Granite Point Mortgage Trust (GPMT) 10-Q 7 Nov 23 2023 Q3 Quarterly report Financial data

COVER

COVER - shares	9 Months Ended
	Sep. 30, 2023	Nov. 02, 2023
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2023
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 Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		51,577,841
Entity Central Index Key	0001703644
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q3
Amendment Flag	false
Common Stock, par value $0.01 per share
Document Information [Line Items]
Title of 12(b) Security	Common Stock, par value $0.01 per share
Trading Symbol	GPMT
Security Exchange Name	NYSE
7.00% Series A Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock, par value $0.01 per share
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

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands		Sep. 30, 2023	Dec. 31, 2022
ASSETS
Loans held-for-investment		$ 2,908,855	$ 3,350,150
Allowance for credit losses		(145,297)	(82,335)
Loans held-for-investment, net		2,763,558	3,267,815
Loans held-for-sale, net		14,980	0
Cash and cash equivalents		257,592	133,132
Restricted cash		25,955	7,033
Real estate owned, net		17,527	0
Accrued interest receivable		12,964	13,413
Other assets		38,045	32,708
Total Assets	[1]	3,130,621	3,454,101
Liabilities
Repurchase facilities		921,348	1,015,566
Securitized debt obligations		999,536	1,138,749
Asset-specific financings		45,823	44,913
Secured credit facility		100,000	100,000
Convertible senior notes		131,600	130,918
Dividends payable		14,336	14,318
Other liabilities		27,233	24,967
Total Liabilities	[1]	2,239,876	2,469,431
Commitments and Contingencies (see Note 10)
10.00% cumulative redeemable preferred stock, par value $0.01 per share; 50,000,000 shares authorized		0	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 8,229,500 shares issued and outstanding, respectively; liquidation preference $25.00 per share		82	82
Common stock, par value $0.01 per share; 450,000,000 shares authorized, and 51,577,841 and 52,350,989 shares issued and outstanding, respectively		516	524
Additional paid-in capital		1,202,151	1,202,315
Cumulative earnings		80,968	130,693
Cumulative distributions to stockholders		(393,097)	(350,069)
Total Granite Point Mortgage Trust Inc. Stockholders’ Equity		890,620	983,545
Non-controlling interests		125	125
Total Equity		890,745	983,670
Total Liabilities and Stockholders’ Equity		$ 3,130,621	$ 3,454,101
Common shares issued (in shares)		51,577,841	52,350,989
Common shares outstanding (in shares)		51,577,841	52,350,989
[1] The condensed consolidated balance sheets include assets of consolidated variable interest entities, or VIEs, that can only be used to settle obligations of these VIEs, and liabilities of the consolidated VIEs for which creditors do not have recourse to Granite Point Mortgage Trust Inc. At September 30, 2023, and December 31, 2022, assets of the VIEs totaled $1,240,229 and $1,551,936, respectively, and liabilities of the VIEs totaled $1,001,731 and $1,141,028, respectively. See Note 5 - Variable Interest Entities and Securitized Debt Obligations, for further detail.

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands		9 Months Ended	12 Months Ended
		Sep. 30, 2023	Dec. 31, 2022
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 (in shares)		450,000,000	450,000,000
Common shares issued (in shares)		51,577,841	52,350,989
Common shares outstanding (in shares)		51,577,841	52,350,989
Assets of consolidated variable interest entities	[1]	$ 3,130,621	$ 3,454,101
Liabilities of consolidated variable interest entities	[1]	$ 2,239,876	$ 2,469,431
Cumulative Preferred Stock
Variable Interest Entity [Line Items]
Preferred stock dividend rate (as a percent)		10%	10%
Temporary equity, par or stated value per share (in usd per share)		$ 0.01	$ 0.01
Temporary equity shares authorized (in shares)		50,000,000	50,000,000
Series A Preferred Stock
Variable Interest Entity [Line Items]
Preferred stock dividend rate (as a percent)		7%	7%
Preferred stock par value per share (in usd per share)		$ 0.01	$ 0.01
Preferred shares authorized (in shares)		11,500,000	11,500,000
Preferred shares issued (in shares)		8,229,500	8,229,500
Preferred shares outstanding (in shares)		8,229,500	8,229,500
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		$ 1,240,229	$ 1,551,936
Liabilities of consolidated variable interest entities		$ 1,001,731	$ 1,141,028
[1] The condensed consolidated balance sheets include assets of consolidated variable interest entities, or VIEs, that can only be used to settle obligations of these VIEs, and liabilities of the consolidated VIEs for which creditors do not have recourse to Granite Point Mortgage Trust Inc. At September 30, 2023, and December 31, 2022, assets of the VIEs totaled $1,240,229 and $1,551,936, respectively, and liabilities of the VIEs totaled $1,001,731 and $1,141,028, respectively. See Note 5 - Variable Interest Entities and Securitized Debt Obligations, for further detail.

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Interest income:
Loans held-for-investment	$ 63,848	$ 52,121	$ 195,356	$ 148,475
Cash and cash equivalents	2,839	714	6,876	960
Total interest income	66,687	52,835	202,232	149,435
Interest expense:
Repurchase facilities	21,986	15,098	64,630	30,486
Secured credit facility	3,178	0	9,182	0
Securitized debt obligations	18,414	14,416	54,353	34,992
Convertible senior notes	2,332	4,585	6,975	13,703
Term financing facility	0	0	0	1,713
Asset-specific financings	862	442	2,424	1,046
Senior secured term loan facilities	0	0	0	3,754
Total interest expense	46,772	34,541	137,564	85,694
Net interest income	19,915	18,294	64,668	63,741
Other (loss) income:
Revenue from real estate owned operations	1,056	0	1,518	0
Provision for credit losses	(31,008)	(35,442)	(83,236)	(52,757)
Gain (loss) on extinguishment of debt	0	0	238	(18,823)
Fee income	81	0	81	954
Total other (loss) income	(29,871)	(35,442)	(81,399)	(70,626)
Expenses:
Compensation and benefits	5,044	4,953	17,165	16,539
Servicing expenses	1,331	1,336	4,029	4,297
Expenses from real estate owned operations	2,233	0	3,897	0
Other operating expenses	2,358	2,068	7,809	6,867
Total expenses	10,966	8,357	32,900	27,703
Income (loss) before income taxes	(20,922)	(25,505)	(49,631)	(34,588)
Provision for (benefit from) income taxes	15	(1)	94	11
Net income (loss)	(20,937)	(25,504)	(49,725)	(34,599)
Dividends on preferred stock	3,600	3,626	10,850	10,876
Net income (loss) attributable to common stockholders - basic	(24,537)	(29,130)	(60,575)	(45,475)
Net income (loss) attributable to common stockholders - diluted	$ (24,537)	$ (29,130)	$ (60,575)	$ (45,475)
Basic earnings (loss) per weighted average common share (in usd per share)	$ (0.48)	$ (0.56)	$ (1.17)	$ (0.85)
Diluted earnings (loss) per weighted average common share (in usd per share)	$ (0.48)	$ (0.56)	$ (1.17)	$ (0.85)
Weighted average number of shares of common stock outstanding:
Basic (in shares)	51,577,143	52,350,989	51,805,265	53,234,498
Diluted (in shares)	51,577,143	52,350,989	51,805,265	53,234,498
Net income (loss) attributable to common stockholders	$ (24,537)	$ (29,130)	$ (60,575)	$ (45,475)
Comprehensive income (loss)
Comprehensive income (loss)	$ (24,537)	$ (29,130)	$ (60,575)	$ (45,475)

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY - USD ($) $ in Thousands	Total	Cumulative Preferred Stock	Series A Preferred Stock	Total Stockholders’ Equity	Total Stockholders’ Equity Cumulative Preferred Stock	Total Stockholders’ Equity Series A Preferred Stock	Common Stock	Preferred Stock	Additional Paid-in Capital	Cumulative Earnings	Cumulative Distributions to Stockholders	Cumulative Distributions to Stockholders Cumulative Preferred Stock	Cumulative Distributions to Stockholders Series A Preferred Stock	Non-controlling Interests
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Preferred shares outstanding (in shares)								4,596,500
Common shares outstanding at beginning of period (in shares) at Dec. 31, 2021							53,789,465
Stockholders’ equity at beginning of period at Dec. 31, 2021	$ 1,013,183			$ 1,013,058			$ 538	$ 46	$ 1,125,241	$ 171,518	$ (284,285)			$ 125
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) income	4,636			4,636						4,636
Issuance of preferred 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)					(824)
Restricted Stock Unit (RSU) forfeiture	(798)			(798)					(798)
Preferred dividends declared		$ (25)	$ (3,600)		$ (25)	$ (3,600)						$ (25)	$ (3,600)
Common dividends declared	(13,770)			(13,770)							(13,770)
Non-cash equity award compensation (in shares)							135,151
Non-cash equity award compensation	2,171			2,171			$ 1		2,170
Common shares outstanding at end of period (in shares) at Mar. 31, 2022							53,855,577
Stockholders’ equity at end of period at Mar. 31, 2022	1,088,494			1,088,369			$ 539	82	1,213,274	176,154	(301,680)			125
Common shares outstanding at beginning of period (in shares) at Dec. 31, 2021							53,789,465
Stockholders’ equity at beginning of period at Dec. 31, 2021	1,013,183			1,013,058			$ 538	46	1,125,241	171,518	(284,285)			125
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) income	(34,599)
Preferred dividends declared			(10,800)
Common shares outstanding at end of period (in shares) at Sep. 30, 2022							52,350,989
Stockholders’ equity at end of period at Sep. 30, 2022	1,003,641			1,003,516			$ 524	$ 82	1,201,716	136,919	(335,725)			125
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Preferred shares outstanding (in shares)								8,229,500
Common shares outstanding at beginning of period (in shares) at Mar. 31, 2022							53,855,577
Stockholders’ equity at beginning of period at Mar. 31, 2022	1,088,494			1,088,369			$ 539	$ 82	1,213,274	176,154	(301,680)			125
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) income	(13,731)			(13,731)						(13,731)
Repurchase of common stock (in shares)							(1,539,134)
Repurchase of common stock	(15,714)			(15,714)			$ (15)		(15,699)
Restricted Stock Unit (RSU) forfeiture	(114)			(114)					(114)
Preferred dividends declared		(25)	(3,600)		(25)	(3,600)						(25)	(3,600)
Common dividends declared	(13,382)			(13,382)							(13,382)
Non-cash equity award compensation (in shares)							34,546
Non-cash equity award compensation	1,906			1,906					1,906
Common shares outstanding at end of period (in shares) at Jun. 30, 2022							52,350,989
Stockholders’ equity at end of period at Jun. 30, 2022	1,043,834			1,043,709			$ 524	$ 82	1,199,367	162,423	(318,687)			125
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Preferred shares outstanding (in shares)								8,229,500
Net (loss) income	(25,504)			(25,504)						(25,504)
Preferred dividends declared		(25)	$ (3,601)		(25)	(3,601)						(25)	(3,601)
Common dividends declared	(13,412)			(13,412)							(13,412)
Non-cash equity award compensation (in shares)							0
Non-cash equity award compensation	2,349			2,349			$ 0		2,349
Common shares outstanding at end of period (in shares) at Sep. 30, 2022							52,350,989
Stockholders’ equity at end of period at Sep. 30, 2022	$ 1,003,641			1,003,516			$ 524	$ 82	1,201,716	136,919	(335,725)			125
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Preferred shares outstanding (in shares)								8,229,500
Preferred shares outstanding (in shares)			8,229,500					8,229,500
Common shares outstanding at beginning of period (in shares) at Dec. 31, 2022	52,350,989						52,350,989
Stockholders’ equity at beginning of period at Dec. 31, 2022	$ 983,670			983,545			$ 524	$ 82	1,202,315	130,693	(350,069)			125
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) income	(33,829)			(33,829)						(33,829)
Repurchase of common stock (in shares)							(1,001,338)
Repurchase of common stock	(5,118)			(5,118)			$ (10)		(5,108)
Restricted stock forfeiture (in shares)							(36,916)
Restricted stock forfeiture	(237)			(237)			$ (1)		(236)
Restricted Stock Unit (RSU) forfeiture	(652)			(652)					(652)
Preferred dividends declared		(25)	$ (3,600)		(25)	(3,600)						(25)	(3,600)
Common dividends declared	(10,706)			(10,706)							(10,706)
Non-cash equity award compensation (in shares)							213,304
Non-cash equity award compensation	1,955			1,955			$ 2		1,953
Common shares outstanding at end of period (in shares) at Mar. 31, 2023							51,526,039
Stockholders’ equity at end of period at Mar. 31, 2023	$ 931,458			931,333			$ 515	82	1,198,272	96,864	(364,400)			125
Common shares outstanding at beginning of period (in shares) at Dec. 31, 2022	52,350,989						52,350,989
Stockholders’ equity at beginning of period at Dec. 31, 2022	$ 983,670			983,545			$ 524	82	1,202,315	130,693	(350,069)			125
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) income	$ (49,725)
Preferred dividends declared			(10,800)
Common shares outstanding at end of period (in shares) at Sep. 30, 2023	51,577,841						51,577,841
Stockholders’ equity at end of period at Sep. 30, 2023	$ 890,745			890,620			$ 516	$ 82	1,202,151	80,968	(393,097)			125
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Preferred shares outstanding (in shares)								8,229,500
Common shares outstanding at beginning of period (in shares) at Mar. 31, 2023							51,526,039
Stockholders’ equity at beginning of period at Mar. 31, 2023	931,458			931,333			$ 515	$ 82	1,198,272	96,864	(364,400)			125
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) income	5,041			5,041						5,041
Restricted Stock Unit (RSU) forfeiture	(77)			(77)					(77)
Preferred dividends declared		$ (25)	(3,600)		$ (25)	(3,600)						$ (25)	(3,600)
Common dividends declared	(10,736)			(10,736)							(10,736)
Non-cash equity award compensation (in shares)							44,664
Non-cash equity award compensation	2,386			2,386			$ 1		2,385
Common shares outstanding at end of period (in shares) at Jun. 30, 2023							51,570,703
Stockholders’ equity at end of period at Jun. 30, 2023	924,447			924,322			$ 516	$ 82	1,200,580	101,905	(378,761)			125
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Preferred shares outstanding (in shares)								8,229,500
Net (loss) income	(20,937)			(20,937)						(20,937)
Preferred dividends declared			$ (3,600)			$ (3,600)							$ (3,600)
Common dividends declared	(10,736)			(10,736)							(10,736)
Non-cash equity award compensation (in shares)							7,138
Non-cash equity award compensation	$ 1,571			1,571			$ 0		1,571
Common shares outstanding at end of period (in shares) at Sep. 30, 2023	51,577,841						51,577,841
Stockholders’ equity at end of period at Sep. 30, 2023	$ 890,745			$ 890,620			$ 516	$ 82	$ 1,202,151	$ 80,968	$ (393,097)			$ 125
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Preferred shares outstanding (in shares)			8,229,500					8,229,500

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY - (Parenthetical) - $ / shares	3 Months Ended
	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022
Common dividends declared per share (in usd per share)	$ 0.20	$ 0.20	$ 0.20	$ 0.20	$ 0.25
Cumulative Preferred Stock
Preferred dividends declared per share (in usd per share)	25	25	25	25	25
Series A Preferred Stock
Preferred dividends declared per share (in usd per share)	$ 0.4375	$ 0.4375	$ 0.4375	$ 0.4375	$ 0.4375

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Cash Flows From Operating Activities:
Net loss	$ (49,725)	$ (34,599)
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	(6,954)	(10,014)
Amortization of deferred debt issuance costs	6,399	9,977
Provision for credit losses	83,236	52,757
(Gain) loss on extinguishment of debt	(274)	11,307
Amortization of equity-based compensation	5,912	6,426
Proceeds received from deferred interest capitalized on loans held-for-investment	359	4,069
Net change in assets and liabilities:
Decrease (increase) in accrued interest receivable	449	(340)
Decrease (increase) in other assets	(242)	2,276
Increase (decrease) in other liabilities	3,256	(1,092)
Net cash provided by operating activities	42,416	40,767
Cash Flows From Investing Activities:
Originations, acquisitions and additional fundings of loans held-for-investment, net of deferred fees	(54,787)	(449,844)
Proceeds from loan sales	0	43,714
Proceeds from repayment of loans held-for-investment	442,746	581,669
Increase in other assets, due from servicer on repayments of loans held-for-investment	0	(4,248)
Net cash provided by investing activities	387,959	171,291
Cash Flows From Financing Activities:
Proceeds from repurchase facilities	453,185	746,713
Principal payments on repurchase facilities	(547,641)	(228,034)
Principal payments on securitized debt obligations	(139,753)	(457,416)
Repayment of senior secured term loan facilities	0	(150,000)
Proceeds from asset-specific financings	910	1,291
Repayment of term financing facility	0	(129,099)
Payment of debt issuance costs	(3,600)	(7,398)
Proceeds from issuance of preferred stock, net of offering costs	0	87,521
Tax withholding on restricted stock and RSUs	(966)	(1,736)
Repurchase of common stock	(5,118)	(15,714)
Redemption of cumulative redeemable preferred stock	(1,000)	0
Dividends paid on preferred stock	(10,851)	(7,968)
Dividends paid on common stock	(32,159)	(40,855)
Net cash used in financing activities	(286,993)	(202,695)
Net increase (decrease) in cash, cash equivalents and restricted cash	143,382	9,363
Cash, cash equivalents, and restricted cash at beginning of period	140,165	204,293
Cash, cash equivalents, and restricted cash at end of period	283,547	213,656
Supplemental Disclosure of Cash Flow Information:
Cash paid for interest	134,780	83,391
Cash paid for taxes	836	440
Noncash Activities:
Transfers of loans held-for-investment to loans held-for-sale	14,980	0
Dividends declared but not paid at end of period	14,336	17,023
Transfers from loans held-for-investment to real estate owned	24,000	0
Deferred financing costs, not yet paid	$ 1,063	$ 0

Organization and Operations

Organization and Operations	9 Months Ended
	Sep. 30, 2023
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 commercial 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 commercial real estate collateralized loan obligations, or 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 of 1940, or the Investment Company Act. The Company operates its business as one segment. The Company was incorporated in Maryland on April 7, 2017, and commenced operations as a publicly traded company on June 28, 2017. The Company has elected to be treated as a real estate investment trust, or REIT, as defined under the Internal Revenue Code of 1986, as amended, or the Code, for U.S. federal income tax purposes. As long as the Company continues to comply with a number of requirements under federal tax law and maintains its qualification as a REIT, the Company generally will not be subject to U.S. federal income taxes to the extent that the Company distributes its taxable income to its stockholders on an annual basis and does not engage in prohibited transactions. However, certain activities that the Company may perform may cause it to earn income which will not be qualifying income for REIT purposes. The Company has designated one of its subsidiaries as a taxable REIT subsidiary, or TRS, as defined in the Code, to engage in such activities.

