Granite Point Mortgage Trust (GPMT) 10-Q 7 May 24 2024 Q1 Quarterly report Financial data

COVER

COVER - shares	3 Months Ended
	Mar. 31, 2024	May 02, 2024
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2024
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		51,034,800
Entity Central Index Key	0001703644
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q1
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		Mar. 31, 2024	Dec. 31, 2023
ASSETS
Loans held-for-investment		$ 2,702,684	$ 2,718,486
Allowance for credit losses		(210,145)	(134,661)
Loans held-for-investment, net		2,492,539	2,583,825
Cash and cash equivalents		155,216	188,370
Restricted cash		12,809	10,846
Real estate owned, net		16,365	16,939
Accrued interest receivable		11,366	12,380
Other assets		31,950	34,572
Total Assets	[1]	2,720,245	2,846,932
Liabilities
Repurchase facilities		842,496	875,442
Securitized debt obligations		990,617	991,698
Secured credit facility		84,000	84,000
Dividends payable		11,643	14,136
Other liabilities		17,246	22,633
Total Liabilities	[1]	1,946,002	1,987,909
Commitments and Contingencies (see Note 10)
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 51,034,800 shares and 50,577,841 issued and outstanding, respectively		510	506
Additional paid-in capital		1,199,030	1,198,048
Cumulative earnings		(6,628)	67,495
Cumulative distributions to stockholders		(418,876)	(407,233)
Total Granite Point Mortgage Trust Inc. Stockholders’ Equity		774,118	858,898
Non-controlling interests		125	125
Total Equity		774,243	859,023
Total Liabilities and Stockholders’ Equity		$ 2,720,245	$ 2,846,932
[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 March 31, 2024, and December 31, 2023, assets of the VIEs totaled $1,177,850 and $1,233,821, respectively, and liabilities of the VIEs totaled $992,789 and $994,081, 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		3 Months Ended	12 Months Ended
		Mar. 31, 2024	Dec. 31, 2023
Variable Interest Entity [Line Items]
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)		51,034,800	50,577,841
Common shares outstanding (in shares)		51,034,800	50,577,841
Assets of consolidated variable interest entities	[1]	$ 2,720,245	$ 2,846,932
Liabilities of consolidated variable interest entities	[1]	$ 1,946,002	$ 1,987,909
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		$ 1,177,850	$ 1,233,821
Liabilities of consolidated variable interest entities		$ 992,789	$ 994,081
[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 March 31, 2024, and December 31, 2023, assets of the VIEs totaled $1,177,850 and $1,233,821, respectively, and liabilities of the VIEs totaled $992,789 and $994,081, respectively. See Note 5 - Variable Interest Entities and Securitized Debt Obligations, for further detail.

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Interest income:
Loans held-for-investment	$ 51,965	$ 65,291
Cash and cash equivalents	2,090	1,428
Total interest income	54,055	66,719
Interest expense:
Repurchase facilities	20,728	19,772
Secured credit facility	2,689	2,929
Securitized debt obligations	18,115	18,051
Convertible senior notes	0	2,311
Asset-specific financings	0	743
Total interest expense	41,532	43,806
Net interest income	12,523	22,913
Other income (loss):
Revenue from real estate owned operations	1,142	0
Provision for credit losses	(75,552)	(46,410)
Gain (loss) on extinguishment of debt	0	238
Total other loss	(74,410)	(46,172)
Expenses:
Compensation and benefits	5,987	5,912
Servicing expenses	1,376	1,378
Expenses from real estate owned operations	2,045	0
Other operating expenses	2,829	3,271
Total expenses	12,237	10,561
(Loss) income before income taxes	(74,124)	(33,820)
(Benefit from) provision for income taxes	(1)	9
Net (loss) income	(74,123)	(33,829)
Dividends on preferred stock	3,600	3,625
Net (loss) income attributable to common stockholders - basic	(77,723)	(37,454)
Net (loss) income attributable to common stockholders - diluted	$ (77,723)	$ (37,454)
Basic (loss) earnings per weighted average common share (in usd per share)	$ (1.53)	$ (0.72)
Diluted (loss) earnings per weighted average common share (in usd per share)	$ (1.53)	$ (0.72)
Weighted average number of shares of common stock outstanding:
Basic (in shares)	50,744,532	52,308,380
Diluted (in shares)	50,744,532	52,308,380
Net (loss) income attributable to common stockholders - basic	$ (77,723)	$ (37,454)
Net (loss) income attributable to common stockholders - diluted	(77,723)	(37,454)
Comprehensive (loss) income
Comprehensive (loss) income	$ (77,723)	$ (37,454)

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
Common shares outstanding at beginning of period (in shares) at Dec. 31, 2022							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
Preferred shares outstanding at beginning of period (in shares) at Dec. 31, 2022								8,229,500
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
Preferred shares outstanding at end of period (in shares) at Mar. 31, 2023								8,229,500
Common shares outstanding at beginning of period (in shares) at Dec. 31, 2023	50,577,841						50,577,841
Stockholders’ equity at beginning of period at Dec. 31, 2023	$ 859,023			858,898			$ 506	$ 82	1,198,048	67,495	(407,233)			125
Preferred shares outstanding at beginning of period (in shares) at Dec. 31, 2023			8,229,500					8,229,500
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) income	(74,123)			(74,123)						(74,123)
Restricted Stock Unit (RSU) forfeiture	(1,185)			(1,185)					(1,185)
Preferred dividends declared			$ (3,600)			$ (3,600)							$ (3,600)
Common dividends declared	(8,043)			(8,043)							(8,043)
Non-cash equity award compensation (in shares)							456,959
Non-cash equity award compensation	$ 2,171			2,171			$ 4		2,167
Common shares outstanding at end of period (in shares) at Mar. 31, 2024	51,034,800						51,034,800
Stockholders’ equity at end of period at Mar. 31, 2024	$ 774,243			$ 774,118			$ 510	$ 82	$ 1,199,030	$ (6,628)	$ (418,876)			$ 125
Preferred shares outstanding at end of period (in shares) at Mar. 31, 2024			8,229,500					8,229,500

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY - (Parenthetical) - $ / shares	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Common dividends declared per share (in usd per share)	$ 0.15	$ 0.20
Cumulative Preferred Stock
Preferred dividends declared per share (in usd per share)		25
Series A Preferred Stock
Preferred dividends declared per share (in usd per share)	$ 0.4375	$ 0.4375

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Cash Flows From Operating Activities:
Net loss	$ (74,123)	$ (33,829)
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	(2,166)	(3,425)
Amortization of deferred debt issuance costs	1,897	2,155
Provision for credit losses	75,552	46,410
(Gain) loss on extinguishment of debt	0	(274)
Amortization of equity-based compensation	2,171	1,955
Depreciation and amortization on real estate owned	1,348	0
Net change in assets and liabilities:
Decrease (increase) in accrued interest receivable	1,014	(456)
Decrease (increase) in other assets	1,277	2,276
Increase (decrease) in other liabilities	(5,319)	(4,348)
Net cash provided by operating activities	1,651	10,464
Cash Flows From Investing Activities:
Originations, acquisitions and additional fundings of loans held-for-investment, net of deferred fees	(17,510)	(16,706)
Proceeds from repayment of loans held-for-investment	35,478	59,450
Increase in other assets, due from servicer on repayments of loans held-for-investment	(877)	(23,236)
Net cash provided by (used in) investing activities	17,091	19,508
Cash Flows From Financing Activities:
Proceeds from repurchase facilities	73,725	370,419
Principal payments on repurchase facilities	(106,829)	(194,414)
Principal payments on securitized debt obligations	(1,373)	(99,300)
Proceeds from asset-specific financings	0	911
Payment of debt issuance costs	(135)	(627)
Tax withholding on restricted stock and RSUs	(1,185)	(889)
Repurchase of common stock	0	(5,118)
Dividends paid on preferred stock	(3,601)	(3,625)
Dividends paid on common stock	(10,535)	(10,718)
Net cash (used in) provided by financing activities	(49,933)	56,639
Net (decrease) increase in cash, cash equivalents and restricted cash	(31,191)	86,611
Cash, cash equivalents, and restricted cash at beginning of period	199,216	140,165
Cash, cash equivalents, and restricted cash at end of period	168,025	226,776
Supplemental Disclosure of Cash Flow Information:
Cash paid for interest	41,753	44,689
Cash paid for taxes	0	5
Noncash Activities:
Dividends declared but not paid at end of period	11,643	14,307
Deferred financing costs, not yet paid	$ 24	$ 30

Organization and Operations

Organization and Operations	3 Months Ended
	Mar. 31, 2024
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 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. The Company operates its business as one segment. The Company was incorporated in Maryland on April 7, 2017, and commenced operations as a publicly traded company on June 28, 2017. The Company has elected to be treated as a REIT, as defined under the 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	3 Months Ended
	Mar. 31, 2024
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 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, 2023. In the opinion of management, all normal and recurring adjustments necessary to present fairly the financial condition of the Company at March 31, 2024 and results of operations for all periods presented have been made. The results of operations for the three months ended March 31, 2024 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. All entities in which the Company holds investments that are considered variable interest entities, or VIEs, for financial reporting purposes were reviewed for consolidation under the applicable consolidation guidance. Whenever the Company has both the power to direct the activities of an entity that most significantly impact the entity’s performance, and the obligation to absorb losses or the right to receive benefits of the entity that could be significant, the Company consolidates the entity. See Note 5 - Variable Interest Entities and Securitized Debt Obligations to the Company’s Condensed Consolidated Financial Statements included in this Quarterly Report on Form 10-Q for additional details regarding consolidation of VIEs. Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make a number of significant estimates. These include estimates of amount and timing of allowances for credit losses, fair value of certain assets and liabilities, and other estimates that affect the reported amounts of certain assets and liabilities as of the date of the 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 March 31, 2024. 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, 2023, is a summary of the Company’s significant accounting policies. Recently Issued and/or Adopted Accounting Standards Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures , or ASU 2023-07. The new guidance requires a public entity with a single reportable segment to provide new disclosures surrounding segment expenses and other segment items on an annual and interim basis, with the intention of improving reportable segment disclosure requirements as well as enhancing interim disclosure requirements. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023, and for interim periods with fiscal years beginning after December 15, 2024, with the guidance to be adopted retrospectively to all prior periods presented. The Company is currently evaluating the impact ASU 2023-07 will have on the Company’s condensed consolidated financial statements. Income Taxes (Topic 740): Improvements to Income Tax Disclosures In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures , or ASU 2023-09. The new guidance requires entities to disclose the amount of income taxes paid, net of refunds received, disaggregated by federal, state and foreign jurisdiction, with the intention of improving the transparency of income tax disclosures. ASU 2023-09 is effective for fiscal years beginning after December 15, 2024, and is to be adopted on a prospective basis with the option to apply retrospectively. The Company is currently evaluating the impact of this guidance but does not anticipate it will have a material impact on the Company’s condensed consolidated financial statements.

