Granite Point Mortgage Trust (GPMT) 10-Q 6 May 21 2021 Q1 Quarterly report Financial data

Cover Page

Cover Page - shares	3 Months Ended
	Mar. 31, 2021	May 03, 2021
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2021
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 Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		55,107,657
Entity Central Index Key	0001703644
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q1
Amendment Flag	false

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands		Mar. 31, 2021	Dec. 31, 2020
ASSETS
Loans held-for-investment		$ 3,859,269	$ 3,914,469
Allowance for credit losses		(59,433)	(66,666)
Loans held-for-investment, net		3,799,836	3,847,803
Cash and cash equivalents		255,411	261,419
Restricted cash		3,679	67,774
Accrued interest receivable		12,292	12,388
Other assets		28,439	30,264
Total Assets	[1]	4,099,657	4,219,648
Liabilities
Repurchase facilities		1,238,541	1,708,875
Securitized debt obligations		925,384	927,128
Asset-specific financings		123,091	123,091
Term financing facility		346,861	0
Convertible senior notes		271,649	271,250
Senior secured term loan facilities		207,103	206,448
Dividends payable		14,033	25,049
Other liabilities		23,098	22,961
Total Liabilities	[1]	3,149,760	3,284,802
Commitments and Contingencies (see Note 10)
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 55,107,657 and 55,136,885 shares issued and outstanding, respectively		551	552
Additional paid-in capital		1,059,267	1,058,298
Cumulative earnings		131,156	103,165
Cumulative distributions to stockholders		(242,202)	(228,169)
Total Granite Point Mortgage Trust, Inc. Stockholders’ Equity		948,772	933,846
Non-controlling interests		125	0
Total Equity		948,897	933,846
Total Liabilities and Stockholders’ Equity		$ 4,099,657	$ 4,219,648
[1]	The condensed consolidated balance sheets include assets of consolidated variable interest entities, or VIEs, that can only be used to settle obligations of these VIEs, and liabilities of the consolidated VIEs for which creditors do not have recourse to Granite Point Mortgage Trust Inc. At March 31, 2021 and December 31, 2020, assets of the VIEs totaled $1,260,455 and $1,255,932, respectively, and liabilities of the VIEs totaled $926,871 and $928,220, respectively. See Note 4 - Variable Interest Entities and Securitized Debt Obligations for additional information.

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands		Mar. 31, 2021	Dec. 31, 2020
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		50,000,000	50,000,000
10% cumulative redeemable preferred shares issued		1,000	1,000
10% cumulative redeemable preferred shares outstanding		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		450,000,000	450,000,000
Common shares issued		55,107,657	55,136,885
Common shares outstanding		55,107,657	55,136,885
Assets of consolidated Variable Interest Entities	[1]	$ 4,099,657	$ 4,219,648
Total Liabilities	[1]	3,149,760	3,284,802
Variable Interest Entity, Primary Beneficiary
Variable Interest Entity [Line Items]
Assets of consolidated Variable Interest Entities		1,260,455	1,255,932
Total Liabilities		926,871	928,220
Variable Interest Entity, Primary Beneficiary | Total Assets
Variable Interest Entity [Line Items]
Assets of consolidated Variable Interest Entities		1,260,455	1,255,932
Variable Interest Entity, Primary Beneficiary | Total Liabilities
Variable Interest Entity [Line Items]
Total Liabilities		$ 926,871	$ 928,220
[1]	The condensed consolidated balance sheets include assets of consolidated variable interest entities, or VIEs, that can only be used to settle obligations of these VIEs, and liabilities of the consolidated VIEs for which creditors do not have recourse to Granite Point Mortgage Trust Inc. At March 31, 2021 and December 31, 2020, assets of the VIEs totaled $1,260,455 and $1,255,932, respectively, and liabilities of the VIEs totaled $926,871 and $928,220, respectively. See Note 4 - Variable Interest Entities and Securitized Debt Obligations for additional information.

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Interest income:
Loans held-for-investment	$ 54,039	$ 63,259
Available-for-sale securities	0	280
Held-to-maturity securities	0	310
Cash and cash equivalents	100	326
Total interest income	54,139	64,175
Interest expense:
Repurchase facilities	8,951	19,675
Securitized debt obligations	4,617	9,434
Convertible senior notes	4,518	4,516
Term financing facility	2,122	0
Asset-specific financings	877	1,122
Revolving credit facilities	0	242
Senior secured term loan facilities	5,280	0
Total interest expense	26,365	34,989
Net interest income	27,774	29,186
Other income (loss):
Benefit from (provision for) credit losses	9,119	(53,336)
Fee income	0	522
Total other income (loss)	9,119	(52,814)
Expenses:
Base management fees	0	3,907
Compensation and benefits	5,460	4,373
Servicing expenses	1,316	1,109
Other operating expenses	2,127	4,180
Total expenses	8,903	13,569
Income (loss) before income taxes	27,990	(37,197)
Benefit from income taxes	(1)	(6)
Net income (loss)	27,991	(37,191)
Dividends on preferred stock	25	25
Net income (loss) attributable to common stockholders	$ 27,966	$ (37,216)
Basic earnings (loss) per weighted average common share (in usd per share)	$ 0.51	$ (0.68)
Diluted earnings (loss) per weighted average common share (in usd per share)	$ 0.45	$ (0.68)
Weighted average number of shares of common stock outstanding:
Basic (in shares)	55,137,608	55,056,411
Diluted (in shares)	71,834,396	55,056,411
Comprehensive income (loss):
Net income (loss) attributable to common stockholders	$ 27,966	$ (37,216)
Other comprehensive loss, net of tax:
Unrealized gain (loss) on available-for-sale securities	0	(3,744)
Other comprehensive income (loss)	0	(3,744)
Comprehensive income (loss)	$ 27,966	$ (40,960)

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY - USD ($) $ in Thousands	Total	Cumulative effect of adoption of new accounting principle	Stockholders' equity, adjusted balance	Total Stockholders’ Equity	Total Stockholders’ EquityCumulative effect of adoption of new accounting principle	Total Stockholders’ EquityStockholders' equity, adjusted balance	Common Stock	Common StockStockholders' equity, adjusted balance	Additional Paid-in Capital	Additional Paid-in CapitalStockholders' equity, adjusted balance	Accumulated Other Comprehensive Income (Loss)	Accumulated Other Comprehensive Income (Loss)Stockholders' 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	Noncontrolling Interest
Common shares outstanding at beginning of period at Dec. 31, 2019							54,853,205	54,853,205
Stockholders’ equity at beginning of period at Dec. 31, 2019	$ 1,019,136	$ (18,472)	$ 1,000,664	$ 1,019,136	$ (18,472)	$ 1,000,664	$ 549	$ 549	$ 1,048,484	$ 1,048,484	$ 32	$ 32	$ 162,076	$ (18,472)	$ 143,604	$ (192,005)	$ (192,005)	$ 0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) income	(37,191)			(37,191)									(37,191)
Other comprehensive loss before reclassifications	(4,511)			(4,511)							(4,511)
Amounts reclassified from accumulated other comprehensive income	767			767							767
Net other comprehensive loss	(3,744)			(3,744)							(3,744)
Preferred dividends declared, $25.00 per share	(25)			(25)												(25)
Non-cash equity award compensation (in shares)							283,680
Non-cash equity award compensation	1,355			1,355			$ 3		1,352
Common shares outstanding at end of period at Mar. 31, 2020							55,136,885
Stockholders’ equity at end of period at Mar. 31, 2020	$ 961,059			961,059			$ 552		1,049,836		(3,712)		106,413			(192,030)		0
Common shares outstanding at beginning of period at Dec. 31, 2020	55,136,885						55,205,082
Stockholders’ equity at beginning of period at Dec. 31, 2020	$ 933,846			933,846			$ 552		1,058,298		0		103,165			(228,169)		0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) income	27,991			27,991									27,991
Net other comprehensive loss	0
Restricted stock forfeiture (in shares)							(97,425)
Restricted stock forfeiture	(919)			(919)			$ (1)		(918)
Common dividends declared,$0.25per share	(14,008)			(14,008)												(14,008)
Preferred dividends declared, $25.00 per share	(25)			(25)												(25)
Non-cash equity award compensation (in shares)							0
Non-cash equity award compensation	1,887			1,887			$ 0		1,887
Contributions from non-controlling interests	$ 125																	125
Common shares outstanding at end of period at Mar. 31, 2021	55,107,657						55,107,657
Stockholders’ equity at end of period at Mar. 31, 2021	$ 948,897			$ 948,772			$ 551		$ 1,059,267		$ 0		$ 131,156			$ (242,202)		$ 125

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY - (Parenthetical) - $ / shares	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Statement of Stockholders' Equity [Abstract]
Common dividends declared per share (in usd per share)	$ 0.25
Preferred dividends declared per share (in usd per share)	$ 25	$ 25

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Cash Flows From Operating Activities:
Net income (loss)	$ 27,991	$ (37,191)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Accretion of discounts and net deferred fees on loans held-for-investment	(9,130)	(4,774)
Amortization of deferred debt issuance costs on convertible senior notes and securitized debt obligations	2,989	1,665
Provision for credit losses	(9,119)	53,336
Amortization of equity-based compensation	1,887	1,355
Net change in assets and liabilities:
Decrease (increase) in accrued interest receivable	96	108
Decrease (increase) in other assets	354	(54,735)
Increase in other liabilities	2,061	904
Net cash provided by (used in) operating activities	17,129	(39,332)
Cash Flows From Investing Activities:
Originations, acquisitions and additional fundings of loans held-for-investment, net of deferred fees	(37,258)	(184,969)
Proceeds from repayment of loans held-for-investment	101,588	102,139
Principal payments on held-to-maturity securities	0	6,298
Net cash provided by (used in) investing activities	64,330	(76,532)
Cash Flows From Financing Activities:
Proceeds from repurchase facilities	8,966	237,344
Principal payments on repurchase facilities	(479,300)	(89,266)
Principal payments on securitized debt obligations	(2,142)	(60,000)
Proceeds from asset-specific financings	0	2,597
Proceeds from revolving credit facilities	0	38,361
Repayment of revolving credit facilities	0	(42,008)
Proceeds from term financing facility	349,291	0
Term financing facility deferred debt issuance costs	(2,535)	0
Contributions from non-controlling interests	125	0
Tax withholding on restricted stock	(918)	0
Dividends paid on preferred stock	(25)	(25)
Dividends paid on common stock	(25,024)	(23,038)
Net cash (used in) provided by financing activities	(151,562)	63,965
Net decrease in cash, cash equivalents and restricted cash	(70,103)	(51,899)
Cash, cash equivalents and restricted cash at beginning of period	329,193	159,764
Cash, cash equivalents and restricted cash at end of period	259,090	107,865
Supplemental Disclosure of Cash Flow Information:
Cash paid for interest	21,926	31,914
Cash paid for taxes	610	0
Noncash Activities:
Dividends declared but not paid at end of period	$ 14,033	$ 25

Organization and Operations

Organization and Operations	3 Months Ended
	Mar. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Operations	Organization and Operations Granite Point Mortgage Trust Inc. is an internally-managed real estate finance company 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. These investments are capitalized by accessing a variety of funding options, including borrowing under our bank credit facilities or other asset-specific financings, issuing commercial real estate collateralized loan obligations, or CRE CLOs, entering into other term financing agreements, and issuing other forms of secured and unsecured debt and equity securities, depending on market conditions and our view of the most appropriate funding option available for our investments. Our investment objective is to preserve our stockholders’ capital while generating attractive risk-adjusted returns over the long term, primarily through dividends derived from current income produced by our investment portfolio. Our common stock is listed on the New York Stock Exchange, or NYSE, under the symbol “GPMT”. We operate our business in a manner that will permit us to maintain our exclusion from registration under the Investment Company Act of 1940, as amended, or the Investment Company Act. We operate our business as one segment. We were incorporated in Maryland on April 7, 2017 and commenced operations as a publicly traded company on June 28. 2017. The Company has elected to be treated as a real estate investment trust, or REIT, as defined under the Internal Revenue Code of 1986, as amended, or the Code, for U.S. federal income tax purposes. As long as the Company continues to comply with a number of requirements under federal tax law and maintains its qualification as a REIT, the Company generally will not be subject to U.S. federal income taxes to the extent that the Company distributes its taxable income to its stockholders on an annual basis and does not engage in prohibited transactions. However, certain activities that the Company may perform may cause it to earn income which will not be qualifying income for REIT purposes. The Company has designated one of its subsidiaries as a taxable REIT subsidiary, or TRS, as defined in the Code, to engage in such activities. Through December 31, 2020, the Company was externally managed by Pine River Capital Management L.P., or the Former Manager, at which time the Company internalized its management function, or the Internalization.

