Granite Point Mortgage Trust (GPMT) 10-Q 5 Aug 24 2024 Q2 Quarterly report Financial data

COVER

COVER - shares	6 Months Ended
	Jun. 30, 2024	Jul. 31, 2024
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 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		50,684,117
Entity Central Index Key	0001703644
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q2
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		Jun. 30, 2024	Dec. 31, 2023
ASSETS
Loans held-for-investment		$ 2,616,884	$ 2,718,486
Allowance for credit losses		(264,140)	(134,661)
Loans held-for-investment, net		2,352,744	2,583,825
Cash and cash equivalents		85,916	188,370
Restricted cash		12,880	10,846
Real estate owned, net		42,820	16,939
Accrued interest receivable		10,725	12,380
Other assets		41,666	34,572
Total Assets	[1]	2,546,751	2,846,932
Liabilities
Repurchase facilities		791,556	875,442
Securitized debt obligations		938,075	991,698
Secured credit facility		85,192	84,000
Dividends payable		6,335	14,136
Other liabilities		20,892	22,633
Total Liabilities	[1]	1,842,050	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 50,684,117 shares and 50,577,841 issued and outstanding, respectively		507	506
Additional paid-in capital		1,198,894	1,198,048
Cumulative earnings		(69,696)	67,495
Cumulative distributions to stockholders		(425,211)	(407,233)
Total Granite Point Mortgage Trust Inc. Stockholders’ Equity		704,576	858,898
Non-controlling interests		125	125
Total Equity		704,701	859,023
Total Liabilities and Stockholders’ Equity		$ 2,546,751	$ 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 June 30, 2024, and December 31, 2023, assets of the VIEs totaled $1,101,207 and $1,233,821, respectively, and liabilities of the VIEs totaled $939,878 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		6 Months Ended	12 Months Ended
		Jun. 30, 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)		50,684,117	50,577,841
Common shares outstanding (in shares)		50,684,117	50,577,841
Assets of consolidated variable interest entities	[1]	$ 2,546,751	$ 2,846,932
Liabilities of consolidated variable interest entities	[1]	$ 1,842,050	$ 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		$ 1,101,207	$ 1,233,821
Liabilities of consolidated variable interest entities		$ 939,878	$ 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 June 30, 2024, and December 31, 2023, assets of the VIEs totaled $1,101,207 and $1,233,821, respectively, and liabilities of the VIEs totaled $939,878 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		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Interest income:
Loans held-for-investment	$ 46,882	$ 66,217	$ 98,847	$ 131,508
Cash and cash equivalents	1,597	2,609	3,687	4,037
Total interest income	48,479	68,826	102,534	135,545
Interest expense:
Repurchase facilities	19,331	22,872	40,059	42,644
Secured credit facility	2,714	3,075	5,403	6,004
Securitized debt obligations	18,303	17,888	36,418	35,939
Convertible senior notes	0	2,332	0	4,643
Asset-specific financings	0	819	0	1,562
Total interest expense	40,348	46,986	81,880	90,792
Net interest income	8,131	21,840	20,654	44,753
Other income (loss):
Revenue from real estate owned operations	1,111	462	2,253	462
Provision for credit losses	(60,756)	(5,818)	(136,308)	(52,228)
Gain (loss) on extinguishment of debt	(786)	0	(786)	238
Total other loss	(60,431)	(5,356)	(134,841)	(51,528)
Expenses:
Compensation and benefits	4,721	6,209	10,708	12,121
Servicing expenses	1,398	1,320	2,774	2,698
Expenses from real estate owned operations	1,950	1,664	3,995	1,664
Other operating expenses	2,700	2,180	5,529	5,451
Total expenses	10,769	11,373	23,006	21,934
(Loss) income before income taxes	(63,069)	5,111	(137,193)	(28,709)
(Benefit from) provision for income taxes	(1)	70	(2)	79
Net (loss) income	(63,068)	5,041	(137,191)	(28,788)
Dividends on preferred stock	3,600	3,625	7,200	7,250
Net (loss) income attributable to common stockholders - basic	(66,668)	1,416	(144,391)	(36,038)
Net (loss) income attributable to common stockholders - diluted	$ (66,668)	$ 1,416	$ (144,391)	$ (36,038)
Basic (loss) earnings per weighted average common share (in usd per share)	$ (1.31)	$ 0.03	$ (2.84)	$ (0.69)
Diluted (loss) earnings per weighted average common share (in usd per share)	$ (1.31)	$ 0.03	$ (2.84)	$ (0.69)
Weighted average number of shares of common stock outstanding:
Basic (in shares)	50,939,476	51,538,309	50,842,004	51,921,217
Diluted (in shares)	50,939,476	51,619,072	50,842,004	51,921,217
Net (loss) income attributable to common stockholders - basic	$ (66,668)	$ 1,416	$ (144,391)	$ (36,038)
Net (loss) income attributable to common stockholders - diluted	(66,668)	1,416	(144,391)	(36,038)
Comprehensive (loss) income
Comprehensive (loss) income	$ (66,668)	$ 1,416	$ (144,391)	$ (36,038)

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, 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	(28,788)
Preferred dividends declared			(7,200)
Common shares outstanding at end of period (in shares) at Jun. 30, 2023							51,570,703
Stockholders’ equity at end of period at Jun. 30, 2023	924,447			924,322			$ 516	$ 82	1,200,580	101,905	(378,761)			125
Preferred shares outstanding at end of period (in shares) at Jun. 30, 2023								8,229,500
Common shares outstanding at beginning of period (in shares) at Mar. 31, 2023							51,526,039
Stockholders’ equity at beginning of period at Mar. 31, 2023	931,458			931,333			$ 515	$ 82	1,198,272	96,864	(364,400)			125
Preferred shares outstanding at beginning of period (in shares) at Mar. 31, 2023								8,229,500
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) income	5,041			5,041						5,041
Restricted Stock Unit (RSU) forfeiture	(77)			(77)					(77)
Preferred dividends declared		$ (25)	$ (3,600)		$ (25)	(3,600)						$ (25)	(3,600)
Common dividends declared	(10,736)			(10,736)							(10,736)
Non-cash equity award compensation (in shares)							44,664
Non-cash equity award compensation	2,386			2,386			$ 1		2,385
Common shares outstanding at end of period (in shares) at Jun. 30, 2023							51,570,703
Stockholders’ equity at end of period at Jun. 30, 2023	$ 924,447			924,322			$ 516	$ 82	1,200,580	101,905	(378,761)			125
Preferred shares outstanding at end of period (in shares) at Jun. 30, 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
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
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	$ (137,191)
Preferred dividends declared			$ (7,200)
Common shares outstanding at end of period (in shares) at Jun. 30, 2024	50,684,117						50,684,117
Stockholders’ equity at end of period at Jun. 30, 2024	$ 704,701			704,576			$ 507	$ 82	1,198,894	(69,696)	(425,211)			125
Preferred shares outstanding at end of period (in shares) at Jun. 30, 2024			8,229,500					8,229,500
Common shares outstanding at beginning of period (in shares) at Mar. 31, 2024							51,034,800
Stockholders’ equity at beginning of period at Mar. 31, 2024	774,243			774,118			$ 510	$ 82	1,199,030	(6,628)	(418,876)			125
Preferred shares outstanding at beginning of period (in shares) at Mar. 31, 2024								8,229,500
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) income	(63,068)			(63,068)						(63,068)
Repurchase of common stock (in shares)							(510,244)
Repurchase of common stock	(1,599)			(1,599)			$ (5)		(1,594)
Preferred dividends declared	(3,600)		$ (3,600)			$ (3,600)							$ (3,600)
Common dividends declared	(2,735)			(2,735)							(2,735)
Non-cash equity award compensation (in shares)							159,561
Non-cash equity award compensation	$ 1,460			1,460			$ 2		1,458
Common shares outstanding at end of period (in shares) at Jun. 30, 2024	50,684,117						50,684,117
Stockholders’ equity at end of period at Jun. 30, 2024	$ 704,701			$ 704,576			$ 507	$ 82	$ 1,198,894	$ (69,696)	$ (425,211)			$ 125
Preferred shares outstanding at end of period (in shares) at Jun. 30, 2024			8,229,500					8,229,500

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY - (Parenthetical) - $ / shares	3 Months Ended
	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2023	Mar. 31, 2023
Common dividends declared per share (in usd per share)	$ 0.05	$ 0.15	$ 0.20	$ 0.20
Cumulative Preferred Stock
Preferred dividends declared per share (in usd per share)			25	25
Series A Preferred Stock
Preferred dividends declared per share (in usd per share)	$ 0.4375	$ 0.4375	$ 0.4375	$ 0.4375

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Cash Flows From Operating Activities:
Net loss	$ (137,191)	$ (28,788)
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	(3,453)	(5,854)
Amortization of deferred debt issuance costs	3,316	4,333
Provision for credit losses	136,308	52,228
(Gain) loss on extinguishment of debt	423	(274)
Amortization of equity-based compensation	3,631	4,341
Depreciation and amortization on real estate owned	2,558	0
Net change in assets and liabilities:
Decrease (increase) in accrued interest receivable	1,655	216
Decrease (increase) in other assets	(2,088)	999
Increase (decrease) in other liabilities	(2,521)	(810)
Net cash provided by operating activities	2,638	26,391
Cash Flows From Investing Activities:
Originations, acquisitions and additional fundings of loans held-for-investment, net of deferred fees	(34,053)	(34,318)
Proceeds from repayment of loans held-for-investment	96,883	265,623
Net cash provided by (used in) investing activities	62,830	231,305
Cash Flows From Financing Activities:
Proceeds from repurchase facilities	78,486	453,242
Principal payments on repurchase facilities	(161,949)	(396,676)
Principal payments on securitized debt obligations	(54,210)	(139,215)
Proceeds from asset-specific financings	0	911
Proceeds from secured credit facility	1,192	0
Payment of debt issuance costs	(843)	(3,514)
Tax withholding on restricted stock and RSUs	(1,185)	(966)
Repurchase of common stock	(1,599)	(5,118)
Redemption of cumulative redeemable preferred stock	0	(1,000)
Dividends paid on preferred stock	(7,201)	(7,251)
Dividends paid on common stock	(18,579)	(21,424)
Net cash (used in) provided by financing activities	(165,888)	(121,011)
Net (decrease) increase in cash, cash equivalents and restricted cash	(100,420)	136,685
Cash, cash equivalents, and restricted cash at beginning of period	199,216	140,165
Cash, cash equivalents, and restricted cash at end of period	98,796	276,850
Supplemental Disclosure of Cash Flow Information:
Cash paid for interest	83,764	90,379
Cash paid for taxes	0	697
Noncash Activities:
Dividends declared but not paid at end of period	6,335	14,336
Transfers from loans held-for-investment to real estate owned, other assets and other liabilities	$ 35,659	$ 24,000

