Cover Page
Cover Page - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Mar. 01, 2021 | Jun. 30, 2020 | |
Cover [Abstract] | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2020 | ||
Current Fiscal Year End Date | --12-31 | ||
Document Transition Report | false | ||
Entity File Number | 001-38124 | ||
Entity Registrant Name | GRANITE POINT MORTGAGE TRUST INC. | ||
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 | ||
Title of 12(b) Security | Common Stock, par value $0.01 per share | ||
Trading Symbol | GPMT | ||
Security Exchange Name | NYSE | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
ICFR Auditor Attestation Flag | true | ||
Entity Shell Company | false | ||
Entity Public Float | $ 390.1 | ||
Entity Common Stock, Shares Outstanding | 55,107,657 | ||
Documents Incorporated by Reference | Portions of the registrant’s definitive Proxy Statement for the 2021 Annual Meeting of Stockholders, which will be filed with the Securities and Exchange Commission under Regulation 14A within 120 days after the end of registrant’s fiscal year covered by this Annual Report, are incorporated by reference into Part III. | ||
Entity Central Index Key | 0001703644 | ||
Document Fiscal Year Focus | 2020 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | |
ASSETS | |||
Loans held-for-investment | $ 3,914,469 | $ 4,226,212 | |
Allowance for credit losses | (66,666) | (16,692) | |
Loans held-for-investment, net | 3,847,803 | 4,226,212 | |
Available-for-sale securities, at fair value | 0 | 12,830 | |
Held-to-maturity securities | 0 | 18,076 | |
Cash and cash equivalents | 261,419 | 80,281 | |
Restricted cash | 67,774 | 79,483 | |
Accrued interest receivable | 12,388 | 11,323 | |
Other assets | 30,264 | 32,657 | |
Total Assets | [1] | 4,219,648 | 4,460,862 |
Liabilities | |||
Repurchase agreements | 1,708,875 | 1,924,021 | |
Securitized debt obligations | 927,128 | 1,041,044 | |
Asset-specific financings | 123,091 | 116,465 | |
Revolving credit facilities | 0 | 42,008 | |
Convertible senior notes | 271,250 | 269,634 | |
Senior secured term loan facilities | 206,448 | 0 | |
Dividends payable | 25,049 | 23,063 | |
Other liabilities | 22,961 | 24,491 | |
Total Liabilities | [1] | 3,284,802 | 3,440,726 |
10% cumulative redeemable preferred stock, par value $0.01 per share; 50,000,000 shares authorized and 1,000 shares issued and outstanding ($1,000,000 liquidation preference) | 1,000 | 1,000 | |
Stockholders’ Equity | |||
Common stock, par value $0.01 per share; 450,000,000 shares authorized and 55,205,082 and 54,853,205 shares issued and outstanding, respectively | 552 | 549 | |
Additional paid-in capital | 1,058,298 | 1,048,484 | |
Accumulated other comprehensive income | 0 | 32 | |
Cumulative earnings | 103,165 | 162,076 | |
Cumulative distributions to stockholders | (228,169) | (192,005) | |
Total Stockholders’ Equity | 933,846 | 1,019,136 | |
Total Liabilities and Stockholders’ Equity | $ 4,219,648 | $ 4,460,862 | |
10% cumulative redeemable preferred shares outstanding (in shares) | 1,000 | 1,000 | |
10% cumulative redeemable preferred shares issued (in shares) | 1,000 | 1,000 | |
[1] | The consolidated balance sheets include assets of consolidated variable interest entities, or VIEs, that can only be used to settle obligations of these VIEs, and liabilities of the consolidated VIEs for which creditors do not have recourse to Granite Point Mortgage Trust Inc. At December 31, 2020 and December 31, 2019, assets of the VIEs totaled $1,255,932 and $1,387,148, respectively, and liabilities of the VIEs totaled $928,220 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 | Dec. 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 |
10% cumulative redeemable preferred shares liquidation preference value | $ 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) | 55,205,082 | 54,853,205 |
Common shares outstanding (in shares) | 55,205,082 | 54,853,205 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Interest income: | |||
Loans held-for-investment | $ 234,954 | $ 240,022 | $ 179,284 |
Loans held-for-sale | 895 | 0 | 0 |
Available-for-sale securities | 646 | 1,221 | 1,160 |
Held-to-maturity securities | 659 | 2,239 | 3,194 |
Cash and cash equivalents | 559 | 2,775 | 242 |
Total interest income | 237,713 | 246,257 | 183,880 |
Interest expense: | |||
Repurchase agreements | 58,444 | 67,632 | 62,432 |
Securitized debt obligations | 26,312 | 46,815 | 17,660 |
Convertible senior notes | 18,092 | 17,971 | 10,783 |
Asset-specific financings | 3,862 | 2,891 | 0 |
Revolving credit facilities | 779 | 1,673 | 648 |
Senior secured term loan facilities | 5,446 | 0 | 0 |
Total interest expense | 112,935 | 136,982 | 91,523 |
Net interest income | 124,778 | 109,275 | 92,357 |
Other (loss) income: | |||
Provision for credit losses | (53,710) | 0 | 0 |
Realized losses on sales of loans held-for-sale | (16,913) | 0 | 0 |
Fee income | 1,117 | 1,210 | 1,446 |
Total other (loss) income | (69,506) | 1,210 | 1,446 |
Expenses: | |||
Base management fees | 15,786 | 14,854 | 12,509 |
Incentive fees | 0 | 244 | 0 |
Servicing expenses | 4,056 | 3,670 | 2,196 |
Other operating expenses | 29,024 | 21,507 | 16,025 |
Restructuring charges | 46,252 | 0 | 0 |
Total expenses | 95,118 | 40,275 | 30,730 |
(Loss) income before income taxes | (39,846) | 70,210 | 63,073 |
Provision for (benefit from) income taxes | 593 | (4) | (2) |
Net (loss) income | (40,439) | 70,214 | 63,075 |
Dividends on preferred stock | 100 | 100 | 100 |
Net income (loss) attributable to common stockholders | $ (40,539) | $ 70,114 | $ 62,975 |
Basic (loss) earnings per weighted average common share (in usd per share) | $ (0.73) | $ 1.32 | $ 1.45 |
Diluted earnings per weighted average common share (in usd per share) | $ (0.73) | $ 1.32 | $ 1.42 |
Weighted average number of shares of common stock outstanding: | |||
Basic (in shares) | 55,156,482 | 53,087,395 | 43,445,384 |
Diluted (in shares) | 55,156,482 | 53,087,395 | 52,039,997 |
Comprehensive (loss) income: | |||
Net (loss) income attributable to common stockholders | $ (40,539) | $ 70,114 | $ 62,975 |
Other comprehensive income, net of tax: | |||
Unrealized gain on available-for-sale securities | (32) | 224 | (192) |
Other comprehensive income | (32) | 224 | (192) |
Comprehensive income (loss) | $ (40,571) | $ 70,338 | $ 62,783 |
CONSOLIDATED STATEMENTS OF STOC
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) $ in Thousands | Total | Cumulative effect of adoption of new accounting principle | Stockholders' equity, adjusted balance | Common Stock | Common StockStockholders' equity, adjusted balance | Additional Paid-in Capital | Additional Paid-in CapitalCumulative effect of adoption of new accounting principle | Additional Paid-in CapitalStockholders' equity, adjusted balance | Accumulated Other Comprehensive (Loss) Income | Accumulated Other Comprehensive (Loss) IncomeStockholders' equity, adjusted balance | Cumulative Earnings | Cumulative EarningsCumulative effect of adoption of new accounting principle | Cumulative EarningsStockholders' equity, adjusted balance | Cumulative Distributions to Stockholders | Cumulative Distributions to StockholdersStockholders' equity, adjusted balance |
Common shares outstanding at beginning of period (in shares) at Dec. 31, 2017 | 43,235,103 | 43,235,103 | |||||||||||||
Stockholders’ equity at beginning of period at Dec. 31, 2017 | $ 828,621 | $ 432 | $ 829,704 | $ 0 | $ 28,800 | $ (30,315) | |||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||
Net (loss) income | 63,075 | 63,075 | |||||||||||||
Other comprehensive loss before reclassifications | (192) | (192) | |||||||||||||
Net other comprehensive loss | $ (192) | (192) | |||||||||||||
Issuance of common stock, net of offering costs (in shares) | 164,940 | 164,940 | |||||||||||||
Issuance of common stock, net of offering costs | $ 3,092 | $ 2 | 3,090 | ||||||||||||
Common dividends declared, $0.65 per share | (70,461) | (70,461) | |||||||||||||
Preferred dividends declared | $ (100) | (100) | |||||||||||||
Non-cash equity award compensation (in shares) | 221,131 | 221,131 | |||||||||||||
Non-cash equity award compensation | $ 3,496 | $ 2 | 3,494 | ||||||||||||
Common shares outstanding at end of period (in shares) at Dec. 31, 2018 | 43,621,174 | 43,621,174 | 43,621,174 | ||||||||||||
Stockholders’ equity at end of period at Dec. 31, 2018 | $ 827,531 | $ 0 | $ 827,531 | $ 436 | $ 436 | 836,288 | $ 13 | $ 836,301 | (192) | $ (192) | 91,875 | $ (13) | $ 91,862 | (100,876) | $ (100,876) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||
Net (loss) income | 70,214 | 70,214 | |||||||||||||
Other comprehensive loss before reclassifications | 224 | 224 | |||||||||||||
Net other comprehensive loss | $ 224 | 224 | |||||||||||||
Issuance of common stock, net of offering costs (in shares) | 10,954,924 | 10,954,924 | |||||||||||||
Issuance of common stock, net of offering costs | $ 207,514 | $ 110 | 207,404 | ||||||||||||
Common dividends declared, $0.65 per share | (91,029) | (91,029) | |||||||||||||
Preferred dividends declared | $ (100) | (100) | |||||||||||||
Non-cash equity award compensation (in shares) | 277,107 | 277,107 | |||||||||||||
Non-cash equity award compensation | $ 4,782 | $ 3 | 4,779 | ||||||||||||
Common shares outstanding at end of period (in shares) at Dec. 31, 2019 | 54,853,205 | 54,853,205 | 54,853,205 | ||||||||||||
Stockholders’ equity at end of period at Dec. 31, 2019 | $ 1,019,136 | $ (18,472) | $ 1,000,664 | $ 549 | $ 549 | 1,048,484 | $ 0 | $ 1,048,484 | 32 | $ 32 | 162,076 | $ (18,472) | $ 143,604 | (192,005) | $ (192,005) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||
Net (loss) income | (40,439) | (40,439) | |||||||||||||
Other comprehensive loss before reclassifications | (288) | (288) | |||||||||||||
Net other comprehensive loss | (32) | (32) | |||||||||||||
Amounts reclassified from accumulated other comprehensive income | $ 256 | 256 | |||||||||||||
Issuance of common stock, net of offering costs (in shares) | 0 | ||||||||||||||
Issuance of warrants to purchase common stock | $ 4,541 | 4,541 | |||||||||||||
Common dividends declared, $0.65 per share | (36,064) | (36,064) | |||||||||||||
Preferred dividends declared | $ (100) | (100) | |||||||||||||
Non-cash equity award compensation (in shares) | 351,877 | 351,877 | |||||||||||||
Non-cash equity award compensation | $ 5,276 | $ 3 | 5,273 | ||||||||||||
Common shares outstanding at end of period (in shares) at Dec. 31, 2020 | 55,205,082 | 55,205,082 | |||||||||||||
Stockholders’ equity at end of period at Dec. 31, 2020 | $ 933,846 | $ 552 | $ 1,058,298 | $ 0 | $ 103,165 | $ (228,169) |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Cash Flows From Operating Activities: | |||
Net (loss) income | $ (40,439) | $ 70,214 | $ 63,075 |
Adjustments to reconcile net (loss) income to net cash provided by operating activities: | |||
Accretion of discounts and net deferred fees on loans held-for-investment | (15,915) | (15,417) | (12,852) |
Amortization of deferred debt issuance costs on convertible senior notes and securitized debt obligations | 6,426 | 7,588 | 3,785 |
Provision for credit losses | 53,710 | 0 | 0 |
Realized losses on sales of loans held-for-sale | 16,913 | 0 | 0 |
Amortization of equity based compensation | 5,276 | 4,782 | 3,496 |
Net change in assets and liabilities: | |||
Increase in accrued interest receivable | (1,066) | (1,055) | (3,163) |
Decrease (increase) in other assets | 2,436 | (11,682) | 1,099 |
Increase in other liabilities | (7,086) | 7,431 | 6,927 |
Net cash provided by operating activities | 20,255 | 61,861 | 62,367 |
Cash Flows From Investing Activities: | |||
Originations, acquisitions and additional fundings of loans held-for-investment, net of deferred fees | (369,216) | (1,812,698) | (1,319,529) |
Proceeds from repayment of loans held-for-investment | 486,422 | 769,816 | 468,734 |
Principal payments on available-for-sale securities | 12,798 | 0 | 0 |
Principal payments on held-to-maturity securities | 18,076 | 8,620 | 15,473 |
Proceeds from sales of loans held-for-sale | 193,538 | 0 | 0 |
Net cash provided by (used in) investing activities | 341,618 | (1,034,262) | (835,322) |
Cash Flows From Financing Activities: | |||
Proceeds from repurchase agreements | 397,004 | 1,390,059 | 1,228,361 |
Principal payments on repurchase agreements | (612,150) | (966,581) | (1,249,426) |
Proceeds from issuance of securitized debt obligations | 0 | 646,868 | 651,374 |
Principal payments on securitized debt obligations | (117,925) | (266,179) | 0 |
Proceeds from convertible senior notes | 0 | 0 | 145,928 |
Proceeds from asset-specific financings | 6,626 | 116,465 | 0 |
Proceeds from revolving credit facilities | 38,361 | 361,273 | 124,394 |
Repayment of revolving credit facilities | (80,369) | (394,265) | (49,394) |
Proceeds from senior secured term loan facilities | 205,647 | 0 | 0 |
Proceeds from issuance of warrants to purchase common stock | 4,541 | 0 | 0 |
Proceeds from issuance of common stock, net of offering costs | 0 | 207,514 | 3,092 |
Dividends paid on preferred stock | (100) | (100) | (100) |
Dividends paid on common stock | (34,079) | (86,312) | (68,569) |
Net cash (used in) provided by financing activities | (192,444) | 1,008,742 | 785,660 |
Net increase in cash, cash equivalents and restricted cash | 169,429 | 36,341 | 12,705 |
Cash, cash equivalents and restricted cash at beginning of period | 159,764 | 123,423 | 110,718 |
Cash, cash equivalents and restricted cash at end of period | 329,193 | 159,764 | 123,423 |
Supplemental Disclosure of Cash Flow Information: | |||
Cash paid for interest | 115,013 | 136,091 | 88,248 |
Cash paid for taxes | 0 | 0 | (5) |
Noncash Activities: | |||
Transfers of loans held-for-investment to loans held-for-sale | 210,452 | 0 | 0 |
Dividends declared but not paid at end of period | $ 25,049 | $ 23,063 | $ 18,346 |
CONSOLIDATED STATEMENTS OF ST_2
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - (Parenthetical) - $ / shares | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Statement of Stockholders' Equity [Abstract] | |||
Dividends declared per common share (in usd per share) | $ 0.65 | $ 1.68 | $ 1.62 |
Organization and Operations
Organization and Operations | 12 Months Ended |
Dec. 31, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [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’s common stock is listed on the New York Stock Exchange, or NYSE, under the symbol “GPMT.” Through December 31, 2020, the Company was externally managed by Pine River Capital Management L.P., or the Former Manager. On October 10, 2020, the Company entered into a definitive agreement with the Former Manager pursuant to which the Company internalized its management on December 31, 2020, or the Internalization. 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 | 12 Months Ended |
Dec. 31, 2020 | |
Accounting Policies [Abstract] | |
Basis of Presentation and Significant Accounting Policies | Basis of Presentation and Significant Accounting Policies Consolidation and Basis of Presentation The accompanying consolidated financial statements include the accounts of all subsidiaries; inter-company accounts and transactions have been eliminated. Certain prior period amounts have been reclassified to conform to the current period presentation. The accounting and reporting policies of the Company conform to U.S. generally accepted accounting principles, or GAAP. All entities in which the Company holds investments that are considered variable interest entities, or VIEs, 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. We currently operate in one reporting segment. 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 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. As of December 31, 2020, the COVID-19 pandemic remains ongoing, and as a result, numerous countries, including the United States, have declared national emergencies. Such actions have resulted in significant macroeconomic disruptions and have adversely impacted many industries. The ongoing pandemic may continue to adversely impact macroeconomic and market conditions, resulting in a period of global economic slowdown. The rapidly evolving and fluid nature of this situation precludes any prediction as to the ultimate adverse impact of COVID-19 on economic and market conditions. Although there are effective vaccines for COVID-19 that have been approved for use, distribution of the vaccines did not begin until late 2020, and a majority of the public will likely not have access to a vaccination until sometime in 2021. Accordingly, given the ongoing nature of the outbreak, at this time the Company cannot reasonably estimate the magnitude of the ultimate impact that COVID-19 will have on the Company’s business, financial performance and operating results. The Company believes the estimates and assumptions underlying its consolidated financial statements are reasonable and supportable based on the information available as of December 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 December 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 such differences may be material. Significant Accounting Policies Loans Held-for-Investment, Net The Company originates and acquires commercial real estate debt and related instruments generally to be held as long-term investments. These assets are classified as loans held-for-investment on the consolidated balance sheets. Additionally, the Company finances pools of its commercial real estate loans through collateralized loan obligations, or CLOs, which are considered VIEs for financial reporting purposes and, thus, are reviewed for consolidation under the applicable consolidation guidance. The Company has both the power to direct the activities of the CLOs that most significantly impact the entities’ performance and the obligation to absorb losses or the right to receive benefits of the entities that could be significant, therefore, the Company consolidates the CLOs and classifies the underlying loans as loans held-for-investment. Interest income on loans held-for-investment is recorded on the consolidated statements of comprehensive (loss) income. Loans held-for-investment are reported at cost, net of allowance for credit losses, any unamortized acquisition premiums or discounts, loan fees and origination costs, as applicable. Subsequent to the adoption of ASU 2016-13 on January 1, 2020, the Company uses a probability-weighted analytical model to estimate and recognize an allowance for credit losses on loans held-for-investment and their related unfunded commitments. The Company employed quarterly updated macroeconomic forecasts which reflect the impact of the COVID-19 pandemic on the overall U.S. economy and commercial real estate markets generally. These estimates may change in future periods based on available future macroeconomic data and might result in a material change in the Company’s future estimates of expected credit losses for its loan portfolio. Interest income on loans held-for-investment is recognized at the loan coupon rate. Any premiums or discounts, loan fees, contractual exit fees and origination costs are amortized or accreted into interest income over the lives of the loans using the effective interest method. Generally, loans held-for-investment are placed on nonaccrual status when delinquent for more than 90 days or when determined not to be probable of full collection. Interest income recognition is suspended when loans are placed on nonaccrual status. Interest accrued, but not collected, at the date loans are placed on nonaccrual is reversed and subsequently recognized only to the extent it is received in cash or until it qualifies for return to accrual status. However, when there is doubt regarding the ultimate collectability of loan principal, all cash received is applied to reduce the carrying value of such loans. Loans held-for-investment are restored to accrual status only when contractually current or the collection of future payments is reasonably assured. The Company may make exceptions to placing a loan on nonaccrual status if the loan has sufficient collateral value and is in the process of collection or has been modified. The allowance for credit losses is recorded in accordance with ASU, 2016-13, and is a valuation account that is deducted from the amortized cost basis of loans held-for-investment on the Company’s consolidated balance sheets. Changes to the allowance for credit losses are recognized through net (loss) income on the Company’s consolidated statements of comprehensive (loss) income. The allowance is 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. All loans held-for-investment within the Company’s portfolio have some amount of expected loss to reflect the GAAP principal underlying the CECL model that all loans 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 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 consolidated statements of comprehensive (loss) income. The allowance for credit losses is estimated on a quarterly basis and represents management’s estimates of current expected credit losses in the Company’s investment portfolio. Pools of loans with similar risk characteristics are collectively evaluated while loans that no longer share risk characteristics with loan pools are evaluated individually. Estimating an allowance for credit losses is inherently subjective, as it requires management to exercise significant judgment in establishing appropriate factors used to determine the allowance 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, (iv) selecting the forecast for macroeconomic conditions and (v) determining the reasonable and supportable forecast period. Considering the lack of historical Company data related to any realized loan losses since its inception, the Company generally estimates 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 2020 for over 100,000 commercial real estate loans. The Company licenses certain macroeconomic financial forecasts from a third-party to inform its view of the potential future impact that broader macroeconomic conditions may have on the performance of the loans held-for-investment. These macroeconomic factors include unemployment rates, interest rates, price indices for commercial property and other factors. The Company may use one or more of these forecasts in the process of estimating its allowance for credit losses. Selection of these economic forecasts requires significant judgment about future events that, while based on the information available to the Company as of the balance sheet date, are ultimately unknowable with certainty, and the actual economic conditions impacting the Company’s portfolio could vary significantly from the estimates the Company made for the periods presented. 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 debt service coverage ratio, or DSCR, loan-to-value ratio, or LTV, remaining contractual 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. Prior to the adoption of ASU 2016-03, loans held-for-investment were reported at cost, net of any unamortized acquisition premiums or discounts, loan fees and origination costs as applicable, unless the assets were deemed impaired. Impairment was indicated when it was deemed probable that the Company would not be able to collect all amounts due pursuant to the contractual terms of the loan. Because the Company’s loans held-for-investment are collateralized by real property or are collateral dependent, impairment was measured by comparing the estimated fair value of the underlying collateral less estimated costs to sell to the amortized cost of the respective loan. If a loan was determined to be impaired, the Company would record an allowance to reduce the carrying value of the loan through a charge to provision for loan losses. Actual losses, if any, could ultimately differ from these estimates. Available-for-Sale Securities, at Fair Value From time to time, the Company may selectively invest in commercial mortgage-backed securities, or CMBS, representing interests in pools of commercial mortgage loans issued by trusts. In the past, the Company had designated investments in certain CMBS as available-for-sale, or AFS, because the Company had the ability to dispose of them prior to maturity. All assets classified as AFS would be reported at estimated fair value with unrealized gains and losses included in accumulated other comprehensive (loss) income. Interest income on AFS securities is accrued based on the outstanding principal balance and contractual terms. Premiums and discounts associated with CMBS are amortized into interest income over the life of such securities using the effective yield method. As part of the adoption of ASU 2016-13, effective January 1, 2020, the Company evaluates AFS securities to determine whether a decline in the fair value below the amortized cost basis (impairment) is due to credit-related factors or noncredit-related factors. Any impairment that is not credit-related is recognized in other comprehensive (loss) income, net of applicable taxes. Credit-related impairment is recognized as an allowance for credit losses on the statement of comprehensive (loss) income, limited to the amount by which the amortized cost basis exceeds the fair value, with a corresponding adjustment to earnings. Both the allowance for credit losses and the adjustment to net (loss) income may be reversed if conditions change. Changes in the allowance for credit losses are recorded as provision for credit loss expense. The Company did not hold any AFS securities as of December 31, 2020. Prior to the adoption of ASU 2016-13 on January 1, 2020, on a quarterly basis, the Company evaluated its AFS securities to assess whether a decline in the fair value of an AFS security below the Company’s amortized cost basis was an other-than-temporary impairment, or OTTI. The presence of OTTI was based upon a fair value decline below a security’s amortized cost basis and a corresponding adverse change in expected cash flows due to credit related factors, as well as non-credit factors, such as changes in interest rates and market spreads. Impairment was considered other-than-temporary if an entity (i) intended to sell the security, (ii) was more likely than not be required to sell the security before it recovered in value or (iii) did not expect to recover the security’s amortized cost basis, even if the entity did not intend to sell the security. Under these scenarios, the impairment was other-than-temporary and the full amount of impairment recognized in earnings and the cost basis of the investment security was adjusted. However, if an entity did not intend to sell the impaired debt security and it was more likely than not that it would not be required to sell before recovery, the OTTI is separated into (i) the estimated amount relating to credit loss, or credit component, and (ii) the amount relating to all other factors, or non-credit component. Only the estimated credit loss amount was recognized in earnings, with the remainder of the loss amount recognized in other comprehensive (loss) income. The difference between the new amortized cost basis and the cash flows expected to be collected was accreted as interest income in accordance with the effective interest method. Held-to-Maturity Securities In the past, the Company designated investments in certain CMBS as held-to-maturity, or HTM, because the Company had both the ability and intent to hold them until maturity. All assets classified as HTM were reported at stated cost plus any premiums or discounts, which were amortized or accreted through the consolidated statement of comprehensive income using the effective interest method. As part of the adoption of ASU 2016-13, effective January 1, 2020, the Company no longer records impairments for credit losses as adjustments to the amortized cost for HTM debt securities, but rather records an allowance for credit losses. The carrying values of debt securities are presented net of any allowance for credit