Basis of Presentation and Signi

Basis of Presentation and Significant Accounting Policies	9 Months Ended
	Sep. 30, 2023
Accounting Policies [Abstract]
Basis of Presentation and Significant Accounting Policies	Basis of Presentation and Significant Accounting Policies Consolidation and Basis of Presentation The interim unaudited condensed consolidated financial statements of the Company have been prepared in accordance with the rules and regulations of the Securities and Exchange Commission, or SEC. Certain information and note disclosures normally included in financial statements prepared in accordance with U.S. generally accepted accounting principles, or U.S. GAAP, have been condensed or omitted according to such SEC rules and regulations. However, management believes that the disclosures included in these interim condensed consolidated financial statements are adequate to make the information presented not misleading. The accompanying unaudited condensed consolidated financial statements should be read in conjunction with the financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022. In the opinion of management, all normal and recurring adjustments necessary to present fairly the financial condition of the Company at September 30, 2023, and results of operations for all periods presented have been made. The results of operations for the three and nine months ended September 30, 2023, should not be construed as indicative of the results to be expected for future periods or the full year. The unaudited condensed consolidated financial statements of the Company include the accounts of all subsidiaries; inter-company accounts and transactions have been eliminated. Certain prior period amounts have been reclassified to conform to the current period presentation. All entities in which the Company holds investments that are considered 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. Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make a number of significant estimates. These include estimates of amount and timing of allowances for credit losses, fair value of certain assets and liabilities, and other estimates that affect the reported amounts of certain assets and liabilities as of the date of the condensed consolidated financial statements and the reported amounts of certain revenues and expenses during the reported period. It is likely that changes in these estimates (e.g., valuation changes to the underlying collateral of loans due to changes in market 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 condensed consolidated financial statements are reasonable and supportable based on the information available as of September 30, 2023. However, the Company’s actual results could ultimately differ from its estimates and such differences may be material. Significant Accounting Policies Included in Note 2 to the Consolidated Financial Statements of the Company’s Annual Report on Form 10-K for the year ended December 31, 2022, is a summary of the Company’s significant accounting policies. Provided below is a summary of additional accounting policies that are significant to the Company’s condensed consolidated financial condition and results of operations for the three and nine months ended September 30, 2023. Real Estate Owned As part of its portfolio management strategy to maximize an economic outcome from a defaulted loan, the Company may assume legal title or physical possession of the underlying collateral property through foreclosure or the execution of a deed-in-lieu of foreclosure. Real estate acquired through a foreclosure or by deed-in-lieu of foreclosure is classified as real estate owned, or REO. The Company’s basis in REO and related acquired assets is equal to the estimated fair value of the collateral on the acquisition date and allocated within Real estate owned, Other assets and Other liabilities on the Company’s condensed consolidated balance sheets. The estimated fair value of REO is determined using generally accepted valuation techniques, including a discounted cash flow model and inputs that include the highest and best use for each asset, estimated future values based on discussions with local brokers, investors and other market participants, the estimated holding period for the asset, and discount rates that reflect estimated investor return requirements for the risks associated with the expected use of each asset. If the estimated fair value of REO is lower than the carrying value of the related loan upon acquisition, the difference is recorded through the provision for credit losses in the Company’s condensed consolidated statements of comprehensive income. Upon acquisition, the Company allocates the fair value of REO to land and land improvements, building and building improvements, tenant improvements, intangible assets and intangible liabilities, as applicable. As of September 30, 2023, REO and related acquired assets, except for land, are depreciated using the straight-line method over estimated useful lives as follows: Description Depreciable Life Building 39 years Tenant improvements Over lease terms Lease intangibles Over lease terms Renovations and/or replacements that improve or extend the life of the REO are capitalized and depreciated over their estimated useful lives. The cost of ordinary repairs and maintenance are expensed as incurred in the Company’s condensed consolidated statements of comprehensive income. REO is initially measured at fair value and is thereafter subject to an impairment assessment on a quarterly basis. Subsequent to a REO acquisition, events or circumstances may occur that may result in a material and sustained decrease in the cash flows generated from the property. REO is evaluated for recoverability when impairment indicators are identified. Any impairment losses and gains or losses on sale are included in the Company’s condensed consolidated statements of comprehensive income. Revenue and expenses from REO operations are included in the condensed consolidated statements of comprehensive income within Revenue from real estate owned operations and Expenses from real estate owned operations, as applicable. Recently Issued and/or Adopted Accounting Standards Financial Instruments-Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures In March 2022, the Financial Accounting Standards Board, or FASB, issued Accounting Standards Update, or ASU, 2022-02, Financial Instruments – Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures, or ASU 2022-02. The new guidance is 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 Accounting Standards Codification, or 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, and by year of origination in the vintage disclosures. On January 1, 2023, the Company adopted ASU 2022-02 on a prospective basis and the adoption did not have a material impact on the Company’s condensed consolidated financial statements. Facilitation of the Effects of Reference Rate Reform on Financial Reporting (Topic 848) The London Interbank Offered Rate, or LIBOR, has been the subject of regulatory guidance and proposals for reform or replacement. The Federal Reserve, in conjunction with the Alternative Reference Rates Committee, a steering committee composed of large U.S. financial institutions, identified the Secured Overnight Financing Rate, or SOFR, an index calculated using short-term repurchase agreements backed by U.S. Treasury securities, as its preferred alternative rate for LIBOR. As of September 30, 2023, all of the Company’s floating rate loans and outstanding related financings earned a rate of interest indexed to SOFR.

Loans Held-for-Investment, Net

Loans Held-for-Investment, Net of Allowance for Credit Losses	9 Months Ended
	Sep. 30, 2023
Receivables [Abstract]
Loans Held-for-Investment, Net of Allowance for Credit Losses	Loans Held-for-Investment, Net of Allowance for Credit Losses The Company originates and acquires commercial real estate debt and related instruments generally to be held as long-term investments. These assets are classified as “loans held-for-investment” on the condensed consolidated balance sheets. Loans held-for-investment are reported at cost, net of any unamortized acquisition premiums or discounts, loan fees, origination costs and allowance for credit losses, as applicable. The following tables summarize the Company’s loans held-for-investment by asset type, property type and geographic location as of September 30, 2023, and December 31, 2022: September 30, 2023 (dollars in thousands) Senior Loans (1) B-Notes Total Unpaid principal balance $ 2,904,156 $ 13,573 $ 2,917,729 Unamortized (discount) premium (24) — (24) Unamortized net deferred origination fees (8,850) — (8,850) Allowance for credit losses (144,867) (430) (145,297) Carrying value $ 2,750,415 $ 13,143 $ 2,763,558 Unfunded commitments $ 142,056 $ — $ 142,056 Number of loans 76 1 77 Weighted average coupon (2) 8.2 % 8.0 % 8.2 % Weighted average years to maturity (3) 0.7 3.3 0.7 December 31, 2022 (dollars in thousands) Senior Loans (1) 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 (2) 6.3 % 8.0 % 6.3 % Weighted average years to maturity (3) 1.0 4.1 1.0 ____________________ (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) Weighted average coupon inclusive of the impact of nonaccrual loans. (3) Based on contractual maturity date. Certain loans are subject to contractual extension options with such conditions stipulated in the applicable loan documents. Actual maturities may differ from contractual maturities stated herein as certain borrowers may have the right to prepay with or without paying a prepayment fee. The Company may also extend contractual maturities in connection with certain loan modifications. (dollars in thousands) September 30, 2023 December 31, 2022 Property Type Carrying Value % of Loan Portfolio Carrying Value % of Loan Portfolio Office $ 1,209,011 43.7 % $ 1,348,205 41.3 % Multifamily 899,530 32.5 % 1,008,177 30.9 % Hotel 181,080 6.6 % 337,264 10.3 % Retail 272,768 9.9 % 303,266 9.3 % Industrial 113,685 4.1 % 185,337 5.6 % Other 87,484 3.2 % 85,566 2.6 % Total $ 2,763,558 100.0 % $ 3,267,815 100.0 % (dollars in thousands) September 30, 2023 December 31, 2022 Geographic Location Carrying Value % of Loan Portfolio Carrying Value % of Loan Portfolio Northeast $ 733,757 26.6 % $ 834,985 25.5 % Southwest 581,431 21.0 % 675,288 20.7 % West 345,232 12.5 % 519,244 15.9 % Midwest 440,726 15.9 % 546,030 16.7 % Southeast 662,412 24.0 % 692,268 21.2 % Total $ 2,763,558 100.0 % $ 3,267,815 100.0 % At September 30, 2023, and December 31, 2022, loans held-for-investment with a carrying value, net of allowance for credit losses, of $2.8 billion and $3.2 billion, respectively, collateralized the Company’s secured financing agreements and CRE CLOs. See Note 5 - Variable Interest Entities and Securitized Debt Obligations, and Note 6 - Secured Financing Agreements, for further detail . Loan Portfolio Activity During the three and nine months ended September 30, 2023, the Company funded $20.7 million and $56.1 million, respectively, of prior commitments and upsizings and did not originate any new mortgage loans. Additionally, the Company received $174.2 million and $396.6 million of full loan repayments, and partial paydowns and amortization of $3.3 million and $46.5 million, for total loan repayments, paydowns and amortization of $177.5 million and $443.1 million during the three and nine months ended September 30, 2023, respectively. During the three months ended September 30, 2023, the Company transferred to a loan to held-for-sale with an unpaid principal balance of $31.9 million, incurring a write-off of $(16.8) million at the time of transfer. During the nine months ended September 30, 2023, the Company converted a loan to REO with an unpaid principal balance of $28.2 million, incurring a write-off at the time of conversion of $(4.2) million. The following table summarizes activity related to loans held-for-investment, net of allowance for credit losses, for the three and nine months ended September 30, 2023, and 2022: Three Months Ended September 30, Nine Months Ended September 30, (in thousands) 2023 2022 2023 2022 Balance at beginning of period $ 2,966,088 $ 3,830,014 $ 3,267,815 $ 3,741,308 Originations, additional fundings, upsizing of loans and capitalized deferred interest 21,698 72,435 58,878 457,545 Repayments (177,482) (346,737) (443,105) (585,227) Loan sales — — — (43,714) Transfers to loans held-for-sale (14,980) — (14,980) — Transfers to real estate owned — — (24,000) — Net discount accretion (premium amortization) 3 3 23 19 Increase in net deferred origination fees (250) (1,454) (1,282) (6,012) Amortization of net deferred origination fees 116 1,475 4,121 8,307 Provision for credit losses (31,635) (35,331) (83,912) (51,821) Balance at end of period $ 2,763,558 $ 3,520,405 $ 2,763,558 $ 3,520,405 Allowance for Credit Losses 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 third-party licensed quarterly updated macroeconomic forecasts, which reflect expectations for overall economic output, unemployment rates, interest rates, values of real estate properties and other factors, including the lagging effects of the pandemic, geopolitical and banking system instability, the Federal Reserve monetary policy impacts on the 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 debt-service coverage ratio, or DSCR, loan-to-value ratio, or 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 general 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 current expected credit loss, or CECL, reserve. In certain instances, for loans with unique risk and credit characteristics, such as collateral-dependent loans, the Company may assess such loans individually and instead elect to employ different methods to estimate an allowance for credit losses. A loan is determined to be collateral dependent if the Company determines that foreclosure of the collateral is probable, or a loan is expected to be substantially repaid through the operation or sale of the underlying collateral and the borrower is experiencing financial difficulty. Such determination requires the use of significant management judgment and can be based on several factors subject to uncertainty. For collateral-dependent loans that are individually assessed, the allowance for credit losses estimate is determined by using the difference between the underlying collateral’s fair value estimate as of the measurement date (less costs to sell the asset if repayment is expected through the sale of the collateral) and the amortized cost basis of the loan. The collateral’s estimated fair value is determined using broadly accepted and standard real estate valuation techniques (most commonly, a discounted cash flow model and/or real estate sales comparables), which may involve a variety of assumptions and unobservable inputs that are inherently uncertain and subjective in nature. Determining the appropriateness of the allowance for credit losses is complex and requires judgment by management about the effect of matters that are inherently uncertain. Evaluations of the loan portfolio in future periods, given the prevailing forecasts, credit factors and market conditions, may result in significant changes to the Company's estimate of the allowance for credit losses. During the three months ended September 30, 2023, the Company recorded an increase of $14.8 million to its allowance for credit losses on loans held-for-investment bringing the total allowance on loans held-for-investment to $145.3 million as of September 30, 2023. The increase to the Company’s allowance for credit losses was primarily due to an increase of (i) $18.0 million related to three loans: two office properties and one hotel property that had been previously individually assessed in accordance with ASU 2016-13, due to further deterioration of local market fundamentals and various resolution processes related to these loans, (ii) $13.6 million related to a mixed-use office and retail property that was individually assessed during the quarter, partially offset by a decrease of (i) $8.9 million resulting from a $16.8 million write-off on a transfer to held-for- sale of one office loan that had been previously individually assessed, and (ii) $7.9 million resulting from loan repayments and other general factors in calculating the CECL reserve. During the nine months ended September 30, 2023, the Company recorded an increase of $62.9 million to its allowance for credit losses as of September 30, 2023. The increase to the Company’s allowance for credit losses was primarily due to an increase of (i) $22.4 million related to two loans: one hotel property and one mixed-use office and retail property individually assessed in accordance with ASU 2016-13 during the nine months ended September 30, 2023, (ii) $34.0 million related to two office properties that had been previously individually assessed in accordance with ASU 2016-13, due to further deterioration of local market fundamentals and various resolution processes related to these loans, (iii) $17.1 million from more adverse macroeconomic forecasts and other loan specific assumptions employed in estimating the general CECL reserve, partially offset by a decrease of (i) $5.9 million resulting from a $16.8 million write-off on a transfer to held-for-sale of one office loan and (ii) a $4.2 million write-off attributable to an office property converted to REO, as described 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 condensed consolidated balance sheets. As of September 30, 2023, the Company recognized $3.6 million in other liabilities related to the allowance for credit losses on unfunded commitments, resulting in a total allowance for credit losses of $148.9 million, and recorded a benefit from credit losses of $0.6 million and $0.7 million for the three and nine months ended September 30, 2023, respectively, due to a decrease in unfunded commitments, resulting in a total provision for credit losses of $(31.0) million and $(83.2) million for the three and nine months ended September 30, 2023, respectively. 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 condensed consolidated statements of comprehensive income. As of September 30, 2023, the Company had four collateral-dependent loans with an aggregate principal balance of $250.9 million, for which the Company recorded an allowance for credit losses of $85.1 million. Two collateral-dependent loans were first mortgage loans secured by office properties, one first mortgage loan was secured by a hotel property, and one first mortgage loan was secured by a mixed-use office and retail property, each of which were individually assessed in accordance with ASU 2016-13 during the three months ended September 30, 2023. See Note 9 - Fair Value, for further detail. These four loans were on nonaccrual status as of September 30, 2023. The collateral properties securing these loans have been significantly impacted by an increasingly uncertain macroeconomic and commercial real estate market outlook, which includes weakening in credit fundamentals; capital markets volatility and reduced liquidity, especially for certain property types, such as office assets located in underperforming markets; and meaningfully higher cost of capital driven by significant increases in interest rates. These macroeconomic and market factors have resulted in slowing of business plan execution and reduced market liquidity, thereby impacting the borrowers’ ability to either sell or refinance their properties to repay the Company’s loans. Additionally, as of September 30, 2023, the Company had one collateral-dependent loan with a principal balance of $66.0 million secured by an office property, for which the Company recorded no allowance for credit losses as the collateral’s estimated fair value exceeded the carrying value of the loan and past due interest, and therefore the Company continues to accrue interest. During the three months ended September 30, 2023, the loan maturity date of July 9, 2023, passed without extension and the Company determined that the repayment of the loan is expected to be substantially through the borrower’s sale of the collateral property and the borrower is in financial difficulty. Accordingly, the Company individually assessed the loan in accordance with ASU 2016-13. See Note 9 - Fair Value, for further detail. The following table presents the changes for the three and nine months ended September 30, 2023, and 2022 in the allowance for credit losses on loans held-for-investment: Three Months Ended September 30, Nine Months Ended September 30, (in thousands) 2023 2022 2023 2022 Balance at beginning of period $ 130,412 $ 47,280 $ 82,335 $ 40,897 Provision for (benefit from) credit losses 31,635 35,331 83,912 52,333 Write-off (16,750) — (20,950) (10,107) Recoveries of amounts previously written off — — — (512) Balance at end of period $ 145,297 $ 82,611 $ 145,297 $ 82,611 Nonaccrual Loans 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 of contractual payments. Interest income recognition is suspended when loans are placed on nonaccrual status. As of September 30, 2023, the Company had four senior loans with a total unpaid principal balance of $250.9 million and carrying value of $165.9 million that were held on nonaccrual status. No other loans were held on nonaccrual status as of September 30, 2023. During the three months ended September 30, 2023, a first mortgage loan with a principal balance of $37.1 million collateralized by a mixed-use office and retail property located in Los Angeles, CA, was downgraded from a risk rating of “4” to a risk rating of “5” as the collateral property’s operating performance has been adversely affected by the ongoing leasing market challenges related to work from home trends and local submarket dynamics, capital markets volatility and other factors (see “Loan Risk Ratings” below). The Company held this loan on nonaccrual status as of September 30, 2023. During the three months ended September 30, 2023, a senior loan with an outstanding principal balance of $31.8 million and collateralized by an office property located in Dallas, TX was transferred to loans held-for-sale. The loan had previously been placed on nonaccrual status and had a risk rating of “5”. The Company recognized a write-off of $(16.8) million in the allowance for credit losses on loans held-for-investment related to the transfer, which reflects an incremental $(7.9) million provision for credit losses recorded at the time of transfer during the three months ended September 30, 2023. Subsequent to September 30, 2023, on October 16, 2023, the loan sale was finalized with no additional losses incurred. See Note 16 - Subsequent Events , for further detail . During the nine months ended September 30, 2023, the Company converted a senior loan that had an outstanding principal balance of $28.2 million to real estate owned. The loan had been previously placed on nonaccrual status. The Company recognized a write-off of $(4.2) million in the allowance for credit losses on loans held-for-investment related to the transfer. See Note 4 - Real Estate Owned, Net , for further detail . The following table presents the carrying value of loans held-for-investment on nonaccrual status for the three and nine months ended September 30, 2023, and 2022: Three Months Ended September 30, Nine Months Ended September 30, (in thousands) 2023 2022 2023 2022 Nonaccrual loan carrying value at beginning of period $ 183,263 $ 188,839 $ 207,958 $ 145,370 Addition of nonaccrual loan carrying value $ 23,480 $ 103,076 $ 46,750 $ 192,399 Reduction of nonaccrual loan carrying value $ (40,881) $ (12,656) $ (88,846) $ (58,510) Nonaccrual loan carrying value at end of period $ 165,862 $ 279,259 $ 165,862 $ 279,259 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 September 30, 2023, and December 31, 2022: (in thousands) Days Outstanding as of September 30, 2023 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 $ 2,518,585 $ 23,480 $ — $ 208,350 $ 231,830 $ 2,750,415 $ 65,968 Subordinated loans 13,143 — — — — 13,143 — Total $ 2,531,728 $ 23,480 $ — $ 208,350 $ 231,830 $ 2,763,558 $ 65,968 (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 $ — As discussed above, as of September 30, 2023, the Company had one office loan with a principal balance of $66.0 million, whose maturity passed without extension, and for which the Company determined that the loans collateral’s estimated fair value exceeded the carrying value of the loan and past due interest. The Company deemed probable that the repayment of the loan and its past due interest is expected to be substantially satisfied through the borrower’s sale of the collateral property, which was under contract to be sold as of September 30, 2023. The loan remained on accrual status as of September 30, 2023. Given the volatile and uncertain market conditions, there may be no assurances that the borrower’s sale of the collateral property will be completed as currently contemplated under the terms of the purchase and sale agreement. Loan Modifications The Company may amend or modify a loan depending on the loan’s specific facts and circumstances. These loan modifications typically include additional time for the borrower to refinance or sell the collateral property, adjustment or waiver of performance tests that are prerequisite to the extension of a loan’s maturity, and/or deferral of scheduled principal payments. In exchange for a modification, the Company may receive a partial repayment of principal, a short-term accrual of capitalized interest for a portion of interest due, a cash infusion to replenish interest or capital improvement reserves, termination of all or a portion of the remaining unfunded loan commitment, additional call protection, and/or an increase in the loan coupon or fees. For the three and nine months ended September 30, 2023, none of the Company’s loan modifications resulted in a significant modification. 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 considered in the assessment include, but are not limited to, property type, geographic and local market dynamics, physical condition, leasing and tenant profile, projected cash flow, collateral performance, loan structure and exit plan, origination LTV, project sponsorship and other factors deemed necessary. Loans are rated “1” (less risk) through “5” (greater risk), which ratings are defined as follows: 1 – Lower Risk 2 – Average Risk 3 – Acceptable Risk 4 – Higher Risk: A loan that has exhibited material deterioration in cash flows and/or other credit factors, which, if negative trends continue, could be indicative of probability of principal loss. 5 – Loss Likely: A loan that has a significantly increased probability of principal loss. The following table presents the number of loans, unpaid principal balance and carrying value by risk rating for loans held-for-investment as of September 30, 2023, and December 31, 2022: (dollars in thousands) September 30, 2023 December 31, 2022 Risk Rating Number of Loans Unpaid Principal Balance Carrying Value Number of Loans Unpaid Principal Balance Carrying Value 1 5 $ 134,655 $ 133,874 8 $ 291,236 $ 287,527 2 40 1,419,862 1,391,937 52 1,857,744 1,824,564 3 23 784,320 767,944 21 697,532 689,196 4 5 328,023 303,941 5 268,236 258,570 5 4 250,869 165,862 4 247,258 207,958 Total 77 $ 2,917,729 $ 2,763,558 90 $ 3,362,006 $ 3,267,815 As of September 30, 2023, the weighted average risk rating of the Company’s loan portfolio was 2.7, versus 2.5 as of December 31, 2022, weighted by unpaid principal balance. The change in portfolio risk rating as of September 30, 2023, versus December 31, 2022, is mainly a result of changes in portfolio mix from loan payoffs and paydowns and select loan rating downgrades, including one loan downgraded to a “5”, partially offset by the transfer of a previously “5” rated loan to loans held-for-sale, as described above. The following table presents the carrying value of loans held-for-investment as of September 30, 2023, and December 31, 2022, by risk rating and year of origination: September 30, 2023 (dollars in thousands) Origination Year Risk Rating 2023 2022 2021 2020 2019 Prior Total 1 $ — $ — $ 62,992 $ 21,715 $ 49,167 $ — $ 133,874 2 — 405,438 339,076 21,948 522,000 103,475 1,391,937 3 — 25,584 143,927 22,197 217,849 358,387 767,944 4 — — — — 74,170 229,771 303,941 5 — — — — 123,112 42,750 165,862 Total $ — $ 431,022 $ 545,995 $ 65,860 $ 986,298 $ 734,383 $ 2,763,558 Gross write-offs $ — $ — $ — $ — $ — $ (20,950) $ (20,950) December 31, 2022 (dollars in thousands) Origination Year Risk Rating 2022 2021 2020 2019 2018 Prior Total 1 $ — $ — $ 44,141 $ 186,506 $ 56,880 $ — $ 287,527 2 419,617 512,526 95,560 516,723 193,900 86,238 1,824,564 3 — 95,061 20,154 234,019 99,311 240,651 689,196 4 — — — — 135,782 122,788 258,570 5 — — — 157,111 — 50,847 207,958 Total $ 419,617 $ 607,587 $ 159,855 $ 1,094,359 $ 485,873 $ 500,524 $ 3,267,815 Gross write-offs $ — $ — $ — $ — $ — $ — $ —