Organization and Operations

Organization and Operations	6 Months Ended
	Jun. 30, 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	6 Months Ended
	Jun. 30, 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 June 30, 2024, and results of operations for all periods presented have been made. The results of operations for the three and six months ended June 30, 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 June 30, 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. Provided below is a summary of additional accounting policies that are significant to the Company’s condensed consolidated financial condition and results of operations for the three and six months ended June 30, 2024. Real Estate Owned As part of its portfolio management strategy to maximize an economic outcome from a defaulted loan, the Company may assume legal title or physical possession of the underlying collateral property through foreclosure or the execution of a deed-in-lieu of foreclosure. Real estate acquired through a foreclosure or by deed-in-lieu of foreclosure is classified as real estate owned, or REO. The Company’s basis in REO and related acquired assets is equal to the estimated fair value of the collateral on the acquisition date and allocated within Real estate owned, Other assets and Other liabilities on the Company’s condensed consolidated balance sheets. The estimated fair value of REO is determined using generally accepted valuation techniques, including a discounted cash flow model and inputs that include the highest and best use for each asset, estimated future values based on discussions with local brokers, investors and other market participants, the estimated holding period for the asset, and discount rates that reflect estimated investor return requirements for the risks associated with the expected use of each asset. If the estimated fair value of REO is lower than the carrying value of the related loan upon acquisition, the difference is recorded through the provision for credit losses in the Company’s condensed consolidated statements of comprehensive income. Upon acquisition, the Company allocates the fair value of REO to land and land improvements, building and building improvements, tenant improvements, intangible assets and intangible liabilities, as applicable. As of June 30, 2024, REO and related acquired assets, except for land, are depreciated using the straight-line method over estimated useful lives as follows: Description Depreciable Life Building 39 years Land improvements 15 Years Tenant improvements Over lease terms Lease intangibles Over lease terms Renovations and/or replacements that improve or extend the life of the REO are capitalized and depreciated over their estimated useful lives. The cost of ordinary repairs and maintenance are expensed as incurred in the Company’s condensed consolidated statements of comprehensive income. REO is initially measured at fair value and is thereafter subject to an impairment assessment on a quarterly basis. Subsequent to a REO acquisition, events or circumstances may occur that may result in a material and sustained decrease in the cash flows generated from the property. REO is evaluated for recoverability when impairment indicators are identified. Any impairment losses and gains or losses on sale are included in the Company’s condensed consolidated statements of comprehensive income. Revenue and expenses from REO operations are included in the condensed consolidated statements of comprehensive income within Revenue from real estate owned operations and Expenses from real estate owned operations, as applicable. Recently Issued and/or Adopted Accounting Standards 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 of this guidance but does not anticipate it will have a material impact 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	6 Months Ended
	Jun. 30, 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 June 30, 2024, and December 31, 2023: June 30, 2024 (dollars in thousands) Senior Loans (1) B-Notes (2) Total Unpaid principal balance $ 2,610,510 $ 13,374 $ 2,623,884 Unamortized (discount) premium (5) — (5) Unamortized net deferred origination fees (6,995) — (6,995) Allowance for credit losses (263,868) (272) (264,140) Carrying value $ 2,339,642 $ 13,102 $ 2,352,744 Unfunded commitments $ 118,010 $ — $ 118,010 Number of loans 67 1 68 Weighted average coupon (3) 7.0 % 8.0 % 7.0 % Weighted average years to maturity (4) 0.4 2.6 0.4 December 31, 2023 (dollars in thousands) Senior Loans (1) B-Notes (2) 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 (3) 8.2 % 8.0 % 8.2 % Weighted average years to maturity (4) 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) A subordinate loan secured by the same mortgage as the senior loan. (3) Weighted average coupon inclusive of the impact of nonaccrual loans. (4) Based on contractual maturity date, including maturity defaulted loans with no remaining term. 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) June 30, 2024 December 31, 2023 Property Type Carrying Value % of Loan Portfolio Carrying Value % of Loan Portfolio Office $ 1,015,245 43.2 % $ 1,116,551 43.2 % Multifamily 742,615 31.6 % 826,125 32.0 % Hotel 181,437 7.7 % 180,891 7.0 % Retail 235,271 10.0 % 257,945 10.0 % Industrial 114,060 4.8 % 113,972 4.4 % Other 64,116 2.7 % 88,341 3.4 % Total $ 2,352,744 100.0 % $ 2,583,825 100.0 % (dollars in thousands) June 30, 2024 December 31, 2023 Geographic Location Carrying Value % of Loan Portfolio Carrying Value % of Loan Portfolio Northeast $ 558,455 23.7 % $ 709,838 27.5 % Southwest 493,592 21.0 % 495,133 19.2 % West 310,306 13.2 % 328,547 12.7 % Midwest 392,773 16.7 % 421,881 16.3 % Southeast 597,618 25.4 % 628,426 24.3 % Total $ 2,352,744 100.0 % $ 2,583,825 100.0 % Loan Portfolio Activity The following table summarizes activity related to loans held-for-investment, net of allowance for credit losses, for the three and six months ended June 30, 2024, and 2023: Three Months Ended June 30, Six Months Ended June 30, (in thousands) 2024 2023 2024 2023 Balance at beginning of period $ 2,492,539 $ 3,182,379 $ 2,583,825 $ 3,267,815 Originations, additional fundings, upsizing of loans and capitalized deferred interest 17,867 18,975 35,868 37,180 Repayments (61,405) (206,173) (96,883) (265,623) Transfers to real estate owned (35,659) (24,000) (35,659) (24,000) Net discount accretion (premium amortization) 7 7 15 20 Increase (decrease) from net deferred origination fees (911) (413) (852) (1,032) Amortization of net deferred origination fees 867 1,474 2,475 4,005 Provision for credit losses (60,561) (6,161) (136,045) (52,277) Balance at end of period $ 2,352,744 $ 2,966,088 $ 2,352,744 $ 2,966,088 During the six months ended June 30, 2024, the Company funded $34.9 million of prior commitments and upsizings. Additionally, the Company received $67.7 million of full loan repayments, paydowns and amortization of $29.2 million, for total loan repayments, paydowns and amortization of $96.9 million. Allowance for Credit Losses The following table presents the changes for the three and six months ended June 30, 2024, and 2023 in the allowance for credit losses on loans held-for-investment: Three Months Ended June 30, Six Months Ended June 30, (in thousands) 2024 2023 2024 2023 Balance at beginning of period $ 210,145 $ 128,451 $ 134,661 $ 82,335 Provision for (benefit from) credit losses 60,561 6,161 136,045 52,277 Write-off (6,566) (4,200) (6,566) (4,200) Balance at end of period $ 264,140 $ 130,412 $ 264,140 $ 130,412 During the three months ended June 30, 2024, the Company recorded a net increase of $54.0 million in its allowance for credit losses on loans held-for-investment. The increase was primarily due to: (i) $39.7 million related to loans that were individually assessed primarily driven by updated estimates of the fair value of the underlying collateral securing certain of these loans, and (ii) $14.3 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. During the six months ended June 30, 2024, the Company recorded a net increase of $129.5 million in its allowance for credit losses on loans held-for-investment. The increase was primarily due to: (i) $103.6 million related to eleven loans that were assessed individually and based on the estimates of the fair value of each loan’s underlying collateral, and (ii) $25.9 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 CECL reserve. As of June 30, 2024, the Company recognized $2.7 million in other liabilities related to the allowance for credit losses on unfunded commitments, resulting in a total allowance for credit losses of $266.9 million, and recorded a provision for credit losses of $(0.2) million and $(0.3) million for the three and six months ended June 30, 2024, respectively, partially offset by a decrease in unfunded commitments, resulting in a total provision for credit losses of $(60.8) million and $(136.3) million for the three and six months ended June 30, 2024, respectively. As of June 30, 2024, the Company had ten collateral-dependent loans with an aggregate principal balance of $545.2 million, for which the Company recorded an allowance for credit losses of $195.0 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, which include four office buildings, four mixed-use properties with an office component, one hotel and one multifamily asset, 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 June 30, 2024, the Company had one collateral-dependent loan with an aggregate principal balance of $70.5 million secured by an office property, for which the Company recorded no allowance for credit losses as the collateral’s estimated fair value exceeded the loan balance. 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 and six months ended June 30, 2024, and 2023: Three Months Ended June 30, Six Months Ended June 30, (in thousands) 2024 2023 2024 2023 Nonaccrual loan carrying value at beginning of period $ 517,507 $ 207,234 $ 343,683 $ 207,958 Addition of nonaccrual loan carrying value 16,831 — 195,358 23,270 Reduction of nonaccrual loan carrying value (81,541) (23,971) (86,244) (47,965) Nonaccrual loan carrying value at end of period $ 452,797 $ 183,263 $ 452,797 $ 183,263 As of June 30, 2024, the Company had twelve senior loans with a total unpaid principal balance of $665.3 million and carrying value of $452.8 million that were held on nonaccrual status, compared to four senior loans with a total unpaid principal balance of $245.6 million and carrying value of $183.3 million that were held on nonaccrual status as of June 30, 2023. All other loans were considered current with respect to principal and interest payments due as of June 30, 2024, and June 30, 2023. Loan Modifications As part of its asset and portfolio management strategy, 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, among other items. During the twelve months ended June 30, 2024, the Company entered into two loan modifications that met the disclosure requirements pursuant to ASC 326. During the three months ended June 30, 2024, the Company completed the modification of a first mortgage loan secured by a design building property located in New York, NY, with an outstanding principal balance of $37.5 million as of March 31, 2024. The terms of the modification included, among others, a restructuring of the $37.5 million loan into (i) a $33.3 million senior loan, with $3.0 million in unfunded commitments, and (ii) a $4.2 million mezzanine note; a $2.6 million capital infusion from the sponsor to further support the collateral property; a change to the restructured senior loan’s coupon to S+3.00%, which was reduced from S+4.65%; an increase in the exit fee from 0.25% to 5.70% of the loan amount, and an extension of term to a maturity date of June 9, 2027. The mezzanine note is non-interest bearing and is subject to a distribution waterfall and is subordinate to certain amounts of sponsor’s equity, as defined in the loan agreement. As of June 30, 2024, the mezzanine note was deemed uncollectible, resulting in a write-off of $(4.2) million. During the twelve months ended June 30, 2024, the Company completed the modification of a first mortgage loan secured by a multifamily student housing property in Louisville, KY. As of June 30, 2024, and December 31, 2023, the loan had a principal balance of $49.6 million and $48.5 million and an amortized cost of $49.4 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 as of November 9, 2023. 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 that are 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 June 30, 2024, and December 31, 2023: (dollars in thousands) June 30, 2024 December 31, 2023 Risk Rating Number of Loans Unpaid Principal Balance Carrying Value Number of Loans Unpaid Principal Balance Carrying Value 1 6 $ 124,753 $ 123,839 4 $ 71,597 $ 71,211 2 27 1,002,379 986,494 36 1,277,491 1,262,126 3 20 762,447 735,194 24 862,102 842,175 4 5 189,130 157,621 4 192,104 174,313 5 10 545,175 349,596 5 323,885 234,000 Total 68 $ 2,623,884 $ 2,352,744 73 $ 2,727,179 $ 2,583,825 As of June 30, 2024, the weighted average risk rating of the Company’s loan portfolio was 3.0, versus 2.8 as of December 31, 2023, and unchanged versus March 31, 2024, weighted by unpaid principal balance. The change in portfolio risk rating as of June 30, 2024, versus December 31, 2023, is mainly a result of select loan risk rating downgrades, partially offset by certain rating upgrades. During the three months ended June 30, 2024, as part of its quarterly risk rating process, the Company downgraded one senior loan with an aggregate outstanding principal balance of $20.1 million and secured by an office property to a risk rating of “5”. This loan was downgraded due to a missed interest payment and the borrower’s unwillingness to make further capital commitments to support the collateral property resulting from the challenging office 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 loan is considered collateral dependent and has been placed on nonaccrual status as of June 30, 2024. During the three months ended June 30, 2024, the Company resolved an $11.6 million senior loan secured by a multifamily property located in Milwaukee, WI. The loan had been considered collateral-dependent, had a risk rating of “5” and had previously been placed on nonaccrual status. In connection with the resolution, which involved a discounted loan payoff, the Company incurred a write-off of $(2.4) million. During the three months ended June 30, 2024, the Company transferred to real estate owned, or REO, a $35.7 million senior loan secured by an office property located in Maynard, MA. The loan had been considered collateral-dependent, had a risk rating of “4” and had previously been placed on nonaccrual status. The Company recorded the REO at the loan’s carrying value based on the estimated fair value of the collateral property at the time of acquisition. See Note 4 - Real Estate Owned, Net , for further detail. The following table presents the carrying value of loans held-for-investment as of June 30, 2024, and December 31, 2023, by risk rating and year of origination: June 30, 2024 (dollars in thousands) Origination Year Risk Rating 2024 2023 2022 2021 2020 Prior Total 1 $ — $ — $ — $ 30,590 $ 21,596 $ 71,653 $ 123,839 2 — — 282,140 266,084 22,217 416,053 986,494 3 — 50,476 93,262 87,797 22,853 480,806 735,194 4 — — — 51,822 — 105,799 157,621 5 — — 11,921 31,860 — 305,815 349,596 Total $ — $ 50,476 $ 387,323 $ 468,153 $ 66,666 $ 1,380,126 $ 2,352,744 Gross write-offs $ — $ — $ (4,166) $ — $ — $ (2,400) $ (6,566) 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	6 Months Ended
	Jun. 30, 2024
Real Estate [Abstract]
Real Estate Owned, Net	Real Estate Owned, Net On May 16, 2023, the Company acquired the 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, prior to acquisition, 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. On June 27, 2024, the Company acquired the legal title to an office property located in Maynard, MA 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 2018. As of March 31, 2024, prior to acquisition, the loan had a risk rating of “4”, was on nonaccrual status, and was assessed individually as a collateral-dependent loan due to an anticipated foreclosure. At the time of acquisition, the loan had an amortized cost and carrying value of $35.7 million. The Company recognized the property as real estate owned with a carrying value of $35.7 million based on the estimated fair value of the collateral property at the time of acquisition. This acquisition was accounted for as an asset acquisition under ASC 805. The Company provisionally allocated the fair value of the assumed assets and liabilities on the acquisition date as follows: (in thousands) Fair Value Allocation Land and land improvements $ 10,374 Building 12,703 Tenant improvements 3,921 In-place lease intangibles (1) 8,231 Above-market lease intangibles (1) 576 Below-market lease intangibles (2) (146) Total $ 35,659 ______________________ (1) Included in “Other assets” on the condensed consolidated balance sheets. (2) Included in “Other liabilities” on the condensed consolidated balance sheets. The weighted average initial depreciation period for the acquired tenant improvements during the three months ended June 30, 2024 was 4.6 years. The weighted average initial amortization period for the acquired in-place lease intangibles, above-market lease intangibles and below-market lease intangibles acquired during the three months ended June 30, 2024 were 2.5 years, 2.7 years, and 5.5 years, respectively The Company assumed certain legacy lease arrangements upon the acquisition of 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 June 30, 2024, and December 31, 2023: (in thousands) June 30, December 31, Intangible Assets Gross amount $ 14,488 $ 5,681 Accumulated amortization (3,527) (2,082) Total, net $ 10,961 $ 3,599 Intangible Liabilities Gross amount $ (184) $ (38) Accumulated amortization 12 8 Total, net $ (172) $ (30) 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 June 30, 2024, and 2023: (in thousands) Three Months Ended June 30, Six Months Ended June 30, Real Estate Owned, Net 2024 2023 2024 2023 Rental income $ 1,063 $ 444 $ 2,126 $ 444 Other operating income 48 18 127 18 Revenue from real estate owned operations 1,111 462 2,253 462 Expenses from real estate owned operations (1) (1,950) (1,664) (3,995) (1,664) Total $ (839) $ (1,202) $ (1,742) $ (1,202) ______________________ (1) Includes $(1.2) million and $(2.5) million of depreciation and amortization for the three and six months ended June 30, 2024, respectively. Includes $(0.6) million of depreciation and amortization for the three and six months ended June 30, 2023. The following table presents the amortization of lease intangibles included in the Company’s condensed consolidated statements of income for the three and six months ended June 30, 2024, and 2023: (in thousands) Three Months Ended June 30, Six Months Ended June 30, Income Statement Location 2024 2023 2024 2023 Asset In-place lease intangibles Expenses from real estate owned operations $ 631 $ 364 $ 1,359 $ 364 Above-market lease intangibles Revenue from real estate owned operations (38) (17) (86) (17) Liability Below-market lease intangibles Revenue from real estate owned operations 2 1 4 1 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 $ 4,162 $ 167 $ (16) 2025 3,158 267 (33) 2026 1,555 152 (33) 2027 374 52 (33) 2028 280 39 (31) Thereafter 665 90 (26) 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 June 30, 2024: (in thousands) Contractual Lease Payments 2024 $ 4,908 2025 6,922 2026 4,874 2027 2,270 2028 1,878 Thereafter 4,205 The weighted average minimum remaining term of the non-cancelable leases was approximately 2.2 years as of June 30, 2024.