losses. The Company did not hold any HTM securities as of December 31, 2020. Prior to the adoption of ASU 2016-13 on January 1, 2020, the Company evaluated its HTM securities, on a quarterly basis, to assess whether a decline in the fair value of an HTM security below the Company’s amortized cost basis is an OTTI. The presence of OTTI is based upon a fair value decline below a security’s amortized cost basis and a corresponding adverse change in expected cash flows due to credit related factors. Impairment was considered other-than-temporary if an entity did not expect to recover the security’s amortized cost basis. Impairment was recognized in earnings and the cost basis of the HTM security was adjusted. Loans Held-for-Sale The Company classifies certain loans as held-for-sale based on management’s intent to sell or otherwise dispose of them. Loans held-for-sale are reported at the lower of amortized cost or fair value. Fair value is determined under the guidance of ASC 820. Interest income on loans held-for-sale is recognized at the loan coupon rate and recorded on the consolidated statements of comprehensive (loss) income. Cash and Cash Equivalents Cash and cash equivalents include cash held in bank accounts and cash held in money market funds on an overnight basis. Restricted Cash Restricted cash includes certain cash balances the Company is required to maintain in restricted accounts as collateral for the Company’s repurchase agreements and with counterparties to support activities related to securities. Cash held by counterparties as collateral, which resides in non-interest bearing accounts, is not available to the Company for general corporate purposes, but may be applied against amounts due to securities and repurchase agreement counterparties or returned to the Company when the collateral requirements are exceeded or at the maturity of the repurchase agreement. Accrued Interest Receivable Accrued interest receivable represents interest that is due and payable to the Company. Cash interest is generally received within 30 days of recording the receivable. The Company generally writes off the 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 the provision for credit losses in the consolidated statements of comprehensive (loss) income. Accrued interest receivable includes deferred interest that may be collected at the loan maturity or past 90 days, and an allowance for credit losses has been included as part of the loan’s amortized cost. The Company has one loan recorded as a nonaccrual loan and the Company wrote off all accrued and unpaid interest as of December 31, 2020. Accrued interest receivable is included within other assets on the Company’s consolidated balance sheets. Due from Counterparties Due from counterparties includes cash held by counterparties as collateral against the Company’s repurchase agreements but represents excess capacity and deemed unrestricted and a receivable from the counterparty as of the balance sheet date. Due from counterparties is included within other assets on the Company’s consolidated balance sheets. Repurchase Agreements The Company finances the acquisition of its loans held-for-investment, AFS securities and HTM securities through the use of repurchase agreements. Borrowings under repurchase agreements generally bear interest rates of a specified margin over one-month LIBOR and are generally uncommitted. The repurchase agreements are treated as collateralized financing transactions and are carried at their contractual amounts, as specified in the respective agreements. Asset-Specific Financings The Company finances certain of its loans held-for-investment through the use of an asset-specific financing facility. Borrowings under the asset-specific financing facility generally bear interest rates of a specified margin over one-month LIBOR. The asset-specific financings are treated as collateralized financing transactions and are carried at their contractual amounts, as specified in the respective agreements. Revolving Credit Facilities In the past, the Company has financed the acquisition of certain of its loans held-for-investment through the use of revolving credit facilities. Borrowings under revolving credit have generally borne interest rates of a specified margin over one-month LIBOR and have generally been uncommitted. Revolving credit facilities are treated as collateralized financing transactions and carried at their contractual amounts, as specified in the respective agreements. Deferred Debt Issuance Costs Because the outstanding balance of the Company’s repurchase agreement facilities, asset-specific financings and revolving credit facilities may fluctuate as the Company borrows and repays amounts, the Company presents unamortized deferred debt issuance costs related to these credit facilities as an asset on its consolidated balance sheets within other assets. Amortization of deferred debt issuance costs over the term of the related facilities is reported within interest expense on the consolidated statements of comprehensive (loss) income. Securitized Debt Obligations The Company finances pools of its loans held-for-investment through CLOs retaining the subordinate securities in its investment portfolio. The CLOs are accounted for as financing arrangements and consolidated on the Company’s consolidated financial statements. The securitized debt obligations not retained by the Company, which are nonrecourse to the Company beyond the assets held in the CLOs, are recorded at outstanding principal balance, net of any unamortized deferred debt issuance costs, on the Company’s consolidated balance sheets. Convertible Senior Notes Convertible senior notes include unsecured convertible debt that are carried at their unpaid principal balance, net of any unamortized deferred issuance costs, on the Company’s consolidated balance sheets. Interest on the notes is payable semiannually until such time the notes mature or are converted into shares of the Company’s common stock. Amortization of deferred debt issuance costs over the term of the notes is reported within interest expense on convertible senior notes on the consolidated statements of comprehensive (loss) income. Senior Secured Term Loan Facilities The Company records senior secured term loan facilities as liabilities at their unpaid principal balance, net of any unamortized deferred issuance costs, on the Company’s consolidated balance sheets. Where applicable, any issue discount or transaction expenses are deferred and amortized over the term of the loan using the effective interest method, and is included within interest expense in the Company’s consolidated statements of comprehensive (loss) income, while the unamortized balance is included as a reduction to the carrying amount on the Company’s consolidated balance sheets. Accrued Interest Payable Accrued interest payable represents interest that is due and payable to third parties. Interest is generally paid within 30 days to three months of recording the payable, based upon the Company’s remittance requirements. Accrued interest payable is included within other liabilities on the Company’s consolidated balance sheets. Income Taxes The Company has elected to be taxed as a REIT under the Code and the corresponding provisions of state law. To qualify as a REIT, the Company must distribute at least 90% of its annual REIT taxable income to stockholders (not including taxable income retained in its taxable subsidiaries) within the time frame set forth in the Code and the Company must also meet certain other requirements. In addition, because certain activities, if performed by the Company, may cause the Company to earn income which is not qualifying for the REIT gross income tests, the Company has formed a TRS, as defined in the Code, to engage in such activities. The TRS’s activities are subject to income taxes, as well as any REIT taxable income not distributed to stockholders. The Company assesses its tax positions for all open tax years and determines whether the Company has any material unrecognized liabilities in accordance with ASC 740, Income Taxes , or ASC 740. The Company records these liabilities to the extent the Company deems them more likely than not to be incurred. The Company classifies interest and penalties on material uncertain tax positions as interest expense and operating expense, respectively, in its consolidated statements of comprehensive (loss) income. Related Party Management Fee and Operating Expenses Prior to the Internalization, the Company paid the Former Manager a base management fee equal to 1.5% of the Company’s equity on an annualized basis, as well as an incentive fee, which was payable, if earned, beginning in the fourth quarter of 2018, in accordance with the terms of the Management Agreement. Preferred Stock The Company accounts for its preferred stock in accordance with ASC 480, Distinguishing Liabilities from Equity . Holders of the Company’s preferred stock have certain preference rights with respect to the common stock. Based on the Company’s analysis, the preferred stock has been classified as redeemable interests outside of permanent equity in the mezzanine section of the Company’s consolidated balance sheets as a result of certain redemption requirements or other terms. Earnings (Loss) Per Share Basic and diluted earnings per share are computed by dividing net income by the weighted average number of common shares and potential common shares outstanding. For both basic and diluted per share calculations, potential common shares represents issued and unvested shares of restricted stock, which have full rights to the common stock dividend declarations of the Company. If the assumed conversion of convertible notes into common shares is dilutive, diluted earnings per share is adjusted by adding back the periodic interest expense (net of any tax effects) associated with dilutive convertible notes to net income attributable to common stockholders and adding the shares issued in an assumed conversion to the diluted weighted average share count. Other Comprehensive (Loss) Income Current period net unrealized gains and losses on AFS securities are reported as components of accumulated other comprehensive (loss) income on the consolidated statements of stockholders’ equity and in the consolidated statements of comprehensive (loss) income. Equity Incentive Plan The Company has adopted the 2017 Equity Incentive Plan, or the Plan, to provide incentive compensation to attract and retain qualified directors, officers, advisors, consultants and other personnel. The Plan is administered by the compensation committee of the Company’s board of directors. The Plan permits the granting of restricted shares of common stock, phantom shares, dividend equivalent rights and other equity-based awards. See Note 16 - Equity Incentive Plan for further details regarding the Plan. The cost of equity-based compensation is measured on and fixed at the grant date, based on the price of the Company’s common stock as of period end, and amortized over the vesting term. The Company accounts for forfeitures as they occur. Amortization expense is included within other operating expenses on the consolidated statements of comprehensive (loss) income. Restructuring Charges The termination of the Management Agreement was a material change in the management structure of the business, and is accounted for under ASC 420, Exit or disposal cost obligations . The one-time payment made to the Former Manager under the internalization agreement, and other associated costs incurred as part of the Internalization, are recorded within restructuring charges on the consolidated statements of comprehensive (loss) income with a corresponding liability recorded within other liabilities within the consolidated balance sheets. See Note 17 – Restructuring Charges for additional discussion of the restructuring charges related to the Internalization. Recently Issued and/or Adopted Accounting Standards Measurement of Credit Losses on Financial Instruments On January 1, 2020, the Company adopted 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 replaced the incurred loss model under prior guidance with a Current Expected Credit Loss, or CECL, model for instruments measured at amortized cost, and also requires entities to record allowances for AFS debt securities rather than reduce the amortized cost, as they did under the other-than-temporary impairment model. It also simplified 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 Company’s process to implement ASU 2016-13 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. 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 statements of stockholders’ equity, of approximately $18.5 million, or approximately $0.34 per share. The Company elected not to measure an allowance for credit losses on accrued interest receivable when the accrued interest is due within 90 days. The Company generally writes off the 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. 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 held-for-investment and securities $ 4,257,086 $ — $ 4,257,086 Allowance for credit losses — (16,692) (16,692) Loans held-for-investment 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. Facilitation of the Effects of Reference Rate Reform on Financial Reporting In March 2020, FASB issued ASU No. 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting, or ASU No. 2020-04, which provides optional expedients and exceptions for applying GAAP to contracts, hedging relationships and other transactions affected by reference rate reform if certain criteria are met. The amendments apply only to contracts, hedging relationships and other transactions that reference the London Interbank Offered Rate, or LIBOR, or another reference rate expected to be discontinued because of reference rate reform. ASU No. 2020-04 is effective for all entities as of March 12, 2020 through December 31, 2022. The Company is currently evaluating the impact of adopting this ASU on its consolidated financial statements. Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity In August 2020, the FASB issued ASU No. 2020-06, Debt – Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging – Contracts in an Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity, or ASU No. 2020-06. The intention of ASU No. 2020-06 is t |
Variable Interest Entities
Variable Interest Entities | 12 Months Ended |
Dec. 31, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Variable Interest Entities | Variable Interest EntitiesThe Company finances pools of its commercial real estate loans through CLOs which are considered VIEs for financial reporting purposes and, thus, are reviewed for consolidation under the applicable consolidation guidance. The Company has both the power to direct the activities of the CLOs that most significantly impact the entities’ performance and the obligation to absorb losses or the right to receive benefits of the entities that could be significant, therefore, the Company consolidates the CLOs. The following table presents a summary of the assets and liabilities of all VIEs consolidated on the Company’s consolidated balance sheets as of December 31, 2020 and December 31, 2019: (in thousands) December 31, December 31, Loans held-for-investment $ 1,200,479 $ 1,301,369 Allowance for credit losses (15,914) — Loans held-for-investment, net 1,184,565 1,301,369 Restricted cash 62,804 76,093 Other assets 8,563 9,686 Total Assets $ 1,255,932 $ 1,387,148 Securitized debt obligations $ 927,128 $ 1,041,044 Other liabilities 1,092 1,078 Total Liabilities $ 928,220 $ 1,042,122 |
Loans Held-for-Investment
Loans Held-for-Investment | 12 Months Ended |
Dec. 31, 2020 | |
Receivables [Abstract] | |
Loans Held-for-Investment, Net of Allowance for Credit Losses | 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 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 December 31, 2020 and December 31, 2019: December 31, (dollars in thousands) Senior Loans (1) Mezzanine Loans B-Notes Total Unpaid principal balance $ 3,915,833 $ 2,366 $ 14,235 $ 3,932,434 Unamortized (discount) premium (75) — — (75) Unamortized net deferred origination fees (17,890) — — (17,890) Allowance for credit losses (60,130) (2,366) (4,170) (66,666) Carrying value $ 3,837,738 $ — $ 10,065 $ 3,847,803 Unfunded commitments $ 503,726 $ — $ — $ 503,726 Number of loans 101 1 1 103 Weighted average coupon 5.1 % 13.0 % 8.0 % 5.1 % Weighted average years to maturity (2) 1.1 4.9 6.1 1.1 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) December 31, December 31, Property Type Carrying Value % of Loan Portfolio Carrying Value % of Loan Portfolio Office $ 1,720,705 44.7 % $ 1,779,173 42.0 % Multifamily 910,557 23.7 % 1,058,708 25.1 % Hotel 646,869 16.8 % 640,503 15.2 % Retail 332,218 8.6 % 398,742 9.4 % Industrial 196,677 5.1 % 312,637 7.4 % Other 40,777 1.1 % 36,449 0.9 % Total $ 3,847,803 100.0 % $ 4,226,212 100.0 % (dollars in thousands) December 31, December 31, Geographic Location Carrying Value % of Loan Portfolio Carrying Value % of Loan Portfolio Northeast $ 1,028,584 26.8 % $ 1,196,767 28.4 % Southwest 802,233 20.8 % 923,519 21.8 % West 682,236 17.7 % 735,416 17.4 % Midwest 712,675 18.5 % 700,778 16.6 % Southeast 622,075 16.2 % 669,732 15.8 % Total $ 3,847,803 100.0 % $ 4,226,212 100.0 % At December 31, 2020 and December 31, 2019, the Company pledged loans held-for-investment with a carrying value, net of allowance for credit losses, of $3.8 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 years ended December 31, 2020 and 2019: Year Ended (in thousands) 2020 2019 Balance at beginning of period $ 4,226,212 $ 3,167,913 Originations, acquisitions and additional fundings 372,859 1,833,320 Repayments (486,422) (769,816) Transfers to loans held-for-sale (210,452) — Net discount accretion (premium amortization) 13 27 Increase in net deferred origination fees (3,642) (20,622) Amortization of net deferred origination fees 15,901 15,390 January 1, 2020 provision for credit losses upon adoption of ASU 2016-13 (16,692) — Provision for credit losses (49,974) — Balance at end of period $ 3,847,803 $ 4,226,212 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. The Company employed quarterly updated macroeconomic forecasts which reflect the impact of the COVID-19 pandemic on the overall U.S. economy and commercial real estate markets generally. These estimates may change in future periods based on available future macroeconomic data and might result in a material change in the Company’s future estimates of expected credit losses for its loan portfolio. Due to the COVID-19 pandemic and the dislocation it has caused to the national economy, the commercial real estate markets and the capital markets, the Company’s ability to estimate key inputs for estimating the allowance for credit losses has been materially and adversely impacted. Estimates made by management are necessarily subject to change due to the lack of observable inputs and uncertainty regarding the duration of the COVID-19 pandemic and its aftereffects. 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 contractual 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. As of December 31, 2020, the Company determined that its recovery of loan principal associated with one hotel loan is collateral-dependent. Accordingly, this loan was assessed individually and the Company has elected to apply a practical expedient in accordance with ASU 2016-13 , and an allowance for credit loss of $8.1 million was recorded on this loan using the discounted cash flow method of valuation to reduce the carrying value of the loan to the estimated fair value of the property less the cost to foreclose and sell the property. The estimate of the fair value of the hotel collateral was developed using a discounted cash flow model. This valuation required significant judgment, which included assumptions regarding estimates of property cash flow performance, capitalization rates, discount rates, occupancy rates and exit costs. 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 consolidated balance sheets. As of December 31, 2020, the Company recognized $5.5 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 consolidated statements of comprehensive (loss) income. The following table presents the changes for the year ended December 31, 2020 in the allowance for credit losses on loans held-for-investment: Year Ended (in thousands) 2020 Balance at beginning of period upon adoption of ASU 2016-13 $ 16,692 Provision for credit losses 49,974 Writeoffs — Recoveries of amounts previously written off — Balance at end of period $ 66,666 For the year ended December 31, 2020, the Company’s estimate of expected credit losses increased primarily due to the macroeconomic impact of the COVID-19 pandemic. There was no allowance for credit losses on loans held-for-investment for the year ended December 31, 2019. Generally, loans held-for-investment are placed on nonaccrual status when delinquent for more than 90 days or when determined not to be probable of full collection. Interest income recognition is suspended when loans are placed on nonaccrual status. As of December 31, 2020, the Company had one loan with an unpaid principal balance of $22.3 million and a carrying value of $17.8 million that was placed on nonaccrual status. The Company wrote off $0.8 million of accrued interest related to this loan. The reversal of accrued interest income is recorded in interest income on the statements of comprehensive (loss) income. No loans were placed on nonaccrual status as of December 31, 2019. The Company’s primary credit quality indicators are its risk ratings. 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 principal loss. 5 – Loss Likely: A loan that has a significantly increased probability of 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 December 31, 2020 and December 31, 2019: (dollars in thousands) December 31, December 31, Risk Rating Number of Loans Unpaid Principal Balance Carrying Value Number of Loans Unpaid Principal Balance Carrying Value 1 6 $ 183,369 $ 182,730 9 $ 293,191 $ 292,270 2 50 1,863,590 1,847,332 100 3,661,077 3,632,528 3 29 1,055,782 1,026,662 9 243,127 241,901 4 17 762,636 732,310 2 59,750 59,513 5 1 67,057 58,769 — — — Total 103 $ 3,932,434 $ 3,847,803 120 $ 4,257,145 $ 4,226,212 As of December 31, 2020, the Company reclassified one loan from a risk rating of “4” to a risk rating of “5” due to new information relating to the borrower’s financial condition and collateral property’s operating performance, which has been adversely affected by market conditions driven by the COVID-19 pandemic and the related significant decline in business travel. The Company determined that the recovery of its loan principal is collateral-dependent. Accordingly, this loan was assessed individually and the Company has elected to apply a practical expedient in accordance with ASU 2016-13, and an allowance for credit loss of $8.1 million was recorded on this loan using the discounted cash flow method of valuation to reduce the carrying value of the loan to the estimated fair value of the property less the estimated cost to foreclose and sell the property. The loan had been previously modified and, during the year ended December 31, 2020, the Company negotiated with the borrower a new short-term extension of the prior modification, which was accounted for as a troubled debt restructuring, or TDR, under GAAP. The Company is evaluating a variety of the potential options with respect to the resolution of this loan, which, among other things, may include a sale or negotiated deed-in-lieu of foreclosure. The estimate of the fair value of the hotel collateral was developed using a discounted cash flow model and Level 3 inputs, which include estimates of: (i) property cash flows over a specific holding period, (ii) forecasted submarket hotel RevPAR rates and subject RevPAR penetration, (iii) operating expenses, (iv) property and income taxes, (v) the borrower’s exit plan, (vi) capitalization and discount rates, and (vii) overall market conditions. These inputs were in part developed based on discussions with various market participants and management’s best estimates as of the valuation date. 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 and it was not deemed probable that the Company would not have been 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 December 31, 2020 by risk rating and year of origination: December 31, 2020 (dollars in thousands) Origination Year Risk Rating 2020 2019 2018 2017 2016 Prior Total 1 (Low Risk) $ — $ 18,291 $ 75,190 $ 55,706 $ 33,543 $ — $ 182,730 2 (Average Risk) 75,707 1,014,194 472,491 194,625 35,999 54,316 1,847,332 3 (Acceptable Risk) 12,377 395,160 304,104 247,120 67,901 — 1,026,662 4 (Higher Risk) 42,163 110,202 242,200 194,317 — 143,428 732,310 5 (Loss Likely) — 58,769 — — — — 58,769 Total $ 130,247 $ 1,596,616 $ 1,093,985 $ 691,768 $ 137,443 $ 197,744 $ 3,847,803 During the year ended December 31, 2020, the Company placed a $22.3 million first mortgage loan collateralized by a mixed-use (retail and office) property located in the Northeast on nonaccrual status due to the adverse impact of the COVID-19 pandemic. As a result, the Company wrote-off accrued interest due on this loan in the amount of $0.8 million. As of December 31, 2020, the carrying value of the loan on nonaccrual status was $17.8 million. The loan had a risk rating of “4” at December 31, 2020. On November 9, 2020, a $40.0 million first mortgage loan collateralized by a student housing property located in the Midwest reached its initial maturity without satisfaction of extension conditions. The loan was current with respect to payment of interest prior to its initial maturity date. The Company is in active discussions with the borrower regarding a modification, which may include waiving certain extension conditions and full deferral of interest for the duration of the extension period. The loan had a risk rating of “4” at December 31, 2020. As of December 31, 2019, the Company had not entered into any loan modifications which were classified as TDRs and the Company did not have any loans in maturity default. |
Available-for-Sale Securities
Available-for-Sale Securities | 12 Months Ended |
Dec. 31, 2020 | |
Investments, Debt and Equity Securities [Abstract] | |
Available-for-Sale Securities | Available-for-Sale Securities The following table presents the components of the carrying value of AFS securities as of December 31, 2020 and December 31, 2019: (in thousands) December 31, December 31, Face value $ — $ 12,798 Unamortized premium (discount) — — Allowance for credit losses — — Gross unrealized gains — 32 Gross unrealized losses — — Carrying value $ — $ 12,830 At December 31, 2019, the Company’s AFS securities were in an unrealized gain position and the Company pledged AFS securities with a carrying value of $12.8 million as collateral for repurchase agreements. See Note 9 - Collateralized Borrowings . As of December 31, 2020, the Company’s AFS securities were paid off in full. |
Held-to-Maturity Securities
Held-to-Maturity Securities | 12 Months Ended |
Dec. 31, 2020 | |
Investments, Debt and Equity Securities [Abstract] | |
Held-to-Maturity Securities | Held-to-Maturity Securities The following table presents the components of the carrying value of HTM securities as of December 31, 2020 and December 31, 2019: (in thousands) December 31, December 31, Face value $ — $ 18,076 Unamortized premium (discount) — — Allowance for credit losses — — Carrying value $ — $ 18,076 As of December 31, 2020, the Company’s HTM securities were paid off in full. At December 31, 2019, the Company pledged HTM securities with a carrying value of $18.1 million as collateral for repurchase agreements. See Note 9 - Collateralized Borrowings . |
Cash, Cash Equivalents and Rest
Cash, Cash Equivalents and Restricted Cash | 12 Months Ended |
Dec. 31, 2020 | |
