Granite Point Mortgage Trust (GPMT) 10-Q 11 May 20 2020 Q1 Quarterly report Financial data

Document

Document - shares	3 Months Ended
	Mar. 31, 2020	May 08, 2020
Entity Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2020
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	2020
Document Fiscal Period Focus	Q1
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 Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		55,136,885
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		Mar. 31, 2020	Dec. 31, 2019
ASSETS
Loans held-for-investment		$ 4,313,816	$ 4,226,212
Allowance for credit losses		(62,565)	0
Loans held-for-investment, net		4,251,251	4,226,212
Available-for-sale securities, at fair value		8,319	12,830
Held-to-maturity securities		10,836	18,076
Cash and cash equivalents		99,332	80,281
Restricted cash		8,533	79,483
Accrued interest receivable		11,215	11,323
Other assets		87,392	32,657
Total Assets	[1]	4,476,878	4,460,862
Liabilities
Repurchase agreements		2,072,099	1,924,021
Securitized debt obligations		982,312	1,041,044
Asset-specific financings		119,062	116,465
Revolving credit facilities		38,361	42,008
Convertible senior notes		270,031	269,634
Dividends payable		25	23,063
Other liabilities		32,929	24,491
Total Liabilities	[1]	3,514,819	3,440,726
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 55,136,885 and 54,853,205 shares issued and outstanding, respectively		552	549
Additional paid-in capital		1,049,836	1,048,484
Accumulated other comprehensive (loss) income		(3,712)	32
Cumulative earnings		106,413	162,076
Cumulative distributions to stockholders		192,030	192,005
Total Stockholders’ Equity		961,059	1,019,136
Total Liabilities and Stockholders’ Equity		$ 4,476,878	$ 4,460,862
[1]	The condensed consolidated balance sheets include assets of consolidated variable interest entities, or VIEs, that can only be used to settle obligations of these VIEs, and liabilities of the consolidated VIEs for which creditors do not have recourse to Granite Point Mortgage Trust Inc. At March 31, 2020 and December 31, 2019 , assets of the VIEs totaled $1,310,887 and $1,387,148 , and liabilities of the VIEs totaled $983,094 and $1,042,122 , respectively. See Note 3 - Variable Interest Entities for additional information.

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands		Mar. 31, 2020	Dec. 31, 2019
Variable Interest Entity [Line Items]
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)		55,136,885	54,853,205
Common shares outstanding (in shares)		55,136,885	54,853,205
Assets of consolidated Variable Interest Entities	[1]	$ 4,476,878	$ 4,460,862
Liabilities of consolidated Variable Interest Entities	[1]	3,514,819	3,440,726
Variable Interest Entity, Primary Beneficiary [Member] | Assets, Total [Member]
Variable Interest Entity [Line Items]
Assets of consolidated Variable Interest Entities		1,310,887	1,387,148
Variable Interest Entity, Primary Beneficiary [Member] | Liabilities, Total [Member]
Variable Interest Entity [Line Items]
Liabilities of consolidated Variable Interest Entities		$ 983,094	$ 1,042,122
[1]	The condensed consolidated balance sheets include assets of consolidated variable interest entities, or VIEs, that can only be used to settle obligations of these VIEs, and liabilities of the consolidated VIEs for which creditors do not have recourse to Granite Point Mortgage Trust Inc. At March 31, 2020 and December 31, 2019 , assets of the VIEs totaled $1,310,887 and $1,387,148 , and liabilities of the VIEs totaled $983,094 and $1,042,122 , respectively. See Note 3 - Variable Interest Entities for additional information.

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Interest income:
Loans held-for-investment	$ 63,259	$ 56,665
Available-for-sale securities	280	308
Held-to-maturity securities	310	661
Cash and cash equivalents	326	511
Total interest income	64,175	58,145
Interest expense:
Repurchase agreements	19,675	16,989
Securitized debt obligations	9,434	9,859
Convertible senior notes	4,516	4,465
Asset-specific financings	1,122	0
Revolving credit facilities	242	695
Total interest expense	34,989	32,008
Net interest income	29,186	26,137
Other (loss) income:
Provision for credit losses	(53,336)	0
Fee income	522	913
Total other (loss) income	(52,814)	913
Expenses:
Management fees	3,907	3,449
Incentive fees	0	244
Servicing expenses	1,109	773
Other operating expenses	8,553	5,616
Total expenses	13,569	10,082
(Loss) income before income taxes	(37,197)	16,968
Benefit from income taxes	(6)	(1)
Net (loss) income	(37,191)	16,969
Dividends on preferred stock	25	25
Net (loss) income attributable to common stockholders	$ (37,216)	$ 16,944
Basic earnings per weighted average common share (in usd per share)	$ (0.68)	$ 0.35
Diluted earnings per weighted average common share (in usd per share)	(0.68)	0.34
Dividends declared per common share (in usd per share)	$ 0	$ 0.42
Weighted average basic common shares outstanding (in shares)	55,056,411	48,601,431
Weighted average diluted common shares outstanding (in shares)	55,056,411	62,256,595
Comprehensive (loss) income:
Net (loss) income attributable to common stockholders	$ (37,216)	$ 16,944
Other comprehensive (loss) income, net of tax:
Unrealized (loss) gain on available-for-sale securities	(3,744)	192
Other comprehensive (loss) income	(3,744)	192
Comprehensive (loss) income attributable to common stockholders	$ (40,960)	$ 17,136

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
Cumulative effect of adoption of new accounting principle	$ 0		$ 13		$ (13)
Stockholders' equity at beginning of period, adjusted balance	$ 827,531	$ 436	836,301	$ (192)	91,862	$ (100,876)
Common shares outstanding at beginning of period (in shares) at Dec. 31, 2018	43,621,174	43,621,174
Stockholders’ equity at beginning of period at Dec. 31, 2018	$ 827,531	$ 436	836,288	(192)	91,875	(100,876)
Net (loss) income	16,969				16,969
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)	8,291,829	8,291,829
Issuance of common stock, net of offering costs	$ 157,228	$ 83	157,145
Common dividends declared	(21,913)					(21,913)
Preferred dividends declared	$ (25)					(25)
Non-cash equity award compensation (in shares)	258,918	258,918
Non-cash equity award compensation	$ 1,149	$ 3	1,146
Common shares outstanding at end of period (in shares) at Mar. 31, 2019	52,171,921	52,171,921
Stockholders’ equity at end of period at Mar. 31, 2019	$ 981,131	$ 522	994,592	0	108,831	(122,814)
Cumulative effect of adoption of new accounting principle	(18,472)				(18,472)
Stockholders' equity at beginning of period, adjusted balance	$ 1,000,664	$ 549	1,048,484	32	143,604	(192,005)
Common shares outstanding at beginning of period (in shares) at Dec. 31, 2019	54,853,205	54,853,205
Stockholders’ equity at beginning of period at Dec. 31, 2019	$ 1,019,136	$ 549	1,048,484	32	162,076	(192,005)
Net (loss) income	(37,191)				(37,191)
Other comprehensive income (loss) before reclassifications	(4,511)			(4,511)
Amounts reclassified from accumulated other comprehensive income	767			767
Net other comprehensive income (loss)	$ (3,744)			(3,744)
Issuance of common stock, net of offering costs (in shares)	0
Preferred dividends declared	$ (25)					(25)
Non-cash equity award compensation (in shares)	283,680	283,680
Non-cash equity award compensation	$ 1,355	$ 3	1,352
Common shares outstanding at end of period (in shares) at Mar. 31, 2020	55,136,885	55,136,885
Stockholders’ equity at end of period at Mar. 31, 2020	$ 961,059	$ 552	$ 1,049,836	$ (3,712)	$ 106,413	$ (192,030)

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Cash Flows From Operating Activities:
Net (loss) income	$ (37,191)	$ 16,969
Adjustments to reconcile net (loss) income to net cash (used in) provided by operating activities:
Accretion of discounts and net deferred fees on loans held-for-investment	(4,774)	(3,822)
Amortization of deferred debt issuance costs on convertible senior notes and securitized debt obligations	1,665	2,029
Provision for credit losses	53,336	0
Equity based compensation	1,355	1,149
Net change in assets and liabilities:
Decrease (increase) in accrued interest receivable	108	(327)
Increase in other assets	(54,735)	(3,781)
Increase in other liabilities	904	6,327
Net cash (used in) provided by operating activities	(39,332)	18,544
Cash Flows From Investing Activities:
Originations, acquisitions and additional fundings of loans held-for-investment, net of deferred fees	(184,969)	(276,574)
Proceeds from repayment of loans held-for-investment	102,139	155,320
Principal payments on held-to-maturity securities	6,298	881
Net cash used in investing activities	(76,532)	(120,373)
Cash Flows From Financing Activities:
Proceeds from repurchase agreements	237,344	225,261
Principal payments on repurchase agreements	(89,266)	(732,170)
Proceeds from issuance of securitized debt obligations	0	646,868
Principal payments on securitized debt obligations	(60,000)	(105,000)
Proceeds from asset-specific financings	2,597	0
Proceeds from revolving credit facilities	38,361	48,697
Repayment of revolving credit facilities	(42,008)	(123,697)
Proceeds from issuance of common stock, net of offering costs	0	157,228
Dividends paid on preferred stock	(25)	(25)
Dividends paid on common stock	(23,038)	(18,321)
Net cash provided by financing activities	63,965	98,841
Net decrease in cash, cash equivalents and restricted cash	(51,899)	(2,988)
Cash, cash equivalents and restricted cash at beginning of period	159,764	123,423
Cash, cash equivalents and restricted cash at end of period	107,865	120,435
Supplemental Disclosure of Cash Flow Information:
Cash paid for interest	31,914	28,284
Cash paid for taxes	0	0
Noncash Activities:
Dividends declared but not paid at end of period	$ 25	$ 21,938