Variable Interest Entities and

Variable Interest Entities and Securitized Debt Obligations	6 Months Ended
	Jun. 30, 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 June 30, 2024, and December 31, 2023: (in thousands) June 30, December 31, Loans held-for-investment $ 1,189,382 $ 1,246,448 Allowance for credit losses (95,463) (21,107) Loans held-for-investment, net 1,093,919 1,225,341 Other assets 7,288 8,480 Total Assets $ 1,101,207 $ 1,233,821 Securitized debt obligations $ 938,075 $ 991,698 Other liabilities 1,803 2,383 Total Liabilities $ 939,878 $ 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 June 30, 2024, and December 31, 2023: (dollars in thousands) June 30, 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) $ 577,205 $ 553,225 S+3.8% $ 621,409 $ 607,338 S+3.8% Financing provided 459,389 457,815 S+1.8% 502,564 500,403 S+1.8% GPMT 2021-FL3 CRE CLO Collateral assets (3) 614,713 540,694 S+3.8% 629,273 618,003 S+3.8% Financing provided 480,260 480,260 S+1.9% 491,295 491,295 S+1.9% Total Collateral assets $ 1,191,918 $ 1,093,919 S+3.8% $ 1,250,682 $ 1,225,341 S+ 3.8% Financing provided $ 939,649 $ 938,075 S+1.9% $ 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 June 30, 2024, and December 31, 2023. Yield on collateral assets is exclusive of restricted cash. (3) No restricted cash is included as of June 30, 2024, and December 31, 2023. Yield on collateral assets is exclusive of restricted cash.

Secured Financing Agreements

Secured Financing Agreements	6 Months Ended
	Jun. 30, 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 facility is typically collateralized by loans held-for-investment, loans held-for-sale, REO assets and certain cash balances and is not mark-to-market. The following tables summarize details of the Company’s borrowings outstanding on its secured financing agreements as of June 30, 2024, and December 31, 2023: June 30, 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 (3) June 28, 2025 $ 145,267 $ 104,733 $ 250,000 $ 264,907 8.0 % Goldman Sachs Bank USA (4) July 13, 2024 — 250,000 250,000 — — % JPMorgan Chase Bank July 28, 2025 484,654 30,318 514,972 589,293 9.5 % Citibank May 25, 2025 161,635 338,365 500,000 241,082 7.2 % Total $ 791,556 $ 723,416 $ 1,514,972 $ 1,095,282 Secured credit facility December 21, 2025 $ 85,192 $ 14,808 $ 100,000 $ 108,581 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 (4) 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 (5) August 29, 2024 6,213 143,787 150,000 20,508 10.4 % Total $ 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 11.9 % ______________________ (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 June 30, 2024, and December 31, 2023. (3) During the three months ended June 30, 2024, the Company entered into a modification of the facility to extend the maturity date to June 28, 2025, and adjust the total capacity to $250 million. (4) As of June 30, 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. Subsequent to June 30, 2024, the Company terminated the facility. (5) As of December 31, 2023, the outstanding balance was collateralized by real estate owned, inclusive of $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. During the three months ended June 30, 2024, the Company repaid all outstanding borrowings under the facility and terminated the facility. The following table summarizes certain characteristics of the Company’s repurchase facilities and counterparty concentration at June 30, 2024, and December 31, 2023: June 30, 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 $ 145,267 $ 127,129 18 % 0.99 $ 193,165 $ 118,253 14 % 0.49 JPMorgan Chase Bank 484,654 114,863 16 % 1.08 445,713 62,216 7 % 1.58 Goldman Sachs Bank USA — — — % 0.04 53,745 78,949 9 % 0.53 Citibank 161,635 94,812 13 % 0.90 176,606 80,441 9 % 1.40 Centennial Bank (2) — — — % — 6,213 17,757 2 % 0.66 Total $ 791,556 $ 336,804 $ 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) During the three months ended June 30, 2024, the Company repaid all outstanding borrowings under the facility and terminated the facility. 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 June 30, 2024, the Company’s unrestricted cash was $85.9 million, while 5.0% of the Company’s recourse indebtedness was $13.9 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 June 30, 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 June 30, 2024, the Company’s target asset leverage ratio was 69.4% and the Company’s total leverage ratio was 65.4%. • Minimum interest coverage of no less than 1.3:1.0 through June 30, 2024. As of June 30, 2024, the Company’s minimum interest coverage was 1.3:1.0. 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 June 30, 2024, and December 31, 2023, the Company was in compliance with these covenants.

Convertible Senior Notes

Convertible Senior Notes	6 Months Ended
	Jun. 30, 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 June 30, 2024, and December 31, 2023. The following table details the interest expense related to the convertible notes for the three and six months ended June 30, 2024, and 2023: Three Months Ended June 30, Six Months Ended June 30, (in thousands) 2024 2023 2024 2023 Cash coupon $ — $ 2,098 $ — $ 4,195 Amortization of issuance costs — 234 — 448 Total interest expense $ — $ 2,332 $ — $ 4,643

Cash, Cash Equivalents and Rest

Cash, Cash Equivalents and Restricted Cash	6 Months Ended
	Jun. 30, 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 its lending counterparties to support investment activities. As of June 30, 2024, the Company held $12.9 million in restricted cash in connection with its non-CRE CLO financing activities, compared to $10.8 million as of December 31, 2023. From time to time, the Company may also hold restricted cash representing proceeds from principal repayments and paydowns of loans held in the CRE CLOs. As of June 30, 2024, as well as at December 31, 2023, the Company held no restricted cash related to the CRE CLOs. The following table provides a reconciliation of cash, cash equivalents and restricted cash reported on the Company’s condensed consolidated balance sheets as of June 30, 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) June 30, December 31, Cash and cash equivalents $ 85,916 $ 188,370 Restricted cash 12,880 10,846 Total cash, cash equivalents and restricted cash $ 98,796 $ 199,216

Fair Value

Fair Value	6 Months Ended
	Jun. 30, 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. The 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 June 30, 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 the allowance for credit losses 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 June 30, 2024, the Company deemed eleven of its loans held-for-investment with an aggregate outstanding principal balance of $615.7 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, if applicable, 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 June 30, 2024, nine loans with an aggregate outstanding principal balance of $545.1 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 June 30, 2024, two loans with an aggregate outstanding principal balance of $70.6 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. 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 June 30, 2024, and December 31, 2023: June 30, 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 $ 2,352,744 $ 2,398,950 $ 2,583,825 $ 2,596,577 Cash and cash equivalents $ 85,916 $ 85,916 $ 188,370 $ 188,370 Restricted cash $ 12,880 $ 12,880 $ 10,846 $ 10,846 Liabilities Repurchase facilities $ 791,556 $ 791,556 $ 875,442 $ 875,442 Securitized debt obligations $ 938,075 $ 889,190 $ 991,698 $ 930,523 Secured credit facility $ 85,192 $ 85,192 $ 84,000 $ 84,000

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 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 June 30, 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 June 30, 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 June 30, 2024, and December 31, 2023, the Company had unfunded loan commitments of $118.0 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 June 30, 2024, the Company recognized $2.7 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	6 Months Ended
	Jun. 30, 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 and six months ended June 30, 2024, and 2023, the Company declared dividends on the Series A Preferred Stock of $3.6 million and $7.2 million, respectively. 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	6 Months Ended
	Jun. 30, 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 and six months ended June 30, 2024, and 2023: Declaration Date Record Date Payment Date Cash Dividend Per Share 2024 June 18, 2024 July 1, 2024 July 15, 2024 $ 0.05 March 14, 2024 April 1, 2024 April 15, 2024 $ 0.15 $ 0.20 2023 June 22, 2023 July 3, 2023 July 17, 2023 $ 0.20 March 16, 2023 April 3, 2023 April 17, 2023 $ 0.20 $ 0.40 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 and six months ended June 30, 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. During the three and six months ended June 30, 2024, the Company repurchased 510,244 shares of its common stock for an aggregate cost, inclusive of commissions paid, of $1.6 million. As of June 30, 2024, there remained 3,647,672 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 six months ended June 30, 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 from employees during the six months ended June 30, 2024, or during the three months ended June 30, 2024, and 2023. 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 June 30, 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 and six months ended June 30, 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 and six months ended June 30, 2024, and 2023: Declaration Date Record Date Payment Date Cash Dividend Per Share 2024 June 18, 2024 July 1, 2024 July 15, 2024 $ 0.4375 March 14, 2024 April 1, 2024 April 15, 2024 $ 0.4375 $ 0.8750 2023 June 22, 2023 July 3, 2023 July 17, 2023 $ 0.4375 March 16, 2023 April 3, 2023 April 17, 2023 $ 0.4375 $ 0.8750

Equity Incentive Plans

Equity Incentive Plans	6 Months Ended
	Jun. 30, 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 June 30, 2024, the Company had 6,660,615 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 and six months ended June 30, 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 (1) (233,454) (347,896) 11.61 Outstanding at March 31, 2024 2,588,472 1,788,913 $ 6.06 Granted 1,571,310 — $ 3.06 Vested (159,561) — $ 4.81 Outstanding at June 30, 2024 4,000,221 1,788,913 $ 5.28 ______________________ (1) 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 June 30, 2024: Vesting Year RSUs PSUs Total Awards 2024 — 312,538 312,538 2025 1,525,419 734,223 2,259,642 2026 756,135 742,152 1,498,287 2027 1,718,667 — 1,718,667 Total 4,000,221 1,788,913 5,789,134 For the six months ended June 30, 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 June 30, 2024, all awards of restricted stock had vested. The Company’s RSUs are subject to time-based vesting schedules. For the three and six months ended June 30, 2024, the Company recognized $1.8 million and $3.4 million of compensation expense associated with these awards, respectively, compared to $1.7 million and $3.2 million for the three and six months ended June 30, 2023, within compensation and benefits expense on the condensed consolidated statements of income. As of June 30, 2024, $12.3 million of total unrecognized compensation cost for awards of RSUs will be recognized over the grants’ remaining weighted average vesting period of 1.0 year. The number of PSUs that vest depends on the Company’s performance over a three-year period 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 the performance period 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 their respective performance periods 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 and six months ended June 30, 2024, the Company recognized $(0.3) million and $0.2 million of compensation expense associated with these awards, respectively, compared to $0.7 million and $1.1 million for the three and six months ended June 30, 2023, within compensation and benefits expenses on the condensed consolidated statements of income. As of June 30, 2024, $4.4 million of total unrecognized compensation cost for awards of PSUs will be recognized over the grants’ remaining weighted average vesting period of 1.1 years.

