Granite Point Mortgage Trust (GPMT) 10-Q 8 Nov 21 2021 Q3 Quarterly report Financial data

Cover Page

Cover Page - shares	9 Months Ended
	Sep. 30, 2021	Nov. 04, 2021
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 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		53,789,465
Entity Central Index Key	0001703644
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q3
Amendment Flag	false

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands		Sep. 30, 2021	Dec. 31, 2020
ASSETS
Loans held-for-investment		$ 3,659,691	$ 3,914,469
Allowance for credit losses		(45,480)	(66,666)
Loans held-for-investment, net		3,614,211	3,847,803
Cash and cash equivalents		154,916	261,419
Restricted cash		20,602	67,774
Accrued interest receivable		9,898	12,388
Other assets		99,563	30,264
Total Assets	[1]	3,899,190	4,219,648
Liabilities
Repurchase facilities		916,758	1,708,875
Securitized debt obligations		1,356,429	927,128
Asset-specific financings		44,752	123,091
Term financing facility		127,867	0
Convertible senior notes		272,512	271,250
Senior secured term loan facilities		208,785	206,448
Dividends payable		13,713	25,049
Other liabilities		25,140	22,961
Total Liabilities	[1]	2,965,956	3,284,802
Commitments and Contingencies
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 53,789,465 and 55,205,082 shares issued and outstanding, respectively		538	552
Additional paid-in capital		1,037,395	1,058,298
Cumulative earnings		164,055	103,165
Cumulative distributions to stockholders		(269,879)	(228,169)
Total Granite Point Mortgage Trust, Inc. Stockholders’ Equity		932,109	933,846
Non-controlling interests		125	0
Total Equity		932,234	933,846
Total Liabilities and Stockholders’ Equity		$ 3,899,190	$ 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 September 30, 2021 and December 31, 2020, assets of the VIEs totaled $1,824,173 and $1,255,932, respectively, and liabilities of the VIEs totaled $1,357,675 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		Sep. 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 (in shares)		50,000,000	50,000,000
10% cumulative redeemable preferred shares issued (in shares)		1,000	1,000
10% cumulative redeemable preferred shares outstanding (in shares)		1,000	1,000
10% cumulative redeemable preferred shares liquidation preference value (in shares)		$ 1,000	$ 1,000
Common stock par value per share (in usd per share)		$ 0.01	$ 0.01
Common shares authorized (in shares)		450,000,000	450,000,000
Common shares issued (in shares)		53,789,465	55,205,082
Common shares outstanding (in shares)		53,789,465	55,205,082
Assets of consolidated variable interest entities	[1]	$ 3,899,190	$ 4,219,648
Liabilities of consolidated variable interest entities	[1]	2,965,956	3,284,802
Variable Interest Entity, Primary Beneficiary
Variable Interest Entity [Line Items]
Assets of consolidated variable interest entities		1,824,173	1,255,932
Liabilities of consolidated variable interest entities		1,357,675	928,220
Variable Interest Entity, Primary Beneficiary | Total Assets
Variable Interest Entity [Line Items]
Assets of consolidated variable interest entities		1,824,173	1,255,932
Variable Interest Entity, Primary Beneficiary | Total Liabilities
Variable Interest Entity [Line Items]
Liabilities of consolidated variable interest entities		$ 1,357,675	$ 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 September 30, 2021 and December 31, 2020, assets of the VIEs totaled $1,824,173 and $1,255,932, respectively, and liabilities of the VIEs totaled $1,357,675 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		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Interest income:
Loans held-for-investment	$ 48,312	$ 56,783	$ 151,701	$ 180,341
Loans held-for-sale	0	774	0	895
Available-for-sale securities	0	119	0	646
Held-to-maturity securities	0	113	0	659
Cash and cash equivalents	95	57	298	424
Total interest income	48,407	57,846	151,999	182,965
Interest expense:
Repurchase facilities	5,451	12,791	20,449	46,742
Securitized debt obligations	8,777	5,431	20,523	21,367
Convertible senior notes	4,556	4,529	13,618	13,570
Term financing facility	1,453	0	6,208	0
Asset-specific financings	414	901	1,959	2,962
Revolving credit facilities	0	217	0	779
Senior secured term loan facilities	5,654	145	16,587	145
Total interest expense	26,305	24,014	79,344	85,565
Net interest income	22,102	33,832	72,655	97,400
Other income (loss):
Benefit from (provision for) credit losses	5,760	5,300	15,072	(62,241)
Realized losses on sales of loans held-for-sale	0	(10,019)	0	(16,913)
Fee income	0	595	0	1,117
Total other income (loss)	5,760	(4,124)	15,072	(78,037)
Expenses:
Base management fees	0	3,974	0	11,840
Compensation and benefits	5,634	0	16,111	0
Servicing expenses	1,323	914	3,763	3,025
Other operating expenses	2,276	5,808	6,967	24,421
Restructuring charges	0	43,682	0	43,682
Total expenses	9,233	54,378	26,841	82,968
Income (loss) before income taxes	18,629	(24,670)	60,886	(63,605)
Benefit from income taxes	(1)	(4)	(4)	(15)
Net income (loss)	18,630	(24,666)	60,890	(63,590)
Dividends on preferred stock	25	25	75	75
Net income (loss) attributable to common stockholders - basic	$ 18,605	$ (24,691)	$ 60,815	$ (63,665)
Basic earnings (loss) per weighted average common share (in usd per share)	$ 0.34	$ (0.45)	$ 1.11	$ (1.15)
Diluted earnings (loss) per weighted average common share (in usd per share)	0.33	(0.45)	1.05	(1.15)
Dividends declared per common share (in usd per share)	$ 0.25	$ 0.20	$ 0.75	$ 0.20
Weighted average number of shares of common stock outstanding:
Basic (in shares)	54,453,546	55,205,082	54,864,456	55,140,163
Diluted (in shares)	56,735,278	55,205,082	70,902,745	55,140,163
Comprehensive income (loss):
Net income (loss) attributable to common stockholders - basic	$ 18,605	$ (24,691)	$ 60,815	$ (63,665)
Other comprehensive income (loss), net of tax:
Comprehensive income (loss)	$ 18,605	$ (24,691)	$ 60,815	$ (63,665)

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY - USD ($) $ in Thousands	Total	Cumulative effect of adoption of new accounting principle	Stockholders' equity, adjusted balance	Total Stockholders’ Equity	Total Stockholders’ EquityCumulative effect of adoption of new accounting principle	Total Stockholders’ EquityStockholders' equity, adjusted balance	Common Stock	Common StockStockholders' equity, adjusted balance	Additional Paid-in Capital	Additional Paid-in CapitalStockholders' equity, adjusted balance	Accumulated Other Comprehensive Income (Loss)	Accumulated Other Comprehensive Income (Loss)Stockholders' equity, adjusted balance	Cumulative Earnings	Cumulative EarningsCumulative effect of adoption of new accounting principle	Cumulative EarningsStockholders' equity, adjusted balance	Cumulative Distributions to Stockholders	Cumulative Distributions to StockholdersStockholders' equity, adjusted balance	Noncontrolling Interest
Common shares outstanding at beginning of period at Dec. 31, 2019							54,853,205	54,853,205
Stockholders’ equity at beginning of period at Dec. 31, 2019	$ 1,019,136	$ (18,472)	$ 1,000,664	$ 1,019,136	$ (18,472)	$ 1,000,664	$ 549	$ 549	$ 1,048,484	$ 1,048,484	$ 32	$ 32	$ 162,076	$ (18,472)	$ 143,604	$ (192,005)	$ (192,005)	$ 0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) income	(37,191)			(37,191)									(37,191)
Other comprehensive loss before reclassifications	(4,511)			(4,511)							(4,511)
Amounts reclassified from accumulated other comprehensive income	767			767							767
Net other comprehensive income (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	1,019,136	$ (18,472)	$ 1,000,664	$ 549	$ 549	1,048,484	$ 1,048,484	32	$ 32	162,076	$ (18,472)	$ 143,604	(192,005)	$ (192,005)	0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) income	(63,590)
Common shares outstanding at end of period at Sep. 30, 2020							55,205,082
Stockholders’ equity at end of period at Sep. 30, 2020	934,462			934,462			$ 552		1,057,016		0		80,014			(203,120)		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 income (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
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) income	(24,666)			(24,666)									(24,666)
Issuance of warrants to purchase common stock	4,541			4,541					4,541
Common dividends declared	(11,040)			(11,040)												(11,040)
Preferred dividends declared	(25)			(25)												(25)
Non-cash equity award compensation	1,316			1,316					1,316
Common shares outstanding at end of period at Sep. 30, 2020							55,205,082
Stockholders’ equity at end of period at Sep. 30, 2020	$ 934,462			934,462			$ 552		1,057,016		0		80,014			(203,120)		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	$ 60,890
Common shares outstanding at end of period at Sep. 30, 2021	53,789,465						53,789,465
Stockholders’ equity at end of period at Sep. 30, 2021	$ 932,234			932,109			$ 538		1,037,395		0		164,055			(269,879)		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
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
Stockholders’ equity at end of period at Jun. 30, 2021	946,296			946,171			$ 548		1,056,364		0		145,425			(256,166)		125
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) income	18,630			18,630									18,630
Settlement of warrants to purchase common stock	(7,478)			(7,478)					(7,478)
Repurchase of common stock (in shares)							(1,000,721)
Repurchase of common stock	(13,533)			(13,533)			$ (10)		(13,523)
Common dividends declared	(13,688)			(13,688)												(13,688)
Preferred dividends declared	(25)			(25)												(25)
Non-cash equity award compensation	$ 2,032			2,032					2,032
Common shares outstanding at end of period at Sep. 30, 2021	53,789,465						53,789,465
Stockholders’ equity at end of period at Sep. 30, 2021	$ 932,234			$ 932,109			$ 538		$ 1,037,395		$ 0		$ 164,055			$ (269,879)		$ 125

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY - (Parenthetical) - $ / shares	3 Months Ended
	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020
Statement of Stockholders' Equity [Abstract]
Preferred dividends declared per share (in usd per share)	$ 25	$ 25	$ 25	$ 25	$ 25	$ 25
Common dividends declared per share (in usd per share)	$ 0.25	$ 0.25	$ 0.25	$ 0.20

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Cash Flows From Operating Activities:
Net income (loss)	$ 60,890	$ (63,590)
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 and deferred interest capitalized to loans held-for-investment	(20,310)	(12,557)
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	9,692	4,646
(Benefit from) provision for credit losses	(15,072)	62,241
Realized losses on sales of loans held-for-sale	0	16,913
Amortization of equity-based compensation	5,558	3,994
Depreciation of fixed assets	0	0
Net change in assets and liabilities:
Decrease (increase) in accrued interest receivable	2,490	(610)
Increase in other assets	(4,069)	(19,899)
Increase in other liabilities	5,846	44,911
Net cash provided by operating activities	45,025	36,049
Cash Flows From Investing Activities:
Originations, acquisitions and additional fundings of loans held-for-investment, net of deferred fees	(549,705)	(314,722)
Proceeds from repayment of loans held-for-investment	815,054	290,838
Increase in other assets, due from servicer/trustee on repayments of loans held-for-investment	(66,944)	0
Principal payments on available-for-sale securities	0	12,798
Principal payments on held-to-maturity securities	0	18,076
Proceeds from sales of loans held-for-sale	0	193,538
Net cash provided by investing activities	198,405	200,528
Cash Flows From Financing Activities:
Proceeds from repurchase facilities	347,261	397,004
Principal payments on repurchase facilities	(1,139,378)	(470,180)
Proceeds from issuance of securitized debt obligations	685,766	0
Principal payments on securitized debt obligations	(254,647)	(115,853)
Proceeds from senior secured term loan facilities	0	205,647
Proceeds from asset-specific financings	2,785	6,626
Repayment of asset-specific financings	(81,123)	0
Proceeds from revolving credit facilities	0	38,361
Repayment of revolving credit facilities	0	(80,369)
Proceeds from term financing facility	349,291	0
Repayment of term financing facility	(219,311)	0
Payment of debt issuance costs	(8,353)	0
Proceeds from issuance of warrants to purchase common stock	0	4,541
Settlement of warrants to purchase common stock	(7,478)
Contributions from non-controlling interests	125	0
Tax withholding on restricted stock	(1,194)	0
Repurchase of common stock	(17,804)	0
Dividends paid on preferred stock	(75)	(75)
Dividends paid on common stock	(52,970)	(23,038)
Net cash used in financing activities	(397,105)	(37,336)
Net (decrease) increase in cash, cash equivalents and restricted cash	(153,675)	199,241
Cash, cash equivalents and restricted cash at beginning of period	329,193	159,764
Cash, cash equivalents and restricted cash at end of period	175,518	359,005
Supplemental Disclosure of Cash Flow Information:
Cash paid for interest	75,818	83,366
Cash paid for taxes	607	0
Noncash Activities:
Transfers of loans held-for-investment to loans held-for-sale	0	210,452
Dividends declared but not paid at end of period	$ 13,713	$ 11,065

Organization and Operations

Organization and Operations	9 Months Ended
	Sep. 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”. The Company operates its business in a manner that is intended to permit it to maintain its exclusion from registration under the Investment Company Act of 1940, as amended, or the Investment Company Act. The Company operates its business as one segment. The Company was 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. The Company was externally managed by Pine River Capital Management L.P., or the Former Manager, through December 31, 2020, at which time the Company internalized its management function, or the Internalization.

