Granite Point Mortgage Trust (GPMT) 10-K 25 Feb 22 2021 FY Annual report Financial data

Cover Page

Cover Page - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Feb. 18, 2022	Jun. 30, 2021
Document Information [Line Items]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2021
Current Fiscal Year End Date	--12-31
Document Transition Report	false
Entity File Number	001-38124
Entity Registrant Name	GRANITE POINT MORTGAGE TRUST INC.
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	61-1843143
Entity Address, Address Line One	3 Bryant Park, Suite 2400A
Entity Address, City or Town	New York,
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	10036
City Area Code	212
Local Phone Number	364-5500
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Entity Shell Company	false
Entity Public Float			$ 795.8
Entity Common Stock, Shares Outstanding		53,855,577
Documents Incorporated by Reference	Portions of the registrant’s definitive Proxy Statement for the 2022 Annual Meeting of Stockholders, which will be filed with the Securities and Exchange Commission under Regulation 14A within 120 days after the end of registrant’s fiscal year covered by this Annual Report, are incorporated by reference into Part III.
Entity Central Index Key	0001703644
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	FY
Amendment Flag	false
Common Stock
Document Information [Line Items]
Title of 12(b) Security	Common Stock, par value $0.01 per share
Trading Symbol	GPMT
Security Exchange Name	NYSE
Series A Preferred Stock
Document Information [Line Items]
Title of 12(b) Security	7.00% Series A Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock, par value $0.01 per share
Trading Symbol	GPMTPrA
Security Exchange Name	NYSE

Audit Information

Audit Information	12 Months Ended
	Dec. 31, 2021
Audit Information [Abstract]
Auditor Name	Ernst & Young LLP
Auditor Location	Minneapolis, Minnesota
Auditor Firm ID	42

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands		Dec. 31, 2021	Dec. 31, 2020
ASSETS
Loans held-for-investment		$ 3,782,205	$ 3,914,469
Allowance for credit losses		(40,897)	(66,666)
Loans held-for-investment, net		3,741,308	3,847,803
Cash and cash equivalents		191,931	261,419
Restricted cash		12,362	67,774
Accrued interest receivable		10,716	12,388
Other assets		32,201	30,264
Total Assets	[1]	3,988,518	4,219,648
Liabilities
Repurchase facilities		677,285	1,708,875
Securitized debt obligations		1,677,619	927,128
Asset-specific financings		43,622	123,091
Term financing facility		127,145	0
Convertible senior notes		272,942	271,250
Senior secured term loan facilities		139,880	206,448
Dividends payable		14,406	25,049
Other liabilities		21,436	22,961
Total Liabilities	[1]	2,974,335	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
7.00% Series A cumulative redeemable preferred stock, par value $0.01 per share; 4,600,000 shares authorized and 4,596,500 and 0 shares issued and outstanding, respectively; liquidation preference $25.00 per share		46	0
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		1,125,241	1,058,298
Cumulative earnings		171,518	103,165
Cumulative distributions to stockholders		(284,285)	(228,169)
Total Granite Point Mortgage Trust, Inc. Stockholders’ Equity		1,013,058	933,846
Non-controlling interests		125	0
Total Equity		1,013,183	933,846
Total Liabilities and Stockholders’ Equity		$ 3,988,518	$ 4,219,648
[1]	The consolidated balance sheets include assets of consolidated variable interest entities, or VIEs, that can only be used to settle obligations of these VIEs, and liabilities of the consolidated VIEs for which creditors do not have recourse to Granite Point Mortgage Trust Inc. At December 31, 2021, and December 31, 2020, assets of the VIEs totaled $2,266,044 and $1,255,932, respectively, and liabilities of the VIEs totaled $1,679,435 and $928,220, respectively. See Note 4 - Variable Interest Entities and Securitized Debt Obligations for additional information.

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands		Dec. 31, 2021	Dec. 31, 2020
Variable Interest Entity [Line Items]
Preferred stock liquidation preference (in usd per share)		$ 1,000
Common stock par value per share (in usd per share)		$ 0.01	$ 0.01
Common shares authorized		450,000,000	450,000,000
Common shares issued		53,789,465	55,205,082
Common shares outstanding		53,789,465	55,205,082
Assets of consolidated variable interest entities	[1]	$ 3,988,518	$ 4,219,648
Liabilities of consolidated variable interest entities	[1]	$ 2,974,335	$ 3,284,802
Cumulative Preferred Stock
Variable Interest Entity [Line Items]
10% cumulative redeemable preferred stock par value per share (in usd per share)		$ 0.01	$ 0.01
10% cumulative redeemable preferred shares authorized		50,000,000	50,000,000
10% cumulative redeemable preferred shares issued		1,000	1,000
10% cumulative redeemable preferred shares outstanding		1,000	1,000
10% cumulative redeemable preferred shares liquidation preference value		$ 1,000	$ 1,000
Series A Preferred Stock
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		4,600,000	4,600,000
10% cumulative redeemable preferred shares issued		4,596,500	0
10% cumulative redeemable preferred shares outstanding		4,596,500	0
Preferred stock liquidation preference (in usd per share)		$ 25	$ 25
Variable Interest Entity, Primary Beneficiary
Variable Interest Entity [Line Items]
Assets of consolidated variable interest entities		$ 2,266,044	$ 1,255,932
Liabilities of consolidated variable interest entities		1,679,435	928,220
Variable Interest Entity, Primary Beneficiary | Total Assets
Variable Interest Entity [Line Items]
Assets of consolidated variable interest entities		2,266,044	1,255,932
Variable Interest Entity, Primary Beneficiary | Total Liabilities
Variable Interest Entity [Line Items]
Liabilities of consolidated variable interest entities		$ 1,679,435	$ 928,220
[1]	The consolidated balance sheets include assets of consolidated variable interest entities, or VIEs, that can only be used to settle obligations of these VIEs, and liabilities of the consolidated VIEs for which creditors do not have recourse to Granite Point Mortgage Trust Inc. At December 31, 2021, and December 31, 2020, assets of the VIEs totaled $2,266,044 and $1,255,932, respectively, and liabilities of the VIEs totaled $1,679,435 and $928,220, respectively. See Note 4 - Variable Interest Entities and Securitized Debt Obligations for additional information.

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Interest income:
Loans held-for-investment	$ 197,942	$ 234,954	$ 240,022
Loans held-for-sale	0	895	0
Available-for-sale securities	0	646	1,221
Held-to-maturity securities	0	659	2,239
Cash and cash equivalents	346	559	2,775
Total interest income	198,288	237,713	246,257
Interest expense:
Repurchase facilities	25,973	58,444	67,632
Securitized debt obligations	29,926	26,312	46,815
Convertible senior notes	18,167	18,092	17,971
Term financing facility	7,585	0	0
Asset-specific financings	2,241	3,862	2,891
Revolving credit facilities	0	779	1,673
Senior secured term loan facilities	21,688	5,446	0
Total interest expense	105,580	112,935	136,982
Net interest income	92,708	124,778	109,275
Other income (loss):
Benefit from (provision for) credit losses	20,027	(53,710)	0
Loss on extinguishment of debt	(8,919)	0	0
Realized losses on sales	0	(16,913)	0
Fee income	0	1,117	1,210
Total other income (loss)	11,108	(69,506)	1,210
Expenses:
Base management fees	0	15,786	14,854
Incentive fees	0	0	244
Compensation and benefits	21,464	13,269	14,301
Servicing expenses	5,173	4,056	3,670
Other operating expenses	8,634	15,755	7,206
Restructuring charges	0	46,252	0
Total expenses	35,271	95,118	40,275
Income (loss) before income taxes	68,545	(39,846)	70,210
Benefit from income taxes	192	593	(4)
Net income (loss)	68,353	(40,439)	70,214
Dividends on preferred stock	793	100	100
Net income (loss) attributable to common stockholders - diluted	67,560	(40,539)	70,114
Net income (loss) attributable to common stockholders - basic	$ 67,560	$ (40,539)	$ 70,114
Basic earnings (loss) per weighted average common share (in usd per share)	$ 1.24	$ (0.73)	$ 1.32
Diluted earnings (loss) per weighted average common share (in usd per share)	$ 1.23	$ (0.73)	$ 1.32
Weighted average number of shares of common stock outstanding:
Basic (in shares)	54,593,499	55,156,482	53,087,395
Diluted (in shares)	54,929,070	55,156,482	53,087,395
Comprehensive income (loss):
Net income (loss) attributable to common stockholders - basic	$ 67,560	$ (40,539)	$ 70,114
Other comprehensive income (loss), net of tax:
Unrealized (loss) gain on available-for-sale securities	0	(32)	224
Net other comprehensive income (loss)	0	(32)	224
Comprehensive income (loss)	$ 67,560	$ (40,571)	$ 70,338

CONSOLIDATED STATEMENTS OF STOC

CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY - USD ($) $ in Thousands	Total	Cumulative Preferred Stock	Series A Preferred Stock	Cumulative effect of adoption of new accounting principle	Stockholders' equity, adjusted balance	Total Stockholders’ Equity	Total Stockholders’ EquityCumulative Preferred Stock	Total Stockholders’ EquitySeries A Preferred Stock	Total Stockholders’ EquityCumulative effect of adoption of new accounting principle	Total Stockholders’ EquityStockholders' equity, adjusted balance	Common Stock	Common StockStockholders' equity, adjusted balance	Preferred Stock	Preferred StockStockholders' equity, adjusted balance	Additional Paid-in Capital	Additional Paid-in CapitalCumulative effect of adoption of new accounting principle	Additional Paid-in CapitalStockholders' equity, adjusted balance	Accumulated Other Comprehensive 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 StockholdersCumulative Preferred Stock	Cumulative Distributions to StockholdersSeries A Preferred Stock	Cumulative Distributions to StockholdersStockholders' equity, adjusted balance	Noncontrolling Interest	Noncontrolling InterestStockholders' equity, adjusted balance
Common shares outstanding at beginning of period at Dec. 31, 2018											43,621,174	43,621,174
Stockholders’ equity at beginning of period at Dec. 31, 2018	$ 827,531				$ 827,531	$ 827,531			$ 0	$ 827,531	$ 436	$ 436	$ 0	$ 0	$ 836,288	$ 13	$ 836,301	$ (192)	$ (192)	$ 91,875	$ (13)	$ 91,862	$ (100,876)			$ (100,876)	$ 0	$ 0
Common shares outstanding at beginning of period at Dec. 31, 2018													0	0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) income	70,214					70,214														70,214
Issuance of common stock, net of offering costs (in shares)											10,954,924
Issuance of common stock, net of offering costs	207,514					207,514					$ 110				207,404
Other comprehensive income (loss) before reclassifications	224					224												224
Other comprehensive income (loss)	224					224												224
Preferred dividends declared	(100)					(100)																	(100)
Common dividends declared	(91,029)					(91,029)																	(91,029)
Non-cash equity award compensation (in shares)											277,107
Non-cash equity award compensation	4,782					4,782					$ 3				4,779
Common shares outstanding at end of period at Dec. 31, 2019											54,853,205	54,853,205
Stockholders’ equity at end of period at Dec. 31, 2019	1,019,136			$ (18,472)	$ 1,000,664	1,019,136			$ (18,472)	$ 1,000,664	$ 549	$ 549	$ 0	$ 0	1,048,484		$ 1,048,484	32	$ 32	162,076	$ (18,472)	$ 143,604	(192,005)			$ (192,005)	0
Common shares outstanding at end of period at Dec. 31, 2019													0	0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) income	(40,439)					(40,439)														(40,439)
Other comprehensive income (loss) before reclassifications	(288)					(288)												(288)
Amounts reclassifications	256					256
Other comprehensive income (loss)	(32)					(32)												(32)
Issuance of warrants to purchase common stock	4,541					4,541									4,541
Preferred dividends declared	(100)					(100)																	(100)
Common dividends declared	(36,064)					(36,064)																	(36,064)
Non-cash equity award compensation (in shares)											351,877
Non-cash equity award compensation	$ 5,276					5,276					$ 3				5,273
Common shares outstanding at end of period at Dec. 31, 2020	55,205,082										55,205,082
Stockholders’ equity at end of period at Dec. 31, 2020	$ 933,846					933,846					$ 552		$ 0		1,058,298			0		103,165			(228,169)				0
Common shares outstanding at end of period at Dec. 31, 2020		1,000	0										0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) income	68,353					68,353														68,353
Issuance of common stock, net of offering costs (in shares)													4,596,500,000
Issuance of common stock, net of offering costs	110,519					110,519							$ 46		110,473
Other comprehensive income (loss)	0
Restricted stock forfeiture (in shares)											(115,053)
Restricted stock forfeiture	(1,194)					(1,194)					$ (1)				(1,193)
Repurchase of common stock (in shares)											(1,301,612)
Repurchase of common stock	(17,803)					(17,803)					$ (13)				(17,790)
Preferred dividends declared		$ (100)	$ (693)				$ (100)	$ (693)																$ (100)	$ (693)
Common dividends declared	(55,323)					(55,323)																	(55,323)
Settlement of warrants to purchase common stock	(32,138)					(32,138)									(32,138)
Contributions From Non-Controlling Interests	$ 125																										125
Non-cash equity award compensation (in shares)	1,048
Non-cash equity award compensation	$ 7,591					7,591									7,591
Common shares outstanding at end of period at Dec. 31, 2021	53,789,465										53,789,465
Stockholders’ equity at end of period at Dec. 31, 2021	$ 1,013,183					$ 1,013,058					$ 538		$ 46		$ 1,125,241			$ 0		$ 171,518			$ (284,285)				$ 125
Common shares outstanding at end of period at Dec. 31, 2021		1,000	4,596,500										4,596,500,000

CONSOLIDATED STATEMENTS OF ST_2

CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY - (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Common dividends declared per share (in usd per share)	$ 1	$ 0.65	$ 1.68
Preferred dividends declared per share (in usd per share)		$ 100	$ 100
Restricted stock forfeiture	$ (1,194)
Additional Paid-in Capital
Restricted stock forfeiture	(1,193)
Common Stock
Restricted stock forfeiture	$ (1)
Cumulative Preferred Stock
Preferred dividends declared per share (in usd per share)	$ 100
Series A Preferred Stock
Preferred dividends declared per share (in usd per share)	$ 0.15069

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Cash Flows From Operating Activities:
Net income (loss)	$ 68,353	$ (40,439)	$ 70,214
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	(23,291)	(15,915)	(15,417)
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	16,559	6,426	7,588
(Benefit from) provision for credit losses	(20,027)	53,710	0
Realized losses on sales of loans held-for-sale	0	16,913	0
Loss on extinguishment of debt	5,169	0	0
Amortization of equity-based compensation	7,591	5,276	4,782
Proceeds received from deferred interest capitalized to loans held-for-investment	1,931	0	0
Net change in assets and liabilities:
Decrease (increase) in accrued interest receivable	1,672	(1,066)	(1,055)
(Increase) decrease in other assets	(171)	2,436	(11,682)
Increase (decrease) in other liabilities	2,515	(7,086)	7,431
Net cash provided by operating activities	60,301	20,255	61,861
Cash Flows From Investing Activities:
Originations, acquisitions and additional fundings of loans held-for-investment, net of deferred fees	(814,515)	(369,216)	(1,812,698)
Proceeds from repayment of loans held-for-investment	958,399	486,422	769,816
Increase in other assets, due from servicer/trustee on repayments of loans held-for-investment	(4,114)	0	0
Principal payments on available-for-sale securities	0	12,798	0
Principal payments on held-to-maturity securities	0	18,076	8,620
Proceeds from sales of loans held-for-sale	0	193,538	0
Net cash provided by investing activities	139,770	341,618	(1,034,262)
Cash Flows From Financing Activities:
Proceeds from repurchase facilities	599,579	397,004	1,390,059
Principal payments on repurchase facilities	(1,631,169)	(612,150)	(966,581)
Proceeds from issuance of securitized debt obligations	1,188,330	0	646,868
Principal payments on securitized debt obligations	(433,520)	(117,925)	(266,179)
Proceeds from senior secured term loan facilities	0	205,647	0
Repayment of senior secured term loan facilities	(75,000)	0	0
Proceeds from asset-specific financings	3,063	6,626	116,465
Repayment of asset-specific financings	(82,532)	0	0
Proceeds from revolving credit facilities	0	38,361	361,273
Repayment of revolving credit facilities	0	(80,369)	(394,265)
Proceeds from term financing facility	349,291	0	0
Repayment of term financing facility	(220,192)	0	0
Payment of debt issuance costs	(15,572)	0	0
Settlement of warrants to purchase common stock	(32,138)	0	0
Contributions from non-controlling interests	125	0	0
Proceeds from issuance of warrants to purchase common stock	0	4,541	0
Proceeds from issuance of preferred stock, net of offering costs	110,519	0	0
Proceeds from issuance of warrants to purchase common stock	0	0	207,514
Tax withholding on restricted stock	(1,194)	0	0
Repurchase of common stock	(17,803)	0	0
Dividends paid on preferred stock	(100)	(100)	(100)
Dividends paid on common stock	(66,658)	(34,079)	(86,312)
Net cash used in financing activities	(324,971)	(192,444)	1,008,742
Net (decrease) increase in cash, cash equivalents and restricted cash	(124,900)	169,429	36,341
Cash, cash equivalents and restricted cash at beginning of period	329,193	159,764	123,423
Cash, cash equivalents and restricted cash at end of period	204,293	329,193	159,764
Supplemental Disclosure of Cash Flow Information:
Cash paid for interest	105,960	115,013	136,091
Cash paid for taxes	599	0	0
Noncash Activities:
Transfers of loans held-for-investment to loans held-for-sale	0	210,452	0
Dividends declared but not paid at end of period	$ 14,406	$ 25,049	$ 23,063

Organization and Operations

Organization and Operations	12 Months Ended
	Dec. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Operations	Organization and Operations Granite Point Mortgage Trust Inc., or the Company, 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 the Company’s 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 the Company’s view of the most appropriate funding option available for the Company’s investments. The Company is not in the business of buying or trading securities, and the only securities it owns are the retained interests from its CRE CLOs. The Company’s investment objective is to preserve the Company’s stockholders’ capital while generating attractive risk-adjusted returns over the long term, primarily through dividends derived from current income produced by the Company’s investment portfolio. The Company’s 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.

