Granite Point Mortgage Trust (GPMT) 10-K 2 Mar 23 2022 FY Annual report Financial data

Cover Page

Cover Page - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Feb. 23, 2023	Jun. 30, 2022
Document Information [Line Items]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2022
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
Entity Address, Address Line Two	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 Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Entity Shell Company	false
Entity Public Float			$ 492.3
Entity Common Stock, Shares Outstanding		52,527,377
Documents Incorporated by Reference	Portions of the registrant’s definitive Proxy Statement for the 2023 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	2022
Document Fiscal Period Focus	FY
Amendment Flag	false
Entity Filer Category	Accelerated Filer
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, 2022
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, 2022	Dec. 31, 2021
ASSETS
Loans held-for-investment		$ 3,350,150	$ 3,782,205
Allowance for credit losses		(82,335)	(40,897)
Loans held-for-investment, net		3,267,815	3,741,308
Cash and cash equivalents		133,132	191,931
Restricted cash		7,033	12,362
Accrued interest receivable		13,413	10,716
Other assets		32,708	32,201
Total Assets	[1]	3,454,101	3,988,518
Liabilities
Repurchase facilities		1,015,566	677,285
Securitized debt obligations		1,138,749	1,677,619
Asset-specific financings		44,913	43,622
Secured credit facility		100,000	0
Term financing facility		0	127,145
Convertible senior notes		130,918	272,942
Senior secured term loan facilities		0	139,880
Dividends payable		14,318	14,406
Other liabilities		24,967	21,436
Total Liabilities	[1]	2,469,431	2,974,335
Commitments and Contingencies
10.00% 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; 11,500,000 shares authorized, and 8,229,500 and 4,596,500 shares issued and outstanding, respectively; liquidation preference $25.00 per share		82	46
Common stock, par value $0.01 per share; 450,000,000 shares authorized, and 52,350,989 and 53,789,465 shares issued and outstanding, respectively		524	538
Additional paid-in capital		1,202,315	1,125,241
Cumulative earnings		130,693	171,518
Cumulative distributions to stockholders		(350,069)	(284,285)
Total Granite Point Mortgage Trust Inc. Stockholders’ Equity		983,545	1,013,058
Non-controlling interests		125	125
Total Equity		983,670	1,013,183
Total Liabilities and Stockholders’ Equity		$ 3,454,101	$ 3,988,518
[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, 2022, and December 31, 2021, assets of the VIEs totaled $1,551,936 and $2,266,044, respectively, and liabilities of the VIEs totaled $1,141,028 and $1,679,435, respectively. See Note 4 - Variable Interest Entities and Securitized Debt Obligations for additional information.

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($)		12 Months Ended
		Dec. 31, 2022	Dec. 31, 2021
Variable Interest Entity [Line Items]
Preferred stock dividend rate (as a percent)		10%
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		52,350,989	53,789,465
Common shares outstanding		52,350,989	53,789,465
Assets of consolidated variable interest entities	[1]	$ 3,454,101,000	$ 3,988,518,000
Liabilities of consolidated variable interest entities	[1]	$ 2,469,431,000	$ 2,974,335,000
Cumulative Preferred Stock
Variable Interest Entity [Line Items]
Temporary equity, par or stated value per share (in usd per share)		$ 0.01	$ 0.01
Temporary equity shares authorized		50,000,000	50,000,000
Temporary equity shares issued		1,000	1,000
Temporary equity shares outstanding		1,000	1,000
Temporary equity liquidation preference		$ 1,000,000	$ 1,000,000
Preferred stock dividend rate (as a percent)		10%	10%
Series A Preferred Stock
Variable Interest Entity [Line Items]
Preferred stock par value per share (in usd per share)		$ 0.01	$ 0.01
Preferred shares authorized		11,500,000	11,500,000
Preferred shares issued		8,229,500	4,596,500
Preferred shares outstanding		8,229,500	4,596,500
Preferred stock dividend rate (as a percent)		7%	7%
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		$ 1,551,936,000	$ 2,266,044,000
Liabilities of consolidated variable interest entities		$ 1,141,028,000	$ 1,679,435,000
[1] The consolidated balance sheets include assets of consolidated variable interest entities, or VIEs, that can only be used to settle obligations of these VIEs, and liabilities of the consolidated VIEs for which creditors do not have recourse to Granite Point Mortgage Trust Inc. At December 31, 2022, and December 31, 2021, assets of the VIEs totaled $1,551,936 and $2,266,044, respectively, and liabilities of the VIEs totaled $1,141,028 and $1,679,435, respectively. See Note 4 - Variable Interest Entities and Securitized Debt Obligations for additional information.

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Interest income:
Loans held-for-investment	$ 208,500	$ 197,942	$ 234,954
Loans held-for-sale	0	0	895
Available-for-sale securities	0	0	646
Held-to-maturity securities	0	0	659
Cash and cash equivalents	2,354	346	559
Total interest income	210,854	198,288	237,713
Interest expense:
Repurchase facilities	49,452	25,973	58,444
Secured credit facility	383	0	0
Securitized debt obligations	51,631	29,926	26,312
Convertible senior notes	17,527	18,167	18,092
Term financing facility	1,713	7,585	0
Asset-specific financings	1,669	2,241	3,862
Revolving credit facilities	0	0	779
Senior secured term loan facilities	3,754	21,688	5,446
Total interest expense	126,129	105,580	112,935
Net interest income	84,725	92,708	124,778
Other income (loss):
Benefit from (provision for) credit losses	(69,265)	20,027	(53,710)
Loss on extinguishment of debt	(18,823)	(8,919)	0
Realized losses on sales of loans held-for-sale	(1,702)	0	(16,913)
Fee income	954	0	1,117
Total other income (loss)	(88,836)	11,108	(69,506)
Expenses:
Base management fees	0	0	15,786
Compensation and benefits	20,225	21,464	13,269
Servicing expenses	5,718	5,173	4,056
Other operating expenses	10,754	8,634	15,755
Restructuring charges	0	0	46,252
Total expenses	36,697	35,271	95,118
Income (loss) before income taxes	(40,808)	68,545	(39,846)
Benefit from income taxes	17	192	593
Net income (loss)	(40,825)	68,353	(40,439)
Dividends on preferred stock	14,502	793	100
Net (loss) income attributable to common stockholders - diluted	(55,327)	67,560	(40,539)
Net (loss) income attributable to common stockholders - basic	$ (55,327)	$ 67,560	$ (40,539)
Basic (loss) earnings per weighted average common share (in usd per share)	$ (1.04)	$ 1.24	$ (0.73)
Diluted (loss) earnings per weighted average common share (in usd per share)	$ (1.04)	$ 1.23	$ (0.73)
Weighted average number of shares of common stock outstanding:
Basic (in shares)	53,011,806	54,593,499	55,156,482
Diluted (in shares)	53,011,806	54,929,070	55,156,482
Net (loss) income attributable to common stockholders - basic	$ (55,327)	$ 67,560	$ (40,539)
Comprehensive income (loss):
Unrealized gain on available-for-sale securities	0	0	(32)
Other comprehensive (loss) income	0	0	(32)
Comprehensive income (loss)	$ (55,327)	$ 67,560	$ (40,571)

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY - USD ($) $ in Thousands	Total	Cumulative effect of adoption of new accounting principle	Stockholders' equity, adjusted balance	Cumulative Preferred Stock	Series A Preferred Stock	Total Stockholders’ Equity	Total Stockholders’ Equity Cumulative effect of adoption of new accounting principle	Total Stockholders’ Equity Stockholders' equity, adjusted balance	Total Stockholders’ Equity Cumulative Preferred Stock	Total Stockholders’ Equity Series A Preferred Stock	Common Stock	Common Stock Stockholders' equity, adjusted balance	Preferred Stock	Preferred Stock Stockholders' equity, adjusted balance	Additional Paid-in Capital	Additional Paid-in Capital Cumulative effect of adoption of new accounting principle	Additional Paid-in Capital Stockholders' equity, adjusted balance	Accumulated Other Comprehensive Income	Accumulated Other Comprehensive Income Stockholders' equity, adjusted balance	Cumulative Earnings	Cumulative Earnings Cumulative effect of adoption of new accounting principle	Cumulative Earnings Stockholders' equity, adjusted balance	Cumulative Distributions to Stockholders	Cumulative Distributions to Stockholders Stockholders' equity, adjusted balance	Cumulative Distributions to Stockholders Cumulative Preferred Stock	Cumulative Distributions to Stockholders Series A Preferred Stock	Non-controlling Interests	Non-controlling Interests Stockholders' equity, adjusted balance
Common shares outstanding at beginning of period at Dec. 31, 2019											54,853,205	54,853,205
Stockholders’ equity at beginning of period at Dec. 31, 2019	$ 1,019,136	$ (18,472)	$ 1,000,664			$ 1,019,136	$ (18,472)	$ 1,000,664			$ 549	$ 549	$ 0	$ 0	$ 1,048,484	$ 0	$ 1,048,484	$ 32	$ 32	$ 162,076	$ (18,472)	$ 143,604	$ (192,005)	$ (192,005)			$ 0	$ 0
Preferred shares outstanding at beginning of period at Dec. 31, 2019													0	0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	(40,439)					(40,439)														(40,439)
Other comprehensive loss before reclassifications	(288)					(288)												(288)
Amounts reclassified	256					256												256
Net other comprehensive (loss) income	(32)					(32)												(32)
Preferred dividends declared	(100)					(100)																	(100)
Issuance of warrants to purchase common stock	4,541					4,541									4,541
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
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
Preferred shares outstanding at end of period at Dec. 31, 2020													0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	68,353					68,353														68,353
Net other comprehensive (loss) income	0
Settlement of warrants to purchase common stock	32,138					32,138									32,138
Issuance of common stock, net of offering costs (in shares)													4,596,500
Issuance of preferred stock, net of offering costs	110,519					110,519							$ 46		110,473
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)
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
Preferred shares outstanding at end of period at Dec. 31, 2021					4,596,500								4,596,500
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	(40,825)					(40,825)														(40,825)
Net other comprehensive (loss) income	0
Issuance of common stock, net of offering costs (in shares)													3,633,000
Issuance of preferred stock, net of offering costs	87,521					87,521							$ 36		87,485
Restricted stock forfeiture (in shares)											(69,039)
Restricted stock forfeiture	(824)					(824)					$ 0				(824)
Repurchase of common stock	(15,714)					(15,714)					$ (15)				(15,699)
Repurchase of common stock (in shares)											(1,539,134)
Restricted Stock Unit (RSU) forfeiture	(912)					(912)									(912)
Preferred dividends declared				$ (100)	$ (14,402)				$ (100)	$ (14,402)															$ (100)	$ (14,402)
Common dividends declared	(51,282)					(51,282)																	(51,282)
Non-cash equity award compensation (in shares)											169,697
Non-cash equity award compensation	$ 7,025					7,025					$ 1				7,024
Common shares outstanding at end of period at Dec. 31, 2022	52,350,989										52,350,989
Stockholders’ equity at end of period at Dec. 31, 2022	$ 983,670					$ 983,545					$ 524		$ 82		$ 1,202,315			$ 0		$ 130,693			$ (350,069)				$ 125
Preferred shares outstanding at end of period at Dec. 31, 2022					8,229,500								8,229,500

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY - (Parenthetical) - $ / shares	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Common dividends declared per share (in usd per share)	$ 0.95	$ 1
Cumulative Preferred Stock
Preferred dividends declared per share (in usd per share)	100	100
Series A Preferred Stock
Preferred dividends declared per share (in usd per share)	$ 1.75	$ 0.15069

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Cash Flows From Operating Activities:
Net (loss) income	$ (40,825)	$ 68,353	$ (40,439)
Adjustments to reconcile net (loss) income to net cash provided by operating activities:
Accretion of discounts and net deferred fees on loans held-for-investment and deferred interest capitalized to loans held-for-investment	(11,964)	(23,291)	(15,915)
Amortization of deferred debt issuance costs	12,412	16,559	6,426
Provision for (benefit from) credit losses	69,265	(20,027)	53,710
Realized losses on available-for-sale securities	0	5,169	0
Realized losses on sales of loans held-for-sale	1,702	0	16,913
Loss on extinguishment of debt	11,307	0	0
Amortization of equity-based compensation	7,025	7,591	5,276
Proceeds received from deferred interest capitalized on loans held-for-investment	7,903	1,931	0
Net change in assets and liabilities:
(Increase) decrease in accrued interest receivable	(2,697)	1,672	(1,066)
Decrease (increase) in other assets	5,727	(171)	2,436
(Decrease) increase in other liabilities	(957)	2,515	(7,086)
Net cash provided by operating activities	58,898	60,301	20,255
Cash Flows From Investing Activities:
Originations, acquisitions and additional fundings of loans held-for-investment, net of deferred fees	(557,468)	(814,515)	(369,216)
Proceeds from loan sales	64,045	0	193,538
Proceeds from repayment of loans held-for-investment	902,743	958,399	486,422
Increase in other assets, due from servicer on repayments of loans held-for-investment	(689)	(4,114)	0
Principal payments on available-for-sale securities	0	0	12,798
Principal payments on held-to-maturity securities	0	0	18,076
Net cash provided by investing activities	408,631	139,770	341,618
Cash Flows From Financing Activities:
Proceeds from repurchase facilities	828,893	599,579	397,004
Principal payments on repurchase facilities	(490,612)	(1,631,169)	(612,150)
Proceeds from issuance of securitized debt obligations	0	1,188,330	0
Principal payments on securitized debt obligations	(543,023)	(433,520)	(117,925)
Repayment of senior secured term loan facilities	150,000	75,000	0
Proceeds from asset-specific financings	1,291	3,063	6,626
Repayment of asset-specific financings	0	(82,532)	0
Proceeds from secured credit facility	100,000	0	0
Repayment of convertible senior notes	(143,750)	0	0
Proceeds from revolving credit facilities	0	0	38,361
Repayment of revolving credit facilities	0	0	(80,369)
Proceeds from term financing facility	0	349,291	0
Repayment of term financing facility	(129,099)	(220,192)	0
Payment of debt issuance costs	(9,557)	(15,572)	0
Settlement of warrants to purchase common stock	0	(32,138)	0
Contributions from non-controlling interests	0	125	0
Proceeds from issuance of preferred stock, net of offering costs	87,521	110,519	0
Tax withholding on restricted stock	(1,736)	(1,194)	0
Repurchase of common stock	(15,714)	(17,803)	0
Dividends paid on preferred stock	(11,594)	(100)	(100)
Dividends paid on common stock	(54,277)	(66,658)	(34,079)
Net cash used in financing activities	(531,657)	(324,971)	(192,444)
Net decrease in cash, cash equivalents and restricted cash	(64,128)	(124,900)	169,429
Cash, cash equivalents and restricted cash at beginning of period	204,293	329,193	159,764
Cash, cash equivalents and restricted cash at end of period	140,165	204,293	329,193
Supplemental Disclosure of Cash Flow Information:
Cash paid for interest	123,371	105,960	115,013
Cash paid for taxes	463	599	0
Noncash Activities:
Transfers of loans held-for-investment to loans held-for-sale	22,033	0	210,452
Dividends declared but not paid at end of period	14,318	14,406	25,049
Deferred financing costs, not yet paid	$ 1,757	$ 0	$ 0