Basis of Presentation and Signi

Basis of Presentation and Significant Accounting Policies	9 Months Ended
	Sep. 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 September 30, 2021 and results of operations for all periods presented have been made. The results of operations for the three and nine months ended September 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 September 30, 2021, the COVID-19 pandemic remains ongoing. Since the beginning of 2020, the pandemic has significantly impacted the global economy, created disruptions in the global supply chain, increased rates of unemployment and 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 the 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. 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 economic activity and real estate market conditions, as well as 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 September 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 September 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 nine months ended September 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, the Financial Accounting Standards Board, or 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 September 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, 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	9 Months Ended
	Sep. 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 September 30, 2021 and December 31, 2020: September 30, (dollars in thousands) Senior Loans (1) Mezzanine Loans B-Notes Total Unpaid principal balance $ 3,657,401 $ 1,387 $ 14,065 $ 3,672,853 Unamortized (discount) premium (67) — — (67) Unamortized net deferred origination fees (13,095) — — (13,095) Allowance for credit losses (40,897) (1,387) (3,196) (45,480) Carrying value $ 3,603,342 $ — $ 10,869 $ 3,614,211 Unfunded commitments $ 430,105 $ — $ — $ 430,105 Number of loans 98 1 1 100 Weighted average coupon 4.6 % 13.0 % 8.0 % 4.6 % Weighted average years to maturity (2) 1.0 4.1 5.3 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) September 30, December 31, Property Type Carrying Value % of Loan Portfolio Carrying Value % of Loan Portfolio Office $ 1,663,478 46.0 % $ 1,720,705 44.7 % Multifamily 982,624 27.2 % 910,557 23.7 % Hotel 517,028 14.3 % 646,869 16.8 % Retail 340,265 9.4 % 332,218 8.6 % Industrial 89,456 2.5 % 196,677 5.1 % Other 21,360 0.6 % 40,777 1.1 % Total $ 3,614,211 100.0 % $ 3,847,803 100.0 % (dollars in thousands) September 30, December 31, Geographic Location Carrying Value % of Loan Portfolio Carrying Value % of Loan Portfolio Northeast $ 950,447 26.3 % $ 1,028,584 26.8 % Southwest 807,483 22.3 % 802,233 20.8 % West 630,826 17.5 % 682,236 17.7 % Midwest 608,102 16.8 % 712,675 18.5 % Southeast 617,353 17.1 % 622,075 16.2 % Total $ 3,614,211 100.0 % $ 3,847,803 100.0 % At September 30, 2021 and December 31, 2020, the Company pledged loans held-for-investment with a carrying value, net of allowance for credit losses, of $3.5 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 nine months ended September 30, 2021 and 2020: Three Months Ended September 30, Nine Months Ended September 30, (in thousands) 2021 2020 2021 2020 Balance at beginning of period $ 3,577,644 $ 4,290,047 $ 3,847,803 $ 4,226,212 Originations, additional fundings and capitalized deferred interest 325,597 57,617 565,212 317,630 Repayments (290,497) (184,723) (815,054) (290,838) Transfers to loans held-for-sale — (190,787) — (210,452) Net discount accretion (premium amortization) (2) — 9 16 (Increase) decrease in net deferred origination fees (3,566) 101 (5,905) (2,908) Amortization of net deferred origination fees 2,584 3,236 10,700 12,541 Benefit from (provision for) credit losses 2,451 3,371 11,446 (73,339) Balance at end of period $ 3,614,211 $ 3,978,862 $ 3,614,211 $ 3,978,862 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 September 30, 2021, the Company recognized an allowance for credit losses related to its loans held-for-investment of $45.5 million, which reflected a write-off of $9.7 million on a loan held-for-investment and a benefit from provision for credit losses of $2.5 million for the three months ended September 30, 2021. The benefit from provision for credit losses reflects the continued general improvement in the overall performance of the investment portfolio and current expectations for further improvement in macroeconomic conditions. 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 September 30, 2021, the Company recognized $1.9 million in other liabilities related to the allowance for credit losses on unfunded commitments. During the three months ended September 30, 2021, the Company recognized a benefit from provision for credit losses of $3.3 million mainly related to the release of a $3.2 million allowance for credit losses related to unfunded commitments on the office loan that had previously been deemed to be collateral-dependent and for which the unfunded commitments were deemed to be unlikely to be funded, given the loan’s delinquent status as of September 30, 2021. 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 nine months ended September 30, 2021 and 2020 in the allowance for credit losses on loans held-for-investment: Three Months Ended September 30, Nine Months Ended September 30, (in thousands) 2021 2021 Balance at beginning of period $ 57,671 $ 66,666 (Benefit from) provision for credit losses (2,451) (11,446) Write-off (9,740) (9,740) Recoveries of amounts previously written off — — Balance at end of period $ 45,480 $ 45,480 Three Months Ended September 30, Nine Months Ended September 30, (in thousands) 2020 2020 Balance at beginning of period $ 76,710 $ 16,692 (Benefit from) provision for credit losses (3,371) 56,647 Write-offs — — Recoveries of amounts previously written off — — Balance at end of period $ 73,339 $ 73,339 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 September 30, 2021, the Company resolved the nonaccrual status of a senior loan secured by a mixed-use office and retail property in New York City with an unpaid principal balance of $22.0 million. The Company received all interest that was previously due in the amount of approximately $1.6 million, which was recorded in interest income on the Company’s condensed consolidated statements of comprehensive income (loss). Given these facts and the Company’s expectations for the loan to be performing in accordance with the terms of the loan agreement, the loan was reinstated to accrual status. During the three months ended September 30, 2021, the Company resolved a senior loan that had an outstanding unpaid principal balance of $68.1 million and had been on nonaccrual status. The resolution involved a coordinated sale of the collateral property, a Minneapolis, MN hotel, and the Company providing the new ownership group with a new $45.3 million senior floating rate loan. As a result of these transactions, the Company recognized a write-off of $9.7 million. As of September 30, 2021, the Company had two senior loans with a total unpaid principal balance of $168.1 million and carrying value of $145.4 million that were 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 September 30, 2021. The following table presents the carrying value of loans held-for-investment on nonaccrual status for the three and nine months ended September 30, 2021: Three Months Ended September 30, Nine Months Ended September 30, (in thousands) 2021 2021 Nonaccrual loan carrying value at beginning of period $ 225,115 $ 17,835 Addition of nonaccrual loan carrying value $ — $ 207,280 Removal of nonaccrual loan carrying value $ (79,765) $ (79,765) Nonaccrual loan carrying value at end of period $ 145,350 $ 145,350 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 September 30, 2021 and December 31, 2020: (dollars in thousands) September 30, December 31, Risk Rating Number of Loans Unpaid Principal Balance Carrying Value Number of Loans Unpaid Principal Balance Carrying Value 1 9 $ 281,201 $ 280,172 6 $ 183,369 $ 182,730 2 53 1,842,052 1,819,740 50 1,863,590 1,847,332 3 26 839,615 832,077 29 1,055,782 1,026,662 4 10 541,891 536,872 17 762,636 732,310 5 2 168,094 145,350 1 67,057 58,769 Total 100 $ 3,672,853 $ 3,614,211 103 $ 3,932,434 $ 3,847,803 As of September 30, 2021, the weighted average risk rating of the Company’s portfolio was 2.6, weighted by unpaid principal balance, versus 2.8 as of June 30, 2021. The improvement in the portfolio’s average risk rating reflects the ongoing economic and market recovery from the COVID-19 pandemic, the advancement of business plans for the collateral properties, and the resulting improvement in the performance of the properties securing the Company’s loan portfolio, which resulted in risk rating upgrades in the portfolio during the three months ended September 30, 2021. The following table presents the carrying value of loans held-for-investment as of September 30, 2021 and 2020 by risk rating and year of origination: September 30, 2021 (dollars in thousands) Origination Year Risk Rating 2021 2020 2019 2018 2017 2016 Prior Total 1 $ — $ — $ 171,163 $ 75,601 $ — $ 33,408 $ — $ 280,172 2 $ 402,170 $ 86,214 $ 841,954 $ 340,839 $ 59,246 $ 37,389 $ 51,928 $ 1,819,740 3 $ 44,488 $ 58,241 $ 238,699 $ 241,541 $ 156,008 $ 67,991 $ 25,109 $ 832,077 4 $ — $ — $ 166,549 $ 73,375 $ 177,333 $ — $ 119,615 $ 536,872 5 $ — $ — $ — $ 99,495 $ 45,855 $ — $ — $ 145,350 Total $ 446,658 $ 144,455 $ 1,418,365 $ 830,851 $ 438,442 $ 138,788 $ 196,652 $ 3,614,211 September 30, 2020 (dollars in thousands) Origination Year Risk Rating 2020 2019 2018 2017 2016 Prior Total 1 $ — $ 18,269 $ 90,472 $ — $ 33,300 $ — $ 142,041 2 74,375 1,050,044 591,444 284,263 103,336 54,078 2,157,540 3 11,827 359,028 259,642 257,661 — 11,193 899,351 4 40,931 166,125 250,302 180,968 — 141,604 779,930 5 — — — — — — — Total $ 127,133 $ 1,593,466 $ 1,191,860 $ 722,892 $ 136,636 $ 206,875 $ 3,978,862 During the nine months ended September 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 September 30, 2021, this first mortgage loan had an outstanding principal balance of $114.1 million and was assigned a risk rating of “5”. The Company determined that the recovery of the loan’s principal is collateral-dependent. Accordingly, this loan was assessed individually and the Company elected to apply a practical expedient in accordance with ASU 2016-13. At September 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, during the nine months ended September 30, 2021, the Company placed this loan on nonaccrual status and reversed $0.3 million of interest income. This loan’s maturity date has 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 nine months ended September 30, 2021, a first mortgage loan with a principal balance of $54.0 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 nine months ended September 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 modified previously. The Company determined that the recovery of the loan’s principal is collateral-dependent. Accordingly, this loan was assessed individually and the Company elected to apply a practical expedient in accordance with ASU 2016-13. At September 30, 2021, the Company recorded an allowance for credit loss of $8.0 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

Variable Interest Entities and

Variable Interest Entities and Securitized Debt Obligations	9 Months Ended
	Sep. 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 September 30, 2021 and December 31, 2020: (in thousands) September 30, December 31, Loans held-for-investment $ 1,802,296 $ 1,200,479 Allowance for credit losses (18,067) (15,914) Loans held-for-investment, net 1,784,229 1,184,565 Cash and cash equivalents — — Restricted cash 20,000 62,804 Other assets 19,944 8,563 Total Assets $ 1,824,173 $ 1,255,932 Securitized debt obligations $ 1,356,429 $ 927,128 Other liabilities 1,246 1,092 Total Liabilities $ 1,357,675 $ 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) September 30, Securitized Debt Obligations Principal Balance Carrying Value Wtd. Avg. Yield/Cost (1) GPMT 2021-FL3 CRE CLO Collateral assets (2) $ 768,796 $ 763,848 L+3.8% Financing provided 630,818 627,580 L+1.7% GPMT 2019-FL2 CRE CLO Collateral assets 734,111 719,822 L+4.0% Financing provided 572,001 570,597 L+1.7% GPMT 2018-FL1 CRE CLO Collateral assets 324,651 320,558 L+5.1% Financing provided 158,253 158,252 L+2.3% Total Collateral assets $ 1,827,558 $ 1,804,228 L+4.1% Financing provided $ 1,361,072 $ 1,356,429 L+1.8% ____________________ (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 cost of funds is the weighted average coupon of the CRE CLO, exclusive of any CRE CLO issuance costs. (2) Includes $20 million of restricted cash.