Basis of Presentation and Signi

Basis of Presentation and Significant Accounting Policies	12 Months Ended
	Dec. 31, 2021
Accounting Policies [Abstract]
Basis of Presentation and Significant Accounting Policies	Basis of Presentation and Significant Accounting Policies Consolidation and Basis of Presentation The accompanying consolidated financial statements include the accounts of all subsidiaries; inter-company accounts and transactions have been eliminated. Certain prior period amounts have been reclassified to conform to the current period presentation. The accounting and reporting policies of the Company conform to U.S. generally accepted accounting principles, or GAAP. All entities in which the Company holds investments that are considered variable interest entities, or VIEs, 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. See Note 4 - Variable Interest Entities and Securitized Debt Obligations to the Company’s Consolidated Financial Statements included in this Annual Report on Form 10-K for additional details regarding consolidation of VIEs. Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make a number of significant estimates. These include estimates of amount and timing of allowances for credit losses, fair value of certain assets and liabilities, and other estimates that affect the reported amounts of certain assets and liabilities as of the date of the consolidated financial statements and the reported amounts of certain revenues and expenses during the reported period. It is likely that changes in these estimates (e.g., valuation changes to the underlying collateral of loans due to changes in market capitalization rates, leasing, credit worthiness of major tenants, occupancy rates, availability of financing, exit plan, loan sponsorship, actions of other lenders, overall economic and capital markets conditions, the broader commercial real estate market, local geographic sub-markets or other factors) will occur in the near term. As the novel coronavirus, or COVID-19, pandemic has evolved from its emergence in early 2020, so has its global impact. During the year ended December 31, 2021, many countries have re-instituted or strongly encouraged varying levels of quarantines and restrictions on travel, and in some cases have at times limited operations of certain businesses and taken other restrictive measures designed to help slow the spread of COVID-19 and its variants. Governments and businesses have also instituted vaccine mandates and testing requirements for employees. While vaccine availability and uptake have increased, the longer-term macroeconomic effects on global supply chains, inflation, labor shortages and wage increases continue to impact many industries, including those related to the collateral underlying certain of our loans. Moreover, with the potential for new strains of COVID-19 to emerge, governments and businesses may re-impose aggressive measures to help slow its spread in the future. For this reason, among others, as the COVID-19 pandemic continues, the potential global impacts are uncertain and difficult to assess. We believe the estimates and assumptions underlying our consolidated financial statements are reasonable and supportable based on the information available as of December 31, 2021. However, uncertainty over the ultimate impact COVID-19 will have on the global economy generally, and the Company’s business in particular, makes any estimates and assumptions as of December 31, 2021, inherently less certain than they would be absent the current and potential impacts of COVID-19. The Company’s actual results could ultimately differ from its estimates and such differences may be material. Significant Accounting Policies Loans Held-for-Investment, Net The Company originates and acquires commercial real estate debt and related instruments generally to be held as long-term investments. These assets are classified as loans held-for-investment on the consolidated balance sheets. Additionally, the Company finances pools of its commercial real estate loans through collateralized loan obligations, or 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 control 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 and classifies the underlying loans as loans held-for-investment. Interest income on loans held-for-investment is recorded on the consolidated statements of comprehensive income (loss). Loans held-for-investment are reported at cost, net of allowance for credit losses, any unamortized acquisition premiums or discounts, loan fees and origination costs, as applicable. The Company accounts for credit losses based on ASU 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments , or ASU 2016-13. 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 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, level of interest rates 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. The Company considers loan investments that are both (i) expected to be substantially repaid through the operation or sale of the underlying collateral, and (ii) for which the borrower is experiencing financial difficulty, to be “collateral-dependent” loans. For loans that the Company determines foreclosure of the collateral is probable, the Company measures the expected losses based on the difference between the fair value of the collateral and the amortized cost basis of the loan as of the measurement date. For collateral-dependent loans that the Company determines foreclosure is not probable, the Company applies a practical expedient to estimate expected losses using the difference between the collateral’s fair value (less costs to sell the asset if repayment is expected through the sale of the collateral) and the amortized cost basis of the loan. For loans assigned a risk rating of “5,” the Company has determined that the recovery of the loan’s principal is collateral-dependent. Accordingly, these loans are assessed individually and the Company elected to apply a practical expedient in accordance with ASU 2016-13. While utilizing the practical expedient for collateral-dependent loans, the Company estimates the 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 when applicable. The estimation of the fair value of the collateral property also involves using various Level 3 unobservable inputs, which are inherently uncertain and subjective, and are in part developed based on discussions with various market participants and management’s best estimates, which may vary depending on the information available and market conditions as of the valuation date. Selecting the appropriate inputs and assumptions requires significant judgment and consideration of various factors that are specific to the underlying collateral property being assessed. The Company’s estimate of the fair value of the collateral property is sensitive to both the valuation methodology selected and inputs used in the analysis. As a result, the fair value of the collateral property used in determining the expected credit losses is subject to uncertainty and any actual losses, if incurred, could differ materially from the estimated provision for credit losses. Interest income on loans held-for-investment is recognized at the loan coupon rate. Any premiums or discounts, loan fees, contractual exit fees and origination costs are amortized or accreted into interest income over the life of the loans using the effective interest method. Generally, loans held-for-investment are placed on nonaccrual status when delinquent for more than 90 days or when determined not to be probable of full collection. Interest income recognition is suspended when loans are placed on nonaccrual status. Interest accrued, but not collected, at the date loans are placed on nonaccrual is reversed and subsequently recognized only to the extent it is received in cash or until it qualifies for return to accrual status. However, when there is doubt regarding the ultimate collectability of loan principal, all cash received is applied to reduce the carrying value of such loans. Loans held-for-investment are restored to accrual status only when contractually current or the collection of future payments is reasonably assured. The Company may make exceptions to placing a loan on nonaccrual status if the loan has sufficient collateral value and is in the process of collection or has been modified. The allowance for credit losses is recorded in accordance with ASU 2016-13, and is a valuation account that is deducted from the amortized cost basis of loans held-for-investment on the Company’s consolidated balance sheets. Changes to the allowance for credit losses are recognized through net income (loss) on the Company’s consolidated statements of comprehensive income (loss). The allowance is based on relevant information about past events, including historical loss experience, current portfolio, market conditions and reasonable and supportable forecasts for the duration of each respective loan. All loans held-for-investment within the Company’s portfolio have some amount of expected loss to reflect the GAAP principal underlying the Current Expected Credit Loss, or CECL, model that all loans have some inherent risk of loss, regardless of credit quality, subordinate capital or other mitigating factors. ASU 2016-13 replaced the incurred loss model under existing guidance with a CECL model for instruments measured at amortized cost, and requires entities to record allowances for AFS debt securities rather than reduce the carrying amount, as they did under the other-than-temporary impairment model. It also simplified the accounting model for purchased credit-impaired debt securities and loans. In addition, the new model applies to off-balance sheet credit exposures, such as unfunded loan commitments. In connection with the Company’s adoption of ASU 2016-13, the Company implemented new processes, including the utilization of loan loss forecasting models, updates to its reserve policy documentation, changes to its internal reporting process and related internal controls. The Company has implemented loan loss forecasting models for estimating expected life-time credit losses, at the individual loan level, for its commercial mortgage loan portfolio. The CECL forecasting methods the Company uses include (i) a probability of default and loss given default method using a third party CMBS/CRE loan database with historical loan loss data beginning in 1998, and (ii) probability weighted expected cash flow method, depending on the type of loan and the availability of relevant historical market loan loss data. The Company might use other acceptable alternative approaches in the future depending on, among other factors, the type of loan, underlying collateral and availability of relevant historical market loan loss data. The Company estimates its CECL allowance for its loan portfolio at the individual loan level. Significant inputs to the Company’s forecasting methods include (i) key loan-specific inputs such as vintage year, loan term, underlying property type, geographic location, and expected timing and amount of future loan fundings, (ii) performance against the underwritten business plan and our internal loan risk rating, and (iii) a macroeconomic forecast. In certain instances, the Company considers relevant loan-specific qualitative factors to certain loans to estimate its CECL allowance. The Company’s loans typically include commitments to fund incremental proceeds to its borrowers over the life of the loan. Those future funding commitments are also subject to a CECL reserve. The CECL reserve related to future loan fundings is recorded as a component of other liabilities on the Company’s consolidated balance sheets, and not as an offset to the related loan balance. This CECL reserve is estimated using the same process outlined above for the Company’s outstanding loan balances, and changes in this component of the CECL reserve will similarly flow through the Company’s consolidated statements of operations. These estimates of the Company’s CECL reserve may change in future periods based on available future macroeconomic, capital markets, loan specific and other data, and might result in a material change in the Company’s future estimates of expected credit losses for its loan portfolio. Available-for-Sale Securities at Fair Value From time to time, the Company may selectively invest in commercial mortgage-backed securities, or CMBS, representing interests in pools of commercial mortgage loans issued by trusts. In the past, the Company had designated investments in certain CMBS as available-for-sale, or AFS, because the Company had the ability to dispose of them prior to maturity. All assets classified as AFS would be reported at estimated fair value with unrealized gains and losses included in accumulated other comprehensive income (loss). Interest income on AFS securities is accrued based on the outstanding principal balance and contractual terms. Premiums and discounts associated with CMBS are amortized into interest income over the life of such securities using the effective yield method. As part of the adoption of ASU 2016-13, the Company evaluates AFS securities to determine whether a decline in the fair value below the amortized cost basis (impairment) is due to credit-related factors or noncredit-related factors. Any impairment that is not credit-related is recognized in other comprehensive income (loss), net of applicable taxes. Credit-related impairment is recognized as an allowance for credit losses on the consolidated statements of comprehensive income (loss), limited to the amount by which the amortized cost basis exceeds the fair value, with a corresponding adjustment to earnings. Both the allowance for credit losses and the adjustment to net income (loss) may be reversed if conditions change. Changes in the allowance for credit losses are recorded as provision for credit loss expense. The Company did not hold any AFS securities as of December 31, 2021. Prior to the adoption of ASU 2016-13, on a quarterly basis, the Company evaluated its AFS securities to assess whether a decline in the fair value of an AFS security below the Company’s amortized cost basis was an other-than-temporary impairment, or OTTI. The presence of OTTI was based upon a fair value decline below a security’s amortized cost basis and a corresponding adverse change in expected cash flows due to credit related factors, as well as non-credit factors, such as changes in interest rates and market spreads. Impairment was considered other-than-temporary if an entity (i) intended to sell the security, (ii) would more likely than not be required to sell the security before it recovered in value, or (iii) did not expect to recover the security’s amortized cost basis, even if the entity did not intend to sell the security. Under these scenarios, the impairment was other-than-temporary and the full amount of impairment recognized in earnings and the cost basis of the investment security was adjusted. However, if an entity did not intend to sell the impaired debt security and it was more likely than not that it would not be required to sell before recovery, the OTTI is separated into (i) the estimated amount relating to credit loss, or credit component, and (ii) the amount relating to all other factors, or non-credit component. Only the estimated credit loss amount was recognized in earnings, with the remainder of the loss amount recognized in other comprehensive income (loss). The difference between the new amortized cost basis and the cash flows expected to be collected was accreted as interest income in accordance with the effective interest method. Held-to-Maturity Securities In the past, the Company designated investments in certain CMBS as held-to-maturity, or HTM, because the Company had both the ability and intent to hold them until maturity. All assets classified as HTM were reported at stated cost plus any premiums or discounts, which were amortized or accreted through the consolidated statements of comprehensive income (loss) using the effective interest method. As part of the adoption of ASU 2016-13, the Company no longer records impairments for credit losses as adjustments to the amortized cost for HTM debt securities, but rather records an allowance for credit losses. The carrying values of debt securities are presented net of any allowance for credit losses. The Company did not hold any HTM securities as of December 31, 2021. Prior to the adoption of ASU 2016-13, the Company evaluated its HTM securities, on a quarterly basis, to assess whether a decline in the fair value of an HTM security below the Company’s amortized cost basis is an OTTI. The presence of OTTI is based upon a fair value decline below a security’s amortized cost basis and a corresponding adverse change in expected cash flows due to credit related factors. Impairment was considered other-than-temporary if an entity did not expect to recover the security’s amortized cost basis. Impairment was recognized in earnings and the cost basis of the HTM security was adjusted. Loans Held-for-Sale The Company classifies certain loans as held-for-sale based on management’s intent to sell or otherwise dispose of them. Loans held-for-sale are reported at the lower of amortized cost or fair value. Fair value is determined under the guidance of ASC 820. Interest income on loans held-for-sale is recognized at the loan coupon rate and recorded on the consolidated statements of comprehensive income (loss). Cash and Cash Equivalents Cash and cash equivalents represent cash held in banks and liquid investments with original maturities of three months or less. The Company may have bank balances in excess of federally insured amounts; however, the Company deposits its cash and cash equivalents with high credit-quality institutions to minimize credit risk exposure. The Company has not experienced, and does not expect, any losses on its cash or cash equivalents. Restricted Cash Restricted cash includes certain cash balances the Company is required to maintain in restricted accounts as collateral for the Company’s repurchase agreements and with counterparties to support activities related to securities. Cash held by counterparties as collateral, which resides in non-interest-bearing accounts, is not available to the Company for general corporate purposes, but may be applied against amounts due to securities and repurchase agreement counterparties or returned to the Company when the collateral requirements are exceeded or at the maturity of the repurchase agreement. Accrued Interest Receivable Accrued interest receivable represents interest that is due and payable to the Company. Cash interest is generally received within 30 days of recording the receivable. The Company generally writes off the accrued interest receivable balance when interest is 90 days or more past due unless the loan is both well secured and in the process of collection. Write-offs of accrued interest receivable are recognized within the provision for credit losses in the consolidated statements of comprehensive income (loss). Accrued interest receivable includes deferred interest that may be collected at the loan maturity or past 90 days, and an allowance for credit losses has been included as part of the loan’s amortized cost. Accrued interest receivable is included within other assets on the Company’s consolidated balance sheets. Due from Counterparties Due from counterparties includes cash held by counterparties as collateral against the Company’s repurchase agreements but represents excess capacity and deemed unrestricted and a receivable from the counterparty as of the balance sheet date. Due from counterparties is included within other assets on the Company’s consolidated balance sheets. Repurchase Agreements The Company finances the acquisition of its loans held-for-investment through the use of repurchase agreements. Borrowings under repurchase agreements generally bear interest rates of a specified margin over one-month London Interbank Offered Rate, or LIBOR, and are generally uncommitted. The repurchase agreements are treated as collateralized financing transactions and are carried at their contractual amounts, as specified in the respective agreements. Asset-Specific Financings The Company finances certain of its loans held-for-investment through the use of an asset-specific financing facility. Borrowings under the asset-specific financing facility generally bear interest rates of a specified margin over one-month LIBOR. The asset-specific financings are treated as collateralized financing transactions and are carried at their contractual amounts, as specified in the respective agreements. Revolving Credit Facilities In the past, the Company has financed the acquisition of certain of its loans held-for-investment through the use of revolving credit facilities. Borrowings under revolving credit facilities have generally borne interest rates of a specified margin over one-month LIBOR and have generally been uncommitted. Revolving credit facilities are treated as collateralized financing transactions and are carried at their contractual amounts, as specified in the respective agreements. Deferred Debt Issuance Costs Because the outstanding balance of the Company’s repurchase agreement facilities, asset-specific financings and revolving credit facilities may fluctuate as the Company borrows and repays amounts, the Company presents unamortized deferred debt issuance costs related to these credit facilities as an asset on its consolidated balance sheets within other assets. Amortization of deferred debt issuance costs over the term of the related facilities is reported within interest expense on the consolidated statements of comprehensive income (loss). Securitized Debt Obligations The Company finances pools of its loans held-for-investment through CRE CLOs retaining the subordinate securities in its investment portfolio. The CRE CLOs are accounted for as financing arrangements and consolidated on the Company’s consolidated financial statements. The securitized debt obligations not retained by the Company, which are nonrecourse to the Company beyond the assets held in the CRE CLOs, are recorded at outstanding principal balance, net of any unamortized deferred debt issuance costs, on the Company’s consolidated balance sheets. See Note 4 - Variable Interest Entities and Securitized Debt Obligations to the Company’s Consolidated Financial Statements included in this Annual Report on Form 10-K for additional details regarding consolidation of VIEs. Convertible Senior Notes Convertible senior notes include unsecured convertible debt that are carried at their unpaid principal balance, net of any unamortized deferred issuance costs, on the Company’s consolidated balance sheets. Interest on the notes is payable semiannually until such time the notes mature or are converted into shares of the Company’s common stock. Amortization of deferred debt issuance costs over the term of the notes is reported within interest expense on convertible senior notes on the consolidated statements of comprehensive income (loss). Senior Secured Term Loan Facilities The Company records senior secured term loan facilities as liabilities at their unpaid principal balance, net of any unamortized deferred issuance costs, on the Company’s consolidated balance sheets. Where applicable, any issue discount or transaction expenses are deferred and amortized over the term of the loan using the effective interest method, and is included within interest expense in the Company’s consolidated statements of comprehensive income (loss), while the unamortized balance is included as a reduction to the carrying amount on the Company’s consolidated balance sheets. See Note 7 - Senior Secured Term Loan Facilities and Warrants to Purchase Shares of Common Stock to the Company’s Consolidated Financial Statements included in this Annual Report on Form 10-K for additional details regarding the senior secured term loan facilities and warrants. Accrued Interest Payable Accrued interest payable represents interest that is due and payable to third parties. Interest is generally paid within 30 days to three months of recording the payable, based upon the Company’s remittance requirements. Accrued interest payable is included within other liabilities on the Company’s consolidated balance sheets. Income Taxes The Company has elected to be taxed as a REIT under the Code and the corresponding provisions of state law. To qualify as a REIT, the Company must distribute at least 90% of its annual REIT taxable income to stockholders (not including taxable income retained in its taxable subsidiaries) within the time frame set forth in the Code and the Company must also meet certain other requirements. In addition, because certain activities, if performed by the Company, may cause the Company to earn income which is not qualifying for the REIT gross income tests, the Company has formed a TRS, as defined in the Code, to engage in such activities. The TRS’s activities are subject to income taxes, as well as any REIT taxable income not distributed to stockholders. The Company assesses its tax positions for all open tax years and determines whether the Company has any material unrecognized liabilities in accordance with ASC 740, Income Taxes , or ASC 740. The Company records these liabilities to the extent the Company deems them more likely than not to be incurred. The Company classifies interest and penalties on material uncertain tax positions as interest expense and operating expense, respectively, in its consolidated statements of comprehensive income (loss). Related Party Management Fee and Operating Expenses 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. Prior to the Internalization, the Company paid the Former Manager a base management fee equal to 1.5% of the Company’s equity on an annualized basis, as well as an incentive fee, which was payable, if earned, beginning in the fourth quarter of 2018, in accordance with the terms of the management agreement with the Former Manager, or the Management Agreement. Temporary Equity The Company accounts for its temporary equity in accordance with ASC 480, Distinguishing Liabilities from Equity . Holders of the Company’s temporary equity have certain preference rights with respect to the common stock. Based on the Company’s analysis, the 10% cumulative redeemable preferred stock has been classified as redeemable interests outside of permanent equity in the mezzanine section of the Company’s consolidated balance sheets as a result of certain redemption requirements or other terms. Permanent Equity The Company has common stock, and preferred stock, outstanding that are classified as permanent equity. The Company’s common stock is perpetual in nature with voting rights and dividend rights. The Company’s 7.00% Series A Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock, or the Series A Preferred Stock, is classified as permanent equity. The outstanding shares of Series A Preferred Stock have a 7.00% dividend rate and may be redeemed by the Company on and after November 30, 2026. See Note 11 – Preferred Stock to the Company’s Consolidated Financial Statements included in this Annual Report on Form 10-K for additional details regarding the Series A Preferred Stock. Earnings (Loss) Per Share Basic and diluted earnings per share are computed by dividing net income by the weighted average number of common shares and potential common shares outstanding. For both basic and diluted per share calculations, potential common shares represent issued and unvested shares of restricted stock, which have full rights to the common stock dividend declarations of the Company. If the assumed conversion of convertible notes into common shares is dilutive, diluted earnings per share is adjusted by adding back the periodic interest expense (net of any tax effects) associated with dilutive convertible notes to net income attributable to common stockholders and adding the shares issued in an assumed conversion to the diluted weighted average share count. Other Comprehensive Income (Loss) Current period net unrealized gains and losses on AFS securities are reported as components of accumulated other comprehensive income (loss) on the consolidated statements of stockholders’ equity and in the consolidated statements of comprehensive income (loss). Equity Incentive Plan The Company has adopted the 2017 Equity Incentive Plan, or the Plan, to provide incentive compensation to attract and retain qualified directors, officers, advisors, consultants and other personnel. The Plan is administered by the compensation committee of the Company’s board of directors. The Plan permits the granting of restricted shares of common stock, phantom shares, dividend equivalent rights and other equity-based awards. See Note 13 - Equity Incentive Plan for further details regarding the Plan. The cost of equity-based compensation is measured on and fixed at the grant date, based on the price of the Company’s common stock as of period end, and amortized over the vesting term. The Company accounts for forfeitures as they occur. Amortization expense is included within other operating expenses on the consolidated statements of comprehensive income (loss). Restructuring Charges The termination of the Management Agreement was a material change in the management structure of the business, and is accounted for under ASC 420, Exit or disposal cost obligations . The one-time payment made to the Former Manager under the internalization agreement, and other associated costs incurred as part of the Internalization, were recorded within restructuring charges on the consolidated statements of comprehensive income (loss) with a corresponding liability recorded within other liabilities on the consolidated balance sheets. See Note 14 - Restructuring Charges for further details. 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 agreem

Loans Held-for-Investment, Net

Loans Held-for-Investment, Net of Allowance for Credit Losses	12 Months Ended
	Dec. 31, 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 consolidated balance sheets. Loans held-for-investment are reported at cost, net of any unamortized acquisition premiums or discounts, loan fees, origination costs and allowance for credit losses, as applicable. The following tables summarize the Company’s loans held-for-investment by asset type, property type and geographic location as of December 31, 2021, and December 31, 2020: December 31, (dollars in thousands) Senior Loans (1) Mezzanine Loans B-Notes Total Unpaid principal balance $ 3,781,771 $ 1,048 $ 14,006 $ 3,796,825 Unamortized (discount) premium (70) — — (70) Unamortized net deferred origination fees (14,550) — — (14,550) Allowance for credit losses (38,719) (1,048) (1,130) (40,897) Carrying value $ 3,728,432 $ — $ 12,876 $ 3,741,308 Unfunded commitments $ 403,584 $ — $ — $ 403,584 Number of loans 103 1 1 105 Weighted average coupon 4.5 % 13.0 % 8.0 % 4.5 % Weighted average years to maturity (2) 1.1 3.9 5.1 1.1 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) December 31, December 31, Property Type Carrying Value % of Loan Portfolio Carrying Value % of Loan Portfolio Office $ 1,703,951 45.5 % $ 1,720,705 44.7 % Multifamily 1,061,434 28.4 % 910,557 23.7 % Hotel 464,816 12.4 % 646,869 16.8 % Retail 341,834 9.1 % 332,218 8.6 % Industrial 118,564 3.2 % 196,677 5.1 % Other 50,709 1.4 % 40,777 1.1 % Total $ 3,741,308 100.0 % $ 3,847,803 100.0 % (dollars in thousands) December 31, December 31, Geographic Location Carrying Value % of Loan Portfolio Carrying Value % of Loan Portfolio Northeast $ 917,029 24.5 % $ 1,028,584 26.8 % Southwest 836,955 22.4 % 802,233 20.8 % West 658,429 17.6 % 682,236 17.7 % Midwest 637,784 17.0 % 712,675 18.5 % Southeast 691,111 18.5 % 622,075 16.2 % Total $ 3,741,308 100.0 % $ 3,847,803 100.0 % At December 31, 2021, and December 31, 2020, the Company pledged loans held-for-investment with a carrying value, net of allowance for credit losses, of $3.7 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 year ended December 31, 2021, and 2020: Year Ended December 31, (in thousands) 2021 2020 Balance at beginning of period $ 3,847,803 $ 4,226,212 Originations, additional fundings, upsizing of loans and capitalized deferred interest 834,461 372,859 Repayments (960,330) (486,422) Transfers to loans held-for-sale — (210,452) Net discount accretion (premium amortization) 5 13 Increase in net deferred origination fees (9,766) (3,642) Amortization of net deferred origination fees 13,106 15,901 Benefit from (provision for) credit losses 16,029 (66,666) Balance at end of period $ 3,741,308 $ 3,847,803 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 the 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. Those macroeconomic forecasts have been improving, including expectations for 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 December 31, 2021, the Company recognized an allowance for credit losses related to its loans held-for-investment of $40.9 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 $16.0 million for the year ended December 31, 2021. The benefit from provision for credit losses reflects the continued general improvement in the overall performance of the investment portfolio, loan repayments, and current expectations for further moderate 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 consolidated balance sheets. As of December 31, 2021, the Company recognized $1.5 million in other liabilities related to the allowance for credit losses on unfunded commitments and recorded a benefit from provision for credit losses of $4.0 million for the year ended December 31, 2021, 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 December 31, 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 consolidated statements of comprehensive income (loss). The following table presents the changes for the year ended December 31, 2021, and 2020 in the allowance for credit losses on loans held-for-investment: Year Ended December 31, (in thousands) 2021 2020 Balance at beginning of period $ 66,666 $ 16,692 (Benefit from) provision for credit losses (16,029) 49,974 Write-off (9,740) — Balance at end of period $ 40,897 $ 66,666 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 year ended December 31, 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 and carrying value of $17.8 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 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 year ended December 31, 2021, the Company resolved a senior loan that had an outstanding unpaid principal balance of $68.1 million. The loan had been placed on nonaccrual status during the year ended December 31, 2021. The Company recognized a write-off of $(9.7) million on the discounted payoff of the loan. As of December 31, 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. No other loans were considered past due as of December 31, 2021. The following table presents the carrying value of loans held-for-investment on nonaccrual status for the year ended December 31, 2021, and 2020: Year Ended December 31, (in thousands) 2021 2020 Nonaccrual loan carrying value at beginning of period $ 17,835 $ — Addition of nonaccrual loan carrying value $ 203,668 $ 17,835 Removal of nonaccrual loan carrying value $ (76,133) $ — Nonaccrual loan carrying value at end of period $ 145,370 $ 17,835 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 December 31, 2021, and December 31, 2020: (dollars in thousands) December 31, December 31, Risk Rating Number of Loans Unpaid Principal Balance Carrying Value Number of Loans Unpaid Principal Balance Carrying Value 1 9 $ 245,939 $ 245,042 6 $ 183,369 $ 182,730 2 58 2,002,008 1,983,615 50 1,863,590 1,847,332 3 25 747,631 739,343 29 1,055,782 1,026,662 4 11 633,153 627,938 17 762,636 732,310 5 2 168,094 145,370 1 67,057 58,769 Total 105 $ 3,796,825 $ 3,741,308 103 $ 3,932,434 $ 3,847,803 As of December 31, 2021, the weighted average risk rating of the Company’s portfolio was 2.6, weighted by unpaid principal balance, versus 2.7 as of December 31, 2020. The moderate improvement in the portfolio’s average risk rating year-over-year reflects originations of new loans, 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 year ended December 31, 2021. The following table presents the carrying value of loans held-for-investment as of December 31, 2021, and 2020 by risk rating and year of origination: December 31, 2021 (dollars in thousands) Origination Year Risk Rating 2021 2020 2019 2018 2017 2016 Prior Total 1 $ — $ — $ 136,138 $ 75,592 $ — $ 33,312 $ — $ 245,042 2 $ 623,992 $ 90,381 $ 828,432 $ 347,173 $ 12,877 $ 31,872 $ 48,888 $ 1,983,615 3 $ 45,062 $ 59,186 $ 147,214 $ 242,662 $ 153,732 $ 68,012 $ 23,475 $ 739,343 4 $ — $ — $ 260,672 $ 74,808 $ 173,081 $ — $ 119,377 $ 627,938 5 $ — $ — $ — $ 99,515 $ 45,855 $ — $ — $ 145,370 Total $ 669,054 $ 149,567 $ 1,372,456 $ 839,750 $ 385,545 $ 133,196 $ 191,740 $ 3,741,308 December 31, 2020 (dollars in thousands) Origination Year Risk Rating 2020 2019 2018 2017 2016 Prior Total 1 $ — $ 18,291 $ 75,190 $ 55,706 $ 33,543 $ — $ 182,730 2 $ 75,707 $ 1,014,194 $ 472,491 $ 194,625 $ 35,999 $ 54,316 $ 1,847,332 3 $ 12,377 $ 395,160 $ 304,104 $ 247,120 $ 67,901 $ — $ 1,026,662 4 $ 42,163 $ 110,202 $ 242,200 $ 194,317 $ — $ 143,428 $ 732,310 5 $ — $ 58,769 $ — $ — $ — $ — $ 58,769 Total $ 130,247 $ 1,596,616 $ 1,093,985 $ 691,768 $ 137,443 $ 197,744 $ 3,847,803 During the year ended December 31, 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 December 31, 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 December 31, 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 year ended December 31, 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, and at any given time may be pursuing, 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 year ended December 31, 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 year ended December 31, 2021, the Company entered into a loan modification related to this asset which included, among other changes, a reallocation of certain loan reserve accounts. 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 December 31, 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 Level 3 inputs, which

Variable Interest Entities and

Variable Interest Entities and Securitized Debt Obligations	12 Months Ended
	Dec. 31, 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 consolidated balance sheets as of December 31, 2021, and December 31, 2020: (in thousands) December 31, December 31, Loans held-for-investment $ 2,257,768 $ 1,200,479 Allowance for credit losses (16,904) (15,914) Loans held-for-investment, net 2,240,864 1,184,565 Restricted cash 10,377 62,804 Other assets 14,803 8,563 Total Assets $ 2,266,044 $ 1,255,932 Securitized debt obligations $ 1,677,619 $ 927,128 Other liabilities 1,816 1,092 Total Liabilities $ 1,679,435 $ 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 consolidated balance sheets. The following table details our CRE CLO securitized debt obligations: (in thousands) December 31, December 31, Securitized Debt Obligations Principal Balance Carrying Value Wtd. Avg. Yield/Cost (1) Principal Balance Carrying Value Wtd. Avg. Yield/Cost (1) GPMT 2021-FL4 CRE CLO Collateral assets $ 621,409 $ 613,504 L+3.7% $ — $ — N/A Financing provided 502,564 498,117 L+1.7% — — N/A GPMT 2021-FL3 CRE CLO Collateral assets (2) 768,850 763,607 L+3.9% — — N/A Financing provided 630,818 629,049 L+1.7% — — N/A GPMT 2019-FL2 CRE CLO Collateral assets 617,119 605,831 L+4.1% 762,228 750,185 L+ 3.4% Financing provided 446,849 445,920 L+1.8% 653,835 650,908 L+ 1.6% GPMT 2018-FL1 CRE CLO Collateral assets 270,722 268,322 L+5.0% 442,517 434,380 L+ 4.2% Financing provided 104,532 104,532 L+2.8% 276,118 276,220 L+ 1.8% Total Collateral assets $ 2,278,100 $ 2,251,264 L+4.0% $ 1,204,745 $ 1,184,565 L+ 3.7% Financing provided $ 1,684,763 $ 1,677,618 L+1.8% $ 929,953 $ 927,128 L+ 1.7% ____________________ (1) Calculations of all in yield on collateral assets at origination are based on a number of assumptions (some or all of which may not occur) and are expressed as monthly equivalent yields that include net origination fees and exit fees and exclude future fundings and any potential or completed loan amendments or modifications. Calculations of cost of funds is the weighted average coupon of the CRE CLO, exclusive of any CRE CLO issuance costs. (2) Includes $10.4 million of restricted cash as of December 31, 2021.