Real Estate Owned, Net

Real Estate Owned, Net	9 Months Ended
	Sep. 30, 2023
Real Estate [Abstract]
Real Estate Owned, Net	Real Estate Owned, Net On May 16, 2023, the Company acquired legal title to an office property located in Phoenix, AZ pursuant to a negotiated deed-in-lieu of foreclosure. The property previously served as collateral for a first mortgage loan held for investment, which had been originated in May 2017. As of March 31, 2023, the loan had a risk rating of “5”, was on nonaccrual status and was accounted for under cost-recovery. At the time of acquisition, the loan had an amortized cost and carrying value of $28.2 million and $24.0 million, respectively. During the nine months ended September 30, 2023, the Company recognized the property as real estate owned with a carrying value of $24.0 million based on the estimated fair value of the property. This acquisition was accounted for as an asset acquisition under ASC 805. The Company provisionally allocated the fair value of the assumed assets and liabilities on the acquisition date as follows: (in thousands) Fair Value Allocation Land $ 9,123 Building 5,638 Tenant improvements 3,596 In-place lease intangibles (1) 5,280 Above-market lease intangibles (1) 401 Below-market lease intangibles (2) (38) Total $ 24,000 ____________________ (1) Included in “Other assets” on the condensed consolidated balance sheets. (2) Included in “Other liabilities” on the condensed consolidated balance sheets. The weighted average initial depreciation period for the acquired tenant improvements during the nine months ended September 30, 2023, was 1.5 years. The weighted average initial amortization period for the acquired in-place lease intangibles, above-market lease intangibles and below-market lease intangibles acquired during the nine months ended September 30, 2023, were 1.5 years, 1.9 years, and 3.6 years, respectively. The Company assumed certain legacy lease arrangements upon the acquisition of the REO. These arrangements entitle the Company to receive contractual rent payments during the lease periods and tenant reimbursements for certain property operating expenses, including common area costs, insurance, utilities and real estate taxes. The following table presents the REO operations and related income (loss) included in the Company’s condensed consolidated statements of comprehensive income for the three and nine months ended September 30, 2023: (dollars in thousands) Three Months Ended Nine Months Ended Real Estate Owned, Net September 30, September 30, Rental income (1) $ 1,017 $ 1,461 Other operating income (1) 39 57 Revenue from real estate owned operations 1,056 1,518 Expenses from real estate owned operations (2) (2,233) (3,897) Total $ (1,177) $ (2,379) ___________________ (1) Included in “Revenue from real estate owned operations” on the condensed consolidated statements of income. (2) Includes $1.4 million and $2.0 million of depreciation and amortization for the three and nine months ended September 30, 2023, respectively. The following table presents the amortization of lease intangibles included in the Company’s condensed consolidated statements of income for the three and nine months ended September 30, 2023: (dollars in thousands) Three Months Ended Nine Months Ended Income Statement Location September 30, September 30, Asset In-place lease intangibles Expenses from real estate owned operations $ 784 $ 1,148 Above-market lease intangibles Revenue from real estate owned operations (55) (72) Liability Below-market lease intangibles Revenue from real estate owned operations 6 7 The following table presents the amortization of lease intangibles for each of the succeeding fiscal years: (dollars in thousands) In-place Lease Intangible Assets Above-market Lease intangible Assets Below-market Lease Intangible Liabilities 2023 $ 808 $ 54 $ 2 2024 1,979 123 6 2025 589 24 6 2026 498 20 6 2027 58 17 6 Thereafter 200 92 5 Future Minimum Lease Payments The following table presents the future minimum lease payments to be collected under non-cancelable operating leases, excluding tenant reimbursements of expenses as of September 30, 2023: (dollars in thousands) Contractual Lease Payments 2023 $ 996 2024 3,122 2025 1,730 2026 1,605 2027 616 Thereafter 1,399 The weighted average minimum remaining term of the non-cancelable leases was approximately 2.2 years as of September 30, 2023.

Variable Interest Entities and

Variable Interest Entities and Securitized Debt Obligations	9 Months Ended
	Sep. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Variable Interest Entities and Securitized Debt Obligations	Variable Interest Entities and Securitized Debt ObligationsThe Company finances pools of its commercial real estate loans through CRE CLOs, which are considered VIEs for financial reporting purposes, and, thus, are reviewed for consolidation under the applicable consolidation guidance. The Company has both the power to direct the activities of the CRE CLOs that most significantly impact the entities’ performance and the obligation to absorb losses or the right to receive benefits of the entities that could be significant; therefore, the Company consolidates the CRE CLOs. The following table presents a summary of the assets and liabilities of all VIEs consolidated on the Company’s condensed consolidated balance sheets as of September 30, 2023, and December 31, 2022: (in thousands) September 30, December 31, Loans held-for-investment $ 1,231,479 $ 1,557,731 Allowance for credit losses (25,024) (21,865) Loans held-for-investment, net 1,206,455 1,535,866 Restricted cash 22,940 5,674 Other assets 10,834 10,396 Total Assets $ 1,240,229 $ 1,551,936 Securitized debt obligations $ 999,536 $ 1,138,749 Other liabilities 2,195 2,279 Total Liabilities $ 1,001,731 $ 1,141,028 The securitized debt obligations issued by the CRE CLOs are recorded at outstanding principal, net of any unamortized deferred debt issuance costs, on the Company’s condensed consolidated balance sheets. On March 16, 2023, the Company redeemed the GPMT 2019-FL2 CRE CLO, which at the time of redemption had $98.1 million of investment-grade bonds outstanding. The 11 loans or participation interests therein, with an aggregate principal balance of $269.3 million held by the trust, were refinanced in part by one of the Company’s existing secured financing facilities, whose borrowing capacity was upsized in connection therewith. As a result of the redemption, the Company realized a gain on early extinguishment of debt of approximately $0.3 million. The following table details the Company’s CRE CLO securitized debt obligations: (dollars in thousands) September 30, 2023 December 31, 2022 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 $ 602,977 S+3.8% $ 621,409 $ 607,354 L+/S+3.7% Financing provided 502,564 500,113 S+1.8% 502,564 499,249 L+1.7% GPMT 2021-FL3 CRE CLO Collateral assets (3) 637,263 626,418 S+3.8% 677,715 669,279 L+/S+3.9% Financing provided 499,423 499,423 S+1.9% 539,876 539,892 L+1.7% GPMT 2019-FL2 CRE CLO Collateral assets (4) — — — 270,498 264,907 L+ 4.2% Financing provided — — — 99,300 99,608 L+ 2.7% Total Collateral assets $ 1,258,672 $ 1,229,395 S+3.8% $ 1,569,622 $ 1,541,540 L+/S+ 3.9% Financing provided $ 1,001,987 $ 999,536 S+1.8% $ 1,141,740 $ 1,138,749 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. Calculation of cost of funds is the weighted average coupon of the CRE CLO, exclusive of any CRE CLO issuance costs. During the three months ended September 30, 2023, the financing provided transitioned from LIBOR to SOFR. (2) $22.9 million of restricted cash is included as of September 30, 2023. No restricted cash is included as of December 31, 2022. Yield on collateral assets is exclusive of restricted cash. (3) No restricted cash is included as of September 30, 2023. $5.6 million of restricted cash is included as of December 31, 2022. Yield on collateral assets is exclusive of restricted cash. (4) During the nine months ended September 30, 2023, the Company redeemed the GPMT 2019-FL2 CRE CLO. No restricted cash is included as of December 31, 2022. Yield on collateral assets is exclusive of restricted cash.

Secured Financing Agreements

Secured Financing Agreements	9 Months Ended
	Sep. 30, 2023
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 typically collateralized by loans held-for-investment, loans held-for-sale, REO assets, 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 and secured credit facilities are also typically collateralized by loans held-for-investment. Neither facility contains mark-to-market provisions and the asset-specific financing facility is generally term-matched to the underlying assets. The following tables summarize details of the Company’s borrowings outstanding on its secured financing agreements as of September 30, 2023, and December 31, 2022: September 30, 2023 (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, 2024 $ 246,196 $ 228,804 $ 475,000 $ 374,085 8.0 % Goldman Sachs Bank USA (3) July 13, 2024 99,856 150,144 250,000 173,005 8.1 % JPMorgan Chase Bank (4) July 28, 2025 367,672 57,328 425,000 553,757 8.4 % Citibank May 25, 2025 200,595 299,405 500,000 269,645 7.1 % Centennial Bank (5) August 29, 2024 7,029 142,971 150,000 21,957 10.3 % Total/Weighted Average $ 921,348 $ 878,652 $ 1,800,000 $ 1,392,449 Asset-specific financings Term Matched $ 45,823 $ 104,177 $ 150,000 $ 59,582 7.1 % Secured credit facility December 21, 2025 $ 100,000 — $ 100,000 $ 123,112 11.8 % 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 (6) June 28, 2023 71,091 — 71,091 111,154 6.3 % Centennial Bank (5) 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 December 21, 2025 $ 100,000 $ — $ 100,000 $ 157,112 10.8 % ____________________ (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 September 30, 2023, and December 31, 2022. (3) As of September 30, 2023, and 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 September 30, 2023, the outstanding balance was collateralized by loans held-for-investment and one loan held-for-sale. Subsequent to September 30, 2023, the Company entered into a modification of the facility to increase the maximum facility capacity amount to $525 million. (5) As of September 30, 2023, and December 31, 2022, the Company retained options to increase the maximum facility capacity amount up to $200 million, subject to customary terms and conditions. As of September 30, 2023, the outstanding balance was collateralized by real estate owned, inclusive of $4.5 million in other assets and liabilities related to acquired leases. See Note 4 - Real Estate Owned, Net, for further detail. (6) During the nine months ended September 30, 2023, the facility was terminated. At September 30, 2023, and December 31, 2022, the Company’s borrowings outstanding on its secured financing facilities had contractual maturities as follows: September 30, 2023 (in thousands) Repurchase Facilities Asset-Specific Financings (1) Secured Credit Facility Total Amount Outstanding 2023 $ — $ 45,823 $ — $ 45,823 2024 353,081 — — 353,081 2025 568,267 — 100,000 668,267 2026 — — — — 2027 — — — — Thereafter — — — — Total $ 921,348 $ 45,823 $ 100,000 $ 1,067,171 December 31, 2022 (in thousands) Repurchase Facilities Asset-Specific Financings (1) 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 __________________ (1) Maturity date is term matched to the corresponding loans. The following table summarizes certain characteristics of the Company’s repurchase facilities and counterparty concentration at September 30, 2023, and December 31, 2022: September 30, 2023 December 31, 2022 (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 $ 246,196 $ 134,690 15 % 0.75 $ 494,250 $ 213,855 22 % 0.49 JPMorgan Chase Bank 367,672 197,874 22 % 1.83 132,438 81,850 8 % 1.49 Goldman Sachs Bank USA 99,856 75,709 8 % 0.79 66,914 27,594 3 % 0.53 Citibank 200,595 73,197 8 % 1.65 204,593 63,924 6 % 2.40 Wells Fargo Bank — — — % 71,091 42,447 4 % 0.49 Centennial Bank 7,029 16,939 2 % 0.92 46,280 55,712 6 % 1.66 Total $ 921,348 $ 498,409 $ 1,015,566 $ 485,382 ____________________ (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 its secured financing agreements: • Unrestricted cash cannot be less than the greater of $30.0 million and 5.0% of recourse indebtedness. As of September 30, 2023, the Company’s unrestricted cash was $257.6 million, while 5.0% of the Company’s recourse indebtedness was $19.1 million. • Tangible net worth must be greater than the sum of (i) $816.9 million and (ii) 75.0% of net cash proceeds of the Company’s equity issuances after August 3, 2023. As the Company has not had any equity issuances after August 3, 2023, tangible net worth must be greater than $816.9 million. As of September 30, 2023, the Company’s tangible net worth was $1.0 billion. • Target asset leverage ratio cannot exceed 77.5% and total leverage ratio cannot exceed 80.0%. As of September 30, 2023, the Company’s target asset leverage ratio was 69.9% and the Company’s total leverage ratio was 68.3%. • Minimum interest coverage of no less than 1.3:1.0 through June 30, 2024. As of September 30, 2023, the Company’s minimum interest coverage was 1.5:1.0. Subsequent to June 30, 2024, the Company will be required to maintain minimum interest coverage of no less than 1.4:1.0.

Convertible Senior Notes

Convertible Senior Notes	9 Months Ended
	Sep. 30, 2023
Debt Disclosure [Abstract]
Convertible Senior Notes	Convertible Senior Notes In October 2018, the Company closed an underwritten public offering of $131.6 million aggregate principal amount of convertible senior notes due October 1, 2023, or the convertible notes. The convertible notes were unsecured, paid interest semiannually at a rate of 6.375% per annum and were convertible at the option of the holder into shares of the Company’s common stock. Subsequent to September 30, 2023, the Company redeemed for cash the convertible senior notes at maturity, and none of the notes remained outstanding. See Note 16 - Subsequent Events , for further detail . The consolidated amount outstanding due on the convertible notes as of September 30, 2023, and December 31, 2022, was $131.6 million and $130.9 million, respectively, net of deferred issuance costs. The following table details the interest expense related to the convertible notes for the three and nine months ended September 30, 2023, and 2022: Three Months Ended September 30, Nine Months Ended September 30, (in thousands) 2023 2022 2023 2022 Cash coupon $ 2,098 $ 4,119 $ 6,293 $ 12,357 Amortization of issuance costs 234 466 682 1,346 Total interest expense $ 2,332 $ 4,585 $ 6,975 $ 13,703 The following table details the carrying value of the convertible notes as of September 30, 2023, and December 31, 2022: (in thousands) September 30, December 31, Principal outstanding $ 131,600 $ 131,600 Less: Unamortized issuance costs — (682) Net carrying value $ 131,600 $ 130,918

Cash, Cash Equivalents and Rest

Cash, Cash Equivalents and Restricted Cash	9 Months Ended
	Sep. 30, 2023
Cash and Cash Equivalents [Abstract]
Cash, Cash Equivalents and Restricted Cash	Cash, Cash Equivalents and Restricted Cash Cash and cash equivalents include cash held in bank accounts and cash held in money market funds on an overnight basis. The Company is required to maintain certain cash balances in restricted accounts as collateral for the Company’s repurchase facilities and with counterparties to support investment activities. As of September 30, 2023, the Company held $3.0 million in restricted cash in connection with its non-CRE CLO financing activities, compared to $1.4 million as of December 31, 2022. In addition, as of September 30, 2023, the Company held $22.9 million in restricted cash representing proceeds from principal repayments and paydowns of loans held in the CRE CLOs, compared to $5.6 million as of December 31, 2022. The following table provides a reconciliation of cash, cash equivalents and restricted cash reported on the Company’s condensed consolidated balance sheets as of September 30, 2023, and December 31, 2022, that sum to the total of the same such amounts shown in the condensed consolidated statements of cash flows: (in thousands) September 30, December 31, Cash and cash equivalents $ 257,592 $ 133,132 Restricted cash 25,955 7,033 Total cash, cash equivalents and restricted cash $ 283,547 $ 140,165