Basis of Presentation and Signi

Basis of Presentation and Significant Accounting Policies	3 Months Ended
	Mar. 31, 2021
Accounting Policies [Abstract]
Basis of Presentation and Significant Accounting Policies	Basis of Presentation and Significant Accounting Policies Consolidation and Basis of Presentation The interim unaudited condensed consolidated financial statements of the Company have been prepared in accordance with the rules and regulations of the Securities and Exchange Commission, or SEC. Certain information and note disclosures normally included in financial statements prepared in accordance with U.S. generally accepted accounting principles, or GAAP, have been condensed or omitted according to such SEC rules and regulations. However, management believes that the disclosures included in these interim condensed consolidated financial statements are adequate to make the information presented not misleading. The accompanying unaudited condensed consolidated financial statements should be read in conjunction with the financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020. In the opinion of management, all normal and recurring adjustments necessary to present fairly the financial condition of the Company at March 31, 2021 and results of operations for all periods presented have been made. The results of operations for the three months ended March 31, 2021 should not be construed as indicative of the results to be expected for future periods or the full year. The unaudited condensed consolidated financial statements of the Company include the accounts of all subsidiaries; inter-company accounts and transactions have been eliminated. Certain prior period amounts have been reclassified to conform to the current period presentation. All entities in which the Company holds investments that are considered VIEs for financial reporting purposes were reviewed for consolidation under the applicable consolidation guidance. Whenever the Company has both the power to direct the activities of an entity that most significantly impact the entity’s performance, and the obligation to absorb losses or the right to receive benefits of the entity that could be significant, the Company consolidates the entity. 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 condensed consolidated financial statements and the reported amounts of certain revenues and expenses during the reported period. It is likely that changes in these estimates (e.g., valuation changes to the underlying collateral of loans due to changes in market capitalization rates, leasing, credit worthiness of major tenants, occupancy rates, availability of financing, exit plan, loan sponsorship, actions of other lenders, overall economic and capital markets conditions, the broader commercial real estate market, local geographic sub-markets or other factors) will occur in the near term. As of March 31, 2021, the COVID-19 pandemic remains ongoing. During 2020, the pandemic created significant macroeconomic disruptions, increased rates of unemployment and has adversely impacted many industries, including those related to the real estate collateral underlying certain of our loans. So far in 2021, the global and U.S. economic activity has, moderately and to varying degrees, begun to return, as wider distribution of the COVID-19 vaccines has continued. As a result, macroeconomic forecasts have improved over the last few quarters, including expectations for unemployment rates and overall economic output. Nonetheless, the ongoing pandemic may continue to adversely impact macroeconomic recovery, particularly with respect to the continued distribution and acceptance of the vaccines and their effectiveness against new variants of the virus. Even though the overall market conditions have been improving, the fluid nature of this situation precludes any prediction as to the ultimate adverse impact of COVID-19 on economic and real estate markets. Accordingly, given the ongoing nature of the outbreak, at this time the Company cannot reasonably estimate the magnitude of the long-term impact that COVID-19 may have on the Company’s business, financial performance and operating results. The Company believes the estimates and assumptions underlying its condensed consolidated financial statements are reasonable and supportable based on the information available as of March 31, 2021. However, given the uncertainty over the ultimate impact COVID-19 will have on the global economy generally, and the Company’s business in particular, makes any estimates and assumptions as of March 31, 2021 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 Included in Note 2 to the Consolidated Financial Statements of the Company’s Annual Report on Form 10-K for the year ended December 31, 2020 is a summary of the Company’s significant accounting policies. Provided below is a summary of additional accounting policies that are significant to the Company’s condensed consolidated financial condition and results of operations for the three months ended March 31, 2021. Term Financing Facility The Company finances certain of its loans held-for-investment through the use of a term financing facility. Borrowings under the term financing facility bear an interest rate of a specified margin over the one-month London Interbank Offered Rate, or LIBOR. The term financing facility financings are treated as collateralized financing transactions and are carried at their contractual amounts, as specified in the respective agreements. Recently Issued and/or Adopted Accounting Standards 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 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 condensed 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 condensed consolidated financial statements.

Loans Held-for-Investment, Net

Loans Held-for-Investment, Net of Allowance for Credit Losses	3 Months Ended
	Mar. 31, 2021
Receivables [Abstract]
Loans Held-for-Investment, Net of Allowance for Credit Losses	Loans Held-for-Investment, Net of Allowance for Credit LossesThe Company originates and acquires commercial real estate debt and related instruments generally to be held as long-term investments. These assets are classified as “loans held-for-investment” on the condensed consolidated balance sheets. Loans held-for-investment are reported at cost, net of any unamortized acquisition premiums or discounts, loan fees, origination costs and allowance for credit losses, as applicable. The following tables summarize the Company’s loans held-for-investment by asset type, property type and geographic location as of March 31, 2021 and December 31, 2020: March 31, (dollars in thousands) Senior Loans (1) Mezzanine Loans B-Notes Total Unpaid principal balance $ 3,856,413 $ 2,034 $ 14,176 $ 3,872,623 Unamortized (discount) premium (68) — — (68) Unamortized net deferred origination fees (13,286) — — (13,286) Allowance for credit losses (53,437) (2,034) (3,962) (59,433) Carrying value $ 3,789,622 $ — $ 10,214 $ 3,799,836 Unfunded commitments $ 453,534 $ — $ — $ 453,534 Number of loans 98 1 1 100 Weighted average coupon 5.1 % 13.0 % 8.0 % 5.1 % Weighted average years to maturity (2) 0.9 4.6 5.8 0.9 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 ____________________ (1) Loans primarily secured by a first priority lien on commercial real property and related personal property and also includes, when applicable, any companion subordinate loans. (2) Based on contractual maturity date. Certain loans are subject to contractual extension options with such conditions stipulated in the applicable loan documents. Actual maturities may differ from contractual maturities stated herein as certain borrowers may have the right to prepay with or without paying a prepayment fee. The Company may also extend contractual maturities in connection with loan modifications. (dollars in thousands) March 31, December 31, Property Type Carrying Value % of Loan Portfolio Carrying Value % of Loan Portfolio Office $ 1,743,557 45.9 % $ 1,720,705 44.7 % Multifamily 902,334 23.8 % 910,557 23.7 % Hotel 658,821 17.3 % 646,869 16.8 % Retail 330,833 8.7 % 332,218 8.6 % Industrial 125,769 3.3 % 196,677 5.1 % Other 38,522 1.0 % 40,777 1.1 % Total $ 3,799,836 100.0 % $ 3,847,803 100.0 % (dollars in thousands) March 31, December 31, Geographic Location Carrying Value % of Loan Portfolio Carrying Value % of Loan Portfolio Northeast $ 1,009,667 26.6 % $ 1,028,584 26.8 % Southwest 813,610 21.4 % 802,233 20.8 % West 640,788 16.9 % 682,236 17.7 % Midwest 708,060 18.6 % 712,675 18.5 % Southeast 627,711 16.5 % 622,075 16.2 % Total $ 3,799,836 100.0 % $ 3,847,803 100.0 % At March 31, 2021 and December 31, 2020, the Company pledged loans held-for-investment with a carrying value, net of allowance for credit losses, of $3.8 billion for both periods, as collateral under repurchase facilities, an asset-specific financing facility, a term financing facility and securitized debt obligations. See Note 4 - Variable Interest Entities and Securitized Debt Obligations and Note 5 - Collateralized Borrowings. The following table summarizes activity related to loans held-for-investment, net of allowance for credit losses, for the three months ended March 31, 2021 and 2020: Three Months Ended (in thousands) 2021 2020 Balance at beginning of period $ 3,847,803 $ 4,226,212 Originations, acquisitions and additional fundings 41,777 187,422 Repayments (101,588) (102,139) Net discount accretion (premium amortization) 7 8 Increase in net deferred origination fees (34) (2,453) Amortization of net deferred origination fees 4,638 4,766 Benefit from (provision for) credit losses 7,233 (62,565) Balance at end of period $ 3,799,836 $ 4,251,251 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 employs quarterly updated macroeconomic forecasts, which reflect the ongoing impact of the COVID-19 pandemic on the overall U.S. economy and commercial real estate markets generally. Driven by the general progress around the development and distribution of the COVID-19 vaccines over the last few quarters, those macroeconomic forecasts have been improving, including expectations for unemployment rates and overall economic output. Significant inputs to the Company’s estimate of the allowance for credit losses include 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 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 March 31, 2021, the Company has maintained its determination that the recovery of loan principal associated with one hotel senior loan, with an unpaid principal balance of $67.3 million, is collateral-dependent, as further discussed below. As of March 31, 2021, the Company recognized an allowance for credit losses related to its loans held-for-investment of $59.4 million, which reflected a benefit from provision for credit losses of $7.2 million. 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 unfunded commitments on existing loans is recorded as a component of other liabilities on the Company’s condensed consolidated balance sheets. As of March 31, 2021, the Company recognized $3.6 million in other liabilities related to the allowance for credit losses on unfunded commitments. During the three months ended March 31, 2021, the Company recognized a benefit from provision for credit losses of $1.9 million on unfunded commitments. Changes in the provision for credit losses for both loans held-for-investment and their related unfunded commitments are recognized through net income on the Company’s condensed consolidated statements of comprehensive income (loss). The following table presents the changes for the three months ended March 31, 2021 in the allowance for credit losses on loans held-for-investment: Three Months Ended (in thousands) 2021 2020 Balance at beginning of period $ 66,666 $ 16,692 (Benefit from) provision for credit losses (7,233) 45,873 Writeoffs — — Recoveries of amounts previously written off — — Balance at end of period $ 59,433 $ 62,565 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 March 31, 2021, the Company had one senior loan with an unpaid principal balance of $22.3 million and a carrying value of $19.3 million that was held on nonaccrual status. The Company wrote off $0.8 million of accrued interest related to this loan during the three months ended December 31, 2020. Any reversal of accrued interest income is recorded in interest income on the Company’s condensed consolidated statements of comprehensive income (loss). No other loans were considered past due as of March 31, 2021. 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 March 31, 2021 and December 31, 2020: (dollars in thousands) March 31, December 31, Risk Rating Number of Loans Unpaid Principal Balance Carrying Value Number of Loans Unpaid Principal Balance Carrying Value 1 6 $ 183,564 $ 183,110 6 $ 183,369 $ 182,730 2 50 1,884,413 1,866,732 50 1,863,590 1,847,332 3 27 993,656 979,628 29 1,055,782 1,026,662 4 16 743,735 711,452 17 762,636 732,310 5 1 67,255 58,914 1 67,057 58,769 Total 100 $ 3,872,623 $ 3,799,836 103 $ 3,932,434 $ 3,847,803 As of March 31, 2021, the Company held one senior loan with an unpaid principal balance of $67.3 million with a risk rating of “5.” 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 $8.3 million is 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 three months 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 under GAAP. The Company is evaluating a variety of 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 required significant judgment and included estimates of: (i) property cash flows over a specific holding period, (ii) forecasted submarket hotel revenue per available room, or RevPAR, rates and subject RevPAR penetration, (iii) operating expenses, (iv) property and income taxes, (v) the borrower’s exit plan and related costs, (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. The following table presents the carrying value of loans held-for-investment as of March 31, 2021 and 2020 by risk rating and year of origination: March 31, 2021 (dollars in thousands) Origination Year Risk Rating 2020 2019 2018 2017 2016 Prior Total 1 (Low Risk) $ — $ 18,322 $ 75,639 $ 55,552 $ 33,597 $ — $ 183,110 2 (Average Risk) 77,609 1,110,218 439,391 148,010 37,069 54,435 1,866,732 3 (Acceptable Risk) 12,961 315,427 333,761 249,408 68,071 — 979,628 4 (Higher Risk) 42,478 110,949 215,920 197,681 — 144,424 711,452 5 (Loss Likely) — 58,914 — — — — 58,914 Total $ 133,048 $ 1,613,830 $ 1,064,711 $ 650,651 $ 138,737 $ 198,859 $ 3,799,836 March 31, 2020 (dollars in thousands) Origination Year Risk Rating 2020 2019 2018 2017 2016 Prior Total 1 (Low Risk) $ — $ — $ 49,269 $ 21,290 $ 33,330 $ — $ 103,889 2 (Average Risk) 122,649 1,513,409 892,526 584,385 186,142 109,813 3,408,924 3 (Acceptable Risk) — 84,461 233,342 189,622 — 126,554 633,979 4 (High Risk) — — 38,793 65,666 — — 104,459 5 (Loss Likely) — — — — — — — Total $ 122,649 $ 1,597,870 $ 1,213,930 $ 860,963 $ 219,472 $ 236,367 $ 4,251,251

Variable Interest Entities and

Variable Interest Entities and Securitized Debt Obligations	3 Months Ended
	Mar. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Variable Interest Entities and Securitized Debt Obligations	Variable Interest Entities and Securitized Debt ObligationsThe Company finances pools of its commercial real estate loans through CRE 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 CRE 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 CRE CLOs. The following table presents a summary of the assets and liabilities of all VIEs consolidated on the Company’s condensed consolidated balance sheets as of March 31, 2021 and December 31, 2020: (in thousands) March 31, December 31, Loans held-for-investment $ 1,261,943 $ 1,200,479 Allowance for credit losses (10,437) (15,914) Loans held-for-investment, net 1,251,506 1,184,565 Restricted cash — 62,804 Other assets 8,949 8,563 Total Assets $ 1,260,455 $ 1,255,932 Securitized debt obligations $ 925,384 $ 927,128 Other liabilities 1,487 1,092 Total Liabilities $ 926,871 $ 928,220 The securitized debt obligations issued by the CRE CLOs are recorded at outstanding principal, net of any unamortized deferred debt issuance costs, on the Company’s condensed consolidated balance sheets. As of March 31, 2021 and December 31, 2020, the outstanding amount due on securitized debt obligations was $925.4 million and $927.1 million, net of deferred issuance costs, respectively, with a weighted average interest rate of 1.80% and 1.84%, respectively. As of March 31, 2021, the securitized debt obligations had weighted average estimated remaining maturities of 0.6 years based on the maturities of the underlying collateral.