Organization and Operations

Organization and Operations	3 Months Ended
	Mar. 31, 2020
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.” 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 real estate investment trust, or REIT. There can be no assurance that the internalization will be consummated. The Company has elected to be treated as a 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	3 Months Ended
	Mar. 31, 2020
Basis of Presentation and Significant Accounting Policies [Abstract]
Basis of Presentation and Significant Accounting Policies	Basis of Presentation and Significant Accounting Policies Consolidation and Basis of Presentation The interim unaudited condensed consolidated financial statements of the Company have been prepared in accordance with the rules and regulations of the Securities and Exchange Commission, or SEC. Certain information and note disclosures normally included in financial statements prepared in accordance with U.S. generally accepted accounting principles, or GAAP, have been condensed or omitted according to such SEC rules and regulations. However, management believes that the disclosures included in these interim condensed consolidated financial statements are adequate to make the information presented not misleading. The accompanying unaudited condensed consolidated financial statements should be read in conjunction with the financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2019 . In the opinion of management, all normal and recurring adjustments necessary to present fairly the financial condition of the Company at March 31, 2020 and results of operations for all periods presented have been made. The results of operations for the three months ended March 31, 2020 should not be construed as indicative of the results to be expected for future periods or the full year. The unaudited condensed consolidated financial statements of the Company include the accounts of all subsidiaries; inter-company accounts and transactions have been eliminated. Certain prior period amounts have been reclassified to conform to the current period presentation. All entities in which the Company holds investments that are considered VIEs for financial reporting purposes were reviewed for consolidation under the applicable consolidation guidance. Whenever the Company has both the power to direct the activities of an entity that most significantly impact the entity’s performance, and the obligation to absorb losses or the right to receive benefits of the entity that could be significant, the Company consolidates the entity. Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make a number of significant estimates. These include estimates of amount and timing of allowances for credit losses, fair value of certain assets and liabilities, and other estimates that affect the reported amounts of certain assets and liabilities as of the date of the condensed consolidated financial statements and the reported amounts of certain revenues and expenses during the reported period. It is likely that changes in these estimates ( e.g. , valuation changes to the underlying collateral of loans due to changes in market capitalization rates, leasing, credit worthiness of major tenants, occupancy rates, availability of financing, exit plan, loan sponsorship, actions of other lenders, overall economic and capital markets conditions, the broader commercial real estate market, local geographic sub-markets or other factors) will occur in the near term. Over the course of the first quarter of 2020, a global outbreak of a novel strain of coronavirus (COVID-19), took place. The outbreak has spread around the world, including to every state in the United States. As a result of the pandemic, numerous countries, including the United States, have declared national emergencies. As the global impact of the outbreak has been rapidly evolving and as new cases of COVID-19 have quickly spread around the world, many countries, including the U.S., have reacted by instituting quarantines, restrictions on travel, and temporarily closing non-essential businesses. Many states in the U.S. instituted varying degrees of “shelter-in-place” guidelines or orders and other measures designed to contain the spread of COVID-19. Such actions are creating significant macroeconomic disruptions and adversely impacting many industries. The outbreak could have a continued adverse impact on macroeconomic and market conditions, and trigger a period of global economic slowdown. The rapid development and fluidity of this situation precludes any prediction as to the ultimate adverse impact of COVID-19 on macroeconomic and market conditions. The Company believes the estimates and assumptions underlying its consolidated financial statements are reasonable and supportable based on the information available as of March 31, 2020. However, the significant degree of uncertainty over the ultimate impact COVID-19 will have on the global economy generally, and the Company’s business in particular, makes any estimates and assumptions as of March 31, 2020 inherently less certain than they would be absent the current and potential impacts of COVID-19. The Company’s actual results could ultimately differ from its estimates and the differences may be material. Significant Accounting Policies Included in Note 2 to the Consolidated Financial Statements of the Company’s Annual Report on Form 10-K for the year ended December 31, 2019 is a summary of the Company’s significant accounting policies. Provided below is a summary of additional accounting policies that are significant to the Company’s consolidated financial condition and results of operations for the three months ended March 31, 2020 . Recently Issued and/or Adopted Accounting Standards Measurement of Credit Losses on Financial Instruments On January 1, 2020, the Company adopted Accounting Standard Update, or 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 measure credit losses for most financial assets and certain other instruments that are not measured at fair value through net income. ASU 2016-13 replaces 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 available-for-sale, or AFS, debt securities rather than reduce the amortized cost, as they did 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 was adopted by the Company through a cumulative-effect adjustment to cumulative earnings of $18.5 million as of January 1, 2020. The allowance for credit losses 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 condensed consolidated balance sheets, and which reduces the Company’s total stockholders’ equity. The initial allowance for credit losses recorded on January 1, 2020 is reflected as a direct charge to cumulative earnings; however, going forward, changes to the allowance for credit losses are recognized through net income on the Company’s condensed consolidated statements of comprehensive (loss) income. While ASU 2016-13 does not require any particular method for determining the allowance for credit losses, 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 expected loss 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 an allowance for credit losses. The allowance for credit losses related to future loan fundings is recorded as a component of other liabilities on the Company’s condensed consolidated balance sheets, and not as an offset to the related loan balance. This allowance for credit losses is estimated using the same process outlined below for the Company’s outstanding loan balances, and changes in this component of the allowance for credit losses similarly flow through the Company’s condensed consolidated statement of comprehensive (loss) income. The Company elected not to measure an allowance for credit losses on accrued interest receivable. The Company generally writes off accrued interest receivable balance when interest is 90 days or more past due unless the loan is both well secured and in the process of collection. Write-offs of accrued interest receivable are recognized within provision for credit losses in the condensed consolidated statements of comprehensive income. The Company did not write-off any accrued interest receivable during the three months ended March 31, 2020. 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 an allowance for credit losses 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 allowance for credit losses 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 a third-party licensed database with historical loan losses from 1998 to 2019 for over 100,000 commercial real estate loans. At the time of adoption of ASU No. 2016-13, in determining its initial allowance for credit losses estimate, the Company employed a third-party licensed macroeconomic forecast that largely reflected management’s views at the time and projected a stable overall economic scenario over the reasonable projection period. Significant inputs to the Company’s estimate of the allowance for credit losses include the reasonable and supportable forecast period and loan specific factors such as DSCR, LTV, remaining loan term, property type, and others. In addition, the Company also considers relevant loan-specific qualitative factors to estimate its allowance for credit losses. In certain instances, for loans with unique risk characteristics, the Company may instead elect to employ different methods to estimate loan losses that also conform to ASU 2016-13 and related guidance. Upon adoption of ASU No. 2016-13 on January 1, 2020, based on the Company’s loan portfolio, pre-COVID-19 economic environment and management’s expectations for future economic and market conditions at the time, the Company recorded an initial allowance for credit losses, as a cumulative-effective adjustment to the cumulative earnings in its consolidated statement of equity, of approximately $18.5 million , or approximately $0.34 per share. The following table illustrates the day-one financial statement impact of the adoption of ASU 2016-13 on January 1, 2020: (in thousands) ASSETS Pre-ASU 2016-13 Adoption Cumulative Effect of Adoption As Reported Under ASU 2016-13 Loans and securities $ 4,257,086 $ — $ 4,257,086 Allowance for credit losses — (16,692 ) (16,692 ) Loans and securities, net $ 4,257,086 $ (16,692 ) $ 4,240,394 LIABILITIES Liability for off-balance sheet credit losses (1) $ — $ 1,780 $ 1,780 STOCKHOLDERS’ EQUITY Cumulative earnings $ 162,076 $ (18,472 ) $ 143,604 ____________________ (1) Represents expected loss on unfunded commitments.

Variable Interest Entities

Variable Interest Entities	3 Months Ended
	Mar. 31, 2020
Variable Interest Entities [Abstract]
Variable Interest Entities	Variable Interest Entities The Company finances pools of its commercial real estate loans through collateralized loan obligations, or CLOs, which are considered VIEs for financial reporting purposes and, thus, are reviewed for consolidation under the applicable consolidation guidance. 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 condensed consolidated balance sheets as of March 31, 2020 and December 31, 2019 : (in thousands) March 31, December 31, Loans held-for-investment $ 1,317,406 $ 1,301,369 Allowance for credit losses (16,067 ) — Loans held-for-investment, net 1,301,339 1,301,369 Restricted cash 900 76,093 Other assets 8,648 9,686 Total Assets $ 1,310,887 $ 1,387,148 Securitized debt obligations $ 982,312 $ 1,041,044 Other liabilities 782 1,078 Total Liabilities $ 983,094 $ 1,042,122 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 commercial mortgage-backed securities, or CMBS, which are classified within AFS securities, at fair value, and held-to-maturity, or HTM, securities on the condensed consolidated balance sheets. As of March 31, 2020 and December 31, 2019 , the carrying value, which also represents the maximum exposure to loss, of all CMBS in unconsolidated VIEs was $19.2 million and $30.9 million , respectively.

Loans Held-for-Investment

Loans Held-for-Investment	3 Months Ended
	Mar. 31, 2020
Loans Held-for-Investment [Abstract]
Loans Held-for-Investment	Loans Held-for-Investment, Net of Allowance for Credit Losses The Company originates and acquires commercial real estate debt and related instruments generally to be held as long-term investments. These assets are classified as “loans held-for-investment” on the condensed consolidated balance sheets. Loans held-for-investment are reported at cost, net of any unamortized acquisition premiums or discounts, loan fees, origination costs and allowance for credit losses as applicable. The following tables summarize the Company’s loans held-for-investment by asset type, property type and geographic location as of March 31, 2020 and December 31, 2019 : March 31, (dollars in thousands) Senior Loans (1) Mezzanine Loans B-Notes Total Unpaid principal balance $ 4,314,836 $ 13,197 $ 14,395 $ 4,342,428 Unamortized (discount) premium (115 ) — — (115 ) Unamortized net deferred origination fees (28,498 ) 1 — (28,497 ) Allowance for credit losses (61,261 ) (1,016 ) (288 ) (62,565 ) Carrying value $ 4,224,962 $ 12,182 $ 14,107 $ 4,251,251 Unfunded commitments $ 762,756 $ — $ — $ 762,756 Number of loans 119 2 1 122 Weighted average coupon 5.1 % 11.5 % 8.0 % 5.2 % Weighted average years to maturity (2) 1.6 1.7 6.8 1.6 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 ____________________ (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) March 31, December 31, Property Type Carrying Value % of Loan Portfolio Carrying Value % of Loan Portfolio Office $ 1,788,377 42.0 % $ 1,779,173 42.0 % Multifamily 1,063,785 25.0 % 1,058,708 25.1 % Hotel 661,760 15.6 % 640,503 15.2 % Retail 396,438 9.3 % 398,742 9.4 % Industrial 304,133 7.2 % 312,637 7.4 % Other 36,758 0.9 % 36,449 0.9 % Total $ 4,251,251 100.0 % $ 4,226,212 100.0 % (dollars in thousands) March 31, December 31, Geographic Location Carrying Value % of Loan Portfolio Carrying Value % of Loan Portfolio Northeast $ 1,148,560 27.1 % $ 1,196,767 28.4 % Southwest 874,194 20.5 % 923,519 21.8 % West 808,168 19.0 % 735,416 17.4 % Midwest 701,781 16.5 % 700,778 16.6 % Southeast 718,548 16.9 % 669,732 15.8 % Total $ 4,251,251 100.0 % $ 4,226,212 100.0 % At March 31, 2020 and December 31, 2019 , the Company pledged loans held-for-investment with a carrying value, net of allowance for credit losses, of $4.2 billion and $4.1 billion , respectively, as collateral for repurchase agreements, an asset-specific financing facility, a revolving credit facility and securitized debt obligations. See Note 9 - Collateralized Borrowings and Note 10 - Securitized Debt Obligations. The following table summarizes activity related to loans held-for-investment, net of allowance for credit losses, for the three months ended March 31, 2020 and 2019 : Three Months Ended (in thousands) 2020 2019 Balance at beginning of period $ 4,226,212 $ 3,167,913 Originations, acquisitions and additional fundings 187,422 279,694 Repayments (102,139 ) (155,320 ) Net discount accretion (premium amortization) 8 13 Increase in net deferred origination fees (2,453 ) (3,120 ) Amortization of net deferred origination fees 4,766 3,809 Allowance for credit losses (62,565 ) — Balance at end of period $ 4,251,251 $ 3,292,989 Subsequent to the adoption of ASU 2016-13 on January 1, 2020, to estimate and recognize an allowance for credit losses on loans held-for-investment and their related unfunded commitments, the Company continues to use a probability-weighted analytical model. Given the highly uncertain current macroeconomic environment and the lack of clarity on the near-term outlook for the overall U.S. economy as a result of the COVID-19 pandemic, in determining its allowance for credit losses estimate through March 31, 2020 , the Company employed an updated third-party provided macroeconomic forecast over the reasonable projection period. This updated forecast reflects the impact of the COVID-19 pandemic on the overall U.S. economy, commercial real estate markets generally and is not specific to any loans in its portfolio. These estimates may change in future periods based on available future macro-economic data and might results in a material change in the Company’s future estimates of expected credit losses for its loan portfolio. See Note 2 - Use of Estimates for further discussion of COVID-19. Significant inputs to the Company’s estimate of the allowance for credit losses include loan specific factors such as DSCR, LTV, remaining loan term, property type and others. In certain instances, for loans with unique risk characteristics, the Company may instead elect to employ different methods to estimate loan losses that also conform to ASU 2016-13 and related guidance. The allowance for credit losses related to the Company’s loans held-for-investment is deducted from the amortized cost basis of related loans, while the allowance for credit losses related to off-balance sheet future funding commitments is recorded as a component of other liabilities on the Company’s condensed consolidated balance sheets. As of March 31, 2020 , the Company recognized $7.5 million in other liabilities related to the allowance for credit losses on unfunded commitments. Changes in the provision for credit losses for both loans held-for-investment and their related unfunded commitments are recognized through net income on the Company’s condensed consolidated statements of comprehensive (loss) income. The following table presents the changes for the three months ended March 31, 2020 in the allowance for credit losses on loans held-for-investment: Three Months Ended (in thousands) 2020 Balance at beginning of period $ 16,692 Provision for credit losses 45,873 Writeoffs — Recoveries of amounts previously written off — Balance at end of period $ 62,565 The Company’s primary credit quality indicators are its risk rankings. The Company evaluates the credit quality of each loan 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, LTV, 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 probability of default or principal loss. 5 – Loss Likely: A loan that has a significantly increased probability of default or principal loss. The following table presents the number of loans, unpaid principal balance and carrying value by risk rating for loans held-for-investment as of March 31, 2020 and December 31, 2019 : (dollars in thousands) March 31, December 31, Risk Rating Number of Loans Unpaid Principal Balance Carrying Value Number of Loans Unpaid Principal Balance Carrying Value 1 4 $ 104,751 $ 103,889 9 $ 293,191 $ 292,270 2 97 3,470,230 3,408,924 100 3,661,077 3,632,528 3 17 653,475 633,979 9 243,127 241,901 4 4 113,972 104,459 2 59,750 59,513 5 — — — — — — Total 122 $ 4,342,428 $ 4,251,251 120 $ 4,257,145 $ 4,226,212 As of December 31, 2019 (prior to the adoption of ASU 2016-13), the Company had not identified any impaired loans and it had not recorded any allowances for losses as it was not deemed probable that the Company would not be able to collect all amounts due pursuant to the contractual terms of the loans. The following table presents the carrying value of loans held-for-investment as of March 31, 2020 by risk rating and year of origination: March 31, 2020 (dollars in thousands) Origination Year Risk Rating 2020 2019 2018 2017 2016 Prior Total 1 (Low Risk) $ — $ — $ 49,269 $ 21,290 $ 33,330 $ — $ 103,889 2 (Average Risk) 122,649 1,513,409 892,526 584,385 186,142 109,813 3,408,924 3 (Acceptable Risk) — 84,461 233,342 189,622 — 126,554 633,979 4 (High Risk) — — 38,793 65,666 — — 104,459 5 (Loss Likely) — — — — — — — Total $ 122,649 $ 1,597,870 $ 1,213,930 $ 860,963 $ 219,472 $ 236,367 $ 4,251,251 As of March 31, 2020 and December 31, 2019 , the Company had not identified any loans that were past-due, in nonaccrual status, or in maturity default. Additionally, during the three months ended March 31, 2020 , the Company did not enter into any loan modifications which were classified as troubled debt restructuring.