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 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	6 Months Ended
	Jun. 30, 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 and six months ended June 30, 2024, and 2023: Three Months Ended Six Months Ended June 30, June 30, (in thousands, except share data) 2024 2023 2024 2023 Numerator: Net (loss) income attributable to common stockholders $ (66,668) $ 1,416 $ (144,391) $ (36,038) Dividends allocated to participating restricted stock units $ (200) $ (420) (588) (821) Net (loss) income attributable to common stockholders - basic $ (66,868) $ 996 $ (144,979) $ (36,859) Net (loss) income attributable to common stockholders - diluted $ (66,868) $ 996 $ (144,979) $ (36,859) Denominator: Weighted average common shares outstanding 50,939,476 51,538,309 50,842,004 51,905,872 Weighted average restricted stock shares — — — 15,345 Basic weighted average shares outstanding 50,939,476 51,538,309 50,842,004 51,921,217 Effect of dilutive shares issued in an assumed conversion of RSUs as additional shares — 80,763 — — Diluted weighted average shares outstanding 50,939,476 51,619,072 50,842,004 51,921,217 (Loss) earnings per share Basic $ (1.31) $ 0.03 $ (2.84) $ (0.69) Diluted $ (1.31) $ 0.03 $ (2.84) $ (0.69) For the three and six months ended June 30, 2023, excluded from the calculation of diluted earnings per share is the effect of adding back $2.3 million and $4.6 million, respectively, of interest expense related to the Company’s convertible senior notes. For the three and six months ended June 30, 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 June 30, 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 June 30, 2023, 80,763 of weighted-average unvested RSUs were included in the dilutive earnings per share denominator. No shares were included in the dilutive earnings per share denominator for the six months ended June 30, 2023, as their inclusion would be antidilutive. For the three and six months ended June 30, 2024, 104,501 and 649,314 of weighted-average unvested RSUs were excluded from the dilutive earnings per share denominator, as their inclusion would be antidilutive. The computation of diluted earnings per share is also based on the incremental shares that would be outstanding assuming the settlement of PSUs. The number of incremental shares is calculated by applying the treasury stock method. For the three and six months ended June 30, 2024, no additional weighted-average unvested PSUs were included in the dilutive earnings per share denominator, as their inclusion would be antidilutive. As of June 30, 2024, there were no incremental shares of unvested PSUs.

Subsequent Events

Subsequent Events	6 Months Ended
	Jun. 30, 2024
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events Events subsequent to June 30, 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 other than the events described below. Subsequent to June 30, 2024, the Company completed a modification of a first mortgage loan collateralized by a mixed-use multifamily, event space and office property located in Pittsburgh, PA, with an outstanding principal balance of $51.0 million as of June 30, 2024. The terms of the modification included, among others, (i) a new $2 million capital infusion from the sponsor to further support the collateral property, (ii) a restructuring of the $51.0 million whole loan into a $32.0 million senior loan, with a $7.0 million unfunded commitment, and a $19.3 million mezzanine note. The restructured senior loan earns a fixed rate coupon rate of 5.75%, adjusted from a floating rate coupon of S+3.40%; has an increase in the exit fee from 1.25% to 5.75% of the loan amount; and was extended to July 9, 2027. The mezzanine note is non-interest bearing, is subject to a future resolution cash flow waterfall and subordinate to certain amounts of sponsor’s equity, as defined in the loan agreement. As of June 30, 2024, the $51.0 million whole loan carried a risk rating of “5” and was on nonaccrual status. Subsequent to June 30, 2024, the Company resolved a senior loan with an outstanding principal balance of $37.1 million that had been on nonaccrual status and carried a risk rating of “5” as of June 30, 2024. The resolution involved a coordinated sale of the collateral property, a mixed-use office and retail asset located in Los Angeles, CA. As a result of this transaction, the Company expects to realize a write-off of approximately $(22.2) million, which had been reserved for through a previously recorded allowance for credit losses. Subsequent to June 30, 2024, the Company terminated its repurchase facility with Goldman Sachs Bank USA, which had no outstanding borrowings at the time of termination.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2024	Jun. 30, 2023
Pay vs Performance Disclosure
Net (loss) income	$ (63,068)	$ (74,123)	$ 5,041	$ (33,829)	$ (137,191)	$ (28,788)

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Jun. 30, 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)	6 Months Ended
	Jun. 30, 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 June 30, 2024, and results of operations for all periods presented have been made. The results of operations for the three and six months ended June 30, 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 June 30, 2024. However, the Company’s actual results could ultimately differ from its estimates and such differences may be material.
Real Estate Owned	Real Estate Owned As part of its portfolio management strategy to maximize an economic outcome from a defaulted loan, the Company may assume legal title or physical possession of the underlying collateral property through foreclosure or the execution of a deed-in-lieu of foreclosure. Real estate acquired through a foreclosure or by deed-in-lieu of foreclosure is classified as real estate owned, or REO. The Company’s basis in REO and related acquired assets is equal to the estimated fair value of the collateral on the acquisition date and allocated within Real estate owned, Other assets and Other liabilities on the Company’s condensed consolidated balance sheets. The estimated fair value of REO is determined using generally accepted valuation techniques, including a discounted cash flow model and inputs that include the highest and best use for each asset, estimated future values based on discussions with local brokers, investors and other market participants, the estimated holding period for the asset, and discount rates that reflect estimated investor return requirements for the risks associated with the expected use of each asset. If the estimated fair value of REO is lower than the carrying value of the related loan upon acquisition, the difference is recorded through the provision for credit losses in the Company’s condensed consolidated statements of comprehensive income. Upon acquisition, the Company allocates the fair value of REO to land and land improvements, building and building improvements, tenant improvements, intangible assets and intangible liabilities, as applicable. As of June 30, 2024, REO and related acquired assets, except for land, are depreciated using the straight-line method over estimated useful lives as follows: Description Depreciable Life Building 39 years Land improvements 15 Years Tenant improvements Over lease terms Lease intangibles Over lease terms Renovations and/or replacements that improve or extend the life of the REO are capitalized and depreciated over their estimated useful lives. The cost of ordinary repairs and maintenance are expensed as incurred in the Company’s condensed consolidated statements of comprehensive income. REO is initially measured at fair value and is thereafter subject to an impairment assessment on a quarterly basis. Subsequent to a REO acquisition, events or circumstances may occur that may result in a material and sustained decrease in the cash flows generated from the property. REO is evaluated for recoverability when impairment indicators are identified. Any impairment losses and gains or losses on sale are included in the Company’s condensed consolidated statements of comprehensive income. Revenue and expenses from REO operations are included in the condensed consolidated statements of comprehensive income within Revenue from real estate owned operations and Expenses from real estate owned operations, as applicable.
Recently Issued and/or Adopted Accounting Standards	Recently Issued and/or Adopted Accounting Standards 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 of this guidance but does not anticipate it will have a material impact 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.

Basis of Presentation and Sig_3

Basis of Presentation and Significant Accounting Policies (Tables)	6 Months Ended
	Jun. 30, 2024
Accounting Policies [Abstract]
Schedule of Property, Plant and Equipment	As of June 30, 2024, REO and related acquired assets, except for land, are depreciated using the straight-line method over estimated useful lives as follows: Description Depreciable Life Building 39 years Land improvements 15 Years Tenant improvements Over lease terms Lease intangibles Over lease terms

Loans Held-for-Investment, Ne_2

Loans Held-for-Investment, Net of Allowance for Credit Losses (Tables)	6 Months Ended
	Jun. 30, 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 June 30, 2024, and December 31, 2023: June 30, 2024 (dollars in thousands) Senior Loans (1) B-Notes (2) Total Unpaid principal balance $ 2,610,510 $ 13,374 $ 2,623,884 Unamortized (discount) premium (5) — (5) Unamortized net deferred origination fees (6,995) — (6,995) Allowance for credit losses (263,868) (272) (264,140) Carrying value $ 2,339,642 $ 13,102 $ 2,352,744 Unfunded commitments $ 118,010 $ — $ 118,010 Number of loans 67 1 68 Weighted average coupon (3) 7.0 % 8.0 % 7.0 % Weighted average years to maturity (4) 0.4 2.6 0.4 December 31, 2023 (dollars in thousands) Senior Loans (1) B-Notes (2) 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 (3) 8.2 % 8.0 % 8.2 % Weighted average years to maturity (4) 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) A subordinate loan secured by the same mortgage as the senior loan. (3) Weighted average coupon inclusive of the impact of nonaccrual loans. (4) Based on contractual maturity date, including maturity defaulted loans with no remaining term. 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) June 30, 2024 December 31, 2023 Property Type Carrying Value % of Loan Portfolio Carrying Value % of Loan Portfolio Office $ 1,015,245 43.2 % $ 1,116,551 43.2 % Multifamily 742,615 31.6 % 826,125 32.0 % Hotel 181,437 7.7 % 180,891 7.0 % Retail 235,271 10.0 % 257,945 10.0 % Industrial 114,060 4.8 % 113,972 4.4 % Other 64,116 2.7 % 88,341 3.4 % Total $ 2,352,744 100.0 % $ 2,583,825 100.0 %
Schedule of Loans Held-for-Investment by Geographic Location	(dollars in thousands) June 30, 2024 December 31, 2023 Geographic Location Carrying Value % of Loan Portfolio Carrying Value % of Loan Portfolio Northeast $ 558,455 23.7 % $ 709,838 27.5 % Southwest 493,592 21.0 % 495,133 19.2 % West 310,306 13.2 % 328,547 12.7 % Midwest 392,773 16.7 % 421,881 16.3 % Southeast 597,618 25.4 % 628,426 24.3 % Total $ 2,352,744 100.0 % $ 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 and six months ended June 30, 2024, and 2023: Three Months Ended June 30, Six Months Ended June 30, (in thousands) 2024 2023 2024 2023 Balance at beginning of period $ 2,492,539 $ 3,182,379 $ 2,583,825 $ 3,267,815 Originations, additional fundings, upsizing of loans and capitalized deferred interest 17,867 18,975 35,868 37,180 Repayments (61,405) (206,173) (96,883) (265,623) Transfers to real estate owned (35,659) (24,000) (35,659) (24,000) Net discount accretion (premium amortization) 7 7 15 20 Increase (decrease) from net deferred origination fees (911) (413) (852) (1,032) Amortization of net deferred origination fees 867 1,474 2,475 4,005 Provision for credit losses (60,561) (6,161) (136,045) (52,277) Balance at end of period $ 2,352,744 $ 2,966,088 $ 2,352,744 $ 2,966,088
Schedule of Allowance for Credit Losses	The following table presents the changes for the three and six months ended June 30, 2024, and 2023 in the allowance for credit losses on loans held-for-investment: Three Months Ended June 30, Six Months Ended June 30, (in thousands) 2024 2023 2024 2023 Balance at beginning of period $ 210,145 $ 128,451 $ 134,661 $ 82,335 Provision for (benefit from) credit losses 60,561 6,161 136,045 52,277 Write-off (6,566) (4,200) (6,566) (4,200) Balance at end of period $ 264,140 $ 130,412 $ 264,140 $ 130,412
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 and six months ended June 30, 2024, and 2023: Three Months Ended June 30, Six Months Ended June 30, (in thousands) 2024 2023 2024 2023 Nonaccrual loan carrying value at beginning of period $ 517,507 $ 207,234 $ 343,683 $ 207,958 Addition of nonaccrual loan carrying value 16,831 — 195,358 23,270 Reduction of nonaccrual loan carrying value (81,541) (23,971) (86,244) (47,965) Nonaccrual loan carrying value at end of period $ 452,797 $ 183,263 $ 452,797 $ 183,263
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 June 30, 2024, and December 31, 2023: (dollars in thousands) June 30, 2024 December 31, 2023 Risk Rating Number of Loans Unpaid Principal Balance Carrying Value Number of Loans Unpaid Principal Balance Carrying Value 1 6 $ 124,753 $ 123,839 4 $ 71,597 $ 71,211 2 27 1,002,379 986,494 36 1,277,491 1,262,126 3 20 762,447 735,194 24 862,102 842,175 4 5 189,130 157,621 4 192,104 174,313 5 10 545,175 349,596 5 323,885 234,000 Total 68 $ 2,623,884 $ 2,352,744 73 $ 2,727,179 $ 2,583,825 The following table presents the carrying value of loans held-for-investment as of June 30, 2024, and December 31, 2023, by risk rating and year of origination: June 30, 2024 (dollars in thousands) Origination Year Risk Rating 2024 2023 2022 2021 2020 Prior Total 1 $ — $ — $ — $ 30,590 $ 21,596 $ 71,653 $ 123,839 2 — — 282,140 266,084 22,217 416,053 986,494 3 — 50,476 93,262 87,797 22,853 480,806 735,194 4 — — — 51,822 — 105,799 157,621 5 — — 11,921 31,860 — 305,815 349,596 Total $ — $ 50,476 $ 387,323 $ 468,153 $ 66,666 $ 1,380,126 $ 2,352,744 Gross write-offs $ — $ — $ (4,166) $ — $ — $ (2,400) $ (6,566) 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)	6 Months Ended
	Jun. 30, 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. The Company provisionally allocated the fair value of the assumed assets and liabilities on the acquisition date as follows: (in thousands) Fair Value Allocation Land and land improvements $ 10,374 Building 12,703 Tenant improvements 3,921 In-place lease intangibles (1) 8,231 Above-market lease intangibles (1) 576 Below-market lease intangibles (2) (146) Total $ 35,659 ______________________ (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 June 30, 2024, and December 31, 2023: (in thousands) June 30, December 31, Intangible Assets Gross amount $ 14,488 $ 5,681 Accumulated amortization (3,527) (2,082) Total, net $ 10,961 $ 3,599 Intangible Liabilities Gross amount $ (184) $ (38) Accumulated amortization 12 8 Total, net $ (172) $ (30)
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 June 30, 2024, and 2023: (in thousands) Three Months Ended June 30, Six Months Ended June 30, Real Estate Owned, Net 2024 2023 2024 2023 Rental income $ 1,063 $ 444 $ 2,126 $ 444 Other operating income 48 18 127 18 Revenue from real estate owned operations 1,111 462 2,253 462 Expenses from real estate owned operations (1) (1,950) (1,664) (3,995) (1,664) Total $ (839) $ (1,202) $ (1,742) $ (1,202) ______________________ (1) Includes $(1.2) million and $(2.5) million of depreciation and amortization for the three and six months ended June 30, 2024, respectively. Includes $(0.6) million of depreciation and amortization for the three and six months ended June 30, 2023.
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 and six months ended June 30, 2024, and 2023: (in thousands) Three Months Ended June 30, Six Months Ended June 30, Income Statement Location 2024 2023 2024 2023 Asset In-place lease intangibles Expenses from real estate owned operations $ 631 $ 364 $ 1,359 $ 364 Above-market lease intangibles Revenue from real estate owned operations (38) (17) (86) (17) Liability Below-market lease intangibles Revenue from real estate owned operations 2 1 4 1
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 $ 4,162 $ 167 $ (16) 2025 3,158 267 (33) 2026 1,555 152 (33) 2027 374 52 (33) 2028 280 39 (31) Thereafter 665 90 (26)
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 $ 4,162 $ 167 $ (16) 2025 3,158 267 (33) 2026 1,555 152 (33) 2027 374 52 (33) 2028 280 39 (31) Thereafter 665 90 (26)
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 June 30, 2024: (in thousands) Contractual Lease Payments 2024 $ 4,908 2025 6,922 2026 4,874 2027 2,270 2028 1,878 Thereafter 4,205