Collateralized Borrowings

Collateralized Borrowings	3 Months Ended
	Mar. 31, 2021
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 facilities, an asset-specific financing facility and a term financing facility. The Company’s repurchase facilities are collateralized by loans held-for-investment and certain cash balances. Although the transactions under repurchase facilities 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 facilities, capital market events, would require the Company to fund margin calls. The Company does not typically retain similar rights for the Company to make margin calls on its underlying borrowers as a result of a determination by the Company and/or its financing counterparty that there has been a decrease in the market value of the underlying pledged collateral. The Company’s asset-specific financing facility is collateralized by loans held-for-investment. The facility is term-matched to the underlying mortgage assets and does not contain mark-to-market provisions. During the three months ended March 31, 2021, the Company, through an indirect subsidiary, as issuer, entered into an indenture and credit agreement with Goldman Sachs Bank USA providing for a term financing facility of $349.3 million to fund certain loans 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 commercial mortgage loans, 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. The following tables summarize details of the Company’s collateralized borrowings outstanding as of March 31, 2021 and December 31, 2020: March 31, 2021 (in thousands) Maturity Date (1) Amount Outstanding Unused Capacity Total Capacity Carrying Value of Collateral Weighted Average Borrowing Rate Repurchase facilities: Morgan Stanley Bank June 28, 2021 $ 383,971 $ 216,029 $ 600,000 $ 578,476 2.2 % Goldman Sachs Bank USA May 2, 2021 — 500,000 500,000 1,228 — % JPMorgan Chase Bank June 28, 2022 339,260 110,740 450,000 517,208 2.3 % Citibank January 9, 2023 386,049 113,951 500,000 511,731 1.8 % Wells Fargo Bank (2) June 28, 2021 129,261 145,739 275,000 187,107 2.1 % Total/Weighted Average $ 1,238,541 $ 1,086,459 $ 2,325,000 $ 1,795,750 Asset-specific financings: Canadian Imperial Bank of Commerce Various $ 123,091 $ 26,909 $ 150,000 $ 155,150 2.5 % Term financing facility: Goldman Sachs Bank USA (3) February 14, 2025 $ 346,861 $ — $ 346,861 $ 550,219 3.7 % December 31, 2020 (in thousands) Maturity Date (1) Amount Outstanding Unused Capacity Total Capacity Carrying Value of Collateral Weighted Average Borrowing Rate Repurchase facilities: 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 386,049 113,951 500,000 504,236 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 $ 616,125 $ 2,325,000 $ 2,476,967 Asset-specific financings: Canadian Imperial Bank of Commerce Various $ 123,091 $ 26,909 $ 150,000 $ 152,929 2.5 % ____________________ (1) The facilities are set to mature on the stated maturity date, unless extended pursuant to their terms. (2) As of March 31, 2021, the Company retained an option to increase the maximum facility capacity amount up to $350 million, subject to customary terms and conditions. (3) Amount outstanding includes unamortized debt issuance costs. At March 31, 2021, the Company’s collateralized borrowings outstanding had contractual maturities as follows: March 31, 2021 (dollars in thousands) Repurchase Facilities Asset-Specific Financings Term Financing Facility Total Amount Outstanding 2021 $ 513,233 $ 82,768 $ — $ 596,001 2022 339,260 40,323 — 379,583 2023 386,048 — — 386,048 2024 — — — — 2025 — — 346,861 346,861 Thereafter — — — — Total $ 1,238,541 $ 123,091 $ 346,861 $ 1,708,493 The following table summarizes certain characteristics of the Company’s repurchase facilities and counterparty concentration at March 31, 2021 and December 31, 2020: March 31, 2021 December 31, 2020 (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 $ 383,971 $ 197,872 21 % 0.24 $ 435,719 $ 230,815 25 % 0.49 JPMorgan Chase Bank 339,260 189,846 20 % 1.24 361,797 187,282 20 % 1.50 Goldman Sachs Bank USA — 1,248 — % 0.09 395,990 203,297 22 % 0.33 Citibank 386,049 132,019 14 % 1.78 386,049 124,913 13 % 2.02 Wells Fargo Bank 129,261 59,203 6 % 0.24 129,320 57,483 6 % 0.49 Total $ 1,238,541 $ 580,188 $ 1,708,875 $ 803,790 ____________________ (1) Represents the excess of the carrying amount or market value of the loans held-for-investment pledged as collateral for repurchase facilities, including accrued interest plus any cash on deposit to secure the repurchase obligation, less the amount of the repurchase liability, including accrued interest. The Company does not anticipate any defaults by its financing counterparties, although there can be no assurance that one or more defaults will not occur. 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 senior secured 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 senior secured 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 senior secured term loan facility. The remaining $75.0 million of commitments under the senior secured term loan facilities are available to the Company on a delayed draw basis during the period ending September 25, 2021, which became effective on March 25, 2021, upon the Company exercising its option to extend the delayed draw period for six months and paying an extension fee of approximately $0.8 million. 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 senior secured term loan facility or (ii) forfeiture on a pro rata basis to the extent of commitments under the delayed draw senior secured term loan facility that are ultimately terminated or undrawn. The net proceeds from the initial senior secured 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 senior secured 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 senior secured term loan facilities will mature on September 25, 2025. The warrants issued in conjunction with entering into the senior secured 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 may settle the exercise of the warrants in cash or by issuing net shares of common stock, at its option. The Company recorded the value of the senior secured 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 senior secured term loan facilities. See Note 12 - Stockholders’ Equity and Note 16 - Earnings Per Share for further details. The consolidated carrying value of the senior secured term loan facilities as of March 31, 2021 was $207.1 million, net of deferred issuance costs and discount for the value of the warrants. The table below summarizes the net carrying amount of the senior secured term loan facilities: March 31, December 31, (in thousands) 2021 2020 Principal outstanding $ 225,000 $ 225,000 Less: Unamortized debt discount and issuance costs (17,897) (18,552) Net carrying value $ 207,103 $ 206,448 The senior secured 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 senior secured term loan credit agreement also contains financial covenants that are substantially similar to the financial covenants under the Company’s repurchase facilities and asset-specific financing facility. If the Company fails to meet or satisfy any of the covenants in accordance with the senior secured 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 March 31, 2021.

Convertible Senior Notes

Convertible Senior Notes	3 Months Ended
	Mar. 31, 2021
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 March 31, 2021, the notes had a conversion rate of 51.9943 shares of common stock per $1,000 principal amount of the notes . In October 2018, the Company closed an underwritten public offering of $131.6 million aggregate principal amount of convertible senior notes due 2023. The net proceeds from the offering were approximately $127.7 million after deducting underwriting discounts and expenses. The notes are unsecured, pay interest semiannually at a rate of 6.375% per annum and are convertible at the option of the holder into shares of the Company’s common stock. The notes will mature in October 2023, unless earlier converted or repurchased in accordance with their terms. The Company does not have the right to redeem the notes prior to maturity, but may be required to repurchase the notes from holders under certain circumstances. As of March 31, 2021, the notes had a conversion rate of 50.0894 shares of common stock per $1,000 principal amount of the notes . The consolidated amount outstanding due on convertible senior notes as of March 31, 2021 and December 31, 2020 was $271.6 million and $271.3 million, respectively, net of deferred issuance costs.

Senior Secured Term Loan Facili

Senior Secured Term Loan Facilities and Warrants to Purchase Shares of Common Stock	3 Months Ended
	Mar. 31, 2021
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 facilities, an asset-specific financing facility and a term financing facility. The Company’s repurchase facilities are collateralized by loans held-for-investment and certain cash balances. Although the transactions under repurchase facilities 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 facilities, capital market events, would require the Company to fund margin calls. The Company does not typically retain similar rights for the Company to make margin calls on its underlying borrowers as a result of a determination by the Company and/or its financing counterparty that there has been a decrease in the market value of the underlying pledged collateral. The Company’s asset-specific financing facility is collateralized by loans held-for-investment. The facility is term-matched to the underlying mortgage assets and does not contain mark-to-market provisions. During the three months ended March 31, 2021, the Company, through an indirect subsidiary, as issuer, entered into an indenture and credit agreement with Goldman Sachs Bank USA providing for a term financing facility of $349.3 million to fund certain loans 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 commercial mortgage loans, 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. The following tables summarize details of the Company’s collateralized borrowings outstanding as of March 31, 2021 and December 31, 2020: March 31, 2021 (in thousands) Maturity Date (1) Amount Outstanding Unused Capacity Total Capacity Carrying Value of Collateral Weighted Average Borrowing Rate Repurchase facilities: Morgan Stanley Bank June 28, 2021 $ 383,971 $ 216,029 $ 600,000 $ 578,476 2.2 % Goldman Sachs Bank USA May 2, 2021 — 500,000 500,000 1,228 — % JPMorgan Chase Bank June 28, 2022 339,260 110,740 450,000 517,208 2.3 % Citibank January 9, 2023 386,049 113,951 500,000 511,731 1.8 % Wells Fargo Bank (2) June 28, 2021 129,261 145,739 275,000 187,107 2.1 % Total/Weighted Average $ 1,238,541 $ 1,086,459 $ 2,325,000 $ 1,795,750 Asset-specific financings: Canadian Imperial Bank of Commerce Various $ 123,091 $ 26,909 $ 150,000 $ 155,150 2.5 % Term financing facility: Goldman Sachs Bank USA (3) February 14, 2025 $ 346,861 $ — $ 346,861 $ 550,219 3.7 % December 31, 2020 (in thousands) Maturity Date (1) Amount Outstanding Unused Capacity Total Capacity Carrying Value of Collateral Weighted Average Borrowing Rate Repurchase facilities: 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 386,049 113,951 500,000 504,236 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 $ 616,125 $ 2,325,000 $ 2,476,967 Asset-specific financings: Canadian Imperial Bank of Commerce Various $ 123,091 $ 26,909 $ 150,000 $ 152,929 2.5 % ____________________ (1) The facilities are set to mature on the stated maturity date, unless extended pursuant to their terms. (2) As of March 31, 2021, the Company retained an option to increase the maximum facility capacity amount up to $350 million, subject to customary terms and conditions. (3) Amount outstanding includes unamortized debt issuance costs. At March 31, 2021, the Company’s collateralized borrowings outstanding had contractual maturities as follows: March 31, 2021 (dollars in thousands) Repurchase Facilities Asset-Specific Financings Term Financing Facility Total Amount Outstanding 2021 $ 513,233 $ 82,768 $ — $ 596,001 2022 339,260 40,323 — 379,583 2023 386,048 — — 386,048 2024 — — — — 2025 — — 346,861 346,861 Thereafter — — — — Total $ 1,238,541 $ 123,091 $ 346,861 $ 1,708,493 The following table summarizes certain characteristics of the Company’s repurchase facilities and counterparty concentration at March 31, 2021 and December 31, 2020: March 31, 2021 December 31, 2020 (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 $ 383,971 $ 197,872 21 % 0.24 $ 435,719 $ 230,815 25 % 0.49 JPMorgan Chase Bank 339,260 189,846 20 % 1.24 361,797 187,282 20 % 1.50 Goldman Sachs Bank USA — 1,248 — % 0.09 395,990 203,297 22 % 0.33 Citibank 386,049 132,019 14 % 1.78 386,049 124,913 13 % 2.02 Wells Fargo Bank 129,261 59,203 6 % 0.24 129,320 57,483 6 % 0.49 Total $ 1,238,541 $ 580,188 $ 1,708,875 $ 803,790 ____________________ (1) Represents the excess of the carrying amount or market value of the loans held-for-investment pledged as collateral for repurchase facilities, including accrued interest plus any cash on deposit to secure the repurchase obligation, less the amount of the repurchase liability, including accrued interest. The Company does not anticipate any defaults by its financing counterparties, although there can be no assurance that one or more defaults will not occur. 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 senior secured 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 senior secured 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 senior secured term loan facility. The remaining $75.0 million of commitments under the senior secured term loan facilities are available to the Company on a delayed draw basis during the period ending September 25, 2021, which became effective on March 25, 2021, upon the Company exercising its option to extend the delayed draw period for six months and paying an extension fee of approximately $0.8 million. 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 senior secured term loan facility or (ii) forfeiture on a pro rata basis to the extent of commitments under the delayed draw senior secured term loan facility that are ultimately terminated or undrawn. The net proceeds from the initial senior secured 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 senior secured 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 senior secured term loan facilities will mature on September 25, 2025. The warrants issued in conjunction with entering into the senior secured 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 may settle the exercise of the warrants in cash or by issuing net shares of common stock, at its option. The Company recorded the value of the senior secured 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 senior secured term loan facilities. See Note 12 - Stockholders’ Equity and Note 16 - Earnings Per Share for further details. The consolidated carrying value of the senior secured term loan facilities as of March 31, 2021 was $207.1 million, net of deferred issuance costs and discount for the value of the warrants. The table below summarizes the net carrying amount of the senior secured term loan facilities: March 31, December 31, (in thousands) 2021 2020 Principal outstanding $ 225,000 $ 225,000 Less: Unamortized debt discount and issuance costs (17,897) (18,552) Net carrying value $ 207,103 $ 206,448 The senior secured 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 senior secured term loan credit agreement also contains financial covenants that are substantially similar to the financial covenants under the Company’s repurchase facilities and asset-specific financing facility. If the Company fails to meet or satisfy any of the covenants in accordance with the senior secured 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 March 31, 2021.

