Granite Point Mortgage Trust (GPMT) 10-Q 9 Aug 21 2021 Q2 Quarterly report Financial data

Cover Page

Cover Page - shares	6 Months Ended
	Jun. 30, 2021	Aug. 05, 2021
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 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		54,789,465
Entity Central Index Key	0001703644
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q2
Amendment Flag	false

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands		Jun. 30, 2021	Dec. 31, 2020
ASSETS
Loans held-for-investment		$ 3,635,315	$ 3,914,469
Allowance for credit losses		(57,671)	(66,666)
Loans held-for-investment, net		3,577,644	3,847,803
Cash and cash equivalents		236,953	261,419
Restricted cash		2,077	67,774
Accrued interest receivable		10,149	12,388
Other assets		27,645	30,264
Total Assets	[1]	3,854,468	4,219,648
Liabilities
Repurchase facilities		717,196	1,708,875
Securitized debt obligations		1,446,603	927,128
Asset-specific financings		82,768	123,091
Term financing facility		142,414	0
Convertible senior notes		272,074	271,250
Senior secured term loan facilities		207,881	206,448
Dividends payable		13,963	25,049
Other liabilities		24,273	22,961
Total Liabilities	[1]	2,907,172	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 54,790,186 and 55,205,082 shares issued and outstanding, respectively		548	552
Additional paid-in capital		1,056,364	1,058,298
Cumulative earnings		145,425	103,165
Cumulative distributions to stockholders		(256,166)	(228,169)
Total Granite Point Mortgage Trust, Inc. Stockholders’ Equity		946,171	933,846
Non-controlling interests		125	0
Total Equity		946,296	933,846
Total Liabilities and Stockholders’ Equity		$ 3,854,468	$ 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 June 30, 2021 and December 31, 2020, assets of the VIEs totaled $1,914,336 and $1,255,932, respectively, and liabilities of the VIEs totaled $1,448,229 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		Jun. 30, 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		54,790,186	55,205,082
Common shares outstanding		54,790,186	55,205,082
Assets of consolidated variable interest entities	[1]	$ 3,854,468	$ 4,219,648
Total Liabilities	[1]	2,907,172	3,284,802
Variable Interest Entity, Primary Beneficiary
Variable Interest Entity [Line Items]
Assets of consolidated variable interest entities		1,914,336	1,255,932
Total Liabilities		1,448,229	928,220
Variable Interest Entity, Primary Beneficiary | Total Assets
Variable Interest Entity [Line Items]
Assets of consolidated variable interest entities		1,914,336	1,255,932
Variable Interest Entity, Primary Beneficiary | Total Liabilities
Variable Interest Entity [Line Items]
Total Liabilities		$ 1,448,229	$ 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 June 30, 2021 and December 31, 2020, assets of the VIEs totaled $1,914,336 and $1,255,932, respectively, and liabilities of the VIEs totaled $1,448,229 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		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Interest income:
Loans held-for-investment	$ 49,350	$ 60,299	$ 103,389	$ 123,558
Loans held-for-sale	0	121	0	121
Available-for-sale securities	0	247	0	527
Held-to-maturity securities	0	236	0	546
Cash and cash equivalents	103	41	203	367
Total interest income	49,453	60,944	103,592	125,119
Interest expense:
Repurchase facilities	6,047	14,276	14,998	33,951
Securitized debt obligations	7,129	6,502	11,746	15,936
Convertible senior notes	4,544	4,525	9,062	9,041
Term financing facility	2,633	0	4,755	0
Asset-specific financings	668	939	1,545	2,061
Revolving credit facilities	0	320	0	562
Senior secured term loan facilities	5,653	0	10,933	0
Total interest expense	26,674	26,562	53,039	61,551
Net interest income	22,779	34,382	50,553	63,568
Other income (loss):
Benefit from (provision for) credit losses	193	(14,205)	9,312	(67,541)
Realized losses on sales of loans held-for-sale	0	(6,894)	0	(6,894)
Fee income	0	0	0	522
Total other income (loss)	193	(21,099)	9,312	(73,913)
Expenses:
Base management fees	0	3,959	0	7,866
Compensation and benefits	5,017	0	10,477	0
Servicing expenses	1,124	1,002	2,440	2,111
Other operating expenses	2,564	10,060	4,691	18,613
Total expenses	8,705	15,021	17,608	28,590
Income (loss) before income taxes	14,267	(1,738)	42,257	(38,935)
Benefit from income taxes	(2)	(5)	(3)	(11)
Net income (loss)	14,269	(1,733)	42,260	(38,924)
Dividends on preferred stock	25	25	50	50
Net income (loss) attributable to common stockholders	$ 14,244	$ (1,758)	$ 42,210	$ (38,974)
Basic earnings (loss) per weighted average common share (in usd per share)	$ 0.26	$ (0.03)	$ 0.77	$ (0.71)
Diluted earnings (loss) per weighted average common share (in usd per share)	$ 0.24	$ (0.03)	$ 0.71	$ (0.71)
Weighted average number of shares of common stock outstanding:
Basic (in shares)	55,009,732	55,158,283	55,073,317	55,107,347
Diluted (in shares)	58,526,985	55,158,283	72,564,914	55,107,347
Comprehensive income (loss):
Net income (loss) attributable to common stockholders	$ 14,244	$ (1,758)	$ 42,210	$ (38,974)
Other comprehensive income (loss), net of tax:
Unrealized gain (loss) on available-for-sale securities	0	3,712	0	(32)
Other comprehensive income (loss)	0	3,712	0	(32)
Comprehensive income (loss)	$ 14,244	$ 1,954	$ 42,210	$ (39,006)

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		$ (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)			(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, 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		$ (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	(38,924)
Net other comprehensive loss	(32)
Common shares outstanding at end of period at Jun. 30, 2020							55,205,082
Stockholders’ equity at end of period at Jun. 30, 2020	964,336			964,336			$ 552		1,051,159		0		104,680			(192,055)		0
Common shares outstanding at beginning of period at Mar. 31, 2020							55,136,885
Stockholders’ equity at beginning of period at Mar. 31, 2020	961,059			961,059			$ 552		1,049,836		(3,712)		106,413			(192,030)		0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) income	(1,733)			(1,733)									(1,733)
Other comprehensive loss before reclassifications	4,223			4,223							4,223
Amounts reclassified from accumulated other comprehensive income	(511)			(511)							(511)
Net other comprehensive loss	3,712			3,712							3,712
Preferred dividends declared	(25)			(25)												(25)
Non-cash equity award compensation (in shares)							68,197
Non-cash equity award compensation	1,323			1,323					1,323
Common shares outstanding at end of period at Jun. 30, 2020							55,205,082
Stockholders’ equity at end of period at Jun. 30, 2020	$ 964,336			964,336			$ 552		1,051,159		0		104,680			(192,055)		0
Common shares outstanding at beginning of period at Dec. 31, 2020	55,205,082						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
Restricted stock forfeiture (in shares)							(97,425)
Restricted stock forfeiture	(919)			(919)			$ (1)		(918)
Common dividends declared	(14,008)			(14,008)												(14,008)
Preferred dividends declared	(25)			(25)												(25)
Non-cash equity award compensation	1,887			1,887					1,887
Contributions from non-controlling interests	125																	125
Common shares outstanding at end of period at Mar. 31, 2021							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
Common shares outstanding at beginning of period at Dec. 31, 2020	55,205,082						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	42,260
Net other comprehensive loss	$ 0
Common shares outstanding at end of period at Jun. 30, 2021	54,790,186						54,790,186
Stockholders’ equity at end of period at Jun. 30, 2021	$ 946,296			946,171			$ 548		1,056,364		0		145,425			(256,166)		125
Common shares outstanding at beginning of period at Mar. 31, 2021							55,107,657
Stockholders’ equity at beginning of period at Mar. 31, 2021	948,897			948,772			$ 551		1,059,267		0		131,156			(242,202)		125
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) income	14,269			14,269									14,269
Net other comprehensive loss	0
Restricted stock forfeiture (in shares)							(17,628)
Restricted stock forfeiture	(275)			(275)					(275)
Repurchase of common stock (in shares)							(300,891)
Repurchase of common stock	(4,270)			4,270			$ 3		4,267
Common dividends declared	(13,939)			(13,939)												(13,939)
Preferred dividends declared	(25)			(25)												(25)
Non-cash equity award compensation (in shares)							1,048
Non-cash equity award compensation	$ 1,639			1,639			$ 0		1,639
Common shares outstanding at end of period at Jun. 30, 2021	54,790,186						54,790,186
Stockholders’ equity at end of period at Jun. 30, 2021	$ 946,296			$ 946,171			$ 548		$ 1,056,364		$ 0		$ 145,425			$ (256,166)		$ 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]
Preferred dividends declared per share (in usd per share)	$ 25	$ 25
Common dividends declared per share (in usd per share)	$ 0.25

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Cash Flows From Operating Activities:
Net income (loss)	$ 42,260	$ (38,924)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Accretion of discounts and net deferred fees on loans held-for-investment	(16,652)	(9,321)
Amortization of deferred debt issuance costs on repurchase facilities, asset-specific financings, convertible senior notes, securitized debt obligations, senior secured term loan facilities and term financing facilities	5,636	3,280
Provision for credit losses	(9,312)	67,541
Realized losses on sales of loans held-for-sale	0	6,894
Amortization of equity-based compensation	3,526	2,678
Net change in assets and liabilities:
Decrease (increase) in accrued interest receivable	2,239	(326)
Decrease (increase) in other assets	1,355	1,501
Increase in other liabilities	1,670	(1,018)
Net cash provided by operating activities	30,722	32,305
Cash Flows From Investing Activities:
Originations, acquisitions and additional fundings of loans held-for-investment, net of deferred fees	(228,750)	(257,004)
Proceeds from repayment of loans held-for-investment	524,557	106,115
Principal payments on held-to-maturity securities	0	6,350
Proceeds from sales of loans held-for-sale	0	12,771
Net cash provided by (used in) investing activities	295,807	(131,768)
Cash Flows From Financing Activities:
Proceeds from repurchase facilities	82,931	310,471
Principal payments on repurchase facilities	(1,074,611)	(203,576)
Proceeds from issuance of securitized debt obligations	685,766	0
Principal payments on securitized debt obligations	(162,366)	(60,000)
Proceeds from asset-specific financings	0	4,777
Repayment of asset-specific financings	(40,323)	0
Proceeds from revolving credit facilities	0	38,361
Repayment of revolving credit facilities	0	(67,780)
Proceeds from term financing facility	349,291	0
Repayment of term financing facility	(204,606)	0
Payment of debt issuance costs	(8,353)	0
Contributions from non-controlling interests	125	0
Tax withholding on restricted stock	(1,194)	0
Repurchase of common stock	(4,270)	0
Dividends paid on preferred stock	(50)	(50)
Dividends paid on common stock	(39,032)	(23,038)
Net cash used in financing activities	(416,692)	(835)
Net decrease in cash, cash equivalents and restricted cash	(90,163)	(100,298)
Cash, cash equivalents and restricted cash at beginning of period	329,193	159,764
Cash, cash equivalents and restricted cash at end of period	239,030	59,466
Supplemental Disclosure of Cash Flow Information:
Cash paid for interest	53,505	63,350
Cash paid for taxes	611	0
Noncash Activities:
Transfers of loans held-for-investment to loans held-for-sale	0	19,665
Dividends declared but not paid at end of period	$ 13,964	$ 25