Secured Financing Agreements

Secured Financing Agreements	12 Months Ended
	Dec. 31, 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 December 31, 2021, and December 31, 2020: December 31, 2021 (in thousands) Maturity Date (1) Amount Outstanding Unused Capacity Total Capacity Carrying Value of Collateral Weighted Average Borrowing Rate Repurchase facilities: Morgan Stanley Bank (2) June 28, 2022 $ 230,982 $ 269,018 $ 500,000 $ 382,017 2.2 % Goldman Sachs Bank USA (3) July 13, 2023 81,227 168,773 250,000 111,811 2.6 % JPMorgan Chase Bank June 28, 2022 104,215 345,785 450,000 188,838 2.3 % Citibank January 9, 2023 202,944 297,056 500,000 285,767 1.8 % Wells Fargo Bank (4) June 28, 2022 57,917 42,083 100,000 86,409 2.3 % Total/Weighted Average $ 677,285 $ 1,122,715 $ 1,800,000 $ 1,054,842 Asset-specific financings: CIBC Bank USA Term Matched $ 43,622 $ 106,378 $ 150,000 $ 56,129 1.8 % Term financing facility: Goldman Sachs Bank USA (5) February 14, 2025 $ 127,145 $ — $ 127,145 $ 329,256 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 December 31, 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 December 31, 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 December 31, 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 December 31, 2021, and December 31, 2020, the Company’s borrowings outstanding on its secured financing facilities had contractual maturities as follows: December 31, 2021 (dollars in thousands) Repurchase Facilities Asset-Specific Financings Term Financing Facility (1) Total Amount Outstanding 2022 $ 393,114 $ 43,622 $ — $ 436,736 2023 284,171 — — 284,171 2024 — — — — 2025 — — 127,145 127,145 2026 — — — — Thereafter — — — — Total $ 677,285 $ 43,622 $ 127,145 $ 848,052 December 31, 2020 (dollars in thousands) Repurchase Facilities Asset-Specific Financings Term Financing Facility (1) Total Amount Outstanding 2021 $ 961,030 82,768 $ — $ 1,043,798 2022 361,797 40,323 — 402,120 2023 386,048 — — 386,048 2024 — — — — 2025 — — — — Thereafter — — — — Total $ 1,708,875 $ 123,091 $ — $ 1,831,966 __________________ (1) Amount outstanding includes unamortized debt issuance costs. The following table summarizes certain characteristics of the Company’s repurchase facilities and counterparty concentration at December 31, 2021, and December 31, 2020: December 31, 2021 December 31, 2020 (dollars in thousands) Amount Outstanding Net Counterparty Exposure (1) Percent of Equity Weighted Average Years to Maturity Amount Outstanding Net Counterparty Exposure (1) Percent of Equity Weighted Average Years to Maturity Morgan Stanley Bank $ 230,982 $ 155,446 15 % 0.49 $ 435,719 $ 230,815 25 % 0.49 JPMorgan Chase Bank 104,215 87,103 9 % 0.49 361,797 187,282 20 % 1.50 Goldman Sachs Bank USA 81,227 31,852 3 % 1.53 395,990 203,297 22 % 0.33 Citibank 202,944 85,631 8 % 1.02 386,049 124,913 13 % 2.02 Wells Fargo Bank 57,917 29,320 3 % 0.49 129,320 57,483 6 % 0.49 Total $ 677,285 $ 389,352 $ 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 December 31, 2021: • Unrestricted cash cannot be less than the greater of $30.0 million and 5.0% of recourse indebtedness. As of December 31, 2021, the Company’s unrestricted cash was $191.9 million, while 5.0% of the Company’s recourse indebtedness was $31.6 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 $865.7 million. As of December 31, 2021, the Company’s tangible net worth was $1.1 billion • Target asset leverage ratio cannot exceed 77.5% and total leverage ratio cannot exceed 80.0%. As of December 31, 2021, the Company’s target asset leverage ratio was 66.5% and the Company’s total leverage ratio was 73.8%. • Minimum interest coverage must be greater than 1.5:1.0. As of December 31, 2021, the Company’s minimum interest coverage was 1.8:1.0 The Company may also be subject to additional financial covenants in connection with various other agreements it enters into in the normal course of our business. The Company intends to continue to operate in a manner which complies with all of its financial covenants. Senior Secured Term Loan Facilities On September 25, 2020, the Company, as a guarantor, and certain of its subsidiaries, 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 senior secured term loan facilities. On September 28, 2020, the Company borrowed $225.0 million under the initial term loan facility. The Company chose not to borrow the remaining $75.0 million of commitments under the senior secured term loan facilities, which were available to it on a delayed draw basis until September 25, 2021. Interest on the outstanding loans under the senior secured term loan facilities is payable quarterly in arrears and accrues at the rate of (i) 8.00% per annum for any period for which accrued interest is paid in cash or (ii) 9.00% per annum for any period for which the borrowers elect to pay up to 50% of accrued interest in kind by adding such interest to the principal amount of the loans. The senior secured term loan facilities will mature on September 25, 2025. The loans outstanding under the term loan facilities are non-amortizing and may be voluntarily repaid, in whole or in part, at any time, subject to certain prepayment premiums if they are repaid prior to September 25, 2023. On December 9, 2021, the Company prepaid $75.0 million of borrowings under the senior secured term loan facilities, resulting in a total payment of approximately $79.9 million, inclusive of the principal amount, prepayment penalty and accrued interest. As a result of this repayment, the Company realized a charge on early extinguishment of debt of approximately $(8.9) million, or $(0.17) per share, comprised of the prepayment penalty and a pro-rata charge-off of unamortized discount including transaction costs. Subsequent to December 31, 2021, on February 16, 2022, the Company prepaid an additional $50.0 million of borrowings under the senior secured term loan facilities, resulting in a total payment of approximately $53.0 million, inclusive of the principal amount, prepayment penalty and accrued interest. As a result of this repayment, the Company realized a charge on early extinguishment of debt of approximately $(5.8) million, or $(0.11) per basic share, comprised of the prepayment penalty and a pro-rata charge-off of unamortized discount including transaction costs. Warrants to Purchase Shares of Common Stock In connection with the senior secured term loan facilities, on September 25, 2020, the Company issued warrants to purchase up to 6.066 million shares of the Company’s common stock, $0.01 par value per share to certain investment vehicles managed by PIMCO. On September 25, 2021, the 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 senior secured term loan facilities. On September 30, 2021, the Company settled 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. 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: Year Ended December 31, (in thousands) 2021 2020 Principal outstanding $ 150,000 $ 225,000 Less: Unamortized debt discount and issuance costs (10,120) (18,552) Net carrying value $ 139,880 $ 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 December 31, 2021.

Convertible Senior Notes

Convertible Senior Notes	12 Months Ended
	Dec. 31, 2021
Debt Disclosure [Abstract]
Convertible Senior Notes	Convertible Senior Notes In December 2017, the Company closed a private placement of $125.0 million aggregate principal amount of convertible senior notes due 2022. In January 2018, an additional $18.8 million in notes were issued by the Company in connection with the exercise of the initial purchaser’s option. The net proceeds from the offering were approximately $139.5 million after deducting underwriting discounts and expenses. The notes are unsecured, pay interest semiannually at a rate of 5.625% per annum and are convertible at the option of the holder into shares of the Company’s common stock. The notes will mature in December 2022, unless earlier converted or repurchased in accordance with their terms. The Company does not have the right to redeem the notes prior to maturity, but may be required to repurchase the notes from holders under certain circumstances. As of December 31, 2021, the notes had a conversion rate of 51.9943 shares of common stock per $1,000 principal amount of the notes . In October 2018, the Company closed an underwritten public offering of $131.6 million aggregate principal amount of convertible senior notes due 2023. The net proceeds from the offering were approximately $127.7 million after deducting underwriting discounts and expenses. The notes are unsecured, pay interest semiannually at a rate of 6.375% per annum and are convertible at the option of the holder into shares of the Company’s common stock. The notes will mature in October 2023, unless earlier converted or repurchased in accordance with their terms. The Company does not have the right to redeem the notes prior to maturity, but may be required to repurchase the notes from holders under certain circumstances. As of December 31, 2021, the notes had a conversion rate of 50.0894 shares of common stock per $1,000 principal amount of the notes . The consolidated amount outstanding due on convertible senior notes as of December 31, 2021, and December 31, 2020, was $272.9 million and $271.3 million, respectively, net of deferred issuance costs. The following table details the interest expense related to the Convertible Senior Notes: Year Ended December 31, (in thousands) 2021 2020 Cash coupon $ 16,475 $ 16,475 Amortization of issuance costs 1,692 1,617 Total interest expense $ 18,167 $ 18,092 The following table details the carrying value of the Convertible Senior Notes: December 2022 Convertible Senior Notes Year Ended December 31, (in thousands) 2021 2020 Principal outstanding $ 143,750 $ 143,750 Less: Unamortized issuance costs (875) (1,774) Net carrying value $ 142,875 $ 141,976 October 2023 Convertible Senior Notes Year Ended December 31, (in thousands) 2021 2020 Principal outstanding $ 131,600 $ 131,600 Less: Unamortized issuance costs (1,533) (2,326) Net carrying value $ 130,067 $ 129,274

Senior Secured Term Loan Facili

Senior Secured Term Loan Facilities and Warrants to Purchase Shares of Common Stock	12 Months Ended
	Dec. 31, 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 December 31, 2021, and December 31, 2020: December 31, 2021 (in thousands) Maturity Date (1) Amount Outstanding Unused Capacity Total Capacity Carrying Value of Collateral Weighted Average Borrowing Rate Repurchase facilities: Morgan Stanley Bank (2) June 28, 2022 $ 230,982 $ 269,018 $ 500,000 $ 382,017 2.2 % Goldman Sachs Bank USA (3) July 13, 2023 81,227 168,773 250,000 111,811 2.6 % JPMorgan Chase Bank June 28, 2022 104,215 345,785 450,000 188,838 2.3 % Citibank January 9, 2023 202,944 297,056 500,000 285,767 1.8 % Wells Fargo Bank (4) June 28, 2022 57,917 42,083 100,000 86,409 2.3 % Total/Weighted Average $ 677,285 $ 1,122,715 $ 1,800,000 $ 1,054,842 Asset-specific financings: CIBC Bank USA Term Matched $ 43,622 $ 106,378 $ 150,000 $ 56,129 1.8 % Term financing facility: Goldman Sachs Bank USA (5) February 14, 2025 $ 127,145 $ — $ 127,145 $ 329,256 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 December 31, 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 December 31, 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 December 31, 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 December 31, 2021, and December 31, 2020, the Company’s borrowings outstanding on its secured financing facilities had contractual maturities as follows: December 31, 2021 (dollars in thousands) Repurchase Facilities Asset-Specific Financings Term Financing Facility (1) Total Amount Outstanding 2022 $ 393,114 $ 43,622 $ — $ 436,736 2023 284,171 — — 284,171 2024 — — — — 2025 — — 127,145 127,145 2026 — — — — Thereafter — — — — Total $ 677,285 $ 43,622 $ 127,145 $ 848,052 December 31, 2020 (dollars in thousands) Repurchase Facilities Asset-Specific Financings Term Financing Facility (1) Total Amount Outstanding 2021 $ 961,030 82,768 $ — $ 1,043,798 2022 361,797 40,323 — 402,120 2023 386,048 — — 386,048 2024 — — — — 2025 — — — — Thereafter — — — — Total $ 1,708,875 $ 123,091 $ — $ 1,831,966 __________________ (1) Amount outstanding includes unamortized debt issuance costs. The following table summarizes certain characteristics of the Company’s repurchase facilities and counterparty concentration at December 31, 2021, and December 31, 2020: December 31, 2021 December 31, 2020 (dollars in thousands) Amount Outstanding Net Counterparty Exposure (1) Percent of Equity Weighted Average Years to Maturity Amount Outstanding Net Counterparty Exposure (1) Percent of Equity Weighted Average Years to Maturity Morgan Stanley Bank $ 230,982 $ 155,446 15 % 0.49 $ 435,719 $ 230,815 25 % 0.49 JPMorgan Chase Bank 104,215 87,103 9 % 0.49 361,797 187,282 20 % 1.50 Goldman Sachs Bank USA 81,227 31,852 3 % 1.53 395,990 203,297 22 % 0.33 Citibank 202,944 85,631 8 % 1.02 386,049 124,913 13 % 2.02 Wells Fargo Bank 57,917 29,320 3 % 0.49 129,320 57,483 6 % 0.49 Total $ 677,285 $ 389,352 $ 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 December 31, 2021: • Unrestricted cash cannot be less than the greater of $30.0 million and 5.0% of recourse indebtedness. As of December 31, 2021, the Company’s unrestricted cash was $191.9 million, while 5.0% of the Company’s recourse indebtedness was $31.6 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 $865.7 million. As of December 31, 2021, the Company’s tangible net worth was $1.1 billion • Target asset leverage ratio cannot exceed 77.5% and total leverage ratio cannot exceed 80.0%. As of December 31, 2021, the Company’s target asset leverage ratio was 66.5% and the Company’s total leverage ratio was 73.8%. • Minimum interest coverage must be greater than 1.5:1.0. As of December 31, 2021, the Company’s minimum interest coverage was 1.8:1.0 The Company may also be subject to additional financial covenants in connection with various other agreements it enters into in the normal course of our business. The Company intends to continue to operate in a manner which complies with all of its financial covenants. Senior Secured Term Loan Facilities On September 25, 2020, the Company, as a guarantor, and certain of its subsidiaries, 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 senior secured term loan facilities. On September 28, 2020, the Company borrowed $225.0 million under the initial term loan facility. The Company chose not to borrow the remaining $75.0 million of commitments under the senior secured term loan facilities, which were available to it on a delayed draw basis until September 25, 2021. Interest on the outstanding loans under the senior secured term loan facilities is payable quarterly in arrears and accrues at the rate of (i) 8.00% per annum for any period for which accrued interest is paid in cash or (ii) 9.00% per annum for any period for which the borrowers elect to pay up to 50% of accrued interest in kind by adding such interest to the principal amount of the loans. The senior secured term loan facilities will mature on September 25, 2025. The loans outstanding under the term loan facilities are non-amortizing and may be voluntarily repaid, in whole or in part, at any time, subject to certain prepayment premiums if they are repaid prior to September 25, 2023. On December 9, 2021, the Company prepaid $75.0 million of borrowings under the senior secured term loan facilities, resulting in a total payment of approximately $79.9 million, inclusive of the principal amount, prepayment penalty and accrued interest. As a result of this repayment, the Company realized a charge on early extinguishment of debt of approximately $(8.9) million, or $(0.17) per share, comprised of the prepayment penalty and a pro-rata charge-off of unamortized discount including transaction costs. Subsequent to December 31, 2021, on February 16, 2022, the Company prepaid an additional $50.0 million of borrowings under the senior secured term loan facilities, resulting in a total payment of approximately $53.0 million, inclusive of the principal amount, prepayment penalty and accrued interest. As a result of this repayment, the Company realized a charge on early extinguishment of debt of approximately $(5.8) million, or $(0.11) per basic share, comprised of the prepayment penalty and a pro-rata charge-off of unamortized discount including transaction costs. Warrants to Purchase Shares of Common Stock In connection with the senior secured term loan facilities, on September 25, 2020, the Company issued warrants to purchase up to 6.066 million shares of the Company’s common stock, $0.01 par value per share to certain investment vehicles managed by PIMCO. On September 25, 2021, the 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 senior secured term loan facilities. On September 30, 2021, the Company settled 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. 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: Year Ended December 31, (in thousands) 2021 2020 Principal outstanding $ 150,000 $ 225,000 Less: Unamortized debt discount and issuance costs (10,120) (18,552) Net carrying value $ 139,880 $ 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 December 31, 2021.

Cash, Cash Equivalents and Rest

Cash, Cash Equivalents and Restricted Cash	12 Months Ended
	Dec. 31, 2021
Cash and Cash Equivalents [Abstract]
Cash, Cash Equivalents and Restricted Cash	Cash, Cash Equivalents and Restricted Cash Cash and cash equivalents include cash held in bank accounts and cash held in money market funds on an overnight basis. The Company is required to maintain certain cash balances in restricted accounts as collateral for the Company’s repurchase facilities and with counterparties to support investment activities. As of December 31, 2021, the Company held $2.0 million in restricted cash in connection with its non-CRE CLO financing activities, compared to $5.0 million as of December 31, 2020. In addition, as of December 31, 2021, the Company held $10.4 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 consolidated balance sheets as of December 31, 2021, and December 31, 2020, that sum to the total of the same such amounts shown in the consolidated statements of cash flows: (in thousands) December 31, December 31, Cash and cash equivalents $ 191,931 $ 261,419 Restricted cash 12,362 67,774 Total cash, cash equivalents and restricted cash $ 204,293 $ 329,193

Fair Value

Fair Value	12 Months Ended
	Dec. 31, 2021
Fair Value Disclosures [Abstract]
Fair Value	Fair Value Fair Value Measurements ASC 820, Fair Value Measurements , or ASC 820, defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. ASC 820 clarifies that fair value should be based on the assumptions market participants would use when pricing an asset or liability and establishes a fair value hierarchy that prioritizes the information used to develop those assumptions. The fair value hierarchy gives the highest priority to quoted prices available in active markets ( i.e. , market-based or observable inputs) and the lowest priority to data lacking transparency ( i.e. , unobservable inputs) resulting in the use of management assumptions. Additionally, ASC 820 requires an entity to consider all aspects of nonperformance risk, including the entity’s own credit standing, when measuring fair value of a liability. ASC 820 establishes a three-level hierarchy to be used when measuring and disclosing fair value. An instrument’s categorization within the fair value hierarchy is based on the lowest level of significant input to its valuation. Following is a description of the three levels: Level 1 Inputs are quoted prices in active markets for identical assets or liabilities as of the measurement date under current market conditions. Additionally, the entity must have the ability to access the active market and the quoted prices cannot be adjusted by the entity. Level 2 Inputs include quoted prices in active markets for similar assets or liabilities; quoted prices in inactive markets for identical or similar assets or liabilities; or inputs that are observable or can be corroborated by observable market data by correlation or other means for substantially the full-term of the assets or liabilities. Level 3 Unobservable inputs are supported by little or no market activity. The unobservable inputs represent the assumptions that market participants would use to price the assets and liabilities, including risk. Generally, Level 3 assets and liabilities are valued using pricing models, discounted cash flow methodologies or similar techniques that require significant judgment or estimation. Following are descriptions of the valuation methodologies used to measure material assets and liabilities at fair value and details of the valuation models, key inputs to those models and significant assumptions utilized. Recurring Fair Value As of December 31, 2021, and December 31, 2020, the Company held no assets or liabilities measured at fair value on a recurring basis. Nonrecurring Fair Value The Company may be required to measure certain assets or liabilities at fair value from time to time. These periodic fair value measures typically result from the application of 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 year ended December 31, 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 December 31, 2021, these two loans have an aggregate outstanding principal balance of $168.1 million, and an aggregate carrying value of $145.4 million. The Company recorded a CECL reserve on these two assets based on its estimation of the fair value of each loan’s underlying property collateral, less costs to sell, as of December 31, 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 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 December 31, 2021. The Company categorizes the fair value measurement of these assets as Level 2. • Senior secured term loan facilities are carried at their unpaid principal balance, net of any unamortized deferred issuance costs. The Company estimates the fair value of its senior secured term loan facilities at the carrying value thereof as of December 31, 2021. The Company categorizes the fair value measurement of these assets as Level 2. The following table presents the carrying values and estimated fair values of assets and liabilities that are required to be recorded or disclosed at fair value at December 31, 2021, and December 31, 2020: December 31, 2021 December 31, 2020 (in thousands) Carrying Value Fair Value Carrying Value Fair Value Assets Loans held-for-investment, net of allowance for credit losses $ 3,741,308 $ 3,771,216 $ 3,847,803 $ 3,867,286 Cash and cash equivalents $ 191,931 $ 191,931 $ 261,419 $ 261,419 Restricted cash $ 12,362 $ 12,362 $ 67,774 $ 67,774 Liabilities Repurchase facilities $ 677,285 $ 677,285 $ 1,708,875 $ 1,708,875 Securitized debt obligations $ 1,677,619 $ 1,681,514 $ 927,128 $ 916,701 Asset-specific financings $ 43,622 $ 43,622 $ 123,091 $ 123,091 Term financing facility $ 127,145 $ 127,145 $ — $ — Convertible senior notes $ 272,942 $ 278,554 $ 271,250 $ 257,411 Senior secured term loan facilities $ 139,880 $ 139,880 $ 206,448 $ 206,448

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2021
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies The following represent the material commitments and contingencies of the Company as of December 31, 2021: Legal and Regulatory From time to time, the Company may be subject to liability under laws and government regulations and various claims and legal actions arising in the ordinary course of business. Liabilities are established for legal claims when payments associated with the claims become probable and the costs can be reasonably estimated. The actual costs of resolving legal claims may be substantially higher or lower than the amounts established for those claims. Based on information currently available, management is not aware of any legal or regulatory claims that would have a material effect on the Company’s consolidated financial statements and, therefore, no accrual is required as of December 31, 2021. Unfunded Commitments on Loans Held-for-Investment Certain of the Company’s commercial real estate loan agreements contain provisions and obligations to extend credit to its borrowers through its unfunded loan commitments over the contractual period of its loans. As of December 31, 2021, and December 31, 2020, the Company had unfunded loan commitments of $403.6 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. As of December 31, 2021, the Company recognized $1.5 million in other liabilities related to the allowance for credit losses on unfunded loan commitments. See Note 3 - Loans Held-for-Investment, Net of Allowance for Credit Losses for further detail.

Preferred Stock

Preferred Stock	12 Months Ended
	Dec. 31, 2021
Equity [Abstract]
Preferred Stock	Preferred Stock Temporary Equity The Company’s 10% cumulative redeemable 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 has been issued and may be issued in the future. 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 years ended December 31, 2021, and 2020, the Company declared dividends to the preferred stockholder of $100,000. Issuance of Sub-REIT Preferred Stock In January 2021, a subsidiary of the Company issued 625 shares of Series A preferred stock of which 500 shares were retained by the Company and 125 shares were sold to third party investors for proceeds of $0.1 million. The 500 preferred shares of Series A preferred stock retained by the Company are eliminated in the Company’s consolidated statements of changes in equity and the 125 shares sold to third-party investors are shown in the Company’s consolidated statements of changes in equity as non-controlling interests. Issuance of 7.00% Series A Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock On November 30, 2021, and December 10, 2021, the Company received total net proceeds of $110.5 million from the issuance of the 4,596,500 shares of Series A Preferred Stock, or the Initial Series A Preferred Stock Shares, after deducting the underwriting discount of $3.6 million and issuance costs of $0.8 million. The Company used the net proceeds from the offering to partially prepay the senior secured term loan facilities and for general corporate purposes. The Series A Preferred Stock is currently listed on the NYSE under the symbol “GPMT PrA.” Subsequent to December 31, 2021, on January 18, 2022, and February 8, 2022, the Company received total net proceeds of $87.4 million from the issuance of the 3,633,000 additional shares of Series A Preferred Stock, or the Additional Series A Preferred Stock Shares, after deducting the underwriting discount of $2.9 million and issuance costs of $0.5 million. The Company plans to use the net proceeds from this offering for general corporate purposes. Holders of the Series A Preferred Stock are entitled to receive, when and as declared, a dividend at a fixed rate of 7.00% per annum of the $25.00 liquidation preference. The first dividend on the Initial Series A Preferred Stock Shares was payable on January 18, 2022, and covered the period from, and including, November 30, 2021, to, but not including, January 15, 2022, and was in the amount of $0.15069 per share. The first dividend on the Additional Series A Preferred Stock Shares is payable on April 15, 2022, and will cover the period from, and including, January 15, 2022, to, but not including, April 15, 2022, and will be in the amount of $0.4375 per share. The Series A Preferred Stock has a liquidation preference of $25.00 per share. When, as, and if authorized by the Company’s board of directors and declared by the Company, dividends on Series A Preferred Stock are payable on the 15 th of April, July, October and January of each year at a rate per annum equal to 7.00% per annum of the $25.00 per share liquidation preference. Dividends on the Series A Preferred Stock are cumulative. On and after November 30, 2026, the Company, at its option, upon not fewer than 30 days’ nor more than 60 days’ written notice, may redeem the Series A Preferred Stock, in whole, at any time, or in part, from time to time, for cash, at a redemption price of $25.00 per share, plus any accrued and unpaid dividends thereon to, but excluding, the date fixed for redemption. Upon the occurrence of a Change of Control event, the company, at our option, upon not less than 30 nor more than 60 days’ written notice, redeem the Series A Preferred Stock, in whole or in part, within 120 days on or after the first date on which such Change of Control occurred, for cash at a redemption price of $25.00 per share, plus any accumulated and unpaid dividends thereon to, but excluding, the redemption date, without interest. If, prior to the Change of Control Conversion Date, we have provided notice of our election to redeem some or all of the shares of Series A Preferred. Holders of Series A Preferred Stock will not have any voting rights except as set forth in the Articles Supplementary.

Stockholders' Equity

Stockholders' Equity	12 Months Ended
	Dec. 31, 2021
Stockholders' Equity Attributable to Parent [Abstract]
Stockholders' Equity	Stockholders’ Equity Common Stock Distributions to Stockholders The following table presents cash dividends declared by the Company’s board of directors on its common stock from December 31, 2018, through December 31, 2021: Declaration Date Record Date Payment Date Cash Dividend Per Share 2021 December 16, 2021 December 31, 2021 January 18, 2022 $ 0.25 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 $ 1.00 2020 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 $ 0.65 2019 December 18, 2019 December 31, 2019 January 17, 2020 $ 0.42 September 18, 2019 October 3, 2019 October 18, 2019 $ 0.42 June 20, 2019 July 5, 2019 July 19, 2019 $ 0.42 March 20, 2019 April 1, 2019 April 18, 2019 $ 0.42 $ 1.68 Share Repurchases On December 16, 2021, the Company announced that its board of directors increased the Company’s share repurchase program to allow for the repurchase of up to an aggregate of 4,000,000 shares of the Company’s common stock. The Company’s share repurchase program 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 year ended December 31, 2021, the Company repurchased 1,301,612 shares of its common stock at a weighted average price of $13.65 per share for an aggregate cost of $17.8 million. As of December 31, 2021, there remained 2,698,388 shares authorized for repurchase. No shares were repurchased during the year ended December 31, 2020. The Company has also authorized the repurchase of shares of restricted common stock granted to employees and directors for tax withholding purposes. During the year ended December 31, 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 year ended December 31, 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 December 31, 2021, 3,242,364 shares of common stock had been sold under the equity distribution agreement for total accumulated net proceeds of approximately $61.2 million. No shares were sold during the years ended December 31, 2021, and 2020. Warrants to Purchase Common Stock See Note 7 - Senior Secured Term Loan Facilities and Warrants to Purchase Shares of Common Stock for details on warrants to purchase shares of the Company’s common stock. Preferred Stock Distributions to Stockholders The following table presents cash dividends declared by the Company’s board of directors on its Series A preferred stock from December 31, 2018, through December 31, 2021: Declaration Date Record Date Payment Date Cash Dividend Per Share December 16, 2021 December 31, 2021 January 18, 2022 $ 0.15069

Equity Incentive Plan

Equity Incentive Plan	12 Months Ended
	Dec. 31, 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 December 31, 2021, the Company had 2,225,991 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 December 31, 2021, there was $0.7 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 1.1 years. For the year ended December 31, 2021, the Company recognized $7.6 million of compensation expense associated with these awards, compared to $5.3 million and $4.8 million for the year ended December 31, 2020, and 2019, respectively, within compensation and benefits expense on the consolidated statements of income (loss). As of December 31, 2021, there was $5.5 million of total unrecognized compensation cost for awards of RSUs that will be recognized over the grants’ remaining weighted average vesting period of 1.9 years. For the year ended December 31, 2021, the Company recognized $4.3 million of compensation expense associated with these awards within compensation and benefits expense on the consolidated statements of income (loss). The Company did not recognize any compensation expense associated with grants of RSUs in any period prior to January 1, 2021. Awards of PSUs have a three three As of December 31, 2021, there was $3.9 million of total unrecognized compensation cost for awards of PSUs that will be recognized over the grants’ remaining weighted average vesting period of 1.5 years. For the year ended December 31, 2021, the Company recognized $1.0 million of compensation expense associated with these awards within compensation and benefits expenses on the 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, RSUs and PSUs for the year ended December 31, 2021: Restricted Stock RSUs PSUs Weighted Average Grant Date Fair Market Value Outstanding at December 31, 2018 321,134 — — $ 18.04 Granted 277,107 — — 19.31 Vested (136,870) — — (18.20) Forfeited — — — — Outstanding at December 31, 2019 461,371 — — $ 18.75 Granted 367,489 403,903 — 12.81 Vested (243,713) — — (18.74) Forfeited (15,612) — — (18.68) Outstanding at December 31, 2020 569,535 403,903 — $ 14.93 Granted — 564,415 347,896 11.43 Vested (189,820) (31,078) — (12.74) Forfeited (115,053) (3,957) — (16.16) Outstanding at December 31, 2021 264,662 933,283 347,896 12.48 Below is a summary of restricted stock, RSU and PSU vesting dates as of December 31, 2021: Vesting Year Restricted Stock RSUs PSUs Total Awards 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 264,662 933,283 347,896 1,545,841

Restructuring Charges

Restructuring Charges	12 Months Ended
	Dec. 31, 2021
Restructuring and Related Activities [Abstract]
Restructuring Charges	Restructuring Charges] [In connection with the Internalization, the Company made a one-time cash payment of $44.5 million to the Former Manager. See Note 1 – Organization and Operations

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2021
Income Tax Disclosure [Abstract]
Income Taxes	Income TaxesThe Company has elected to be taxed as a REIT under the Code for U.S. federal income tax purposes. As long as the Company qualifies as a REIT, the Company generally will not be subject to U.S. federal income taxes on that portion of its income that it distributes to its stockholders if it annually distributes at least 90% of its REIT taxable income, without regard to the deduction for dividends paid and excluding net capital gains and does not engage in prohibited transactions. For the year ended December 31, 2021, and 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 $0.3 million and $0.6 million, respectively. As of December 31, 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 Company intends to distribute 100% of its REIT taxable income for the taxable year ending December 31, 2021, in part with dividends paid in 2022, and comply 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. The Company’s taxable income before dividend distributions differs from its pre-tax net income for GAAP purposes primarily due to differences in timing between GAAP and tax accounting related to restructuring charges and provision for credit losses. These book to tax differences in the REIT are not reflected in the consolidated financial statements as the Company assumes it will retain its REIT status. The following is a reconciliation of the statutory federal and state rates to the effective rates for the year ended December 31, 2021, 2020, and 2019: Year Ended December 31, 2021 2020 2019 (dollars in thousands) Amount Percent Amount Percent Amount Percent Computed income tax expense at federal rate $ 14,394 21 % $ (8,368) 21 % $ 14,744 21 % State taxes, net of federal benefit, if applicable — — % — — % — — % Permanent differences in taxable income from GAAP net income (404) (1 %) (57) — % (150) — % Dividends paid deduction (13,798) (20 %) 9,018 (23 %) (14,598) (21 %) Provision for (benefit from) income taxes/ Effective Tax Rate $ 192 — % $ 593 (2 %) $ (4) — % The Company’s permanent differences in taxable income from GAAP net income (loss) attributable to common stockholders in the year ended December 31, 2021, 2020 and 2019 were primarily due to a recurring difference in compensation expense related to restricted stock dividends. Based on the Company’s evaluation, it has been concluded that there are no significant uncertain tax positions requiring recognition in the Company’s consolidated financial statements of a contingent tax liability for uncertain tax positions. Additionally, there were no amounts accrued for penalties or interest as of, or during, the periods presented in these consolidated financial statements.