Cash, Cash Equivalents and Rest

Cash, Cash Equivalents and Restricted Cash	3 Months Ended
	Mar. 31, 2021
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 facilities and with counterparties to support investment activities. As of March 31, 2021, the Company held $3.7 million in restricted cash in connection with its non-CRE CLO financing activities, compared to $5.0 million as of December 31, 2020. In addition, as of December 31, 2020, the Company held $62.8 million, in restricted cash representing proceeds from principal paydowns of loans held in the CRE CLOs. As of March 31, 2021, all restricted cash held in the CRE CLOs had been reinvested. The following table provides a reconciliation of cash, cash equivalents and restricted cash reported on the Company’s condensed consolidated balance sheets as of March 31, 2021 and December 31, 2020 that sum to the total of the same such amounts shown in the condensed consolidated statements of cash flows: (in thousands) March 31, December 31, Cash and cash equivalents $ 255,411 $ 261,419 Restricted cash 3,679 67,774 Total cash, cash equivalents and restricted cash $ 259,090 $ 329,193

Fair Value

Fair Value	3 Months Ended
	Mar. 31, 2021
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. Recurring Fair Value As of March 31, 2021 and December 31, 2020, the Company held no assets or liabilities measured at fair value on a recurring basis. 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 the application of certain impairment measures under GAAP. These items would constitute nonrecurring fair value measures under ASC 820. As of March 31, 2021 and December 31, 2020, the Company did not have any assets or liabilities measured at fair value on a nonrecurring basis in the periods presented. Fair Value of Financial Instruments In accordance with ASC 820, the Company is required to disclose the fair value of financial instruments, both assets and liabilities recognized and not recognized in the condensed consolidated balance sheets, for which fair value can be estimated. The following describes the Company’s methods for estimating the fair value for financial instruments: • Loans held-for-investment are carried at cost, net of any unamortized acquisition premiums or discounts, loan fees, origination costs and allowance for credit losses, as applicable. The Company estimates the fair value of its loans held-for-investment by assessing any changes in market interest rates, 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. • 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 the underlying loans in the repurchase facilities, the asset-specific financing facility and the term financing facility that mature in less than one year generally approximates fair value due to the short maturities. The Company’s long-term repurchase facilities, asset-specific financing facility and term financing facility have floating rates based on an index plus a credit spread and the credit spread is typically consistent with those demanded in the market. Accordingly, the interest rates on these borrowings are at market and, thus, carrying value approximates fair value. The Company categorizes the fair value measurement of these liabilities as Level 2. • Securitized debt obligations are recorded at outstanding principal, net of any unamortized deferred debt issuance costs. In determining the fair value of its securitized debt obligations, management judgment may be used to arrive at fair value that considers prices obtained from third-party pricing providers, broker quotes received and other applicable market data. If observable market prices are not available or insufficient to determine fair value due principally to illiquidity in the marketplace, then fair value is based upon internally developed models that are primarily based on observable market-based inputs but also include unobservable market data inputs (including prepayment speeds, delinquency levels and credit losses). The Company categorizes the fair value measurement of these liabilities as Level 2. • Convertible senior notes are carried at their unpaid principal balance, net of any unamortized deferred issuance costs. The Company estimates the fair value of its convertible senior notes using the market transaction price nearest to March 31, 2021. 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 facilities at its carrying value as of March 31, 2021. The Company categorizes the fair value measurement of these assets as Level 2. The following table presents the carrying values and estimated fair values of assets and liabilities that are required to be recorded or disclosed at fair value at March 31, 2021 and December 31, 2020: March 31, 2021 December 31, 2020 (in thousands) Carrying Value Fair Value Carrying Value Fair Value Assets Loans held-for-investment, net of allowance for credit losses $ 3,799,836 $ 3,834,762 $ 3,847,803 $ 3,867,286 Cash and cash equivalents $ 255,411 $ 255,411 $ 261,419 $ 261,419 Restricted cash $ 3,679 $ 3,679 $ 67,774 $ 67,774 Liabilities Repurchase facilities $ 1,238,541 $ 1,238,541 $ 1,708,875 $ 1,708,875 Securitized debt obligations $ 925,384 $ 921,709 $ 927,128 $ 916,701 Asset-specific financings $ 123,091 $ 123,091 $ 123,091 $ 123,091 Term financing facility $ 346,861 $ 346,861 $ — $ — Convertible senior notes $ 271,649 $ 265,271 $ 271,250 $ 257,411 Senior secured term loan facilities $ 207,103 $ 207,103 $ 206,448 $ 206,448

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2021
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies The following represent the material commitments and contingencies of the Company as of March 31, 2021: 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 condensed consolidated financial statements and, therefore, no accrual is required as of March 31, 2021. Unfunded commitments on loans held-for-investment. Certain of the Company’s commercial real estate loan agreements contain provisions and obligations to extend credit to its borrowers through its unfunded loan commitments over the contractual period of its loans. As of March 31, 2021 and December 31, 2020, the Company had unfunded loan commitments of $453.5 million and $503.7 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. As of March 31, 2021, the Company recognized $3.6 million in other liabilities related to the allowance for credit losses on unfunded commitments. During the three months ended March 31, 2021, the Company recognized a benefit from provision for credit losses of $1.9 million on unfunded commitments. Changes in the provision for credit losses for unfunded commitments are recognized through net income on the Company’s condensed consolidated statements of comprehensive income (loss).

Preferred Stock

Preferred Stock	3 Months Ended
	Mar. 31, 2021
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’s board of directors, 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 three months ended March 31, 2021 and 2020, the Company declared dividends to the preferred stockholder of $25,000. Issuance of Sub-REIT Preferred Stock In January 2021, a subsidiary of the Company issued 625 shares of Series A preferred stock of which 500 shares were retained by the Company and 125 shares were sold to third party investors for proceeds of $0.1 million. The 500 preferred shares of Series A preferred stock retained by the Company are eliminated in the Company’s consolidated statements of changes in equity and the 125 shares sold to third party investors are shown in the Company’s consolidated statements of changes in equity as non-controlling interests.

Stockholders' Equity

Stockholders' Equity	3 Months Ended
	Mar. 31, 2021
Stockholders' Equity Attributable to Parent [Abstract]
Stockholders' Equity	Stockholders’ Equity Common Stock Distributions to Stockholders The following table presents cash dividends declared by the Company’s board of directors on its common stock from December 31, 2019 through March 31, 2021: Declaration Date Record Date Payment Date Cash Dividend Per Share March 18, 2021 April 1, 2021 April 19, 2021 $ 0.25 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 Share Repurchases 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. The Company has also authorized the repurchase of shares of restricted common stock granted to employees for tax withholding purposes. During the three months ended March 31, 2021, the Company repurchased from employees 97,425 shares of its common stock for an aggregate cost of $0.9 million. At-the-Market Offering The Company is party to an equity distribution agreement under which the Company may sell up to an aggregate of 8,000,000 shares of its common stock from time to time in any method permitted by law deemed to be an “at-the-market” offering as defined in Rule 415 under the Securities Act of 1933, as amended, or Securities Act. As of March 31, 2021, 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. No shares were sold during the three months ended March 31, 2021 and 2020. Warrants to Purchase Common Stock The warrants issued in conjunction with the senior secured 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 senior secured term loan facilities, approximately $4.5 million of the $225.0 million of gross proceeds was allocated to the warrants, creating a corresponding senior secured 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 senior secured term loan facilities.

Equity Incentive Plan

Equity Incentive Plan	3 Months Ended
	Mar. 31, 2021
Share-based Payment Arrangement [Abstract]
Equity Incentive Plan	Equity Incentive Plan The Company’s 2017 Equity Incentive Plan, or the Plan, provides incentive compensation to attract and retain qualified directors, officers, advisors, consultants and other personnel. 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 restricted stock units, both non-performance based, or RSUs, and performance-based, or PSUs, 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. Restricted Common Stock and RSUs For the three months ended March 31, 2021 and 2020, the Company recognized non-cash compensation expenses of $1.9 million and $1.4 million, respectively, related to restricted common stock and RSUs, which contain dividend equivalent rights. The following table summarizes the grants, vesting and forfeitures of restricted common stock and RSUs for the three months ended March 31, 2021 and 2020: Restricted Stock RSUs Weighted Average Grant Date Fair Market Value Outstanding at December 31, 2020 569,535 — 14.93 Granted — 923,465 9.61 Vested (137,728) — 18.46 Forfeited (97,425) — 18.43 Outstanding at March 31, 2021 334,382 923,465 10.37 Below is a summary of restricted stock and RSU vesting dates as of March 31, 2021: Vesting Year Restricted Stock RSU Total Awards 2021 69,720 35,035 104,755 2022 172,077 173,181 345,258 2023 92,585 173,187 265,772 2024 — 173,194 173,194 2025 — 368,868 368,868 Total 334,382 923,465 1,257,847 At March 31, 2021, the Company had unrecognized compensation expense of approximately $5.3 million and $9.1 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 2.3 years and 3.7 years, respectively.

Restructuring Charges

Restructuring Charges	3 Months Ended
	Mar. 31, 2021
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

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2021
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The Company has elected to be taxed as a REIT under the Code for U.S. federal income tax purposes. As long as the Company qualifies as a REIT, the Company generally will not be subject to U.S. federal income taxes on that portion of its income that it distributes to its stockholders if it annually distributes at least 90% of its REIT taxable income, without regard to the deduction for dividends paid and excluding net capital gains, and does not engage in prohibited transactions. 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, 2021, 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. Based on the Company’s evaluation, it has been concluded that there are no significant uncertain tax positions requiring recognition in the Company’s condensed consolidated financial statements of a contingent tax liability for uncertain tax positions. Additionally, there were no amounts accrued for penalties or interest as of or during, the periods presented in these condensed consolidated financial statements.

Earnings Per Share

Earnings Per Share	3 Months Ended
	Mar. 31, 2021
Earnings Per Share [Abstract]
Earnings Per Share	Earnings Per Share The following table presents a reconciliation of the earnings and shares used in calculating basic and diluted earnings per share for the three months ended March 31, 2021 and 2020: Three Months Ended March 31, (in thousands, except share data) 2021 2020 Numerator: Net income (loss) attributable to common stockholders - basic $ 27,966 $ (37,216) Interest expense attributable to convertible notes 4,501 — Net income (loss) attributable to common stockholders - diluted $ 32,467 $ (37,216) Denominator: Weighted average common shares outstanding 54,730,951 54,499,000 Weighted average restricted stock shares 406,657 557,411 Basic weighted average shares outstanding 55,137,608 55,056,411 Effect of dilutive shares issued in an assumed conversion of the convertible senior notes 14,065,946 — Effect of dilutive shares issued in an assumed conversion of RSUs as additional shares 803,661 — Effect of dilutive shares issued in an assumed exercise of warrants issued in conjunction with the senior secured term loan facilities 1,827,181 — Diluted weighted average shares outstanding 71,834,396 55,056,411 Earnings (loss) per share Basic $ 0.51 $ (0.68) Diluted $ 0.45 $ (0.68) For the three months ended March 31, 2020, excluded from the calculation of diluted earnings per share is the effect of adding back $4.5 million of interest expense 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 senior secured 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 senior secured 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 condensed consolidated statements of cash flows. For the three months ended March 31, 2021, these adjustments totaled $0.2 million. Additionally, the computation of diluted earnings per share is based on the incremental shares that would be outstanding assuming the exercise of warrants issued in conjunction with entering into the senior secured term loan credit agreement. The number of incremental shares is calculated by applying the treasury stock method. For the three months ended March 31, 2021, the additional 1.8 million shares attributable to the warrants were included in the computation of diluted earnings per share.