Secured Financing Agreements

Secured Financing Agreements	9 Months Ended
	Sep. 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 September 30, 2021 and December 31, 2020: September 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 $ 277,534 $ 222,466 $ 500,000 $ 436,329 2.2 % Goldman Sachs Bank USA (3) July 13, 2023 — 250,000 250,000 10,352 — % JPMorgan Chase Bank June 28, 2022 155,214 294,786 450,000 244,233 2.2 % Citibank January 9, 2023 412,274 87,726 500,000 535,684 1.7 % Wells Fargo Bank (4) June 28, 2022 71,736 28,264 100,000 109,865 2.1 % Total/Weighted Average $ 916,758 $ 883,242 $ 1,800,000 $ 1,336,463 Asset-specific financings: CIBC Bank USA Term Matched $ 44,752 $ 105,248 $ 150,000 $ 55,829 1.8 % Term financing facility: Goldman Sachs Bank USA (5) February 14, 2025 $ 127,867 $ — $ 127,867 $ 324,991 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 September 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) As of September 30, 2021, the Company retained options to increase the maximum facility capacity amount up to $350 million, subject to customary terms and conditions. (4) As of September 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 September 30, 2021, the Company’s borrowings outstanding on its secured financing facilities had contractual maturities as follows: September 30, 2021 (dollars in thousands) Repurchase Facilities Asset-Specific Financings Term Financing Facility (1) Total Amount Outstanding 2021 $ — 44,752 $ — $ 44,752 2022 504,484 — — 504,484 2023 412,274 — — 412,274 2024 — — — — 2025 — — 127,867 127,867 Thereafter — — — — Total $ 916,758 $ 44,752 $ 127,867 $ 1,089,377 ____________________ (1) Amount outstanding includes unamortized debt issuance costs. The following table summarizes certain characteristics of the Company’s repurchase facilities and counterparty concentration at September 30, 2021 and December 31, 2020: September 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 $ 277,534 $ 163,245 18 % 0.74 $ 435,719 $ 230,815 25 % 0.49 JPMorgan Chase Bank 155,214 94,929 10 % 0.74 361,797 187,282 20 % 1.50 Goldman Sachs Bank USA — 6,103 1 % 1.78 395,990 203,297 22 % 0.33 Citibank 412,274 131,034 14 % 1.28 386,049 124,913 13 % 2.02 Wells Fargo Bank 71,736 39,112 4 % 0.74 129,320 57,483 6 % 0.49 Total $ 916,758 $ 434,423 $ 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 The Company is subject to a variety of financial covenants under its secured financing agreements. The following represent the most restrictive financial covenants across the agreements as of September 30, 2021: • Unrestricted cash cannot be less than the greater of $30.0 million and 5.0% of recourse indebtedness. As of September 30, 2021, the Company’s unrestricted cash was $154.9 million, while 5.0% of the Company’s recourse indebtedness was $39.3 million. • Tangible net worth must be greater than the sum of (i) 75.0% of the Company’s tangible net worth as of June 28, 2017 and (ii) 75.0% of net cash proceeds of the Company’s equity issuances after June 28, 2017, which calculates to $782.3 million. As of September 30, 2021, the Company’s tangible net worth was $979.6 million. • Target asset leverage ratio cannot exceed 77.5% and total leverage ratio cannot exceed 80.0%. As of September 30, 2021, the Company’s target asset leverage ratio was 66.3% and the Company’s total leverage ratio was 75.2%. • Minimum interest coverage must be greater than 1.5:1.0. As of September 30, 2021, the Company’s minimum interest coverage was 1.8:1.0. On September 25, 2020, the Company, as a guarantor, and certain subsidiaries of the Company, as borrowers, entered into a five-year senior secured term loan credit agreement with certain investment vehicles managed by Pacific Investment Management Company LLC, or PIMCO, providing for up to $300.0 million of new senior secured term loan facilities and warrants to purchase, in the aggregate, up to 6,065,820 shares of the Company’s common stock, $0.01 par value per share. The senior secured term loan credit agreement is guaranteed by the Company and certain of its subsidiaries and secured by certain of their unencumbered assets and pledges of certain equity interests held by the Company and its subsidiaries. The loans outstanding under the senior secured term loan facilities are non-amortizing and may be voluntarily repaid, in whole or in part, at any time subject to certain prepayment premiums if they are repaid prior to September 25, 2023. On September 28, 2020, the Company borrowed $225.0 million under the initial senior secured term loan facilities. The Company chose not to borrow the remaining $75.0 million of commitments under the facilities, which were available to the Company on a delayed draw basis until September 25, 2021. The net proceeds from the senior secured term loan facilities 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. On September 25, 2021, warrantholders forfeited unvested warrants exercisable for 1,516,455 shares of common stock because the Company chose not to borrow the $75.0 million of delayed draw commitments available under the facilities. On September 30, 2021, the Company settled part of the outstanding warrants to purchase approximately 1.06 million shares of common stock at an exercise price of $6.47 per share of common stock for a net cash amount of approximately $7.5 million. Subsequent to quarter end, on October 4, 2021, the Company settled the remaining warrants to purchase approximately 3.49 million shares of common stock at an exercise price of $6.47 per share of common stock for a net cash amount of approximately $24.7 million. The Company currently has no warrants outstanding. 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. The table below summarizes the net carrying amount of the senior secured term loan facilities: September 30, December 31, (in thousands) 2021 2020 Principal outstanding $ 225,000 $ 225,000 Less: Unamortized debt discount and issuance costs (16,215) (18,552) Net carrying value $ 208,785 $ 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, asset-specific financing facility and term 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 September 30, 2021.

Convertible Senior Notes

Convertible Senior Notes	9 Months Ended
	Sep. 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 September 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 September 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 September 30, 2021 and December 31, 2020 was $272.5 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 September 30, Nine Months Ended September 30, (in thousands) 2021 2020 2021 2020 Cash coupon $ 4,119 $ 4,119 $ 12,357 $ 12,357 Amortization of issuance costs 437 410 1,261 1,213 Total interest expense $ 4,556 $ 4,529 $ 13,618 $ 13,570 The following table details the carrying value of the Convertible Senior Notes: December 2022 Convertible Senior Notes September 30, December 31, (in thousands) 2021 2020 Principal outstanding $ 143,750 $ 143,750 Less: Unamortized issuance costs (1,106) (1,774) Net carrying value $ 142,644 $ 141,976 October 2023 Convertible Senior Notes September 30, December 31, (in thousands) 2021 2020 Principal outstanding $ 131,600 $ 131,600 Less: Unamortized issuance costs (1,732) (2,326) Net carrying value $ 129,868 $ 129,274

Senior Secured Term Loan Facili

Senior Secured Term Loan Facilities and Warrants to Purchase Shares of Common Stock	9 Months Ended
	Sep. 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 September 30, 2021 and December 31, 2020: September 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 $ 277,534 $ 222,466 $ 500,000 $ 436,329 2.2 % Goldman Sachs Bank USA (3) July 13, 2023 — 250,000 250,000 10,352 — % JPMorgan Chase Bank June 28, 2022 155,214 294,786 450,000 244,233 2.2 % Citibank January 9, 2023 412,274 87,726 500,000 535,684 1.7 % Wells Fargo Bank (4) June 28, 2022 71,736 28,264 100,000 109,865 2.1 % Total/Weighted Average $ 916,758 $ 883,242 $ 1,800,000 $ 1,336,463 Asset-specific financings: CIBC Bank USA Term Matched $ 44,752 $ 105,248 $ 150,000 $ 55,829 1.8 % Term financing facility: Goldman Sachs Bank USA (5) February 14, 2025 $ 127,867 $ — $ 127,867 $ 324,991 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 September 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) As of September 30, 2021, the Company retained options to increase the maximum facility capacity amount up to $350 million, subject to customary terms and conditions. (4) As of September 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 September 30, 2021, the Company’s borrowings outstanding on its secured financing facilities had contractual maturities as follows: September 30, 2021 (dollars in thousands) Repurchase Facilities Asset-Specific Financings Term Financing Facility (1) Total Amount Outstanding 2021 $ — 44,752 $ — $ 44,752 2022 504,484 — — 504,484 2023 412,274 — — 412,274 2024 — — — — 2025 — — 127,867 127,867 Thereafter — — — — Total $ 916,758 $ 44,752 $ 127,867 $ 1,089,377 ____________________ (1) Amount outstanding includes unamortized debt issuance costs. The following table summarizes certain characteristics of the Company’s repurchase facilities and counterparty concentration at September 30, 2021 and December 31, 2020: September 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 $ 277,534 $ 163,245 18 % 0.74 $ 435,719 $ 230,815 25 % 0.49 JPMorgan Chase Bank 155,214 94,929 10 % 0.74 361,797 187,282 20 % 1.50 Goldman Sachs Bank USA — 6,103 1 % 1.78 395,990 203,297 22 % 0.33 Citibank 412,274 131,034 14 % 1.28 386,049 124,913 13 % 2.02 Wells Fargo Bank 71,736 39,112 4 % 0.74 129,320 57,483 6 % 0.49 Total $ 916,758 $ 434,423 $ 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 The Company is subject to a variety of financial covenants under its secured financing agreements. The following represent the most restrictive financial covenants across the agreements as of September 30, 2021: • Unrestricted cash cannot be less than the greater of $30.0 million and 5.0% of recourse indebtedness. As of September 30, 2021, the Company’s unrestricted cash was $154.9 million, while 5.0% of the Company’s recourse indebtedness was $39.3 million. • Tangible net worth must be greater than the sum of (i) 75.0% of the Company’s tangible net worth as of June 28, 2017 and (ii) 75.0% of net cash proceeds of the Company’s equity issuances after June 28, 2017, which calculates to $782.3 million. As of September 30, 2021, the Company’s tangible net worth was $979.6 million. • Target asset leverage ratio cannot exceed 77.5% and total leverage ratio cannot exceed 80.0%. As of September 30, 2021, the Company’s target asset leverage ratio was 66.3% and the Company’s total leverage ratio was 75.2%. • Minimum interest coverage must be greater than 1.5:1.0. As of September 30, 2021, the Company’s minimum interest coverage was 1.8:1.0. On September 25, 2020, the Company, as a guarantor, and certain subsidiaries of the Company, as borrowers, entered into a five-year senior secured term loan credit agreement with certain investment vehicles managed by Pacific Investment Management Company LLC, or PIMCO, providing for up to $300.0 million of new senior secured term loan facilities and warrants to purchase, in the aggregate, up to 6,065,820 shares of the Company’s common stock, $0.01 par value per share. The senior secured term loan credit agreement is guaranteed by the Company and certain of its subsidiaries and secured by certain of their unencumbered assets and pledges of certain equity interests held by the Company and its subsidiaries. The loans outstanding under the senior secured term loan facilities are non-amortizing and may be voluntarily repaid, in whole or in part, at any time subject to certain prepayment premiums if they are repaid prior to September 25, 2023. On September 28, 2020, the Company borrowed $225.0 million under the initial senior secured term loan facilities. The Company chose not to borrow the remaining $75.0 million of commitments under the facilities, which were available to the Company on a delayed draw basis until September 25, 2021. The net proceeds from the senior secured term loan facilities 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. On September 25, 2021, warrantholders forfeited unvested warrants exercisable for 1,516,455 shares of common stock because the Company chose not to borrow the $75.0 million of delayed draw commitments available under the facilities. On September 30, 2021, the Company settled part of the outstanding warrants to purchase approximately 1.06 million shares of common stock at an exercise price of $6.47 per share of common stock for a net cash amount of approximately $7.5 million. Subsequent to quarter end, on October 4, 2021, the Company settled the remaining warrants to purchase approximately 3.49 million shares of common stock at an exercise price of $6.47 per share of common stock for a net cash amount of approximately $24.7 million. The Company currently has no warrants outstanding. 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. The table below summarizes the net carrying amount of the senior secured term loan facilities: September 30, December 31, (in thousands) 2021 2020 Principal outstanding $ 225,000 $ 225,000 Less: Unamortized debt discount and issuance costs (16,215) (18,552) Net carrying value $ 208,785 $ 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, asset-specific financing facility and term 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 September 30, 2021.

Cash, Cash Equivalents and Rest

Cash, Cash Equivalents and Restricted Cash	9 Months Ended
	Sep. 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 September 30, 2021, the Company held $0.6 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 September 30, 2021, the Company held $20.0 million in restricted cash representing proceeds from principal paydowns of loans held in the CRE CLOs, compared to $62.8 million as of December 31, 2020. The following table provides a reconciliation of cash, cash equivalents and restricted cash reported on the Company’s condensed consolidated balance sheets as of September 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) September 30, December 31, Cash and cash equivalents $ 154,916 $ 261,419 Restricted cash 20,602 67,774 Total cash, cash equivalents and restricted cash $ 175,518 $ 329,193

Fair Value

Fair Value	9 Months Ended
	Sep. 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 September 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 allowances for collateral-dependent assets 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 allowance for credit losses 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 September 30, 2021, the Company assigned a risk rating of “5” to two of its loans held-for-investment during the quarterly risk rating process. As of September 30, 2021, these two loans have an aggregate outstanding principal balance of $168.1 million, and an aggregate carrying value of $145.3 million. The Company recorded a CECL reserve on these two assets based on its estimation of the fair value of each loan’s underlying collateral, less costs to sell, as of September 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 7.00%, and from 7.00% to 9.50%, 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 September 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 loan facilities at the carrying value thereof as of September 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 September 30, 2021 and December 31, 2020: September 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 $ 3,614,211 $ 3,648,115 $ 3,847,803 $ 3,867,286 Cash and cash equivalents $ 154,916 $ 154,916 $ 261,419 $ 261,419 Restricted cash $ 20,602 $ 20,602 $ 67,774 $ 67,774 Liabilities Repurchase facilities $ 916,758 $ 916,758 $ 1,708,875 $ 1,708,875 Securitized debt obligations $ 1,356,429 $ 1,360,354 $ 927,128 $ 916,701 Asset-specific financings $ 44,752 $ 44,752 $ 123,091 $ 123,091 Term financing facility $ 127,867 $ 127,867 $ — $ — Convertible senior notes $ 272,512 $ 275,141 $ 271,250 $ 257,411 Senior secured term loan facilities $ 208,785 $ 208,785 $ 206,448 $ 206,448

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 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 September 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 September 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 September 30, 2021 and December 31, 2020, the Company had unfunded loan commitments of $430.1 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 one to 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.