Cash and 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 both December 31, 2020 and December 31, 2019, the Company had $5.0 million as collateral for repurchase agreements and by counterparties to support investment activities. In addition, as of December 31, 2020 and December 31, 2019, the Company held $62.8 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 consolidated balance sheets as of December 31, 2020 and December 31, 2019 that sum to the total of the same such amounts shown in the consolidated statements of cash flows: (in thousands) December 31, December 31, Cash and cash equivalents $ 261,419 $ 80,281 Restricted cash 67,774 79,483 Total cash, cash equivalents and restricted cash $ 329,193 $ 159,764 |
Fair Value
Fair Value | 12 Months Ended |
Dec. 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. , market-based or observable inputs) and the lowest priority to data lacking transparency ( i.e. , unobservable inputs) resulting in the use of management assumptions. 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 has held AFS securities and those securities were carried at fair value on the consolidated balance sheets and were 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 As of December 31, 2020, the Company held no assets or liabilities measured at fair value on a recurring basis. The following table displays the Company’s assets measured at fair value on a recurring basis as of December 31, 2019. 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 Nonrecurring Fair Value The Company may be required to measure certain assets or liabilities at fair value from time to time. These periodic fair value measures typically result from application of certain impairment measures under GAAP. These items would constitute nonrecurring fair value measures under ASC 820. As of December 31, 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 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, credit spreads for loans of comparable risk as corroborated by inquiry of other market participants, 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 December 31, 2020. The Company categorizes the fair value measurement of these assets as Level 2. • Senior secured term loan facilities are carried at their unpaid principal balance, net of any unamortized deferred issuance costs. The Company estimates the fair value of its senior secured term facility at its carrying value as of December 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 December 31, 2020 and December 31, 2019: December 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 $ 3,847,803 $ 3,867,286 $ 4,226,212 $ 4,261,612 Available-for-sale securities $ — $ — $ 12,830 $ 12,830 Held-to-maturity securities $ — $ — $ 18,076 $ 18,076 Cash and cash equivalents $ 261,419 $ 261,419 $ 80,281 $ 80,281 Restricted cash $ 67,774 $ 67,774 $ 79,483 $ 79,483 Liabilities Repurchase agreements $ 1,708,875 $ 1,708,875 $ 1,924,021 $ 1,924,021 Securitized debt obligations $ 927,128 $ 916,701 $ 1,041,044 $ 1,050,912 Asset-specific financings $ 123,091 $ 123,091 $ 116,465 $ 116,465 Revolving credit facilities $ — $ — $ 42,008 $ 42,008 Convertible senior notes $ 271,250 $ 257,411 $ 269,634 $ 283,332 Senior secured term loan facilities $ 206,448 $ 206,448 $ — $ — |
Collateralized Borrowings
Collateralized Borrowings | 12 Months Ended |
Dec. 31, 2020 | |
Debt Disclosure [Abstract] | |
Collateralized Borrowings | Collateralized Borrowings To finance its loans held-for-investment, the Company has entered into a variety of financing arrangements, including repurchase agreements and an asset-specific financing facility. The Company’s repurchase agreements are collateralized by loans held-for-investment 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 following tables summarize details of the Company’s collateralized borrowings outstanding as of December 31, 2020 and December 31, 2019: December 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 $ 435,719 $ 164,281 $ 600,000 $ 657,066 2.3 % Goldman Sachs Bank USA May 2, 2021 395,990 104,010 500,000 593,625 2.5 % JPMorgan Chase Bank June 28, 2022 361,797 88,203 450,000 536,758 2.5 % Citibank January 9, 2023 386,049 13,951 400,000 504,236 1.8 % Wells Fargo Bank (2) June 28, 2021 129,320 145,680 275,000 185,282 2.1 % Total/Weighted Average $ 1,708,875 $ 516,125 $ 2,225,000 $ 2,476,967 Asset-specific financings: Canadian Imperial Bank of Commerce Various $ 123,091 $ 26,909 $ 150,000 $ 152,929 2.5 % 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 USA 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 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 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 December 31, 2020, the Company retained an option to increase the maximum facility capacity amount up to $350 million, subject to customary terms and conditions. At December 31, 2020, the Company’s collateralized borrowings outstanding had had contractual maturities as follows: December 31, 2020 (dollars in thousands) Repurchase Agreements Asset-Specific Financings Total Amount Outstanding 2021 $ 961,030 $ 82,768 $ 1,043,798 2022 361,797 40,323 402,120 2023 386,048 — 386,048 2024 — — — Thereafter — — — Total $ 1,708,875 $ 123,091 $ 1,831,966 The following table summarizes certain characteristics of the Company’s repurchase agreements and counterparty concentration at December 31, 2020 and December 31, 2019: December 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 $ 435,719 $ 230,815 25 % 0.49 $ 556,887 $ 185,022 18 % 1.49 JPMorgan Chase Bank 361,797 187,282 20 % 1.50 428,076 156,764 15 % 2.39 Goldman Sachs Bank USA 395,990 203,297 22 % 0.33 405,057 137,326 13 % 0.34 Citibank 386,049 124,913 13 % 2.02 339,888 93,553 9 % 2.54 Wells Fargo Bank 129,320 57,483 6 % 0.49 194,113 93,004 9 % 1.49 Total $ 1,708,875 $ 803,790 $ 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. As of September 30, 2020, the Company no longer held AFS or HTM securities. 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. On September 25, 2020, the Company, as a guarantor, and certain subsidiaries of the Company, as borrowers, entered into a five-year senior secured term loan credit agreement with certain investment vehicles managed by Pacific Investment Management Company LLC providing for up to $300.0 million of new senior secured term loan facilities and warrants to purchase, in the aggregate, up to 6,065,820 shares of the Company’s common stock, $0.01 par value per share. The term loan credit agreement is guaranteed by the Company and certain of its subsidiaries and secured by certain of their unencumbered assets and pledges of certain equity interests held by the Company and its subsidiaries. The loans outstanding under the term loan facilities are non-amortizing and may be voluntarily repaid, in whole or in part, at any time subject to certain prepayment premiums if they are repaid prior to September 25, 2023. On September 28, 2020, the Company borrowed $225.0 million under the initial term loan facility. The remaining $75.0 million of commitments under the term loan facilities are available to the Company on a delayed draw basis during the sixth-month period ending March 25, 2021, which period may be extended for an additional six months upon payment of an extension fee. A portion of the warrants exercisable for 1,516,455 shares of common stock are subject to (i) vesting on a pro rata basis as draws occur under the delayed draw term loan facility or (ii) forfeiture on a pro rata basis to the extent of commitments under the delayed draw term loan facility that are ultimately terminated or undrawn. The net proceeds from the initial term loan facility were approximately $210.2 million after deducting discounts and expenses, which were capitalized as debt issuance costs. Interest on the outstanding loans under the term loan facilities is payable quarterly in arrears and accrues at the rate of (i) 8.00% per annum for any period for which accrued interest is paid in cash or (ii) 9.00% per annum for any period for which the borrowers elect to pay up to 50% of accrued interest in kind by adding such interest to the principal amount of the loans. The term loan facilities will mature on September 25, 2025. The warrants issued in conjunction with entering into the term loan credit agreement are exercisable at the holder’s option at any time and from time to time on or after September 25, 2021, in whole or in part at an initial exercise price of $6.47 per share of common stock, subject to certain antidilution adjustments. The warrants will expire on September 25, 2026. The Company recorded the value of the term loan facilities and the warrants on a relative fair value basis. The estimated fair value of the warrants at the date of issuance was approximately $4.5 million and was recognized as a discount to the term loan facilities. See Note 15 - Stockholders’ Equity and Note 19 - Earnings Per Share for further details. The consolidated carrying value of the senior secured term loan facilities as of December 31, 2020 was $206.4 million, net of deferred issuance costs. The table below summarizes the net carrying amount of the term loan facilities: December 31, December 31, (in thousands) 2020 2019 Principal outstanding $ 225,000 $ — Less: Unamortized debt discount and issuance costs 18,552 — Net carrying value $ 206,448 $ — The term loan credit agreement contains various affirmative and negative covenants, which are applicable to the Company, the borrowers and their respective subsidiaries, including limitations (subject to exceptions) on their ability to: (i) incur indebtedness; (ii) incur liens on their assets; (iii) consummate certain fundamental changes; (iv) dispose of all or any part of their assets; (v) pay dividends or other distributions with respect to their equity interests; (vi) make investments; (vii) enter into transactions with their affiliates; (viii) modify the terms of the Company’s existing convertible notes, any refinancings thereof or any subordinated or junior lien indebtedness, or prepay any such indebtedness; and (ix) enter into certain burdensome agreements. The term loan credit agreement also contains financial covenants that are substantially similar to the financial covenants under the Company’s repurchase agreements and asset-specific financing facility. If the Company fails to meet or satisfy any of the covenants in accordance with the term loan credit agreement and is unable to obtain a waiver or other suitable relief from the lenders, the Company would be in default and the Company’s lenders could elect to declare outstanding amounts due and payable. The Company was in compliance with all financial covenants as of December 31, 2020. |
Securitized Debt Obligations
Securitized Debt Obligations | 12 Months Ended |
Dec. 31, 2020 | |
Transfers and Servicing [Abstract] | |
Securitized Debt Obligations | Securitized Debt Obligations The Company finances pools of its commercial real estate loans through CLOs, which are consolidated on the Company’s consolidated financial statements. See Note 3 - Variable Interest Entities for additional information regarding consolidation of the CLOs. The securitized debt obligations issued by the CLOs are recorded at outstanding principal, net of any unamortized deferred debt issuance costs, on the Company’s consolidated balance sheets. As of December 31, 2020 and December 31, 2019, the outstanding amount due on securitized debt obligations was $927.1 million and $1.0 billion, net of deferred issuance costs, respectively, with a weighted average interest rate of 1.84% and 3.32%, respectively. As of December 31, 2020, the securitized debt obligations had weighted average estimated remaining maturities of 0.7 years based on the maturities of the underlying collateral. |
Convertible Senior Notes
Convertible Senior Notes | 12 Months Ended |
Dec. 31, 2020 | |
Debt Disclosure [Abstract] | |
Convertible Senior Notes | Convertible Senior Notes In December 2017, the Company closed a private placement of $125.0 million aggregate principal amount of convertible senior notes due 2022. In January 2018, an additional $18.8 million in notes were issued by the Company in connection with the exercise of the initial purchaser’s option. The net proceeds from the offering were approximately $139.5 million after deducting underwriting discounts and expenses. The notes are unsecured, pay interest semiannually at a rate of 5.625% per annum and are convertible at the option of the holder into shares of the Company’s common stock. The notes will mature in December 2022, unless earlier converted or repurchased in accordance with their terms. The Company does not have the right to redeem the notes prior to maturity, but may be required to repurchase the notes from holders under certain circumstances. As of December 31, 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 December 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 December 31, 2020 and December 31, 2019 was $271.3 million and $269.6 million, respectively, net of deferred issuance costs. |
Term Loan
Term Loan | 12 Months Ended |
Dec. 31, 2020 | |
Debt Disclosure [Abstract] | |
Senior Secured Term Loan Facilities and Warrants to Purchase Shares of Common Stock | Collateralized Borrowings To finance its loans held-for-investment, the Company has entered into a variety of financing arrangements, including repurchase agreements and an asset-specific financing facility. The Company’s repurchase agreements are collateralized by loans held-for-investment 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 following tables summarize details of the Company’s collateralized borrowings outstanding as of December 31, 2020 and December 31, 2019: December 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 $ 435,719 $ 164,281 $ 600,000 $ 657,066 2.3 % Goldman Sachs Bank USA May 2, 2021 395,990 104,010 500,000 593,625 2.5 % JPMorgan Chase Bank June 28, 2022 361,797 88,203 450,000 536,758 2.5 % Citibank January 9, 2023 386,049 13,951 400,000 504,236 1.8 % Wells Fargo Bank (2) June 28, 2021 129,320 145,680 275,000 185,282 2.1 % Total/Weighted Average $ 1,708,875 $ 516,125 $ 2,225,000 $ 2,476,967 Asset-specific financings: Canadian Imperial Bank of Commerce Various $ 123,091 $ 26,909 $ 150,000 $ 152,929 2.5 % 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 USA 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 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 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 December 31, 2020, the Company retained an option to increase the maximum facility capacity amount up to $350 million, subject to customary terms and conditions. At December 31, 2020, the Company’s collateralized borrowings outstanding had had contractual maturities as follows: December 31, 2020 (dollars in thousands) Repurchase Agreements Asset-Specific Financings Total Amount Outstanding 2021 $ 961,030 $ 82,768 $ 1,043,798 2022 361,797 40,323 402,120 2023 386,048 — 386,048 2024 — — — Thereafter — — — Total $ 1,708,875 $ 123,091 $ 1,831,966 The following table summarizes certain characteristics of the Company’s repurchase agreements and counterparty concentration at December 31, 2020 and December 31, 2019: December 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 $ 435,719 $ 230,815 25 % 0.49 $ 556,887 $ 185,022 18 % 1.49 JPMorgan Chase Bank 361,797 187,282 20 % 1.50 428,076 156,764 15 % 2.39 Goldman Sachs Bank USA 395,990 203,297 22 % 0.33 405,057 137,326 13 % 0.34 Citibank 386,049 124,913 13 % 2.02 339,888 93,553 9 % 2.54 Wells Fargo Bank 129,320 57,483 6 % 0.49 194,113 93,004 9 % 1.49 Total $ 1,708,875 $ 803,790 $ 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. As of September 30, 2020, the Company no longer held AFS or HTM securities. 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. On September 25, 2020, the Company, as a guarantor, and certain subsidiaries of the Company, as borrowers, entered into a five-year senior secured term loan credit agreement with certain investment vehicles managed by Pacific Investment Management Company LLC providing for up to $300.0 million of new senior secured term loan facilities and warrants to purchase, in the aggregate, up to 6,065,820 shares of the Company’s common stock, $0.01 par value per share. The term loan credit agreement is guaranteed by the Company and certain of its subsidiaries and secured by certain of their unencumbered assets and pledges of certain equity interests held by the Company and its subsidiaries. The loans outstanding under the term loan facilities are non-amortizing and may be voluntarily repaid, in whole or in part, at any time subject to certain prepayment premiums if they are repaid prior to September 25, 2023. On September 28, 2020, the Company borrowed $225.0 million under the initial term loan facility. The remaining $75.0 million of commitments under the term loan facilities are available to the Company on a delayed draw basis during the sixth-month period ending March 25, 2021, which period may be extended for an additional six months upon payment of an extension fee. A portion of the warrants exercisable for 1,516,455 shares of common stock are subject to (i) vesting on a pro rata basis as draws occur under the delayed draw term loan facility or (ii) forfeiture on a pro rata basis to the extent of commitments under the delayed draw term loan facility that are ultimately terminated or undrawn. The net proceeds from the initial term loan facility were approximately $210.2 million after deducting discounts and expenses, which were capitalized as debt issuance costs. Interest on the outstanding loans under the term loan facilities is payable quarterly in arrears and accrues at the rate of (i) 8.00% per annum for any period for which accrued interest is paid in cash or (ii) 9.00% per annum for any period for which the borrowers elect to pay up to 50% of accrued interest in kind by adding such interest to the principal amount of the loans. The term loan facilities will mature on September 25, 2025. The warrants issued in conjunction with entering into the term loan credit agreement are exercisable at the holder’s option at any time and from time to time on or after September 25, 2021, in whole or in part at an initial exercise price of $6.47 per share of common stock, subject to certain antidilution adjustments. The warrants will expire on September 25, 2026. The Company recorded the value of the term loan facilities and the warrants on a relative fair value basis. The estimated fair value of the warrants at the date of issuance was approximately $4.5 million and was recognized as a discount to the term loan facilities. See Note 15 - Stockholders’ Equity and Note 19 - Earnings Per Share for further details. The consolidated carrying value of the senior secured term loan facilities as of December 31, 2020 was $206.4 million, net of deferred issuance costs. The table below summarizes the net carrying amount of the term loan facilities: December 31, December 31, (in thousands) 2020 2019 Principal outstanding $ 225,000 $ — Less: Unamortized debt discount and issuance costs 18,552 — Net carrying value $ 206,448 $ — The term loan credit agreement contains various affirmative and negative covenants, which are applicable to the Company, the borrowers and their respective subsidiaries, including limitations (subject to exceptions) on their ability to: (i) incur indebtedness; (ii) incur liens on their assets; (iii) consummate certain fundamental changes; (iv) dispose of all or any part of their assets; (v) pay dividends or other distributions with respect to their equity interests; (vi) make investments; (vii) enter into transactions with their affiliates; (viii) modify the terms of the Company’s existing convertible notes, any refinancings thereof or any subordinated or junior lien indebtedness, or prepay any such indebtedness; and (ix) enter into certain burdensome agreements. The term loan credit agreement also contains financial covenants that are substantially similar to the financial covenants under the Company’s repurchase agreements and asset-specific financing facility. If the Company fails to meet or satisfy any of the covenants in accordance with the term loan credit agreement and is unable to obtain a waiver or other suitable relief from the lenders, the Company would be in default and the Company’s lenders could elect to declare outstanding amounts due and payable. The Company was in compliance with all financial covenants as of December 31, 2020. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 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 December 31, 2020: Legal and regulatory. From time to time, the Company may be subject to liability under laws and government regulations and various claims and legal actions arising in the ordinary course of business. Liabilities are established for legal claims when payments associated with the claims become probable and the costs can be reasonably estimated. The actual costs of resolving legal claims may be substantially higher or lower than the amounts established for those claims. Based on information currently available, management is not aware of any legal or regulatory claims that would have a material effect on the Company’s consolidated financial statements and, therefore, no accrual is required as of December 31, 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 December 31, 2020 and December 31, 2019, the Company had unfunded loan commitments of $503.7 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. Due to 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 | 12 Months Ended |
Dec. 31, 2020 | |
Equity [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 each of the years ended December 31, 2020, 2019 and 2018, the Company declared dividends to the preferred stockholder of $100,000. |
Stockholders' Equity
Stockholders' Equity | 12 Months Ended |
Dec. 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. In connection with this offering, the Former Manager agreed to pay approximately $1.6 million of the underwriting fees and discounts. As of December 31, 2020, the Company had 55,205,082 shares of common stock outstanding. The following table presents a reconciliation of the common shares outstanding from December 31, 2017 through December 31, 2020: Number of common shares Common shares outstanding, December 31, 2017 43,235,103 Issuance of common stock 164,940 Issuance of restricted stock (1) 221,131 Common shares outstanding, December 31, 2018 43,621,174 Common shares outstanding, December 31, 2018 43,621,174 Issuance of common stock 10,954,924 Issuance of restricted stock (1) 277,107 Common shares outstanding, December 31, 2019 54,853,205 Common shares outstanding, December 31, 2019 54,853,205 Issuance of common stock — Issuance of restricted stock (1) 351,877 Common shares outstanding, December 31, 2020 55,205,082 ____________________ (1) Represents shares of restricted stock granted under the Company’s 2017 Equity Incentive Plan, net of forfeitures. See Note 16 - Equity Incentive Plan for additional information. Distributions to Stockholders The following table presents cash dividends declared by the Company on its common stock from December 31, 2018 through December 31, 2020: Declaration Date Record Date Payment Date Cash Dividend Per Share December 18, 2020 December 31, 2020 January 22, 2021 $ 0.25 December 18, 2020 December 31, 2020 January 22, 2021 $ 0.20 September 28, 2020 October 8, 2020 October 19, 2020 $ 0.20 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 and has no expiration date. 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. As of December 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 3,077,424 shares were sold for net proceeds of $58.1 million during the year ended December 31, 2019. Additionally, the Company received a base management fee reimbursement from the Former Manager of $0.1 million for stock sold under the equity distribution agreement during the year ended December 31, 2019. No shares were sold during the year ended December 31, 2020. Warrants to Purchase Common Stock The warrants issued in conjunction with the term loan credit agreement have an initial exercise price of $6.47 per share of common stock. The exercise price of the warrants and shares of common stock issuable upon exercise of the warrants are subject to customary adjustments. The warrants are exercisable on a net settlement basis at any time, and from time to time, on or after September 25, 2021 until September 25, 2026. Payment of the exercise price will be made solely on a cashless basis by withholding shares issuable upon exercise. The Company may settle the exercise of the warrants in cash or by issuing shares of common stock, at its option. The warrants are classified as equity and were initially recorded at their estimated fair value of approximately $4.5 million with no subsequent remeasurement. The Company retained third party valuation experts to assist with estimating the fair value of the warrants on the issuance date. Based on the warrants’ fair value relative to the fair value of the term loan facilities, approximately $4.5 million of the $225.0 million of gross proceeds was allocated to the warrants, creating a corresponding term loan facilities discount in the same amount. The Company elected the accreted redemption value method whereby this discount will be accreted over five years using the effective interest method, resulting in an increase in the carrying value of the term loan facilities. |
Equity Incentive Plan
Equity Incentive Plan | 12 Months Ended |
Dec. 31, 2020 | |
Share-based Payment Arrangement [Abstract] | |
Equity Incentive Plan | Equity Incentive Plan The Plan provides incentive compensation to attract and retain qualified directors, officers, advisors, consultants and other personnel. 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, 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, or RSUs, 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. For the years ended December 31, 2020, 2019 and 2018, the Company recognized compensation expenses of $5.3 million, $4.8 million and $3.5 million, respectively, related to restricted common stock. The following table summarizes the grants, vesting and forfeitures of restricted common stock and RSUs for the years ended December 31, 2020, 2019 and 2018: Restricted Stock RSUs Weighted Average Grant Date Fair Market Value Outstanding at December 31, 2017 150,000 — $ 19.50 Granted 221,131 — 17.38 Vested (49,997) — (19.50) Forfeiture — — — Outstanding at December 31, 2018 321,134 — $ 18.04 Granted 277,107 — 19.31 Vested (136,870) — (18.20) Forfeiture — — — Outstanding at December 31, 2019 461,371 — 18.75 Granted 367,489 403,903 12.81 Vested (243,713) — (18.74) Forfeiture (15,612) — (18.68) Outstanding at December 31, 2020 569,535 403,903 14.93 Below is a summary of restricted stock and RSU vesting dates as of December 31, 2020: Vesting Year Restricted Stock RSU Total Awards 2021 304,873 35,035 339,908 2022 172,077 — 172,077 2023 92,585 — 92,585 2024 — — — 2025 — 368,868 368,868 Total 569,535 403,903 973,438 At December 31, 2020, the Company had unrecognized compensation expense of approximately $9.6 million and $4.0 million, respectively, related to the vesting of restricted stock awards and RSUs noted in the table above. These costs are expected to be recognized over a weighted average period of 1.7 years and 4.7 years, respectively. |
Restructuring Charges
Restructuring Charges | 12 Months Ended |
Dec. 31, 2020 | |
Restructuring and Related Activities [Abstract] | |