Fair Value

Fair Value	9 Months Ended
	Sep. 30, 2023
Fair Value Disclosures [Abstract]
Fair Value	Fair Value Fair Value Measurements ASC 820, Fair Value Measurements , or ASC 820, defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. ASC 820 clarifies that fair value should be based on the assumptions market participants would use when pricing an asset or liability and establishes a fair value hierarchy that prioritizes the information used to develop those assumptions. The fair value hierarchy gives the highest priority to quoted prices available in active markets ( i.e. , market-based or observable inputs) and the lowest priority to data lacking transparency ( i.e. , unobservable inputs) resulting in the use of management assumptions. Additionally, ASC 820 requires an entity to consider all aspects of nonperformance risk, including the entity’s own credit standing, when measuring fair value of a liability. ASC 820 establishes a three-level hierarchy to be used when measuring and disclosing fair value. An instrument’s categorization within the fair value hierarchy is based on the lowest level of significant input to its valuation. Following is a description of the three levels: Level 1 Inputs are quoted prices in active markets for identical assets or liabilities as of the measurement date under current market conditions. Additionally, the entity must have the ability to access the active market and the quoted prices cannot be adjusted by the entity. Level 2 Inputs include quoted prices in active markets for similar assets or liabilities; quoted prices in inactive markets for identical or similar assets or liabilities; or inputs that are observable or can be corroborated by observable market data by correlation or other means for substantially the full-term of the assets or liabilities. Level 3 Unobservable inputs are supported by little or no market activity. The unobservable inputs represent the assumptions that market participants would use to price the assets and liabilities, including risk. Generally, Level 3 assets and liabilities are valued using pricing models, discounted cash flow methodologies or similar techniques that require significant judgment or estimation. Following are descriptions of the valuation methodologies used to measure material assets and liabilities at fair value and details of the valuation models, key inputs to those models and significant assumptions utilized. Recurring Fair Value As of September 30, 2023, and December 31, 2022, 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 September 30, 2023, during its quarterly risk rating process the Company assigned a risk rating of “5” to four of its loans held-for-investment with an aggregate outstanding principal balance of $250.9 million and the loans were deemed collateral-dependent. Therefore, the allowance for credit losses associated with these loans was based on the estimates of the fair value of the loans’ underlying property collateral, less costs to sell, and the loans 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 loans’ collateral properties 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 fair value of the underlying real estate collateral, which ranged from 7.00% to 10.00%, from 8.00% to 12.00%, and from 5.75% to 6.25%, respectively. Refer to Note 3 - Loans Held-for-Investment, Net of Allowance for Credit Losses for further detail. Additionally, as of September 30, 2023 the Company deemed a loan held-for-investment with an outstanding principal balance of $66.0 million to be collateral-dependent due to the loan maturity date of July 9, 2023 passing without extension and the Company has determined that the repayment of the loan is expected to be substantially through the borrower’s sale of the collateral property and the borrower is in financial difficulty. Therefore, the allowance for credit losses associated with this loan was based on the estimate of the fair value of the loan’s underlying property collateral, less costs to sell, and the loan is measured at fair value on a nonrecurring basis and is classified as a Level 3 asset in the fair value hierarchy. The estimate of the loan’s underlying property collateral was determined using the estimated proceeds from the borrower’s sale of the collateral property, less the estimated costs to sell the property. Refer to Note 3 - Loans Held-for-Investment, Net of Allowance for Credit Losses, for further detail. During the nine months ended September 30, 2023, the Company acquired legal title of an office property in Phoenix, AZ. The Company’s fair market value estimate at the time of conversion from loan held-for-investment to REO was $24.0 million and was determined primarily using the discounted cash flow method. The significant unobservable inputs used to estimate the fair value include the exit capitalization rate, discount rate and return on cost assumptions used to forecast the fair value of the underlying real estate collateral, which ranged from 6.75% to 7.25%, from 9.25% to 9.75%, and from 5.50% to 6.00%, respectively. Refer to Note 4 - Real Estate Owned, Net for further detail. Fair Value of Financial Instruments In accordance with ASC 820, the Company is required to disclose the fair value of financial instruments, both assets and liabilities recognized and not recognized in the condensed consolidated balance sheets, for which fair value can be estimated. The following describes the Company’s methods for estimating the fair value for financial instruments: • Loans held-for-investment are carried at cost, net of any unamortized acquisition premiums or discounts, loan fees, origination costs and allowance for credit losses, as applicable. The Company estimates the fair value of its loans held-for-investment by assessing any changes in market interest rates, credit spreads for loans of comparable risk as corroborated by inquiry of other market participants, shifts in credit profiles and actual operating results, 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. • Loans held-for-sale are carried at the fair value of the loans’ underlying collateral less costs to sell. 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, and secured credit 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, and secured credit 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. • Securitized debt obligations are recorded at outstanding principal, net of any unamortized deferred debt issuance costs. In determining the fair value of its securitized debt obligations, management’s judgment may be used to arrive at fair value that considers prices obtained from third-party pricing providers, broker quotes received and other applicable market data. If observable market prices are not available or insufficient to determine fair value due principally to illiquidity in the marketplace, then fair value is based upon internally developed models that are primarily based on observable market-based inputs but also include unobservable market data inputs (including prepayment speeds, delinquency levels and credit losses). The Company categorizes the fair value measurement of these liabilities as Level 2. • Convertible senior notes are carried at their unpaid principal balance, net of any unamortized deferred issuance costs. The Company estimates the fair value of its convertible senior notes using the market transaction price nearest to September 30, 2023. The Company categorizes the fair value measurement of these assets as Level 2. The following table presents the carrying values and estimated fair values of assets and liabilities that are required to be recorded or disclosed at fair value at September 30, 2023, and December 31, 2022: September 30, 2023 December 31, 2022 (in thousands) Carrying Value Fair Value Carrying Value Fair Value Assets Loans held-for-investment, net of allowance for credit losses $ 2,763,558 $ 2,794,976 $ 3,267,815 $ 3,270,338 Loans held-for-sale $ 14,980 $ 14,980 $ — $ — Cash and cash equivalents $ 257,592 $ 257,592 $ 133,132 $ 133,132 Restricted cash $ 25,955 $ 25,955 $ 7,033 $ 7,033 Liabilities Repurchase facilities $ 921,348 $ 921,348 $ 1,015,566 $ 1,015,566 Securitized debt obligations $ 999,536 $ 943,222 $ 1,138,749 $ 1,093,351 Asset-specific financings $ 45,823 $ 45,823 $ 44,913 $ 44,913 Secured credit facility $ 100,000 $ 100,000 $ 100,000 $ 100,000 Convertible senior notes $ 131,600 $ 131,749 $ 130,918 $ 127,881

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies The following represent the material commitments and contingencies of the Company as of September 30, 2023: Legal and Regulatory From time to time, the Company may be subject to liability under laws and government regulations and various claims and legal actions arising in the ordinary course of business. Liabilities are established for legal claims when payments associated with the claims become probable and the costs can be reasonably estimated. The actual costs of resolving legal claims may be substantially higher or lower than the amounts established for those claims. Based on information currently available, management is not aware of any legal or regulatory claims that would have a material effect on the Company’s condensed consolidated financial statements and, therefore, no accrual is required as of September 30, 2023. Unfunded Commitments on Loans Held-for-Investment Certain of the Company’s commercial real estate loan agreements contain provisions and obligations to its borrowers through its unfunded loan commitments over the contractual period of its loans. As of September 30, 2023, and December 31, 2022, the Company had unfunded loan commitments of $142.1 million and $229.6 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 September 30, 2023, the Company recognized $3.6 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	9 Months Ended
	Sep. 30, 2023
Equity [Abstract]
Preferred Stock	Preferred Stock Temporary Equity The Company issued 10% cumulative redeemable preferred stock on June 28, 2017. The holder of the 10% cumulative redeemable preferred stock was 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. The Company redeemed the 10% cumulative redeemable preferred stock on June 30, 2023, at a redemption price of $1,000 per share. During the nine months ended September 30, 2023, the Company paid dividends to the 10% cumulative redeemable preferred stockholder of $49,444. No dividends were paid during the three months ended September 30, 2023. During the three and nine months ended September 30, 2022, the Company paid dividends to the 10% cumulative redeemable preferred stockholder of $25,000 and $75,000, respectively. Issuance of Sub-REIT Preferred Stock In January 2021, a subsidiary of the Company issued 625 shares of Series A preferred stock of which 500 shares were retained by the Company and 125 shares were sold to third-party investors for proceeds of $0.1 million. The 500 preferred shares of Series A preferred stock retained by the Company are eliminated in the Company’s condensed consolidated statements of changes in equity and the 125 shares sold to third-party investors are shown in the Company’s condensed consolidated statements of changes in equity as non-controlling interests. 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 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 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”. 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 three and nine months ended September 30, 2023, and 2022, the Company declared dividends on the Series A Preferred Stock of $3.6 million and $10.8 million, respectively.

Stockholders' Equity

Stockholders' Equity	9 Months Ended
	Sep. 30, 2023
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 during the nine months ended September 30, 2023, and 2022: Declaration Date Record Date Payment Date Cash Dividend Per Share 2023 September 20, 2023 October 2, 2023 October 16, 2023 $ 0.20 June 22, 2023 July 3, 2023 July 17, 2023 0.20 March 16, 2023 April 3, 2023 April 17, 2023 0.20 $ 0.60 2022 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 $ 0.75 Share Repurchases On May 9, 2023, the Company announced that its board of directors had authorized the Company to repurchase an additional 5,000,000 shares of the Company’s common stock, which increased the number of shares available for repurchase to 5,157,916 as of September 30, 2023, including 157,916 shares remaining under prior authorization. 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 nine months ended September 30, 2023, and 2022, the Company repurchased 1,001,338 and 1,539,134 shares, respectively, of its common stock for an aggregate cost of $5.1 million and $15.7 million, respectively. No shares were repurchased during the three months ended September 30, 2023, and 2022. The Company’s board of directors has also authorized the repurchase of shares of restricted stock granted to employees for tax withholding purposes. During the nine months ended September 30, 2023 , and 2022, the Company repurchased from employees 36,916 and 69,039 shares of its common stock, respectively, for an aggregate cost of $0.2 million and $0.8 million, respectively. During the three months ended September 30, 2023 , and 2022, no shares were repurchased from employees. 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 September 30, 2023, 3,242,364 shares of common stock had been sold under the equity distribution agreement for total accumulated net proceeds of approximately $61.2 million. No shares were sold during the three and nine months ended September 30, 2023, or 2022. 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 during the nine months ended September 30, 2023, and 2022: Declaration Date Record Date Payment Date Cash Dividend Per Share 2023 September 20, 2023 October 2, 2023 October 16, 2023 $ 0.43750 June 22, 2023 July 3, 2023 July 17, 2023 $ 0.43750 March 16, 2023 April 3, 2023 April 17, 2023 $ 0.43750 $ 1.31250 2022 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 $ 1.31250

Equity Incentive Plans

Equity Incentive Plans	9 Months Ended
	Sep. 30, 2023
Share-Based Payment Arrangement [Abstract]
Equity Incentive Plans	Equity Incentive Plans On June 2, 2022, the Company’s stockholders approved the adoption of the Granite Point Mortgage Trust Inc. 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. As of September 30, 2023, the Company had 7,182,964 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 Granite Point Mortgage Trust Inc. 2017 Equity Incentive Plan, or the 2017 Plan, but previously granted RSUs and PSUs remain outstanding under the 2017 Plan. As of September 30, 2023, the Company had 1,650,317 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 RSUs is typically equivalent to the closing stock price on the grant date. The unrecognized compensation cost relating to such awards is recognized as an expense over the awards’ remaining vesting periods. For the nine months ended September 30, 2023, the Company recognized the remaining $47.5 thousand of compensation expense associated with awards of restricted stock, compared to $0.1 million and $0.5 million for the three and nine months ended September 30, 2022, respectively, within compensation and benefits expense on the condensed consolidated statements of income. No compensation expense associated with awards of restricted stock were recognized during the three months ended September 30, 2023. As of September 30, 2023, all awards of restricted stock had vested. As of September 30, 2023, there was $7.1 million of total unrecognized compensation cost for awards of RSUs that will be recognized over the grants’ remaining weighted average vesting period of 0.8 years. For the three and nine months ended September 30, 2023, the Company recognized $1.7 million and $4.9 million of compensation expense associated with these awards, respectively, compared to $1.5 million and $4.3 million for the three and nine months ended September 30, 2022, respectively, within compensation and benefits expense on the condensed consolidated statements of income. 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 performance with respect to metrics set in the applicable award agreements. Between 0% and 200% of the target number of units granted in early 2021 and 2022 may vest at the end of their respective performance periods based (i) 50% against the predetermined internal Company performance goal for “core” return on average equity, or “core” ROAE and (ii) 50% against the Company’s performance ranking for “core” ROAE among a peer group of commercial mortgage REIT companies. Between 0% and 200% of the target number of units granted in March 2023 may vest at the end of the performance period based (i) 25% against the predetermined internal Company performance goal “run-rate” ROAE, (ii) 25% against the Company’s performance ranking for “run-rate” ROAE among a peer group of commercial mortgage REIT companies, (iii) 25% against the predetermined internal Company performance goal for change in book value per share, and (iv) 25% against the Company’s performance ranking for change in book value per share among a peer group of commercial mortgage REIT companies. The commercial mortgage REIT peer group used to measure relative “core” ROAE, “run-rate” ROAE and change in book value per share 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 September 30, 2023, there was $3.8 million of total unrecognized compensation cost for awards of PSUs that will be recognized over the grants’ remaining weighted average vesting period of 1.0 year. For the three and nine months ended September 30, 2023, the Company recognized $(0.2) million and $0.9 million of compensation expense associated with these awards, respectively, compared to $0.7 million and $1.5 million for the three and nine months ended September 30, 2022, respectively, within compensation and benefits expenses on the condensed consolidated statements of income. The following table summarizes the grants, vesting and forfeitures of restricted stock, RSUs and PSUs for the three and nine months ended September 30, 2023: Restricted Stock RSUs PSUs Weighted Average Grant Date Fair Market Value Outstanding at December 31, 2022 92,585 1,238,439 660,434 11.83 Granted — 1,095,521 734,223 5.04 Vested (92,585) (213,304) — 13.05 Forfeited — (114,306) — 10.84 Outstanding at March 31, 2023 — 2,006,350 1,394,657 8.1 Granted — 159,561 — 4.81 Vested — (51,802) — 10.32 Forfeited — (15,234) — 11.06 Outstanding at June 30, 2023 — 2,098,875 1,394,657 7.9 Granted — — — — Vested — — — — Forfeited — — — — Outstanding at September 30, 2023 — 2,098,875 1,394,657 7.9 Below is a summary of restricted stock, RSU and PSU vesting dates as of September 30, 2023: Vesting Year RSUs PSUs Total Awards 2023 — 347,896 347,896 2024 849,974 312,538 1,162,512 2025 886,100 734,223 1,620,323 2026 362,801 — 362,801 Total 2,098,875 1,394,657 3,493,532

Income Taxes

Income Taxes	9 Months Ended
	Sep. 30, 2023
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 to continue to 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 condensed consolidated financial statements of a contingent tax liability for uncertain tax positions. Additionally, there were no amounts accrued for penalties or interest as of, or during, the periods presented in these condensed consolidated financial statements.

Earnings (Loss) Per Share

Earnings (Loss) Per Share	9 Months Ended
	Sep. 30, 2023
Earnings Per Share [Abstract]
Earnings (Loss) Per Share	Earnings (Loss) Per Share The following table presents a reconciliation of the earnings and shares used in calculating basic and diluted earnings per share for the three and nine months ended September 30, 2023, and 2022: Three Months Ended Nine Months Ended September 30, September 30, (in thousands, except share data) 2023 2022 2023 2022 Numerator: Net income (loss) attributable to common stockholders $ (24,537) $ (29,130) $ (60,575) $ (45,475) Dividends allocated to participating restricted stock units $ (420) $ — $ (1,241) $ — Net income (loss) attributable to common stockholders - basic $ (24,957) $ (29,130) $ (61,816) $ (16,345) Net income (loss) attributable to common stockholders - diluted $ (24,957) $ (29,130) $ (61,816) $ (16,345) Denominator: Weighted average common shares outstanding 51,577,143 52,258,404 51,795,091 53,122,374 Weighted average restricted stock shares — 92,585 10,174 112,124 Basic weighted average shares outstanding 51,577,143 52,350,989 51,805,265 53,234,498 Diluted weighted average shares outstanding 51,577,143 52,350,989 51,805,265 53,234,498 Earnings (loss) per share Basic $ (0.48) $ (0.56) $ (1.17) $ (0.85) Diluted $ (0.48) $ (0.56) $ (1.17) $ (0.85) For the three and nine months ended September 30, 2023, and 2022, excluded from the calculation of diluted earnings per share is the effect of adding back $2.3 million and $7.0 million, and $4.6 million and $13.7 million, respectively, of interest expense related to the Company’s convertible senior notes. For both the three and nine months ended September 30, 2023, and 2022, 6,591,765 and 14,065,946, respectively, of weighted average common share equivalents related to the assumed conversion of the Company’s convertible senior notes were also excluded from the calculation of diluted earnings per share, 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 three and nine months ended September 30, 2023, 621,465 and 303,004 of weighted-average unvested RSUs, respectively, were excluded in the dilutive earnings per share denominator, as their inclusion would be antidilutive. For the three and nine months ended September 30, 2022, 667,286 and 390,584 of weighted-average unvested RSUs, respectively, were excluded 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 three and nine months ended September 30, 2023, and 2022, no additional weighted-average unvested PSUs were included in the dilutive earnings per share denominator, as their inclusion would be antidilutive.

Subsequent Events

Subsequent Events	9 Months Ended
	Sep. 30, 2023
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events Events subsequent to September 30, 2023, were evaluated through the date these condensed consolidated financial statements were issued and no other additional events were identified requiring further disclosure in these condensed consolidated financial statements other than the events described below. On October 16, 2023, the Company sold a senior loan that was held-for-sale. The senior loan had an outstanding principal balance of $31.8 million and was held-for-sale at its carrying amount of $14.9 million as of September 30, 2023. The loan sale was finalized with no additional losses incurred. See Note 3 - Loans Held-for-Investment , for further detail. Subsequent to September 30, 2023, the Company entered into an amendment to its JPMorgan repurchase facility, upsizing the borrowing capacity on the facility by up to an additional $100 million and modifying the facility’s minimum interest coverage financial covenant (which modification is reflected in the description of the Company’s covenants in Note 6 - Secured Financing Agreements ). Subsequent to September 30, 2023, the Company redeemed for cash $131.6 million in convertible senior notes at maturity, and none of the notes remain outstanding. See Note 7 - Convertible Senior Notes , for further detail.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Sep. 30, 2023	Sep. 30, 2022
Pay vs Performance Disclosure
Net (loss) income	$ (20,937)	$ 5,041	$ (33,829)	$ (25,504)	$ (13,731)	$ 4,636	$ (49,725)	$ (34,599)

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Sep. 30, 2023
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Basis of Presentation and Sig_2

Basis of Presentation and Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2023
Accounting Policies [Abstract]
Consolidation and Basis of Presentation	Consolidation and Basis of Presentation The interim unaudited condensed consolidated financial statements of the Company have been prepared in accordance with the rules and regulations of the Securities and Exchange Commission, or SEC. Certain information and note disclosures normally included in financial statements prepared in accordance with U.S. generally accepted accounting principles, or U.S. GAAP, have been condensed or omitted according to such SEC rules and regulations. However, management believes that the disclosures included in these interim condensed consolidated financial statements are adequate to make the information presented not misleading. The accompanying unaudited condensed consolidated financial statements should be read in conjunction with the financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022. In the opinion of management, all normal and recurring adjustments necessary to present fairly the financial condition of the Company at September 30, 2023, and results of operations for all periods presented have been made. The results of operations for the three and nine months ended September 30, 2023, should not be construed as indicative of the results to be expected for future periods or the full year. The unaudited condensed consolidated financial statements of the Company include the accounts of all subsidiaries; inter-company accounts and transactions have been eliminated. Certain prior period amounts have been reclassified to conform to the current period presentation. All entities in which the Company holds investments that are considered 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.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make a number of significant estimates. These include estimates of amount and timing of allowances for credit losses, fair value of certain assets and liabilities, and other estimates that affect the reported amounts of certain assets and liabilities as of the date of the condensed consolidated financial statements and the reported amounts of certain revenues and expenses during the reported period. It is likely that changes in these estimates (e.g., valuation changes to the underlying collateral of loans due to changes in market 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.
Real Estate Owned	Real Estate Owned As part of its portfolio management strategy to maximize an economic outcome from a defaulted loan, the Company may assume legal title or physical possession of the underlying collateral property through foreclosure or the execution of a deed-in-lieu of foreclosure. Real estate acquired through a foreclosure or by deed-in-lieu of foreclosure is classified as real estate owned, or REO. The Company’s basis in REO and related acquired assets is equal to the estimated fair value of the collateral on the acquisition date and allocated within Real estate owned, Other assets and Other liabilities on the Company’s condensed consolidated balance sheets. The estimated fair value of REO is determined using generally accepted valuation techniques, including a discounted cash flow model and inputs that include the highest and best use for each asset, estimated future values based on discussions with local brokers, investors and other market participants, the estimated holding period for the asset, and discount rates that reflect estimated investor return requirements for the risks associated with the expected use of each asset. If the estimated fair value of REO is lower than the carrying value of the related loan upon acquisition, the difference is recorded through the provision for credit losses in the Company’s condensed consolidated statements of comprehensive income. Upon acquisition, the Company allocates the fair value of REO to land and land improvements, building and building improvements, tenant improvements, intangible assets and intangible liabilities, as applicable. As of September 30, 2023, REO and related acquired assets, except for land, are depreciated using the straight-line method over estimated useful lives as follows: Description Depreciable Life Building 39 years Tenant improvements Over lease terms Lease intangibles Over lease terms Renovations and/or replacements that improve or extend the life of the REO are capitalized and depreciated over their estimated useful lives. The cost of ordinary repairs and maintenance are expensed as incurred in the Company’s condensed consolidated statements of comprehensive income. REO is initially measured at fair value and is thereafter subject to an impairment assessment on a quarterly basis. Subsequent to a REO acquisition, events or circumstances may occur that may result in a material and sustained decrease in the cash flows generated from the property. REO is evaluated for recoverability when impairment indicators are identified. Any impairment losses and gains or losses on sale are included in the Company’s condensed consolidated statements of comprehensive income. Revenue and expenses from REO operations are included in the condensed consolidated statements of comprehensive income within Revenue from real estate owned operations and Expenses from real estate owned operations, as applicable.
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, the Financial Accounting Standards Board, or FASB, issued Accounting Standards Update, or ASU, 2022-02, Financial Instruments – Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures, or ASU 2022-02. The new guidance is 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 Accounting Standards Codification, or 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, and by year of origination in the vintage disclosures. On January 1, 2023, the Company adopted ASU 2022-02 on a prospective basis and the adoption did not have a material impact on the Company’s condensed consolidated financial statements. Facilitation of the Effects of Reference Rate Reform on Financial Reporting (Topic 848) The London Interbank Offered Rate, or LIBOR, has been the subject of regulatory guidance and proposals for reform or replacement. The Federal Reserve, in conjunction with the Alternative Reference Rates Committee, a steering committee composed of large U.S. financial institutions, identified the Secured Overnight Financing Rate, or SOFR, an index calculated using short-term repurchase agreements backed by U.S. Treasury securities, as its preferred alternative rate for LIBOR. As of September 30, 2023, all of the Company’s floating rate loans and outstanding related financings earned a rate of interest indexed to SOFR.