Organization and Operations

Organization and Operations	12 Months Ended
	Dec. 31, 2022
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 sources, including borrowing under the Company’s bank credit facilities or other asset-specific financings, issuing CRE CLOs, 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 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. 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 REIT as defined under 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 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, 2022
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 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 interest and 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. The Company believes the estimates and assumptions underlying its consolidated financial statements are reasonable and supportable based on the information available as of December 31, 2022. However, 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 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 and classifies the underlying loans as loans held-for-investment. Interest income on loans held-for-investment is recorded on the consolidated statements of comprehensive (loss) income. Loans held-for-investment are reported at cost, net of allowance for credit losses, any unamortized acquisition premiums or discounts, loan fees and origination costs, as applicable. In accordance with ASU 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments , or ASU 2016-13, the Company uses a probability-weighted analytical model to estimate and recognize an allowance for credit losses on loans held-for-investment and their related unfunded commitments. The Company employed quarterly updated macroeconomic forecasts, which reflect expectations for overall economic output, interest rates, values of real estate properties and other factors, geopolitical instability and the Federal Reserve monetary policy impact on the overall U.S. economy and commercial real estate markets generally. These estimates may change in future periods based on available future macroeconomic data and might result in a material change in the Company’s future estimates of expected credit losses for its loan portfolio. 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 lives of the loans using the effective interest method. Generally, loans held-for-investment are placed on nonaccrual status when delinquent for more than 90 days or when determined not to be probable of full collection. Interest income recognition is suspended when loans are placed on nonaccrual status. Interest accrued, but not collected, at the date loans are placed on nonaccrual is reversed and subsequently recognized only to the extent it is received in cash or until it qualifies for return to accrual status. However, when there is doubt regarding the ultimate collectability of loan principal, all cash received is applied to reduce the carrying value of such loans. Loans held-for-investment are restored to accrual status only when contractually current or the collection of future payments is reasonably assured. The Company may make exceptions to placing a loan on nonaccrual status if the loan has sufficient collateral value and is in the process of collection or has been modified. The allowance for credit losses is recorded in accordance with ASU 2016-13, and is a valuation account that is deducted from the amortized cost basis of loans held-for-investment on the Company’s consolidated balance sheets. Changes to the allowance for credit losses are recognized through net income (loss) on the Company’s consolidated statements of comprehensive (loss) income. The allowance is based on relevant information about past events, including historical loss experience, current portfolio, market conditions and reasonable and supportable forecasts for the duration of each respective loan. All loans held-for-investment within the Company’s portfolio have some amount of expected loss to reflect the GAAP principal underlying the CECL model that all loans have some inherent risk of loss, regardless of credit quality, subordinate capital or other mitigating factors. The Company’s loans typically include commitments to fund incremental proceeds to its borrowers over the life of the loan. Those future funding commitments are also subject to an allowance for credit losses. The allowance for credit losses related to future loan fundings is recorded as a component of other liabilities on the Company’s consolidated balance sheets, and not as an offset to the related loan balance. This allowance for credit losses is estimated using the same process outlined below for the Company’s outstanding loan balances, and changes in this component of the allowance for credit losses similarly flow through the Company’s consolidated statements of comprehensive (loss) income. The allowance for credit losses is estimated on a quarterly basis and represents management’s estimates of current expected credit losses in the Company’s investment portfolio. Pools of loans with similar risk characteristics are collectively evaluated while loans that no longer share risk characteristics with loan pools are evaluated individually. Estimating an allowance for credit losses is inherently subjective, as it requires management to exercise significant judgment in establishing appropriate factors used to determine the allowance and a variety of subjective assumptions, including (i) determination of relevant historical loan loss data sets, (ii) the expected timing and amount of future loan fundings and repayments, (iii) the current credit quality of loans and operating performance of loan collateral and the Company’s expectations of performance, (iv) selecting the forecast for macroeconomic conditions and (v) determining the reasonable and supportable forecast period. The Company generally estimates its allowance for credit losses by using a probability-weighted analytical model that considers the likelihood of default and loss-given-default for each individual loan. The analytical model incorporates a third-party licensed database with historical loan losses from 1998 to 2022 for over 100,000 commercial real estate loans. The Company licenses certain macroeconomic financial forecasts from a third-party to inform its view of the potential future impact that broader macroeconomic conditions may have on the performance of the loans held-for-investment. These macroeconomic factors include unemployment rates, interest rates, price indices for commercial property and other factors. The Company may use one or more of these forecasts in the process of estimating its allowance for credit losses. Selection of these economic forecasts requires significant judgment about future events that, while based on the information available to the Company as of the balance sheet date, are ultimately unknowable with certainty, and the actual economic conditions impacting the Company’s portfolio could vary significantly from the estimates the Company made for the periods presented. Significant inputs to the Company’s estimate of the allowance for credit losses include the reasonable and supportable forecast period and loan specific factors such as debt service coverage ratio, or DSCR, loan-to-value ratio, or LTV, remaining contractual loan term, property type and others. In addition, the Company also considers relevant loan-specific qualitative factors to estimate its allowance for credit losses. In certain instances, for loans with unique risk characteristics, the Company may instead elect to employ different methods to estimate loan losses that also conform to ASU 2016-13 and related guidance. Available-for-Sale Securities, at Fair Value From time to time, the Company may selectively invest in CMBS representing interests in pools of commercial mortgage loans issued by trusts. In the past, the Company had designated investments in certain CMBS as AFS because the Company had the ability to dispose of them prior to maturity. All assets classified as AFS would be reported at estimated fair value with unrealized gains and losses included in accumulated other comprehensive (loss) income. Interest income on AFS securities is accrued based on the outstanding principal balance and contractual terms. Premiums and discounts associated with CMBS are amortized into interest income over the life of such securities using the effective yield method. As part of the adoption of ASU 2016-13, the Company evaluates AFS securities to determine whether a decline in the fair value below the amortized cost basis (impairment) is due to credit-related factors or noncredit-related factors. Any impairment that is not credit-related is recognized in other comprehensive (loss) income, net of applicable taxes. Credit-related impairment is recognized as an allowance for credit losses on the 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, 2022. 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 (loss) income 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, 2022. Loans Held-for-Sale The Company classifies certain loans as held-for-sale based on management’s intent to sell or otherwise dispose of them. Loans held-for-sale are reported at the lower of amortized cost or fair value. Fair value is determined under the guidance of ASC 820. Interest income on loans held-for-sale is recognized at the loan coupon rate and recorded on the consolidated statements of comprehensive (loss) income. Cash and Cash Equivalents Cash and cash equivalents include cash held in bank accounts and cash held in money market funds on an overnight basis. Restricted Cash Restricted cash includes certain cash balances the Company is required to maintain in restricted accounts as collateral for the Company’s repurchase agreements and with counterparties to support activities related to securities. Cash held by counterparties as collateral, which resides in non-interest bearing accounts, is not available to the Company for general corporate purposes, but may be applied against amounts due to securities and repurchase agreement counterparties or returned to the Company when the collateral requirements are exceeded or at the maturity of the repurchase agreement. Accrued Interest Receivable Accrued interest receivable represents interest that is due and payable to the Company. Cash interest is generally received within 30 days of recording the receivable. The Company generally writes off the accrued interest receivable balance when interest is 90 days or more past due unless the loan is both well secured and in the process of collection. Write-offs of accrued interest receivable are recognized within interest income in the consolidated statements of comprehensive (loss) income. Accrued interest receivable includes deferred interest that may be collected at the loan maturity or past 90 days, and an allowance for credit losses has been included as part of the loan’s amortized cost. 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 certain of its loans held-for-investment, AFS securities and HTM securities through the use of repurchase agreements. Borrowings under repurchase agreements generally bear interest rates of a specified margin over one-month LIBOR or SOFR, 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 or SOFR. 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 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. Secured Credit Facilities The Company finances certain of its loans held-for-investment through the use of a secured credit facility. Borrowings under the secured credit facility generally bear interest rates of a specified margin over one-month SOFR. The secured credit facility financings 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 financing facilities, revolving credit facilities and secured credit facilities may fluctuate as the Company borrows and repays amounts, the Company presents unamortized deferred debt issuance costs related to these credit facilities as an asset on its consolidated balance sheets within other assets. Amortization of deferred debt issuance costs over the term of the related facilities is reported within interest expense on the consolidated statements of comprehensive (loss) income. Securitized Debt Obligations The Company finances pools of its loans held-for-investment through CRE CLOs retaining the subordinate securities in its investment portfolio. 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 CRE CLOs, are recorded at outstanding principal balance, net of any unamortized deferred debt issuance costs, on the Company’s consolidated balance sheets. Convertible Senior Notes Convertible senior notes include unsecured convertible debt that are carried at their unpaid principal balance, net of any unamortized deferred issuance costs, on the Company’s consolidated balance sheets. Interest on the notes is payable semiannually until such time the notes mature or are converted into shares of the Company’s common stock. Amortization of deferred debt issuance costs over the term of the notes is reported within interest expense on convertible senior notes on the consolidated statements of comprehensive (loss) income. Senior Secured Term Loan Facilities The Company records senior secured term loan facilities as liabilities at their unpaid principal balance, net of any unamortized deferred issuance costs, on the Company’s consolidated balance sheets. Where applicable, any issue discount or transaction expenses are deferred and amortized over the term of the loan using the effective interest method, and is included within interest expense in the Company’s consolidated statements of comprehensive (loss) income, while the unamortized balance is included as a reduction to the carrying amount on the Company’s consolidated balance sheets. Accrued Interest Payable Accrued interest payable represents interest that is due and payable to third parties. Interest is generally paid within 30 days to three months of recording the payable, based upon the Company’s remittance requirements. Accrued interest payable is included within other liabilities on the Company’s consolidated balance sheets. Income Taxes The Company has elected to be taxed as a REIT under the Code and the corresponding provisions of state law. To qualify as a REIT, the Company must distribute at least 90% of its annual REIT taxable income to stockholders (not including taxable income retained in its taxable subsidiaries) within the time frame set forth in the Code and the Company must also meet certain other requirements. In addition, because certain activities, if performed by the Company, may cause the Company to earn income which does not qualify for the REIT gross income tests, the Company has formed a TRS, to engage in such activities. The TRS’s activities are subject to income taxes, as well as any REIT taxable income not distributed to stockholders. The Company assesses its tax positions for all open tax years and determines whether the Company has any material unrecognized liabilities in accordance with ASC 740, Income Taxes , or ASC 740. The Company records these liabilities to the extent the Company deems them more likely than not to be incurred. The Company classifies interest and penalties on material uncertain tax positions as interest expense and operating expense, respectively, in its consolidated statements of comprehensive (loss) income. 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 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 represents issued and unvested shares of restricted stock, which have full rights to the common stock dividend declarations of the Company. If the assumed conversion of convertible notes into common shares is dilutive, diluted earnings per share is adjusted by adding back the periodic interest expense (net of any tax effects) associated with dilutive convertible notes to net income attributable to common stockholders and adding the shares issued in an assumed conversion to the diluted weighted average share count. Other Comprehensive (Loss) Income Current period net unrealized gains and losses on AFS securities are reported as components of accumulated other comprehensive (loss) income on the consolidated statements of stockholders’ equity and in the consolidated statements of comprehensive (loss) income. Equity Incentive Plans The Company adopted the 2017 Equity Incentive Plan, or the 2017 Plan, to provide incentive compensation to attract and retain qualified directors, officers, advisors, consultants and other personnel. The Plan permitted the granting of restricted shares of common stock, phantom shares, dividend equivalent rights and other equity-based awards. On June 2, 2022, the Company’s stockholders approved the adoption of the Granite Point 2022 Omnibus Incentive Plan, or the 2022 Plan. The 2022 Plan permits the granting of stock options, stock appreciation rights, restricted stock, restricted stock units (both non-performance-based, or RSUs, and performance-based, or PSUs), dividend equivalent rights, other stock-based awards and other cash-based awards to employees, certain consultants of the Company and members of the board of directors. Since the adoption of the 2022 Plan, no new equity awards may be granted under the 2017 Plan, but previously-granted restricted stock, RSUs and PSUs remained outstanding under the 2017 Plan as of December 31, 2022. See Note 13 - Equity Incentive Plans for further details regarding the Equity Incentive Plans. 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 compensation expense on the consolidated statements of comprehensive (loss) income. Recently Issued and/or Adopted Accounting Standards Financial Instruments-Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures In March 2022, FASB issued ASU 2022-02, Financial Instruments – Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures, or ASU 2022-02. The intention of ASU 2022-02 is to simplify the guidance surrounding loan modifications and restructurings and to eliminate the accounting guidance related to troubled debt restructurings, or TDR. The new guidance deviates from current TDR guidance as disclosures will now be based on whether a modification or restructuring with a borrower experiencing financial difficulty results in principal forgiveness, an interest rate reduction, a significant payment delay or term extension as opposed to simply a concession. The new guidance requires disclosure by class of financing receivables, of the types of modifications, the financial effects of those modifications and the performance of those modified receivables in the last twelve months. As it relates to ASC 326-20 the Company is now allowed to use any acceptable method to determine credit losses as a result of modification or restructuring with a borrower experiencing financial difficulty. ASU 2022-02 also requires disclosure of gross write-offs recorded in the current period, on a year-to-date basis, by year of origination in the vintage disclosures. ASU 2022-02 is effective for fiscal years beginning after December 15, 2022. Entities were able to early adopt these amendments and had the ability to early adopt the TDR enhancements separately from the vintage disclosures. The Company did not early adopt this ASU and does not anticipate the new guidance will have a material impact on the Company’s consolidated financial statements. Facilitation of the Effects of Reference Rate Reform on Financial Reporting In March 2020, FASB issued ASU No. 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting, or ASU No. 2020-04, which provides optional expedients and exceptions for applying GAAP to debt instruments, derivatives, and other contracts that reference LIBOR or other reference rates expected to be discontinued as a result of reference rate reform. In January 2021, the FASB issued ASU No. 2021-01, Reference Rate Reform (Topic 848), to clarify that certain optional expedients and exceptions in Topic 848 for contract modifications and hedge accounting apply to derivative instruments that use an interest rate for margining, discounting, or contract price alignment that is modified as a result of reference rate reform. ASU No. 2020-04 and ASU No. 2021-01 are effective for all entities and may be adopted retrospectively as of any date from the beginning of any interim period that includes or is subsequent to March 12, 2020. In December 2022, the FASB issued ASU No. 2022-06, Reference Rate Reform (Topic 848) to defer the sunset date of Topic 848 from December 31, 2022 to December 31, 2024. The Company has loan agreements and debt agreements that incorporate LIBOR as a referenced interest rate. It is difficult to predict the ultimate impacts of the phase-out of LIBOR and the use of alternative benchmarks, such as SOFR, 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, 2022, but will continue to evaluate the possible adoption of any such expedients or exceptions during the effective period as circumstances evolve.

Loans Held-for-Investment, Net

Loans Held-for-Investment, Net of Allowance for Credit Losses	12 Months Ended
	Dec. 31, 2022
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, 2022, and December 31, 2021: December 31, (dollars in thousands) Senior Loans (1) Mezzanine Loans B-Notes Total Unpaid principal balance $ 3,348,242 $ — $ 13,764 $ 3,362,006 Unamortized (discount) premium (48) — — (48) Unamortized net deferred origination fees (11,808) — (11,808) Allowance for credit losses (81,768) — (567) (82,335) Carrying value $ 3,254,618 $ — $ 13,197 $ 3,267,815 Unfunded commitments $ 229,607 $ — $ — $ 229,607 Number of loans 89 — 1 90 Weighted average coupon 6.3 % — % 8.0 % 6.3 % Weighted average years to maturity (2) 1.0 N/A 4.1 1.0 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 ____________________ (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 $ 1,348,205 41.3 % $ 1,703,951 45.5 % Multifamily 1,008,177 30.9 % 1,061,434 28.4 % Hotel 337,264 10.3 % 464,816 12.4 % Retail 303,266 9.3 % 341,834 9.1 % Industrial 185,337 5.6 % 118,564 3.2 % Other 85,566 2.6 % 50,709 1.4 % Total $ 3,267,815 100.0 % $ 3,741,308 100.0 % (dollars in thousands) December 31, December 31, Geographic Location Carrying Value % of Loan Portfolio Carrying Value % of Loan Portfolio Northeast $ 834,985 25.5 % $ 917,029 24.5 % Southwest 675,288 20.7 % 836,955 22.4 % West 519,244 15.9 % 658,429 17.6 % Midwest 546,030 16.7 % 637,784 17.0 % Southeast 692,268 21.2 % 691,111 18.5 % Total $ 3,267,815 100.0 % $ 3,741,308 100.0 % At December 31, 2022, and December 31, 2021, loans held-for-investment with a carrying value, net of allowance for credit losses, of $3.2 billion and $3.7 billion, respectively, collateralized the Company’s secured financing agreements and CRE CLOs. 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 years ended December 31, 2022, and 2021: Year Ended December 31, (in thousands) 2022 2021 Balance at beginning of period $ 3,741,308 3,847,803 Originations, additional fundings, upsizing of loans and capitalized deferred interest 566,799 834,461 Repayments (910,134) (960,330) Loan sales (65,747) — Net discount accretion (premium amortization) 22 5 Increase in net deferred origination fees (6,873) (9,766) Amortization of net deferred origination fees 9,484 13,106 (Provision for) benefit from credit losses (67,044) 16,029 Balance at end of period $ 3,267,815 $ 3,741,308 Allowance for Credit Losses Subsequent to the adoption of “Financial Instruments – Credit Losses – Measurement of Credit Losses on Financial Instruments (Topic 326),” or 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 expectations for overall economic output, interest rates, values of real estate properties and other factors, including the ongoing impacts of COVID-19, geopolitical instability and the Federal Reserve monetary policy on the overall U.S. economy and commercial real estate markets generally. Significant inputs to the Company’s estimate of the allowance for credit losses include loan specific factors such as DSCR, LTV, remaining contractual loan term, property type and others. Additionally, there are a number of significant assumptions and qualitative factors included when determining the Company’s estimates, including, but not limited to, macroeconomic conditions and portfolio trends. As part of the quarterly review of the portfolio, the Company assesses the expected repayment date of each loan, which is used to determine the contractual term for purposes of computing the CECL reserve. 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, 2022, the Company recognized an allowance for credit losses related to its loans held-for-investment of $82.3 million, which reflects a total increase in the provision for credit losses of $67.0 million, which excludes a benefit from recoveries of amounts previously written off of $0.5 million, and includes write-offs of $25.6 million for the year ended December 31, 2022. The increase in the Company’s allowance for credit losses was impacted by an uncertain macroeconomic outlook, weakening in credit fundamentals, volatility and reduced liquidity in the capital markets especially for certain property types such as office assets, and inflationary expectations resulting in meaningfully higher interest rates, and uncertainty with respect to the geopolitical environment, partially offset by loan repayments and principal amortization. The increase in the Company’s CECL reserve was primarily driven by recording an increase in the general reserve of $24.3 million and recording an increase in the provision for collateral-dependent loans of $42.7 million, that were individually assessed in accordance with ASU 2016-13. The collateral properties securing these loans were affected by the above factors resulting in slowing of business plan execution and the borrowers’ ability to either sell or refinance their properties. At December 31, 2022, the Company had four collateral-dependent loans with an aggregate principal balance of $247.3 million, all of which were first mortgage loans secured by office properties that were individually assessed in accordance with ASU 2016-13 for the first time during the year ended December 31, 2022, for which the Company recorded an allowance for credit loss of $39.3 million. See Note 9 - Fair Value, for further detail. The remaining increase in the Company’s provision for credit losses was related to changes in the portfolio mix and implementing in its analysis more conservative macroeconomic forecasts driven by the factors discussed above. 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, 2022, the Company recognized $4.3 million in other liabilities related to the allowance for credit losses on unfunded commitments and recorded a provision for credit losses of $2.8 million for the year ended December 31, 2022. Changes in the provision for credit losses for both loans held-for-investment and their related unfunded commitments are recognized through net (loss) income on the Company’s consolidated statements of comprehensive income. The following table presents the changes for the years ended December 31, 2022, and 2021 in the allowance for credit losses on loans held-for-investment: Year Ended December 31, (in thousands) 2022 2021 Balance at beginning of period $ 40,897 $ 66,666 Provision for (benefit from) credit losses 67,556 (16,029) Write-off (25,606) (9,740) Recoveries of amounts previously written off (512) — Balance at end of period $ 82,335 $ 40,897 During the year ended December 31, 2022, four first mortgage loans with an aggregate principal balance of $247.3 million collateralized by office properties were downgraded to a risk rating of “5” as a result of the collateral properties’ operating performance being adversely affected by the ongoing impacts of the pandemic, office leasing market challenges, the capital markets volatility and other factors (see “Loan Risk Ratings” below). The Company held these loans on nonaccrual status as of December 31, 2022. During the year ended December 31, 2022, the Company resolved a first mortgage loan with an outstanding unpaid principal balance of $54.0 million through a sale of the loan. The loan had been previously placed on nonaccrual status. The Company recognized a write-off of $(10.1) million on the sale of the loan. During the year ended December 31, 2022, the Company resolved a first mortgage loan with an outstanding unpaid principal balance of $114.1 million, which involved a coordinated sale of the collateral property through a deed-in-lieu of foreclosure transaction and the Company providing the new ownership group with a new $77.3 million senior floating rate loan. The loan had been previously placed on nonaccrual status. The Company recognized a write-off of $(15.5) million related to the resolution of this loan. 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. As of December 31, 2022, the Company has four senior loans with a total unpaid principal balance of $247.3 million and carrying value of $208.0 million that are held on nonaccrual status. No other loans were considered past due, and no other loans were held on nonaccrual status as of December 31, 2022. The following table presents the carrying value of loans held-for-investment on nonaccrual status for the years ended December 31, 2022, and 2021: Year Ended December 31, (in thousands) 2022 2021 Nonaccrual loan carrying value at beginning of period $ 145,370 $ 17,835 Addition of nonaccrual loan carrying value $ 218,275 $ 203,668 Removal of nonaccrual loan carrying value $ (155,687) $ (76,133) Nonaccrual loan carrying value at end of period $ 207,958 $ 145,370 The following tables summarize the aging analysis of accrued interest past due on the carrying value of the Company’s loans held-for-investment as of December 31, 2022, and December 31, 2021: (dollars in thousands) Days Outstanding as of December 31, 2022 Current Days: 30-59 Days: 60-89 Days: 90 or more Total loans past due Total loans 90 days or more past due and accruing interest Loans held-for-investment: Senior loans $ 3,072,536 $ — $ — $ 182,082 $ 182,082 $ 3,254,618 $ — Subordinated loans 13,197 — — — — 13,197 — Total $ 3,085,733 $ — $ — $ 182,082 $ 182,082 $ 3,267,815 $ — (dollars in thousands) Days Outstanding as of December 31, 2021 Current Days: 30-59 Days: 60-89 Days: 90 or more Total loans past due Total loans 90 days or more past due and accruing interest Loans held-for-investment: Senior loans $ 3,583,062 $ — $ — $ 145,370 $ 145,370 $ 3,728,432 $ — Subordinated loans 12,876 — — — — 12,876 — Total $ 3,595,938 $ — $ — $ 145,370 $ 145,370 $ 3,741,308 $ — As of December 31, 2022 and 2021, the carrying value for loans with accrued interest past due 90 or more days was $182.1 million and $145.4 million, respectively. As of December 31, 2022 and 2021, there were no loans with accrued interest between 30 and 89 days past due. 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, 2022, and December 31, 2021: (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 8 $ 291,236 $ 287,527 9 $ 245,939 $ 245,042 2 52 1,857,744 1,824,564 58 2,002,008 1,983,615 3 21 697,532 689,196 25 747,631 739,343 4 5 268,236 258,570 11 633,153 627,938 5 4 247,258 207,958 2 168,094 145,370 Total 90 $ 3,362,006 $ 3,267,815 105 $ 3,796,825 $ 3,741,308 As of December 31, 2022, the weighted average risk rating of the Company’s portfolio was 2.5, weighted by unpaid principal balance, versus 2.6 as of December 31, 2021. The portfolio risk rating was largely unchanged versus the year ended December 31, 2021, as changes in portfolio mix from the new loan originations and payoffs largely offset select ratings downgrades during the year ended December 31, 2022. The following table presents the carrying value of loans held-for-investment as of December 31, 2022, and December 31, 2021, by risk rating and year of origination: December 31, 2022 (in thousands) Origination Year Risk Rating 2022 2021 2020 2019 2018 2017 Prior Total 1 $ — $ — $ 44,141 $ 186,506 $ 56,880 $ — $ — $ 287,527 2 $ 419,617 $ 512,526 $ 95,560 $ 516,723 $ 193,900 $ 13,196 $ 73,042 $ 1,824,564 3 $ — $ 95,061 $ 20,154 $ 234,019 $ 99,311 $ 152,093 $ 88,558 $ 689,196 4 $ — $ — $ — $ — $ 135,782 $ 43,381 $ 79,407 $ 258,570 5 $ — $ — $ — $ 157,111 $ — $ 50,847 $ — $ 207,958 Total $ 419,617 $ 607,587 $ 159,855 $ 1,094,359 $ 485,873 $ 259,517 $ 241,007 $ 3,267,815 December 31, 2021 (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

Variable Interest Entities and

Variable Interest Entities and Securitized Debt Obligations	12 Months Ended
	Dec. 31, 2022
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, 2022, and December 31, 2021: (in thousands) December 31, December 31, Loans held-for-investment $ 1,557,731 $ 2,257,768 Allowance for credit losses (21,865) (16,904) Loans held-for-investment, net 1,535,866 2,240,864 Restricted cash 5,674 10,377 Other assets 10,396 14,803 Total Assets $ 1,551,936 $ 2,266,044 Securitized debt obligations $ 1,138,749 $ 1,677,619 Other liabilities 2,279 1,816 Total Liabilities $ 1,141,028 $ 1,679,435 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 the Company’s CRE CLO securitized debt obligations: (dollars 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 (2) $ 621,409 $ 607,354 L+/S+3.7% $ 621,409 $ 613,504 L+3.7% Financing provided 502,564 499,249 L+1.7% 502,564 498,117 L+1.7% GPMT 2021-FL3 CRE CLO Collateral assets (3) 677,715 669,279 L+/S+3.9% 768,850 763,607 L+3.9% Financing provided 539,876 539,892 L+1.7% 630,818 629,049 L+1.7% GPMT 2019-FL2 CRE CLO Collateral assets (4) 270,498 264,907 L+4.2% 617,119 605,831 L+ 4.1% Financing provided 99,300 99,608 L+2.7% 446,849 445,920 L+ 1.8% GPMT 2018-FL1 CRE CLO Collateral assets (5) — — 270,722 268,322 L+ 5.0% Financing provided — — 104,532 104,532 L+ 2.8% Total Collateral assets $ 1,569,622 $ 1,541,540 L+/S+3.9% $ 2,278,100 $ 2,251,264 L+ 4.0% Financing provided $ 1,141,740 $ 1,138,749 L+1.8% $ 1,684,763 $ 1,677,618 L+ 1.8% ____________________ (1) Calculations of all in yield on collateral assets at origination are based on a number of assumptions (some or all of which may not occur) and are expressed as monthly equivalent yields that include net origination fees and exit fees and exclude future fundings and any potential or completed loan amendments or modifications. Calculations of cost of funds is the weighted average coupon of the CRE CLO, exclusive of any CRE CLO issuance costs. (2) No restricted cash is included as of December 31, 2022, or December 31, 2021. Yield on collateral assets is exclusive of restricted cash. (3) Includes $5.6 million and $10.4 million of restricted cash as of December 31, 2022, and December 31, 2021, respectively. Yield on collateral assets is exclusive of restricted cash. (4) No restricted cash is included as of December 31, 2022, or December 31, 2021. Yield on collateral assets is exclusive of restricted cash.

