $12.6 million , respectively, as collateral for repurchase agreements. See Note 9 - Borrowings . At December 31, 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 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 (loss) . If the Company intends to sell the security or will be more likely than not required to sell the security, the full unrealized loss is recognized in earnings. The Company did not record any other-than-temporary credit impairments during the years ended December 31, 2019 , 2018 and 2017 as expected cash flows were greater than amortized cost for all AFS securities held.

Held-to-Maturity Securities

Held-to-Maturity Securities	12 Months Ended
	Dec. 31, 2019
Debt Securities, Held-to-maturity, Fair Value to Amortized Cost [Abstract]
Held-to-Maturity Securities	Held-to-Maturity Securities The following table presents the face value and carrying value of HTM securities by collateral type as of December 31, 2019 and December 31, 2018 : (in thousands) December 31, December 31, Face value $ 18,076 $ 26,696 Unamortized premium (discount) — — Carrying value $ 18,076 $ 26,696 On December 31, 2019 , the Company’s HTM securities had contractual maturities of less than one year . At December 31, 2019 and December 31, 2018 , the Company pledged HTM securities with a carrying value of $18.1 million and $26.7 million , respectively, as collateral for repurchase agreements. See Note 9 - Borrowings . Evaluating HTM Securities for Other-Than-Temporary Impairments In evaluating HTM securities for OTTI, the Company determines whether there has been a significant adverse quarterly change in the cash flow expectations for a security. The Company compares the amortized cost of each security against the present value of expected future cash flows of the security. The Company also considers whether there has been a significant adverse change in the regulatory and/or economic environment as part of this analysis. If the amortized cost of the security is greater than the present value of expected future cash flows using the original yield as the discount rate, an other-than-temporary credit impairment has occurred and the credit loss is recognized in earnings. The Company did not record any other-than-temporary credit impairments during the years ended December 31, 2019 , 2018 and 2017 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	12 Months Ended
	Dec. 31, 2019
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents [Abstract]
Cash, Cash Equivalents and Restricted Cash	Cash, Cash Equivalents and Restricted Cash Cash and cash equivalents include cash held in bank accounts and cash held in money market funds on an overnight basis. The Company is required to maintain certain cash balances in restricted accounts as collateral for the Company’s repurchase agreements and with counterparties to support investment activities. As of December 31, 2019 and December 31, 2018 , the Company had $3.4 million and $5.6 million , respectively, as collateral for repurchase agreements and by counterparties to support investment activities. In addition, as of December 31, 2019 and December 31, 2018 , the Company held $76.1 million and $26.1 million , respectively, in restricted cash representing proceeds from principal paydowns of loans held in the CLOs. The following table provides a reconciliation of cash, cash equivalents and restricted cash reported on the Company’s consolidated balance sheets as of December 31, 2019 and December 31, 2018 that sum to the total of the same such amounts shown in the statements of cash flows: (in thousands) December 31, December 31, Cash and cash equivalents $ 80,281 $ 91,700 Restricted cash 79,483 31,723 Total cash, cash equivalents and restricted cash $ 159,764 $ 123,423

Fair Value

Fair Value	12 Months Ended
	Dec. 31, 2019
Fair Value Disclosures [Abstract]
Fair Value	Fair Value Fair Value Measurements ASC 820, Fair Value Measurements , or ASC 820, defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. ASC 820 clarifies that fair value should be based on the assumptions market participants would use when pricing an asset or liability and establishes a fair value hierarchy that prioritizes the information used to develop those assumptions. The fair value hierarchy gives the highest priority to quoted prices available in active markets ( i.e. , observable inputs) and the lowest priority to data lacking transparency ( i.e. , unobservable inputs). Additionally, ASC 820 requires an entity to consider all aspects of nonperformance risk, including the entity’s own credit standing, when measuring fair value of a liability. ASC 820 establishes a three-level hierarchy to be used when measuring and disclosing fair value. An instrument’s categorization within the fair value hierarchy is based on the lowest level of significant input to its valuation. Following is a description of the three levels: Level 1 Inputs are quoted prices in active markets for identical assets or liabilities as of the measurement date under current market conditions. Additionally, the entity must have the ability to access the active market and the quoted prices cannot be adjusted by the entity. Level 2 Inputs include quoted prices in active markets for similar assets or liabilities; quoted prices in inactive markets for identical or similar assets or liabilities; or inputs that are observable or can be corroborated by observable market data by correlation or other means for substantially the full-term of the assets or liabilities. Level 3 Unobservable inputs are supported by little or no market activity. The unobservable inputs represent the assumptions that market participants would use to price the assets and liabilities, including risk. Generally, Level 3 assets and liabilities are valued using pricing models, discounted cash flow methodologies, or similar techniques that require significant judgment or estimation. Following are descriptions of the valuation methodologies used to measure material assets and liabilities at fair value and details of the valuation models, key inputs to those models and significant assumptions utilized. Available-for-sale securities . The Company holds AFS securities that are carried at fair value on the consolidated balance sheets 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). Recurring Fair Value The following tables display the Company’s assets measured at fair value on a recurring basis. The Company does not hold any liabilities measured at fair value on its consolidated balance sheets. Recurring Fair Value Measurements December 31, 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 Transfers between Levels are deemed to take place on the first day of the reporting period in which the transfer has taken place. The Company did not incur transfers between Levels for the years ended December 31, 2019 and 2018 . Nonrecurring Fair Value 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 GAAP. These items would constitute nonrecurring fair value measures under ASC 820. As of December 31, 2019 and December 31, 2018 , the Company did not have any assets or liabilities measured at fair value on a nonrecurring basis in the periods presented. Fair Value of Financial Instruments In accordance with ASC 820, the Company is required to disclose the fair value of financial instruments, both assets and liabilities recognized and not recognized in the consolidated balance sheets, for which fair value can be estimated. The following describes the Company’s methods for estimating the fair value for financial instruments. • Loans held-for-investment are carried at cost, net of any unamortized acquisition premiums or discounts, loan fees and origination costs as applicable. 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 financings 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 and asset-specific financings 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 December 31, 2019 . The Company categorizes the fair value measurement of these assets as Level 2. The following table presents the carrying values and estimated fair values of assets and liabilities that are required to be recorded or disclosed at fair value at December 31, 2019 and December 31, 2018 . December 31, 2019 December 31, 2018 (in thousands) Carrying Value Fair Value Carrying Value Fair Value Assets Loans held-for-investment $ 4,226,212 $ 4,261,612 $ 3,167,913 $ 3,200,980 Available-for-sale securities $ 12,830 $ 12,830 $ 12,606 $ 12,606 Held-to-maturity securities $ 18,076 $ 18,076 $ 26,696 $ 26,611 Cash and cash equivalents $ 80,281 $ 80,281 $ 91,700 $ 91,700 Restricted cash $ 79,483 $ 79,483 $ 31,723 $ 31,723 Liabilities Repurchase agreements $ 1,924,021 $ 1,924,021 $ 1,500,543 $ 1,500,543 Securitized debt obligations $ 1,041,044 $ 1,050,912 $ 654,263 $ 654,330 Asset-specific financings $ 116,465 $ 116,465 $ — $ — Revolving credit facilities $ 42,008 $ 42,008 $ 75,000 $ 75,000 Convertible senior notes $ 269,634 $ 283,332 $ 268,138 $ 270,731

Collateralized Borrowings

Collateralized Borrowings	12 Months Ended
	Dec. 31, 2019
Collateralized Borrowings [Abstract]
Borrowings	To finance its loans held-for-investment, AFS securities and HTM securities, the Company has entered into a variety of financing arrangements, including repurchase agreements, an asset-specific financing facility and a revolving credit facility. The Company’s repurchase agreements are collateralized by loans held-for-investment, AFS and HTM securities (CMBS) and certain cash balances. 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 Company’s asset-specific financing facility is collateralized by loans held-for-investment. The Company’s revolving credit facility is collateralized by a borrowing base of loans held-for-investment and provides intermediate-term bridge or transitional financing for typically approximately 90 days per loan. The following tables summarize details of the Company’s collateralized borrowings outstanding as of December 31, 2019 and December 31, 2018 : December 31, 2019 (in thousands) Maturity Date (1) Amount Outstanding Unused Capacity Total Capacity Carrying Value of Collateral Weighted Average Borrowing Rate Repurchase agreements: Morgan Stanley Bank June 28, 2021 $ 556,887 $ 43,113 $ 600,000 $ 740,791 3.9 % Goldman Sachs Bank May 2, 2020 405,057 94,943 500,000 541,640 3.8 % JPMorgan Chase Bank June 28, 2022 408,819 41,181 450,000 553,020 3.7 % Citibank (2) July 15, 2022 339,888 60,112 400,000 432,867 3.4 % Wells Fargo Bank (3) June 28, 2021 194,113 80,887 275,000 286,672 3.5 % JPMorgan Chase Bank (4) February 10, 2020 19,257 NA NA 30,906 4.1 % Total/Weighted Average $ 1,924,021 $ 320,236 $ 2,225,000 $ 2,585,896 Asset-specific financings: Canadian Imperial Bank of Commerce Various $ 116,465 $ 33,535 $ 150,000 $ 144,322 3.5 % Revolving credit facilities: Citibank (5) July 26, 2021 $ 42,008 $ 32,992 $ 75,000 $ 80,473 4.0 % December 31, 2018 (in thousands) Maturity Date (1) Amount Outstanding Unused Capacity Total Capacity Carrying Value of Collateral Weighted Average Borrowing Rate Repurchase agreements: Morgan Stanley Bank June 28, 2020 $ 475,474 $ 124,526 $ 600,000 $ 677,478 4.7 % Goldman Sachs Bank May 2, 2019 251,785 248,215 500,000 344,785 4.6 % JPMorgan Chase Bank June 28, 2019 455,900 44,100 500,000 606,756 4.6 % Citibank (2) June 28, 2020 182,991 67,009 250,000 238,156 4.4 % Wells Fargo Bank (3) June 28, 2019 108,539 91,461 200,000 145,374 4.6 % JPMorgan Chase Bank (4) February 8, 2019 25,854 NA NA 42,224 4.8 % Total/Weighted Average $ 1,500,543 $ 575,311 $ 2,050,000 $ 2,012,549 Revolving credit facilities: Citibank (5) April 13, 2020 $ 75,000 $ 30,000 $ 105,000 $ 127,947 5.2 % ____________________ (1) The facilities are set to mature on the stated maturity date, unless extended pursuant to their terms. (2) Subsequent to December 31, 2019 , the maximum facility capacity amount increased to $500 million and the maturity date was extended to January 9, 2023. (3) As of December 31, 2019 , the Company retained an option to increase the maximum facility capacity amount up to $350 million , subject to customary terms and conditions. (4) Includes repurchase agreements collateralized by the Company’s CMBS, including both AFS and HTM securities. As of December 31, 2018 , carrying value of collateral includes $2.9 million of cash balances required to be maintained in restricted accounts as collateral for the repurchase agreements. There was no balance maintained in restricted accounts as collateral for repurchase agreements as of December 31, 2019 . (5) As of December 31, 2019 , the Company retained an option to increase the maximum facility capacity amount up to $150 million , subject to customary terms and conditions. At December 31, 2019 , the Company’s collateralized borrowings outstanding had the following remaining maturities: December 31, 2019 (dollars in thousands) Repurchase Agreements Asset-Specific Financings Revolving Credit Facilities Total Amount Outstanding Within one year $ 424,314 $ — $ 42,008 $ 466,322 One to three years 1,499,707 116,465 — 1,616,172 Three to five years — — — — Five years and over — — — — Total $ 1,924,021 $ 116,465 $ 42,008 $ 2,082,494 The following table summarizes certain characteristics of the Company’s repurchase agreements and counterparty concentration at December 31, 2019 and December 31, 2018 : December 31, 2019 December 31, 2018 (dollars in thousands) Amount Outstanding Net Counterparty Exposure (1) Percent of Equity Weighted Average Years to Maturity Amount Outstanding Net Counterparty Exposure (1) Percent of Equity Weighted Average Years to Maturity Morgan Stanley Bank $ 556,887 $ 185,022 18 % 1.49 $ 475,474 $ 203,274 25 % 1.49 JPMorgan Chase Bank 428,076 156,764 15 % 2.39 481,754 168,234 20 % 0.47 Goldman Sachs Bank 405,057 137,326 13 % 0.34 251,785 93,651 11 % 0.33 All other counterparties (2) 534,001 186,557 18 % 2.16 291,530 92,614 11 % 1.12 Total $ 1,924,021 $ 665,669 $ 1,500,543 $ 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 December 31, 2019 and December 31, 2018 . The Company does not anticipate any defaults by its financing counterparties, although there can be no assurance that one or more defaults will not occur.

Securitized Debt Obligations

Securitized Debt Obligations	12 Months Ended
	Dec. 31, 2019
Securitized Debt Obligations [Abstract]
Securitized Debt Obligations	Securitized Debt Obligations The Company finances pools of its commercial real estate loans through CLOs, which are consolidated on the Company’s 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 consolidated balance sheets. As of December 31, 2019 and December 31, 2018 , the outstanding amount due on securitized debt obligations was $1.0 billion and $654.3 million , respectively, net of deferred issuance costs, with a weighted average interest rate of 3.32% and 3.58% , respectively.

Convertible Senior Notes

Convertible Senior Notes	12 Months Ended
	Dec. 31, 2019
Convertible Debt [Abstract]
Convertible Senior Notes	Convertible Senior Notes In December 2017, the Company closed a private placement of $125.0 million aggregate principal amount of convertible senior notes due 2022. In January 2018, an additional $18.8 million in notes were issued by the Company in connection with the exercise of the initial purchaser’s option. The net proceeds from the offering were approximately $139.5 million after deducting underwriting discounts and expenses. The notes are unsecured, pay interest semiannually at a rate of 5.625% per annum and are convertible at the option of the holder into shares of the Company’s common stock. The notes will mature in December 2022 , unless earlier converted or repurchased in accordance with their terms. The Company does not have the right to redeem the notes prior to maturity, but may be required to repurchase the notes from holders under certain circumstances. As of December 31, 2019 , the notes had a conversion rate of 50.5977 shares of common stock per $1,000 principal amount of the notes . In October 2018, the Company closed an underwritten public offering of $131.6 million aggregate principal amount of convertible senior notes due 2023. The net proceeds from the offering were approximately $127.7 million after deducting underwriting discounts and expenses. The notes are unsecured, pay interest semiannually at a rate of 6.375% per annum and are convertible at the option of the holder into shares of the Company’s common stock. The notes will mature in October 2023 , unless earlier converted or repurchased in accordance with their terms. The Company does not have the right to redeem the notes prior to maturity, but may be required to repurchase the notes from holders under certain circumstances. As of December 31, 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 December 31, 2019 and December 31, 2018 was $269.6 million and $268.1 million , respectively, net of deferred issuance costs.

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2019
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies The following represent the material commitments and contingencies of the Company as of December 31, 2019 : Management agreement. Upon closing the IPO on June 28, 2017, the Company entered into a management agreement with the Manager. The Company pays the Manager a base management fee equal to 1.5% of the Company’s equity on an annualized basis, as defined in the management agreement. For purposes of calculating the management fee, equity means the sum of the net proceeds received by the Company from all issuances of its equity securities, plus its cumulative “core earnings” at the end of the most recently completed calendar quarter, less any distributions to stockholders, any amount that the Company has paid to repurchase its stock, and any incentive fees earned by the Manager, but excluding the incentive fee earned in the current quarter. As a result, equity for purposes of calculating the management fee may differ from the amount of stockholders’ equity shown in the Company’s financial statements. 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 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. On March 2, 2020, the Company announced that it has agreed to a process with the Manager to internalize the Company’s management function. If the internalization is completed, the management agreement will be terminated and therefore the Company will no longer pay a management fee or reimburse expenses. 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. See “Management Agreement” above. Legal and regulatory. From time to time, the Company may be subject to liability under laws and government regulations and various claims and legal actions arising in the ordinary course of business. Liabilities are established for legal claims when payments associated with the claims become probable and the costs can be reasonably estimated. The actual costs of resolving legal claims may be substantially higher or lower than the amounts established for those claims. Based on information currently available, management is not aware of any legal or regulatory claims that would have a material effect on the Company’s consolidated financial statements and therefore no accrual is required as of December 31, 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 December 31, 2019 and December 31, 2018 , the Company had unfunded commitments of $748.9 million and $626.2 million , respectively, on loans held-for-investment with expirations dates within the next three years.

Preferred Stock

Preferred Stock	12 Months Ended
	Dec. 31, 2019
Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract]
Preferred Stock	Preferred Stock In connection with the Formation Transaction, the Company issued 1,000 shares of its 10% cumulative redeemable preferred stock to Two Harbors, which immediately sold such preferred stock to an unaffiliated third-party investor. The preferred stock ranks senior to the rights of holders of the Company’s common stock, but junior to all other classes or series of preferred stock that may be issued. The holders of the preferred stock are entitled to receive, when, as and if authorized and declared by the Company, cumulative cash dividends at the rate of 10% per annum of the $1,000 liquidation preference per share of the preferred stock. Such dividends accrue on a daily basis and are cumulative from and including the initial issue date of the preferred stock. The Company has the option at any time after five years from the initial issue date to redeem the preferred stock at a redemption price of $1,000 per share, plus any accrued and unpaid dividends. At any time after six years from the initial issue date, the Company will, at the request of any preferred stockholder, repurchase the holder’s preferred stock at a price of $1,000 per share, plus any accrued and unpaid dividends. During the years ended December 31, 2019 , 2018 and 2017 the Company declared dividends to the preferred stockholder $100,000 , $100,000 and $50,556 respectively.

Stockholders' Equity

Stockholders' Equity	12 Months Ended
	Dec. 31, 2019
Stockholders' Equity Attributable to Parent [Abstract]
Stockholders' Equity	Stockholders’ Equity Common Stock On June 28, 2017, the Company completed the IPO of 10,000,000 shares of its common stock at a price of $19.50 per share, for gross proceeds of $195.0 million . Net proceeds to the Company were approximately $181.9 million , after accounting for issuance costs of approximately $13.1 million . Concurrently with the closing of the IPO, the Company issued 33,071,000 shares of its common stock to Two Harbors in exchange for the equity interests in the Predecessor, which became the Company’s wholly owned indirect subsidiary as a result of the transaction. On November 1, 2017, Two Harbors distributed to its common stockholders the 33,071,000 shares of the Company’s common stock it had acquired in connection with the Formation Transaction, allowing the Company’s market capitalization to be fully floating. On February 5, 2019, the Company closed an underwritten public offering of 6,850,000 shares of its common stock. The Company received total proceeds from the offering of approximately $130.2 million . In addition, the Company granted the underwriters a thirty-day option to purchase up to an additional 1,027,500 shares of its common stock, which was exercised in full on March 6, 2019 resulting in proceeds of $19.5 million from exercise of the underwriters option. In connection with this offering, the Manager agreed to pay approximately $1.6 million of the underwriting fees and discounts. As of December 31, 2019 , the Company had 54,853,205 shares of common stock outstanding. The following table presents a reconciliation of the common shares outstanding from December 31, 2016 through December 31, 2019 : Number of common shares Common shares outstanding, December 31, 2016 — Issuance of common stock 43,071,000 Issuance of restricted stock (1) 164,103 Common shares outstanding, December 31, 2017 43,235,103 Issuance of common stock 164,940 Issuance of restricted stock (1) 221,131 Common shares outstanding, December 31, 2018 43,621,174 Issuance of common stock 10,954,924 Issuance of restricted stock (1) 277,107 Common shares outstanding, December 31, 2019 54,853,205 ____________________ (1) Represents shares of restricted stock granted under the 2017 Equity Incentive Plan. See Note 15 - Equity Incentive Plan for additional information. Distributions to Stockholders The following table presents cash dividends declared by the Company on its common stock since its IPO and Formation Transaction: Declaration Date Record Date Payment Date Cash Dividend Per Share December 18, 2019 December 31, 2019 January 17, 2020 $ 0.42 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 December 18, 2017 December 29, 2017 January 18, 2018 $ 0.38 September 18, 2017 September 29, 2017 October 18, 2017 $ 0.32 Share Repurchase Program On November 21, 2018, the Company's Board of Directors authorized a Share Repurchase Program, which allows the Company to repurchase up to 2,000,000 shares of its common stock. The shares are expected to be repurchased from time to time through privately negotiated transactions or open market transactions, including pursuant to a trading plan in accordance with Rules 10b5-1 and 10b-18 under the Securities Exchange Act of 1934, as amended, or 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 December 31, 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 and 164,940 shares were sold for total proceeds of $58.1 million and $3.1 million during the years ended December 31, 2019 and 2018 , respectively. 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 year ended December 31, 2019 . No shares were sold during the year ended December 31, 2017 . Accumulated Other Comprehensive Income (Loss) Accumulated other comprehensive income (loss) at December 31, 2019 and December 31, 2018 was as follows: (in thousands) December 31, 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 years ended December 31, 2019 , 2018 and 2017 .