Related Party Transactions

Related Party Transactions	3 Months Ended
	Mar. 31, 2021
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 with the Former Manager, or the Former Management Agreement, on an annualized basis. The Company incurred $3.9 million as a base management fee to the Former Manager for the three months ended March 31, 2020. The Company did not incur a management fee for the three months ended March 31, 2021 because the Company was not managed by the Former Manager during the period as a result of the Internalization. In addition, incentive fees, if earned, were payable to the Former Manager, as defined in the Former Management Agreement. No incentive fees were incurred for the three months ended March 31, 2021 and 2020.

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2021
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events Events subsequent to March 31, 2021 were evaluated through the date these condensed consolidated financial statements were issued and no other additional events were identified requiring further disclosure in these condensed consolidated financial statements other than discussed below. On May 5, 2021, the Company priced GPMT 2021-FL3, a $824 million CRE CLO with an initial advance rate of 83.25% and a weighted average interest rate at issuance of LIBOR + 1.62%, before transaction costs. Upon closing, the Company expects its percentage of credit non-mark-to-market financing to increase to over 70% of aggregate loan-level borrowings. On May 2, 2021, the Company entered into its contractual two-year amortization period on the Goldman Sachs repurchase facility following the expiration of its availability period on that day. The Company is currently negotiating an extension of the facility along with other related terms. There were no outstanding balances on this facility as of May 6, 2021.

Basis of Presentation and Sig_2

Basis of Presentation and Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2021
Accounting Policies [Abstract]
Consolidation and Basis of Presentation	Consolidation and Basis of Presentation The interim unaudited condensed consolidated financial statements of the Company have been prepared in accordance with the rules and regulations of the Securities and Exchange Commission, or SEC. Certain information and note disclosures normally included in financial statements prepared in accordance with U.S. generally accepted accounting principles, or GAAP, have been condensed or omitted according to such SEC rules and regulations. However, management believes that the disclosures included in these interim condensed consolidated financial statements are adequate to make the information presented not misleading. The accompanying unaudited condensed consolidated financial statements should be read in conjunction with the financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020. In the opinion of management, all normal and recurring adjustments necessary to present fairly the financial condition of the Company at March 31, 2021 and results of operations for all periods presented have been made. The results of operations for the three months ended March 31, 2021 should not be construed as indicative of the results to be expected for future periods or the full year. The unaudited condensed consolidated financial statements of the Company include the accounts of all subsidiaries; inter-company accounts and transactions have been eliminated. Certain prior period amounts have been reclassified to conform to the current period presentation. All entities in which the Company holds investments that are considered VIEs for financial reporting purposes were reviewed for consolidation under the applicable consolidation guidance. Whenever the Company has both the power to direct the activities of an entity that most significantly impact the entity’s performance, and the obligation to absorb losses or the right to receive benefits of the entity that could be significant, the Company consolidates the entity. 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 condensed consolidated financial statements and the reported amounts of certain revenues and expenses during the reported period. It is likely that changes in these estimates (e.g., valuation changes to the underlying collateral of loans due to changes in market capitalization rates, leasing, credit worthiness of major tenants, occupancy rates, availability of financing, exit plan, loan sponsorship, actions of other lenders, overall economic and capital markets conditions, the broader commercial real estate
Term Financing Facility	Term Financing Facility The Company finances certain of its loans held-for-investment through the use of a term financing facility. Borrowings under the term financing facility bear an interest rate of a specified margin over the one-month London Interbank Offered Rate, or LIBOR. The term financing facility financings are treated as collateralized financing transactions and are carried at their contractual amounts, as specified in the respective agreements.
Recently Issued and/or Adopted Accounting Standards	Recently Issued and/or Adopted Accounting Standards 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 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 condensed 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 condensed consolidated financial statements.

Loans Held-for-Investment, Ne_2

Loans Held-for-Investment, Net of Allowance for Credit Losses (Tables)	3 Months Ended
	Mar. 31, 2021
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 March 31, 2021 and December 31, 2020: March 31, (dollars in thousands) Senior Loans (1) Mezzanine Loans B-Notes Total Unpaid principal balance $ 3,856,413 $ 2,034 $ 14,176 $ 3,872,623 Unamortized (discount) premium (68) — — (68) Unamortized net deferred origination fees (13,286) — — (13,286) Allowance for credit losses (53,437) (2,034) (3,962) (59,433) Carrying value $ 3,789,622 $ — $ 10,214 $ 3,799,836 Unfunded commitments $ 453,534 $ — $ — $ 453,534 Number of loans 98 1 1 100 Weighted average coupon 5.1 % 13.0 % 8.0 % 5.1 % Weighted average years to maturity (2) 0.9 4.6 5.8 0.9 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 ____________________ (1) Loans primarily secured by a first priority lien on commercial real property and related personal property and also includes, when applicable, any companion subordinate loans. (2) Based on contractual maturity date. Certain loans are subject to contractual extension options with such conditions stipulated in the applicable loan documents. Actual maturities may differ from contractual maturities stated herein as certain borrowers may have the right to prepay with or without paying a prepayment fee. The Company may also extend contractual maturities in connection with loan modifications.
Schedule of Loans Held-for-Investment by Property Type	(dollars in thousands) March 31, December 31, Property Type Carrying Value % of Loan Portfolio Carrying Value % of Loan Portfolio Office $ 1,743,557 45.9 % $ 1,720,705 44.7 % Multifamily 902,334 23.8 % 910,557 23.7 % Hotel 658,821 17.3 % 646,869 16.8 % Retail 330,833 8.7 % 332,218 8.6 % Industrial 125,769 3.3 % 196,677 5.1 % Other 38,522 1.0 % 40,777 1.1 % Total $ 3,799,836 100.0 % $ 3,847,803 100.0 %
Schedule of Loans Held-for-Investment by Geographic Location	(dollars in thousands) March 31, December 31, Geographic Location Carrying Value % of Loan Portfolio Carrying Value % of Loan Portfolio Northeast $ 1,009,667 26.6 % $ 1,028,584 26.8 % Southwest 813,610 21.4 % 802,233 20.8 % West 640,788 16.9 % 682,236 17.7 % Midwest 708,060 18.6 % 712,675 18.5 % Southeast 627,711 16.5 % 622,075 16.2 % Total $ 3,799,836 100.0 % $ 3,847,803 100.0 %
Rollforward of Loans Held-for-Investment	The following table summarizes activity related to loans held-for-investment, net of allowance for credit losses, for the three months ended March 31, 2021 and 2020: Three Months Ended (in thousands) 2021 2020 Balance at beginning of period $ 3,847,803 $ 4,226,212 Originations, acquisitions and additional fundings 41,777 187,422 Repayments (101,588) (102,139) Net discount accretion (premium amortization) 7 8 Increase in net deferred origination fees (34) (2,453) Amortization of net deferred origination fees 4,638 4,766 Benefit from (provision for) credit losses 7,233 (62,565) Balance at end of period $ 3,799,836 $ 4,251,251
Rollforward of Allowance for Credit Losses	The following table presents the changes for the three months ended March 31, 2021 in the allowance for credit losses on loans held-for-investment: Three Months Ended (in thousands) 2021 2020 Balance at beginning of period $ 66,666 $ 16,692 (Benefit from) provision for credit losses (7,233) 45,873 Writeoffs — — Recoveries of amounts previously written off — — Balance at end of period $ 59,433 $ 62,565
Schedule of Loans Held-for-Investment by Internal Risk Rating	The following table presents the number of loans, unpaid principal balance and carrying value by risk rating for loans held-for-investment as of March 31, 2021 and December 31, 2020: (dollars in thousands) March 31, December 31, Risk Rating Number of Loans Unpaid Principal Balance Carrying Value Number of Loans Unpaid Principal Balance Carrying Value 1 6 $ 183,564 $ 183,110 6 $ 183,369 $ 182,730 2 50 1,884,413 1,866,732 50 1,863,590 1,847,332 3 27 993,656 979,628 29 1,055,782 1,026,662 4 16 743,735 711,452 17 762,636 732,310 5 1 67,255 58,914 1 67,057 58,769 Total 100 $ 3,872,623 $ 3,799,836 103 $ 3,932,434 $ 3,847,803 The following table presents the carrying value of loans held-for-investment as of March 31, 2021 and 2020 by risk rating and year of origination: March 31, 2021 (dollars in thousands) Origination Year Risk Rating 2020 2019 2018 2017 2016 Prior Total 1 (Low Risk) $ — $ 18,322 $ 75,639 $ 55,552 $ 33,597 $ — $ 183,110 2 (Average Risk) 77,609 1,110,218 439,391 148,010 37,069 54,435 1,866,732 3 (Acceptable Risk) 12,961 315,427 333,761 249,408 68,071 — 979,628 4 (Higher Risk) 42,478 110,949 215,920 197,681 — 144,424 711,452 5 (Loss Likely) — 58,914 — — — — 58,914 Total $ 133,048 $ 1,613,830 $ 1,064,711 $ 650,651 $ 138,737 $ 198,859 $ 3,799,836 March 31, 2020 (dollars in thousands) Origination Year Risk Rating 2020 2019 2018 2017 2016 Prior Total 1 (Low Risk) $ — $ — $ 49,269 $ 21,290 $ 33,330 $ — $ 103,889 2 (Average Risk) 122,649 1,513,409 892,526 584,385 186,142 109,813 3,408,924 3 (Acceptable Risk) — 84,461 233,342 189,622 — 126,554 633,979 4 (High Risk) — — 38,793 65,666 — — 104,459 5 (Loss Likely) — — — — — — — Total $ 122,649 $ 1,597,870 $ 1,213,930 $ 860,963 $ 219,472 $ 236,367 $ 4,251,251

Variable Interest Entities an_2

Variable Interest Entities and Securitized Debt Obligations (Tables)	3 Months Ended
	Mar. 31, 2021
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 condensed consolidated balance sheets as of March 31, 2021 and December 31, 2020: (in thousands) March 31, December 31, Loans held-for-investment $ 1,261,943 $ 1,200,479 Allowance for credit losses (10,437) (15,914) Loans held-for-investment, net 1,251,506 1,184,565 Restricted cash — 62,804 Other assets 8,949 8,563 Total Assets $ 1,260,455 $ 1,255,932 Securitized debt obligations $ 925,384 $ 927,128 Other liabilities 1,487 1,092 Total Liabilities $ 926,871 $ 928,220

Collateralized Borrowings (Tabl

Collateralized Borrowings (Tables)	3 Months Ended
	Mar. 31, 2021
Debt Disclosure [Abstract]
Schedule of Collateralized Borrowings	The following tables summarize details of the Company’s collateralized borrowings outstanding as of March 31, 2021 and December 31, 2020: March 31, 2021 (in thousands) Maturity Date (1) Amount Outstanding Unused Capacity Total Capacity Carrying Value of Collateral Weighted Average Borrowing Rate Repurchase facilities: Morgan Stanley Bank June 28, 2021 $ 383,971 $ 216,029 $ 600,000 $ 578,476 2.2 % Goldman Sachs Bank USA May 2, 2021 — 500,000 500,000 1,228 — % JPMorgan Chase Bank June 28, 2022 339,260 110,740 450,000 517,208 2.3 % Citibank January 9, 2023 386,049 113,951 500,000 511,731 1.8 % Wells Fargo Bank (2) June 28, 2021 129,261 145,739 275,000 187,107 2.1 % Total/Weighted Average $ 1,238,541 $ 1,086,459 $ 2,325,000 $ 1,795,750 Asset-specific financings: Canadian Imperial Bank of Commerce Various $ 123,091 $ 26,909 $ 150,000 $ 155,150 2.5 % Term financing facility: Goldman Sachs Bank USA (3) February 14, 2025 $ 346,861 $ — $ 346,861 $ 550,219 3.7 % December 31, 2020 (in thousands) Maturity Date (1) Amount Outstanding Unused Capacity Total Capacity Carrying Value of Collateral Weighted Average Borrowing Rate Repurchase facilities: 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 386,049 113,951 500,000 504,236 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 $ 616,125 $ 2,325,000 $ 2,476,967 Asset-specific financings: Canadian Imperial Bank of Commerce Various $ 123,091 $ 26,909 $ 150,000 $ 152,929 2.5 % ____________________ (1) The facilities are set to mature on the stated maturity date, unless extended pursuant to their terms. (2) As of March 31, 2021, the Company retained an option to increase the maximum facility capacity amount up to $350 million, subject to customary terms and conditions. (3) Amount outstanding includes unamortized debt issuance costs.
Schedule of Collateralized Borrowings by Maturity	At March 31, 2021, the Company’s collateralized borrowings outstanding had contractual maturities as follows: March 31, 2021 (dollars in thousands) Repurchase Facilities Asset-Specific Financings Term Financing Facility Total Amount Outstanding 2021 $ 513,233 $ 82,768 $ — $ 596,001 2022 339,260 40,323 — 379,583 2023 386,048 — — 386,048 2024 — — — — 2025 — — 346,861 346,861 Thereafter — — — — Total $ 1,238,541 $ 123,091 $ 346,861 $ 1,708,493
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 facilities and counterparty concentration at March 31, 2021 and December 31, 2020: March 31, 2021 December 31, 2020 (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 $ 383,971 $ 197,872 21 % 0.24 $ 435,719 $ 230,815 25 % 0.49 JPMorgan Chase Bank 339,260 189,846 20 % 1.24 361,797 187,282 20 % 1.50 Goldman Sachs Bank USA — 1,248 — % 0.09 395,990 203,297 22 % 0.33 Citibank 386,049 132,019 14 % 1.78 386,049 124,913 13 % 2.02 Wells Fargo Bank 129,261 59,203 6 % 0.24 129,320 57,483 6 % 0.49 Total $ 1,238,541 $ 580,188 $ 1,708,875 $ 803,790 ____________________ (1) Represents the excess of the carrying amount or market value of the loans held-for-investment pledged as collateral for repurchase facilities, including accrued interest plus any cash on deposit to secure the repurchase obligation, less the amount of the repurchase liability, including accrued interest.