Earnings Per Share

Earnings Per Share	12 Months Ended
	Dec. 31, 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 years ended December 31, 2021, 2020 and 2019: Year Ended December 31, (in thousands, except share data) 2021 2020 2019 Numerator: Net income (loss) attributable to common stockholders - basic $ 67,560 $ (40,539) $ 70,114 Interest expense attributable to convertible notes — — — Net income (loss) attributable to common stockholders - diluted $ 67,560 $ (40,539) $ 70,114 Denominator: Weighted average common shares outstanding 54,282,018 54,580,046 52,615,977 Weighted average restricted stock shares 311,481 576,436 471,418 Basic weighted average shares outstanding 54,593,499 55,156,482 53,087,395 Effect of dilutive shares issued in an assumed conversion of RSUs as additional shares 335,571 — — Effect of dilutive shares issued in an assumed conversion of PSUs as additional shares — — — Diluted weighted average shares outstanding 54,929,070 55,156,482 53,087,395 Earnings (loss) per share Basic $ 1.24 $ (0.73) $ 1.32 Diluted $ 1.23 $ (0.73) $ 1.32 For the years ended December 31, 2021, 2020 and 2019, excluded from the calculation of diluted earnings per share is the effect of adding back $18.2 million, $18.1 million and $18.0 million, respectively, of interest expense and 14,065,946, 13,717,782 and 13,670,796, 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. 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 year ended December 31, 2021, an additional 335,571 weighted-average unvested RSUs were included in the dilutive earnings per share denominator. For the year ended December 31, 2020, no additional weighted-average unvested RSUs were included in the dilutive earnings per share denominator, as their inclusion would be antidilutive. The Company did not have any RSUs outstanding as of December 31, 2019. The computation of diluted earnings per share is also based on the incremental shares that would be outstanding assuming the conversion of PSUs. The number of incremental shares is calculated by applying the treasury stock method. For the year ended December 31, 2021, no additional weighted-average unvested PSUs were included in the dilutive earnings per share denominator, as their inclusion would be antidilutive. The Company did not have any PSUs outstanding as of December 31, 2020, and 2019.

Related Party Transactions

Related Party Transactions	12 Months Ended
	Dec. 31, 2021
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions Prior to the Internalization, the Company paid the Former Manager a base management fee equal to 1.5% of the Company’s equity on an annualized basis. The Company incurred $15.8 million and 14.9 million, respectively, in management fees for the years ended December 31, 2020, and 2019, respectively. The Company did not incur a management fee for the year ended December 31, 2021, because the Company was not managed by the Former Manager during the period as a result of the Internalization. In addition, incentive fees, if earned, were payable to the Former Manager. No incentive fees were incurred for the years ended December 31, 2021, and 2020. The Company incurred $0.2 million as an incentive fee to the Former Manager for the year ended December 31, 2019. Prior to the Internalization, the Company reimbursed the Former Manager for certain direct and allocated costs incurred by the Former Manager on behalf of the Company. During the years ended December 31, 2020, and 2019, these direct and allocated costs totaled approximately $12.3 million and $11.7 million, respectively. No direct and allocated costs were incurred by the Former Manager on behalf of the Company during the year ended December 31, 2021, because the Company was not managed by the Former Manager during the period as a result of the Internalization. The Company recognized $7.6 million, $5.3 million and $4.8 million of compensation during the years ended December 31, 2021, 2020 and 2019, related to equity incentive awards issued to the Company’s personnel and the Company’s independent directors pursuant to the Plan. See Note 17 - Equity Incentive Plan for additional information. The terms of these transactions may have been different had they been transacted with an unrelated third-party.

Subsequent Events

Subsequent Events	12 Months Ended
	Dec. 31, 2021
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events Events subsequent to December 31, 2021 were evaluated through the date these consolidated financial statements were issued and no other additional events were identified requiring further disclosure in these consolidated financial statements other than as discussed below. On January 18, 2022, and February 8, 2022, the Company issued a total of 3,633,000 additional shares of its Series A Preferred Stock. See Note 11 – Preferred Stock for additional details. On February 16, 2022, the Company prepaid an additional $50.0 million of borrowings under the senior secured term loan facilities. See Note 7 – Senior Secured Term Loan Facilities and Warrants to Purchase Shares of Common Stock for additional details.

SCHEDULE IV

SCHEDULE IV	12 Months Ended
	Dec. 31, 2021
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Abstract]
SCHEDULE IV	SCHEDULE IV – MORTGAGE LOANS ON REAL ESTATE As of December 31, 2021 (dollars in thousands) Asset Type/ Location Interest Rate Maturity Date (2) Periodic Payment Terms (3) Prior Liens (4) Face Amount Carrying Amount (5) Principal Amount Subject to Delinquent Principal or Interest Senior Loans (1) Mixed-Use/Southwest L + 4.15 % 4/2022 IO $ — $ 120,000 $ 119,378 $ — Office/West L + 3.24 % 11/2022 IO — 92,997 92,350 — Retail/West L + 3.34 % 7/2021 IO — 114,128 99,516 114,128 Multifamily/Midwest L + 2.75 % 1/2024 IO — 95,408 94,612 — Office/Midwest L + 2.80 % 8/2022 IO — 92,731 92,086 — Mixed-Use/Northeast L + 3.75 % 1/2024 IO — 77,599 76,902 — Office/Midwest L + 3.69 % 8/2022 IO — 80,782 80,211 — Office/Southeast L + 2.55 % 11/2022 IO — 84,971 84,182 — Industrial/West L + 3.25 % 2/2023 IO — 63,443 63,032 — Mixed-Use/Southwest L + 2.69 % 7/2022 IO — 81,415 80,893 — Mixed-Use/Southeast L + 3.36 % 10/2022 IO — 76,846 76,235 — Office/Southeast L + 4.25 % 6/2022 IO — 68,158 68,012 — Hotel/Southwest L + 4.45 % 12/2022 IO — 71,495 70,696 — Office/Northeast L + 2.80 % 12/2022 IO — 50,201 49,747 — Multifamily/Southwest L + 3.00 % 7/2024 IO — 60,531 59,688 — Office/Southwest L + 3.00 % 10/2022 IO — 60,200 60,063 — Office/Southwest L + 2.90 % 12/2022 IO — 56,288 56,129 — Multifamily/West L + 3.15 % 10/2024 IO — 51,000 50,430 — Office/Northeast L + 3.30 % 7/2022 IO — 51,393 51,261 — Office/Northeast L + 4.07 % 10/2021 IO — 53,966 45,855 53,966 Mixed-Use/Northeast L + 3.40 % 11/2024 IO — 46,580 45,863 — Office/Southeast L + 4.32 % 7/2024 IO — 46,624 46,104 — Hotel/Midwest L + 5.00 % 10/2024 IO — 46,059 45,062 — Hotel/Southeast L + 3.30 % 3/2023 IO — 45,087 43,473 — Office/Midwest L + 3.25 % 4/2022 IO — 35,885 35,762 — Office/Northeast L + 3.73 % 5/2022 P&I — 48,980 48,888 — Office/Southeast L + 3.70 % 11/2024 IO — 44,115 43,512 — Office/Northeast L + 3.69 % 7/2024 IO — 45,361 44,747 — Hotel/West L + 3.60 % 7/2022 IO — 46,000 45,885 — Multifamily/Southwest L + 3.16 % 9/2024 IO — 45,448 44,562 — Multifamily/Southwest L + 3.13 % 9/2022 IO — 45,410 45,215 — Office/West L + 3.30 % 10/2024 IO — 37,778 37,204 — Mixed-Use/Northeast L + 3.20 % 5/2022 IO — 41,856 41,632 — Multifamily/Midwest L + 4.24 % 11/2022 IO — 42,433 41,380 — Mixed-Use/Northeast L + 4.38 % 1/2023 IO — 37,945 37,784 — Office/Northeast L + 2.93 % 10/2022 IO — 31,988 31,872 — Multifamily/Southeast L + 3.28 % 7/2024 IO — 24,198 23,860 — Office/Northeast L + 3.18 % 6/2022 IO — 34,804 34,747 — Hotel/Northeast L + 3.70 % 7/2022 IO — 36,198 36,014 — Asset Type/ Location Interest Rate Maturity Date (2) Periodic Payment Terms (3) Prior Liens (4) Face Amount Carrying Amount (5) Principal Amount Subject to Delinquent Principal or Interest Mixed-Use/West L + 3.60 % 12/2022 IO — 35,793 35,595 — Industrial/Northeast L + 2.85 % 5/2022 IO — 30,299 30,236 — Multifamily/Southeast L + 3.28 % 10/2023 IO — 33,510 33,254 — Office/Southeast L + 3.42 % 3/2023 IO — 15,970 15,713 — Office/Southwest L + 5.35 % 5/2022 IO — 31,295 31,278 — Office/West L + 2.75 % 10/2022 IO — 25,038 24,987 — Multifamily/Midwest L + 2.92 % 1/2023 IO — 32,065 31,068 — Office/Southwest L + 4.40 % 5/2022 IO — 29,837 29,726 — Office/West L + 3.15 % 10/2022 IO — 26,118 25,984 — Office/West L + 2.80 % 3/2023 IO — 27,581 27,350 — Multifamily/Southwest L + 2.90 % 7/2024 IO — 28,845 28,698 — Office/Northeast - 5.11 % 3/2026 P&I — 33,460 33,312 — Hotel/Midwest L + 4.07 % 7/2022 IO — 28,745 28,520 — Multifamily/Southeast L + 3.18 % 11/2024 IO — 28,400 28,016 — Multifamily/Southwest L + 3.15 % 11/2024 IO — 32,200 31,819 — Office/Northeast L + 2.97 % 4/2022 IO — 27,984 27,929 — Office/Northeast L + 3.32 % 8/2022 IO — 24,052 24,010 — Multifamily/Southwest L + 2.80 % 8/2022 IO — 31,199 31,095 — Multifamily/Midwest L + 2.75 % 12/2022 IO — 31,120 30,989 — Mixed-Use/Northeast L + 4.07 % 5/2022 IO — 30,995 30,341 — Office/Southeast L + 4.00 % 5/2022 P&I — 29,215 28,953 — Multifamily/Southeast L + 3.22 % 7/2024 IO — 29,701 29,408 — Office/West L + 3.18 % 11/2022 IO — 19,079 18,935 — Multifamily/Southwest L + 2.97 % 2/2022 IO — 26,901 26,873 — Hotel/Midwest L + 3.90 % 12/2022 IO — 27,500 27,321 — Multifamily/Northeast L + 4.10 % 7/2022 IO — 27,250 27,146 — Hotel/West L + 3.83 % 8/2022 IO — 24,000 23,977 — Office/Northeast L + 2.90 % 2/2022 IO — 24,446 24,399 — Multifamily/Southeast L + 3.15 % 8/2022 IO — 26,319 26,033 — Office/Southeast L + 2.95 % 7/2022 IO — 22,451 22,421 — Hotel/Southwest L + 5.13 % 1/2022 IO — 26,000 25,826 — Multifamily/Northeast L + 4.00 % 5/2023 IO — 24,367 24,293 — Industrial/Southeast L + 3.15 % 11/2025 IO — 25,650 25,297 — Mixed-Use/Northeast L + 3.87 % 10/2022 IO — 22,019 21,660 — Multifamily/Southwest L + 2.66 % 8/2022 IO — 23,900 23,753 — Office/West L + 3.30 % 1/2025 IO — 16,700 16,441 — Hotel/Midwest L + 4.07 % 4/2022 P&I — 24,714 23,475 — Hotel/Northeast L + 4.90 % 9/2022 P&I — 21,635 21,479 — Multifamily/West L + 3.18 % 10/2024 IO — 22,477 22,155 — Other/Midwest L + 3.86 % 12/2024 IO — 20,400 20,154 — Office/Midwest L + 3.00 % 8/2022 IO — 19,248 19,202 — Multifamily/Southwest L + 3.50 % 6/2024 IO — 15,404 15,180 — Office/West L + 2.95 % 8/2022 IO — 20,000 19,914 — Office/Southeast L + 4.05 % 3/2022 IO — 23,000 22,984 — Retail/Southeast L + 4.21 % 7/2022 IO — 17,856 17,635 — Asset Type/ Location Interest Rate Maturity Date (2) Periodic Payment Terms (3) Prior Liens (4) Face Amount Carrying Amount (5) Principal Amount Subject to Delinquent Principal or Interest Hotel/Northeast L + 4.21 % 10/2022 IO — 22,315 22,095 — Multifamily/Midwest L + 4.05 % 5/2022 IO — 22,235 22,190 — Other/Northeast L + 4.50 % 6/2022 IO — 21,500 21,382 — Office/Southwest L + 3.24 % 4/2022 IO — 19,251 19,154 — Multifamily/Southeast L + 3.25 % 8/2024 IO — 20,176 19,911 — Multifamily/Midwest L + 2.93 % 4/2022 IO — 20,797 20,715 — Mixed-Use/Southeast L + 2.90 % 6/2022 IO — 19,920 19,847 — Multifamily/Northeast L + 3.24 % 5/2024 IO — 19,963 19,831 — Multifamily/Southeast L + 3.99 % 6/2024 IO — 16,428 16,260 — Mixed-Use/Northeast L + 4.77 % 2/2022 IO — 17,610 17,560 — Office/West L + 3.20 % 12/2022 IO — 16,604 16,557 — Multifamily/Southwest L + 4.29 % 4/2022 IO — 18,700 18,655 — Multifamily/Southwest L + 3.40 % 2/2022 IO — 18,285 18,277 — Office/Northeast L + 4.77 % 8/2022 IO — 14,490 14,393 — Multifamily/Midwest L + 3.35 % 6/2025 IO — 13,500 13,303 — Office/West L + 3.75 % 2/2022 IO — 11,528 11,484 — Office/Northeast L + 3.96 % 7/2022 IO — 11,679 11,651 — Office/West L + 3.65 % 9/2024 IO — 13,970 13,758 — Multifamily/Midwest L + 2.99 % 9/2022 IO — 11,781 11,731 — Mezzanine Loans Hotel/West 8.00 % 2/2027 P&I 40,000 14,006 12,876 — Hotel/Northeast 13.00 % 11/2025 P&I 59,000 1,048 — — Total loans held-for-investment $ 99,000 $ 3,796,825 $ 3,741,308 $ 168,094 ______________________________________________________________________________________________________ (1) “Senior” means a loan primarily secured by a first priority lien on commercial real property and related personal property and also includes, when applicable, any companion subordinate loans. (2) Based on contractual maturity date as of December 31, 2021. Certain commercial mortgage loans are subject to contractual extension options which may be subject to conditions as stipulated in the loan agreement. Actual maturities may differ from contractual maturities stated herein as certain borrowers may have the right to prepay with or without paying a prepayment penalty. The Company may also extend contractual maturities in connection with loan modifications. (3) Principal and interest, or P&I; Interest-only, or IO. Certain commercial mortgage loans labeled as P&I are non-amortizing until a specific date when they begin amortizing P&I, as stated in the loan agreements. (4) Represents third-party priority liens. Third party portions of pari-passu participations are not considered prior liens. (5) As of December 31, 2021, the aggregate tax basis of the Company’s loans held-for-investment was $3.8 billion .