Basis of Presentation and Sig_3

Basis of Presentation and Significant Accounting Policies (Tables)	9 Months Ended
	Sep. 30, 2023
Accounting Policies [Abstract]
Property, Plant and Equipment	As of September 30, 2023, REO and related acquired assets, except for land, are depreciated using the straight-line method over estimated useful lives as follows: Description Depreciable Life Building 39 years Tenant improvements Over lease terms Lease intangibles Over lease terms

Loans Held-for-Investment, Ne_2

Loans Held-for-Investment, Net of Allowance for Credit Losses (Tables)	9 Months Ended
	Sep. 30, 2023
Receivables [Abstract]
Schedule of Loans Held-for-Investment	The following tables summarize the Company’s loans held-for-investment by asset type, property type and geographic location as of September 30, 2023, and December 31, 2022: September 30, 2023 (dollars in thousands) Senior Loans (1) B-Notes Total Unpaid principal balance $ 2,904,156 $ 13,573 $ 2,917,729 Unamortized (discount) premium (24) — (24) Unamortized net deferred origination fees (8,850) — (8,850) Allowance for credit losses (144,867) (430) (145,297) Carrying value $ 2,750,415 $ 13,143 $ 2,763,558 Unfunded commitments $ 142,056 $ — $ 142,056 Number of loans 76 1 77 Weighted average coupon (2) 8.2 % 8.0 % 8.2 % Weighted average years to maturity (3) 0.7 3.3 0.7 December 31, 2022 (dollars in thousands) Senior Loans (1) 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 (2) 6.3 % 8.0 % 6.3 % Weighted average years to maturity (3) 1.0 4.1 1.0 ____________________ (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) Weighted average coupon inclusive of the impact of nonaccrual loans. (3) Based on contractual maturity date. Certain loans are subject to contractual extension options with such conditions stipulated in the applicable loan documents. Actual maturities may differ from contractual maturities stated herein as certain borrowers may have the right to prepay with or without paying a prepayment fee. The Company may also extend contractual maturities in connection with certain loan modifications.
Schedule of Loans Held-for-Investment by Property Type	(dollars in thousands) September 30, 2023 December 31, 2022 Property Type Carrying Value % of Loan Portfolio Carrying Value % of Loan Portfolio Office $ 1,209,011 43.7 % $ 1,348,205 41.3 % Multifamily 899,530 32.5 % 1,008,177 30.9 % Hotel 181,080 6.6 % 337,264 10.3 % Retail 272,768 9.9 % 303,266 9.3 % Industrial 113,685 4.1 % 185,337 5.6 % Other 87,484 3.2 % 85,566 2.6 % Total $ 2,763,558 100.0 % $ 3,267,815 100.0 %
Schedule of Loans Held-for-Investment by Geographic Location	(dollars in thousands) September 30, 2023 December 31, 2022 Geographic Location Carrying Value % of Loan Portfolio Carrying Value % of Loan Portfolio Northeast $ 733,757 26.6 % $ 834,985 25.5 % Southwest 581,431 21.0 % 675,288 20.7 % West 345,232 12.5 % 519,244 15.9 % Midwest 440,726 15.9 % 546,030 16.7 % Southeast 662,412 24.0 % 692,268 21.2 % Total $ 2,763,558 100.0 % $ 3,267,815 100.0 %
Rollforward of Loans Held-for-Investment	The following table summarizes activity related to loans held-for-investment, net of allowance for credit losses, for the three and nine months ended September 30, 2023, and 2022: Three Months Ended September 30, Nine Months Ended September 30, (in thousands) 2023 2022 2023 2022 Balance at beginning of period $ 2,966,088 $ 3,830,014 $ 3,267,815 $ 3,741,308 Originations, additional fundings, upsizing of loans and capitalized deferred interest 21,698 72,435 58,878 457,545 Repayments (177,482) (346,737) (443,105) (585,227) Loan sales — — — (43,714) Transfers to loans held-for-sale (14,980) — (14,980) — Transfers to real estate owned — — (24,000) — Net discount accretion (premium amortization) 3 3 23 19 Increase in net deferred origination fees (250) (1,454) (1,282) (6,012) Amortization of net deferred origination fees 116 1,475 4,121 8,307 Provision for credit losses (31,635) (35,331) (83,912) (51,821) Balance at end of period $ 2,763,558 $ 3,520,405 $ 2,763,558 $ 3,520,405
Rollforward of Allowance for Credit Losses	The following table presents the changes for the three and nine months ended September 30, 2023, and 2022 in the allowance for credit losses on loans held-for-investment: Three Months Ended September 30, Nine Months Ended September 30, (in thousands) 2023 2022 2023 2022 Balance at beginning of period $ 130,412 $ 47,280 $ 82,335 $ 40,897 Provision for (benefit from) credit losses 31,635 35,331 83,912 52,333 Write-off (16,750) — (20,950) (10,107) Recoveries of amounts previously written off — — — (512) Balance at end of period $ 145,297 $ 82,611 $ 145,297 $ 82,611
Financing Receivable, Nonaccrual	The following table presents the carrying value of loans held-for-investment on nonaccrual status for the three and nine months ended September 30, 2023, and 2022: Three Months Ended September 30, Nine Months Ended September 30, (in thousands) 2023 2022 2023 2022 Nonaccrual loan carrying value at beginning of period $ 183,263 $ 188,839 $ 207,958 $ 145,370 Addition of nonaccrual loan carrying value $ 23,480 $ 103,076 $ 46,750 $ 192,399 Reduction of nonaccrual loan carrying value $ (40,881) $ (12,656) $ (88,846) $ (58,510) Nonaccrual loan carrying value at end of period $ 165,862 $ 279,259 $ 165,862 $ 279,259
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 September 30, 2023, and December 31, 2022: (in thousands) Days Outstanding as of September 30, 2023 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 $ 2,518,585 $ 23,480 $ — $ 208,350 $ 231,830 $ 2,750,415 $ 65,968 Subordinated loans 13,143 — — — — 13,143 — Total $ 2,531,728 $ 23,480 $ — $ 208,350 $ 231,830 $ 2,763,558 $ 65,968 (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 $ —
Schedule of Loans Held-for-Investment by Internal Risk Rating	The following table presents the number of loans, unpaid principal balance and carrying value by risk rating for loans held-for-investment as of September 30, 2023, and December 31, 2022: (dollars in thousands) September 30, 2023 December 31, 2022 Risk Rating Number of Loans Unpaid Principal Balance Carrying Value Number of Loans Unpaid Principal Balance Carrying Value 1 5 $ 134,655 $ 133,874 8 $ 291,236 $ 287,527 2 40 1,419,862 1,391,937 52 1,857,744 1,824,564 3 23 784,320 767,944 21 697,532 689,196 4 5 328,023 303,941 5 268,236 258,570 5 4 250,869 165,862 4 247,258 207,958 Total 77 $ 2,917,729 $ 2,763,558 90 $ 3,362,006 $ 3,267,815 September 30, 2023 (dollars in thousands) Origination Year Risk Rating 2023 2022 2021 2020 2019 Prior Total 1 $ — $ — $ 62,992 $ 21,715 $ 49,167 $ — $ 133,874 2 — 405,438 339,076 21,948 522,000 103,475 1,391,937 3 — 25,584 143,927 22,197 217,849 358,387 767,944 4 — — — — 74,170 229,771 303,941 5 — — — — 123,112 42,750 165,862 Total $ — $ 431,022 $ 545,995 $ 65,860 $ 986,298 $ 734,383 $ 2,763,558 Gross write-offs $ — $ — $ — $ — $ — $ (20,950) $ (20,950) December 31, 2022 (dollars in thousands) Origination Year Risk Rating 2022 2021 2020 2019 2018 Prior Total 1 $ — $ — $ 44,141 $ 186,506 $ 56,880 $ — $ 287,527 2 419,617 512,526 95,560 516,723 193,900 86,238 1,824,564 3 — 95,061 20,154 234,019 99,311 240,651 689,196 4 — — — — 135,782 122,788 258,570 5 — — — 157,111 — 50,847 207,958 Total $ 419,617 $ 607,587 $ 159,855 $ 1,094,359 $ 485,873 $ 500,524 $ 3,267,815 Gross write-offs $ — $ — $ — $ — $ — $ — $ —

Real Estate Owned, Net (Tables)

Real Estate Owned, Net (Tables)	9 Months Ended
	Sep. 30, 2023
Real Estate [Abstract]
Asset Acquisition	The Company provisionally allocated the fair value of the assumed assets and liabilities on the acquisition date as follows: (in thousands) Fair Value Allocation Land $ 9,123 Building 5,638 Tenant improvements 3,596 In-place lease intangibles (1) 5,280 Above-market lease intangibles (1) 401 Below-market lease intangibles (2) (38) Total $ 24,000 ____________________ (1) Included in “Other assets” on the condensed consolidated balance sheets. (2) Included in “Other liabilities” on the condensed consolidated balance sheets.
Income (Loss) From Real Estate Owned	The following table presents the REO operations and related income (loss) included in the Company’s condensed consolidated statements of comprehensive income for the three and nine months ended September 30, 2023: (dollars in thousands) Three Months Ended Nine Months Ended Real Estate Owned, Net September 30, September 30, Rental income (1) $ 1,017 $ 1,461 Other operating income (1) 39 57 Revenue from real estate owned operations 1,056 1,518 Expenses from real estate owned operations (2) (2,233) (3,897) Total $ (1,177) $ (2,379) ___________________ (1) Included in “Revenue from real estate owned operations” on the condensed consolidated statements of income. (2) Includes $1.4 million and $2.0 million of depreciation and amortization for the three and nine months ended September 30, 2023, respectively.
Real Estate Owned, Amortization of Lease Intangibles Included on Income	The following table presents the amortization of lease intangibles included in the Company’s condensed consolidated statements of income for the three and nine months ended September 30, 2023: (dollars in thousands) Three Months Ended Nine Months Ended Income Statement Location September 30, September 30, Asset In-place lease intangibles Expenses from real estate owned operations $ 784 $ 1,148 Above-market lease intangibles Revenue from real estate owned operations (55) (72) Liability Below-market lease intangibles Revenue from real estate owned operations 6 7
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense	The following table presents the amortization of lease intangibles for each of the succeeding fiscal years: (dollars in thousands) In-place Lease Intangible Assets Above-market Lease intangible Assets Below-market Lease Intangible Liabilities 2023 $ 808 $ 54 $ 2 2024 1,979 123 6 2025 589 24 6 2026 498 20 6 2027 58 17 6 Thereafter 200 92 5
Below Market Lease, Future Amortization Income	The following table presents the amortization of lease intangibles for each of the succeeding fiscal years: (dollars in thousands) In-place Lease Intangible Assets Above-market Lease intangible Assets Below-market Lease Intangible Liabilities 2023 $ 808 $ 54 $ 2 2024 1,979 123 6 2025 589 24 6 2026 498 20 6 2027 58 17 6 Thereafter 200 92 5
Lessor, Operating Lease, Payment to be Received, Maturity	The following table presents the future minimum lease payments to be collected under non-cancelable operating leases, excluding tenant reimbursements of expenses as of September 30, 2023: (dollars in thousands) Contractual Lease Payments 2023 $ 996 2024 3,122 2025 1,730 2026 1,605 2027 616 Thereafter 1,399

Variable Interest Entities an_2

Variable Interest Entities and Securitized Debt Obligations (Tables)	9 Months Ended
	Sep. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Schedule of Variable Interest Entities	The following table presents a summary of the assets and liabilities of all VIEs consolidated on the Company’s condensed consolidated balance sheets as of September 30, 2023, and December 31, 2022: (in thousands) September 30, December 31, Loans held-for-investment $ 1,231,479 $ 1,557,731 Allowance for credit losses (25,024) (21,865) Loans held-for-investment, net 1,206,455 1,535,866 Restricted cash 22,940 5,674 Other assets 10,834 10,396 Total Assets $ 1,240,229 $ 1,551,936 Securitized debt obligations $ 999,536 $ 1,138,749 Other liabilities 2,195 2,279 Total Liabilities $ 1,001,731 $ 1,141,028
Schedule of Securitized Debt Obligations	The following table details the Company’s CRE CLO securitized debt obligations: (dollars in thousands) September 30, 2023 December 31, 2022 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 $ 602,977 S+3.8% $ 621,409 $ 607,354 L+/S+3.7% Financing provided 502,564 500,113 S+1.8% 502,564 499,249 L+1.7% GPMT 2021-FL3 CRE CLO Collateral assets (3) 637,263 626,418 S+3.8% 677,715 669,279 L+/S+3.9% Financing provided 499,423 499,423 S+1.9% 539,876 539,892 L+1.7% GPMT 2019-FL2 CRE CLO Collateral assets (4) — — — 270,498 264,907 L+ 4.2% Financing provided — — — 99,300 99,608 L+ 2.7% Total Collateral assets $ 1,258,672 $ 1,229,395 S+3.8% $ 1,569,622 $ 1,541,540 L+/S+ 3.9% Financing provided $ 1,001,987 $ 999,536 S+1.8% $ 1,141,740 $ 1,138,749 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. Calculation of cost of funds is the weighted average coupon of the CRE CLO, exclusive of any CRE CLO issuance costs. During the three months ended September 30, 2023, the financing provided transitioned from LIBOR to SOFR. (2) $22.9 million of restricted cash is included as of September 30, 2023. No restricted cash is included as of December 31, 2022. Yield on collateral assets is exclusive of restricted cash. (3) No restricted cash is included as of September 30, 2023. $5.6 million of restricted cash is included as of December 31, 2022. Yield on collateral assets is exclusive of restricted cash. (4) During the nine months ended September 30, 2023, the Company redeemed the GPMT 2019-FL2 CRE CLO. No restricted cash is included as of December 31, 2022. Yield on collateral assets is exclusive of restricted cash.

Secured Financing Agreements (T

Secured Financing Agreements (Tables)	9 Months Ended
	Sep. 30, 2023
Debt Disclosure [Abstract]
Schedule of Collateralized Borrowings	The following tables summarize details of the Company’s borrowings outstanding on its secured financing agreements as of September 30, 2023, and December 31, 2022: September 30, 2023 (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, 2024 $ 246,196 $ 228,804 $ 475,000 $ 374,085 8.0 % Goldman Sachs Bank USA (3) July 13, 2024 99,856 150,144 250,000 173,005 8.1 % JPMorgan Chase Bank (4) July 28, 2025 367,672 57,328 425,000 553,757 8.4 % Citibank May 25, 2025 200,595 299,405 500,000 269,645 7.1 % Centennial Bank (5) August 29, 2024 7,029 142,971 150,000 21,957 10.3 % Total/Weighted Average $ 921,348 $ 878,652 $ 1,800,000 $ 1,392,449 Asset-specific financings Term Matched $ 45,823 $ 104,177 $ 150,000 $ 59,582 7.1 % Secured credit facility December 21, 2025 $ 100,000 — $ 100,000 $ 123,112 11.8 % 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 (6) June 28, 2023 71,091 — 71,091 111,154 6.3 % Centennial Bank (5) 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 December 21, 2025 $ 100,000 $ — $ 100,000 $ 157,112 10.8 % ____________________ (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 September 30, 2023, and December 31, 2022. (3) As of September 30, 2023, and 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 September 30, 2023, the outstanding balance was collateralized by loans held-for-investment and one loan held-for-sale. Subsequent to September 30, 2023, the Company entered into a modification of the facility to increase the maximum facility capacity amount to $525 million. (5) As of September 30, 2023, and December 31, 2022, the Company retained options to increase the maximum facility capacity amount up to $200 million, subject to customary terms and conditions. As of September 30, 2023, the outstanding balance was collateralized by real estate owned, inclusive of $4.5 million in other assets and liabilities related to acquired leases. See Note 4 - Real Estate Owned, Net, for further detail. (6) During the nine months ended September 30, 2023, the facility was terminated.
Schedule of Collateralized Borrowings by Maturity	At September 30, 2023, and December 31, 2022, the Company’s borrowings outstanding on its secured financing facilities had contractual maturities as follows: September 30, 2023 (in thousands) Repurchase Facilities Asset-Specific Financings (1) Secured Credit Facility Total Amount Outstanding 2023 $ — $ 45,823 $ — $ 45,823 2024 353,081 — — 353,081 2025 568,267 — 100,000 668,267 2026 — — — — 2027 — — — — Thereafter — — — — Total $ 921,348 $ 45,823 $ 100,000 $ 1,067,171 December 31, 2022 (in thousands) Repurchase Facilities Asset-Specific Financings (1) 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 __________________ (1) Maturity date is term matched to the corresponding loans.
Schedule of Repurchase Agreement Counterparties with Whom Repurchase Agreements Exceed 10 Percent of Stockholders' Equity	The following table summarizes certain characteristics of the Company’s repurchase facilities and counterparty concentration at September 30, 2023, and December 31, 2022: September 30, 2023 December 31, 2022 (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 $ 246,196 $ 134,690 15 % 0.75 $ 494,250 $ 213,855 22 % 0.49 JPMorgan Chase Bank 367,672 197,874 22 % 1.83 132,438 81,850 8 % 1.49 Goldman Sachs Bank USA 99,856 75,709 8 % 0.79 66,914 27,594 3 % 0.53 Citibank 200,595 73,197 8 % 1.65 204,593 63,924 6 % 2.40 Wells Fargo Bank — — — % 71,091 42,447 4 % 0.49 Centennial Bank 7,029 16,939 2 % 0.92 46,280 55,712 6 % 1.66 Total $ 921,348 $ 498,409 $ 1,015,566 $ 485,382 ____________________ (1) Represents the excess of the carrying amount or market value of the loans held-for-investment pledged as collateral for repurchase facilities, including accrued interest plus any cash on deposit to secure the repurchase obligation, less the amount of the repurchase liability, including accrued interest.