Equity Incentive Plan

Equity Incentive Plan	12 Months Ended
	Dec. 31, 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 years ended December 31, 2019 , 2018 , and 2017 the Company granted 18,189 , 19,175 and 14,103 shares of common stock, respectively, to its independent directors as compensation for their service on the Company’s board of directors, pursuant to the terms of the Plan. The estimated fair value of these awards was $19.24 , $17.86 and $19.47 per share on grant date, based on the closing price of the Company’s common stock on the NYSE on such date. The shares have a one year vesting period. Additionally, during the years ended December 31, 2019 , 2018 , and 2017 , the Company granted 258,918 , 201,956 and 150,000 shares of restricted common stock, respectively, to key employees of the Manager and its affiliates pursuant to the terms of the Plan and the associated award agreements. The estimated fair value of these awards was $19.31 , $17.33 and $19.50 per share, respectively, on grant date, based on the closing market price of the Company’s common stock on the NYSE on such date. The shares underlying the grants vest in three equal annual installments commencing on the first anniversary of the grant date, as long as the grantee complies with the terms and conditions of his or her applicable restricted stock award agreement. The following table summarizes the activity related to restricted common stock for the years ended December 31, 2019 and 2018 : Year Ended December 31, 2019 2018 Shares Weighted Average Grant Date Fair Market Value Shares Weighted Average Grant Date Fair Market Value Outstanding at Beginning of Period 321,134 $ 18.04 150,000 $ 19.50 Granted 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 years ended December 31, 2019 , 2018 , and 2017 , the Company recognized compensation related to restricted common stock of $4.8 million , $3.5 million and $1.1 million , respectively.

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2019
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The Company has elected to be taxed as a REIT under the Code for U.S. federal income tax purposes. As long as the Company qualifies as a REIT, the Company generally will not be subject to U.S. federal income taxes on its taxable income to the extent it annually distributes its net taxable income to stockholders, and does not engage in prohibited transactions. The Company intends to distribute 100% of its REIT taxable income and comply with all requirements to continue to qualify as a REIT. The majority of states also recognize the Company’s REIT status. The Company’s TRS files a separate tax return and is fully taxed as a standalone U.S. C-corporation. It is assumed that the Company will retain its REIT status and will incur no REIT level taxation as it intends to comply with the REIT regulations and annual distribution requirements. The Company’s taxable income before dividend distributions differs from its pre-tax net income for GAAP purposes primarily due to differences in timing of income recognition due to the calculations surrounding market discount and original issue discount as well as amendments to loans treated as “significant modifications” for tax under applicable Treasury regulations. These book to tax differences in the REIT are not reflected in the consolidated financial statements as the Company assumes it will retain its REIT status. The following is a reconciliation of the statutory federal and state rates to the effective rates, for the years ended December 31, 2019 , 2018 and 2017 : Year Ended December 31, 2019 2018 2017 (dollars in thousands) Amount Percent Amount Percent Amount Percent Computed income tax expense at federal rate $ 14,744 21 % $ 13,245 21 % $ 18,656 35 % State taxes, net of federal benefit, if applicable — — % 1 — % 1 — % Permanent differences in taxable income from GAAP net income (150 ) — % (94 ) — % 12 — % Dividends paid deduction (14,598 ) (21 )% (13,154 ) (21 )% (18,673 ) (35 )% Benefit from income taxes/ Effective Tax Rate (1) $ (4 ) — % $ (2 ) — % $ (4 ) — % ____________________ (1) The benefit from income taxes is recorded at the taxable subsidiary level. The Company’s permanent differences in taxable income from GAAP net income attributable to common stockholders in the years ended December 31, 2019 , 2018 and 2017 were primarily due to a recurring difference in compensation expense related to restricted stock dividends. Based on the Company’s evaluation, it has been concluded that there are no significant uncertain tax positions requiring recognition in the Company’s consolidated financial statements of a contingent tax liability for uncertain tax positions. Additionally, there were no amounts accrued for penalties or interest as of or during the periods presented in these consolidated financial statements.

Earnings Per Share

Earnings Per Share	12 Months Ended
	Dec. 31, 2019
Earnings Per Share [Abstract]
Earnings Per Share	Earnings Per Share The Company has calculated earnings per share only for the period common stock was outstanding, referred to as the post-formation period. The Company has defined the post-formation period to be the period beginning on June 28, 2017, the date the Company commenced operations as a publicly traded company, and thereafter. Earnings per share is calculated by dividing the net income for the post-formation period by the weighted average number of shares outstanding during the post-formation period. The following table presents a reconciliation of the earnings and shares used in calculating basic and diluted earnings per share for the years ended December 31, 2019 , 2018 and 2017 : Year Ended December 31, (in thousands, except share data) 2019 2018 2017 Numerator: Net income attributable to common stockholders - basic $ 70,114 $ 62,975 $ 25,773 Interest expense attributable to convertible notes (1) — 10,742 — Net income attributable to common stockholders - diluted $ 70,114 $ 73,717 $ 25,773 Denominator: Weighted average common shares outstanding 52,615,977 43,123,222 43,084,671 Weighted average restricted stock shares 471,418 322,162 150,000 Basic weighted average shares outstanding 53,087,395 43,445,384 43,234,671 Effect of dilutive shares issued in an assumed conversion of the convertible senior notes — 8,594,613 — Diluted weighted average shares outstanding 53,087,395 52,039,997 43,234,671 Earnings Per Share Basic $ 1.32 $ 1.45 $ 0.60 Diluted $ 1.32 $ 1.42 $ 0.60 ____________________ (1) Includes a nondiscretionary adjustment for the assumed change in the management fee calculation. For the year ended December 31, 2019 , excluded from the calculation of diluted earnings per share is the effect of adding back $18.0 million of interest expense, net of nondiscretionary adjustment for the assumed change in the management fee calculation, and 13,670,796 weighted average common share equivalents related to the assumed conversion of the Company’s convertible senior notes, as their inclusion would be antidilutive. For the year ended December 31, 2017, excluded from the calculation of diluted earnings per share is the effect of adding back $0.4 million of interest expense, net of a nondiscretionary adjustment for the assumed change in the management fee calculation, and 668,449 weighted average common share equivalents related to the assumed conversion of the Company’s convertible senior notes, as their inclusion would be antidilutive.

Related Party Transactions

Related Party Transactions	12 Months Ended
	Dec. 31, 2019
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions The Company does not have any employees and is currently 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, as defined in the management agreement, on an annualized basis. The Company incurred $14.9 million , $12.5 million and $6.3 million , respectively, as a management fee to the Manager for the years ended December 31, 2019 , 2018 and 2017 . In addition, beginning in the fourth quarter of 2018, incentive fees, if earned, are payable to our Manager, as defined in the management agreement. The Company incurred $0.2 million as an incentive fee to the Manager for the year ended December 31, 2019 . No incentive fees were incurred for the years ended December 31, 2018 and 2017 . See further discussion of the base management fee and incentive fee calculations in Note 12 - Commitments and Contingencies and further discussion of base management fee reimbursements for common stock sold under the Company’s equity distribution agreement in Note 14 - Stockholder’s Equity . On March 2, 2020, the Company announced that it has agreed to a process with the Manager to internalize the Company’s management function. If the internalization is completed, the management agreement will be terminated and therefore the Company will no longer pay a management fee or reimburse expenses. Prior to the IPO and Formation Transaction, the Predecessor was allocated its proportionate share of management fees incurred by Two Harbors under the management agreement that Two Harbors has with PRCM Advisers. Under its management agreement with PRCM Advisers as in effect during the relevant period, Two Harbors paid PRCM Advisers a base management fee equal to 1.5% of its adjusted equity on an annualized basis. The Predecessor was allocated management fees incurred by Two Harbors of $3.4 million for the period from January 1, 2017 through June 27, 2017. During the years ended December 31, 2019 , 2018 and 2017 , the Company reimbursed the Manager for certain direct and allocated net costs incurred by the Manager on behalf of the Company. These direct and allocated net costs totaled approximately $11.7 million , $8.6 million and $2.2 million , respectively. In addition, during the year ended December 31, 2017 , certain direct and allocated operating expenses were paid by Two Harbors to PRCM Advisers and other third-party vendors and included in the Company’s consolidated statements of comprehensive income . These direct and allocated costs totaled approximately $4.5 million for the year ended December 31, 2017 . In addition, during the year ended December 31, 2019 , the Manager paid the underwriters an amount equal to $0.20 per share for each share issued in connection with the Company’s underwritten public offering of its common stock and the related option exercised by the underwriters to purchase additional shares of the Company’s common stock. The Company has contractual relationships with 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 $4.8 million , $3.5 million and $1.1 million of compensation during the years ended December 31, 2019 , 2018 and 2017 related to restricted common stock issued to employees of the Manager and the Company’s independent directors pursuant to the Plan. See Note 15 - Equity Incentive Plan for additional information. During the year ended December 31, 2017, the Company financed certain of its loans held-for-investment through a revolving note payable to TH Insurance Holdings Company LLC, or TH Insurance, a captive insurance company and indirect subsidiary of Two Harbors and a member of the Federal Home Loan Bank of Des Moines, or the FHLB. In exchange for the note with TH Insurance, the Company received an allocated portion of TH Insurance’s advances from the FHLB and pledged to the FHLB a portion of its loans held-for-investment as collateral for TH Insurance’s advances. The affiliate note payable reflected terms consistent with TH Insurance’s FHLB advances. During the year ended December 31, 2017, the note payable to TH Insurance was in effect to assist with cash management and operational processes as the investments in the Company’s portfolio pledged to the FHLB were released and transitioned to its repurchase facilities. The affiliate note payable matured on October 27, 2017 and was repaid in full. The terms of these transactions may have been different had they been transacted with an unrelated third-party.

Subsequent Events

Subsequent Events	12 Months Ended
	Dec. 31, 2019
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events Events subsequent to December 31, 2019 , were evaluated through the date these financial statements were issued and no other additional events were identified requiring further disclosure in these consolidated financial statements, except as set forth below. On March 2, 2020, the Company announced that it has agreed to a process with the Manager to internalize the Company’s management function. There can be no assurance that the internalization will be consummated.

Quarterly Financial Data

Quarterly Financial Data	12 Months Ended
	Dec. 31, 2019
Quarterly Financial Information Disclosure [Abstract]
Quarterly Financial Data	Quarterly Financial Data - Unaudited 2019 Quarter Ended (in thousands, except share data) March 31 June 30 September 30 December 31 Total interest income $ 58,145 $ 59,964 $ 63,444 $ 64,704 Total interest expense 32,008 32,337 36,362 36,275 Net interest income 26,137 27,627 27,082 28,429 Total other income 913 202 — 95 Total expenses 10,082 9,654 9,691 10,848 Benefit from income taxes (1 ) (2 ) (1 ) — Dividends on preferred stock 25 25 25 25 Net income $ 16,944 $ 18,152 $ 17,367 $ 17,651 Basic earnings per weighted average common share $ 0.35 $ 0.34 $ 0.32 $ 0.32 Diluted earnings per weighted average common share $ 0.34 $ 0.33 $ 0.32 $ 0.32 Basic weighted average number of shares of common stock 48,601,431 53,953,634 54,853,205 54,853,205 Diluted weighted average number of shares of common stock 62,256,595 67,624,395 54,853,205 54,853,205 2018 Quarter Ended (in thousands, except share data) March 31 June 30 September 30 December 31 Total interest income $ 39,977 $ 43,509 $ 47,560 $ 52,834 Total interest expense 18,373 21,235 23,365 28,550 Net interest income 21,604 22,274 24,195 24,284 Total other income 882 564 — — Total expenses 7,899 7,613 7,631 7,587 Provision for (benefit from) income taxes 1 (2 ) (1 ) — Dividends on preferred stock 25 25 25 25 Net income $ 14,561 $ 15,202 $ 16,540 $ 16,672 Basic earnings per weighted average common share $ 0.34 $ 0.35 $ 0.38 $ 0.38 Diluted earnings per weighted average common share $ 0.33 $ 0.34 $ 0.37 $ 0.37 Basic weighted average number of shares of common stock 43,374,228 43,446,963 43,456,234 43,502,583 Diluted weighted average number of shares of common stock 50,467,978 50,634,463 50,651,612 56,264,771

Schedule IV Mortgage Loans on R

Schedule IV Mortgage Loans on Real Estate	12 Months Ended
	Dec. 31, 2019
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Abstract]
Mortgage Loans on Real Estate	GRANITE POINT MORTGAGE TRUST INC. SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE As of December 31, 2019 (dollars in thousands) Asset Type/ Location Interest Rate Final Maturity Date (1) Periodic Payment Terms (2) Prior Liens (3) Face Amount Carrying Amount (4) Principal Amount Subject to Delinquent Principal or Interest Loans held-for-investment Retail/West L +3.34% 7/2020 IO $ — $ 113,739 $ 113,186 $ — Mixed-Use/Southwest L +3.65% 12/2020 IO — 120,000 119,969 — Office/West L +3.24% 11/2022 IO — 77,665 76,570 — Multifamily/Midwest L +2.75% 1/2023 IO — 81,440 80,473 — Office/Midwest L +2.80% 8/2022 IO — 72,905 72,200 — Office/Midwest L +3.69% 8/2022 IO — 65,613 64,731 — Hotel/Southwest L +3.45% 7/2022 IO — 68,430 67,847 — Mixed-Use/Northeast L +3.75% 1/2022 IO — 48,333 47,558 — Office/Southeast L +2.55% 11/2022 IO — 60,680 59,941 — Office/Northeast L +3.50% 5/2021 IO — 82,064 81,580 — Mixed-Use/Southwest L +2.69% 7/2022 IO — 79,376 78,680 — Multifamily/Northeast L +3.07% 10/2022 IO — 63,765 63,062 — Mixed-Use/Southeast L +3.36% 10/2022 IO — 75,149 74,565 — Office/Northeast L +4.07% 10/2021 IO — 50,337 50,086 — Hotel/Southwest L +4.45% 12/2020 IO — 68,779 68,445 — Office/Southeast L +3.75% 1/2021 IO — 68,000 67,420 — Retail/West L +3.87% 7/2020 IO — 61,670 61,537 — Office/Northeast L +2.80% 12/2022 IO — 50,201 49,612 — Hotel/Midwest L +3.85% 2/2022 IO — 64,500 63,986 — Hotel/Southeast L +3.78% 5/2021 IO — 64,000 63,687 — Office/West L +4.10% 12/2020 IO — 62,267 61,995 — Office/Southwest L +3.00% 10/2021 IO — 52,317 51,811 — Office/Southwest L +2.90% 12/2021 IO — 45,807 45,401 — Office/Southeast L +4.75% 2/2021 P&I — 56,200 56,078 — Multifamily/Southeast L +3.10% 8/2022 IO — 50,000 49,274 — Office/Northeast L +3.73% 6/2021 IO — 54,480 54,416 — Office/Northeast L +3.30% 7/2022 IO — 48,775 48,274 — Industrial/Northeast L +4.38% 10/2020 IO — 54,000 53,816 — Industrial/Northeast L +3.61% 1/2023 IO — 42,221 41,614 — Industrial/Northeast L +2.70% 10/2021 IO — 49,119 48,855 — Hotel/West L +4.70% 5/2020 IO — 52,000 51,882 — Multifamily/Midwest L +2.99% 12/2021 IO — 51,000 50,648 — Office/Midwest L +3.25% 10/2021 IO — 20,531 20,269 — Multifamily/Southwest L +3.09% 9/2020 IO — 49,408 49,067 — Multifamily/Southwest L +3.60% 5/2021 IO — 50,000 49,714 — Multifamily/Midwest L +4.15% 11/2021 IO — 31,589 31,316 — Industrial/Northeast L +2.93% 12/2021 IO — 42,857 42,570 — Office/Southwest L +3.78% 2/2021 IO — 46,675 46,525 — Industrial/West L +4.50% 1/2020 IO — 47,281 47,281 — Mixed-Use/Northeast L +4.38% 1/2021 IO — 39,431 39,189 — Asset Type/ Location Interest Rate Final Maturity Date (1) Periodic Payment Terms (2) Prior Liens (3) Face Amount Carrying Amount (4) Principal Amount Subject to Delinquent Principal or Interest Mixed-Use/Northeast L +4.07% 5/2021 IO — 31,960 31,760 — Office/Southeast L +2.84% 9/2022 IO — 39,094 38,618 — Office/Northeast L +2.93% 10/2021 IO — 34,942 34,718 — Hotel/West L +3.60% 7/2021 IO — 42,641 42,372 — Multifamily/Southwest L +2.93% 9/2021 IO — 41,667 41,474 — Mixed-Use/Northeast L +3.20% 5/2022 IO — 40,600 40,279 — Office/West L +2.75% 10/2022 IO — 31,050 30,670 — Multifamily/Midwest L +4.24% 11/2020 IO — 40,000 39,874 — Office/Northeast L +3.18% 6/2021 IO — 32,706 32,554 — Hotel/Northeast L +3.70% 7/2022 IO — 34,601 34,269 — Mixed-Use/West L +3.60% 12/2021 IO — 20,057 19,813 — Industrial/Northeast L +2.85% 11/2021 IO — 29,837 29,541 — Office/Southwest L +5.00% 5/2020 IO — 30,882 30,766 — Office/West L +3.90% 1/2021 IO — 35,118 34,950 — Hotel/Midwest L +4.07% 7/2021 IO — 29,012 28,835 — Multifamily/Midwest L +2.92% 1/2023 IO — 27,221 27,009 — Office/Southwest L +4.05% 10/2020 IO — 23,594 23,497 — Office/Southwest L +4.40% 5/2020 IO — 29,221 29,137 — Office/Northeast 5.11 % 3/2026 P&I — 33,800 33,676 — Office/West L +3.15% 10/2022 IO — 25,770 25,411 — Multifamily/Southeast L +2.70% 11/2022 IO — 27,360 27,068 — Office/Northeast L +2.97% 4/2022 IO — 26,894 26,649 — Office/Northeast L +3.32% 8/2022 IO — 6,997 6,718 — Multifamily/Southwest L +2.80% 8/2022 IO — 24,993 24,586 — Multifamily/Midwest L +2.75% 12/2021 IO — 31,120 30,857 — Office/Southeast L +3.50% 5/2021 P&I — 28,704 28,601 — Multifamily/Northeast L +4.10% 7/2020 IO — 30,000 29,928 — Office/Northeast L +4.75% 12/2020 IO — 29,539 29,428 — Multifamily/Southwest L +2.90% 8/2022 IO — 23,600 23,360 — Office/West L +3.40% 7/2021 IO — 24,893 24,673 — Multifamily/Southwest L +3.55% 7/2021 IO — 28,966 28,812 — Office/Southeast L +3.50% 11/2021 IO — 24,704 24,461 — Office/West L +3.18% 11/2022 IO — 18,500 18,308 — Multifamily/Southwest L +2.97% 2/2022 IO — 25,572 25,395 — Hotel/Midwest L +3.90% 12/2021 IO — 23,685 23,519 — Hotel/West L +3.83% 8/2022 IO — 24,000 24,009 — Office/Northeast L +2.90% 2/2022 IO — 22,961 22,726 — Multifamily/Southeast L +3.15% 8/2022 IO — 23,276 22,996 — Office/West L +3.15% 10/2020 IO — 24,154 24,083 — Hotel/Southwest L +5.13% 1/2021 IO — 26,000 25,915 — Office/Southeast L +2.95% 1/2022 IO — 21,145 20,980 — Industrial/Northeast L +3.50% 8/2021 IO — 25,893 25,694 — Mixed-Use/Northeast L +3.87% 10/2021 IO — 22,019 21,839 — Other/Northeast L +4.50% 6/2022 IO — 25,500 25,180 — Hotel/Midwest L +4.07% 4/2021 IO — 25,000 24,853 — Multifamily/Southwest L +2.66% 8/2021 IO — 23,900 23,765 — Asset Type/ Location Interest Rate Final Maturity Date (1) Periodic Payment Terms (2) Prior Liens (3) Face Amount Carrying Amount (4) Principal Amount Subject to Delinquent Principal or Interest Office/Midwest L +3.00% 8/2022 IO — 15,342 15,151 — Hotel/Northeast L +4.90% 9/2020 IO — 23,885 23,819 — Hotel/Northeast L +4.21% 10/2021 IO — 22,263 22,091 — Mixed-Use/Northeast L +4.77% 2/2021 IO — 21,120 20,989 — Multifamily/Midwest L +3.27% 3/2022 IO — 23,325 23,125 — Industrial/Northeast L +5.15% 9/2020 P&I — 23,315 23,266 — Office/West L +2.95% 8/2022 IO — 20,000 19,753 — Office/Southeast L +4.05% 3/2020 IO — 23,000 22,961 — Retail/Southeast L +4.21% 7/2021 IO — 17,051 16,937 — Multifamily/Midwest L +2.99% 1/2022 IO — 22,450 22,313 — Multifamily/Midwest L +4.05% 5/2021 IO — 21,537 21,434 — Multifamily/Northeast L +4.44% 1/2022 IO — 8,855 8,694 — Office/Southwest L +3.24% 10/2021 IO — 18,432 18,316 — Multifamily/Southeast L +2.98% 7/2020 IO — 21,364 21,323 — Multifamily/Midwest L +3.42% 12/2020 IO — 19,665 19,588 — Office/Northeast L +4.20% 9/2020 IO — 21,232 21,167 — Multifamily/Midwest L +2.93% 4/2022 IO — 18,895 18,722 — Mixed-Use/Southeast L +2.90% 6/2022 IO — 19,098 18,919 — Other/Southeast 10.00 % 7/2020 IO — 11,480 11,269 — Hotel/West L +5.15% 4/2021 IO — 19,750 19,639 — Office/West L +3.20% 12/2021 IO — 14,173 14,028 — Multifamily/Southwest L +4.29% 4/2021 IO — 18,700 18,622 — Office/Northeast L +4.77% 8/2020 IO — 18,470 18,404 — Multifamily/Southeast L +2.97% 9/2022 IO — 18,445 18,244 — Multifamily/Southwest L +3.40% 2/2022 IO — 16,568 16,388 — Office/West L +3.75% 8/2021 IO — 10,898 10,807 — Multifamily/Southeast L +2.85% 9/2021 IO — 16,560 16,513 — Multifamily/Southwest L +3.15% 12/2021 IO — 16,164 16,027 — Office/Northeast L +3.96% 7/2022 IO — 9,290 9,144 — Hotel/West 8.00 % 2/2027 P&I 40,000 14,448 14,448 — Multifamily/Midwest L +3.75% 5/2022 IO — 11,709 11,564 — Multifamily/Midwest L +2.99% 9/2022 IO — 10,406 10,310 — Office/Southeast L +9.50% 8/2020 IO 65,261 9,900 9,878 — Hotel/Northeast 13.00 % 11/2025 P&I 59,000 3,603 3,603 — Total loans held-for-investment $ 164,261 $ 4,257,145 $ 4,226,212 $ — ____________________ (1) Based on contractual maturity date. Certain commercial mortgage loans are subject to contractual extension options which may be subject to conditions as stipulated in the loan agreement. Actual maturities may differ from contractual maturities stated herein as certain borrowers may have the right to prepay with or without paying a prepayment penalty. The Company may also extend contractual maturities in connection with loan modifications. (2) Principal and interest (“P&I”); Interest-only (“IO”). Certain commercial mortgage loans labeled as P&I are non-amortizing until a specific date when they begin amortizing P&I, as stated in the loan agreements. (3) Represents third-party priority liens. Third party portions of pari-passu participations are not considered prior liens. (4) As of December 31, 2019 , the aggregate tax basis of the Company’s loans held-for-investment was $4.2 billion .