Secured Financing Agreements

Secured Financing Agreements	12 Months Ended
	Dec. 31, 2022
Debt Disclosure [Abstract]
Secured Financing Agreements	Secured Financing Agreements To finance its loans held-for-investment, the Company has a variety of secured financing arrangements with several counterparties, including repurchase facilities, an asset-specific financing facility and a secured credit 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, other than with respect to the Company’s Centennial Bank repurchase facility, which provides financing on a non-mark-to-market basis, the other respective lenders retain the right to mark the underlying collateral to fair value. A reduction in the value of pledged assets due to collateral-specific credit events, or, with respect to a limited number of the Company’s repurchase facilities, capital market events, would require the Company to fund margin calls. The Company does not typically retain similar rights for the Company to make margin calls on its underlying borrowers as a result of a determination by the Company and/or its financing counterparty that there has been a decrease in the market value of the underlying pledged collateral. The Company’s asset-specific financing facility is also collateralized by loans held-for-investment. The facility does not contain mark-to-market provisions and is generally term-matched to the underlying assets. The Company’s secured credit facility is also collateralized by loans held-for-investment. The facility does not contain mark-to-market provisions. The following tables summarize details of the Company’s borrowings outstanding on its secured financing agreements as of December 31, 2022, and December 31, 2021: December 31, 2022 (dollars in thousands) Maturity Date (1) Amount Outstanding Unused Capacity (2) Total Capacity Carrying Value of Collateral Weighted Average Borrowing Rate Repurchase facilities: Morgan Stanley Bank June 28, 2023 $ 494,250 $ 105,750 $ 600,000 $ 701,469 7.0 % Goldman Sachs Bank USA (3) July 13, 2023 66,914 183,086 250,000 93,651 6.5 % JPMorgan Chase Bank June 28, 2024 132,438 217,562 350,000 211,841 6.7 % Citibank May 25, 2025 204,593 295,407 500,000 266,179 6.1 % Wells Fargo Bank June 28, 2023 71,091 — 71,091 111,154 6.3 % Centennial Bank August 29, 2024 46,280 103,720 150,000 101,844 9.3 % Total/Weighted Average $ 1,015,566 $ 905,525 $ 1,921,091 $ 1,486,138 Asset-specific financings Term Matched $ 44,913 $ 105,087 $ 150,000 $ 57,629 6.0 % Secured credit facility (4) December 21, 2025 $ 100,000 — $ 100,000 $ 157,112 10.8 % Term financing facility (5) N/A $ — $ — $ — $ — — % December 31, 2021 (dollars in thousands) Maturity Date (1) Amount Outstanding Unused Capacity (2) Total Capacity Carrying Value of Collateral Weighted Average Borrowing Rate Repurchase facilities: Morgan Stanley Bank June 28, 2022 $ 230,982 $ 269,018 $ 500,000 $ 382,017 2.2 % Goldman Sachs Bank USA 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 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 Term Matched $ 43,622 $ 106,378 $ 150,000 $ 56,129 1.8 % Term financing facility (5) February 14, 2025 $ 127,145 $ — $ 127,145 $ 329,256 3.7 % ____________________ (1) The facilities are set to mature on the stated maturity date, unless extended pursuant to their terms. (2) Unused capacity is not committed as of December 31, 2022, and 2021, respectively. (3) As of December 31, 2022, 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, 2022, the Company retained options to increase the maximum facility capacity amount up to $200 million, subject to customary terms and conditions. (5) On April 22, 2022, the Company voluntarily repaid this facility in whole. In connection with this repayment, the Company incurred a charge on early extinguishment of debt of approximately $(1.7) million related to unamortized transaction costs. At December 31, 2022, and December 31, 2021, the Company’s borrowings outstanding on its secured financing facilities had contractual maturities as follows: December 31, 2022 (in thousands) Repurchase Facilities Asset-Specific Financings (1) Term Financing Facility Secured Credit Facility Total Amount Outstanding 2023 $ 632,255 $ 44,913 $ — $ — $ 677,168 2024 178,718 — — — 178,718 2025 204,593 — — 100,000 304,593 2026 — — — — — 2027 — — — — — Thereafter — — — — — Total $ 1,015,566 $ 44,913 $ — $ 100,000 $ 1,160,479 December 31, 2021 (in thousands) Repurchase Facilities Asset-Specific Financings (1) Term Financing Facility (2) 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 __________________ (1) Maturity date is term matched to the corresponding loans. (2) 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, 2022, and December 31, 2021: December 31, 2022 December 31, 2021 (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 $ 494,250 $ 213,855 22 % 0.49 $ 230,982 $ 155,446 15 % 0.49 JPMorgan Chase Bank 132,438 81,850 8 % 1.49 104,215 87,103 9 % 0.49 Goldman Sachs Bank USA 66,914 27,594 3 % 0.53 81,227 31,852 3 % 1.53 Citibank 204,593 63,924 6 % 2.40 202,944 85,631 8 % 1.02 Wells Fargo Bank 71,091 42,447 4 % 0.49 57,917 29,320 3 % 0.49 Centennial Bank 46,280 55,712 6 % 1.66 — — Total $ 1,015,566 $ 485,382 $ 677,285 $ 389,352 ____________________ (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, 2022: • Unrestricted cash cannot be less than the greater of $30.0 million and 5.0% of recourse indebtedness. As of December 31, 2022, the Company’s unrestricted cash was $133.1 million, while 5.0% of the Company’s recourse indebtedness was $23.7 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 $931.7 million. As of December 31, 2022, 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, 2022, the Company’s target asset leverage ratio was 68.5% and the Company’s total leverage ratio was 69.7%. • Minimum interest coverage of no less than 1.5:1.0. As of December 31, 2022, the Company’s minimum interest coverage was 1.7:1.0. The Company may also be subject to additional financial covenants in connection with various other agreements it enters into in the normal course of its business. The Company was in compliance with all of its financial covenants as of December 31, 2022, and December 31, 2021, and 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 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 and on May 9, 2022, the Company completed the repayment of the borrowings under the senior secured term loan facilities. In connection with this repayment, during the year ended December 31, 2022, the Company realized a charge on early extinguishment of debt of approximately $(17.1) million comprised of the prepayment penalty and a 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 table below summarizes the net carrying amount of the senior secured term loan facilities: (in thousands) December 31, December 31, Principal outstanding $ — $ 150,000 Less: Unamortized debt discount and issuance costs — (10,120) Net carrying value $ — $ 139,880

Convertible Senior Notes

Convertible Senior Notes	12 Months Ended
	Dec. 31, 2022
Debt Disclosure [Abstract]
Convertible Senior Notes	Convertible Senior Notes In December 2017 and January 2018, the Company privately placed $143.8 million of convertible senior notes due 2022. The net proceeds from the offering were approximately $139.5 million after deducting underwriting discounts and expenses. The notes were unsecured, paid interest semiannually at a rate of 5.625% per annum and were convertible at the option of the holder into shares of the Company’s common stock. The notes matured and were redeemed in full on December 1, 2022. As of December 31, 2022, no 5.625% convertible senior notes remained outstanding. 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 on October 1, 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, 2022, 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, 2022, and December 31, 2021, was $130.9 million and $272.9 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) 2022 2021 Cash coupon $ 15,802 $ 16,475 Amortization of issuance costs 1,725 1,692 Total interest expense $ 17,527 $ 18,167 The following table details the carrying value of the convertible senior notes: December 2022 Convertible Senior Notes (in thousands) December 31, December 31, Principal outstanding $ — $ 143,750 Less: Unamortized issuance costs — (875) Net carrying value $ — $ 142,875 October 2023 Convertible Senior Notes (in thousands) December 31, December 31, Principal outstanding $ 131,600 $ 131,600 Less: Unamortized issuance costs (682) (1,533) Net carrying value $ 130,918 $ 130,067

Senior Secured Term Loan Facili

Senior Secured Term Loan Facilities and Warrants to Purchase Shares of Common Stock	12 Months Ended
	Dec. 31, 2022
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 a variety of secured financing arrangements with several counterparties, including repurchase facilities, an asset-specific financing facility and a secured credit 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, other than with respect to the Company’s Centennial Bank repurchase facility, which provides financing on a non-mark-to-market basis, the other respective lenders retain the right to mark the underlying collateral to fair value. A reduction in the value of pledged assets due to collateral-specific credit events, or, with respect to a limited number of the Company’s repurchase facilities, capital market events, would require the Company to fund margin calls. The Company does not typically retain similar rights for the Company to make margin calls on its underlying borrowers as a result of a determination by the Company and/or its financing counterparty that there has been a decrease in the market value of the underlying pledged collateral. The Company’s asset-specific financing facility is also collateralized by loans held-for-investment. The facility does not contain mark-to-market provisions and is generally term-matched to the underlying assets. The Company’s secured credit facility is also collateralized by loans held-for-investment. The facility does not contain mark-to-market provisions. The following tables summarize details of the Company’s borrowings outstanding on its secured financing agreements as of December 31, 2022, and December 31, 2021: December 31, 2022 (dollars in thousands) Maturity Date (1) Amount Outstanding Unused Capacity (2) Total Capacity Carrying Value of Collateral Weighted Average Borrowing Rate Repurchase facilities: Morgan Stanley Bank June 28, 2023 $ 494,250 $ 105,750 $ 600,000 $ 701,469 7.0 % Goldman Sachs Bank USA (3) July 13, 2023 66,914 183,086 250,000 93,651 6.5 % JPMorgan Chase Bank June 28, 2024 132,438 217,562 350,000 211,841 6.7 % Citibank May 25, 2025 204,593 295,407 500,000 266,179 6.1 % Wells Fargo Bank June 28, 2023 71,091 — 71,091 111,154 6.3 % Centennial Bank August 29, 2024 46,280 103,720 150,000 101,844 9.3 % Total/Weighted Average $ 1,015,566 $ 905,525 $ 1,921,091 $ 1,486,138 Asset-specific financings Term Matched $ 44,913 $ 105,087 $ 150,000 $ 57,629 6.0 % Secured credit facility (4) December 21, 2025 $ 100,000 — $ 100,000 $ 157,112 10.8 % Term financing facility (5) N/A $ — $ — $ — $ — — % December 31, 2021 (dollars in thousands) Maturity Date (1) Amount Outstanding Unused Capacity (2) Total Capacity Carrying Value of Collateral Weighted Average Borrowing Rate Repurchase facilities: Morgan Stanley Bank June 28, 2022 $ 230,982 $ 269,018 $ 500,000 $ 382,017 2.2 % Goldman Sachs Bank USA 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 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 Term Matched $ 43,622 $ 106,378 $ 150,000 $ 56,129 1.8 % Term financing facility (5) February 14, 2025 $ 127,145 $ — $ 127,145 $ 329,256 3.7 % ____________________ (1) The facilities are set to mature on the stated maturity date, unless extended pursuant to their terms. (2) Unused capacity is not committed as of December 31, 2022, and 2021, respectively. (3) As of December 31, 2022, 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, 2022, the Company retained options to increase the maximum facility capacity amount up to $200 million, subject to customary terms and conditions. (5) On April 22, 2022, the Company voluntarily repaid this facility in whole. In connection with this repayment, the Company incurred a charge on early extinguishment of debt of approximately $(1.7) million related to unamortized transaction costs. At December 31, 2022, and December 31, 2021, the Company’s borrowings outstanding on its secured financing facilities had contractual maturities as follows: December 31, 2022 (in thousands) Repurchase Facilities Asset-Specific Financings (1) Term Financing Facility Secured Credit Facility Total Amount Outstanding 2023 $ 632,255 $ 44,913 $ — $ — $ 677,168 2024 178,718 — — — 178,718 2025 204,593 — — 100,000 304,593 2026 — — — — — 2027 — — — — — Thereafter — — — — — Total $ 1,015,566 $ 44,913 $ — $ 100,000 $ 1,160,479 December 31, 2021 (in thousands) Repurchase Facilities Asset-Specific Financings (1) Term Financing Facility (2) 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 __________________ (1) Maturity date is term matched to the corresponding loans. (2) 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, 2022, and December 31, 2021: December 31, 2022 December 31, 2021 (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 $ 494,250 $ 213,855 22 % 0.49 $ 230,982 $ 155,446 15 % 0.49 JPMorgan Chase Bank 132,438 81,850 8 % 1.49 104,215 87,103 9 % 0.49 Goldman Sachs Bank USA 66,914 27,594 3 % 0.53 81,227 31,852 3 % 1.53 Citibank 204,593 63,924 6 % 2.40 202,944 85,631 8 % 1.02 Wells Fargo Bank 71,091 42,447 4 % 0.49 57,917 29,320 3 % 0.49 Centennial Bank 46,280 55,712 6 % 1.66 — — Total $ 1,015,566 $ 485,382 $ 677,285 $ 389,352 ____________________ (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, 2022: • Unrestricted cash cannot be less than the greater of $30.0 million and 5.0% of recourse indebtedness. As of December 31, 2022, the Company’s unrestricted cash was $133.1 million, while 5.0% of the Company’s recourse indebtedness was $23.7 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 $931.7 million. As of December 31, 2022, 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, 2022, the Company’s target asset leverage ratio was 68.5% and the Company’s total leverage ratio was 69.7%. • Minimum interest coverage of no less than 1.5:1.0. As of December 31, 2022, the Company’s minimum interest coverage was 1.7:1.0. The Company may also be subject to additional financial covenants in connection with various other agreements it enters into in the normal course of its business. The Company was in compliance with all of its financial covenants as of December 31, 2022, and December 31, 2021, and 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 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 and on May 9, 2022, the Company completed the repayment of the borrowings under the senior secured term loan facilities. In connection with this repayment, during the year ended December 31, 2022, the Company realized a charge on early extinguishment of debt of approximately $(17.1) million comprised of the prepayment penalty and a 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 table below summarizes the net carrying amount of the senior secured term loan facilities: (in thousands) December 31, December 31, Principal outstanding $ — $ 150,000 Less: Unamortized debt discount and issuance costs — (10,120) Net carrying value $ — $ 139,880

Cash, Cash Equivalents and Rest

Cash, Cash Equivalents and Restricted Cash	12 Months Ended
	Dec. 31, 2022
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, 2022, the Company held $1.4 million in restricted cash in connection with its non-CRE CLO financing activities, compared to $2.0 million and $5.0 million as of December 31, 2021, and 2020, respectively. In addition, as of December 31, 2022, the Company held $5.6 million in restricted cash representing proceeds from principal paydowns of loans held in the CRE CLOs, compared to $10.4 million and $62.8 million as of December 31, 2021, and 2020, respectively. 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, 2022, 2021, and 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, December 31, Cash and cash equivalents $ 133,132 $ 191,931 $ 261,419 Restricted cash 7,033 12,362 67,774 Total cash, cash equivalents and restricted cash $ 140,165 $ 204,293 $ 329,193

Fair Value

Fair Value	12 Months Ended
	Dec. 31, 2022
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, 2022, and December 31, 2021, 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 establishing 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. As of December 31, 2022, the Company assigned a risk rating of “5” to four of its loans held-for-investment with an aggregate outstanding principal balance of $247.3 million and an aggregate carrying value of $208.0 million during the quarterly risk rating process. Therefore, these loans had their CECL reserve recorded based on the estimation of the fair value of the loans’ underlying property collateral, less costs to sell, and are 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 four loans were valued using the discounted cash flow method. The significant unobservable inputs used to estimate the fair value on these loans include the exit capitalization rate, discount rate and return on cost assumptions used to forecast the future sale price of the underlying real estate collateral, which ranged from 6.75% to 8.50%, from 8.00% to 10.25%, and from 5.50% to 6.00%, respectively. Refer to Note 3 - Loans Held-for-Investment, Net of Allowance for Credit Losses for further detail. Fair Value of Financial Instruments In accordance with ASC 820, the Company is required to disclose the fair value of financial instruments, both assets and liabilities recognized and not recognized in the 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, 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 underlying loans in repurchase, asset-specific, secured credit and term financing facilities that mature in less than one year generally approximates fair value due to the short maturities. The Company’s long-term repurchase, asset-specific, secured credit and term financing facilities 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. The Company’s term financing facility was paid off in full as of December 31, 2022. • 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, 2022. The Company categorizes the fair value measurement of these assets as Level 2. The convertible senior notes issued December 2017 were redeemed in full as of December 31, 2022. • Senior secured term loan facilities are carried at their unpaid principal balance, net of any unamortized deferred issuance costs. The Company estimated 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 senior secured term loan facilities were paid off in full as of December 31, 2022. 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, 2022, and December 31, 2021: December 31, 2022 December 31, 2021 (in thousands) Carrying Value Fair Value Carrying Value Fair Value Assets Loans held-for-investment, net of allowance for credit losses $ 3,267,815 $ 3,270,338 $ 3,741,308 $ 3,771,216 Cash and cash equivalents $ 133,132 $ 133,132 $ 191,931 $ 191,931 Restricted cash $ 7,033 $ 7,033 $ 12,362 $ 12,362 Liabilities Repurchase facilities $ 1,015,566 $ 1,015,566 $ 677,285 $ 677,285 Securitized debt obligations $ 1,138,749 $ 1,093,351 $ 1,677,619 $ 1,681,514 Asset-specific financings $ 44,913 $ 44,913 $ 43,622 $ 43,622 Secured credit facility $ 100,000 $ 100,000 $ — $ — Term financing facility $ — $ — $ 127,145 $ 127,145 Convertible senior notes $ 130,918 $ 127,881 $ 272,942 $ 278,554 Senior secured term loan facilities $ — $ — $ 139,880 $ 139,880

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2022
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, 2022: 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, 2022. 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, 2022, and December 31, 2021, the Company had unfunded loan commitments of $229.6 million and $403.6 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. 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. 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 financed 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 financed asset. As of December 31, 2022, the Company recognized $4.3 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, 2022
Equity [Abstract]
Preferred Stock	Preferred Stock Temporary Equity The Company’s 10% cumulative redeemable preferred stock ranks, with respect to rights to the payment of dividends and the distribution of assets upon liquidation, dissolution or winding up of the Company, senior to the rights of holders of the Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock. The holders of the 10% cumulative redeemable 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 10% cumulative redeemable preferred stock. Such dividends accrue on a daily basis and are cumulative from and including the initial issue date of the 10% cumulative redeemable preferred stock of June 28, 2017. The Company currently has the option to redeem the 10% cumulative redeemable 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 10% cumulative redeemable preferred stockholder, repurchase the holder’s 10% cumulative redeemable preferred stock at a price of $1,000 per share, plus any accrued and unpaid dividends. During each of the years ended December 31, 2022, and 2021, the Company declared dividends to the 10% cumulative redeemable 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 Series A Preferred Stock On November 30, 2021, and December 10, 2021, the Company received total net proceeds of $110.5 million from the issuance of 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. On January 18, 2022, and February 8, 2022, the Company received total net proceeds of $87.5 million from the issuance of 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 $0.4 million. The Series A Preferred Stock is currently listed on the NYSE under the symbol “GPMT PrA”. 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 was payable on April 15, 2022, and covered the period from, and including, January 15, 2022, to, but not including, April 15, 2022, and was in the amount of $0.4375 per share. 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 (as defined in the Articles Supplementary designating the Series A Preferred Stock, or the Articles Supplementary), the Company may, at its 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. Holders of Series A Preferred Stock do not have any voting rights except in limited circumstances as set forth in the Articles Supplementary. During the year ended December 31, 2022, the Company declared dividends on the Series A Preferred Stock of $14.4 million.