Organization and Operations

Organization and Operations	6 Months Ended
	Jun. 30, 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 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	6 Months Ended
	Jun. 30, 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 the 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 June 30, 2021 and results of operations for all periods presented have been made. The results of operations for the three and six months ended June 30, 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. 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 June 30, 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, to varying degrees, begun to improve, 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 emergence of new variants of the COVID-19 virus, the continued distribution and acceptance of vaccines and the effectiveness of such vaccines against new variants of the COVID-19 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 the COVID-19 pandemic 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 June 30, 2021. However, uncertainty over the ultimate impact the COVID-19 pandemic will have on the global economy generally, and the Company’s business in particular, makes any estimates and assumptions as of June 30, 2021 inherently less certain than they would be absent the current and potential impacts of the COVID-19 pandemic. 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 and six months ended June 30, 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 debt instruments, derivatives, and other contracts that reference LIBOR or other reference rates expected to be discontinued as a result of reference rate reform. This guidance is optional and may be elected through December 31, 2022 using a prospective application on all eligible contract modifications. The Company has loan agreements, and debt agreements that incorporate LIBOR as a referenced interest rate. It is difficult to predict what effect, if any, the phase-out of LIBOR and the use of alternative benchmarks may have on the Company’s business or on the overall financial markets. The Company has not adopted any of the optional expedients or exceptions through June 30, 2021, but will continue to evaluate the possible adoption of any such expedients or exceptions. 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	6 Months Ended
	Jun. 30, 2021
Receivables [Abstract]
Loans Held-for-Investment, Net of Allowance for Credit Losses	Loans Held-for-Investment, Net of Allowance for Credit Losses The Company originates and acquires commercial real estate debt and related instruments generally to be held as long-term investments. These assets are classified as “loans held-for-investment” on the 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 June 30, 2021 and December 31, 2020: June 30, (dollars in thousands) Senior Loans (1) Mezzanine Loans B-Notes Total Unpaid principal balance $ 3,631,658 $ 1,713 $ 14,121 $ 3,647,492 Unamortized (discount) premium (64) — — (64) Unamortized net deferred origination fees (12,113) — — (12,113) Allowance for credit losses (53,371) (1,713) (2,587) (57,671) Carrying value $ 3,566,110 $ — $ 11,534 $ 3,577,644 Unfunded commitments $ 441,096 $ — $ 441,096 Number of loans 97 1 1 99 Weighted average coupon 5.0 % 13.0 % 8.0 % 5.0 % Weighted average years to maturity (2) 0.9 4.4 5.6 1.0 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 certain loan modifications. (dollars in thousands) June 30, December 31, Property Type Carrying Value % of Loan Portfolio Carrying Value % of Loan Portfolio Office $ 1,627,802 45.5 % $ 1,720,705 44.7 % Multifamily 909,150 25.5 % 910,557 23.7 % Hotel 531,383 14.9 % 646,869 16.8 % Retail 337,879 9.4 % 332,218 8.6 % Industrial 130,492 3.6 % 196,677 5.1 % Other 40,938 1.1 % 40,777 1.1 % Total $ 3,577,644 100.0 % $ 3,847,803 100.0 % (dollars in thousands) June 30, December 31, Geographic Location Carrying Value % of Loan Portfolio Carrying Value % of Loan Portfolio Northeast $ 944,100 26.4 % $ 1,028,584 26.8 % Southwest 686,121 19.2 % 802,233 20.8 % West 625,536 17.5 % 682,236 17.7 % Midwest 679,837 19.0 % 712,675 18.5 % Southeast 642,050 17.9 % 622,075 16.2 % Total $ 3,577,644 100.0 % $ 3,847,803 100.0 % At June 30, 2021 and December 31, 2020, the Company pledged loans held-for-investment with a carrying value, net of allowance for credit losses, of $3.4 billion and $3.8 billion, respectively, 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 - Secured Financing Agreements. The following table summarizes activity related to loans held-for-investment, net of allowance for credit losses, for the three and six months ended June 30, 2021 and 2020: Three Months Ended June 30, Six Months Ended June 30, (in thousands) 2021 2020 2021 2020 Balance at beginning of period $ 3,799,836 $ 4,251,251 $ 3,847,803 $ 4,226,212 Originations, additional fundings and capitalized deferred interest 197,838 72,591 239,615 260,013 Repayments (422,969) (3,976) (524,557) (106,115) Transfers to loans held-for-sale — (19,665) — (19,665) Net discount accretion (premium amortization) 4 8 11 16 Increase in net deferred origination fees (2,305) (556) (2,339) (3,009) Amortization of net deferred origination fees 3,478 4,539 8,116 9,305 Benefit from (provision for) credit losses 1,762 (14,145) 8,995 (76,710) Balance at end of period $ 3,577,644 $ 4,290,047 $ 3,577,644 $ 4,290,047 Allowance for Credit Losses 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 third-party licensed 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, overall economic output and values of real estate properties. 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 and credit characteristics, the Company may instead elect to employ different methods to estimate an allowance for credit losses that also conform to ASU 2016-13 and related guidance. As of June 30, 2021, the Company recognized an allowance for credit losses related to its loans held-for-investment of $57.7 million, which reflected a benefit from provision for credit losses of $1.8 million for the three months ended June 30, 2021. The benefit from provision for credit losses related to expectations for further improvement in macroeconomic conditions and the $423.0 million of loan repayments and principal amortization, was mostly offset by establishing an allowance for credit losses related to $163.4 million of new loan originations and an increase in the allowance for credit loss related to an office loan with an unpaid principal balance of $54.9 million, that was individually assessed in accordance with ASU 2016-13 during the three months ended June 30, 2021, as further discussed below. The other two loans that were also individually assessed during the three months ended June 30, 2021, had been previously largely reserved for. 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 June 30, 2021, the Company recognized $5.2 million in other liabilities related to the allowance for credit losses on unfunded commitments. During the three months ended June 30, 2021, the Company recognized a provision for credit losses of $1.6 million mainly related to unfunded commitments on the office loan that was individually assessed and new loan originations. Changes in the provision for credit losses for both loans held-for-investment and their related unfunded commitments are recognized through net income (loss) on the Company’s condensed consolidated statements of comprehensive income (loss). The following table presents the changes for the three and six months ended June 30, 2021 and 2020 in the allowance for credit losses on loans held-for-investment: Three Months Ended June 30, Six Months Ended June 30, (in thousands) 2021 2021 Balance at beginning of period $ 59,433 $ 66,666 (Benefit from) provision for credit losses (1,762) (8,995) Writeoffs — — Recoveries of amounts previously written off — — Balance at end of period $ 57,671 $ 57,671 Three Months Ended June 30, Six Months Ended June 30, (in thousands) 2020 2020 Balance at beginning of period $ 62,565 $ 16,692 (Benefit from) provision for credit losses 14,145 60,018 Writeoffs — — Recoveries of amounts previously written off — — Balance at end of period $ 76,710 $ 76,710 Generally, loans held-for-investment are placed on nonaccrual status when delinquent for more than 90 days or earlier when determined not to be probable of full collection. Interest income recognition is suspended when loans are placed on nonaccrual status. During the three months ended June 30, 2021, the Company placed three loans on nonaccrual status and reversed $2.1 million of accrued interest related to these loans. As of June 30, 2021, the Company had four senior loans with a total unpaid principal balance of $259.6 million and carrying value of $225.1 million that are held on nonaccrual status. 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 June 30, 2021. The following table presents the carrying value of loans held-for-investment on nonaccrual status for the three and six months ended June 30, 2021: Three Months Ended June 30, Six Months Ended June 30, (in thousands) 2021 2021 Nonaccrual loan carrying value at beginning of period $ 19,264 $ 17,835 Nonaccrual loan carrying value at end of period $ 225,115 $ 225,115 Loan Risk Ratings 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 June 30, 2021 and December 31, 2020: (dollars in thousands) June 30, December 31, Risk Rating Number of Loans Unpaid Principal Balance Carrying Value Number of Loans Unpaid Principal Balance Carrying Value 1 6 $ 173,110 $ 172,192 6 $ 183,369 $ 182,730 2 50 1,758,265 1,744,608 50 1,863,590 1,847,332 3 24 756,020 743,248 29 1,055,782 1,026,662 4 16 722,953 713,322 17 762,636 732,310 5 3 237,144 204,274 1 67,057 58,769 Total 99 $ 3,647,492 $ 3,577,644 103 $ 3,932,434 $ 3,847,803 The following table presents the carrying value of loans held-for-investment as of June 30, 2021 and 2020 by risk rating and year of origination: June 30, 2021 (dollars in thousands) Origination Year Risk Rating 2021 2020 2019 2018 2017 2016 Prior Total 1 $ — $ — $ 63,154 $ 75,521 $ — $ 33,517 $ — $ 172,192 2 160,480 81,229 1,009,578 338,586 65,411 37,372 51,952 1,744,608 3 — 13,555 230,401 236,156 195,171 67,965 — 743,248 4 — 43,787 201,845 125,123 198,099 — 144,468 713,322 5 — — 58,924 99,495 45,855 — — 204,274 Total $ 160,480 $ 138,571 $ 1,563,902 $ 874,881 $ 504,536 $ 138,854 $ 196,420 $ 3,577,644 June 30, 2020 (dollars in thousands) Origination Year Risk Rating 2020 2019 2018 2017 2016 Prior Total 1 $ — $ — $ 117,510 $ 21,393 $ 33,283 $ — $ 172,186 2 73,459 1,118,870 594,483 418,305 188,227 82,099 2,475,443 3 11,823 346,911 257,580 238,337 — 11,121 865,772 4 40,364 164,507 249,086 181,459 — 141,230 776,646 5 — — — — — — — Total $ 125,646 $ 1,630,288 $ 1,218,659 $ 859,494 $ 221,510 $ 234,450 $ 4,290,047 During the three months ended June 30, 2021, the Company downgraded two loans with an aggregate principal balance of $169.0 million and a total carrying value of $145.4 million to a risk rating of “5”. These risk rating downgrades are due to new information available during the three months ended June 30, 2021 related to the operating performance of the collateral properties securing these loans, which have been adversely affected by market conditions driven by the COVID-19 pandemic. The Company determined that both of these loans met the criteria for individual assessment under the CECL framework, as further discussed below. During the three months ended June 30, 2021, the Company entered into a loan modification related to a retail asset located in Pasadena, CA, which is classified as troubled debt restructuring under GAAP. This modification included, among other changes, a partial deferral of the loan’s contractual interest payments due to the collateral property’s cash flows and operating performance being adversely affected by the ongoing effects of the COVID-19 pandemic. This loan had also been previously modified. At June 30, 2021, this first mortgage loan had an outstanding principal balance of $114.1 million, a maturity date of July 9, 2021 and was assigned 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. At June 30, 2021, the Company recorded an allowance for credit loss of $14.1 million on this loan based on the Company’s estimate of fair value of the loan’s underlying collateral using the discounted cash flow method of valuation less the estimated cost to foreclose and sell the property. The estimation of the fair value of the collateral property also involved using various Level 3 inputs, which were in part developed based on discussions with various market participants and management’s best estimates as of the valuation date, and required significant judgment. Additionally, as of June 30, 2021, the Company placed this loan on nonaccrual status and reversed $0.3 million of interest income. Subsequent to June 30, 2021, this loan’s maturity date passed without the loan being paid off. The Company is evaluating a variety of potential options with respect to the resolution of this loan, which, among others, may include a foreclosure, negotiated deed-in-lieu of foreclosure, a sale of the underlying collateral property or a sale of the loan. During the three months ended June 30, 2021, a first mortgage loan with a principal balance of $54.9 million collateralized by an office property located in Washington D.C. was downgraded to a risk rating of “5” as a result of the collateral property’s operating performance being adversely affected by the ongoing office leasing market challenges related to the COVID-19 pandemic. During the three months ended June 30, 2021, the Company entered into a loan modification related to this asset, which included, among other changes, a reallocation of certain reserves. This loan had also been previously modified. 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. At June 30, 2021, the Company recorded an allowance for credit loss of $8.9 million on the unpaid principal balance of this loan based on the Company’s estimate of fair value of the loan’s underlying collateral using the discounted cash flow method of valuation less the estimated cost to foreclose and sell the property. The estimation of the fair value of the collateral property also involved using various Level 3 inputs, which were in part developed based on discussions with various market participants and management’s best estimates as of the valuation date, and required significant judgment. Additionally, as of June 30, 2021, the Company placed this loan on nonaccrual status and reversed $0.8 million of interest income. The Company is evaluating a variety of potential options with respect to the resolution of this loan, which, among others, may include a foreclosure, a negotiated deed-in-lieu of foreclosure, a sale of the underlying collateral property or a sale of the loan. During 2020, the Company entered into a loan modification related to a hospitality asset located in Minneapolis, MN, which was classified as troubled debt restructuring under GAAP. This modification included, among other changes, a partial deferral of the loan’s contractual interest payments. At June 30, 2021, this first mortgage loan had an outstanding principal balance of $68.1 million and was assigned 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. At June 30, 2021, the Company recorded an allowance for credit loss of $9.1 million on this loan based on the Company’s estimate of fair value of the loan’s underlying collateral using the discounted cash flow method of valuation less the estimated cost to foreclose and sell the property. The estimation of the fair value of the hotel collateral also involved using various Level 3 inputs, which were in part developed based on discussions with various market participants and management’s best estimates as of the valuation date, and required significant judgment. Additionally, as of June 30, 2021, the Company placed this loan on nonaccrual status and reversed $1.0 million of interest income. The Company is evaluating a variety of potential options with respect to the resolution of this loan, which, among others, may include a sale of the underlying collateral property, a negotiated deed-in-lieu of foreclosure, or a sale of the loan.

Variable Interest Entities and

Variable Interest Entities and Securitized Debt Obligations	6 Months Ended
	Jun. 30, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Variable Interest Entities and Securitized Debt Obligations	Variable Interest Entities and Securitized Debt Obligations The 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 June 30, 2021 and December 31, 2020: (in thousands) June 30, December 31, Loans held-for-investment $ 1,922,958 $ 1,200,479 Allowance for credit losses (21,407) (15,914) Loans held-for-investment, net 1,901,551 1,184,565 Cash and cash equivalents 3 — Restricted cash — 62,804 Other assets 12,782 8,563 Total Assets $ 1,914,336 $ 1,255,932 Securitized debt obligations $ 1,446,603 $ 927,128 Other liabilities 1,626 1,092 Total Liabilities $ 1,448,229 $ 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. The following table details our CRE CLO securitized debt obligations: (in thousands) June 30, Securitized Debt Obligations Principal Balance Carrying Value Wtd. Avg. Yield/Cost (1) GPMT 2021-FL3 CRE CLO Collateral assets $ 823,744 $ 818,253 L+3.9% Financing provided 685,766 680,938 L+1.6% GPMT 2019-FL2 CRE CLO Collateral assets 744,299 727,768 L+4.0% Financing provided 573,101 571,179 L+1.7% GPMT 2018-FL1 CRE CLO Collateral assets 360,884 355,530 L+5.1% Financing provided 194,486 194,486 L+2.1% Total Collateral assets $ 1,928,927 $ 1,901,551 L+4.1% Financing provided $ 1,453,353 $ 1,446,603 L+1.7% ____________________ (1) Calculations of all in yield on collateral assets at origination are based on a number of assumptions (some or all of which may not occur) and are expressed as monthly equivalent yields that include net origination fees and exit fees and exclude future fundings and any potential or completed loan amendments or modifications. Calculations of all in weighted average yield at origination exclude fixed rate loans. Calculations of cost of funds is the weighted average coupon of the CRE CLO, exclusive of any CRE CLO issuance costs.