Basis of Presentation and Sig_2

Basis of Presentation and Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2021
Accounting Policies [Abstract]
Consolidation and Basis of Presentation	Consolidation and Basis of Presentation The accompanying consolidated financial statements include the accounts of all subsidiaries; inter-company accounts and transactions have been eliminated. Certain prior period amounts have been reclassified to conform to the current period presentation. The accounting and reporting policies of the Company conform to U.S. generally accepted accounting principles, or GAAP. All entities in which the Company holds investments that are considered variable interest entities, or VIEs, 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. See Note 4 - Variable Interest Entities and Securitized Debt Obligations to the Company’s Consolidated Financial Statements included in this Annual Report on Form 10-K for additional details regarding consolidation of VIEs.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make a number of significant estimates. These include estimates of amount and timing of allowances for credit losses, fair value of certain assets and liabilities, and other estimates that affect the reported amounts of certain assets and liabilities as of the date of the consolidated financial statements and the reported amounts of certain revenues and expenses during the reported period. It is likely that changes in these estimates (e.g., valuation changes to the underlying collateral of loans due to changes in market capitalization rates, leasing, credit worthiness of major tenants, occupancy rates, availability of financing, exit plan, loan sponsorship, actions of other lenders, overall economic and capital markets conditions, the broader commercial real estate market, local geographic sub-markets or other factors) will occur in the near term. As the novel coronavirus, or COVID-19, pandemic has evolved from its emergence in early 2020, so has its global impact. During the year ended December 31, 2021, many countries have re-instituted or strongly encouraged varying levels of quarantines and restrictions on travel, and in some cases have at times limited operations of certain businesses and taken other restrictive measures designed to help slow the spread of COVID-19 and its variants. Governments and businesses have also instituted vaccine mandates and testing requirements for employees. While vaccine availability and uptake have increased, the longer-term macroeconomic effects on global supply chains, inflation, labor shortages and wage increases continue to impact many industries, including those related to the collateral underlying certain of our loans. Moreover, with the potential for new strains of COVID-19 to emerge, governments and businesses may re-impose aggressive measures to help slow its spread in the future. For this reason, among others, as the COVID-19 pandemic continues, the potential global impacts are uncertain and difficult to assess. We believe the estimates and assumptions underlying our
Loans Held-for-Investment, Net	Loans Held-for-Investment, Net The Company originates and acquires commercial real estate debt and related instruments generally to be held as long-term investments. These assets are classified as loans held-for-investment on the consolidated balance sheets. Additionally, the Company finances pools of its commercial real estate loans through collateralized loan obligations, or 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 control 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 and classifies the underlying loans as loans held-for-investment. Interest income on loans held-for-investment is recorded on the consolidated statements of comprehensive income (loss). Loans held-for-investment are reported at cost, net of allowance for credit losses, any unamortized acquisition premiums or discounts, loan fees and origination costs, as applicable. The Company accounts for credit losses based on ASU 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments , or ASU 2016-13. 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 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, level of interest rates 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. The Company considers loan investments that are both (i) expected to be substantially repaid through the operation or sale of the underlying collateral, and (ii) for which the borrower is experiencing financial difficulty, to be “collateral-dependent” loans. For loans that the Company determines foreclosure of the collateral is probable, the Company measures the expected losses based on the difference between the fair value of the collateral and the amortized cost basis of the loan as of the measurement date. For collateral-dependent loans that the Company determines foreclosure is not probable, the Company applies a practical expedient to estimate expected losses using the difference between the collateral’s fair value (less costs to sell the asset if repayment is expected through the sale of the collateral) and the amortized cost basis of the loan. For loans assigned a risk rating of “5,” the Company has determined that the recovery of the loan’s principal is collateral-dependent. Accordingly, these loans are assessed individually and the Company elected to apply a practical expedient in accordance with ASU 2016-13. While utilizing the practical expedient for collateral-dependent loans, the Company estimates the 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 when applicable. The estimation of the fair value of the collateral property also involves using various Level 3 unobservable inputs, which are inherently uncertain and subjective, and are in part developed based on discussions with various market participants and management’s best estimates, which may vary depending on the information available and market conditions as of the valuation date. Selecting the appropriate inputs and assumptions requires significant judgment and consideration of various factors that are specific to the underlying collateral property being assessed. The Company’s estimate of the fair value of the collateral property is sensitive to both the valuation methodology selected and inputs used in the analysis. As a result, the fair value of the collateral property used in determining the expected credit losses is subject to uncertainty and any actual losses, if incurred, could differ materially from the estimated provision for credit losses. Interest income on loans held-for-investment is recognized at the loan coupon rate. Any premiums or discounts, loan fees, contractual exit fees and origination costs are amortized or accreted into interest income over the life of the loans using the effective interest method. Generally, loans held-for-investment are placed on nonaccrual status when delinquent for more than 90 days or when determined not to be probable of full collection. Interest income recognition is suspended when loans are placed on nonaccrual status. Interest accrued, but not collected, at the date loans are placed on nonaccrual is reversed and subsequently recognized only to the extent it is received in cash or until it qualifies for return to accrual status. However, when there is doubt regarding the ultimate collectability of loan principal, all cash received is applied to reduce the carrying value of such loans. Loans held-for-investment are restored to accrual status only when contractually current or the collection of future payments is reasonably assured. The Company may make exceptions to placing a loan on nonaccrual status if the loan has sufficient collateral value and is in the process of collection or has been modified. The allowance for credit losses is recorded in accordance with ASU 2016-13, and is a valuation account that is deducted from the amortized cost basis of loans held-for-investment on the Company’s consolidated balance sheets. Changes to the allowance for credit losses are recognized through net income (loss) on the Company’s consolidated statements of comprehensive income (loss). The allowance is based on relevant information about past events, including historical loss experience, current portfolio, market conditions and reasonable and supportable forecasts for the duration of each respective loan. All loans held-for-investment within the Company’s portfolio have some amount of expected loss to reflect the GAAP principal underlying the Current Expected Credit Loss, or CECL, model that all loans have some inherent risk of loss, regardless of credit quality, subordinate capital or other mitigating factors. ASU 2016-13 replaced the incurred loss model under existing guidance with a CECL model for instruments measured at amortized cost, and requires entities to record allowances for AFS debt securities rather than reduce the carrying amount, as they did under the other-than-temporary impairment model. It also simplified the accounting model for purchased credit-impaired debt securities and loans. In addition, the new model applies to off-balance sheet credit exposures, such as unfunded loan commitments. In connection with the Company’s adoption of ASU 2016-13, the Company implemented new processes, including the utilization of loan loss forecasting models, updates to its reserve policy documentation, changes to its internal reporting process and related internal controls. The Company has implemented loan loss forecasting models for estimating expected life-time credit losses, at the individual loan level, for its commercial mortgage loan portfolio. The CECL forecasting methods the Company uses include (i) a probability of default and loss given default method using a third party CMBS/CRE loan database with historical loan loss data beginning in 1998, and (ii) probability weighted expected cash flow method, depending on the type of loan and the availability of relevant historical market loan loss data. The Company might use other acceptable alternative approaches in the future depending on, among other factors, the type of loan, underlying collateral and availability of relevant historical market loan loss data. The Company estimates its CECL allowance for its loan portfolio at the individual loan level. Significant inputs to the Company’s forecasting methods include (i) key loan-specific inputs such as vintage year, loan term, underlying property type, geographic location, and expected timing and amount of future loan fundings, (ii) performance against the underwritten business plan and our internal loan risk rating, and (iii) a macroeconomic forecast. In certain instances, the Company considers relevant loan-specific qualitative factors to certain loans to estimate its CECL allowance. The Company’s loans typically include commitments to fund incremental proceeds to its borrowers over the life of the loan. Those future funding commitments are also subject to a CECL reserve. The CECL reserve related to future loan fundings is recorded as a component of other liabilities on the Company’s consolidated balance sheets, and not as an offset to the related loan balance. This CECL reserve is estimated using the same process outlined above for the Company’s outstanding loan balances, and changes in this component of the CECL reserve will similarly flow through the Company’s consolidated statements of operations. These estimates of the Company’s CECL reserve may change in future periods based on available future macroeconomic, capital markets, loan specific and other data, and might result in a material change in the Company’s future estimates of expected credit losses for its loan portfolio.
Available-for-Sale Securities, at Fair Value, Held-to-Maturity Securities and Loans Held-for-Sale	Available-for-Sale Securities at Fair Value From time to time, the Company may selectively invest in commercial mortgage-backed securities, or CMBS, representing interests in pools of commercial mortgage loans issued by trusts. In the past, the Company had designated investments in certain CMBS as available-for-sale, or AFS, because the Company had the ability to dispose of them prior to maturity. All assets classified as AFS would be reported at estimated fair value with unrealized gains and losses included in accumulated other comprehensive income (loss). Interest income on AFS securities is accrued based on the outstanding principal balance and contractual terms. Premiums and discounts associated with CMBS are amortized into interest income over the life of such securities using the effective yield method. As part of the adoption of ASU 2016-13, the Company evaluates AFS securities to determine whether a decline in the fair value below the amortized cost basis (impairment) is due to credit-related factors or noncredit-related factors. Any impairment that is not credit-related is recognized in other comprehensive income (loss), net of applicable taxes. Credit-related impairment is recognized as an allowance for credit losses on the consolidated statements of comprehensive income (loss), limited to the amount by which the amortized cost basis exceeds the fair value, with a corresponding adjustment to earnings. Both the allowance for credit losses and the adjustment to net income (loss) may be reversed if conditions change. Changes in the allowance for credit losses are recorded as provision for credit loss expense. The Company did not hold any AFS securities as of December 31, 2021. Prior to the adoption of ASU 2016-13, on a quarterly basis, the Company evaluated its AFS securities to assess whether a decline in the fair value of an AFS security below the Company’s amortized cost basis was an other-than-temporary impairment, or OTTI. The presence of OTTI was based upon a fair value decline below a security’s amortized cost basis and a corresponding adverse change in expected cash flows due to credit related factors, as well as non-credit factors, such as changes in interest rates and market spreads. Impairment was considered other-than-temporary if an entity (i) intended to sell the security, (ii) would more likely than not be required to sell the security before it recovered in value, or (iii) did not expect to recover the security’s amortized cost basis, even if the entity did not intend to sell the security. Under these scenarios, the impairment was other-than-temporary and the full amount of impairment recognized in earnings and the cost basis of the investment security was adjusted. However, if an entity did not intend to sell the impaired debt security and it was more likely than not that it would not be required to sell before recovery, the OTTI is separated into (i) the estimated amount relating to credit loss, or credit component, and (ii) the amount relating to all other factors, or non-credit component. Only the estimated credit loss amount was recognized in earnings, with the remainder of the loss amount recognized in other comprehensive income (loss). The difference between the new amortized cost basis and the cash flows expected to be collected was accreted as interest income in accordance with the effective interest method. Held-to-Maturity Securities In the past, the Company designated investments in certain CMBS as held-to-maturity, or HTM, because the Company had both the ability and intent to hold them until maturity. All assets classified as HTM were reported at stated cost plus any premiums or discounts, which were amortized or accreted through the consolidated statements of comprehensive income (loss) using the effective interest method. As part of the adoption of ASU 2016-13, the Company no longer records impairments for credit losses as adjustments to the amortized cost for HTM debt securities, but rather records an allowance for credit losses. The carrying values of debt securities are presented net of any allowance for credit losses. The Company did not hold any HTM securities as of December 31, 2021. Prior to the adoption of ASU 2016-13, the Company evaluated its HTM securities, on a quarterly basis, to assess whether a decline in the fair value of an HTM security below the Company’s amortized cost basis is an OTTI. The presence of OTTI is based upon a fair value decline below a security’s amortized cost basis and a corresponding adverse change in expected cash flows due to credit related factors. Impairment was considered other-than-temporary if an entity did not expect to recover the security’s amortized cost basis. Impairment was recognized in earnings and the cost basis of the HTM security was adjusted. Loans Held-for-Sale The Company classifies certain loans as held-for-sale based on management’s intent to sell or otherwise dispose of them. Loans held-for-sale are reported at the lower of amortized cost or fair value. Fair value is determined under the guidance of ASC 820. Interest income on loans held-for-sale is recognized at the loan coupon rate and recorded on the consolidated statements of comprehensive income (loss).
Cash and Cash Equivalents	Cash and Cash Equivalents Cash and cash equivalents represent cash held in banks and liquid investments with original maturities of three months or less. The Company may have bank balances in excess of federally insured amounts; however, the Company deposits its cash and cash equivalents with high credit-quality institutions to minimize credit risk exposure. The Company has not experienced, and does not expect, any losses on its cash or cash equivalents.
Restricted Cash	Restricted Cash Restricted cash includes certain cash balances the Company is required to maintain in restricted accounts as collateral for the Company’s repurchase agreements and with counterparties to support activities related to securities. Cash held by counterparties as collateral, which resides in non-interest-bearing accounts, is not available to the Company for general corporate purposes, but may be applied against amounts due to securities and repurchase agreement counterparties or returned to the Company when the collateral requirements are exceeded or at the maturity of the repurchase agreement.
Accrued Interest Receivable	Accrued Interest Receivable Accrued interest receivable represents interest that is due and payable to the Company. Cash interest is generally received within 30 days of recording the receivable. The Company generally writes off the accrued interest receivable balance when interest is 90 days or more past due unless the loan is both well secured and in the process of collection. Write-offs of accrued interest receivable are recognized within the provision for credit losses in the consolidated statements of comprehensive income (loss). Accrued interest receivable includes deferred interest that may be collected at the loan maturity or past 90 days, and an allowance for credit losses has been included as part of the loan’s amortized cost. Accrued interest receivable is included within other assets on the Company’s consolidated balance sheets.
Due from Counterparties	Due from CounterpartiesDue from counterparties includes cash held by counterparties as collateral against the Company’s repurchase agreements but represents excess capacity and deemed unrestricted and a receivable from the counterparty as of the balance sheet date. Due from counterparties is included within other assets on the Company’s consolidated balance sheets.
Repurchase Agreements	Repurchase Agreements The Company finances the acquisition of its loans held-for-investment through the use of repurchase agreements. Borrowings under repurchase agreements generally bear interest rates of a specified margin over one-month London Interbank Offered Rate, or LIBOR, and are generally uncommitted. The repurchase agreements are treated as collateralized financing transactions and are carried at their contractual amounts, as specified in the respective agreements.
Asset-Specific Financings	Asset-Specific Financings The Company finances certain of its loans held-for-investment through the use of an asset-specific financing facility. Borrowings under the asset-specific financing facility generally bear interest rates of a specified margin over one-month LIBOR. The asset-specific financings are treated as collateralized financing transactions and are carried at their contractual amounts, as specified in the respective agreements.
Revolving Credit Facilities	Revolving Credit Facilities In the past, the Company has financed the acquisition of certain of its loans held-for-investment through the use of revolving credit facilities. Borrowings under revolving credit facilities have generally borne interest rates of a specified margin over one-month LIBOR and have generally been uncommitted. Revolving credit facilities are treated as collateralized financing transactions and are carried at their contractual amounts, as specified in the respective agreements.
Deferred Debt Issuance Costs	Deferred Debt Issuance Costs Because the outstanding balance of the Company’s repurchase agreement facilities, asset-specific financings and revolving credit facilities may fluctuate as the Company borrows and repays amounts, the Company presents unamortized deferred debt issuance costs related to these credit facilities as an asset on its consolidated balance sheets within other assets. Amortization of deferred debt issuance costs over the term of the related facilities is reported within interest expense on the consolidated statements of comprehensive income (loss).
Securitized Debt Obligations	Securitized Debt Obligations The Company finances pools of its loans held-for-investment through CRE CLOs retaining the subordinate securities in its investment portfolio. The CRE CLOs are accounted for as financing arrangements and consolidated on the Company’s consolidated financial statements. The securitized debt obligations not retained by the Company, which are nonrecourse to the Company beyond the assets held in the CRE CLOs, are recorded at outstanding principal balance, net of any unamortized deferred debt issuance costs, on the Company’s consolidated balance sheets. See Note 4 - Variable Interest Entities and Securitized Debt Obligations to the Company’s Consolidated Financial Statements included in this Annual Report on Form 10-K for additional details regarding consolidation of VIEs.
Convertible Senior Notes and Senior Secured Term Loan Facilities	Convertible Senior Notes Convertible senior notes include unsecured convertible debt that are carried at their unpaid principal balance, net of any unamortized deferred issuance costs, on the Company’s consolidated balance sheets. Interest on the notes is payable semiannually until such time the notes mature or are converted into shares of the Company’s common stock. Amortization of deferred debt issuance costs over the term of the notes is reported within interest expense on convertible senior notes on the consolidated statements of comprehensive income (loss). Senior Secured Term Loan Facilities The Company records senior secured term loan facilities as liabilities at their unpaid principal balance, net of any unamortized deferred issuance costs, on the Company’s consolidated balance sheets. Where applicable, any issue discount or transaction expenses are deferred and amortized over the term of the loan using the effective interest method, and is included within interest expense in the Company’s consolidated statements of comprehensive income (loss), while the unamortized balance is included as a reduction to the carrying amount on the Company’s consolidated balance sheets. See Note 7 - Senior Secured Term Loan Facilities and Warrants to Purchase Shares of Common Stock to the Company’s Consolidated Financial Statements included in this Annual Report on Form 10-K for additional details regarding the senior secured term loan facilities and warrants.
Accrued Interest Payable	Accrued Interest Payable Accrued interest payable represents interest that is due and payable to third parties. Interest is generally paid within 30 days to three months of recording the payable, based upon the Company’s remittance requirements. Accrued interest payable is included within other liabilities on the Company’s consolidated balance sheets.
Income Taxes	Income Taxes The Company has elected to be taxed as a REIT under the Code and the corresponding provisions of state law. To qualify as a REIT, the Company must distribute at least 90% of its annual REIT taxable income to stockholders (not including taxable income retained in its taxable subsidiaries) within the time frame set forth in the Code and the Company must also meet certain other requirements. In addition, because certain activities, if performed by the Company, may cause the Company to earn income which is not qualifying for the REIT gross income tests, the Company has formed a TRS, as defined in the Code, to engage in such activities. The TRS’s activities are subject to income taxes, as well as any REIT taxable income not distributed to stockholders. The Company assesses its tax positions for all open tax years and determines whether the Company has any material unrecognized liabilities in accordance with ASC 740, Income Taxes
Related Party Management Fee and Operating Expenses	Related Party Management Fee and Operating ExpensesThe 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. Prior to the Internalization, the Company paid the Former Manager a base management fee equal to 1.5% of the Company’s equity on an annualized basis, as well as an incentive fee, which was payable, if earned, beginning in the fourth quarter of 2018, in accordance with the terms of the management agreement with the Former Manager, or the Management Agreement.
Temporary and Permanent Equity	Temporary Equity The Company accounts for its temporary equity in accordance with ASC 480, Distinguishing Liabilities from Equity . Holders of the Company’s temporary equity have certain preference rights with respect to the common stock. Based on the Company’s analysis, the 10% cumulative redeemable preferred stock has been classified as redeemable interests outside of permanent equity in the mezzanine section of the Company’s consolidated balance sheets as a result of certain redemption requirements or other terms. Permanent Equity The Company has common stock, and preferred stock, outstanding that are classified as permanent equity. The Company’s common stock is perpetual in nature with voting rights and dividend rights. The Company’s 7.00% Series A Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock, or the Series A Preferred Stock, is classified as permanent equity. The outstanding shares of Series A Preferred Stock have a 7.00% dividend rate and may be redeemed by the Company on and after November 30, 2026. See Note 11 – Preferred Stock to the Company’s Consolidated Financial Statements included in this
Earnings (Loss) Per Share	Earnings (Loss) Per Share Basic and diluted earnings per share are computed by dividing net income by the weighted average number of common shares and potential common shares outstanding. For both basic and diluted per share calculations, potential common shares represent issued and unvested shares of restricted stock, which have full rights to the common stock dividend declarations of the Company. If the assumed conversion of convertible notes into common shares is dilutive, diluted earnings per share is adjusted by adding back the periodic interest expense (net of any tax effects) associated with dilutive convertible notes to net income attributable to common stockholders and adding the shares issued in an assumed conversion to the diluted weighted average share count.
Other Comprehensive Income (Loss)	Other Comprehensive Income (Loss) Current period net unrealized gains and losses on AFS securities are reported as components of accumulated other comprehensive income (loss) on the consolidated statements of stockholders’ equity and in the consolidated statements of comprehensive income (loss).
Equity Incentive Plan	Equity Incentive Plan The Company has adopted the 2017 Equity Incentive Plan, or the Plan, to provide incentive compensation to attract and retain qualified directors, officers, advisors, consultants and other personnel. The Plan is administered by the compensation committee of the Company’s board of directors. The Plan permits the granting of restricted shares of common stock, phantom shares, dividend equivalent rights and other equity-based awards. See Note 13 - Equity Incentive Plan for further details regarding the Plan.
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 December 31, 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. There will be no impact to the Company’s consolidated financial statements upon adoption of ASU 2020-06.

Loans Held-for-Investment, Ne_2

Loans Held-for-Investment, Net of Allowance for Credit Losses (Tables)	12 Months Ended
	Dec. 31, 2021
Receivables [Abstract]
Schedule of Loans Held-for-Investment	The following tables summarize the Company’s loans held-for-investment by asset type, property type and geographic location as of December 31, 2021, and December 31, 2020: December 31, (dollars in thousands) Senior Loans (1) Mezzanine Loans B-Notes Total Unpaid principal balance $ 3,781,771 $ 1,048 $ 14,006 $ 3,796,825 Unamortized (discount) premium (70) — — (70) Unamortized net deferred origination fees (14,550) — — (14,550) Allowance for credit losses (38,719) (1,048) (1,130) (40,897) Carrying value $ 3,728,432 $ — $ 12,876 $ 3,741,308 Unfunded commitments $ 403,584 $ — $ — $ 403,584 Number of loans 103 1 1 105 Weighted average coupon 4.5 % 13.0 % 8.0 % 4.5 % Weighted average years to maturity (2) 1.1 3.9 5.1 1.1 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) December 31, December 31, Property Type Carrying Value % of Loan Portfolio Carrying Value % of Loan Portfolio Office $ 1,703,951 45.5 % $ 1,720,705 44.7 % Multifamily 1,061,434 28.4 % 910,557 23.7 % Hotel 464,816 12.4 % 646,869 16.8 % Retail 341,834 9.1 % 332,218 8.6 % Industrial 118,564 3.2 % 196,677 5.1 % Other 50,709 1.4 % 40,777 1.1 % Total $ 3,741,308 100.0 % $ 3,847,803 100.0 %
Schedule of Loans Held-for-Investment by Geographic Location	(dollars in thousands) December 31, December 31, Geographic Location Carrying Value % of Loan Portfolio Carrying Value % of Loan Portfolio Northeast $ 917,029 24.5 % $ 1,028,584 26.8 % Southwest 836,955 22.4 % 802,233 20.8 % West 658,429 17.6 % 682,236 17.7 % Midwest 637,784 17.0 % 712,675 18.5 % Southeast 691,111 18.5 % 622,075 16.2 % Total $ 3,741,308 100.0 % $ 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 year ended December 31, 2021, and 2020: Year Ended December 31, (in thousands) 2021 2020 Balance at beginning of period $ 3,847,803 $ 4,226,212 Originations, additional fundings, upsizing of loans and capitalized deferred interest 834,461 372,859 Repayments (960,330) (486,422) Transfers to loans held-for-sale — (210,452) Net discount accretion (premium amortization) 5 13 Increase in net deferred origination fees (9,766) (3,642) Amortization of net deferred origination fees 13,106 15,901 Benefit from (provision for) credit losses 16,029 (66,666) Balance at end of period $ 3,741,308 $ 3,847,803
Rollforward of Allowance for Credit Losses	The following table presents the changes for the year ended December 31, 2021, and 2020 in the allowance for credit losses on loans held-for-investment: Year Ended December 31, (in thousands) 2021 2020 Balance at beginning of period $ 66,666 $ 16,692 (Benefit from) provision for credit losses (16,029) 49,974 Write-off (9,740) — Balance at end of period $ 40,897 $ 66,666
Financing Receivable, Nonaccrual	The following table presents the carrying value of loans held-for-investment on nonaccrual status for the year ended December 31, 2021, and 2020: Year Ended December 31, (in thousands) 2021 2020 Nonaccrual loan carrying value at beginning of period $ 17,835 $ — Addition of nonaccrual loan carrying value $ 203,668 $ 17,835 Removal of nonaccrual loan carrying value $ (76,133) $ — Nonaccrual loan carrying value at end of period $ 145,370 $ 17,835
Schedule of Loans Held-for-Investment by Internal Risk Rating	The following table presents the number of loans, unpaid principal balance and carrying value by risk rating for loans held-for-investment as of December 31, 2021, and December 31, 2020: (dollars in thousands) December 31, December 31, Risk Rating Number of Loans Unpaid Principal Balance Carrying Value Number of Loans Unpaid Principal Balance Carrying Value 1 9 $ 245,939 $ 245,042 6 $ 183,369 $ 182,730 2 58 2,002,008 1,983,615 50 1,863,590 1,847,332 3 25 747,631 739,343 29 1,055,782 1,026,662 4 11 633,153 627,938 17 762,636 732,310 5 2 168,094 145,370 1 67,057 58,769 Total 105 $ 3,796,825 $ 3,741,308 103 $ 3,932,434 $ 3,847,803 The following table presents the carrying value of loans held-for-investment as of December 31, 2021, and 2020 by risk rating and year of origination: December 31, 2021 (dollars in thousands) Origination Year Risk Rating 2021 2020 2019 2018 2017 2016 Prior Total 1 $ — $ — $ 136,138 $ 75,592 $ — $ 33,312 $ — $ 245,042 2 $ 623,992 $ 90,381 $ 828,432 $ 347,173 $ 12,877 $ 31,872 $ 48,888 $ 1,983,615 3 $ 45,062 $ 59,186 $ 147,214 $ 242,662 $ 153,732 $ 68,012 $ 23,475 $ 739,343 4 $ — $ — $ 260,672 $ 74,808 $ 173,081 $ — $ 119,377 $ 627,938 5 $ — $ — $ — $ 99,515 $ 45,855 $ — $ — $ 145,370 Total $ 669,054 $ 149,567 $ 1,372,456 $ 839,750 $ 385,545 $ 133,196 $ 191,740 $ 3,741,308 December 31, 2020 (dollars in thousands) Origination Year Risk Rating 2020 2019 2018 2017 2016 Prior Total 1 $ — $ 18,291 $ 75,190 $ 55,706 $ 33,543 $ — $ 182,730 2 $ 75,707 $ 1,014,194 $ 472,491 $ 194,625 $ 35,999 $ 54,316 $ 1,847,332 3 $ 12,377 $ 395,160 $ 304,104 $ 247,120 $ 67,901 $ — $ 1,026,662 4 $ 42,163 $ 110,202 $ 242,200 $ 194,317 $ — $ 143,428 $ 732,310 5 $ — $ 58,769 $ — $ — $ — $ — $ 58,769 Total $ 130,247 $ 1,596,616 $ 1,093,985 $ 691,768 $ 137,443 $ 197,744 $ 3,847,803

Variable Interest Entities an_2

Variable Interest Entities and Securitized Debt Obligations (Tables)	12 Months Ended
	Dec. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Schedule of Variable Interest Entities	The following table presents a summary of the assets and liabilities of all VIEs consolidated on the Company’s consolidated balance sheets as of December 31, 2021, and December 31, 2020: (in thousands) December 31, December 31, Loans held-for-investment $ 2,257,768 $ 1,200,479 Allowance for credit losses (16,904) (15,914) Loans held-for-investment, net 2,240,864 1,184,565 Restricted cash 10,377 62,804 Other assets 14,803 8,563 Total Assets $ 2,266,044 $ 1,255,932 Securitized debt obligations $ 1,677,619 $ 927,128 Other liabilities 1,816 1,092 Total Liabilities $ 1,679,435 $ 928,220
Schedule Of Securitized Debt Obligations	The following table details our CRE CLO securitized debt obligations: (in thousands) December 31, December 31, Securitized Debt Obligations Principal Balance Carrying Value Wtd. Avg. Yield/Cost (1) Principal Balance Carrying Value Wtd. Avg. Yield/Cost (1) GPMT 2021-FL4 CRE CLO Collateral assets $ 621,409 $ 613,504 L+3.7% $ — $ — N/A Financing provided 502,564 498,117 L+1.7% — — N/A GPMT 2021-FL3 CRE CLO Collateral assets (2) 768,850 763,607 L+3.9% — — N/A Financing provided 630,818 629,049 L+1.7% — — N/A GPMT 2019-FL2 CRE CLO Collateral assets 617,119 605,831 L+4.1% 762,228 750,185 L+ 3.4% Financing provided 446,849 445,920 L+1.8% 653,835 650,908 L+ 1.6% GPMT 2018-FL1 CRE CLO Collateral assets 270,722 268,322 L+5.0% 442,517 434,380 L+ 4.2% Financing provided 104,532 104,532 L+2.8% 276,118 276,220 L+ 1.8% Total Collateral assets $ 2,278,100 $ 2,251,264 L+4.0% $ 1,204,745 $ 1,184,565 L+ 3.7% Financing provided $ 1,684,763 $ 1,677,618 L+1.8% $ 929,953 $ 927,128 L+ 1.7% ____________________ (1) Calculations of all in yield on collateral assets at origination are based on a number of assumptions (some or all of which may not occur) and are expressed as monthly equivalent yields that include net origination fees and exit fees and exclude future fundings and any potential or completed loan amendments or modifications. Calculations of cost of funds is the weighted average coupon of the CRE CLO, exclusive of any CRE CLO issuance costs. (2) Includes $10.4 million of restricted cash as of December 31, 2021.

Secured Financing Agreements (T

Secured Financing Agreements (Tables)	12 Months Ended
	Dec. 31, 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 December 31, 2021, and December 31, 2020: December 31, 2021 (in thousands) Maturity Date (1) Amount Outstanding Unused Capacity Total Capacity Carrying Value of Collateral Weighted Average Borrowing Rate Repurchase facilities: Morgan Stanley Bank (2) June 28, 2022 $ 230,982 $ 269,018 $ 500,000 $ 382,017 2.2 % Goldman Sachs Bank USA (3) July 13, 2023 81,227 168,773 250,000 111,811 2.6 % JPMorgan Chase Bank June 28, 2022 104,215 345,785 450,000 188,838 2.3 % Citibank January 9, 2023 202,944 297,056 500,000 285,767 1.8 % Wells Fargo Bank (4) June 28, 2022 57,917 42,083 100,000 86,409 2.3 % Total/Weighted Average $ 677,285 $ 1,122,715 $ 1,800,000 $ 1,054,842 Asset-specific financings: CIBC Bank USA Term Matched $ 43,622 $ 106,378 $ 150,000 $ 56,129 1.8 % Term financing facility: Goldman Sachs Bank USA (5) February 14, 2025 $ 127,145 $ — $ 127,145 $ 329,256 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 December 31, 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 December 31, 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 December 31, 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 December 31, 2021, and December 31, 2020, the Company’s borrowings outstanding on its secured financing facilities had contractual maturities as follows: December 31, 2021 (dollars in thousands) Repurchase Facilities Asset-Specific Financings Term Financing Facility (1) Total Amount Outstanding 2022 $ 393,114 $ 43,622 $ — $ 436,736 2023 284,171 — — 284,171 2024 — — — — 2025 — — 127,145 127,145 2026 — — — — Thereafter — — — — Total $ 677,285 $ 43,622 $ 127,145 $ 848,052 December 31, 2020 (dollars in thousands) Repurchase Facilities Asset-Specific Financings Term Financing Facility (1) Total Amount Outstanding 2021 $ 961,030 82,768 $ — $ 1,043,798 2022 361,797 40,323 — 402,120 2023 386,048 — — 386,048 2024 — — — — 2025 — — — — Thereafter — — — — Total $ 1,708,875 $ 123,091 $ — $ 1,831,966 __________________ (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 December 31, 2021, and December 31, 2020: December 31, 2021 December 31, 2020 (dollars in thousands) Amount Outstanding Net Counterparty Exposure (1) Percent of Equity Weighted Average Years to Maturity Amount Outstanding Net Counterparty Exposure (1) Percent of Equity Weighted Average Years to Maturity Morgan Stanley Bank $ 230,982 $ 155,446 15 % 0.49 $ 435,719 $ 230,815 25 % 0.49 JPMorgan Chase Bank 104,215 87,103 9 % 0.49 361,797 187,282 20 % 1.50 Goldman Sachs Bank USA 81,227 31,852 3 % 1.53 395,990 203,297 22 % 0.33 Citibank 202,944 85,631 8 % 1.02 386,049 124,913 13 % 2.02 Wells Fargo Bank 57,917 29,320 3 % 0.49 129,320 57,483 6 % 0.49 Total $ 677,285 $ 389,352 $ 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)	12 Months Ended
	Dec. 31, 2021
Debt Disclosure [Abstract]
Schedule of Interest Expense, Debt	The following table details the interest expense related to the Convertible Senior Notes: Year Ended December 31, (in thousands) 2021 2020 Cash coupon $ 16,475 $ 16,475 Amortization of issuance costs 1,692 1,617 Total interest expense $ 18,167 $ 18,092
Schedule of Long-term Debt Instruments	The following table details the carrying value of the Convertible Senior Notes: December 2022 Convertible Senior Notes Year Ended December 31, (in thousands) 2021 2020 Principal outstanding $ 143,750 $ 143,750 Less: Unamortized issuance costs (875) (1,774) Net carrying value $ 142,875 $ 141,976 October 2023 Convertible Senior Notes Year Ended December 31, (in thousands) 2021 2020 Principal outstanding $ 131,600 $ 131,600 Less: Unamortized issuance costs (1,533) (2,326) Net carrying value $ 130,067 $ 129,274 The table below summarizes the net carrying amount of the senior secured term loan facilities: Year Ended December 31, (in thousands) 2021 2020 Principal outstanding $ 150,000 $ 225,000 Less: Unamortized debt discount and issuance costs (10,120) (18,552) Net carrying value $ 139,880 $ 206,448

Senior Secured Term Loan Faci_2

Senior Secured Term Loan Facilities and Warrants to Purchase Shares of Common Stock (Tables)	12 Months Ended
	Dec. 31, 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 Year Ended December 31, (in thousands) 2021 2020 Principal outstanding $ 143,750 $ 143,750 Less: Unamortized issuance costs (875) (1,774) Net carrying value $ 142,875 $ 141,976 October 2023 Convertible Senior Notes Year Ended December 31, (in thousands) 2021 2020 Principal outstanding $ 131,600 $ 131,600 Less: Unamortized issuance costs (1,533) (2,326) Net carrying value $ 130,067 $ 129,274 The table below summarizes the net carrying amount of the senior secured term loan facilities: Year Ended December 31, (in thousands) 2021 2020 Principal outstanding $ 150,000 $ 225,000 Less: Unamortized debt discount and issuance costs (10,120) (18,552) Net carrying value $ 139,880 $ 206,448