Stockholders' Equity

Stockholders' Equity	12 Months Ended
	Dec. 31, 2022
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, 2020, through December 31, 2022: Declaration Date Record Date Payment Date Cash Dividend Per Share 2022 December 20, 2022 December 30, 2022 January 17, 2023 $ 0.20 September 20, 2022 October 3, 2022 October 17, 2022 $ 0.25 June 16, 2022 July 1, 2022 July 15, 2022 $ 0.25 March 17, 2022 April 1, 2022 April 15, 2022 $ 0.25 $ 0.95 2021 December 16, 2021 December 31, 2021 January 18, 2022 $ 0.25 September 15, 2021 October 1, 2021 October 16, 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 Share Repurchases On December 16, 2021, the Company announced that its board of directors had increased the Company’s share repurchase authorization 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 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, 2022, the Company repurchased 1,539,134 shares of its common stock for an aggregate cost of $15.7 million. During the year ended December 31, 2021, the Company repurchased 1,301,612 shares of its common stock for an aggregate cost of $17.8 million. As of December 31, 2022, there remained 1,159,254 shares authorized for repurchase. The Company has also authorized the repurchase of shares of restricted stock granted to employees and directors for tax withholding purposes. During the years ended December 31, 2022, and 2021, the Company repurchased from employees and directors 69,039 and 115,053 shares of its common stock, respectively, for an aggregate cost of $0.8 million and $1.2 million, respectively. At-the-Market Offering The Company is party to an equity distribution agreement under which the Company may sell up to an aggregate of 8,000,000 shares of its common stock from time to time in any method permitted by law deemed to be an “at-the-market” offering as defined in Rule 415 under the Securities Act. As of December 31, 2022, 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, 2022, and 2021, respectively. 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, 2019 through December 31, 2022: Declaration Date Record Date Payment Date Cash Dividend Per Share 2022 December 20, 2022 December 30, 2022 January 17, 2023 $ 0.43750 September 20, 2022 October 3, 2022 October 17, 2022 $ 0.43750 June 16, 2022 July 1, 2022 July 15, 2022 $ 0.43750 March 17, 2022 April 1, 2022 April 15, 2022 $ 0.43750 $ 1.75000 2021 December 16, 2021 December 31, 2021 January 18, 2022 0.15069 $ 0.15069

Equity Incentive Plan

Equity Incentive Plan	12 Months Ended
	Dec. 31, 2022
Share-Based Payment Arrangement [Abstract]
Equity Incentive Plan	Equity Incentive Plans On June 2, 2022, the Company’s stockholders approved the adoption of the 2022 Plan. The 2022 Plan permits the granting of stock options, stock appreciation rights, restricted stock, restricted stock units (both non-performance-based, or RSUs, and performance-based, or PSUs), dividend equivalent rights, other stock-based awards and other cash-based awards to employees, certain consultants of the Company and members of the board of directors. As of December 31, 2022, the Company had 7,250,000 shares of common stock available for future issuance under the 2022 Plan. With the adoption of the 2022 Plan, no new equity awards may be granted under the 2017 Plan, but previously-granted restricted stock, RSUs and PSUs remain outstanding under the 2017 Plan. As of December 31, 2022, the Company had 1,977,927 shares of common stock available for future issuance under the 2017 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 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, 2022, there was $47.5 thousand of total unrecognized compensation cost for awards of restricted stock that will be recognized over the grants’ remaining weighted average vesting period of 0.1 years. For the year ended December 31, 2022, the Company recognized $0.7 million of compensation expense associated with these awards, compared to $2.3 million and $1.4 million for the year ended December 31, 2021, and 2020, respectively, within compensation and benefits expense on the consolidated statements of income. As of December 31, 2022, there was $5.7 million of total unrecognized compensation cost for awards of RSUs that will be recognized over the grants’ remaining weighted average vesting period of 1.0 year. For the year ended December 31, 2022, the Company recognized $5.9 million of compensation expense associated with these awards, compared to $4.3 million for the year ended December 31, 2021, within compensation and benefits expense on the consolidated statements of income. 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-year cliff vesting with the number of performance-based stock units vesting at the end of the three-year period based upon the Company’s absolute and relative “core” return on average equity, or Core ROAE, performance, as set in the applicable award agreements. More specifically, between 0% and 200% of the target number of units may vest at the end of the performance period based (i) 50% against the predetermined internal Company performance goal for Core ROAE and (ii) 50% against the Company’s performance ranking for Core ROAE among a group of commercial mortgage REIT peer companies. The commercial mortgage REIT peer group includes publicly traded commercial mortgage REITs, which the Company believes derive the majority of their revenues from commercial real estate balance sheet lending activities and meet certain market capitalization criteria. As of December 31, 2022, there was $2.1 million of total unrecognized compensation cost for awards of PSUs that will be recognized over the grants’ remaining weighted average vesting period of 0.9 years. For the year ended December 31, 2022, the Company recognized $0.5 million of compensation expense associated with these awards, respectively, compared to $1.0 million for the year ended December 31, 2021, within compensation and benefits expenses on the consolidated statements of income. 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 stock, RSUs and PSUs for the years ended December 31, 2020, 2021, and 2022, respectively: Restricted Stock RSUs PSUs Weighted Average Grant Date Fair Market Value 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 Granted — 523,190 312,538 11.78 Vested (103,038) (218,034) — 13.38 Forfeited (69,039) — — 18.87 Outstanding at December 31, 2022 92,585 1,238,439 660,434 11.83 Below is a summary of restricted stock, RSU and PSU vesting dates as of December 31, 2022: Vesting Year Restricted Stock RSUs PSUs Total Awards 2023 92,585 387,508 347,896 827,989 2024 — 327,625 312,538 640,163 2025 — 523,306 — 523,306 Total 92,585 1,238,439 660,434 1,991,458

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2022
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. The Company intends to distribute 100% of its REIT taxable income and comply with all requirements to qualify as a REIT. The majority of states also recognize the Company’s REIT status. The Company’s TRS files a separate federal tax return and is fully taxed as a standalone U.S. C-corporation. It is assumed that the Company will retain its REIT status and will incur no REIT-level taxation as it intends to comply with the REIT regulations and annual distribution requirements. Based on the Company’s evaluation, it has been concluded that there are no significant uncertain tax positions requiring recognition in the Company’s 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. The Company’s taxable income before dividend distributions differs from its pre-tax net income for GAAP purposes primarily due to differences in timing between GAAP and tax accounting related to restructuring charges, provision for credit losses and amendments to loans treated as “significant modifications” for tax under applicable Treasury regulations. These book to tax differences in the REIT are not reflected in the consolidated financial statements as the Company assumes it will retain its REIT status. The following is a reconciliation of the statutory federal and state rates to the effective rates, for the years ended December 31, 2022, 2021, and 2020: Year Ended December 31, 2022 2021 2020 (dollars in thousands) Amount Percent Amount Percent Amount Percent Computed income tax expense at federal rate $ (8,570) 21 % $ 14,394 21 % $ (8,368) 21 % State taxes, net of federal benefit, if applicable 14 — % — — % — — % Permanent differences in taxable income from GAAP net income (228) 1 % (404) (1) % (57) — % REIT income not subject to corporate income tax 8,801 (22) % (13,798) (20) % 9,018 (23) % Provision for (benefit from) income taxes/ Effective Tax Rate $ 17 — % $ 192 — % $ 593 (2) % The Company’s permanent differences in taxable income from GAAP net (loss) income attributable to common stockholders in the years ended December 31, 2022, 2021, and 2020 were primarily due to a recurring difference in compensation expense related to restricted stock dividends.

Earnings Per Share

Earnings Per Share	12 Months Ended
	Dec. 31, 2022
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, 2022, 2021, and 2020: Year Ended December 31, (in thousands, except share data) 2022 2021 2020 Numerator: Net (loss) income attributable to common stockholders - basic $ (55,327) $ 67,560 $ (40,539) Interest expense attributable to convertible senior notes — — — Net (loss) income attributable to common stockholders - diluted $ (55,327) $ 67,560 $ (40,539) Denominator: Weighted average common shares outstanding 52,904,606 54,282,018 54,580,046 Weighted average restricted stock shares 107,200 311,481 576,436 Basic weighted average shares outstanding 53,011,806 54,593,499 55,156,482 Effect of dilutive shares issued in an assumed conversion of the convertible senior notes — — — 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 — — — Effect of dilutive shares issued in an assumed exercise of warrants issued in conjunction with the senior secured term loan facilities — — — Diluted weighted average shares outstanding 53,011,806 54,929,070 55,156,482 (Loss) earnings per share Basic $ (1.04) $ 1.24 $ (0.73) Diluted $ (1.04) $ 1.23 $ (0.73) For the years ended December 31, 2022, 2021, and 2020, excluded from the calculation of diluted earnings per share is the effect of adding back $17.5 million, $18.2 million and $18.1 million, respectively, of interest expense and 13,431,152, 14,065,946, and 13,717,782, 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 settlement 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 years ended December 31, 2022, and 2020, no additional weighted-average unvested RSUs were included in the dilutive earnings per share denominator, 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 settlement of PSUs. The number of incremental shares is calculated by applying the treasury stock method. For the years ended December 31, 2022, 2021, and 2020, no additional weighted-average unvested PSUs were included in the dilutive earnings per share denominator, as their inclusion would be antidilutive. In conjunction with entering into the senior secured term loan credit agreement and the warrants described in Note 7 - Senior Secured Term Loan Facilities and Warrants to Purchase Shares of Common Stock , the Company elected the accreted redemption value method whereby the discount created based on the fair value of the warrants relative to the fair value of the senior secured term loan facilities and the related issuance costs will be accreted over five years using the effective interest method. Such adjustments are included in amortization of deferred debt issuance costs on the Company’s consolidated statements of cash flows. For the years ended December 31, 2022, and 2021, these adjustments totaled $0.3 million and $1.1 million, respectively. Additionally, the computation of diluted earnings per share is based on the incremental shares that would be outstanding assuming the exercise of warrants issued in conjunction with entering into the senior secured term loan credit agreement, to the extent such warrants remained outstanding as of December 31, 2021 (after giving effect to the settlement of a portion of such warrants on such date). For the years ended December 31, 2021 and 2020, no additional shares attributable to the warrants were included in the computation of diluted earnings per share, as their inclusion would be antidilutive. The Company did not have any warrants outstanding as of December 31, 2022.

Subsequent Events

Subsequent Events	12 Months Ended
	Dec. 31, 2022
Subsequent Events [Abstract]
Subsequent Events	Subsequent EventsEvents subsequent to December 31, 2022, 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.

SCHEDULE IV

SCHEDULE IV	12 Months Ended
	Dec. 31, 2022
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, 2022 (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) Multifamily/Midwest L + 2.75 % 1/2024 IO $ — $ 108,878 $ 108,705 $ — Office/Midwest L + 2.80 % 2/2023 IO — 93,099 93,203 93,099 Office/West L + 3.24 % 11/2022 IO — 92,624 92,631 92,624 Mixed-Use/Northeast L + 3.75 % 1/2024 IO — 87,864 87,535 — Office/Southeast L + 2.55 % 11/2023 IO — 86,521 86,293 — Mixed-Use/Southwest L + 4.15 % 1/2023 IO — 82,000 82,000 — Mixed-Use/Southwest L + 2.69 % 7/2023 IO — 81,443 81,409 — Office/Midwest L + 3.69 % 8/2023 IO — 79,583 79,340 — Retail/West S + 4.50 % 11/2024 IO — 77,250 77,250 — Mixed-Use/Southeast L + 3.36 % 10/2023 IO — 76,839 76,902 — Industrial/West L + 3.25 % 2/2023 IO — 72,284 72,214 — Office/Southeast S + 5.15 % 2/2023 IO — 65,805 65,836 — Multifamily/Southwest L + 3.00 % 7/2024 IO — 62,898 62,499 — Office/Northeast S + 3.50 % 12/2023 IO — 60,543 60,286 — Office/Southwest L + 2.90 % 12/2023 IO — 58,273 58,061 — Hotel/Southwest S + 5.50 % 12/2023 IO — 53,737 53,574 — Office/Northeast L + 3.30 % 7/2023 IO — 53,091 52,992 — Multifamily/West L + 3.15 % 10/2024 IO — 52,532 52,277 — Mixed-Use/Northeast L + 3.20 % 5/2023 IO — 52,211 52,078 — Hotel/Midwest L + 5.00 % 10/2024 IO — 49,958 49,889 — Mixed-Use/Northeast L + 3.40 % 11/2024 IO — 47,921 47,570 — Industrial/Northeast S + 3.25 % 4/2025 IO — 46,876 46,470 — Office/Southeast L + 4.32 % 7/2024 IO — 46,720 46,435 — Hotel/Southeast L + 3.30 % 3/2023 IO — 46,178 46,091 — Multifamily/Southwest L + 3.16 % 9/2024 IO — 45,448 45,152 — Office/Northeast L + 3.69 % 7/2024 IO — 45,361 45,086 — Office/Southeast L + 3.70 % 11/2024 IO — 45,067 44,787 — Multifamily/Midwest S + 4.35 % 11/2023 IO — 44,872 44,677 — Multifamily/Southeast S + 3.58 % 8/2025 IO — 43,404 42,746 — Multifamily/Southwest S + 3.41 % 5/2025 IO — 43,102 42,759 — Industrial/Northeast S + 3.05 % 3/2025 IO — 42,391 42,076 — Multifamily/Southwest S + 3.29 % 6/2025 IO — 41,855 41,504 — Office/Northeast L + 4.65 % 10/2023 IO — 40,541 40,384 — Office/West L + 3.30 % 10/2024 IO — 39,762 39,487 — Mixed-Use/Northeast L + 4.38 % 1/2023 IO — 39,371 39,311 — Mixed-Use/West L + 3.60 % 1/2023 IO — 36,944 36,867 — Other/Northeast S + 4.65 % 6/2025 IO — 36,716 36,559 — Multifamily/Southeast L + 3.28 % 10/2023 IO — 35,485 35,395 — Office/Northeast L + 3.18 % 6/2023 IO — 34,804 34,724 — Multifamily/Midwest L + 2.92 % 1/2023 IO — 33,424 33,394 — Asset Type/ Location Interest Rate Maturity Date (2) Periodic Payment Terms (3) Prior Liens (4) Face Amount Carrying Amount (5) Principal Amount Subject to Delinquent Principal or Interest Office/Northeast - 5.11 % 3/2026 P&I — 32,977 32,930 — Office/Southwest L + 5.35 % 1/2023 IO — 31,850 31,726 — Multifamily/Southeast L + 3.28 % 7/2024 IO — 30,118 29,888 — Multifamily/Southwest L + 2.90 % 7/2024 IO — 29,893 29,893 — Multifamily/Southeast L + 3.18 % 11/2024 IO — 29,715 29,540 — Office/Southwest S + 4.51 % 11/2022 IO — 29,686 29,657 29,686 Mixed-Use/Northeast S + 5.00 % 5/2023 IO — 29,446 29,323 — Office/Northeast L + 2.97 % 4/2023 IO — 28,563 28,516 — Multifamily/Southeast S + 3.35 % 4/2025 IO — 28,334 28,127 — Hotel/Midwest L + 3.90 % 2/2023 IO — 27,500 27,426 — Multifamily/Southwest L + 2.97 % 2/2023 IO — 26,901 26,865 — Multifamily/Southeast L + 3.15 % 8/2023 IO — 26,319 26,090 — Hotel/Southwest L + 5.13 % 1/2023 IO — 26,000 25,911 — Hotel/Midwest S + 4.57 % 7/2023 IO — 25,942 25,788 — Multifamily/Northeast L + 4.10 % 1/2023 IO — 25,750 25,687 — Multifamily/Southwest S + 3.22 % 5/2025 IO — 25,724 25,521 — Industrial/Southeast L + 3.15 % 11/2025 IO — 25,650 25,469 — Office/Northeast L + 3.15 % 2/2023 IO — 24,829 24,812 — Multifamily/Northeast L + 4.00 % 5/2023 IO — 24,559 24,499 — Office/West L + 3.65 % 2/2023 IO — 24,299 24,230 — Office/Southeast S + 4.14 % 4/2025 IO — 24,075 23,692 — Multifamily/Southwest L + 2.66 % 8/2023 IO — 23,900 23,833 — Office/West L + 2.80 % 3/2023 IO — 23,631 23,587 — Multifamily/West L + 3.18 % 10/2024 IO — 23,299 23,139 — Hotel/Midwest L + 4.07 % 4/2023 P&I — 23,208 23,151 — Multifamily/Midwest L + 4.05 % 5/2023 IO — 22,235 22,175 — Other/Northeast L + 4.50 % 6/2023 IO — 21,500 21,419 — Multifamily/Southeast L + 3.25 % 8/2024 IO — 21,440 21,323 — Hotel/Northeast S + 5.15 % 9/2023 IO — 21,385 21,316 — Office/Southeast L + 3.42 % 3/2023 IO — 21,033 20,992 — Other/Midwest L + 3.86 % 12/2024 IO — 20,400 20,289 — Hotel/Northeast S + 4.71 % 10/2023 IO — 20,139 20,042 — Mixed-Use/Southeast L + 2.90 % 6/2023 IO — 19,920 19,873 — Office/West S + 3.90 % 2/2025 IO — 19,610 19,460 — Multifamily/Southeast L + 3.99 % 6/2024 IO — 19,404 19,304 — Retail/Southeast S + 5.31 % 7/2023 IO — 19,061 18,986 — Multifamily/Southwest L + 3.50 % 6/2024 IO — 17,442 17,302 — Office/West L + 3.20 % 12/2023 IO — 17,143 17,075 — Office/West L + 3.30 % 1/2025 IO — 16,700 16,570 — Office/Midwest L + 3.00 % 8/2023 IO — 15,804 15,740 — Multifamily/Southwest L + 2.93 % 9/2023 IO — 14,217 14,207 — Multifamily/Midwest L + 3.35 % 6/2025 IO — 14,168 14,011 — Office/West L + 3.65 % 9/2024 IO — 13,970 13,915 — Office/Northeast L + 4.77 % 2/2023 IO — 13,039 12,992 — Multifamily/Midwest L + 2.99 % 9/2023 IO — 11,781 11,698 — Asset Type/ Location Interest Rate Maturity Date (2) Periodic Payment Terms (3) Prior Liens (4) Face Amount Carrying Amount (5) Principal Amount Subject to Delinquent Principal or Interest Office/Northeast L + 3.96 % 7/2023 IO — 11,022 10,986 — Office/West L + 3.75 % 2/2023 IO — 10,489 10,469 — Office/Northeast L + 4.77 % 2/2023 IO — 6,610 6,614 — Office/West L + 2.75 % 10/2023 IO — 3,887 3,880 — Mezzanine Loans Hotel/West 8.00 % 2/2027 P&I 40,000 13,764 13,764 — Allowance for credit losses (82,335) Total loans held-for-investment $ 40,000 $ 3,362,006 $ 3,267,815 $ 215,409 ______________________________________________________________________________________________________ (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, 2022. 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, 2022, the aggregate tax basis of the Company’s loans held-for-investment was $3.3 billion .