Loans Held-for-Investment, Net

Loans Held-for-Investment, Net of Allowance for Credit Losses	3 Months Ended
	Mar. 31, 2024
Receivables [Abstract]
Loans Held-for-Investment, Net of Allowance for Credit Losses	Loans Held-for-Investment, Net of Allowance for Credit Losses The following tables summarize the Company’s loans held-for-investment by asset type, property type and geographic location as of March 31, 2024, and December 31, 2023: March 31, 2024 (dollars in thousands) Senior Loans (1) B-Notes Total Unpaid principal balance $ 2,696,262 $ 13,440 $ 2,709,702 Unamortized (discount) premium (11) — (11) Unamortized net deferred origination fees (7,007) — (7,007) Allowance for credit losses (209,830) (315) (210,145) Carrying value $ 2,479,414 $ 13,125 $ 2,492,539 Unfunded commitments $ 134,387 $ — $ 134,387 Number of loans 70 1 71 Weighted average coupon (2) 7.0 % 8.0 % 7.0 % Weighted average years to maturity (3) 0.5 2.8 0.6 December 31, 2023 (dollars in thousands) Senior Loans (1) B-Notes Total Unpaid principal balance $ 2,713,672 $ 13,507 $ 2,727,179 Unamortized (discount) premium (19) — (19) Unamortized net deferred origination fees (8,674) — (8,674) Allowance for credit losses (134,302) (359) (134,661) Carrying value $ 2,570,677 $ 13,148 $ 2,583,825 Unfunded commitments $ 160,698 $ — $ 160,698 Number of loans 72 1 73 Weighted average coupon (2) 8.2 % 8.0 % 8.2 % Weighted average years to maturity (3) 0.7 3.1 0.7 ______________________ (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) March 31, 2024 December 31, 2023 Property Type Carrying Value % of Loan Portfolio Carrying Value % of Loan Portfolio Office $ 1,075,190 43.1 % $ 1,116,551 43.2 % Multifamily 791,663 31.8 % 826,125 32.0 % Hotel 180,561 7.2 % 180,891 7.0 % Retail 243,677 9.8 % 257,945 10.0 % Industrial 113,926 4.6 % 113,972 4.4 % Other 87,522 3.5 % 88,341 3.4 % Total $ 2,492,539 100.0 % $ 2,583,825 100.0 % (dollars in thousands) March 31, 2024 December 31, 2023 Geographic Location Carrying Value % of Loan Portfolio Carrying Value % of Loan Portfolio Northeast $ 632,706 25.4 % $ 709,838 27.5 % Southwest 490,734 19.7 % 495,133 19.2 % West 323,887 13.0 % 328,547 12.7 % Midwest 416,083 16.7 % 421,881 16.3 % Southeast 629,129 25.2 % 628,426 24.3 % Total $ 2,492,539 100.0 % $ 2,583,825 100.0 % At both March 31, 2024, and December 31, 2023, loans held-for-investment with a carrying value, net of allowance for credit losses, of $2.5 billion 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 The following table summarizes activity related to loans held-for-investment, net of allowance for credit losses, for the three months ended March 31, 2024, and 2023: Three Months Ended March 31, (in thousands) 2024 2023 Balance at beginning of period $ 2,583,825 $ 3,267,815 Originations, additional fundings, upsizing of loans and capitalized deferred interest 18,001 18,205 Repayments (35,478) (59,450) Net discount accretion (premium amortization) 8 13 Increase (decrease) from net deferred origination fees 59 (619) Amortization of net deferred origination fees 1,608 2,531 Provision for credit losses (75,484) (46,116) Balance at end of period $ 2,492,539 $ 3,182,379 During the three months ended March 31, 2024, the Company funded $17.5 million of prior commitments and upsizings. Additionally, the Company received $28.1 million of full loan repayments, and partial paydowns and amortization of $7.4 million, for total loan repayments, paydowns and amortization of $35.5 million. Allowance for Credit Losses The following table presents the changes for the three months ended March 31, 2024, and 2023 in the allowance for credit losses on loans held-for-investment: Three Months Ended March 31, (in thousands) 2024 2023 Balance at beginning of period $ 134,661 $ 82,335 Provision for (benefit from) credit losses 75,484 46,116 Balance at end of period $ 210,145 $ 128,451 During the three months ended March 31, 2024, the Company recorded an increase of $75.5 million in its allowance for credit losses on loans held-for-investment. The increase was primarily due to: (i) $62.8 million related to four loans (one multifamily loan, one office loan and two mixed-use loans) that were assessed individually and considered collateral-dependent for the first time during the three months ended March 31, 2024; and (ii) $11.6 million due to the ongoing challenges in the commercial real estate market and expectations for further pressure on property values and other loan specific assumptions employed in estimating the general Current Expected Credit Loss, or CECL, reserve. As of March 31, 2024, the Company recognized $2.5 million in other liabilities related to the allowance for credit losses on unfunded commitments, resulting in a total allowance for credit losses of $212.7 million, and recorded a provision for credit losses of $0.1 million for the three months ended March 31, 2024, partially offset by a decrease in unfunded commitments, resulting in a total provision for credit losses of $(75.6) million for the three months ended March 31, 2024. As of March 31, 2024, the Company had ten collateral-dependent loans with an aggregate principal balance of $539.7 million, for which the Company recorded an allowance for credit losses of $155.3 million. These loans were individually assessed in accordance with the CECL framework and the allowance for credit losses was determined based on the estimates of the collateral properties’ fair value. The performance of the collateral properties securing these loans has been impacted by an uncertain commercial real estate market and macroeconomic outlook, which includes weakening in credit fundamentals, capital markets volatility and significantly reduced real estate transaction activity, especially for certain property types, such as office assets located in underperforming markets, and a meaningfully higher cost of capital driven by high interest rates. These macroeconomic and market factors have resulted in the 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. See Note 9 - Fair Value, for further detail on the fair value measurement of these loans. Additionally, as of March 31, 2024, the Company had two collateral-dependent loans with an aggregate principal balance of $102.2 million secured by office properties, for which the Company recorded no allowance for credit losses as the collateral’s estimated fair value exceeded the loan balances. See Note 9 - Fair Value, Nonaccrual Loans The following table presents the carrying value of loans held-for-investment on nonaccrual status for the three months ended March 31, 2024, and 2023: Three Months Ended March 31, (in thousands) 2024 2023 Nonaccrual loan carrying value at beginning of period $ 343,683 $ 207,958 Addition of nonaccrual loan carrying value 178,527 23,270 Reduction of nonaccrual loan carrying value (4,703) (23,994) Nonaccrual loan carrying value at end of period $ 517,507 $ 207,234 As of March 31, 2024, the Company had thirteen senior loans with a total unpaid principal balance of $691.3 million and carrying value of $517.5 million that were held on nonaccrual status, compared to five senior loans with a total unpaid principal balance of $274.8 million and carrying value of $207.2 million that were held on nonaccrual status as of March 31, 2023. All other loans were considered current with respect to principal and interest payments due as of March 31, 2024, and March 31, 2023. 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. During the twelve months ended March 31, 2024, the Company entered into one loan modification that requires disclosure pursuant to ASC 326. During the year ended December 31, 2023, the Company completed the modification of a first mortgage loan secured by a multifamily student housing property in Louisville, KY. As of March 31, 2024, and December 31, 2023, the loan had a principal balance of $49.5 million and $48.5 million and an amortized cost of $49.3 million and $48.3 million, respectively. The terms of the modification included, among other things, a 12-month extension of the fully-extended maturity date to November 9, 2024, the full deferral of debt service payments with interest capitalized and compounding, the deferral of the extension fee and the Company’s agreement to pay for approved expenses, in its sole discretion. Due to the uncertainty with respect to the collection of future interest accruals, the loan was placed on nonaccrual status. 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 loan-to-value, or LTV, project sponsorship and other factors deemed necessary. The Company evaluates these factors with respect to each loan investment on a case-by-case basis taking into consideration such loan’s facts and circumstances at the time. The risk factors may be given different weightings and consideration depending on each loan’s situation. 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 March 31, 2024, and December 31, 2023: (dollars in thousands) March 31, 2024 December 31, 2023 Risk Rating Number of Loans Unpaid Principal Balance Carrying Value Number of Loans Unpaid Principal Balance Carrying Value 1 6 $ 147,883 $ 146,993 4 $ 71,597 $ 71,211 2 28 1,019,966 1,001,412 36 1,277,491 1,262,126 3 22 839,411 820,766 24 862,102 842,175 4 5 162,784 139,811 4 192,104 174,313 5 10 539,658 383,557 5 323,885 234,000 Total 71 $ 2,709,702 $ 2,492,539 73 $ 2,727,179 $ 2,583,825 As of March 31, 2024, the weighted average risk rating of the Company’s loan portfolio was 3.0, versus 2.8 as of December 31, 2023, weighted by unpaid principal balance. The change in portfolio risk rating as of March 31, 2024, versus December 31, 2023, is mainly a result of select loan rating downgrades, partially offset by certain loan rating upgrades. During the three months ended March 31, 2024, as part of its quarterly risk rating process, the Company downgraded five loans with an aggregate outstanding principal balance of $217.2 million to a risk rating of “5”. These five loans were downgraded due to the challenging leasing environment including local market fundamentals, uncertain and volatile capital market conditions resulting in limited liquidity for real estate transactions, further pressure on property values and other factors related to property specific operating performance. The following table presents the carrying value of loans held-for-investment as of March 31, 2024, and December 31, 2023, by risk rating and year of origination: March 31, 2024 (dollars in thousands) Origination Year Risk Rating 2024 2023 2022 2021 2020 Prior Total 1 $ — $ — $ 30,183 $ 23,403 $ 21,722 $ 71,685 $ 146,993 2 — — 280,142 285,541 22,194 413,535 1,001,412 3 — 49,233 106,754 138,190 22,495 504,094 820,766 4 — — 19,627 — — 120,184 139,811 5 — — — 43,803 — 339,754 383,557 Total $ — $ 49,233 $ 436,706 $ 490,937 $ 66,411 $ 1,449,252 $ 2,492,539 Gross write-offs $ — $ — $ — $ — $ — $ — $ — December 31, 2023 (dollars in thousands) Origination Year Risk Rating 2023 2022 2021 2020 2019 Prior Total 1 $ — $ — $ — $ 21,744 $ 49,467 $ — $ 71,211 2 — 328,576 349,210 21,966 474,669 87,705 1,262,126 3 47,760 105,934 146,538 22,599 189,259 330,085 842,175 4 — — — — 25,807 148,506 174,313 5 — — — — 121,940 112,060 234,000 Total $ 47,760 $ 434,510 $ 495,748 $ 66,309 $ 861,142 $ 678,356 $ 2,583,825 Gross write-offs $ — $ — $ — $ — $ (33,324) $ (20,950) $ (54,274)

Real Estate Owned, Net

Real Estate Owned, Net	3 Months Ended
	Mar. 31, 2024
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. 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 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 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 identified intangible assets and liabilities related to REO as of March 31, 2024, and 2023: (in thousands) March 31, March 31, Intangible Assets Gross amount $ 5,681 $ — Accumulated amortization (2,858) — Total, net $ 2,823 $ — Intangible Liabilities Gross amount $ (38) $ — Accumulated amortization 10 — Total, net $ (28) $ — The following table presents the REO operations and related income (loss) included in the Company’s condensed consolidated statements of comprehensive income for the years ended March 31, 2024, and 2023: (in thousands) Three Months Ended March 31, Real Estate Owned, Net 2024 2023 Rental income $ 1,063 $ — Other operating income 79 — Revenue from real estate owned operations 1,142 — Expenses from real estate owned operations (1) (2,045) — Total $ (903) $ — ______________________ (1) Includes $(1.3) million of depreciation and amortization for the three months ended March 31, 2024. The following table presents the amortization of lease intangibles included in the Company’s condensed consolidated statements of income for the three months ended March 31, 2024, and 2023: (in thousands) Three Months Ended March 31, Income Statement Location 2024 2023 Asset In-place lease intangibles Expenses from real estate owned operations $ 728 $ — Above-market lease intangibles Revenue from real estate owned operations (48) — Liability Below-market lease intangibles Revenue from real estate owned operations 2 — The following table presents the amortization of lease intangibles for each of the succeeding fiscal years: (in thousands) In-place Lease Intangible Assets Above-market Lease intangible Assets Below-market Lease Intangible Liabilities 2024 $ 1,250 $ 75 $ (5) 2025 589 24 (6) 2026 498 20 (6) 2027 58 17 (6) 2028 53 17 (5) Thereafter 147 75 — 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 March 31, 2024: (in thousands) Contractual Lease Payments 2024 $ 2,156 2025 1,755 2026 1,630 2027 637 2028 630 Thereafter 792 The weighted average minimum remaining term of the non-cancelable leases was approximately 1.8 years as of March 31, 2024.

Variable Interest Entities and

Variable Interest Entities and Securitized Debt Obligations	3 Months Ended
	Mar. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Variable Interest Entities and Securitized Debt Obligations	Variable Interest Entities and Securitized Debt Obligations The Company finances pools of its commercial real estate loans through CRE CLOs, which are considered VIEs for financial reporting purposes, and, thus, are reviewed for consolidation under the applicable consolidation guidance. The Company has both the power to direct the activities of the CRE CLOs that most significantly impact the entities’ performance and the obligation to absorb losses or the right to receive benefits of the entities that could be significant; therefore, the Company consolidates the CRE CLOs. The following table presents a summary of the assets and liabilities of all VIEs consolidated on the Company’s condensed consolidated balance sheets as of March 31, 2024, and December 31, 2023: (in thousands) March 31, December 31, Loans held-for-investment $ 1,244,774 $ 1,246,448 Allowance for credit losses (75,113) (21,107) Loans held-for-investment, net 1,169,661 1,225,341 Restricted cash 486 — Other assets 7,703 8,480 Total Assets $ 1,177,850 $ 1,233,821 Securitized debt obligations $ 990,617 $ 991,698 Other liabilities 2,172 2,383 Total Liabilities $ 992,789 $ 994,081 The securitized debt obligations issued by the CRE CLOs are recorded at outstanding principal, net of any unamortized deferred debt issuance costs, on the Company’s condensed consolidated balance sheets. The following table details the Company’s CRE CLO securitized debt obligations as of March 31, 2024, and December 31, 2023: (dollars in thousands) March 31, 2024 December 31, 2023 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) $ 620,803 $ 605,449 S+3.8% $ 621,409 $ 607,338 S+3.8% Financing provided 502,469 500,600 S+1.8% 502,564 500,403 S+1.8% GPMT 2021-FL3 CRE CLO Collateral assets (3) 627,836 564,698 S+3.8% 629,273 618,003 S+3.8% Financing provided 490,017 490,017 S+1.9% 491,295 491,295 S+1.9% Total Collateral assets $ 1,248,639 $ 1,170,147 S+3.8% $ 1,250,682 $ 1,225,341 S+ 3.8% Financing provided $ 992,486 $ 990,617 S+1.8% $ 993,859 $ 991,698 S+ 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. (2) No restricted cash is included as of March 31, 2024, and December 31, 2023. Yield on collateral assets is exclusive of restricted cash. (3) $0.5 million in restricted cash is included as of March 31, 2024. No restricted cash is included as of December 31, 2023. Yield on collateral assets is exclusive of restricted cash.