Cash, Cash Equivalents and Re_2

Cash, Cash Equivalents and Restricted Cash (Tables)	12 Months Ended
	Dec. 31, 2021
Cash and Cash Equivalents [Abstract]
Schedule of Cash and Cash Equivalents	The following table provides a reconciliation of cash, cash equivalents and restricted cash reported on the Company’s consolidated balance sheets as of December 31, 2021, and December 31, 2020, that sum to the total of the same such amounts shown in the consolidated statements of cash flows: (in thousands) December 31, December 31, Cash and cash equivalents $ 191,931 $ 261,419 Restricted cash 12,362 67,774 Total cash, cash equivalents and restricted cash $ 204,293 $ 329,193

Fair Value (Tables)

Fair Value (Tables)	12 Months Ended
	Dec. 31, 2021
Fair Value Disclosures [Abstract]
Fair Value, by Balance Sheet Grouping	The following table presents the carrying values and estimated fair values of assets and liabilities that are required to be recorded or disclosed at fair value at December 31, 2021, and December 31, 2020: December 31, 2021 December 31, 2020 (in thousands) Carrying Value Fair Value Carrying Value Fair Value Assets Loans held-for-investment, net of allowance for credit losses $ 3,741,308 $ 3,771,216 $ 3,847,803 $ 3,867,286 Cash and cash equivalents $ 191,931 $ 191,931 $ 261,419 $ 261,419 Restricted cash $ 12,362 $ 12,362 $ 67,774 $ 67,774 Liabilities Repurchase facilities $ 677,285 $ 677,285 $ 1,708,875 $ 1,708,875 Securitized debt obligations $ 1,677,619 $ 1,681,514 $ 927,128 $ 916,701 Asset-specific financings $ 43,622 $ 43,622 $ 123,091 $ 123,091 Term financing facility $ 127,145 $ 127,145 $ — $ — Convertible senior notes $ 272,942 $ 278,554 $ 271,250 $ 257,411 Senior secured term loan facilities $ 139,880 $ 139,880 $ 206,448 $ 206,448

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	12 Months Ended
	Dec. 31, 2021
Stockholders' Equity Attributable to Parent [Abstract]
Schedule of Dividends Declared	The following table presents cash dividends declared by the Company’s board of directors on its common stock from December 31, 2018, through December 31, 2021: Declaration Date Record Date Payment Date Cash Dividend Per Share 2021 December 16, 2021 December 31, 2021 January 18, 2022 $ 0.25 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 $ 1.00 2020 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 $ 0.65 2019 December 18, 2019 December 31, 2019 January 17, 2020 $ 0.42 September 18, 2019 October 3, 2019 October 18, 2019 $ 0.42 June 20, 2019 July 5, 2019 July 19, 2019 $ 0.42 March 20, 2019 April 1, 2019 April 18, 2019 $ 0.42 $ 1.68 The following table presents cash dividends declared by the Company’s board of directors on its Series A preferred stock from December 31, 2018, through December 31, 2021: Declaration Date Record Date Payment Date Cash Dividend Per Share December 16, 2021 December 31, 2021 January 18, 2022 $ 0.15069

Equity Incentive Plan (Tables)

Equity Incentive Plan (Tables)	12 Months Ended
	Dec. 31, 2021
Share-based Payment Arrangement [Abstract]
Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity	The following table summarizes the grants, vesting and forfeitures of restricted common stock, RSUs and PSUs for the year ended December 31, 2021: Restricted Stock RSUs PSUs Weighted Average Grant Date Fair Market Value Outstanding at December 31, 2018 321,134 — — $ 18.04 Granted 277,107 — — 19.31 Vested (136,870) — — (18.20) Forfeited — — — — Outstanding at December 31, 2019 461,371 — — $ 18.75 Granted 367,489 403,903 — 12.81 Vested (243,713) — — (18.74) Forfeited (15,612) — — (18.68) Outstanding at December 31, 2020 569,535 403,903 — $ 14.93 Granted — 564,415 347,896 11.43 Vested (189,820) (31,078) — (12.74) Forfeited (115,053) (3,957) — (16.16) Outstanding at December 31, 2021 264,662 933,283 347,896 12.48 Below is a summary of restricted stock, RSU and PSU vesting dates as of December 31, 2021: Vesting Year Restricted Stock RSUs PSUs Total Awards 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 264,662 933,283 347,896 1,545,841

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2021
Income Tax Disclosure [Abstract]
Schedule of Effective Income Tax Rate Reconciliation	The following is a reconciliation of the statutory federal and state rates to the effective rates for the year ended December 31, 2021, 2020, and 2019: Year Ended December 31, 2021 2020 2019 (dollars in thousands) Amount Percent Amount Percent Amount Percent Computed income tax expense at federal rate $ 14,394 21 % $ (8,368) 21 % $ 14,744 21 % State taxes, net of federal benefit, if applicable — — % — — % — — % Permanent differences in taxable income from GAAP net income (404) (1 %) (57) — % (150) — % Dividends paid deduction (13,798) (20 %) 9,018 (23 %) (14,598) (21 %) Provision for (benefit from) income taxes/ Effective Tax Rate $ 192 — % $ 593 (2 %) $ (4) — %

Earnings Per Share (Tables)

Earnings Per Share (Tables)	12 Months Ended
	Dec. 31, 2021
Earnings Per Share [Abstract]
Schedule of Earnings Per Share, Basic and Diluted	The following table presents a reconciliation of the earnings and shares used in calculating basic and diluted earnings per share for the years ended December 31, 2021, 2020 and 2019: Year Ended December 31, (in thousands, except share data) 2021 2020 2019 Numerator: Net income (loss) attributable to common stockholders - basic $ 67,560 $ (40,539) $ 70,114 Interest expense attributable to convertible notes — — — Net income (loss) attributable to common stockholders - diluted $ 67,560 $ (40,539) $ 70,114 Denominator: Weighted average common shares outstanding 54,282,018 54,580,046 52,615,977 Weighted average restricted stock shares 311,481 576,436 471,418 Basic weighted average shares outstanding 54,593,499 55,156,482 53,087,395 Effect of dilutive shares issued in an assumed conversion of RSUs as additional shares 335,571 — — Effect of dilutive shares issued in an assumed conversion of PSUs as additional shares — — — Diluted weighted average shares outstanding 54,929,070 55,156,482 53,087,395 Earnings (loss) per share Basic $ 1.24 $ (0.73) $ 1.32 Diluted $ 1.23 $ (0.73) $ 1.32

Organization and Operations (De

Organization and Operations (Details)	12 Months Ended
	Dec. 31, 2021segment
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of operating segments	1

Basis of Presentation and Sig_3

Basis of Presentation and Significant Accounting Policies - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands	Nov. 30, 2021	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Threshold period delinquent for placement of financing receivable on nonaccrual status		90 days
Accounts receivable, concurrent, threshold period past due		30 days
REIT taxable income distribution requirement		90.00%
Percent per annum of equity used to calculate management fees (as a percent)		1.50%
Stockholders' equity, including portion attributable to noncontrolling interest		$ (1,013,183)	$ (933,846)	$ (1,019,136)	$ (827,531)
Basic (in usd per share)		$ 1.24	$ (0.73)	$ 1.32
Repayment of senior secured term loan facilities		$ 75,000	$ 0	$ 0
Preferred stock dividend rate (as a percent)		10.00%
Series A Preferred Stock
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Convertible senior notes interest rate per annum (as a percent)		7.00%
Preferred stock dividend rate (as a percent)	7.00%	7.00%
Cumulative effect of adoption of new accounting principle
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Stockholders' equity, including portion attributable to noncontrolling interest				$ 18,472

Loans Held-for-Investment, Ne_3

Loans Held-for-Investment, Net of Allowance for Credit Losses - Loans Held-for-Investment (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2021USD ($)loan	Dec. 31, 2020USD ($)loan	Dec. 31, 2019USD ($)
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unpaid principal balance	$ 3,796,825	$ 3,932,434
Unamortized (discount) premium	(70)	(75)
Unamortized net deferred origination fees	(14,550)	(17,890)
Allowance for credit losses	(40,897)	(66,666)	$ (16,692)
Loans held-for-investment, net	3,741,308	3,847,803	$ 4,226,212
Unfunded commitments	$ 403,584	$ 503,726
Number of loans | loan	105	103
Weighted average coupon (as a percent)	4.50%	5.10%
Weighted average years to maturity (in years)	1 year 1 month 6 days	1 year 1 month 6 days
Senior Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unpaid principal balance	$ 3,781,771	$ 3,915,833
Unamortized (discount) premium	(70)	(75)
Unamortized net deferred origination fees	(14,550)	(17,890)
Allowance for credit losses	(38,719)	(60,130)
Loans held-for-investment, net	3,728,432	3,837,738
Unfunded commitments	$ 403,584	$ 503,726
Number of loans | loan	103	101
Weighted average coupon (as a percent)	4.50%	5.10%
Weighted average years to maturity (in years)	1 year 1 month 6 days	1 year 1 month 6 days
Mezzanine Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unpaid principal balance	$ 1,048	$ 2,366
Unamortized (discount) premium	0	0
Unamortized net deferred origination fees	0	0
Allowance for credit losses	(1,048)	(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)	3 years 10 months 24 days	4 years 10 months 24 days
B-Notes
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unpaid principal balance	$ 14,006	$ 14,235
Unamortized (discount) premium	0	0
Unamortized net deferred origination fees	0	0
Allowance for credit losses	(1,130)	(4,170)
Loans held-for-investment, net	12,876	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 1 month 6 days	6 years 1 month 6 days

Loans Held-for-Investment, Ne_4

Loans Held-for-Investment, Net of Allowance for Credit Losses - Loans by Property Type (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Accounts, Notes, Loans and Financing Receivable [Line Items]
Carrying Value	$ 3,741,308	$ 3,847,803	$ 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	$ 1,703,951	$ 1,720,705
Percentage of loan portfolio (as a percent)	45.50%	44.70%
Multifamily
Accounts, Notes, Loans and Financing Receivable [Line Items]
Carrying Value	$ 1,061,434	$ 910,557
Percentage of loan portfolio (as a percent)	28.40%	23.70%
Hotel
Accounts, Notes, Loans and Financing Receivable [Line Items]
Carrying Value	$ 464,816	$ 646,869
Percentage of loan portfolio (as a percent)	12.40%	16.80%
Retail
Accounts, Notes, Loans and Financing Receivable [Line Items]
Carrying Value	$ 341,834	$ 332,218
Percentage of loan portfolio (as a percent)	9.10%	8.60%
Industrial
Accounts, Notes, Loans and Financing Receivable [Line Items]
Carrying Value	$ 118,564	$ 196,677
Percentage of loan portfolio (as a percent)	3.20%	5.10%
Other
Accounts, Notes, Loans and Financing Receivable [Line Items]
Carrying Value	$ 50,709	$ 40,777
Percentage of loan portfolio (as a percent)	1.40%	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	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Accounts, Notes, Loans and Financing Receivable [Line Items]
Carrying Value	$ 3,741,308	$ 3,847,803	$ 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	$ 917,029	$ 1,028,584
Percentage of loan portfolio (as a percent)	24.50%	26.80%
Southwest
Accounts, Notes, Loans and Financing Receivable [Line Items]
Carrying Value	$ 836,955	$ 802,233
Percentage of loan portfolio (as a percent)	22.40%	20.80%
West
Accounts, Notes, Loans and Financing Receivable [Line Items]
Carrying Value	$ 658,429	$ 682,236
Percentage of loan portfolio (as a percent)	17.60%	17.70%
Midwest
Accounts, Notes, Loans and Financing Receivable [Line Items]
Carrying Value	$ 637,784	$ 712,675
Percentage of loan portfolio (as a percent)	17.00%	18.50%
Southeast
Accounts, Notes, Loans and Financing Receivable [Line Items]
Carrying Value	$ 691,111	$ 622,075
Percentage of loan portfolio (as a percent)	18.50%	16.20%

Loans Held-for-Investment, Ne_6

Loans Held-for-Investment, Net of Allowance for Credit Losses - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans held-for-investment, net of allowance for credit losses	$ 3,741,308	$ 3,847,803	$ 4,226,212
Allowance for credit losses	40,897	66,666	$ 16,692
Write-off	9,740	0
Benefit from (provision for) credit losses	16,029	(66,666)
(Benefit from) provision for credit losses	$ 16,029	(49,974)
Threshold period delinquent for placement of financing receivable on nonaccrual status	90 days
Loans held-for-investment	$ 3,782,205	3,914,469
Risk Rating 5
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans held-for-investment, net of allowance for credit losses	145,370	58,769
Allowance for credit losses	14,100
First mortgage
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans held-for-investment, net of allowance for credit losses	3,728,432	3,837,738
Allowance for credit losses	38,719	60,130
Mixed-Use Property
Accounts, Notes, Loans and Financing Receivable [Line Items]
Financing receivable, nonaccrual	22,000
Mixed-Use Property | Financial Asset, Past Due
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans held-for-investment	1,600
Minneapolis, MN
Accounts, Notes, Loans and Financing Receivable [Line Items]
Financing receivable, nonaccrual		68,100
Pasadena, CA | First mortgage | Risk Rating 5
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans held-for-investment	114,100
Washington D.C. | Risk Rating 5
Accounts, Notes, Loans and Financing Receivable [Line Items]
Allowance for credit losses	8,000
Loans held-for-investment	54,000
Non-accrual loan
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans held-for-investment, net of allowance for credit losses	145,400
(Benefit from) provision for credit losses	(4,000)
Carrying value	17,800
Loans held-for-investment	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
Unfunded loan commitment
Accounts, Notes, Loans and Financing Receivable [Line Items]
(Benefit from) provision for credit losses	3,200
Other liabilities
Accounts, Notes, Loans and Financing Receivable [Line Items]
(Benefit from) provision for credit losses	(1,500)
Collateral pledged
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans held-for-investment, net of allowance for credit losses	$ 3,700,000	$ 3,800,000

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	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Loans Held-for-Investment [Roll Forward]
Balance at beginning of period	$ 3,847,803	$ 4,226,212
Originations, additional fundings, upsizing of loans and capitalized deferred interest	834,461	372,859
Repayments	(960,330)	(486,422)
Transfer of Portfolio Loans and Leases to Held-for-sale	0	(210,452)	$ 0
Net discount accretion (premium amortization)	5	13
Increase in net deferred origination fees	(9,766)	(3,642)
Amortization of net deferred origination fees	13,106	15,901
Benefit from (provision for) credit losses	16,029	(66,666)
Balance at end of period	$ 3,741,308	$ 3,847,803	$ 4,226,212

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	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Balance at beginning of period	$ 66,666	$ 16,692
(Benefit from) provision for credit losses	(16,029)	49,974
Write-off	(9,740)	0
Balance at end of period	$ 40,897	$ 66,666

Loans Held-for-Investment, Ne_9

Loans Held-for-Investment, Net of Allowance for Credit Losses - Nonaccrual Loans (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Financing Receivables, Held for Investment, Nonaccrual [Roll Forward]
Nonaccrual loan carrying value at beginning of period	$ 17,835	$ 0
Addition of nonaccrual loan carrying value	203,668	17,835
Removal of nonaccrual loan carrying value	(76,133)	0
Nonaccrual loan carrying value at end of period	$ 145,370	$ 17,835

Loans Held-for-Investment, N_10

Loans Held-for-Investment, Net of Allowance for Credit Losses - Internal Risk Rating (Details) $ in Thousands	Dec. 31, 2021USD ($)loan	Dec. 31, 2020USD ($)loan	Dec. 31, 2019USD ($)
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of loans | loan	105	103
Unpaid principal balance	$ 3,796,825	$ 3,932,434
Current year	669,054	130,247
Year one	149,567	1,596,616
Year two	1,372,456	1,093,985
Year three	839,750	691,768
Year four	385,545	137,443
Year five	133,196
Prior	191,740	197,744
Loans held-for-investment, net	$ 3,741,308	$ 3,847,803	$ 4,226,212
Risk Rating 1
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of loans | loan	9	6
Unpaid principal balance	$ 245,939	$ 183,369
Current year	0	0
Year one	0	18,291
Year two	136,138	75,190
Year three	75,592	55,706
Year four	0	33,543
Year five	33,312
Prior	0	0
Loans held-for-investment, net	$ 245,042	$ 182,730
Risk Rating 2
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of loans | loan	58	50
Unpaid principal balance	$ 2,002,008	$ 1,863,590
Current year	623,992	75,707
Year one	90,381	1,014,194
Year two	828,432	472,491
Year three	347,173	194,625
Year four	12,877	35,999
Year five	31,872
Prior	48,888	54,316
Loans held-for-investment, net	$ 1,983,615	$ 1,847,332
Risk Rating 3
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of loans | loan	25	29
Unpaid principal balance	$ 747,631	$ 1,055,782
Current year	45,062	12,377
Year one	59,186	395,160
Year two	147,214	304,104
Year three	242,662	247,120
Year four	153,732	67,901
Year five	68,012
Prior	23,475	0
Loans held-for-investment, net	$ 739,343	$ 1,026,662
Risk Rating 4
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of loans | loan	11	17
Unpaid principal balance	$ 633,153	$ 762,636
Current year	0	42,163
Year one	0	110,202
Year two	260,672	242,200
Year three	74,808	194,317
Year four	173,081	0
Year five	0
Prior	119,377	143,428
Loans held-for-investment, net	$ 627,938	$ 732,310
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	58,769
Year two	0	0
Year three	99,515	0
Year four	45,855	0
Year five	0
Prior	0	0
Loans held-for-investment, net	$ 145,370	$ 58,769

Variable Interest Entities an_3

Variable Interest Entities and Securitized Debt Obligations (Details) - USD ($) $ in Thousands		Dec. 31, 2021	Dec. 31, 2020
Variable Interest Entity [Line Items]
Total Assets	[1]	$ 3,988,518	$ 4,219,648
Total Liabilities	[1]	2,974,335	3,284,802
Variable Interest Entity, Primary Beneficiary
Variable Interest Entity [Line Items]
Total Assets		2,266,044	1,255,932
Total Liabilities		1,679,435	928,220
Variable Interest Entity, Primary Beneficiary | Loans held-for-investment
Variable Interest Entity [Line Items]
Total Assets		2,257,768	1,200,479
Variable Interest Entity, Primary Beneficiary | Allowance for credit losses
Variable Interest Entity [Line Items]
Total Assets		16,904	15,914
Variable Interest Entity, Primary Beneficiary | Loans held-for-investment, net
Variable Interest Entity [Line Items]
Total Assets		2,240,864	1,184,565
Variable Interest Entity, Primary Beneficiary | Restricted cash
Variable Interest Entity [Line Items]
Total Assets		10,377	62,804
Variable Interest Entity, Primary Beneficiary | Other assets
Variable Interest Entity [Line Items]
Total Assets		14,803	8,563
Variable Interest Entity, Primary Beneficiary | Securitized debt obligations
Variable Interest Entity [Line Items]
Total Liabilities		1,677,619	927,128
Variable Interest Entity, Primary Beneficiary | Other liabilities
Variable Interest Entity [Line Items]
Total Liabilities		$ 1,816	$ 1,092
[1]	The consolidated balance sheets include assets of consolidated variable interest entities, or VIEs, that can only be used to settle obligations of these VIEs, and liabilities of the consolidated VIEs for which creditors do not have recourse to Granite Point Mortgage Trust Inc. At December 31, 2021, and December 31, 2020, assets of the VIEs totaled $2,266,044 and $1,255,932, respectively, and liabilities of the VIEs totaled $1,679,435 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	Dec. 31, 2021	Dec. 31, 2020
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Carrying Value	$ 1,677,619	$ 927,128
Collateral assets (2)
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Principal Balance	2,278,100	1,204,745
Carrying Value	$ 2,251,264	$ 1,184,565
Weighted average interest rate of securitized debt obligations outstanding	4.00%	3.70%
Collateral assets (2) | GPMT 2021-FL4 CRE CLO
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Principal Balance	$ 621,409
Carrying Value	$ 613,504
Weighted average interest rate of securitized debt obligations outstanding	3.70%
Collateral assets (2) | GPMT 2021-FL3 CRE CLO
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Principal Balance	$ 768,850
Carrying Value	$ 763,607
Weighted average interest rate of securitized debt obligations outstanding	3.90%
Restricted cash	$ 10,400
Collateral assets (2) | GPMT 2019-FL2 CRE CLO
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Principal Balance	617,119	$ 762,228
Carrying Value	$ 605,831	$ 750,185
Weighted average interest rate of securitized debt obligations outstanding	4.10%	3.40%
Collateral assets (2) | GPMT 2018-FL1 CRE CLO
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Principal Balance	$ 270,722	$ 442,517
Carrying Value	$ 268,322	$ 434,380
Weighted average interest rate of securitized debt obligations outstanding	5.00%	4.20%
Financing provided
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Principal Balance	$ 1,684,763	$ 929,953
Carrying Value	$ 1,677,618	$ 927,128
Weighted average interest rate of securitized debt obligations outstanding	1.80%	1.70%
Financing provided | GPMT 2021-FL4 CRE CLO
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Principal Balance	$ 502,564
Carrying Value	$ 498,117
Weighted average interest rate of securitized debt obligations outstanding	1.70%
Financing provided | GPMT 2021-FL3 CRE CLO
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Principal Balance	$ 630,818
Carrying Value	$ 629,049
Weighted average interest rate of securitized debt obligations outstanding	1.70%
Financing provided | GPMT 2019-FL2 CRE CLO
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Principal Balance	$ 446,849	$ 653,835
Carrying Value	$ 445,920	$ 650,908
Weighted average interest rate of securitized debt obligations outstanding	1.80%	1.60%
Financing provided | GPMT 2018-FL1 CRE CLO
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Principal Balance	$ 104,532	$ 276,118
Carrying Value	$ 104,532	$ 276,220
Weighted average interest rate of securitized debt obligations outstanding	2.80%	1.80%

Secured Financing Agreements -

Secured Financing Agreements - Summary of Outstanding Borrowings (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Line of Credit Facility [Line Items]
Repurchase facilities	$ 677,285	$ 1,708,875
Asset-specific financings	43,622	123,091
Term financing facility	127,145	0
Unused Capacity	1,122,715	616,125
Total Capacity	1,800,000	2,325,000
Carrying Value of Collateral	1,054,842	2,476,967
Goldman Sachs Bank USA
Line of Credit Facility [Line Items]
Term financing facility	127,145
Unused Capacity	0
Total Capacity	127,145
Goldman Sachs Bank USA | Revolving Credit Facility
Line of Credit Facility [Line Items]
Carrying Value of Collateral	$ 329,256
Weighted Average Borrowing Rate	3.70%
CIBC Bank USA
Line of Credit Facility [Line Items]
Asset-specific financings	$ 43,622	123,091
Unused Capacity	106,378	26,909
Total Capacity	150,000	150,000
CIBC Bank USA | Secured Debt
Line of Credit Facility [Line Items]
Carrying Value of Collateral	$ 56,129	$ 152,929
Weighted Average Borrowing Rate	1.80%	2.50%
Loans held-for-investment | Morgan Stanley Bank
Line of Credit Facility [Line Items]
Repurchase facilities	$ 230,982	$ 435,719
Unused Capacity	269,018	164,281
Total Capacity	500,000	600,000
Carrying Value of Collateral	$ 382,017	$ 657,066
Weighted Average Borrowing Rate	2.20%	2.30%
Maximum capacity under collateralized borrowings upon exercise of option to increase	$ 600,000
Loans held-for-investment | Goldman Sachs Bank USA
Line of Credit Facility [Line Items]
Repurchase facilities	81,227	$ 395,990
Unused Capacity	168,773	104,010
Total Capacity	250,000	500,000
Carrying Value of Collateral	$ 111,811	$ 593,625
Weighted Average Borrowing Rate	2.60%	2.50%
Maximum capacity under collateralized borrowings upon exercise of option to increase	$ 350,000
Loans held-for-investment | JPMorgan Chase Bank
Line of Credit Facility [Line Items]
Repurchase facilities	104,215	$ 361,797
Unused Capacity	345,785	88,203
Total Capacity	450,000	450,000
Carrying Value of Collateral	$ 188,838	$ 536,758
Weighted Average Borrowing Rate	2.30%	2.50%
Loans held-for-investment | Citibank
Line of Credit Facility [Line Items]
Repurchase facilities	$ 202,944	$ 386,049
Unused Capacity	297,056	113,951
Total Capacity	500,000	500,000
Carrying Value of Collateral	$ 285,767	$ 504,236
Weighted Average Borrowing Rate	1.80%	1.80%
Loans held-for-investment | Wells Fargo Bank
Line of Credit Facility [Line Items]
Repurchase facilities	$ 57,917	$ 129,320
Unused Capacity	42,083	145,680
Total Capacity	100,000	275,000
Carrying Value of Collateral	$ 86,409	$ 185,282
Weighted Average Borrowing Rate	2.30%	2.10%
Maximum capacity under collateralized borrowings upon exercise of option to increase	$ 200,000

Secured Financing Agreements _2

Secured Financing Agreements - Borrowings by Maturity (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Assets Sold under Agreements to Repurchase [Line Items]
Repurchase facilities	$ 677,285	$ 1,708,875
Asset-specific financings	43,622	123,091
Term Financing Facility (1)	127,145	0
Total Amount Outstanding	848,052	1,831,966
Maturity Within One Year
Assets Sold under Agreements to Repurchase [Line Items]
Repurchase facilities	393,114	961,030
Asset-specific financings	43,622	82,768
Term Financing Facility (1)	0	0
Total Amount Outstanding	436,736	1,043,798
Maturity One To Two Years
Assets Sold under Agreements to Repurchase [Line Items]
Repurchase facilities	284,171	361,797
Asset-specific financings	0	40,323
Term Financing Facility (1)	0	0
Total Amount Outstanding	284,171	402,120
Maturity Two To Three
Assets Sold under Agreements to Repurchase [Line Items]
Repurchase facilities	0	386,048
Asset-specific financings	0	0
Term Financing Facility (1)	0	0
Total Amount Outstanding	0	386,048
Maturity Three To Four Years
Assets Sold under Agreements to Repurchase [Line Items]
Repurchase facilities	0	0
Asset-specific financings	0	0
Term Financing Facility (1)	127,145	0
Total Amount Outstanding	127,145	0
Maturity Four To Five Years
Assets Sold under Agreements to Repurchase [Line Items]
Repurchase facilities	0	0
Asset-specific financings	0	0
Term Financing Facility (1)	0	0
Total Amount Outstanding	0	0
Thereafter
Assets Sold under Agreements to Repurchase [Line Items]
Repurchase facilities	0	0
Asset-specific financings	0	0
Term Financing Facility (1)	0	0
Total Amount Outstanding	$ 0	$ 0