Basis of Presentation and Sig_2

Basis of Presentation and Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2019
Basis of Presentation and Significant Accounting Policies [Abstract]
Consolidation and Basis of Presentation	Consolidation and Basis of Presentation The accompanying consolidated financial statements include the accounts of all subsidiaries; inter-company accounts and transactions have been eliminated. Certain prior period amounts have been reclassified to conform to the current period presentation. The accounting and reporting policies of the Company conform to U.S. generally accepted accounting principles, or GAAP. All entities in which the Company holds investments that are considered variable interest entities, or 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 GAAP requires management to make a number of significant estimates. These include estimates of fair value of certain assets and liabilities, amount and timing of allowances for loan losses and impairments and other estimates that affect the reported amounts of certain assets and liabilities as of the date of the consolidated financial statements and the reported amounts of certain revenues and expenses during the reported period. It is likely that changes in these estimates ( e.g. , valuation changes to the underlying collateral of loans due to changes in capitalization rates, leasing, credit worthiness of major tenants, occupancy rates, availability of financing, exit plan, loan sponsorship, actions of other lenders, overall economic conditions, the broader commercial real estate market, local geographic sub-markets or other factors) will occur in the near term. The Company’s estimates are inherently subjective in nature and actual results could differ from its estimates and the differences may be material.
Formation Transaction	Formation Transaction On June 28, 2017, the Company completed the Formation Transaction, through which the Company acquired the equity interests in the Predecessor from Two Harbors. In accordance with Accounting Standards Codification (ASC) 805, Business Combinations , the Predecessor is considered the acquiring or surviving entity, meaning the historical assets and liabilities of TH Commercial Holdings LLC included in the consolidated balance sheets are recorded at the Predecessor’s historical carryover cost basis. As a result of the Formation Transaction, the Company is considered a continuation of the Predecessor’s business operations and its historical results of operations and cash flows are included in the Company’s consolidated financial statements. In consideration for the contribution, Two Harbors received 33,071,000 shares of the Company’s common stock and 1,000 shares of cumulative redeemable preferred stock with an aggregate liquidation preference of $1,000 per share.
Loans Held-for-Investment	Loans Held-for-Investment The Company originates and acquires commercial real estate debt and related instruments generally to be held as long-term investments. These assets are classified as loans held-for-investment on the consolidated balance sheets. Additionally, the Company 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. 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. Interest income on loans held-for-investment is recorded on the consolidated statements of comprehensive income. Loans held-for-investment are reported at cost, net of any unamortized acquisition premiums or discounts, loan fees and origination costs as applicable, unless the assets are deemed impaired. Impairment is indicated when it is deemed probable that the Company will not be able to collect all amounts due pursuant to the contractual terms of the loan. Because the Company’s loans held-for-investment are collateralized by real property or are collateral dependent, impairment is measured by comparing the estimated fair value of the underlying collateral less estimated costs to sell to the amortized cost of the respective loan. The valuation of the underlying collateral requires significant judgment, which includes assumptions regarding capitalization rates, leasing, credit worthiness of major tenants, occupancy rates, availability of financing, exit plan, loan sponsorship, actions of other lenders, overall economic conditions, the broader commercial real estate market, local geographic sub-markets, and other factors deemed necessary. If a loan is determined to be impaired, the Company records an allowance to reduce the carrying value of the loan through a charge to provision for loan losses. Actual losses, if any, could ultimately differ from these estimates. Interest income on loans held-for-investment is recognized at the loan coupon rate. Any premiums or discounts, loan fees, contractual exit fees and origination costs are amortized or accreted into interest income over the lives of the loans using the effective interest method. Generally, loans held-for-investment are placed on nonaccrual status when delinquent for more than 90 days or when determined not to be probable of full collection. Interest income recognition is suspended when loans are placed on nonaccrual status. 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, when there is doubt regarding the ultimate collectability of loan principal, all cash received is applied to reduce the carrying value of such loans. Loans held-for-investment are restored to accrual status only when contractually current or the collection of future payments is reasonably assured.
Available-for-Sale and Held-to-Maturity Securities	Available-for-Sale Securities, at Fair Value From time to time, the Company may selectively invest in commercial mortgage-backed securities, or CMBS, representing interests in pools of commercial mortgage loans issued by trusts. The Company has designated investments in certain CMBS as available-for-sale, or AFS, because the Company may dispose of them prior to maturity. All assets classified as AFS are reported at estimated fair value with unrealized gains and losses, excluding other than temporary impairments, included in accumulated other comprehensive loss. Interest income on AFS securities is accrued based on the outstanding principal balance and contractual terms. Premiums and discounts associated with CMBS are amortized into interest income over the life of such securities using the effective yield method. On a quarterly basis, the Company evaluates its AFS securities, on a quarterly basis, to assess whether a decline in the fair value of an AFS security below the Company’s amortized cost basis is an other-than-temporary impairment, or OTTI. The presence of OTTI is based upon a fair value decline below a security’s amortized cost basis and a corresponding adverse change in expected cash flows due to credit related factors as well as non-credit factors, such as changes in interest rates and market spreads. Impairment is considered other-than-temporary if an entity (i) intends to sell the security, (ii) will more likely than not be required to sell the security before it recovers in value, or (iii) does not expect to recover the security’s amortized cost basis, even if the entity does not intend to sell the security. Under these scenarios, the impairment is other-than-temporary and the full amount of impairment should be recognized currently in earnings and the cost basis of the investment security is adjusted. However, if an entity does not intend to sell the impaired debt security and it is more likely than not that it will not be required to sell before recovery, the OTTI is separated into (i) the estimated amount relating to credit loss, or credit component, and (ii) the amount relating to all other factors, or non-credit component. Only the estimated credit loss amount is recognized currently in earnings, with the remainder of the loss amount recognized in other comprehensive income (loss). The difference between the new amortized cost basis and the cash flows expected to be collected is accreted as interest income in accordance with the effective interest method. Held-to-Maturity Securities From time to time, the Company may selectively invest in commercial mortgage-backed securities, or CMBS, representing interests in pools of commercial mortgage loans issued by trusts. The Company has designated investments in certain CMBS as held-to-maturity, or HTM, because the Company has both the ability and intent to hold them until maturity. All assets classified as HTM are reported at stated cost plus any premiums or discounts, which are amortized or accreted through the consolidated statement of comprehensive income using the effective interest method. The Company evaluates its HTM securities, on a quarterly basis, to assess whether a decline in the fair value of an HTM security below the Company’s amortized cost basis is an OTTI. The presence of OTTI is based upon a fair value decline below a security’s amortized cost basis and a corresponding adverse change in expected cash flows due to credit related factors. Impairment is considered other-than-temporary if an entity does not expect to recover the security’s amortized cost basis. Impairment is recognized currently in earnings and the cost basis of the HTM security is adjusted.
Cash and Cash Equivalents	Cash and Cash Equivalents Cash and cash equivalents include cash held in bank accounts and cash held in money market funds on an overnight basis.
Restricted Cash	Restricted Cash Restricted cash includes certain cash balances the Company is required to maintain in restricted accounts as collateral for the Company’s repurchase agreements and with counterparties to support activities related to securities. Cash held by counterparties as collateral, which resides in non-interest bearing accounts, is not available to the Company for general corporate purposes, but may be applied against amounts due to securities and repurchase agreement counterparties or returned to the Company when the collateral requirements are exceeded or at the maturity of the repurchase agreement.
Accrued Interest Receivable	Accrued Interest Receivable Accrued interest receivable represents interest that is due and payable to the Company. Cash interest is generally received within 30 days of recording the receivable.
Due From Counterparties	Due from Counterparties Due from counterparties includes cash held by counterparties as collateral against the Company’s repurchase agreements but represents excess capacity and deemed unrestricted and a receivable from the counterparty as of the balance sheet date.
Deferred Debt Issuance Costs	Deferred Debt Issuance Costs Because the outstanding balance of the Company’s repurchase agreement facilities may fluctuate as the Company borrows and repays amounts, the Company presents unamortized deferred debt issuance costs related to these credit facilities as an asset on its consolidated balance sheets. Amortization of deferred debt issuance costs over the term of the related repurchase facility is reported within interest expense on repurchase agreements on the consolidated statements of comprehensive income.
Repurchase Agreements	Repurchase Agreements The Company finances the acquisition of its loans held-for-investment, AFS securities and HTM securities through the use of repurchase agreements. Borrowings under repurchase agreements generally bear interest rates of a specified margin over one-month LIBOR and are generally uncommitted. The repurchase agreements are treated as collateralized financing transactions and are carried at their contractual amounts, as specified in the respective agreements.
Securitized Debt Obligations	Securitized Debt Obligations The Company finances pools of its loans held-for-investment through collateralized loan obligations, or CLOs, retaining the subordinate securities in its investment portfolio. The CLOs are accounted for as financing arrangements and consolidated on the Company’s consolidated financial statements. The securitized debt obligations not retained by the Company, which are nonrecourse to the Company beyond the assets held in the CLOs, are recorded at outstanding principal balance, net of any unamortized deferred debt issuance costs, on the Company’s consolidated balance sheets.
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.
Revolving Credit Facilities	Revolving Credit Facilities The Company finances the acquisition of its loans held-for-investment through the use of revolving credit facilities. Borrowings under revolving credit generally bear interest rates of a specified margin over one-month LIBOR and are generally uncommitted. The revolving credit facilities are treated as collateralized financing transactions and are carried at their contractual amounts, as specified in the respective agreements.
Convertible Senior Notes	Convertible Senior Notes Convertible senior notes include unsecured convertible debt that are carried at their unpaid principal balance, net of any unamortized deferred issuance costs, on the Company’s consolidated balance sheets. Interest on the notes is payable semiannually until such time the notes mature or are converted into shares of the Company’s common stock. Amortization of deferred debt issuance costs over the term of the notes is reported within interest expense on convertible senior notes on the consolidated statements of comprehensive income.
Note Payable to Affiliate	Note Payable to Affiliate During the year ended December 31, 2017, the Company financed certain of its loans held-for-investment through a revolving note payable to TH Insurance Holdings Company LLC, or TH Insurance, a captive insurance company and indirect subsidiary of Two Harbors and a member of the Federal Home Loan Bank of Des Moines, or the FHLB. In exchange for the note with TH Insurance, the Company received an allocated portion of TH Insurance’s advances from the FHLB and pledged to the FHLB a portion of its loans held-for-investment as collateral for TH Insurance’s advances. The affiliate note payable reflected terms consistent with TH Insurance’s FHLB advances. During the year ended December 31, 2017, the note payable to TH Insurance was in effect to assist with cash management and operational processes as the investments in the Company’s portfolio pledged to the FHLB were released and transitioned to its repurchase facilities. The affiliate note payable matured on October 27, 2017 and was repaid in full.
Accrued Interest Payable	Accrued Interest Payable Accrued interest payable represents interest that is due and payable to third parties. Interest is generally paid within 30 days to three months of recording the payable, based upon the Company’s remittance requirements.
Income Taxes	Income Taxes The Company has elected to be taxed as a REIT under the Code and the corresponding provisions of state law. To qualify as a REIT, the Company must distribute at least 90% of its annual REIT taxable income to stockholders (not including taxable income retained in its taxable subsidiaries) within the time frame set forth in the tax Code and the Company must also meet certain other requirements. In addition, because certain activities, if performed by the Company, may cause the Company to earn income which is not qualifying for the REIT gross income tests, the Company has formed TRSs, as defined in the Code, to engage in such activities. The TRS’s activities are subject to income taxes as well as any REIT taxable income not distributed to stockholders. The Company assesses its tax positions for all open tax years and determines whether the Company has any material unrecognized liabilities in accordance with ASC 740, Income Taxes , or ASC 740. The Company records these liabilities to the extent the Company deems them more likely than not to be incurred. The Company classifies interest and penalties on material uncertain tax positions as interest expense and operating expense, respectively, in its consolidated statements of comprehensive income . Tax effects of the Tax Cuts and Jobs Act of 2017 (“TCJA”), which was signed into law on December 22, 2017 significantly revised the U.S. corporate income tax by, among other things, lowering the federal income tax rate applicable to corporations from 35% to 21% and repealing the corporate alternative minimum tax. In addition, the deduction of net interest expense is limited for all businesses; provided that certain businesses, including real estate businesses, may elect not to be subject to such limitations and instead to depreciate their real property related assets over longer depreciable lives. This limitation could adversely affect our TRS.
Related Party Management Fee and Operating Expenses	Related Party Management Fee and Operating Expenses The Company does not have any employees and is currently externally managed by the Manager under the terms of a management agreement entered into in connection with closing of the IPO and Formation Transaction on June 28, 2017. Under the management agreement, the Manager and its affiliates provide the Company with the personnel and resources necessary to operate the Company’s business. In exchange, the Company pays the Manager a base management fee that is equal to 1.5% of the Company’s equity on an annualized basis as well as an incentive fee, which will be payable, if earned, beginning in the fourth quarter of 2018, in accordance with the terms of the management agreement. See further discussion of the base management fee and incentive fee calculations in Note 12 - Commitments and Contingencies . On March 2, 2020, the Company announced that it has agreed to a process with the Manager to internalize the Company’s management function. If the internalization is completed, the management agreement will be terminated and therefore the Company will no longer pay a management fee or reimburse expenses. Prior to the IPO and Formation Transaction, the Predecessor was allocated its proportionate share of management fees incurred by Two Harbors under the management agreement that Two Harbors has with PRCM Advisers LLC, or PRCM Advisers, a subsidiary of the Manager. Under its management agreement with PRCM Advisers as in effect during the relevant period, Two Harbors paid PRCM Advisers a base management fee equal to 1.5% of its equity on an annualized basis. Additionally, certain direct and allocated operating expenses paid by the Manager to third-party vendors and by Two Harbors to PRCM Advisers and other third-party vendors are included in the Company’s consolidated statements of comprehensive income.
Preferred Stock	Preferred Stock The Company accounts for its preferred stock in accordance with ASC 480, Distinguishing Liabilities from Equity . Holders of the Company’s preferred stock have certain preference rights with respect to the common stock. Based on the Company’s analysis, the preferred stock has been classified as redeemable interests outside of permanent equity in the mezzanine section of the Company’s consolidated balance sheets as a result of certain redemption requirements or other terms.
Earnings Per Share	Earnings Per Share Basic and diluted earnings per share are computed by dividing net income by the weighted average number of common shares and potential common shares outstanding during the period from the date the Company commenced operations as a publicly traded company and completed its IPO and Formation Transaction on June 28, 2017 through December 31, 2019 . Prior to its IPO and Formation Transaction, the Company did not have any publicly issued common stock. For both basic and diluted per share calculations, potential common shares represents issued and unvested shares of restricted stock, which have full rights to the common stock dividend declarations of the Company. If the assumed conversion of convertible notes into common shares is dilutive, diluted earnings per share is adjusted by adding back the periodic interest expense (net of any tax effects) associated with dilutive convertible notes to net income attributable to common stockholders and adding the shares issued in an assumed conversion to the diluted weighted average share count.
Other Comprehensive Income (Loss)	Other Comprehensive Income (Loss) Current period net unrealized gains and losses on AFS securities are reported as components of accumulated other comprehensive income (loss) on the consolidated statements of stockholders’ equity and in the consolidated statements of comprehensive income.
Equity Incentive Plan	Equity Incentive Plan The Company has adopted the 2017 Equity Incentive Plan, or the Plan, to provide incentive compensation to attract and retain qualified directors, officers, advisors, consultants and other personnel, including certain personnel of the Manager and its affiliates. The Plan is administered by the compensation committee of the Company’s board of directors. The Plan permits the granting of restricted shares of common stock, phantom shares, dividend equivalent rights and other equity-based awards. See Note 15 - Equity Incentive Plan for further details regarding the Plan. The cost of equity-based compensation awarded to employees of our Manager is measured on and fixed at the grant date, based on the price of the Company’s stock as of period end, and amortized over the vesting term.
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. Current Expected Credit Losses In June 2016, the Financial Accounting Standards Board, or FASB, issued ASU 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, or ASU 2016-13. ASU 2016-13 significantly changes how entities will measure credit losses for most financial assets and certain other instruments that are not measured at fair value through net income. ASU 2016-13 will replace the incurred loss model under existing guidance with a Current Expected Credit Loss (or “CECL”), model for instruments measured at amortized cost, and also require entities to record allowances for AFS debt securities rather than reduce the carrying amount, as they do today under the other-than-temporary impairment model. It also simplifies the accounting model for purchased credit-impaired debt securities and loans. In addition, the new model applies to off-balance sheet credit exposures, such as unfunded loan commitments. ASU 2016-13 is effective for fiscal years beginning after December 15, 2019 and is to be adopted through a cumulative-effect adjustment to cumulative earnings as of January 1, 2020. The CECL reserve required under ASU 2016-13 is a valuation account that is deducted from the amortized cost basis of related loans and debt securities on the Company’s consolidated balance sheets, and which will reduce the Company’s total stockholders’ equity. The initial CECL reserve recorded on January 1, 2020 will be reflected as a direct charge to cumulative earnings; however future changes to the CECL reserve will be recognized through net income on the Company’s consolidated statements of operations. While ASU 2016-13 does not require any particular method for determining the CECL allowance, it does specify the allowance should be based on relevant information about past events, including historical loss experience, current portfolio, market conditions, and reasonable and supportable forecasts for the duration of each respective loan. In addition, other than a few narrow exceptions, ASU 2016-13 requires that all financial instruments subject to the CECL model have some amount of loss reserve to reflect the GAAP principal underlying the CECL model that all loans, debt securities, and similar assets have some inherent risk of loss, regardless of credit quality, subordinate capital, or other mitigating factors. The Company’s loans typically include commitments to fund incremental proceeds to its borrowers over the life of the loan. Those future funding commitments are also subject to a CECL reserve. The CECL reserve related to future loan fundings is recorded as a component of other liabilities on the Company’s consolidated balance sheets, and not as an offset to the related loan balance. This CECL reserve will be estimated using the same process outlined below for the Company’s outstanding loan balances, and changes in this component of the CECL reserve will similarly flow through the Company’s consolidated statement of operations. The Company’s implementation process included a selection of a credit loss analytical model, completion and documentation of policies and procedures, changes to internal reporting processes and related internal controls, and additional disclosures. A control framework for governance, data, forecast, and model controls was developed to support the CECL process. Estimating a CECL reserve requires significant judgment and a variety of subjective assumptions, including (i) determination of relevant historical loan loss data sets, (ii) the expected timing and amount of future loan fundings and repayments, (iii) the current credit quality of loans and operating performance of loan collateral and the Company’s expectations of performance, and (iv) expectations for macroeconomic conditions over the relevant time period. Considering the lack of historical company data related to any realized loan losses since its inception, the Company elected to estimate its CECL reserve by using a probability-weighted analytical model that considers the likelihood of default and loss-given-default for each individual loan. The analytical model incorporates third-party database with historical loan losses from 1998 to 2019 for over 100,000 commercial real estate loans. Additionally, in determining its initial CECL reserve estimate, the Company employed a macroeconomic forecast that projects a stable overall economic scenario over the reasonable projection period. Significant inputs to the Company’s estimate of the CECL reserve include loan specific factors such as a debt service coverage ratio (“DSCR”), a loan-to-value ratio (“LTV”), remaining loan term, property type, and others. In certain instances, for loans with unique risk characteristics, we may instead elect to employ different methods to estimate loan losses that also conform to ASU 2016-13 and related guidance. No such method was used to develop the estimate of our initial CECL reserve. Upon adoption of ASU No. 2016-13 on January 1, 2020, the Company expects to record an initial CECL reserve of approximately $18.5 million , or approximately $0.34 per share, which is an equivalent to approximately 0.37% of the Company’s aggregate loan commitment balance of $5.0 billion at December 31, 2019. The Company currently does not have any provision for loan losses recorded in its consolidated financial statements. 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, 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)	12 Months Ended
	Dec. 31, 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 consolidated balance sheets as of December 31, 2019 and December 31, 2018 : (in thousands) December 31, December 31, Loans held-for-investment $ 1,301,369 $ 795,259 Restricted cash 76,093 26,136 Accrued interest receivable 3,556 2,622 Other assets 6,130 5,130 Total Assets $ 1,387,148 $ 829,147 Securitized debt obligations $ 1,041,044 $ 654,263 Accrued interest payable 1,078 689 Other liabilities — — Total Liabilities $ 1,042,122 $ 654,952