Available-for-Sale Securities

Available-for-Sale Securities	3 Months Ended
	Mar. 31, 2020
Debt Securities, Available-for-sale [Abstract]
Available-for-Sale Securities, at Fair Value	Available-for-Sale Securities The following table presents the components of the carrying value of AFS securities as of March 31, 2020 and December 31, 2019 : (in thousands) March 31, December 31, Face value $ 12,798 $ 12,798 Unamortized premium (discount) — — Allowance for credit losses (767 ) — Gross unrealized gains — 32 Gross unrealized losses (3,712 ) — Carrying value $ 8,319 $ 12,830 On March 31, 2020 , the Company’s AFS securities had contractual maturities of less than one year . At March 31, 2020 and December 31, 2019 , the Company pledged AFS securities with a carrying value of $8.3 million and $12.8 million , respectively, as collateral for repurchase agreements. See Note 9 - Collateralized Borrowings . At March 31, 2020 , the Company’s AFS securities were in an unrealized loss position for less than twelve months. At December 31, 2019 , the Company’s AFS securities were in an unrealized gain position.

Held-to-Maturity Securities

Held-to-Maturity Securities	3 Months Ended
	Mar. 31, 2020
Debt Securities, Held-to-maturity, Fair Value to Amortized Cost [Abstract]
Held-to-Maturity Securities	Held-to-Maturity Securities The following table presents the components of the carrying value of HTM securities as of March 31, 2020 and December 31, 2019 : (in thousands) March 31, December 31, Face value $ 11,778 $ 18,076 Unamortized premium (discount) — — Allowance for credit losses (942 ) — Carrying value $ 10,836 $ 18,076 On March 31, 2020 , the Company’s HTM securities had contractual maturities of less than one year . At March 31, 2020 and December 31, 2019 , the Company pledged HTM securities with a carrying value of $10.8 million and $18.1 million , respectively, as collateral for repurchase agreements. See Note 9 - Collateralized Borrowings .

Cash, Cash Equivalents and Rest

Cash, Cash Equivalents and Restricted Cash	3 Months Ended
	Mar. 31, 2020
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 March 31, 2020 and December 31, 2019 , the Company had $7.6 million and $3.4 million , respectively, as collateral for repurchase agreements and by counterparties to support investment activities. In addition, as of March 31, 2020 and December 31, 2019 , the Company held $0.9 million and $76.1 million , respectively, in restricted cash representing proceeds from principal paydowns of loans held in the CLOs. The following table provides a reconciliation of cash, cash equivalents and restricted cash reported on the Company’s condensed consolidated balance sheets as of March 31, 2020 and December 31, 2019 that sum to the total of the same such amounts shown in the statements of cash flows: (in thousands) March 31, December 31, Cash and cash equivalents $ 99,332 $ 80,281 Restricted cash 8,533 79,483 Total cash, cash equivalents and restricted cash $ 107,865 $ 159,764

Fair Value

Fair Value	3 Months Ended
	Mar. 31, 2020
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 condensed 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 credit and cash flow factors including, but not limited to, required market yields for comparable investments, coupons, expected life of the security, property type, LTV and debt yield. 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 condensed consolidated balance sheets. Recurring Fair Value Measurements March 31, 2020 (in thousands) Level 1 Level 2 Level 3 Total Assets Available-for-sale securities $ — $ 8,319 $ — $ 8,319 Total assets $ — $ 8,319 $ — $ 8,319 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 Transfers between Levels are deemed to take place on the first day of the reporting period in which the transfer has taken place. The Company did not incur transfers between Levels for the three months ended March 31, 2020 and 2019 . 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 March 31, 2020 and December 31, 2019 , 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 condensed consolidated balance sheets, for which fair value can be estimated. The following describes the Company’s methods for estimating the fair value for financial instruments: • Loans held-for-investment are carried at cost, net of any unamortized acquisition premiums or discounts, loan fees, origination costs and allowance for credit losses, 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 and allowance for credit losses. 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 March 31, 2020 . The Company categorizes the fair value measurement of these assets as Level 2. The following table presents the carrying values and estimated fair values of assets and liabilities that are required to be recorded or disclosed at fair value at March 31, 2020 and December 31, 2019 : March 31, 2020 December 31, 2019 (in thousands) Carrying Value Fair Value Carrying Value Fair Value Assets Loans held-for-investment, net of allowance for credit losses $ 4,251,251 $ 4,269,192 $ 4,226,212 $ 4,261,612 Available-for-sale securities $ 8,319 $ 8,319 $ 12,830 $ 12,830 Held-to-maturity securities $ 10,836 $ 4,711 $ 18,076 $ 18,076 Cash and cash equivalents $ 99,332 $ 99,332 $ 80,281 $ 80,281 Restricted cash $ 8,533 $ 8,533 $ 79,483 $ 79,483 Liabilities Repurchase agreements $ 2,072,099 $ 2,072,099 $ 1,924,021 $ 1,924,021 Securitized debt obligations $ 982,312 $ 846,600 $ 1,041,044 $ 1,050,912 Asset-specific financings $ 119,062 $ 119,062 $ 116,465 $ 116,465 Revolving credit facilities $ 38,361 $ 38,361 $ 42,008 $ 42,008 Convertible senior notes $ 270,031 $ 112,660 $ 269,634 $ 283,332

Collateralized Borrowings

Collateralized Borrowings	3 Months Ended
	Mar. 31, 2020
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 collateral-specific credit events, or, with respect to a limited number of the Company’s repurchase agreements, capital market events, would require the Company to fund margin calls. The Company’s asset-specific financing facility is collateralized by loans held-for-investment. The Company does not typically retain similar rights for the Company to make margin calls on its underlying borrowers as a result of a determination by the Company and/or its financing counterparty that there has been a decrease in the market value of the underlying pledged collateral. 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 March 31, 2020 and December 31, 2019 : March 31, 2020 (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 $ 594,545 $ 5,455 $ 600,000 $ 725,284 2.9 % Goldman Sachs Bank May 2, 2021 461,860 38,140 500,000 606,643 2.8 % JPMorgan Chase Bank June 28, 2022 405,505 44,495 450,000 567,688 2.7 % Citibank January 9, 2023 412,812 87,188 500,000 517,683 2.5 % Wells Fargo Bank (2) June 28, 2021 180,456 94,544 275,000 237,467 2.6 % JPMorgan Chase Bank (3) May 11, 2020 16,921 NA NA 23,457 3.9 % Total/Weighted Average $ 2,072,099 $ 269,822 $ 2,325,000 $ 2,678,222 Asset-specific financings: Canadian Imperial Bank of Commerce Various $ 119,062 $ 30,938 $ 150,000 $ 147,065 2.5 % Revolving credit facilities: Citibank (4) July 26, 2021 $ 38,361 $ 36,639 $ 75,000 $ 64,905 3.3 % 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 July 15, 2022 339,888 60,112 400,000 432,867 3.4 % Wells Fargo Bank (2) June 28, 2021 194,113 80,887 275,000 286,672 3.5 % JPMorgan Chase Bank (3) 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 (4) July 26, 2021 $ 42,008 $ 32,992 $ 75,000 $ 80,473 4.0 % ____________________ (1) The facilities are set to mature on the stated maturity date, unless extended pursuant to their terms. (2) As of March 31, 2020 , the Company retained an option to increase the maximum facility capacity amount up to $350 million , subject to customary terms and conditions. (3) Includes repurchase agreement collateralized by the Company’s CMBS, including both AFS and HTM securities. As of March 31, 2020 , carrying value of collateral includes $4.3 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 . (4) As of March 31, 2020 , the Company retained an option to increase the maximum facility capacity amount up to $150 million , subject to customary terms and conditions. At March 31, 2020 , the Company’s collateralized borrowings outstanding had the following remaining maturities: March 31, 2020 (dollars in thousands) Repurchase Agreements Asset-Specific Financings Revolving Credit Facilities Total Amount Outstanding Within one year $ 16,921 $ — $ 38,361 $ 55,282 One to three years 2,055,178 119,062 — 2,174,240 Three to five years — — — — Five years and over — — — — Total $ 2,072,099 $ 119,062 $ 38,361 $ 2,229,522 The following table summarizes certain characteristics of the Company’s repurchase agreements and counterparty concentration at March 31, 2020 and December 31, 2019 : March 31, 2020 December 31, 2019 (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 $ 594,545 $ 141,595 15 % 1.24 $ 556,887 $ 185,022 18 % 1.49 JPMorgan Chase Bank 422,426 179,773 19 % 2.16 428,076 156,764 15 % 2.39 Goldman Sachs Bank 461,860 153,315 16 % 1.09 405,057 137,326 13 % 0.34 Citibank 412,812 109,520 11 % 2.78 339,888 93,553 9 % 2.54 Wells Fargo Bank 180,456 59,110 6 % 1.24 194,113 93,004 9 % 1.49 Total $ 2,072,099 $ 643,313 $ 1,924,021 $ 665,669 ____________________ (1) Represents the excess of the carrying amount or market 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. 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	3 Months Ended
	Mar. 31, 2020
Securitized Debt Obligations [Abstract]
Securitized Debt Obligations	Securitized Debt Obligations The Company finances pools of its commercial real estate loans through CLOs, which are consolidated on the Company’s condensed consolidated financial statements. See Note 3 - Variable Interest Entities for additional information regarding consolidation of the CLOs. The securitized debt obligations issued by the CLOs are recorded at outstanding principal, net of any unamortized deferred debt issuance costs, on the Company’s condensed consolidated balance sheets. As of March 31, 2020 and December 31, 2019 , the outstanding amount due on securitized debt obligations was $982.3 million and $1.0 billion , net of deferred issuance costs, respectively, with a weighted average interest rate of 3.27% and 3.32% , respectively.

Convertible Senior Notes

Convertible Senior Notes	3 Months Ended
	Mar. 31, 2020
Convertible Debt [Abstract]
Convertible Senior Notes	Convertible Senior Notes In December 2017, the Company closed a private placement of $125.0 million aggregate principal amount of convertible senior notes due 2022. In January 2018, an additional $18.8 million in notes were issued by the Company in connection with the exercise of the initial purchaser’s option. The net proceeds from the offering were approximately $139.5 million after deducting underwriting discounts and expenses. The notes are unsecured, pay interest semiannually at a rate of 5.625% per annum and are convertible at the option of the holder into shares of the Company’s common stock. The notes will mature in December 2022 , unless earlier converted or repurchased in accordance with their terms. The Company does not have the right to redeem the notes prior to maturity, but may be required to repurchase the notes from holders under certain circumstances. As of March 31, 2020 , the notes had a conversion rate of 50.7073 shares of common stock per $1,000 principal amount of the notes . In October 2018, the Company closed an underwritten public offering of $131.6 million aggregate principal amount of convertible senior notes due 2023. The net proceeds from the offering were approximately $127.7 million after deducting underwriting discounts and expenses. The notes are unsecured, pay interest semiannually at a rate of 6.375% per annum and are convertible at the option of the holder into shares of the Company’s common stock. The notes will mature in October 2023 , unless earlier converted or repurchased in accordance with their terms. The Company does not have the right to redeem the notes prior to maturity, but may be required to repurchase the notes from holders under certain circumstances. As of March 31, 2020 , the notes had a conversion rate of 48.8496 shares of common stock per $1,000 principal amount of the notes . The consolidated amount outstanding due on convertible senior notes as of March 31, 2020 and December 31, 2019 was $270.0 million and $269.6 million , respectively, net of deferred issuance costs.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2020
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies The following represent the material commitments and contingencies of the Company as of March 31, 2020 : Impact of COVID-19. The full extent of the impact of the COVID-19 pandemic on the global economy generally, and the Company’s business in particular, is uncertain. As of March 31, 2020, no contingencies have been recorded on the Company’s condensed consolidated balance sheet as a result of COVID-19. However, as the global pandemic continues and the economic implications worsen, it may have long-term impacts on the Company’s financial condition, results of operations and cash flows. See Note 2 - Use of Estimates for further discussion of COVID-19. Management Agreement. Upon closing its initial public offering, or 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. The Company and the Manager have not yet executed and delivered a final agreement and definitive documentation or agreed upon fee or date by which the internalization may be completed. The Company cannot provide any assurance that the internalization will be consummated. As of March 31, 2020, the Company’s consolidated financial statements do not recognize a contingency liability under ASC 450 because management does not believe the amount of the loss or expense related to the internalization is reasonably estimable. Once the loss or expense may be reasonably estimable and management believes the internalization is a “probable” future event that may result in a loss or expense to the Company, the Company may recognize in the consolidated financial statements a contingency liability and resulting loss in such period. 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 March 31, 2020 . Unfunded commitments on loans held-for-investment. Certain of the Company’s commercial real estate loan agreements contain provisions and obligations to extend credit to its borrowers through its unfunded loan commitments over the contractual period of its loans. As of March 31, 2020 and December 31, 2019 , the Company had unfunded loan commitments of $762.8 million and $748.9 million , respectively, on loans held-for-investment, which it expects to fund, subject to the satisfaction of any conditions precedent to such commitments, over the tenure of these loans, which have a weighted average future funding period of approximately three years. These commitments generally provide funding for lease-related or capital improvement expenditures, as well as interest and carry costs, all of which will vary depending on the progress of capital improvement projects, leasing and cash flows at the properties that serve as collateral for the Company’s loans. Therefore, the exact timing and amounts of such loan balance future fundings are generally uncertain and will depend on the current and future performance of the collateral properties. Because of the COVID-19 pandemic and its impact on the global and U.S. economies and the U.S. commercial real estate market, the pace of lease-related or capital improvement expenditures may be slower than otherwise expected, and the pace of associated future fundings relating to these capital needs accordingly may be similarly slower; however, the exact timing and amounts are uncertain. The Company typically finances the funding of its loan commitments on terms generally consistent with its overall financing facilities; however, most of its financing agreement counterparties are not obligated to fund their ratable portion of these loan commitments over time and have varying degrees of discretion over future loan funding obligations, including the advance rates on their fundings. The Company may be obligated to fund loan commitments with respect to a pledged asset even if the applicable financing counterparty will not fund their ratable portion of the loan commitment and/or has made margin calls with respect to such pledged asset. As a result of the COVID-19 pandemic and the increased degree of uncertainty it has created, the Company’s financing agreement counterparties may be less likely to finance its future loan funding commitments than they were prior to the COVID-19 pandemic.