Basis of Presentation and Sig_2

Basis of Presentation and Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2022
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 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 interest and 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. The Company believes the estimates and assumptions underlying its consolidated financial statements are reasonable and supportable based on the information available as of December 31, 2022. However, the Company’s actual results could ultimately differ from its estimates and such differences may be material.
Loans Held-for-Investment, Net	Loans Held-for-Investment, Net The Company originates and acquires commercial real estate debt and related instruments generally to be held as long-term investments. These assets are classified as loans held-for-investment on the consolidated balance sheets. Additionally, the Company finances pools of its commercial real estate loans through 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 and classifies the underlying loans as loans held-for-investment. Interest income on loans held-for-investment is recorded on the consolidated statements of comprehensive (loss) income. Loans held-for-investment are reported at cost, net of allowance for credit losses, any unamortized acquisition premiums or discounts, loan fees and origination costs, as applicable. In accordance with ASU 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments , or ASU 2016-13, the Company uses a probability-weighted analytical model to estimate and recognize an allowance for credit losses on loans held-for-investment and their related unfunded commitments. The Company employed quarterly updated macroeconomic forecasts, which reflect expectations for overall economic output, interest rates, values of real estate properties and other factors, geopolitical instability and the Federal Reserve monetary policy impact on the overall U.S. economy and commercial real estate markets generally. These estimates may change in future periods based on available future macroeconomic data and might result in a material change in the Company’s future estimates of expected credit losses for its loan portfolio. 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 lives of the loans using the effective interest method. Generally, loans held-for-investment are placed on nonaccrual status when delinquent for more than 90 days or when determined not to be probable of full collection. Interest income recognition is suspended when loans are placed on nonaccrual status. Interest accrued, but not collected, at the date loans are placed on nonaccrual is reversed and subsequently recognized only to the extent it is received in cash or until it qualifies for return to accrual status. However, when there is doubt regarding the ultimate collectability of loan principal, all cash received is applied to reduce the carrying value of such loans. Loans held-for-investment are restored to accrual status only when contractually current or the collection of future payments is reasonably assured. The Company may make exceptions to placing a loan on nonaccrual status if the loan has sufficient collateral value and is in the process of collection or has been modified. The allowance for credit losses is recorded in accordance with ASU 2016-13, and is a valuation account that is deducted from the amortized cost basis of loans held-for-investment on the Company’s consolidated balance sheets. Changes to the allowance for credit losses are recognized through net income (loss) on the Company’s consolidated statements of comprehensive (loss) income. The allowance is based on relevant information about past events, including historical loss experience, current portfolio, market conditions and reasonable and supportable forecasts for the duration of each respective loan. All loans held-for-investment within the Company’s portfolio have some amount of expected loss to reflect the GAAP principal underlying the CECL model that all loans have some inherent risk of loss, regardless of credit quality, subordinate capital or other mitigating factors. The Company’s loans typically include commitments to fund incremental proceeds to its borrowers over the life of the loan. Those future funding commitments are also subject to an allowance for credit losses. The allowance for credit losses related to future loan fundings is recorded as a component of other liabilities on the Company’s consolidated balance sheets, and not as an offset to the related loan balance. This allowance for credit losses is estimated using the same process outlined below for the Company’s outstanding loan balances, and changes in this component of the allowance for credit losses similarly flow through the Company’s consolidated statements of comprehensive (loss) income.
Available-for-Sale Securities, at Fair Value	Available-for-Sale Securities, at Fair Value From time to time, the Company may selectively invest in CMBS representing interests in pools of commercial mortgage loans issued by trusts. In the past, the Company had designated investments in certain CMBS as AFS because the Company had the ability to dispose of them prior to maturity. All assets classified as AFS would be reported at estimated fair value with unrealized gains and losses included in accumulated other comprehensive (loss) income. Interest income on AFS securities is accrued based on the outstanding principal balance and contractual terms. Premiums and discounts associated with CMBS are amortized into interest income over the life of such securities using the effective yield method. As part of the adoption of ASU 2016-13, the Company evaluates AFS securities to determine whether a decline in the fair value below the amortized cost basis (impairment) is due to credit-related factors or noncredit-related factors. Any impairment that is not credit-related is recognized in other comprehensive (loss) income, net of applicable taxes. Credit-related impairment is recognized as an allowance for credit losses on the 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, 2022. 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 (loss) income 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, 2022. Loans Held-for-Sale The Company classifies certain loans as held-for-sale based on management’s intent to sell or otherwise dispose of them. Loans held-for-sale are reported at the lower of amortized cost or fair value. Fair value is determined under the guidance of ASC 820. Interest income on loans held-for-sale is recognized at the loan coupon rate and recorded on the consolidated statements of comprehensive (loss) income.
Cash and Cash Equivalents	Cash and Cash Equivalents Cash and cash equivalents include cash held in bank accounts and cash held in money market funds on an overnight basis.
Restricted Cash	Restricted Cash Restricted cash includes certain cash balances the Company is required to maintain in restricted accounts as collateral for the Company’s repurchase agreements and with counterparties to support activities related to securities. Cash held by counterparties as collateral, which resides in non-interest bearing accounts, is not available to the Company for general corporate purposes, but may be applied against amounts due to securities and repurchase agreement counterparties or returned to the Company when the collateral requirements are exceeded or at the maturity of the repurchase agreement.
Accrued Interest Receivable	Accrued Interest Receivable Accrued interest receivable represents interest that is due and payable to the Company. Cash interest is generally received within 30 days of recording the receivable. The Company generally writes off the accrued interest receivable balance when interest is 90 days or more past due unless the loan is both well secured and in the process of collection. Write-offs of accrued interest receivable are recognized within interest income in the consolidated statements of comprehensive (loss) income. Accrued interest receivable includes deferred interest that may be collected at the loan maturity or past 90 days, and an allowance for credit losses has been included as part of the loan’s amortized cost. 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 certain of its loans held-for-investment, AFS securities and HTM securities through the use of repurchase agreements. Borrowings under repurchase agreements generally bear interest rates of a specified margin over one-month LIBOR or SOFR, 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 or SOFR. 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 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.
Secured Credit Facilities, Convertible Senior Notes and Senior Secured Term Loan Facilities	Secured Credit Facilities The Company finances certain of its loans held-for-investment through the use of a secured credit facility. Borrowings under the secured credit facility generally bear interest rates of a specified margin over one-month SOFR. The secured credit facility financings are treated as collateralized financing transactions and are carried at their contractual amounts, as specified in the respective agreements. Convertible Senior Notes Convertible senior notes include unsecured convertible debt that are carried at their unpaid principal balance, net of any unamortized deferred issuance costs, on the Company’s consolidated balance sheets. Interest on the notes is payable semiannually until such time the notes mature or are converted into shares of the Company’s common stock. Amortization of deferred debt issuance costs over the term of the notes is reported within interest expense on convertible senior notes on the consolidated statements of comprehensive (loss) income. Senior Secured Term Loan Facilities The Company records senior secured term loan facilities as liabilities at their unpaid principal balance, net of any unamortized deferred issuance costs, on the Company’s consolidated balance sheets. Where applicable, any issue discount or transaction expenses are deferred and amortized over the term of the loan using the effective interest method, and is included within interest expense in the Company’s consolidated statements of comprehensive (loss) income, while the unamortized balance is included as a reduction to the carrying amount on the Company’s consolidated balance sheets.
Deferred Debt Issuance Costs	Deferred Debt Issuance Costs Because the outstanding balance of the Company’s repurchase agreement facilities, asset-specific financing facilities, revolving credit facilities and secured credit facilities may fluctuate as the Company borrows and repays amounts, the Company presents unamortized deferred debt issuance costs related to these credit facilities as an asset on its consolidated balance sheets within other assets. Amortization of deferred debt issuance costs over the term of the related facilities is reported within interest expense on the consolidated statements of comprehensive (loss) income.
Securitized Debt Obligations	Securitized Debt Obligations The Company finances pools of its loans held-for-investment through CRE CLOs retaining the subordinate securities in its investment portfolio. 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
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 does not qualify for the REIT gross income tests, the Company has formed a TRS, 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
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 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	Earnings (Loss) Per Share Basic and diluted earnings per share are computed by dividing net income by the weighted average number of common shares and potential common shares outstanding. For both basic and diluted per share calculations, potential common shares represents issued and unvested shares of restricted stock, which have full rights to the common stock dividend declarations of the Company. If the assumed conversion of convertible notes into common shares is dilutive, diluted earnings per share is adjusted by adding back the periodic interest expense (net of any tax effects) associated with dilutive convertible notes to net income attributable to common stockholders and adding the shares issued in an assumed conversion to the diluted weighted average share count.
Other Comprehensive (Loss) Income	Other Comprehensive (Loss) Income Current period net unrealized gains and losses on AFS securities are reported as components of accumulated other comprehensive (loss) income on the consolidated statements of stockholders’ equity and in the consolidated statements of comprehensive (loss) income.
Equity Incentive Plan	Equity Incentive Plans The Company adopted the 2017 Equity Incentive Plan, or the 2017 Plan, to provide incentive compensation to attract and retain qualified directors, officers, advisors, consultants and other personnel. The Plan permitted the granting of restricted shares of common stock, phantom shares, dividend equivalent rights and other equity-based awards. On June 2, 2022, the Company’s stockholders approved the adoption of the Granite Point 2022 Omnibus Incentive Plan, or the 2022 Plan. The 2022 Plan permits the granting of stock options, stock appreciation rights, restricted stock, restricted stock units (both non-performance-based, or RSUs, and performance-based, or PSUs), dividend equivalent rights, other stock-based awards and other cash-based awards to employees, certain consultants of the Company and members of the board of directors. Since the adoption of the 2022 Plan, no new equity awards may be granted under the 2017 Plan, but previously-granted restricted stock, RSUs and PSUs remained outstanding under the 2017 Plan as of December 31, 2022. See Note 13 - Equity Incentive Plans for further details regarding the Equity Incentive Plans.
Recently Issued and/or Adopted Accounting Standards	Recently Issued and/or Adopted Accounting Standards Financial Instruments-Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures In March 2022, FASB issued ASU 2022-02, Financial Instruments – Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures, or ASU 2022-02. The intention of ASU 2022-02 is to simplify the guidance surrounding loan modifications and restructurings and to eliminate the accounting guidance related to troubled debt restructurings, or TDR. The new guidance deviates from current TDR guidance as disclosures will now be based on whether a modification or restructuring with a borrower experiencing financial difficulty results in principal forgiveness, an interest rate reduction, a significant payment delay or term extension as opposed to simply a concession. The new guidance requires disclosure by class of financing receivables, of the types of modifications, the financial effects of those modifications and the performance of those modified receivables in the last twelve months. As it relates to ASC 326-20 the Company is now allowed to use any acceptable method to determine credit losses as a result of modification or restructuring with a borrower experiencing financial difficulty. ASU 2022-02 also requires disclosure of gross write-offs recorded in the current period, on a year-to-date basis, by year of origination in the vintage disclosures. ASU 2022-02 is effective for fiscal years beginning after December 15, 2022. Entities were able to early adopt these amendments and had the ability to early adopt the TDR enhancements separately from the vintage disclosures. The Company did not early adopt this ASU and does not anticipate the new guidance will have a material impact on the Company’s consolidated financial statements. Facilitation of the Effects of Reference Rate Reform on Financial Reporting In March 2020, FASB issued ASU No. 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting, or ASU No. 2020-04, which provides optional expedients and exceptions for applying GAAP to debt instruments, derivatives, and other contracts that reference LIBOR or other reference rates expected to be discontinued as a result of reference rate reform. In January 2021, the FASB issued ASU No. 2021-01, Reference Rate Reform (Topic 848), to clarify that certain optional expedients and exceptions in Topic 848 for contract modifications and hedge accounting apply to derivative instruments that use an interest rate for margining, discounting, or contract price alignment that is modified as a result of reference rate reform. ASU No. 2020-04 and ASU No. 2021-01 are effective for all entities and may be adopted retrospectively as of any date from the beginning of any interim period that includes or is subsequent to March 12, 2020. In December 2022, the FASB issued ASU No. 2022-06, Reference Rate Reform (Topic 848) to defer the sunset date of Topic 848 from December 31, 2022 to December 31, 2024. The Company has loan agreements and debt agreements that incorporate LIBOR as a referenced interest rate. It is difficult to predict the ultimate impacts of the phase-out of LIBOR and the use of alternative benchmarks, such as SOFR, 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, 2022, but will continue to evaluate the possible adoption of any such expedients or exceptions during the effective period as circumstances evolve.

Loans Held-for-Investment, Ne_2

Loans Held-for-Investment, Net of Allowance for Credit Losses (Tables)	12 Months Ended
	Dec. 31, 2022
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, 2022, and December 31, 2021: December 31, (dollars in thousands) Senior Loans (1) Mezzanine Loans B-Notes Total Unpaid principal balance $ 3,348,242 $ — $ 13,764 $ 3,362,006 Unamortized (discount) premium (48) — — (48) Unamortized net deferred origination fees (11,808) — (11,808) Allowance for credit losses (81,768) — (567) (82,335) Carrying value $ 3,254,618 $ — $ 13,197 $ 3,267,815 Unfunded commitments $ 229,607 $ — $ — $ 229,607 Number of loans 89 — 1 90 Weighted average coupon 6.3 % — % 8.0 % 6.3 % Weighted average years to maturity (2) 1.0 N/A 4.1 1.0 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 ____________________ (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 $ 1,348,205 41.3 % $ 1,703,951 45.5 % Multifamily 1,008,177 30.9 % 1,061,434 28.4 % Hotel 337,264 10.3 % 464,816 12.4 % Retail 303,266 9.3 % 341,834 9.1 % Industrial 185,337 5.6 % 118,564 3.2 % Other 85,566 2.6 % 50,709 1.4 % Total $ 3,267,815 100.0 % $ 3,741,308 100.0 %
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 $ 834,985 25.5 % $ 917,029 24.5 % Southwest 675,288 20.7 % 836,955 22.4 % West 519,244 15.9 % 658,429 17.6 % Midwest 546,030 16.7 % 637,784 17.0 % Southeast 692,268 21.2 % 691,111 18.5 % Total $ 3,267,815 100.0 % $ 3,741,308 100.0 %
Rollforward of Loans Held-for-Investment	The following table summarizes activity related to loans held-for-investment, net of allowance for credit losses, for the years ended December 31, 2022, and 2021: Year Ended December 31, (in thousands) 2022 2021 Balance at beginning of period $ 3,741,308 3,847,803 Originations, additional fundings, upsizing of loans and capitalized deferred interest 566,799 834,461 Repayments (910,134) (960,330) Loan sales (65,747) — Net discount accretion (premium amortization) 22 5 Increase in net deferred origination fees (6,873) (9,766) Amortization of net deferred origination fees 9,484 13,106 (Provision for) benefit from credit losses (67,044) 16,029 Balance at end of period $ 3,267,815 $ 3,741,308
Rollforward of Allowance for Credit Losses	The following table presents the changes for the years ended December 31, 2022, and 2021 in the allowance for credit losses on loans held-for-investment: Year Ended December 31, (in thousands) 2022 2021 Balance at beginning of period $ 40,897 $ 66,666 Provision for (benefit from) credit losses 67,556 (16,029) Write-off (25,606) (9,740) Recoveries of amounts previously written off (512) — Balance at end of period $ 82,335 $ 40,897
Financing Receivable, Nonaccrual	The following table presents the carrying value of loans held-for-investment on nonaccrual status for the years ended December 31, 2022, and 2021: Year Ended December 31, (in thousands) 2022 2021 Nonaccrual loan carrying value at beginning of period $ 145,370 $ 17,835 Addition of nonaccrual loan carrying value $ 218,275 $ 203,668 Removal of nonaccrual loan carrying value $ (155,687) $ (76,133) Nonaccrual loan carrying value at end of period $ 207,958 $ 145,370
Financing Receivable, Past Due	The following tables summarize the aging analysis of accrued interest past due on the carrying value of the Company’s loans held-for-investment as of December 31, 2022, and December 31, 2021: (dollars in thousands) Days Outstanding as of December 31, 2022 Current Days: 30-59 Days: 60-89 Days: 90 or more Total loans past due Total loans 90 days or more past due and accruing interest Loans held-for-investment: Senior loans $ 3,072,536 $ — $ — $ 182,082 $ 182,082 $ 3,254,618 $ — Subordinated loans 13,197 — — — — 13,197 — Total $ 3,085,733 $ — $ — $ 182,082 $ 182,082 $ 3,267,815 $ — (dollars in thousands) Days Outstanding as of December 31, 2021 Current Days: 30-59 Days: 60-89 Days: 90 or more Total loans past due Total loans 90 days or more past due and accruing interest Loans held-for-investment: Senior loans $ 3,583,062 $ — $ — $ 145,370 $ 145,370 $ 3,728,432 $ — Subordinated loans 12,876 — — — — 12,876 — Total $ 3,595,938 $ — $ — $ 145,370 $ 145,370 $ 3,741,308 $ —
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, 2022, and December 31, 2021: (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 8 $ 291,236 $ 287,527 9 $ 245,939 $ 245,042 2 52 1,857,744 1,824,564 58 2,002,008 1,983,615 3 21 697,532 689,196 25 747,631 739,343 4 5 268,236 258,570 11 633,153 627,938 5 4 247,258 207,958 2 168,094 145,370 Total 90 $ 3,362,006 $ 3,267,815 105 $ 3,796,825 $ 3,741,308 The following table presents the carrying value of loans held-for-investment as of December 31, 2022, and December 31, 2021, by risk rating and year of origination: December 31, 2022 (in thousands) Origination Year Risk Rating 2022 2021 2020 2019 2018 2017 Prior Total 1 $ — $ — $ 44,141 $ 186,506 $ 56,880 $ — $ — $ 287,527 2 $ 419,617 $ 512,526 $ 95,560 $ 516,723 $ 193,900 $ 13,196 $ 73,042 $ 1,824,564 3 $ — $ 95,061 $ 20,154 $ 234,019 $ 99,311 $ 152,093 $ 88,558 $ 689,196 4 $ — $ — $ — $ — $ 135,782 $ 43,381 $ 79,407 $ 258,570 5 $ — $ — $ — $ 157,111 $ — $ 50,847 $ — $ 207,958 Total $ 419,617 $ 607,587 $ 159,855 $ 1,094,359 $ 485,873 $ 259,517 $ 241,007 $ 3,267,815 December 31, 2021 (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

Variable Interest Entities an_2

Variable Interest Entities and Securitized Debt Obligations (Tables)	12 Months Ended
	Dec. 31, 2022
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, 2022, and December 31, 2021: (in thousands) December 31, December 31, Loans held-for-investment $ 1,557,731 $ 2,257,768 Allowance for credit losses (21,865) (16,904) Loans held-for-investment, net 1,535,866 2,240,864 Restricted cash 5,674 10,377 Other assets 10,396 14,803 Total Assets $ 1,551,936 $ 2,266,044 Securitized debt obligations $ 1,138,749 $ 1,677,619 Other liabilities 2,279 1,816 Total Liabilities $ 1,141,028 $ 1,679,435
Schedule of Securitized Debt Obligations	The following table details the Company’s CRE CLO securitized debt obligations: (dollars 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 (2) $ 621,409 $ 607,354 L+/S+3.7% $ 621,409 $ 613,504 L+3.7% Financing provided 502,564 499,249 L+1.7% 502,564 498,117 L+1.7% GPMT 2021-FL3 CRE CLO Collateral assets (3) 677,715 669,279 L+/S+3.9% 768,850 763,607 L+3.9% Financing provided 539,876 539,892 L+1.7% 630,818 629,049 L+1.7% GPMT 2019-FL2 CRE CLO Collateral assets (4) 270,498 264,907 L+4.2% 617,119 605,831 L+ 4.1% Financing provided 99,300 99,608 L+2.7% 446,849 445,920 L+ 1.8% GPMT 2018-FL1 CRE CLO Collateral assets (5) — — 270,722 268,322 L+ 5.0% Financing provided — — 104,532 104,532 L+ 2.8% Total Collateral assets $ 1,569,622 $ 1,541,540 L+/S+3.9% $ 2,278,100 $ 2,251,264 L+ 4.0% Financing provided $ 1,141,740 $ 1,138,749 L+1.8% $ 1,684,763 $ 1,677,618 L+ 1.8% ____________________ (1) Calculations of all in yield on collateral assets at origination are based on a number of assumptions (some or all of which may not occur) and are expressed as monthly equivalent yields that include net origination fees and exit fees and exclude future fundings and any potential or completed loan amendments or modifications. Calculations of cost of funds is the weighted average coupon of the CRE CLO, exclusive of any CRE CLO issuance costs. (2) No restricted cash is included as of December 31, 2022, or December 31, 2021. Yield on collateral assets is exclusive of restricted cash. (3) Includes $5.6 million and $10.4 million of restricted cash as of December 31, 2022, and December 31, 2021, respectively. Yield on collateral assets is exclusive of restricted cash. (4) No restricted cash is included as of December 31, 2022, or December 31, 2021. Yield on collateral assets is exclusive of restricted cash.

Secured Financing Agreements (T

Secured Financing Agreements (Tables)	12 Months Ended
	Dec. 31, 2022
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, 2022, and December 31, 2021: December 31, 2022 (dollars in thousands) Maturity Date (1) Amount Outstanding Unused Capacity (2) Total Capacity Carrying Value of Collateral Weighted Average Borrowing Rate Repurchase facilities: Morgan Stanley Bank June 28, 2023 $ 494,250 $ 105,750 $ 600,000 $ 701,469 7.0 % Goldman Sachs Bank USA (3) July 13, 2023 66,914 183,086 250,000 93,651 6.5 % JPMorgan Chase Bank June 28, 2024 132,438 217,562 350,000 211,841 6.7 % Citibank May 25, 2025 204,593 295,407 500,000 266,179 6.1 % Wells Fargo Bank June 28, 2023 71,091 — 71,091 111,154 6.3 % Centennial Bank August 29, 2024 46,280 103,720 150,000 101,844 9.3 % Total/Weighted Average $ 1,015,566 $ 905,525 $ 1,921,091 $ 1,486,138 Asset-specific financings Term Matched $ 44,913 $ 105,087 $ 150,000 $ 57,629 6.0 % Secured credit facility (4) December 21, 2025 $ 100,000 — $ 100,000 $ 157,112 10.8 % Term financing facility (5) N/A $ — $ — $ — $ — — % December 31, 2021 (dollars in thousands) Maturity Date (1) Amount Outstanding Unused Capacity (2) Total Capacity Carrying Value of Collateral Weighted Average Borrowing Rate Repurchase facilities: Morgan Stanley Bank June 28, 2022 $ 230,982 $ 269,018 $ 500,000 $ 382,017 2.2 % Goldman Sachs Bank USA 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 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 Term Matched $ 43,622 $ 106,378 $ 150,000 $ 56,129 1.8 % Term financing facility (5) February 14, 2025 $ 127,145 $ — $ 127,145 $ 329,256 3.7 % ____________________ (1) The facilities are set to mature on the stated maturity date, unless extended pursuant to their terms. (2) Unused capacity is not committed as of December 31, 2022, and 2021, respectively. (3) As of December 31, 2022, 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, 2022, the Company retained options to increase the maximum facility capacity amount up to $200 million, subject to customary terms and conditions.
Schedule of Collateralized Borrowings by Maturity	At December 31, 2022, and December 31, 2021, the Company’s borrowings outstanding on its secured financing facilities had contractual maturities as follows: December 31, 2022 (in thousands) Repurchase Facilities Asset-Specific Financings (1) Term Financing Facility Secured Credit Facility Total Amount Outstanding 2023 $ 632,255 $ 44,913 $ — $ — $ 677,168 2024 178,718 — — — 178,718 2025 204,593 — — 100,000 304,593 2026 — — — — — 2027 — — — — — Thereafter — — — — — Total $ 1,015,566 $ 44,913 $ — $ 100,000 $ 1,160,479 December 31, 2021 (in thousands) Repurchase Facilities Asset-Specific Financings (1) Term Financing Facility (2) 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 __________________ (1) Maturity date is term matched to the corresponding loans. (2) 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, 2022, and December 31, 2021: December 31, 2022 December 31, 2021 (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 $ 494,250 $ 213,855 22 % 0.49 $ 230,982 $ 155,446 15 % 0.49 JPMorgan Chase Bank 132,438 81,850 8 % 1.49 104,215 87,103 9 % 0.49 Goldman Sachs Bank USA 66,914 27,594 3 % 0.53 81,227 31,852 3 % 1.53 Citibank 204,593 63,924 6 % 2.40 202,944 85,631 8 % 1.02 Wells Fargo Bank 71,091 42,447 4 % 0.49 57,917 29,320 3 % 0.49 Centennial Bank 46,280 55,712 6 % 1.66 — — Total $ 1,015,566 $ 485,382 $ 677,285 $ 389,352 ____________________ (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, 2022
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) 2022 2021 Cash coupon $ 15,802 $ 16,475 Amortization of issuance costs 1,725 1,692 Total interest expense $ 17,527 $ 18,167
Schedule of Long-term Debt Instruments	The following table details the carrying value of the convertible senior notes: December 2022 Convertible Senior Notes (in thousands) December 31, December 31, Principal outstanding $ — $ 143,750 Less: Unamortized issuance costs — (875) Net carrying value $ — $ 142,875 October 2023 Convertible Senior Notes (in thousands) December 31, December 31, Principal outstanding $ 131,600 $ 131,600 Less: Unamortized issuance costs (682) (1,533) Net carrying value $ 130,918 $ 130,067 The table below summarizes the net carrying amount of the senior secured term loan facilities: (in thousands) December 31, December 31, Principal outstanding $ — $ 150,000 Less: Unamortized debt discount and issuance costs — (10,120) Net carrying value $ — $ 139,880