Secured Financing Agreements

Secured Financing Agreements	3 Months Ended
	Mar. 31, 2024
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 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 the Company’s existing repurchase facilities represent committed borrowings until maturity of each facility, the facility 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 secured credit facilities are also typically collateralized by loans held-for-investment, loans held-for-sale, REO assets and certain cash balances and are not mark-to-market. The following tables summarize details of the Company’s borrowings outstanding on its secured financing agreements as of March 31, 2024, and December 31, 2023: March 31, 2024 (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 $ 150,936 $ 324,064 $ 475,000 $ 274,680 8.0 % Goldman Sachs Bank USA (3) July 13, 2024 — 250,000 250,000 — — % JPMorgan Chase Bank July 28, 2025 508,968 11,022 519,990 625,415 9.5 % Citibank May 25, 2025 173,385 326,615 500,000 255,548 7.2 % Centennial Bank (4) August 29, 2024 9,207 140,793 150,000 40,640 10.3 % Total/Weighted Average $ 842,496 $ 1,052,494 $ 1,894,990 $ 1,196,283 Secured credit facility December 21, 2025 $ 84,000 $ 16,000 $ 100,000 $ 107,338 11.8 % December 31, 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 $ 193,165 $ 281,835 $ 475,000 $ 304,598 8.0 % Goldman Sachs Bank USA (3) July 13, 2024 53,745 196,255 250,000 131,112 8.7 % JPMorgan Chase Bank July 28, 2025 445,713 79,238 524,951 500,985 9.8 % Citibank May 25, 2025 176,606 323,394 500,000 254,286 7.2 % Centennial Bank (4) August 29, 2024 6,213 143,787 150,000 20,508 9.3 % Total/Weighted Average $ 875,442 $ 1,024,509 $ 1,899,951 $ 1,211,489 Secured credit facility December 21, 2025 $ 84,000 $ 16,000 $ 100,000 $ 105,865 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 March 31, 2024, and December 31, 2023. (3) As of March 31, 2024, and December 31, 2023, the Company retained an option to increase the maximum facility capacity amount up to $350 million, subject to customary terms and conditions. The Company had no outstanding borrowings under the facility as of March 31, 2024. (4) As of March 31, 2024, and December 31, 2023, the outstanding balance was collateralized by real estate owned, inclusive of $2.8 million and $3.6 million in other assets and liabilities related to acquired leases, respectively, (see Note 4 - Real Estate Owned, Net, for further detail) and one senior loan. Subsequent to March 31, 2024, the Company repaid all outstanding borrowings under the facility and terminated the facility. At March 31, 2024, and December 31, 2023, the Company’s borrowings outstanding on its secured financing facilities had contractual maturities as follows: March 31, 2024 (in thousands) Repurchase Facilities Secured Credit Facility Total Amount Outstanding 2024 $ 160,143 $ — $ 160,143 2025 682,353 84,000 766,353 2026 — — — 2027 — — — 2028 — — — Thereafter — — — Total $ 842,496 $ 84,000 $ 926,496 December 31, 2023 (in thousands) Repurchase Facilities Secured Credit Facility Total Amount Outstanding 2024 $ 253,123 $ — $ 253,123 2025 622,319 84,000 706,319 2026 — — — 2027 — — — Thereafter — — — Total $ 875,442 $ 84,000 $ 959,442 The following table summarizes certain characteristics of the Company’s repurchase facilities and counterparty concentration at March 31, 2024, and December 31, 2023: March 31, 2024 December 31, 2023 (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 $ 150,936 $ 130,479 17 % 0.24 $ 193,165 $ 118,253 14 % 0.49 JPMorgan Chase Bank 508,968 128,646 17 % 1.33 445,713 62,216 7 % 1.58 Goldman Sachs Bank USA — — — % 0.28 53,745 78,949 9 % 0.53 Citibank 173,385 86,483 11 % 1.15 176,606 80,441 9 % 1.40 Centennial Bank (2) 9,207 31,908 4 % 0.41 6,213 17,757 2 % 0.66 Total $ 842,496 $ 377,516 $ 875,442 $ 357,616 ______________________ (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. (2) As of March 31, 2024, includes real estate owned and one senior loan. As of December 31, 2023, includes real estate owned. 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 to which the Company is subject 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 March 31, 2024, the Company’s unrestricted cash was $155.2 million, while 5.0% of the Company’s recourse indebtedness was $15.1 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 March 31, 2024, 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 March 31, 2024, the Company’s target asset leverage ratio was 70.9% and the Company’s total leverage ratio was 66.3%. • Minimum interest coverage of no less than 1.3:1.0 through June 30, 2024. As of March 31, 2024, the Company’s minimum interest coverage was 1.4:1.0. Subsequent to June 30, 2024, the Company will be required to maintain minimum interest coverage of no less than 1.4:1.0. As of March 31, 2024, and December 31, 2023, the Company was in compliance with these covenants.

Convertible Senior Notes

Convertible Senior Notes	3 Months Ended
	Mar. 31, 2024
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. The convertible senior 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. The Company redeemed for cash the convertible senior notes at maturity, and none of the notes remained outstanding as of March 31, 2024, and December 31, 2023. The following table details the interest expense related to the convertible notes for the three months ended March 31, 2024, and 2023: Three Months Ended March 31, (in thousands) 2024 2023 Cash coupon $ — $ 2,097 Amortization of issuance costs — 214 Total interest expense $ — $ 2,311

Cash, Cash Equivalents and Rest

Cash, Cash Equivalents and Restricted Cash	3 Months Ended
	Mar. 31, 2024
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 March 31, 2024, the Company held $12.3 million in restricted cash in connection with its non-CRE CLO financing activities, compared to $10.8 million as of December 31, 2023. In addition, as of March 31, 2024, the Company held $0.5 million in restricted cash representing proceeds from principal repayments and paydowns of loans held in the CRE CLOs, compared to no balance as of December 31, 2023. The following table provides a reconciliation of cash, cash equivalents and restricted cash reported on the Company’s condensed consolidated balance sheets as of March 31, 2024, and December 31, 2023, that sum to the total of the same such amounts shown in the condensed consolidated statements of cash flows: (in thousands) March 31, December 31, Cash and cash equivalents $ 155,216 $ 188,370 Restricted cash 12,809 10,846 Total cash, cash equivalents and restricted cash $ 168,025 $ 199,216

Fair Value

Fair Value	3 Months Ended
	Mar. 31, 2024
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 March 31, 2024, and December 31, 2023, 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) obtain 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 March 31, 2024, the Company deemed twelve of its loans held-for-investment with an aggregate outstanding principal balance of $641.9 million to be collateral-dependent in accordance with its policy. 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. As of March 31, 2024, ten loans with an aggregate outstanding principal balance of $596.2 million 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 and discount rate, which ranged from 5.50% to 13.00%, and from 7.00% to 13.50%, respectively. As of March 31, 2024, two loans with an aggregate outstanding principal balance of $45.6 million were valued using the estimated proceeds from the sale of the collateral property, less the estimated costs to sell the property. Refer to Note 2 - Basis of Presentation and Significant Accounting Policies and Note 3 - Loans Held-for-Investment, Net of Allowance for Credit Losses for further detail. Fair Value of Financial Instruments In accordance with ASC 820, the Company is required to disclose the fair value of financial instruments, both assets and liabilities recognized and not recognized in the condensed consolidated balance sheets, for which fair value can be estimated. The following describes the Company’s methods for estimating the fair value for financial instruments: • Loans held-for-investment are carried at cost, net of any unamortized acquisition premiums or discounts, loan fees, origination costs and allowance for credit losses, as applicable. The Company estimates the fair value of its loans held-for-investment by assessing any changes in market interest rates, credit spreads for loans of comparable risk as corroborated by inquiry of other market participants, shifts in credit profiles and actual operating results, taking into consideration such factors as underlying property type, property competitive position within its market, market and submarket fundamentals, tenant mix, nature of business plan, sponsorship, extent of leverage and other loan terms. The Company categorizes the fair value measurement of these assets as Level 3. • Cash and cash equivalents and restricted cash have a carrying value which approximates fair value because of the short maturities of these instruments. The Company categorizes the fair value measurement of these assets as Level 1. • The carrying value of underlying loans in repurchase 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 and secured credit facilities have, and the Company’s asset-specific facility had, 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 March 31, 2024. 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 March 31, 2024, and December 31, 2023: March 31, 2024 December 31, 2023 (in thousands) Carrying Value Fair Value Carrying Value Fair Value Assets Loans held-for-investment, net of allowance for credit losses $ 2,492,539 $ 2,521,469 $ 2,583,825 $ 2,596,577 Cash and cash equivalents $ 155,216 $ 155,216 $ 188,370 $ 188,370 Restricted cash $ 12,809 $ 12,809 $ 10,846 $ 10,846 Liabilities Repurchase facilities $ 842,496 $ 842,496 $ 875,442 $ 875,442 Securitized debt obligations $ 990,617 $ 925,878 $ 991,698 $ 930,523 Secured credit facility $ 84,000 $ 84,000 $ 84,000 $ 84,000

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies The following represent the material commitments and contingencies of the Company as of March 31, 2024: 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 March 31, 2024. 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 March 31, 2024, and December 31, 2023, the Company had unfunded loan commitments of $134.4 million and $160.7 million, respectively, on loans held-for-investment, which it expects to fund, subject to the satisfaction of any conditions precedent to such commitments, over the tenure of these loans. 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 March 31, 2024, the Company recognized $2.5 million in other liabilities related to the allowance for credit losses on unfunded loan commitments. See Note 3 - Loans Held-for-Investment, Net of Allowance for Credit Losses, for further detail.

Preferred Stock

Preferred Stock	3 Months Ended
	Mar. 31, 2024
Equity [Abstract]
Preferred Stock	Preferred Stock 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 each of the three months ended March 31, 2024, and 2023, the Company declared dividends on the Series A Preferred Stock of $3.6 million. Issuance of Sub-REIT Preferred Stock In January 2021, a subsidiary of the Company issued 625 shares of 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 preferred stock retained by the Company are eliminated in the Company’s condensed consolidated statements of changes in equity and the 125 shares sold to third-party investors are shown in the Company’s condensed consolidated statements of changes in equity as non-controlling interests.