Restructuring Charges | Restructuring Charges In connection with the Internalization, the Company made a one-time cash payment of $44.5 million to the Former Manager. See Note 1 – Organization and Operations for additional discussion of the Company’s Internalization. The one-time payment to the Former Manager and other associated costs are recorded as restructuring charges within the statements of comprehensive (loss) income for the year ended December 31, 2020. There were no restructuring charges recorded for the year ended December 31, 2019 and 2018. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income TaxesThe 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. For the year ended December 31, 2020, the Company did not distribute the required minimum amount of taxable income pursuant to federal excise tax requirements and, consequently, the Company accrued an excise tax of $0.6 million. While the Company currently intends to distribute 100% of its REIT taxable income for the taxable year ending December 31, 2020, in part with dividends paid in 2021 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. The Company’s taxable income before dividend distributions differs from its pre-tax net income for GAAP purposes primarily due to differences in timing between GAAP and tax accounting related to restructuring charges, provision for credit losses and amendments to loans treated as “significant modifications” for tax under applicable Treasury regulations. These book to tax differences in the REIT are not reflected in the consolidated financial statements as the Company assumes it will retain its REIT status. The following is a reconciliation of the statutory federal and state rates to the effective rates, for the years ended December 31, 2020, 2019 and 2018: Year Ended December 31, 2020 2019 2018 (dollars in thousands) Amount Percent Amount Percent Amount Percent Computed income tax expense at federal rate $ (8,368) 21 % $ 14,744 21 % $ 13,245 21 % State taxes, net of federal benefit, if applicable — — % — — % 1 — % Permanent differences in taxable income from GAAP net income (57) — % (150) — % (94) — % Dividends paid deduction 9,018 (23) % (14,598) (21) % (13,154) (21) % Provision for (benefit from) income taxes/ Effective Tax Rate $ 593 (2) % $ (4) — % $ (2) — % The Company’s permanent differences in taxable income from GAAP net (loss) income attributable to common stockholders in the years ended December 31, 2020, 2019 and 2018 were primarily due to a recurring difference in compensation expense related to restricted stock dividends. Based on the Company’s evaluation, it has been concluded that there are no significant uncertain tax positions requiring recognition in the Company’s consolidated financial statements of a contingent tax liability for uncertain tax positions. Additionally, there were no amounts accrued for penalties or interest as of or during, the periods presented in these consolidated financial statements. |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Dec. 31, 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 years ended December 31, 2020, 2019 and 2018: Year Ended December 31, (in thousands, except share data) 2020 2019 2018 Numerator: Net (loss) income attributable to common stockholders - basic $ (40,539) $ 70,114 $ 62,975 Interest expense attributable to convertible notes (1) — — 10,742 Net (loss) income attributable to common stockholders - diluted $ (40,539) $ 70,114 $ 73,717 Denominator: Weighted average common shares outstanding 54,580,046 52,615,977 43,123,222 Weighted average restricted stock shares 576,436 471,418 322,162 Basic weighted average shares outstanding 55,156,482 53,087,395 43,445,384 Effect of dilutive shares issued in an assumed conversion of the convertible senior notes — — 8,594,613 Diluted weighted average shares outstanding 55,156,482 53,087,395 52,039,997 (Loss) earnings per share Basic $ (0.73) $ 1.32 $ 1.45 Diluted $ (0.73) $ 1.32 $ 1.42 ____________________ (1) Includes a nondiscretionary adjustment for the assumed change in the base management fee calculation. For the year ended December 31, 2020, excluded from the calculation of diluted earnings per share is the effect of adding back $18.1 million of interest expense, net of nondiscretionary adjustment for the assumed change in the base 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. For the year ended December 31, 2019, excluded from the calculation of diluted earnings per share is the effect of adding back $18.0 million of interest expense, net of nondiscretionary adjustment for the assumed change in the base management fee calculation, and 13,670,796 weighted average common share equivalents related to the assumed conversion of the Company’s convertible senior notes, as their inclusion would be antidilutive. In conjunction with entering into the term loan credit agreement and the warrants described in Note 12 - Senior Secured Term Loan Facilities and Warrants to Purchase Shares of Common Stock , the Company elected the accreted redemption value method whereby the discount created based on the fair value of the warrants relative to the fair value of the term loan facilities and the related issuance costs will be accreted over five years using the effective interest method. Such adjustments are included in amortization of deferred debt issuance costs on the Company’s consolidated statements of cash flows. For the year ended December 31, 2020, these adjustments totaled $0.1 million. |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2020 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Related Party Transactions Prior to the Internalization, the Company paid the Former Manager a base management fee equal to 1.5% of the Company’s equity, as defined in the Management Agreement, on an annualized basis. The Company incurred $15.8 million, $14.9 million and $12.5 million, respectively, as a base management fee to the Former Manager for the years ended December 31, 2020, 2019 and 2018. See further discussion of base management fee reimbursements for common stock sold under the Company’s equity distribution agreement in Note 15 - Stockholder’s Equity . In addition, incentive fees, if earned, were payable to the Former Manager, as defined in the Management Agreement. No incentive fees were incurred for the year ended December 31, 2020 or 2018. The Company incurred $0.2 million as an incentive fee to the Former Manager for the year ended December 31, 2019. Prior to the Internalization, the Company reimbursed the Former Manager for certain direct and allocated costs incurred by the Former Manager on behalf of the Company. During the years ended December 31, 2020, 2019 and 2018, these direct and allocated costs totaled approximately $12.3 million, $11.7 million and $8.6 million, respectively. In addition, during the year ended December 31, 2019, the Former 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 recognized $5.3 million, $4.8 million and $3.5 million of compensation during the years ended December 31, 2020, 2019 and 2018, related to equity incentive awards issued to the Company’s personnel and the Company’s independent directors pursuant to the Plan. See Note 16 - 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 | 12 Months Ended |
Dec. 31, 2020 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events Events subsequent to December 31, 2020 were evaluated through the date these consolidated financial statements were issued and no other additional events were identified requiring further disclosure in these consolidated financial statements other than as discussed below. On February 4, 2021, the Company, through an indirect subsidiary, as issuer, entered into an indenture and credit agreement with Goldman Sachs Bank USA providing for a loan of $349.3 million to finance certain assets that were previously financed under the repurchase facility with Goldman Sachs Bank USA. The facility is non-amortizing and may be voluntarily repaid, in whole, on any payment date, subject to a prepayment premium if repaid prior to February 10, 2022. The facility’s term is matched to that of the underlying mortgage assets, not to exceed February 9, 2025. In addition, the facility is non-recourse, except with respect to customary carveouts for bad acts and does not contain mark-to-market provisions. |
Quarterly Financial Data
Quarterly Financial Data | 12 Months Ended |
Dec. 31, 2020 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Financial Data - Unaudited | Quarterly Financial Data - Unaudited 2020 Quarter Ended (in thousands, except share data) March 31 June 30 September 30 December 31 Total interest income $ 64,175 $ 60,944 $ 57,846 $ 54,748 Total interest expense 34,989 26,562 24,014 27,370 Net interest income 29,186 34,382 33,832 27,378 Total other (loss) income (52,814) (21,099) (4,124) 8,531 Total expenses 13,569 15,021 54,378 12,150 (Benefit from) provision for income taxes (6) (5) (4) 608 Dividends on preferred stock 25 25 25 25 Net (loss) income $ (37,216) $ (1,758) $ (24,691) $ 23,126 Basic earnings per weighted average common share $ (0.68) $ (0.03) $ (0.45) $ 0.42 Diluted earnings per weighted average common share $ (0.68) $ (0.03) $ (0.45) $ 0.39 Basic weighted average number of shares of common stock 55,056,411 55,158,283 55,205,082 55,205,082 Diluted weighted average number of shares of common stock 55,056,411 55,158,283 55,205,082 70,009,741 2019 Quarter Ended (in thousands, except share data) March 31 June 30 September 30 December 31 Total interest income $ 58,145 $ 59,964 $ 63,444 $ 64,704 Total interest expense 32,008 32,337 36,362 36,275 Net interest income 26,137 27,627 27,082 28,429 Total other income 913 202 — 95 Total expenses 10,082 9,654 9,691 10,848 (Benefit from) provision for income taxes (1) (2) (1) — Dividends on preferred stock 25 25 25 25 Net income $ 16,944 $ 18,152 $ 17,367 $ 17,651 Basic earnings per weighted average common share $ 0.35 $ 0.34 $ 0.32 $ 0.32 Diluted earnings per weighted average common share $ 0.34 $ 0.33 $ 0.32 $ 0.32 Basic weighted average number of shares of common stock 48,601,431 53,953,634 54,853,205 54,853,205 Diluted weighted average number of shares of common stock 62,256,595 67,624,395 54,853,205 54,853,205 |
SCHEDULE IV
SCHEDULE IV | 12 Months Ended |
Dec. 31, 2020 | |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Abstract] | |
SCHEDULE IV | SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE As of December 31, 2020 (dollars in thousands) Asset Type/ Location Interest Rate Maturity Date (2) Periodic Payment Terms (3) Prior Liens (4) Face Amount Carrying Amount (5) Principal Amount Subject to Delinquent Principal or Interest Senior Loans (1) Retail/West L + 3.34 % 7/2021 IO $ — $ 111,553 $ 100,445 $ — Mixed-Use/Southwest L + 4.15 % 2/2021 IO — 120,000 118,816 — Office/West L + 3.24 % 11/2022 IO — 90,249 88,814 — Multifamily/Midwest L + 2.75 % 1/2023 IO — 87,157 85,936 — Office/Midwest L + 2.80 % 8/2022 IO — 86,867 86,161 — Office/Midwest L + 3.69 % 8/2022 IO — 75,318 74,385 — Hotel/Southwest L + 3.45 % 7/2022 IO — 70,578 62,793 — Mixed-Use/Northeast L + 3.75 % 1/2022 IO — 65,487 65,122 — Office/Southeast L + 2.55 % 11/2022 IO — 66,717 65,725 — Office/Northeast L + 3.50 % 5/2021 IO — 82,886 82,546 — Mixed-Use/Southwest L + 2.69 % 7/2022 IO — 80,305 79,563 — Multifamily/Northeast L + 3.07 % 10/2022 IO — 73,163 72,667 — Mixed-Use/Southeast L + 3.36 % 10/2022 IO — 76,323 75,225 — Office/Northeast L + 4.07 % 10/2021 IO — 53,938 52,935 — Hotel/Southwest L + 4.45 % 12/2021 IO — 73,971 72,320 — Office/Southeast L + 3.75 % 1/2021 IO — 68,000 67,901 — Office/Northeast L + 2.80 % 12/2022 IO — 50,201 49,397 — Hotel/Midwest L + 3.85 % 2/2022 IO — 67,057 58,769 — Hotel/Southeast L + 3.78 % 5/2021 IO — 64,000 63,389 — Office/West L + 4.10 % 12/2021 IO — 65,306 64,940 — Office/Southwest L + 3.00 % 10/2021 IO — 60,200 59,866 — Office/Southwest L + 2.90 % 12/2021 IO — 52,459 52,168 — Office/Southeast L + 4.75 % 2/2021 P&I — 55,727 55,706 — Office/Northeast L + 3.73 % 6/2021 IO — 54,480 54,316 — Office/Northeast L + 3.30 % 7/2022 IO — 50,404 50,033 — Industrial/Northeast L + 3.61 % 1/2023 IO — 43,956 43,234 — Hotel/West L + 4.70 % 5/2021 P&I — 51,743 46,891 — Multifamily/Midwest L + 2.99 % 12/2021 IO — 51,000 50,728 — Office/Midwest L + 3.25 % 10/2021 IO — 28,562 28,435 — Multifamily/Southwest L + 3.60 % 5/2021 IO — 50,144 49,904 — Multifamily/Midwest L + 4.15 % 11/2021 IO — 48,964 48,670 — Industrial/West L + 4.50 % 1/2021 IO — 47,281 47,139 — Mixed-Use/Northeast L + 4.38 % 1/2021 IO — 39,857 39,404 — Mixed-Use/Northeast L + 4.07 % 5/2021 IO — 32,115 32,062 — Office/Southeast L + 2.84 % 9/2022 IO — 41,355 40,789 — Office/Northeast L + 2.93 % 10/2021 IO — 36,168 35,999 — Hotel/West L + 3.60 % 7/2021 IO — 46,000 45,465 — Multifamily/Southwest L + 2.93 % 9/2021 IO — 44,010 43,780 — Mixed-Use/Northeast L + 3.20 % 5/2022 IO — 41,229 40,781 — Asset Type/ Location Interest Rate Maturity Date (2) Periodic Payment Terms (3) Prior Liens (4) Face Amount Carrying Amount (5) Principal Amount Subject to Delinquent Principal or Interest Office/West L + 2.75 % 10/2022 IO — 32,440 32,053 — Multifamily/Midwest (6) L + 4.24 % 11/2020 IO — 40,000 38,570 — Office/Northeast L + 3.18 % 6/2021 IO — 34,462 34,366 — Hotel/Northeast L + 3.70 % 7/2022 IO — 35,500 34,977 — Mixed-Use/West L + 3.60 % 12/2021 IO — 28,132 27,948 — Industrial/Northeast L + 2.85 % 11/2021 IO — 30,196 29,938 — Office/Southwest L + 5.00 % 5/2021 P&I — 31,098 30,908 — Hotel/Midwest L + 4.07 % 7/2021 IO — 30,258 29,593 — Multifamily/Midwest L + 2.92 % 1/2023 IO — 28,917 28,433 — Office/Southwest L + 4.40 % 5/2021 IO — 29,795 29,524 — Office/Northeast 5.11 % 3/2026 P&I — 33,800 33,542 — Office/West L + 3.15 % 10/2022 IO — 26,027 25,758 — Multifamily/Southeast L + 2.70 % 11/2022 IO — 29,778 29,417 — Office/Northeast L + 2.97 % 4/2022 IO — 27,536 27,349 — Office/Northeast L + 3.32 % 8/2022 IO — 17,469 17,319 — Multifamily/Southwest L + 2.80 % 8/2022 IO — 29,325 29,054 — Multifamily/Midwest L + 2.75 % 12/2021 IO — 31,120 30,904 — Office/Southeast L + 3.50 % 5/2021 IO — 28,941 28,676 — Multifamily/Northeast L + 4.10 % 7/2021 IO — 28,750 28,494 — Multifamily/Southwest L + 2.90 % 8/2022 IO — 26,710 26,415 — Office/West L + 3.40 % 7/2021 IO — 27,788 27,502 — Office/West L + 3.18 % 11/2022 IO — 18,500 18,261 — Multifamily/Southwest L + 2.97 % 2/2022 IO — 26,901 26,743 — Hotel/Midwest L + 3.90 % 12/2021 IO — 27,500 22,596 — Hotel/West L + 3.83 % 8/2022 IO — 24,000 23,851 — Office/Northeast L + 2.90 % 2/2022 IO — 24,274 24,073 — Multifamily/Southeast L + 3.15 % 8/2022 IO — 25,955 25,598 — Hotel/Southwest L + 5.13 % 1/2021 IO — 26,000 25,585 — Office/Southeast L + 2.95 % 1/2022 IO — 21,811 21,638 — Industrial/Northeast L + 3.50 % 8/2021 IO — 25,893 25,623 — Mixed-Use/Northeast L + 3.87 % 10/2021 IO — 22,267 17,835 22,267 Other/Northeast L + 4.50 % 6/2022 IO — 25,500 24,937 — Hotel/Midwest L + 4.07 % 4/2021 IO — 25,133 24,613 — Multifamily/Southwest L + 2.66 % 8/2021 IO — 23,900 23,784 — Office/Midwest L + 3.00 % 8/2022 IO — 18,211 18,070 — Hotel/Northeast L + 4.90 % 9/2021 P&I — 23,385 22,995 — Hotel/Northeast L + 4.21 % 10/2021 IO — 23,490 23,193 — Mixed-Use/Northeast L + 4.77 % 2/2021 IO — 21,610 21,462 — Office/West L + 2.95 % 8/2022 IO — 20,000 19,813 — Office/Southeast L + 4.05 % 3/2022 IO — 23,000 22,954 — Retail/Southeast L + 4.21 % 7/2021 IO — 17,554 16,992 — Multifamily/Midwest L + 4.05 % 5/2021 IO — 22,235 22,177 — Multifamily/Northeast L + 4.44 % 1/2022 IO — 15,971 15,856 — Office/Southwest L + 3.24 % 10/2021 IO — 18,432 18,153 — Multifamily/Midwest L + 3.42 % 1/2021 IO — 19,665 19,654 — Asset Type/ Location Interest Rate Maturity Date (2) Periodic Payment Terms (3) Prior Liens (4) Face Amount Carrying Amount (5) Principal Amount Subject to Delinquent Principal or Interest Multifamily/Midwest L + 2.93 % 4/2022 IO — 20,573 20,342 — Mixed-Use/Southeast L + 2.90 % 6/2022 IO — 19,523 19,394 — Other/Southeast 10.00 % 1/2021 IO — 16,125 15,840 — Office/West L + 3.20 % 12/2021 IO — 16,332 16,165 — Multifamily/Southwest L + 4.29 % 4/2021 IO — 18,700 18,647 — Office/Northeast L + 4.77 % 2/2021 IO — 16,907 16,805 — Multifamily/Southeast L + 2.97 % 9/2022 IO — 18,445 18,291 — Multifamily/Southwest L + 3.40 % 2/2022 IO — 18,285 18,121 — Office/West L + 3.75 % 8/2021 IO — 11,673 11,419 — Multifamily/Southwest L + 3.15 % 12/2021 IO — 16,214 16,088 — Office/Northeast L + 3.96 % 7/2022 IO — 11,446 11,325 — Multifamily/Midwest L + 3.75 % 5/2022 IO — 13,056 12,937 — Multifamily/Midwest L + 2.99 % 9/2022 IO — 11,781 11,704 — Industrial/West L + 3.25 % 2/2023 IO — 51,495 50,743 — Hotel/Southeast L + 3.30 % 3/2023 IO — 43,364 42,163 — Office/West L + 2.80 % 3/2023 IO — 25,222 24,963 — Office/Southeast L + 3.42 % 3/2023 IO — 12,733 12,376 — Mezzanine Loans Hotel/West 8.00 % 2/2027 P&I 40,000 14,235 10,065 — Hotel/Northeast 13.00 % 11/2025 P&I 59,000 2,366 — — Total loans held-for-investment $ 99,000 $ 3,932,434 $ 3,847,803 $ 22,267 ____________________ (1) “Senior” means a loan 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 as of December 31, 2020. Certain commercial mortgage loans are subject to contractual extension options which may be subject to conditions as stipulated in the loan agreement. Actual maturities may differ from contractual maturities stated herein as certain borrowers may have the right to prepay with or without paying a prepayment penalty. The Company may also extend contractual maturities in connection with loan modifications. (3) Principal and interest, or P&I; Interest-only, or IO. Certain commercial mortgage loans labeled as P&I are non-amortizing until a specific date when they begin amortizing P&I, as stated in the loan agreements. (4) Represents third-party priority liens. Third party portions of pari-passu participations are not considered prior liens. (5) As of December 31, 2020, the aggregate tax basis of the Company’s loans held-for-investment was $3.9 billion . (6) Loans that have exceeded the contractual maturity date but are in active modification and extension discussions were excluded from this category. |
Basis of Presentation and Sig_2
Basis of Presentation and Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2020 | |
Accounting Policies [Abstract] | |
Consolidation and Basis of Presentation | Consolidation and Basis of Presentation The accompanying consolidated financial statements include the accounts of all subsidiaries; inter-company accounts and transactions have been eliminated. Certain prior period amounts have been reclassified to conform to the current period presentation. The accounting and reporting policies of the Company conform to U.S. generally accepted accounting principles, or GAAP. All entities in which the Company holds investments that are considered variable interest entities, or VIEs, 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. We currently operate in one reporting segment. |
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 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. As of December 31, 2020, the COVID-19 pandemic remains ongoing, and as a result, numerous countries, including the United States, have declared national emergencies. Such actions have resulted in significant macroeconomic disruptions and have adversely impacted many industries. The ongoing pandemic may continue to adversely impact macroeconomic and market conditions, resulting in a period of global economic slowdown. The rapidly evolving and fluid nature of this situation precludes any prediction as to the ultimate adverse impact of COVID-19 on economic and market conditions. Although there are effective vaccines for COVID-19 that have been approved for use, distribution of the vaccines did not begin until late 2020, and a majority of the public will likely not have access to a vaccination until sometime in 2021. Accordingly, given the ongoing nature of the outbreak, at this time the Company cannot reasonably estimate the magnitude of the ultimate impact that COVID-19 will have on the Company’s business, financial performance and operating results. The Company believes the estimates and assumptions underlying its consolidated financial statements are reasonable and supportable based on the information available as of December 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 December 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 such differences may be material. |
Loans Held-for-Investment, Net | Loans Held-for-Investment, Net The Company originates and acquires commercial real estate debt and related instruments generally to be held as long-term investments. These assets are classified as loans held-for-investment on the consolidated balance sheets. Additionally, the Company finances pools of its commercial real estate loans through collateralized loan obligations, or CLOs, which are considered VIEs for financial reporting purposes and, thus, are reviewed for consolidation under the applicable consolidation guidance. The Company has both the power to direct the activities of the CLOs that most significantly impact the entities’ performance and the obligation to absorb losses or the right to receive benefits of the entities that could be significant, therefore, the Company consolidates the CLOs and classifies the underlying loans as loans held-for-investment. Interest income on loans held-for-investment is recorded on the consolidated statements of comprehensive (loss) income. Loans held-for-investment are reported at cost, net of allowance for credit losses, any unamortized acquisition premiums or discounts, loan fees and origination costs, as applicable. Subsequent to the adoption of ASU 2016-13 on January 1, 2020, the Company uses a probability-weighted analytical model to estimate and recognize an allowance for credit losses on loans held-for-investment and their related unfunded commitments. The Company employed quarterly updated macroeconomic forecasts which reflect the impact of the COVID-19 pandemic on the overall U.S. economy and commercial real estate markets generally. These estimates may change in future periods based on available future macroeconomic data and might result in a material change in the Company’s future estimates of expected credit losses for its loan portfolio. Interest income on loans held-for-investment is recognized at the loan coupon rate. Any premiums or discounts, loan fees, contractual exit fees and origination costs are amortized or accreted into interest income over the lives of the loans using the effective interest method. Generally, loans held-for-investment are placed on nonaccrual status when delinquent for more than 90 days or when determined not to be probable of full collection. Interest income recognition is suspended when loans are placed on nonaccrual status. Interest accrued, but not collected, at the date loans are placed on nonaccrual is reversed and subsequently recognized only to the extent it is received in cash or until it qualifies for return to accrual status. However, when there is doubt regarding the ultimate collectability of loan principal, all cash received is applied to reduce the carrying value of such loans. Loans held-for-investment are restored to accrual status only when contractually current or the collection of future payments is reasonably assured. The Company may make exceptions to placing a loan on nonaccrual status if the loan has sufficient collateral value and is in the process of collection or has been modified. The allowance for credit losses is recorded in accordance with ASU, 2016-13, and is a valuation account that is deducted from the amortized cost basis of loans held-for-investment on the Company’s consolidated balance sheets. Changes to the allowance for credit losses are recognized through net (loss) income on the Company’s consolidated statements of comprehensive (loss) income. The allowance is 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. All loans held-for-investment within the Company’s portfolio have some amount of expected loss to reflect the GAAP principal underlying the CECL model that all loans 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 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 consolidated statements of comprehensive (loss) income. The allowance for credit losses is estimated on a quarterly basis and represents management’s estimates of current expected credit losses in the Company’s investment portfolio. Pools of loans with similar risk characteristics are collectively evaluated while loans that no longer share risk characteristics with loan pools are evaluated individually. Estimating an allowance for credit losses is inherently subjective, as it requires management to exercise significant judgment in establishing appropriate factors used to determine the allowance 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, (iv) selecting the forecast for macroeconomic conditions and (v) determining the reasonable and supportable forecast period. Considering the lack of historical Company data related to any realized loan losses since its inception, the Company generally estimates 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 2020 for over 100,000 commercial real estate loans. The Company licenses certain macroeconomic financial forecasts from a third-party to inform its view of the potential future impact that broader macroeconomic conditions may have on the performance of the loans held-for-investment. These macroeconomic factors include unemployment rates, interest rates, price indices for commercial property and other factors. The Company may use one or more of these forecasts in the process of estimating its allowance for credit losses. Selection of these economic forecasts requires significant judgment about future events that, while based on the information available to the Company as of the balance sheet date, are ultimately unknowable with certainty, and the actual economic conditions impacting the Company’s portfolio could vary significantly from the estimates the Company made for the periods presented. 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 debt service coverage ratio, or DSCR, loan-to-value ratio, or LTV, remaining contractual 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. Prior to the adoption of ASU 2016-03, loans held-for-investment were reported at cost, net of any unamortized acquisition premiums or discounts, loan fees and origination costs as applicable, unless the assets were deemed impaired. Impairment was indicated when it was deemed probable that the Company would not be able to collect all amounts due pursuant to the contractual terms of the loan. Because the Company’s loans held-for-investment are collateralized by real property or are collateral dependent, impairment was measured by comparing the estimated fair value of the underlying collateral less estimated costs to sell to the amortized cost of the respective loan. If a loan was determined to be impaired, the Company would record an allowance to reduce the carrying value of the loan through a charge to provision for loan losses. Actual losses, if any, could ultimately differ from these estimates. |