Loans Held-for-Investment (Tabl

Loans Held-for-Investment (Tables)	12 Months Ended
	Dec. 31, 2019
Loans Held-for-Investment [Abstract]
Schedule of Loans Held-for-Investment	The following tables summarize the Company’s loans held-for-investment by asset type, property type and geographic location as of December 31, 2019 and December 31, 2018 : December 31, (dollars in thousands) Senior Loans (1) Mezzanine Loans B-Notes Total Unpaid principal balance $ 4,229,194 $ 13,503 $ 14,448 $ 4,257,145 Unamortized (discount) premium (124 ) — — (124 ) Unamortized net deferred origination fees (30,788 ) (21 ) — (30,809 ) Carrying value $ 4,198,282 $ 13,482 $ 14,448 $ 4,226,212 Unfunded commitments $ 748,878 $ — $ — $ 748,878 Number of loans 117 2 1 120 Weighted average coupon 5.4 % 11.7 % 8.0 % 5.4 % Weighted average years to maturity (2) 1.8 2.0 7.1 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) December 31, December 31, Property Type Carrying Value % of Loan Portfolio Carrying Value % of Loan Portfolio Office $ 1,779,173 42.0 % $ 1,495,128 47.2 % Multifamily 1,058,708 25.1 % 569,259 18.0 % Hotel 640,503 15.2 % 427,611 13.5 % Retail 398,742 9.4 % 324,447 10.2 % Industrial 312,637 7.4 % 351,468 11.1 % Other 36,449 0.9 % — — % Total $ 4,226,212 100.0 % $ 3,167,913 100.0 %
Schedule of Loans Held-for-Investment by Geographic Location	(dollars in thousands) December 31, December 31, Geographic Location Carrying Value % of Loan Portfolio Carrying Value % of Loan Portfolio Northeast $ 1,196,767 28.4 % $ 1,171,691 37.0 % Southwest 923,519 21.8 % 681,108 21.5 % West 735,416 17.4 % 694,223 21.9 % Midwest 700,778 16.6 % 250,930 7.9 % Southeast 669,732 15.8 % 369,961 11.7 % Total $ 4,226,212 100.0 % $ 3,167,913 100.0 %
Rollforward of Loans Held-for-Investment	The following table summarizes activity related to loans held-for-investment for the years ended December 31, 2019 , 2018 and 2017 . Year Ended (in thousands) 2019 2018 2017 Balance at beginning of period $ 3,167,913 $ 2,304,266 $ 1,364,291 Originations, acquisitions and additional fundings 1,833,320 1,338,224 1,048,423 Repayments (769,816 ) (468,734 ) (100,466 ) Net discount accretion (premium amortization) 27 27 (5 ) Increase in net deferred origination fees (20,622 ) (18,694 ) (15,945 ) Amortization of net deferred origination fees 15,390 12,824 7,968 Allowance for loan losses — — — Balance at end of period $ 4,226,212 $ 3,167,913 $ 2,304,266
Schedule of Loans Held-for-Investment by Internal Risk Rating	The following table presents the number of loans, unpaid principal balance and carrying value (amortized cost) by risk rating for loans held-for-investment as of December 31, 2019 and December 31, 2018 : (dollars in thousands) December 31, December 31, Risk Rating Number of Loans Unpaid Principal Balance Carrying Value Number of Loans Unpaid Principal Balance Carrying Value 1 9 $ 293,191 $ 292,270 9 $ 354,791 $ 353,583 2 100 3,661,077 3,632,528 78 2,680,297 2,656,679 3 9 243,127 241,901 3 121,133 120,496 4 2 59,750 59,513 2 37,420 37,155 5 — — — — — — Total 120 $ 4,257,145 $ 4,226,212 92 $ 3,193,641 $ 3,167,913

Available-for-Sale Securities_2

Available-for-Sale Securities, at Fair Value (Tables)	12 Months Ended
	Dec. 31, 2019
Debt Securities, Available-for-sale [Abstract]
Schedule of Available-for-sale Securities Reconciliation	The following table presents the face value and carrying value (which approximates fair value) of AFS securities as of December 31, 2019 and December 31, 2018 : (in thousands) December 31, 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)	12 Months Ended
	Dec. 31, 2019
Debt Securities, Held-to-maturity, Fair Value to Amortized Cost [Abstract]
Held-to-maturity Securities	The following table presents the face value and carrying value of HTM securities by collateral type as of December 31, 2019 and December 31, 2018 : (in thousands) December 31, December 31, Face value $ 18,076 $ 26,696 Unamortized premium (discount) — — Carrying value $ 18,076 $ 26,696

Cash, Cash Equivalents and Re_2

Cash, Cash Equivalents and Restricted Cash (Tables)	12 Months Ended
	Dec. 31, 2019
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents [Abstract]
Schedule of Cash and Cash Equivalents	The following table provides a reconciliation of cash, cash equivalents and restricted cash reported on the Company’s consolidated balance sheets as of December 31, 2019 and December 31, 2018 that sum to the total of the same such amounts shown in the statements of cash flows: (in thousands) December 31, December 31, Cash and cash equivalents $ 80,281 $ 91,700 Restricted cash 79,483 31,723 Total cash, cash equivalents and restricted cash $ 159,764 $ 123,423

Fair Value (Tables)

Fair Value (Tables)	12 Months Ended
	Dec. 31, 2019
Fair Value Disclosures [Abstract]
Fair Value, Measurement Inputs, Disclosure	The following tables display the Company’s assets measured at fair value on a recurring basis. The Company does not hold any liabilities measured at fair value on its consolidated balance sheets. Recurring Fair Value Measurements December 31, 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 December 31, 2019 and December 31, 2018 . December 31, 2019 December 31, 2018 (in thousands) Carrying Value Fair Value Carrying Value Fair Value Assets Loans held-for-investment $ 4,226,212 $ 4,261,612 $ 3,167,913 $ 3,200,980 Available-for-sale securities $ 12,830 $ 12,830 $ 12,606 $ 12,606 Held-to-maturity securities $ 18,076 $ 18,076 $ 26,696 $ 26,611 Cash and cash equivalents $ 80,281 $ 80,281 $ 91,700 $ 91,700 Restricted cash $ 79,483 $ 79,483 $ 31,723 $ 31,723 Liabilities Repurchase agreements $ 1,924,021 $ 1,924,021 $ 1,500,543 $ 1,500,543 Securitized debt obligations $ 1,041,044 $ 1,050,912 $ 654,263 $ 654,330 Asset-specific financings $ 116,465 $ 116,465 $ — $ — Revolving credit facilities $ 42,008 $ 42,008 $ 75,000 $ 75,000 Convertible senior notes $ 269,634 $ 283,332 $ 268,138 $ 270,731

Collateralized Borrowings (Tabl

Collateralized Borrowings (Tables)	12 Months Ended
	Dec. 31, 2019
Collateralized Borrowings [Abstract]
Schedule of Collateralized Borrowings	The following tables summarize details of the Company’s collateralized borrowings outstanding as of December 31, 2019 and December 31, 2018 : December 31, 2019 (in thousands) Maturity Date (1) Amount Outstanding Unused Capacity Total Capacity Carrying Value of Collateral Weighted Average Borrowing Rate Repurchase agreements: Morgan Stanley Bank June 28, 2021 $ 556,887 $ 43,113 $ 600,000 $ 740,791 3.9 % Goldman Sachs Bank May 2, 2020 405,057 94,943 500,000 541,640 3.8 % JPMorgan Chase Bank June 28, 2022 408,819 41,181 450,000 553,020 3.7 % Citibank (2) July 15, 2022 339,888 60,112 400,000 432,867 3.4 % Wells Fargo Bank (3) June 28, 2021 194,113 80,887 275,000 286,672 3.5 % JPMorgan Chase Bank (4) February 10, 2020 19,257 NA NA 30,906 4.1 % Total/Weighted Average $ 1,924,021 $ 320,236 $ 2,225,000 $ 2,585,896 Asset-specific financings: Canadian Imperial Bank of Commerce Various $ 116,465 $ 33,535 $ 150,000 $ 144,322 3.5 % Revolving credit facilities: Citibank (5) July 26, 2021 $ 42,008 $ 32,992 $ 75,000 $ 80,473 4.0 % December 31, 2018 (in thousands) Maturity Date (1) Amount Outstanding Unused Capacity Total Capacity Carrying Value of Collateral Weighted Average Borrowing Rate Repurchase agreements: Morgan Stanley Bank June 28, 2020 $ 475,474 $ 124,526 $ 600,000 $ 677,478 4.7 % Goldman Sachs Bank May 2, 2019 251,785 248,215 500,000 344,785 4.6 % JPMorgan Chase Bank June 28, 2019 455,900 44,100 500,000 606,756 4.6 % Citibank (2) June 28, 2020 182,991 67,009 250,000 238,156 4.4 % Wells Fargo Bank (3) June 28, 2019 108,539 91,461 200,000 145,374 4.6 % JPMorgan Chase Bank (4) February 8, 2019 25,854 NA NA 42,224 4.8 % Total/Weighted Average $ 1,500,543 $ 575,311 $ 2,050,000 $ 2,012,549 Revolving credit facilities: Citibank (5) April 13, 2020 $ 75,000 $ 30,000 $ 105,000 $ 127,947 5.2 % ____________________ (1) The facilities are set to mature on the stated maturity date, unless extended pursuant to their terms. (2) Subsequent to December 31, 2019 , the maximum facility capacity amount increased to $500 million and the maturity date was extended to January 9, 2023. (3) As of December 31, 2019 , the Company retained an option to increase the maximum facility capacity amount up to $350 million , subject to customary terms and conditions. (4) Includes repurchase agreements collateralized by the Company’s CMBS, including both AFS and HTM securities. As of December 31, 2018 , carrying value of collateral includes $2.9 million of cash balances required to be maintained in restricted accounts as collateral for the repurchase agreements. There was no balance maintained in restricted accounts as collateral for repurchase agreements as of December 31, 2019 . (5) As of December 31, 2019 , the Company retained an option to increase the maximum facility capacity amount up to $150 million , subject to customary terms and conditions.
Schedule of Collateralized Borrowings by Maturity	At December 31, 2019 , the Company’s collateralized borrowings outstanding had the following remaining maturities: December 31, 2019 (dollars in thousands) Repurchase Agreements Asset-Specific Financings Revolving Credit Facilities Total Amount Outstanding Within one year $ 424,314 $ — $ 42,008 $ 466,322 One to three years 1,499,707 116,465 — 1,616,172 Three to five years — — — — Five years and over — — — — Total $ 1,924,021 $ 116,465 $ 42,008 $ 2,082,494
Schedule of Repurchase Agreement Counterparties with Whom Repurchase Agreements Exceed 10 Percent of Stockholders' Equity	The following table summarizes certain characteristics of the Company’s repurchase agreements and counterparty concentration at December 31, 2019 and December 31, 2018 : December 31, 2019 December 31, 2018 (dollars in thousands) Amount Outstanding Net Counterparty Exposure (1) Percent of Equity Weighted Average Years to Maturity Amount Outstanding Net Counterparty Exposure (1) Percent of Equity Weighted Average Years to Maturity Morgan Stanley Bank $ 556,887 $ 185,022 18 % 1.49 $ 475,474 $ 203,274 25 % 1.49 JPMorgan Chase Bank 428,076 156,764 15 % 2.39 481,754 168,234 20 % 0.47 Goldman Sachs Bank 405,057 137,326 13 % 0.34 251,785 93,651 11 % 0.33 All other counterparties (2) 534,001 186,557 18 % 2.16 291,530 92,614 11 % 1.12 Total $ 1,924,021 $ 665,669 $ 1,500,543 $ 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 December 31, 2019 and December 31, 2018 .

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	12 Months Ended
	Dec. 31, 2019
Stockholders' Equity Attributable to Parent [Abstract]
Rollforward of Common Stock	As of December 31, 2019 , the Company had 54,853,205 shares of common stock outstanding. The following table presents a reconciliation of the common shares outstanding from December 31, 2016 through December 31, 2019 : Number of common shares Common shares outstanding, December 31, 2016 — Issuance of common stock 43,071,000 Issuance of restricted stock (1) 164,103 Common shares outstanding, December 31, 2017 43,235,103 Issuance of common stock 164,940 Issuance of restricted stock (1) 221,131 Common shares outstanding, December 31, 2018 43,621,174 Issuance of common stock 10,954,924 Issuance of restricted stock (1) 277,107 Common shares outstanding, December 31, 2019 54,853,205 ____________________ (1) Represents shares of restricted stock granted under the 2017 Equity Incentive Plan. See Note 15 - Equity Incentive Plan for additional information.
Schedule of Dividends Declared	The following table presents cash dividends declared by the Company on its common stock since its IPO and Formation Transaction: Declaration Date Record Date Payment Date Cash Dividend Per Share December 18, 2019 December 31, 2019 January 17, 2020 $ 0.42 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 December 18, 2017 December 29, 2017 January 18, 2018 $ 0.38 September 18, 2017 September 29, 2017 October 18, 2017 $ 0.32
Schedule of Accumulated Other Comprehensive Income (Loss)	Accumulated other comprehensive income (loss) at December 31, 2019 and December 31, 2018 was as follows: (in thousands) December 31, 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)	12 Months Ended
	Dec. 31, 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 years ended December 31, 2019 and 2018 : Year Ended December 31, 2019 2018 Shares Weighted Average Grant Date Fair Market Value Shares Weighted Average Grant Date Fair Market Value Outstanding at Beginning of Period 321,134 $ 18.04 150,000 $ 19.50 Granted 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)	12 Months Ended
	Dec. 31, 2019
Income Tax Disclosure [Abstract]
Schedule of Effective Income Tax Rate Reconciliation	The following is a reconciliation of the statutory federal and state rates to the effective rates, for the years ended December 31, 2019 , 2018 and 2017 : Year Ended December 31, 2019 2018 2017 (dollars in thousands) Amount Percent Amount Percent Amount Percent Computed income tax expense at federal rate $ 14,744 21 % $ 13,245 21 % $ 18,656 35 % State taxes, net of federal benefit, if applicable — — % 1 — % 1 — % Permanent differences in taxable income from GAAP net income (150 ) — % (94 ) — % 12 — % Dividends paid deduction (14,598 ) (21 )% (13,154 ) (21 )% (18,673 ) (35 )% Benefit from income taxes/ Effective Tax Rate (1) $ (4 ) — % $ (2 ) — % $ (4 ) — % ____________________ (1) The benefit from income taxes is recorded at the taxable subsidiary level.