Preferred Stock

Preferred Stock	3 Months Ended
	Mar. 31, 2020
Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract]
Preferred Stock	Preferred Stock The Company’s preferred stock ranks senior to the rights of holders of the Company’s common stock, but junior to all other classes or series of preferred stock that may be issued. The holders of the preferred stock are entitled to receive, when, as and if authorized and declared by the Company, cumulative cash dividends at the rate of 10% per annum of the $1,000 liquidation preference per share of the preferred stock. Such dividends accrue on a daily basis and are cumulative from and including the initial issue date of the preferred stock. The Company has the option at any time after five years from the initial issue date to redeem the preferred stock at a redemption price of $1,000 per share, plus any accrued and unpaid dividends. At any time after six years from the initial issue date, the Company will, at the request of any preferred stockholder, repurchase the holder’s preferred stock at a price of $1,000 per share, plus any accrued and unpaid dividends. During the three months ended March 31, 2020 and 2019 , the Company declared dividends to the preferred stockholder of $25,000 and $25,000 , respectively.

Stockholders' Equity

Stockholders' Equity	3 Months Ended
	Mar. 31, 2020
Stockholders' Equity Attributable to Parent [Abstract]
Stockholders' Equity	Stockholders’ Equity Common Stock On February 5, 2019, the Company closed an underwritten public offering of 6,850,000 shares of its common stock. The Company received total proceeds from the offering of approximately $130.2 million . In addition, the Company granted the underwriters a thirty-day option to purchase up to an additional 1,027,500 shares of its common stock, which was exercised in full on March 6, 2019 resulting in proceeds of $19.5 million from exercise of the underwriters option. In connection with this offering, the Manager agreed to pay approximately $1.6 million of the underwriting fees and discounts. As of March 31, 2020 , the Company had 55,136,885 shares of common stock outstanding. The following table presents a reconciliation of the common shares outstanding for the three months ended March 31, 2020 and 2019 : Number of common shares Common shares outstanding, December 31, 2018 43,621,174 Issuance of common stock 8,291,829 Issuance of restricted stock (1) 258,918 Common shares outstanding, March 31, 2019 52,171,921 Common shares outstanding, December 31, 2019 54,853,205 Issuance of common stock — Issuance of restricted stock (1) 283,680 Common shares outstanding, March 31, 2020 55,136,885 ____________________ (1) Represents shares of restricted stock granted under the Company’s 2017 Equity Incentive Plan, net of forfeitures. See Note 15 - Equity Incentive Plan for additional information. Distributions to Stockholders On March 25, 2020, as a result of the unprecedented market conditions and uncertainty caused by the COVID-19 pandemic, the Company announced that it had suspended its first quarter 2020 common stock dividend in order to conserve available liquidity. The following table presents cash dividends declared by the Company on its common stock from December 31, 2018 through March 31, 2020 : 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 Share Repurchase Program The Company’s Share Repurchase Program allows for the repurchase of up to an aggregate of 2,000,000 shares of the Company’s 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 The Company is party to 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 March 31, 2020 , 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 414,329 shares were sold for total proceeds of $7.8 million during the three months ended March 31, 2019 . No shares were sold during the three months ended March 31, 2020 . Accumulated Other Comprehensive (Loss) Income Accumulated other comprehensive (loss) income at March 31, 2020 and December 31, 2019 was as follows: (in thousands) March 31, December 31, Available-for-sale securities Unrealized gains $ — $ 32 Unrealized losses (3,712 ) — Accumulated other comprehensive (loss) income $ (3,712 ) $ 32 Reclassifications out of Accumulated Other Comprehensive (Loss) Income The Company reclassifies unrealized gains and losses on AFS securities in accumulated other comprehensive (loss) income to net (loss) income upon the recognition of any provision for credit losses as the allowance for credit losses on individual AFS securities is increased or decreased. For the three months ended March 31, 2020 , the Company reclassified $0.8 million of unrealized losses on AFS securities out of accumulated other comprehensive (loss) income to provision for credit losses on the condensed consolidated statement of comprehensive (loss) income. The Company did not record any reclassifications out of accumulated other comprehensive (loss) income during the three months ended March 31, 2019 .

Equity Incentive Plan

Equity Incentive Plan	3 Months Ended
	Mar. 31, 2020
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 three months ended March 31, 2020 and 2019 , the Company granted 297,769 and 258,918 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 $18.47 and $19.31 per share, respectively, on the grant date, based on the closing market price of the Company’s common stock on the NYSE on such date. The shares underlying the grants vest in three equal annual installments commencing on the first anniversary of the grant date, as long as the grantee complies with the terms and conditions of his or her applicable restricted stock award agreement. The following table summarizes the activity related to restricted common stock for the three months ended March 31, 2020 and 2019 : Three Months Ended March 31, 2020 2019 Shares Weighted Average Grant Date Fair Market Value Shares Weighted Average Grant Date Fair Market Value Outstanding at Beginning of Period 461,371 $ 18.75 321,134 $ 18.04 Granted 297,769 18.47 258,918 19.31 Vested (153,425 ) (18.44 ) (67,694 ) (17.33 ) Forfeited (14,089 ) (18.57 ) — — Outstanding at End of Period 591,626 $ 18.69 512,358 $ 18.78 For the three months ended March 31, 2020 and 2019 , the Company recognized compensation related to restricted common stock of $1.4 million and $1.1 million , respectively.

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2020
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 that portion of its income that it distributes to its stockholders if it annually distributes at least 90% of its REIT taxable income, without regard to the deduction for dividends paid and excluding net capital gains, and does not engage in prohibited transactions. While the Company currently intends to distribute 100% of its REIT taxable income for the taxable year ending December 31, 2020 and comply with all requirements to continue to qualify as a REIT, the Company will continue to evaluate its capital and liquidity needs in light of the significant uncertainties created by the COVID-19 pandemic, including the potential for a continued and prolonged adverse impact on economic and market conditions. The majority of states also recognize the Company’s REIT status. The Company’s TRS files a separate federal 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. Based on the Company’s evaluation, it has been concluded that there are no significant uncertain tax positions requiring recognition in the Company’s condensed consolidated financial statements of a contingent tax liability for uncertain tax positions. Additionally, there were no amounts accrued for penalties or interest as of or during the periods presented in these condensed consolidated financial statements.

Earnings Per Share

Earnings Per Share	3 Months Ended
	Mar. 31, 2020
Earnings Per Share [Abstract]
Earnings Per Share	Earnings Per Share The following table presents a reconciliation of the earnings and shares used in calculating basic and diluted earnings per share for the three months ended March 31, 2020 and 2019 : Three Months Ended March 31, (in thousands, except share data) 2020 2019 Numerator: Net income (loss) attributable to common stockholders - basic $ (37,216 ) $ 16,944 Interest expense attributable to convertible notes (1) — 4,449 Net income (loss) attributable to common stockholders - diluted $ (37,216 ) $ 21,393 Denominator: Weighted average common shares outstanding 54,499,000 48,145,555 Weighted average restricted stock shares 557,411 455,876 Basic weighted average shares outstanding 55,056,411 48,601,431 Effect of dilutive shares issued in an assumed conversion of the convertible senior notes — 13,655,164 Diluted weighted average shares outstanding 55,056,411 62,256,595 Earnings (Loss) per share Basic $ (0.68 ) $ 0.35 Diluted $ (0.68 ) $ 0.34 ____________________ (1) Includes a nondiscretionary adjustment for the assumed change in the management fee calculation. For the three months ended March 31, 2020 , excluded from the calculation of diluted earnings per share is the effect of adding back $4.5 million of interest expense, net of nondiscretionary adjustment for the assumed change in the management fee calculation, and 13,717,782 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	3 Months Ended
	Mar. 31, 2020
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. 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 $3.9 million and $3.4 million , respectively, as a management fee to the Manager for the three months ended March 31, 2020 and 2019 . In addition, incentive fees, if earned, are payable to the Company’s Manager, as defined in the management agreement. The Company incurred $0.2 million as an incentive fee to the Manager for the three months ended March 31, 2019 . No incentive fees were incurred for the three months ended March 31, 2020 . 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. During the three months ended March 31, 2020 and 2019 , 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 $7.8 million and $6.6 million , respectively. In addition, during the three months ended March 31, 2019 , the Manager paid the underwriters an amount equal to $0.20 per share for each share issued in connection with the Company’s underwritten public offering of its common stock and the related option exercised by the underwriters to purchase additional shares of the Company’s common stock. The Company has contractual relationships with a majority of its third-party vendors and pays those vendors directly. The Company will continue to have certain costs allocated to it by the Manager under the management agreement for compensation, data services, technology and certain office lease payments. The Company recognized $1.4 million and $1.1 million of compensation during the three months ended March 31, 2020 and 2019 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. The terms of these transactions may have been different had they been transacted with an unrelated third-party.

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2020
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events Events subsequent to March 31, 2020, were evaluated through the date these financial statements were issued and no other additional events were identified requiring further disclosure in these condensed consolidated financial statements.