Secured Financing Agreements _3

Secured Financing Agreements - Schedule of Repurchase Agreement Counterparties with Whom Repurchase Agreements Exceed 10 Percent of Stockholders' Equity (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Repurchase Agreement Counterparty [Line Items]
Amount Outstanding	$ 677,285	$ 1,708,875
Net Counterparty Exposure	389,352	803,790
Morgan Stanley Bank
Repurchase Agreement Counterparty [Line Items]
Amount Outstanding	230,982	435,719
Net Counterparty Exposure	$ 155,446	$ 230,815
Percent of Equity	15.00%	25.00%
Weighted Average Years to Maturity	5 months 26 days	5 months 26 days
JPMorgan Chase Bank
Repurchase Agreement Counterparty [Line Items]
Amount Outstanding	$ 104,215	$ 361,797
Net Counterparty Exposure	$ 87,103	$ 187,282
Percent of Equity	9.00%	20.00%
Weighted Average Years to Maturity	5 months 26 days	1 year 6 months
Goldman Sachs Bank USA
Repurchase Agreement Counterparty [Line Items]
Amount Outstanding	$ 81,227	$ 395,990
Net Counterparty Exposure	$ 31,852	$ 203,297
Percent of Equity	3.00%	22.00%
Weighted Average Years to Maturity	1 year 6 months 10 days	3 months 29 days
Citibank
Repurchase Agreement Counterparty [Line Items]
Amount Outstanding	$ 202,944	$ 386,049
Net Counterparty Exposure	$ 85,631	$ 124,913
Percent of Equity	8.00%	13.00%
Weighted Average Years to Maturity	1 year 7 days	2 years 7 days
Wells Fargo Bank
Repurchase Agreement Counterparty [Line Items]
Amount Outstanding	$ 57,917	$ 129,320
Net Counterparty Exposure	$ 29,320	$ 57,483
Percent of Equity	3.00%	6.00%
Weighted Average Years to Maturity	5 months 26 days	5 months 26 days

Secured Financing Agreements _4

Secured Financing Agreements - Narrative (Details) $ in Millions	Dec. 31, 2021USD ($)
Line of Credit Facility [Line Items]
Minimum unrestricted cash amount	$ 30
Debt covenant, recourse (as a percent)	0.050
Debt instrument, amount	$ 31.6
Debt covenant, tangible net worth (as a percent)	0.750
Debt covenant, net cash proceeds of additional equity issuances, amount	$ 865.7
Debt covenant, tangible net worth, amount	$ 1,100
Debt covenant, target asset leverage ratio (as a percent)	0.665
Debt covenant, total leverage ratio (as a percent)	0.738
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
Debt covenant, minimum interest coverage ratio	1.8
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		12 Months Ended
	Oct. 31, 2018USD ($)	Jan. 31, 2018USD ($)	Dec. 31, 2021USD ($)	Dec. 31, 2020USD ($)	Dec. 31, 2017USD ($)
Debt Instrument, Redemption [Line Items]
Convertible senior notes			$ 272,942	$ 271,250
Convertible Debt
Debt Instrument, Redemption [Line Items]
Convertible senior notes			$ 272,900	$ 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	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Debt Disclosure [Abstract]
Cash coupon	$ 16,475	$ 16,475
Amortization of issuance costs	1,692	1,617
Total interest expense	$ 18,167	$ 18,092

Convertible Senior Notes - Carr

Convertible Senior Notes - Carrying Value of the Convertible Senior Notes (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
December 2022 Convertible Senior Notes
Debt Instrument, Redemption [Line Items]
Principal outstanding	$ 143,750	$ 143,750
Less: Unamortized issuance costs	(875)	(1,774)
Net carrying value	142,875	141,976
October 2023 Convertible Senior Notes
Debt Instrument, Redemption [Line Items]
Principal outstanding	131,600	131,600
Less: Unamortized issuance costs	(1,533)	(2,326)
Net carrying value	$ 130,067	$ 129,274

Senior Secured Term Loan Faci_3

Senior Secured Term Loan Facilities and Warrants to Purchase Shares of Common Stock (Details) - USD ($) $ / shares in Units, $ in Thousands	Feb. 16, 2022	Oct. 04, 2021	Sep. 30, 2021	Sep. 25, 2020	Feb. 16, 2022	Dec. 31, 2021	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Sep. 25, 2021	Feb. 04, 2021	Sep. 28, 2020
Debt Instrument [Line Items]
Total Capacity						$ 1,800,000	$ 1,800,000	$ 2,325,000
Repayment of senior secured term loan facilities							75,000	0	$ 0
Loss on extinguishment of debt						$ (8,900)	$ (8,919)	$ 0	0
Extinguishment of debt, gain (loss), per share, net of tax							$ (0.17)
Number of securities called by warrants or rights										1,516,455
Common stock par value per share (in usd per share)						$ 0.01	$ 0.01	$ 0.01
Proceeds from issuance of warrants to purchase common stock							$ 0	$ 4,541	$ 0
Subsequent Event
Debt Instrument [Line Items]
Repayment of senior secured term loan facilities	$ 50,000				$ 50,000
Loss on extinguishment of debt					$ (5,800)
Extinguishment of debt, gain (loss), per share, net of tax					$ (0.11)
Term Loan
Debt Instrument [Line Items]
Debt Instrument, term (in years)				5 years
Total Capacity				$ 300,000							$ 349,300
Term financing facility						$ 139,880	139,880	$ 206,448				$ 225,000
Unused borrowing capacity, amount										$ 75,000		$ 75,000
Repayment of senior secured term loan facilities							79,900
Number of securities called by warrants or rights		3,490,000	1,060,000	6,066,000
Common stock par value per share (in usd per share)				$ 0.01
Exercise price of warrants or rights (in usd per share)		$ 6.47	$ 6.47
Proceeds from issuance of warrants to purchase common stock		$ 24,700	$ 7,500
Stock and warrants issued during period, value, preferred stock and warrants							$ 4,500
Term Loan | Subsequent Event
Debt Instrument [Line Items]
Repayment of senior secured term loan facilities					$ 53,000

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	Dec. 31, 2021	Dec. 31, 2020	Sep. 28, 2020
Debt Instrument [Line Items]
Principal outstanding	$ 150,000	$ 225,000
Less: Unamortized debt discount and issuance costs	(10,120)	(18,552)
Net carrying value	$ 139,880	$ 206,448	$ 225,000

Cash, Cash Equivalents and Re_3

Cash, Cash Equivalents and Restricted Cash - Narrative (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Variable Interest Entity [Line Items]
Cash collateral for repurchase agreements and securities activity	$ 2	$ 5
Restricted cash
Variable Interest Entity [Line Items]
Cash collateral for repurchase agreements and securities activity	$ 10.4	$ 62.8

Cash, Cash Equivalents and Re_4

Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Cash and Cash Equivalents [Abstract]
Cash and cash equivalents	$ 191,931	$ 261,419
Restricted cash	12,362	67,774
Total cash, cash equivalents and restricted cash	$ 204,293	$ 329,193	$ 159,764	$ 123,423

Fair Value - Narrative (Details

Fair Value - Narrative (Details) $ in Thousands	Dec. 31, 2021USD ($)	Dec. 31, 2020USD ($)	Dec. 31, 2019USD ($)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Loans held-for-investment	$ 3,782,205	$ 3,914,469
Loans held-for-investment, net of allowance for credit losses	$ 3,741,308	3,847,803	$ 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	$ 145,370	$ 58,769
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	$ 145,400

Fair Value - by Balance Sheet G

Fair Value - by Balance Sheet Grouping (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Fair Value Disclosures [Abstract]
Loans held-for-investment, net of allowance for credit losses	$ 3,741,308	$ 3,847,803	$ 4,226,212
Loans held-for-investment, net of allowance for credit losses, at fair value	3,771,216	3,867,286
Cash and cash equivalents	191,931	261,419
Restricted cash	12,362	67,774
Repurchase facilities	677,285	1,708,875
Securitized debt obligations	1,677,619	927,128
Securitized debt obligations, at fair value	1,681,514	916,701
Asset-specific financings	43,622	123,091
Term financing facility	127,145	0
Convertible senior notes	272,942	271,250
Convertible senior notes, at fair value	278,554	257,411
Senior secured term loan facilities	139,880	206,448
Senior secured term loan facilities, at fair value	$ 139,880	$ 206,448

Commitments and Contingencies -

Commitments and Contingencies - Unfunded Commitments (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Other Commitments [Line Items]
Unfunded commitments	$ 403,584	$ 503,726
Weighted average future funding period on unfunded commitments	2 years
Unfunded loan commitment
Other Commitments [Line Items]
Liability for off balance sheet credit losses	$ 1,500

Preferred Stock (Details)

Preferred Stock (Details) - USD ($) $ / shares in Units, $ in Thousands	Nov. 30, 2021	Feb. 08, 2022	Jan. 31, 2021	Jan. 14, 2022	Apr. 15, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Class of Stock [Line Items]
Preferred stock dividend rate (as a percent)						10.00%
Preferred stock liquidation preference (in usd per share)						$ 1,000
Period after which the company may redeem preferred stock						5 years
Preferred stock, redemption price per share (in usd per share)						$ 1,000
Period after which the holder may redeem preferred stock						6 years
Preferred dividends declared							$ 100
Proceeds from issuance of preferred stock, net of offering costs						$ 110,519	$ 0	$ 0
Preferred dividends declared per share (in usd per share)							$ 100	$ 100
Public Offering
Class of Stock [Line Items]
Sale of stock, underwriting discounts	$ 3,600
Issuance costs incurred in common stock offering	$ 800
Series A Preferred Stock
Class of Stock [Line Items]
Preferred stock dividend rate (as a percent)	7.00%					7.00%
Preferred stock liquidation preference (in usd per share)	$ 25					$ 25	$ 25
Preferred stock, redemption price per share (in usd per share)	$ 25
10% cumulative redeemable preferred shares issued						4,596,500	0
Preferred stock, shares issued, retained by issuer			500
Preferred stock, shares subscribed but unissued			125
Preferred dividends declared per share (in usd per share)						$ 0.15069
Series A Preferred Stock | Forecast
Class of Stock [Line Items]
Preferred dividends declared per share (in usd per share)				$ 0.15069	$ 0.4375
Series A Preferred Stock | Public Offering
Class of Stock [Line Items]
Sale of stock, consideration received on transaction	$ 110,500
Sale of stock, number of shares issued in transaction	4,596,500
Series A Preferred Stock | Public Offering | Subsequent Event
Class of Stock [Line Items]
Sale of stock, number of shares issued in transaction		3,633,000
Series A Preferred Stock | Over-Allotment Option | Subsequent Event
Class of Stock [Line Items]
Sale of stock, consideration received on transaction		$ 87,400
Sale of stock, number of shares issued in transaction		3,633,000
Sale of stock, underwriting discounts		$ 2,900
Issuance costs incurred in common stock offering		$ 500
Series A Preferred Stock | Sub-REIT
Class of Stock [Line Items]
10% cumulative redeemable preferred shares issued			625
Proceeds from issuance of preferred stock, net of offering costs			$ 100

Stockholders' Equity - Narrativ

Stockholders' Equity - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Class of Stock [Line Items]
Proceeds from issuance of warrants to purchase common stock			$ 0	$ 0	$ 207,514
Common shares outstanding	53,789,465	55,205,082	53,789,465	55,205,082
Number of shares authorized to be repurchased under stock repurchase program	4,000,000		4,000,000
Treasury stock, shares, acquired	1,301,612
Treasury stock acquired, average cost per share (in usd per share)	$ 13.65
Treasury stock, value, acquired, cost method	$ 17,800
Stock repurchase program, remaining number of shares authorized to be repurchased	2,698,388		2,698,388
Number of shares authorized to be sold under equity distribution agreement	8,000,000		8,000,000
Number of common shares issued under equity distribution agreement and outstanding as of period-end	3,242,364		3,242,364
Accumulated proceeds from issuance of common shares under equity distribution agreement	$ 61,200		$ 61,200
Shares sold at the market offering	0	0	0	0
Repurchased Shares From Employees
Class of Stock [Line Items]
Treasury stock, shares, acquired	0		115,053
Treasury stock, value, acquired, cost method			$ 1,200

Stockholders' Equity - Schedule

Stockholders' Equity - Schedule of Dividends Declared (Details) - $ / shares

Dec. 16, 2021

Sep. 15, 2021

Jun. 15, 2021

Mar. 18, 2021

Dec. 18, 2020

Sep. 28, 2020

Dec. 31, 2021

Dec. 31, 2020

Dec. 31, 2020

Dec. 31, 2019

Dec. 31, 2020

Dec. 31, 2020

Dec. 31, 2020

Class of Stock [Line Items]

Dividends declared per common share (in usd per share)

$ 1

$ 0.65

$ 1.68

Common Stock

Class of Stock [Line Items]

Declaration Date

Dec. 16, 2021

Sep. 15, 2021

Jun. 15, 2021

Mar. 18, 2021

Dec. 18, 2020

Sep. 28, 2020

Dec. 18, 2019

Sep. 18, 2019

Jun. 20, 2019

Mar. 20, 2019

Record Date

Dec. 31, 2021

Oct. 1, 2021

Jul. 1, 2021

Apr. 1, 2021

Dec. 31, 2020

Oct. 8, 2020

Dec. 31, 2019

Oct. 3, 2019

Jul. 5, 2019

Apr. 1, 2019

Payment Date

Jan. 18, 2022

Oct. 19, 2021

Jul. 19, 2021

Apr. 19, 2021

Jan. 22, 2021

Oct. 19, 2020

Jan. 17, 2020

Oct. 18, 2019

Jul. 19, 2019

Apr. 18, 2019

Dividends declared per common share (in usd per share)

$ 0.25

$ 0.25

$ 0.25

$ 0.25

$ 0.25

$ 0.20

$ 0.42

$ 0.42

$ 0.42

$ 0.42

Dividends declared per common share (in usd per share)

$ 0.20

Preferred Stock

Class of Stock [Line Items]

Declaration Date

Dec. 16, 2021

Record Date

Dec. 31, 2021

Payment Date

Jan. 18, 2022

Dividends declared per common share (in usd per share)

$ 0.15069

Stockholders' Equity - Share Re

Stockholders' Equity - Share Repurchase Program (Details) $ / shares in Units, $ in Millions	3 Months Ended	12 Months Ended
	Dec. 31, 2021USD ($)$ / sharesshares	Dec. 31, 2021USD ($)shares
Equity, Class of Treasury Stock [Line Items]
Number of shares authorized to be repurchased under stock repurchase program	4,000,000	4,000,000
Treasury stock, shares, acquired	1,301,612
Treasury stock acquired, average cost per share (in usd per share) | $ / shares	$ 13.65
Treasury stock, value, acquired, cost method | $	$ 17.8
Stock repurchase program, remaining number of shares authorized to be repurchased	2,698,388	2,698,388
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

Equity Incentive Plan (Details)

Equity Incentive Plan (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of restricted common shares reserved for issuance under equity incentive plan	2,225,991
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	$ 0.7
Equity based compensation	$ 7.6	$ 5.3	$ 4.8
Share-based payment arrangement, nonvested award, cost not yet recognized, period for recognition	1 year 1 month 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	$ 5.5
Equity based compensation	$ 4.3
Share-based payment arrangement, nonvested award, cost not yet recognized, period for recognition	1 year 10 months 24 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	$ 3.9
Equity based compensation	$ 1
Share-based payment arrangement, nonvested award, cost not yet recognized, period for recognition	1 year 6 months
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	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Ending balance (in shares)	1,545,841,000
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)	$ 14.93	$ 18.75	$ 18.04
Granted (in usd per share)	11.43	12.81	19.31
Vested (in usd per share)	(12.74)	(18.74)	(18.20)
Forfeited (in usd per share)	(16.16)	(18.68)	0
Ending balance (in usd per share)	$ 12.48	$ 14.93	$ 18.75
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Beginning balance (in shares)	569,535,000	461,371,000	321,134,000
Granted (in shares)	0	367,489,000	277,107,000
Vested (in shares)	(189,820,000)	(243,713,000)	(136,870,000)
Forfeited (in shares)	(115,053,000)	(15,612,000)	0
Ending balance (in shares)	264,662,000	569,535,000	461,371,000
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)	403,903,000	0	0
Granted (in shares)	564,415,000	403,903,000	0
Vested (in shares)	(31,078,000)	0	0
Forfeited (in shares)	(3,957,000)	0	0
Ending balance (in shares)	933,283,000	403,903,000	0
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
Granted (in shares)	347,896,000	0	0
Vested (in shares)	0	0	0
Forfeited (in shares)	0	0	0
Ending balance (in shares)	347,896,000	0	0

Equity Incentive Plan - Summary

Equity Incentive Plan - Summary of Restricted Stock and Restricted Stock Units Vesting Dates (Details) - shares	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total (in shares)	1,545,841,000
2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vested in period (in shares)	390,111,000
2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vested in period (in shares)	613,668,000
2024
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vested in period (in shares)	173,194,000
46022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vested in period (in shares)	368,868,000
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vested in period (in shares)	189,820,000	243,713,000	136,870,000
Total (in shares)	264,662,000	569,535,000	461,371,000	321,134,000
Restricted Stock | 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vested in period (in shares)	172,077,000
Restricted Stock | 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vested in period (in shares)	92,585,000
Restricted Stock | 2024
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vested in period (in shares)	0
Restricted Stock | 46022
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)	31,078,000	0	0
Total (in shares)	933,283,000	403,903,000	0	0
RSUs | 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vested in period (in shares)	218,034,000
RSUs | 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vested in period (in shares)	173,187,000
RSUs | 2024
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vested in period (in shares)	173,194,000
RSUs | 46022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vested in period (in shares)	368,868,000
PSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vested in period (in shares)	0	0	0
Total (in shares)	347,896,000	0	0	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)	347,896,000
PSUs | 2024
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vested in period (in shares)	0
PSUs | 46022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vested in period (in shares)	0

Restructuring Charges (Details)

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

Income Taxes - Narrative (Detai

Income Taxes - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Income Tax Disclosure [Abstract]
Sales and excise tax payable, current	$ 0.3	$ 0.6
Interest expense attributable to antidilutive convertible notes excluded from computation of earnings per share	$ 18.2	$ 18.1	$ 18

Income Taxes - Effective Income

Income Taxes - Effective Income Tax Rate Reconciliation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Income Tax Disclosure [Abstract]
Computed income tax expense at federal rate	$ 14,394	$ (8,368)	$ 14,744
Federal income tax rate applicable to corporations	21.00%	21.00%	21.00%
State taxes, net of federal benefit, if applicable	$ 0	$ 0	$ 0
State taxes, net of federal benefit, if applicable, effective tax rate	0.00%	0.00%	0.00%
Permanent differences in taxable income from GAAP net income	$ (404)	$ (57)	$ (150)
Permanent differences in taxable income to GAAP net income, effective tax rate	(1.00%)	0.00%	0.00%
Dividends paid deduction	$ 13,798	$ 9,018	$ 14,598
Dividends paid deduction, effective tax rate	(20.00%)	(23.00%)	(21.00%)
(Benefit from) provision for income taxes	$ 192	$ 593	$ (4)
Benefit from income taxes, effective tax rate	0.00%	(2.00%)	0.00%

Earnings Per Share (Details)

Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Numerator:
Net income (loss) attributable to common stockholders - basic	$ 67,560	$ (40,539)	$ 70,114
Interest expense attributable to convertible notes	0	0	0
Net income (loss) attributable to common stockholders - diluted	$ 67,560	$ (40,539)	$ 70,114
Denominator:
Weighted average common shares outstanding (in shares)	54,282,018	54,580,046	52,615,977
Weighted average restricted stock shares (in shares)	311,481	576,436	471,418
Basic weighted average shares outstanding (in shares)	54,593,499	55,156,482	53,087,395
Effect of dilutive shares issued in an assumed conversion of RSUs as additional shares	335,571	0	0
Effect of dilutive shares issued in an assumed conversion of PSUs as additional shares	0	0	0
Diluted weighted average shares outstanding (in shares)	54,929,070	55,156,482	53,087,395
Earnings (loss) per share
Basic (in usd per share)	$ 1.24	$ (0.73)	$ 1.32
Diluted (in usd per share)	$ 1.23	$ (0.73)	$ 1.32

Earnings Per Share - Narrative

Earnings Per Share - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Earnings Per Share [Abstract]
Interest expense attributable to antidilutive convertible notes excluded from computation of earnings per share	$ 18.2	$ 18.1	$ 18
Antidilutive convertible notes excluded from computation of earnings per share	14,065,946	13,717,782	13,670,796
Effect of dilutive shares issued in an assumed conversion of RSUs as additional shares	335,571	0	0

Related Party Transactions (Det

Related Party Transactions (Details) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Related Party Transaction [Line Items]
Percent per annum of equity used to calculate management fees (as a percent)	1.50%
Base management fees	$ 0	$ 15,786,000	$ 14,854,000
Incentive fees	0	0	244,000
Restricted Stock
Related Party Transaction [Line Items]
Equity based compensation	$ 7,600,000	5,300,000	4,800,000
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
Incentive fees	0	0	200,000
Direct and allocated costs incurred by manager	$ 0	$ 12,300,000	$ 11,700,000

Subsequent Events (Details)

Subsequent Events (Details) - USD ($) $ in Thousands	Feb. 16, 2022	Nov. 30, 2021	Feb. 08, 2022	Feb. 16, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Subsequent Event [Line Items]
Repayment of senior secured term loan facilities					$ 75,000	$ 0	$ 0
Series A Preferred Stock | Public Offering
Subsequent Event [Line Items]
Sale of stock, number of shares issued in transaction		4,596,500
Subsequent Event
Subsequent Event [Line Items]
Repayment of senior secured term loan facilities	$ 50,000			$ 50,000
Subsequent Event | Series A Preferred Stock | Public Offering
Subsequent Event [Line Items]
Sale of stock, number of shares issued in transaction			3,633,000

SCHEDULE IV (Details)