Stockholders' Equity

Stockholders' Equity	3 Months Ended
	Mar. 31, 2024
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 three months ended March 31, 2024, and 2023: Declaration Date Record Date Payment Date Cash Dividend Per Share 2024 March 14, 2024 April 1, 2024 April 15, 2024 $ 0.15 $ 0.15 2023 March 16, 2023 April 3, 2023 April 17, 2023 $ 0.20 $ 0.20 Share Repurchases On May 9, 2023, the Company announced that its board of directors had amended its share repurchase program to authorize the repurchase of an additional 5,000,000 shares of the Company’s common stock, for a total share repurchase authorization of 9,000,000 shares of common stock, inclusive of amounts previously authorized. 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 three months ended March 31, 2023, the Company repurchased 1,001,338 shares of its common stock under its share repurchase program for an aggregate cost, inclusive of commissions paid, of $5.1 million. No shares of common stock were repurchased during the three months ended March 31, 2024. As of March 31, 2024, there remained 4,157,916 shares authorized for repurchase under the Company’s share repurchase program. 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 three months ended March 31, 2023, the Company repurchased from employees 36,916 shares of its restricted stock for an aggregate cost of $0.2 million. No shares of restricted stock were repurchased during the three months ended March 31, 2024. 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 March 31, 2024, 3,242,364 shares of common stock had been sold under the equity distribution agreement for total accumulated net proceeds of approximately $61.2 million. No shares were sold during the three months ended March 31, 2024, and 2023. 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 three months ended March 31, 2024, and 2023: Declaration Date Record Date Payment Date Cash Dividend Per Share 2024 March 14, 2024 April 1, 2024 April 15, 2024 $ 0.43750 $ 0.43750 2023 March 16, 2023 April 3, 2023 April 17, 2023 $ 0.43750 $ 0.43750

Equity Incentive Plans

Equity Incentive Plans	3 Months Ended
	Mar. 31, 2024
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. 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 restricted stock units, or RSUs, and performance share units, or PSUs, remain outstanding under the 2017 Plan. The 2022 Plan permits the granting of stock options, stock appreciation rights, restricted stock, RSUs, 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 March 31, 2024, the Company had 6,820,176 shares of common stock available for future issuance under the 2022 Plan. The following table summarizes the grants, vesting and forfeitures of RSUs and PSUs for the three months ended March 31, 2024: RSUs PSUs Weighted Average Grant Date Fair Market Value Outstanding at December 31, 2023 2,098,875 1,394,657 $ 7.90 Granted 1,180,010 742,152 4.78 Vested (456,959) — 7.70 Forfeited or Expired/Cancelled (233,454) (347,896) 11.61 Outstanding at March 31, 2024 2,588,472 1,788,913 $ 6.06 As of March 31, 2024, the Company deemed that the threshold levels of the performance criteria for the 347,896 PSUs granted in 2021 were not met, which resulted in no issuance of shares of common stock related to these PSUs. Below is a summary of RSU and PSU vesting dates as of March 31, 2024: Vesting Year RSUs PSUs Total Awards 2024 159,561 — 159,561 2025 1,279,428 312,538 1,591,966 2026 756,135 734,223 1,490,358 2027 393,348 742,152 1,135,500 Total 2,588,472 1,788,913 4,377,385 For the three months ended March 31, 2023, the Company recognized the remaining $47.5 thousand of compensation expense associated with awards of restricted stock within compensation and benefits expense on the condensed consolidated statements of income. As of March 31, 2024, all awards of restricted stock had vested. The RSUs are time based with one-third vesting each year over a three-year period. For the three months ended March 31, 2024, the Company recognized $1.7 million of compensation expense associated with these awards, compared to $1.5 million for the three months ended March 31, 2023, within compensation and benefits expense on the condensed consolidated statements of income. As of March 31, 2024, $9.3 million of total unrecognized compensation cost for awards of RSUs will be recognized over the grants’ remaining weighted average vesting period of 0.9 years. Awards of PSUs have 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 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 early 2023 and 2024 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. For the three months ended March 31, 2024, the Company recognized $0.5 million of compensation expense associated with these awards, compared to $0.4 million for the three months ended March 31, 2023, within compensation and benefits expenses on the condensed consolidated statements of income. As of March 31, 2024, $6.0 million of total unrecognized compensation cost for awards of PSUs will be recognized over the grants’ remaining weighted average vesting period of 1.2 years.

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2024
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The Company has elected to be taxed as a REIT under the Code for U.S. federal income tax purposes. As long as the Company qualifies as a REIT, the Company generally will not be subject to U.S. federal income taxes on that portion of its income that it distributes to its stockholders if it annually distributes at least 90% of its REIT taxable income, without regard to the deduction for dividends paid and excluding net capital gains, and does not engage in prohibited transactions. 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	3 Months Ended
	Mar. 31, 2024
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 months ended March 31, 2024, and 2023: Three Months Ended March 31, (in thousands, except share data) 2024 2023 Numerator: Net (loss) income attributable to common stockholders $ (77,723) $ (37,454) Dividends allocated to participating restricted stock units (388) (401) Net (loss) income attributable to common stockholders - basic $ (78,111) $ (37,855) Net (loss) income attributable to common stockholders - diluted $ (78,111) $ (37,855) Denominator: Weighted average common shares outstanding 50,744,532 52,277,518 Weighted average restricted stock shares — 30,862 Basic weighted average shares outstanding 50,744,532 52,308,380 Diluted weighted average shares outstanding 50,744,532 52,308,380 (Loss) earnings per share Basic $ (1.53) $ (0.72) Diluted $ (1.53) $ (0.72) For the three months ended March 31, 2023, excluded from the calculation of diluted earnings per share is the effect of adding back $2.3 million of interest expense related to the Company’s convertible senior notes. For the three months ended March 31, 2023, 6,591,765 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. As of March 31, 2024, the convertible notes have been redeemed and no notes remain outstanding. 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 months ended March 31, 2024, and 2023, 769,854 and 1,219,646 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 months ended March 31, 2023, 420,997 additional weighted-average unvested PSUs were excluded in the dilutive earnings per share denominator, as their inclusion would be antidilutive. As of March 31, 2024, there were no incremental shares of unvested PSUs.

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2024
Subsequent Events [Abstract]
Subsequent Events	Subsequent EventsEvents subsequent to March 31, 2024, 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.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Pay vs Performance Disclosure
Net (loss) income	$ (74,123)	$ (33,829)

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Mar. 31, 2024
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)	3 Months Ended
	Mar. 31, 2024
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 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, 2023. In the opinion of management, all normal and recurring adjustments necessary to present fairly the financial condition of the Company at March 31, 2024 and results of operations for all periods presented have been made. The results of operations for the three months ended March 31, 2024 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. All entities in which the Company holds investments that are considered variable interest entities, or VIEs, for financial reporting purposes were reviewed for consolidation under the applicable consolidation guidance. Whenever the Company has both the power to direct the activities of an entity that most significantly impact the entity’s performance, and the obligation to absorb losses or the right to receive benefits of the entity that could be significant, the Company consolidates the entity. See Note 5 - Variable Interest Entities and Securitized Debt Obligations to the Company’s Condensed Consolidated Financial Statements included in this Quarterly Report on Form 10-Q for additional details regarding consolidation of VIEs.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make a number of significant estimates. These include estimates of amount and timing of allowances for credit losses, fair value of certain assets and liabilities, and other estimates that affect the reported amounts of certain assets and liabilities as of the date of the 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 March 31, 2024. However, the Company’s actual results could ultimately differ from its estimates and such differences may be material.
Recently Issued and/or Adopted Accounting Standards	Recently Issued and/or Adopted Accounting Standards Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures , or ASU 2023-07. The new guidance requires a public entity with a single reportable segment to provide new disclosures surrounding segment expenses and other segment items on an annual and interim basis, with the intention of improving reportable segment disclosure requirements as well as enhancing interim disclosure requirements. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023, and for interim periods with fiscal years beginning after December 15, 2024, with the guidance to be adopted retrospectively to all prior periods presented. The Company is currently evaluating the impact ASU 2023-07 will have on the Company’s condensed consolidated financial statements. Income Taxes (Topic 740): Improvements to Income Tax Disclosures In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures , or ASU 2023-09. The new guidance requires entities to disclose the amount of income taxes paid, net of refunds received, disaggregated by federal, state and foreign jurisdiction, with the intention of improving the transparency of income tax disclosures. ASU 2023-09 is effective for fiscal years beginning after December 15, 2024, and is to be adopted on a prospective basis with the option to apply retrospectively. The Company is currently evaluating the impact of this guidance but does not anticipate it will have a material impact on the Company’s condensed consolidated financial statements.

Loans Held-for-Investment, Ne_2

Loans Held-for-Investment, Net of Allowance for Credit Losses (Tables)	3 Months Ended
	Mar. 31, 2024
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 March 31, 2024, and December 31, 2023: March 31, 2024 (dollars in thousands) Senior Loans (1) B-Notes Total Unpaid principal balance $ 2,696,262 $ 13,440 $ 2,709,702 Unamortized (discount) premium (11) — (11) Unamortized net deferred origination fees (7,007) — (7,007) Allowance for credit losses (209,830) (315) (210,145) Carrying value $ 2,479,414 $ 13,125 $ 2,492,539 Unfunded commitments $ 134,387 $ — $ 134,387 Number of loans 70 1 71 Weighted average coupon (2) 7.0 % 8.0 % 7.0 % Weighted average years to maturity (3) 0.5 2.8 0.6 December 31, 2023 (dollars in thousands) Senior Loans (1) B-Notes Total Unpaid principal balance $ 2,713,672 $ 13,507 $ 2,727,179 Unamortized (discount) premium (19) — (19) Unamortized net deferred origination fees (8,674) — (8,674) Allowance for credit losses (134,302) (359) (134,661) Carrying value $ 2,570,677 $ 13,148 $ 2,583,825 Unfunded commitments $ 160,698 $ — $ 160,698 Number of loans 72 1 73 Weighted average coupon (2) 8.2 % 8.0 % 8.2 % Weighted average years to maturity (3) 0.7 3.1 0.7 ______________________ (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) March 31, 2024 December 31, 2023 Property Type Carrying Value % of Loan Portfolio Carrying Value % of Loan Portfolio Office $ 1,075,190 43.1 % $ 1,116,551 43.2 % Multifamily 791,663 31.8 % 826,125 32.0 % Hotel 180,561 7.2 % 180,891 7.0 % Retail 243,677 9.8 % 257,945 10.0 % Industrial 113,926 4.6 % 113,972 4.4 % Other 87,522 3.5 % 88,341 3.4 % Total $ 2,492,539 100.0 % $ 2,583,825 100.0 %
Schedule of Loans Held-for-Investment by Geographic Location	(dollars in thousands) March 31, 2024 December 31, 2023 Geographic Location Carrying Value % of Loan Portfolio Carrying Value % of Loan Portfolio Northeast $ 632,706 25.4 % $ 709,838 27.5 % Southwest 490,734 19.7 % 495,133 19.2 % West 323,887 13.0 % 328,547 12.7 % Midwest 416,083 16.7 % 421,881 16.3 % Southeast 629,129 25.2 % 628,426 24.3 % Total $ 2,492,539 100.0 % $ 2,583,825 100.0 %
Schedule 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 months ended March 31, 2024, and 2023: Three Months Ended March 31, (in thousands) 2024 2023 Balance at beginning of period $ 2,583,825 $ 3,267,815 Originations, additional fundings, upsizing of loans and capitalized deferred interest 18,001 18,205 Repayments (35,478) (59,450) Net discount accretion (premium amortization) 8 13 Increase (decrease) from net deferred origination fees 59 (619) Amortization of net deferred origination fees 1,608 2,531 Provision for credit losses (75,484) (46,116) Balance at end of period $ 2,492,539 $ 3,182,379
Schedule of Allowance for Credit Losses	The following table presents the changes for the three months ended March 31, 2024, and 2023 in the allowance for credit losses on loans held-for-investment: Three Months Ended March 31, (in thousands) 2024 2023 Balance at beginning of period $ 134,661 $ 82,335 Provision for (benefit from) credit losses 75,484 46,116 Balance at end of period $ 210,145 $ 128,451
Schedule of Loans Held-for-Investment on Nonaccrual	The following table presents the carrying value of loans held-for-investment on nonaccrual status for the three months ended March 31, 2024, and 2023: Three Months Ended March 31, (in thousands) 2024 2023 Nonaccrual loan carrying value at beginning of period $ 343,683 $ 207,958 Addition of nonaccrual loan carrying value 178,527 23,270 Reduction of nonaccrual loan carrying value (4,703) (23,994) Nonaccrual loan carrying value at end of period $ 517,507 $ 207,234
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 March 31, 2024, and December 31, 2023: (dollars in thousands) March 31, 2024 December 31, 2023 Risk Rating Number of Loans Unpaid Principal Balance Carrying Value Number of Loans Unpaid Principal Balance Carrying Value 1 6 $ 147,883 $ 146,993 4 $ 71,597 $ 71,211 2 28 1,019,966 1,001,412 36 1,277,491 1,262,126 3 22 839,411 820,766 24 862,102 842,175 4 5 162,784 139,811 4 192,104 174,313 5 10 539,658 383,557 5 323,885 234,000 Total 71 $ 2,709,702 $ 2,492,539 73 $ 2,727,179 $ 2,583,825 The following table presents the carrying value of loans held-for-investment as of March 31, 2024, and December 31, 2023, by risk rating and year of origination: March 31, 2024 (dollars in thousands) Origination Year Risk Rating 2024 2023 2022 2021 2020 Prior Total 1 $ — $ — $ 30,183 $ 23,403 $ 21,722 $ 71,685 $ 146,993 2 — — 280,142 285,541 22,194 413,535 1,001,412 3 — 49,233 106,754 138,190 22,495 504,094 820,766 4 — — 19,627 — — 120,184 139,811 5 — — — 43,803 — 339,754 383,557 Total $ — $ 49,233 $ 436,706 $ 490,937 $ 66,411 $ 1,449,252 $ 2,492,539 Gross write-offs $ — $ — $ — $ — $ — $ — $ — December 31, 2023 (dollars in thousands) Origination Year Risk Rating 2023 2022 2021 2020 2019 Prior Total 1 $ — $ — $ — $ 21,744 $ 49,467 $ — $ 71,211 2 — 328,576 349,210 21,966 474,669 87,705 1,262,126 3 47,760 105,934 146,538 22,599 189,259 330,085 842,175 4 — — — — 25,807 148,506 174,313 5 — — — — 121,940 112,060 234,000 Total $ 47,760 $ 434,510 $ 495,748 $ 66,309 $ 861,142 $ 678,356 $ 2,583,825 Gross write-offs $ — $ — $ — $ — $ (33,324) $ (20,950) $ (54,274)