Basis of Presentation and Sig_2

Basis of Presentation and Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2020
Basis of Presentation and Significant Accounting Policies [Abstract]
Consolidation and Basis of Presentation	Consolidation and Basis of Presentation The interim unaudited condensed consolidated financial statements of the Company have been prepared in accordance with the rules and regulations of the Securities and Exchange Commission, or SEC. Certain information and note disclosures normally included in financial statements prepared in accordance with U.S. generally accepted accounting principles, or GAAP, have been condensed or omitted according to such SEC rules and regulations. However, management believes that the disclosures included in these interim condensed consolidated financial statements are adequate to make the information presented not misleading. The accompanying unaudited condensed consolidated financial statements should be read in conjunction with the financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2019 . In the opinion of management, all normal and recurring adjustments necessary to present fairly the financial condition of the Company at March 31, 2020 and results of operations for all periods presented have been made. The results of operations for the three months ended March 31, 2020 should not be construed as indicative of the results to be expected for future periods or the full year. The unaudited condensed consolidated financial statements of the Company include the accounts of all subsidiaries; inter-company accounts and transactions have been eliminated. Certain prior period amounts have been reclassified to conform to the current period presentation. All entities in which the Company holds investments that are considered VIEs for financial reporting purposes were reviewed for consolidation under the applicable consolidation guidance. Whenever the Company has both the power to direct the activities of an entity that most significantly impact the entity’s performance, and the obligation to absorb losses or the right to receive benefits of the entity that could be significant, the Company consolidates the entity.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make a number of significant estimates. These include estimates of amount and timing of allowances for credit losses, fair value of certain assets and liabilities, and other estimates that affect the reported amounts of certain assets and liabilities as of the date of the condensed consolidated financial statements and the reported amounts of certain revenues and expenses during the reported period. It is likely that changes in these estimates ( e.g. , valuation changes to the underlying collateral of loans due to changes in market capitalization rates, leasing, credit worthiness of major tenants, occupancy rates, availability of financing, exit plan, loan sponsorship, actions of other lenders, overall economic and capital markets conditions, the broader commercial real estate market, local geographic sub-markets or other factors) will occur in the near term. Over the course of the first quarter of 2020, a global outbreak of a novel strain of coronavirus (COVID-19), took place. The outbreak has spread around the world, including to every state in the United States. As a result of the pandemic, numerous countries, including the United States, have declared national emergencies. As the global impact of the outbreak has been rapidly evolving and as new cases of COVID-19 have quickly spread around the world, many countries, including the U.S., have reacted by instituting quarantines, restrictions on travel, and temporarily closing non-essential businesses. Many states in the U.S. instituted varying degrees of “shelter-in-place” guidelines or orders and other measures designed to contain the spread of COVID-19. Such actions are creating significant macroeconomic disruptions and adversely impacting many industries. The outbreak could have a continued adverse impact on macroeconomic and market conditions, and trigger a period of global economic slowdown. The rapid development and fluidity of this situation precludes any prediction as to the ultimate adverse impact of COVID-19 on macroeconomic and market conditions. The Company believes the estimates and assumptions underlying its consolidated financial statements are reasonable and supportable based on the information available as of March 31, 2020. However, the significant degree of uncertainty over the ultimate impact COVID-19 will have on the global economy generally, and the Company’s business in particular, makes any estimates and assumptions as of March 31, 2020 inherently less certain than they would be absent the current and potential impacts of COVID-19. The Company’s actual results could ultimately differ from its estimates and the differences may be material.
Recently Issued and/or Adopted Accounting Standards	Recently Issued and/or Adopted Accounting Standards Measurement of Credit Losses on Financial Instruments On January 1, 2020, the Company adopted Accounting Standard Update, or 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 measure credit losses for most financial assets and certain other instruments that are not measured at fair value through net income. ASU 2016-13 replaces 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 available-for-sale, or AFS, debt securities rather than reduce the amortized cost, as they did 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 was adopted by the Company through a cumulative-effect adjustment to cumulative earnings of $18.5 million as of January 1, 2020. The allowance for credit losses 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 condensed consolidated balance sheets, and which reduces the Company’s total stockholders’ equity. The initial allowance for credit losses recorded on January 1, 2020 is reflected as a direct charge to cumulative earnings; however, going forward, changes to the allowance for credit losses are recognized through net income on the Company’s condensed consolidated statements of comprehensive (loss) income. While ASU 2016-13 does not require any particular method for determining the allowance for credit losses, 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 expected loss 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 an allowance for credit losses. The allowance for credit losses related to future loan fundings is recorded as a component of other liabilities on the Company’s condensed consolidated balance sheets, and not as an offset to the related loan balance. This allowance for credit losses is estimated using the same process outlined below for the Company’s outstanding loan balances, and changes in this component of the allowance for credit losses similarly flow through the Company’s condensed consolidated statement of comprehensive (loss) income. The Company elected not to measure an allowance for credit losses on accrued interest receivable. The Company generally writes off accrued interest receivable balance when interest is 90 days or more past due unless the loan is both well secured and in the process of collection. Write-offs of accrued interest receivable are recognized within provision for credit losses in the condensed consolidated statements of comprehensive income. The Company did not write-off any accrued interest receivable during the three months ended March 31, 2020. 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 an allowance for credit losses 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 allowance for credit losses 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 a third-party licensed database with historical loan losses from 1998 to 2019 for over 100,000 commercial real estate loans. At the time of adoption of ASU No. 2016-13, in determining its initial allowance for credit losses estimate, the Company employed a third-party licensed macroeconomic forecast that largely reflected management’s views at the time and projected a stable overall economic scenario over the reasonable projection period. Significant inputs to the Company’s estimate of the allowance for credit losses include the reasonable and supportable forecast period and loan specific factors such as DSCR, LTV, remaining loan term, property type, and others. In addition, the Company also considers relevant loan-specific qualitative factors to estimate its allowance for credit losses. In certain instances, for loans with unique risk characteristics, the Company may instead elect to employ different methods to estimate loan losses that also conform to ASU 2016-13 and related guidance. Upon adoption of ASU No. 2016-13 on January 1, 2020, based on the Company’s loan portfolio, pre-COVID-19 economic environment and management’s expectations for future economic and market conditions at the time, the Company recorded an initial allowance for credit losses, as a cumulative-effective adjustment to the cumulative earnings in its consolidated statement of equity, of approximately $18.5 million , or approximately $0.34 per share. The following table illustrates the day-one financial statement impact of the adoption of ASU 2016-13 on January 1, 2020: (in thousands) ASSETS Pre-ASU 2016-13 Adoption Cumulative Effect of Adoption As Reported Under ASU 2016-13 Loans and securities $ 4,257,086 $ — $ 4,257,086 Allowance for credit losses — (16,692 ) (16,692 ) Loans and securities, net $ 4,257,086 $ (16,692 ) $ 4,240,394 LIABILITIES Liability for off-balance sheet credit losses (1) $ — $ 1,780 $ 1,780 STOCKHOLDERS’ EQUITY Cumulative earnings $ 162,076 $ (18,472 ) $ 143,604 ____________________ (1) Represents expected loss on unfunded commitments.

Basis of Presentation and Sig_3

Basis of Presentation and Significant Accounting Policies Basis of Presentation and Significant Accounting Policies (Tables)	3 Months Ended
	Mar. 31, 2020
Basis of Presentation and Significant Accounting Policies [Abstract]
Schedule of Impact of Adoption of ASU 2016-13	The following table illustrates the day-one financial statement impact of the adoption of ASU 2016-13 on January 1, 2020: (in thousands) ASSETS Pre-ASU 2016-13 Adoption Cumulative Effect of Adoption As Reported Under ASU 2016-13 Loans and securities $ 4,257,086 $ — $ 4,257,086 Allowance for credit losses — (16,692 ) (16,692 ) Loans and securities, net $ 4,257,086 $ (16,692 ) $ 4,240,394 LIABILITIES Liability for off-balance sheet credit losses (1) $ — $ 1,780 $ 1,780 STOCKHOLDERS’ EQUITY Cumulative earnings $ 162,076 $ (18,472 ) $ 143,604 ____________________ (1) Represents expected loss on unfunded commitments.

Variable Interest Entities (Tab

Variable Interest Entities (Tables)	3 Months Ended
	Mar. 31, 2020
Variable Interest Entities [Abstract]
Schedule of Variable Interest Entities	The following table presents a summary of the assets and liabilities of all VIEs consolidated on the Company’s condensed consolidated balance sheets as of March 31, 2020 and December 31, 2019 : (in thousands) March 31, December 31, Loans held-for-investment $ 1,317,406 $ 1,301,369 Allowance for credit losses (16,067 ) — Loans held-for-investment, net 1,301,339 1,301,369 Restricted cash 900 76,093 Other assets 8,648 9,686 Total Assets $ 1,310,887 $ 1,387,148 Securitized debt obligations $ 982,312 $ 1,041,044 Other liabilities 782 1,078 Total Liabilities $ 983,094 $ 1,042,122

Loans Held-for-Investment (Tabl

Loans Held-for-Investment (Tables)	3 Months Ended
	Mar. 31, 2020
Loans Held-for-Investment [Abstract]
Schedule of Loans Held-for-Investment	The following tables summarize the Company’s loans held-for-investment by asset type, property type and geographic location as of March 31, 2020 and December 31, 2019 : March 31, (dollars in thousands) Senior Loans (1) Mezzanine Loans B-Notes Total Unpaid principal balance $ 4,314,836 $ 13,197 $ 14,395 $ 4,342,428 Unamortized (discount) premium (115 ) — — (115 ) Unamortized net deferred origination fees (28,498 ) 1 — (28,497 ) Allowance for credit losses (61,261 ) (1,016 ) (288 ) (62,565 ) Carrying value $ 4,224,962 $ 12,182 $ 14,107 $ 4,251,251 Unfunded commitments $ 762,756 $ — $ — $ 762,756 Number of loans 119 2 1 122 Weighted average coupon 5.1 % 11.5 % 8.0 % 5.2 % Weighted average years to maturity (2) 1.6 1.7 6.8 1.6 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 ____________________ (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) March 31, December 31, Property Type Carrying Value % of Loan Portfolio Carrying Value % of Loan Portfolio Office $ 1,788,377 42.0 % $ 1,779,173 42.0 % Multifamily 1,063,785 25.0 % 1,058,708 25.1 % Hotel 661,760 15.6 % 640,503 15.2 % Retail 396,438 9.3 % 398,742 9.4 % Industrial 304,133 7.2 % 312,637 7.4 % Other 36,758 0.9 % 36,449 0.9 % Total $ 4,251,251 100.0 % $ 4,226,212 100.0 %
Schedule of Loans Held-for-Investment by Geographic Location	(dollars in thousands) March 31, December 31, Geographic Location Carrying Value % of Loan Portfolio Carrying Value % of Loan Portfolio Northeast $ 1,148,560 27.1 % $ 1,196,767 28.4 % Southwest 874,194 20.5 % 923,519 21.8 % West 808,168 19.0 % 735,416 17.4 % Midwest 701,781 16.5 % 700,778 16.6 % Southeast 718,548 16.9 % 669,732 15.8 % Total $ 4,251,251 100.0 % $ 4,226,212 100.0 %
Rollforward of Loans Held-for-Investment	The following table summarizes activity related to loans held-for-investment, net of allowance for credit losses, for the three months ended March 31, 2020 and 2019 : Three Months Ended (in thousands) 2020 2019 Balance at beginning of period $ 4,226,212 $ 3,167,913 Originations, acquisitions and additional fundings 187,422 279,694 Repayments (102,139 ) (155,320 ) Net discount accretion (premium amortization) 8 13 Increase in net deferred origination fees (2,453 ) (3,120 ) Amortization of net deferred origination fees 4,766 3,809 Allowance for credit losses (62,565 ) — Balance at end of period $ 4,251,251 $ 3,292,989
Rollforward of Allowance for Credit Losses	The following table presents the changes for the three months ended March 31, 2020 in the allowance for credit losses on loans held-for-investment: Three Months Ended (in thousands) 2020 Balance at beginning of period $ 16,692 Provision for credit losses 45,873 Writeoffs — Recoveries of amounts previously written off — Balance at end of period $ 62,565
Schedule of Loans Held-for-Investment by Internal Risk Rating	The following table presents the number of loans, unpaid principal balance and carrying value by risk rating for loans held-for-investment as of March 31, 2020 and December 31, 2019 : (dollars in thousands) March 31, December 31, Risk Rating Number of Loans Unpaid Principal Balance Carrying Value Number of Loans Unpaid Principal Balance Carrying Value 1 4 $ 104,751 $ 103,889 9 $ 293,191 $ 292,270 2 97 3,470,230 3,408,924 100 3,661,077 3,632,528 3 17 653,475 633,979 9 243,127 241,901 4 4 113,972 104,459 2 59,750 59,513 5 — — — — — — Total 122 $ 4,342,428 $ 4,251,251 120 $ 4,257,145 $ 4,226,212 As of December 31, 2019 (prior to the adoption of ASU 2016-13), the Company had not identified any impaired loans and it had not recorded any allowances for losses as it was not deemed probable that the Company would not be able to collect all amounts due pursuant to the contractual terms of the loans. The following table presents the carrying value of loans held-for-investment as of March 31, 2020 by risk rating and year of origination: March 31, 2020 (dollars in thousands) Origination Year Risk Rating 2020 2019 2018 2017 2016 Prior Total 1 (Low Risk) $ — $ — $ 49,269 $ 21,290 $ 33,330 $ — $ 103,889 2 (Average Risk) 122,649 1,513,409 892,526 584,385 186,142 109,813 3,408,924 3 (Acceptable Risk) — 84,461 233,342 189,622 — 126,554 633,979 4 (High Risk) — — 38,793 65,666 — — 104,459 5 (Loss Likely) — — — — — — — Total $ 122,649 $ 1,597,870 $ 1,213,930 $ 860,963 $ 219,472 $ 236,367 $ 4,251,251

Available-for-Sale Securities (

Available-for-Sale Securities (Tables)	3 Months Ended
	Mar. 31, 2020
Debt Securities, Available-for-sale [Abstract]
Schedule of Available-for-sale Securities Reconciliation	The following table presents the components of the carrying value of AFS securities as of March 31, 2020 and December 31, 2019 : (in thousands) March 31, December 31, Face value $ 12,798 $ 12,798 Unamortized premium (discount) — — Allowance for credit losses (767 ) — Gross unrealized gains — 32 Gross unrealized losses (3,712 ) — Carrying value $ 8,319 $ 12,830

Held-to-Maturity Securities (Ta

Held-to-Maturity Securities (Tables)	3 Months Ended
	Mar. 31, 2020
Debt Securities, Held-to-maturity, Fair Value to Amortized Cost [Abstract]
Held-to-maturity Securities	The following table presents the components of the carrying value of HTM securities as of March 31, 2020 and December 31, 2019 : (in thousands) March 31, December 31, Face value $ 11,778 $ 18,076 Unamortized premium (discount) — — Allowance for credit losses (942 ) — Carrying value $ 10,836 $ 18,076

Cash, Cash Equivalents and Re_2

Cash, Cash Equivalents and Restricted Cash (Tables)	3 Months Ended
	Mar. 31, 2020
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents [Abstract]
Schedule of Cash and Cash Equivalents	The following table provides a reconciliation of cash, cash equivalents and restricted cash reported on the Company’s condensed consolidated balance sheets as of March 31, 2020 and December 31, 2019 that sum to the total of the same such amounts shown in the statements of cash flows: (in thousands) March 31, December 31, Cash and cash equivalents $ 99,332 $ 80,281 Restricted cash 8,533 79,483 Total cash, cash equivalents and restricted cash $ 107,865 $ 159,764

Fair Value (Tables)