Preferred Stock

Preferred Stock	9 Months Ended
	Sep. 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 of June 28, 2017 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 nine months ended September 30, 2021 and 2020, the Company declared dividends to the preferred stockholder of $25,000 and $75,000, 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	9 Months Ended
	Sep. 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 September 30, 2021: Declaration Date Record Date Payment Date Cash Dividend Per Share September 15, 2021 October 1, 2021 October 19, 2021 $ 0.25 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 September 30, 2021, the Company repurchased 1,000,721 shares of its common stock at a weighted average price of $13.49 per share for an aggregate cost of $13.5 million. As of September 30, 2021, there remained 698,388 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 nine months ended September 30, 2021, the Company repurchased from employees and directors 115,053 shares of its common stock for an aggregate cost of $1.2 million. No shares were repurchased for tax withholding purposes during the three months ended September 30, 2021 and three and nine months ended September 30, 2020. 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 September 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 and nine months ended September 30, 2021 and 2020. Warrants to Purchase Common Stock See Note 7 - Senior Secured Term Loan Facilities and Warrants to Purchase Shares of Common Stock

Equity Incentive Plan

Equity Incentive Plan	9 Months Ended
	Sep. 30, 2021
Share-based Payment Arrangement [Abstract]
Equity Incentive Plan	Equity Incentive Plan The 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, or PSUs, dividend equivalent rights and other equity-based awards to employees, directors, officers, advisors, consultants and other personnel. As of September 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. As of September 30, 2021, there was $1.2 million of total unrecognized compensation cost for awards of restricted common stock that will be recognized over the grants' remaining weighted average vesting period of 1.6 years. For the three and nine months ended September 30, 2021, the Company recognized $0.5 million and $1.8 million, respectively, of compensation expense associated with these awards, compared to $1.3 million and $4.0 million, respectively, for the three and nine months ended September 30, 2020, within compensation and benefits expense on the condensed consolidated statements of income (loss). As of September 30, 2021, there was $6.7 million of total unrecognized compensation cost for awards of RSUs that will be recognized over the grants' remaining weighted average vesting period of 2.6 years. For the three and nine months ended September 30, 2021, the Company recognized $1.2 million and $3.1 million, respectively, of compensation expense associated with these awards within compensation and benefits expense on the condensed consolidated statements of income (loss). The Company did not recognize any compensation expense associated with grants of RSUs in any period prior to October 1, 2020. Awards of PSUs have a three three As of September 30, 2021, there was $4.3 million of total unrecognized compensation cost for awards of PSUs that will be recognized over the grants’ remaining weighted average vesting period of 2.4 years. For the three months and nine months ended September 30, 2021, the Company recognized $0.3 million and $0.6 million, respectively, of compensation expense associated with these awards within compensation and benefits expenses on the condensed consolidated statements of income (loss). The Company did not recognize any compensation expense associated with grants of PSUs in any period prior to January 1, 2021. The following table summarizes the grants, vesting and forfeitures of restricted common stock and RSUs for the nine months ended September 30, 2021: Restricted Stock RSUs PSUs 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 Granted — — 347,896 14.15 Vested — — — — Forfeited — — — — Outstanding at September 30, 2021 264,662 963,313 347,896 12.44 Below is a summary of restricted stock and RSU vesting dates as of September 30, 2021: Vesting Year Restricted Stock RSUs PSUs Total Awards 2021 — 30,030 — 30,030 2022 172,077 218,034 — 390,111 2023 92,585 173,187 347,896 613,668 2024 — 173,194 — 173,194 2025 — 368,868 — 368,868 Total 264,662 963,313 347,896 1,575,871

Income Taxes

Income Taxes	9 Months Ended
	Sep. 30, 2021
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The Company has elected to be taxed as a REIT under the Code for U.S. federal income tax purposes. As long as the Company qualifies as a REIT, the Company generally will not be subject to U.S. federal income taxes on that portion of its income that it distributes to its stockholders if it annually distributes at least 90% of its REIT taxable income, without regard to the deduction for dividends paid and excluding net capital gains, and does not engage in prohibited transactions. For the year ended December 31, 2020, the Company did not distribute the required minimum amount of taxable income pursuant to federal excise tax requirements and, consequently, the Company accrued an excise tax of $0.6 million. As of September 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	9 Months Ended
	Sep. 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 nine months ended September 30, 2021 and 2020: Three Months Ended Nine Months Ended September 30, September 30, (in thousands, except share data) 2021 2020 2021 2020 Numerator: Net income (loss) attributable to common stockholders - basic $ 18,605 $ (24,691) $ 60,815 $ (63,665) Interest expense attributable to convertible notes — — 13,618 — Net income (loss) attributable to common stockholders - diluted $ 18,605 $ (24,691) $ 74,433 $ (63,665) Denominator: Weighted average common shares outstanding 54,188,884 54,624,739 54,537,196 54,561,411 Weighted average restricted stock shares 264,662 580,343 327,260 578,752 Basic weighted average shares outstanding 54,453,546 55,205,082 54,864,456 55,140,163 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 435,430 — 245,890 — Effect of dilutive shares issued in an assumed exercise of warrants issued in conjunction with the senior secured term loan facilities 1,846,302 — 1,726,453 — Diluted weighted average shares outstanding 56,735,278 55,205,082 70,902,745 55,140,163 Earnings (loss) per share Basic $ 0.34 $ (0.45) $ 1.11 $ (1.15) Diluted $ 0.33 $ (0.45) $ 1.05 $ (1.15) For the three and nine months ended September 30, 2020 and three months ended September 30, 2021, excluded from the calculation of diluted earnings per share is the effect of adding back $4.5 million, $13.6 million and $4.6 million, respectively, of interest expense and 13,717,782, 13,717,782 and 14,065,946, respectively, of 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 7 - 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 nine months ended September 30, 2021, these adjustments totaled $0.3 million and $0.8 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, to the extent such warrants remained outstanding as of September 30, 2021 (after giving effect to the settlement of a portion of such warrants on such date). The computation of diluted earnings per share is also based on the incremental shares that would be outstanding assuming the conversion of RSUs. The number of incremental shares is calculated by applying the treasury stock method. For the three and nine months ended September 30, 2021, the additional 1.8 million and 1.7 million shares, respectively attributable to the warrants were included in the computation of diluted earnings per share. For the three and nine months ended September 30, 2021, the additional 435,430 and 245,890, respectively, weighted-average unvested RSUs were included in the dilutive earnings per share denominator. The Company did not have any RSUs outstanding as of September 30, 2020.

Related Party Transactions

Related Party Transactions	9 Months Ended
	Sep. 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 $11.8 million, respectively, in management fees for the three and nine months ended September 30, 2020. The Company did not incur a management fee for the three and nine months ended September 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 nine months ended September 30, 2021 and 2020.

Subsequent Events

Subsequent Events	9 Months Ended
	Sep. 30, 2021
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events Events subsequent to September 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. See Note 7 - Senior Secured Term Loan Facilities and Warrants to Purchase Shares of Common Stock for details on the settlement of warrants to purchase shares of the Company’s common stock.

Basis of Presentation and Sig_2

Basis of Presentation and Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 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 September 30, 2021 and results of operations for all periods presented have been made. The results of operations for the three and nine months ended September 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 September 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, the Financial Accounting Standards Board, or 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 September 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, 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)	9 Months Ended
	Sep. 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 September 30, 2021 and December 31, 2020: September 30, (dollars in thousands) Senior Loans (1) Mezzanine Loans B-Notes Total Unpaid principal balance $ 3,657,401 $ 1,387 $ 14,065 $ 3,672,853 Unamortized (discount) premium (67) — — (67) Unamortized net deferred origination fees (13,095) — — (13,095) Allowance for credit losses (40,897) (1,387) (3,196) (45,480) Carrying value $ 3,603,342 $ — $ 10,869 $ 3,614,211 Unfunded commitments $ 430,105 $ — $ — $ 430,105 Number of loans 98 1 1 100 Weighted average coupon 4.6 % 13.0 % 8.0 % 4.6 % Weighted average years to maturity (2) 1.0 4.1 5.3 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) September 30, December 31, Property Type Carrying Value % of Loan Portfolio Carrying Value % of Loan Portfolio Office $ 1,663,478 46.0 % $ 1,720,705 44.7 % Multifamily 982,624 27.2 % 910,557 23.7 % Hotel 517,028 14.3 % 646,869 16.8 % Retail 340,265 9.4 % 332,218 8.6 % Industrial 89,456 2.5 % 196,677 5.1 % Other 21,360 0.6 % 40,777 1.1 % Total $ 3,614,211 100.0 % $ 3,847,803 100.0 %
Schedule of Loans Held-for-Investment by Geographic Location	(dollars in thousands) September 30, December 31, Geographic Location Carrying Value % of Loan Portfolio Carrying Value % of Loan Portfolio Northeast $ 950,447 26.3 % $ 1,028,584 26.8 % Southwest 807,483 22.3 % 802,233 20.8 % West 630,826 17.5 % 682,236 17.7 % Midwest 608,102 16.8 % 712,675 18.5 % Southeast 617,353 17.1 % 622,075 16.2 % Total $ 3,614,211 100.0 % $ 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 nine months ended September 30, 2021 and 2020: Three Months Ended September 30, Nine Months Ended September 30, (in thousands) 2021 2020 2021 2020 Balance at beginning of period $ 3,577,644 $ 4,290,047 $ 3,847,803 $ 4,226,212 Originations, additional fundings and capitalized deferred interest 325,597 57,617 565,212 317,630 Repayments (290,497) (184,723) (815,054) (290,838) Transfers to loans held-for-sale — (190,787) — (210,452) Net discount accretion (premium amortization) (2) — 9 16 (Increase) decrease in net deferred origination fees (3,566) 101 (5,905) (2,908) Amortization of net deferred origination fees 2,584 3,236 10,700 12,541 Benefit from (provision for) credit losses 2,451 3,371 11,446 (73,339) Balance at end of period $ 3,614,211 $ 3,978,862 $ 3,614,211 $ 3,978,862
Rollforward of Allowance for Credit Losses	The following table presents the changes for the three and nine months ended September 30, 2021 and 2020 in the allowance for credit losses on loans held-for-investment: Three Months Ended September 30, Nine Months Ended September 30, (in thousands) 2021 2021 Balance at beginning of period $ 57,671 $ 66,666 (Benefit from) provision for credit losses (2,451) (11,446) Write-off (9,740) (9,740) Recoveries of amounts previously written off — — Balance at end of period $ 45,480 $ 45,480 Three Months Ended September 30, Nine Months Ended September 30, (in thousands) 2020 2020 Balance at beginning of period $ 76,710 $ 16,692 (Benefit from) provision for credit losses (3,371) 56,647 Write-offs — — Recoveries of amounts previously written off — — Balance at end of period $ 73,339 $ 73,339
Financing Receivable, Nonaccrual	The following table presents the carrying value of loans held-for-investment on nonaccrual status for the three and nine months ended September 30, 2021: Three Months Ended September 30, Nine Months Ended September 30, (in thousands) 2021 2021 Nonaccrual loan carrying value at beginning of period $ 225,115 $ 17,835 Addition of nonaccrual loan carrying value $ — $ 207,280 Removal of nonaccrual loan carrying value $ (79,765) $ (79,765) Nonaccrual loan carrying value at end of period $ 145,350 $ 145,350
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 September 30, 2021 and December 31, 2020: (dollars in thousands) September 30, December 31, Risk Rating Number of Loans Unpaid Principal Balance Carrying Value Number of Loans Unpaid Principal Balance Carrying Value 1 9 $ 281,201 $ 280,172 6 $ 183,369 $ 182,730 2 53 1,842,052 1,819,740 50 1,863,590 1,847,332 3 26 839,615 832,077 29 1,055,782 1,026,662 4 10 541,891 536,872 17 762,636 732,310 5 2 168,094 145,350 1 67,057 58,769 Total 100 $ 3,672,853 $ 3,614,211 103 $ 3,932,434 $ 3,847,803

Variable Interest Entities an_2

Variable Interest Entities and Securitized Debt Obligations (Tables)	9 Months Ended
	Sep. 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 September 30, 2021 and December 31, 2020: (in thousands) September 30, December 31, Loans held-for-investment $ 1,802,296 $ 1,200,479 Allowance for credit losses (18,067) (15,914) Loans held-for-investment, net 1,784,229 1,184,565 Cash and cash equivalents — — Restricted cash 20,000 62,804 Other assets 19,944 8,563 Total Assets $ 1,824,173 $ 1,255,932 Securitized debt obligations $ 1,356,429 $ 927,128 Other liabilities 1,246 1,092 Total Liabilities $ 1,357,675 $ 928,220
Schedule Of Securitized Debt Obligations	The following table details our CRE CLO securitized debt obligations: (in thousands) September 30, Securitized Debt Obligations Principal Balance Carrying Value Wtd. Avg. Yield/Cost (1) GPMT 2021-FL3 CRE CLO Collateral assets (2) $ 768,796 $ 763,848 L+3.8% Financing provided 630,818 627,580 L+1.7% GPMT 2019-FL2 CRE CLO Collateral assets 734,111 719,822 L+4.0% Financing provided 572,001 570,597 L+1.7% GPMT 2018-FL1 CRE CLO Collateral assets 324,651 320,558 L+5.1% Financing provided 158,253 158,252 L+2.3% Total Collateral assets $ 1,827,558 $ 1,804,228 L+4.1% Financing provided $ 1,361,072 $ 1,356,429 L+1.8% ____________________ (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 cost of funds is the weighted average coupon of the CRE CLO, exclusive of any CRE CLO issuance costs. (2) Includes $20 million of restricted cash.