Real Estate Owned, Net (Tables)

Real Estate Owned, Net (Tables)	3 Months Ended
	Mar. 31, 2024
Real Estate [Abstract]
Schedule of Assumed Assets and Liabilities	The Company 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.
Schedule of Identified Intangible Assets and Liabilities Related to Real Estate Owned	The following table presents the identified intangible assets and liabilities related to REO as of March 31, 2024, and 2023: (in thousands) March 31, March 31, Intangible Assets Gross amount $ 5,681 $ — Accumulated amortization (2,858) — Total, net $ 2,823 $ — Intangible Liabilities Gross amount $ (38) $ — Accumulated amortization 10 — Total, net $ (28) $ —
Schedule of 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 years ended March 31, 2024, and 2023: (in thousands) Three Months Ended March 31, Real Estate Owned, Net 2024 2023 Rental income $ 1,063 $ — Other operating income 79 — Revenue from real estate owned operations 1,142 — Expenses from real estate owned operations (1) (2,045) — Total $ (903) $ — ______________________ (1) Includes $(1.3) million of depreciation and amortization for the three months ended March 31, 2024.
Schedule of 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 months ended March 31, 2024, and 2023: (in thousands) Three Months Ended March 31, Income Statement Location 2024 2023 Asset In-place lease intangibles Expenses from real estate owned operations $ 728 $ — Above-market lease intangibles Revenue from real estate owned operations (48) — Liability Below-market lease intangibles Revenue from real estate owned operations 2 —
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: (in thousands) In-place Lease Intangible Assets Above-market Lease intangible Assets Below-market Lease Intangible Liabilities 2024 $ 1,250 $ 75 $ (5) 2025 589 24 (6) 2026 498 20 (6) 2027 58 17 (6) 2028 53 17 (5) Thereafter 147 75 —
Below Market Lease, Future Amortization Income	The following table presents the amortization of lease intangibles for each of the succeeding fiscal years: (in thousands) In-place Lease Intangible Assets Above-market Lease intangible Assets Below-market Lease Intangible Liabilities 2024 $ 1,250 $ 75 $ (5) 2025 589 24 (6) 2026 498 20 (6) 2027 58 17 (6) 2028 53 17 (5) Thereafter 147 75 —
Schedule of 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 March 31, 2024: (in thousands) Contractual Lease Payments 2024 $ 2,156 2025 1,755 2026 1,630 2027 637 2028 630 Thereafter 792

Variable Interest Entities an_2

Variable Interest Entities and Securitized Debt Obligations (Tables)	3 Months Ended
	Mar. 31, 2024
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 March 31, 2024, and December 31, 2023: (in thousands) March 31, December 31, Loans held-for-investment $ 1,244,774 $ 1,246,448 Allowance for credit losses (75,113) (21,107) Loans held-for-investment, net 1,169,661 1,225,341 Restricted cash 486 — Other assets 7,703 8,480 Total Assets $ 1,177,850 $ 1,233,821 Securitized debt obligations $ 990,617 $ 991,698 Other liabilities 2,172 2,383 Total Liabilities $ 992,789 $ 994,081
Schedule of Securitized Debt Obligations	The following table details the Company’s CRE CLO securitized debt obligations as of March 31, 2024, and December 31, 2023: (dollars in thousands) March 31, 2024 December 31, 2023 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) $ 620,803 $ 605,449 S+3.8% $ 621,409 $ 607,338 S+3.8% Financing provided 502,469 500,600 S+1.8% 502,564 500,403 S+1.8% GPMT 2021-FL3 CRE CLO Collateral assets (3) 627,836 564,698 S+3.8% 629,273 618,003 S+3.8% Financing provided 490,017 490,017 S+1.9% 491,295 491,295 S+1.9% Total Collateral assets $ 1,248,639 $ 1,170,147 S+3.8% $ 1,250,682 $ 1,225,341 S+ 3.8% Financing provided $ 992,486 $ 990,617 S+1.8% $ 993,859 $ 991,698 S+ 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. (2) No restricted cash is included as of March 31, 2024, and December 31, 2023. Yield on collateral assets is exclusive of restricted cash. (3) $0.5 million in restricted cash is included as of March 31, 2024. No restricted cash is included as of December 31, 2023. Yield on collateral assets is exclusive of restricted cash.

Secured Financing Agreements (T

Secured Financing Agreements (Tables)	3 Months Ended
	Mar. 31, 2024
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 March 31, 2024, and December 31, 2023: March 31, 2024 (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 $ 150,936 $ 324,064 $ 475,000 $ 274,680 8.0 % Goldman Sachs Bank USA (3) July 13, 2024 — 250,000 250,000 — — % JPMorgan Chase Bank July 28, 2025 508,968 11,022 519,990 625,415 9.5 % Citibank May 25, 2025 173,385 326,615 500,000 255,548 7.2 % Centennial Bank (4) August 29, 2024 9,207 140,793 150,000 40,640 10.3 % Total/Weighted Average $ 842,496 $ 1,052,494 $ 1,894,990 $ 1,196,283 Secured credit facility December 21, 2025 $ 84,000 $ 16,000 $ 100,000 $ 107,338 11.8 % December 31, 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 $ 193,165 $ 281,835 $ 475,000 $ 304,598 8.0 % Goldman Sachs Bank USA (3) July 13, 2024 53,745 196,255 250,000 131,112 8.7 % JPMorgan Chase Bank July 28, 2025 445,713 79,238 524,951 500,985 9.8 % Citibank May 25, 2025 176,606 323,394 500,000 254,286 7.2 % Centennial Bank (4) August 29, 2024 6,213 143,787 150,000 20,508 9.3 % Total/Weighted Average $ 875,442 $ 1,024,509 $ 1,899,951 $ 1,211,489 Secured credit facility December 21, 2025 $ 84,000 $ 16,000 $ 100,000 $ 105,865 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 March 31, 2024, and December 31, 2023. (3) As of March 31, 2024, and December 31, 2023, the Company retained an option to increase the maximum facility capacity amount up to $350 million, subject to customary terms and conditions. The Company had no outstanding borrowings under the facility as of March 31, 2024. (4) As of March 31, 2024, and December 31, 2023, the outstanding balance was collateralized by real estate owned, inclusive of $2.8 million and $3.6 million in other assets and liabilities related to acquired leases, respectively, (see Note 4 - Real Estate Owned, Net, for further detail) and one senior loan. Subsequent to March 31, 2024, the Company repaid all outstanding borrowings under the facility and terminated the facility.
Schedule of Collateralized Borrowings by Maturity	At March 31, 2024, and December 31, 2023, the Company’s borrowings outstanding on its secured financing facilities had contractual maturities as follows: March 31, 2024 (in thousands) Repurchase Facilities Secured Credit Facility Total Amount Outstanding 2024 $ 160,143 $ — $ 160,143 2025 682,353 84,000 766,353 2026 — — — 2027 — — — 2028 — — — Thereafter — — — Total $ 842,496 $ 84,000 $ 926,496 December 31, 2023 (in thousands) Repurchase Facilities Secured Credit Facility Total Amount Outstanding 2024 $ 253,123 $ — $ 253,123 2025 622,319 84,000 706,319 2026 — — — 2027 — — — Thereafter — — — Total $ 875,442 $ 84,000 $ 959,442
Schedule of Repurchase Facilities and Counterparty Concentration	The following table summarizes certain characteristics of the Company’s repurchase facilities and counterparty concentration at March 31, 2024, and December 31, 2023: March 31, 2024 December 31, 2023 (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 $ 150,936 $ 130,479 17 % 0.24 $ 193,165 $ 118,253 14 % 0.49 JPMorgan Chase Bank 508,968 128,646 17 % 1.33 445,713 62,216 7 % 1.58 Goldman Sachs Bank USA — — — % 0.28 53,745 78,949 9 % 0.53 Citibank 173,385 86,483 11 % 1.15 176,606 80,441 9 % 1.40 Centennial Bank (2) 9,207 31,908 4 % 0.41 6,213 17,757 2 % 0.66 Total $ 842,496 $ 377,516 $ 875,442 $ 357,616 ______________________ (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. (2) As of March 31, 2024, includes real estate owned and one senior loan. As of December 31, 2023, includes real estate owned.

Convertible Senior Notes (Table

Convertible Senior Notes (Tables)	3 Months Ended
	Mar. 31, 2024
Debt Disclosure [Abstract]
Schedule of Interest Expense, Debt	The following table details the interest expense related to the convertible notes for the three months ended March 31, 2024, and 2023: Three Months Ended March 31, (in thousands) 2024 2023 Cash coupon $ — $ 2,097 Amortization of issuance costs — 214 Total interest expense $ — $ 2,311

Cash, Cash Equivalents and Re_2

Cash, Cash Equivalents and Restricted Cash (Tables)	3 Months Ended
	Mar. 31, 2024
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 March 31, 2024, and December 31, 2023, that sum to the total of the same such amounts shown in the condensed consolidated statements of cash flows: (in thousands) March 31, December 31, Cash and cash equivalents $ 155,216 $ 188,370 Restricted cash 12,809 10,846 Total cash, cash equivalents and restricted cash $ 168,025 $ 199,216

Fair Value (Tables)

Fair Value (Tables)	3 Months Ended
	Mar. 31, 2024
Fair Value Disclosures [Abstract]
Schedule of Carrying Values and Estimated Fair Values of Assets and Liabilities	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 March 31, 2024, and December 31, 2023: March 31, 2024 December 31, 2023 (in thousands) Carrying Value Fair Value Carrying Value Fair Value Assets Loans held-for-investment, net of allowance for credit losses $ 2,492,539 $ 2,521,469 $ 2,583,825 $ 2,596,577 Cash and cash equivalents $ 155,216 $ 155,216 $ 188,370 $ 188,370 Restricted cash $ 12,809 $ 12,809 $ 10,846 $ 10,846 Liabilities Repurchase facilities $ 842,496 $ 842,496 $ 875,442 $ 875,442 Securitized debt obligations $ 990,617 $ 925,878 $ 991,698 $ 930,523 Secured credit facility $ 84,000 $ 84,000 $ 84,000 $ 84,000

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	3 Months Ended
	Mar. 31, 2024
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 three months ended March 31, 2024, and 2023: Declaration Date Record Date Payment Date Cash Dividend Per Share 2024 March 14, 2024 April 1, 2024 April 15, 2024 $ 0.15 $ 0.15 2023 March 16, 2023 April 3, 2023 April 17, 2023 $ 0.20 $ 0.20 The following table presents cash dividends declared by the Company’s board of directors on its Series A Preferred Stock during the three months ended March 31, 2024, and 2023: Declaration Date Record Date Payment Date Cash Dividend Per Share 2024 March 14, 2024 April 1, 2024 April 15, 2024 $ 0.43750 $ 0.43750 2023 March 16, 2023 April 3, 2023 April 17, 2023 $ 0.43750 $ 0.43750

Equity Incentive Plans (Tables)

Equity Incentive Plans (Tables)	3 Months Ended
	Mar. 31, 2024
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 RSUs and PSUs for the three months ended March 31, 2024: RSUs PSUs Weighted Average Grant Date Fair Market Value Outstanding at December 31, 2023 2,098,875 1,394,657 $ 7.90 Granted 1,180,010 742,152 4.78 Vested (456,959) — 7.70 Forfeited or Expired/Cancelled (233,454) (347,896) 11.61 Outstanding at March 31, 2024 2,588,472 1,788,913 $ 6.06 As of March 31, 2024, the Company deemed that the threshold levels of the performance criteria for the 347,896 PSUs granted in 2021 were not met, which resulted in no issuance of shares of common stock related to these PSUs. Below is a summary of RSU and PSU vesting dates as of March 31, 2024: Vesting Year RSUs PSUs Total Awards 2024 159,561 — 159,561 2025 1,279,428 312,538 1,591,966 2026 756,135 734,223 1,490,358 2027 393,348 742,152 1,135,500 Total 2,588,472 1,788,913 4,377,385