SCHEDULE IV (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2021USD ($)
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Prior Liens	$ 99,000
Principal Amount Subject to Delinquent Principal or Interest	3,796,825
Carrying Amount	3,741,308
Principal Amount Subject to Delinquent Principal or Interest	168,094
Aggregate tax basis of loans	$ 3,800,000
Retail | West | Mortgage Loan 3
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Fixed Interest Rate	3.34%
Prior Liens	$ 0
Principal Amount Subject to Delinquent Principal or Interest	114,128
Carrying Amount	99,516
Principal Amount Subject to Delinquent Principal or Interest	$ 114,128
Retail | Southeast | Mortgage Loan 84
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Fixed Interest Rate	4.21%
Prior Liens	$ 0
Principal Amount Subject to Delinquent Principal or Interest	17,856
Carrying Amount	17,635
Principal Amount Subject to Delinquent Principal or Interest	$ 0
Mixed-Use Property | West | Mortgage Loan 40
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Fixed Interest Rate	3.60%
Prior Liens	$ 0
Principal Amount Subject to Delinquent Principal or Interest	35,793
Carrying Amount	35,595
Principal Amount Subject to Delinquent Principal or Interest	$ 0
Mixed-Use Property | Southwest | Mortgage Loan 1
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Fixed Interest Rate	4.15%
Prior Liens	$ 0
Principal Amount Subject to Delinquent Principal or Interest	120,000
Carrying Amount	119,378
Principal Amount Subject to Delinquent Principal or Interest	$ 0
Mixed-Use Property | Southwest | Mortgage Loan 10
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Fixed Interest Rate	2.69%
Prior Liens	$ 0
Principal Amount Subject to Delinquent Principal or Interest	81,415
Carrying Amount	80,893
Principal Amount Subject to Delinquent Principal or Interest	$ 0
Mixed-Use Property | Northeast | Mortgage Loan 6
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Fixed Interest Rate	3.75%
Prior Liens	$ 0
Principal Amount Subject to Delinquent Principal or Interest	77,599
Carrying Amount	76,902
Principal Amount Subject to Delinquent Principal or Interest	$ 0
Mixed-Use Property | Northeast | Mortgage Loan 21
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Fixed Interest Rate	3.40%
Prior Liens	$ 0
Principal Amount Subject to Delinquent Principal or Interest	46,580
Carrying Amount	45,863
Principal Amount Subject to Delinquent Principal or Interest	$ 0
Mixed-Use Property | Northeast | Mortgage Loan 33
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Fixed Interest Rate	3.20%
Prior Liens	$ 0
Principal Amount Subject to Delinquent Principal or Interest	41,856
Carrying Amount	41,632
Principal Amount Subject to Delinquent Principal or Interest	$ 0
Mixed-Use Property | Northeast | Mortgage Loan 35
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Fixed Interest Rate	4.38%
Prior Liens	$ 0
Principal Amount Subject to Delinquent Principal or Interest	37,945
Carrying Amount	37,784
Principal Amount Subject to Delinquent Principal or Interest	$ 0
Mixed-Use Property | Northeast | Mortgage Loan 59
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Fixed Interest Rate	4.07%
Prior Liens	$ 0
Principal Amount Subject to Delinquent Principal or Interest	30,995
Carrying Amount	30,341
Principal Amount Subject to Delinquent Principal or Interest	$ 0
Mixed-Use Property | Northeast | Mortgage Loan 73
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Fixed Interest Rate	3.87%
Prior Liens	$ 0
Principal Amount Subject to Delinquent Principal or Interest	22,019
Carrying Amount	21,660
Principal Amount Subject to Delinquent Principal or Interest	$ 0
Mixed-Use Property | Northeast | Mortgage Loan 94
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Fixed Interest Rate	4.77%
Prior Liens	$ 0
Principal Amount Subject to Delinquent Principal or Interest	17,610
Carrying Amount	17,560
Principal Amount Subject to Delinquent Principal or Interest	$ 0
Mixed-Use Property | Southeast | Mortgage Loan 11
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Fixed Interest Rate	3.36%
Prior Liens	$ 0
Principal Amount Subject to Delinquent Principal or Interest	76,846
Carrying Amount	76,235
Principal Amount Subject to Delinquent Principal or Interest	$ 0
Mixed-Use Property | Southeast | Mortgage Loan 91
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Fixed Interest Rate	2.90%
Prior Liens	$ 0
Principal Amount Subject to Delinquent Principal or Interest	19,920
Carrying Amount	19,847
Principal Amount Subject to Delinquent Principal or Interest	$ 0
Office | West | Mortgage Loan 2
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Fixed Interest Rate	3.24%
Prior Liens	$ 0
Principal Amount Subject to Delinquent Principal or Interest	92,997
Carrying Amount	92,350
Principal Amount Subject to Delinquent Principal or Interest	$ 0
Office | West | Mortgage Loan 32
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Fixed Interest Rate	3.30%
Prior Liens	$ 0
Principal Amount Subject to Delinquent Principal or Interest	37,778
Carrying Amount	37,204
Principal Amount Subject to Delinquent Principal or Interest	$ 0
Office | West | Mortgage Loan 45
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Fixed Interest Rate	2.75%
Prior Liens	$ 0
Principal Amount Subject to Delinquent Principal or Interest	25,038
Carrying Amount	24,987
Principal Amount Subject to Delinquent Principal or Interest	$ 0
Office | West | Mortgage Loan 48
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Fixed Interest Rate	3.15%
Prior Liens	$ 0
Principal Amount Subject to Delinquent Principal or Interest	26,118
Carrying Amount	25,984
Principal Amount Subject to Delinquent Principal or Interest	$ 0
Office | West | Mortgage Loan 49
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Fixed Interest Rate	2.80%
Prior Liens	$ 0
Principal Amount Subject to Delinquent Principal or Interest	27,581
Carrying Amount	27,350
Principal Amount Subject to Delinquent Principal or Interest	$ 0
Office | West | Mortgage Loan 62
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Fixed Interest Rate	3.18%
Prior Liens	$ 0
Principal Amount Subject to Delinquent Principal or Interest	19,079
Carrying Amount	18,935
Principal Amount Subject to Delinquent Principal or Interest	$ 0
Office | West | Mortgage Loan 75
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Fixed Interest Rate	3.30%
Prior Liens	$ 0
Principal Amount Subject to Delinquent Principal or Interest	16,700
Carrying Amount	16,441
Principal Amount Subject to Delinquent Principal or Interest	$ 0
Office | West | Mortgage Loan 82
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Fixed Interest Rate	2.95%
Prior Liens	$ 0
Principal Amount Subject to Delinquent Principal or Interest	20,000
Carrying Amount	19,914
Principal Amount Subject to Delinquent Principal or Interest	$ 0
Office | West | Mortgage Loan 95
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Fixed Interest Rate	3.20%
Prior Liens	$ 0
Principal Amount Subject to Delinquent Principal or Interest	16,604
Carrying Amount	16,557
Principal Amount Subject to Delinquent Principal or Interest	$ 0
Office | West | Mortgage Loan 102
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Fixed Interest Rate	3.75%
Prior Liens	$ 0
Principal Amount Subject to Delinquent Principal or Interest	11,528
Carrying Amount	11,484
Principal Amount Subject to Delinquent Principal or Interest	$ 0
Office | West | Mortgage Loan 104
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Fixed Interest Rate	3.65%
Prior Liens	$ 0
Principal Amount Subject to Delinquent Principal or Interest	13,970
Carrying Amount	13,758
Principal Amount Subject to Delinquent Principal or Interest	$ 0
Office | Southwest | Mortgage Loan 16
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Fixed Interest Rate	3.00%
Prior Liens	$ 0
Principal Amount Subject to Delinquent Principal or Interest	60,200
Carrying Amount	60,063
Principal Amount Subject to Delinquent Principal or Interest	$ 0
Office | Southwest | Mortgage Loan 17
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Fixed Interest Rate	2.90%
Prior Liens	$ 0
Principal Amount Subject to Delinquent Principal or Interest	56,288
Carrying Amount	56,129
Principal Amount Subject to Delinquent Principal or Interest	$ 0
Office | Southwest | Mortgage Loan 44
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Fixed Interest Rate	5.35%
Prior Liens	$ 0
Principal Amount Subject to Delinquent Principal or Interest	31,295
Carrying Amount	31,278
Principal Amount Subject to Delinquent Principal or Interest	$ 0
Office | Southwest | Mortgage Loan 47
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Fixed Interest Rate	4.40%
Prior Liens	$ 0
Principal Amount Subject to Delinquent Principal or Interest	29,837
Carrying Amount	29,726
Principal Amount Subject to Delinquent Principal or Interest	$ 0
Office | Southwest | Mortgage Loan 88
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Fixed Interest Rate	3.24%
Prior Liens	$ 0
Principal Amount Subject to Delinquent Principal or Interest	19,251
Carrying Amount	19,154
Principal Amount Subject to Delinquent Principal or Interest	$ 0
Office | Midwest | Mortgage Loan 5
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Fixed Interest Rate	2.80%
Prior Liens	$ 0
Principal Amount Subject to Delinquent Principal or Interest	92,731
Carrying Amount	92,086
Principal Amount Subject to Delinquent Principal or Interest	$ 0
Office | Midwest | Mortgage Loan 7
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Fixed Interest Rate	3.69%
Prior Liens	$ 0
Principal Amount Subject to Delinquent Principal or Interest	80,782
Carrying Amount	80,211
Principal Amount Subject to Delinquent Principal or Interest	$ 0
Office | Midwest | Mortgage Loan 25
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Fixed Interest Rate	3.25%
Prior Liens	$ 0
Principal Amount Subject to Delinquent Principal or Interest	35,885
Carrying Amount	35,762
Principal Amount Subject to Delinquent Principal or Interest	$ 0
Office | Midwest | Mortgage Loan 80
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Fixed Interest Rate	3.00%
Prior Liens	$ 0
Principal Amount Subject to Delinquent Principal or Interest	19,248
Carrying Amount	19,202
Principal Amount Subject to Delinquent Principal or Interest	$ 0
Office | Northeast | Mortgage Loan 14
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Fixed Interest Rate	2.80%
Prior Liens	$ 0
Principal Amount Subject to Delinquent Principal or Interest	50,201
Carrying Amount	49,747
Principal Amount Subject to Delinquent Principal or Interest	$ 0
Office | Northeast | Mortgage Loan 19
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Fixed Interest Rate	3.30%
Prior Liens	$ 0
Principal Amount Subject to Delinquent Principal or Interest	51,393
Carrying Amount	51,261
Principal Amount Subject to Delinquent Principal or Interest	$ 0
Office | Northeast | Mortgage Loan 20
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Fixed Interest Rate	4.07%
Prior Liens	$ 0
Principal Amount Subject to Delinquent Principal or Interest	53,966
Carrying Amount	45,855
Principal Amount Subject to Delinquent Principal or Interest	$ 53,966
Office | Northeast | Mortgage Loan 26
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Fixed Interest Rate	3.73%
Prior Liens	$ 0
Principal Amount Subject to Delinquent Principal or Interest	48,980
Carrying Amount	48,888
Principal Amount Subject to Delinquent Principal or Interest	$ 0
Office | Northeast | Mortgage Loan 28
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Fixed Interest Rate	3.69%
Prior Liens	$ 0
Principal Amount Subject to Delinquent Principal or Interest	45,361
Carrying Amount	44,747
Principal Amount Subject to Delinquent Principal or Interest	$ 0
Office | Northeast | Mortgage Loan 36
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Fixed Interest Rate	2.93%
Prior Liens	$ 0
Principal Amount Subject to Delinquent Principal or Interest	31,988
Carrying Amount	31,872
Principal Amount Subject to Delinquent Principal or Interest	$ 0
Office | Northeast | Mortgage Loan 38
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Fixed Interest Rate	3.18%
Prior Liens	$ 0
Principal Amount Subject to Delinquent Principal or Interest	34,804
Carrying Amount	34,747
Principal Amount Subject to Delinquent Principal or Interest	$ 0
Office | Northeast | Mortgage Loan 51
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Fixed Interest Rate	5.11%
Prior Liens	$ 0
Principal Amount Subject to Delinquent Principal or Interest	33,460
Carrying Amount	33,312
Principal Amount Subject to Delinquent Principal or Interest	$ 0
Office | Northeast | Mortgage Loan 55
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Fixed Interest Rate	2.97%
Prior Liens	$ 0
Principal Amount Subject to Delinquent Principal or Interest	27,984
Carrying Amount	27,929
Principal Amount Subject to Delinquent Principal or Interest	$ 0
Office | Northeast | Mortgage Loan 56
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Fixed Interest Rate	3.32%
Prior Liens	$ 0
Principal Amount Subject to Delinquent Principal or Interest	24,052
Carrying Amount	24,010
Principal Amount Subject to Delinquent Principal or Interest	$ 0
Office | Northeast | Mortgage Loan 67
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Fixed Interest Rate	2.90%
Prior Liens	$ 0
Principal Amount Subject to Delinquent Principal or Interest	24,446
Carrying Amount	24,399
Principal Amount Subject to Delinquent Principal or Interest	$ 0
Office | Northeast | Mortgage Loan 100
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Fixed Interest Rate	4.77%
Prior Liens	$ 0
Principal Amount Subject to Delinquent Principal or Interest	14,490
Carrying Amount	14,393
Principal Amount Subject to Delinquent Principal or Interest	$ 0
Office | Northeast | Mortgage Loan 103
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Fixed Interest Rate	3.96%
Prior Liens	$ 0
Principal Amount Subject to Delinquent Principal or Interest	11,679
Carrying Amount	11,651
Principal Amount Subject to Delinquent Principal or Interest	$ 0
Office | Southeast | Mortgage Loan 8
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Fixed Interest Rate	2.55%
Prior Liens	$ 0
Principal Amount Subject to Delinquent Principal or Interest	84,971
Carrying Amount	84,182
Principal Amount Subject to Delinquent Principal or Interest	$ 0
Office | Southeast | Mortgage Loan 12
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Fixed Interest Rate	4.25%
Prior Liens	$ 0
Principal Amount Subject to Delinquent Principal or Interest	68,158
Carrying Amount	68,012
Principal Amount Subject to Delinquent Principal or Interest	$ 0
Office | Southeast | Mortgage Loan 22
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Fixed Interest Rate	4.32%
Prior Liens	$ 0
Principal Amount Subject to Delinquent Principal or Interest	46,624
Carrying Amount	46,104
Principal Amount Subject to Delinquent Principal or Interest	$ 0
Office | Southeast | Mortgage Loan 27
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Fixed Interest Rate	3.70%
Prior Liens	$ 0
Principal Amount Subject to Delinquent Principal or Interest	44,115
Carrying Amount	43,512
Principal Amount Subject to Delinquent Principal or Interest	$ 0
Office | Southeast | Mortgage Loan 43
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Fixed Interest Rate	3.42%
Prior Liens	$ 0
Principal Amount Subject to Delinquent Principal or Interest	15,970
Carrying Amount	15,713
Principal Amount Subject to Delinquent Principal or Interest	$ 0
Office | Southeast | Mortgage Loan 60
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Fixed Interest Rate	4.00%
Prior Liens	$ 0
Principal Amount Subject to Delinquent Principal or Interest	29,215
Carrying Amount	28,953
Principal Amount Subject to Delinquent Principal or Interest	$ 0
Office | Southeast | Mortgage Loan 69
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Fixed Interest Rate	2.95%
Prior Liens	$ 0
Principal Amount Subject to Delinquent Principal or Interest	22,451
Carrying Amount	22,421
Principal Amount Subject to Delinquent Principal or Interest	$ 0
Office | Southeast | Mortgage Loan 83
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Fixed Interest Rate	4.05%
Prior Liens	$ 0
Principal Amount Subject to Delinquent Principal or Interest	23,000
Carrying Amount	22,984
Principal Amount Subject to Delinquent Principal or Interest	$ 0
Multifamily | West | Mortgage Loan 18
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Fixed Interest Rate	3.15%
Prior Liens	$ 0
Principal Amount Subject to Delinquent Principal or Interest	51,000
Carrying Amount	50,430
Principal Amount Subject to Delinquent Principal or Interest	$ 0
Multifamily | West | Mortgage Loan 78
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Fixed Interest Rate	3.18%
Prior Liens	$ 0
Principal Amount Subject to Delinquent Principal or Interest	22,477
Carrying Amount	22,155
Principal Amount Subject to Delinquent Principal or Interest	$ 0
Multifamily | Southwest | Mortgage Loan 15
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Fixed Interest Rate	3.00%
Prior Liens	$ 0
Principal Amount Subject to Delinquent Principal or Interest	60,531
Carrying Amount	59,688
Principal Amount Subject to Delinquent Principal or Interest	$ 0
Multifamily | Southwest | Mortgage Loan 30
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Fixed Interest Rate	3.16%
Prior Liens	$ 0
Principal Amount Subject to Delinquent Principal or Interest	45,448
Carrying Amount	44,562
Principal Amount Subject to Delinquent Principal or Interest	$ 0
Multifamily | Southwest | Mortgage Loan 31
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Fixed Interest Rate	3.13%
Prior Liens	$ 0
Principal Amount Subject to Delinquent Principal or Interest	45,410
Carrying Amount	45,215
Principal Amount Subject to Delinquent Principal or Interest	$ 0
Multifamily | Southwest | Mortgage Loan 50
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Fixed Interest Rate	2.90%
Prior Liens	$ 0
Principal Amount Subject to Delinquent Principal or Interest	28,845
Carrying Amount	28,698
Principal Amount Subject to Delinquent Principal or Interest	$ 0
Multifamily | Southwest | Mortgage Loan 54
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Fixed Interest Rate	3.15%
Prior Liens	$ 0
Principal Amount Subject to Delinquent Principal or Interest	32,200
Carrying Amount	31,819
Principal Amount Subject to Delinquent Principal or Interest	$ 0
Multifamily | Southwest | Mortgage Loan 57
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Fixed Interest Rate	2.80%
Prior Liens	$ 0
Principal Amount Subject to Delinquent Principal or Interest	31,199
Carrying Amount	31,095
Principal Amount Subject to Delinquent Principal or Interest	$ 0
Multifamily | Southwest | Mortgage Loan 63
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Fixed Interest Rate	2.97%
Prior Liens	$ 0
Principal Amount Subject to Delinquent Principal or Interest	26,901
Carrying Amount	26,873
Principal Amount Subject to Delinquent Principal or Interest	$ 0
Multifamily | Southwest | Mortgage Loan 74
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Fixed Interest Rate	2.66%
Prior Liens	$ 0
Principal Amount Subject to Delinquent Principal or Interest	23,900
Carrying Amount	23,753
Principal Amount Subject to Delinquent Principal or Interest	$ 0
Multifamily | Southwest | Mortgage Loan 81
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Fixed Interest Rate	3.50%
Prior Liens	$ 0
Principal Amount Subject to Delinquent Principal or Interest	15,404
Carrying Amount	15,180
Principal Amount Subject to Delinquent Principal or Interest	$ 0
Multifamily | Southwest | Mortgage Loan 97
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Fixed Interest Rate	4.29%
Prior Liens	$ 0
Principal Amount Subject to Delinquent Principal or Interest	18,700
Carrying Amount	18,655
Principal Amount Subject to Delinquent Principal or Interest	$ 0
Multifamily | Southwest | Mortgage Loan 98
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Fixed Interest Rate	3.40%
Prior Liens	$ 0
Principal Amount Subject to Delinquent Principal or Interest	18,285
Carrying Amount	18,277
Principal Amount Subject to Delinquent Principal or Interest	$ 0
Multifamily | Midwest | Mortgage Loan 4
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Fixed Interest Rate	2.75%
Prior Liens	$ 0
Principal Amount Subject to Delinquent Principal or Interest	95,408
Carrying Amount	94,612
Principal Amount Subject to Delinquent Principal or Interest	$ 0
Multifamily | Midwest | Mortgage Loan 34
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Fixed Interest Rate	4.24%
Prior Liens	$ 0
Principal Amount Subject to Delinquent Principal or Interest	42,433
Carrying Amount	41,380
Principal Amount Subject to Delinquent Principal or Interest	$ 0
Multifamily | Midwest | Mortgage Loan 46
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Fixed Interest Rate	2.92%
Prior Liens	$ 0
Principal Amount Subject to Delinquent Principal or Interest	32,065
Carrying Amount	31,068
Principal Amount Subject to Delinquent Principal or Interest	$ 0
Multifamily | Midwest | Mortgage Loan 58
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Fixed Interest Rate	2.75%
Prior Liens	$ 0
Principal Amount Subject to Delinquent Principal or Interest	31,120
Carrying Amount	30,989
Principal Amount Subject to Delinquent Principal or Interest	$ 0
Multifamily | Midwest | Mortgage Loan 86
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Fixed Interest Rate	4.05%
Prior Liens	$ 0
Principal Amount Subject to Delinquent Principal or Interest	22,235
Carrying Amount	22,190
Principal Amount Subject to Delinquent Principal or Interest	$ 0
Multifamily | Midwest | Mortgage Loan 90
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Fixed Interest Rate	2.93%
Prior Liens	$ 0
Principal Amount Subject to Delinquent Principal or Interest	20,797
Carrying Amount	20,715
Principal Amount Subject to Delinquent Principal or Interest	$ 0
Multifamily | Midwest | Mortgage Loan 101
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Fixed Interest Rate	3.35%
Prior Liens	$ 0
Principal Amount Subject to Delinquent Principal or Interest	13,500
Carrying Amount	13,303
Principal Amount Subject to Delinquent Principal or Interest	$ 0
Multifamily | Midwest | Mortgage Loan 105
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Fixed Interest Rate	2.99%
Prior Liens	$ 0
Principal Amount Subject to Delinquent Principal or Interest	11,781
Carrying Amount	11,731
Principal Amount Subject to Delinquent Principal or Interest	$ 0
Multifamily | Northeast | Mortgage Loan 65
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Fixed Interest Rate	4.10%
Prior Liens	$ 0
Principal Amount Subject to Delinquent Principal or Interest	27,250
Carrying Amount	27,146
Principal Amount Subject to Delinquent Principal or Interest	$ 0
Multifamily | Northeast | Mortgage Loan 71
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Fixed Interest Rate	4.00%
Prior Liens	$ 0
Principal Amount Subject to Delinquent Principal or Interest	24,367
Carrying Amount	24,293
Principal Amount Subject to Delinquent Principal or Interest	$ 0
Multifamily | Northeast | Mortgage Loan 92
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Fixed Interest Rate	3.24%
Prior Liens	$ 0
Principal Amount Subject to Delinquent Principal or Interest	19,963
Carrying Amount	19,831
Principal Amount Subject to Delinquent Principal or Interest	$ 0
Multifamily | Southeast | Mortgage Loan 37
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Fixed Interest Rate	3.28%
Prior Liens	$ 0
Principal Amount Subject to Delinquent Principal or Interest	24,198
Carrying Amount	23,860
Principal Amount Subject to Delinquent Principal or Interest	$ 0
Multifamily | Southeast | Mortgage Loan 42
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Fixed Interest Rate	3.28%
Prior Liens	$ 0
Principal Amount Subject to Delinquent Principal or Interest	33,510
Carrying Amount	33,254
Principal Amount Subject to Delinquent Principal or Interest	$ 0
Multifamily | Southeast | Mortgage Loan 53
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Fixed Interest Rate	3.18%
Prior Liens	$ 0
Principal Amount Subject to Delinquent Principal or Interest	28,400
Carrying Amount	28,016
Principal Amount Subject to Delinquent Principal or Interest	$ 0
Multifamily | Southeast | Mortgage Loan 61
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Fixed Interest Rate	3.22%
Prior Liens	$ 0
Principal Amount Subject to Delinquent Principal or Interest	29,701
Carrying Amount	29,408
Principal Amount Subject to Delinquent Principal or Interest	$ 0
Multifamily | Southeast | Mortgage Loan 68
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Fixed Interest Rate	3.15%
Prior Liens	$ 0
Principal Amount Subject to Delinquent Principal or Interest	26,319
Carrying Amount	26,033
Principal Amount Subject to Delinquent Principal or Interest	$ 0
Multifamily | Southeast | Mortgage Loan 89
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Fixed Interest Rate	3.25%
Prior Liens	$ 0
Principal Amount Subject to Delinquent Principal or Interest	20,176
Carrying Amount	19,911
Principal Amount Subject to Delinquent Principal or Interest	$ 0
Multifamily | Southeast | Mortgage Loan 93
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Fixed Interest Rate	3.99%
Prior Liens	$ 0
Principal Amount Subject to Delinquent Principal or Interest	16,428
Carrying Amount	16,260
Principal Amount Subject to Delinquent Principal or Interest	$ 0
Hotel | West | Mortgage Loan 29
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Fixed Interest Rate	3.60%
Prior Liens	$ 0
Principal Amount Subject to Delinquent Principal or Interest	46,000
Carrying Amount	45,885
Principal Amount Subject to Delinquent Principal or Interest	$ 0
Hotel | West | Mortgage Loan 66
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Fixed Interest Rate	3.83%
Prior Liens	$ 0
Principal Amount Subject to Delinquent Principal or Interest	24,000
Carrying Amount	23,977
Principal Amount Subject to Delinquent Principal or Interest	$ 0
Hotel | West | Mezzanine Loan
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Fixed Interest Rate	8.00%
Prior Liens	$ 40,000
Principal Amount Subject to Delinquent Principal or Interest	14,006
Carrying Amount	12,876
Principal Amount Subject to Delinquent Principal or Interest	$ 0
Hotel | Southwest | Mortgage Loan 13
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Fixed Interest Rate	4.45%
Prior Liens	$ 0
Principal Amount Subject to Delinquent Principal or Interest	71,495
Carrying Amount	70,696
Principal Amount Subject to Delinquent Principal or Interest	$ 0
Hotel | Southwest | Mortgage Loan 70
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Fixed Interest Rate	5.13%
Prior Liens	$ 0
Principal Amount Subject to Delinquent Principal or Interest	26,000
Carrying Amount	25,826
Principal Amount Subject to Delinquent Principal or Interest	$ 0
Hotel | Midwest | Mortgage Loan 23
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Fixed Interest Rate	5.00%
Prior Liens	$ 0
Principal Amount Subject to Delinquent Principal or Interest	46,059
Carrying Amount	45,062
Principal Amount Subject to Delinquent Principal or Interest	$ 0
Hotel | Midwest | Mortgage Loan 52
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Fixed Interest Rate	4.07%
Prior Liens	$ 0
Principal Amount Subject to Delinquent Principal or Interest	28,745
Carrying Amount	28,520
Principal Amount Subject to Delinquent Principal or Interest	$ 0
Hotel | Midwest | Mortgage Loan 64
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Fixed Interest Rate	3.90%
Prior Liens	$ 0
Principal Amount Subject to Delinquent Principal or Interest	27,500
Carrying Amount	27,321
Principal Amount Subject to Delinquent Principal or Interest	$ 0
Hotel | Midwest | Mortgage Loan 76
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Fixed Interest Rate	4.07%
Prior Liens	$ 0
Principal Amount Subject to Delinquent Principal or Interest	24,714
Carrying Amount	23,475
Principal Amount Subject to Delinquent Principal or Interest	$ 0
Hotel | Northeast | Mortgage Loan 39
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Fixed Interest Rate	3.70%
Prior Liens	$ 0
Principal Amount Subject to Delinquent Principal or Interest	36,198
Carrying Amount	36,014
Principal Amount Subject to Delinquent Principal or Interest	$ 0
Hotel | Northeast | Mortgage Loan 77
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Fixed Interest Rate	4.90%
Prior Liens	$ 0
Principal Amount Subject to Delinquent Principal or Interest	21,635
Carrying Amount	21,479
Principal Amount Subject to Delinquent Principal or Interest	$ 0
Hotel | Northeast | Mortgage Loan 85
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Fixed Interest Rate	4.21%
Prior Liens	$ 0
Principal Amount Subject to Delinquent Principal or Interest	22,315
Carrying Amount	22,095
Principal Amount Subject to Delinquent Principal or Interest	$ 0
Hotel | Northeast | Mezzanine Loan
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Fixed Interest Rate	13.00%
Prior Liens	$ 59,000
Principal Amount Subject to Delinquent Principal or Interest	1,048
Carrying Amount	0
Principal Amount Subject to Delinquent Principal or Interest	$ 0
Hotel | Southeast | Mortgage Loan 24
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Fixed Interest Rate	3.30%
Prior Liens	$ 0
Principal Amount Subject to Delinquent Principal or Interest	45,087
Carrying Amount	43,473
Principal Amount Subject to Delinquent Principal or Interest	$ 0
Industrial | West | Mortgage Loan 9
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Fixed Interest Rate	3.25%
Prior Liens	$ 0
Principal Amount Subject to Delinquent Principal or Interest	63,443
Carrying Amount	63,032
Principal Amount Subject to Delinquent Principal or Interest	$ 0
Industrial | Northeast | Mortgage Loan 41
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Fixed Interest Rate	2.85%
Prior Liens	$ 0
Principal Amount Subject to Delinquent Principal or Interest	30,299
Carrying Amount	30,236
Principal Amount Subject to Delinquent Principal or Interest	$ 0
Industrial | Southeast | Mortgage Loan 72
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Fixed Interest Rate	3.15%
Prior Liens	$ 0
Principal Amount Subject to Delinquent Principal or Interest	25,650
Carrying Amount	25,297
Principal Amount Subject to Delinquent Principal or Interest	$ 0
Other | Midwest | Mortgage Loan 79
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Fixed Interest Rate	3.86%
Prior Liens	$ 0
Principal Amount Subject to Delinquent Principal or Interest	20,400
Carrying Amount	20,154
Principal Amount Subject to Delinquent Principal or Interest	$ 0
Other | Northeast | Mortgage Loan 87
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Fixed Interest Rate	4.50%
Prior Liens	$ 0
Principal Amount Subject to Delinquent Principal or Interest	21,500
Carrying Amount	21,382
Principal Amount Subject to Delinquent Principal or Interest	$ 0