Earnings Per Share (Tables)

Earnings Per Share (Tables)	12 Months Ended
	Dec. 31, 2019
Earnings Per Share [Abstract]
Schedule of Earnings Per Share, Basic and Diluted	The following table presents a reconciliation of the earnings and shares used in calculating basic and diluted earnings per share for the years ended December 31, 2019 , 2018 and 2017 : Year Ended December 31, (in thousands, except share data) 2019 2018 2017 Numerator: Net income attributable to common stockholders - basic $ 70,114 $ 62,975 $ 25,773 Interest expense attributable to convertible notes (1) — 10,742 — Net income attributable to common stockholders - diluted $ 70,114 $ 73,717 $ 25,773 Denominator: Weighted average common shares outstanding 52,615,977 43,123,222 43,084,671 Weighted average restricted stock shares 471,418 322,162 150,000 Basic weighted average shares outstanding 53,087,395 43,445,384 43,234,671 Effect of dilutive shares issued in an assumed conversion of the convertible senior notes — 8,594,613 — Diluted weighted average shares outstanding 53,087,395 52,039,997 43,234,671 Earnings Per Share Basic $ 1.32 $ 1.45 $ 0.60 Diluted $ 1.32 $ 1.42 $ 0.60 ____________________ (1) Includes a nondiscretionary adjustment for the assumed change in the management fee calculation.

Quarterly Financial Data (Table

Quarterly Financial Data (Tables)	12 Months Ended
	Dec. 31, 2019
Quarterly Financial Information Disclosure [Abstract]
Quarterly Financial Data	2019 Quarter Ended (in thousands, except share data) March 31 June 30 September 30 December 31 Total interest income $ 58,145 $ 59,964 $ 63,444 $ 64,704 Total interest expense 32,008 32,337 36,362 36,275 Net interest income 26,137 27,627 27,082 28,429 Total other income 913 202 — 95 Total expenses 10,082 9,654 9,691 10,848 Benefit from income taxes (1 ) (2 ) (1 ) — Dividends on preferred stock 25 25 25 25 Net income $ 16,944 $ 18,152 $ 17,367 $ 17,651 Basic earnings per weighted average common share $ 0.35 $ 0.34 $ 0.32 $ 0.32 Diluted earnings per weighted average common share $ 0.34 $ 0.33 $ 0.32 $ 0.32 Basic weighted average number of shares of common stock 48,601,431 53,953,634 54,853,205 54,853,205 Diluted weighted average number of shares of common stock 62,256,595 67,624,395 54,853,205 54,853,205 2018 Quarter Ended (in thousands, except share data) March 31 June 30 September 30 December 31 Total interest income $ 39,977 $ 43,509 $ 47,560 $ 52,834 Total interest expense 18,373 21,235 23,365 28,550 Net interest income 21,604 22,274 24,195 24,284 Total other income 882 564 — — Total expenses 7,899 7,613 7,631 7,587 Provision for (benefit from) income taxes 1 (2 ) (1 ) — Dividends on preferred stock 25 25 25 25 Net income $ 14,561 $ 15,202 $ 16,540 $ 16,672 Basic earnings per weighted average common share $ 0.34 $ 0.35 $ 0.38 $ 0.38 Diluted earnings per weighted average common share $ 0.33 $ 0.34 $ 0.37 $ 0.37 Basic weighted average number of shares of common stock 43,374,228 43,446,963 43,456,234 43,502,583 Diluted weighted average number of shares of common stock 50,467,978 50,634,463 50,651,612 56,264,771

Organization and Operations (De

Organization and Operations (Details) - shares	Jun. 28, 2017	Dec. 31, 2019
Class of Stock [Line Items]
Ownership percentage by Two Harbors Investment Corp.	76.50%
Preferred stock dividend rate		10.00%
Common Stock [Member]
Class of Stock [Line Items]
Number of shares issued in exchange for acquisition of TH Commercial Holdings LLC (in shares)	33,071,000
Preferred Stock [Member]
Class of Stock [Line Items]
Number of shares issued in exchange for acquisition of TH Commercial Holdings LLC (in shares)	1,000

Organization and Operations Two

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

Basis of Presentation and Sig_3

Basis of Presentation and Significant Accounting Policies Formation Transaction (Details) - $ / shares	Jun. 28, 2017	Dec. 31, 2019
Class of Stock [Line Items]
Preferred stock, redemption price per share (in usd per share)		$ 1,000
Common Stock [Member]
Class of Stock [Line Items]
Number of shares issued in exchange for acquisition of TH Commercial Holdings LLC (in shares)	33,071,000
Preferred Stock [Member]
Class of Stock [Line Items]
Number of shares issued in exchange for acquisition of TH Commercial Holdings LLC (in shares)	1,000

Basis of Presentation and Sig_4

Basis of Presentation and Significant Accounting Policies Loans Held-for-Investment (Details)	12 Months Ended
	Dec. 31, 2019
Basis of Presentation and Significant Accounting Policies [Abstract]
Threshold period when delinquent loans are placed on nonaccrual status	90 days

Basis of Presentation and Sig_5

Basis of Presentation and Significant Accounting Policies Accrued Interest Receivable (Details)	Dec. 31, 2019
Basis of Presentation and Significant Accounting Policies [Abstract]
Number of days within which accrued interest receivables are generally received in cash	30 days

Basis of Presentation and Sig_6

Basis of Presentation and Significant Accounting Policies Accrued Interest Payable (Details)	12 Months Ended
	Dec. 31, 2019
Basis of Presentation and Significant Accounting Policies [Abstract]
Number of days within which accrued interest payables are generally paid in cash	30 days

Basis of Presentation and Sig_7

Basis of Presentation and Significant Accounting Policies Income Taxes (Details)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Basis of Presentation and Significant Accounting Policies [Abstract]
Percent of REIT taxable income the company is required to distribute	90.00%
Federal income tax rate applicable to corporations	21.00%	21.00%	35.00%

Basis of Presentation and Sig_8

Basis of Presentation and Significant Accounting Policies Related Party Management Fee and Operating Expenses (Details)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2017
Basis of Presentation and Significant Accounting Policies [Abstract]
Percent per annum of equity used to calculate management fees	1.50%	1.50%

Basis of Presentation and Sig_9

Basis of Presentation and Significant Accounting Policies Measurement of Credit Losses on Financial Instruments (Details) $ / shares in Units, $ in Millions	Jan. 01, 2020USD ($)$ / shares	Dec. 31, 2019USD ($)loan
Basis of Presentation and Significant Accounting Policies [Abstract]
Number of commercial real estate loans included in third-party historical loan loss database | loan		100,000
Estimated allowance for credit losses on loans held-for-investment upon adoption of ASU 2016-13	$ 18.5
Estimated allowance for credit losses on loans held-for-investment upon adoption of ASU 2016-13 (in usd per share) | $ / shares	$ 0.34
Estimated allowance for credit losses, as a percentage of loans held-for-investment, upon adoption of ASU 2016-13	0.37%
Loans held-for-investment, maximum commitment		$ 5,000

Variable Interest Entities (Det

Variable Interest Entities (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Variable Interest Entity [Line Items]
Assets of consolidated Variable Interest Entities	$ 1,387,148	$ 829,147
Liabilities of consolidated Variable Interest Entities	1,042,122	654,952
Assets of nonconsolidated Variable Interest Entities	30,900	39,300
Maximum exposure to loss of nonconsolidated Variable Interest Entities	30,906	39,302
Loans Held-for-Investment [Member]
Variable Interest Entity [Line Items]
Assets of consolidated Variable Interest Entities	1,301,369	795,259
Restricted Cash and Cash Equivalents [Member]
Variable Interest Entity [Line Items]
Assets of consolidated Variable Interest Entities	76,093	26,136
Accrued Interest Receivable [Member]
Variable Interest Entity [Line Items]
Assets of consolidated Variable Interest Entities	3,556	2,622
Other Assets [Member]
Variable Interest Entity [Line Items]
Assets of consolidated Variable Interest Entities	6,130	5,130
Assets, Total [Member]
Variable Interest Entity [Line Items]
Assets of consolidated Variable Interest Entities	1,387,148	829,147
Securitized Debt Obligations [Member]
Variable Interest Entity [Line Items]
Liabilities of consolidated Variable Interest Entities	1,041,044	654,263
Accrued Interest Payable [Member]
Variable Interest Entity [Line Items]
Liabilities of consolidated Variable Interest Entities	1,078	689
Other Liabilities [Member]
Variable Interest Entity [Line Items]
Liabilities of consolidated Variable Interest Entities	0	0
Liabilities, Total [Member]
Variable Interest Entity [Line Items]
Liabilities of consolidated Variable Interest Entities	$ 1,042,122	$ 654,952

Loans Held-for-Investment (Deta

Loans Held-for-Investment (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2019USD ($)loan	Dec. 31, 2018USD ($)loan
Accounts, Notes, Loans and Financing Receivable [Line Items]
Threshold period when delinquent loans are placed on nonaccrual status	90 days
Unpaid principal balance	$ 4,257,145	$ 3,193,641
Unamortized (discount) premium	(124)	(151)
Unamortized net deferred origination fees	(30,809)	(25,577)
Loans held-for-investment	4,226,212	3,167,913
Unfunded commitments	$ 748,878	$ 626,155
Number of loans | loan	120	92
Weighted average coupon	5.40%	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	$ 4,229,194	$ 3,147,310
Unamortized (discount) premium	(124)	(151)
Unamortized net deferred origination fees	(30,788)	(25,577)
Loans held-for-investment	4,198,282	3,121,582
Unfunded commitments	$ 748,878	$ 626,155
Number of loans | loan	117	88
Weighted average coupon	5.40%	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	$ 13,503	$ 31,679
Unamortized (discount) premium	0	0
Unamortized net deferred origination fees	(21)	0
Loans held-for-investment	13,482	31,679
Unfunded commitments	$ 0	$ 0
Number of loans | loan	2	3
Weighted average coupon	11.70%	11.40%
Weighted average years to maturity	2 years	1 year 10 months 24 days
Junior Loans [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unpaid principal balance	$ 14,448	$ 14,652
Unamortized (discount) premium	0	0
Unamortized net deferred origination fees	0	0
Loans held-for-investment	14,448	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 1 month 6 days	8 years 1 month 6 days

Loans Held-for-Investment by Pr

Loans Held-for-Investment by Property Type (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans held-for-investment	$ 4,226,212	$ 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	$ 1,779,173	$ 1,495,128
Percentage of total loans held-for-investment	42.00%	47.20%
Multifamily [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans held-for-investment	$ 1,058,708	$ 569,259
Percentage of total loans held-for-investment	25.10%	18.00%
Hotel [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans held-for-investment	$ 640,503	$ 427,611
Percentage of total loans held-for-investment	15.20%	13.50%
Retail Site [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans held-for-investment	$ 398,742	$ 324,447
Percentage of total loans held-for-investment	9.40%	10.20%
Industrial Property [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans held-for-investment	$ 312,637	$ 351,468
Percentage of total loans held-for-investment	7.40%	11.10%
Other Property [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans held-for-investment	$ 36,449	$ 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	Dec. 31, 2019	Dec. 31, 2018
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans held-for-investment	$ 4,226,212	$ 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	$ 1,196,767	$ 1,171,691
Percentage of total loans held-for-investment	28.40%	37.00%
United States, Western Region [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans held-for-investment	$ 735,416	$ 694,223
Percentage of total loans held-for-investment	17.40%	21.90%
United States, Southwestern Region [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans held-for-investment	$ 923,519	$ 681,108
Percentage of total loans held-for-investment	21.80%	21.50%
United States, Southeastern Region [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans held-for-investment	$ 669,732	$ 369,961
Percentage of total loans held-for-investment	15.80%	11.70%
United States, Midwestern Region [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans held-for-investment	$ 700,778	$ 250,930
Percentage of total loans held-for-investment	16.60%	7.90%

Rollforward of Loans Held-for-I

Rollforward of Loans Held-for-Investment (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Loans Held-for-Investment [Abstract]
Loans held-for-investment pledged as collateral for borrowings	$ 4,100,000	$ 2,900,000
Loans Held-for-Investment [Roll Forward]
Loans held-for-investment at beginning of period	3,167,913	2,304,266	$ 1,364,291
Originations, acquisitions and additional fundings	1,833,320	1,338,224	1,048,423
Repayments	(769,816)	(468,734)	(100,466)
Net discount accretion (premium amortization)	27	27	(5)
Increase in net deferred origination fees	(20,622)	(18,694)	(15,945)
Accretion of discounts and net deferred fees on loans held-for-investment	15,390	12,824	7,968
Allowance for loan losses	0	0	0
Loans held-for-investment at end of period	$ 4,226,212	$ 3,167,913	$ 2,304,266

Loans Held-for-Investment by In

Loans Held-for-Investment by Internal Risk Rating (Details) $ in Thousands	Dec. 31, 2019USD ($)loan	Dec. 31, 2018USD ($)loan
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of loans | loan	120	92
Unpaid principal balance	$ 4,257,145	$ 3,193,641
Loans held-for-investment	$ 4,226,212	$ 3,167,913
Risk Rating 1 [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of loans | loan	9	9
Unpaid principal balance	$ 293,191	$ 354,791
Loans held-for-investment	$ 292,270	$ 353,583
Risk Rating 2 [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of loans | loan	100	78
Unpaid principal balance	$ 3,661,077	$ 2,680,297
Loans held-for-investment	$ 3,632,528	$ 2,656,679
Risk Rating 3 [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of loans | loan	9	3
Unpaid principal balance	$ 243,127	$ 121,133
Loans held-for-investment	$ 241,901	$ 120,496
Risk Rating 4 [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of loans | loan	2	2
Unpaid principal balance	$ 59,750	$ 37,420
Loans held-for-investment	$ 59,513	$ 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	Dec. 31, 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	Dec. 31, 2019	Dec. 31, 2018
Debt Securities, Held-to-maturity, Fair Value to Amortized Cost [Abstract]
Held-to-Maturity Securities, Face Value	$ 18,076	$ 26,696
Held-to-Maturity Securities, Unamortized Premium (Discount)	0	0
Held-to-maturity securities	18,076	26,696
Held-to-maturity securities pledged as collateral for borrowings	$ 18,100	$ 26,700

Schedule of Total Cash, Cash Eq

Schedule of Total Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Variable Interest Entity [Line Items]
Cash collateral for repurchase agreements and securities activity	$ 3,400	$ 5,600
Cash and cash equivalents	80,281	91,700
Restricted cash	79,483	31,723
Cash, cash equivalents and restricted cash	159,764	123,423	$ 110,718	$ 56,279
Restricted Cash and Cash Equivalents [Member]
Variable Interest Entity [Line Items]
Cash collateral for repurchase agreements and securities activity	$ 76,100	$ 26,100

Fair Value, Measurement Inputs,

Fair Value, Measurement Inputs, Disclosure (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities, at fair value	$ 12,830	$ 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	Dec. 31, 2019	Dec. 31, 2018
Fair Value Disclosures [Abstract]
Loans held-for-investment	$ 4,226,212	$ 3,167,913
Loans held-for-investment, at fair value	4,261,612	3,200,980
Available-for-sale securities, at fair value	12,830	12,606
Held-to-maturity securities	18,076	26,696
Held-to-maturity securities, at fair value	18,076	26,611
Cash and cash equivalents	80,281	91,700
Restricted cash	79,483	31,723
Repurchase agreements	1,924,021	1,500,543
Securitized debt obligations	1,041,044	654,263
Securitized debt obligations, at fair value	1,050,912	654,330
Asset-specific financings	116,465	0
Revolving credit facilities	42,008	75,000
Convertible senior notes	269,634	268,138
Convertible senior notes, at fair value	$ 283,332	$ 270,731

Collateralized Borrowings (Deta

Collateralized Borrowings (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Jan. 09, 2020	Dec. 31, 2018
Line of Credit Facility [Line Items]
Typical term per loan of revolving credit facility financing	90 days
Repurchase agreements	$ 1,924,021		$ 1,500,543
Asset-specific financings	116,465		0
Revolving credit facilities	42,008		75,000
Unused capacity under collateralized borrowings	320,236		575,311
Total capacity under collateralized borrowings	2,225,000		2,050,000
Carrying value of assets pledged as collateral for repurchase agreements	2,585,896		2,012,549
Loans held-for-investment pledged as collateral for borrowings	4,100,000		2,900,000
Lender, Citibank [Member]
Line of Credit Facility [Line Items]
Revolving credit facilities	42,008		75,000
Unused capacity under collateralized borrowings	32,992		30,000
Total capacity under collateralized borrowings	75,000		105,000
Maximum capacity under collateralized borrowings upon exercise of option to increase	150,000
Lender, Citibank [Member] | Revolving Credit Facility [Member]
Line of Credit Facility [Line Items]
Loans held-for-investment pledged as collateral for borrowings	$ 80,473		$ 127,947
Weighted average borrowing rate of facility	4.00%		5.20%
Lender, Canadian Imperial Bank of Commerce [Member]
Line of Credit Facility [Line Items]
Asset-specific financings	$ 116,465
Unused capacity under collateralized borrowings	33,535
Total capacity under collateralized borrowings	150,000
Lender, Canadian Imperial Bank of Commerce [Member] | Secured Debt [Member]
Line of Credit Facility [Line Items]
Loans held-for-investment pledged as collateral for borrowings	$ 144,322
Weighted average borrowing rate of facility	3.50%
Loans Held-for-Investment [Member] | Lender, Morgan Stanley Bank [Member]
Line of Credit Facility [Line Items]
Repurchase agreements	$ 556,887		$ 475,474
Unused capacity under collateralized borrowings	43,113		124,526
Total capacity under collateralized borrowings	600,000		600,000
Carrying value of assets pledged as collateral for repurchase agreements	$ 740,791		$ 677,478
Weighted average borrowing rate of repurchase agreements	3.90%		4.70%
Loans Held-for-Investment [Member] | Lender, Goldman Sachs Bank [Member]
Line of Credit Facility [Line Items]
Repurchase agreements	$ 405,057		$ 251,785
Unused capacity under collateralized borrowings	94,943		248,215
Total capacity under collateralized borrowings	500,000		500,000
Carrying value of assets pledged as collateral for repurchase agreements	$ 541,640		$ 344,785
Weighted average borrowing rate of repurchase agreements	3.80%		4.60%
Loans Held-for-Investment [Member] | Lender, JPMorgan Chase Bank [Member]
Line of Credit Facility [Line Items]
Repurchase agreements	$ 408,819		$ 455,900
Unused capacity under collateralized borrowings	41,181		44,100
Total capacity under collateralized borrowings	450,000		500,000
Carrying value of assets pledged as collateral for repurchase agreements	$ 553,020		$ 606,756
Weighted average borrowing rate of repurchase agreements	3.70%		4.60%
Loans Held-for-Investment [Member] | Lender, Citibank [Member]
Line of Credit Facility [Line Items]
Repurchase agreements	$ 339,888		$ 182,991
Unused capacity under collateralized borrowings	60,112		67,009
Total capacity under collateralized borrowings	400,000		250,000
Carrying value of assets pledged as collateral for repurchase agreements	$ 432,867		$ 238,156
Weighted average borrowing rate of repurchase agreements	3.40%		4.40%
Loans Held-for-Investment [Member] | Lender, Wells Fargo Bank [Member]
Line of Credit Facility [Line Items]
Repurchase agreements	$ 194,113		$ 108,539
Unused capacity under collateralized borrowings	80,887		91,461
Total capacity under collateralized borrowings	275,000		200,000
Carrying value of assets pledged as collateral for repurchase agreements	$ 286,672		$ 145,374
Weighted average borrowing rate of repurchase agreements	3.50%		4.60%
Maximum capacity under collateralized borrowings upon exercise of option to increase	$ 350,000
Commercial Mortgage Backed Securities [Member]
Line of Credit Facility [Line Items]
Asset-specific financings	116,465
Commercial Mortgage Backed Securities [Member] | Lender, JPMorgan Chase Bank [Member]
Line of Credit Facility [Line Items]
Repurchase agreements	19,257		$ 25,854
Carrying value of assets pledged as collateral for repurchase agreements	$ 30,906		$ 42,224
Weighted average borrowing rate of repurchase agreements	4.10%		4.80%
Restricted Cash and Cash Equivalents [Member] | Lender, JPMorgan Chase Bank [Member]
Line of Credit Facility [Line Items]
Carrying value of assets pledged as collateral for repurchase agreements	$ 0		$ 2,900
Subsequent Event [Member] | Loans Held-for-Investment [Member] | Lender, Citibank [Member]
Line of Credit Facility [Line Items]
Total capacity under collateralized borrowings		$ 500,000