Secured Financing Agreements

Secured Financing Agreements	6 Months Ended
	Jun. 30, 2021
Debt Disclosure [Abstract]
Secured Financing Agreements	Secured Financing Agreements To finance its loans held-for-investment, the Company has entered into a variety of secured financing arrangements with several counterparties, 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 and term financing facility are also collateralized by loans held-for-investment. Neither facility contains mark-to-market provisions and both are generally term-matched to the underlying assets, not to exceed February 9, 2025 in the case of the term financing facility. The following tables summarize details of the Company’s borrowings outstanding on its secured financing agreements as of June 30, 2021 and December 31, 2020: June 30, 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 (2) June 28, 2022 $ 284,053 $ 215,947 $ 500,000 $ 452,195 2.2 % Goldman Sachs Bank USA (3) May 2, 2023 — — — 6,032 — % JPMorgan Chase Bank June 28, 2022 165,459 284,541 450,000 255,115 2.2 % Citibank January 9, 2023 195,948 304,052 500,000 255,855 1.7 % Wells Fargo Bank (4) June 28, 2022 71,736 28,264 100,000 109,165 2.1 % Total/Weighted Average $ 717,196 $ 832,804 $ 1,550,000 $ 1,078,362 Asset-specific financings: CIBC Bank USA Term Matched $ 82,768 $ 67,232 $ 150,000 $ 106,456 1.8 % Term financing facility: Goldman Sachs Bank USA (5) February 14, 2025 $ 142,414 $ — $ 142,414 $ 338,918 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 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: CIBC Bank USA Term Matched $ 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 June 30, 2021, the Company retained an option to increase the maximum facility capacity amount up to $600 million, subject to customary terms and conditions. (3) On May 2, 2021, the Company entered into its contractual two-year amortization period on the facility following the expiration of its availability period on that day. Subsequent to June 30, 2021, on July 13, 2021, the Company and Goldman Sachs Bank USA entered into amendments to the facility documents allowing for new borrowings under the facility, with a new availability period expiration date of July 13, 2023. The facility document amendments also set the maximum facility capacity amount at $250 million, with a Company option to increase the maximum facility capacity amount up to $350 million, subject to customary terms and conditions. See Note 17 – Subsequent Events for further details. (4) As of June 30, 2021, the Company retained options to increase the maximum facility capacity amount up to $200 million, subject to customary terms and conditions. (5) Amount outstanding includes unamortized debt issuance costs. At June 30, 2021, the Company’s borrowings outstanding on its secured financing facilities had contractual maturities as follows: June 30, 2021 (dollars in thousands) Repurchase Facilities Asset-Specific Financings Term Financing Facility Total Amount Outstanding 2021 $ — 82,768 $ — $ 82,768 2022 521,247 — — 521,247 2023 195,949 — — 195,949 2024 — — — — 2025 — — 142,414 142,414 Thereafter — — — — Total $ 717,196 $ 82,768 $ 142,414 $ 942,378 The following table summarizes certain characteristics of the Company’s repurchase facilities and counterparty concentration at June 30, 2021 and December 31, 2020: June 30, 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 $ 284,053 $ 164,536 17 % 0.99 $ 435,719 $ 230,815 25 % 0.49 JPMorgan Chase Bank 165,459 94,984 10 % 0.99 361,797 187,282 20 % 1.50 Goldman Sachs Bank USA — 6,093 1 % 1.84 395,990 203,297 22 % 0.33 Citibank 195,948 62,944 7 % 1.53 386,049 124,913 13 % 2.02 Wells Fargo Bank 71,736 38,153 4 % 0.99 129,320 57,483 6 % 0.49 Total $ 717,196 $ 366,710 $ 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. Financial Covenants We are subject to a variety of financial covenants under our secured financing agreements. The following represent the most restrictive financial covenants across the agreements as of June 30, 2021: • Unrestricted cash cannot be less than the greater of $30.0 million and 5.0% of recourse indebtedness. As of June 30, 2021, our unrestricted cash, as defined, was $236.9 million, while 5.0% of our recourse indebtedness, as defined, was $34.7 million. • Tangible net worth must be greater than the sum of 75.0% of tangible net worth as of June 30, 2021 and 75.0% of net cash proceeds of additional equity issuances, which calculates to $782.3 million. As of June 30, 2021, our tangible net worth, as defined, was $1.0 billion. • Target asset leverage ratio cannot exceed 77.5% and our total leverage ratio cannot exceed 80.0%. As of June 30, 2021, our target asset leverage ratio, as defined, was 65.7% and our total leverage ratio, as defined, was 74.2%. • Minimum interest coverage must be greater than 1.5:1.0. As of June 30, 2021, our minimum interest coverage, as defined, was 1.9:1.0. We may also be subject to additional financial covenants in connection with various other agreements we enter into in the normal course of our business. We intend to continue to operate in a manner which complies with all of our financial covenants. 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 table below summarizes the net carrying amount of the senior secured term loan facilities: June 30, December 31, (in thousands) 2021 2020 Principal outstanding $ 225,000 $ 225,000 Less: Unamortized debt discount and issuance costs (17,119) (18,552) Net carrying value $ 207,881 $ 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 of its financial covenants as of June 30, 2021.

Convertible Senior Notes

Convertible Senior Notes	6 Months Ended
	Jun. 30, 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 June 30, 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 June 30, 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 June 30, 2021 and December 31, 2020 was $272.1 million and $271.3 million, respectively, net of deferred issuance costs. The following table details the interest expense related to the Convertible Senior Notes: Three Months Ended June 30, Six Months Ended June 30, (in thousands) 2021 2020 2021 2020 Cash coupon $ 4,119 $ 4,119 $ 8,238 $ 8,238 Amortization of issuance costs 425 406 824 803 Total interest expense $ 4,544 $ 4,525 $ 9,062 $ 9,041 The following table details the carrying value of the Convertible Senior Notes: December 2022 Convertible Senior Notes June 30, December 31, (in thousands) 2021 2020 Principal outstanding $ 143,750 $ 143,750 Less: Unamortized issuance costs (1,340) (1,774) Net carrying value $ 142,410 $ 141,976 October 2023 Convertible Senior Notes June 30, December 31, (in thousands) 2021 2020 Principal outstanding $ 131,600 $ 131,600 Less: Unamortized issuance costs (1,936) (2,326) Net carrying value $ 129,664 $ 129,274

Senior Secured Term Loan Facili

Senior Secured Term Loan Facilities and Warrants to Purchase Shares of Common Stock	6 Months Ended
	Jun. 30, 2021
Debt Disclosure [Abstract]
Senior Secured Term Loan Facilities and Warrants to Purchase Shares of Common Stock	Secured Financing Agreements To finance its loans held-for-investment, the Company has entered into a variety of secured financing arrangements with several counterparties, 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 and term financing facility are also collateralized by loans held-for-investment. Neither facility contains mark-to-market provisions and both are generally term-matched to the underlying assets, not to exceed February 9, 2025 in the case of the term financing facility. The following tables summarize details of the Company’s borrowings outstanding on its secured financing agreements as of June 30, 2021 and December 31, 2020: June 30, 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 (2) June 28, 2022 $ 284,053 $ 215,947 $ 500,000 $ 452,195 2.2 % Goldman Sachs Bank USA (3) May 2, 2023 — — — 6,032 — % JPMorgan Chase Bank June 28, 2022 165,459 284,541 450,000 255,115 2.2 % Citibank January 9, 2023 195,948 304,052 500,000 255,855 1.7 % Wells Fargo Bank (4) June 28, 2022 71,736 28,264 100,000 109,165 2.1 % Total/Weighted Average $ 717,196 $ 832,804 $ 1,550,000 $ 1,078,362 Asset-specific financings: CIBC Bank USA Term Matched $ 82,768 $ 67,232 $ 150,000 $ 106,456 1.8 % Term financing facility: Goldman Sachs Bank USA (5) February 14, 2025 $ 142,414 $ — $ 142,414 $ 338,918 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 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: CIBC Bank USA Term Matched $ 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 June 30, 2021, the Company retained an option to increase the maximum facility capacity amount up to $600 million, subject to customary terms and conditions. (3) On May 2, 2021, the Company entered into its contractual two-year amortization period on the facility following the expiration of its availability period on that day. Subsequent to June 30, 2021, on July 13, 2021, the Company and Goldman Sachs Bank USA entered into amendments to the facility documents allowing for new borrowings under the facility, with a new availability period expiration date of July 13, 2023. The facility document amendments also set the maximum facility capacity amount at $250 million, with a Company option to increase the maximum facility capacity amount up to $350 million, subject to customary terms and conditions. See Note 17 – Subsequent Events for further details. (4) As of June 30, 2021, the Company retained options to increase the maximum facility capacity amount up to $200 million, subject to customary terms and conditions. (5) Amount outstanding includes unamortized debt issuance costs. At June 30, 2021, the Company’s borrowings outstanding on its secured financing facilities had contractual maturities as follows: June 30, 2021 (dollars in thousands) Repurchase Facilities Asset-Specific Financings Term Financing Facility Total Amount Outstanding 2021 $ — 82,768 $ — $ 82,768 2022 521,247 — — 521,247 2023 195,949 — — 195,949 2024 — — — — 2025 — — 142,414 142,414 Thereafter — — — — Total $ 717,196 $ 82,768 $ 142,414 $ 942,378 The following table summarizes certain characteristics of the Company’s repurchase facilities and counterparty concentration at June 30, 2021 and December 31, 2020: June 30, 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 $ 284,053 $ 164,536 17 % 0.99 $ 435,719 $ 230,815 25 % 0.49 JPMorgan Chase Bank 165,459 94,984 10 % 0.99 361,797 187,282 20 % 1.50 Goldman Sachs Bank USA — 6,093 1 % 1.84 395,990 203,297 22 % 0.33 Citibank 195,948 62,944 7 % 1.53 386,049 124,913 13 % 2.02 Wells Fargo Bank 71,736 38,153 4 % 0.99 129,320 57,483 6 % 0.49 Total $ 717,196 $ 366,710 $ 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. Financial Covenants We are subject to a variety of financial covenants under our secured financing agreements. The following represent the most restrictive financial covenants across the agreements as of June 30, 2021: • Unrestricted cash cannot be less than the greater of $30.0 million and 5.0% of recourse indebtedness. As of June 30, 2021, our unrestricted cash, as defined, was $236.9 million, while 5.0% of our recourse indebtedness, as defined, was $34.7 million. • Tangible net worth must be greater than the sum of 75.0% of tangible net worth as of June 30, 2021 and 75.0% of net cash proceeds of additional equity issuances, which calculates to $782.3 million. As of June 30, 2021, our tangible net worth, as defined, was $1.0 billion. • Target asset leverage ratio cannot exceed 77.5% and our total leverage ratio cannot exceed 80.0%. As of June 30, 2021, our target asset leverage ratio, as defined, was 65.7% and our total leverage ratio, as defined, was 74.2%. • Minimum interest coverage must be greater than 1.5:1.0. As of June 30, 2021, our minimum interest coverage, as defined, was 1.9:1.0. We may also be subject to additional financial covenants in connection with various other agreements we enter into in the normal course of our business. We intend to continue to operate in a manner which complies with all of our financial covenants. 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 table below summarizes the net carrying amount of the senior secured term loan facilities: June 30, December 31, (in thousands) 2021 2020 Principal outstanding $ 225,000 $ 225,000 Less: Unamortized debt discount and issuance costs (17,119) (18,552) Net carrying value $ 207,881 $ 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 of its financial covenants as of June 30, 2021.