Fair Value (Tables)	3 Months Ended
	Mar. 31, 2020
Fair Value Disclosures [Abstract]
Fair Value, Measurement Inputs, Disclosure	The following tables display the Company’s assets measured at fair value on a recurring basis. The Company does not hold any liabilities measured at fair value on its condensed consolidated balance sheets. Recurring Fair Value Measurements March 31, 2020 (in thousands) Level 1 Level 2 Level 3 Total Assets Available-for-sale securities $ — $ 8,319 $ — $ 8,319 Total assets $ — $ 8,319 $ — $ 8,319 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
Fair Value, by Balance Sheet Grouping	The following table presents the carrying values and estimated fair values of assets and liabilities that are required to be recorded or disclosed at fair value at March 31, 2020 and December 31, 2019 : March 31, 2020 December 31, 2019 (in thousands) Carrying Value Fair Value Carrying Value Fair Value Assets Loans held-for-investment, net of allowance for credit losses $ 4,251,251 $ 4,269,192 $ 4,226,212 $ 4,261,612 Available-for-sale securities $ 8,319 $ 8,319 $ 12,830 $ 12,830 Held-to-maturity securities $ 10,836 $ 4,711 $ 18,076 $ 18,076 Cash and cash equivalents $ 99,332 $ 99,332 $ 80,281 $ 80,281 Restricted cash $ 8,533 $ 8,533 $ 79,483 $ 79,483 Liabilities Repurchase agreements $ 2,072,099 $ 2,072,099 $ 1,924,021 $ 1,924,021 Securitized debt obligations $ 982,312 $ 846,600 $ 1,041,044 $ 1,050,912 Asset-specific financings $ 119,062 $ 119,062 $ 116,465 $ 116,465 Revolving credit facilities $ 38,361 $ 38,361 $ 42,008 $ 42,008 Convertible senior notes $ 270,031 $ 112,660 $ 269,634 $ 283,332

Collateralized Borrowings (Tabl

Collateralized Borrowings (Tables)	3 Months Ended
	Mar. 31, 2020
Collateralized Borrowings [Abstract]
Schedule of Collateralized Borrowings	The following tables summarize details of the Company’s collateralized borrowings outstanding as of March 31, 2020 and December 31, 2019 : March 31, 2020 (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 $ 594,545 $ 5,455 $ 600,000 $ 725,284 2.9 % Goldman Sachs Bank May 2, 2021 461,860 38,140 500,000 606,643 2.8 % JPMorgan Chase Bank June 28, 2022 405,505 44,495 450,000 567,688 2.7 % Citibank January 9, 2023 412,812 87,188 500,000 517,683 2.5 % Wells Fargo Bank (2) June 28, 2021 180,456 94,544 275,000 237,467 2.6 % JPMorgan Chase Bank (3) May 11, 2020 16,921 NA NA 23,457 3.9 % Total/Weighted Average $ 2,072,099 $ 269,822 $ 2,325,000 $ 2,678,222 Asset-specific financings: Canadian Imperial Bank of Commerce Various $ 119,062 $ 30,938 $ 150,000 $ 147,065 2.5 % Revolving credit facilities: Citibank (4) July 26, 2021 $ 38,361 $ 36,639 $ 75,000 $ 64,905 3.3 % 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 July 15, 2022 339,888 60,112 400,000 432,867 3.4 % Wells Fargo Bank (2) June 28, 2021 194,113 80,887 275,000 286,672 3.5 % JPMorgan Chase Bank (3) 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 (4) July 26, 2021 $ 42,008 $ 32,992 $ 75,000 $ 80,473 4.0 % ____________________ (1) The facilities are set to mature on the stated maturity date, unless extended pursuant to their terms. (2) As of March 31, 2020 , the Company retained an option to increase the maximum facility capacity amount up to $350 million , subject to customary terms and conditions. (3) Includes repurchase agreement collateralized by the Company’s CMBS, including both AFS and HTM securities. As of March 31, 2020 , carrying value of collateral includes $4.3 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 . (4) As of March 31, 2020 , 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 March 31, 2020 , the Company’s collateralized borrowings outstanding had the following remaining maturities: March 31, 2020 (dollars in thousands) Repurchase Agreements Asset-Specific Financings Revolving Credit Facilities Total Amount Outstanding Within one year $ 16,921 $ — $ 38,361 $ 55,282 One to three years 2,055,178 119,062 — 2,174,240 Three to five years — — — — Five years and over — — — — Total $ 2,072,099 $ 119,062 $ 38,361 $ 2,229,522
Schedule of Repurchase Agreement Counterparties with Whom Repurchase Agreements Exceed 10 Percent of Stockholders' Equity	The following table summarizes certain characteristics of the Company’s repurchase agreements and counterparty concentration at March 31, 2020 and December 31, 2019 : March 31, 2020 December 31, 2019 (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 $ 594,545 $ 141,595 15 % 1.24 $ 556,887 $ 185,022 18 % 1.49 JPMorgan Chase Bank 422,426 179,773 19 % 2.16 428,076 156,764 15 % 2.39 Goldman Sachs Bank 461,860 153,315 16 % 1.09 405,057 137,326 13 % 0.34 Citibank 412,812 109,520 11 % 2.78 339,888 93,553 9 % 2.54 Wells Fargo Bank 180,456 59,110 6 % 1.24 194,113 93,004 9 % 1.49 Total $ 2,072,099 $ 643,313 $ 1,924,021 $ 665,669 ____________________ (1) Represents the excess of the carrying amount or market 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.

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	3 Months Ended
	Mar. 31, 2020
Stockholders' Equity Attributable to Parent [Abstract]
Rollforward of Common Stock	As of March 31, 2020 , the Company had 55,136,885 shares of common stock outstanding. The following table presents a reconciliation of the common shares outstanding for the three months ended March 31, 2020 and 2019 : Number of common shares Common shares outstanding, December 31, 2018 43,621,174 Issuance of common stock 8,291,829 Issuance of restricted stock (1) 258,918 Common shares outstanding, March 31, 2019 52,171,921 Common shares outstanding, December 31, 2019 54,853,205 Issuance of common stock — Issuance of restricted stock (1) 283,680 Common shares outstanding, March 31, 2020 55,136,885 ____________________ (1) Represents shares of restricted stock granted under the Company’s 2017 Equity Incentive Plan, net of forfeitures. 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 from December 31, 2018 through March 31, 2020 : 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
Schedule of Accumulated Other Comprehensive Income (Loss)	Accumulated other comprehensive (loss) income at March 31, 2020 and December 31, 2019 was as follows: (in thousands) March 31, December 31, Available-for-sale securities Unrealized gains $ — $ 32 Unrealized losses (3,712 ) — Accumulated other comprehensive (loss) income $ (3,712 ) $ 32

Equity Incentive Plan (Tables)

Equity Incentive Plan (Tables)	3 Months Ended
	Mar. 31, 2020
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 three months ended March 31, 2020 and 2019 : Three Months Ended March 31, 2020 2019 Shares Weighted Average Grant Date Fair Market Value Shares Weighted Average Grant Date Fair Market Value Outstanding at Beginning of Period 461,371 $ 18.75 321,134 $ 18.04 Granted 297,769 18.47 258,918 19.31 Vested (153,425 ) (18.44 ) (67,694 ) (17.33 ) Forfeited (14,089 ) (18.57 ) — — Outstanding at End of Period 591,626 $ 18.69 512,358 $ 18.78

Earnings Per Share (Tables)

Earnings Per Share (Tables)	3 Months Ended
	Mar. 31, 2020
Earnings Per Share [Abstract]
Schedule of Earnings Per Share, Basic and Diluted	The following table presents a reconciliation of the earnings and shares used in calculating basic and diluted earnings per share for the three months ended March 31, 2020 and 2019 : Three Months Ended March 31, (in thousands, except share data) 2020 2019 Numerator: Net income (loss) attributable to common stockholders - basic $ (37,216 ) $ 16,944 Interest expense attributable to convertible notes (1) — 4,449 Net income (loss) attributable to common stockholders - diluted $ (37,216 ) $ 21,393 Denominator: Weighted average common shares outstanding 54,499,000 48,145,555 Weighted average restricted stock shares 557,411 455,876 Basic weighted average shares outstanding 55,056,411 48,601,431 Effect of dilutive shares issued in an assumed conversion of the convertible senior notes — 13,655,164 Diluted weighted average shares outstanding 55,056,411 62,256,595 Earnings (Loss) per share Basic $ (0.68 ) $ 0.35 Diluted $ (0.68 ) $ 0.34 ____________________ (1) Includes a nondiscretionary adjustment for the assumed change in the management fee calculation.

Basis of Presentation and Sig_4

Basis of Presentation and Significant Accounting Policies Measurement of Credit Losses on Financial Instruments (Details) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2020USD ($)loan	Jan. 01, 2020USD ($)$ / shares	Dec. 31, 2019USD ($)	Dec. 31, 2018USD ($)
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Allowance for loan losses	$ 62,565	$ 16,692	$ 0
Cumulative effect of adoption of ASU 2016-13		$ 18,500	(18,472)	$ 0
Number of commercial real estate loans included in third-party historical loan loss database | loan	100,000
Threshold period when delinquent loans are placed on nonaccrual status	90 days
Cumulative effect of adoption of ASU 2016-13 (in usd per share) | $ / shares		$ 0.34
Loans and securities		$ 4,257,086	4,257,086
Allowance for credit losses		(16,692)	0
Loans and securities, net		4,240,394	4,257,086
Liability for off balance sheet credit losses	$ 7,500	1,780	0
Cumulative earnings	$ 106,413	143,604	$ 162,076
Adjustments for New Accounting Pronouncement [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Loans and securities		0
Allowance for credit losses		16,692
Loans and securities, net		(16,692)
Liability for off balance sheet credit losses		1,780
Cumulative earnings		$ (18,472)

Variable Interest Entities (Det

Variable Interest Entities (Details) - USD ($) $ in Thousands		Mar. 31, 2020	Dec. 31, 2019
Variable Interest Entity [Line Items]
Assets of consolidated Variable Interest Entities	[1]	$ (4,476,878)	$ (4,460,862)
Liabilities of consolidated Variable Interest Entities	[1]	3,514,819	3,440,726
Assets of nonconsolidated Variable Interest Entities		19,200	30,900
Maximum exposure to loss of nonconsolidated Variable Interest Entities		19,155	30,906
Variable Interest Entity, Primary Beneficiary [Member] | Loans Held-for-Investment [Member]
Variable Interest Entity [Line Items]
Assets of consolidated Variable Interest Entities		(1,317,406)	(1,301,369)
Variable Interest Entity, Primary Beneficiary [Member] | Allowance for Credit Losses [Member]
Variable Interest Entity [Line Items]
Assets of consolidated Variable Interest Entities		(16,067)	0
Variable Interest Entity, Primary Beneficiary [Member] | Loans Held-for-Investment, Net [Member]
Variable Interest Entity [Line Items]
Assets of consolidated Variable Interest Entities		(1,301,339)	(1,301,369)
Variable Interest Entity, Primary Beneficiary [Member] | Restricted Cash and Cash Equivalents [Member]
Variable Interest Entity [Line Items]
Assets of consolidated Variable Interest Entities		(900)	(76,093)
Variable Interest Entity, Primary Beneficiary [Member] | Other Assets [Member]
Variable Interest Entity [Line Items]
Assets of consolidated Variable Interest Entities		(8,648)	(9,686)
Variable Interest Entity, Primary Beneficiary [Member] | Assets, Total [Member]
Variable Interest Entity [Line Items]
Assets of consolidated Variable Interest Entities		(1,310,887)	(1,387,148)
Variable Interest Entity, Primary Beneficiary [Member] | Securitized Debt Obligations [Member]
Variable Interest Entity [Line Items]
Liabilities of consolidated Variable Interest Entities		982,312	1,041,044
Variable Interest Entity, Primary Beneficiary [Member] | Other Liabilities [Member]
Variable Interest Entity [Line Items]
Liabilities of consolidated Variable Interest Entities		782	1,078
Variable Interest Entity, Primary Beneficiary [Member] | Liabilities, Total [Member]
Variable Interest Entity [Line Items]
Liabilities of consolidated Variable Interest Entities		$ 983,094	$ 1,042,122
[1]	The condensed consolidated balance sheets include assets of consolidated variable interest entities, or VIEs, that can only be used to settle obligations of these VIEs, and liabilities of the consolidated VIEs for which creditors do not have recourse to Granite Point Mortgage Trust Inc. At March 31, 2020 and December 31, 2019 , assets of the VIEs totaled $1,310,887 and $1,387,148 , and liabilities of the VIEs totaled $983,094 and $1,042,122 , respectively. See Note 3 - Variable Interest Entities for additional information.