Available-for-Sale Securities, at Fair Value | Available-for-Sale Securities, at Fair Value From time to time, the Company may selectively invest in commercial mortgage-backed securities, or CMBS, representing interests in pools of commercial mortgage loans issued by trusts. In the past, the Company had designated investments in certain CMBS as available-for-sale, or AFS, because the Company had the ability to dispose of them prior to maturity. All assets classified as AFS would be reported at estimated fair value with unrealized gains and losses included in accumulated other comprehensive (loss) income. Interest income on AFS securities is accrued based on the outstanding principal balance and contractual terms. Premiums and discounts associated with CMBS are amortized into interest income over the life of such securities using the effective yield method. As part of the adoption of ASU 2016-13, effective January 1, 2020, the Company evaluates AFS securities to determine whether a decline in the fair value below the amortized cost basis (impairment) is due to credit-related factors or noncredit-related factors. Any impairment that is not credit-related is recognized in other comprehensive (loss) income, net of applicable taxes. Credit-related impairment is recognized as an allowance for credit losses on the statement of comprehensive (loss) income, limited to the amount by which the amortized cost basis exceeds the fair value, with a corresponding adjustment to earnings. Both the allowance for credit losses and the adjustment to net (loss) income may be reversed if conditions change. Changes in the allowance for credit losses are recorded as provision for credit loss expense. The Company did not hold any AFS securities as of December 31, 2020. Prior to the adoption of ASU 2016-13 on January 1, 2020, on a quarterly basis, the Company evaluated its AFS securities to assess whether a decline in the fair value of an AFS security below the Company’s amortized cost basis was an other-than-temporary impairment, or OTTI. The presence of OTTI was based upon a fair value decline below a security’s amortized cost basis and a corresponding adverse change in expected cash flows due to credit related factors, as well as non-credit factors, such as changes in interest rates and market spreads. Impairment was considered other-than-temporary if an entity (i) intended to sell the security, (ii) was more likely than not be required to sell the security before it recovered in value or (iii) did not expect to recover the security’s amortized cost basis, even if the entity did not intend to sell the security. Under these scenarios, the impairment was other-than-temporary and the full amount of impairment recognized in earnings and the cost basis of the investment security was adjusted. However, if an entity did not intend to sell the impaired debt security and it was more likely than not that it would not be required to sell before recovery, the OTTI is separated into (i) the estimated amount relating to credit loss, or credit component, and (ii) the amount relating to all other factors, or non-credit component. Only the estimated credit loss amount was recognized in earnings, with the remainder of the loss amount recognized in other comprehensive (loss) income. The difference between the new amortized cost basis and the cash flows expected to be collected was accreted as interest income in accordance with the effective interest method. Held-to-Maturity Securities In the past, the Company designated investments in certain CMBS as held-to-maturity, or HTM, because the Company had both the ability and intent to hold them until maturity. All assets classified as HTM were reported at stated cost plus any premiums or discounts, which were amortized or accreted through the consolidated statement of comprehensive income using the effective interest method. As part of the adoption of ASU 2016-13, effective January 1, 2020, the Company no longer records impairments for credit losses as adjustments to the amortized cost for HTM debt securities, but rather records an allowance for credit losses. The carrying values of debt securities are presented net of any allowance for credit losses. The Company did not hold any HTM securities as of December 31, 2020. Prior to the adoption of ASU 2016-13 on January 1, 2020, the Company evaluated its HTM securities, on a quarterly basis, to assess whether a decline in the fair value of an HTM security below the Company’s amortized cost basis is an OTTI. The presence of OTTI is based upon a fair value decline below a security’s amortized cost basis and a corresponding adverse change in expected cash flows due to credit related factors. Impairment was considered other-than-temporary if an entity did not expect to recover the security’s amortized cost basis. Impairment was recognized in earnings and the cost basis of the HTM security was adjusted. Loans Held-for-Sale The Company classifies certain loans as held-for-sale based on management’s intent to sell or otherwise dispose of them. Loans held-for-sale are reported at the lower of amortized cost or fair value. Fair value is determined under the guidance of ASC 820. Interest income on loans held-for-sale is recognized at the loan coupon rate and recorded on the consolidated statements of comprehensive (loss) income. |
Cash and Cash Equivalents | Cash and Cash Equivalents Cash and cash equivalents include cash held in bank accounts and cash held in money market funds on an overnight basis. |
Restricted Cash | Restricted Cash Restricted cash includes certain cash balances the Company is required to maintain in restricted accounts as collateral for the Company’s repurchase agreements and with counterparties to support activities related to securities. Cash held by counterparties as collateral, which resides in non-interest bearing accounts, is not available to the Company for general corporate purposes, but may be applied against amounts due to securities and repurchase agreement counterparties or returned to the Company when the collateral requirements are exceeded or at the maturity of the repurchase agreement. |
Accrued Interest Receivable | Accrued Interest Receivable Accrued interest receivable represents interest that is due and payable to the Company. Cash interest is generally received within 30 days of recording the receivable. The Company generally writes off the 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 the provision for credit losses in the consolidated statements of comprehensive (loss) income. Accrued interest receivable includes deferred interest that may be collected at the loan maturity or past 90 days, and an allowance for credit losses has been included as part of the loan’s amortized cost. The Company has one loan recorded as a nonaccrual loan and the Company wrote off all accrued and unpaid interest as of December 31, 2020. Accrued interest receivable is included within other assets on the Company’s consolidated balance sheets. |
Due from Counterparties | Due from CounterpartiesDue from counterparties includes cash held by counterparties as collateral against the Company’s repurchase agreements but represents excess capacity and deemed unrestricted and a receivable from the counterparty as of the balance sheet date. Due from counterparties is included within other assets on the Company’s consolidated balance sheets. |
Repurchase Agreements | Repurchase Agreements The Company finances the acquisition of its loans held-for-investment, AFS securities and HTM securities through the use of repurchase agreements. Borrowings under repurchase agreements generally bear interest rates of a specified margin over one-month LIBOR and are generally uncommitted. The repurchase agreements are treated as collateralized financing transactions and are carried at their contractual amounts, as specified in the respective agreements. |
Asset-Specific Financings | Asset-Specific Financings The Company finances certain of its loans held-for-investment through the use of an asset-specific financing facility. Borrowings under the asset-specific financing facility generally bear interest rates of a specified margin over one-month LIBOR. The asset-specific financings are treated as collateralized financing transactions and are carried at their contractual amounts, as specified in the respective agreements. |
Revolving Credit Facilities | Revolving Credit Facilities In the past, the Company has financed the acquisition of certain of its loans held-for-investment through the use of revolving credit facilities. Borrowings under revolving credit have generally borne interest rates of a specified margin over one-month LIBOR and have generally been uncommitted. Revolving credit facilities are treated as collateralized financing transactions and carried at their contractual amounts, as specified in the respective agreements. |
Deferred Debt Issuance Costs | Deferred Debt Issuance Costs Because the outstanding balance of the Company’s repurchase agreement facilities, asset-specific financings and revolving credit facilities may fluctuate as the Company borrows and repays amounts, the Company presents unamortized deferred debt issuance costs related to these credit facilities as an asset on its consolidated balance sheets within other assets. Amortization of deferred debt issuance costs over the term of the related facilities is reported within interest expense on the consolidated statements of comprehensive (loss) income. |
Securitized Debt Obligations | Securitized Debt Obligations The Company finances pools of its loans held-for-investment through CLOs retaining the subordinate securities in its investment portfolio. The CLOs are accounted for as financing arrangements and consolidated on the Company’s consolidated financial statements. The securitized debt obligations not retained by the Company, which are nonrecourse to the Company beyond the assets held in the CLOs, are recorded at outstanding principal balance, net of any unamortized deferred debt issuance costs, on the Company’s consolidated balance sheets. |
Convertible Senior Notes | Convertible Senior Notes Convertible senior notes include unsecured convertible debt that are carried at their unpaid principal balance, net of any unamortized deferred issuance costs, on the Company’s consolidated balance sheets. Interest on the notes is payable semiannually until such time the notes mature or are converted into shares of the Company’s common stock. Amortization of deferred debt issuance costs over the term of the notes is reported within interest expense on convertible senior notes on the consolidated statements of comprehensive (loss) income. Senior Secured Term Loan Facilities The Company records senior secured term loan facilities as liabilities at their unpaid principal balance, net of any unamortized deferred issuance costs, on the Company’s consolidated balance sheets. Where applicable, any issue discount or transaction expenses are deferred and amortized over the term of the loan using the effective interest method, and is included within interest expense in the Company’s consolidated statements of comprehensive (loss) income, while the unamortized balance is included as a reduction to the carrying amount on the Company’s consolidated balance sheets. |
Accrued Interest Payable | Accrued Interest Payable Accrued interest payable represents interest that is due and payable to third parties. Interest is generally paid within 30 days to three months of recording the payable, based upon the Company’s remittance requirements. Accrued interest payable is included within other liabilities on the Company’s consolidated balance sheets. |
Income Taxes | Income Taxes The Company has elected to be taxed as a REIT under the Code and the corresponding provisions of state law. To qualify as a REIT, the Company must distribute at least 90% of its annual REIT taxable income to stockholders (not including taxable income retained in its taxable subsidiaries) within the time frame set forth in the Code and the Company must also meet certain other requirements. In addition, because certain activities, if performed by the Company, may cause the Company to earn income which is not qualifying for the REIT gross income tests, the Company has formed a TRS, as defined in the Code, to engage in such activities. The TRS’s activities are subject to income taxes, as well as any REIT taxable income not distributed to stockholders. The Company assesses its tax positions for all open tax years and determines whether the Company has any material unrecognized liabilities in accordance with ASC 740, Income Taxes |
Related Party Management Fee and Operating Expenses | Related Party Management Fee and Operating ExpensesPrior to the Internalization, the Company paid the Former Manager a base management fee equal to 1.5% of the Company’s equity on an annualized basis, as well as an incentive fee, which was payable, if earned, beginning in the fourth quarter of 2018, in accordance with the terms of the Management Agreement. |
Preferred Stock | Preferred Stock The Company accounts for its preferred stock in accordance with ASC 480, Distinguishing Liabilities from Equity . Holders of the Company’s preferred stock have certain preference rights with respect to the common stock. Based on the Company’s analysis, the preferred stock has been classified as redeemable interests outside of permanent equity in the mezzanine section of the Company’s consolidated balance sheets as a result of certain redemption requirements or other terms. |
Earnings (Loss) Per Share | Earnings (Loss) Per Share Basic and diluted earnings per share are computed by dividing net income by the weighted average number of common shares and potential common shares outstanding. For both basic and diluted per share calculations, potential common shares represents issued and unvested shares of restricted stock, which have full rights to the common stock dividend declarations of the Company. If the assumed conversion of convertible notes into common shares is dilutive, diluted earnings per share is adjusted by adding back the periodic interest expense (net of any tax effects) associated with dilutive convertible notes to net income attributable to common stockholders and adding the shares issued in an assumed conversion to the diluted weighted average share count. |
Other Comprehensive (Loss) Income | Other Comprehensive (Loss) Income Current period net unrealized gains and losses on AFS securities are reported as components of accumulated other comprehensive (loss) income on the consolidated statements of stockholders’ equity and in the consolidated statements of comprehensive (loss) income. |
Equity Incentive Plan | Equity Incentive Plan The Company has adopted the 2017 Equity Incentive Plan, or the Plan, to provide incentive compensation to attract and retain qualified directors, officers, advisors, consultants and other personnel. The Plan is administered by the compensation committee of the Company’s board of directors. The Plan permits the granting of restricted shares of common stock, phantom shares, dividend equivalent rights and other equity-based awards. See Note 16 - Equity Incentive Plan for further details regarding the Plan. |
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 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 replaced the incurred loss model under prior guidance with a Current Expected Credit Loss, or CECL, model for instruments measured at amortized cost, and also requires entities to record allowances for AFS debt securities rather than reduce the amortized cost, as they did under the other-than-temporary impairment model. It also simplified 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 Company’s process to implement ASU 2016-13 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. 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 statements of stockholders’ equity, of approximately $18.5 million, or approximately $0.34 per share. The Company elected not to measure an allowance for credit losses on accrued interest receivable when the accrued interest is due within 90 days. The Company generally writes off the 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. 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 held-for-investment and securities $ 4,257,086 $ — $ 4,257,086 Allowance for credit losses — (16,692) (16,692) Loans held-for-investment 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. Facilitation of the Effects of Reference Rate Reform on Financial Reporting In March 2020, FASB issued ASU No. 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting, or ASU No. 2020-04, which provides optional expedients and exceptions for applying GAAP to contracts, hedging relationships and other transactions affected by reference rate reform if certain criteria are met. The amendments apply only to contracts, hedging relationships and other transactions that reference the London Interbank Offered Rate, or LIBOR, or another reference rate expected to be discontinued because of reference rate reform. ASU No. 2020-04 is effective for all entities as of March 12, 2020 through December 31, 2022. The Company is currently evaluating the impact of adopting this ASU on its consolidated financial statements. Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity In August 2020, the FASB issued ASU No. 2020-06, Debt – Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging – Contracts in an Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity, or ASU No. 2020-06. The intention of ASU No. 2020-06 is to address the complexities in accounting for certain financial instruments with a debt and equity component. Under ASU No. 2020-06, the number of accounting models for convertible notes will be reduced and entities that issue convertible debt will be required to use the if-converted method for the computation of diluted "Earnings per share" under ASC 260. ASC 2020-06 is effective for fiscal years beginning after December 15, 2021 and may be adopted through either a modified retrospective method of transition or a fully retrospective method of transition. The Company is currently assessing the impact this guidance will have on its consolidated financial statements. |
Basis of Presentation and Sig_3
Basis of Presentation and Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
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 held-for-investment and securities $ 4,257,086 $ — $ 4,257,086 Allowance for credit losses — (16,692) (16,692) Loans held-for-investment 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) | 12 Months Ended |
Dec. 31, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Schedule of Variable Interest Entities | The following table presents a summary of the assets and liabilities of all VIEs consolidated on the Company’s consolidated balance sheets as of December 31, 2020 and December 31, 2019: (in thousands) December 31, December 31, Loans held-for-investment $ 1,200,479 $ 1,301,369 Allowance for credit losses (15,914) — Loans held-for-investment, net 1,184,565 1,301,369 Restricted cash 62,804 76,093 Other assets 8,563 9,686 Total Assets $ 1,255,932 $ 1,387,148 Securitized debt obligations $ 927,128 $ 1,041,044 Other liabilities 1,092 1,078 Total Liabilities $ 928,220 $ 1,042,122 |
Loans Held-for-Investment (Tabl
Loans Held-for-Investment (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Receivables [Abstract] | |
Schedule of Loans Held-for-Investment | The following tables summarize the Company’s loans held-for-investment by asset type, property type and geographic location as of December 31, 2020 and December 31, 2019: December 31, (dollars in thousands) Senior Loans (1) Mezzanine Loans B-Notes Total Unpaid principal balance $ 3,915,833 $ 2,366 $ 14,235 $ 3,932,434 Unamortized (discount) premium (75) — — (75) Unamortized net deferred origination fees (17,890) — — (17,890) Allowance for credit losses (60,130) (2,366) (4,170) (66,666) Carrying value $ 3,837,738 $ — $ 10,065 $ 3,847,803 Unfunded commitments $ 503,726 $ — $ — $ 503,726 Number of loans 101 1 1 103 Weighted average coupon 5.1 % 13.0 % 8.0 % 5.1 % Weighted average years to maturity (2) 1.1 4.9 6.1 1.1 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) December 31, December 31, Property Type Carrying Value % of Loan Portfolio Carrying Value % of Loan Portfolio Office $ 1,720,705 44.7 % $ 1,779,173 42.0 % Multifamily 910,557 23.7 % 1,058,708 25.1 % Hotel 646,869 16.8 % 640,503 15.2 % Retail 332,218 8.6 % 398,742 9.4 % Industrial 196,677 5.1 % 312,637 7.4 % Other 40,777 1.1 % 36,449 0.9 % Total $ 3,847,803 100.0 % $ 4,226,212 100.0 % |
Schedule of Loans Held-for-Investment by Geographic Location | (dollars in thousands) December 31, December 31, Geographic Location Carrying Value % of Loan Portfolio Carrying Value % of Loan Portfolio Northeast $ 1,028,584 26.8 % $ 1,196,767 28.4 % Southwest 802,233 20.8 % 923,519 21.8 % West 682,236 17.7 % 735,416 17.4 % Midwest 712,675 18.5 % 700,778 16.6 % Southeast 622,075 16.2 % 669,732 15.8 % Total $ 3,847,803 100.0 % $ 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 years ended December 31, 2020 and 2019: Year Ended (in thousands) 2020 2019 Balance at beginning of period $ 4,226,212 $ 3,167,913 Originations, acquisitions and additional fundings 372,859 1,833,320 Repayments (486,422) (769,816) Transfers to loans held-for-sale (210,452) — Net discount accretion (premium amortization) 13 27 Increase in net deferred origination fees (3,642) (20,622) Amortization of net deferred origination fees 15,901 15,390 January 1, 2020 provision for credit losses upon adoption of ASU 2016-13 (16,692) — Provision for credit losses (49,974) — Balance at end of period $ 3,847,803 $ 4,226,212 |
Rollforward of Allowance for Credit Losses | The following table presents the changes for the year ended December 31, 2020 in the allowance for credit losses on loans held-for-investment: Year Ended (in thousands) 2020 Balance at beginning of period upon adoption of ASU 2016-13 $ 16,692 Provision for credit losses 49,974 Writeoffs — Recoveries of amounts previously written off — Balance at end of period $ 66,666 |
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 December 31, 2020 and December 31, 2019: (dollars in thousands) December 31, December 31, Risk Rating Number of Loans Unpaid Principal Balance Carrying Value Number of Loans Unpaid Principal Balance Carrying Value 1 6 $ 183,369 $ 182,730 9 $ 293,191 $ 292,270 2 50 1,863,590 1,847,332 100 3,661,077 3,632,528 3 29 1,055,782 1,026,662 9 243,127 241,901 4 17 762,636 732,310 2 59,750 59,513 5 1 67,057 58,769 — — — Total 103 $ 3,932,434 $ 3,847,803 120 $ 4,257,145 $ 4,226,212 As of December 31, 2020, the Company reclassified one loan from a risk rating of “4” to a risk rating of “5” due to new information relating to the borrower’s financial condition and collateral property’s operating performance, which has been adversely affected by market conditions driven by the COVID-19 pandemic and the related significant decline in business travel. The Company determined that the recovery of its loan principal is collateral-dependent. Accordingly, this loan was assessed individually and the Company has elected to apply a practical expedient in accordance with ASU 2016-13, and an allowance for credit loss of $8.1 million was recorded on this loan using the discounted cash flow method of valuation to reduce the carrying value of the loan to the estimated fair value of the property less the estimated cost to foreclose and sell the property. The loan had been previously modified and, during the year ended December 31, 2020, the Company negotiated with the borrower a new short-term extension of the prior modification, which was accounted for as a troubled debt restructuring, or TDR, under GAAP. The Company is evaluating a variety of the potential options with respect to the resolution of this loan, which, among other things, may include a sale or negotiated deed-in-lieu of foreclosure. The estimate of the fair value of the hotel collateral was developed using a discounted cash flow model and Level 3 inputs, which include estimates of: (i) property cash flows over a specific holding period, (ii) forecasted submarket hotel RevPAR rates and subject RevPAR penetration, (iii) operating expenses, (iv) property and income taxes, (v) the borrower’s exit plan, (vi) capitalization and discount rates, and (vii) overall market conditions. These inputs were in part developed based on discussions with various market participants and management’s best estimates as of the valuation date. 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 and it was not deemed probable that the Company would not have been 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 December 31, 2020 by risk rating and year of origination: December 31, 2020 (dollars in thousands) Origination Year Risk Rating 2020 2019 2018 2017 2016 Prior Total 1 (Low Risk) $ — $ 18,291 $ 75,190 $ 55,706 $ 33,543 $ — $ 182,730 2 (Average Risk) 75,707 1,014,194 472,491 194,625 35,999 54,316 1,847,332 3 (Acceptable Risk) 12,377 395,160 304,104 247,120 67,901 — 1,026,662 4 (Higher Risk) 42,163 110,202 242,200 194,317 — 143,428 732,310 5 (Loss Likely) — 58,769 — — — — 58,769 Total $ 130,247 $ 1,596,616 $ 1,093,985 $ 691,768 $ 137,443 $ 197,744 $ 3,847,803 |
Available-for-Sale Securities (
Available-for-Sale Securities (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Investments, Debt and Equity Securities [Abstract] | |
Schedule of Available-for-sale Securities Reconciliation | The following table presents the components of the carrying value of AFS securities as of December 31, 2020 and December 31, 2019: (in thousands) December 31, December 31, Face value $ — $ 12,798 Unamortized premium (discount) — — Allowance for credit losses — — Gross unrealized gains — 32 Gross unrealized losses — — Carrying value $ — $ 12,830 |
Held-to-Maturity Securities (Ta
Held-to-Maturity Securities (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Investments, Debt and Equity Securities [Abstract] | |
Held-to-maturity Securities | The following table presents the components of the carrying value of HTM securities as of December 31, 2020 and December 31, 2019: (in thousands) December 31, December 31, Face value $ — $ 18,076 Unamortized premium (discount) — — Allowance for credit losses — — Carrying value $ — $ 18,076 |
Cash, Cash Equivalents and Re_2
Cash, Cash Equivalents and Restricted Cash (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Cash and Cash Equivalents [Abstract] | |
Schedule of Cash and Cash Equivalents | The following table provides a reconciliation of cash, cash equivalents and restricted cash reported on the Company’s consolidated balance sheets as of December 31, 2020 and December 31, 2019 that sum to the total of the same such amounts shown in the consolidated statements of cash flows: (in thousands) December 31, December 31, Cash and cash equivalents $ 261,419 $ 80,281 Restricted cash 67,774 79,483 Total cash, cash equivalents and restricted cash $ 329,193 $ 159,764 |
Fair Value (Tables)
Fair Value (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements, Recurring and Nonrecurring | As of December 31, 2020, the Company held no assets or liabilities measured at fair value on a recurring basis. The following table displays the Company’s assets measured at fair value on a recurring basis as of December 31, 2019. 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 December 31, 2020 and December 31, 2019: December 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 $ 3,847,803 $ 3,867,286 $ 4,226,212 $ 4,261,612 Available-for-sale securities $ — $ — $ 12,830 $ 12,830 Held-to-maturity securities $ — $ — $ 18,076 $ 18,076 Cash and cash equivalents $ 261,419 $ 261,419 $ 80,281 $ 80,281 Restricted cash $ 67,774 $ 67,774 $ 79,483 $ 79,483 Liabilities Repurchase agreements $ 1,708,875 $ 1,708,875 $ 1,924,021 $ 1,924,021 Securitized debt obligations $ 927,128 $ 916,701 $ 1,041,044 $ 1,050,912 Asset-specific financings $ 123,091 $ 123,091 $ 116,465 $ 116,465 Revolving credit facilities $ — $ — $ 42,008 $ 42,008 Convertible senior notes $ 271,250 $ 257,411 $ 269,634 $ 283,332 Senior secured term loan facilities $ 206,448 $ 206,448 $ — $ — |
Collateralized Borrowings (Tabl
Collateralized Borrowings (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Debt Disclosure [Abstract] | |
Schedule of Collateralized Borrowings | The following tables summarize details of the Company’s collateralized borrowings outstanding as of December 31, 2020 and December 31, 2019: December 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 $ 435,719 $ 164,281 $ 600,000 $ 657,066 2.3 % Goldman Sachs Bank USA May 2, 2021 395,990 104,010 500,000 593,625 2.5 % JPMorgan Chase Bank June 28, 2022 361,797 88,203 450,000 536,758 2.5 % Citibank January 9, 2023 386,049 13,951 400,000 504,236 1.8 % Wells Fargo Bank (2) June 28, 2021 129,320 145,680 275,000 185,282 2.1 % Total/Weighted Average $ 1,708,875 $ 516,125 $ 2,225,000 $ 2,476,967 Asset-specific financings: Canadian Imperial Bank of Commerce Various $ 123,091 $ 26,909 $ 150,000 $ 152,929 2.5 % 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 USA 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 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 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 December 31, 2020, the Company retained an option to increase the maximum facility capacity amount up to $350 million, subject to customary terms and conditions. |