Cash, Cash Equivalents and Rest

Cash, Cash Equivalents and Restricted Cash	6 Months Ended
	Jun. 30, 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 June 30, 2021, the Company held $2.1 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 June 30, 2021, the Company did not hold any restricted cash in its CRE CLOs. The following table provides a reconciliation of cash, cash equivalents and restricted cash reported on the Company’s condensed consolidated balance sheets as of June 30, 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) June 30, December 31, Cash and cash equivalents $ 236,953 $ 261,419 Restricted cash 2,077 67,774 Total cash, cash equivalents and restricted cash $ 239,030 $ 329,193

Fair Value

Fair Value	6 Months Ended
	Jun. 30, 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 June 30, 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. For collateral-dependent loans that are identified as impaired, the Company measures impairment by comparing its estimation of the fair value of the underlying collateral, less costs to sell, to the carrying value of the respective loan. To estimate the fair value of the underlying collateral the Company may (i) use certain valuation techniques, which, among others, may include a discounted cash flow method of valuation, or (ii) by obtaining a third-party independent assessment of value such as an appraisal or other opinion of value. These valuations require significant judgments, which include assumptions regarding capitalization rates, discount rates, leasing, creditworthiness of major tenants, occupancy rates, availability and cost of financing, exit plan, loan sponsorship, actions of other lenders, and other factors deemed relevant. During the three months ended June 30, 2021, the Company assigned a risk rating of “5” to three of its loans held-for-investment during the quarterly risk rating process. As of June 30, 2021, these three loans have an aggregate outstanding principal balance of $237.1 million, and an aggregate carrying value of $204.3 million. The Company recorded a CECL reserve on these three assets based on its estimation of the fair value of the each loan’s underlying collateral, less costs to sell, as of June 30, 2021. These loans held-for-investment are therefore measured at fair value on a nonrecurring basis using significant unobservable inputs, and are classified as Level 3 assets in the fair value hierarchy. The significant unobservable inputs used to estimate the fair value of these loans held-for-investment include the exit capitalization rate and discount rate assumptions used to forecast the future sale price of the underlying real estate collateral, which ranged from 5.50% to 7.50%, and from 7.00% to 10.00%, respectively. Refer to Note 3 - Loans Held-for-Investment, Net of Allowance for Credit Losses for further detail. 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’s 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 June 30, 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 June 30, 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 June 30, 2021 and December 31, 2020: June 30, 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 $ 3,577,644 $ 3,611,252 $ 3,847,803 $ 3,867,286 Cash and cash equivalents $ 236,953 $ 236,953 $ 261,419 $ 261,419 Restricted cash $ 2,077 $ 2,077 $ 67,774 $ 67,774 Liabilities Repurchase facilities $ 717,196 $ 717,196 $ 1,708,875 $ 1,708,875 Securitized debt obligations $ 1,446,603 $ 1,452,195 $ 927,128 $ 916,701 Asset-specific financings $ 82,768 $ 82,768 $ 123,091 $ 123,091 Term financing facility $ 142,414 $ 142,414 $ — $ — Convertible senior notes $ 272,074 $ 272,426 $ 271,250 $ 257,411 Senior secured term loan facilities $ 207,881 $ 207,881 $ 206,448 $ 206,448

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Jun. 30, 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 June 30, 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 June 30, 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 June 30, 2021 and December 31, 2020, the Company had unfunded loan commitments of $441.1 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 two 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, generally, and the U.S. commercial real estate market, specifically, 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 June 30, 2021, the Company recognized $5.2 million in other liabilities related to the allowance for credit losses on unfunded loan commitments. During the six months ended June 30, 2021, the Company recognized a benefit from provision for credit losses of $0.3 million on unfunded commitments. During the three months ended June 30, 2021, the Company recognized an increase to the provision for credit losses of $1.6 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	6 Months Ended
	Jun. 30, 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 and six months ended June 30, 2021 and 2020, the Company declared dividends to the preferred stockholder of $25,000 and $50,000, respectively. 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 condensed consolidated statements of changes in equity and the 125 shares sold to third party investors are shown in the Company’s condensed consolidated statements of changes in equity as non-controlling interests.

Stockholders' Equity

Stockholders' Equity	6 Months Ended
	Jun. 30, 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 June 30, 2021: Declaration Date Record Date Payment Date Cash Dividend Per Share June 15, 2021 July 1, 2021 July 19, 2021 $ 0.25 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. During the three months ended June 30, 2021, the Company repurchased 300,891 shares of its common stock at a weighted average price of $14.16 per share for an aggregate cost of $4.3 million. As of June 30, 2021, there remained 1,699,109 shares authorized for repurchase. The Company has also authorized the repurchase of shares of restricted common stock granted to employees and directors for tax withholding purposes. During the three months ended June 30, 2021, the Company repurchased from directors 17,628 shares of its common stock for an aggregate cost of $0.3 million. During the six months ended June 30, 2021, the Company repurchased from employees and directors 115,053 shares of its common stock for an aggregate cost of $1.2 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 June 30, 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 June 30, 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	6 Months Ended
	Jun. 30, 2021
Share-based Payment Arrangement [Abstract]
Equity Incentive Plan	Equity Incentive PlanThe Company’s 2017 Equity Incentive Plan, or the Plan, permits the granting of restricted common stock, phantom shares, or restricted stock units, both non-performance based, or RSUs, and performance-based, dividend equivalent rights and other equity-based awards to employees, directors, officers, advisors, consultants and other personnel. As of June 30, 2021, the Company had 2,228,088 shares of common stock available for future issuance under the Plan. The Company accounts for equity-based awards under ASC 718 - Compensation - Stock Compensation, which requires the Company to expense the cost of services received in exchange for equity-based awards based on the grant-date fair value of the awards. This expense is recognized ratably over the requisite service period following the date of grant. The fair value of awards of the Company's restricted common stock and RSUs is typically equivalent to the closing stock price on the grant date. The unrecognized compensation cost relating to such awards is recognized as an expense over the awards’ remaining vesting periods. For the three and six months ended June 30, 2021, the Company recognized $1.6 million and $3.5 million, respectively, of compensation expense associated with all of the awards under the Plan, compared to $1.3 million and $2.7 million, respectively, recognized for the three and six months ended June 30, 2020, within other operating expenses on the condensed consolidated statements of comprehensive income (loss). The following table summarizes the grants, vesting and forfeitures of restricted common stock and RSUs for the six months ended June 30, 2021: Restricted Stock RSUs Weighted Average Grant Date Fair Market Value Outstanding at December 31, 2020 569,535 403,903 $ 14.93 Granted — 519,562 9.77 Vested (137,728) — 18.46 Forfeited (97,425) — 18.43 Outstanding at March 31, 2021 334,382 923,465 $ 11.32 Granted — 44,853 14.77 Vested (52,092) (1,048) 5.12 Forfeited (17,628) (3,957) 5.93 Outstanding at June 30, 2021 264,662 963,313 $ 11.95 Below is a summary of restricted stock and RSU vesting dates as of June 30, 2021: Vesting Year Restricted Stock RSUs Total Awards 2021 — 30,030 30,030 2022 172,077 218,034 390,111 2023 92,585 173,187 265,772 2024 — 173,194 173,194 2025 — 368,868 368,868 Total 264,662 963,313 1,227,975 At June 30, 2021, the Company had unrecognized compensation expense of approximately $1.7 million and $7.8 million, respectively, related to the vesting of restricted stock awards and RSUs noted in the table above. These costs are expected to be recognized over a weighted average period of 1.5 years and 2.4 years, respectively.

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 2021
Income Tax Disclosure [Abstract]
Income Taxes	Income TaxesThe Company has elected to be taxed as a REIT under the Code for U.S. federal income tax purposes. As long as the Company qualifies as a REIT, the Company generally will not be subject to U.S. federal income taxes on that portion of its income that it distributes to its stockholders if it annually distributes at least 90% of its REIT taxable income, without regard to the deduction for dividends paid and excluding net capital gains, and does not engage in prohibited transactions. For the year ended December 31, 2020, the Company did not distribute the required minimum amount of taxable income pursuant to federal excise tax requirements and, consequently, the Company accrued an excise tax of $0.6 million. As of June 30, 2021, the Company distributed 100% of its REIT taxable income for the taxable year ended December 31, 2020, in part with dividends paid in 2021, and has complied with all requirements to continue to qualify as a REIT. The majority of states also recognize the Company’s REIT status. The Company’s TRS files a separate 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	6 Months Ended
	Jun. 30, 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 and six months ended June 30, 2021 and 2020: Three Months Ended Six Months Ended June 30, June 30, (in thousands, except share data) 2021 2020 2021 2020 Numerator: Net income (loss) attributable to common stockholders - basic $ 14,244 $ (1,758) $ 42,210 $ (38,974) Interest expense attributable to convertible notes — — 9,062 — Net income (loss) attributable to common stockholders - diluted $ 14,244 $ (1,758) $ 51,272 $ (38,974) Denominator: Weighted average common shares outstanding 54,697,711 54,559,798 54,714,239 54,529,399 Weighted average restricted stock shares 312,021 598,485 359,078 577,948 Basic weighted average shares outstanding 55,009,732 55,158,283 55,073,317 55,107,347 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 1,101,306 — 1,009,704 — Effect of dilutive shares issued in an assumed exercise of warrants issued in conjunction with the senior secured term loan facilities 2,415,947 — 2,415,947 — Diluted weighted average shares outstanding 58,526,985 55,158,283 72,564,914 55,107,347 Earnings (loss) per share Basic $ 0.26 $ (0.03) $ 0.77 $ (0.71) Diluted $ 0.24 $ (0.03) $ 0.71 $ (0.71) For the three and six months ended June 30, 2020, excluded from the calculation of diluted earnings per share is the effect of adding back $4.5 million and $9.1 million, respectively of interest expense and 14,065,946 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 and six months ended June 30, 2021, these adjustments totaled $0.3 million and $0.5 million, respectively. 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 and six months ended June 30, 2021, the additional 2.4 million shares attributable to the warrants were included in the computation of diluted earnings per share.

Related Party Transactions

Related Party Transactions	6 Months Ended
	Jun. 30, 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 $4.0 million and $7.9 million, respectively, in management fees for the three and six months ended June 30, 2020. The Company did not incur a management fee for the three and six months ended June 30, 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 and six months ended June 30, 2021 and 2020.

Subsequent Events

Subsequent Events	6 Months Ended
	Jun. 30, 2021
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events Events subsequent to June 30, 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 as discussed below. On July 13, 2021, the Company and Goldman Sachs Bank USA entered into amendments to the Goldman Sachs repurchase facility documents, or the Goldman Sachs Amendments, allowing for new borrowings under the facility, setting a new availability period expiration date of July 13, 2023, with an option to extend the availability period for one additional year and an option to extend the repurchase dates for all of the assets on the facility following the availability period for an additional two years, both subject to the terms and conditions of the Goldman Sachs Amendments and other facility documents. In addition, the Goldman Sachs Amendments adjusted the facility’s maximum facility amount to $250 million and provided options, subject to the terms and conditions of the Goldman Sachs Amendments, to increase the maximum facility amount to as much as $350 million and updated the facility’s benchmark rate transition mechanics.