Convertible Senior Notes (Table

Convertible Senior Notes (Tables)	9 Months Ended
	Sep. 30, 2023
Debt Disclosure [Abstract]
Schedule of Interest Expense, Debt	The following table details the interest expense related to the convertible notes for the three and nine months ended September 30, 2023, and 2022: Three Months Ended September 30, Nine Months Ended September 30, (in thousands) 2023 2022 2023 2022 Cash coupon $ 2,098 $ 4,119 $ 6,293 $ 12,357 Amortization of issuance costs 234 466 682 1,346 Total interest expense $ 2,332 $ 4,585 $ 6,975 $ 13,703
Schedule of Long-term Debt Instruments	The following table details the carrying value of the convertible notes as of September 30, 2023, and December 31, 2022: (in thousands) September 30, December 31, Principal outstanding $ 131,600 $ 131,600 Less: Unamortized issuance costs — (682) Net carrying value $ 131,600 $ 130,918

Cash, Cash Equivalents and Re_2

Cash, Cash Equivalents and Restricted Cash (Tables)	9 Months Ended
	Sep. 30, 2023
Cash and Cash Equivalents [Abstract]
Schedule of Cash and Cash Equivalents	The following table provides a reconciliation of cash, cash equivalents and restricted cash reported on the Company’s condensed consolidated balance sheets as of September 30, 2023, and December 31, 2022, that sum to the total of the same such amounts shown in the condensed consolidated statements of cash flows: (in thousands) September 30, December 31, Cash and cash equivalents $ 257,592 $ 133,132 Restricted cash 25,955 7,033 Total cash, cash equivalents and restricted cash $ 283,547 $ 140,165

Fair Value (Tables)

Fair Value (Tables)	9 Months Ended
	Sep. 30, 2023
Fair Value Disclosures [Abstract]
Fair Value, by Balance Sheet Grouping	The following table presents the carrying values and estimated fair values of assets and liabilities that are required to be recorded or disclosed at fair value at September 30, 2023, and December 31, 2022: September 30, 2023 December 31, 2022 (in thousands) Carrying Value Fair Value Carrying Value Fair Value Assets Loans held-for-investment, net of allowance for credit losses $ 2,763,558 $ 2,794,976 $ 3,267,815 $ 3,270,338 Loans held-for-sale $ 14,980 $ 14,980 $ — $ — Cash and cash equivalents $ 257,592 $ 257,592 $ 133,132 $ 133,132 Restricted cash $ 25,955 $ 25,955 $ 7,033 $ 7,033 Liabilities Repurchase facilities $ 921,348 $ 921,348 $ 1,015,566 $ 1,015,566 Securitized debt obligations $ 999,536 $ 943,222 $ 1,138,749 $ 1,093,351 Asset-specific financings $ 45,823 $ 45,823 $ 44,913 $ 44,913 Secured credit facility $ 100,000 $ 100,000 $ 100,000 $ 100,000 Convertible senior notes $ 131,600 $ 131,749 $ 130,918 $ 127,881

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	9 Months Ended
	Sep. 30, 2023
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 during the nine months ended September 30, 2023, and 2022: Declaration Date Record Date Payment Date Cash Dividend Per Share 2023 September 20, 2023 October 2, 2023 October 16, 2023 $ 0.20 June 22, 2023 July 3, 2023 July 17, 2023 0.20 March 16, 2023 April 3, 2023 April 17, 2023 0.20 $ 0.60 2022 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 $ 0.75 The following table presents cash dividends declared by the Company’s board of directors on its Series A Preferred Stock during the nine months ended September 30, 2023, and 2022: Declaration Date Record Date Payment Date Cash Dividend Per Share 2023 September 20, 2023 October 2, 2023 October 16, 2023 $ 0.43750 June 22, 2023 July 3, 2023 July 17, 2023 $ 0.43750 March 16, 2023 April 3, 2023 April 17, 2023 $ 0.43750 $ 1.31250 2022 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 $ 1.31250

Equity Incentive Plans (Tables)

Equity Incentive Plans (Tables)	9 Months Ended
	Sep. 30, 2023
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 three and nine months ended September 30, 2023: Restricted Stock RSUs PSUs Weighted Average Grant Date Fair Market Value Outstanding at December 31, 2022 92,585 1,238,439 660,434 11.83 Granted — 1,095,521 734,223 5.04 Vested (92,585) (213,304) — 13.05 Forfeited — (114,306) — 10.84 Outstanding at March 31, 2023 — 2,006,350 1,394,657 8.1 Granted — 159,561 — 4.81 Vested — (51,802) — 10.32 Forfeited — (15,234) — 11.06 Outstanding at June 30, 2023 — 2,098,875 1,394,657 7.9 Granted — — — — Vested — — — — Forfeited — — — — Outstanding at September 30, 2023 — 2,098,875 1,394,657 7.9 Below is a summary of restricted stock, RSU and PSU vesting dates as of September 30, 2023: Vesting Year RSUs PSUs Total Awards 2023 — 347,896 347,896 2024 849,974 312,538 1,162,512 2025 886,100 734,223 1,620,323 2026 362,801 — 362,801 Total 2,098,875 1,394,657 3,493,532

Earnings (Loss) Per Share (Tabl

Earnings (Loss) Per Share (Tables)	9 Months Ended
	Sep. 30, 2023
Earnings Per Share [Abstract]
Schedule of Earnings Per Share, Basic and Diluted	The following table presents a reconciliation of the earnings and shares used in calculating basic and diluted earnings per share for the three and nine months ended September 30, 2023, and 2022: Three Months Ended Nine Months Ended September 30, September 30, (in thousands, except share data) 2023 2022 2023 2022 Numerator: Net income (loss) attributable to common stockholders $ (24,537) $ (29,130) $ (60,575) $ (45,475) Dividends allocated to participating restricted stock units $ (420) $ — $ (1,241) $ — Net income (loss) attributable to common stockholders - basic $ (24,957) $ (29,130) $ (61,816) $ (16,345) Net income (loss) attributable to common stockholders - diluted $ (24,957) $ (29,130) $ (61,816) $ (16,345) Denominator: Weighted average common shares outstanding 51,577,143 52,258,404 51,795,091 53,122,374 Weighted average restricted stock shares — 92,585 10,174 112,124 Basic weighted average shares outstanding 51,577,143 52,350,989 51,805,265 53,234,498 Diluted weighted average shares outstanding 51,577,143 52,350,989 51,805,265 53,234,498 Earnings (loss) per share Basic $ (0.48) $ (0.56) $ (1.17) $ (0.85) Diluted $ (0.48) $ (0.56) $ (1.17) $ (0.85)

Organization and Operations (De

Organization and Operations (Details)	9 Months Ended
	Sep. 30, 2023 segment
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of operating segments	1

Basis of Presentation and Sig_4

Basis of Presentation and Significant Accounting Policies (Details)	Sep. 30, 2023
Building
Property, Plant and Equipment [Line Items]
Property, plant and equipment, useful life	39 years

Loans Held-for-Investment, Ne_3

Loans Held-for-Investment, Net of Allowance for Credit Losses - Loans Held-for-Investment (Details) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2023 USD ($) loan	Dec. 31, 2022 USD ($) loan	Jun. 30, 2023 USD ($)	Sep. 30, 2022 USD ($)	Jun. 30, 2022 USD ($)	Dec. 31, 2021 USD ($)
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unpaid principal balance	$ 2,917,729	$ 3,362,006
Unamortized (discount) premium	(24)	(48)
Unamortized net deferred origination fees	(8,850)	(11,808)
Allowance for credit losses	(145,297)	(82,335)	$ (130,412)	$ (82,611)	$ (47,280)	$ (40,897)
Loans held-for-investment, net	2,763,558	3,267,815	$ 2,966,088	$ 3,520,405	$ 3,830,014	$ 3,741,308
Unfunded commitments	$ 142,056	$ 229,607
Number of loans | loan	77	90
Weighted average coupon (as a percent)	8.20%	6.30%
Weighted average years to maturity (in years)	8 months 12 days	1 year
Senior Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unpaid principal balance	$ 2,904,156	$ 3,348,242
Unamortized (discount) premium	(24)	(48)
Unamortized net deferred origination fees	(8,850)	(11,808)
Allowance for credit losses	(144,867)	(81,768)
Loans held-for-investment, net	2,750,415	3,254,618
Unfunded commitments	$ 142,056	$ 229,607
Number of loans | loan	76	89
Weighted average coupon (as a percent)	8.20%	6.30%
Weighted average years to maturity (in years)	8 months 12 days	1 year
B-Notes
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unpaid principal balance	$ 13,573	$ 13,764
Unamortized (discount) premium	0	0
Unamortized net deferred origination fees	0	0
Allowance for credit losses	(430)	(567)
Loans held-for-investment, net	13,143	13,197
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)	3 years 3 months 18 days	4 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	Sep. 30, 2023	Jun. 30, 2023	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Dec. 31, 2021
Accounts, Notes, Loans and Financing Receivable [Line Items]
Carrying Value	$ 2,763,558	$ 2,966,088	$ 3,267,815	$ 3,520,405	$ 3,830,014	$ 3,741,308
Percentage of loan portfolio (as a percent)	100%		100%
Office
Accounts, Notes, Loans and Financing Receivable [Line Items]
Carrying Value	$ 1,209,011		$ 1,348,205
Percentage of loan portfolio (as a percent)	43.70%		41.30%
Multifamily
Accounts, Notes, Loans and Financing Receivable [Line Items]
Carrying Value	$ 899,530		$ 1,008,177
Percentage of loan portfolio (as a percent)	32.50%		30.90%
Hotel
Accounts, Notes, Loans and Financing Receivable [Line Items]
Carrying Value	$ 181,080		$ 337,264
Percentage of loan portfolio (as a percent)	6.60%		10.30%
Retail
Accounts, Notes, Loans and Financing Receivable [Line Items]
Carrying Value	$ 272,768		$ 303,266
Percentage of loan portfolio (as a percent)	9.90%		9.30%
Industrial
Accounts, Notes, Loans and Financing Receivable [Line Items]
Carrying Value	$ 113,685		$ 185,337
Percentage of loan portfolio (as a percent)	4.10%		5.60%
Other
Accounts, Notes, Loans and Financing Receivable [Line Items]
Carrying Value	$ 87,484		$ 85,566
Percentage of loan portfolio (as a percent)	3.20%		2.60%

Loans Held-for-Investment, Ne_5

Loans Held-for-Investment, Net of Allowance for Credit Losses - by Geographic Location (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Jun. 30, 2023	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Dec. 31, 2021
Accounts, Notes, Loans and Financing Receivable [Line Items]
Carrying Value	$ 2,763,558	$ 2,966,088	$ 3,267,815	$ 3,520,405	$ 3,830,014	$ 3,741,308
Percentage of loan portfolio (as a percent)	100%		100%
Northeast
Accounts, Notes, Loans and Financing Receivable [Line Items]
Carrying Value	$ 733,757		$ 834,985
Percentage of loan portfolio (as a percent)	26.60%		25.50%
Southwest
Accounts, Notes, Loans and Financing Receivable [Line Items]
Carrying Value	$ 581,431		$ 675,288
Percentage of loan portfolio (as a percent)	21%		20.70%
West
Accounts, Notes, Loans and Financing Receivable [Line Items]
Carrying Value	$ 345,232		$ 519,244
Percentage of loan portfolio (as a percent)	12.50%		15.90%
Midwest
Accounts, Notes, Loans and Financing Receivable [Line Items]
Carrying Value	$ 440,726		$ 546,030
Percentage of loan portfolio (as a percent)	15.90%		16.70%
Southeast
Accounts, Notes, Loans and Financing Receivable [Line Items]
Carrying Value	$ 662,412		$ 692,268
Percentage of loan portfolio (as a percent)	24%		21.20%

Loans Held-for-Investment, Ne_6

Loans Held-for-Investment, Net of Allowance for Credit Losses - Narrative (Details) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023 USD ($) loan	Sep. 30, 2022 USD ($)	Sep. 30, 2023 USD ($) loan	Sep. 30, 2022 USD ($)	Jun. 30, 2023 USD ($)	Dec. 31, 2022 USD ($)	Jun. 30, 2022 USD ($)	Dec. 31, 2021 USD ($)
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans held-for-investment, net of allowance for credit losses	$ 2,763,558	$ 3,520,405	$ 2,763,558	$ 3,520,405	$ 2,966,088	$ 3,267,815	$ 3,830,014	$ 3,741,308
Originations, additional fundings, upsizing of loans, excluding capitalized deferred interest	20,700		56,100
Other addition	174,200		396,600
Partial paydown and amortization		3,300		46,500
Repayments	177,482	346,737	443,105	585,227
Principal balance transferred to held-for-sale	31,900
Transferred to held-for-sale, writeoff	16,800
Principal balance transferred to REO			28,200
Converted to REO, writeoff			4,200
Financing receivable, excluding accrued interest, allowance for credit loss, period increase (decrease)	14,800		62,900
Allowance for credit losses	145,297	82,611	145,297	82,611	$ 130,412	82,335	$ 47,280	$ 40,897
Provision for (benefit from) credit losses	31,635	35,331	83,912	52,333
Provision for credit losses	31,635	$ 35,331	83,912	$ 51,821
Loans held-for-investment	$ 2,908,855		$ 2,908,855			$ 3,350,150
Threshold period delinquent for placement of financing receivable on nonaccrual status			90 days
Debt, portfolio, weighted average risk rating	2.7		2.7			2.5
Non-accrual loan
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of loans | loan	4		4
Loans Tranche One
Accounts, Notes, Loans and Financing Receivable [Line Items]
Financing receivable, excluding accrued interest, allowance for credit loss, period increase (decrease)	$ 18,000		$ 22,400
Loans Tranche Two
Accounts, Notes, Loans and Financing Receivable [Line Items]
Financing receivable, excluding accrued interest, allowance for credit loss, period increase (decrease)	13,600		34,000
Loans Tranche Three
Accounts, Notes, Loans and Financing Receivable [Line Items]
Transferred to held-for-sale, writeoff	16,800
Financing receivable, excluding accrued interest, allowance for credit loss, period increase (decrease)	(8,900)		17,100
Decrease from loan repayments, change in portfolio mix and other assumptions	7,900
Loans Tranche Four
Accounts, Notes, Loans and Financing Receivable [Line Items]
Transferred to held-for-sale, writeoff			16,800
Financing receivable, excluding accrued interest, allowance for credit loss, period increase (decrease)			5,900
Loans Tranche Five
Accounts, Notes, Loans and Financing Receivable [Line Items]
Converted to REO, writeoff			4,200
Unfunded loan commitment
Accounts, Notes, Loans and Financing Receivable [Line Items]
Allowance for credit losses	148,900		148,900
Provision for (benefit from) credit losses	(600)		(700)
Provision for credit losses	31,000		83,200
Other Liabilities | Unfunded loan commitment
Accounts, Notes, Loans and Financing Receivable [Line Items]
Provision for (benefit from) credit losses			3,600
Days: 90 or more
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans held-for-investment, net of allowance for credit losses	208,350		208,350			$ 182,082
Days: 30-59
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans held-for-investment, net of allowance for credit losses	23,480		23,480			0
Risk Rating 4
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans held-for-investment, net of allowance for credit losses	303,941		303,941			258,570
Office
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans held-for-investment, net of allowance for credit losses	1,209,011		1,209,011			1,348,205
Hotel
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans held-for-investment, net of allowance for credit losses	181,080		181,080			337,264
Hotel | Risk Rating 4
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans held-for-investment	37,100		37,100
Non-accrual loan
Accounts, Notes, Loans and Financing Receivable [Line Items]
Principal balance transferred to held-for-sale	31,800
Principal balance transferred to REO			28,200
Senior loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans held-for-investment, net of allowance for credit losses	2,750,415		2,750,415			3,254,618
Senior loans | Days: 90 or more
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans held-for-investment, net of allowance for credit losses	208,350		208,350			182,082
Senior loans | Days: 30-59
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans held-for-investment, net of allowance for credit losses	23,480		23,480			0
Fair Value, Nonrecurring | Non-accrual loan
Accounts, Notes, Loans and Financing Receivable [Line Items]
Provision for (benefit from) credit losses	(7,900)
Fair Value, Nonrecurring | Loan One
Accounts, Notes, Loans and Financing Receivable [Line Items]
Allowance for credit losses	85,100		85,100
Fair Value, Nonrecurring | Loan One | Office
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans held-for-investment	66,000		66,000
Fair Value, Nonrecurring | Four Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans held-for-investment	250,900		250,900
Fair Value, Nonrecurring | Four Loans | Non-accrual loan
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans held-for-investment, net of allowance for credit losses	165,900		165,900
Collateral pledged
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans held-for-investment, net of allowance for credit losses	$ 2,800,000		$ 2,800,000			$ 3,200,000
Number of loans | loan	4		4
Collateral pledged | Office
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of loans | loan	1		1
Collateral pledged | Office
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of loans | loan	2		2
Collateral pledged | Hotel
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of loans | loan	1		1
Collateral pledged | Mixed-Use
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of loans | loan	1		1

Loans Held-for-Investment, Ne_7

Loans Held-for-Investment, Net of Allowance for Credit Losses - Roll Forward of Loans Held-for-Investment (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Loans Held-for-Investment [Roll Forward]
Balance at beginning of period	$ 2,966,088	$ 3,830,014	$ 3,267,815	$ 3,741,308
Originations, additional fundings, upsizing of loans and capitalized deferred interest	21,698	72,435	58,878	457,545
Repayments	(177,482)	(346,737)	(443,105)	(585,227)
Loan sales	0	0	0	(43,714)
Transfers to loans held-for-sale	(14,980)	0	(14,980)	0
Transfers to real estate owned	0	0	(24,000)	0
Net discount accretion (premium amortization)	3	3	23	19
Increase in net deferred origination fees	(250)	(1,454)	(1,282)	(6,012)
Amortization of net deferred origination fees	116	1,475	4,121	8,307
Provision for credit losses	(31,635)	(35,331)	(83,912)	(51,821)
Balance at end of period	$ 2,763,558	$ 3,520,405	$ 2,763,558	$ 3,520,405

Loans Held-for-Investment, Ne_8

Loans Held-for-Investment, Net of Allowance for Credit Losses - Roll Forward of Allowance for Credit Losses (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Balance at beginning of period	$ 130,412	$ 47,280	$ 82,335	$ 40,897
Provision for (benefit from) credit losses	31,635	35,331	83,912	52,333
Write-off	(16,750)	0	(20,950)	(10,107)
Recoveries of amounts previously written off	0	0	0	(512)
Balance at end of period	$ 145,297	$ 82,611	$ 145,297	$ 82,611

Loans Held-for-Investment, Ne_9

Loans Held-for-Investment, Net of Allowance for Credit Losses - Roll Forward of Nonaccrual Loans (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Financing Receivables, Held for Investment, Nonaccrual [Roll Forward]
Nonaccrual loan carrying value at beginning of period	$ 183,263	$ 188,839	$ 207,958	$ 145,370
Addition of nonaccrual loan carrying value	23,480	103,076	46,750	192,399
Reduction of nonaccrual loan carrying value	(40,881)	(12,656)	(88,846)	(58,510)
Nonaccrual loan carrying value at end of period	$ 165,862	$ 279,259	$ 165,862	$ 279,259