Variable Interest Entities an_2

Variable Interest Entities and Securitized Debt Obligations (Tables)	6 Months Ended
	Jun. 30, 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 June 30, 2024, and December 31, 2023: (in thousands) June 30, December 31, Loans held-for-investment $ 1,189,382 $ 1,246,448 Allowance for credit losses (95,463) (21,107) Loans held-for-investment, net 1,093,919 1,225,341 Other assets 7,288 8,480 Total Assets $ 1,101,207 $ 1,233,821 Securitized debt obligations $ 938,075 $ 991,698 Other liabilities 1,803 2,383 Total Liabilities $ 939,878 $ 994,081
Schedule of Securitized Debt Obligations	The following table details the Company’s CRE CLO securitized debt obligations as of June 30, 2024, and December 31, 2023: (dollars in thousands) June 30, 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) $ 577,205 $ 553,225 S+3.8% $ 621,409 $ 607,338 S+3.8% Financing provided 459,389 457,815 S+1.8% 502,564 500,403 S+1.8% GPMT 2021-FL3 CRE CLO Collateral assets (3) 614,713 540,694 S+3.8% 629,273 618,003 S+3.8% Financing provided 480,260 480,260 S+1.9% 491,295 491,295 S+1.9% Total Collateral assets $ 1,191,918 $ 1,093,919 S+3.8% $ 1,250,682 $ 1,225,341 S+ 3.8% Financing provided $ 939,649 $ 938,075 S+1.9% $ 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 June 30, 2024, and December 31, 2023. Yield on collateral assets is exclusive of restricted cash. (3) No restricted cash is included as of June 30, 2024, and December 31, 2023. Yield on collateral assets is exclusive of restricted cash.

Secured Financing Agreements (T

Secured Financing Agreements (Tables)	6 Months Ended
	Jun. 30, 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 June 30, 2024, and December 31, 2023: June 30, 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 (3) June 28, 2025 $ 145,267 $ 104,733 $ 250,000 $ 264,907 8.0 % Goldman Sachs Bank USA (4) July 13, 2024 — 250,000 250,000 — — % JPMorgan Chase Bank July 28, 2025 484,654 30,318 514,972 589,293 9.5 % Citibank May 25, 2025 161,635 338,365 500,000 241,082 7.2 % Total $ 791,556 $ 723,416 $ 1,514,972 $ 1,095,282 Secured credit facility December 21, 2025 $ 85,192 $ 14,808 $ 100,000 $ 108,581 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 (4) 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 (5) August 29, 2024 6,213 143,787 150,000 20,508 10.4 % Total $ 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 11.9 % ______________________ (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 June 30, 2024, and December 31, 2023. (3) During the three months ended June 30, 2024, the Company entered into a modification of the facility to extend the maturity date to June 28, 2025, and adjust the total capacity to $250 million. (4) As of June 30, 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. Subsequent to June 30, 2024, the Company terminated the facility. (5) As of December 31, 2023, the outstanding balance was collateralized by real estate owned, inclusive of $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. During the three months ended June 30, 2024, the Company repaid all outstanding borrowings under the facility and terminated the facility.
Schedule of Repurchase Facilities and Counterparty Concentration	The following table summarizes certain characteristics of the Company’s repurchase facilities and counterparty concentration at June 30, 2024, and December 31, 2023: June 30, 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 $ 145,267 $ 127,129 18 % 0.99 $ 193,165 $ 118,253 14 % 0.49 JPMorgan Chase Bank 484,654 114,863 16 % 1.08 445,713 62,216 7 % 1.58 Goldman Sachs Bank USA — — — % 0.04 53,745 78,949 9 % 0.53 Citibank 161,635 94,812 13 % 0.90 176,606 80,441 9 % 1.40 Centennial Bank (2) — — — % — 6,213 17,757 2 % 0.66 Total $ 791,556 $ 336,804 $ 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) During the three months ended June 30, 2024, the Company repaid all outstanding borrowings under the facility and terminated the facility.

Convertible Senior Notes (Table

Convertible Senior Notes (Tables)	6 Months Ended
	Jun. 30, 2024
Debt Disclosure [Abstract]
Schedule of Interest Expense, Debt	The following table details the interest expense related to the convertible notes for the three and six months ended June 30, 2024, and 2023: Three Months Ended June 30, Six Months Ended June 30, (in thousands) 2024 2023 2024 2023 Cash coupon $ — $ 2,098 $ — $ 4,195 Amortization of issuance costs — 234 — 448 Total interest expense $ — $ 2,332 $ — $ 4,643

Cash, Cash Equivalents and Re_2

Cash, Cash Equivalents and Restricted Cash (Tables)	6 Months Ended
	Jun. 30, 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 June 30, 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) June 30, December 31, Cash and cash equivalents $ 85,916 $ 188,370 Restricted cash 12,880 10,846 Total cash, cash equivalents and restricted cash $ 98,796 $ 199,216

Fair Value (Tables)

Fair Value (Tables)	6 Months Ended
	Jun. 30, 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 June 30, 2024, and December 31, 2023: June 30, 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 $ 2,352,744 $ 2,398,950 $ 2,583,825 $ 2,596,577 Cash and cash equivalents $ 85,916 $ 85,916 $ 188,370 $ 188,370 Restricted cash $ 12,880 $ 12,880 $ 10,846 $ 10,846 Liabilities Repurchase facilities $ 791,556 $ 791,556 $ 875,442 $ 875,442 Securitized debt obligations $ 938,075 $ 889,190 $ 991,698 $ 930,523 Secured credit facility $ 85,192 $ 85,192 $ 84,000 $ 84,000

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	6 Months Ended
	Jun. 30, 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 and six months ended June 30, 2024, and 2023: Declaration Date Record Date Payment Date Cash Dividend Per Share 2024 June 18, 2024 July 1, 2024 July 15, 2024 $ 0.05 March 14, 2024 April 1, 2024 April 15, 2024 $ 0.15 $ 0.20 2023 June 22, 2023 July 3, 2023 July 17, 2023 $ 0.20 March 16, 2023 April 3, 2023 April 17, 2023 $ 0.20 $ 0.40 The following table presents cash dividends declared by the Company’s board of directors on its Series A Preferred Stock during the three and six months ended June 30, 2024, and 2023: Declaration Date Record Date Payment Date Cash Dividend Per Share 2024 June 18, 2024 July 1, 2024 July 15, 2024 $ 0.4375 March 14, 2024 April 1, 2024 April 15, 2024 $ 0.4375 $ 0.8750 2023 June 22, 2023 July 3, 2023 July 17, 2023 $ 0.4375 March 16, 2023 April 3, 2023 April 17, 2023 $ 0.4375 $ 0.8750

Equity Incentive Plans (Tables)

Equity Incentive Plans (Tables)	6 Months Ended
	Jun. 30, 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 and six months ended June 30, 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 (1) (233,454) (347,896) 11.61 Outstanding at March 31, 2024 2,588,472 1,788,913 $ 6.06 Granted 1,571,310 — $ 3.06 Vested (159,561) — $ 4.81 Outstanding at June 30, 2024 4,000,221 1,788,913 $ 5.28 ______________________ (1) 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 June 30, 2024: Vesting Year RSUs PSUs Total Awards 2024 — 312,538 312,538 2025 1,525,419 734,223 2,259,642 2026 756,135 742,152 1,498,287 2027 1,718,667 — 1,718,667 Total 4,000,221 1,788,913 5,789,134

Earnings (Loss) Per Share (Tabl

Earnings (Loss) Per Share (Tables)	6 Months Ended
	Jun. 30, 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 and six months ended June 30, 2024, and 2023: Three Months Ended Six Months Ended June 30, June 30, (in thousands, except share data) 2024 2023 2024 2023 Numerator: Net (loss) income attributable to common stockholders $ (66,668) $ 1,416 $ (144,391) $ (36,038) Dividends allocated to participating restricted stock units $ (200) $ (420) (588) (821) Net (loss) income attributable to common stockholders - basic $ (66,868) $ 996 $ (144,979) $ (36,859) Net (loss) income attributable to common stockholders - diluted $ (66,868) $ 996 $ (144,979) $ (36,859) Denominator: Weighted average common shares outstanding 50,939,476 51,538,309 50,842,004 51,905,872 Weighted average restricted stock shares — — — 15,345 Basic weighted average shares outstanding 50,939,476 51,538,309 50,842,004 51,921,217 Effect of dilutive shares issued in an assumed conversion of RSUs as additional shares — 80,763 — — Diluted weighted average shares outstanding 50,939,476 51,619,072 50,842,004 51,921,217 (Loss) earnings per share Basic $ (1.31) $ 0.03 $ (2.84) $ (0.69) Diluted $ (1.31) $ 0.03 $ (2.84) $ (0.69)

Organization and Operations (De

Organization and Operations (Details)	6 Months Ended
	Jun. 30, 2024 segment
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of operating segments	1