Earnings (Loss) Per Share (Tabl

Earnings (Loss) Per Share (Tables)	3 Months Ended
	Mar. 31, 2024
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 months ended March 31, 2024, and 2023: Three Months Ended March 31, (in thousands, except share data) 2024 2023 Numerator: Net (loss) income attributable to common stockholders $ (77,723) $ (37,454) Dividends allocated to participating restricted stock units (388) (401) Net (loss) income attributable to common stockholders - basic $ (78,111) $ (37,855) Net (loss) income attributable to common stockholders - diluted $ (78,111) $ (37,855) Denominator: Weighted average common shares outstanding 50,744,532 52,277,518 Weighted average restricted stock shares — 30,862 Basic weighted average shares outstanding 50,744,532 52,308,380 Diluted weighted average shares outstanding 50,744,532 52,308,380 (Loss) earnings per share Basic $ (1.53) $ (0.72) Diluted $ (1.53) $ (0.72)

Organization and Operations (De

Organization and Operations (Details)	3 Months Ended
	Mar. 31, 2024 segment
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of operating segments	1

Loans Held-for-Investment, Ne_3

Loans Held-for-Investment, Net of Allowance for Credit Losses - Loans Held-for-Investment (Details) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2024 USD ($) loan	Dec. 31, 2023 USD ($) loan	Mar. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unpaid principal balance	$ 2,709,702	$ 2,727,179
Unamortized (discount) premium	(11)	(19)
Unamortized net deferred origination fees	(7,007)	(8,674)
Allowance for credit losses	(210,145)	(134,661)	$ (128,451)	$ (82,335)
Loans held-for-investment, net	2,492,539	2,583,825	$ 3,182,379	$ 3,267,815
Unfunded commitments	$ 134,387	$ 160,698
Number of loans | loan	71	73
Weighted average coupon (as a percent)	7%	8.20%
Weighted average years to maturity (in years)	7 months 6 days	8 months 12 days
Senior Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unpaid principal balance	$ 2,696,262	$ 2,713,672
Unamortized (discount) premium	(11)	(19)
Unamortized net deferred origination fees	(7,007)	(8,674)
Allowance for credit losses	(209,830)	(134,302)
Loans held-for-investment, net	2,479,414	2,570,677
Unfunded commitments	$ 134,387	$ 160,698
Number of loans | loan	70	72
Weighted average coupon (as a percent)	7%	8.20%
Weighted average years to maturity (in years)	6 months	8 months 12 days
B-Notes
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unpaid principal balance	$ 13,440	$ 13,507
Unamortized (discount) premium	0	0
Unamortized net deferred origination fees	0	0
Allowance for credit losses	(315)	(359)
Loans held-for-investment, net	13,125	13,148
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)	2 years 9 months 18 days	3 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	Mar. 31, 2024	Dec. 31, 2023	Mar. 31, 2023	Dec. 31, 2022
Accounts, Notes, Loans and Financing Receivable [Line Items]
Carrying Value	$ 2,492,539	$ 2,583,825	$ 3,182,379	$ 3,267,815
Percentage of loan portfolio (as a percent)	100%	100%
Office
Accounts, Notes, Loans and Financing Receivable [Line Items]
Carrying Value	$ 1,075,190	$ 1,116,551
Percentage of loan portfolio (as a percent)	43.10%	43.20%
Multifamily
Accounts, Notes, Loans and Financing Receivable [Line Items]
Carrying Value	$ 791,663	$ 826,125
Percentage of loan portfolio (as a percent)	31.80%	32%
Hotel
Accounts, Notes, Loans and Financing Receivable [Line Items]
Carrying Value	$ 180,561	$ 180,891
Percentage of loan portfolio (as a percent)	7.20%	7%
Retail
Accounts, Notes, Loans and Financing Receivable [Line Items]
Carrying Value	$ 243,677	$ 257,945
Percentage of loan portfolio (as a percent)	9.80%	10%
Industrial
Accounts, Notes, Loans and Financing Receivable [Line Items]
Carrying Value	$ 113,926	$ 113,972
Percentage of loan portfolio (as a percent)	4.60%	4.40%
Other
Accounts, Notes, Loans and Financing Receivable [Line Items]
Carrying Value	$ 87,522	$ 88,341
Percentage of loan portfolio (as a percent)	3.50%	3.40%

Loans Held-for-Investment, Ne_5

Loans Held-for-Investment, Net of Allowance for Credit Losses - By Geographic Location (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023	Mar. 31, 2023	Dec. 31, 2022
Accounts, Notes, Loans and Financing Receivable [Line Items]
Carrying Value	$ 2,492,539	$ 2,583,825	$ 3,182,379	$ 3,267,815
Percentage of loan portfolio (as a percent)	100%	100%
Northeast
Accounts, Notes, Loans and Financing Receivable [Line Items]
Carrying Value	$ 632,706	$ 709,838
Percentage of loan portfolio (as a percent)	25.40%	27.50%
Southwest
Accounts, Notes, Loans and Financing Receivable [Line Items]
Carrying Value	$ 490,734	$ 495,133
Percentage of loan portfolio (as a percent)	19.70%	19.20%
West
Accounts, Notes, Loans and Financing Receivable [Line Items]
Carrying Value	$ 323,887	$ 328,547
Percentage of loan portfolio (as a percent)	13%	12.70%
Midwest
Accounts, Notes, Loans and Financing Receivable [Line Items]
Carrying Value	$ 416,083	$ 421,881
Percentage of loan portfolio (as a percent)	16.70%	16.30%
Southeast
Accounts, Notes, Loans and Financing Receivable [Line Items]
Carrying Value	$ 629,129	$ 628,426
Percentage of loan portfolio (as a percent)	25.20%	24.30%

Loans Held-for-Investment, Ne_6

Loans Held-for-Investment, Net of Allowance for Credit Losses - Narrative (Details) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2024 USD ($) loan	Mar. 31, 2023 USD ($) loan	Mar. 31, 2024 USD ($) loan	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans held-for-investment, net of allowance for credit losses	$ 2,492,539	$ 3,182,379	$ 2,492,539	$ 2,583,825	$ 3,267,815
Originations, additional fundings, upsizing of loans, excluding capitalized deferred interest	17,500
Other addition	28,100
Partial paydown and amortization	7,400
Repayments	35,478	59,450
Financing receivable, excluding accrued interest, allowance for credit loss, period increase (decrease)	75,500
Provision for (benefit from) credit losses	75,484	46,116
Allowance for credit losses	210,145	128,451	210,145	134,661	$ 82,335
Provision for credit losses	75,484	$ 46,116
Loans held-for-investment	$ 2,702,684		$ 2,702,684	$ 2,718,486
Debt, portfolio, weighted average risk rating	3		3	2.8
Loans Modified
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of loans modified | loan			1
Extension period of maturity			12 months
Office
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans held-for-investment, net of allowance for credit losses	$ 1,075,190		$ 1,075,190	$ 1,116,551
Hotel
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans held-for-investment, net of allowance for credit losses	180,561		180,561	180,891
Multifamily
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans held-for-investment, net of allowance for credit losses	791,663		791,663	826,125
Multifamily | Loans Modified
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans held-for-investment, net of allowance for credit losses	49,500		49,500	48,500
Loans modified, amortized cost	49,300		$ 49,300	48,300
Loans Tranche One
Accounts, Notes, Loans and Financing Receivable [Line Items]
Financing receivable, excluding accrued interest, allowance for credit loss, period increase (decrease)	$ 62,800
Number of loans | loan	4		4
Loans Tranche One | Office
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of loans | loan	1		1
Loans Tranche One | Multifamily
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of loans | loan	1		1
Loans Tranche One | Mixed-Use
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of loans | loan	2		2
Loans Tranche Two
Accounts, Notes, Loans and Financing Receivable [Line Items]
Financing receivable, excluding accrued interest, allowance for credit loss, period increase (decrease)	$ 11,600
Unfunded loan commitment
Accounts, Notes, Loans and Financing Receivable [Line Items]
Provision for (benefit from) credit losses	100
Allowance for credit losses	212,700		$ 212,700
Provision for credit losses	75,600
Unfunded loan commitment | Other Liabilities
Accounts, Notes, Loans and Financing Receivable [Line Items]
Provision for (benefit from) credit losses	$ 2,500
Non-accrual loan
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of loans | loan	13	5	13
Risk Rating 5
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans held-for-investment, net of allowance for credit losses	$ 383,557		$ 383,557	234,000
Number of loans | loan	5		5
Loans downgraded	$ 217,200
Fair Value, Nonrecurring | Ten Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Allowance for credit losses	155,300		$ 155,300
Loans held-for-investment	539,700		539,700
Fair Value, Nonrecurring | Two Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans held-for-investment	45,600		45,600
Fair Value, Nonrecurring | Two Loans | Office
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans held-for-investment	102,200		102,200
Fair Value, Nonrecurring | Thirteen Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans held-for-investment	691,300		691,300
Fair Value, Nonrecurring | Five Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans held-for-investment		$ 274,800
Fair Value, Nonrecurring | Non-accrual loan | Thirteen Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans held-for-investment, net of allowance for credit losses	517,500		517,500
Fair Value, Nonrecurring | Non-accrual loan | Five Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans held-for-investment, net of allowance for credit losses		$ 207,200
Collateral pledged
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans held-for-investment, net of allowance for credit losses	$ 2,500,000		$ 2,500,000	$ 2,500,000
Number of loans | loan	10		10
Collateral pledged | Office
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of loans | loan	2		2

Loans Held-for-Investment, Ne_7

Loans Held-for-Investment, Net of Allowance for Credit Losses - Schedule of Loans Held-for-Investment (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Loans Held-for-Investment [Roll Forward]
Balance at beginning of period	$ 2,583,825	$ 3,267,815
Originations, additional fundings, upsizing of loans and capitalized deferred interest	18,001	18,205
Repayments	(35,478)	(59,450)
Net discount accretion (premium amortization)	8	13
Increase (decrease) from net deferred origination fees	59	(619)
Amortization of net deferred origination fees	1,608	2,531
Provision for credit losses	(75,484)	(46,116)
Balance at end of period	$ 2,492,539	$ 3,182,379

Loans Held-for-Investment, Ne_8

Loans Held-for-Investment, Net of Allowance for Credit Losses - Schedule of Allowance for Credit Losses (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Balance at beginning of period	$ 134,661	$ 82,335
Provision for (benefit from) credit losses	75,484	46,116
Balance at end of period	$ 210,145	$ 128,451

Loans Held-for-Investment, Ne_9

Loans Held-for-Investment, Net of Allowance for Credit Losses - Schedule of Loans Held-for-investment on Nonaccrual (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Financing Receivables, Held for Investment, Nonaccrual [Roll Forward]
Nonaccrual loan carrying value at beginning of period	$ 343,683	$ 207,958
Addition of nonaccrual loan carrying value	178,527	23,270
Reduction of nonaccrual loan carrying value	(4,703)	(23,994)
Nonaccrual loan carrying value at end of period	$ 517,507	$ 207,234

Loans Held-for-Investment, N_10

Loans Held-for-Investment, Net of Allowance for Credit Losses - Schedule of Loans Held-for-Investment by Internal Risk Rating (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2024 USD ($) loan	Mar. 31, 2023 USD ($)	Dec. 31, 2023 USD ($) loan	Dec. 31, 2022 USD ($)
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of Loans | loan	71		73
Unpaid Principal Balance	$ 2,709,702		$ 2,727,179
Loans held-for-investment, net	2,492,539	$ 3,182,379	2,583,825	$ 3,267,815
Current year	0		47,760
Year one	49,233		434,510
Year two	436,706		495,748
Year three	490,937		66,309
Year four	66,411		861,142
Prior	1,449,252		$ 678,356
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	(33,324)
Prior	0	(20,950)
Total	$ 0	$ (54,274)
Risk Rating 1
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of Loans | loan	6		4
Unpaid Principal Balance	$ 147,883		$ 71,597
Loans held-for-investment, net	146,993		71,211
Current year	0		0
Year one	0		0
Year two	30,183		0
Year three	23,403		21,744
Year four	21,722		49,467
Prior	$ 71,685		$ 0
Risk Rating 2
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of Loans | loan	28		36
Unpaid Principal Balance	$ 1,019,966		$ 1,277,491
Loans held-for-investment, net	1,001,412		1,262,126
Current year	0		0
Year one	0		328,576
Year two	280,142		349,210
Year three	285,541		21,966
Year four	22,194		474,669
Prior	$ 413,535		$ 87,705
Risk Rating 3
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of Loans | loan	22		24
Unpaid Principal Balance	$ 839,411		$ 862,102
Loans held-for-investment, net	820,766		842,175
Current year	0		47,760
Year one	49,233		105,934
Year two	106,754		146,538
Year three	138,190		22,599
Year four	22,495		189,259
Prior	$ 504,094		$ 330,085
Risk Rating 4
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of Loans | loan	5		4
Unpaid Principal Balance	$ 162,784		$ 192,104
Loans held-for-investment, net	139,811		174,313
Current year	0		0
Year one	0		0
Year two	19,627		0
Year three	0		0
Year four	0		25,807
Prior	$ 120,184		$ 148,506
Risk Rating 5
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of Loans | loan	10		5
Unpaid Principal Balance	$ 539,658		$ 323,885
Loans held-for-investment, net	383,557		234,000
Current year	0		0
Year one	0		0
Year two	0		0
Year three	43,803		0
Year four	0		121,940
Prior	$ 339,754		$ 112,060