Senior Secured Term Loan Faci_2

Senior Secured Term Loan Facilities and Warrants to Purchase Shares of Common Stock (Tables)	3 Months Ended
	Mar. 31, 2021
Debt Disclosure [Abstract]
Schedule of Long-term Debt Instruments	The table below summarizes the net carrying amount of the senior secured term loan facilities: March 31, December 31, (in thousands) 2021 2020 Principal outstanding $ 225,000 $ 225,000 Less: Unamortized debt discount and issuance costs (17,897) (18,552) Net carrying value $ 207,103 $ 206,448

Cash, Cash Equivalents and Re_2

Cash, Cash Equivalents and Restricted Cash (Tables)	3 Months Ended
	Mar. 31, 2021
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 condensed consolidated balance sheets as of March 31, 2021 and December 31, 2020 that sum to the total of the same such amounts shown in the condensed consolidated statements of cash flows: (in thousands) March 31, December 31, Cash and cash equivalents $ 255,411 $ 261,419 Restricted cash 3,679 67,774 Total cash, cash equivalents and restricted cash $ 259,090 $ 329,193

Fair Value (Tables)

Fair Value (Tables)	3 Months Ended
	Mar. 31, 2021
Fair Value Disclosures [Abstract]
Fair Value, by Balance Sheet Grouping	The following table presents the carrying values and estimated fair values of assets and liabilities that are required to be recorded or disclosed at fair value at March 31, 2021 and December 31, 2020: March 31, 2021 December 31, 2020 (in thousands) Carrying Value Fair Value Carrying Value Fair Value Assets Loans held-for-investment, net of allowance for credit losses $ 3,799,836 $ 3,834,762 $ 3,847,803 $ 3,867,286 Cash and cash equivalents $ 255,411 $ 255,411 $ 261,419 $ 261,419 Restricted cash $ 3,679 $ 3,679 $ 67,774 $ 67,774 Liabilities Repurchase facilities $ 1,238,541 $ 1,238,541 $ 1,708,875 $ 1,708,875 Securitized debt obligations $ 925,384 $ 921,709 $ 927,128 $ 916,701 Asset-specific financings $ 123,091 $ 123,091 $ 123,091 $ 123,091 Term financing facility $ 346,861 $ 346,861 $ — $ — Convertible senior notes $ 271,649 $ 265,271 $ 271,250 $ 257,411 Senior secured term loan facilities $ 207,103 $ 207,103 $ 206,448 $ 206,448

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	3 Months Ended
	Mar. 31, 2021
Stockholders' Equity Attributable to Parent [Abstract]
Schedule of Dividends Declared	The following table presents cash dividends declared by the Company’s board of directors on its common stock from December 31, 2019 through March 31, 2021: Declaration Date Record Date Payment Date Cash Dividend Per Share March 18, 2021 April 1, 2021 April 19, 2021 $ 0.25 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

Equity Incentive Plan (Tables)

Equity Incentive Plan (Tables)	3 Months Ended
	Mar. 31, 2021
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 three months ended March 31, 2021 and 2020: Restricted Stock RSUs Weighted Average Grant Date Fair Market Value Outstanding at December 31, 2020 569,535 — 14.93 Granted — 923,465 9.61 Vested (137,728) — 18.46 Forfeited (97,425) — 18.43 Outstanding at March 31, 2021 334,382 923,465 10.37 Below is a summary of restricted stock and RSU vesting dates as of March 31, 2021: Vesting Year Restricted Stock RSU Total Awards 2021 69,720 35,035 104,755 2022 172,077 173,181 345,258 2023 92,585 173,187 265,772 2024 — 173,194 173,194 2025 — 368,868 368,868 Total 334,382 923,465 1,257,847

Earnings Per Share (Tables)

Earnings Per Share (Tables)	3 Months Ended
	Mar. 31, 2021
Earnings Per Share [Abstract]
Schedule of Earnings Per Share, Basic and Diluted	The following table presents a reconciliation of the earnings and shares used in calculating basic and diluted earnings per share for the three months ended March 31, 2021 and 2020: Three Months Ended March 31, (in thousands, except share data) 2021 2020 Numerator: Net income (loss) attributable to common stockholders - basic $ 27,966 $ (37,216) Interest expense attributable to convertible notes 4,501 — Net income (loss) attributable to common stockholders - diluted $ 32,467 $ (37,216) Denominator: Weighted average common shares outstanding 54,730,951 54,499,000 Weighted average restricted stock shares 406,657 557,411 Basic weighted average shares outstanding 55,137,608 55,056,411 Effect of dilutive shares issued in an assumed conversion of the convertible senior notes 14,065,946 — Effect of dilutive shares issued in an assumed conversion of RSUs as additional shares 803,661 — Effect of dilutive shares issued in an assumed exercise of warrants issued in conjunction with the senior secured term loan facilities 1,827,181 — Diluted weighted average shares outstanding 71,834,396 55,056,411 Earnings (loss) per share Basic $ 0.51 $ (0.68) Diluted $ 0.45 $ (0.68)

Basis of Presentation and Sig_3

Basis of Presentation and Significant Accounting Policies - Narrative (Details)	3 Months Ended
	Mar. 31, 2021segment
Accounting Policies [Abstract]
Number of reportable segments	1

Loans Held-for-Investment, Ne_3

Loans Held-for-Investment, Net of Allowance for Credit Losses (Details) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2021USD ($)loan	Dec. 31, 2020USD ($)loan	Mar. 31, 2020USD ($)	Dec. 31, 2019USD ($)
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unpaid principal balance	$ 3,872,623	$ 3,932,434
Unamortized (discount) premium	(68)	(75)
Unamortized net deferred origination fees	(13,286)	(17,890)
Allowance for credit losses	(59,433)	(66,666)	$ (62,565)	$ (16,692)
Loans held-for-investment, net	3,799,836	3,847,803	$ 4,251,251	$ 4,226,212
Unfunded commitments	$ 453,534	$ 503,726
Number of loans | loan	100	103
Weighted average coupon	5.10%	5.10%
Weighted average years to maturity	10 months 24 days	1 year 1 month 6 days
Senior Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unpaid principal balance	$ 3,856,413	$ 3,915,833
Unamortized (discount) premium	(68)	(75)
Unamortized net deferred origination fees	(13,286)	(17,890)
Allowance for credit losses	(53,437)	(60,130)
Loans held-for-investment, net	3,789,622	3,837,738
Unfunded commitments	$ 453,534	$ 503,726
Number of loans | loan	98	101
Weighted average coupon	5.10%	5.10%
Weighted average years to maturity	10 months 24 days	1 year 1 month 6 days
Mezzanine Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unpaid principal balance	$ 2,034	$ 2,366
Unamortized (discount) premium	0	0
Unamortized net deferred origination fees	0	0
Allowance for credit losses	(2,034)	(2,366)
Loans held-for-investment, net	0	0
Unfunded commitments	$ 0	$ 0
Number of loans | loan	1	1
Weighted average coupon	13.00%	13.00%
Weighted average years to maturity	4 years 7 months 6 days	4 years 10 months 24 days
B-Notes
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unpaid principal balance	$ 14,176	$ 14,235
Unamortized (discount) premium	0	0
Unamortized net deferred origination fees	0	0
Allowance for credit losses	(3,962)	(4,170)
Loans held-for-investment, net	10,214	10,065
Unfunded commitments	$ 0	$ 0
Number of loans | loan	1	1
Weighted average coupon	8.00%	8.00%
Weighted average years to maturity	5 years 9 months 18 days	6 years 1 month 6 days

Loans Held-for-Investment, Ne_4

Loans Held-for-Investment, Net of Allowance for Credit Losses (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020	Mar. 31, 2020	Dec. 31, 2019
Accounts, Notes, Loans and Financing Receivable [Line Items]
Carrying Value	$ 3,799,836	$ 3,847,803	$ 4,251,251	$ 4,226,212
Percentage of Loan Portfolio	100.00%	100.00%
Office
Accounts, Notes, Loans and Financing Receivable [Line Items]
Carrying Value	$ 1,743,557	$ 1,720,705
Percentage of Loan Portfolio	45.90%	44.70%
Multifamily
Accounts, Notes, Loans and Financing Receivable [Line Items]
Carrying Value	$ 902,334	$ 910,557
Percentage of Loan Portfolio	23.80%	23.70%
Hotel
Accounts, Notes, Loans and Financing Receivable [Line Items]
Carrying Value	$ 658,821	$ 646,869
Percentage of Loan Portfolio	17.30%	16.80%
Retail
Accounts, Notes, Loans and Financing Receivable [Line Items]
Carrying Value	$ 330,833	$ 332,218
Percentage of Loan Portfolio	8.70%	8.60%
Industrial
Accounts, Notes, Loans and Financing Receivable [Line Items]
Carrying Value	$ 125,769	$ 196,677
Percentage of Loan Portfolio	3.30%	5.10%
Other
Accounts, Notes, Loans and Financing Receivable [Line Items]
Carrying Value	$ 38,522	$ 40,777
Percentage of Loan Portfolio	1.00%	1.10%

Loans Held-for-Investment, Ne_5

Loans Held-for-Investment, Net of Allowance for Credit Losses - by Geographic Location (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020	Mar. 31, 2020	Dec. 31, 2019
Accounts, Notes, Loans and Financing Receivable [Line Items]
Carrying Value	$ 3,799,836	$ 3,847,803	$ 4,251,251	$ 4,226,212
Percentage of Loan Portfolio	100.00%	100.00%
Northeast
Accounts, Notes, Loans and Financing Receivable [Line Items]
Carrying Value	$ 1,009,667	$ 1,028,584
Percentage of Loan Portfolio	26.60%	26.80%
Southwest
Accounts, Notes, Loans and Financing Receivable [Line Items]
Carrying Value	$ 813,610	$ 802,233
Percentage of Loan Portfolio	21.40%	20.80%
West
Accounts, Notes, Loans and Financing Receivable [Line Items]
Carrying Value	$ 640,788	$ 682,236
Percentage of Loan Portfolio	16.90%	17.70%
Midwest
Accounts, Notes, Loans and Financing Receivable [Line Items]
Carrying Value	$ 708,060	$ 712,675
Percentage of Loan Portfolio	18.60%	18.50%
Southeast
Accounts, Notes, Loans and Financing Receivable [Line Items]
Carrying Value	$ 627,711	$ 622,075
Percentage of Loan Portfolio	16.50%	16.20%

Loans Held-for-Investment, Ne_6

Loans Held-for-Investment, Net of Allowance for Credit Losses - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Dec. 31, 2020	Mar. 31, 2020	Dec. 31, 2019
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans pledged as collateral	$ 3,800,000	$ 3,800,000
Unpaid principal balance	3,872,623	3,932,434
Allowance for loan losses	59,433	66,666	$ 62,565	$ 16,692
Benefit from (provision for) credit losses	7,233		(45,873)
Liability for off balance sheet credit losses	$ 3,600
Threshold period delinquent for placement of financing receivable on nonaccrual status	90 days
Loans held-for-investment, net of allowance for credit losses	$ 3,799,836	3,847,803	4,251,251	$ 4,226,212
Writeoffs	0		$ 0
Cumulative effect of adoption of new accounting principle
Accounts, Notes, Loans and Financing Receivable [Line Items]
Allowance for loan losses	8,300
First Mortgage
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unpaid principal balance	3,856,413	3,915,833
Allowance for loan losses	53,437	60,130
Loans held-for-investment, net of allowance for credit losses	3,789,622	3,837,738
Real Estate Loan
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unpaid principal balance	67,300
Unfunded Loan Commitment
Accounts, Notes, Loans and Financing Receivable [Line Items]
Benefit from (provision for) credit losses	1,900
Non-Accrual Loan
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unpaid principal balance	22,300
Loans held-for-investment, net of allowance for credit losses	$ 19,300
Writeoffs		$ 800