Basis of Presentation and Sig_2

Basis of Presentation and Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 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 the 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 June 30, 2021 and results of operations for all periods presented have been made. The results of operations for the three and six months ended June 30, 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.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make a number of significant estimates. These include estimates of amount and timing of allowances for credit losses, fair value of certain assets and liabilities, and other estimates that affect the reported amounts of certain assets and liabilities as of the date of the condensed consolidated financial statements and the reported amounts of certain revenues and expenses during the reported period. It is likely that changes in these estimates (e.g., valuation changes to the underlying collateral of loans due to changes in market capitalization rates, leasing, credit worthiness of major tenants, occupancy rates, availability of financing, exit plan, loan sponsorship, actions of other lenders, overall economic and capital markets conditions, the broader commercial real estate market, local geographic sub-markets or other factors) will occur in the near term. As of June 30, 2021, the COVID-19
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 debt instruments, derivatives, and other contracts that reference LIBOR or other reference rates expected to be discontinued as a result of reference rate reform. This guidance is optional and may be elected through December 31, 2022 using a prospective application on all eligible contract modifications. The Company has loan agreements, and debt agreements that incorporate LIBOR as a referenced interest rate. It is difficult to predict what effect, if any, the phase-out of LIBOR and the use of alternative benchmarks may have on the Company’s business or on the overall financial markets. The Company has not adopted any of the optional expedients or exceptions through June 30, 2021, but will continue to evaluate the possible adoption of any such expedients or exceptions. 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)	6 Months Ended
	Jun. 30, 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 June 30, 2021 and December 31, 2020: June 30, (dollars in thousands) Senior Loans (1) Mezzanine Loans B-Notes Total Unpaid principal balance $ 3,631,658 $ 1,713 $ 14,121 $ 3,647,492 Unamortized (discount) premium (64) — — (64) Unamortized net deferred origination fees (12,113) — — (12,113) Allowance for credit losses (53,371) (1,713) (2,587) (57,671) Carrying value $ 3,566,110 $ — $ 11,534 $ 3,577,644 Unfunded commitments $ 441,096 $ — $ 441,096 Number of loans 97 1 1 99 Weighted average coupon 5.0 % 13.0 % 8.0 % 5.0 % Weighted average years to maturity (2) 0.9 4.4 5.6 1.0 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 certain loan modifications.
Schedule of Loans Held-for-Investment by Property Type	(dollars in thousands) June 30, December 31, Property Type Carrying Value % of Loan Portfolio Carrying Value % of Loan Portfolio Office $ 1,627,802 45.5 % $ 1,720,705 44.7 % Multifamily 909,150 25.5 % 910,557 23.7 % Hotel 531,383 14.9 % 646,869 16.8 % Retail 337,879 9.4 % 332,218 8.6 % Industrial 130,492 3.6 % 196,677 5.1 % Other 40,938 1.1 % 40,777 1.1 % Total $ 3,577,644 100.0 % $ 3,847,803 100.0 %
Schedule of Loans Held-for-Investment by Geographic Location	(dollars in thousands) June 30, December 31, Geographic Location Carrying Value % of Loan Portfolio Carrying Value % of Loan Portfolio Northeast $ 944,100 26.4 % $ 1,028,584 26.8 % Southwest 686,121 19.2 % 802,233 20.8 % West 625,536 17.5 % 682,236 17.7 % Midwest 679,837 19.0 % 712,675 18.5 % Southeast 642,050 17.9 % 622,075 16.2 % Total $ 3,577,644 100.0 % $ 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 and six months ended June 30, 2021 and 2020: Three Months Ended June 30, Six Months Ended June 30, (in thousands) 2021 2020 2021 2020 Balance at beginning of period $ 3,799,836 $ 4,251,251 $ 3,847,803 $ 4,226,212 Originations, additional fundings and capitalized deferred interest 197,838 72,591 239,615 260,013 Repayments (422,969) (3,976) (524,557) (106,115) Transfers to loans held-for-sale — (19,665) — (19,665) Net discount accretion (premium amortization) 4 8 11 16 Increase in net deferred origination fees (2,305) (556) (2,339) (3,009) Amortization of net deferred origination fees 3,478 4,539 8,116 9,305 Benefit from (provision for) credit losses 1,762 (14,145) 8,995 (76,710) Balance at end of period $ 3,577,644 $ 4,290,047 $ 3,577,644 $ 4,290,047
Rollforward of Allowance for Credit Losses	The following table presents the changes for the three and six months ended June 30, 2021 and 2020 in the allowance for credit losses on loans held-for-investment: Three Months Ended June 30, Six Months Ended June 30, (in thousands) 2021 2021 Balance at beginning of period $ 59,433 $ 66,666 (Benefit from) provision for credit losses (1,762) (8,995) Writeoffs — — Recoveries of amounts previously written off — — Balance at end of period $ 57,671 $ 57,671 Three Months Ended June 30, Six Months Ended June 30, (in thousands) 2020 2020 Balance at beginning of period $ 62,565 $ 16,692 (Benefit from) provision for credit losses 14,145 60,018 Writeoffs — — Recoveries of amounts previously written off — — Balance at end of period $ 76,710 $ 76,710
Financing Receivable, Nonaccrual	The following table presents the carrying value of loans held-for-investment on nonaccrual status for the three and six months ended June 30, 2021: Three Months Ended June 30, Six Months Ended June 30, (in thousands) 2021 2021 Nonaccrual loan carrying value at beginning of period $ 19,264 $ 17,835 Nonaccrual loan carrying value at end of period $ 225,115 $ 225,115
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 June 30, 2021 and December 31, 2020: (dollars in thousands) June 30, December 31, Risk Rating Number of Loans Unpaid Principal Balance Carrying Value Number of Loans Unpaid Principal Balance Carrying Value 1 6 $ 173,110 $ 172,192 6 $ 183,369 $ 182,730 2 50 1,758,265 1,744,608 50 1,863,590 1,847,332 3 24 756,020 743,248 29 1,055,782 1,026,662 4 16 722,953 713,322 17 762,636 732,310 5 3 237,144 204,274 1 67,057 58,769 Total 99 $ 3,647,492 $ 3,577,644 103 $ 3,932,434 $ 3,847,803 The following table presents the carrying value of loans held-for-investment as of June 30, 2021 and 2020 by risk rating and year of origination: June 30, 2021 (dollars in thousands) Origination Year Risk Rating 2021 2020 2019 2018 2017 2016 Prior Total 1 $ — $ — $ 63,154 $ 75,521 $ — $ 33,517 $ — $ 172,192 2 160,480 81,229 1,009,578 338,586 65,411 37,372 51,952 1,744,608 3 — 13,555 230,401 236,156 195,171 67,965 — 743,248 4 — 43,787 201,845 125,123 198,099 — 144,468 713,322 5 — — 58,924 99,495 45,855 — — 204,274 Total $ 160,480 $ 138,571 $ 1,563,902 $ 874,881 $ 504,536 $ 138,854 $ 196,420 $ 3,577,644 June 30, 2020 (dollars in thousands) Origination Year Risk Rating 2020 2019 2018 2017 2016 Prior Total 1 $ — $ — $ 117,510 $ 21,393 $ 33,283 $ — $ 172,186 2 73,459 1,118,870 594,483 418,305 188,227 82,099 2,475,443 3 11,823 346,911 257,580 238,337 — 11,121 865,772 4 40,364 164,507 249,086 181,459 — 141,230 776,646 5 — — — — — — — Total $ 125,646 $ 1,630,288 $ 1,218,659 $ 859,494 $ 221,510 $ 234,450 $ 4,290,047

Variable Interest Entities an_2

Variable Interest Entities and Securitized Debt Obligations (Tables)	6 Months Ended
	Jun. 30, 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 June 30, 2021 and December 31, 2020: (in thousands) June 30, December 31, Loans held-for-investment $ 1,922,958 $ 1,200,479 Allowance for credit losses (21,407) (15,914) Loans held-for-investment, net 1,901,551 1,184,565 Cash and cash equivalents 3 — Restricted cash — 62,804 Other assets 12,782 8,563 Total Assets $ 1,914,336 $ 1,255,932 Securitized debt obligations $ 1,446,603 $ 927,128 Other liabilities 1,626 1,092 Total Liabilities $ 1,448,229 $ 928,220
Schedule Of Securitized Debt Obligations	The following table details our CRE CLO securitized debt obligations: (in thousands) June 30, Securitized Debt Obligations Principal Balance Carrying Value Wtd. Avg. Yield/Cost (1) GPMT 2021-FL3 CRE CLO Collateral assets $ 823,744 $ 818,253 L+3.9% Financing provided 685,766 680,938 L+1.6% GPMT 2019-FL2 CRE CLO Collateral assets 744,299 727,768 L+4.0% Financing provided 573,101 571,179 L+1.7% GPMT 2018-FL1 CRE CLO Collateral assets 360,884 355,530 L+5.1% Financing provided 194,486 194,486 L+2.1% Total Collateral assets $ 1,928,927 $ 1,901,551 L+4.1% Financing provided $ 1,453,353 $ 1,446,603 L+1.7% ____________________ (1) Calculations of all in yield on collateral assets at origination are based on a number of assumptions (some or all of which may not occur) and are expressed as monthly equivalent yields that include net origination fees and exit fees and exclude future fundings and any potential or completed loan amendments or modifications. Calculations of all in weighted average yield at origination exclude fixed rate loans. Calculations of cost of funds is the weighted average coupon of the CRE CLO, exclusive of any CRE CLO issuance costs.

Secured Financing Agreements (T

Secured Financing Agreements (Tables)	6 Months Ended
	Jun. 30, 2021
Debt Disclosure [Abstract]
Schedule of Collateralized Borrowings	The following tables summarize details of the Company’s borrowings outstanding on its secured financing agreements as of June 30, 2021 and December 31, 2020: June 30, 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 (2) June 28, 2022 $ 284,053 $ 215,947 $ 500,000 $ 452,195 2.2 % Goldman Sachs Bank USA (3) May 2, 2023 — — — 6,032 — % JPMorgan Chase Bank June 28, 2022 165,459 284,541 450,000 255,115 2.2 % Citibank January 9, 2023 195,948 304,052 500,000 255,855 1.7 % Wells Fargo Bank (4) June 28, 2022 71,736 28,264 100,000 109,165 2.1 % Total/Weighted Average $ 717,196 $ 832,804 $ 1,550,000 $ 1,078,362 Asset-specific financings: CIBC Bank USA Term Matched $ 82,768 $ 67,232 $ 150,000 $ 106,456 1.8 % Term financing facility: Goldman Sachs Bank USA (5) February 14, 2025 $ 142,414 $ — $ 142,414 $ 338,918 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 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: CIBC Bank USA Term Matched $ 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 June 30, 2021, the Company retained an option to increase the maximum facility capacity amount up to $600 million, subject to customary terms and conditions. (3) On May 2, 2021, the Company entered into its contractual two-year amortization period on the facility following the expiration of its availability period on that day. Subsequent to June 30, 2021, on July 13, 2021, the Company and Goldman Sachs Bank USA entered into amendments to the facility documents allowing for new borrowings under the facility, with a new availability period expiration date of July 13, 2023. The facility document amendments also set the maximum facility capacity amount at $250 million, with a Company option to increase the maximum facility capacity amount up to $350 million, subject to customary terms and conditions. See Note 17 – Subsequent Events for further details. (4) As of June 30, 2021, the Company retained options to increase the maximum facility capacity amount up to $200 million, subject to customary terms and conditions. (5) Amount outstanding includes unamortized debt issuance costs.
Schedule of Collateralized Borrowings by Maturity	At June 30, 2021, the Company’s borrowings outstanding on its secured financing facilities had contractual maturities as follows: June 30, 2021 (dollars in thousands) Repurchase Facilities Asset-Specific Financings Term Financing Facility Total Amount Outstanding 2021 $ — 82,768 $ — $ 82,768 2022 521,247 — — 521,247 2023 195,949 — — 195,949 2024 — — — — 2025 — — 142,414 142,414 Thereafter — — — — Total $ 717,196 $ 82,768 $ 142,414 $ 942,378
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 June 30, 2021 and December 31, 2020: June 30, 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 $ 284,053 $ 164,536 17 % 0.99 $ 435,719 $ 230,815 25 % 0.49 JPMorgan Chase Bank 165,459 94,984 10 % 0.99 361,797 187,282 20 % 1.50 Goldman Sachs Bank USA — 6,093 1 % 1.84 395,990 203,297 22 % 0.33 Citibank 195,948 62,944 7 % 1.53 386,049 124,913 13 % 2.02 Wells Fargo Bank 71,736 38,153 4 % 0.99 129,320 57,483 6 % 0.49 Total $ 717,196 $ 366,710 $ 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.

Convertible Senior Notes (Table

Convertible Senior Notes (Tables)	6 Months Ended
	Jun. 30, 2021
Debt Disclosure [Abstract]
Schedule of Interest Expense, Debt	The following table details the interest expense related to the Convertible Senior Notes: Three Months Ended June 30, Six Months Ended June 30, (in thousands) 2021 2020 2021 2020 Cash coupon $ 4,119 $ 4,119 $ 8,238 $ 8,238 Amortization of issuance costs 425 406 824 803 Total interest expense $ 4,544 $ 4,525 $ 9,062 $ 9,041
Schedule of Long-term Debt Instruments	The following table details the carrying value of the Convertible Senior Notes: December 2022 Convertible Senior Notes June 30, December 31, (in thousands) 2021 2020 Principal outstanding $ 143,750 $ 143,750 Less: Unamortized issuance costs (1,340) (1,774) Net carrying value $ 142,410 $ 141,976 October 2023 Convertible Senior Notes June 30, December 31, (in thousands) 2021 2020 Principal outstanding $ 131,600 $ 131,600 Less: Unamortized issuance costs (1,936) (2,326) Net carrying value $ 129,664 $ 129,274 The table below summarizes the net carrying amount of the senior secured term loan facilities: June 30, December 31, (in thousands) 2021 2020 Principal outstanding $ 225,000 $ 225,000 Less: Unamortized debt discount and issuance costs (17,119) (18,552) Net carrying value $ 207,881 $ 206,448

Senior Secured Term Loan Faci_2

Senior Secured Term Loan Facilities and Warrants to Purchase Shares of Common Stock (Tables)	6 Months Ended
	Jun. 30, 2021
Debt Disclosure [Abstract]
Schedule of Long-term Debt Instruments	The following table details the carrying value of the Convertible Senior Notes: December 2022 Convertible Senior Notes June 30, December 31, (in thousands) 2021 2020 Principal outstanding $ 143,750 $ 143,750 Less: Unamortized issuance costs (1,340) (1,774) Net carrying value $ 142,410 $ 141,976 October 2023 Convertible Senior Notes June 30, December 31, (in thousands) 2021 2020 Principal outstanding $ 131,600 $ 131,600 Less: Unamortized issuance costs (1,936) (2,326) Net carrying value $ 129,664 $ 129,274 The table below summarizes the net carrying amount of the senior secured term loan facilities: June 30, December 31, (in thousands) 2021 2020 Principal outstanding $ 225,000 $ 225,000 Less: Unamortized debt discount and issuance costs (17,119) (18,552) Net carrying value $ 207,881 $ 206,448

Cash, Cash Equivalents and Re_2

Cash, Cash Equivalents and Restricted Cash (Tables)	6 Months Ended
	Jun. 30, 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 June 30, 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) June 30, December 31, Cash and cash equivalents $ 236,953 $ 261,419 Restricted cash 2,077 67,774 Total cash, cash equivalents and restricted cash $ 239,030 $ 329,193