Basis of Presentation and Sig_4

Basis of Presentation and Significant Accounting Policies - Property, Plant and Equipment Useful Lives (Details)	Jun. 30, 2024
Building
Property, Plant and Equipment [Line Items]
Property, plant and equipment, useful life (in years)	39 years
Land improvements
Property, Plant and Equipment [Line Items]
Property, plant and equipment, useful life (in years)	15 years

Loans Held-for-Investment, Ne_3

Loans Held-for-Investment, Net of Allowance for Credit Losses - Loans Held-for-Investment (Details) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2024 USD ($) loan	Dec. 31, 2023 USD ($) loan	Mar. 31, 2024 USD ($)	Jun. 30, 2023 USD ($)	Mar. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unpaid principal balance	$ 2,623,884	$ 2,727,179
Unamortized (discount) premium	(5)	(19)
Unamortized net deferred origination fees	(6,995)	(8,674)
Allowance for credit losses	(264,140)	(134,661)	$ (210,145)	$ (130,412)	$ (128,451)	$ (82,335)
Loans held-for-investment, net	2,352,744	2,583,825	$ 2,492,539	$ 2,966,088	$ 3,182,379	$ 3,267,815
Unfunded commitments	$ 118,010	$ 160,698
Number of loans | loan	68	73
Weighted average coupon (as a percent)	7%	8.20%
Weighted average years to maturity (in years)	4 months 24 days	8 months 12 days
Senior Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unpaid principal balance	$ 2,610,510	$ 2,713,672
Unamortized (discount) premium	(5)	(19)
Unamortized net deferred origination fees	(6,995)	(8,674)
Allowance for credit losses	(263,868)	(134,302)
Loans held-for-investment, net	2,339,642	2,570,677
Unfunded commitments	$ 118,010	$ 160,698
Number of loans | loan	67	72
Weighted average coupon (as a percent)	7%	8.20%
Weighted average years to maturity (in years)	4 months 24 days	8 months 12 days
B-Notes
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unpaid principal balance	$ 13,374	$ 13,507
Unamortized (discount) premium	0	0
Unamortized net deferred origination fees	0	0
Allowance for credit losses	(272)	(359)
Loans held-for-investment, net	13,102	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 7 months 6 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	Jun. 30, 2024	Mar. 31, 2024	Dec. 31, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022
Accounts, Notes, Loans and Financing Receivable [Line Items]
Carrying Value	$ 2,352,744	$ 2,492,539	$ 2,583,825	$ 2,966,088	$ 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	$ 1,015,245		$ 1,116,551
Percentage of loan portfolio (as a percent)	43.20%		43.20%
Multifamily
Accounts, Notes, Loans and Financing Receivable [Line Items]
Carrying Value	$ 742,615		$ 826,125
Percentage of loan portfolio (as a percent)	31.60%		32%
Hotel
Accounts, Notes, Loans and Financing Receivable [Line Items]
Carrying Value	$ 181,437		$ 180,891
Percentage of loan portfolio (as a percent)	7.70%		7%
Retail
Accounts, Notes, Loans and Financing Receivable [Line Items]
Carrying Value	$ 235,271		$ 257,945
Percentage of loan portfolio (as a percent)	10%		10%
Industrial
Accounts, Notes, Loans and Financing Receivable [Line Items]
Carrying Value	$ 114,060		$ 113,972
Percentage of loan portfolio (as a percent)	4.80%		4.40%
Other
Accounts, Notes, Loans and Financing Receivable [Line Items]
Carrying Value	$ 64,116		$ 88,341
Percentage of loan portfolio (as a percent)	2.70%		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	Jun. 30, 2024	Mar. 31, 2024	Dec. 31, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022
Accounts, Notes, Loans and Financing Receivable [Line Items]
Carrying Value	$ 2,352,744	$ 2,492,539	$ 2,583,825	$ 2,966,088	$ 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	$ 558,455		$ 709,838
Percentage of loan portfolio (as a percent)	23.70%		27.50%
Southwest
Accounts, Notes, Loans and Financing Receivable [Line Items]
Carrying Value	$ 493,592		$ 495,133
Percentage of loan portfolio (as a percent)	21%		19.20%
West
Accounts, Notes, Loans and Financing Receivable [Line Items]
Carrying Value	$ 310,306		$ 328,547
Percentage of loan portfolio (as a percent)	13.20%		12.70%
Midwest
Accounts, Notes, Loans and Financing Receivable [Line Items]
Carrying Value	$ 392,773		$ 421,881
Percentage of loan portfolio (as a percent)	16.70%		16.30%
Southeast
Accounts, Notes, Loans and Financing Receivable [Line Items]
Carrying Value	$ 597,618		$ 628,426
Percentage of loan portfolio (as a percent)	25.40%		24.30%

Loans Held-for-Investment, Ne_6

Loans Held-for-Investment, Net of Allowance for Credit Losses - Schedule of Loans Held-for-Investment (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Loans Held-for-Investment [Roll Forward]
Balance at beginning of period	$ 2,492,539	$ 3,182,379	$ 2,583,825	$ 3,267,815
Originations, additional fundings, upsizing of loans and capitalized deferred interest	17,867	18,975	35,868	37,180
Repayments	(61,405)	(206,173)	(96,883)	(265,623)
Transfers to real estate owned	(35,659)	(24,000)	(35,659)	(24,000)
Net discount accretion (premium amortization)	7	7	15	20
Increase (decrease) from net deferred origination fees	(911)	(413)	(852)	(1,032)
Amortization of net deferred origination fees	867	1,474	2,475	4,005
Provision for credit losses	(60,561)	(6,161)	(136,045)	(52,277)
Balance at end of period	$ 2,352,744	$ 2,966,088	$ 2,352,744	$ 2,966,088

Loans Held-for-Investment, Ne_7

Loans Held-for-Investment, Net of Allowance for Credit Losses - Narrative (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024 USD ($) loan	Jun. 30, 2023 USD ($) loan	Jun. 30, 2024 USD ($) loan	Jun. 30, 2023 USD ($) loan	Mar. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)	Mar. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Accounts, Notes, Loans and Financing Receivable [Line Items]
Commitments and upsizings			$ 34,900
Loan repayments			(67,700)
Paydowns and amortization			(29,200)
Repayments	$ (61,405)	$ (206,173)	(96,883)	$ (265,623)
Allowance for credit losses on loans held-for-investment	54,000		129,500
Credit losses on unfunded commitments	60,561	6,161	136,045	52,277
Allowance for credit losses	264,140	130,412	264,140	130,412	$ 210,145	$ 134,661	$ 128,451	$ 82,335
Total provision for credit losses	(60,561)	(6,161)	(136,045)	(52,277)
Loans held-for-investment	2,616,884		2,616,884			2,718,486
Loans held-for-investment, net of allowance for credit losses	$ 2,352,744	2,966,088	$ 2,352,744	2,966,088	$ 2,492,539	$ 2,583,825	$ 3,182,379	$ 3,267,815
Term modification period	12 months		12 months
Debt, portfolio, weighted average risk rating	3		3			2.8
Write-off	$ (6,566)	(4,200)	$ (6,566)	(4,200)
Office
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans held-for-investment, net of allowance for credit losses	$ 1,015,245		$ 1,015,245			$ 1,116,551
Office | Asset Pledged as Collateral
Accounts, Notes, Loans and Financing Receivable [Line Items]
Financing receivable, number of loans | loan	4		4
Mixed-Use Property | Asset Pledged as Collateral
Accounts, Notes, Loans and Financing Receivable [Line Items]
Financing receivable, number of loans | loan	4		4
Hotel
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans held-for-investment, net of allowance for credit losses	$ 181,437		$ 181,437			180,891
Hotel | Asset Pledged as Collateral
Accounts, Notes, Loans and Financing Receivable [Line Items]
Financing receivable, number of loans | loan	1		1
Multifamily
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans held-for-investment, net of allowance for credit losses	$ 742,615		$ 742,615			826,125
Multifamily | Asset Pledged as Collateral
Accounts, Notes, Loans and Financing Receivable [Line Items]
Financing receivable, number of loans | loan	1		1
Risk Rating 5
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of loans | loan	1		1
Loans held-for-investment, net of allowance for credit losses	$ 349,596		$ 349,596			234,000
Loans downgraded	20,100
Risk Rating 5 | Office
Accounts, Notes, Loans and Financing Receivable [Line Items]
Principal balance transferred to REO	35,700
Interest Rate Risk
Accounts, Notes, Loans and Financing Receivable [Line Items]
Nonaccrual loan resolved	11,600
Write-off	(2,400)
First mortgage
Accounts, Notes, Loans and Financing Receivable [Line Items]
Outstanding principal balance of loans modified	37,500
Modified loans, capital infusion from sponsor	$ 2,600
Interest rate after modification	3%		3%
Interest rate before modification	4.65%		4.65%
Exit fee before modification	0.25%		0.25%
Exit fee after modification	5.70%		5.70%
Principal balance of loan	$ 49,600		$ 49,600			48,500
Amortized cost	49,400		49,400			$ 48,300
Senior Loan
Accounts, Notes, Loans and Financing Receivable [Line Items]
Outstanding principal balance of loans modified	33,300
Unfunded loan commitment
Accounts, Notes, Loans and Financing Receivable [Line Items]
Outstanding principal balance of loans modified	3,000
Mezzanine Note
Accounts, Notes, Loans and Financing Receivable [Line Items]
Outstanding principal balance of loans modified	4,200
Write off of modified loan	(4,200)
Ten Loans | Fair Value, Nonrecurring
Accounts, Notes, Loans and Financing Receivable [Line Items]
Allowance for credit losses	195,000		195,000
Loans held-for-investment	545,200		545,200
Two Loans | Fair Value, Nonrecurring
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans held-for-investment	70,600		70,600
Two Loans | Fair Value, Nonrecurring | Office
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans held-for-investment	70,500		70,500
Twelve Loans | Fair Value, Nonrecurring
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans held-for-investment	$ 665,300		$ 665,300
Four Loans | Fair Value, Nonrecurring
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans held-for-investment		$ 245,600		$ 245,600
Collateral pledged
Accounts, Notes, Loans and Financing Receivable [Line Items]
Financing receivable, number of loans | loan	10		10
Collateral pledged | Office
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of loans | loan	1		1
Loans Tranche One
Accounts, Notes, Loans and Financing Receivable [Line Items]
Allowance for credit losses on loans held-for-investment	$ 39,700		$ 103,600
Increase in allowance, number of loans | loan			11
Loans Tranche Three
Accounts, Notes, Loans and Financing Receivable [Line Items]
Allowance for credit losses on loans held-for-investment	14,300		$ 25,900
Unfunded loan commitment
Accounts, Notes, Loans and Financing Receivable [Line Items]
Credit losses on unfunded commitments	200		300
Allowance for credit losses	266,900		266,900
Total provision for credit losses	$ (60,800)		(136,300)
Unfunded loan commitment | Other Liabilities
Accounts, Notes, Loans and Financing Receivable [Line Items]
Credit losses on unfunded commitments			$ 2,700
Non-accrual loan
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of loans | loan	12	4	12	4
Non-accrual loan | Thirteen Loans | Fair Value, Nonrecurring
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans held-for-investment, net of allowance for credit losses	$ 452,800		$ 452,800
Non-accrual loan | Five Loans | Fair Value, Nonrecurring
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans held-for-investment, net of allowance for credit losses		$ 183,300		$ 183,300

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		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Balance at beginning of period	$ 210,145	$ 128,451	$ 134,661	$ 82,335
Provision for (benefit from) credit losses	60,561	6,161	136,045	52,277
Write-off	(6,566)	(4,200)	(6,566)	(4,200)
Balance at end of period	$ 264,140	$ 130,412	$ 264,140	$ 130,412

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		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Financing Receivables, Held for Investment, Nonaccrual [Roll Forward]
Nonaccrual loan carrying value at beginning of period	$ 517,507	$ 207,234	$ 343,683	$ 207,958
Addition of nonaccrual loan carrying value	16,831	0	195,358	23,270
Reduction of nonaccrual loan carrying value	(81,541)	(23,971)	(86,244)	(47,965)
Nonaccrual loan carrying value at end of period	$ 452,797	$ 183,263	$ 452,797	$ 183,263