Schedule of Collateralized Borrowings by Maturity | At December 31, 2020, the Company’s collateralized borrowings outstanding had had contractual maturities as follows: December 31, 2020 (dollars in thousands) Repurchase Agreements Asset-Specific Financings Total Amount Outstanding 2021 $ 961,030 $ 82,768 $ 1,043,798 2022 361,797 40,323 402,120 2023 386,048 — 386,048 2024 — — — Thereafter — — — Total $ 1,708,875 $ 123,091 $ 1,831,966 |
Schedule of Repurchase Agreement Counterparties with Whom Repurchase Agreements Exceed 10 Percent of Stockholders' Equity | The following table summarizes certain characteristics of the Company’s repurchase agreements and counterparty concentration at December 31, 2020 and December 31, 2019: December 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 $ 435,719 $ 230,815 25 % 0.49 $ 556,887 $ 185,022 18 % 1.49 JPMorgan Chase Bank 361,797 187,282 20 % 1.50 428,076 156,764 15 % 2.39 Goldman Sachs Bank USA 395,990 203,297 22 % 0.33 405,057 137,326 13 % 0.34 Citibank 386,049 124,913 13 % 2.02 339,888 93,553 9 % 2.54 Wells Fargo Bank 129,320 57,483 6 % 0.49 194,113 93,004 9 % 1.49 Total $ 1,708,875 $ 803,790 $ 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. As of September 30, 2020, the Company no longer held AFS or HTM securities. |
Term Loan (Tables)
Term Loan (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Debt Disclosure [Abstract] | |
Schedule of Long-term Debt Instruments | The table below summarizes the net carrying amount of the term loan facilities: December 31, December 31, (in thousands) 2020 2019 Principal outstanding $ 225,000 $ — Less: Unamortized debt discount and issuance costs 18,552 — Net carrying value $ 206,448 $ — |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Stockholders' Equity Attributable to Parent [Abstract] | |
Rollforward of Common Stock | As of December 31, 2020, the Company had 55,205,082 shares of common stock outstanding. The following table presents a reconciliation of the common shares outstanding from December 31, 2017 through December 31, 2020: Number of common shares Common shares outstanding, December 31, 2017 43,235,103 Issuance of common stock 164,940 Issuance of restricted stock (1) 221,131 Common shares outstanding, December 31, 2018 43,621,174 Common shares outstanding, December 31, 2018 43,621,174 Issuance of common stock 10,954,924 Issuance of restricted stock (1) 277,107 Common shares outstanding, December 31, 2019 54,853,205 Common shares outstanding, December 31, 2019 54,853,205 Issuance of common stock — Issuance of restricted stock (1) 351,877 Common shares outstanding, December 31, 2020 55,205,082 ____________________ (1) Represents shares of restricted stock granted under the Company’s 2017 Equity Incentive Plan, net of forfeitures. See Note 16 - Equity Incentive Plan |
Schedule of Dividends Declared | The following table presents cash dividends declared by the Company on its common stock from December 31, 2018 through December 31, 2020: Declaration Date Record Date Payment Date Cash Dividend Per Share December 18, 2020 December 31, 2020 January 22, 2021 $ 0.25 December 18, 2020 December 31, 2020 January 22, 2021 $ 0.20 September 28, 2020 October 8, 2020 October 19, 2020 $ 0.20 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 |
Equity Incentive Plan (Tables)
Equity Incentive Plan (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Share-based Payment Arrangement [Abstract] | |
Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity | The following table summarizes the grants, vesting and forfeitures of restricted common stock and RSUs for the years ended December 31, 2020, 2019 and 2018: Restricted Stock RSUs Weighted Average Grant Date Fair Market Value Outstanding at December 31, 2017 150,000 — $ 19.50 Granted 221,131 — 17.38 Vested (49,997) — (19.50) Forfeiture — — — Outstanding at December 31, 2018 321,134 — $ 18.04 Granted 277,107 — 19.31 Vested (136,870) — (18.20) Forfeiture — — — Outstanding at December 31, 2019 461,371 — 18.75 Granted 367,489 403,903 12.81 Vested (243,713) — (18.74) Forfeiture (15,612) — (18.68) Outstanding at December 31, 2020 569,535 403,903 14.93 Below is a summary of restricted stock and RSU vesting dates as of December 31, 2020: Vesting Year Restricted Stock RSU Total Awards 2021 304,873 35,035 339,908 2022 172,077 — 172,077 2023 92,585 — 92,585 2024 — — — 2025 — 368,868 368,868 Total 569,535 403,903 973,438 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | |
Schedule of Effective Income Tax Rate Reconciliation | The following is a reconciliation of the statutory federal and state rates to the effective rates, for the years ended December 31, 2020, 2019 and 2018: Year Ended December 31, 2020 2019 2018 (dollars in thousands) Amount Percent Amount Percent Amount Percent Computed income tax expense at federal rate $ (8,368) 21 % $ 14,744 21 % $ 13,245 21 % State taxes, net of federal benefit, if applicable — — % — — % 1 — % Permanent differences in taxable income from GAAP net income (57) — % (150) — % (94) — % Dividends paid deduction 9,018 (23) % (14,598) (21) % (13,154) (21) % Provision for (benefit from) income taxes/ Effective Tax Rate $ 593 (2) % $ (4) — % $ (2) — % |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Dec. 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 years ended December 31, 2020, 2019 and 2018: Year Ended December 31, (in thousands, except share data) 2020 2019 2018 Numerator: Net (loss) income attributable to common stockholders - basic $ (40,539) $ 70,114 $ 62,975 Interest expense attributable to convertible notes (1) — — 10,742 Net (loss) income attributable to common stockholders - diluted $ (40,539) $ 70,114 $ 73,717 Denominator: Weighted average common shares outstanding 54,580,046 52,615,977 43,123,222 Weighted average restricted stock shares 576,436 471,418 322,162 Basic weighted average shares outstanding 55,156,482 53,087,395 43,445,384 Effect of dilutive shares issued in an assumed conversion of the convertible senior notes — — 8,594,613 Diluted weighted average shares outstanding 55,156,482 53,087,395 52,039,997 (Loss) earnings per share Basic $ (0.73) $ 1.32 $ 1.45 Diluted $ (0.73) $ 1.32 $ 1.42 ____________________ (1) Includes a nondiscretionary adjustment for the assumed change in the base management fee calculation. |
Quarterly Financial Data (Table
Quarterly Financial Data (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Financial Information | 2020 Quarter Ended (in thousands, except share data) March 31 June 30 September 30 December 31 Total interest income $ 64,175 $ 60,944 $ 57,846 $ 54,748 Total interest expense 34,989 26,562 24,014 27,370 Net interest income 29,186 34,382 33,832 27,378 Total other (loss) income (52,814) (21,099) (4,124) 8,531 Total expenses 13,569 15,021 54,378 12,150 (Benefit from) provision for income taxes (6) (5) (4) 608 Dividends on preferred stock 25 25 25 25 Net (loss) income $ (37,216) $ (1,758) $ (24,691) $ 23,126 Basic earnings per weighted average common share $ (0.68) $ (0.03) $ (0.45) $ 0.42 Diluted earnings per weighted average common share $ (0.68) $ (0.03) $ (0.45) $ 0.39 Basic weighted average number of shares of common stock 55,056,411 55,158,283 55,205,082 55,205,082 Diluted weighted average number of shares of common stock 55,056,411 55,158,283 55,205,082 70,009,741 2019 Quarter Ended (in thousands, except share data) March 31 June 30 September 30 December 31 Total interest income $ 58,145 $ 59,964 $ 63,444 $ 64,704 Total interest expense 32,008 32,337 36,362 36,275 Net interest income 26,137 27,627 27,082 28,429 Total other income 913 202 — 95 Total expenses 10,082 9,654 9,691 10,848 (Benefit from) provision for income taxes (1) (2) (1) — Dividends on preferred stock 25 25 25 25 Net income $ 16,944 $ 18,152 $ 17,367 $ 17,651 Basic earnings per weighted average common share $ 0.35 $ 0.34 $ 0.32 $ 0.32 Diluted earnings per weighted average common share $ 0.34 $ 0.33 $ 0.32 $ 0.32 Basic weighted average number of shares of common stock 48,601,431 53,953,634 54,853,205 54,853,205 Diluted weighted average number of shares of common stock 62,256,595 67,624,395 54,853,205 54,853,205 |
Basis of Presentation and Sig_4
Basis of Presentation and Significant Accounting Policies - Narrative (Details) $ / shares in Units, loan in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2020USD ($)loan$ / shares | Sep. 30, 2020$ / shares | Jun. 30, 2020$ / shares | Mar. 31, 2020$ / shares | Dec. 31, 2019USD ($)$ / shares | Sep. 30, 2019$ / shares | Jun. 30, 2019$ / shares | Mar. 31, 2019$ / shares | Dec. 31, 2020USD ($)loansegment$ / shares | Dec. 31, 2019USD ($)$ / shares | Dec. 31, 2018USD ($)$ / shares | Dec. 31, 2017USD ($) | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||||||
Number of reportable segments | segment | 1 | |||||||||||
Threshold period when delinquent loans are placed on nonaccrual status | 90 days | |||||||||||
Number of commercial real estate loans included in third-party historical loan loss database | loan | 100 | 100 | ||||||||||
Basic (in usd per share) | $ / shares | $ 0.42 | $ (0.45) | $ (0.03) | $ (0.68) | $ 0.32 | $ 0.32 | $ 0.34 | $ 0.35 | $ (0.73) | $ 1.32 | $ 1.45 | |
Accounts receivable, concurrent, threshold period past due | 30 days | 30 days | ||||||||||
REIT taxable income distribution requirement | 90.00% | 90.00% | ||||||||||
Percent per annum of equity used to calculate management fees | 1.50% | |||||||||||
Cumulative effect of adoption of ASU 2016-13 | $ | $ (933,846) | $ (1,019,136) | $ (933,846) | $ (1,019,136) | $ (827,531) | $ (828,621) | ||||||
Cumulative effect of adoption of new accounting principle | ||||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||||||
Basic (in usd per share) | $ / shares | $ 0.34 | |||||||||||
Cumulative effect of adoption of ASU 2016-13 | $ | $ 18,472 | $ 18,472 | $ 0 |
Basis of Presentation and Sig_5
Basis of Presentation and Significant Accounting Policies - Impact of the adoption of ASU 2016-13 (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Loans held-for-investment and securities | $ 4,257,086 | |
Allowance for credit losses | 0 | |
Loans held-for-investment and securities, net | 4,257,086 | |
Liability for off-balance sheet credit losses | $ 5,500 | 0 |
Cumulative earnings | $ 103,165 | 162,076 |
Cumulative effect of adoption of new accounting principle | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Loans held-for-investment and securities | 0 | |
Allowance for credit losses | (16,692) | |
Loans held-for-investment and securities, net | (16,692) | |
Liability for off-balance sheet credit losses | 1,780 | |
Cumulative earnings | (18,472) | |
Stockholders' equity, adjusted balance | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Loans held-for-investment and securities | 4,257,086 | |
Allowance for credit losses | (16,692) | |
Loans held-for-investment and securities, net | 4,240,394 | |
Liability for off-balance sheet credit losses | 1,780 | |
Cumulative earnings | $ 143,604 |
Variable Interest Entities (Det
Variable Interest Entities (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | |
Variable Interest Entity [Line Items] | |||
Total Assets | [1] | $ (4,219,648) | $ (4,460,862) |
Total Liabilities | [1] | 3,284,802 | 3,440,726 |
Variable Interest Entity, Primary Beneficiary | Loans Held-for-Investment | |||
Variable Interest Entity [Line Items] | |||
Total Assets | (1,200,479) | (1,301,369) | |
Variable Interest Entity, Primary Beneficiary | Allowance for Credit Losses | |||
Variable Interest Entity [Line Items] | |||
Total Assets | (15,914) | 0 | |
Variable Interest Entity, Primary Beneficiary | Loans Held-for-Investment, Net | |||
Variable Interest Entity [Line Items] | |||
Total Assets | (1,184,565) | (1,301,369) | |
Variable Interest Entity, Primary Beneficiary | Restricted Cash and Cash Equivalents | |||
Variable Interest Entity [Line Items] | |||
Total Assets | (62,804) | (76,093) | |
Variable Interest Entity, Primary Beneficiary | Other Assets | |||
Variable Interest Entity [Line Items] | |||
Total Assets | (8,563) | (9,686) | |
Variable Interest Entity, Primary Beneficiary | Assets, Total | |||
Variable Interest Entity [Line Items] | |||
Total Assets | (1,255,932) | (1,387,148) | |
Variable Interest Entity, Primary Beneficiary | Securitized Debt Obligations | |||
Variable Interest Entity [Line Items] | |||
Total Liabilities | 927,128 | 1,041,044 | |
Variable Interest Entity, Primary Beneficiary | Other Liabilities | |||
Variable Interest Entity [Line Items] | |||
Total Liabilities | 1,092 | 1,078 | |
Variable Interest Entity, Primary Beneficiary | Liabilities, Total | |||
Variable Interest Entity [Line Items] | |||
Total Liabilities | $ 928,220 | $ 1,042,122 | |
[1] | The consolidated balance sheets include assets of consolidated variable interest entities, or VIEs, that can only be used to settle obligations of these VIEs, and liabilities of the consolidated VIEs for which creditors do not have recourse to Granite Point Mortgage Trust Inc. At December 31, 2020 and December 31, 2019, assets of the VIEs totaled $1,255,932 and $1,387,148, respectively, and liabilities of the VIEs totaled $928,220 and $1,042,122, respectively. See Note 3 - Variable Interest Entities for additional information. |
Variable Interest Entities - Na
Variable Interest Entities - Narrative (Details) - USD ($) | Dec. 31, 2020 | Dec. 31, 2019 |
Variable Interest Entity, Not Primary Beneficiary | ||
Variable Interest Entity [Line Items] | ||
Maximum exposure to loss of nonconsolidated Variable Interest Entities | $ 0 | $ 30,900,000 |
Loans Held-for-Investment (Deta
Loans Held-for-Investment (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020USD ($)loan | Dec. 31, 2019USD ($)loan | Nov. 09, 2020USD ($) | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Unpaid principal balance | $ 3,932,434 | $ 4,257,145 | |
Unamortized (discount) premium | (75) | (124) | |
Unamortized net deferred origination fees | (17,890) | (30,809) | |
Allowance for credit losses | (66,666) | (16,692) | |
Carrying value | 3,847,803 | 4,226,212 | |
Unfunded commitments | $ 503,726 | $ 748,878 | |
Number of loans | loan | 103 | 120 | |
Weighted average coupon | 5.10% | 5.40% | |
Weighted average years to maturity | 1 year 1 month 6 days | 1 year 9 months 18 days | |
First Mortgage | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Unpaid principal balance | $ 3,915,833 | $ 4,229,194 | $ 40,000 |
Unamortized (discount) premium | (75) | (124) | |
Unamortized net deferred origination fees | (17,890) | (30,788) | |
Allowance for credit losses | (60,130) | ||
Carrying value | 3,837,738 | 4,198,282 | |
Unfunded commitments | $ 503,726 | $ 748,878 | |
Number of loans | loan | 101 | 117 | |
Weighted average coupon | 5.10% | 5.40% | |
Weighted average years to maturity | 1 year 1 month 6 days | 1 year 9 months 18 days | |
Second Mortgage | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Unpaid principal balance | $ 2,366 | $ 13,503 | |
Unamortized (discount) premium | 0 | 0 | |
Unamortized net deferred origination fees | 0 | (21) | |
Allowance for credit losses | (2,366) | ||
Carrying value | 0 | 13,482 | |
Unfunded commitments | $ 0 | $ 0 | |
Number of loans | loan | 1 | 2 | |
Weighted average coupon | 13.00% | 11.70% | |
Weighted average years to maturity | 4 years 10 months 24 days | 2 years | |
Junior Loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Unpaid principal balance | $ 14,235 | $ 14,448 | |
Unamortized (discount) premium | 0 | 0 | |
Unamortized net deferred origination fees | 0 | 0 | |
Allowance for credit losses | (4,170) | ||
Carrying value | 10,065 | 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 1 month 6 days | 7 years 1 month 6 days |
Loans Held-for-Investment - by
Loans Held-for-Investment - by Property Type (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Carrying value | $ 3,847,803 | $ 4,226,212 |
Percentage of Loan Portfolio | 100.00% | 100.00% |
Office Building | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Carrying value | $ 1,720,705 | $ 1,779,173 |
Percentage of Loan Portfolio | 44.70% | 42.00% |
Multifamily | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Carrying value | $ 910,557 | $ 1,058,708 |
Percentage of Loan Portfolio | 23.70% | 25.10% |
Hotel | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Carrying value | $ 646,869 | $ 640,503 |
Percentage of Loan Portfolio | 16.80% | 15.20% |
Retail Site | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Carrying value | $ 332,218 | $ 398,742 |
Percentage of Loan Portfolio | 8.60% | 9.40% |
Industrial Property | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Carrying value | $ 196,677 | $ 312,637 |
Percentage of Loan Portfolio | 5.10% | 7.40% |
Other Property | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Carrying value | $ 40,777 | $ 36,449 |
Percentage of Loan Portfolio | 1.10% | 0.90% |
Loans Held-for-Investment - b_2
Loans Held-for-Investment - by Geographic Location (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Carrying value | $ 3,847,803 | $ 4,226,212 |
Percentage of Loan Portfolio | 100.00% | 100.00% |
United States, Northeastern Region | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Carrying value | $ 1,028,584 | $ 1,196,767 |
Percentage of Loan Portfolio | 26.80% | 28.40% |
United States, Southwestern Region | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Carrying value | $ 802,233 | $ 923,519 |
Percentage of Loan Portfolio | 20.80% | 21.80% |
United States, Western Region | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Carrying value | $ 682,236 | $ 735,416 |
Percentage of Loan Portfolio | 17.70% | 17.40% |
United States, Midwestern Region | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Carrying value | $ 712,675 | $ 700,778 |
Percentage of Loan Portfolio | 18.50% | 16.60% |
United States, Southeastern Region | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Carrying value | $ 622,075 | $ 669,732 |
Percentage of Loan Portfolio | 16.20% | 15.80% |
Loans Held-for-Investment - Rol
Loans Held-for-Investment - Rollforward of Loans Held-for-Investment (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Loans Held-for-Investment [Roll Forward] | |||
Balance at beginning of period | $ 4,226,212 | $ 3,167,913 | |
Originations, acquisitions and additional fundings | 372,859 | 1,833,320 | |
Repayments | (486,422) | (769,816) | |
Transfers to loans held-for-sale | (210,452) | 0 | $ 0 |
Net discount accretion (premium amortization) | 13 | 27 | |
Increase in net deferred origination fees | (3,642) | (20,622) | |
Amortization of net deferred origination fees | 15,901 | 15,390 | |
January 1, 2020 provision for credit losses upon adoption of ASU 2016-13 | (16,692) | 0 | |
Provision for credit losses | (49,974) | 0 | |
Balance at end of period | $ 3,847,803 | $ 4,226,212 | $ 3,167,913 |
Loans Held-for-Investment - Nar
Loans Held-for-Investment - Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2020 | Nov. 09, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Allowance for loan losses | $ 66,666 | $ 16,692 | ||
Liability for off balance sheet credit losses | $ 5,500 | 0 | ||
Threshold period when delinquent loans are placed on nonaccrual status | 90 days | |||
Unpaid principal balance | $ 3,932,434 | 4,257,145 | ||
Carrying value | 3,847,803 | 4,226,212 | ||
Loans held-for-investment pledged as collateral for borrowings | 3,800,000 | 4,100,000 | ||
Loans held-for-investment, net of allowance for credit losses | 3,847,803 | 4,226,212 | $ 3,167,913 | |
Cumulative effect of adoption of new accounting principle | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Allowance for loan losses | 8,100 | |||
Liability for off balance sheet credit losses | 1,780 | |||
First Mortgage | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Allowance for loan losses | 60,130 | |||
Unpaid principal balance | 3,915,833 | $ 40,000 | 4,229,194 | |
Carrying value | 3,837,738 | $ 4,198,282 | ||
Non-Accrual Loan | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Unpaid principal balance | 22,300 | |||
Carrying value | 17,800 | |||
Allowance for loan and lease losses, write-offs | $ 800 |
Loans Held-for-Investment - R_2
Loans Held-for-Investment - Rollforward of Allowance for Credit Losses (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Receivables [Abstract] | ||
Liability for off balance sheet credit losses | $ 5,500 | $ 0 |
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||
Balance at beginning of period upon adoption of ASU 2016-13 | 16,692 | |
Provision for credit losses | 49,974 | |
Writeoffs | 0 | |
Recoveries of amounts previously written off | 0 | |
Balance at end of period | $ 66,666 |
Loans Held-for-Investment - Non
Loans Held-for-Investment - Nonaccrual Loans (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Threshold period when delinquent loans are placed on nonaccrual status | 90 days | |
Carrying value | $ 3,847,803 | $ 4,226,212 |
Non-Accrual Loan | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Carrying value | 17,800 | |
Allowance for loan and lease losses, write-offs | $ 800 |
Loans Held-for-Investment - Int
Loans Held-for-Investment - Internal Risk Rating (Details) $ in Thousands | Dec. 31, 2020USD ($)loan | Dec. 31, 2019USD ($)loan |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Number of loans | loan | 103 | 120 |
Unpaid principal balance | $ 3,932,434 | $ 4,257,145 |
2020 | 130,247 | |
2019 | 1,596,616 | |
2018 | 1,093,985 | |
2017 | 691,768 | |
2016 | 137,443 | |
Prior | 197,744 | |
Carrying value | $ 3,847,803 | $ 4,226,212 |
Risk Rating 1 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Number of loans | loan | 6 | 9 |
Unpaid principal balance | $ 183,369 | $ 293,191 |
2020 | 0 | |
2019 | 18,291 | |
2018 | 75,190 | |
2017 | 55,706 | |
2016 | 33,543 | |
Prior | 0 | |
Carrying value | $ 182,730 | $ 292,270 |
Risk Rating 2 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Number of loans | loan | 50 | 100 |
Unpaid principal balance | $ 1,863,590 | $ 3,661,077 |
2020 | 75,707 | |
2019 | 1,014,194 | |
2018 | 472,491 | |
2017 | 194,625 | |
2016 | 35,999 | |
Prior | 54,316 | |
Carrying value | $ 1,847,332 | $ 3,632,528 |
Risk Rating 3 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Number of loans | loan | 29 | 9 |
Unpaid principal balance | $ 1,055,782 | $ 243,127 |
2020 | 12,377 | |
2019 | 395,160 | |
2018 | 304,104 | |
2017 | 247,120 | |
2016 | 67,901 | |
Prior | 0 | |
Carrying value | $ 1,026,662 | $ 241,901 |
Risk Rating 4 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Number of loans | loan | 17 | 2 |
Unpaid principal balance | $ 762,636 | $ 59,750 |
2020 | 42,163 | |
2019 | 110,202 | |
2018 | 242,200 | |
2017 | 194,317 | |
2016 | 0 | |
Prior | 143,428 | |
Carrying value | $ 732,310 | $ 59,513 |
Risk Rating 5 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Number of loans | loan | 1 | 0 |
Unpaid principal balance | $ 67,057 | $ 0 |
2020 | 0 | |
2019 | 58,769 | |
2018 | 0 | |
2017 | 0 | |
2016 | 0 | |
Prior | 0 | |
Carrying value | $ 58,769 | $ 0 |
Available-for-Sale Securities -
Available-for-Sale Securities - Schedule Securities Reconciliation (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Investments, Debt and Equity Securities [Abstract] | ||
Face value | $ 0 | $ 12,798 |
Unamortized premium (discount) | 0 | 0 |
Allowance for credit losses | 0 | 0 |
Gross unrealized gains | 0 | 32 |
Gross unrealized losses | 0 | 0 |
Carrying value | $ 0 | 12,830 |
Available-for-sale securities pledged as collateral for borrowings | $ 12,800 |
Held-to-Maturity Securities (De
Held-to-Maturity Securities (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Investments, Debt and Equity Securities [Abstract] | ||
Face value | $ 0 | $ 18,076 |
Unamortized premium (discount) | 0 | 0 |
Allowance for credit losses | 0 | 0 |
Carrying value | $ 0 | 18,076 |
Held-to-maturity securities pledged as collateral for borrowings | $ 18,100 |
Cash, Cash Equivalents and Re_3
Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Variable Interest Entity [Line Items] | ||||
Cash collateral for repurchase agreements and securities activity | $ 5,000 | $ 5,000 | ||
Cash and cash equivalents | 261,419 | 80,281 | ||
Restricted cash | 67,774 | 79,483 | ||
Total cash, cash equivalents and restricted cash | 329,193 | 159,764 | $ 123,423 | $ 110,718 |
Restricted Cash and Cash Equivalents | ||||
Variable Interest Entity [Line Items] | ||||
Cash collateral for repurchase agreements and securities activity | $ 62,800 | $ 76,100 |
Fair Value - Measurement Inputs
Fair Value - Measurement Inputs, Disclosure (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | $ 0 | $ 12,830 |
Fair Value, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 12,830 | |
Total assets | 12,830 | |
Level 1 | Fair Value, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 0 | |
Total assets | 0 | |
Level 2 | Fair Value, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 12,830 | |
Total assets | 12,830 | |
Level 3 | Fair Value, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 0 | |
Total assets | $ 0 |
Fair Value - by Balance Sheet G
Fair Value - by Balance Sheet Grouping (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Fair Value Disclosures [Abstract] | |||
Loans held-for-investment, net of allowance for credit losses | $ 3,847,803 | $ 4,226,212 | $ 3,167,913 |
Loans held-for-investment, net of allowance for credit losses, at fair value | 3,867,286 | 4,261,612 | |
Available-for-sale securities, at fair value | 0 | 12,830 | |
Held-to-maturity securities | 0 | 18,076 | |
Held-to-maturity securities, at fair value | 0 | 18,076 | |
Cash and cash equivalents | 261,419 | 80,281 | |
Restricted cash | 67,774 | 79,483 | |
Repurchase agreements | 1,708,875 | 1,924,021 | |
Securitized debt obligations | 927,128 | 1,041,044 | |
Securitized debt obligations, at fair value | 916,701 | 1,050,912 | |
Asset-specific financings | 123,091 | 116,465 | |
Revolving credit facilities | 0 | 42,008 | |
Convertible senior notes | 271,250 | 269,634 | |
Convertible senior notes, at fair value | 257,411 | 283,332 | |
Senior secured term loan facilities | 206,448 | 0 | |
Senior Notes, at fair value | $ 206,448 | $ 0 |
Collateralized Borrowings (Deta
Collateralized Borrowings (Details) - USD ($) | Dec. 31, 2020 | Dec. 31, 2019 |
Line of Credit Facility [Line Items] | ||
Repurchase agreements | $ 1,708,875,000 | $ 1,924,021,000 |
Asset-specific financings | 123,091,000 | 116,465,000 |
Revolving credit facilities | 0 | 42,008,000 |
Unused Capacity | 516,125,000 | 320,236,000 |
Total Capacity | 2,225,000,000 | 2,225,000,000 |
Carrying value of assets pledged as collateral for repurchase agreements | 2,476,967,000 | 2,585,896,000 |
Loans held-for-investment pledged as collateral for borrowings | 3,800,000,000 | 4,100,000,000 |
Citibank | ||
Line of Credit Facility [Line Items] | ||
Revolving credit facilities | 42,008,000 | |
Unused Capacity | 32,992,000 | |
Total Capacity | 75,000,000 | |
Citibank | Revolving Credit Facility | ||
Line of Credit Facility [Line Items] | ||
Loans held-for-investment pledged as collateral for borrowings | $ 80,473,000 | |
Weighted average borrowing rate of facility | 4.00% | |
Canadian Imperial Bank of Commerce | ||
Line of Credit Facility [Line Items] | ||
Asset-specific financings | 123,091,000 | $ 116,465,000 |
Unused Capacity | 26,909,000 | 33,535,000 |
Total Capacity | 150,000,000 | 150,000,000 |
Canadian Imperial Bank of Commerce | Secured Debt | ||
Line of Credit Facility [Line Items] | ||
Loans held-for-investment pledged as collateral for borrowings | $ 152,929,000 | $ 144,322,000 |
Weighted average borrowing rate of facility | 2.50% | 3.50% |
Loans Held-for-Investment | Morgan Stanley Bank | ||
Line of Credit Facility [Line Items] | ||
Repurchase agreements | $ 435,719,000 | $ 556,887,000 |