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, 2022
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 (in thousands) December 31, December 31, Principal outstanding $ — $ 143,750 Less: Unamortized issuance costs — (875) Net carrying value $ — $ 142,875 October 2023 Convertible Senior Notes (in thousands) December 31, December 31, Principal outstanding $ 131,600 $ 131,600 Less: Unamortized issuance costs (682) (1,533) Net carrying value $ 130,918 $ 130,067 The table below summarizes the net carrying amount of the senior secured term loan facilities: (in thousands) December 31, December 31, Principal outstanding $ — $ 150,000 Less: Unamortized debt discount and issuance costs — (10,120) Net carrying value $ — $ 139,880

Cash, Cash Equivalents and Re_2

Cash, Cash Equivalents and Restricted Cash (Tables)	12 Months Ended
	Dec. 31, 2022
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, 2022, 2021, and 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, December 31, Cash and cash equivalents $ 133,132 $ 191,931 $ 261,419 Restricted cash 7,033 12,362 67,774 Total cash, cash equivalents and restricted cash $ 140,165 $ 204,293 $ 329,193

Fair Value (Tables)

Fair Value (Tables)	12 Months Ended
	Dec. 31, 2022
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, 2022, and December 31, 2021: December 31, 2022 December 31, 2021 (in thousands) Carrying Value Fair Value Carrying Value Fair Value Assets Loans held-for-investment, net of allowance for credit losses $ 3,267,815 $ 3,270,338 $ 3,741,308 $ 3,771,216 Cash and cash equivalents $ 133,132 $ 133,132 $ 191,931 $ 191,931 Restricted cash $ 7,033 $ 7,033 $ 12,362 $ 12,362 Liabilities Repurchase facilities $ 1,015,566 $ 1,015,566 $ 677,285 $ 677,285 Securitized debt obligations $ 1,138,749 $ 1,093,351 $ 1,677,619 $ 1,681,514 Asset-specific financings $ 44,913 $ 44,913 $ 43,622 $ 43,622 Secured credit facility $ 100,000 $ 100,000 $ — $ — Term financing facility $ — $ — $ 127,145 $ 127,145 Convertible senior notes $ 130,918 $ 127,881 $ 272,942 $ 278,554 Senior secured term loan facilities $ — $ — $ 139,880 $ 139,880

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	12 Months Ended
	Dec. 31, 2022
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, 2020, through December 31, 2022: Declaration Date Record Date Payment Date Cash Dividend Per Share 2022 December 20, 2022 December 30, 2022 January 17, 2023 $ 0.20 September 20, 2022 October 3, 2022 October 17, 2022 $ 0.25 June 16, 2022 July 1, 2022 July 15, 2022 $ 0.25 March 17, 2022 April 1, 2022 April 15, 2022 $ 0.25 $ 0.95 2021 December 16, 2021 December 31, 2021 January 18, 2022 $ 0.25 September 15, 2021 October 1, 2021 October 16, 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 The following table presents cash dividends declared by the Company’s board of directors on its Series A Preferred Stock from December 31, 2019 through December 31, 2022: Declaration Date Record Date Payment Date Cash Dividend Per Share 2022 December 20, 2022 December 30, 2022 January 17, 2023 $ 0.43750 September 20, 2022 October 3, 2022 October 17, 2022 $ 0.43750 June 16, 2022 July 1, 2022 July 15, 2022 $ 0.43750 March 17, 2022 April 1, 2022 April 15, 2022 $ 0.43750 $ 1.75000 2021 December 16, 2021 December 31, 2021 January 18, 2022 0.15069 $ 0.15069

Equity Incentive Plan (Tables)

Equity Incentive Plan (Tables)	12 Months Ended
	Dec. 31, 2022
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 stock, RSUs and PSUs for the years ended December 31, 2020, 2021, and 2022, respectively: Restricted Stock RSUs PSUs Weighted Average Grant Date Fair Market Value 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 Granted — 523,190 312,538 11.78 Vested (103,038) (218,034) — 13.38 Forfeited (69,039) — — 18.87 Outstanding at December 31, 2022 92,585 1,238,439 660,434 11.83 Below is a summary of restricted stock, RSU and PSU vesting dates as of December 31, 2022: Vesting Year Restricted Stock RSUs PSUs Total Awards 2023 92,585 387,508 347,896 827,989 2024 — 327,625 312,538 640,163 2025 — 523,306 — 523,306 Total 92,585 1,238,439 660,434 1,991,458

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2022
Income Tax Disclosure [Abstract]
Schedule of Effective Income Tax Rate Reconciliation	The following is a reconciliation of the statutory federal and state rates to the effective rates, for the years ended December 31, 2022, 2021, and 2020: Year Ended December 31, 2022 2021 2020 (dollars in thousands) Amount Percent Amount Percent Amount Percent Computed income tax expense at federal rate $ (8,570) 21 % $ 14,394 21 % $ (8,368) 21 % State taxes, net of federal benefit, if applicable 14 — % — — % — — % Permanent differences in taxable income from GAAP net income (228) 1 % (404) (1) % (57) — % REIT income not subject to corporate income tax 8,801 (22) % (13,798) (20) % 9,018 (23) % Provision for (benefit from) income taxes/ Effective Tax Rate $ 17 — % $ 192 — % $ 593 (2) %

Earnings Per Share (Tables)

Earnings Per Share (Tables)	12 Months Ended
	Dec. 31, 2022
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, 2022, 2021, and 2020: Year Ended December 31, (in thousands, except share data) 2022 2021 2020 Numerator: Net (loss) income attributable to common stockholders - basic $ (55,327) $ 67,560 $ (40,539) Interest expense attributable to convertible senior notes — — — Net (loss) income attributable to common stockholders - diluted $ (55,327) $ 67,560 $ (40,539) Denominator: Weighted average common shares outstanding 52,904,606 54,282,018 54,580,046 Weighted average restricted stock shares 107,200 311,481 576,436 Basic weighted average shares outstanding 53,011,806 54,593,499 55,156,482 Effect of dilutive shares issued in an assumed conversion of the convertible senior notes — — — 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 — — — Effect of dilutive shares issued in an assumed exercise of warrants issued in conjunction with the senior secured term loan facilities — — — Diluted weighted average shares outstanding 53,011,806 54,929,070 55,156,482 (Loss) earnings per share Basic $ (1.04) $ 1.24 $ (0.73) Diluted $ (1.04) $ 1.23 $ (0.73)

Organization and Operations (De

Organization and Operations (Details)	12 Months Ended
	Dec. 31, 2022 segment
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) - loan loan in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Threshold period delinquent for placement of financing receivable on nonaccrual status	90 days
Number of commercial real estate loans included in third-party historical loan loss database (more than)	100
Accounts receivable, concurrent, threshold period past due	30 days
REIT taxable income distribution requirement	90%
Preferred stock dividend rate (as a percent)	10%
Cumulative Preferred Stock
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Preferred stock dividend rate (as a percent)	10%	10%
Series A Preferred Stock
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Preferred stock dividend rate (as a percent)	7%	7%

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, 2022 USD ($) loan	Dec. 31, 2021 USD ($) loan	Dec. 31, 2020 USD ($)
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unpaid principal balance	$ 3,362,006	$ 3,796,825
Unamortized (discount) premium	(48)	(70)
Unamortized net deferred origination fees	(11,808)	(14,550)
Allowance for credit losses	(82,335)	(40,897)	$ (66,666)
Loans held-for-investment, net	3,267,815	3,741,308	$ 3,847,803
Unfunded commitments	$ 229,607	$ 403,584
Number of loans | loan	90	105
Weighted average coupon (as a percent)	6.30%	4.50%
Weighted average years to maturity (in years)	1 year	1 year 1 month 6 days
Senior Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unpaid principal balance	$ 3,348,242	$ 3,781,771
Unamortized (discount) premium	(48)	(70)
Unamortized net deferred origination fees	(11,808)	(14,550)
Allowance for credit losses	(81,768)	(38,719)
Loans held-for-investment, net	3,254,618	3,728,432
Unfunded commitments	$ 229,607	$ 403,584
Number of loans | loan	89	103
Weighted average coupon (as a percent)	6.30%	4.50%
Weighted average years to maturity (in years)	1 year	1 year 1 month 6 days
Mezzanine Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unpaid principal balance	$ 0	$ 1,048
Unamortized (discount) premium	0	0
Unamortized net deferred origination fees	0	0
Allowance for credit losses	0	(1,048)
Loans held-for-investment, net	0	0
Unfunded commitments	$ 0	$ 0
Number of loans | loan	0	1
Weighted average coupon (as a percent)	0%	13%
Weighted average years to maturity (in years)		3 years 10 months 24 days
B-Notes
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unpaid principal balance	$ 13,764	$ 14,006
Unamortized (discount) premium	0	0
Unamortized net deferred origination fees		0
Allowance for credit losses	(567)	(1,130)
Loans held-for-investment, net	13,197	12,876
Unfunded commitments	$ 0	$ 0
Number of loans | loan	1	1
Weighted average coupon (as a percent)	8%	8%
Weighted average years to maturity (in years)	4 years 1 month 6 days	5 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, 2022	Dec. 31, 2021	Dec. 31, 2020
Accounts, Notes, Loans and Financing Receivable [Line Items]
Carrying Value	$ 3,267,815	$ 3,741,308	$ 3,847,803
Percentage of loan portfolio (as a percent)	100%	100%
Office
Accounts, Notes, Loans and Financing Receivable [Line Items]
Carrying Value	$ 1,348,205	$ 1,703,951
Percentage of loan portfolio (as a percent)	41.30%	45.50%
Multifamily
Accounts, Notes, Loans and Financing Receivable [Line Items]
Carrying Value	$ 1,008,177	$ 1,061,434
Percentage of loan portfolio (as a percent)	30.90%	28.40%
Hotel
Accounts, Notes, Loans and Financing Receivable [Line Items]
Carrying Value	$ 337,264	$ 464,816
Percentage of loan portfolio (as a percent)	10.30%	12.40%
Retail
Accounts, Notes, Loans and Financing Receivable [Line Items]
Carrying Value	$ 303,266	$ 341,834
Percentage of loan portfolio (as a percent)	9.30%	9.10%
Industrial
Accounts, Notes, Loans and Financing Receivable [Line Items]
Carrying Value	$ 185,337	$ 118,564
Percentage of loan portfolio (as a percent)	5.60%	3.20%
Other
Accounts, Notes, Loans and Financing Receivable [Line Items]
Carrying Value	$ 85,566	$ 50,709
Percentage of loan portfolio (as a percent)	2.60%	1.40%

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, 2022	Dec. 31, 2021	Dec. 31, 2020
Accounts, Notes, Loans and Financing Receivable [Line Items]
Carrying Value	$ 3,267,815	$ 3,741,308	$ 3,847,803
Percentage of loan portfolio (as a percent)	100%	100%
Northeast
Accounts, Notes, Loans and Financing Receivable [Line Items]
Carrying Value	$ 834,985	$ 917,029
Percentage of loan portfolio (as a percent)	25.50%	24.50%
Southwest
Accounts, Notes, Loans and Financing Receivable [Line Items]
Carrying Value	$ 675,288	$ 836,955
Percentage of loan portfolio (as a percent)	20.70%	22.40%
West
Accounts, Notes, Loans and Financing Receivable [Line Items]
Carrying Value	$ 519,244	$ 658,429
Percentage of loan portfolio (as a percent)	15.90%	17.60%
Midwest
Accounts, Notes, Loans and Financing Receivable [Line Items]
Carrying Value	$ 546,030	$ 637,784
Percentage of loan portfolio (as a percent)	16.70%	17%
Southeast
Accounts, Notes, Loans and Financing Receivable [Line Items]
Carrying Value	$ 692,268	$ 691,111
Percentage of loan portfolio (as a percent)	21.20%	18.50%

Loans Held-for-Investment, Ne_6

Loans Held-for-Investment, Net of Allowance for Credit Losses - Narrative (Details)	3 Months Ended	12 Months Ended
	Dec. 31, 2022 USD ($) loan	Dec. 31, 2022 USD ($) loan	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans held-for-investment, net of allowance for credit losses	$ 3,267,815,000	$ 3,267,815,000	$ 3,741,308,000	$ 3,847,803,000
Allowance for credit losses	(82,335,000)	(82,335,000)	(40,897,000)	$ (66,666,000)
Loans held-for-investment	$ 3,350,150,000	3,350,150,000	3,782,205,000
Provision for (benefit from) credit losses		67,556,000	(16,029,000)
Recoveries of amounts previously written off		(512,000)	0
Financing receivable, excluding accrued interest, allowance for credit loss, write-off		(25,606,000)	$ (9,740,000)
Financing receivable, excluding accrued interest, allowance for credit loss, period increase (decrease)		$ 67,000,000
Number of loans | loan	4	4
Threshold period delinquent for placement of financing receivable on nonaccrual status		90 days
Debt, portfolio, weighted average risk rating	250%	250%	260%
Days: 90 or more
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans held-for-investment, net of allowance for credit losses	$ 182,082,000	$ 182,082,000	$ 145,370,000
Loans held-for-investment	182,100,000	182,100,000	145,400,000
Financial Asset, 30 to 89 Days Past Due
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans held-for-investment			0
Risk Rating 5
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans held-for-investment, net of allowance for credit losses	207,958,000	207,958,000	145,370,000
Minneapolis, MN
Accounts, Notes, Loans and Financing Receivable [Line Items]
Financing receivable, excluding accrued interest, allowance for credit loss, write-off		(10,100,000)
Financing receivable, excluding accrued interest, nonaccrual	54,000,000	54,000,000
Other liabilities
Accounts, Notes, Loans and Financing Receivable [Line Items]
Provision for (benefit from) credit losses	4,300,000
Fair Value, Nonrecurring | Phoenix, AZ | Risk Rating 5
Accounts, Notes, Loans and Financing Receivable [Line Items]
Financing receivable, excluding accrued interest, nonaccrual	31,900,000	31,900,000
Fair Value, Nonrecurring | Minneapolis, MN | Risk Rating 5
Accounts, Notes, Loans and Financing Receivable [Line Items]
Financing receivable, excluding accrued interest, nonaccrual	31,900,000	31,900,000
Loan One | Fair Value, Nonrecurring
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans held-for-investment, net of allowance for credit losses	208,000,000	208,000,000
Allowance for credit losses	(39,300,000)	(39,300,000)
Loans held-for-investment	247,300,000	247,300,000
Loan One | Fair Value, Nonrecurring | Risk Rating 5
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans held-for-investment	114,100,000	114,100,000
Non-accrual loan
Accounts, Notes, Loans and Financing Receivable [Line Items]
Provision for (benefit from) credit losses	2,800,000
Non-accrual loan | Loan Two | Fair Value, Nonrecurring | Risk Rating 5 | Fair Value, Inputs, Level 3
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans held-for-investment	247,300,000	247,300,000
Senior Floating Rate Loan
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans held-for-investment	77,300,000	77,300,000
Financing receivable, excluding accrued interest, allowance for credit loss, write-off		(15,500,000)
Collateral pledged
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans held-for-investment, net of allowance for credit losses	$ 3,200,000,000	3,200,000,000	$ 3,700,000,000
Financing receivable, excluding accrued interest, allowance for credit loss, period increase (decrease)		$ 24,300,000
Number of loans | loan	4	4

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, 2022	Dec. 31, 2021
Loans Held-for-Investment [Roll Forward]
Balance at beginning of period	$ 3,741,308	$ 3,847,803
Originations, additional fundings, upsizing of loans and capitalized deferred interest	566,799	834,461
Repayments	(910,134)	(960,330)
Loan sales	(65,747)	0
Net discount accretion (premium amortization)	22	5
Increase in net deferred origination fees	(6,873)	(9,766)
Amortization of net deferred origination fees	9,484	13,106
(Provision for) benefit from credit losses	(67,044)	16,029
Balance at end of period	$ 3,267,815	$ 3,741,308

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, 2022	Dec. 31, 2021
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Balance at beginning of period	$ 40,897	$ 66,666
Provision for (benefit from) credit losses	67,556	(16,029)
Write-off	(25,606)	(9,740)
Recoveries of amounts previously written off	(512)	0
Balance at end of period	$ 82,335	$ 40,897

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, 2022	Dec. 31, 2021
Financing Receivables, Held for Investment, Nonaccrual [Roll Forward]
Nonaccrual loan carrying value at beginning of period	$ 145,370	$ 17,835
Addition of nonaccrual loan carrying value	218,275	203,668
Removal of nonaccrual loan carrying value	(155,687)	(76,133)
Nonaccrual loan carrying value at end of period	$ 207,958	$ 145,370

Loans Held-for-Investment, N_10

Loans Held-for-Investment, Net of Allowance for Credit Losses - Internal Risk Rating (Details) $ in Thousands	Dec. 31, 2022 USD ($) loan	Dec. 31, 2021 USD ($) loan	Dec. 31, 2020 USD ($)
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of loans | loan	90	105
Unpaid principal balance	$ 3,362,006	$ 3,796,825
Current year	419,617	669,054
Year one	607,587	149,567
Year two	159,855	1,372,456
Year three	1,094,359	839,750
Year four	485,873	385,545
Year five	259,517	133,196
Prior	241,007	191,740
Loans held-for-investment, net	$ 3,267,815	$ 3,741,308	$ 3,847,803
Risk Rating 1
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of loans | loan	8	9
Unpaid principal balance	$ 291,236	$ 245,939
Current year	0	0
Year one	0	0
Year two	44,141	136,138
Year three	186,506	75,592
Year four	56,880	0
Year five	0	33,312
Prior	0	0
Loans held-for-investment, net	$ 287,527	$ 245,042
Risk Rating 2
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of loans | loan	52	58
Unpaid principal balance	$ 1,857,744	$ 2,002,008
Current year	419,617	623,992
Year one	512,526	90,381
Year two	95,560	828,432
Year three	516,723	347,173
Year four	193,900	12,877
Year five	13,196	31,872
Prior	73,042	48,888
Loans held-for-investment, net	$ 1,824,564	$ 1,983,615
Risk Rating 3
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of loans | loan	21	25
Unpaid principal balance	$ 697,532	$ 747,631
Current year	0	45,062
Year one	95,061	59,186
Year two	20,154	147,214
Year three	234,019	242,662
Year four	99,311	153,732
Year five	152,093	68,012
Prior	88,558	23,475
Loans held-for-investment, net	$ 689,196	$ 739,343
Risk Rating 4
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of loans | loan	5	11
Unpaid principal balance	$ 268,236	$ 633,153
Current year	0	0
Year one	0	0
Year two	0	260,672
Year three	0	74,808
Year four	135,782	173,081
Year five	43,381	0
Prior	79,407	119,377
Loans held-for-investment, net	$ 258,570	$ 627,938
Risk Rating 5
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of loans | loan	4	2
Unpaid principal balance	$ 247,258	$ 168,094
Current year	0	0
Year one	0	0
Year two	0	0
Year three	157,111	99,515
Year four	0	45,855
Year five	50,847	0
Prior	0	0
Loans held-for-investment, net	$ 207,958	$ 145,370

Loans Held-for-Investment, N_11

Loans Held-for-Investment, Net of Allowance for Credit Losses - Aging Analysis of Accrued Interest Past Due (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans held-for-investment, net of allowance for credit losses	$ 3,267,815	$ 3,741,308	$ 3,847,803
90 days or more past due and accruing interest	0	0
Current
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans held-for-investment, net of allowance for credit losses	3,085,733	3,595,938
Days: 30-59
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans held-for-investment, net of allowance for credit losses	0	0
Days: 60-89
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans held-for-investment, net of allowance for credit losses	0	0
Days: 90 or more
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans held-for-investment, net of allowance for credit losses	182,082	145,370
Total loans past due
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans held-for-investment, net of allowance for credit losses	182,082	145,370
Senior Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans held-for-investment, net of allowance for credit losses	3,254,618	3,728,432
90 days or more past due and accruing interest	0	0
Senior Loans | Current
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans held-for-investment, net of allowance for credit losses	3,072,536	3,583,062
Senior Loans | Days: 30-59
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans held-for-investment, net of allowance for credit losses	0	0
Senior Loans | Days: 60-89
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans held-for-investment, net of allowance for credit losses	0	0
Senior Loans | Days: 90 or more
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans held-for-investment, net of allowance for credit losses	182,082	145,370
Senior Loans | Total loans past due
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans held-for-investment, net of allowance for credit losses	182,082	145,370
Subordinated and Mezzanine Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans held-for-investment, net of allowance for credit losses	13,197	12,876
90 days or more past due and accruing interest	0	0
Subordinated and Mezzanine Loans | Current
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans held-for-investment, net of allowance for credit losses	13,197	12,876
Subordinated and Mezzanine Loans | Days: 30-59
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans held-for-investment, net of allowance for credit losses	0	0
Subordinated and Mezzanine Loans | Days: 60-89
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans held-for-investment, net of allowance for credit losses	0	0
Subordinated and Mezzanine Loans | Days: 90 or more
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans held-for-investment, net of allowance for credit losses	0	0
Subordinated and Mezzanine Loans | Total loans past due
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans held-for-investment, net of allowance for credit losses	$ 0	$ 0