Loans Held-for-Investment, N_10

Loans Held-for-Investment, Net of Allowance for Credit Losses - Aging Analysis of Accrued Interest Past Due (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Jun. 30, 2023	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Dec. 31, 2021
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans held-for-investment, net of allowance for credit losses	$ 2,763,558	$ 2,966,088	$ 3,267,815	$ 3,520,405	$ 3,830,014	$ 3,741,308
90 days or more past due and accruing interest	65,968		0
Current
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans held-for-investment, net of allowance for credit losses	2,531,728		3,085,733
Total loans past due
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans held-for-investment, net of allowance for credit losses	231,830		182,082
Days: 30-59
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans held-for-investment, net of allowance for credit losses	23,480		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	208,350		182,082
Senior loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans held-for-investment, net of allowance for credit losses	2,750,415		3,254,618
90 days or more past due and accruing interest	65,968		0
Senior loans | Current
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans held-for-investment, net of allowance for credit losses	2,518,585		3,072,536
Senior loans | Total loans past due
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans held-for-investment, net of allowance for credit losses	231,830		182,082
Senior loans | Days: 30-59
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans held-for-investment, net of allowance for credit losses	23,480		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	208,350		182,082
Subordinated loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans held-for-investment, net of allowance for credit losses	13,143		13,197
90 days or more past due and accruing interest	0		0
Subordinated loans | Current
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans held-for-investment, net of allowance for credit losses	13,143		13,197
Subordinated 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
Subordinated 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 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 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

Loans Held-for-Investment, N_11

Loans Held-for-Investment, Net of Allowance for Credit Losses - Internal Risk Rating (Details) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2023 USD ($) loan	Dec. 31, 2022 USD ($) loan	Jun. 30, 2023 USD ($)	Sep. 30, 2022 USD ($)	Jun. 30, 2022 USD ($)	Dec. 31, 2021 USD ($)
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of Loans | loan	77	90
Unpaid Principal Balance	$ 2,917,729	$ 3,362,006
Loans held-for-investment, net	2,763,558	3,267,815	$ 2,966,088	$ 3,520,405	$ 3,830,014	$ 3,741,308
Current year	0	419,617
Year one	431,022	607,587
Year two	545,995	159,855
Year three	65,860	1,094,359
Year four	986,298	485,873
Prior	734,383	500,524
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss, Writeoff, by Origination Year [Abstract]
Year one	0	0
Year two	0	0
Year three	0	0
Year four	0	0
Year five	0	0
Prior	(20,950)	0
Total	$ (20,950)	$ 0
Risk Rating 1
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of Loans | loan	5	8
Unpaid Principal Balance	$ 134,655	$ 291,236
Loans held-for-investment, net	133,874	287,527
Current year	0	0
Year one	0	0
Year two	62,992	44,141
Year three	21,715	186,506
Year four	49,167	56,880
Prior	$ 0	$ 0
Risk Rating 2
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of Loans | loan	40	52
Unpaid Principal Balance	$ 1,419,862	$ 1,857,744
Loans held-for-investment, net	1,391,937	1,824,564
Current year	0	419,617
Year one	405,438	512,526
Year two	339,076	95,560
Year three	21,948	516,723
Year four	522,000	193,900
Prior	$ 103,475	$ 86,238
Risk Rating 3
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of Loans | loan	23	21
Unpaid Principal Balance	$ 784,320	$ 697,532
Loans held-for-investment, net	767,944	689,196
Current year	0	0
Year one	25,584	95,061
Year two	143,927	20,154
Year three	22,197	234,019
Year four	217,849	99,311
Prior	$ 358,387	$ 240,651
Risk Rating 4
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of Loans | loan	5	5
Unpaid Principal Balance	$ 328,023	$ 268,236
Loans held-for-investment, net	303,941	258,570
Current year	0	0
Year one	0	0
Year two	0	0
Year three	0	0
Year four	74,170	135,782
Prior	$ 229,771	$ 122,788
Risk Rating 5
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of Loans | loan	4	4
Unpaid Principal Balance	$ 250,869	$ 247,258
Loans held-for-investment, net	165,862	207,958
Current year	0	0
Year one	0	0
Year two	0	0
Year three	0	157,111
Year four	123,112	0
Prior	$ 42,750	$ 50,847

Real Estate Owned, Net - Narrat

Real Estate Owned, Net - Narrative (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2023	Jun. 30, 2023	May 16, 2023	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Dec. 31, 2021
Real Estate [Line Items]
Loans held-for-investment	$ 2,908,855			$ 3,350,150
Loans held-for-investment, net of allowance for credit losses	$ 2,763,558	$ 2,966,088		$ 3,267,815	$ 3,520,405	$ 3,830,014	$ 3,741,308
Weighted average remaining lease term	2 years 2 months 12 days
Office, Phoenix, AZ | Tenant Improvements
Real Estate [Line Items]
Acquired finite-lived intangible assets, weighted average useful life	1 year 6 months
Office, Phoenix, AZ | Leases, Acquired-in-Place
Real Estate [Line Items]
Acquired finite-lived intangible assets, weighted average useful life	1 year 6 months
Office, Phoenix, AZ | Above Market Lease
Real Estate [Line Items]
Acquired finite-lived intangible assets, weighted average useful life	1 year 10 months 24 days
Office, Phoenix, AZ | Below Market Lease
Real Estate [Line Items]
Acquired finite-lived intangible assets, weighted average useful life	3 years 7 months 6 days
Commercial Mortgage Loan | Office, Phoenix, AZ
Real Estate [Line Items]
Loans held-for-investment, net of allowance for credit losses	$ 24,000
Commercial Mortgage Loan | Unlikely to be Collected Financing Receivable | Office, Phoenix, AZ
Real Estate [Line Items]
Loans held-for-investment			$ 28,200
Loans held-for-investment, net of allowance for credit losses			24,000
Office, Phoenix, AZ | Commercial Mortgage Loan | Unlikely to be Collected Financing Receivable
Real Estate [Line Items]
Loans held-for-investment, net of allowance for credit losses			$ 24,000

Real Estate Owned, Net - REO As

Real Estate Owned, Net - REO Assets and Liabilities Included in the Condensed Consolidated Balance Sheets (Details) - Office, Phoenix, AZ $ in Thousands	May 16, 2023 USD ($)
Real Estate [Line Items]
Land	$ 9,123
Building	5,638
Tenant improvements	3,596
In-place lease intangibles	5,280
Above-market lease intangibles	401
Below-market lease intangibles	(38)
Total	$ 24,000

Real Estate Owned, Net - REO Op

Real Estate Owned, Net - REO Operations and Related Income (Loss) Included in the Condensed Consolidated Statements of Income (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Real Estate [Abstract]
Rental income	$ 1,017		$ 1,461
Other operating income	39		57
Revenue from real estate owned operations	1,056	$ 0	1,518	$ 0
Expenses from real estate owned operations	(2,233)	$ 0	(3,897)	$ 0
Total	(1,177)		(2,379)
Depreciation and amortization	$ 1,400		$ 2,000

Real Estate Owned, Net - Amorti

Real Estate Owned, Net - Amortization of Lease Intangibles (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2023
Asset
In-place lease intangibles	$ 784	$ 1,148
Above-market lease intangibles	(55)	(72)
Liability
Below-market lease intangibles	$ 6	$ 7

Real Estate Owned, Net - Expect

Real Estate Owned, Net - Expected Amortization of Lease Intangibles (Details) $ in Thousands	Sep. 30, 2023 USD ($)
In-place Lease Intangible Assets
2023	$ 808
2024	1,979
2025	589
2026	498
2027	58
Thereafter	200
Above-market Lease intangible Assets
2023	54
2024	123
2025	24
2026	20
2027	17
Thereafter	92
Below-market Lease Intangible Liabilities
2023	2
2024	6
2025	6
2026	6
2027	6
Thereafter	$ 5

Real Estate Owned, Net - Future

Real Estate Owned, Net - Future Minimum Lease Payments to be Collected (Details) $ in Thousands	Sep. 30, 2023 USD ($)
Real Estate [Abstract]
2023	$ 996
2024	3,122
2025	1,730
2026	1,605
2027	616
Thereafter	$ 1,399

Variable Interest Entities an_3

Variable Interest Entities and Securitized Debt Obligations - Summary of the Assets and Liabilities of all VIEs (Details) - USD ($) $ in Thousands		Sep. 30, 2023	Dec. 31, 2022
Variable Interest Entity [Line Items]
Total Assets	[1]	$ 3,130,621	$ 3,454,101
Total Liabilities	[1]	2,239,876	2,469,431
Variable Interest Entity, Primary Beneficiary
Variable Interest Entity [Line Items]
Total Assets		1,240,229	1,551,936
Total Liabilities		1,001,731	1,141,028
Variable Interest Entity, Primary Beneficiary | Loans held-for-investment
Variable Interest Entity [Line Items]
Total Assets		1,231,479	1,557,731
Variable Interest Entity, Primary Beneficiary | Allowance for credit losses
Variable Interest Entity [Line Items]
Total Assets		25,024	21,865
Variable Interest Entity, Primary Beneficiary | Loans held-for-investment, net
Variable Interest Entity [Line Items]
Total Assets		1,206,455	1,535,866
Variable Interest Entity, Primary Beneficiary | Restricted cash
Variable Interest Entity [Line Items]
Total Assets		22,940	5,674
Variable Interest Entity, Primary Beneficiary | Other assets
Variable Interest Entity [Line Items]
Total Assets		10,834	10,396
Variable Interest Entity, Primary Beneficiary | Securitized debt obligations
Variable Interest Entity [Line Items]
Total Liabilities		999,536	1,138,749
Variable Interest Entity, Primary Beneficiary | Other liabilities
Variable Interest Entity [Line Items]
Total Liabilities		$ 2,195	$ 2,279
[1] The condensed consolidated balance sheets include assets of consolidated variable interest entities, or VIEs, that can only be used to settle obligations of these VIEs, and liabilities of the consolidated VIEs for which creditors do not have recourse to Granite Point Mortgage Trust Inc. At September 30, 2023, and December 31, 2022, assets of the VIEs totaled $1,240,229 and $1,551,936, respectively, and liabilities of the VIEs totaled $1,001,731 and $1,141,028, respectively. See Note 5 - Variable Interest Entities and Securitized Debt Obligations, for further detail.

Variable Interest Entities an_4

Variable Interest Entities and Securitized Debt Obligations - Narrative (Details) $ in Thousands		3 Months Ended		9 Months Ended
	Mar. 16, 2023 USD ($) loan	Sep. 30, 2023 USD ($)	Sep. 30, 2022 USD ($)	Sep. 30, 2023 USD ($)	Sep. 30, 2022 USD ($)	Dec. 31, 2022 USD ($)
Variable Interest Entity [Line Items]
Securitized debt obligations		$ 999,536		$ 999,536		$ 1,138,749
Gain (loss) on extinguishment of debt		0	$ 0	238	$ (18,823)
GPMT 2019-FL2 CRE CLO
Variable Interest Entity [Line Items]
Gain (loss) on extinguishment of debt	$ 300
Financing provided
Variable Interest Entity [Line Items]
Securitized debt obligations		999,536		999,536		1,138,749
Principal Balance		1,001,987		1,001,987		1,141,740
Financing provided | GPMT 2019-FL2 CRE CLO
Variable Interest Entity [Line Items]
Securitized debt obligations	$ 98,100	0		0		99,608
Principal Balance		0		0		99,300
Collateral assets
Variable Interest Entity [Line Items]
Securitized debt obligations		1,229,395		1,229,395		1,541,540
Principal Balance		1,258,672		1,258,672		1,569,622
Collateral assets | GPMT 2019-FL2 CRE CLO
Variable Interest Entity [Line Items]
Securitized debt obligations		0		0		264,907
Number of loans | loan	11
Principal Balance	$ 269,300	$ 0		$ 0		$ 270,498

Variable Interest Entities an_5

Variable Interest Entities and Securitized Debt Obligations - Securitized Debt Obligations (Details) - USD ($)	Sep. 30, 2023	Mar. 16, 2023	Dec. 31, 2022
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Carrying Value	$ 999,536,000		$ 1,138,749,000
Cash collateral for repurchase agreements and securities activity	3,000,000		1,400,000
Restricted cash
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Cash collateral for repurchase agreements and securities activity	22,900,000
GPMT 2021-FL4 CRE CLO | Restricted cash
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Cash collateral for repurchase agreements and securities activity	22,900,000		0
GPMT 2021-FL3 CRE CLO | Restricted cash
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Cash collateral for repurchase agreements and securities activity	0		5,600,000
GPMT 2019-FL2 CRE CLO | Restricted cash
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Cash collateral for repurchase agreements and securities activity			0
Collateral assets
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Principal Balance	1,258,672,000		1,569,622,000
Carrying Value	$ 1,229,395,000		$ 1,541,540,000
Weighted average interest rate of securitized debt obligations outstanding	3.80%		3.90%
Collateral assets | GPMT 2021-FL4 CRE CLO
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Principal Balance	$ 621,409,000		$ 621,409,000
Carrying Value	$ 602,977,000		$ 607,354,000
Weighted average interest rate of securitized debt obligations outstanding	3.80%		3.70%
Collateral assets | GPMT 2021-FL3 CRE CLO
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Principal Balance	$ 637,263,000		$ 677,715,000
Carrying Value	$ 626,418,000		$ 669,279,000
Weighted average interest rate of securitized debt obligations outstanding	3.80%		3.90%
Collateral assets | GPMT 2019-FL2 CRE CLO
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Principal Balance	$ 0	$ 269,300,000	$ 270,498,000
Carrying Value	0		$ 264,907,000
Weighted average interest rate of securitized debt obligations outstanding			4.20%
Financing provided
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Principal Balance	1,001,987,000		$ 1,141,740,000
Carrying Value	$ 999,536,000		$ 1,138,749,000
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	$ 502,564,000		$ 502,564,000
Carrying Value	$ 500,113,000		$ 499,249,000
Weighted average interest rate of securitized debt obligations outstanding	1.80%		1.70%
Financing provided | GPMT 2021-FL3 CRE CLO
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Principal Balance	$ 499,423,000		$ 539,876,000
Carrying Value	$ 499,423,000		$ 539,892,000
Weighted average interest rate of securitized debt obligations outstanding	1.90%		1.70%
Financing provided | GPMT 2019-FL2 CRE CLO
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Principal Balance	$ 0		$ 99,300,000
Carrying Value	$ 0	$ 98,100,000	$ 99,608,000
Weighted average interest rate of securitized debt obligations outstanding			2.70%

Secured Financing Agreements -

Secured Financing Agreements - Summary of Outstanding Borrowings (Details) - USD ($) $ in Thousands	Nov. 07, 2023	Sep. 30, 2023	Dec. 31, 2022
Line of Credit Facility [Line Items]
Repurchase facilities		$ 921,348	$ 1,015,566
Asset-specific financings		45,823	44,913
Other Secured Financings		100,000	100,000
Unused Capacity		878,652	905,525
Total Capacity		1,800,000	1,921,091
Carrying Value of Collateral, Assets		1,392,449	1,486,138
Real estate owned, net		17,527	0
Secured Debt
Line of Credit Facility [Line Items]
Other Secured Financings		100,000	100,000
Unused Capacity		0	0
Carrying Value of Collateral, Liability		$ 123,112	$ 157,112
Weighted Average Borrowing Rate		11.80%	10.80%
Revolving Credit Facility
Line of Credit Facility [Line Items]
Line of credit facility, accordion feature, increase limit		$ 200,000	$ 200,000
Revolving Credit Facility | Asset Pledged as Collateral
Line of Credit Facility [Line Items]
Real estate owned, net		4,500
Asset-specific financings
Line of Credit Facility [Line Items]
Asset-specific financings		45,823	44,913
Unused Capacity		104,177	105,087
Total Capacity		150,000	150,000
Carrying Value of Collateral, Assets		$ 59,582
Weighted Average Borrowing Rate		7.10%
Asset-specific financings | Secured Debt
Line of Credit Facility [Line Items]
Carrying Value of Collateral, Assets			$ 57,629
Weighted Average Borrowing Rate			6%
Loans Receivable | Morgan Stanley Bank
Line of Credit Facility [Line Items]
Repurchase facilities		$ 246,196	$ 494,250
Unused Capacity		228,804	105,750
Total Capacity		475,000	600,000
Carrying Value of Collateral, Assets		$ 374,085	$ 701,469
Weighted Average Borrowing Rate, Assets		8%	7%
Loans Receivable | Goldman Sachs Bank USA
Line of Credit Facility [Line Items]
Repurchase facilities		$ 99,856	$ 66,914
Unused Capacity		150,144	183,086
Total Capacity		250,000	250,000
Carrying Value of Collateral, Assets		$ 173,005	$ 93,651
Weighted Average Borrowing Rate, Assets		8.10%	6.50%
Assets sold under agreements to repurchase, accordion feature, increase limit		$ 350,000	$ 350,000
Loans Receivable | Goldman Sachs Bank USA | Subsequent Event
Line of Credit Facility [Line Items]
Assets sold under agreements to repurchase, accordion feature, increase limit	$ 525,000
Loans Receivable | JPMorgan Chase Bank
Line of Credit Facility [Line Items]
Repurchase facilities		367,672	132,438
Unused Capacity		57,328	217,562
Total Capacity		425,000	350,000
Carrying Value of Collateral, Assets		$ 553,757	$ 211,841
Weighted Average Borrowing Rate, Assets		8.40%	6.70%
Loans Receivable | Citibank
Line of Credit Facility [Line Items]
Repurchase facilities		$ 200,595	$ 204,593
Unused Capacity		299,405	295,407
Total Capacity		500,000	500,000
Carrying Value of Collateral, Assets		$ 269,645	$ 266,179
Weighted Average Borrowing Rate, Assets		7.10%	6.10%
Loans Receivable | Wells Fargo Bank
Line of Credit Facility [Line Items]
Repurchase facilities			$ 71,091
Unused Capacity			0
Total Capacity			71,091
Carrying Value of Collateral, Assets			$ 111,154
Weighted Average Borrowing Rate, Assets			6.30%
Loans Receivable | Centennial Bank
Line of Credit Facility [Line Items]
Repurchase facilities		$ 7,029	$ 46,280
Unused Capacity		142,971	103,720
Total Capacity		150,000	150,000
Carrying Value of Collateral, Assets		$ 21,957	$ 101,844
Weighted Average Borrowing Rate, Assets		10.30%	9.30%

Secured Financing Agreements _2

Secured Financing Agreements - Borrowings by Maturity (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Assets Sold under Agreements to Repurchase [Line Items]
Repurchase facilities	$ 921,348	$ 1,015,566
Asset-specific financings	45,823	44,913
Secured credit facility	100,000	100,000
Total Amount Outstanding	1,067,171	1,160,479
Secured Debt
Assets Sold under Agreements to Repurchase [Line Items]
Secured credit facility	100,000	100,000
Maturity Within One Year
Assets Sold under Agreements to Repurchase [Line Items]
Repurchase facilities	0	632,255
Asset-specific financings	45,823	44,913
Total Amount Outstanding	45,823	677,168
Maturity One To Two Years
Assets Sold under Agreements to Repurchase [Line Items]
Repurchase facilities	353,081	178,718
Asset-specific financings	0	0
Total Amount Outstanding	353,081	178,718
Maturity Two To Three
Assets Sold under Agreements to Repurchase [Line Items]
Repurchase facilities	568,267	204,593
Asset-specific financings	0	0
Total Amount Outstanding	668,267	304,593
Maturity Two To Three | Secured Debt
Assets Sold under Agreements to Repurchase [Line Items]
Secured credit facility	100,000	100,000
Maturity Three To Four Years
Assets Sold under Agreements to Repurchase [Line Items]
Repurchase facilities	0	0
Asset-specific financings	0	0
Total Amount Outstanding	0	0
Maturity Four To Five Years
Assets Sold under Agreements to Repurchase [Line Items]
Repurchase facilities	0	0
Asset-specific financings	0	0
Total Amount Outstanding	0	0
Thereafter
Assets Sold under Agreements to Repurchase [Line Items]
Repurchase facilities	0	0
Asset-specific financings	0	0
Total Amount Outstanding	$ 0	$ 0