Fair Value (Tables)

Fair Value (Tables)	6 Months Ended
	Jun. 30, 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 June 30, 2021 and December 31, 2020: June 30, 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 $ 3,577,644 $ 3,611,252 $ 3,847,803 $ 3,867,286 Cash and cash equivalents $ 236,953 $ 236,953 $ 261,419 $ 261,419 Restricted cash $ 2,077 $ 2,077 $ 67,774 $ 67,774 Liabilities Repurchase facilities $ 717,196 $ 717,196 $ 1,708,875 $ 1,708,875 Securitized debt obligations $ 1,446,603 $ 1,452,195 $ 927,128 $ 916,701 Asset-specific financings $ 82,768 $ 82,768 $ 123,091 $ 123,091 Term financing facility $ 142,414 $ 142,414 $ — $ — Convertible senior notes $ 272,074 $ 272,426 $ 271,250 $ 257,411 Senior secured term loan facilities $ 207,881 $ 207,881 $ 206,448 $ 206,448

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	6 Months Ended
	Jun. 30, 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 June 30, 2021: Declaration Date Record Date Payment Date Cash Dividend Per Share June 15, 2021 July 1, 2021 July 19, 2021 $ 0.25 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)	6 Months Ended
	Jun. 30, 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 six months ended June 30, 2021: Restricted Stock RSUs Weighted Average Grant Date Fair Market Value Outstanding at December 31, 2020 569,535 403,903 $ 14.93 Granted — 519,562 9.77 Vested (137,728) — 18.46 Forfeited (97,425) — 18.43 Outstanding at March 31, 2021 334,382 923,465 $ 11.32 Granted — 44,853 14.77 Vested (52,092) (1,048) 5.12 Forfeited (17,628) (3,957) 5.93 Outstanding at June 30, 2021 264,662 963,313 $ 11.95 Below is a summary of restricted stock and RSU vesting dates as of June 30, 2021: Vesting Year Restricted Stock RSUs Total Awards 2021 — 30,030 30,030 2022 172,077 218,034 390,111 2023 92,585 173,187 265,772 2024 — 173,194 173,194 2025 — 368,868 368,868 Total 264,662 963,313 1,227,975

Earnings Per Share (Tables)

Earnings Per Share (Tables)	6 Months Ended
	Jun. 30, 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 and six months ended June 30, 2021 and 2020: Three Months Ended Six Months Ended June 30, June 30, (in thousands, except share data) 2021 2020 2021 2020 Numerator: Net income (loss) attributable to common stockholders - basic $ 14,244 $ (1,758) $ 42,210 $ (38,974) Interest expense attributable to convertible notes — — 9,062 — Net income (loss) attributable to common stockholders - diluted $ 14,244 $ (1,758) $ 51,272 $ (38,974) Denominator: Weighted average common shares outstanding 54,697,711 54,559,798 54,714,239 54,529,399 Weighted average restricted stock shares 312,021 598,485 359,078 577,948 Basic weighted average shares outstanding 55,009,732 55,158,283 55,073,317 55,107,347 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 1,101,306 — 1,009,704 — Effect of dilutive shares issued in an assumed exercise of warrants issued in conjunction with the senior secured term loan facilities 2,415,947 — 2,415,947 — Diluted weighted average shares outstanding 58,526,985 55,158,283 72,564,914 55,107,347 Earnings (loss) per share Basic $ 0.26 $ (0.03) $ 0.77 $ (0.71) Diluted $ 0.24 $ (0.03) $ 0.71 $ (0.71)

Organization and Operations (De

Organization and Operations (Details)	6 Months Ended
	Jun. 30, 2021segment
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of reportable segments	1

Basis of Presentation and Sig_3

Basis of Presentation and Significant Accounting Policies - Narrative (Details)	6 Months Ended
	Jun. 30, 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 - Loans Held-for-Investment (Details) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2021USD ($)loan	Dec. 31, 2020USD ($)loan	Mar. 31, 2021USD ($)	Jun. 30, 2020USD ($)	Mar. 31, 2020USD ($)	Dec. 31, 2019USD ($)
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unpaid principal balance	$ 3,647,492	$ 3,932,434
Unamortized (discount) premium	(64)	(75)
Unamortized net deferred origination fees	(12,113)	(17,890)
Allowance for credit losses	(57,671)	(66,666)	$ (59,433)	$ (76,710)	$ (62,565)	$ (16,692)
Loans held-for-investment, net	3,577,644	3,847,803	$ 3,799,836	$ 4,290,047	$ 4,251,251	$ 4,226,212
Unfunded commitments	$ 441,096	$ 503,726
Number of loans | loan	99	103
Weighted average coupon	5.00%	5.10%
Weighted average years to maturity	1 year	1 year 1 month 6 days
Senior Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unpaid principal balance	$ 3,631,658	$ 3,915,833
Unamortized (discount) premium	(64)	(75)
Unamortized net deferred origination fees	(12,113)	(17,890)
Allowance for credit losses	(53,371)	(60,130)
Loans held-for-investment, net	3,566,110	3,837,738
Unfunded commitments	$ 441,096	$ 503,726
Number of loans | loan	97	101
Weighted average coupon	5.00%	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	$ 1,713	$ 2,366
Unamortized (discount) premium	0	0
Unamortized net deferred origination fees	0	0
Allowance for credit losses	(1,713)	(2,366)
Loans held-for-investment, net	0	0
Unfunded commitments		$ 0
Number of loans | loan	1	1
Weighted average coupon	13.00%	13.00%
Weighted average years to maturity	4 years 4 months 24 days	4 years 10 months 24 days
B-Notes
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unpaid principal balance	$ 14,121	$ 14,235
Unamortized (discount) premium	0	0
Unamortized net deferred origination fees	0	0
Allowance for credit losses	(2,587)	(4,170)
Loans held-for-investment, net	11,534	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 7 months 6 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	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019
Accounts, Notes, Loans and Financing Receivable [Line Items]
Carrying Value	$ 3,577,644	$ 3,799,836	$ 3,847,803	$ 4,290,047	$ 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	$ 1,627,802		$ 1,720,705
Percentage of loan portfolio	45.50%		44.70%
Multifamily
Accounts, Notes, Loans and Financing Receivable [Line Items]
Carrying Value	$ 909,150		$ 910,557
Percentage of loan portfolio	25.50%		23.70%
Hotel
Accounts, Notes, Loans and Financing Receivable [Line Items]
Carrying Value	$ 531,383		$ 646,869
Percentage of loan portfolio	14.90%		16.80%
Retail
Accounts, Notes, Loans and Financing Receivable [Line Items]
Carrying Value	$ 337,879		$ 332,218
Percentage of loan portfolio	9.40%		8.60%
Industrial
Accounts, Notes, Loans and Financing Receivable [Line Items]
Carrying Value	$ 130,492		$ 196,677
Percentage of loan portfolio	3.60%		5.10%
Other
Accounts, Notes, Loans and Financing Receivable [Line Items]
Carrying Value	$ 40,938		$ 40,777
Percentage of loan portfolio	1.10%		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	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019
Accounts, Notes, Loans and Financing Receivable [Line Items]
Carrying Value	$ 3,577,644	$ 3,799,836	$ 3,847,803	$ 4,290,047	$ 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	$ 944,100		$ 1,028,584
Percentage of loan portfolio	26.40%		26.80%
Southwest
Accounts, Notes, Loans and Financing Receivable [Line Items]
Carrying Value	$ 686,121		$ 802,233
Percentage of loan portfolio	19.20%		20.80%
West
Accounts, Notes, Loans and Financing Receivable [Line Items]
Carrying Value	$ 625,536		$ 682,236
Percentage of loan portfolio	17.50%		17.70%
Midwest
Accounts, Notes, Loans and Financing Receivable [Line Items]
Carrying Value	$ 679,837		$ 712,675
Percentage of loan portfolio	19.00%		18.50%
Southeast
Accounts, Notes, Loans and Financing Receivable [Line Items]
Carrying Value	$ 642,050		$ 622,075
Percentage of loan portfolio	17.90%		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		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Mar. 31, 2021	Dec. 31, 2020	Mar. 31, 2020	Dec. 31, 2019
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans held-for-investment, net of allowance for credit losses	$ 3,577,644	$ 4,290,047	$ 3,577,644	$ 4,290,047	$ 3,799,836	$ 3,847,803	$ 4,251,251	$ 4,226,212
Allowance for loan losses	57,671	76,710	57,671	76,710	$ 59,433	66,666	$ 62,565	$ 16,692
(Benefit from) provision for credit losses	(1,762)	14,145	(8,995)	60,018
Proceeds from Sale of Finance Receivables			423,000
Unpaid principal balance	3,635,315		3,635,315			3,914,469
Liability for off balance sheet credit losses	5,200		$ 5,200
Threshold period delinquent for placement of financing receivable on nonaccrual status			90 days
Writeoffs	0	0	$ 0	0
Collateral Pledged
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans held-for-investment, net of allowance for credit losses	3,400,000		3,400,000			3,800,000
Risk Rating 5
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans held-for-investment, net of allowance for credit losses	204,274	$ 0	204,274	$ 0		58,769
First Mortgage
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans held-for-investment, net of allowance for credit losses	3,566,110		3,566,110			3,837,738
Allowance for loan losses	53,371		53,371			$ 60,130
First Mortgage | Risk Rating 5 | Minneapolis, MN
Accounts, Notes, Loans and Financing Receivable [Line Items]
Allowance for loan losses	9,100		9,100
Unpaid principal balance	68,100		68,100
Financing receivable, nonaccrual, interest income			1,000
First Mortgage | Risk Rating 5 | Pasadena, CA
Accounts, Notes, Loans and Financing Receivable [Line Items]
Allowance for loan losses	14,100		14,100
Unpaid principal balance	114,100		114,100
Writeoffs			300
First Mortgage | Risk Rating 5 | Washington D.C.
Accounts, Notes, Loans and Financing Receivable [Line Items]
Allowance for loan losses	8,900		8,900
Unpaid principal balance	54,900		54,900
Financing receivable, nonaccrual, interest income			800
Unfunded Loan Commitment
Accounts, Notes, Loans and Financing Receivable [Line Items]
(Benefit from) provision for credit losses	1,600		(300)
Non-Accrual Loan
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans held-for-investment, net of allowance for credit losses	225,100		225,100
Unpaid principal balance	259,600		259,600
Writeoffs	2,100
Office Loan
Accounts, Notes, Loans and Financing Receivable [Line Items]
Allowance for loan losses	163,400		163,400
Unpaid principal balance	$ 54,900		$ 54,900

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		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Loans Held-for-Investment [Roll Forward]
Balance at beginning of period	$ 3,799,836	$ 4,251,251	$ 3,847,803	$ 4,226,212
Originations, additional fundings and capitalized deferred interest	197,838	72,591	239,615	260,013
Repayments	(422,969)	(3,976)	(524,557)	(106,115)
Transfer of Portfolio Loans and Leases to Held-for-sale	0	(19,665)	0	(19,665)
Net discount accretion (premium amortization)	4	8	11	16
Increase in net deferred origination fees	(2,305)	(556)	(2,339)	(3,009)
Amortization of net deferred origination fees	3,478	4,539	8,116	9,305
Benefit from (provision for) credit losses	1,762	(14,145)	8,995	(76,710)
Balance at end of period	$ 3,577,644	$ 4,290,047	$ 3,577,644	$ 4,290,047

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		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Balance at beginning of period	$ 59,433	$ 62,565	$ 66,666	$ 16,692
(Benefit from) provision for credit losses	(1,762)	14,145	(8,995)	60,018
Writeoffs	0	0	0	0
Recoveries of amounts previously written off	0	0	0	0
Balance at end of period	$ 57,671	$ 76,710	$ 57,671	$ 76,710

Loans Held-for-Investment, Ne_9

Loans Held-for-Investment, Net of Allowance for Credit Losses - Nonaccrual Loans (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Mar. 31, 2021
Receivables [Abstract]
Nonaccrual loan carrying value at beginning of period	$ 19,264	$ 17,835
Nonaccrual loan carrying value at end of period	$ 225,115	$ 19,264