Loans Held-for-Investment (Deta

Loans Held-for-Investment (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2020USD ($)loan	Mar. 31, 2019	Jan. 01, 2020USD ($)	Dec. 31, 2019USD ($)loan
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unpaid principal balance	$ 4,342,428			$ 4,257,145
Unamortized (discount) premium	(115)			(124)
Unamortized net deferred origination fees	(28,497)			(30,809)
Allowance for credit losses	(62,565)		$ (16,692)	0
Loans held-for-investment	4,251,251			4,226,212
Unfunded commitments	$ 762,756			$ 748,878
Number of loans | loan	122			120
Weighted average coupon	5.20%			5.40%
Weighted average years to maturity	1 year 7 months 6 days	1 year 9 months 18 days
First Mortgage [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unpaid principal balance	$ 4,314,836			$ 4,229,194
Unamortized (discount) premium	(115)			(124)
Unamortized net deferred origination fees	(28,498)			(30,788)
Allowance for credit losses	(61,261)
Loans held-for-investment	4,224,962			4,198,282
Unfunded commitments	$ 762,756			$ 748,878
Number of loans | loan	119			117
Weighted average coupon	5.10%			5.40%
Weighted average years to maturity	1 year 7 months 6 days	1 year 9 months 18 days
Second Mortgage [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unpaid principal balance	$ 13,197			$ 13,503
Unamortized (discount) premium	0			0
Unamortized net deferred origination fees	1			(21)
Allowance for credit losses	(1,016)
Loans held-for-investment	12,182			13,482
Unfunded commitments	$ 0			$ 0
Number of loans | loan	2			2
Weighted average coupon	11.50%			11.70%
Weighted average years to maturity	1 year 8 months 12 days	2 years
Junior Loans [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unpaid principal balance	$ 14,395			$ 14,448
Unamortized (discount) premium	0			0
Unamortized net deferred origination fees	0			0
Allowance for credit losses	(288)
Loans held-for-investment	14,107			14,448
Unfunded commitments	$ 0			$ 0
Number of loans | loan	1			1
Weighted average coupon	8.00%			8.00%
Weighted average years to maturity	6 years 9 months 18 days	7 years 1 month 6 days

Loans Held-for-Investment by Pr

Loans Held-for-Investment by Property Type (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans held-for-investment	$ 4,251,251	$ 4,226,212
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	$ 1,788,377	$ 1,779,173
Percentage of total loans held-for-investment	42.00%	42.00%
Multifamily [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans held-for-investment	$ 1,063,785	$ 1,058,708
Percentage of total loans held-for-investment	25.00%	25.10%
Hotel [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans held-for-investment	$ 661,760	$ 640,503
Percentage of total loans held-for-investment	15.60%	15.20%
Retail Site [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans held-for-investment	$ 396,438	$ 398,742
Percentage of total loans held-for-investment	9.30%	9.40%
Industrial Property [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans held-for-investment	$ 304,133	$ 312,637
Percentage of total loans held-for-investment	7.20%	7.40%
Other Property [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans held-for-investment	$ 36,758	$ 36,449
Percentage of total loans held-for-investment	0.90%	0.90%

Loans Held-for-Investment by Ge

Loans Held-for-Investment by Geographic Location (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans held-for-investment	$ 4,251,251	$ 4,226,212
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	$ 1,148,560	$ 1,196,767
Percentage of total loans held-for-investment	27.10%	28.40%
United States, Western Region [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans held-for-investment	$ 808,168	$ 735,416
Percentage of total loans held-for-investment	19.00%	17.40%
United States, Southwestern Region [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans held-for-investment	$ 874,194	$ 923,519
Percentage of total loans held-for-investment	20.50%	21.80%
United States, Southeastern Region [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans held-for-investment	$ 718,548	$ 669,732
Percentage of total loans held-for-investment	16.90%	15.80%
United States, Midwestern Region [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans held-for-investment	$ 701,781	$ 700,778
Percentage of total loans held-for-investment	16.50%	16.60%

Rollforward of Loans Held-for-I

Rollforward of Loans Held-for-Investment (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019
Loans Held-for-Investment [Abstract]
Loans held-for-investment pledged as collateral for borrowings	$ 4,200,000		$ 4,100,000
Loans Held-for-Investment [Roll Forward]
Loans held-for-investment at beginning of period	4,226,212	$ 3,167,913
Originations, acquisitions and additional fundings	187,422	279,694
Repayments	(102,139)	(155,320)
Net discount accretion (premium amortization)	8	13
Increase in net deferred origination fees	(2,453)	(3,120)
Accretion of discounts and net deferred fees on loans held-for-investment	4,766	3,809
Allowance for loan losses	(62,565)	0
Loans held-for-investment at end of period	$ 4,251,251	$ 3,292,989

Loans Held-for-Investment Rollf

Loans Held-for-Investment Rollforward of Allowance for Credit Losses (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Jan. 01, 2020	Dec. 31, 2019
Loans Held-for-Investment [Abstract]
Liability for off balance sheet credit losses	$ 7,500	$ 1,780	$ 0
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Allowance for loan losses	0
Provision for credit losses	45,873
Writeoffs	0
Recoveries of amounts previously written off	0
Allowance for loan losses	$ 62,565

Loans Held-for-Investment by In

Loans Held-for-Investment by Internal Risk Rating (Details) $ in Thousands	Mar. 31, 2020USD ($)loan	Dec. 31, 2019USD ($)loan
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of loans | loan	122	120
Unpaid principal balance	$ 4,342,428	$ 4,257,145
Loans held-for-investment	4,251,251	$ 4,226,212
Loans held-for investment, originated in current fiscal year	122,649
Loans held-for investment, originated in fiscal year before latest fiscal year	1,597,870
Loans held-for investment, originated two years before latest fiscal year	1,213,930
Loans held-for investment, originated three years before latest fiscal year	860,963
Loans held-for investment, originated four years before latest fiscal year	219,472
Loans held-for investment, originated five or more years before latest fiscal year	$ 236,367
Risk Rating 1 [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of loans | loan	4	9
Unpaid principal balance	$ 104,751	$ 293,191
Loans held-for-investment	103,889	$ 292,270
Loans held-for investment, originated in current fiscal year	0
Loans held-for investment, originated in fiscal year before latest fiscal year	0
Loans held-for investment, originated two years before latest fiscal year	49,269
Loans held-for investment, originated three years before latest fiscal year	21,290
Loans held-for investment, originated four years before latest fiscal year	33,330
Loans held-for investment, originated five or more years before latest fiscal year	$ 0
Risk Rating 2 [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of loans | loan	97	100
Unpaid principal balance	$ 3,470,230	$ 3,661,077
Loans held-for-investment	3,408,924	$ 3,632,528
Loans held-for investment, originated in current fiscal year	122,649
Loans held-for investment, originated in fiscal year before latest fiscal year	1,513,409
Loans held-for investment, originated two years before latest fiscal year	892,526
Loans held-for investment, originated three years before latest fiscal year	584,385
Loans held-for investment, originated four years before latest fiscal year	186,142
Loans held-for investment, originated five or more years before latest fiscal year	$ 109,813
Risk Rating 3 [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of loans | loan	17	9
Unpaid principal balance	$ 653,475	$ 243,127
Loans held-for-investment	633,979	$ 241,901
Loans held-for investment, originated in current fiscal year	0
Loans held-for investment, originated in fiscal year before latest fiscal year	84,461
Loans held-for investment, originated two years before latest fiscal year	233,342
Loans held-for investment, originated three years before latest fiscal year	189,622
Loans held-for investment, originated four years before latest fiscal year	0
Loans held-for investment, originated five or more years before latest fiscal year	$ 126,554
Risk Rating 4 [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of loans | loan	4	2
Unpaid principal balance	$ 113,972	$ 59,750
Loans held-for-investment	104,459	$ 59,513
Loans held-for investment, originated in current fiscal year	0
Loans held-for investment, originated in fiscal year before latest fiscal year	0
Loans held-for investment, originated two years before latest fiscal year	38,793
Loans held-for investment, originated three years before latest fiscal year	65,666
Loans held-for investment, originated four years before latest fiscal year	0
Loans held-for investment, originated five or more years before latest fiscal year	$ 0
Risk Rating 5 [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of loans | loan	0	0
Unpaid principal balance	$ 0	$ 0
Loans held-for-investment	0	$ 0
Loans held-for investment, originated in current fiscal year	0
Loans held-for investment, originated in fiscal year before latest fiscal year	0
Loans held-for investment, originated two years before latest fiscal year	0
Loans held-for investment, originated three years before latest fiscal year	0
Loans held-for investment, originated four years before latest fiscal year	0
Loans held-for investment, originated five or more years before latest fiscal year	$ 0

Schedule of Available-for-sale

Schedule of Available-for-sale Securities Reconciliation (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Debt Securities, Available-for-sale [Abstract]
Face value	$ 12,798	$ 12,798
Unamortized premium (discount)	0	0
Allowance for credit losses	(767)	0
Gross unrealized gains	0	32
Gross unrealized losses	(3,712)	0
Available-for-sale securities, at fair value	8,319	12,830
Available-for-sale securities pledged as collateral for borrowings	$ 8,300	$ 12,800

Held-to-Maturity Securities (De

Held-to-Maturity Securities (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Debt Securities, Held-to-maturity, Fair Value to Amortized Cost [Abstract]
Held-to-Maturity Securities, Face Value	$ 11,778	$ 18,076
Held-to-Maturity Securities, Unamortized Premium (Discount)	0	0
Held-to-maturity Securities, Allowance for Credit Losses	(942)	0
Held-to-maturity securities	10,836	18,076
Held-to-maturity securities pledged as collateral for borrowings	$ 10,800	$ 18,100

Schedule of Total Cash, Cash Eq

Schedule of Total Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019	Mar. 31, 2019	Dec. 31, 2018
Variable Interest Entity [Line Items]
Cash collateral for repurchase agreements and securities activity	$ 7,600	$ 3,400
Cash and cash equivalents	99,332	80,281
Restricted cash	8,533	79,483
Cash, cash equivalents and restricted cash	107,865	159,764	$ 120,435	$ 123,423
Restricted Cash and Cash Equivalents [Member]
Variable Interest Entity [Line Items]
Cash collateral for repurchase agreements and securities activity	$ 900	$ 76,100

Fair Value, Measurement Inputs,

Fair Value, Measurement Inputs, Disclosure (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities, at fair value	$ 8,319	$ 12,830
Fair Value, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities, at fair value	8,319	12,830
Total assets	8,319	12,830
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	8,319	12,830
Total assets	8,319	12,830
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	Mar. 31, 2020	Dec. 31, 2019
Fair Value Disclosures [Abstract]
Loans held-for-investment, net of allowance for credit losses	$ 4,251,251	$ 4,226,212
Loans held-for-investment, at fair value	4,269,192	4,261,612
Loans held-for-investment	4,313,816	4,226,212
Available-for-sale securities, at fair value	8,319	12,830
Held-to-maturity securities	10,836	18,076
Held-to-maturity securities, at fair value	4,711	18,076
Cash and cash equivalents	99,332	80,281
Restricted cash	8,533	79,483
Repurchase agreements	2,072,099	1,924,021
Securitized debt obligations	982,312	1,041,044
Securitized debt obligations, at fair value	846,600	1,050,912
Asset-specific financings	119,062	116,465
Revolving credit facilities	38,361	42,008
Convertible senior notes	270,031	269,634
Convertible senior notes, at fair value	$ 112,660	$ 283,332

Collateralized Borrowings (Deta

Collateralized Borrowings (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Dec. 31, 2019
Line of Credit Facility [Line Items]
Typical term per loan of revolving credit facility financing	90 days
Repurchase agreements	$ 2,072,099	$ 1,924,021
Asset-specific financings	119,062	116,465
Revolving credit facilities	38,361	42,008
Unused capacity under collateralized borrowings	269,822	320,236
Total capacity under collateralized borrowings	2,325,000	2,225,000
Carrying value of assets pledged as collateral for repurchase agreements	2,678,222	2,585,896
Loans held-for-investment pledged as collateral for borrowings	4,200,000	4,100,000
Lender, Citibank [Member]
Line of Credit Facility [Line Items]
Revolving credit facilities	38,361	42,008
Unused capacity under collateralized borrowings	36,639	32,992
Total capacity under collateralized borrowings	75,000	75,000
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	$ 64,905	$ 80,473
Weighted average borrowing rate of facility	3.30%	4.00%
Lender, Canadian Imperial Bank of Commerce [Member]
Line of Credit Facility [Line Items]
Asset-specific financings	$ 119,062	$ 116,465
Unused capacity under collateralized borrowings	30,938	33,535
Total capacity under collateralized borrowings	150,000	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	$ 147,065	$ 144,322
Weighted average borrowing rate of facility	2.50%	3.50%
Loans Held-for-Investment [Member] | Lender, Morgan Stanley Bank [Member]
Line of Credit Facility [Line Items]
Repurchase agreements	$ 594,545	$ 556,887
Unused capacity under collateralized borrowings	5,455	43,113
Total capacity under collateralized borrowings	600,000	600,000
Carrying value of assets pledged as collateral for repurchase agreements	$ 725,284	$ 740,791
Weighted average borrowing rate of repurchase agreements	2.90%	3.90%
Loans Held-for-Investment [Member] | Lender, Goldman Sachs Bank [Member]
Line of Credit Facility [Line Items]
Repurchase agreements	$ 461,860	$ 405,057
Unused capacity under collateralized borrowings	38,140	94,943
Total capacity under collateralized borrowings	500,000	500,000
Carrying value of assets pledged as collateral for repurchase agreements	$ 606,643	$ 541,640
Weighted average borrowing rate of repurchase agreements	2.80%	3.80%
Loans Held-for-Investment [Member] | Lender, JPMorgan Chase Bank [Member]
Line of Credit Facility [Line Items]
Repurchase agreements	$ 405,505	$ 408,819
Unused capacity under collateralized borrowings	44,495	41,181
Total capacity under collateralized borrowings	450,000	450,000
Carrying value of assets pledged as collateral for repurchase agreements	$ 567,688	$ 553,020
Weighted average borrowing rate of repurchase agreements	2.70%	3.70%
Loans Held-for-Investment [Member] | Lender, Citibank [Member]
Line of Credit Facility [Line Items]
Repurchase agreements	$ 412,812	$ 339,888
Unused capacity under collateralized borrowings	87,188	60,112
Total capacity under collateralized borrowings	500,000	400,000
Carrying value of assets pledged as collateral for repurchase agreements	$ 517,683	$ 432,867
Weighted average borrowing rate of repurchase agreements	2.50%	3.40%
Loans Held-for-Investment [Member] | Lender, Wells Fargo Bank [Member]
Line of Credit Facility [Line Items]
Repurchase agreements	$ 180,456	$ 194,113
Unused capacity under collateralized borrowings	94,544	80,887
Total capacity under collateralized borrowings	275,000	275,000
Carrying value of assets pledged as collateral for repurchase agreements	$ 237,467	$ 286,672
Weighted average borrowing rate of repurchase agreements	2.60%	3.50%
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	119,062
Commercial Mortgage Backed Securities [Member] | Lender, JPMorgan Chase Bank [Member]
Line of Credit Facility [Line Items]
Repurchase agreements	16,921	$ 19,257
Carrying value of assets pledged as collateral for repurchase agreements	$ 23,457	$ 30,906
Weighted average borrowing rate of repurchase agreements	3.90%	4.10%
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	$ 4,300	$ 0