Loans Held-for-Investment, Ne_7

Loans Held-for-Investment, Net of Allowance for Credit Losses - Roll Forward of Loans Held-for-Investment (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Loans Held-for-Investment [Roll Forward]
Balance at beginning of period	$ 3,847,803	$ 4,226,212
Originations, acquisitions and additional fundings	41,777	187,422
Repayments	(101,588)	(102,139)
Net discount accretion (premium amortization)	7	8
Increase in net deferred origination fees	(34)	(2,453)
Amortization of net deferred origination fees	4,638	4,766
Benefit from (provision for) credit losses	7,233	(62,565)
Balance at end of period	$ 3,799,836	$ 4,251,251

Loans Held-for-Investment, Ne_8

Loans Held-for-Investment, Net of Allowance for Credit Losses - Roll Forward of Allowance for Credit Losses (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Balance at beginning of period	$ 66,666	$ 16,692
(Benefit from) provision for credit losses	(7,233)	45,873
Writeoffs	0	0
Recoveries of amounts previously written off	0	0
Balance at end of period	$ 59,433	$ 62,565

Loans Held-for-Investment, Ne_9

Loans Held-for-Investment, Net of Allowance for Credit Losses - Internal Risk Rating (Details) $ in Thousands	Mar. 31, 2021USD ($)loan	Dec. 31, 2020USD ($)loan	Mar. 31, 2020USD ($)	Dec. 31, 2019USD ($)
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of loans | loan	100	103
Unpaid principal balance	$ 3,872,623	$ 3,932,434
2020	133,048		$ 122,649
2019	1,613,830		1,597,870
2018	1,064,711		1,213,930
2017	650,651		860,963
2016	138,737		219,472
Prior	198,859		236,367
Loans held-for-investment, net	$ 3,799,836	$ 3,847,803	4,251,251	$ 4,226,212
Risk Rating 1
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of loans | loan	6	6
Unpaid principal balance	$ 183,564	$ 183,369
2020	0		0
2019	18,322		0
2018	75,639		49,269
2017	55,552		21,290
2016	33,597		33,330
Prior	0		0
Loans held-for-investment, net	$ 183,110	$ 182,730	103,889
Risk Rating 2
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of loans | loan	50	50
Unpaid principal balance	$ 1,884,413	$ 1,863,590
2020	77,609		122,649
2019	1,110,218		1,513,409
2018	439,391		892,526
2017	148,010		584,385
2016	37,069		186,142
Prior	54,435		109,813
Loans held-for-investment, net	$ 1,866,732	$ 1,847,332	3,408,924
Risk Rating 3
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of loans | loan	27	29
Unpaid principal balance	$ 993,656	$ 1,055,782
2020	12,961		0
2019	315,427		84,461
2018	333,761		233,342
2017	249,408		189,622
2016	68,071		0
Prior	0		126,554
Loans held-for-investment, net	$ 979,628	$ 1,026,662	633,979
Risk Rating 4
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of loans | loan	16	17
Unpaid principal balance	$ 743,735	$ 762,636
2020	42,478		0
2019	110,949		0
2018	215,920		38,793
2017	197,681		65,666
2016	0		0
Prior	144,424		0
Loans held-for-investment, net	$ 711,452	$ 732,310	104,459
Risk Rating 5
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of loans | loan	1	1
Unpaid principal balance	$ 67,255	$ 67,057
2020	0		0
2019	58,914		0
2018	0		0
2017	0		0
2016	0		0
Prior	0		0
Loans held-for-investment, net	$ 58,914	$ 58,769	$ 0

Variable Interest Entities an_3

Variable Interest Entities and Securitized Debt Obligations (Details) - USD ($) $ in Thousands		Mar. 31, 2021	Dec. 31, 2020
Variable Interest Entity [Line Items]
Total Assets	[1]	$ (4,099,657)	$ (4,219,648)
Total Liabilities	[1]	3,149,760	3,284,802
Variable Interest Entity, Primary Beneficiary
Variable Interest Entity [Line Items]
Total Assets		(1,260,455)	(1,255,932)
Total Liabilities		926,871	928,220
Variable Interest Entity, Primary Beneficiary | Loans held-for-investment
Variable Interest Entity [Line Items]
Total Assets		(1,261,943)	(1,200,479)
Variable Interest Entity, Primary Beneficiary | Allowance for credit losses
Variable Interest Entity [Line Items]
Total Assets		(10,437)	(15,914)
Variable Interest Entity, Primary Beneficiary | Loans held-for-investment, net
Variable Interest Entity [Line Items]
Total Assets		(1,251,506)	(1,184,565)
Variable Interest Entity, Primary Beneficiary | Restricted cash
Variable Interest Entity [Line Items]
Total Assets		0	(62,804)
Variable Interest Entity, Primary Beneficiary | Other assets
Variable Interest Entity [Line Items]
Total Assets		(8,949)	(8,563)
Variable Interest Entity, Primary Beneficiary | Securitized debt obligations
Variable Interest Entity [Line Items]
Total Liabilities		925,384	927,128
Variable Interest Entity, Primary Beneficiary | Other liabilities
Variable Interest Entity [Line Items]
Total Liabilities		$ 1,487	$ 1,092
[1]	The condensed consolidated balance sheets include assets of consolidated variable interest entities, or VIEs, that can only be used to settle obligations of these VIEs, and liabilities of the consolidated VIEs for which creditors do not have recourse to Granite Point Mortgage Trust Inc. At March 31, 2021 and December 31, 2020, assets of the VIEs totaled $1,260,455 and $1,255,932, respectively, and liabilities of the VIEs totaled $926,871 and $928,220, respectively. See Note 4 - Variable Interest Entities and Securitized Debt Obligations for additional information.

Variable Interest Entities an_4

Variable Interest Entities and Securitized Debt Obligations - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Dec. 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Securitized debt obligations	$ 925,384	$ 927,128
Weighted average interest rate of securitized debt obligations outstanding	1.80%	1.84%
Debt instrument, weighted average maturity	7 months 6 days

Collateralized Borrowings - Nar

Collateralized Borrowings - Narrative (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Feb. 04, 2021	Dec. 31, 2020	Sep. 25, 2020
Line of Credit Facility [Line Items]
Total Capacity	$ 2,325,000		$ 2,325,000
Term Loan
Line of Credit Facility [Line Items]
Total Capacity		$ 349,300		$ 300,000

Collateralized Borrowings (Deta

Collateralized Borrowings (Details) - USD ($)	Mar. 31, 2021	Dec. 31, 2020
Line of Credit Facility [Line Items]
Repurchase facilities	$ 1,238,541,000	$ 1,708,875,000
Asset-specific financings	123,091,000	123,091,000
Term financing facility	346,861,000	0
Unused Capacity	1,086,459,000	616,125,000
Total Capacity	2,325,000,000	2,325,000,000
Carrying Value of Collateral	1,795,750,000	2,476,967,000
Carrying Value of Collateral	3,800,000,000	3,800,000,000
Goldman Sachs Bank USA
Line of Credit Facility [Line Items]
Term financing facility	346,861,000
Unused Capacity	0
Total Capacity	346,861,000
Goldman Sachs Bank USA | Revolving Credit Facility
Line of Credit Facility [Line Items]
Carrying Value of Collateral	$ 550,219,000
Weighted Average Borrowing Rate	3.70%
Canadian Imperial Bank of Commerce
Line of Credit Facility [Line Items]
Asset-specific financings	$ 123,091,000	123,091,000
Unused Capacity	26,909,000	26,909,000
Total Capacity	150,000,000	150,000,000
Canadian Imperial Bank of Commerce | Secured Debt
Line of Credit Facility [Line Items]
Carrying Value of Collateral	$ 155,150,000	$ 152,929,000
Weighted Average Borrowing Rate	2.50%	2.50%
Loans held-for-investment | Morgan Stanley Bank
Line of Credit Facility [Line Items]
Repurchase facilities	$ 383,971,000	$ 435,719,000
Unused Capacity	216,029,000	164,281,000
Total Capacity	600,000,000	600,000,000
Carrying Value of Collateral	$ 578,476,000	$ 657,066,000
Weighted Average Borrowing Rate	2.20%	2.30%
Loans held-for-investment | Goldman Sachs Bank USA
Line of Credit Facility [Line Items]
Repurchase facilities	$ 0	$ 395,990,000
Unused Capacity	500,000,000	104,010,000
Total Capacity	500,000,000	500,000,000
Carrying Value of Collateral	$ 1,228,000	$ 593,625,000
Weighted Average Borrowing Rate	0.00%	2.50%
Loans held-for-investment | JPMorgan Chase Bank
Line of Credit Facility [Line Items]
Repurchase facilities	$ 339,260,000	$ 361,797,000
Unused Capacity	110,740,000	88,203,000
Total Capacity	450,000,000	450,000,000
Carrying Value of Collateral	$ 517,208,000	$ 536,758,000
Weighted Average Borrowing Rate	2.30%	2.50%
Loans held-for-investment | Citibank
Line of Credit Facility [Line Items]
Repurchase facilities	$ 386,049,000	$ 386,049,000
Unused Capacity	113,951,000	113,951,000
Total Capacity	500,000,000	500,000,000
Carrying Value of Collateral	$ 511,731,000	$ 504,236,000
Weighted Average Borrowing Rate	1.80%	1.80%
Loans held-for-investment | Wells Fargo Bank
Line of Credit Facility [Line Items]
Repurchase facilities	$ 129,261,000	$ 129,320,000
Unused Capacity	145,739,000	145,680,000
Total Capacity	275,000,000	275,000,000
Carrying Value of Collateral	$ 187,107,000	$ 185,282,000
Weighted Average Borrowing Rate	2.10%	2.10%
Maximum capacity under collateralized borrowings upon exercise of option to increase	$ 350,000,000

Collateralized Borrowings - Bor

Collateralized Borrowings - Borrowings by Maturity (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Assets Sold under Agreements to Repurchase [Line Items]
Repurchase facilities	$ 1,238,541	$ 1,708,875
Asset-specific financings	123,091	$ 123,091
Term Financing Facility	346,861
Total Amount Outstanding	1,708,493
2021
Assets Sold under Agreements to Repurchase [Line Items]
Repurchase facilities	513,233
Asset-specific financings	82,768
Term Financing Facility	0
Total Amount Outstanding	596,001
2022
Assets Sold under Agreements to Repurchase [Line Items]
Repurchase facilities	339,260
Asset-specific financings	40,323
Term Financing Facility	0
Total Amount Outstanding	379,583
2023
Assets Sold under Agreements to Repurchase [Line Items]
Repurchase facilities	386,048
Asset-specific financings	0
Term Financing Facility	0
Total Amount Outstanding	386,048
2024
Assets Sold under Agreements to Repurchase [Line Items]
Repurchase facilities	0
Asset-specific financings	0
Term Financing Facility	0
Total Amount Outstanding	0
2025
Assets Sold under Agreements to Repurchase [Line Items]
Repurchase facilities	0
Asset-specific financings	0
Term Financing Facility	346,861
Total Amount Outstanding	346,861
Thereafter
Assets Sold under Agreements to Repurchase [Line Items]
Repurchase facilities	0
Asset-specific financings	0
Term Financing Facility	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	3 Months Ended	12 Months Ended
	Mar. 31, 2021	Dec. 31, 2020
Repurchase Agreement Counterparty [Line Items]
Repurchase facilities	$ 1,238,541	$ 1,708,875
Net counterparty exposure	580,188	803,790
Morgan Stanley Bank
Repurchase Agreement Counterparty [Line Items]
Repurchase facilities	383,971	435,719
Net counterparty exposure	$ 197,872	$ 230,815
Percent of Equity	21.00%	25.00%
Weighted Average Years to Maturity	2 months 26 days	5 months 26 days
JPMorgan Chase Bank
Repurchase Agreement Counterparty [Line Items]
Repurchase facilities	$ 339,260	$ 361,797
Net counterparty exposure	$ 189,846	$ 187,282
Percent of Equity	20.00%	20.00%
Weighted Average Years to Maturity	1 year 2 months 26 days	1 year 6 months
Goldman Sachs Bank USA
Repurchase Agreement Counterparty [Line Items]
Repurchase facilities	$ 0	$ 395,990
Net counterparty exposure	$ 1,248	$ 203,297
Percent of Equity	0.00%	22.00%
Weighted Average Years to Maturity	1 month 2 days	3 months 29 days
Citibank
Repurchase Agreement Counterparty [Line Items]
Repurchase facilities	$ 386,049	$ 386,049
Net counterparty exposure	$ 132,019	$ 124,913
Percent of Equity	14.00%	13.00%
Weighted Average Years to Maturity	1 year 9 months 10 days	2 years 7 days
Wells Fargo Bank
Repurchase Agreement Counterparty [Line Items]
Repurchase facilities	$ 129,261	$ 129,320
Net counterparty exposure	$ 59,203	$ 57,483
Percent of Equity	6.00%	6.00%
Weighted Average Years to Maturity	2 months 26 days	5 months 26 days