Loans Held-for-Investment, N_10

Loans Held-for-Investment, Net of Allowance for Credit Losses - Internal Risk Rating (Details) $ in Thousands	Jun. 30, 2021USD ($)loan	Mar. 31, 2021USD ($)	Dec. 31, 2020USD ($)loan	Jun. 30, 2020USD ($)	Mar. 31, 2020USD ($)	Dec. 31, 2019USD ($)
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of loans | loan	99		103
Unpaid principal balance	$ 3,647,492		$ 3,932,434
Current year	160,480			$ 125,646
Year one	138,571			1,630,288
Year two	1,563,902			1,218,659
Year three	874,881			859,494
Year four	504,536			221,510
Year five	138,854
Prior	196,420			234,450
Loans held-for-investment, net	$ 3,577,644	$ 3,799,836	$ 3,847,803	4,290,047	$ 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	$ 173,110		$ 183,369
Current year	0			0
Year one	0			0
Year two	63,154			117,510
Year three	75,521			21,393
Year four	0			33,283
Year five	33,517
Prior	0			0
Loans held-for-investment, net	$ 172,192		$ 182,730	172,186
Risk Rating 2
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of loans | loan	50		50
Unpaid principal balance	$ 1,758,265		$ 1,863,590
Current year	160,480			73,459
Year one	81,229			1,118,870
Year two	1,009,578			594,483
Year three	338,586			418,305
Year four	65,411			188,227
Year five	37,372
Prior	51,952			82,099
Loans held-for-investment, net	$ 1,744,608		$ 1,847,332	2,475,443
Risk Rating 3
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of loans | loan	24		29
Unpaid principal balance	$ 756,020		$ 1,055,782
Current year	0			11,823
Year one	13,555			346,911
Year two	230,401			257,580
Year three	236,156			238,337
Year four	195,171			0
Year five	67,965
Prior	0			11,121
Loans held-for-investment, net	$ 743,248		$ 1,026,662	865,772
Risk Rating 4
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of loans | loan	16		17
Unpaid principal balance	$ 722,953		$ 762,636
Current year	0			40,364
Year one	43,787			164,507
Year two	201,845			249,086
Year three	125,123			181,459
Year four	198,099			0
Year five	0
Prior	144,468			141,230
Loans held-for-investment, net	$ 713,322		$ 732,310	776,646
Risk Rating 5
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of loans | loan	3		1
Unpaid principal balance	$ 237,144		$ 67,057
Current year	0			0
Year one	0			0
Year two	58,924			0
Year three	99,495			0
Year four	45,855			0
Year five	0
Prior	0			0
Loans held-for-investment, net	$ 204,274		$ 58,769	$ 0

Variable Interest Entities an_3

Variable Interest Entities and Securitized Debt Obligations (Details) - USD ($) $ in Thousands		Jun. 30, 2021	Dec. 31, 2020
Variable Interest Entity [Line Items]
Total Assets	[1]	$ 3,854,468	$ 4,219,648
Total Liabilities	[1]	2,907,172	3,284,802
Variable Interest Entity, Primary Beneficiary
Variable Interest Entity [Line Items]
Total Assets		1,914,336	1,255,932
Total Liabilities		1,448,229	928,220
Variable Interest Entity, Primary Beneficiary | Loans held-for-investment
Variable Interest Entity [Line Items]
Total Assets		1,922,958	1,200,479
Variable Interest Entity, Primary Beneficiary | Allowance for credit losses
Variable Interest Entity [Line Items]
Total Assets		21,407	15,914
Variable Interest Entity, Primary Beneficiary | Loans held-for-investment, net
Variable Interest Entity [Line Items]
Total Assets		1,901,551	1,184,565
Variable Interest Entity, Primary Beneficiary | Cash and cash equivalents
Variable Interest Entity [Line Items]
Total Assets		3	0
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		12,782	8,563
Variable Interest Entity, Primary Beneficiary | Securitized debt obligations
Variable Interest Entity [Line Items]
Total Liabilities		1,446,603	927,128
Variable Interest Entity, Primary Beneficiary | Other liabilities
Variable Interest Entity [Line Items]
Total Liabilities		$ 1,626	$ 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 June 30, 2021 and December 31, 2020, assets of the VIEs totaled $1,914,336 and $1,255,932, respectively, and liabilities of the VIEs totaled $1,448,229 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 - Securitized Debt Obligations (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Carrying Value	$ 1,446,603	$ 927,128
Collateral assets
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Principal Balance	1,928,927
Carrying Value	$ 1,901,551
Weighted average interest rate of securitized debt obligations outstanding	4.10%
Collateral assets | GPMT 2021-FL3 CRE CLO
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Principal Balance	$ 823,744
Carrying Value	$ 818,253
Weighted average interest rate of securitized debt obligations outstanding	3.90%
Collateral assets | GPMT 2019-FL2 CRE CLO
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Principal Balance	$ 744,299
Carrying Value	$ 727,768
Weighted average interest rate of securitized debt obligations outstanding	4.00%
Collateral assets | GPMT 2018-FL1 CRE CLO
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Principal Balance	$ 360,884
Carrying Value	$ 355,530
Weighted average interest rate of securitized debt obligations outstanding	5.10%
Financing provided
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Principal Balance	$ 1,453,353
Carrying Value	$ 1,446,603
Weighted average interest rate of securitized debt obligations outstanding	1.70%
Financing provided | GPMT 2021-FL3 CRE CLO
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Principal Balance	$ 685,766
Carrying Value	$ 680,938
Weighted average interest rate of securitized debt obligations outstanding	1.60%
Financing provided | GPMT 2019-FL2 CRE CLO
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Principal Balance	$ 573,101
Carrying Value	$ 571,179
Weighted average interest rate of securitized debt obligations outstanding	1.70%
Financing provided | GPMT 2018-FL1 CRE CLO
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Principal Balance	$ 194,486
Carrying Value	$ 194,486
Weighted average interest rate of securitized debt obligations outstanding	2.10%

Secured Financing Agreements -

Secured Financing Agreements - Narrative (Details) $ in Thousands	Jun. 30, 2021USD ($)	Dec. 31, 2020USD ($)
Line of Credit Facility [Line Items]
Total Capacity	$ 1,550,000	$ 2,325,000
Minimum unrestricted cash amount	$ 30,000
Debt covenant, recourse, percentage	0.050
Cash	$ 236,900
Debt instrument, amount	$ 34,700
Debt covenant, tangible net worth, percentage	0.750
Debt covenant, net cash proceeds of additional equity issuances, percentage	0.750
Debt covenant, net cash proceeds of additional equity issuances, amount	$ 782,300
Debt covenant, tangible net worth, amount	$ 1,000,000
Debt covenant, target asset leverage ratio, percentage	0.657
Debt covenant, total leverage ratio, percentage	0.742
Debt covenant, minimum interest coverage ratio	1.9
Maximum
Line of Credit Facility [Line Items]
Debt covenant, target asset leverage ratio, percentage	0.775
Debt covenant, total leverage ratio, percentage	0.800
Minimum
Line of Credit Facility [Line Items]
Debt covenant, minimum interest coverage ratio	1.5

Secured Financing Agreements (D

Secured Financing Agreements (Details) - USD ($)	Jun. 30, 2021	Dec. 31, 2020
Line of Credit Facility [Line Items]
Repurchase facilities	$ 717,196,000	$ 1,708,875,000
Asset-specific financings	82,768,000	123,091,000
Term financing facility	142,414,000	0
Unused Capacity	832,804,000	616,125,000
Total Capacity	1,550,000,000	2,325,000,000
Carrying Value of Collateral	1,078,362,000	2,476,967,000
Goldman Sachs Bank USA (3)
Line of Credit Facility [Line Items]
Term financing facility	142,414,000
Unused Capacity	0
Total Capacity	142,414,000
Goldman Sachs Bank USA (3) | Revolving Credit Facility
Line of Credit Facility [Line Items]
Carrying Value of Collateral	$ 338,918,000
Weighted Average Borrowing Rate	3.70%
CIBC Bank USA
Line of Credit Facility [Line Items]
Asset-specific financings	$ 82,768,000	123,091,000
Unused Capacity	67,232,000	26,909,000
Total Capacity	150,000,000	150,000,000
CIBC Bank USA | Secured Debt
Line of Credit Facility [Line Items]
Carrying Value of Collateral	$ 106,456,000	$ 152,929,000
Weighted Average Borrowing Rate	1.80%	2.50%
Loans held-for-investment | Morgan Stanley Bank (2)
Line of Credit Facility [Line Items]
Repurchase facilities	$ 284,053,000	$ 435,719,000
Unused Capacity	215,947,000	164,281,000
Total Capacity	500,000,000	600,000,000
Carrying Value of Collateral	$ 452,195,000	$ 657,066,000
Weighted Average Borrowing Rate	2.20%	2.30%
Maximum capacity under collateralized borrowings upon exercise of option to increase	$ 600,000,000
Loans held-for-investment | Goldman Sachs Bank USA (3)
Line of Credit Facility [Line Items]
Repurchase facilities	0	$ 395,990,000
Unused Capacity	0	104,010,000
Total Capacity	0	500,000,000
Carrying Value of Collateral	$ 6,032,000	$ 593,625,000
Weighted Average Borrowing Rate	0.00%	2.50%
Maximum capacity under collateralized borrowings upon exercise of option to increase	$ 250,000,000
Maximum capacity under collateralized borrowings option to increase	350,000,000
Loans held-for-investment | JPMorgan Chase Bank
Line of Credit Facility [Line Items]
Repurchase facilities	165,459,000	$ 361,797,000
Unused Capacity	284,541,000	88,203,000
Total Capacity	450,000,000	450,000,000
Carrying Value of Collateral	$ 255,115,000	$ 536,758,000
Weighted Average Borrowing Rate	2.20%	2.50%
Loans held-for-investment | Citibank
Line of Credit Facility [Line Items]
Repurchase facilities	$ 195,948,000	$ 386,049,000
Unused Capacity	304,052,000	113,951,000
Total Capacity	500,000,000	500,000,000
Carrying Value of Collateral	$ 255,855,000	$ 504,236,000
Weighted Average Borrowing Rate	1.70%	1.80%
Loans held-for-investment | Wells Fargo Bank
Line of Credit Facility [Line Items]
Repurchase facilities	$ 71,736,000	$ 129,320,000
Unused Capacity	28,264,000	145,680,000
Total Capacity	100,000,000	275,000,000
Carrying Value of Collateral	$ 109,165,000	$ 185,282,000
Weighted Average Borrowing Rate	2.10%	2.10%
Maximum capacity under collateralized borrowings upon exercise of option to increase	$ 200,000,000

Secured Financing Agreements _2

Secured Financing Agreements - Borrowings by Maturity (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Assets Sold under Agreements to Repurchase [Line Items]
Repurchase facilities	$ 717,196	$ 1,708,875
Asset-specific financings	82,768	$ 123,091
Term Financing Facility	142,414
Total Amount Outstanding	942,378
2021
Assets Sold under Agreements to Repurchase [Line Items]
Asset-specific financings	82,768
Term Financing Facility	0
Total Amount Outstanding	82,768
2022
Assets Sold under Agreements to Repurchase [Line Items]
Repurchase facilities	521,247
Asset-specific financings	0
Term Financing Facility	0
Total Amount Outstanding	521,247
2023
Assets Sold under Agreements to Repurchase [Line Items]
Repurchase facilities	195,949
Asset-specific financings	0
Term Financing Facility	0
Total Amount Outstanding	195,949
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	142,414
Total Amount Outstanding	142,414
Thereafter
Assets Sold under Agreements to Repurchase [Line Items]
Repurchase facilities	0
Asset-specific financings	0
Term Financing Facility	0
Total Amount Outstanding	$ 0

Secured Financing Agreements _3

Secured Financing Agreements - Schedule of Repurchase Agreement Counterparties with Whom Repurchase Agreements Exceed 10 Percent of Stockholders' Equity (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2021	Dec. 31, 2020
Repurchase Agreement Counterparty [Line Items]
Repurchase facilities	$ 717,196	$ 1,708,875
Net counterparty exposure	366,710	803,790
Morgan Stanley Bank
Repurchase Agreement Counterparty [Line Items]
Repurchase facilities	284,053	435,719
Net counterparty exposure	$ 164,536	$ 230,815
Percent of Equity	17.00%	25.00%
Weighted Average Years to Maturity	11 months 26 days	5 months 26 days
JPMorgan Chase Bank
Repurchase Agreement Counterparty [Line Items]
Repurchase facilities	$ 165,459	$ 361,797
Net counterparty exposure	$ 94,984	$ 187,282
Percent of Equity	10.00%	20.00%
Weighted Average Years to Maturity	11 months 26 days	1 year 6 months
Goldman Sachs Bank USA
Repurchase Agreement Counterparty [Line Items]
Repurchase facilities	$ 0	$ 395,990
Net counterparty exposure	$ 6,093	$ 203,297
Percent of Equity	1.00%	22.00%
Weighted Average Years to Maturity	1 year 10 months 2 days	3 months 29 days
Citibank
Repurchase Agreement Counterparty [Line Items]
Repurchase facilities	$ 195,948	$ 386,049
Net counterparty exposure	$ 62,944	$ 124,913
Percent of Equity	7.00%	13.00%
Weighted Average Years to Maturity	1 year 6 months 10 days	2 years 7 days
Wells Fargo Bank
Repurchase Agreement Counterparty [Line Items]
Repurchase facilities	$ 71,736	$ 129,320
Net counterparty exposure	$ 38,153	$ 57,483
Percent of Equity	4.00%	6.00%
Weighted Average Years to Maturity	11 months 26 days	5 months 26 days

Convertible Senior Notes (Detai

Convertible Senior Notes (Details)	1 Months Ended		6 Months Ended
	Oct. 31, 2018USD ($)	Jan. 31, 2018USD ($)	Jun. 30, 2021USD ($)	Dec. 31, 2020USD ($)	Dec. 31, 2017USD ($)
Debt Instrument, Redemption [Line Items]
Convertible senior notes			$ 272,074,000	$ 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