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	6 Months Ended	12 Months Ended
	Jun. 30, 2024 USD ($) loan	Dec. 31, 2023 USD ($) loan	Mar. 31, 2024 USD ($)	Jun. 30, 2023 USD ($)	Mar. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of Loans | loan	68	73
Unpaid Principal Balance	$ 2,623,884	$ 2,727,179
Loans held-for-investment, net	2,352,744	2,583,825	$ 2,492,539	$ 2,966,088	$ 3,182,379	$ 3,267,815
Current year	0	47,760
Year one	50,476	434,510
Year two	387,323	495,748
Year three	468,153	66,309
Year four	66,666	861,142
Prior	1,380,126	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	(4,166)	0
Year four	0	0
Year five	0	(33,324)
Prior	(2,400)	(20,950)
Total	$ (6,566)	$ (54,274)
Risk Rating 1
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of Loans | loan	6	4
Unpaid Principal Balance	$ 124,753	$ 71,597
Loans held-for-investment, net	123,839	71,211
Current year	0	0
Year one	0	0
Year two	0	0
Year three	30,590	21,744
Year four	21,596	49,467
Prior	$ 71,653	$ 0
Risk Rating 2
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of Loans | loan	27	36
Unpaid Principal Balance	$ 1,002,379	$ 1,277,491
Loans held-for-investment, net	986,494	1,262,126
Current year	0	0
Year one	0	328,576
Year two	282,140	349,210
Year three	266,084	21,966
Year four	22,217	474,669
Prior	$ 416,053	$ 87,705
Risk Rating 3
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of Loans | loan	20	24
Unpaid Principal Balance	$ 762,447	$ 862,102
Loans held-for-investment, net	735,194	842,175
Current year	0	47,760
Year one	50,476	105,934
Year two	93,262	146,538
Year three	87,797	22,599
Year four	22,853	189,259
Prior	$ 480,806	$ 330,085
Risk Rating 4
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of Loans | loan	5	4
Unpaid Principal Balance	$ 189,130	$ 192,104
Loans held-for-investment, net	157,621	174,313
Current year	0	0
Year one	0	0
Year two	0	0
Year three	51,822	0
Year four	0	25,807
Prior	$ 105,799	$ 148,506
Risk Rating 5
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of Loans | loan	10	5
Unpaid Principal Balance	$ 545,175	$ 323,885
Loans held-for-investment, net	349,596	234,000
Current year	0	0
Year one	0	0
Year two	11,921	0
Year three	31,860	0
Year four	0	121,940
Prior	$ 305,815	$ 112,060

Real Estate Owned, Net - Narrat

Real Estate Owned, Net - Narrative (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 27, 2024	Mar. 31, 2024	Dec. 31, 2023	Jun. 30, 2023	May 16, 2023	Mar. 31, 2023	Dec. 31, 2022
Real Estate [Line Items]
Loans held-for-investment	$ 2,616,884			$ 2,718,486
Loans held-for-investment, net of allowance for credit losses	$ 2,352,744		$ 2,492,539	$ 2,583,825	$ 2,966,088		$ 3,182,379	$ 3,267,815
Weighted average remaining lease term (in years)	2 years 2 months 12 days
Office, Phoenix, AZ | Tenant improvements
Real Estate [Line Items]
Acquired finite-lived intangible assets, weighted average useful life (in years)	4 years 7 months 6 days
Office, Phoenix, AZ | In-place leases
Real Estate [Line Items]
Acquired finite-lived intangible assets, weighted average useful life (in years)	2 years 6 months
Office, Phoenix, AZ | Above-market leases
Real Estate [Line Items]
Acquired finite-lived intangible assets, weighted average useful life (in years)	2 years 8 months 12 days
Office, Phoenix, AZ | Below-market leases
Real Estate [Line Items]
Acquired finite-lived intangible assets, weighted average useful life (in years)	5 years 6 months
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 | Office, Maynard, MA
Real Estate [Line Items]
Loans held-for-investment, net of allowance for credit losses		$ 35,700
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
Commercial Mortgage Loan | Unlikely to be Collected Financing Receivable | Office, Maynard, MA
Real Estate [Line Items]
Loans held-for-investment		35,700
Loans held-for-investment, net of allowance for credit losses		$ 35,700

Real Estate Owned, Net - Schedu

Real Estate Owned, Net - Schedule of Assumed Assets and Liabilities (Details) - USD ($) $ in Thousands	Jun. 27, 2024	May 16, 2023
Office, Phoenix, AZ
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
Office, Maynard, MA
Real Estate [Line Items]
Land and land improvements	$ 10,374
Building	12,703
Tenant improvements	3,921
In-place lease intangibles	8,231
Above-market lease intangibles	576
Below-market lease intangibles	(146)
Total	$ 35,659

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	Jun. 30, 2024	Dec. 31, 2023
Intangible Assets
Gross amount	$ 14,488	$ 5,681
Accumulated amortization	(3,527)	(2,082)
Total, net	10,961	3,599
Intangible Liabilities
Gross amount	(184)	(38)
Accumulated amortization	12	8
Total, net	$ (172)	$ (30)

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		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Real Estate [Abstract]
Rental income	$ 1,063	$ 444	$ 2,126	$ 444
Other operating income	48	18	127	18
Revenue from real estate owned operations	1,111	462	2,253	462
Expenses from real estate owned operations	(1,950)	(1,664)	(3,995)	(1,664)
Total	(839)	(1,202)	(1,742)	(1,202)
Depreciation and amortization	$ (1,200)	$ (600)	$ (2,500)	$ (600)

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		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Asset
In-place lease intangibles	$ 631	$ 364	$ 1,359	$ 364
Above-market lease intangibles	(38)	(17)	(86)	(17)
Liability
Below-market lease intangibles	$ 2	$ 1	$ 4	$ 1

Real Estate Owned, Net - Expect

Real Estate Owned, Net - Expected Amortization of Lease Intangibles (Details) $ in Thousands	Jun. 30, 2024 USD ($)
In-place Lease Intangible Assets
2024	$ 4,162
2025	3,158
2026	1,555
2027	374
2028	280
Thereafter	665
Above-market Lease intangible Assets
2024	167
2025	267
2026	152
2027	52
2028	39
Thereafter	90
Below-market Lease Intangible Liabilities
2024	(16)
2025	(33)
2026	(33)
2027	(33)
2028	(31)
Thereafter	$ (26)

Real Estate Owned, Net - Sche_5

Real Estate Owned, Net - Schedule of Future Minimum Lease Payments (Details) $ in Thousands	Jun. 30, 2024 USD ($)
Real Estate [Abstract]
2024	$ 4,908
2025	6,922
2026	4,874
2027	2,270
2028	1,878
Thereafter	$ 4,205

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		Jun. 30, 2024	Mar. 31, 2024	Dec. 31, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022
Variable Interest Entity [Line Items]
Loans held-for-investment		$ 2,616,884		$ 2,718,486
Allowance for credit losses		(264,140)	$ (210,145)	(134,661)	$ (130,412)	$ (128,451)	$ (82,335)
Loans held-for-investment, net		2,352,744	$ 2,492,539	2,583,825	$ 2,966,088	$ 3,182,379	$ 3,267,815
Other assets		41,666		34,572
Total Assets	[1]	2,546,751		2,846,932
Securitized debt obligations		938,075		991,698
Other liabilities		20,892		22,633
Total Liabilities	[1]	1,842,050		1,987,909
Variable Interest Entity, Primary Beneficiary
Variable Interest Entity [Line Items]
Loans held-for-investment		1,189,382		1,246,448
Allowance for credit losses		(95,463)		(21,107)
Loans held-for-investment, net		1,093,919		1,225,341
Other assets		7,288		8,480
Total Assets		1,101,207		1,233,821
Securitized debt obligations		938,075		991,698
Other liabilities		1,803		2,383
Total Liabilities		$ 939,878		$ 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 June 30, 2024, and December 31, 2023, assets of the VIEs totaled $1,101,207 and $1,233,821, respectively, and liabilities of the VIEs totaled $939,878 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 ($)	Jun. 30, 2024	Dec. 31, 2023
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Carrying Value	$ 938,075,000	$ 991,698,000
Collateral assets
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Principal Balance	1,191,918,000	1,250,682,000
Carrying Value	$ 1,093,919,000	$ 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	$ 577,205,000	$ 621,409,000
Carrying Value	$ 553,225,000	$ 607,338,000
Weighted average interest rate of securitized debt obligations outstanding (as a percent)	3.80%	3.80%
Cash collateral for repurchase agreements and securities activity	$ 0	$ 0
Collateral assets | GPMT 2021-FL3 CRE CLO
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Principal Balance	614,713,000	629,273,000
Carrying Value	$ 540,694,000	$ 618,003,000
Weighted average interest rate of securitized debt obligations outstanding (as a percent)	3.80%	3.80%
Cash collateral for repurchase agreements and securities activity	$ 0	$ 0
Financing provided
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Principal Balance	939,649,000	993,859,000
Carrying Value	$ 938,075,000	$ 991,698,000
Weighted average interest rate of securitized debt obligations outstanding (as a percent)	1.90%	1.80%
Financing provided | GPMT 2021-FL4 CRE CLO
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Principal Balance	$ 459,389,000	$ 502,564,000
Carrying Value	$ 457,815,000	$ 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	$ 480,260,000	$ 491,295,000
Carrying Value	$ 480,260,000	$ 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	Jun. 30, 2024	Dec. 31, 2023
Line of Credit Facility [Line Items]
Repurchase facilities	$ 791,556	$ 875,442
Other Secured Financings	85,192	84,000
Unused Capacity	723,416	1,024,509
Total Capacity	1,514,972	1,899,951
Carrying Value of Collateral, Assets	1,095,282	1,211,489
Real estate owned, net	42,820	16,939
Secured Debt
Line of Credit Facility [Line Items]
Other Secured Financings	85,192	84,000
Unused Capacity	14,808	16,000
Total Capacity	100,000	100,000
Carrying Value of Collateral, Liability	$ 108,581	$ 105,865
Weighted Average Borrowing Rate	11.80%	11.90%
Revolving Credit Facility | Asset Pledged as Collateral
Line of Credit Facility [Line Items]
Real estate owned, net		$ 3,600
Loans Receivable | Morgan Stanley Bank
Line of Credit Facility [Line Items]
Repurchase facilities	$ 145,267	193,165
Unused Capacity	104,733	281,835
Total Capacity	250,000	475,000
Carrying Value of Collateral, Assets	$ 264,907	$ 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	484,654	445,713
Unused Capacity	30,318	79,238
Total Capacity	514,972	524,951
Carrying Value of Collateral, Assets	$ 589,293	$ 500,985
Weighted Average Borrowing Rate, Assets	9.50%	9.80%
Loans Receivable | Citibank
Line of Credit Facility [Line Items]
Repurchase facilities	$ 161,635	$ 176,606
Unused Capacity	338,365	323,394
Total Capacity	500,000	500,000
Carrying Value of Collateral, Assets	$ 241,082	$ 254,286
Weighted Average Borrowing Rate, Assets	7.20%	7.20%
Loans Receivable | Centennial Bank
Line of Credit Facility [Line Items]
Repurchase facilities		$ 6,213
Unused Capacity		143,787
Total Capacity		150,000
Carrying Value of Collateral, Assets		$ 20,508
Weighted Average Borrowing Rate, Assets		10.40%

Secured Financing Agreements _2

Secured Financing Agreements - Schedule of Repurchase Facilities and Counterparty Concentration (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
Repurchase Agreement Counterparty [Line Items]
Amount Outstanding	$ 791,556	$ 875,442
Net Counterparty Exposure	336,804	357,616
Morgan Stanley Bank
Repurchase Agreement Counterparty [Line Items]
Amount Outstanding	145,267	193,165
Net Counterparty Exposure	$ 127,129	$ 118,253
Percent of Equity	18%	14%
Weighted Average Years to Maturity	11 months 26 days	5 months 26 days
JPMorgan Chase Bank
Repurchase Agreement Counterparty [Line Items]
Amount Outstanding	$ 484,654	$ 445,713
Net Counterparty Exposure	$ 114,863	$ 62,216
Percent of Equity	16%	7%
Weighted Average Years to Maturity	1 year 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	14 days	6 months 10 days
Citibank
Repurchase Agreement Counterparty [Line Items]
Amount Outstanding	$ 161,635	$ 176,606
Net Counterparty Exposure	$ 94,812	$ 80,441
Percent of Equity	13%	9%
Weighted Average Years to Maturity	10 months 24 days	1 year 4 months 24 days
Centennial Bank
Repurchase Agreement Counterparty [Line Items]
Amount Outstanding	$ 0
Net Counterparty Exposure	$ 0	$ 17,757
Percent of Equity	0%	2%
Weighted Average Years to Maturity		7 months 28 days