Secured Financing Agreements (T

Secured Financing Agreements (Tables)	9 Months Ended
	Sep. 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 September 30, 2021 and December 31, 2020: September 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 $ 277,534 $ 222,466 $ 500,000 $ 436,329 2.2 % Goldman Sachs Bank USA (3) July 13, 2023 — 250,000 250,000 10,352 — % JPMorgan Chase Bank June 28, 2022 155,214 294,786 450,000 244,233 2.2 % Citibank January 9, 2023 412,274 87,726 500,000 535,684 1.7 % Wells Fargo Bank (4) June 28, 2022 71,736 28,264 100,000 109,865 2.1 % Total/Weighted Average $ 916,758 $ 883,242 $ 1,800,000 $ 1,336,463 Asset-specific financings: CIBC Bank USA Term Matched $ 44,752 $ 105,248 $ 150,000 $ 55,829 1.8 % Term financing facility: Goldman Sachs Bank USA (5) February 14, 2025 $ 127,867 $ — $ 127,867 $ 324,991 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 September 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) As of September 30, 2021, the Company retained options to increase the maximum facility capacity amount up to $350 million, subject to customary terms and conditions. (4) As of September 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 September 30, 2021, the Company’s borrowings outstanding on its secured financing facilities had contractual maturities as follows: September 30, 2021 (dollars in thousands) Repurchase Facilities Asset-Specific Financings Term Financing Facility (1) Total Amount Outstanding 2021 $ — 44,752 $ — $ 44,752 2022 504,484 — — 504,484 2023 412,274 — — 412,274 2024 — — — — 2025 — — 127,867 127,867 Thereafter — — — — Total $ 916,758 $ 44,752 $ 127,867 $ 1,089,377 ____________________ (1) Amount outstanding includes unamortized debt issuance costs.
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 September 30, 2021 and December 31, 2020: September 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 $ 277,534 $ 163,245 18 % 0.74 $ 435,719 $ 230,815 25 % 0.49 JPMorgan Chase Bank 155,214 94,929 10 % 0.74 361,797 187,282 20 % 1.50 Goldman Sachs Bank USA — 6,103 1 % 1.78 395,990 203,297 22 % 0.33 Citibank 412,274 131,034 14 % 1.28 386,049 124,913 13 % 2.02 Wells Fargo Bank 71,736 39,112 4 % 0.74 129,320 57,483 6 % 0.49 Total $ 916,758 $ 434,423 $ 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)	9 Months Ended
	Sep. 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 September 30, Nine Months Ended September 30, (in thousands) 2021 2020 2021 2020 Cash coupon $ 4,119 $ 4,119 $ 12,357 $ 12,357 Amortization of issuance costs 437 410 1,261 1,213 Total interest expense $ 4,556 $ 4,529 $ 13,618 $ 13,570
Schedule of Long-term Debt Instruments	The following table details the carrying value of the Convertible Senior Notes: December 2022 Convertible Senior Notes September 30, December 31, (in thousands) 2021 2020 Principal outstanding $ 143,750 $ 143,750 Less: Unamortized issuance costs (1,106) (1,774) Net carrying value $ 142,644 $ 141,976 October 2023 Convertible Senior Notes September 30, December 31, (in thousands) 2021 2020 Principal outstanding $ 131,600 $ 131,600 Less: Unamortized issuance costs (1,732) (2,326) Net carrying value $ 129,868 $ 129,274 The table below summarizes the net carrying amount of the senior secured term loan facilities: September 30, December 31, (in thousands) 2021 2020 Principal outstanding $ 225,000 $ 225,000 Less: Unamortized debt discount and issuance costs (16,215) (18,552) Net carrying value $ 208,785 $ 206,448

Senior Secured Term Loan Faci_2

Senior Secured Term Loan Facilities and Warrants to Purchase Shares of Common Stock (Tables)	9 Months Ended
	Sep. 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 September 30, December 31, (in thousands) 2021 2020 Principal outstanding $ 143,750 $ 143,750 Less: Unamortized issuance costs (1,106) (1,774) Net carrying value $ 142,644 $ 141,976 October 2023 Convertible Senior Notes September 30, December 31, (in thousands) 2021 2020 Principal outstanding $ 131,600 $ 131,600 Less: Unamortized issuance costs (1,732) (2,326) Net carrying value $ 129,868 $ 129,274 The table below summarizes the net carrying amount of the senior secured term loan facilities: September 30, December 31, (in thousands) 2021 2020 Principal outstanding $ 225,000 $ 225,000 Less: Unamortized debt discount and issuance costs (16,215) (18,552) Net carrying value $ 208,785 $ 206,448

Cash, Cash Equivalents and Re_2

Cash, Cash Equivalents and Restricted Cash (Tables)	9 Months Ended
	Sep. 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 September 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) September 30, December 31, Cash and cash equivalents $ 154,916 $ 261,419 Restricted cash 20,602 67,774 Total cash, cash equivalents and restricted cash $ 175,518 $ 329,193

Fair Value (Tables)

Fair Value (Tables)	9 Months Ended
	Sep. 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 September 30, 2021 and December 31, 2020: September 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 $ 3,614,211 $ 3,648,115 $ 3,847,803 $ 3,867,286 Cash and cash equivalents $ 154,916 $ 154,916 $ 261,419 $ 261,419 Restricted cash $ 20,602 $ 20,602 $ 67,774 $ 67,774 Liabilities Repurchase facilities $ 916,758 $ 916,758 $ 1,708,875 $ 1,708,875 Securitized debt obligations $ 1,356,429 $ 1,360,354 $ 927,128 $ 916,701 Asset-specific financings $ 44,752 $ 44,752 $ 123,091 $ 123,091 Term financing facility $ 127,867 $ 127,867 $ — $ — Convertible senior notes $ 272,512 $ 275,141 $ 271,250 $ 257,411 Senior secured term loan facilities $ 208,785 $ 208,785 $ 206,448 $ 206,448

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	9 Months Ended
	Sep. 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 September 30, 2021: Declaration Date Record Date Payment Date Cash Dividend Per Share September 15, 2021 October 1, 2021 October 19, 2021 $ 0.25 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)	9 Months Ended
	Sep. 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 nine months ended September 30, 2021: Restricted Stock RSUs PSUs 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 Granted — — 347,896 14.15 Vested — — — — Forfeited — — — — Outstanding at September 30, 2021 264,662 963,313 347,896 12.44 Below is a summary of restricted stock and RSU vesting dates as of September 30, 2021: Vesting Year Restricted Stock RSUs PSUs Total Awards 2021 — 30,030 — 30,030 2022 172,077 218,034 — 390,111 2023 92,585 173,187 347,896 613,668 2024 — 173,194 — 173,194 2025 — 368,868 — 368,868 Total 264,662 963,313 347,896 1,575,871

Earnings Per Share (Tables)

Earnings Per Share (Tables)	9 Months Ended
	Sep. 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 nine months ended September 30, 2021 and 2020: Three Months Ended Nine Months Ended September 30, September 30, (in thousands, except share data) 2021 2020 2021 2020 Numerator: Net income (loss) attributable to common stockholders - basic $ 18,605 $ (24,691) $ 60,815 $ (63,665) Interest expense attributable to convertible notes — — 13,618 — Net income (loss) attributable to common stockholders - diluted $ 18,605 $ (24,691) $ 74,433 $ (63,665) Denominator: Weighted average common shares outstanding 54,188,884 54,624,739 54,537,196 54,561,411 Weighted average restricted stock shares 264,662 580,343 327,260 578,752 Basic weighted average shares outstanding 54,453,546 55,205,082 54,864,456 55,140,163 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 435,430 — 245,890 — Effect of dilutive shares issued in an assumed exercise of warrants issued in conjunction with the senior secured term loan facilities 1,846,302 — 1,726,453 — Diluted weighted average shares outstanding 56,735,278 55,205,082 70,902,745 55,140,163 Earnings (loss) per share Basic $ 0.34 $ (0.45) $ 1.11 $ (1.15) Diluted $ 0.33 $ (0.45) $ 1.05 $ (1.15)

Organization and Operations (De

Organization and Operations (Details)	9 Months Ended
	Sep. 30, 2021segment
Organization, Consolidation and Presentation of Financial Statements [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	9 Months Ended	12 Months Ended
	Sep. 30, 2021USD ($)loan	Dec. 31, 2020USD ($)loan	Jun. 30, 2021USD ($)	Sep. 30, 2020USD ($)	Jun. 30, 2020USD ($)	Dec. 31, 2019USD ($)
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unpaid principal balance	$ 3,672,853	$ 3,932,434
Unamortized (discount) premium	(67)	(75)
Unamortized net deferred origination fees	(13,095)	(17,890)
Allowance for credit losses	(45,480)	(66,666)	$ (57,671)	$ (73,339)	$ (76,710)	$ (16,692)
Loans held-for-investment, net	3,614,211	3,847,803	$ 3,577,644	$ 3,978,862	$ 4,290,047	$ 4,226,212
Unfunded commitments	$ 430,105	$ 503,726
Number of loans | loan	100	103
Weighted average coupon (as a percent)	4.60%	5.10%
Weighted average years to maturity (in years)	1 year	1 year 1 month 6 days
Senior Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unpaid principal balance	$ 3,657,401	$ 3,915,833
Unamortized (discount) premium	(67)	(75)
Unamortized net deferred origination fees	(13,095)	(17,890)
Allowance for credit losses	(40,897)	(60,130)
Loans held-for-investment, net	3,603,342	3,837,738
Unfunded commitments	$ 430,105	$ 503,726
Number of loans | loan	98	101
Weighted average coupon (as a percent)	4.60%	5.10%
Weighted average years to maturity (in years)	1 year	1 year 1 month 6 days
Mezzanine Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unpaid principal balance	$ 1,387	$ 2,366
Unamortized (discount) premium	0	0
Unamortized net deferred origination fees	0	0
Allowance for credit losses	(1,387)	(2,366)
Loans held-for-investment, net	0	0
Unfunded commitments	$ 0	$ 0
Number of loans | loan	1	1
Weighted average coupon (as a percent)	13.00%	13.00%
Weighted average years to maturity (in years)	4 years 1 month 6 days	4 years 10 months 24 days
B-Notes
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unpaid principal balance	$ 14,065	$ 14,235
Unamortized (discount) premium	0	0
Unamortized net deferred origination fees	0	0
Allowance for credit losses	(3,196)	(4,170)
Loans held-for-investment, net	10,869	10,065
Unfunded commitments	$ 0	$ 0
Number of loans | loan	1	1
Weighted average coupon (as a percent)	8.00%	8.00%
Weighted average years to maturity (in years)	5 years 3 months 18 days	6 years 1 month 6 days