Real Estate Owned, Net - Narrat

Real Estate Owned, Net - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Dec. 31, 2023	May 16, 2023	Mar. 31, 2023	Dec. 31, 2022
Real Estate [Line Items]
Loans held-for-investment	$ 2,702,684	$ 2,718,486
Loans held-for-investment, net of allowance for credit losses	2,492,539	$ 2,583,825		$ 3,182,379	$ 3,267,815
Depreciation and amortization	$ (1,300)
Weighted average remaining lease term (in years)	1 year 9 months 18 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

Real Estate Owned, Net - Schedu

Real Estate Owned, Net - Schedule of Assumed Assets and Liabilities (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 - Sche_2

Real Estate Owned, Net - Schedule of Identified Intangible Assets and Liabilities Related to Real Estate Owned (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Mar. 31, 2023
Intangible Assets
Gross amount	$ 5,681	$ 0
Accumulated amortization	(2,858)	0
Total, net	2,823	0
Intangible Liabilities
Gross amount	(38)	0
Accumulated amortization	10	0
Total, net	$ (28)	$ 0

Real Estate Owned, Net - Sche_3

Real Estate Owned, Net - Schedule of Income (Loss) from Real Estate Owned (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Real Estate [Abstract]
Rental income	$ 1,063	$ 0
Other operating income	79	0
Revenue from real estate owned operations	1,142	0
Expenses from real estate owned operations	(2,045)	0
Total	$ (903)	$ 0

Real Estate Owned, Net - Sche_4

Real Estate Owned, Net - Schedule of Amortization of Lease Intangibles Included on Income (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Asset
In-place lease intangibles	$ 728	$ 0
Above-market lease intangibles	(48)	0
Liability
Below-market lease intangibles	$ 2	$ 0

Real Estate Owned, Net - Expect

Real Estate Owned, Net - Expected Amortization of Lease Intangibles (Details) $ in Thousands	Mar. 31, 2024 USD ($)
In-place Lease Intangible Assets
2024	$ 1,250
2025	589
2026	498
2027	58
2028	53
Thereafter	147
Above-market Lease intangible Assets
2024	75
2025	24
2026	20
2027	17
2028	17
Thereafter	75
Below-market Lease Intangible Liabilities
2024	(5)
2025	(6)
2026	(6)
2027	(6)
2028	(5)
Thereafter	$ 0

Real Estate Owned, Net - Sche_5

Real Estate Owned, Net - Schedule of Future Minimum Lease Payments (Details) $ in Thousands	Mar. 31, 2024 USD ($)
Real Estate [Abstract]
2024	$ 2,156
2025	1,755
2026	1,630
2027	637
2028	630
Thereafter	$ 792

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		Mar. 31, 2024	Dec. 31, 2023	Mar. 31, 2023	Dec. 31, 2022
Variable Interest Entity [Line Items]
Loans held-for-investment		$ 2,702,684	$ 2,718,486
Allowance for credit losses		(210,145)	(134,661)	$ (128,451)	$ (82,335)
Loans held-for-investment, net		2,492,539	2,583,825	$ 3,182,379	$ 3,267,815
Restricted cash		12,809	10,846
Other assets		31,950	34,572
Total Assets	[1]	2,720,245	2,846,932
Securitized debt obligations		990,617	991,698
Other liabilities		17,246	22,633
Total Liabilities	[1]	1,946,002	1,987,909
Variable Interest Entity, Primary Beneficiary
Variable Interest Entity [Line Items]
Loans held-for-investment		1,244,774	1,246,448
Allowance for credit losses		(75,113)	(21,107)
Loans held-for-investment, net		1,169,661	1,225,341
Restricted cash		486	0
Other assets		7,703	8,480
Total Assets		1,177,850	1,233,821
Securitized debt obligations		990,617	991,698
Other liabilities		2,172	2,383
Total Liabilities		$ 992,789	$ 994,081
[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 March 31, 2024, and December 31, 2023, assets of the VIEs totaled $1,177,850 and $1,233,821, respectively, and liabilities of the VIEs totaled $992,789 and $994,081, 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 - Securitized Debt Obligations (Details) - USD ($)	Mar. 31, 2024	Dec. 31, 2023
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Carrying Value	$ 990,617,000	$ 991,698,000
GPMT 2021-FL4 CRE CLO | Restricted cash
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Cash collateral for repurchase agreements and securities activity	0	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	500,000	0
Collateral assets
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Principal Balance	1,248,639,000	1,250,682,000
Carrying Value	$ 1,170,147,000	$ 1,225,341,000
Weighted average interest rate of securitized debt obligations outstanding (as a percent)	3.80%	3.80%
Collateral assets | GPMT 2021-FL4 CRE CLO
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Principal Balance	$ 620,803,000	$ 621,409,000
Carrying Value	$ 605,449,000	$ 607,338,000
Weighted average interest rate of securitized debt obligations outstanding (as a percent)	3.80%	3.80%
Collateral assets | GPMT 2021-FL3 CRE CLO
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Principal Balance	$ 627,836,000	$ 629,273,000
Carrying Value	$ 564,698,000	$ 618,003,000
Weighted average interest rate of securitized debt obligations outstanding (as a percent)	3.80%	3.80%
Financing provided
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Principal Balance	$ 992,486,000	$ 993,859,000
Carrying Value	$ 990,617,000	$ 991,698,000
Weighted average interest rate of securitized debt obligations outstanding (as a percent)	1.80%	1.80%
Financing provided | GPMT 2021-FL4 CRE CLO
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Principal Balance	$ 502,469,000	$ 502,564,000
Carrying Value	$ 500,600,000	$ 500,403,000
Weighted average interest rate of securitized debt obligations outstanding (as a percent)	1.80%	1.80%
Financing provided | GPMT 2021-FL3 CRE CLO
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Principal Balance	$ 490,017,000	$ 491,295,000
Carrying Value	$ 490,017,000	$ 491,295,000
Weighted average interest rate of securitized debt obligations outstanding (as a percent)	1.90%	1.90%

Secured Financing Agreements -

Secured Financing Agreements - Schedule of Collateralized Borrowings (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Line of Credit Facility [Line Items]
Repurchase facilities	$ 842,496	$ 875,442
Other Secured Financings	84,000	84,000
Unused Capacity	1,052,494	1,024,509
Total Capacity	1,894,990	1,899,951
Carrying Value of Collateral, Assets	1,196,283	1,211,489
Real estate owned, net	16,365	16,939
Secured Debt
Line of Credit Facility [Line Items]
Other Secured Financings	84,000	84,000
Unused Capacity	16,000	16,000
Total Capacity	100,000	100,000
Carrying Value of Collateral, Liability	$ 107,338	$ 105,865
Weighted Average Borrowing Rate	11.80%	10.80%
Revolving Credit Facility | Asset Pledged as Collateral
Line of Credit Facility [Line Items]
Real estate owned, net	$ 2,800	$ 3,600
Loans Receivable | Morgan Stanley Bank
Line of Credit Facility [Line Items]
Repurchase facilities	150,936	193,165
Unused Capacity	324,064	281,835
Total Capacity	475,000	475,000
Carrying Value of Collateral, Assets	$ 274,680	$ 304,598
Weighted Average Borrowing Rate, Assets	8%	8%
Loans Receivable | Goldman Sachs Bank USA
Line of Credit Facility [Line Items]
Repurchase facilities	$ 0	$ 53,745
Unused Capacity	250,000	196,255
Total Capacity	250,000	250,000
Carrying Value of Collateral, Assets	$ 0	$ 131,112
Weighted Average Borrowing Rate, Assets	0%	8.70%
Assets sold under agreements to repurchase, accordion feature, increase limit	$ 350,000	$ 350,000
Loans Receivable | JPMorgan Chase Bank
Line of Credit Facility [Line Items]
Repurchase facilities	508,968	445,713
Unused Capacity	11,022	79,238
Total Capacity	519,990	524,951
Carrying Value of Collateral, Assets	$ 625,415	$ 500,985
Weighted Average Borrowing Rate, Assets	9.50%	9.80%
Loans Receivable | Citibank
Line of Credit Facility [Line Items]
Repurchase facilities	$ 173,385	$ 176,606
Unused Capacity	326,615	323,394
Total Capacity	500,000	500,000
Carrying Value of Collateral, Assets	$ 255,548	$ 254,286
Weighted Average Borrowing Rate, Assets	7.20%	7.20%
Loans Receivable | Centennial Bank
Line of Credit Facility [Line Items]
Repurchase facilities	$ 9,207	$ 6,213
Unused Capacity	140,793	143,787
Total Capacity	150,000	150,000
Carrying Value of Collateral, Assets	$ 40,640	$ 20,508
Weighted Average Borrowing Rate, Assets	10.30%	9.30%

Secured Financing Agreements _2

Secured Financing Agreements - Schedule of Collateralized Borrowings by Maturity (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Assets Sold under Agreements to Repurchase [Line Items]
Repurchase facilities	$ 842,496	$ 875,442
Secured credit facility	84,000	84,000
Total Amount Outstanding	926,496	959,442
Secured Debt
Assets Sold under Agreements to Repurchase [Line Items]
Secured credit facility	84,000	84,000
Maturity Within One Year
Assets Sold under Agreements to Repurchase [Line Items]
Repurchase facilities	160,143
Total Amount Outstanding	160,143
Maturity Within One Year | Secured Debt
Assets Sold under Agreements to Repurchase [Line Items]
Secured credit facility	0
Maturity One To Two Years
Assets Sold under Agreements to Repurchase [Line Items]
Repurchase facilities	682,353	253,123
Total Amount Outstanding	766,353	253,123
Maturity One To Two Years | Secured Debt
Assets Sold under Agreements to Repurchase [Line Items]
Secured credit facility	84,000	0
Maturity Two To Three
Assets Sold under Agreements to Repurchase [Line Items]
Repurchase facilities	0	622,319
Total Amount Outstanding	0	706,319
Maturity Two To Three | Secured Debt
Assets Sold under Agreements to Repurchase [Line Items]
Secured credit facility	0	84,000
Maturity Three To Four Years
Assets Sold under Agreements to Repurchase [Line Items]
Repurchase facilities	0	0
Total Amount Outstanding	0	0
Maturity Three To Four Years | Secured Debt
Assets Sold under Agreements to Repurchase [Line Items]
Secured credit facility	0	0
Maturity Four To Five Years
Assets Sold under Agreements to Repurchase [Line Items]
Repurchase facilities	0	0
Total Amount Outstanding	0	0
Maturity Four To Five Years | Secured Debt
Assets Sold under Agreements to Repurchase [Line Items]
Secured credit facility	0	0
Thereafter
Assets Sold under Agreements to Repurchase [Line Items]
Repurchase facilities	0	0
Total Amount Outstanding	0	0
Thereafter | Secured Debt
Assets Sold under Agreements to Repurchase [Line Items]
Secured credit facility	$ 0	$ 0

Secured Financing Agreements _3

Secured Financing Agreements - Schedule of Repurchase Facilities and Counterparty Concentration (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Repurchase Agreement Counterparty [Line Items]
Amount Outstanding	$ 842,496	$ 875,442
Net Counterparty Exposure	377,516	357,616
Morgan Stanley Bank
Repurchase Agreement Counterparty [Line Items]
Amount Outstanding	150,936	193,165
Net Counterparty Exposure	$ 130,479	$ 118,253
Percent of Equity	17%	14%
Weighted Average Years to Maturity	2 months 26 days	5 months 26 days
JPMorgan Chase Bank
Repurchase Agreement Counterparty [Line Items]
Amount Outstanding	$ 508,968	$ 445,713
Net Counterparty Exposure	$ 128,646	$ 62,216
Percent of Equity	17%	7%
Weighted Average Years to Maturity	1 year 3 months 29 days	1 year 6 months 29 days
Goldman Sachs Bank USA
Repurchase Agreement Counterparty [Line Items]
Amount Outstanding	$ 0	$ 53,745
Net Counterparty Exposure	$ 0	$ 78,949
Percent of Equity	0%	9%
Weighted Average Years to Maturity	3 months 10 days	6 months 10 days
Citibank
Repurchase Agreement Counterparty [Line Items]
Amount Outstanding	$ 173,385	$ 176,606
Net Counterparty Exposure	$ 86,483	$ 80,441
Percent of Equity	11%	9%
Weighted Average Years to Maturity	1 year 1 month 24 days	1 year 4 months 24 days
Centennial Bank
Repurchase Agreement Counterparty [Line Items]
Amount Outstanding	$ 9,207
Net Counterparty Exposure	$ 31,908	$ 17,757
Percent of Equity	4%	2%
Weighted Average Years to Maturity	4 months 28 days