Secured Financing Agreements _3

Secured Financing Agreements - Narrative (Details) $ in Thousands	Jun. 30, 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	$ 85,916	$ 188,370
Debt instrument, amount	13,900
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)	0.694
Debt covenant, total leverage ratio (as a percent)	0.654
Debt covenant, interest coverage ratio, actual	1.3
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 ($)	Jun. 30, 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		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Debt Instrument, Redemption [Line Items]
Cash coupon	$ 0	$ 2,098	$ 0	$ 4,195
Amortization of issuance costs	0	234	0	448
Total interest expense	$ 0	$ 2,332	$ 0	$ 4,643

Cash, Cash Equivalents and Re_3

Cash, Cash Equivalents and Restricted Cash - Narrative (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Asset Pledged as Collateral | Non-CRE CLO financing activities
Variable Interest Entity [Line Items]
Restricted cash	$ 12.9	$ 10.8

Cash, Cash Equivalents and Re_4

Cash, Cash Equivalents and Restricted Cash - Schedule of Cash and Cash Equivalents (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023	Jun. 30, 2023	Dec. 31, 2022
Cash and Cash Equivalents [Abstract]
Cash and cash equivalents	$ 85,916	$ 188,370
Restricted cash	12,880	10,846
Total cash, cash equivalents and restricted cash	$ 98,796	$ 199,216	$ 276,850	$ 140,165

Fair Value - Narrative (Details

Fair Value - Narrative (Details) $ in Thousands	Jun. 30, 2024 USD ($) loan	Mar. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)	Jun. 30, 2023 USD ($)	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	$ 2,616,884		$ 2,718,486
Loans held-for-investment, net of allowance for credit losses	$ 2,352,744	$ 2,492,539	$ 2,583,825	$ 2,966,088	$ 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	$ 545,200
Two Loans | Fair Value, Nonrecurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Loans held-for-investment	70,600
Twelve Loans | Fair Value, Nonrecurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Loans held-for-investment	665,300
Eleven Loans | Fair Value, Nonrecurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Loans held-for-investment	615,700
Nine 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	$ 545,100
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 | Eleven Loans
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Number of loans | loan	11
Collateral Dependent Loans | Nine Loans | Valuation Technique, Discounted Cash Flow
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Number of loans | loan	9

Fair Value - Schedule of Carryi

Fair Value - Schedule of Carrying Values and Estimated Fair Values of Assets and Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Mar. 31, 2024	Dec. 31, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022
Assets
Loans held-for-investment, net of allowance for credit losses	$ 2,352,744	$ 2,492,539	$ 2,583,825	$ 2,966,088	$ 3,182,379	$ 3,267,815
Loans held-for-investment, net of allowance for credit losses, at fair value	2,398,950		2,596,577
Cash and cash equivalents	85,916		188,370
Restricted cash	12,880		10,846
Liabilities
Repurchase facilities	791,556		875,442
Securitized debt obligations	938,075		991,698
Securitized debt obligations, at fair value	889,190		930,523
Secured credit facility	$ 85,192		$ 84,000

Commitments and Contingencies (

Commitments and Contingencies (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Other Commitments [Line Items]
Unfunded commitments	$ 118,010		$ 118,010		$ 160,698
Provision for (benefit from) credit losses	60,561	$ 6,161	136,045	$ 52,277
Unfunded loan commitment
Other Commitments [Line Items]
Provision for (benefit from) credit losses	$ 200		300
Unfunded loan commitment | Other Liabilities
Other Commitments [Line Items]
Provision for (benefit from) credit losses			$ 2,700

Preferred Stock (Details)

Preferred Stock (Details) - USD ($) $ / shares in Units, $ in Thousands		1 Months Ended		3 Months Ended				6 Months Ended
	Dec. 10, 2021	Feb. 08, 2022	Jan. 31, 2021	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Class of Stock [Line Items]
Sale of stock, number of shares issued in transaction (in shares)				0		0		0	0
Option redemption term duration								120 days
Dividends, preferred stock, cash				$ 3,600
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				$ 25
Dividends, preferred stock, cash				$ 3,600	$ 3,600	$ 3,600	$ 3,600	$ 7,200	$ 7,200
Preferred shares issued (in shares)				8,229,500				8,229,500		8,229,500
Preferred stock, shares issued, retained by issuer (in shares)			500
Preferred stock, shares subscribed but unissued (in shares)			125
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				6 Months Ended
	Jun. 18, 2024	Mar. 14, 2024	Jun. 22, 2023	Mar. 16, 2023	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2024	Jun. 30, 2023
Class of Stock [Line Items]
Dividends declared per common share (in usd per share)					$ 0.05	$ 0.15	$ 0.20	$ 0.20
Common Stock
Class of Stock [Line Items]
Dividends declared per common share (in usd per share)	$ 0.05	$ 0.15	$ 0.20	$ 0.20					$ 0.20	$ 0.40
Preferred Stock
Class of Stock [Line Items]
Dividends declared per common share (in usd per share)	$ 0.4375	$ 0.4375	$ 0.4375	$ 0.4375					$ 0.8750	$ 0.8750

Stockholders' Equity - Narrativ

Stockholders' Equity - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	May 09, 2023
Class of Stock [Line Items]
Stock repurchase program, remaining number of shares authorized to be repurchased (in shares)	3,647,672		3,647,672
Number of shares authorized to be sold under equity distribution agreement (in shares)	8,000,000		8,000,000
Number of common shares issued under equity distribution agreement and outstanding as of period-end (in shares)	3,242,364		3,242,364
Accumulated proceeds from issuance of common shares under equity distribution agreement	$ 61,200		$ 61,200
Sale of stock, number of shares issued in transaction (in shares)	0	0	0	0
Share Repurchase Program
Class of Stock [Line Items]
Stock repurchase program, number of additional shares authorized to be repurchased (in shares)					5,000,000
Number of shares authorized to be repurchased under stock repurchase program (in shares)					9,000,000
Treasury stock, shares, acquired (in shares)	510,244	1,001,338	510,244	1,001,338
Treasury stock, value, acquired, cost method	$ 1,600	$ 5,100	$ 1,600	$ 5,100
Repurchased Shares From Employees
Class of Stock [Line Items]
Treasury stock, shares, acquired (in shares)				36,916
Treasury stock, value, acquired, cost method				$ 200

Equity Incentive Plans - Narrat

Equity Incentive Plans - Narrative (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
2022 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock available for future issuance (in shares)	6,660,615		6,660,615
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	$ 1,800,000	$ 1,700,000	$ 3,400,000	3,200,000
Vesting percentage			33.33%
Share-based payment arrangement, nonvested award, excluding option, cost not yet recognized, amount	12,300,000		$ 12,300,000
Share-based payment arrangement, nonvested award, cost not yet recognized, period for recognition (in years)			1 year
PSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity based compensation	(300,000)	$ 700,000	$ 200,000	$ 1,100,000
Share-based payment arrangement, nonvested award, excluding option, cost not yet recognized, amount	$ 4,400,000		$ 4,400,000
Share-based payment arrangement, nonvested award, cost not yet recognized, period for recognition (in years)			1 year 1 month 6 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) - $ / shares	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2024
Number of Shares
Ending balance (in shares)	5,789,134		5,789,134
Weighted Average Grant Date Fair Market Value
Beginning balance (in usd per share)	$ 6.06	$ 7.90	$ 7.90
Granted (in usd per share)	3.06	4.78
Vested (in usd per share)	4.81	7.70
Forfeited or Expired/Cancelled (in usd per share)		11.61
Ending balance (in usd per share)	$ 5.28	$ 6.06	$ 5.28
RSUs
Number of Shares
Beginning balance (in shares)	2,588,472	2,098,875	2,098,875
Granted (in shares)	1,571,310	1,180,010
Vested (in shares)	(159,561)	(456,959)
Forfeited or Expired/Cancelled (in shares)		(233,454)
Ending balance (in shares)	4,000,221	2,588,472	4,000,221
PSUs
Number of Shares
Beginning balance (in shares)	1,788,913	1,394,657	1,394,657
Granted (in shares)	0	742,152
Vested (in shares)	0	0
Forfeited or Expired/Cancelled (in shares)		(347,896)
Ending balance (in shares)	1,788,913	1,788,913	1,788,913
PSUs granted in 2021
Number of Shares
Ending balance (in shares)	347,896		347,896

Equity Incentive Plans - Summar

Equity Incentive Plans - Summary of Restricted Stock and Restricted Stock Units Vesting Dates (Details) - shares	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2024	Dec. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total (in shares)	5,789,134		5,789,134
2024
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vested in period (in shares)			312,538
2025
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vested in period (in shares)			2,259,642
2026
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vested in period (in shares)			1,498,287
2027
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vested in period (in shares)			1,718,667
RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vested in period (in shares)	159,561	456,959
Total (in shares)	4,000,221	2,588,472	4,000,221	2,098,875
RSUs | 2024
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vested in period (in shares)			0
RSUs | 2025
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vested in period (in shares)			1,525,419
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)			1,718,667
PSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vested in period (in shares)	0	0
Total (in shares)	1,788,913	1,788,913	1,788,913	1,394,657
PSUs | 2024
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vested in period (in shares)			312,538
PSUs | 2025
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vested in period (in shares)			734,223
PSUs | 2026
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vested in period (in shares)			742,152
PSUs | 2027
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vested in period (in shares)			0

Earnings (Loss) Per Share - Sch

Earnings (Loss) Per Share - Schedule of Earnings Per Share, Basic and Diluted (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Numerator:
Net (loss) income attributable to common stockholders - basic	$ (66,668)	$ 1,416	$ (144,391)	$ (36,038)
Net (loss) income attributable to common stockholders - diluted	(66,668)	1,416	(144,391)	(36,038)
Dividends allocated to participating restricted stock units	(200)	(420)	(588)	(821)
Net (loss) income attributable to common stockholders - basic	(66,868)	996	(144,979)	(36,859)
Net (loss) income attributable to common stockholders - diluted	$ (66,868)	$ 996	$ (144,979)	$ (36,859)
Denominator:
Weighted average common shares outstanding (in shares)	50,939,476	51,538,309	50,842,004	51,905,872
Weighted average restricted stock shares (in shares)	0	0	0	15,345
Basic weighted average shares outstanding (in shares)	50,939,476	51,538,309	50,842,004	51,921,217
Effect of dilutive shares issued in an assumed conversion of RSUs as additional shares (in shares)	0	80,763	0	0
Diluted weighted average shares outstanding (in shares)	50,939,476	51,619,072	50,842,004	51,921,217
(Loss) earnings per share
Basic (in usd per share)	$ (1.31)	$ 0.03	$ (2.84)	$ (0.69)
Diluted (in usd per share)	$ (1.31)	$ 0.03	$ (2.84)	$ (0.69)

Earnings (Loss) Per Share - Nar

Earnings (Loss) Per Share - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 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		$ 4.6
Antidilutive convertible notes excluded from computation of earnings per share (in shares)				6,591,765
Effect of dilutive shares issued in an assumed conversion of RSUs as additional shares (in shares)	0	80,763	0	0
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		0
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)	104,501		649,314

Subsequent Events (Details)

Subsequent Events (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended		6 Months Ended
	Aug. 05, 2024	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Subsequent Event [Line Items]
Write-off		$ (6,566)	$ (4,200)	$ (6,566)	$ (4,200)
First mortgage
Subsequent Event [Line Items]
Outstanding principal balance of loans modified		37,500
Modified loans, capital infusion from sponsor		$ 2,600
Interest rate after modification		3%		3%
Interest rate before modification		4.65%		4.65%
Exit fee before modification		0.25%		0.25%
Exit fee after modification		5.70%		5.70%
Senior Loan
Subsequent Event [Line Items]
Outstanding principal balance of loans modified		$ 33,300
Unfunded loan commitment
Subsequent Event [Line Items]
Outstanding principal balance of loans modified		3,000
Mezzanine Note
Subsequent Event [Line Items]
Outstanding principal balance of loans modified		$ 4,200
Subsequent Event | First mortgage
Subsequent Event [Line Items]
Outstanding principal balance of loans modified	$ 51,000
Modified loans, capital infusion from sponsor	$ 2,000
Interest rate after modification	5.75%
Interest rate before modification	3.40%
Exit fee before modification	1.25%
Exit fee after modification	5.75%
Subsequent Event | Senior Loan
Subsequent Event [Line Items]
Outstanding principal balance of loans modified	$ 32,000
Decrease in loans from modification	37,100
Write-off	(22,200)
Subsequent Event | Unfunded loan commitment
Subsequent Event [Line Items]
Outstanding principal balance of loans modified	7,000
Subsequent Event | Mezzanine Note
Subsequent Event [Line Items]
Outstanding principal balance of loans modified	$ 19,300