Variable Interest Entities an_3

Variable Interest Entities and Securitized Debt Obligations (Details) - USD ($) $ in Thousands		Dec. 31, 2022	Dec. 31, 2021
Variable Interest Entity [Line Items]
Total Assets	[1]	$ 3,454,101	$ 3,988,518
Total Liabilities	[1]	2,469,431	2,974,335
Variable Interest Entity, Primary Beneficiary
Variable Interest Entity [Line Items]
Total Assets		1,551,936	2,266,044
Total Liabilities		1,141,028	1,679,435
Variable Interest Entity, Primary Beneficiary | Loans held-for-investment
Variable Interest Entity [Line Items]
Total Assets		1,557,731	2,257,768
Variable Interest Entity, Primary Beneficiary | Allowance for credit losses
Variable Interest Entity [Line Items]
Total Assets		21,865	16,904
Variable Interest Entity, Primary Beneficiary | Loans held-for-investment, net
Variable Interest Entity [Line Items]
Total Assets		1,535,866	2,240,864
Variable Interest Entity, Primary Beneficiary | Restricted cash
Variable Interest Entity [Line Items]
Total Assets		5,674	10,377
Variable Interest Entity, Primary Beneficiary | Other assets
Variable Interest Entity [Line Items]
Total Assets		10,396	14,803
Variable Interest Entity, Primary Beneficiary | Securitized debt obligations
Variable Interest Entity [Line Items]
Total Liabilities		1,138,749	1,677,619
Variable Interest Entity, Primary Beneficiary | Other liabilities
Variable Interest Entity [Line Items]
Total Liabilities		$ 2,279	$ 1,816
[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, 2022, and December 31, 2021, assets of the VIEs totaled $1,551,936 and $2,266,044, respectively, and liabilities of the VIEs totaled $1,141,028 and $1,679,435, 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, 2022	Dec. 31, 2021
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Carrying Value	$ 1,138,749	$ 1,677,619
Collateral assets
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Principal Balance	1,569,622	2,278,100
Carrying Value	$ 1,541,540	$ 2,251,264
Weighted average interest rate of securitized debt obligations outstanding	3.90%	4%
Collateral assets | GPMT 2021-FL4 CRE CLO
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Principal Balance	$ 621,409	$ 621,409
Carrying Value	$ 607,354	$ 613,504
Weighted average interest rate of securitized debt obligations outstanding	3.70%	3.70%
Restricted cash		$ 0
Collateral assets | GPMT 2021-FL3 CRE CLO
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Principal Balance	$ 677,715	768,850
Carrying Value	$ 669,279	$ 763,607
Weighted average interest rate of securitized debt obligations outstanding	3.90%	3.90%
Restricted cash	$ 5,600	$ 10,400
Collateral assets | GPMT 2019-FL2 CRE CLO
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Principal Balance	270,498	617,119
Carrying Value	$ 264,907	$ 605,831
Weighted average interest rate of securitized debt obligations outstanding	4.20%	4.10%
Collateral assets | GPMT 2018-FL1 CRE CLO
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Principal Balance	$ 0	$ 270,722
Carrying Value	0	$ 268,322
Weighted average interest rate of securitized debt obligations outstanding		5%
Restricted cash		$ 0
Financing provided
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Principal Balance	1,141,740	1,684,763
Carrying Value	$ 1,138,749	$ 1,677,618
Weighted average interest rate of securitized debt obligations outstanding	1.80%	1.80%
Financing provided | GPMT 2021-FL4 CRE CLO
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Principal Balance	$ 502,564	$ 502,564
Carrying Value	$ 499,249	$ 498,117
Weighted average interest rate of securitized debt obligations outstanding	1.70%	1.70%
Financing provided | GPMT 2021-FL3 CRE CLO
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Principal Balance	$ 539,876	$ 630,818
Carrying Value	$ 539,892	$ 629,049
Weighted average interest rate of securitized debt obligations outstanding	1.70%	1.70%
Financing provided | GPMT 2019-FL2 CRE CLO
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Principal Balance	$ 99,300	$ 446,849
Carrying Value	$ 99,608	$ 445,920
Weighted average interest rate of securitized debt obligations outstanding	2.70%	1.80%
Financing provided | GPMT 2018-FL1 CRE CLO
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Principal Balance	$ 0	$ 104,532
Carrying Value	$ 0	$ 104,532
Weighted average interest rate of securitized debt obligations outstanding		2.80%

Variable Interest Entities an_5

Variable Interest Entities and Securitized Debt Obligations - Narrative (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2022 USD ($) loan	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)
Variable Interest Entity [Line Items]
Principal payments on securitized debt obligations | $	$ 543,023	$ 433,520	$ 117,925
Number of loans | loan	4

Secured Financing Agreements -

Secured Financing Agreements - Narrative (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)
Line of Credit Facility [Line Items]
Loss on extinguishment of debt	$ (18,823)	$ (8,919)	$ 0
Minimum unrestricted cash amount	$ 30,000
Debt covenant, recourse (as a percent)	0.050
Cash and cash equivalents	$ 133,132	$ 191,931	$ 261,419
Debt instrument, amount	$ 23,700
Debt covenant, tangible net worth (as a percent)	0.750
Debt covenant, net cash proceeds of additional equity issuances, amount	$ 931,700
Debt covenant, tangible net worth, amount	$ 1,100,000
Debt covenant, target asset leverage ratio (as a percent)	0.685
Debt covenant, total leverage ratio (as a percent)	0.697
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	1.7
Minimum
Line of Credit Facility [Line Items]
Debt covenant, minimum interest coverage ratio	1.5

Secured Financing Agreements _2

Secured Financing Agreements - Summary of Outstanding Borrowings (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Line of Credit Facility [Line Items]
Repurchase facilities	$ 1,015,566	$ 677,285
Asset-specific financings	44,913	43,622
Term financing facility	0	127,145
Unused Capacity (2)	905,525	1,122,715
Total Capacity	1,921,091	1,800,000
Carrying Value of Collateral	1,486,138	1,054,842
Other Secured Financings	100,000	0
Loss on extinguishment of debt	(18,823)	(8,919)	$ 0
Secured Debt
Line of Credit Facility [Line Items]
Unused Capacity (2)	0
Carrying Value of Collateral	157,112
Other Secured Financings	$ 100,000
Weighted Average Borrowing Rate	10.80%
Revolving Credit Facility
Line of Credit Facility [Line Items]
Line of credit facility, accordion feature, increase limit	$ 200,000
Loss on extinguishment of debt	(1,700)
Goldman Sachs Bank USA
Line of Credit Facility [Line Items]
Term financing facility		127,145
Unused Capacity (2)	0	0
Total Capacity	0	127,145
Goldman Sachs Bank USA | Revolving Credit Facility
Line of Credit Facility [Line Items]
Carrying Value of Collateral	$ 0	$ 329,256
Weighted Average Borrowing Rate	0%	3.70%
Asset-specific financings
Line of Credit Facility [Line Items]
Asset-specific financings	$ 44,913	$ 43,622
Unused Capacity (2)	105,087	106,378
Total Capacity	150,000	150,000
Carrying Value of Collateral	$ 57,629
Weighted Average Borrowing Rate	6%
Asset-specific financings | Secured Debt
Line of Credit Facility [Line Items]
Carrying Value of Collateral		$ 56,129
Weighted Average Borrowing Rate		1.80%
Loans held-for-investment | Morgan Stanley Bank
Line of Credit Facility [Line Items]
Repurchase facilities	$ 494,250	$ 230,982
Unused Capacity (2)	105,750	269,018
Total Capacity	600,000	500,000
Carrying Value of Collateral	$ 701,469	$ 382,017
Weighted Average Borrowing Rate	7%	2.20%
Loans held-for-investment | Goldman Sachs Bank USA
Line of Credit Facility [Line Items]
Repurchase facilities	$ 66,914	$ 81,227
Unused Capacity (2)	183,086	168,773
Total Capacity	250,000	250,000
Carrying Value of Collateral	$ 93,651	$ 111,811
Weighted Average Borrowing Rate	6.50%	2.60%
Assets sold under agreements to repurchase, accordion feature, increase limit	$ 350,000
Loans held-for-investment | JPMorgan Chase Bank
Line of Credit Facility [Line Items]
Repurchase facilities	132,438	$ 104,215
Unused Capacity (2)	217,562	345,785
Total Capacity	350,000	450,000
Carrying Value of Collateral	$ 211,841	$ 188,838
Weighted Average Borrowing Rate	6.70%	2.30%
Loans held-for-investment | Citibank
Line of Credit Facility [Line Items]
Repurchase facilities	$ 204,593	$ 202,944
Unused Capacity (2)	295,407	297,056
Total Capacity	500,000	500,000
Carrying Value of Collateral	$ 266,179	$ 285,767
Weighted Average Borrowing Rate	6.10%	1.80%
Loans held-for-investment | Wells Fargo Bank
Line of Credit Facility [Line Items]
Repurchase facilities	$ 71,091	$ 57,917
Unused Capacity (2)	0	42,083
Total Capacity	71,091	100,000
Carrying Value of Collateral	$ 111,154	$ 86,409
Weighted Average Borrowing Rate	6.30%	2.30%
Loans held-for-investment | Centennial Bank
Line of Credit Facility [Line Items]
Repurchase facilities	$ 46,280
Unused Capacity (2)	103,720
Total Capacity	150,000
Carrying Value of Collateral	$ 101,844
Weighted Average Borrowing Rate	9.30%

Secured Financing Agreements _3

Secured Financing Agreements - Borrowings by Maturity (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Assets Sold under Agreements to Repurchase [Line Items]
Repurchase facilities	$ 1,015,566	$ 677,285
Asset-specific financings	44,913	43,622
Term Financing Facility	0	127,145
Secured credit facility	100,000	0
Securing Financing, Outstanding Borrowing Facilities	1,160,479	848,052
Secured Debt
Assets Sold under Agreements to Repurchase [Line Items]
Secured credit facility	100,000
Maturity Within One Year
Assets Sold under Agreements to Repurchase [Line Items]
Repurchase facilities	632,255	393,114
Asset-specific financings	44,913	43,622
Term Financing Facility	0	0
Securing Financing, Outstanding Borrowing Facilities	677,168	436,736
Maturity One To Two Years
Assets Sold under Agreements to Repurchase [Line Items]
Repurchase facilities	178,718	284,171
Asset-specific financings	0	0
Term Financing Facility	0	0
Securing Financing, Outstanding Borrowing Facilities	178,718	284,171
Maturity Two To Three
Assets Sold under Agreements to Repurchase [Line Items]
Repurchase facilities	204,593	0
Asset-specific financings	0	0
Term Financing Facility	0	0
Securing Financing, Outstanding Borrowing Facilities	304,593	0
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	0	127,145
Securing Financing, Outstanding Borrowing Facilities	0	127,145
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	0	0
Securing Financing, Outstanding Borrowing Facilities	0	0
Thereafter
Assets Sold under Agreements to Repurchase [Line Items]
Repurchase facilities	0	0
Asset-specific financings	0	0
Term Financing Facility	0	0
Securing Financing, Outstanding Borrowing Facilities	$ 0	$ 0

Secured Financing Agreements _4

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, 2022	Dec. 31, 2021
Repurchase Agreement Counterparty [Line Items]
Amount Outstanding	$ 1,015,566	$ 677,285
Net Counterparty Exposure	485,382	389,352
Morgan Stanley Bank
Repurchase Agreement Counterparty [Line Items]
Amount Outstanding	494,250	230,982
Net Counterparty Exposure	$ 213,855	$ 155,446
Percent of Equity	22%	15%
Weighted Average Years to Maturity	5 months 26 days	5 months 26 days
JPMorgan Chase Bank
Repurchase Agreement Counterparty [Line Items]
Amount Outstanding	$ 132,438	$ 104,215
Net Counterparty Exposure	$ 81,850	$ 87,103
Percent of Equity	8%	9%
Weighted Average Years to Maturity	1 year 5 months 26 days	5 months 26 days
Goldman Sachs Bank USA
Repurchase Agreement Counterparty [Line Items]
Amount Outstanding	$ 66,914	$ 81,227
Net Counterparty Exposure	$ 27,594	$ 31,852
Percent of Equity	3%	3%
Weighted Average Years to Maturity	6 months 10 days	1 year 6 months 10 days
Citibank
Repurchase Agreement Counterparty [Line Items]
Amount Outstanding	$ 204,593	$ 202,944
Net Counterparty Exposure	$ 63,924	$ 85,631
Percent of Equity	6%	8%
Weighted Average Years to Maturity	2 years 4 months 24 days	1 year 7 days
Wells Fargo Bank
Repurchase Agreement Counterparty [Line Items]
Amount Outstanding	$ 71,091	$ 57,917
Net Counterparty Exposure	$ 42,447	$ 29,320
Percent of Equity	4%	3%
Weighted Average Years to Maturity	5 months 26 days	5 months 26 days
Centennial Bank
Repurchase Agreement Counterparty [Line Items]
Amount Outstanding	$ 46,280	$ 0
Net Counterparty Exposure	$ 55,712	$ 0
Percent of Equity	6%
Weighted Average Years to Maturity	1 year 7 months 28 days

Convertible Senior Notes - Narr

Convertible Senior Notes - Narrative (Details) $ in Thousands	1 Months Ended		12 Months Ended
	Oct. 31, 2018 USD ($)	Jan. 31, 2018 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Dec. 31, 2017 USD ($)
Debt Instrument, Redemption [Line Items]
Convertible senior notes			$ 130,918	$ 272,942
Convertible Debt
Debt Instrument, Redemption [Line Items]
Convertible senior notes			$ 130,900	$ 272,900
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					$ 143,800
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, 2022	Dec. 31, 2021
Debt Disclosure [Abstract]
Cash coupon	$ 15,802	$ 16,475
Amortization of issuance costs	1,725	1,692
Total interest expense	$ 17,527	$ 18,167

Convertible Senior Notes - Carr

Convertible Senior Notes - Carrying Value of the Convertible Senior Notes (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
December 2022 Convertible Senior Notes
Debt Instrument, Redemption [Line Items]
Principal outstanding	$ 0	$ 143,750
Less: Unamortized issuance costs	0	(875)
Net carrying value	0	142,875
October 2023 Convertible Senior Notes
Debt Instrument, Redemption [Line Items]
Principal outstanding	131,600	131,600
Less: Unamortized issuance costs	(682)	(1,533)
Net carrying value	$ 130,918	$ 130,067

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			12 Months Ended
	Oct. 04, 2021	Sep. 30, 2021	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Sep. 25, 2021	Feb. 04, 2021	Sep. 28, 2020	Sep. 25, 2020
Debt Instrument [Line Items]
Total Capacity			$ 1,921,091	$ 1,800,000
Loss on extinguishment of debt			$ (18,823)	$ (8,919)	$ 0
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
Term Loan
Debt Instrument [Line Items]
Total Capacity							$ 349,300		$ 300,000
Term financing facility			$ 0	$ 139,880				$ 225,000
Loss on extinguishment of debt			$ (17,100)
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
Unused borrowing capacity, amount						$ 75,000
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

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, 2022	Dec. 31, 2021	Sep. 28, 2020
Debt Instrument [Line Items]
Principal outstanding	$ 0	$ 150,000
Less: Unamortized debt discount and issuance costs	0	(10,120)
Net carrying value	$ 0	$ 139,880	$ 225,000

Cash, Cash Equivalents and Re_3

Cash, Cash Equivalents and Restricted Cash - Narrative (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Variable Interest Entity [Line Items]
Cash collateral for repurchase agreements and securities activity	$ 1.4	$ 2	$ 5
Restricted cash
Variable Interest Entity [Line Items]
Cash collateral for repurchase agreements and securities activity	$ 5.6	$ 10.4	$ 62.8

Cash, Cash Equivalents and Re_4

Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Cash and Cash Equivalents [Abstract]
Cash and cash equivalents	$ 133,132	$ 191,931	$ 261,419
Restricted cash	7,033	12,362	67,774
Total cash, cash equivalents and restricted cash	$ 140,165	$ 204,293	$ 329,193	$ 159,764

Fair Value - Narrative (Details

Fair Value - Narrative (Details) $ in Thousands	Dec. 31, 2022 USD ($) loan	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Number of loans | loan	4
Loans held-for-investment	$ 3,350,150	$ 3,782,205
Loans held-for-investment, net of allowance for credit losses	$ 3,267,815	3,741,308	$ 3,847,803
Minimum | Exit Capitalization Rate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financing receivable, measurement input	0.0675
Minimum | Measurement Input, Discount Rate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financing receivable, measurement input	0.0800
Minimum | Measurement Input, Return on Cost Assumption
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financing receivable, measurement input	0.0550
Maximum | Exit Capitalization Rate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financing receivable, measurement input	0.0850
Maximum | Measurement Input, Discount Rate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financing receivable, measurement input	0.1025
Maximum | Measurement Input, Return on Cost Assumption
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financing receivable, measurement input	0.0600
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	$ 207,958	$ 145,370
Loan One | Fair Value, Nonrecurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Loans held-for-investment	247,300
Loans held-for-investment, net of allowance for credit losses	208,000
Loan One | Fair Value, Nonrecurring | Risk Rating 5
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Loans held-for-investment	$ 114,100

Fair Value - by Balance Sheet G

Fair Value - by Balance Sheet Grouping (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
ASSETS
Loans held-for-investment, net of allowance for credit losses	$ 3,267,815	$ 3,741,308	$ 3,847,803
Loans held-for-investment, net of allowance for credit losses, at fair value	3,270,338	3,771,216
Cash and cash equivalents	133,132	191,931	261,419
Restricted cash	7,033	12,362	$ 67,774
Liabilities
Repurchase facilities	1,015,566	677,285
Securitized debt obligations	1,138,749	1,677,619
Securitized debt obligations, at fair value	1,093,351	1,681,514
Asset-specific financings	44,913	43,622
Secured credit facility	100,000	0
Term financing facility	0	127,145
Convertible senior notes	130,918	272,942
Convertible senior notes, at fair value	127,881	278,554
Senior secured term loan facilities	0	139,880
Senior secured term loan facilities, at fair value	$ 0	$ 139,880

Commitments and Contingencies -

Commitments and Contingencies - Unfunded Commitments (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Other Commitments [Line Items]
Unfunded commitments	$ 229,607	$ 403,584
Unfunded loan commitment
Other Commitments [Line Items]
Liability for off balance sheet credit losses	$ 4,300

Preferred Stock (Details)

Preferred Stock (Details) - USD ($) $ / shares in Units, $ in Thousands		1 Months Ended		2 Months Ended	3 Months Ended	12 Months Ended
	Nov. 30, 2021	Feb. 08, 2022	Jan. 31, 2021	Jan. 14, 2022	Apr. 15, 2022	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Class of Stock [Line Items]
Preferred stock dividend rate (as a percent)						10%
Preferred stock liquidation preference (in usd per share)						$ 1,000
Preferred stock, redemption price per share (in usd per share)						$ 1,000
Period after which the holder may redeem preferred stock						6 years
Preferred dividends declared						$ 100	$ 100
Proceeds from issuance of preferred stock, net of offering costs						$ 87,521	$ 110,519	$ 0
Sale of stock, number of shares issued in transaction						0	0
Preferred dividends declared per share (in usd per share)								$ 100
Dividends, Preferred Stock, Cash								$ 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%	7%
Preferred stock liquidation preference (in usd per share)						$ 25	$ 25
Preferred stock, redemption price per share (in usd per share)	$ 25
Preferred shares issued						8,229,500	4,596,500
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	$ 0.4375	$ 1.75	$ 0.15069
Dividends, Preferred Stock, Cash						$ 14,402	$ 693
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 | Over-Allotment Option
Class of Stock [Line Items]
Sale of stock, consideration received on transaction		$ 87,500
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		$ 400
Series A Preferred Stock | Sub-REIT
Class of Stock [Line Items]
Preferred shares issued			625
Proceeds from issuance of preferred stock, net of offering costs			$ 100