Secured Financing Agreements _4

Secured Financing Agreements - Narrative (Details) $ in Thousands	Mar. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)
Line of Credit Facility [Line Items]
Minimum unrestricted cash amount	$ 30,000
Debt covenant, recourse (as a percent)	0.050
Cash and cash equivalents	$ 155,216	$ 188,370
Debt instrument, amount	15,100
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)	0.709
Debt covenant, total leverage ratio (as a percent)	0.663
Debt covenant, interest coverage ratio, actual	1.4
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) - Convertible Debt, 2018 Issuance - USD ($)	Mar. 31, 2024	Dec. 31, 2023	Oct. 31, 2018
Debt Instrument, Redemption [Line Items]
Convertible senior notes	$ 0	$ 0
Convertible Debt
Debt Instrument, Redemption [Line Items]
Convertible senior notes aggregate principal amount			$ 131,600,000
Convertible senior notes interest rate per annum (as a percent)			6.375%

Convertible Senior Notes - Sche

Convertible Senior Notes - Schedule of Interest Expense, Debt (Details) - Convertible Senior Notes - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Debt Instrument, Redemption [Line Items]
Cash coupon	$ 0	$ 2,097
Amortization of issuance costs	0	214
Total interest expense	$ 0	$ 2,311

Cash, Cash Equivalents and Re_3

Cash, Cash Equivalents and Restricted Cash - Narrative (Details) - Asset Pledged as Collateral - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Non-CRE CLO financing activities
Variable Interest Entity [Line Items]
Restricted cash	$ 12.3	$ 10.8
CRE CLO financing activities
Variable Interest Entity [Line Items]
Restricted cash	$ 0.5	$ 0

Cash, Cash Equivalents and Re_4

Cash, Cash Equivalents and Restricted Cash - Schedule of Cash and Cash Equivalents (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023	Mar. 31, 2023	Dec. 31, 2022
Cash and Cash Equivalents [Abstract]
Cash and cash equivalents	$ 155,216	$ 188,370
Restricted cash	12,809	10,846
Total cash, cash equivalents and restricted cash	$ 168,025	$ 199,216	$ 226,776	$ 140,165

Fair Value - Narrative (Details

Fair Value - Narrative (Details) $ in Thousands	Mar. 31, 2024 USD ($) loan	Dec. 31, 2023 USD ($)	Mar. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Loans held-for-investment	$ 2,702,684	$ 2,718,486
Loans held-for-investment, net of allowance for credit losses	$ 2,492,539	$ 2,583,825	$ 3,182,379	$ 3,267,815
Loan One | Minimum | Exit Capitalization Rate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financing receivable, measurement input (as a percent)	0.0550
Loan One | Minimum | Measurement Input, Discount Rate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financing receivable, measurement input (as a percent)	0.0700
Loan One | Maximum | Exit Capitalization Rate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financing receivable, measurement input (as a percent)	0.1300
Loan One | Maximum | Measurement Input, Discount Rate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financing receivable, measurement input (as a percent)	0.1350
Ten Loans | Fair Value, Nonrecurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Loans held-for-investment	$ 539,700
Ten Loans | Fair Value, Nonrecurring | Valuation Technique, Discounted Cash Flow
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Loans held-for-investment	596,200
Two Loans | Fair Value, Nonrecurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Loans held-for-investment	45,600
Twelve Loans | Fair Value, Nonrecurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Loans held-for-investment	$ 641,900
Collateral Dependent Loans | Ten Loans | Valuation Technique, Discounted Cash Flow
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Number of loans | loan	10
Collateral Dependent Loans | Two Loans
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Number of loans | loan	2
Collateral Dependent Loans | Twelve Loans
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Number of loans | loan	12

Fair Value - Schedule of Carryi

Fair Value - Schedule of Carrying Values and Estimated Fair Values of Assets and Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023	Mar. 31, 2023	Dec. 31, 2022
Assets
Loans held-for-investment, net of allowance for credit losses	$ 2,492,539	$ 2,583,825	$ 3,182,379	$ 3,267,815
Loans held-for-investment, net of allowance for credit losses, at fair value	2,521,469	2,596,577
Cash and cash equivalents	155,216	188,370
Restricted cash	12,809	10,846
Liabilities
Repurchase facilities	842,496	875,442
Securitized debt obligations	990,617	991,698
Securitized debt obligations, at fair value	925,878	930,523
Secured credit facility	$ 84,000	$ 84,000

Commitments and Contingencies (

Commitments and Contingencies (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Other Commitments [Line Items]
Unfunded commitments	$ 134,387		$ 160,698
Provision for (benefit from) credit losses	75,484	$ 46,116
Unfunded loan commitment
Other Commitments [Line Items]
Provision for (benefit from) credit losses	100
Other Liabilities | Unfunded loan commitment
Other Commitments [Line Items]
Provision for (benefit from) credit losses	$ 2,500

Preferred Stock (Details)

Preferred Stock (Details) - USD ($) $ / shares in Units, $ in Thousands		1 Months Ended		3 Months Ended
	Dec. 10, 2021	Feb. 08, 2022	Jan. 31, 2021	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Class of Stock [Line Items]
Sale of stock, number of shares issued in transaction (in shares)				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
Issuance costs incurred in common stock offering	800
Series A Preferred Stock
Class of Stock [Line Items]
Preferred stock, redemption price per share (in usd per share)				$ 25
Dividends, preferred stock, cash				$ 3,600	$ 3,600
Preferred shares issued (in shares)				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
Series A Preferred Stock | Public Offering
Class of Stock [Line Items]
Sale of stock, consideration received on transaction	$ 110,500
Sale of stock, number of shares issued in transaction (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
Sale of stock, number of shares issued in transaction (in shares)		3,633,000
Sale of stock, underwriting discounts		$ 2,900
Issuance costs incurred in common stock offering		$ 400
Series A Preferred Stock | Sub-REIT
Class of Stock [Line Items]
Preferred shares issued (in shares)			625
Proceeds from issuance of preferred stock, net of offering costs			$ 100

Stockholders' Equity - Schedule

Stockholders' Equity - Schedule of Dividends Declared (Details) - $ / shares			3 Months Ended
	Mar. 14, 2024	Mar. 16, 2023	Mar. 31, 2024	Mar. 31, 2023
Class of Stock [Line Items]
Dividends declared per common share (in usd per share)			$ 0.15	$ 0.20
Common Stock
Class of Stock [Line Items]
Dividends declared per common share (in usd per share)	$ 0.15	$ 0.20	0.15	0.20
Preferred Stock
Class of Stock [Line Items]
Dividends declared per common share (in usd per share)	$ 0.43750	$ 0.43750	$ 0.43750	$ 0.43750

Stockholders' Equity - Narrativ

Stockholders' Equity - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	May 09, 2023
Class of Stock [Line Items]
Stock repurchase program, remaining number of shares authorized to be repurchased (in shares)	4,157,916
Number of shares authorized to be sold under equity distribution agreement (in shares)	8,000,000
Number of common shares issued under equity distribution agreement and outstanding as of period-end (in shares)	3,242,364
Accumulated proceeds from issuance of common shares under equity distribution agreement	$ 61.2
Sale of stock, number of shares issued in transaction (in shares)	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)			9,000,000
Treasury stock, shares, acquired (in shares)	0	1,001,338
Treasury stock, value, acquired, cost method		$ 5.1
Repurchased Shares From Employees
Class of Stock [Line Items]
Treasury stock, shares, acquired (in shares)	0	36,916
Treasury stock, value, acquired, cost method		$ 0.2

Equity Incentive Plans - Narrat

Equity Incentive Plans - Narrative (Details) - USD ($)	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
2022 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock available for future issuance (in shares)	6,820,176
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity based compensation		$ 47,500
RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity based compensation	$ 1,700,000	1,500,000
Vesting percentage	33.33%
Vesting period	3 years
Share-based payment arrangement, nonvested award, excluding option, cost not yet recognized, amount	$ 9,300,000
Share-based payment arrangement, nonvested award, cost not yet recognized, period for recognition (in years)	10 months 24 days
PSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity based compensation	$ 500,000	$ 400,000
Vesting period	3 years
Share-based payment arrangement, nonvested award, excluding option, cost not yet recognized, amount	$ 6,000,000
Share-based payment arrangement, nonvested award, cost not yet recognized, period for recognition (in years)	1 year 2 months 12 days
PSUs | Share-Based Payment Arrangement, Tranche One
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage	50%
PSUs | Share-Based Payment Arrangement, Tranche Two
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage	50%
PSUs | Share-Based Payment Arrangement, Tranche Three
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage	25%
PSUs | Share-Based Payment Arrangement, Tranche Four
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage	25%
PSUs | Share-Based Payment Arrangement, Tranche Five
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage	25%
PSUs | Share-Based Payment Arrangement, Tranche Six
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage	25%
PSUs | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage	0%
PSUs | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage	200%

Equity Incentive Plans - Schedu

Equity Incentive Plans - Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity (Details)	3 Months Ended
	Mar. 31, 2024 $ / shares shares
Number of Shares
Ending balance (in shares)	4,377,385
Weighted Average Grant Date Fair Market Value
Beginning balance (in usd per share) | $ / shares	$ 7.90
Granted (in usd per share) | $ / shares	4.78
Vested (in usd per share) | $ / shares	7.70
Forfeited or Expired/Cancelled (in usd per share) | $ / shares	11.61
Ending balance (in usd per share) | $ / shares	$ 6.06
RSUs
Number of Shares
Beginning balance (in shares)	2,098,875
Granted (in shares)	1,180,010
Vested (in shares)	(456,959)
Forfeited or Expired/Cancelled (in shares)	(233,454)
Ending balance (in shares)	2,588,472
PSUs
Number of Shares
Beginning balance (in shares)	1,394,657
Granted (in shares)	742,152
Vested (in shares)	0
Forfeited or Expired/Cancelled (in shares)	(347,896)
Ending balance (in shares)	1,788,913
PSUs granted in 2021
Number of Shares
Ending balance (in shares)	347,896

Equity Incentive Plans - Summar

Equity Incentive Plans - Summary of Restricted Stock and Restricted Stock Units Vesting Dates (Details) - shares	3 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total (in shares)	4,377,385
2024
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vested in period (in shares)	159,561
2025
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vested in period (in shares)	1,591,966
2026
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vested in period (in shares)	1,490,358
2027
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vested in period (in shares)	1,135,500
RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vested in period (in shares)	456,959
Total (in shares)	2,588,472	2,098,875
RSUs | 2024
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vested in period (in shares)	159,561
RSUs | 2025
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vested in period (in shares)	1,279,428
RSUs | 2026
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vested in period (in shares)	756,135
RSUs | 2027
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vested in period (in shares)	393,348
PSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vested in period (in shares)	0
Total (in shares)	1,788,913	1,394,657
PSUs | 2024
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vested in period (in shares)	0
PSUs | 2025
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vested in period (in shares)	312,538
PSUs | 2026
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vested in period (in shares)	734,223
PSUs | 2027
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vested in period (in shares)	742,152

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
	Mar. 31, 2024	Mar. 31, 2023
Numerator:
Net (loss) income attributable to common stockholders - basic	$ (77,723)	$ (37,454)
Net (loss) income attributable to common stockholders - diluted	(77,723)	(37,454)
Dividends allocated to participating restricted stock units	(388)	(401)
Net (loss) income attributable to common stockholders - basic	(78,111)	(37,855)
Net (loss) income attributable to common stockholders - diluted	$ (78,111)	$ (37,855)
Denominator:
Weighted average common shares outstanding (in shares)	50,744,532	52,277,518
Weighted average restricted stock shares (in shares)	0	30,862
Basic weighted average shares outstanding (in shares)	50,744,532	52,308,380
Diluted weighted average shares outstanding (in shares)	50,744,532	52,308,380
(Loss) earnings per share
Basic (in usd per share)	$ (1.53)	$ (0.72)
Diluted (in usd per share)	$ (1.53)	$ (0.72)

Earnings (Loss) Per Share - Nar

Earnings (Loss) Per Share - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
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
PSUs
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive convertible notes excluded from computation of earnings per share (in shares)	0	420,997
Convertible Debt
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive convertible notes excluded from computation of earnings per share (in shares)		6,591,765
RSUs
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive convertible notes excluded from computation of earnings per share (in shares)	769,854	1,219,646