Loans Held-for-Investment, Ne_4

Loans Held-for-Investment, Net of Allowance for Credit Losses (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Jun. 30, 2021	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Dec. 31, 2019
Accounts, Notes, Loans and Financing Receivable [Line Items]
Carrying Value	$ 3,614,211	$ 3,577,644	$ 3,847,803	$ 3,978,862	$ 4,290,047	$ 4,226,212
Percentage of loan portfolio (as a percent)	100.00%		100.00%
Office
Accounts, Notes, Loans and Financing Receivable [Line Items]
Carrying Value	$ 1,663,478		$ 1,720,705
Percentage of loan portfolio (as a percent)	46.00%		44.70%
Multifamily
Accounts, Notes, Loans and Financing Receivable [Line Items]
Carrying Value	$ 982,624		$ 910,557
Percentage of loan portfolio (as a percent)	27.20%		23.70%
Hotel
Accounts, Notes, Loans and Financing Receivable [Line Items]
Carrying Value	$ 517,028		$ 646,869
Percentage of loan portfolio (as a percent)	14.30%		16.80%
Retail
Accounts, Notes, Loans and Financing Receivable [Line Items]
Carrying Value	$ 340,265		$ 332,218
Percentage of loan portfolio (as a percent)	9.40%		8.60%
Industrial
Accounts, Notes, Loans and Financing Receivable [Line Items]
Carrying Value	$ 89,456		$ 196,677
Percentage of loan portfolio (as a percent)	2.50%		5.10%
Other
Accounts, Notes, Loans and Financing Receivable [Line Items]
Carrying Value	$ 21,360		$ 40,777
Percentage of loan portfolio (as a percent)	0.60%		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	Sep. 30, 2021	Jun. 30, 2021	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Dec. 31, 2019
Accounts, Notes, Loans and Financing Receivable [Line Items]
Carrying Value	$ 3,614,211	$ 3,577,644	$ 3,847,803	$ 3,978,862	$ 4,290,047	$ 4,226,212
Percentage of loan portfolio (as a percent)	100.00%		100.00%
Northeast
Accounts, Notes, Loans and Financing Receivable [Line Items]
Carrying Value	$ 950,447		$ 1,028,584
Percentage of loan portfolio (as a percent)	26.30%		26.80%
Southwest
Accounts, Notes, Loans and Financing Receivable [Line Items]
Carrying Value	$ 807,483		$ 802,233
Percentage of loan portfolio (as a percent)	22.30%		20.80%
West
Accounts, Notes, Loans and Financing Receivable [Line Items]
Carrying Value	$ 630,826		$ 682,236
Percentage of loan portfolio (as a percent)	17.50%		17.70%
Midwest
Accounts, Notes, Loans and Financing Receivable [Line Items]
Carrying Value	$ 608,102		$ 712,675
Percentage of loan portfolio (as a percent)	16.80%		18.50%
Southeast
Accounts, Notes, Loans and Financing Receivable [Line Items]
Carrying Value	$ 617,353		$ 622,075
Percentage of loan portfolio (as a percent)	17.10%		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		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Jun. 30, 2021	Dec. 31, 2020	Jun. 30, 2020	Dec. 31, 2019
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans held-for-investment, net of allowance for credit losses	$ 3,614,211	$ 3,978,862	$ 3,614,211	$ 3,978,862	$ 3,577,644	$ 3,847,803	$ 4,290,047	$ 4,226,212
Allowance for loan losses	45,480	73,339	45,480	73,339	$ 57,671	66,666	$ 76,710	$ 16,692
Financing receivable, credit loss, expense (reversal), net of adjustment	(2,451)	(3,371)	(11,446)	73,339
(Benefit from) provision for credit losses	(2,451)	(3,371)	(11,446)	56,647
Repayments	(290,497)	(184,723)	(815,054)	(290,838)
Unpaid principal balance	3,659,691		$ 3,659,691			3,914,469
Threshold period delinquent for placement of financing receivable on nonaccrual status (in days)			90 days
Write-off	9,740	0	$ 9,740	0
(Loss) on sale of financing receivable	(9,700)
Other liabilities
Accounts, Notes, Loans and Financing Receivable [Line Items]
(Benefit from) provision for credit losses	1,900
Collateral pledged
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans held-for-investment, net of allowance for credit losses	3,500,000		3,500,000			3,800,000
Minneapolis, MN
Accounts, Notes, Loans and Financing Receivable [Line Items]
Financing receivable, nonaccrual	68,100		68,100
Mixed Use Property
Accounts, Notes, Loans and Financing Receivable [Line Items]
Financing receivable, nonaccrual	22,000		22,000
Mixed Use Property | Financial Asset, Past Due
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unpaid principal balance	1,600		1,600
Risk Rating 5
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans held-for-investment, net of allowance for credit losses	145,350	$ 0	145,350	$ 0		58,769
Allowance for loan losses	14,100		14,100
Risk Rating 5 | Washington D.C.
Accounts, Notes, Loans and Financing Receivable [Line Items]
Allowance for loan losses	8,000		8,000
Unpaid principal balance	54,000		54,000
First mortgage
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans held-for-investment, net of allowance for credit losses	3,603,342		3,603,342			3,837,738
Allowance for loan losses	40,897		40,897			$ 60,130
First mortgage | Risk Rating 5 | Pasadena, CA
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unpaid principal balance	114,100		114,100
Unfunded loan commitment
Accounts, Notes, Loans and Financing Receivable [Line Items]
(Benefit from) provision for credit losses	3,200
Non-accrual loan
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans held-for-investment, net of allowance for credit losses	145,400		145,400
(Benefit from) provision for credit losses	(3,300)
Unpaid principal balance	168,100		168,100
Non-accrual loan | Pasadena, CA
Accounts, Notes, Loans and Financing Receivable [Line Items]
Interest Income, Write-offs			300
Non-accrual loan | Washington D.C.
Accounts, Notes, Loans and Financing Receivable [Line Items]
Interest Income, Write-offs			800
Senior Floating Rate Loan | Minneapolis, MN
Accounts, Notes, Loans and Financing Receivable [Line Items]
Financing receivable, nonaccrual	$ 45,300		$ 45,300

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		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Loans Held-for-Investment [Roll Forward]
Balance at beginning of period	$ 3,577,644	$ 4,290,047	$ 3,847,803	$ 4,226,212
Originations, additional fundings and capitalized deferred interest	325,597	57,617	565,212	317,630
Repayments	(290,497)	(184,723)	(815,054)	(290,838)
Transfer of Portfolio Loans and Leases to Held-for-sale	0	(190,787)	0	(210,452)
Net discount accretion (premium amortization)	(2)	0	9	16
(Increase) decrease in net deferred origination fees	(3,566)	101	(5,905)	(2,908)
Amortization of net deferred origination fees	2,584	3,236	10,700	12,541
Benefit from (provision for) credit losses	2,451	3,371	11,446	(73,339)
Balance at end of period	$ 3,614,211	$ 3,978,862	$ 3,614,211	$ 3,978,862

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		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Balance at beginning of period	$ 57,671	$ 76,710	$ 66,666	$ 16,692
(Benefit from) provision for credit losses	(2,451)	(3,371)	(11,446)	56,647
Write-off	(9,740)	0	(9,740)	0
Recoveries of amounts previously written off	0	0	0	0
Balance at end of period	$ 45,480	$ 73,339	$ 45,480	$ 73,339

Loans Held-for-Investment, Ne_9

Loans Held-for-Investment, Net of Allowance for Credit Losses - Nonaccrual Loans (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2021
Financing Receivables, Held for Investment, Nonaccrual [Roll Forward]
Nonaccrual loan carrying value at beginning of period	$ 225,115	$ 17,835
Addition of nonaccrual loan carrying value	0	207,280
Removal of nonaccrual loan carrying value	(79,765)	(79,765)
Nonaccrual loan carrying value at end of period	$ 145,350	$ 145,350

Loans Held-for-Investment, N_10

Loans Held-for-Investment, Net of Allowance for Credit Losses - Internal Risk Rating (Details) $ in Thousands	Sep. 30, 2021USD ($)loan	Jun. 30, 2021USD ($)	Dec. 31, 2020USD ($)loan	Sep. 30, 2020USD ($)	Jun. 30, 2020USD ($)	Dec. 31, 2019USD ($)
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of loans | loan	100		103
Unpaid principal balance	$ 3,672,853		$ 3,932,434
Current year	446,658			$ 127,133
Year one	144,455			1,593,466
Year two	1,418,365			1,191,860
Year three	830,851			722,892
Year four	438,442			136,636
Year five	138,788
Prior	196,652			206,875
Loans held-for-investment, net	$ 3,614,211	$ 3,577,644	$ 3,847,803	3,978,862	$ 4,290,047	$ 4,226,212
Risk Rating 1
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of loans | loan	9		6
Unpaid principal balance	$ 281,201		$ 183,369
Current year	0			0
Year one	0			18,269
Year two	171,163			90,472
Year three	75,601			0
Year four	0			33,300
Year five	33,408
Prior	0			0
Loans held-for-investment, net	$ 280,172		$ 182,730	142,041
Risk Rating 2
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of loans | loan	53		50
Unpaid principal balance	$ 1,842,052		$ 1,863,590
Current year	402,170			74,375
Year one	86,214			1,050,044
Year two	841,954			591,444
Year three	340,839			284,263
Year four	59,246			103,336
Year five	37,389
Prior	51,928			54,078
Loans held-for-investment, net	$ 1,819,740		$ 1,847,332	2,157,540
Risk Rating 3
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of loans | loan	26		29
Unpaid principal balance	$ 839,615		$ 1,055,782
Current year	44,488			11,827
Year one	58,241			359,028
Year two	238,699			259,642
Year three	241,541			257,661
Year four	156,008			0
Year five	67,991
Prior	25,109			11,193
Loans held-for-investment, net	$ 832,077		$ 1,026,662	899,351
Risk Rating 4
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of loans | loan	10		17
Unpaid principal balance	$ 541,891		$ 762,636
Current year	0			40,931
Year one	0			166,125
Year two	166,549			250,302
Year three	73,375			180,968
Year four	177,333			0
Year five	0
Prior	119,615			141,604
Loans held-for-investment, net	$ 536,872		$ 732,310	779,930
Risk Rating 5
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of loans | loan	2		1
Unpaid principal balance	$ 168,094		$ 67,057
Current year	0			0
Year one	0			0
Year two	0			0
Year three	99,495			0
Year four	45,855			0
Year five	0
Prior	0			0
Loans held-for-investment, net	$ 145,350		$ 58,769	$ 0

Variable Interest Entities an_3

Variable Interest Entities and Securitized Debt Obligations (Details) - USD ($) $ in Thousands		Sep. 30, 2021	Dec. 31, 2020
Variable Interest Entity [Line Items]
Total Assets	[1]	$ 3,899,190	$ 4,219,648
Total Liabilities	[1]	2,965,956	3,284,802
Variable Interest Entity, Primary Beneficiary
Variable Interest Entity [Line Items]
Total Assets		1,824,173	1,255,932
Total Liabilities		1,357,675	928,220
Variable Interest Entity, Primary Beneficiary | Loans held-for-investment
Variable Interest Entity [Line Items]
Total Assets		1,802,296	1,200,479
Variable Interest Entity, Primary Beneficiary | Allowance for credit losses
Variable Interest Entity [Line Items]
Total Assets		18,067	15,914
Variable Interest Entity, Primary Beneficiary | Loans held-for-investment, net
Variable Interest Entity [Line Items]
Total Assets		1,784,229	1,184,565
Variable Interest Entity, Primary Beneficiary | Cash and cash equivalents
Variable Interest Entity [Line Items]
Total Assets		0	0
Variable Interest Entity, Primary Beneficiary | Restricted cash
Variable Interest Entity [Line Items]
Total Assets		20,000	62,804
Variable Interest Entity, Primary Beneficiary | Other assets
Variable Interest Entity [Line Items]
Total Assets		19,944	8,563
Variable Interest Entity, Primary Beneficiary | Securitized debt obligations
Variable Interest Entity [Line Items]
Total Liabilities		1,356,429	927,128
Variable Interest Entity, Primary Beneficiary | Other liabilities
Variable Interest Entity [Line Items]
Total Liabilities		$ 1,246	$ 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 September 30, 2021 and December 31, 2020, assets of the VIEs totaled $1,824,173 and $1,255,932, respectively, and liabilities of the VIEs totaled $1,357,675 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	Sep. 30, 2021	Dec. 31, 2020
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Carrying Value	$ 1,356,429	$ 927,128
Collateral assets (2)
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Principal Balance	1,827,558
Carrying Value	$ 1,804,228
Weighted average interest rate of securitized debt obligations outstanding (as a percent)	4.10%
Collateral assets (2) | GPMT 2021-FL3 CRE CLO
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Principal Balance	$ 768,796
Carrying Value	$ 763,848
Weighted average interest rate of securitized debt obligations outstanding (as a percent)	3.80%
Restricted cash	$ 20,000
Collateral assets (2) | GPMT 2019-FL2 CRE CLO
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Principal Balance	734,111
Carrying Value	$ 719,822
Weighted average interest rate of securitized debt obligations outstanding (as a percent)	4.00%
Collateral assets (2) | GPMT 2018-FL1 CRE CLO
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Principal Balance	$ 324,651
Carrying Value	$ 320,558
Weighted average interest rate of securitized debt obligations outstanding (as a percent)	5.10%
Financing provided
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Principal Balance	$ 1,361,072
Carrying Value	$ 1,356,429
Weighted average interest rate of securitized debt obligations outstanding (as a percent)	1.80%
Financing provided | GPMT 2021-FL3 CRE CLO
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Principal Balance	$ 630,818
Carrying Value	$ 627,580
Weighted average interest rate of securitized debt obligations outstanding (as a percent)	1.70%
Financing provided | GPMT 2019-FL2 CRE CLO
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Principal Balance	$ 572,001
Carrying Value	$ 570,597
Weighted average interest rate of securitized debt obligations outstanding (as a percent)	1.70%
Financing provided | GPMT 2018-FL1 CRE CLO
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Principal Balance	$ 158,253
Carrying Value	$ 158,252
Weighted average interest rate of securitized debt obligations outstanding (as a percent)	2.30%