Convertible Senior Notes (Detai

Convertible Senior Notes (Details)	1 Months Ended		3 Months Ended
	Oct. 31, 2018USD ($)	Jan. 31, 2018USD ($)	Mar. 31, 2021USD ($)	Dec. 31, 2020USD ($)	Dec. 31, 2017USD ($)
Debt Instrument, Redemption [Line Items]
Convertible senior notes			$ 271,649,000	$ 271,250,000
Convertible Debt, 2017 Issuance
Debt Instrument, Redemption [Line Items]
Proceeds from convertible senior notes		$ 139,500,000
Convertible senior notes conversion ratio			0.0519943
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			0.0500894
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

Senior Secured Term Loan Faci_3

Senior Secured Term Loan Facilities and Warrants to Purchase Shares of Common Stock (Details) $ / shares in Units, $ in Thousands	Sep. 28, 2020USD ($)shares	Sep. 25, 2020USD ($)$ / sharesshares	Mar. 31, 2021USD ($)$ / shares	Feb. 04, 2021USD ($)	Dec. 31, 2020USD ($)$ / shares
Debt Instrument [Line Items]
Total Capacity			$ 2,325,000		$ 2,325,000
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		$ 349,300
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
Term financing facility	$ 225,000		$ 207,103		$ 206,448
Unused borrowing capacity, amount	$ 75,000
Delayed draw period	6 months
Debt instrument, extension fee	$ 800
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%

Senior Secured Term Loan Faci_4

Senior Secured Term Loan Facilities and Warrants to Purchase Shares of Common Stock - Net Carrying Amount Of Term Loan Facilities (Details) - Term Loan - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020	Sep. 28, 2020
Debt Instrument [Line Items]
Principal outstanding	$ 225,000	$ 225,000
Less: Unamortized debt discount and issuance costs	(17,897)	(18,552)
Net carrying value	$ 207,103	$ 206,448	$ 225,000

Cash, Cash Equivalents and Re_3

Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020	Mar. 31, 2020	Dec. 31, 2019
Variable Interest Entity [Line Items]
Cash collateral for repurchase agreements and securities activity	$ 3,700	$ 5,000
Cash and cash equivalents	255,411	261,419
Restricted cash	3,679	67,774
Total cash, cash equivalents and restricted cash	$ 259,090	329,193	$ 107,865	$ 159,764
Restricted cash
Variable Interest Entity [Line Items]
Cash collateral for repurchase agreements and securities activity		$ 62,800

Fair Value - by Balance Sheet G

Fair Value - by Balance Sheet Grouping (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020	Mar. 31, 2020	Dec. 31, 2019
Fair Value Disclosures [Abstract]
Loans held-for-investment, net of allowance for credit losses	$ 3,799,836	$ 3,847,803	$ 4,251,251	$ 4,226,212
Loans held-for-investment, net of allowance for credit losses, at fair value	3,834,762	3,867,286
Cash and cash equivalents	255,411	261,419
Restricted cash	3,679	67,774
Repurchase facilities	1,238,541	1,708,875
Securitized debt obligations	925,384	927,128
Securitized debt obligations, at fair value	921,709	916,701
Asset-specific financings	123,091	123,091
Term financing facility	346,861	0
Convertible senior notes	271,649	271,250
Convertible senior notes, at fair value	265,271	257,411
Senior secured term loan facilities	207,103	206,448
Senior Notes, at fair value	$ 207,103	$ 206,448

Commitments and Contingencies -

Commitments and Contingencies - Unfunded Commitments (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Commitments and Contingencies Disclosure [Abstract]
Unfunded commitments	$ 453,534		$ 503,726
Weighted average future funding period on unfunded commitments	3 years
Liability for off balance sheet credit losses	$ 3,600
Benefit from (provision for) credit losses	$ 7,233	$ (45,873)

Preferred Stock (Details)

Preferred Stock (Details) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended	3 Months Ended
	Jan. 31, 2021	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Class of Stock [Line Items]
Preferred stock dividend rate		10.00%
Preferred stock liquidation preference (in usd per share)		$ 1,000
Period after which the company may redeem preferred stock		5 years
Preferred stock, redemption price per share (in usd per share)		$ 1,000
Period after which the holder may redeem preferred stock		6 years
Preferred dividends declared		$ 25	$ 25
10% cumulative redeemable preferred shares issued		1,000		1,000
Series A Preferred Stock
Class of Stock [Line Items]
Preferred stock, shares subscribed but unissued	125
Preferred stock, shares issued, retained by issuer	500
Series A Preferred Stock | Sub-REIT
Class of Stock [Line Items]
10% cumulative redeemable preferred shares issued	625
Proceeds from issuance of preferred stock and preference stock	$ 100

Stockholders' Equity - Schedule

Stockholders' Equity - Schedule of Common Dividends Declared (Details) - $ / shares	Mar. 31, 2021	Mar. 31, 2021	Mar. 31, 2021	Mar. 31, 2021
Class of Stock [Line Items]
Dividends declared per common share (in usd per share)		$ 0.25
Common Stock
Class of Stock [Line Items]
Declaration Date	Mar. 18, 2021		Dec. 18, 2020	Sep. 28, 2020
Record Date	Apr. 1, 2021		Dec. 31, 2020	Oct. 8, 2020
Payment Date	Apr. 19, 2021		Jan. 22, 2021	Oct. 19, 2020
Dividends declared per common share (in usd per share)	$ 0.25			$ 0.20
Dividends declared per common share (in usd per share)			$ 0.25
Dividends declared per common share (in usd per share)			$ 0.20

Stockholders' Equity Share Repu

Stockholders' Equity Share Repurchase Program (Details) $ in Millions	3 Months Ended
	Mar. 31, 2021USD ($)shares
Stockholders' Equity Attributable to Parent [Abstract]
Number of shares authorized to be repurchased under stock repurchase program	2,000,000
Treasury stock, shares, acquired	97,425
Treasury stock, value, acquired, cost method | $	$ 0.9

Stockholders' Equity At-the-Mar

Stockholders' Equity At-the-Market Offering (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Stockholders' Equity Attributable to Parent [Abstract]
Number of shares authorized to be sold under equity distribution agreement	8,000,000
Number of common shares issued under equity distribution agreement and outstanding as of period-end	3,242,364
Accumulated proceeds from issuance of common shares under equity distribution agreement	$ 61.2
Shares sold at the market offering	0	0

Stockholders' Equity - Warrants

Stockholders' Equity - Warrants to Purchase Common Stock (Details) $ / shares in Units, $ in Millions	Mar. 31, 2021USD ($)$ / 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]
Term financing facility	$ 225
Long-term debt, term	5 years

Equity Incentive Plan (Details)

Equity Incentive Plan (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of restricted common shares reserved for issuance under equity incentive plan	3,242,306
Maximum number of shares that an individual may be granted as a proportion of outstanding common stock	9.80%
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity based compensation	$ 1.9	$ 1.4
Share-based payment arrangement, nonvested award, cost not yet recognized, amount	$ 5.3
Share-based payment arrangement, nonvested award, cost not yet recognized, period for recognition	2 years 3 months 18 days
Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based payment arrangement, nonvested award, cost not yet recognized, amount	$ 9.1
Share-based payment arrangement, nonvested award, cost not yet recognized, period for recognition	3 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)	3 Months Ended
	Mar. 31, 2021$ / sharesshares
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Ending balance (in shares)	1,257,847
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) | $ / shares	$ 14.93
Granted (in usd per share) | $ / shares	9.61
Vested (in usd per share) | $ / shares	18.46
Forfeited (in usd per share) | $ / shares	18.43
Ending balance (in usd per share) | $ / shares	$ 10.37
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)	569,535
Granted (in shares)	0
Vested (in shares)	(137,728)
Forfeited (in shares)	(97,425)
Ending balance (in shares)	334,382
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
Granted (in shares)	923,465
Vested (in shares)	0
Forfeited (in shares)	0
Ending balance (in shares)	923,465

Equity Incentive Plan - Summary

Equity Incentive Plan - Summary of Restricted Stock and Restricted Stock Units Vesting Dates (Details) - shares	3 Months Ended
	Mar. 31, 2021	Dec. 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total	1,257,847
2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vested in period (in shares)	104,755
2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vested in period (in shares)	345,258
2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vested in period (in shares)	265,772
2024
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vested in period (in shares)	173,194
2025
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vested in period (in shares)	368,868
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vested in period (in shares)	137,728
Total	334,382	569,535
Restricted Stock | 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vested in period (in shares)	69,720
Restricted Stock | 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vested in period (in shares)	172,077
Restricted Stock | 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vested in period (in shares)	92,585
Restricted Stock | 2024
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vested in period (in shares)	0
Restricted Stock | 2025
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vested in period (in shares)	0
Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vested in period (in shares)	0
Total	923,465	0
Restricted Stock Units (RSUs) | 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vested in period (in shares)	35,035
Restricted Stock Units (RSUs) | 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vested in period (in shares)	173,181
Restricted Stock Units (RSUs) | 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vested in period (in shares)	173,187
Restricted Stock Units (RSUs) | 2024
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vested in period (in shares)	173,194
Restricted Stock Units (RSUs) | 2025
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vested in period (in shares)	368,868

Restructuring Charges (Details)

Restructuring Charges (Details) $ in Millions	Mar. 31, 2021USD ($)
Restructuring and Related Activities [Abstract]
One time cash payment to the manager	$ 44.5

Income Taxes - Narrative (Detai

Income Taxes - Narrative (Details) $ in Millions	Mar. 31, 2021USD ($)
Income Tax Disclosure [Abstract]
Sales and excise tax payable, current	$ 0.6

Earnings Per Share (Details)

Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Numerator:
Net income (loss) attributable to common stockholders - basic	$ 27,966	$ (37,216)
Interest expense attributable to convertible notes	4,501	0
Net income (loss) attributable to common stockholders - diluted	$ 32,467	$ (37,216)
Denominator:
Weighted average common shares outstanding	54,730,951	54,499,000
Weighted average restricted stock shares	406,657	557,411
Basic weighted average shares outstanding	55,137,608	55,056,411
Effect of dilutive shares issued in an assumed conversion of the convertible senior notes	14,065,946	0
Effect of dilutive shares issued in an assumed conversion of RSUs as additional shares	803,661	0
Effect of dilutive shares issued in an assumed exercise of warrants issued in conjunction with the senior secured term loan facilities	1,827,181	0
Diluted weighted average shares outstanding	71,834,396	55,056,411
Earnings (loss) per share
Basic (in usd per share)	$ 0.51	$ (0.68)
Diluted (in usd per share)	$ 0.45	$ (0.68)

Earnings Per Share - Narrative

Earnings Per Share - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Earnings Per Share [Abstract]
Interest expense attributable to antidilutive convertible notes excluded from computation of earnings per share		$ 4.5
Antidilutive convertible notes excluded from computation of earnings per share (in shares)		13,670,796
Deferred debt issuance cost, accretion period	5 years
Deferred debt issuance cost, adjustments	$ 0.2
Effect of dilutive shares issued in an assumed exercise of warrants issued in conjunction with the senior secured term loan facilities	1,827,181	0
Effect of dilutive shares issued in an assumed conversion of RSUs as additional shares	803,661	0

Related Party Transactions (Det

Related Party Transactions (Details) - USD ($)	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Related Party Transaction [Line Items]
Base management fees	$ 0	$ 3,907,000
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	$ 0	3,900,000
Compensation and benefits	0	0
Direct and allocated costs incurred by manager	$ 0	$ 7,800,000

Subsequent Events (Details)

Subsequent Events (Details) - USD ($) $ in Millions	May 05, 2021	May 02, 2021	Mar. 31, 2021	Dec. 31, 2020
Subsequent Event [Line Items]
Weighted average interest rate			1.80%	1.84%
Subsequent Event
Subsequent Event [Line Items]
Capitalized Contract cost, amortization period		2 years
Subsequent Event | Commercial Real Estate Collateralized Loan Obligation
Subsequent Event [Line Items]
Debt instrument, face amount	$ 824
Initial Advance Rate	83.25%
Debt instrument, interest rate, Increase	70.00%
Subsequent Event | Commercial Real Estate Collateralized Loan Obligation | London Interbank Offered Rate (LIBOR) Swap Rate
Subsequent Event [Line Items]
Weighted average interest rate	1.62%