Unused Capacity | 164,281,000 | 43,113,000 |
Total Capacity | 600,000,000 | 600,000,000 |
Carrying value of assets pledged as collateral for repurchase agreements | $ 657,066,000 | $ 740,791,000 |
Weighted average borrowing rate of repurchase agreements | 2.30% | 3.90% |
Loans Held-for-Investment | Goldman Sachs Bank USA | ||
Line of Credit Facility [Line Items] | ||
Repurchase agreements | $ 395,990,000 | $ 405,057,000 |
Unused Capacity | 104,010,000 | 94,943,000 |
Total Capacity | 500,000,000 | 500,000,000 |
Carrying value of assets pledged as collateral for repurchase agreements | $ 593,625,000 | $ 541,640,000 |
Weighted average borrowing rate of repurchase agreements | 2.50% | 3.80% |
Loans Held-for-Investment | JPMorgan Chase Bank | ||
Line of Credit Facility [Line Items] | ||
Repurchase agreements | $ 361,797,000 | $ 408,819,000 |
Unused Capacity | 88,203,000 | 41,181,000 |
Total Capacity | 450,000,000 | 450,000,000 |
Carrying value of assets pledged as collateral for repurchase agreements | $ 536,758,000 | $ 553,020,000 |
Weighted average borrowing rate of repurchase agreements | 2.50% | 3.70% |
Loans Held-for-Investment | Citibank | ||
Line of Credit Facility [Line Items] | ||
Repurchase agreements | $ 386,049,000 | $ 339,888,000 |
Unused Capacity | 13,951,000 | 60,112,000 |
Total Capacity | 400,000,000 | 400,000,000 |
Carrying value of assets pledged as collateral for repurchase agreements | $ 504,236,000 | $ 432,867,000 |
Weighted average borrowing rate of repurchase agreements | 1.80% | 3.40% |
Loans Held-for-Investment | Wells Fargo Bank | ||
Line of Credit Facility [Line Items] | ||
Repurchase agreements | $ 129,320,000 | $ 194,113,000 |
Unused Capacity | 145,680,000 | 80,887,000 |
Total Capacity | 275,000,000 | 275,000,000 |
Carrying value of assets pledged as collateral for repurchase agreements | $ 185,282,000 | $ 286,672,000 |
Weighted average borrowing rate of repurchase agreements | 2.10% | 3.50% |
Maximum capacity under collateralized borrowings upon exercise of option to increase | $ 350,000,000 | |
Commercial Mortgage Backed Securities | JPMorgan Chase Bank | ||
Line of Credit Facility [Line Items] | ||
Repurchase agreements | $ 19,257,000 | |
Carrying value of assets pledged as collateral for repurchase agreements | $ 30,906,000 | |
Weighted average borrowing rate of repurchase agreements | 4.10% |
Collateralized Borrowings - Bor
Collateralized Borrowings - Borrowings by Maturity (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Assets Sold under Agreements to Repurchase [Line Items] | ||
Repurchase agreements | $ 1,708,875 | $ 1,924,021 |
Asset-specific financings | 123,091 | $ 116,465 |
Total Amount Outstanding | 1,831,966 | |
2021 | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Repurchase agreements | 961,030 | |
Asset-specific financings | 82,768 | |
Total Amount Outstanding | 1,043,798 | |
2022 | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Repurchase agreements | 361,797 | |
Asset-specific financings | 40,323 | |
Total Amount Outstanding | 402,120 | |
2023 | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Repurchase agreements | 386,048 | |
Asset-specific financings | 0 | |
Total Amount Outstanding | 386,048 | |
2024 | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Repurchase agreements | 0 | |
Asset-specific financings | 0 | |
Total Amount Outstanding | 0 | |
Thereafter | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Repurchase agreements | 0 | |
Asset-specific financings | 0 | |
Total Amount Outstanding | $ 0 |
Collateralized Borrowings - Sch
Collateralized Borrowings - Schedule of Repurchase Agreement Counterparties with Whom Repurchase Agreements Exceed 10 Percent of Stockholders' Equity (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Repurchase Agreement Counterparty [Line Items] | ||
Repurchase agreements | $ 1,708,875 | $ 1,924,021 |
Net counterparty exposure | 803,790 | 665,669 |
Morgan Stanley Bank | ||
Repurchase Agreement Counterparty [Line Items] | ||
Repurchase agreements | 435,719 | 556,887 |
Net counterparty exposure | $ 230,815 | $ 185,022 |
Percent of Equity | 25.00% | 18.00% |
Weighted Average Years to Maturity | 5 months 26 days | 1 year 5 months 26 days |
JPMorgan Chase Bank | ||
Repurchase Agreement Counterparty [Line Items] | ||
Repurchase agreements | $ 361,797 | $ 428,076 |
Net counterparty exposure | $ 187,282 | $ 156,764 |
Percent of Equity | 20.00% | 15.00% |
Weighted Average Years to Maturity | 1 year 6 months | 2 years 4 months 20 days |
Goldman Sachs Bank USA | ||
Repurchase Agreement Counterparty [Line Items] | ||
Repurchase agreements | $ 395,990 | $ 405,057 |
Net counterparty exposure | $ 203,297 | $ 137,326 |
Percent of Equity | 22.00% | 13.00% |
Weighted Average Years to Maturity | 3 months 29 days | 4 months 2 days |
Citibank | ||
Repurchase Agreement Counterparty [Line Items] | ||
Repurchase agreements | $ 386,049 | $ 339,888 |
Net counterparty exposure | $ 124,913 | $ 93,553 |
Percent of Equity | 13.00% | 9.00% |
Weighted Average Years to Maturity | 2 years 7 days | 2 years 6 months 14 days |
Wells Fargo Bank | ||
Repurchase Agreement Counterparty [Line Items] | ||
Repurchase agreements | $ 129,320 | $ 194,113 |
Net counterparty exposure | $ 57,483 | $ 93,004 |
Percent of Equity | 6.00% | 9.00% |
Weighted Average Years to Maturity | 5 months 26 days | 1 year 5 months 26 days |
Securitized Debt Obligations (D
Securitized Debt Obligations (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Transfers and Servicing [Abstract] | ||
Securitized debt obligations | $ 927,128 | $ 1,041,044 |
Weighted average interest rate of securitized debt obligations outstanding | 1.84% | 3.32% |
Debt Instrument, Weighted Average Maturity | 8 months 12 days |
Convertible Senior Notes (Detai
Convertible Senior Notes (Details) | 1 Months Ended | 12 Months Ended | |||
Oct. 31, 2018USD ($) | Jan. 31, 2018USD ($) | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2017USD ($) | |
Debt Instrument, Redemption [Line Items] | |||||
Convertible senior notes | $ 271,250,000 | $ 269,634,000 | |||
Convertible Debt, 2017 Issuance | |||||
Debt Instrument, Redemption [Line Items] | |||||
Proceeds from convertible senior notes | $ 139,500,000 | ||||
Convertible senior notes conversion ratio | 0.0507073 | ||||
Convertible Debt, 2017 Issuance | Convertible Debt | |||||
Debt Instrument, Redemption [Line Items] | |||||
Convertible senior notes interest rate per annum | 5.625% | ||||
Convertible Debt, 2017 Issuance | Convertible Debt | Private Placement | |||||
Debt Instrument, Redemption [Line Items] | |||||
Convertible senior notes aggregate principal amount | $ 125,000,000 | ||||
Convertible Debt, 2017 Issuance | Convertible Debt | Over-Allotment Option | |||||
Debt Instrument, Redemption [Line Items] | |||||
Convertible senior notes aggregate principal amount | $ 18,800,000 | ||||
Convertible Debt, 2018 Issuance | |||||
Debt Instrument, Redemption [Line Items] | |||||
Proceeds from convertible senior notes | $ 127,700,000 | ||||
Convertible senior notes conversion ratio | 0.0488496 | ||||
Convertible Debt, 2018 Issuance | Convertible Debt | |||||
Debt Instrument, Redemption [Line Items] | |||||
Convertible senior notes interest rate per annum | 6.375% | ||||
Convertible Debt, 2018 Issuance | Convertible Debt | Private Placement | |||||
Debt Instrument, Redemption [Line Items] | |||||
Convertible senior notes aggregate principal amount | $ 131,600,000 |
Term Loan (Details)
Term Loan (Details) $ / shares in Units, $ in Thousands | Sep. 28, 2020USD ($)shares | Sep. 25, 2020USD ($)$ / sharesshares | Dec. 31, 2020USD ($)$ / shares | Dec. 31, 2019USD ($)$ / shares |
Debt Instrument [Line Items] | ||||
Total Capacity | $ 2,225,000 | $ 2,225,000 | ||
Common stock par value per share (in usd per share) | $ / shares | $ 0.01 | $ 0.01 | ||
Exercise price of warrants or rights (in usd per share) | $ / shares | $ 6.47 | |||
Term Loan | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, term | 5 years | |||
Total Capacity | $ 300,000 | |||
Number of securities called by warrants or rights (in shares) | shares | 1,516,455 | 6,065,820 | ||
Common stock par value per share (in usd per share) | $ / shares | $ 0.01 | |||
Long-term debt | $ 225,000 | $ 206,448 | $ 0 | |
Unused borrowing capacity, amount | 75,000 | |||
Proceeds from convertible senior notes | $ 210,200 | |||
Debt instrument, interest accrued, percent | 0.50 | |||
Exercise price of warrants or rights (in usd per share) | $ / shares | $ 6.47 | |||
Stock and warrants issued during period, value, preferred stock and warrants | $ 4,500 | |||
Term Loan | Minimum | ||||
Debt Instrument [Line Items] | ||||
Convertible senior notes interest rate per annum | 8.00% | |||
Term Loan | Maximum | ||||
Debt Instrument [Line Items] | ||||
Convertible senior notes interest rate per annum | 9.00% |
Term Loan - Net Carrying Amount
Term Loan - Net Carrying Amount Of Term Loan Facilities (Details) - Term Loan - USD ($) $ in Thousands | Dec. 31, 2020 | Sep. 28, 2020 | Dec. 31, 2019 |
Debt Instrument [Line Items] | |||
Principal outstanding | $ 225,000 | $ 0 | |
Less: Unamortized debt discount and issuance costs | 18,552 | 0 | |
Net carrying value | $ 206,448 | $ 225,000 | $ 0 |
Commitments and Contingencies -
Commitments and Contingencies - Unfunded Commitments (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | ||
Unfunded commitments | $ 503,726 | $ 748,878 |
Weighted average future funding period on unfunded commitments | 3 years |
Preferred Stock (Details)
Preferred Stock (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Equity [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 | $ 100 | $ 100 | $ 100 |
Stockholders' Equity - Common S
Stockholders' Equity - Common Stock Roll Forward (Details) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | ||
Mar. 06, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Class of Stock [Line Items] | ||||
Common stock issued during period (in shares) | 0 | 10,954,924 | 164,940 | |
Proceeds from issuance of common stock, net of offering costs | $ 130,200 | $ 0 | $ 207,514 | $ 3,092 |
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 | 43,235,103 | |
Common stock issued during period (in shares) | 0 | 10,954,924 | 164,940 | |
Restricted stock issued during period (in shares) | 351,877 | 277,107 | 221,131 | |
Common shares outstanding at end of period (in shares) | 55,205,082 | 54,853,205 | 43,621,174 | |
Over-Allotment Option | ||||
Class of Stock [Line Items] | ||||
Proceeds from issuance of common stock, net of offering costs | $ 19,500 | |||
Common Stock | ||||
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 Stock | Over-Allotment Option | ||||
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
Stockholders' Equity - Schedule of Common Dividends Declared (Details) - $ / shares | Dec. 31, 2020 | Dec. 31, 2020 | Dec. 31, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2020 | Dec. 31, 2020 | Dec. 31, 2020 |
Class of Stock [Line Items] | |||||||||
Dividends declared per common share (in usd per share) | $ 0.65 | $ 1.68 | $ 1.62 | ||||||
Common Stock | |||||||||
Class of Stock [Line Items] | |||||||||
Declaration Date | Dec. 18, 2020 | Sep. 28, 2020 | Dec. 18, 2019 | Sep. 18, 2019 | Jun. 20, 2019 | Mar. 20, 2019 | |||
Record Date | Dec. 31, 2020 | Oct. 8, 2020 | Dec. 31, 2019 | Oct. 3, 2019 | Jul. 5, 2019 | Apr. 1, 2019 | |||
Payment Date | Jan. 22, 2021 | Oct. 19, 2020 | Jan. 17, 2020 | Oct. 18, 2019 | Jul. 19, 2019 | Apr. 18, 2019 | |||
Dividends declared per common share (in usd per share) | $ 0.25 | ||||||||
Dividends declared per common share (in usd per share) | $ 0.20 | ||||||||
Dividends declared per common share (in usd per share) | $ 0.20 | $ 0.42 | $ 0.42 | $ 0.42 | $ 0.42 |
Stockholders' Equity Share Repu
Stockholders' Equity Share Repurchase Program (Details) | Dec. 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 | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Class of Stock [Line Items] | |||
Number of shares authorized to be sold under equity distribution agreement (in shares) | 8,000,000 | ||
Number of common shares issued under equity distribution agreement and outstanding as of period-end (in shares) | 3,242,364 | ||
Accumulated proceeds from issuance of common shares under equity distribution agreement | $ 61,200 | ||
Common stock issued during period (in shares) | 0 | 10,954,924 | 164,940 |
Issuance of common stock, net of offering costs | $ 207,514 | $ 3,092 | |
Management fee reimbursements for stock sold | $ 100 | ||
At the Market Offering | |||
Class of Stock [Line Items] | |||
Common stock issued during period (in shares) | 0 | 3,077,424 | |
Issuance of common stock, net of offering costs | $ 58,100 |
Stockholders' Equity - Warrants
Stockholders' Equity - Warrants to Purchase Common Stock (Details) $ / shares in Units, $ in Millions | Dec. 31, 2020USD ($)$ / shares |
Class of Warrant or Right [Line Items] | |
Exercise price of warrants or rights (in usd per share) | $ / shares | $ 6.47 |
Class of warrant or right, value, outstanding | $ 4.5 |
Term Loan | |
Class of Warrant or Right [Line Items] | |
Long-term debt | $ 225 |
Equity Incentive Plan (Details)
Equity Incentive Plan (Details) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of restricted common shares reserved for issuance under equity incentive plan (in shares) | 3,242,306 | |||
Maximum number of shares that an individual may be granted as a proportion of outstanding common stock | 9.80% | |||
Weighted average grant date fair value of restricted common shares granted during period under equity incentive plan (in usd per share) | $ 12.81 | $ 19.31 | $ 17.38 | |
Weighted average grant date fair value of restricted common shares vested during period (in usd per share) | (18.74) | (18.20) | (19.50) | |
Weighted average grant date fair value of restricted common shares forfeited during period (in usd per share) | (18.68) | 0 | 0 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value | $ 14.93 | $ 18.75 | $ 18.04 | $ 19.50 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 973,438 | |||
Restricted Stock | ||||
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) | 367,489 | 277,107 | 221,131 | |
Equity based compensation | $ 5.3 | $ 4.8 | $ 3.5 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 569,535 | 461,371 | 321,134 | 150,000 |
Number of restricted common shares vested during period (in shares) | (243,713) | (136,870) | (49,997) | |
Number of restricted common shares forfeited during period (in shares) | (15,612) | 0 | 0 | |
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount | $ 9.6 | |||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition | 1 year 8 months 12 days | |||
Restricted Stock Units (RSUs) | ||||
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) | 403,903 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 403,903 | 0 | ||
Number of restricted common shares vested during period (in shares) | 0 | |||
Number of restricted common shares forfeited during period (in shares) | 0 | |||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount | $ 4 | |||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition | 4 years 8 months 12 days |
Equity Incentive Plan - Schedul
Equity Incentive Plan - Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |||
Ending balance (in shares) | 973,438 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | |||
Beginning balance (in usd per share) | $ 18.75 | $ 18.04 | $ 19.50 |
Granted (in usd per share) | 12.81 | 19.31 | 17.38 |
Vested (in usd per share) | (18.74) | (18.20) | (19.50) |
Forfeiture (in usd per share) | (18.68) | 0 | 0 |
Ending balance (in usd per share) | $ 14.93 | $ 18.75 | $ 18.04 |
Restricted Stock | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |||
Beginning balance (in shares) | 461,371 | 321,134 | 150,000 |
Number of restricted common shares granted during period under equity incentive plan (in shares) | 367,489 | 277,107 | 221,131 |
Number of restricted common shares vested during period (in shares) | (243,713) | (136,870) | (49,997) |
Number of restricted common shares forfeited during period (in shares) | (15,612) | 0 | 0 |
Ending balance (in shares) | 569,535 | 461,371 | 321,134 |
Restricted Stock Units (RSUs) | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |||
Beginning balance (in shares) | 0 | ||
Number of restricted common shares granted during period under equity incentive plan (in shares) | 403,903 | ||
Number of restricted common shares vested during period (in shares) | 0 | ||
Number of restricted common shares forfeited during period (in shares) | 0 | ||
Ending balance (in shares) | 403,903 | 0 |
Equity Incentive Plan - Summary
Equity Incentive Plan - Summary of Restricted Stock and Restricted Stock Units Vesting Dates (Details) - shares | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 973,438 | |||
2021 | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Vested in period | 339,908 | |||
2022 | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Vested in period | 172,077 | |||
2023 | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Vested in period | 92,585 | |||
2024 | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Vested in period | 0 | |||
2025 | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Vested in period | 368,868 | |||
Restricted Stock | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Vested in period | 243,713 | 136,870 | 49,997 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 569,535 | 461,371 | 321,134 | 150,000 |
Restricted Stock | 2021 | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Vested in period | 304,873 | |||
Restricted Stock | 2022 | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Vested in period | 172,077 | |||
Restricted Stock | 2023 | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Vested in period | 92,585 | |||
Restricted Stock | 2024 | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Vested in period | 0 | |||
Restricted Stock | 2025 | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Vested in period | 0 | |||
Restricted Stock Units (RSUs) | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Vested in period | 0 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 403,903 | 0 | ||
Restricted Stock Units (RSUs) | 2021 | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Vested in period | 35,035 | |||
Restricted Stock Units (RSUs) | 2022 | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Vested in period | 0 | |||
Restricted Stock Units (RSUs) | 2023 | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Vested in period | 0 | |||
Restricted Stock Units (RSUs) | 2024 | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Vested in period | 0 | |||
Restricted Stock Units (RSUs) | 2025 | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Vested in period | 368,868 |
Restructuring Charges (Details)
Restructuring Charges (Details) $ in Millions | Dec. 31, 2020USD ($) |
Restructuring and Related Activities [Abstract] | |
One time cash payment to the manager | $ 44.5 |
Income Taxes - Narrative (Detai
Income Taxes - Narrative (Details) $ in Millions | Dec. 31, 2020USD ($) |
Income Tax Disclosure [Abstract] | |
Sales and excise tax payable, current | $ 0.6 |
Income Taxes - Effective Income
Income Taxes - Effective Income Tax Rate Reconciliation (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | |||||||||||
Computed income tax expense at federal rate | $ (8,368) | $ 14,744 | $ 13,245 | ||||||||
Federal income tax rate applicable to corporations | 21.00% | 21.00% | 21.00% | ||||||||
State taxes, net of federal benefit, if applicable | $ 0 | $ 0 | $ 1 | ||||||||
State taxes, net of federal benefit, if applicable, effective tax rate | 0.00% | 0.00% | 0.00% | ||||||||
Permanent differences in taxable income from GAAP net income | $ (57) | $ (150) | $ (94) | ||||||||
Permanent differences in taxable income to GAAP net income, effective tax rate | 0.00% | 0.00% | 0.00% | ||||||||
Dividends paid deduction | $ 9,018 | $ (14,598) | $ (13,154) | ||||||||
Dividends paid deduction, effective tax rate | (23.00%) | (21.00%) | (21.00%) | ||||||||
(Benefit from) provision for income taxes | $ 608 | $ (4) | $ (5) | $ (6) | $ 0 | $ (1) | $ (2) | $ (1) | $ 593 | $ (4) | $ (2) |
Benefit from income taxes, effective tax rate | (2.00%) | 0.00% | 0.00% |
Earnings Per Share (Details)
Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Numerator: | |||||||||||
Net (loss) income attributable to common stockholders - basic | $ (40,539) | $ 70,114 | $ 62,975 | ||||||||
Interest expense attributable to convertible notes | 0 | 0 | 10,742 | ||||||||
Net (loss) income attributable to common stockholders - diluted | $ (40,539) | $ 70,114 | $ 73,717 | ||||||||
Denominator: | |||||||||||
Weighted average common shares outstanding (in shares) | 54,580,046 | 52,615,977 | 43,123,222 | ||||||||
Weighted average restricted stock shares (in shares) | 576,436 | 471,418 | 322,162 | ||||||||
Basic weighted average shares outstanding (in shares) | 55,205,082 | 55,205,082 | 55,158,283 | 55,056,411 | 54,853,205 | 54,853,205 | 53,953,634 | 48,601,431 | 55,156,482 | 53,087,395 | 43,445,384 |
Effect of dilutive shares issued in an assumed conversion of the convertible senior notes (in shares) | 0 | 0 | 8,594,613 | ||||||||
Diluted weighted average shares outstanding (in shares) | 70,009,741 | 55,205,082 | 55,158,283 | 55,056,411 | 54,853,205 | 54,853,205 | 67,624,395 | 62,256,595 | 55,156,482 | 53,087,395 | 52,039,997 |
(Loss) earnings per share | |||||||||||
Basic (in usd per share) | $ 0.42 | $ (0.45) | $ (0.03) | $ (0.68) | $ 0.32 | $ 0.32 | $ 0.34 | $ 0.35 | $ (0.73) | $ 1.32 | $ 1.45 |
Diluted (in usd per share) | $ 0.39 | $ (0.45) | $ (0.03) | $ (0.68) | $ 0.32 | $ 0.32 | $ 0.33 | $ 0.34 | $ (0.73) | $ 1.32 | $ 1.42 |
Earnings Per Share - Narrative
Earnings Per Share - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | |
Earnings Per Share [Abstract] | |||
Interest expense attributable to antidilutive convertible notes excluded from computation of earnings per share | $ 18.1 | $ 18 | |
Antidilutive convertible notes excluded from computation of earnings per share (in shares) | 13,717,782 | 13,670,796 | |
Deferred debt issuance cost, accretion period | 5 years | ||
Deferred debt issuance cost, adjustments | $ 0.1 | ||
Antidilutive securities excluded from computation of earnings per share, additional warrants, number (in shares) | 1,100,000 |
Related Party Transactions (Det
Related Party Transactions (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Related Party Transaction [Line Items] | |||
Percent per annum of equity used to calculate management fees | 1.50% | ||
Base management fees | $ 15,786 | $ 14,854 | $ 12,509 |
Incentive fees | $ 0 | 244 | 0 |
Pine River Capital Management L.P. | |||
Related Party Transaction [Line Items] | |||
Percent per annum of equity used to calculate management fees | 1.50% | ||
Base management fees | $ 15,800 | 14,900 | 12,500 |
Incentive fees | 200 | ||
Direct and allocated costs incurred by manager | $ 12,300 | $ 11,700 | $ 8,600 |
Cost incurred by manager per share issued (in usd per share) | $ 0.20 |
Subsequent Events (Details)
Subsequent Events (Details) - USD ($) $ in Thousands | Feb. 04, 2021 | Dec. 31, 2020 | Sep. 25, 2020 | Dec. 31, 2019 |
Subsequent Event [Line Items] | ||||
Total Capacity | $ 2,225,000 | $ 2,225,000 | ||
Term Loan | ||||
Subsequent Event [Line Items] | ||||
Total Capacity | $ 300,000 | |||
Subsequent Event | Term Loan | ||||
Subsequent Event [Line Items] | ||||
Total Capacity | $ 349,300 |
Quarterly Financial Data (Detai
Quarterly Financial Data (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Total interest income | $ 54,748 | $ 57,846 | $ 60,944 | $ 64,175 | $ 64,704 | $ 63,444 | $ 59,964 | $ 58,145 | $ 237,713 | $ 246,257 | $ 183,880 |
Total interest expense | 27,370 | 24,014 | 26,562 | 34,989 | 36,275 | 36,362 | 32,337 | 32,008 | 112,935 | 136,982 | 91,523 |
Net interest income | 27,378 | 33,832 | 34,382 | 29,186 | 28,429 | 27,082 | 27,627 | 26,137 | 124,778 | 109,275 | 92,357 |
Total other (loss) income | 8,531 | (4,124) | (21,099) | (52,814) | 95 | 0 | 202 | 913 | (69,506) | 1,210 | 1,446 |
Total expenses | 12,150 | 54,378 | 15,021 | 13,569 | 10,848 | 9,691 | 9,654 | 10,082 | 95,118 | 40,275 | 30,730 |
(Benefit from) provision for income taxes | 608 | (4) | (5) | (6) | 0 | (1) | (2) | (1) | 593 | (4) | (2) |
Dividends on preferred stock | 25 | 25 | 25 | 25 | 25 | 25 | 25 | 25 | 100 | 100 | 100 |
Net (loss) income attributable to common stockholders | $ 23,126 | $ (24,691) | $ (1,758) | $ (37,216) | $ 17,651 | $ 17,367 | $ 18,152 | $ 16,944 | $ (40,539) | $ 70,114 | $ 62,975 |
Basic (loss) earnings per weighted average common share (in usd per share) | $ 0.42 | $ (0.45) | $ (0.03) | $ (0.68) | $ 0.32 | $ 0.32 | $ 0.34 | $ 0.35 | $ (0.73) | $ 1.32 | $ 1.45 |
Diluted earnings per weighted average common share (in usd per share) | $ 0.39 | $ (0.45) | $ (0.03) | $ (0.68) | $ 0.32 | $ 0.32 | $ 0.33 | $ 0.34 | $ (0.73) | $ 1.32 | $ 1.42 |
Basic weighted average shares outstanding (in shares) | 55,205,082 | 55,205,082 | 55,158,283 | 55,056,411 | 54,853,205 | 54,853,205 | 53,953,634 | 48,601,431 | 55,156,482 | 53,087,395 | 43,445,384 |
Diluted weighted average shares outstanding (in shares) | 70,009,741 | 55,205,082 | 55,158,283 | 55,056,411 | 54,853,205 | 54,853,205 | 67,624,395 | 62,256,595 | 55,156,482 | 53,087,395 | 52,039,997 |
SCHEDULE IV (Details)
SCHEDULE IV (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2020USD ($) | |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |
Prior Liens | $ 99,000 |
Face Amount | 3,932,434 |
Carrying Amount | 3,847,803 |
Principal Amount Subject to Delinquent Principal or Interest | 22,267 |
Aggregate tax basis of loans | $ 3,900,000 |
Retail Site | United States, Western Region | Mortgage Loan 1 | |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |
Fixed Interest Rate | 3.34% |
Prior Liens | $ 0 |
Face Amount | 111,553 |
Carrying Amount | 100,445 |
Principal Amount Subject to Delinquent Principal or Interest | $ 0 |
Retail Site | United States, Western Region | Mortgage Loan 17 | |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |
Fixed Interest Rate | 2.80% |
Prior Liens | $ 0 |
Face Amount | 50,201 |
Carrying Amount | 49,397 |
Principal Amount Subject to Delinquent Principal or Interest | $ 0 |
Retail Site | United States, Southeastern Region | Mortgage Loan 95 | |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |
Fixed Interest Rate | 3.96% |
Prior Liens | $ 0 |
Face Amount | 11,446 |
Carrying Amount | 11,325 |
Principal Amount Subject to Delinquent Principal or Interest | $ 0 |
Mixed Use Property | United States, Western Region | Mortgage Loan 51 | |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |
Fixed Interest Rate | 3.15% |
Prior Liens | $ 0 |
Face Amount | 26,027 |
Carrying Amount | 25,758 |
Principal Amount Subject to Delinquent Principal or Interest | $ 0 |
Mixed Use Property | United States, Southwestern Region | Mortgage Loan 2 | |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |
Fixed Interest Rate | 4.15% |
Prior Liens | $ 0 |
Face Amount | 120,000 |
Carrying Amount | 118,816 |
Principal Amount Subject to Delinquent Principal or Interest | $ 0 |
Mixed Use Property | United States, Southwestern Region | Mortgage Loan 11 | |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |
Fixed Interest Rate | 2.69% |
Prior Liens | $ 0 |
Face Amount | 80,305 |
Carrying Amount | 79,563 |
Principal Amount Subject to Delinquent Principal or Interest | $ 0 |
Mixed Use Property | United States, Northeastern Region | Mortgage Loan 8 | |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |
Fixed Interest Rate | 3.75% |
Prior Liens | $ 0 |
Face Amount | 65,487 |
Carrying Amount | 65,122 |
Principal Amount Subject to Delinquent Principal or Interest | $ 0 |
Mixed Use Property | United States, Northeastern Region | Mortgage Loan 40 | |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |
Fixed Interest Rate | 2.75% |
Prior Liens | $ 0 |
Face Amount | 32,440 |