Stockholders' Equity - Schedule

Stockholders' Equity - Schedule of Dividends Declared (Details) - $ / shares											12 Months Ended
	Dec. 20, 2022	Sep. 20, 2022	Jun. 16, 2022	Mar. 17, 2022	Dec. 16, 2021	Sep. 15, 2021	Jun. 15, 2021	Mar. 18, 2021	Dec. 18, 2020	Sep. 28, 2020	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Class of Stock [Line Items]
Dividends declared per common share (in usd per share)											$ 0.95	$ 1	$ 0.65
Common Stock
Class of Stock [Line Items]
Dividends declared per common share (in usd per share)	$ 0.20	$ 0.25	$ 0.25	$ 0.25	$ 0.25	$ 0.25	$ 0.25	$ 0.25		$ 0.20	0.95	1	$ 0.65
Dividends declared per common share (in usd per share)									$ 0.25
Dividends declared per common share (in usd per share)									$ 0.20
Preferred Stock
Class of Stock [Line Items]
Dividends declared per common share (in usd per share)	$ 0.43750	$ 0.43750	$ 0.43750	$ 0.43750	$ 0.15069						$ 1.75000	$ 0.15069

Stockholders' Equity - Narrativ

Stockholders' Equity - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 16, 2021
Class of Stock [Line Items]
Number of shares authorized to be repurchased under stock repurchase program			4,000,000
Stock repurchase program, remaining number of shares authorized to be repurchased	1,159,254
Number of shares authorized to be sold under equity distribution agreement	8,000,000
Number of common shares issued under equity distribution agreement and outstanding as of period-end	3,242,364
Accumulated proceeds from issuance of common shares under equity distribution agreement	$ 61.2
Sale of stock, number of shares issued in transaction	0	0
Share Repurchase Program
Class of Stock [Line Items]
Treasury stock, shares, acquired	1,539,134	1,301,612
Treasury stock, value, acquired, cost method	$ 15.7	$ 17.8
Repurchased Shares From Employees
Class of Stock [Line Items]
Treasury stock, shares, acquired	69,039	115,053
Treasury stock, value, acquired, cost method	$ 0.8	$ 1.2

Equity Incentive Plan - Narrati

Equity Incentive Plan - Narrative (Details) - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
2022 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of restricted common shares reserved for issuance under equity incentive plan	7,250,000
2017 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of restricted common shares reserved for issuance under equity incentive plan	1,977,927
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	$ 47,500
Share-based payment arrangement, nonvested award, cost not yet recognized, period for recognition	1 month 6 days
Equity based compensation	$ 700,000	$ 2,300,000	$ 1,400,000
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	$ 5,700,000
Share-based payment arrangement, nonvested award, cost not yet recognized, period for recognition	1 year
Equity based compensation	$ 5,900,000	4,300,000
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	$ 2,100,000
Share-based payment arrangement, nonvested award, cost not yet recognized, period for recognition	10 months 24 days
Equity based compensation	$ 500,000	$ 1,000,000
Award vesting period of restricted common shares granted during period under equity incentive plan	3 years
PSUs | Share-Based Payment Arrangement, Tranche One
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting rights, percentage	50%
PSUs | Share-Based Payment Arrangement, Tranche Two
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting rights, percentage	50%
PSUs | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting rights, percentage	0%
PSUs | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting rights, percentage	200%

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, 2022	Dec. 31, 2021	Dec. 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Ending balance (in shares)	1,991,458
Weighted Average Grant Date Fair Market Value
Beginning balance (in usd per share)	$ 12.48	$ 14.93	$ 18.75
Granted (in usd per share)	11.78	11.43	12.81
Vested (in usd per share)	13.38	12.74	18.74
Forfeited (in usd per share)	18.87	16.16	18.68
Ending balance (in usd per share)	$ 11.83	$ 12.48	$ 14.93
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Beginning balance (in shares)	264,662	569,535	461,371
Granted (in shares)	0	0	367,489
Vested (in shares)	(103,038)	(189,820)	(243,713)
Forfeited (in shares)	(69,039)	(115,053)	(15,612)
Ending balance (in shares)	92,585	264,662	569,535
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)	933,283	403,903	0
Granted (in shares)	523,190	564,415	403,903
Vested (in shares)	(218,034)	(31,078)	0
Forfeited (in shares)	0	(3,957)	0
Ending balance (in shares)	1,238,439	933,283	403,903
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)	347,896	0	0
Granted (in shares)	312,538	347,896	0
Vested (in shares)	0	0	0
Forfeited (in shares)	0	0	0
Ending balance (in shares)	660,434	347,896	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, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total (in shares)	1,991,458
2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vested in period (in shares)	827,989
2024
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vested in period (in shares)	640,163
2025
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vested in period (in shares)	523,306
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vested in period (in shares)	103,038	189,820	243,713
Total (in shares)	92,585	264,662	569,535	461,371
Restricted Stock | 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vested in period (in shares)	92,585
Restricted Stock | 2024
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vested in period (in shares)	0
Restricted Stock | 2025
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vested in period (in shares)	0
RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vested in period (in shares)	218,034	31,078	0
Total (in shares)	1,238,439	933,283	403,903	0
RSUs | 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vested in period (in shares)	387,508
RSUs | 2024
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vested in period (in shares)	327,625
RSUs | 2025
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vested in period (in shares)	523,306
PSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vested in period (in shares)	0	0	0
Total (in shares)	660,434	347,896	0	0
PSUs | 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vested in period (in shares)	347,896
PSUs | 2024
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vested in period (in shares)	312,538
PSUs | 2025
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vested in period (in shares)	0

Income Taxes - Effective Income

Income Taxes - Effective Income Tax Rate Reconciliation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Income Tax Disclosure [Abstract]
Effective income tax rate reconciliation at federal statutory income tax rate, amount	$ (8,570)	$ 14,394	$ (8,368)
Federal income tax rate applicable to corporations	21%	21%	21%
Effective income tax rate reconciliation, state and local income taxes, amount	$ 14	$ 0	$ 0
State taxes, net of federal benefit, if applicable, effective tax rate	0%	0%	0%
Effective income tax rate reconciliation, other reconciling items, amount	$ (228)	$ (404)	$ (57)
Permanent differences in taxable income to GAAP net income, effective tax rate	1%	(1.00%)	0%
Effective income tax rate reconciliation, deduction, dividends, amount	$ 8,801	$ (13,798)	$ 9,018
Dividends paid deduction, effective tax rate	(22.00%)	(20.00%)	(23.00%)
(Benefit from) provision for income taxes	$ 17	$ 192	$ 593
Benefit from income taxes, effective tax rate	0%	0%	(2.00%)

Earnings Per Share (Details)

Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Numerator:
Net (loss) income attributable to common stockholders - basic	$ (55,327)	$ 67,560	$ (40,539)
Interest expense attributable to convertible senior notes	0	0	0
Net (loss) income attributable to common stockholders - diluted	$ (55,327)	$ 67,560	$ (40,539)
Denominator:
Weighted average common shares outstanding (in shares)	52,904,606	54,282,018	54,580,046
Weighted average restricted stock shares (in shares)	107,200	311,481	576,436
Basic weighted average shares outstanding (in shares)	53,011,806	54,593,499	55,156,482
Effect of dilutive shares issued in an assumed conversion of the convertible senior notes	0	0	0
Effect of dilutive shares issued in an assumed conversion of RSUs as additional shares	0	335,571	0
Effect of dilutive shares issued in an assumed conversion of PSUs as additional shares	0	0	0
Effect of dilutive shares issued in an assumed exercise of warrants issued in conjunction with the senior secured term loan facilities	0	0	0
Diluted weighted average shares outstanding (in shares)	53,011,806	54,929,070	55,156,482
(Loss) earnings per share
Basic (in usd per share)	$ (1.04)	$ 1.24	$ (0.73)
Diluted (in usd per share)	$ (1.04)	$ 1.23	$ (0.73)

Earnings Per Share - Narrative

Earnings Per Share - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Interest expense attributable to antidilutive convertible notes excluded from computation of earnings per share	$ 17.5	$ 18.1	$ 18.2
Effect of dilutive shares issued in an assumed conversion of RSUs as additional shares			0	335,571	0
Related issuance costs accretion period			5 years
Amortization of debt issuance costs, adjustments			$ 0.3	$ 1.1
Effect of dilutive shares issued in an assumed exercise of warrants issued in conjunction with the senior secured term loan facilities			0	0	0
Convertible Debt Securities
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive convertible notes excluded from computation of earnings per share			13,431,152	14,065,946	13,717,782

SCHEDULE IV (Details)

SCHEDULE IV (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2022 USD ($)
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Prior Liens	$ 40,000
Principal Amount Subject to Delinquent Principal or Interest	3,362,006
Carrying Amount	3,267,815
Principal Amount Subject to Delinquent Principal or Interest	215,409
Aggregate tax basis of loans	$ 3,300,000
Retail | West | Mortgage Loan 3
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Fixed Interest Rate	3.24%
Prior Liens	$ 0
Principal Amount Subject to Delinquent Principal or Interest	92,624
Carrying Amount	92,631
Principal Amount Subject to Delinquent Principal or Interest	$ 92,624
Retail | Southeast | Mortgage Loan 84
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Fixed Interest Rate	4.77%
Prior Liens	$ 0
Principal Amount Subject to Delinquent Principal or Interest	13,039
Carrying Amount	12,992
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	2.92%
Prior Liens	$ 0
Principal Amount Subject to Delinquent Principal or Interest	33,424
Carrying Amount	33,394
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	2.75%
Prior Liens	$ 0
Principal Amount Subject to Delinquent Principal or Interest	108,878
Carrying Amount	108,705
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	3.36%
Prior Liens	$ 0
Principal Amount Subject to Delinquent Principal or Interest	76,839
Carrying Amount	76,902
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	4.15%
Prior Liens	$ 0
Principal Amount Subject to Delinquent Principal or Interest	82,000
Carrying Amount	82,000
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	47,921
Carrying Amount	47,570
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	4.65%
Prior Liens	$ 0
Principal Amount Subject to Delinquent Principal or Interest	40,541
Carrying Amount	40,384
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	39,371
Carrying Amount	39,311
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%
Prior Liens	$ 0
Principal Amount Subject to Delinquent Principal or Interest	24,559
Carrying Amount	24,499
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	2.90%
Prior Liens	$ 0
Principal Amount Subject to Delinquent Principal or Interest	19,920
Carrying Amount	19,873
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	3.25%
Prior Liens	$ 0
Principal Amount Subject to Delinquent Principal or Interest	72,284
Carrying Amount	72,214
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	2.80%
Prior Liens	$ 0
Principal Amount Subject to Delinquent Principal or Interest	93,099
Carrying Amount	93,203
Principal Amount Subject to Delinquent Principal or Interest	$ 93,099
Office | West | Mortgage Loan 32
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Fixed Interest Rate	3.29%
Prior Liens	$ 0
Principal Amount Subject to Delinquent Principal or Interest	41,855
Carrying Amount	41,504
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	3.18%
Prior Liens	$ 0
Principal Amount Subject to Delinquent Principal or Interest	29,715
Carrying Amount	29,540
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	2.97%
Prior Liens	$ 0
Principal Amount Subject to Delinquent Principal or Interest	28,563
Carrying Amount	28,516
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	3.35%
Prior Liens	$ 0
Principal Amount Subject to Delinquent Principal or Interest	28,334
Carrying Amount	28,127
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	2.66%
Prior Liens	$ 0
Principal Amount Subject to Delinquent Principal or Interest	23,900
Carrying Amount	23,833
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	3.99%
Prior Liens	$ 0
Principal Amount Subject to Delinquent Principal or Interest	19,404
Carrying Amount	19,304
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	3.35%
Prior Liens	$ 0
Principal Amount Subject to Delinquent Principal or Interest	14,168
Carrying Amount	14,011
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	5.50%
Prior Liens	$ 0
Principal Amount Subject to Delinquent Principal or Interest	53,737
Carrying Amount	53,574
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	3.30%
Prior Liens	$ 0
Principal Amount Subject to Delinquent Principal or Interest	53,091
Carrying Amount	52,992
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	2.90%
Prior Liens	$ 0
Principal Amount Subject to Delinquent Principal or Interest	29,893
Carrying Amount	29,893
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	5%
Prior Liens	$ 0
Principal Amount Subject to Delinquent Principal or Interest	29,446
Carrying Amount	29,323
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	4.77%
Prior Liens	$ 0
Principal Amount Subject to Delinquent Principal or Interest	6,610
Carrying Amount	6,614
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	2.55%
Prior Liens	$ 0
Principal Amount Subject to Delinquent Principal or Interest	86,521
Carrying Amount	86,293
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	2.69%
Prior Liens	$ 0
Principal Amount Subject to Delinquent Principal or Interest	81,443
Carrying Amount	81,409
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	3.16%
Prior Liens	$ 0
Principal Amount Subject to Delinquent Principal or Interest	45,448
Carrying Amount	45,152
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%
Prior Liens	$ 0
Principal Amount Subject to Delinquent Principal or Interest	15,804
Carrying Amount	15,740
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	3.50%
Prior Liens	$ 0
Principal Amount Subject to Delinquent Principal or Interest	60,543
Carrying Amount	60,286
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	3.20%
Prior Liens	$ 0
Principal Amount Subject to Delinquent Principal or Interest	52,211
Carrying Amount	52,078
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	5%
Prior Liens	$ 0
Principal Amount Subject to Delinquent Principal or Interest	49,958
Carrying Amount	49,889
Principal Amount Subject to Delinquent Principal or Interest	$ 0
Office | Northeast | Mortgage Loan 26
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Fixed Interest Rate	3.69%
Prior Liens	$ 0
Principal Amount Subject to Delinquent Principal or Interest	45,361
Carrying Amount	45,086
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	4.35%
Prior Liens	$ 0
Principal Amount Subject to Delinquent Principal or Interest	44,872
Carrying Amount	44,677
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	3.60%
Prior Liens	$ 0
Principal Amount Subject to Delinquent Principal or Interest	36,944
Carrying Amount	36,867
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	3.28%
Prior Liens	$ 0
Principal Amount Subject to Delinquent Principal or Interest	35,485
Carrying Amount	35,395
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	2.97%
Prior Liens	$ 0
Principal Amount Subject to Delinquent Principal or Interest	26,901
Carrying Amount	26,865
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	4.10%
Prior Liens	$ 0
Principal Amount Subject to Delinquent Principal or Interest	25,750
Carrying Amount	25,687
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	3.22%
Prior Liens	$ 0
Principal Amount Subject to Delinquent Principal or Interest	25,724
Carrying Amount	25,521
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	4.50%
Prior Liens	$ 0
Principal Amount Subject to Delinquent Principal or Interest	21,500
Carrying Amount	21,419
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	3.69%
Prior Liens	$ 0
Principal Amount Subject to Delinquent Principal or Interest	79,583
Carrying Amount	79,340
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	5.15%
Prior Liens	$ 0
Principal Amount Subject to Delinquent Principal or Interest	65,805
Carrying Amount	65,836
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	3.25%
Prior Liens	$ 0
Principal Amount Subject to Delinquent Principal or Interest	46,876
Carrying Amount	46,470
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	45,067
Carrying Amount	44,787
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	3.28%
Prior Liens	$ 0
Principal Amount Subject to Delinquent Principal or Interest	30,118
Carrying Amount	29,888
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	3.65%
Prior Liens	$ 0
Principal Amount Subject to Delinquent Principal or Interest	24,299
Carrying Amount	24,230
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	5.15%
Prior Liens	$ 0
Principal Amount Subject to Delinquent Principal or Interest	21,385
Carrying Amount	21,316
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	3.65%
Prior Liens	$ 0
Principal Amount Subject to Delinquent Principal or Interest	13,970
Carrying Amount	13,915
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	52,532
Carrying Amount	52,277
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	3.20%
Prior Liens	$ 0
Principal Amount Subject to Delinquent Principal or Interest	17,143
Carrying Amount	17,075
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	2.90%
Prior Liens	$ 0
Principal Amount Subject to Delinquent Principal or Interest	58,273
Carrying Amount	58,061
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	3.41%
Prior Liens	$ 0
Principal Amount Subject to Delinquent Principal or Interest	43,102
Carrying Amount	42,759
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	3.05%
Prior Liens	$ 0
Principal Amount Subject to Delinquent Principal or Interest	42,391
Carrying Amount	42,076
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	3.90%
Prior Liens	$ 0
Principal Amount Subject to Delinquent Principal or Interest	27,500
Carrying Amount	27,426
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	4.57%
Prior Liens	$ 0
Principal Amount Subject to Delinquent Principal or Interest	25,942
Carrying Amount	25,788
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	3.15%
Prior Liens	$ 0
Principal Amount Subject to Delinquent Principal or Interest	25,650
Carrying Amount	25,469
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	2.80%
Prior Liens	$ 0
Principal Amount Subject to Delinquent Principal or Interest	23,631
Carrying Amount	23,587
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	3.90%
Prior Liens	$ 0
Principal Amount Subject to Delinquent Principal or Interest	19,610
Carrying Amount	19,460
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	2.93%
Prior Liens	$ 0
Principal Amount Subject to Delinquent Principal or Interest	14,217
Carrying Amount	14,207
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	3.75%
Prior Liens	$ 0
Principal Amount Subject to Delinquent Principal or Interest	87,864
Carrying Amount	87,535
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	3.30%
Prior Liens	$ 0
Principal Amount Subject to Delinquent Principal or Interest	39,762
Carrying Amount	39,487
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	4.51%
Prior Liens	$ 0
Principal Amount Subject to Delinquent Principal or Interest	29,686
Carrying Amount	29,657
Principal Amount Subject to Delinquent Principal or Interest	$ 29,686
Multifamily | Midwest | Mortgage Loan 58
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	24,829
Carrying Amount	24,812
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	3.96%
Prior Liens	$ 0
Principal Amount Subject to Delinquent Principal or Interest	11,022
Carrying Amount	10,986
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	4.07%
Prior Liens	$ 0
Principal Amount Subject to Delinquent Principal or Interest	23,208
Carrying Amount	23,151
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	3.86%
Prior Liens	$ 0
Principal Amount Subject to Delinquent Principal or Interest	20,400
Carrying Amount	20,289
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	4.65%
Prior Liens	$ 0
Principal Amount Subject to Delinquent Principal or Interest	36,716
Carrying Amount	36,559
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	5.35%
Prior Liens	$ 0
Principal Amount Subject to Delinquent Principal or Interest	31,850
Carrying Amount	31,726
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	5.13%
Prior Liens	$ 0
Principal Amount Subject to Delinquent Principal or Interest	26,000
Carrying Amount	25,911
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	4.14%
Prior Liens	$ 0
Principal Amount Subject to Delinquent Principal or Interest	24,075
Carrying Amount	23,692
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	3.25%
Prior Liens	$ 0
Principal Amount Subject to Delinquent Principal or Interest	21,440
Carrying Amount	21,323
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	2.75%
Prior Liens	$ 0
Principal Amount Subject to Delinquent Principal or Interest	3,887
Carrying Amount	3,880
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	3.58%
Prior Liens	$ 0
Principal Amount Subject to Delinquent Principal or Interest	43,404
Carrying Amount	42,746
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	4.05%
Prior Liens	$ 0
Principal Amount Subject to Delinquent Principal or Interest	22,235
Carrying Amount	22,175
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%
Prior Liens	$ 40,000
Principal Amount Subject to Delinquent Principal or Interest	13,764
Carrying Amount	13,764
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	3%
Prior Liens	$ 0
Principal Amount Subject to Delinquent Principal or Interest	62,898
Carrying Amount	62,499
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	3.42%
Prior Liens	$ 0
Principal Amount Subject to Delinquent Principal or Interest	21,033
Carrying Amount	20,992
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	4.32%
Prior Liens	$ 0
Principal Amount Subject to Delinquent Principal or Interest	46,720
Carrying Amount	46,435
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	3.15%
Prior Liens	$ 0
Principal Amount Subject to Delinquent Principal or Interest	26,319
Carrying Amount	26,090
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	3.18%
Prior Liens	$ 0
Principal Amount Subject to Delinquent Principal or Interest	23,299
Carrying Amount	23,139
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	5.31%
Prior Liens	$ 0
Principal Amount Subject to Delinquent Principal or Interest	19,061
Carrying Amount	18,986
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	3.18%
Prior Liens	$ 0
Principal Amount Subject to Delinquent Principal or Interest	34,804
Carrying Amount	34,724
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	3.50%
Prior Liens	$ 0
Principal Amount Subject to Delinquent Principal or Interest	17,442
Carrying Amount	17,302
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	2.99%
Prior Liens	$ 0
Principal Amount Subject to Delinquent Principal or Interest	11,781
Carrying Amount	11,698
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
Allowance for credit losses	$ (82,335)
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	46,178
Carrying Amount	46,091
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	4.50%
Prior Liens	$ 0
Principal Amount Subject to Delinquent Principal or Interest	77,250
Carrying Amount	77,250
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	5.11%
Prior Liens	$ 0
Principal Amount Subject to Delinquent Principal or Interest	32,977
Carrying Amount	32,930
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	4.71%
Prior Liens	$ 0
Principal Amount Subject to Delinquent Principal or Interest	20,139
Carrying Amount	20,042
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	3.30%
Prior Liens	$ 0
Principal Amount Subject to Delinquent Principal or Interest	16,700
Carrying Amount	16,570
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	3.75%
Prior Liens	$ 0
Principal Amount Subject to Delinquent Principal or Interest	10,489
Carrying Amount	10,469
Principal Amount Subject to Delinquent Principal or Interest	$ 0