Schedule of Collateralized Borr

Schedule of Collateralized Borrowings by Maturity (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Assets Sold under Agreements to Repurchase [Line Items]
Repurchase agreements	$ 1,924,021	$ 1,500,543
Asset-specific financings	116,465	0
Revolving credit facilities	42,008	$ 75,000
Total collateralized borrowings	2,082,494
Maturity Within One Year [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Repurchase agreements	424,314
Asset-specific financings	0
Revolving credit facilities	42,008
Total collateralized borrowings	466,322
Maturity One to Three Years [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Repurchase agreements	1,499,707
Asset-specific financings	116,465
Revolving credit facilities	0
Total collateralized borrowings	1,616,172
Maturity Three to Five Years [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Repurchase agreements	0
Asset-specific financings	0
Revolving credit facilities	0
Total collateralized borrowings	0
Maturity Over Five Years [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Repurchase agreements	0
Asset-specific financings	0
Revolving credit facilities	0
Total collateralized borrowings	$ 0

Schedule of Repurchase Agreemen

Schedule of Repurchase Agreement Counterparties with Whom Repurchase Agreements Exceed 10 Percent of Stockholders' Equity (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2019USD ($)	Dec. 31, 2018USD ($)
Repurchase Agreement Counterparty [Line Items]
Repurchase agreements	$ 1,924,021	$ 1,500,543
Net counterparty exposure	665,669	557,773
Repurchase Agreement Counterparty, Morgan Stanley Bank [Member]
Repurchase Agreement Counterparty [Line Items]
Repurchase agreements	556,887	475,474
Net counterparty exposure	$ 185,022	$ 203,274
Percent of equity	18.00%	25.00%
Weighted average years to maturity	1 year 5 months 26 days	1 year 5 months 26 days
Repurchase Agreement Counterparty, JPMorgan Chase Bank [Member]
Repurchase Agreement Counterparty [Line Items]
Repurchase agreements	$ 428,076	$ 481,754
Net counterparty exposure	$ 156,764	$ 168,234
Percent of equity	15.00%	20.00%
Weighted average years to maturity	2 years 4 months 20 days	14 days
Repurchase Agreement Counterparty, Goldman Sachs Bank [Member]
Repurchase Agreement Counterparty [Line Items]
Repurchase agreements	$ 405,057	$ 251,785
Net counterparty exposure	$ 137,326	$ 93,651
Percent of equity	13.00%	11.00%
Weighted average years to maturity	10 days	10 days
Repurchase Agreement Counterparty, All Other Counterparties [Member]
Repurchase Agreement Counterparty [Line Items]
Repurchase agreements	$ 534,001	$ 291,530
Net counterparty exposure	$ 186,557	$ 92,614
Percent of equity	18.00%	11.00%
Weighted average years to maturity	2 years 1 month 28 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

Securitized Debt Obligations (D

Securitized Debt Obligations (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Securitized Debt Obligations [Abstract]
Securitized debt obligations	$ 1,041,044	$ 654,263
Weighted average interest rate of securitized debt obligations outstanding	3.32%	3.58%

Convertible Senior Notes (Detai

Convertible Senior Notes (Details) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2018USD ($)	Dec. 31, 2019USD ($)	Dec. 31, 2018USD ($)
Debt Instrument, Redemption [Line Items]
Convertible senior notes		$ 269,634	$ 268,138
Convertible Debt, 2017 Issuance [Member]
Debt Instrument, Redemption [Line Items]
Proceeds from convertible senior notes	$ 139,500
Convertible senior notes conversion ratio		0.0505977
Convertible Debt, 2017 Issuance [Member] | Convertible Debt [Member]
Debt Instrument, Redemption [Line Items]
Convertible senior notes interest rate per annum		5.625%
Convertible Debt, 2017 Issuance [Member] | Convertible Debt [Member] | Private Placement [Member]
Debt Instrument, Redemption [Line Items]
Convertible senior notes aggregate principal amount		$ 125,000
Convertible Debt, 2017 Issuance [Member] | Convertible Debt [Member] | Over-Allotment Option [Member]
Debt Instrument, Redemption [Line Items]
Convertible senior notes aggregate principal amount		$ 18,800
Convertible Debt, 2018 Issuance [Member]
Debt Instrument, Redemption [Line Items]
Proceeds from convertible senior notes			$ 127,700
Convertible senior notes conversion ratio		0.0488496
Convertible Debt, 2018 Issuance [Member] | Convertible Debt [Member]
Debt Instrument, Redemption [Line Items]
Convertible senior notes interest rate per annum		6.375%
Convertible Debt, 2018 Issuance [Member] | Convertible Debt [Member] | Private Placement [Member]
Debt Instrument, Redemption [Line Items]
Convertible senior notes aggregate principal amount		$ 131,600

Commitments and Contingencies M

Commitments and Contingencies Management Agreement (Details)	12 Months Ended
	Dec. 31, 2019USD ($)	Dec. 31, 2017
Commitments and Contingencies Disclosure [Abstract]
Percent per annum of equity used to calculate management fees	1.50%	1.50%
Incentive fee calculation, core earnings multiplication factor	20.00%
Incentive fee calculation, rolling period	12 months
Incentive fee calculation, equity multiplication factor	8.00%
Incentive fee calculation, period incentive fee paid	9 months
Incentive fee, rolling period for threshold	3 years
Incentive fee, threshold amount of core earnings	$ 0
Management agreement, renewal term	1 year
Management agreement, termination fee factor	3
Management agreement, termination fee period	24 months

Commitments and Contingencies U

Commitments and Contingencies Unfunded Commitments (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Commitments and Contingencies Disclosure [Abstract]
Unfunded commitments	$ 748,878	$ 626,155

Preferred Stock (Details)

Preferred Stock (Details) - USD ($)	Jun. 28, 2017	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Class of Stock [Line Items]
Preferred stock dividend rate		10.00%
Preferred stock liquidation preference (in usd per share)		$ 1,000
Period after which the company may redeem preferred stock		5 years
Preferred stock, redemption price per share (in usd per share)		$ 1,000
Period after which the holder may redeem preferred stock		6 years
Preferred dividends declared		$ 100,000	$ 100,000	$ 50,556
Preferred Stock [Member]
Class of Stock [Line Items]
Number of shares issued in exchange for acquisition of TH Commercial Holdings LLC (in shares)	1,000

Stockholders' Equity Common Sto

Stockholders' Equity Common Stock Rollforward (Details) - USD ($) $ / shares in Units, $ in Thousands	Nov. 01, 2017	Jun. 28, 2017	Mar. 06, 2019	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Class of Stock [Line Items]
Common stock issued during period (in shares)				10,954,924	164,940	43,071,000
Gross proceeds from issuance of common stock		$ 195,000
Proceeds from issuance of common stock, net of offering costs		181,900	$ 130,200	$ 207,514	$ 3,092	$ 181,964
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	0
Common stock issued during period (in shares)				10,954,924	164,940	43,071,000
Restricted stock issued during period (in shares)				277,107	221,131	164,103
Common shares outstanding at end of period (in shares)				54,853,205	43,621,174	43,235,103
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) - Common Stock [Member] - $ / shares	3 Months Ended
	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017	Sep. 30, 2017
Class of Stock [Line Items]
Declaration Date	Dec. 18, 2019	Sep. 18, 2019	Jun. 20, 2019	Mar. 20, 2019	Dec. 19, 2018	Sep. 20, 2018	Jun. 20, 2018	Mar. 15, 2018	Dec. 18, 2017	Sep. 18, 2017
Record Date	Dec. 31, 2019	Oct. 3, 2019	Jul. 5, 2019	Apr. 1, 2019	Dec. 31, 2018	Oct. 2, 2018	Jul. 2, 2018	Mar. 29, 2018	Dec. 29, 2017	Sep. 29, 2017
Payment Date	Jan. 17, 2020	Oct. 18, 2019	Jul. 19, 2019	Apr. 18, 2019	Jan. 18, 2019	Oct. 18, 2018	Jul. 18, 2018	Apr. 18, 2018	Jan. 18, 2018	Oct. 18, 2017
Dividends declared per common share (in usd per share)	$ 0.42	$ 0.42	$ 0.42	$ 0.42	$ 0.42	$ 0.42	$ 0.40	$ 0.38	$ 0.38	$ 0.32

Stockholders' Equity Share Repu

Stockholders' Equity Share Repurchase Program (Details)	Dec. 31, 2019shares
Stockholders' Equity Attributable to Parent [Abstract]
Number of shares authorized to be repurchased under stock repurchase program (in shares)	2,000,000

Stockholders' Equity At-the-Mar

Stockholders' Equity At-the-Market Offering (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Class of Stock [Line Items]
Number of shares authorized to be sold under equity distribution agreement (in shares)	8,000,000
Number of common shares issued under equity distribution agreement and outstanding as of period-end (in shares)	3,242,364
Accumulated proceeds from issuance of common shares under equity distribution agreement	$ 61,200
Common stock issued during period (in shares)	10,954,924	164,940	43,071,000
Issuance of common stock, net of offering costs	$ 207,514	$ 3,092	$ 181,964
Management fee reimbursements for stock sold	$ 100
At the Market Offering [Member]
Class of Stock [Line Items]
Common stock issued during period (in shares)	3,077,424	164,940	0
Issuance of common stock, net of offering costs	$ 58,100	$ 3,100	$ 0

Stockholders' Equity Schedule_2

Stockholders' Equity Schedule of Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands	Dec. 31, 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	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of restricted common shares reserved for issuance under equity incentive plan (in shares)	3,242,306
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	14,103
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	$ 19.47
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	150,000
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	$ 19.50
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 Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Number of nonvested restricted common shares outstanding at beginning of period (in shares)	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	150,000
Weighted average grant date fair value of nonvested restricted common shares outstanding at end of period (in usd per share)	$ 18.75	$ 18.04	$ 19.50
Equity based compensation	$ 4.8	$ 3.5	$ 1.1

Income Taxes (Details)

Income Taxes (Details)	Dec. 31, 2019
Income Tax Disclosure [Abstract]
Percentage of REIT taxable income the company currently intends to distribute	100.00%

Income Taxes Effective Income T

Income Taxes Effective Income Tax Rate Reconciliation (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Income Tax Disclosure [Abstract]
Computed income tax expense at federal rate									$ 14,744	$ 13,245	$ 18,656
Federal income tax rate applicable to corporations									21.00%	21.00%	35.00%
State taxes, net of federal benefit, if applicable									$ 0	$ 1	$ 1
State taxes, net of federal benefit, if applicable, effective tax rate									0.00%	0.00%	0.00%
Permanent differences in taxable income from GAAP net income									$ (150)	$ (94)	$ 12
Permanent differences in taxable income to GAAP net income, effective tax rate									0.00%	0.00%	0.00%
Dividends paid deduction									$ (14,598)	$ (13,154)	$ (18,673)
Dividends paid deduction, effective tax rate									(21.00%)	(21.00%)	(35.00%)
Benefit from income taxes	$ 0	$ (1)	$ (2)	$ (1)	$ 0	$ (1)	$ (2)	$ 1	$ (4)	$ (2)	$ (4)
Benefit from income taxes, effective tax rate									0.00%	0.00%	0.00%

Earnings Per Share (Details)

Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Earnings Per Share [Abstract]
Net income attributable to common stockholders - basic									$ 70,114	$ 62,975	$ 25,773
Interest expense attributable to convertible notes									0	10,742	0
Net income attributable to common stockholders - diluted									$ 70,114	$ 73,717	$ 25,773
Weighted average common shares outstanding (in shares)									52,615,977	43,123,222	43,084,671
Weighted average restricted stock shares (in shares)									471,418	322,162	150,000
Weighted average basic common shares outstanding (in shares)	54,853,205	54,853,205	53,953,634	48,601,431	43,502,583	43,456,234	43,446,963	43,374,228	53,087,395	43,445,384	43,234,671
Effect of dilutive shares issued in an assumed conversion of the convertible senior notes (in shares)									0	8,594,613	0
Weighted average diluted common shares outstanding (in shares)	54,853,205	54,853,205	67,624,395	62,256,595	56,264,771	50,651,612	50,634,463	50,467,978	53,087,395	52,039,997	43,234,671
Basic earnings per weighted average common share (in usd per share)	$ 0.32	$ 0.32	$ 0.34	$ 0.35	$ 0.38	$ 0.38	$ 0.35	$ 0.34	$ 1.32	$ 1.45	$ 0.60
Diluted earnings per weighted average common share (in usd per share)	$ 0.32	$ 0.32	$ 0.33	$ 0.34	$ 0.37	$ 0.37	$ 0.34	$ 0.33	$ 1.32	$ 1.42	$ 0.60
Interest expense attributable to antidilutive convertible notes excluded from computation of earnings per share									$ 18,000		$ 400
Antidilutive convertible notes excluded from computation of earnings per share (in shares)									13,670,796		668,449

Schedule of Related Party Trans

Schedule of Related Party Transactions, by Related Party (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Related Party Transaction [Line Items]
Percent per annum of equity used to calculate management fees	1.50%		1.50%
Management fees	$ 14,854	$ 12,509	$ 9,737
Incentive fees	244	0	0
Equity based compensation	$ 4,800	3,500	1,100
Pine River Capital Management L.P. [Member]
Related Party Transaction [Line Items]
Percent per annum of equity used to calculate management fees	1.50%
Management fees	$ 14,900	12,500	6,300
Incentive fees	200
Direct and allocated costs incurred by manager	$ 11,700	$ 8,600	$ 2,200
Cost incurred by manager per share issued	$ 0.20
PRCM Advisers LLC [Member]
Related Party Transaction [Line Items]
Percent per annum of equity used to calculate management fees			1.50%
Management fees			$ 3,400
Direct and allocated costs incurred by manager			$ 4,500

Quarterly Financial Data (Detai

Quarterly Financial Data (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Quarterly Financial Information Disclosure [Abstract]
Total interest income	$ 64,704	$ 63,444	$ 59,964	$ 58,145	$ 52,834	$ 47,560	$ 43,509	$ 39,977	$ 246,257	$ 183,880	$ 117,837
Total interest expense	36,275	36,362	32,337	32,008	28,550	23,365	21,235	18,373	136,982	91,523	42,463
Net interest income	28,429	27,082	27,627	26,137	24,284	24,195	22,274	21,604	109,275	92,357	75,374
Total other income	95	0	202	913	0	0	564	882	1,210	1,446	0
Total expenses	10,848	9,691	9,654	10,082	7,587	7,631	7,613	7,899	40,275	30,730	22,073
Benefit from income taxes	0	(1)	(2)	(1)	0	(1)	(2)	1	(4)	(2)	(4)
Dividends on preferred stock	25	25	25	25	25	25	25	25	100	100	50
Net income attributable to common stockholders	$ 17,651	$ 17,367	$ 18,152	$ 16,944	$ 16,672	$ 16,540	$ 15,202	$ 14,561	$ 70,114	$ 62,975	$ 53,255
Basic earnings per weighted average common share (in usd per share)	$ 0.32	$ 0.32	$ 0.34	$ 0.35	$ 0.38	$ 0.38	$ 0.35	$ 0.34	$ 1.32	$ 1.45	$ 0.60
Diluted earnings per weighted average common share (in usd per share)	$ 0.32	$ 0.32	$ 0.33	$ 0.34	$ 0.37	$ 0.37	$ 0.34	$ 0.33	$ 1.32	$ 1.42	$ 0.60
Weighted average basic common shares outstanding (in shares)	54,853,205	54,853,205	53,953,634	48,601,431	43,502,583	43,456,234	43,446,963	43,374,228	53,087,395	43,445,384	43,234,671
Weighted average diluted common shares outstanding (in shares)	54,853,205	54,853,205	67,624,395	62,256,595	56,264,771	50,651,612	50,634,463	50,467,978	53,087,395	52,039,997	43,234,671