Secured Financing Agreements _3

Secured Financing Agreements - Schedule of Repurchase Agreement Counterparties with Whom Repurchase Agreements Exceed 10 Percent of Stockholders' Equity (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2023	Dec. 31, 2022
Repurchase Agreement Counterparty [Line Items]
Amount Outstanding	$ 921,348	$ 1,015,566
Net Counterparty Exposure	498,409	485,382
Morgan Stanley Bank
Repurchase Agreement Counterparty [Line Items]
Amount Outstanding	246,196	494,250
Net Counterparty Exposure	$ 134,690	$ 213,855
Percent of Equity	15%	22%
Weighted Average Years to Maturity	9 months	5 months 26 days
JPMorgan Chase Bank
Repurchase Agreement Counterparty [Line Items]
Amount Outstanding	$ 367,672	$ 132,438
Net Counterparty Exposure	$ 197,874	$ 81,850
Percent of Equity	22%	8%
Weighted Average Years to Maturity	1 year 9 months 29 days	1 year 5 months 26 days
Goldman Sachs Bank USA
Repurchase Agreement Counterparty [Line Items]
Amount Outstanding	$ 99,856	$ 66,914
Net Counterparty Exposure	$ 75,709	$ 27,594
Percent of Equity	8%	3%
Weighted Average Years to Maturity	9 months 14 days	6 months 10 days
Citibank
Repurchase Agreement Counterparty [Line Items]
Amount Outstanding	$ 200,595	$ 204,593
Net Counterparty Exposure	$ 73,197	$ 63,924
Percent of Equity	8%	6%
Weighted Average Years to Maturity	1 year 7 months 24 days	2 years 4 months 24 days
Wells Fargo Bank
Repurchase Agreement Counterparty [Line Items]
Amount Outstanding	$ 0	$ 71,091
Net Counterparty Exposure	$ 0	$ 42,447
Percent of Equity	0%	4%
Weighted Average Years to Maturity		5 months 26 days
Centennial Bank
Repurchase Agreement Counterparty [Line Items]
Amount Outstanding	$ 7,029
Net Counterparty Exposure	$ 16,939	$ 55,712
Percent of Equity	2%	6%
Weighted Average Years to Maturity	11 months 1 day	1 year 7 months 28 days

Secured Financing Agreements _4

Secured Financing Agreements - Narrative (Details) $ in Thousands	Sep. 30, 2023 USD ($)	Dec. 31, 2022 USD ($)
Line of Credit Facility [Line Items]
Minimum unrestricted cash amount	$ 30,000
Debt covenant, recourse (as a percent)	0.050
Cash and cash equivalents	$ 257,592	$ 133,132
Debt instrument, amount	19,100
Debt covenant, net cash proceeds of additional equity issuances, amount	$ 816,900
Debt covenant, tangible net worth (as a percent)	0.750
Debt covenant, tangible net worth, amount	$ 1,000,000
Debt covenant, target asset leverage ratio (as a percent)	0.699
Debt covenant, total leverage ratio (as a percent)	0.683
Debt covenant, interest coverage ratio, actual	1.5
Through June 30, 2024
Line of Credit Facility [Line Items]
Debt covenant, minimum interest coverage ratio	1.3
Subsequent to June 30, 2024
Line of Credit Facility [Line Items]
Debt covenant, minimum interest coverage ratio	1.4
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

Convertible Senior Notes - Narr

Convertible Senior Notes - Narrative (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022	Oct. 31, 2018
Debt Instrument, Redemption [Line Items]
Convertible senior notes	$ 131,600	$ 130,918
Convertible Debt
Debt Instrument, Redemption [Line Items]
Convertible senior notes	$ 131,600	$ 130,900
Convertible Debt, 2018 Issuance | Convertible Debt
Debt Instrument, Redemption [Line Items]
Convertible senior notes interest rate per annum (as a percent)			6.375%
Private Placement | Convertible Debt, 2018 Issuance | Convertible Debt
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) - Convertible Senior Notes - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Debt Instrument, Redemption [Line Items]
Cash coupon	$ 2,098	$ 4,119	$ 6,293	$ 12,357
Amortization of issuance costs	234	466	682	1,346
Total interest expense	$ 2,332	$ 4,585	$ 6,975	$ 13,703

Convertible Senior Notes - Carr

Convertible Senior Notes - Carrying Value of the Convertible Senior Notes (Details) - October 2023 Convertible Senior Notes - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Debt Instrument, Redemption [Line Items]
Principal outstanding	$ 131,600	$ 131,600
Less: Unamortized issuance costs	0	(682)
Net carrying value	$ 131,600	$ 130,918

Cash, Cash Equivalents and Re_3

Cash, Cash Equivalents and Restricted Cash - Narrative (Details) - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022
Variable Interest Entity [Line Items]
Cash collateral for repurchase agreements and securities activity	$ 3	$ 1.4
Restricted cash
Variable Interest Entity [Line Items]
Cash collateral for repurchase agreements and securities activity	$ 22.9

Cash, Cash Equivalents and Re_4

Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022	Sep. 30, 2022	Dec. 31, 2021
Cash and Cash Equivalents [Abstract]
Cash and cash equivalents	$ 257,592	$ 133,132
Restricted cash	25,955	7,033
Total cash, cash equivalents and restricted cash	$ 283,547	$ 140,165	$ 213,656	$ 204,293

Fair Value - Narrative (Details

Fair Value - Narrative (Details) $ in Thousands	Sep. 30, 2023 USD ($) loan	Jun. 30, 2023 USD ($)	May 16, 2023 USD ($)	Dec. 31, 2022 USD ($)	Sep. 30, 2022 USD ($)	Jun. 30, 2022 USD ($)	Dec. 31, 2021 USD ($)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Loans held-for-investment	$ 2,908,855			$ 3,350,150
Loans held-for-investment, net of allowance for credit losses	$ 2,763,558	$ 2,966,088		$ 3,267,815	$ 3,520,405	$ 3,830,014	$ 3,741,308
Non-accrual loan
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Number of loans | loan	4
Office, Phoenix, AZ | Commercial Mortgage Loan | Unlikely to be Collected Financing Receivable
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Loans held-for-investment, net of allowance for credit losses			$ 24,000
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	0.0925
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	0.0725
Maximum | Measurement Input, Discount Rate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financing receivable, measurement input	0.0975
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
Loan One | Minimum | Exit Capitalization Rate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financing receivable, measurement input	0.0700
Loan One | Minimum | Measurement Input, Discount Rate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financing receivable, measurement input	0.0800
Loan One | Minimum | Measurement Input, Return on Cost Assumption
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financing receivable, measurement input	0.0575
Loan One | Maximum | Exit Capitalization Rate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financing receivable, measurement input	0.1000
Loan One | Maximum | Measurement Input, Discount Rate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financing receivable, measurement input	0.1200
Loan One | Maximum | Measurement Input, Return on Cost Assumption
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financing receivable, measurement input	0.0625
Four Loans | Fair Value, Nonrecurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Loans held-for-investment	$ 250,900
Four Loans | Fair Value, Nonrecurring | Non-accrual loan
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Loans held-for-investment, net of allowance for credit losses	$ 165,900

Fair Value - By Balance Sheet G

Fair Value - By Balance Sheet Grouping (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Jun. 30, 2023	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Dec. 31, 2021
Assets
Loans held-for-investment, net of allowance for credit losses	$ 2,763,558	$ 2,966,088	$ 3,267,815	$ 3,520,405	$ 3,830,014	$ 3,741,308
Loans held-for-investment, net of allowance for credit losses, at fair value	2,794,976		3,270,338
Loans held-for-sale	14,980		0
Cash and cash equivalents	257,592		133,132
Restricted cash	25,955		7,033
Liabilities
Repurchase facilities	921,348		1,015,566
Securitized debt obligations	999,536		1,138,749
Securitized debt obligations, at fair value	943,222		1,093,351
Asset-specific financings	45,823		44,913
Secured credit facility	100,000		100,000
Convertible senior notes	131,600		130,918
Convertible senior notes, at fair value	$ 131,749		$ 127,881

Commitments and Contingencies (

Commitments and Contingencies (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Other Commitments [Line Items]
Unfunded commitments	$ 142,056		$ 142,056		$ 229,607
Provision for (benefit from) credit losses	$ 31,635	$ 35,331	$ 83,912	$ 52,333

Preferred Stock (Details)

Preferred Stock (Details) - USD ($)			1 Months Ended		3 Months Ended						9 Months Ended		12 Months Ended
	Dec. 10, 2021	Nov. 30, 2021	Feb. 08, 2022	Jan. 31, 2021	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Class of Stock [Line Items]
Preferred stock dividend rate (as a percent)								10%			10%	10%
Preferred stock liquidation preference (in usd per share)					$ 1,000						$ 1,000
Preferred stock, redemption price per share (in usd per share)						$ 1,000
Preferred dividends declared					$ 0			$ 25,000			$ 49,444	$ 75,000
Proceeds from issuance of preferred stock, net of offering costs											$ 0	$ 87,521,000
Sale of stock, number of shares issued in transaction (in shares)					0			0			0	0
Option redemption term duration		120 days
Minimum
Class of Stock [Line Items]
Option redemption term		30 days
Maximum
Class of Stock [Line Items]
Option redemption term		60 days
Public Offering
Class of Stock [Line Items]
Sale of stock, underwriting discounts	$ 3,600,000
Issuance costs incurred in common stock offering	800,000
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		$ 25
Preferred stock, redemption price per share (in usd per share)		$ 25
Preferred shares issued (in shares)					8,229,500						8,229,500		8,229,500
Preferred stock, shares issued, retained by issuer (in shares)				500
Preferred stock, shares subscribed but unissued (in shares)				125
Dividends, preferred stock, cash					$ 3,600,000	$ 3,600,000	$ 3,600,000	$ 3,601,000	$ 3,600,000	$ 3,600,000	$ 10,800,000	$ 10,800,000
Series A Preferred Stock | Public Offering
Class of Stock [Line Items]
Sale of stock, consideration received on transaction	$ 110,500,000
Sale of stock, number of shares issued in transaction (in shares)	4,596,500
Series A Preferred Stock | Over-Allotment Option
Class of Stock [Line Items]
Sale of stock, consideration received on transaction			$ 87,500,000
Sale of stock, number of shares issued in transaction (in shares)			3,633,000
Sale of stock, underwriting discounts			$ 2,900,000
Issuance costs incurred in common stock offering			$ 400,000
Series A Preferred Stock | Sub-REIT
Class of Stock [Line Items]
Preferred shares issued (in shares)				625
Proceeds from issuance of preferred stock, net of offering costs				$ 100,000

Stockholders' Equity - Schedule

Stockholders' Equity - Schedule of Dividends Declared (Details) - $ / shares							3 Months Ended					9 Months Ended
	Sep. 20, 2023	Jun. 22, 2023	Mar. 16, 2023	Sep. 20, 2022	Jun. 16, 2022	Mar. 17, 2022	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Sep. 30, 2023	Sep. 30, 2022
Class of Stock [Line Items]
Dividends declared per common share (in usd per share)							$ 0.20	$ 0.20	$ 0.20	$ 0.20	$ 0.25
Common Stock
Class of Stock [Line Items]
Dividends declared per common share (in usd per share)	$ 0.20	$ 0.20	$ 0.20	$ 0.25	$ 0.25	$ 0.25						$ 0.60	$ 0.75
Preferred Stock
Class of Stock [Line Items]
Dividends declared per common share (in usd per share)	$ 0.43750	$ 0.43750	$ 0.43750	$ 0.43750	$ 0.43750	$ 0.43750						$ 1.31250	$ 1.31250

Stockholders' Equity - Narrativ

Stockholders' Equity - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	May 09, 2023
Class of Stock [Line Items]
Number of shares authorized to be sold under equity distribution agreement (in shares)	8,000,000		8,000,000
Number of common shares issued under equity distribution agreement and outstanding as of period-end (in shares)	3,242,364		3,242,364
Accumulated proceeds from issuance of common shares under equity distribution agreement	$ 61.2		$ 61.2
Sale of stock, number of shares issued in transaction (in shares)	0	0	0	0
Share Repurchase Program
Class of Stock [Line Items]
Stock repurchase program, number of additional shares authorized to be repurchased (in shares)					5,000,000
Number of shares authorized to be repurchased under stock repurchase program (in shares)	5,157,916		5,157,916
Treasury stock, shares, acquired (in shares)	0	0	1,001,338	1,539,134
Treasury stock, value, acquired, cost method			$ 5.1	$ 15.7
Prior Plan
Class of Stock [Line Items]
Stock repurchase program, remaining number of shares authorized to be repurchased (in shares)	157,916		157,916
Repurchased Shares From Employees
Class of Stock [Line Items]
Treasury stock, shares, acquired (in shares)	0	0	36,916	69,039
Treasury stock, value, acquired, cost method			$ 0.2	$ 0.8

Equity Incentive Plans - Narrat

Equity Incentive Plans - Narrative (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity based compensation	$ 0	$ 100,000	$ 47,500	$ 500,000
RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity based compensation	1,700,000	1,500,000	4,900,000	4,300,000
Share-based payment arrangement, nonvested award, excluding option, cost not yet recognized, amount	7,100,000		$ 7,100,000
Share-based payment arrangement, nonvested award, cost not yet recognized, period for recognition			9 months 18 days
PSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity based compensation	(200,000)	$ 700,000	$ 900,000	$ 1,500,000
Share-based payment arrangement, nonvested award, excluding option, cost not yet recognized, amount	$ 3,800,000		$ 3,800,000
Share-based payment arrangement, nonvested award, cost not yet recognized, period for recognition			1 year
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 | Share-Based Payment Arrangement, Tranche Three
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting rights, percentage			25%
PSUs | Share-Based Payment Arrangement, Tranche Four
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting rights, percentage			25%
PSUs | Share-Based Payment Arrangement, Tranche Five
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting rights, percentage			25%
PSUs | Share-Based Payment Arrangement, Tranche Six
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting rights, percentage			25%
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%
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 (in shares)	7,182,964		7,182,964
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 (in shares)	1,650,317		1,650,317

Equity Incentive Plans - Schedu

Equity Incentive Plans - Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity (Details) - $ / shares	3 Months Ended			9 Months Ended
	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2023
Number of Shares
Ending balance (in shares)	3,493,532			3,493,532
Weighted Average Grant Date Fair Market Value
Beginning balance (in usd per share)	$ 7.9	$ 8.1	$ 11.83	$ 11.83
Granted (in usd per share)	0	4.81	5.04
Vested (in usd per share)	0	10.32	13.05
Forfeited (in usd per share)	0	11.06	10.84
Ending balance (in usd per share)	$ 7.9	$ 7.9	$ 8.1	$ 7.9
Restricted Stock
Number of Shares
Beginning balance (in shares)	0	0	92,585	92,585
Granted (in shares)	0	0	0
Vested (in shares)	0	0	(92,585)
Forfeited (in shares)	0	0	0
Ending balance (in shares)	0	0	0	0
RSUs
Number of Shares
Beginning balance (in shares)	2,098,875	2,006,350	1,238,439	1,238,439
Granted (in shares)	0	159,561	1,095,521
Vested (in shares)	0	(51,802)	(213,304)
Forfeited (in shares)	0	(15,234)	(114,306)
Ending balance (in shares)	2,098,875	2,098,875	2,006,350	2,098,875
PSUs
Number of Shares
Beginning balance (in shares)	1,394,657	1,394,657	660,434	660,434
Granted (in shares)	0	0	734,223
Vested (in shares)	0	0	0
Forfeited (in shares)	0	0	0
Ending balance (in shares)	1,394,657	1,394,657	1,394,657	1,394,657

Equity Incentive Plans - Summar

Equity Incentive Plans - Summary of Restricted Stock and Restricted Stock Units Vesting Dates (Details) - shares	3 Months Ended			9 Months Ended
	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2023	Dec. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total (in shares)	3,493,532			3,493,532
2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vested in period (in shares)				347,896
2024
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vested in period (in shares)				1,162,512
2025
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vested in period (in shares)				1,620,323
2026
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vested in period (in shares)				362,801
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vested in period (in shares)	0	0	92,585
Total (in shares)	0	0	0	0	92,585
RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vested in period (in shares)	0	51,802	213,304
Total (in shares)	2,098,875	2,098,875	2,006,350	2,098,875	1,238,439
RSUs | 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vested in period (in shares)				0
RSUs | 2024
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vested in period (in shares)				849,974
RSUs | 2025
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vested in period (in shares)				886,100
RSUs | 2026
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vested in period (in shares)				362,801
PSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vested in period (in shares)	0	0	0
Total (in shares)	1,394,657	1,394,657	1,394,657	1,394,657	660,434
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)				734,223
PSUs | 2026
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vested in period (in shares)				0

Earnings (Loss) Per Share - Sch

Earnings (Loss) Per Share - Schedule of Earnings Per Share, Basic and Diluted (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Numerator:
Net income (loss) attributable to common stockholders - basic	$ (24,537)	$ (29,130)	$ (60,575)	$ (45,475)
Net income (loss) attributable to common stockholders - diluted	(24,537)	(29,130)	(60,575)	(45,475)
Dividends allocated to participating restricted stock units	(420)	0	(1,241)	0
Net income (loss) attributable to common stockholders - basic	(24,957)	(29,130)	(61,816)	(16,345)
Net income (loss) attributable to common stockholders - diluted	$ (24,957)	$ (29,130)	$ (61,816)	$ (16,345)
Denominator:
Weighted average common shares outstanding (in shares)	51,577,143	52,258,404	51,795,091	53,122,374
Weighted average restricted stock shares (in shares)	0	92,585	10,174	112,124
Basic weighted average shares outstanding (in shares)	51,577,143	52,350,989	51,805,265	53,234,498
Diluted weighted average shares outstanding (in shares)	51,577,143	52,350,989	51,805,265	53,234,498
Earnings (loss) per share
Basic (in usd per share)	$ (0.48)	$ (0.56)	$ (1.17)	$ (0.85)
Diluted (in usd per share)	$ (0.48)	$ (0.56)	$ (1.17)	$ (0.85)

Earnings (Loss) Per Share - Nar

Earnings (Loss) Per Share - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
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	$ 2.3	$ 4.6	$ 7	$ 13.7
Antidilutive convertible notes excluded from computation of earnings per share (in shares)	6,591,765	14,065,946	6,591,765	14,065,946
Convertible Debt Securities | RSUs
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive convertible notes excluded from computation of earnings per share (in shares)	621,465	667,286	303,004	390,584

Subsequent Events (Details)

Subsequent Events (Details) - USD ($) $ in Millions		9 Months Ended
	Oct. 16, 2023	Sep. 30, 2023	Nov. 07, 2023
Subsequent Event
Subsequent Event [Line Items]
Outstanding principal balance	$ 31.8
Carrying amount	$ 14.9
Line of Credit | Subsequent Event
Subsequent Event [Line Items]
Line of credit facility			$ 100
Convertible Debt
Subsequent Event [Line Items]
Extinguishment of debt		$ 131.6