Carrying Amount | 32,053 |
Principal Amount Subject to Delinquent Principal or Interest | $ 0 |
Mixed Use Property | United States, Northeastern Region | Mortgage Loan 41 | |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |
Fixed Interest Rate | 4.24% |
Prior Liens | $ 0 |
Face Amount | 40,000 |
Carrying Amount | 38,570 |
Principal Amount Subject to Delinquent Principal or Interest | $ 0 |
Mixed Use Property | United States, Northeastern Region | Mortgage Loan 46 | |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |
Fixed Interest Rate | 5.00% |
Prior Liens | $ 0 |
Face Amount | 31,098 |
Carrying Amount | 30,908 |
Principal Amount Subject to Delinquent Principal or Interest | $ 0 |
Mixed Use Property | United States, Northeastern Region | Mortgage Loan 83 | |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |
Fixed Interest Rate | 3.24% |
Prior Liens | $ 0 |
Face Amount | 18,432 |
Carrying Amount | 18,153 |
Principal Amount Subject to Delinquent Principal or Interest | $ 0 |
Mixed Use Property | United States, Northeastern Region | Mortgage Loan 90 | |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |
Fixed Interest Rate | 4.77% |
Prior Liens | $ 0 |
Face Amount | 16,907 |
Carrying Amount | 16,805 |
Principal Amount Subject to Delinquent Principal or Interest | $ 0 |
Mixed Use Property | United States, Southeastern Region | Mortgage Loan 13 | |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |
Fixed Interest Rate | 3.36% |
Prior Liens | $ 0 |
Face Amount | 76,323 |
Carrying Amount | 75,225 |
Principal Amount Subject to Delinquent Principal or Interest | $ 0 |
Office Building | United States, Western Region | Mortgage Loan 3 | |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |
Fixed Interest Rate | 3.24% |
Prior Liens | $ 0 |
Face Amount | 90,249 |
Carrying Amount | 88,814 |
Principal Amount Subject to Delinquent Principal or Interest | $ 0 |
Office Building | United States, Western Region | Mortgage Loan 21 | |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |
Fixed Interest Rate | 3.00% |
Prior Liens | $ 0 |
Face Amount | 60,200 |
Carrying Amount | 59,866 |
Principal Amount Subject to Delinquent Principal or Interest | $ 0 |
Office Building | United States, Western Region | Mortgage Loan 47 | |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |
Fixed Interest Rate | 4.07% |
Prior Liens | $ 0 |
Face Amount | 30,258 |
Carrying Amount | 29,593 |
Principal Amount Subject to Delinquent Principal or Interest | $ 0 |
Office Building | United States, Western Region | Mortgage Loan 54 | |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |
Fixed Interest Rate | 3.32% |
Prior Liens | $ 0 |
Face Amount | 17,469 |
Carrying Amount | 17,319 |
Principal Amount Subject to Delinquent Principal or Interest | $ 0 |
Office Building | United States, Western Region | Mortgage Loan 60 | |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |
Fixed Interest Rate | 3.40% |
Prior Liens | $ 0 |
Face Amount | 27,788 |
Carrying Amount | 27,502 |
Principal Amount Subject to Delinquent Principal or Interest | $ 0 |
Office Building | United States, Western Region | Mortgage Loan 70 | |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |
Fixed Interest Rate | 3.87% |
Prior Liens | $ 0 |
Face Amount | 22,267 |
Carrying Amount | 17,835 |
Principal Amount Subject to Delinquent Principal or Interest | $ 22,267 |
Office Building | United States, Western Region | Mortgage Loan 73 | |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |
Fixed Interest Rate | 2.66% |
Prior Liens | $ 0 |
Face Amount | 23,900 |
Carrying Amount | 23,784 |
Principal Amount Subject to Delinquent Principal or Interest | $ 0 |
Office Building | United States, Western Region | Mortgage Loan 79 | |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |
Fixed Interest Rate | 4.05% |
Prior Liens | $ 0 |
Face Amount | 23,000 |
Carrying Amount | 22,954 |
Principal Amount Subject to Delinquent Principal or Interest | $ 0 |
Office Building | United States, Western Region | Mortgage Loan 93 | |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |
Fixed Interest Rate | 3.75% |
Prior Liens | $ 0 |
Face Amount | 11,673 |
Carrying Amount | 11,419 |
Principal Amount Subject to Delinquent Principal or Interest | $ 0 |
Office Building | United States, Southwestern Region | Mortgage Loan 22 | |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |
Fixed Interest Rate | 2.90% |
Prior Liens | $ 0 |
Face Amount | 52,459 |
Carrying Amount | 52,168 |
Principal Amount Subject to Delinquent Principal or Interest | $ 0 |
Office Building | United States, Southwestern Region | Mortgage Loan 23 | |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |
Fixed Interest Rate | 4.75% |
Prior Liens | $ 0 |
Face Amount | 55,727 |
Carrying Amount | 55,706 |
Principal Amount Subject to Delinquent Principal or Interest | $ 0 |
Office Building | United States, Southwestern Region | Mortgage Loan 38 | |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |
Fixed Interest Rate | 2.93% |
Prior Liens | $ 0 |
Face Amount | 44,010 |
Carrying Amount | 43,780 |
Principal Amount Subject to Delinquent Principal or Interest | $ 0 |
Office Building | United States, Southwestern Region | Mortgage Loan 53 | |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |
Fixed Interest Rate | 2.97% |
Prior Liens | $ 0 |
Face Amount | 27,536 |
Carrying Amount | 27,349 |
Principal Amount Subject to Delinquent Principal or Interest | $ 0 |
Office Building | United States, Southwestern Region | Mortgage Loan 57 | |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |
Fixed Interest Rate | 3.50% |
Prior Liens | $ 0 |
Face Amount | 28,941 |
Carrying Amount | 28,676 |
Principal Amount Subject to Delinquent Principal or Interest | $ 0 |
Office Building | United States, Southwestern Region | Mortgage Loan 58 | |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |
Fixed Interest Rate | 4.10% |
Prior Liens | $ 0 |
Face Amount | 28,750 |
Carrying Amount | 28,494 |
Principal Amount Subject to Delinquent Principal or Interest | $ 0 |
Office Building | United States, Midwestern Region | Mortgage Loan 5 | |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |
Fixed Interest Rate | 2.80% |
Prior Liens | $ 0 |
Face Amount | 86,867 |
Carrying Amount | 86,161 |
Principal Amount Subject to Delinquent Principal or Interest | $ 0 |
Office Building | United States, Midwestern Region | Mortgage Loan 6 | |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |
Fixed Interest Rate | 3.69% |
Prior Liens | $ 0 |
Face Amount | 75,318 |
Carrying Amount | 74,385 |
Principal Amount Subject to Delinquent Principal or Interest | $ 0 |
Office Building | United States, Midwestern Region | Mortgage Loan 33 | |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |
Fixed Interest Rate | 4.38% |
Prior Liens | $ 0 |
Face Amount | 39,857 |
Carrying Amount | 39,404 |
Principal Amount Subject to Delinquent Principal or Interest | $ 0 |
Office Building | United States, Midwestern Region | Mortgage Loan 87 | |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |
Fixed Interest Rate | 10.00% |
Prior Liens | $ 0 |
Face Amount | 16,125 |
Carrying Amount | 15,840 |
Principal Amount Subject to Delinquent Principal or Interest | $ 0 |
Office Building | United States, Northeastern Region | Mortgage Loan 10 | |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |
Fixed Interest Rate | 3.50% |
Prior Liens | $ 0 |
Face Amount | 82,886 |
Carrying Amount | 82,546 |
Principal Amount Subject to Delinquent Principal or Interest | $ 0 |
Office Building | United States, Northeastern Region | Mortgage Loan 14 | |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |
Fixed Interest Rate | 4.07% |
Prior Liens | $ 0 |
Face Amount | 53,938 |
Carrying Amount | 52,935 |
Principal Amount Subject to Delinquent Principal or Interest | $ 0 |
Office Building | United States, Northeastern Region | Mortgage Loan 18 | |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |
Fixed Interest Rate | 3.85% |
Prior Liens | $ 0 |
Face Amount | 67,057 |
Carrying Amount | 58,769 |
Principal Amount Subject to Delinquent Principal or Interest | $ 0 |
Office Building | United States, Northeastern Region | Mortgage Loan 26 | |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |
Fixed Interest Rate | 3.61% |
Prior Liens | $ 0 |
Face Amount | 43,956 |
Carrying Amount | 43,234 |
Principal Amount Subject to Delinquent Principal or Interest | $ 0 |
Office Building | United States, Northeastern Region | Mortgage Loan 27 | |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |
Fixed Interest Rate | 4.70% |
Prior Liens | $ 0 |
Face Amount | 51,743 |
Carrying Amount | 46,891 |
Principal Amount Subject to Delinquent Principal or Interest | $ 0 |
Office Building | United States, Northeastern Region | Mortgage Loan 43 | |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |
Fixed Interest Rate | 3.70% |
Prior Liens | $ 0 |
Face Amount | 35,500 |
Carrying Amount | 34,977 |
Principal Amount Subject to Delinquent Principal or Interest | $ 0 |
Office Building | United States, Northeastern Region | Mortgage Loan 49 | |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |
Fixed Interest Rate | 4.40% |
Prior Liens | $ 0 |
Face Amount | 29,795 |
Carrying Amount | 29,524 |
Principal Amount Subject to Delinquent Principal or Interest | $ 0 |
Office Building | United States, Northeastern Region | Mortgage Loan 59 | |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |
Fixed Interest Rate | 2.90% |
Prior Liens | $ 0 |
Face Amount | 26,710 |
Carrying Amount | 26,415 |
Principal Amount Subject to Delinquent Principal or Interest | $ 0 |
Office Building | United States, Northeastern Region | Mortgage Loan 62 | |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |
Fixed Interest Rate | 2.97% |
Prior Liens | $ 0 |
Face Amount | 26,901 |
Carrying Amount | 26,743 |
Principal Amount Subject to Delinquent Principal or Interest | $ 0 |
Office Building | United States, Northeastern Region | Mortgage Loan 63 | |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |
Fixed Interest Rate | 3.90% |
Prior Liens | $ 0 |
Face Amount | 27,500 |
Carrying Amount | 22,596 |
Principal Amount Subject to Delinquent Principal or Interest | $ 0 |
Office Building | United States, Northeastern Region | Mortgage Loan 68 | |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |
Fixed Interest Rate | 2.95% |
Prior Liens | $ 0 |
Face Amount | 21,811 |
Carrying Amount | 21,638 |
Principal Amount Subject to Delinquent Principal or Interest | $ 0 |
Office Building | United States, Northeastern Region | Mortgage Loan 77 | |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |
Fixed Interest Rate | 4.77% |
Prior Liens | $ 0 |
Face Amount | 21,610 |
Carrying Amount | 21,462 |
Principal Amount Subject to Delinquent Principal or Interest | $ 0 |
Office Building | United States, Northeastern Region | Mortgage Loan 102 | |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |
Fixed Interest Rate | 2.80% |
Prior Liens | $ 0 |
Face Amount | 25,222 |
Carrying Amount | 24,963 |
Principal Amount Subject to Delinquent Principal or Interest | $ 0 |
Office Building | United States, Southeastern Region | Mortgage Loan 9 | |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |
Fixed Interest Rate | 2.55% |
Prior Liens | $ 0 |
Face Amount | 66,717 |
Carrying Amount | 65,725 |
Principal Amount Subject to Delinquent Principal or Interest | $ 0 |
Office Building | United States, Southeastern Region | Mortgage Loan 16 | |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |
Fixed Interest Rate | 3.75% |
Prior Liens | $ 0 |
Face Amount | 68,000 |
Carrying Amount | 67,901 |
Principal Amount Subject to Delinquent Principal or Interest | $ 0 |
Office Building | United States, Southeastern Region | Mortgage Loan 24 | |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |
Fixed Interest Rate | 3.73% |
Prior Liens | $ 0 |
Face Amount | 54,480 |
Carrying Amount | 54,316 |
Principal Amount Subject to Delinquent Principal or Interest | $ 0 |
Office Building | United States, Southeastern Region | Mortgage Loan 42 | |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |
Fixed Interest Rate | 3.18% |
Prior Liens | $ 0 |
Face Amount | 34,462 |
Carrying Amount | 34,366 |
Principal Amount Subject to Delinquent Principal or Interest | $ 0 |
Office Building | United States, Southeastern Region | Mortgage Loan 66 | |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |
Fixed Interest Rate | 3.15% |
Prior Liens | $ 0 |
Face Amount | 25,955 |
Carrying Amount | 25,598 |
Principal Amount Subject to Delinquent Principal or Interest | $ 0 |
Office Building | United States, Southeastern Region | Mortgage Loan 72 | |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |
Fixed Interest Rate | 4.07% |
Prior Liens | $ 0 |
Face Amount | 25,133 |
Carrying Amount | 24,613 |
Principal Amount Subject to Delinquent Principal or Interest | $ 0 |
Office Building | United States, Southeastern Region | Mortgage Loan 81 | |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |
Fixed Interest Rate | 4.05% |
Prior Liens | $ 0 |
Face Amount | 22,235 |
Carrying Amount | 22,177 |
Principal Amount Subject to Delinquent Principal or Interest | $ 0 |
Office Building | United States, Southeastern Region | Mortgage Loan 94 | |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |
Fixed Interest Rate | 3.15% |
Prior Liens | $ 0 |
Face Amount | 16,214 |
Carrying Amount | 16,088 |
Principal Amount Subject to Delinquent Principal or Interest | $ 0 |
Multifamily | United States, Southwestern Region | Mortgage Loan 34 | |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |
Fixed Interest Rate | 4.07% |
Prior Liens | $ 0 |
Face Amount | 32,115 |
Carrying Amount | 32,062 |
Principal Amount Subject to Delinquent Principal or Interest | $ 0 |
Multifamily | United States, Southwestern Region | Mortgage Loan 35 | |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |
Fixed Interest Rate | 2.84% |
Prior Liens | $ 0 |
Face Amount | 41,355 |
Carrying Amount | 40,789 |
Principal Amount Subject to Delinquent Principal or Interest | $ 0 |
Multifamily | United States, Southwestern Region | Mortgage Loan 45 | |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |
Fixed Interest Rate | 2.85% |
Prior Liens | $ 0 |
Face Amount | 30,196 |
Carrying Amount | 29,938 |
Principal Amount Subject to Delinquent Principal or Interest | $ 0 |
Multifamily | United States, Southwestern Region | Mortgage Loan 64 | |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |
Fixed Interest Rate | 3.83% |
Prior Liens | $ 0 |
Face Amount | 24,000 |
Carrying Amount | 23,851 |
Principal Amount Subject to Delinquent Principal or Interest | $ 0 |
Multifamily | United States, Southwestern Region | Mortgage Loan 69 | |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |
Fixed Interest Rate | 3.50% |
Prior Liens | $ 0 |
Face Amount | 25,893 |
Carrying Amount | 25,623 |
Principal Amount Subject to Delinquent Principal or Interest | $ 0 |
Multifamily | United States, Southwestern Region | Mortgage Loan 71 | |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |
Fixed Interest Rate | 4.50% |
Prior Liens | $ 0 |
Face Amount | 25,500 |
Carrying Amount | 24,937 |
Principal Amount Subject to Delinquent Principal or Interest | $ 0 |
Multifamily | United States, Southwestern Region | Mortgage Loan 74 | |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |
Fixed Interest Rate | 3.00% |
Prior Liens | $ 0 |
Face Amount | 18,211 |
Carrying Amount | 18,070 |
Principal Amount Subject to Delinquent Principal or Interest | $ 0 |
Multifamily | United States, Southwestern Region | Mortgage Loan 86 | |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |
Fixed Interest Rate | 2.90% |
Prior Liens | $ 0 |
Face Amount | 19,523 |
Carrying Amount | 19,394 |
Principal Amount Subject to Delinquent Principal or Interest | $ 0 |
Multifamily | United States, Midwestern Region | Mortgage Loan 4 | |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |
Fixed Interest Rate | 2.75% |
Prior Liens | $ 0 |
Face Amount | 87,157 |
Carrying Amount | 85,936 |
Principal Amount Subject to Delinquent Principal or Interest | $ 0 |
Multifamily | United States, Midwestern Region | Mortgage Loan 32 | |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |
Fixed Interest Rate | 4.50% |
Prior Liens | $ 0 |
Face Amount | 47,281 |
Carrying Amount | 47,139 |
Principal Amount Subject to Delinquent Principal or Interest | $ 0 |
Multifamily | United States, Midwestern Region | Mortgage Loan 36 | |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |
Fixed Interest Rate | 2.93% |
Prior Liens | $ 0 |
Face Amount | 36,168 |
Carrying Amount | 35,999 |
Principal Amount Subject to Delinquent Principal or Interest | $ 0 |
Multifamily | United States, Midwestern Region | Mortgage Loan 48 | |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |
Fixed Interest Rate | 2.92% |
Prior Liens | $ 0 |
Face Amount | 28,917 |
Carrying Amount | 28,433 |
Principal Amount Subject to Delinquent Principal or Interest | $ 0 |
Multifamily | United States, Midwestern Region | Mortgage Loan 56 | |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |
Fixed Interest Rate | 2.75% |
Prior Liens | $ 0 |
Face Amount | 31,120 |
Carrying Amount | 30,904 |
Principal Amount Subject to Delinquent Principal or Interest | $ 0 |
Multifamily | United States, Midwestern Region | Mortgage Loan 65 | |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |
Fixed Interest Rate | 2.90% |
Prior Liens | $ 0 |
Face Amount | 24,274 |
Carrying Amount | 24,073 |
Principal Amount Subject to Delinquent Principal or Interest | $ 0 |
Multifamily | United States, Midwestern Region | Mortgage Loan 91 | |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |
Fixed Interest Rate | 2.97% |
Prior Liens | $ 0 |
Face Amount | 18,445 |
Carrying Amount | 18,291 |
Principal Amount Subject to Delinquent Principal or Interest | $ 0 |
Multifamily | United States, Midwestern Region | Mortgage Loan 97 | |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |
Fixed Interest Rate | 3.75% |
Prior Liens | $ 0 |
Face Amount | 13,056 |
Carrying Amount | 12,937 |
Principal Amount Subject to Delinquent Principal or Interest | $ 0 |
Multifamily | United States, Midwestern Region | Mortgage Loan 101 | |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |
Fixed Interest Rate | 3.30% |
Prior Liens | $ 0 |
Face Amount | 43,364 |
Carrying Amount | 42,163 |
Principal Amount Subject to Delinquent Principal or Interest | $ 0 |
Multifamily | United States, Midwestern Region | Mortgage Loan 103 | |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |
Fixed Interest Rate | 3.42% |
Prior Liens | $ 0 |
Face Amount | 12,733 |
Carrying Amount | 12,376 |
Principal Amount Subject to Delinquent Principal or Interest | $ 0 |
Multifamily | United States, Northeastern Region | Mortgage Loan 12 | |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |
Fixed Interest Rate | 3.07% |
Prior Liens | $ 0 |
Face Amount | 73,163 |
Carrying Amount | 72,667 |
Principal Amount Subject to Delinquent Principal or Interest | $ 0 |
Multifamily | United States, Northeastern Region | Mortgage Loan 67 | |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |
Fixed Interest Rate | 5.13% |
Prior Liens | $ 0 |
Face Amount | 26,000 |
Carrying Amount | 25,585 |
Principal Amount Subject to Delinquent Principal or Interest | $ 0 |
Multifamily | United States, Northeastern Region | Mortgage Loan 98 | |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |
Fixed Interest Rate | 2.99% |
Prior Liens | $ 0 |
Face Amount | 11,781 |
Carrying Amount | 11,704 |
Principal Amount Subject to Delinquent Principal or Interest | $ 0 |
Multifamily | United States, Southeastern Region | Mortgage Loan 25 | |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |
Fixed Interest Rate | 3.30% |
Prior Liens | $ 0 |
Face Amount | 50,404 |
Carrying Amount | 50,033 |
Principal Amount Subject to Delinquent Principal or Interest | $ 0 |
Multifamily | United States, Southeastern Region | Mortgage Loan 61 | |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |
Fixed Interest Rate | 3.18% |
Prior Liens | $ 0 |
Face Amount | 18,500 |
Carrying Amount | 18,261 |
Principal Amount Subject to Delinquent Principal or Interest | $ 0 |
Multifamily | United States, Southeastern Region | Mortgage Loan 78 | |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |
Fixed Interest Rate | 2.95% |
Prior Liens | $ 0 |
Face Amount | 20,000 |
Carrying Amount | 19,813 |
Principal Amount Subject to Delinquent Principal or Interest | $ 0 |
Multifamily | United States, Southeastern Region | Mortgage Loan 100 | |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |
Fixed Interest Rate | 3.25% |
Prior Liens | $ 0 |
Face Amount | 51,495 |
Carrying Amount | 50,743 |
Principal Amount Subject to Delinquent Principal or Interest | $ 0 |
Hotel | United States, Western Region | Mortgage Loan 31 | |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |
Fixed Interest Rate | 4.15% |
Prior Liens | $ 0 |
Face Amount | 48,964 |
Carrying Amount | 48,670 |
Principal Amount Subject to Delinquent Principal or Interest | $ 0 |
Hotel | United States, Western Region | Mortgage Loan 44 | |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |
Fixed Interest Rate | 3.60% |
Prior Liens | $ 0 |
Face Amount | 28,132 |
Carrying Amount | 27,948 |
Principal Amount Subject to Delinquent Principal or Interest | $ 0 |
Hotel | United States, Western Region | Mortgage Loan 76 | |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |
Fixed Interest Rate | 4.21% |
Prior Liens | $ 0 |
Face Amount | 23,490 |
Carrying Amount | 23,193 |
Principal Amount Subject to Delinquent Principal or Interest | $ 0 |
Hotel | United States, Western Region | Mezzanine Loan | |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |
Fixed Interest Rate | 8.00% |
Prior Liens | $ 40,000 |
Face Amount | 14,235 |
Carrying Amount | 10,065 |
Principal Amount Subject to Delinquent Principal or Interest | $ 0 |
Hotel | United States, Southwestern Region | Mortgage Loan 7 | |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |
Fixed Interest Rate | 3.45% |
Prior Liens | $ 0 |
Face Amount | 70,578 |
Carrying Amount | 62,793 |
Principal Amount Subject to Delinquent Principal or Interest | $ 0 |
Hotel | United States, Southwestern Region | Mortgage Loan 15 | |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |
Fixed Interest Rate | 4.45% |
Prior Liens | $ 0 |
Face Amount | 73,971 |
Carrying Amount | 72,320 |
Principal Amount Subject to Delinquent Principal or Interest | $ 0 |
Hotel | United States, Southwestern Region | Mortgage Loan 80 | |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |
Fixed Interest Rate | 4.21% |
Prior Liens | $ 0 |
Face Amount | 17,554 |
Carrying Amount | 16,992 |
Principal Amount Subject to Delinquent Principal or Interest | $ 0 |
Hotel | United States, Midwestern Region | Mortgage Loan 19 | |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |
Fixed Interest Rate | 3.78% |
Prior Liens | $ 0 |
Face Amount | 64,000 |
Carrying Amount | 63,389 |
Principal Amount Subject to Delinquent Principal or Interest | $ 0 |
Hotel | United States, Midwestern Region | Mortgage Loan 55 | |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |
Fixed Interest Rate | 2.80% |
Prior Liens | $ 0 |
Face Amount | 29,325 |
Carrying Amount | 29,054 |
Principal Amount Subject to Delinquent Principal or Interest | $ 0 |
Hotel | United States, Midwestern Region | Mortgage Loan 75 | |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |
Fixed Interest Rate | 4.90% |
Prior Liens | $ 0 |
Face Amount | 23,385 |
Carrying Amount | 22,995 |
Principal Amount Subject to Delinquent Principal or Interest | $ 0 |
Hotel | United States, Midwestern Region | Mortgage Loan 85 | |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |
Fixed Interest Rate | 2.93% |
Prior Liens | $ 0 |
Face Amount | 20,573 |
Carrying Amount | 20,342 |
Principal Amount Subject to Delinquent Principal or Interest | $ 0 |
Hotel | United States, Northeastern Region | Mortgage Loan 50 | |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |
Fixed Interest Rate | 5.11% |
Prior Liens | $ 0 |
Face Amount | 33,800 |
Carrying Amount | 33,542 |
Principal Amount Subject to Delinquent Principal or Interest | $ 0 |
Hotel | United States, Northeastern Region | Mortgage Loan 88 | |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |
Fixed Interest Rate | 3.20% |
Prior Liens | $ 0 |
Face Amount | 16,332 |
Carrying Amount | 16,165 |
Principal Amount Subject to Delinquent Principal or Interest | $ 0 |
Hotel | United States, Northeastern Region | Mortgage Loan 89 | |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |
Fixed Interest Rate | 4.29% |
Prior Liens | $ 0 |
Face Amount | 18,700 |
Carrying Amount | 18,647 |
Principal Amount Subject to Delinquent Principal or Interest | $ 0 |
Hotel | United States, Northeastern Region | Mezzanine Loan | |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |
Fixed Interest Rate | 13.00% |
Prior Liens | $ 59,000 |
Face Amount | 2,366 |
Carrying Amount | 0 |
Principal Amount Subject to Delinquent Principal or Interest | $ 0 |
Hotel | United States, Southeastern Region | Mortgage Loan 20 | |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |
Fixed Interest Rate | 4.10% |
Prior Liens | $ 0 |
Face Amount | 65,306 |
Carrying Amount | 64,940 |
Principal Amount Subject to Delinquent Principal or Interest | $ 0 |
Industrial Property | United States, Western Region | Mortgage Loan 39 | |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |
Fixed Interest Rate | 3.20% |
Prior Liens | $ 0 |
Face Amount | 41,229 |
Carrying Amount | 40,781 |
Principal Amount Subject to Delinquent Principal or Interest | $ 0 |
Industrial Property | United States, Northeastern Region | Mortgage Loan 28 | |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |
Fixed Interest Rate | 2.99% |
Prior Liens | $ 0 |
Face Amount | 51,000 |
Carrying Amount | 50,728 |
Principal Amount Subject to Delinquent Principal or Interest | $ 0 |
Industrial Property | United States, Northeastern Region | Mortgage Loan 29 | |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |
Fixed Interest Rate | 3.25% |
Prior Liens | $ 0 |
Face Amount | 28,562 |
Carrying Amount | 28,435 |
Principal Amount Subject to Delinquent Principal or Interest | $ 0 |
Industrial Property | United States, Northeastern Region | Mortgage Loan 30 | |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |
Fixed Interest Rate | 3.60% |
Prior Liens | $ 0 |
Face Amount | 50,144 |
Carrying Amount | 49,904 |
Principal Amount Subject to Delinquent Principal or Interest | $ 0 |
Industrial Property | United States, Northeastern Region | Mortgage Loan 37 | |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |
Fixed Interest Rate | 3.60% |
Prior Liens | $ 0 |
Face Amount | 46,000 |
Carrying Amount | 45,465 |
Principal Amount Subject to Delinquent Principal or Interest | $ 0 |
Industrial Property | United States, Northeastern Region | Mortgage Loan 52 | |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |
Fixed Interest Rate | 2.70% |
Prior Liens | $ 0 |
Face Amount | 29,778 |
Carrying Amount | 29,417 |
Principal Amount Subject to Delinquent Principal or Interest | $ 0 |
Industrial Property | United States, Northeastern Region | Mortgage Loan 82 | |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |
Fixed Interest Rate | 4.44% |
Prior Liens | $ 0 |
Face Amount | 15,971 |
Carrying Amount | 15,856 |
Principal Amount Subject to Delinquent Principal or Interest | $ 0 |
Industrial Property | United States, Northeastern Region | Mortgage Loan 92 | |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |
Fixed Interest Rate | 3.40% |
Prior Liens | $ 0 |
Face Amount | 18,285 |
Carrying Amount | 18,121 |
Principal Amount Subject to Delinquent Principal or Interest | $ 0 |
Other Property | United States, Northeastern Region | Mortgage Loan 84 | |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |
Fixed Interest Rate | 3.42% |
Prior Liens | $ 0 |
Face Amount | 19,665 |
Carrying Amount | 19,654 |
Principal Amount Subject to Delinquent Principal or Interest | $ 0 |