Secured Financing Agreements (D

Secured Financing Agreements (Details) - USD ($)	Sep. 30, 2021	Dec. 31, 2020
Line of Credit Facility [Line Items]
Repurchase facilities	$ 916,758,000	$ 1,708,875,000
Asset-specific financings	44,752,000	123,091,000
Term financing facility	127,867,000	0
Unused Capacity	883,242,000	616,125,000
Total Capacity	1,800,000,000	2,325,000,000
Carrying Value of Collateral	1,336,463,000	2,476,967,000
Goldman Sachs Bank USA
Line of Credit Facility [Line Items]
Term financing facility	127,867,000
Unused Capacity	0
Total Capacity	127,867,000
Goldman Sachs Bank USA | Revolving Credit Facility
Line of Credit Facility [Line Items]
Carrying Value of Collateral	$ 324,991,000
Weighted Average Borrowing Rate (as a percent)	3.70%
CIBC Bank USA
Line of Credit Facility [Line Items]
Asset-specific financings	$ 44,752,000	123,091,000
Unused Capacity	105,248,000	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	$ 55,829,000	$ 152,929,000
Weighted Average Borrowing Rate (as a percent)	1.80%	2.50%
Loans held-for-investment | Morgan Stanley Bank
Line of Credit Facility [Line Items]
Repurchase facilities	$ 277,534,000	$ 435,719,000
Unused Capacity	222,466,000	164,281,000
Total Capacity	500,000,000	600,000,000
Carrying Value of Collateral	$ 436,329,000	$ 657,066,000
Weighted Average Borrowing Rate (as a percent)	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
Line of Credit Facility [Line Items]
Repurchase facilities	0	$ 395,990,000
Unused Capacity	250,000,000	104,010,000
Total Capacity	250,000,000	500,000,000
Carrying Value of Collateral	$ 10,352,000	$ 593,625,000
Weighted Average Borrowing Rate (as a percent)	0.00%	2.50%
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	155,214,000	$ 361,797,000
Unused Capacity	294,786,000	88,203,000
Total Capacity	450,000,000	450,000,000
Carrying Value of Collateral	$ 244,233,000	$ 536,758,000
Weighted Average Borrowing Rate (as a percent)	2.20%	2.50%
Loans held-for-investment | Citibank
Line of Credit Facility [Line Items]
Repurchase facilities	$ 412,274,000	$ 386,049,000
Unused Capacity	87,726,000	113,951,000
Total Capacity	500,000,000	500,000,000
Carrying Value of Collateral	$ 535,684,000	$ 504,236,000
Weighted Average Borrowing Rate (as a percent)	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	$ 109,865,000	$ 185,282,000
Weighted Average Borrowing Rate (as a percent)	2.10%	2.10%
Maximum capacity under collateralized borrowings upon exercise of option to increase	$ 200,000,000

Secured Financing Agreements -

Secured Financing Agreements - Borrowings by Maturity (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Assets Sold under Agreements to Repurchase [Line Items]
Repurchase facilities	$ 916,758	$ 1,708,875
Asset-specific financings	44,752	$ 123,091
Term Financing Facility (1)	127,867
Total Amount Outstanding	1,089,377
2021
Assets Sold under Agreements to Repurchase [Line Items]
Repurchase facilities	0
Asset-specific financings	44,752
Term Financing Facility (1)	0
Total Amount Outstanding	44,752
2022
Assets Sold under Agreements to Repurchase [Line Items]
Repurchase facilities	504,484
Asset-specific financings	0
Term Financing Facility (1)	0
Total Amount Outstanding	504,484
2023
Assets Sold under Agreements to Repurchase [Line Items]
Repurchase facilities	412,274
Asset-specific financings	0
Term Financing Facility (1)	0
Total Amount Outstanding	412,274
2024
Assets Sold under Agreements to Repurchase [Line Items]
Repurchase facilities	0
Asset-specific financings	0
Term Financing Facility (1)	0
Total Amount Outstanding	0
2025
Assets Sold under Agreements to Repurchase [Line Items]
Repurchase facilities	0
Asset-specific financings	0
Term Financing Facility (1)	127,867
Total Amount Outstanding	127,867
Thereafter
Assets Sold under Agreements to Repurchase [Line Items]
Repurchase facilities	0
Asset-specific financings	0
Term Financing Facility (1)	0
Total Amount Outstanding	$ 0

Secured Financing Agreements _2

Secured Financing Agreements - Schedule of Repurchase Agreement Counterparties with Whom Repurchase Agreements Exceed 10 Percent of Stockholders' Equity (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2021	Dec. 31, 2020
Repurchase Agreement Counterparty [Line Items]
Amount Outstanding	$ 916,758	$ 1,708,875
Net Counterparty Exposure	434,423	803,790
Morgan Stanley Bank
Repurchase Agreement Counterparty [Line Items]
Amount Outstanding	277,534	435,719
Net Counterparty Exposure	$ 163,245	$ 230,815
Percent of Equity	18.00%	25.00%
Weighted Average Years to Maturity (in years)	8 months 26 days	5 months 26 days
JPMorgan Chase Bank
Repurchase Agreement Counterparty [Line Items]
Amount Outstanding	$ 155,214	$ 361,797
Net Counterparty Exposure	$ 94,929	$ 187,282
Percent of Equity	10.00%	20.00%
Weighted Average Years to Maturity (in years)	8 months 26 days	1 year 6 months
Goldman Sachs Bank USA
Repurchase Agreement Counterparty [Line Items]
Amount Outstanding	$ 0	$ 395,990
Net Counterparty Exposure	$ 6,103	$ 203,297
Percent of Equity	1.00%	22.00%
Weighted Average Years to Maturity (in years)	1 year 9 months 10 days	3 months 29 days
Citibank
Repurchase Agreement Counterparty [Line Items]
Amount Outstanding	$ 412,274	$ 386,049
Net Counterparty Exposure	$ 131,034	$ 124,913
Percent of Equity	14.00%	13.00%
Weighted Average Years to Maturity (in years)	1 year 3 months 10 days	2 years 7 days
Wells Fargo Bank
Repurchase Agreement Counterparty [Line Items]
Amount Outstanding	$ 71,736	$ 129,320
Net Counterparty Exposure	$ 39,112	$ 57,483
Percent of Equity	4.00%	6.00%
Weighted Average Years to Maturity (in years)	8 months 26 days	5 months 26 days

Secured Financing Agreements _3

Secured Financing Agreements - Narrative (Details) $ in Millions	Sep. 30, 2021USD ($)
Line of Credit Facility [Line Items]
Minimum unrestricted cash amount	$ 30
Debt covenant, recourse (as a percent)	0.050
Cash	$ 154.9
Debt instrument, amount	$ 39.3
Debt covenant, tangible net worth (as a percent)	0.750
Debt covenant, net cash proceeds of additional equity issuances (as a percent)	0.750
Debt covenant, net cash proceeds of additional equity issuances, amount	$ 782.3
Debt covenant, tangible net worth, amount	$ 979.6
Debt covenant, target asset leverage ratio (as a percent)	0.663
Debt covenant, total leverage ratio (as a percent)	0.752
Debt covenant, minimum interest coverage ratio	1.8
Maximum
Line of Credit Facility [Line Items]
Debt covenant, target asset leverage ratio (as a percent)	0.775
Debt covenant, total leverage ratio (as a percent)	0.800
Minimum
Line of Credit Facility [Line Items]
Debt covenant, minimum interest coverage ratio	1.5

Convertible Senior Notes (Detai

Convertible Senior Notes (Details) $ in Thousands	1 Months Ended		9 Months Ended
	Oct. 31, 2018USD ($)	Jan. 31, 2018USD ($)	Sep. 30, 2021USD ($)	Dec. 31, 2020USD ($)	Dec. 31, 2017USD ($)
Debt Instrument, Redemption [Line Items]
Convertible senior notes			$ 272,512	$ 271,250
Convertible Debt
Debt Instrument, Redemption [Line Items]
Convertible senior notes			$ 272,500	$ 271,300
Convertible Debt, 2017 Issuance
Debt Instrument, Redemption [Line Items]
Proceeds from convertible senior notes		$ 139,500
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 (as a percent)			5.625%
Convertible Debt, 2017 Issuance | Convertible Debt | Private Placement
Debt Instrument, Redemption [Line Items]
Convertible senior notes aggregate principal amount					$ 125,000
Convertible Debt, 2017 Issuance | Convertible Debt | Over-Allotment Option
Debt Instrument, Redemption [Line Items]
Convertible senior notes aggregate principal amount		$ 18,800
Convertible Debt, 2018 Issuance
Debt Instrument, Redemption [Line Items]
Proceeds from convertible senior notes	$ 127,700
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 (as a percent)	6.375%
Convertible Debt, 2018 Issuance | Convertible Debt | Private Placement
Debt Instrument, Redemption [Line Items]
Convertible senior notes aggregate principal amount	$ 131,600

Convertible Senior Notes - Debt

Convertible Senior Notes - Debt Instrument Interest Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Debt Disclosure [Abstract]
Cash coupon	$ 4,119	$ 4,119	$ 12,357	$ 12,357
Amortization of issuance costs	437	410	1,261	1,213
Total interest expense	$ 4,556	$ 4,529	$ 13,618	$ 13,570

Convertible Senior Notes - Carr

Convertible Senior Notes - Carrying Value of the Convertible Senior Notes (Details) - USD ($) $ in Thousands	Sep. 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	(1,106)	(1,774)
Net carrying value	142,644	141,976
October 2023 Convertible Senior Notes
Debt Instrument, Redemption [Line Items]
Principal outstanding	131,600	131,600
Less: Unamortized issuance costs	(1,732)	(2,326)
Net carrying value	$ 129,868	$ 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	Oct. 04, 2021USD ($)$ / sharesshares	Sep. 30, 2021USD ($)$ / sharesshares	Sep. 28, 2020USD ($)	Sep. 25, 2020USD ($)$ / sharesshares	Sep. 30, 2021USD ($)$ / sharesshares	Sep. 30, 2020USD ($)	Sep. 25, 2021shares	Dec. 31, 2020USD ($)$ / shares
Debt Instrument [Line Items]
Total Capacity		$ 1,800,000			$ 1,800,000			$ 2,325,000
Number of securities called by warrants or rights (in shares) | shares							1,516,455
Common stock par value per share (in usd per share) | $ / shares		$ 0.01			$ 0.01			$ 0.01
Proceeds from issuance of warrants to purchase common stock					$ 0	$ 4,541
Term Loan
Debt Instrument [Line Items]
Debt Instrument, term (in years)				5 years
Total Capacity				$ 300,000
Number of securities called by warrants or rights (in shares) | shares		1,060,000		6,065,820	1,060,000
Common stock par value per share (in usd per share) | $ / shares				$ 0.01
Term financing facility		$ 208,785	$ 225,000		$ 208,785			$ 206,448
Unused borrowing capacity, amount			75,000
Proceeds from convertible senior notes			$ 210,200
Debt instrument, interest accrued (as a percent)			0.50
Exercise price of warrants or rights (in usd per share) | $ / shares		$ 6.47			$ 6.47
Proceeds from issuance of warrants to purchase common stock		$ 7,500
Stock and warrants issued during period, value, preferred stock and warrants					$ 4,500
Term Loan | Subsequent Event
Debt Instrument [Line Items]
Number of securities called by warrants or rights (in shares) | shares	3,490,000
Exercise price of warrants or rights (in usd per share) | $ / shares	$ 6.47
Proceeds from issuance of warrants to purchase common stock	$ 24,700
Term Loan | Minimum
Debt Instrument [Line Items]
Convertible senior notes interest rate per annum (as a percent)			8.00%
Term Loan | Maximum
Debt Instrument [Line Items]
Convertible senior notes interest rate per annum (as a percent)			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	Sep. 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	(16,215)	(18,552)
Net carrying value	$ 208,785	$ 206,448	$ 225,000

Cash, Cash Equivalents and Re_3

Cash, Cash Equivalents and Restricted Cash - Narrative (Details) - USD ($) $ in Millions	Sep. 30, 2021	Dec. 31, 2020
Variable Interest Entity [Line Items]
Cash collateral for repurchase agreements and securities activity	$ 0.6	$ 5
Restricted cash
Variable Interest Entity [Line Items]
Cash collateral for repurchase agreements and securities activity	$ 20	$ 62.8