Schedule IV Mortgage Loans on_2

Schedule IV Mortgage Loans on Real Estate (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Prior Liens	$ 164,261
Face Amount	4,257,145
Carrying Amount	4,226,212	$ 3,167,913	$ 2,304,266	$ 1,364,291
Principal Amount Subject to Delinquent Principal or Interest	0
Aggregate tax basis of loans	$ 4,200,000
Mortgage Loan 1 [Member] | Retail Site [Member] | United States, Western Region [Member]
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate, Variable Rate Basis	1M Libor
Interest Rate, Basis Spread on Variable Rate	3.34%
Prior Liens	$ 0
Face Amount	113,739
Carrying Amount	113,186
Principal Amount Subject to Delinquent Principal or Interest	$ 0
Mortgage Loan 2 [Member] | Mixed Use Property [Member] | United States, Southwestern Region [Member]
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate, Variable Rate Basis	1M Libor
Interest Rate, Basis Spread on Variable Rate	3.65%
Prior Liens	$ 0
Face Amount	120,000
Carrying Amount	119,969
Principal Amount Subject to Delinquent Principal or Interest	$ 0
Mortgage Loan 3 [Member] | Office Building [Member] | United States, Western Region [Member]
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate, Variable Rate Basis	1M Libor
Interest Rate, Basis Spread on Variable Rate	3.24%
Prior Liens	$ 0
Face Amount	77,665
Carrying Amount	76,570
Principal Amount Subject to Delinquent Principal or Interest	$ 0
Mortgage Loan 4 [Member] | Multifamily [Member] | United States, Midwestern Region [Member]
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate, Variable Rate Basis	1M Libor
Interest Rate, Basis Spread on Variable Rate	2.75%
Prior Liens	$ 0
Face Amount	81,440
Carrying Amount	80,473
Principal Amount Subject to Delinquent Principal or Interest	$ 0
Mortgage Loan 5 [Member] | Office Building [Member] | United States, Midwestern Region [Member]
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate, Variable Rate Basis	1M Libor
Interest Rate, Basis Spread on Variable Rate	2.80%
Prior Liens	$ 0
Face Amount	72,905
Carrying Amount	72,200
Principal Amount Subject to Delinquent Principal or Interest	$ 0
Mortgage Loan 6 [Member] | Office Building [Member] | United States, Midwestern Region [Member]
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate, Variable Rate Basis	1M Libor
Interest Rate, Basis Spread on Variable Rate	3.69%
Prior Liens	$ 0
Face Amount	65,613
Carrying Amount	64,731
Principal Amount Subject to Delinquent Principal or Interest	$ 0
Mortgage Loan 7 [Member] | Hotel [Member] | United States, Southwestern Region [Member]
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate, Variable Rate Basis	1M Libor
Interest Rate, Basis Spread on Variable Rate	3.45%
Prior Liens	$ 0
Face Amount	68,430
Carrying Amount	67,847
Principal Amount Subject to Delinquent Principal or Interest	$ 0
Mortgage Loan 8 [Member] | Mixed Use Property [Member] | United States, Northeastern Region [Member]
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate, Variable Rate Basis	1M Libor
Interest Rate, Basis Spread on Variable Rate	3.75%
Prior Liens	$ 0
Face Amount	48,333
Carrying Amount	47,558
Principal Amount Subject to Delinquent Principal or Interest	$ 0
Mortgage Loan 9 [Member] | Office Building [Member] | United States, Southeastern Region [Member]
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate, Variable Rate Basis	1M Libor
Interest Rate, Basis Spread on Variable Rate	2.55%
Prior Liens	$ 0
Face Amount	60,680
Carrying Amount	59,941
Principal Amount Subject to Delinquent Principal or Interest	$ 0
Mortgage Loan 10 [Member] | Office Building [Member] | United States, Northeastern Region [Member]
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate, Variable Rate Basis	1M Libor
Interest Rate, Basis Spread on Variable Rate	3.50%
Prior Liens	$ 0
Face Amount	82,064
Carrying Amount	81,580
Principal Amount Subject to Delinquent Principal or Interest	$ 0
Mortgage Loan 11 [Member] | Mixed Use Property [Member] | United States, Southwestern Region [Member]
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate, Variable Rate Basis	1M Libor
Interest Rate, Basis Spread on Variable Rate	2.69%
Prior Liens	$ 0
Face Amount	79,376
Carrying Amount	78,680
Principal Amount Subject to Delinquent Principal or Interest	$ 0
Mortgage Loan 12 [Member] | Multifamily [Member] | United States, Northeastern Region [Member]
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate, Variable Rate Basis	1M Libor
Interest Rate, Basis Spread on Variable Rate	3.07%
Prior Liens	$ 0
Face Amount	63,765
Carrying Amount	63,062
Principal Amount Subject to Delinquent Principal or Interest	$ 0
Mortgage Loan 13 [Member] | Mixed Use Property [Member] | United States, Southeastern Region [Member]
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate, Variable Rate Basis	1M Libor
Interest Rate, Basis Spread on Variable Rate	3.36%
Prior Liens	$ 0
Face Amount	75,149
Carrying Amount	74,565
Principal Amount Subject to Delinquent Principal or Interest	$ 0
Mortgage Loan 14 [Member] | Office Building [Member] | United States, Northeastern Region [Member]
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate, Variable Rate Basis	1M Libor
Interest Rate, Basis Spread on Variable Rate	4.07%
Prior Liens	$ 0
Face Amount	50,337
Carrying Amount	50,086
Principal Amount Subject to Delinquent Principal or Interest	$ 0
Mortgage Loan 15 [Member] | Hotel [Member] | United States, Southwestern Region [Member]
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate, Variable Rate Basis	1M Libor
Interest Rate, Basis Spread on Variable Rate	4.45%
Prior Liens	$ 0
Face Amount	68,779
Carrying Amount	68,445
Principal Amount Subject to Delinquent Principal or Interest	$ 0
Mortgage Loan 16 [Member] | Office Building [Member] | United States, Southeastern Region [Member]
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate, Variable Rate Basis	1M Libor
Interest Rate, Basis Spread on Variable Rate	3.75%
Prior Liens	$ 0
Face Amount	68,000
Carrying Amount	67,420
Principal Amount Subject to Delinquent Principal or Interest	$ 0
Mortgage Loan 17 [Member] | Retail Site [Member] | United States, Western Region [Member]
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate, Variable Rate Basis	1M Libor
Interest Rate, Basis Spread on Variable Rate	3.87%
Prior Liens	$ 0
Face Amount	61,670
Carrying Amount	61,537
Principal Amount Subject to Delinquent Principal or Interest	$ 0
Mortgage Loan 18 [Member] | Office Building [Member] | United States, Northeastern Region [Member]
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate, Variable Rate Basis	1M Libor
Interest Rate, Basis Spread on Variable Rate	2.80%
Prior Liens	$ 0
Face Amount	50,201
Carrying Amount	49,612
Principal Amount Subject to Delinquent Principal or Interest	$ 0
Mortgage Loan 19 [Member] | Hotel [Member] | United States, Midwestern Region [Member]
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate, Variable Rate Basis	1M Libor
Interest Rate, Basis Spread on Variable Rate	3.85%
Prior Liens	$ 0
Face Amount	64,500
Carrying Amount	63,986
Principal Amount Subject to Delinquent Principal or Interest	$ 0
Mortgage Loan 20 [Member] | Hotel [Member] | United States, Southeastern Region [Member]
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate, Variable Rate Basis	1M Libor
Interest Rate, Basis Spread on Variable Rate	3.78%
Prior Liens	$ 0
Face Amount	64,000
Carrying Amount	63,687
Principal Amount Subject to Delinquent Principal or Interest	$ 0
Mortgage Loan 21 [Member] | Office Building [Member] | United States, Western Region [Member]
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate, Variable Rate Basis	1M Libor
Interest Rate, Basis Spread on Variable Rate	4.10%
Prior Liens	$ 0
Face Amount	62,267
Carrying Amount	61,995
Principal Amount Subject to Delinquent Principal or Interest	$ 0
Mortgage Loan 22 [Member] | Office Building [Member] | United States, Southwestern Region [Member]
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate, Variable Rate Basis	1M Libor
Interest Rate, Basis Spread on Variable Rate	3.00%
Prior Liens	$ 0
Face Amount	52,317
Carrying Amount	51,811
Principal Amount Subject to Delinquent Principal or Interest	$ 0
Mortgage Loan 23 [Member] | Office Building [Member] | United States, Southwestern Region [Member]
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate, Variable Rate Basis	1M Libor
Interest Rate, Basis Spread on Variable Rate	2.90%
Prior Liens	$ 0
Face Amount	45,807
Carrying Amount	45,401
Principal Amount Subject to Delinquent Principal or Interest	$ 0
Mortgage Loan 24 [Member] | Office Building [Member] | United States, Southeastern Region [Member]
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate, Variable Rate Basis	1M Libor
Interest Rate, Basis Spread on Variable Rate	4.75%
Prior Liens	$ 0
Face Amount	56,200
Carrying Amount	56,078
Principal Amount Subject to Delinquent Principal or Interest	$ 0
Mortgage Loan 25 [Member] | Multifamily [Member] | United States, Southeastern Region [Member]
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate, Variable Rate Basis	1M Libor
Interest Rate, Basis Spread on Variable Rate	3.10%
Prior Liens	$ 0
Face Amount	50,000
Carrying Amount	49,274
Principal Amount Subject to Delinquent Principal or Interest	$ 0
Mortgage Loan 26 [Member] | Office Building [Member] | United States, Northeastern Region [Member]
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate, Variable Rate Basis	1M Libor
Interest Rate, Basis Spread on Variable Rate	3.73%
Prior Liens	$ 0
Face Amount	54,480
Carrying Amount	54,416
Principal Amount Subject to Delinquent Principal or Interest	$ 0
Mortgage Loan 27 [Member] | Office Building [Member] | United States, Northeastern Region [Member]
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate, Variable Rate Basis	1M Libor
Interest Rate, Basis Spread on Variable Rate	3.30%
Prior Liens	$ 0
Face Amount	48,775
Carrying Amount	48,274
Principal Amount Subject to Delinquent Principal or Interest	$ 0
Mortgage Loan 28 [Member] | Industrial Property [Member] | United States, Northeastern Region [Member]
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate, Variable Rate Basis	1M Libor
Interest Rate, Basis Spread on Variable Rate	4.38%
Prior Liens	$ 0
Face Amount	54,000
Carrying Amount	53,816
Principal Amount Subject to Delinquent Principal or Interest	$ 0
Mortgage Loan 29 [Member] | Industrial Property [Member] | United States, Northeastern Region [Member]
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate, Variable Rate Basis	1M Libor
Interest Rate, Basis Spread on Variable Rate	3.61%
Prior Liens	$ 0
Face Amount	42,221
Carrying Amount	41,614
Principal Amount Subject to Delinquent Principal or Interest	$ 0
Mortgage Loan 30 [Member] | Industrial Property [Member] | United States, Northeastern Region [Member]
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate, Variable Rate Basis	1M Libor
Interest Rate, Basis Spread on Variable Rate	2.70%
Prior Liens	$ 0
Face Amount	49,119
Carrying Amount	48,855
Principal Amount Subject to Delinquent Principal or Interest	$ 0
Mortgage Loan 31 [Member] | Hotel [Member] | United States, Western Region [Member]
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate, Variable Rate Basis	1M Libor
Interest Rate, Basis Spread on Variable Rate	4.70%
Prior Liens	$ 0
Face Amount	52,000
Carrying Amount	51,882
Principal Amount Subject to Delinquent Principal or Interest	$ 0
Mortgage Loan 32 [Member] | Multifamily [Member] | United States, Midwestern Region [Member]
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate, Variable Rate Basis	1M Libor
Interest Rate, Basis Spread on Variable Rate	2.99%
Prior Liens	$ 0
Face Amount	51,000
Carrying Amount	50,648
Principal Amount Subject to Delinquent Principal or Interest	$ 0
Mortgage Loan 33 [Member] | Office Building [Member] | United States, Midwestern Region [Member]
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate, Variable Rate Basis	1M Libor
Interest Rate, Basis Spread on Variable Rate	3.25%
Prior Liens	$ 0
Face Amount	20,531
Carrying Amount	20,269
Principal Amount Subject to Delinquent Principal or Interest	$ 0
Mortgage Loan 34 [Member] | Multifamily [Member] | United States, Southwestern Region [Member]
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate, Variable Rate Basis	1M Libor
Interest Rate, Basis Spread on Variable Rate	3.09%
Prior Liens	$ 0
Face Amount	49,408
Carrying Amount	49,067
Principal Amount Subject to Delinquent Principal or Interest	$ 0
Mortgage Loan 35 [Member] | Multifamily [Member] | United States, Southwestern Region [Member]
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate, Variable Rate Basis	1M Libor
Interest Rate, Basis Spread on Variable Rate	3.60%
Prior Liens	$ 0
Face Amount	50,000
Carrying Amount	49,714
Principal Amount Subject to Delinquent Principal or Interest	$ 0
Mortgage Loan 36 [Member] | Multifamily [Member] | United States, Midwestern Region [Member]
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate, Variable Rate Basis	1M Libor
Interest Rate, Basis Spread on Variable Rate	4.15%
Prior Liens	$ 0
Face Amount	31,589
Carrying Amount	31,316
Principal Amount Subject to Delinquent Principal or Interest	$ 0
Mortgage Loan 37 [Member] | Industrial Property [Member] | United States, Northeastern Region [Member]
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate, Variable Rate Basis	1M Libor
Interest Rate, Basis Spread on Variable Rate	2.93%
Prior Liens	$ 0
Face Amount	42,857
Carrying Amount	42,570
Principal Amount Subject to Delinquent Principal or Interest	$ 0
Mortgage Loan 38 [Member] | Office Building [Member] | United States, Southwestern Region [Member]
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate, Variable Rate Basis	1M Libor
Interest Rate, Basis Spread on Variable Rate	3.78%
Prior Liens	$ 0
Face Amount	46,675
Carrying Amount	46,525
Principal Amount Subject to Delinquent Principal or Interest	$ 0
Mortgage Loan 39 [Member] | Industrial Property [Member] | United States, Western Region [Member]
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate, Variable Rate Basis	1M Libor
Interest Rate, Basis Spread on Variable Rate	4.50%
Prior Liens	$ 0
Face Amount	47,281
Carrying Amount	47,281
Principal Amount Subject to Delinquent Principal or Interest	$ 0
Mortgage Loan 40 [Member] | Mixed Use Property [Member] | United States, Northeastern Region [Member]
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate, Variable Rate Basis	1M Libor
Interest Rate, Basis Spread on Variable Rate	4.38%
Prior Liens	$ 0
Face Amount	39,431
Carrying Amount	39,189
Principal Amount Subject to Delinquent Principal or Interest	$ 0
Mortgage Loan 41 [Member] | Mixed Use Property [Member] | United States, Northeastern Region [Member]
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate, Variable Rate Basis	1M Libor
Interest Rate, Basis Spread on Variable Rate	4.07%
Prior Liens	$ 0
Face Amount	31,960
Carrying Amount	31,760
Principal Amount Subject to Delinquent Principal or Interest	$ 0
Mortgage Loan 42 [Member] | Office Building [Member] | United States, Southeastern Region [Member]
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate, Variable Rate Basis	1M Libor
Interest Rate, Basis Spread on Variable Rate	2.84%
Prior Liens	$ 0
Face Amount	39,094
Carrying Amount	38,618
Principal Amount Subject to Delinquent Principal or Interest	$ 0
Mortgage Loan 43 [Member] | Office Building [Member] | United States, Northeastern Region [Member]
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate, Variable Rate Basis	1M Libor
Interest Rate, Basis Spread on Variable Rate	2.93%
Prior Liens	$ 0
Face Amount	34,942
Carrying Amount	34,718
Principal Amount Subject to Delinquent Principal or Interest	$ 0
Mortgage Loan 44 [Member] | Hotel [Member] | United States, Western Region [Member]
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate, Variable Rate Basis	1M Libor
Interest Rate, Basis Spread on Variable Rate	3.60%
Prior Liens	$ 0
Face Amount	42,641
Carrying Amount	42,372
Principal Amount Subject to Delinquent Principal or Interest	$ 0
Mortgage Loan 45 [Member] | Multifamily [Member] | United States, Southwestern Region [Member]
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate, Variable Rate Basis	1M Libor
Interest Rate, Basis Spread on Variable Rate	2.93%
Prior Liens	$ 0
Face Amount	41,667
Carrying Amount	41,474
Principal Amount Subject to Delinquent Principal or Interest	$ 0
Mortgage Loan 46 [Member] | Mixed Use Property [Member] | United States, Northeastern Region [Member]
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate, Variable Rate Basis	1M Libor
Interest Rate, Basis Spread on Variable Rate	3.20%
Prior Liens	$ 0
Face Amount	40,600
Carrying Amount	40,279
Principal Amount Subject to Delinquent Principal or Interest	$ 0
Mortgage Loan 47 [Member] | Office Building [Member] | United States, Western Region [Member]
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate, Variable Rate Basis	1M Libor
Interest Rate, Basis Spread on Variable Rate	2.75%
Prior Liens	$ 0
Face Amount	31,050
Carrying Amount	30,670
Principal Amount Subject to Delinquent Principal or Interest	$ 0
Mortgage Loan 48 [Member] | Multifamily [Member] | United States, Midwestern Region [Member]
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate, Variable Rate Basis	1M Libor
Interest Rate, Basis Spread on Variable Rate	4.24%
Prior Liens	$ 0
Face Amount	40,000
Carrying Amount	39,874
Principal Amount Subject to Delinquent Principal or Interest	$ 0
Mortgage Loan 49 [Member] | Office Building [Member] | United States, Northeastern Region [Member]
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate, Variable Rate Basis	1M Libor
Interest Rate, Basis Spread on Variable Rate	3.18%
Prior Liens	$ 0
Face Amount	32,706
Carrying Amount	32,554
Principal Amount Subject to Delinquent Principal or Interest	$ 0
Mortgage Loan 50 [Member] | Hotel [Member] | United States, Northeastern Region [Member]
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate, Variable Rate Basis	1M Libor
Interest Rate, Basis Spread on Variable Rate	3.70%
Prior Liens	$ 0
Face Amount	34,601
Carrying Amount	34,269
Principal Amount Subject to Delinquent Principal or Interest	$ 0
Mortgage Loan 51 [Member] | Mixed Use Property [Member] | United States, Western Region [Member]
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate, Variable Rate Basis	1M Libor
Interest Rate, Basis Spread on Variable Rate	3.60%
Prior Liens	$ 0
Face Amount	20,057
Carrying Amount	19,813
Principal Amount Subject to Delinquent Principal or Interest	$ 0
Mortgage Loan 52 [Member] | Industrial Property [Member] | United States, Northeastern Region [Member]
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate, Variable Rate Basis	1M Libor
Interest Rate, Basis Spread on Variable Rate	2.85%
Prior Liens	$ 0
Face Amount	29,837
Carrying Amount	29,541
Principal Amount Subject to Delinquent Principal or Interest	$ 0
Mortgage Loan 53 [Member] | Office Building [Member] | United States, Southwestern Region [Member]
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate, Variable Rate Basis	1M Libor
Interest Rate, Basis Spread on Variable Rate	5.00%
Prior Liens	$ 0
Face Amount	30,882
Carrying Amount	30,766
Principal Amount Subject to Delinquent Principal or Interest	$ 0
Mortgage Loan 54 [Member] | Office Building [Member] | United States, Western Region [Member]
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate, Variable Rate Basis	1M Libor
Interest Rate, Basis Spread on Variable Rate	3.90%
Prior Liens	$ 0
Face Amount	35,118
Carrying Amount	34,950
Principal Amount Subject to Delinquent Principal or Interest	$ 0
Mortgage Loan 55 [Member] | Hotel [Member] | United States, Midwestern Region [Member]
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate, Variable Rate Basis	1M Libor
Interest Rate, Basis Spread on Variable Rate	4.07%
Prior Liens	$ 0
Face Amount	29,012
Carrying Amount	28,835
Principal Amount Subject to Delinquent Principal or Interest	$ 0
Mortgage Loan 56 [Member] | Multifamily [Member] | United States, Midwestern Region [Member]
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate, Variable Rate Basis	1M Libor
Interest Rate, Basis Spread on Variable Rate	2.92%
Prior Liens	$ 0
Face Amount	27,221
Carrying Amount	27,009
Principal Amount Subject to Delinquent Principal or Interest	$ 0
Mortgage Loan 57 [Member] | Office Building [Member] | United States, Southwestern Region [Member]
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate, Variable Rate Basis	1M Libor
Interest Rate, Basis Spread on Variable Rate	4.05%
Prior Liens	$ 0
Face Amount	23,594
Carrying Amount	23,497
Principal Amount Subject to Delinquent Principal or Interest	$ 0
Mortgage Loan 58 [Member] | Office Building [Member] | United States, Southwestern Region [Member]
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate, Variable Rate Basis	1M Libor
Interest Rate, Basis Spread on Variable Rate	4.40%
Prior Liens	$ 0
Face Amount	29,221
Carrying Amount	29,137
Principal Amount Subject to Delinquent Principal or Interest	$ 0
Mortgage Loan 59 [Member] | Office Building [Member] | United States, Northeastern Region [Member]
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Fixed Interest Rate	5.11%
Prior Liens	$ 0
Face Amount	33,800
Carrying Amount	33,676
Principal Amount Subject to Delinquent Principal or Interest	$ 0
Mortgage Loan 60 [Member] | Office Building [Member] | United States, Western Region [Member]