Convertible Senior Notes - Debt

Convertible Senior Notes - Debt Instrument Interest Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Debt Disclosure [Abstract]
Cash coupon	$ 4,119	$ 4,119	$ 8,238	$ 8,238
Amortization of issuance costs	425	406	824	803
Total interest expense	$ 4,544	$ 4,525	$ 9,062	$ 9,041

Convertible Senior Notes - Carr

Convertible Senior Notes - Carrying Value of the Convertible Senior Notes (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
December 2022 Convertible Senior Notes
Debt Instrument, Redemption [Line Items]
Principal outstanding	$ 143,750	$ 143,750
Less: Unamortized issuance costs	(1,340)	(1,774)
Net carrying value	142,410	141,976
October 2023 Convertible Senior Notes
Debt Instrument, Redemption [Line Items]
Principal outstanding	131,600	131,600
Less: Unamortized issuance costs	(1,936)	(2,326)
Net carrying value	$ 129,664	$ 129,274

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	Jun. 30, 2021USD ($)$ / shares	Dec. 31, 2020USD ($)$ / shares
Debt Instrument [Line Items]
Total Capacity			$ 1,550,000	$ 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
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		$ 207,881	$ 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	Jun. 30, 2021	Dec. 31, 2020	Sep. 28, 2020
Debt Instrument [Line Items]
Principal outstanding	$ 225,000	$ 225,000
Less: Unamortized debt discount and issuance costs	(17,119)	(18,552)
Net carrying value	$ 207,881	$ 206,448	$ 225,000

Cash, Cash Equivalents and Re_3

Cash, Cash Equivalents and Restricted Cash - Narrative (Details) - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020
Variable Interest Entity [Line Items]
Cash collateral for repurchase agreements and securities activity	$ 2.1	$ 5
Restricted cash
Variable Interest Entity [Line Items]
Cash collateral for repurchase agreements and securities activity		$ 62.8

Cash, Cash Equivalents and Re_4

Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020	Jun. 30, 2020	Dec. 31, 2019
Cash and Cash Equivalents [Abstract]
Cash and cash equivalents	$ 236,953	$ 261,419
Restricted cash	2,077	67,774
Total cash, cash equivalents and restricted cash	$ 239,030	$ 329,193	$ 59,466	$ 159,764

Fair Value - Narrative (Details

Fair Value - Narrative (Details) $ in Thousands	Jun. 30, 2021USD ($)	Mar. 31, 2021USD ($)	Dec. 31, 2020USD ($)	Jun. 30, 2020USD ($)	Mar. 31, 2020USD ($)	Dec. 31, 2019USD ($)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Loans held-for-investment	$ 3,635,315		$ 3,914,469
Loans held-for-investment, net of allowance for credit losses	$ 3,577,644	$ 3,799,836	3,847,803	$ 4,290,047	$ 4,251,251	$ 4,226,212
Minimum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Exit capitalization rate	0.0550
Fair value assumption discount rate	0.0700
Maximum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Exit capitalization rate	0.0750
Fair value assumption discount rate	0.1000
Risk Rating 5
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Loans held-for-investment, net of allowance for credit losses	$ 204,274		$ 58,769	$ 0
Fair Value, Nonrecurring | Risk Rating 5
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Loans held-for-investment	237,100
Loans held-for-investment, net of allowance for credit losses	$ 204,300

Fair Value - by Balance Sheet G

Fair Value - by Balance Sheet Grouping (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Loans held-for-investment, net of allowance for credit losses	$ 3,577,644	$ 3,799,836	$ 3,847,803	$ 4,290,047	$ 4,251,251	$ 4,226,212
Loans held-for-investment, net of allowance for credit losses, at fair value	3,611,252		3,867,286
Cash and cash equivalents	236,953		261,419
Restricted cash	2,077		67,774
Repurchase facilities	717,196		1,708,875
Securitized debt obligations	1,446,603		927,128
Securitized debt obligations, at fair value	1,452,195		916,701
Asset-specific financings	82,768		123,091
Term financing facility	142,414		0
Convertible senior notes	272,074		271,250
Convertible senior notes, at fair value	272,426		257,411
Senior secured term loan facilities	207,881		206,448
Senior Notes, at fair value	207,881		206,448
Risk Rating 5
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Loans held-for-investment, net of allowance for credit losses	204,274		$ 58,769	$ 0
Risk Rating 5 | Fair Value, Nonrecurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Loans held-for-investment, net of allowance for credit losses	$ 204,300

Commitments and Contingencies -

Commitments and Contingencies - Unfunded Commitments (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
Commitments and Contingencies Disclosure [Abstract]
Unfunded commitments	$ 441,096		$ 441,096		$ 503,726
Weighted average future funding period on unfunded commitments			2 years
Liability for off balance sheet credit losses	5,200		$ 5,200
Benefit from (provision for) credit losses	$ (1,762)	$ 14,145	$ (8,995)	$ 60,018

Preferred Stock (Details)

Preferred Stock (Details) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended	3 Months Ended		6 Months Ended
	Jan. 31, 2021	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 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		$ 1,000
Period after which the company may redeem preferred stock				5 years
Preferred stock, redemption price per share (in usd per share)		$ 1,000		$ 1,000
Period after which the holder may redeem preferred stock				6 years
Preferred dividends declared		$ 25	$ 25	$ 50	$ 50
10% cumulative redeemable preferred shares issued		1,000		1,000		1,000
Series A Preferred Stock
Class of Stock [Line Items]
Preferred stock, shares issued, retained by issuer	500
Preferred stock, shares subscribed but unissued	125
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	1 Months Ended	3 Months Ended		6 Months Ended	9 Months Ended
	Jun. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2021	Jun. 30, 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	Jun. 15, 2021	Mar. 18, 2021		Dec. 18, 2020	Sep. 28, 2020
Record Date	Jul. 1, 2021	Apr. 1, 2021		Dec. 31, 2020	Oct. 8, 2020
Payment Date	Jul. 19, 2021	Apr. 19, 2021		Jan. 22, 2021	Oct. 19, 2020
Dividends declared per common share (in usd per share)	$ 0.25	$ 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 Re

Stockholders' Equity - Share Repurchase Program (Details) $ / shares in Units, $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2021USD ($)$ / sharesshares	Jun. 30, 2021USD ($)shares
Equity, Class of Treasury Stock [Line Items]
Number of shares authorized to be repurchased under stock repurchase program	2,000,000	2,000,000
Treasury stock, shares, acquired	300,891
Treasury stock acquired, average cost per share (in usd per share) | $ / shares	$ 14.16
Treasury stock, value, acquired, cost method | $	$ 4,300
Stock repurchase program, remaining number of shares authorized to be repurchased	1,699,109	1,699,109
Repurchased Shares From Employees
Equity, Class of Treasury Stock [Line Items]
Treasury stock, shares, acquired	17,628	115,053
Treasury stock, value, acquired, cost method | $	$ 300	$ 1,200

Stockholders' Equity - At-the-M

Stockholders' Equity - At-the-Market Offering (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Stockholders' Equity Attributable to Parent [Abstract]
Number of shares authorized to be sold under equity distribution agreement	8,000,000		8,000,000
Number of common shares issued under equity distribution agreement and outstanding as of period-end	3,242,364		3,242,364
Accumulated proceeds from issuance of common shares under equity distribution agreement	$ 61.2		$ 61.2
Shares sold at the market offering	0	0	0	0

Stockholders' Equity - Warrants

Stockholders' Equity - Warrants to Purchase Common Stock (Details) $ / shares in Units, $ in Millions	Jun. 30, 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		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of restricted common shares reserved for issuance under equity incentive plan	2,228,088		2,228,088
Equity based compensation	$ 1.6	$ 1.3	$ 3.5	$ 2.7
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Payment Arrangement, Nonvested Award, Excluding Option, Cost Not yet Recognized, Amount	1.7		$ 1.7
Share-based payment arrangement, nonvested award, cost not yet recognized, period for recognition			1 year 6 months
RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Payment Arrangement, Nonvested Award, Excluding Option, Cost Not yet Recognized, Amount	$ 7.8		$ 7.8
Share-based payment arrangement, nonvested award, cost not yet recognized, period for recognition			2 years 4 months 24 days

Equity Incentive Plan - Schedul

Equity Incentive Plan - Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity (Details) - $ / shares	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2021
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Ending balance (in shares)	1,227,975		1,227,975
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)	$ 11.32	$ 14.93	$ 14.93
Granted (in usd per share)	14.77	9.77
Vested (in usd per share)	5.12	18.46
Forfeited (in usd per share)	5.93	18.43
Ending balance (in usd per share)	$ 11.95	$ 11.32	$ 11.95
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)	334,382	569,535	569,535
Granted (in shares)	0	0
Vested (in shares)	(52,092)	(137,728)
Forfeited (in shares)	(17,628)	(97,425)
Ending balance (in shares)	264,662	334,382	264,662
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)	923,465	403,903	403,903
Granted (in shares)	44,853	519,562
Vested (in shares)	(1,048)	0
Forfeited (in shares)	(3,957)	0
Ending balance (in shares)	963,313	923,465	963,313

Equity Incentive Plan - Summary

Equity Incentive Plan - Summary of Restricted Stock and Restricted Stock Units Vesting Dates (Details) - shares	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2021	Dec. 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total	1,227,975		1,227,975
2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vested in period			30,030
2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vested in period			390,111
2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vested in period			265,772
2024
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vested in period			173,194
2025
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vested in period			368,868
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vested in period	52,092	137,728
Total	264,662	334,382	264,662	569,535
Restricted Stock | 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vested in period			0
Restricted Stock | 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vested in period			172,077
Restricted Stock | 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vested in period			92,585
Restricted Stock | 2024
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vested in period			0
Restricted Stock | 2025
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vested in period			0
RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vested in period	1,048	0
Total	963,313	923,465	963,313	403,903
RSUs | 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vested in period			30,030
RSUs | 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vested in period			218,034
RSUs | 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vested in period			173,187
RSUs | 2024
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vested in period			173,194
RSUs | 2025
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vested in period			368,868

Income Taxes - Narrative (Detai

Income Taxes - Narrative (Details) $ in Millions	Jun. 30, 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		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Numerator:
Net income (loss) attributable to common stockholders - basic	$ 14,244	$ (1,758)	$ 42,210	$ (38,974)
Interest expense attributable to convertible notes	0	0	9,062	0
Net income (loss) attributable to common stockholders - diluted	$ 14,244	$ (1,758)	$ 51,272	$ (38,974)
Denominator:
Weighted average common shares outstanding	54,697,711	54,559,798	54,714,239	54,529,399
Weighted average restricted stock shares	312,021	598,485	359,078	577,948
Basic weighted average shares outstanding	55,009,732	55,158,283	55,073,317	55,107,347
Effect of dilutive shares issued in an assumed conversion of the convertible senior notes	0	0	14,065,946	0
Effect of dilutive shares issued in an assumed conversion of RSUs as additional shares	1,101,306	0	1,009,704	0
Effect of dilutive shares issued in an assumed exercise of warrants issued in conjunction with the senior secured term loan facilities	2,415,947	0	2,415,947	0
Diluted weighted average shares outstanding	58,526,985	55,158,283	72,564,914	55,107,347
Earnings (loss) per share
Basic (in usd per share)	$ 0.26	$ (0.03)	$ 0.77	$ (0.71)
Diluted (in usd per share)	$ 0.24	$ (0.03)	$ 0.71	$ (0.71)

Earnings Per Share - Narrative

Earnings Per Share - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Earnings Per Share [Abstract]
Interest expense attributable to antidilutive convertible notes excluded from computation of earnings per share	$ 4.5		$ 9.1
Antidilutive convertible notes excluded from computation of earnings per share	14,065,946
Deferred debt issuance cost, accretion period			5 years
Deferred debt issuance cost, adjustments	$ 0.3		$ 0.5
Effect of dilutive shares issued in an assumed exercise of warrants issued in conjunction with the senior secured term loan facilities	2,415,947	0	2,415,947	0
Effect of dilutive shares issued in an assumed conversion of RSUs as additional shares	1,101,306	0	1,009,704	0

Related Party Transactions (Det

Related Party Transactions (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Related Party Transaction [Line Items]
Base management fees	$ 0	$ 3,959,000	$ 0	$ 7,866,000
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	4,000,000	$ 0	7,900,000
Compensation and benefits	0	0
Direct and allocated costs incurred by manager	$ 0	$ 1,500,000		$ 9,300,000

Subsequent Events (Details)

Subsequent Events (Details) - Loans held-for-investment - Goldman Sachs Bank USA (3) - USD ($) $ in Millions	Jul. 13, 2021	Jun. 30, 2021
Subsequent Event [Line Items]
Maximum capacity under collateralized borrowings upon exercise of option to increase		$ 250
Maximum capacity under collateralized borrowings option to increase		$ 350
Subsequent Event
Subsequent Event [Line Items]
Maximum capacity under collateralized borrowings upon exercise of option to increase	$ 250
Maximum capacity under collateralized borrowings option to increase	$ 350