Schedule of Collateralized Borr

Schedule of Collateralized Borrowings by Maturity (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Assets Sold under Agreements to Repurchase [Line Items]
Repurchase agreements	$ 2,072,099	$ 1,924,021
Asset-specific financings	119,062	116,465
Revolving credit facilities	38,361	$ 42,008
Total collateralized borrowings	2,229,522
Maturity Within One Year [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Repurchase agreements	16,921
Asset-specific financings	0
Revolving credit facilities	38,361
Total collateralized borrowings	55,282
Maturity One to Three Years [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Repurchase agreements	2,055,178
Asset-specific financings	119,062
Revolving credit facilities	0
Total collateralized borrowings	2,174,240
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) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019
Repurchase Agreement Counterparty [Line Items]
Repurchase agreements	$ 2,072,099		$ 1,924,021
Net counterparty exposure	643,313		665,669
Repurchase Agreement Counterparty, Morgan Stanley Bank [Member]
Repurchase Agreement Counterparty [Line Items]
Repurchase agreements	594,545		556,887
Net counterparty exposure	$ 141,595		$ 185,022
Percent of equity	15.00%		18.00%
Weighted average years to maturity	1 year 2 months 26 days	1 year 5 months 26 days
Repurchase Agreement Counterparty, JPMorgan Chase Bank [Member]
Repurchase Agreement Counterparty [Line Items]
Repurchase agreements	$ 422,426		$ 428,076
Net counterparty exposure	$ 179,773		$ 156,764
Percent of equity	19.00%		15.00%
Weighted average years to maturity	2 years 1 month 28 days	2 years 4 months 20 days
Repurchase Agreement Counterparty, Goldman Sachs Bank [Member]
Repurchase Agreement Counterparty [Line Items]
Repurchase agreements	$ 461,860		$ 405,057
Net counterparty exposure	$ 153,315		$ 137,326
Percent of equity	16.00%		13.00%
Weighted average years to maturity	1 year 1 month 2 days	10 days
Repurchase Agreement Counterparty, Citibank [Member]
Repurchase Agreement Counterparty [Line Items]
Repurchase agreements	$ 412,812		$ 339,888
Net counterparty exposure	$ 109,520		$ 93,553
Percent of equity	11.00%		9.00%
Weighted average years to maturity	2 years 9 months 10 days	2 years 6 months 14 days
Repurchase Agreement Counterparty, Wells Fargo Bank [Member]
Repurchase Agreement Counterparty [Line Items]
Repurchase agreements	$ 180,456		$ 194,113
Net counterparty exposure	$ 59,110		$ 93,004
Percent of equity	6.00%		9.00%
Weighted average years to maturity	1 year 2 months 26 days	1 year 5 months 26 days

Securitized Debt Obligations (D

Securitized Debt Obligations (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Securitized Debt Obligations [Abstract]
Securitized debt obligations	$ 982,312	$ 1,041,044
Weighted average interest rate of securitized debt obligations outstanding	3.27%	3.32%

Convertible Senior Notes (Detai

Convertible Senior Notes (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2020USD ($)	Mar. 31, 2019USD ($)	Jun. 30, 2018USD ($)	Dec. 31, 2019USD ($)
Debt Instrument, Redemption [Line Items]
Convertible senior notes	$ 270,031			$ 269,634
Convertible Debt, 2017 Issuance [Member]
Debt Instrument, Redemption [Line Items]
Proceeds from convertible senior notes			$ 139,500
Convertible senior notes conversion ratio	0.0507073
Convertible Debt, 2017 Issuance [Member] | Convertible Debt [Member]
Debt Instrument, Redemption [Line Items]
Convertible senior notes interest rate per annum	5.625%
Convertible Debt, 2017 Issuance [Member] | Convertible Debt [Member] | Private Placement [Member]
Debt Instrument, Redemption [Line Items]
Convertible senior notes aggregate principal amount	$ 125,000
Convertible Debt, 2017 Issuance [Member] | Convertible Debt [Member] | Over-Allotment Option [Member]
Debt Instrument, Redemption [Line Items]
Convertible senior notes aggregate principal amount	$ 18,800
Convertible Debt, 2018 Issuance [Member]
Debt Instrument, Redemption [Line Items]
Proceeds from convertible senior notes		$ 127,700
Convertible senior notes conversion ratio	0.0488496
Convertible Debt, 2018 Issuance [Member] | Convertible Debt [Member]
Debt Instrument, Redemption [Line Items]
Convertible senior notes interest rate per annum	6.375%
Convertible Debt, 2018 Issuance [Member] | Convertible Debt [Member] | Private Placement [Member]
Debt Instrument, Redemption [Line Items]
Convertible senior notes aggregate principal amount	$ 131,600

Commitments and Contingencies M

Commitments and Contingencies Management Agreement (Details)	3 Months Ended
	Mar. 31, 2020USD ($)
Commitments and Contingencies Disclosure [Abstract]
Percent per annum of equity used to calculate management fees	1.50%
Incentive fee calculation, core earnings multiplication factor	20.00%
Incentive fee calculation, rolling period	12 months
Incentive fee calculation, equity multiplication factor	8.00%
Incentive fee calculation, period incentive fee paid	9 months
Incentive fee, rolling period for threshold	3 years
Incentive fee, threshold amount of core earnings	$ 0
Management agreement, renewal term	1 year
Management agreement, termination fee factor	3
Management agreement, termination fee period	24 months

Commitments and Contingencies U

Commitments and Contingencies Unfunded Commitments (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Dec. 31, 2019
Commitments and Contingencies Disclosure [Abstract]
Unfunded commitments	$ 762,756	$ 748,878
Weighted average future funding period on unfunded commitments	3 years

Preferred Stock (Details)

Preferred Stock (Details) - USD ($)	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract]
Preferred stock dividend rate	10.00%
Preferred stock liquidation preference (in usd per share)	$ 1,000
Period after which the company may redeem preferred stock	5 years
Preferred stock, redemption price per share (in usd per share)	$ 1,000
Period after which the holder may redeem preferred stock	6 years
Preferred dividends declared	$ 25,000	$ 25,000

Stockholders' Equity Common Sto

Stockholders' Equity Common Stock Rollforward (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended
	Mar. 06, 2019	Mar. 31, 2020	Mar. 31, 2019
Class of Stock [Line Items]
Common stock issued during period (in shares)		0	8,291,829
Proceeds from issuance of common stock, net of offering costs	$ 130,200	$ 0	$ 157,228
Issuance costs incurred in common stock offering	1,600
Increase (Decrease) in Common Stock Outstanding [Roll Forward]
Common shares outstanding at beginning of period (in shares)		54,853,205	43,621,174
Common stock issued during period (in shares)		0	8,291,829
Restricted stock issued during period (in shares)		283,680	258,918
Common shares outstanding at end of period (in shares)		55,136,885	52,171,921
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)	6,850,000
Increase (Decrease) in Common Stock Outstanding [Roll Forward]
Common stock issued during period (in shares)	6,850,000
Common shares outstanding at end of period (in shares)		55,136,885
Common Stock [Member] | Over-Allotment Option [Member]
Class of Stock [Line Items]
Common stock issued during period (in shares)	1,027,500
Increase (Decrease) in Common Stock Outstanding [Roll Forward]
Common stock issued during period (in shares)	1,027,500

Stockholders' Equity Schedule o

Stockholders' Equity Schedule of Common Dividends Declared (Details) - $ / shares	3 Months Ended
	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019
Class of Stock [Line Items]
Dividends declared per common share (in usd per share)	$ 0				$ 0.42
Common Stock [Member]
Class of Stock [Line Items]
Declaration Date		Dec. 18, 2019	Sep. 18, 2019	Jun. 20, 2019	Mar. 20, 2019
Record Date		Dec. 31, 2019	Oct. 3, 2019	Jul. 5, 2019	Apr. 1, 2019
Payment Date		Jan. 17, 2020	Oct. 18, 2019	Jul. 19, 2019	Apr. 18, 2019
Dividends declared per common share (in usd per share)		$ 0.42	$ 0.42	$ 0.42	$ 0.42

Stockholders' Equity Share Repu

Stockholders' Equity Share Repurchase Program (Details)	Mar. 31, 2020shares
Stockholders' Equity Attributable to Parent [Abstract]
Number of shares authorized to be repurchased under stock repurchase program (in shares)	2,000,000

Stockholders' Equity At-the-Mar

Stockholders' Equity At-the-Market Offering (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
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)	0	8,291,829
Issuance of common stock, net of offering costs		$ 157,228
At the Market Offering [Member]
Class of Stock [Line Items]
Common stock issued during period (in shares)		414,329
Issuance of common stock, net of offering costs	$ 0	$ 7,800

Stockholders' Equity Schedule_2

Stockholders' Equity Schedule of Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019
Stockholders' Equity Attributable to Parent [Abstract]
Unrealized gains	$ 0		$ 32
Unrealized losses	(3,712)		0
Accumulated other comprehensive income	(3,712)		$ 32
Amounts reclassified from accumulated other comprehensive income	$ 767	$ 0

Equity Incentive Plan (Details)

Equity Incentive Plan (Details) - $ / shares	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
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)	297,769	258,918
Weighted average grant date fair value of restricted common shares granted during period under equity incentive plan (in usd per share)	$ 18.47	$ 19.31
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)	297,769	258,918
Weighted average grant date fair value of restricted common shares granted during period under equity incentive plan (in usd per share)	$ 18.47	$ 19.31
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	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
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)	461,371	321,134
Weighted average grant date fair value of nonvested restricted common shares outstanding at beginning of period (in usd per share)	$ 18.75	$ 18.04
Number of restricted common shares granted during period under equity incentive plan (in shares)	297,769	258,918
Weighted average grant date fair value of restricted common shares granted during period under equity incentive plan (in usd per share)	$ 18.47	$ 19.31
Number of restricted common shares vested during period (in shares)	(153,425)	(67,694)
Weighted average grant date fair value of restricted common shares vested during period (in usd per share)	$ (18.44)	$ (17.33)
Number of restricted common shares forfeited during period (in shares)	(14,089)	0
Weighted average grant date fair value of restricted common shares forfeited during period (in usd per share)	$ (18.57)	$ 0
Number of nonvested restricted common shares outstanding at end of period (in shares)	591,626	512,358
Weighted average grant date fair value of nonvested restricted common shares outstanding at end of period (in usd per share)	$ 18.69	$ 18.78
Equity based compensation	$ 1.4	$ 1.1

Income Taxes (Details)

Income Taxes (Details)	Mar. 31, 2020
Income Tax Disclosure [Abstract]
Percent of REIT taxable income the company is required to distribute	90.00%
Percentage of REIT taxable income the company currently intends to distribute	100.00%

Earnings Per Share (Details)

Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Earnings Per Share [Abstract]
Net income attributable to common stockholders - basic	$ (37,216)	$ 16,944
Interest expense attributable to convertible notes	0	4,449
Net income (loss) attributable to common stockholders - diluted	$ (37,216)	$ 21,393
Weighted average common shares outstanding (in shares)	54,499,000	48,145,555
Weighted average restricted stock shares (in shares)	557,411	455,876
Weighted average basic common shares outstanding (in shares)	55,056,411	48,601,431
Effect of dilutive shares issued in an assumed conversion of the convertible senior notes (in shares)	0	13,655,164
Weighted average diluted common shares outstanding (in shares)	55,056,411	62,256,595
Basic earnings per weighted average common share (in usd per share)	$ (0.68)	$ 0.35
Diluted earnings per weighted average common share (in usd per share)	$ (0.68)	$ 0.34
Interest expense attributable to antidilutive convertible notes excluded from computation of earnings per share	$ 4,500
Antidilutive convertible notes excluded from computation of earnings per share (in shares)	13,717,782

Schedule of Related Party Trans

Schedule of Related Party Transactions, by Related Party (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Related Party Transaction [Line Items]
Percent per annum of equity used to calculate management fees	1.50%
Management fees	$ 3,907	$ 3,449
Incentive fees	0	244
Equity based compensation	$ 1,400	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	$ 3,900	3,400
Incentive fees	0	200
Direct and allocated costs incurred by manager	$ 7,800	$ 6,600
Cost incurred by manager per share issued		$ 0.20