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate, Variable Rate Basis	1M Libor
Interest Rate, Basis Spread on Variable Rate	3.15%
Prior Liens	$ 0
Face Amount	25,770
Carrying Amount	25,411
Principal Amount Subject to Delinquent Principal or Interest	$ 0
Mortgage Loan 61 [Member] | Multifamily [Member] | United States, Southeastern Region [Member]
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate, Variable Rate Basis	1M Libor
Interest Rate, Basis Spread on Variable Rate	2.70%
Prior Liens	$ 0
Face Amount	27,360
Carrying Amount	27,068
Principal Amount Subject to Delinquent Principal or Interest	$ 0
Mortgage Loan 62 [Member] | Office Building [Member] | United States, Northeastern Region [Member]
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate, Variable Rate Basis	1M Libor
Interest Rate, Basis Spread on Variable Rate	2.97%
Prior Liens	$ 0
Face Amount	26,894
Carrying Amount	26,649
Principal Amount Subject to Delinquent Principal or Interest	$ 0
Mortgage Loan 63 [Member] | Office Building [Member] | United States, Northeastern Region [Member]
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate, Variable Rate Basis	1M Libor
Interest Rate, Basis Spread on Variable Rate	3.32%
Prior Liens	$ 0
Face Amount	6,997
Carrying Amount	6,718
Principal Amount Subject to Delinquent Principal or Interest	$ 0
Mortgage Loan 64 [Member] | Multifamily [Member] | United States, Southwestern Region [Member]
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate, Variable Rate Basis	1M Libor
Interest Rate, Basis Spread on Variable Rate	2.80%
Prior Liens	$ 0
Face Amount	24,993
Carrying Amount	24,586
Principal Amount Subject to Delinquent Principal or Interest	$ 0
Mortgage Loan 65 [Member] | Multifamily [Member] | United States, Midwestern Region [Member]
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate, Variable Rate Basis	1M Libor
Interest Rate, Basis Spread on Variable Rate	2.75%
Prior Liens	$ 0
Face Amount	31,120
Carrying Amount	30,857
Principal Amount Subject to Delinquent Principal or Interest	$ 0
Mortgage Loan 66 [Member] | Office Building [Member] | United States, Southeastern Region [Member]
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate, Variable Rate Basis	1M Libor
Interest Rate, Basis Spread on Variable Rate	3.50%
Prior Liens	$ 0
Face Amount	28,704
Carrying Amount	28,601
Principal Amount Subject to Delinquent Principal or Interest	$ 0
Mortgage Loan 67 [Member] | Multifamily [Member] | United States, Northeastern Region [Member]
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate, Variable Rate Basis	1M Libor
Interest Rate, Basis Spread on Variable Rate	4.10%
Prior Liens	$ 0
Face Amount	30,000
Carrying Amount	29,928
Principal Amount Subject to Delinquent Principal or Interest	$ 0
Mortgage Loan 68 [Member] | Office Building [Member] | United States, Northeastern Region [Member]
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate, Variable Rate Basis	1M Libor
Interest Rate, Basis Spread on Variable Rate	4.75%
Prior Liens	$ 0
Face Amount	29,539
Carrying Amount	29,428
Principal Amount Subject to Delinquent Principal or Interest	$ 0
Mortgage Loan 69 [Member] | Multifamily [Member] | United States, Southwestern Region [Member]
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate, Variable Rate Basis	1M Libor
Interest Rate, Basis Spread on Variable Rate	2.90%
Prior Liens	$ 0
Face Amount	23,600
Carrying Amount	23,360
Principal Amount Subject to Delinquent Principal or Interest	$ 0
Mortgage Loan 70 [Member] | Office Building [Member] | United States, Western Region [Member]
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate, Variable Rate Basis	1M Libor
Interest Rate, Basis Spread on Variable Rate	3.40%
Prior Liens	$ 0
Face Amount	24,893
Carrying Amount	24,673
Principal Amount Subject to Delinquent Principal or Interest	$ 0
Mortgage Loan 71 [Member] | Multifamily [Member] | United States, Southwestern Region [Member]
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate, Variable Rate Basis	1M Libor
Interest Rate, Basis Spread on Variable Rate	3.55%
Prior Liens	$ 0
Face Amount	28,966
Carrying Amount	28,812
Principal Amount Subject to Delinquent Principal or Interest	$ 0
Mortgage Loan 72 [Member] | Office Building [Member] | United States, Southeastern Region [Member]
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate, Variable Rate Basis	1M Libor
Interest Rate, Basis Spread on Variable Rate	3.50%
Prior Liens	$ 0
Face Amount	24,704
Carrying Amount	24,461
Principal Amount Subject to Delinquent Principal or Interest	$ 0
Mortgage Loan 73 [Member] | Office Building [Member] | United States, Western Region [Member]
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate, Variable Rate Basis	1M Libor
Interest Rate, Basis Spread on Variable Rate	3.18%
Prior Liens	$ 0
Face Amount	18,500
Carrying Amount	18,308
Principal Amount Subject to Delinquent Principal or Interest	$ 0
Mortgage Loan 74 [Member] | Multifamily [Member] | United States, Southwestern Region [Member]
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate, Variable Rate Basis	1M Libor
Interest Rate, Basis Spread on Variable Rate	2.97%
Prior Liens	$ 0
Face Amount	25,572
Carrying Amount	25,395
Principal Amount Subject to Delinquent Principal or Interest	$ 0
Mortgage Loan 75 [Member] | Hotel [Member] | United States, Midwestern Region [Member]
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate, Variable Rate Basis	1M Libor
Interest Rate, Basis Spread on Variable Rate	3.90%
Prior Liens	$ 0
Face Amount	23,685
Carrying Amount	23,519
Principal Amount Subject to Delinquent Principal or Interest	$ 0
Mortgage Loan 76 [Member] | Hotel [Member] | United States, Western Region [Member]
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate, Variable Rate Basis	1M Libor
Interest Rate, Basis Spread on Variable Rate	3.83%
Prior Liens	$ 0
Face Amount	24,000
Carrying Amount	24,009
Principal Amount Subject to Delinquent Principal or Interest	$ 0
Mortgage Loan 77 [Member] | Office Building [Member] | United States, Northeastern Region [Member]
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate, Variable Rate Basis	1M Libor
Interest Rate, Basis Spread on Variable Rate	2.90%
Prior Liens	$ 0
Face Amount	22,961
Carrying Amount	22,726
Principal Amount Subject to Delinquent Principal or Interest	$ 0
Mortgage Loan 78 [Member] | Multifamily [Member] | United States, Southeastern Region [Member]
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate, Variable Rate Basis	1M Libor
Interest Rate, Basis Spread on Variable Rate	3.15%
Prior Liens	$ 0
Face Amount	23,276
Carrying Amount	22,996
Principal Amount Subject to Delinquent Principal or Interest	$ 0
Mortgage Loan 79 [Member] | Office Building [Member] | United States, Western Region [Member]
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate, Variable Rate Basis	1M Libor
Interest Rate, Basis Spread on Variable Rate	3.15%
Prior Liens	$ 0
Face Amount	24,154
Carrying Amount	24,083
Principal Amount Subject to Delinquent Principal or Interest	$ 0
Mortgage Loan 80 [Member] | Hotel [Member] | United States, Southwestern Region [Member]
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate, Variable Rate Basis	1M Libor
Interest Rate, Basis Spread on Variable Rate	5.13%
Prior Liens	$ 0
Face Amount	26,000
Carrying Amount	25,915
Principal Amount Subject to Delinquent Principal or Interest	$ 0
Mortgage Loan 81 [Member] | Office Building [Member] | United States, Southeastern Region [Member]
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate, Variable Rate Basis	1M Libor
Interest Rate, Basis Spread on Variable Rate	2.95%
Prior Liens	$ 0
Face Amount	21,145
Carrying Amount	20,980
Principal Amount Subject to Delinquent Principal or Interest	$ 0
Mortgage Loan 82 [Member] | Industrial Property [Member] | United States, Northeastern Region [Member]
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate, Variable Rate Basis	1M Libor
Interest Rate, Basis Spread on Variable Rate	3.50%
Prior Liens	$ 0
Face Amount	25,893
Carrying Amount	25,694
Principal Amount Subject to Delinquent Principal or Interest	$ 0
Mortgage Loan 83 [Member] | Mixed Use Property [Member] | United States, Northeastern Region [Member]
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate, Variable Rate Basis	1M Libor
Interest Rate, Basis Spread on Variable Rate	3.87%
Prior Liens	$ 0
Face Amount	22,019
Carrying Amount	21,839
Principal Amount Subject to Delinquent Principal or Interest	$ 0
Mortgage Loan 84 [Member] | Other Property [Member] | United States, Northeastern Region [Member]
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate, Variable Rate Basis	1M Libor
Interest Rate, Basis Spread on Variable Rate	4.50%
Prior Liens	$ 0
Face Amount	25,500
Carrying Amount	25,180
Principal Amount Subject to Delinquent Principal or Interest	$ 0
Mortgage Loan 85 [Member] | Hotel [Member] | United States, Midwestern Region [Member]
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate, Variable Rate Basis	1M Libor
Interest Rate, Basis Spread on Variable Rate	4.07%
Prior Liens	$ 0
Face Amount	25,000
Carrying Amount	24,853
Principal Amount Subject to Delinquent Principal or Interest	$ 0
Mortgage Loan 86 [Member] | Multifamily [Member] | United States, Southwestern Region [Member]
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate, Variable Rate Basis	1M Libor
Interest Rate, Basis Spread on Variable Rate	2.66%
Prior Liens	$ 0
Face Amount	23,900
Carrying Amount	23,765
Principal Amount Subject to Delinquent Principal or Interest	$ 0
Mortgage Loan 87 [Member] | Office Building [Member] | United States, Midwestern Region [Member]
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate, Variable Rate Basis	1M Libor
Interest Rate, Basis Spread on Variable Rate	3.00%
Prior Liens	$ 0
Face Amount	15,342
Carrying Amount	15,151
Principal Amount Subject to Delinquent Principal or Interest	$ 0
Mortgage Loan 88 [Member] | Hotel [Member] | United States, Northeastern Region [Member]
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate, Variable Rate Basis	1M Libor
Interest Rate, Basis Spread on Variable Rate	4.90%
Prior Liens	$ 0
Face Amount	23,885
Carrying Amount	23,819
Principal Amount Subject to Delinquent Principal or Interest	$ 0
Mortgage Loan 89 [Member] | Hotel [Member] | United States, Northeastern Region [Member]
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate, Variable Rate Basis	1M Libor
Interest Rate, Basis Spread on Variable Rate	4.21%
Prior Liens	$ 0
Face Amount	22,263
Carrying Amount	22,091
Principal Amount Subject to Delinquent Principal or Interest	$ 0
Mortgage Loan 90 [Member] | Mixed Use Property [Member] | United States, Northeastern Region [Member]
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate, Variable Rate Basis	1M Libor
Interest Rate, Basis Spread on Variable Rate	4.77%
Prior Liens	$ 0
Face Amount	21,120
Carrying Amount	20,989
Principal Amount Subject to Delinquent Principal or Interest	$ 0
Mortgage Loan 91 [Member] | Multifamily [Member] | United States, Midwestern Region [Member]
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate, Variable Rate Basis	1M Libor
Interest Rate, Basis Spread on Variable Rate	3.27%
Prior Liens	$ 0
Face Amount	23,325
Carrying Amount	23,125
Principal Amount Subject to Delinquent Principal or Interest	$ 0
Mortgage Loan 92 [Member] | Industrial Property [Member] | United States, Northeastern Region [Member]
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate, Variable Rate Basis	1M Libor
Interest Rate, Basis Spread on Variable Rate	5.15%
Prior Liens	$ 0
Face Amount	23,315
Carrying Amount	23,266
Principal Amount Subject to Delinquent Principal or Interest	$ 0
Mortgage Loan 93 [Member] | Office Building [Member] | United States, Western Region [Member]
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate, Variable Rate Basis	1M Libor
Interest Rate, Basis Spread on Variable Rate	2.95%
Prior Liens	$ 0
Face Amount	20,000
Carrying Amount	19,753
Principal Amount Subject to Delinquent Principal or Interest	$ 0
Mortgage Loan 94 [Member] | Office Building [Member] | United States, Southeastern Region [Member]
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate, Variable Rate Basis	1M Libor
Interest Rate, Basis Spread on Variable Rate	4.05%
Prior Liens	$ 0
Face Amount	23,000
Carrying Amount	22,961
Principal Amount Subject to Delinquent Principal or Interest	$ 0
Mortgage Loan 95 [Member] | Retail Site [Member] | United States, Southeastern Region [Member]
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate, Variable Rate Basis	1M Libor
Interest Rate, Basis Spread on Variable Rate	4.21%
Prior Liens	$ 0
Face Amount	17,051
Carrying Amount	16,937
Principal Amount Subject to Delinquent Principal or Interest	$ 0
Mortgage Loan 96 [Member] | Multifamily [Member] | United States, Midwestern Region [Member]
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate, Variable Rate Basis	1M Libor
Interest Rate, Basis Spread on Variable Rate	2.99%
Prior Liens	$ 0
Face Amount	22,450
Carrying Amount	22,313
Principal Amount Subject to Delinquent Principal or Interest	$ 0
Mortgage Loan 97 [Member] | Multifamily [Member] | United States, Midwestern Region [Member]
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate, Variable Rate Basis	1M Libor
Interest Rate, Basis Spread on Variable Rate	4.05%
Prior Liens	$ 0
Face Amount	21,537
Carrying Amount	21,434
Principal Amount Subject to Delinquent Principal or Interest	$ 0
Mortgage Loan 98 [Member] | Multifamily [Member] | United States, Northeastern Region [Member]
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate, Variable Rate Basis	1M Libor
Interest Rate, Basis Spread on Variable Rate	4.44%
Prior Liens	$ 0
Face Amount	8,855
Carrying Amount	8,694
Principal Amount Subject to Delinquent Principal or Interest	$ 0
Mortgage Loan 99 [Member] | Office Building [Member] | United States, Southwestern Region [Member]
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate, Variable Rate Basis	1M Libor
Interest Rate, Basis Spread on Variable Rate	3.24%
Prior Liens	$ 0
Face Amount	18,432
Carrying Amount	18,316
Principal Amount Subject to Delinquent Principal or Interest	$ 0
Mortgage Loan 100 [Member] | Multifamily [Member] | United States, Southeastern Region [Member]
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate, Variable Rate Basis	1M Libor
Interest Rate, Basis Spread on Variable Rate	2.98%
Prior Liens	$ 0
Face Amount	21,364
Carrying Amount	21,323
Principal Amount Subject to Delinquent Principal or Interest	$ 0
Mortgage Loan 101 [Member] | Multifamily [Member] | United States, Midwestern Region [Member]
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate, Variable Rate Basis	1M Libor
Interest Rate, Basis Spread on Variable Rate	3.42%
Prior Liens	$ 0
Face Amount	19,665
Carrying Amount	19,588
Principal Amount Subject to Delinquent Principal or Interest	$ 0
Mortgage Loan 102 [Member] | Office Building [Member] | United States, Northeastern Region [Member]
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate, Variable Rate Basis	1M Libor
Interest Rate, Basis Spread on Variable Rate	4.20%
Prior Liens	$ 0
Face Amount	21,232
Carrying Amount	21,167
Principal Amount Subject to Delinquent Principal or Interest	$ 0
Mortgage Loan 103 [Member] | Multifamily [Member] | United States, Midwestern Region [Member]
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate, Variable Rate Basis	1M Libor
Interest Rate, Basis Spread on Variable Rate	2.93%
Prior Liens	$ 0
Face Amount	18,895
Carrying Amount	18,722
Principal Amount Subject to Delinquent Principal or Interest	$ 0
Mortgage Loan 104 [Member] | Mixed Use Property [Member] | United States, Southeastern Region [Member]
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate, Variable Rate Basis	1M Libor
Interest Rate, Basis Spread on Variable Rate	2.90%
Prior Liens	$ 0
Face Amount	19,098
Carrying Amount	18,919
Principal Amount Subject to Delinquent Principal or Interest	$ 0
Mortgage Loan 105 [Member] | Other Property [Member] | United States, Southeastern Region [Member]
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Fixed Interest Rate	10.00%
Prior Liens	$ 0
Face Amount	11,480
Carrying Amount	11,269
Principal Amount Subject to Delinquent Principal or Interest	$ 0
Mortgage Loan 106 [Member] | Hotel [Member] | United States, Western Region [Member]
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate, Variable Rate Basis	1M Libor
Interest Rate, Basis Spread on Variable Rate	5.15%
Prior Liens	$ 0
Face Amount	19,750
Carrying Amount	19,639
Principal Amount Subject to Delinquent Principal or Interest	$ 0
Mortgage Loan 107 [Member] | Office Building [Member] | United States, Western Region [Member]
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate, Variable Rate Basis	1M Libor
Interest Rate, Basis Spread on Variable Rate	3.20%
Prior Liens	$ 0
Face Amount	14,173
Carrying Amount	14,028
Principal Amount Subject to Delinquent Principal or Interest	$ 0
Mortgage Loan 108 [Member] | Multifamily [Member] | United States, Southwestern Region [Member]
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate, Variable Rate Basis	1M Libor
Interest Rate, Basis Spread on Variable Rate	4.29%
Prior Liens	$ 0
Face Amount	18,700
Carrying Amount	18,622
Principal Amount Subject to Delinquent Principal or Interest	$ 0
Mortgage Loan 109 [Member] | Office Building [Member] | United States, Northeastern Region [Member]
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate, Variable Rate Basis	1M Libor
Interest Rate, Basis Spread on Variable Rate	4.77%
Prior Liens	$ 0
Face Amount	18,470
Carrying Amount	18,404
Principal Amount Subject to Delinquent Principal or Interest	$ 0
Mortgage Loan 110 [Member] | Multifamily [Member] | United States, Southeastern Region [Member]
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate, Variable Rate Basis	1M Libor
Interest Rate, Basis Spread on Variable Rate	2.97%
Prior Liens	$ 0
Face Amount	18,445
Carrying Amount	18,244
Principal Amount Subject to Delinquent Principal or Interest	$ 0
Mortgage Loan 111 [Member] | Multifamily [Member] | United States, Southwestern Region [Member]
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate, Variable Rate Basis	1M Libor
Interest Rate, Basis Spread on Variable Rate	3.40%
Prior Liens	$ 0
Face Amount	16,568
Carrying Amount	16,388
Principal Amount Subject to Delinquent Principal or Interest	$ 0
Mortgage Loan 112 [Member] | Office Building [Member] | United States, Western Region [Member]
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate, Variable Rate Basis	1M Libor
Interest Rate, Basis Spread on Variable Rate	3.75%
Prior Liens	$ 0
Face Amount	10,898
Carrying Amount	10,807
Principal Amount Subject to Delinquent Principal or Interest	$ 0
Mortgage Loan 113 [Member] | Multifamily [Member] | United States, Southeastern Region [Member]
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate, Variable Rate Basis	1M Libor
Interest Rate, Basis Spread on Variable Rate	2.85%
Prior Liens	$ 0
Face Amount	16,560
Carrying Amount	16,513
Principal Amount Subject to Delinquent Principal or Interest	$ 0
Mortgage Loan 114 [Member] | Multifamily [Member] | United States, Southwestern Region [Member]
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate, Variable Rate Basis	1M Libor
Interest Rate, Basis Spread on Variable Rate	3.15%
Prior Liens	$ 0
Face Amount	16,164
Carrying Amount	16,027
Principal Amount Subject to Delinquent Principal or Interest	$ 0
Mortgage Loan 115 [Member] | Office Building [Member] | United States, Northeastern Region [Member]
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate, Variable Rate Basis	1M Libor
Interest Rate, Basis Spread on Variable Rate	3.96%
Prior Liens	$ 0
Face Amount	9,290
Carrying Amount	9,144
Principal Amount Subject to Delinquent Principal or Interest	$ 0
Mortgage Loan 116 [Member] | Hotel [Member] | United States, Western Region [Member]
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Fixed Interest Rate	8.00%
Prior Liens	$ 40,000
Face Amount	14,448
Carrying Amount	14,448
Principal Amount Subject to Delinquent Principal or Interest	$ 0
Mortgage Loan 117 [Member] | Multifamily [Member] | United States, Midwestern Region [Member]
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate, Variable Rate Basis	1M Libor
Interest Rate, Basis Spread on Variable Rate	3.75%
Prior Liens	$ 0
Face Amount	11,709
Carrying Amount	11,564
Principal Amount Subject to Delinquent Principal or Interest	$ 0
Mortgage Loan 118 [Member] | Multifamily [Member] | United States, Midwestern Region [Member]
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate, Variable Rate Basis	1M Libor
Interest Rate, Basis Spread on Variable Rate	2.99%
Prior Liens	$ 0
Face Amount	10,406
Carrying Amount	10,310
Principal Amount Subject to Delinquent Principal or Interest	$ 0
Mortgage Loan 119 [Member] | Office Building [Member] | United States, Southeastern Region [Member]
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate, Variable Rate Basis	1M Libor
Interest Rate, Basis Spread on Variable Rate	9.50%
Prior Liens	$ 65,261
Face Amount	9,900
Carrying Amount	9,878
Principal Amount Subject to Delinquent Principal or Interest	$ 0
Mortgage Loan 120 [Member] | Hotel [Member] | United States, Northeastern Region [Member]
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Fixed Interest Rate	13.00%
Prior Liens	$ 59,000
Face Amount	3,603
Carrying Amount	3,603
Principal Amount Subject to Delinquent Principal or Interest	$ 0