Cash, Cash Equivalents and Re_4

Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020	Sep. 30, 2020	Dec. 31, 2019
Cash and Cash Equivalents [Abstract]
Cash and cash equivalents	$ 154,916	$ 261,419
Restricted cash	20,602	67,774
Total cash, cash equivalents and restricted cash	$ 175,518	$ 329,193	$ 359,005	$ 159,764

Fair Value - Narrative (Details

Fair Value - Narrative (Details) $ in Thousands	Sep. 30, 2021USD ($)	Jun. 30, 2021USD ($)	Dec. 31, 2020USD ($)	Sep. 30, 2020USD ($)	Jun. 30, 2020USD ($)	Dec. 31, 2019USD ($)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Loans held-for-investment	$ 3,659,691		$ 3,914,469
Loans held-for-investment, net of allowance for credit losses	$ 3,614,211	$ 3,577,644	3,847,803	$ 3,978,862	$ 4,290,047	$ 4,226,212
Minimum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Exit capitalization rate (as a percent)	0.0550
Fair value assumption discount rate (as a percent)	0.0700
Maximum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Exit capitalization rate (as a percent)	0.0700
Fair value assumption discount rate (as a percent)	0.0950
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	$ 145,350		$ 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	168,100
Loans held-for-investment, net of allowance for credit losses	$ 145,300

Fair Value - by Balance Sheet G

Fair Value - by Balance Sheet Grouping (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Jun. 30, 2021	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 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	$ 3,614,211	$ 3,577,644	$ 3,847,803	$ 3,978,862	$ 4,290,047	$ 4,226,212
Loans held-for-investment, net of allowance for credit losses, at fair value	3,648,115		3,867,286
Cash and cash equivalents	154,916		261,419
Restricted cash	20,602		67,774
Repurchase facilities	916,758		1,708,875
Securitized debt obligations	1,356,429		927,128
Securitized debt obligations, at fair value	1,360,354		916,701
Asset-specific financings	44,752		123,091
Term financing facility	127,867		0
Convertible senior notes	272,512		271,250
Convertible senior notes, at fair value	275,141		257,411
Senior secured term loan facilities	208,785		206,448
Senior secured term loan facilities, at fair value	$ 208,785		$ 206,448

Commitments and Contingencies -

Commitments and Contingencies - Unfunded Commitments (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020
Other Commitments [Line Items]
Unfunded commitments	$ 430,105		$ 430,105		$ 503,726
Weighted average future funding period on unfunded commitments (in years)			2 years
(Benefit from) provision for credit losses	(2,451)	$ (3,371)	$ (11,446)	$ 56,647
Unfunded loan commitment
Other Commitments [Line Items]
Liability for off balance sheet credit losses	1,900		$ 1,900
(Benefit from) provision for credit losses	$ 3,200

Preferred Stock (Details)

Preferred Stock (Details) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended	3 Months Ended		9 Months Ended
	Jan. 31, 2021	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020
Class of Stock [Line Items]
Preferred stock dividend rate (as a percent)				10.00%
Preferred stock liquidation preference (in usd per share)		$ 1,000		$ 1,000
Period after which the company may redeem preferred stock (in years)				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 (in years)				6 years
Preferred dividends declared		$ 25	$ 25	$ 75	$ 75
10% cumulative redeemable preferred shares issued (in shares)		1,000		1,000		1,000
Series A Preferred Stock
Class of Stock [Line Items]
Preferred stock, shares issued, retained by issuer (in shares)	500
Preferred stock, shares subscribed but unissued (in shares)	125
Series A Preferred Stock | Sub-REIT
Class of Stock [Line Items]
10% cumulative redeemable preferred shares issued (in shares)	625
Proceeds from issuance of preferred stock and preference stock	$ 100

Stockholders' Equity - Schedule

Stockholders' Equity - Schedule of Common Dividends Declared (Details) - $ / shares	Sep. 15, 2021	Jun. 15, 2021	Mar. 18, 2021	Dec. 18, 2020	Sep. 28, 2020	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Class of Stock [Line Items]
Dividends declared per common share (in usd per share)						$ 0.25	$ 0.25	$ 0.25	$ 0.20	$ 0.75	$ 0.20
Common Stock
Class of Stock [Line Items]
Declaration Date	Sep. 15, 2021	Jun. 15, 2021	Mar. 18, 2021	Dec. 18, 2020	Sep. 28, 2020
Record Date	Oct. 1, 2021	Jul. 1, 2021	Apr. 1, 2021	Dec. 31, 2020	Oct. 8, 2020
Payment Date	Oct. 19, 2021	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	$ 0.25	$ 0.25	$ 0.20
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 Millions	3 Months Ended	9 Months Ended
	Sep. 30, 2021USD ($)$ / sharesshares	Sep. 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	1,000,721
Treasury stock acquired, average cost per share (in usd per share) | $ / shares	$ 13.49
Treasury stock, value, acquired, cost method | $	$ 13.5
Stock repurchase program, remaining number of shares authorized to be repurchased	698,388	698,388
Repurchased Shares From Employees
Equity, Class of Treasury Stock [Line Items]
Treasury stock, shares, acquired	0	115,053
Treasury stock, value, acquired, cost method | $		$ 1.2

Stockholders' Equity - At-the-M

Stockholders' Equity - At-the-Market Offering (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Sep. 25, 2021
Stockholders' Equity Attributable to Parent [Abstract]
Number of shares authorized to be sold under equity distribution agreement (in shares)	8,000,000		8,000,000
Number of common shares issued under equity distribution agreement and outstanding as of period-end (in shares)	3,242,364		3,242,364
Accumulated proceeds from issuance of common shares under equity distribution agreement	$ 61,200		$ 61,200
Shares sold at the market offering (in shares)	0	0	0	0
Number of securities called by warrants or rights (in shares)					1,516,455
Proceeds from issuance of warrants to purchase common stock			$ 0	$ 4,541

Equity Incentive Plan (Details)

Equity Incentive Plan (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 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
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	$ 1.2		$ 1.2
Equity based compensation	0.5	$ 1.3	$ 1.8	$ 4
Share-based payment arrangement, nonvested award, cost not yet recognized, period for recognition			1 year 7 months 6 days
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	6.7		$ 6.7
Equity based compensation	1.2		$ 3.1
Share-based payment arrangement, nonvested award, cost not yet recognized, period for recognition			2 years 7 months 6 days
PSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Payment Arrangement, Nonvested Award, Excluding Option, Cost Not yet Recognized, Amount	4.3		$ 4.3
Equity based compensation	$ 0.3		$ 0.6
Share-based payment arrangement, nonvested award, cost not yet recognized, period for recognition			2 years 4 months 24 days
Award vesting period of restricted common shares granted during period under equity incentive plan			3 years

Equity Incentive Plan - Schedul

Equity Incentive Plan - Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity (Details) - $ / shares	3 Months Ended			9 Months Ended
	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Sep. 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)	1,575,871			1,575,871
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)	$ 11.95	$ 11.32	$ 14.93	$ 14.93
Granted (in usd per share)	14.15	14.77	9.77
Vested (in usd per share)	0	5.12	18.46
Forfeited (in usd per share)	0	5.93	18.43
Ending balance (in usd per share)	$ 12.44	$ 11.95	$ 11.32	$ 12.44
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)	264,662	334,382	569,535	569,535
Granted (in shares)	0	0	0
Vested (in shares)	0	(52,092)	(137,728)
Forfeited (in shares)	0	(17,628)	(97,425)
Ending balance (in shares)	264,662	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)	963,313	923,465	403,903	403,903
Granted (in shares)	0	44,853	519,562
Vested (in shares)	0	(1,048)	0
Forfeited (in shares)	0	(3,957)	0
Ending balance (in shares)	963,313	963,313	923,465	963,313
PSUs
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Beginning balance (in shares)	0	0	0	0
Granted (in shares)	347,896	0	0
Vested (in shares)	0	0	0
Forfeited (in shares)	0	0	0
Ending balance (in shares)	347,896	0	0	347,896

Equity Incentive Plan - Summary

Equity Incentive Plan - Summary of Restricted Stock and Restricted Stock Units Vesting Dates (Details) - shares	3 Months Ended			9 Months Ended
	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Sep. 30, 2021	Dec. 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total (in shares)	1,575,871			1,575,871
2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vested in period (in shares)				30,030
2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vested in period (in shares)				390,111
2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vested in period (in shares)				613,668
2024
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vested in period (in shares)				173,194
2025
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vested in period (in shares)				368,868
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vested in period (in shares)	0	52,092	137,728
Total (in shares)	264,662	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 (in shares)				0
Restricted Stock | 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vested in period (in shares)				172,077
Restricted Stock | 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vested in period (in shares)				92,585
Restricted Stock | 2024
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vested in period (in shares)				0
Restricted Stock | 2025
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vested in period (in shares)				0
RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vested in period (in shares)	0	1,048	0
Total (in shares)	963,313	963,313	923,465	963,313	403,903
RSUs | 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vested in period (in shares)				30,030
RSUs | 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vested in period (in shares)				218,034
RSUs | 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vested in period (in shares)				173,187
RSUs | 2024
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vested in period (in shares)				173,194
RSUs | 2025
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vested in period (in shares)				368,868
PSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vested in period (in shares)	0	0	0
Total (in shares)	347,896	0	0	347,896	0
PSUs | 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vested in period (in shares)				0
PSUs | 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vested in period (in shares)				0
PSUs | 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vested in period (in shares)				347,896
PSUs | 2024
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vested in period (in shares)				0
PSUs | 2025
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vested in period (in shares)				0

Income Taxes - Narrative (Detai

Income Taxes - Narrative (Details) $ in Millions	Sep. 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		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Numerator:
Net income (loss) attributable to common stockholders - basic	$ 18,605	$ (24,691)	$ 60,815	$ (63,665)
Interest expense attributable to convertible notes	0	0	13,618	0
Net income (loss) attributable to common stockholders - diluted	$ 18,605	$ (24,691)	$ 74,433	$ (63,665)
Denominator:
Weighted average common shares outstanding (in shares)	54,188,884	54,624,739	54,537,196	54,561,411
Weighted average restricted stock shares (in shares)	264,662	580,343	327,260	578,752
Basic weighted average shares outstanding (in shares)	54,453,546	55,205,082	54,864,456	55,140,163
Effect of dilutive shares issued in an assumed conversion of the convertible senior notes (in shares)	0	0	14,065,946	0
Effect of dilutive shares issued in an assumed conversion of RSUs as additional shares	435,430	0	245,890	0
Effect of dilutive shares issued in an assumed exercise of warrants issued in conjunction with the senior secured term loan facilities (in shares)	1,846,302	0	1,726,453	0
Diluted weighted average shares outstanding (in shares)	56,735,278	55,205,082	70,902,745	55,140,163
Earnings (loss) per share
Basic (in usd per share)	$ 0.34	$ (0.45)	$ 1.11	$ (1.15)
Diluted (in usd per share)	$ 0.33	$ (0.45)	$ 1.05	$ (1.15)

Earnings Per Share - Narrative

Earnings Per Share - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Earnings Per Share [Abstract]
Interest expense attributable to antidilutive convertible notes excluded from computation of earnings per share	$ 4.6	$ 4.5		$ 13.6
Antidilutive convertible notes excluded from computation of earnings per share	14,065,946	13,717,782		13,717,782
Deferred debt issuance cost, accretion period			5 years
Deferred debt issuance cost, adjustments	$ 0.3		$ 0.8
Effect of dilutive shares issued in an assumed exercise of warrants issued in conjunction with the senior secured term loan facilities (in shares)	1,846,302	0	1,726,453	0
Effect of dilutive shares issued in an assumed conversion of RSUs as additional shares	435,430	0	245,890	0

Related Party Transactions (Det

Related Party Transactions (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Related Party Transaction [Line Items]
Base management fees	$ 0	$ 3,974,000	$ 0	$ 11,840,000
Pine River Capital Management L.P.
Related Party Transaction [Line Items]
Percent per annum of equity used to calculate management fees (as a percent)			1.50%
Base management fees	0	4,000,000	$ 0	11,800,000
Compensation and benefits	0	0
Direct and allocated costs incurred by manager	$ 0	$ 1,500,000		$ 10,800,000

Subsequent Events (Details)

Subsequent Events (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Nov. 03, 2021	Sep. 25, 2021
Subsequent Event [Line Items]
Number of securities called by warrants or rights (in shares)				1,516,455
Proceeds from issuance of warrants to purchase common stock	$ 0	$ 4,541
Collateral assets (2)
Subsequent Event [Line Items]
Principal Balance	$ 1,827,558
Weighted average interest rate of securitized debt obligations outstanding (as a percent)	4.10%
Subsequent Event
Subsequent Event [Line Items]
Beneficial interest liability, initial advance rate			80.875%
Subsequent Event | GPMT 2021-FL4 CRE CLO | Collateral assets (2)
Subsequent Event [Line Items]
Principal Balance			$ 621,000
Weighted average interest rate of securitized debt obligations outstanding (as a percent)			1.68%