Granite Point Mortgage Trust (GPMT) 10-Q 6 Nov 24 2024 Q3 Quarterly report Financial data

COVER

COVER - shares	9 Months Ended
	Sep. 30, 2024	Oct. 31, 2024
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 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		49,957,557
Entity Central Index Key	0001703644
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q3
Amendment Flag	false
Common Stock, par value $0.01 per share
Document Information [Line Items]
Title of 12(b) Security	Common Stock, par value $0.01 per share
Trading Symbol	GPMT
Security Exchange Name	NYSE
7.00% Series A Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock, par value $0.01 per share
Document Information [Line Items]
Title of 12(b) Security	7.00% Series A Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock, par value $0.01 per share
Trading Symbol	GPMTPrA
Security Exchange Name	NYSE

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands		Sep. 30, 2024	Dec. 31, 2023
ASSETS
Loans held-for-investment		$ 2,340,332	$ 2,718,486
Allowance for credit losses		(256,770)	(134,661)
Loans held-for-investment, net		2,083,562	2,583,825
Cash and cash equivalents		113,461	188,370
Restricted cash		11,243	10,846
Real estate owned, net		42,736	16,939
Accrued interest receivable		9,168	12,380
Other assets		41,214	34,572
Total Assets	[1]	2,301,384	2,846,932
Liabilities
Repurchase facilities		705,590	875,442
Securitized debt obligations		816,103	991,698
Secured credit facility		85,192	84,000
Dividends payable		6,296	14,136
Other liabilities		20,291	22,633
Total Liabilities	[1]	1,633,472	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 49,957,557 shares and 50,577,841 issued and outstanding, respectively		500	506
Additional paid-in capital		1,199,432	1,198,048
Cumulative earnings		(100,720)	67,495
Cumulative distributions to stockholders		(431,507)	(407,233)
Total Granite Point Mortgage Trust Inc. Stockholders’ Equity		667,787	858,898
Non-controlling interests		125	125
Total Equity		667,912	859,023
Total Liabilities and Stockholders’ Equity		$ 2,301,384	$ 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 September 30, 2024, and December 31, 2023, assets of the VIEs totaled $982,440 and $1,233,821, respectively, and liabilities of the VIEs totaled $817,780 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		9 Months Ended	12 Months Ended
		Sep. 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)		49,957,557	50,577,841
Common shares outstanding (in shares)		49,957,557	50,577,841
Assets of consolidated variable interest entities	[1]	$ 2,301,384	$ 2,846,932
Liabilities of consolidated variable interest entities	[1]	$ 1,633,472	$ 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		$ 982,440	$ 1,233,821
Liabilities of consolidated variable interest entities		$ 817,780	$ 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 September 30, 2024, and December 31, 2023, assets of the VIEs totaled $982,440 and $1,233,821, respectively, and liabilities of the VIEs totaled $817,780 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		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Interest income:
Loans held-for-investment	$ 43,031	$ 63,848	$ 141,878	$ 195,356
Cash and cash equivalents	1,266	2,839	4,953	6,876
Total interest income	44,297	66,687	146,831	202,232
Interest expense:
Repurchase facilities	17,365	21,986	57,424	64,630
Secured credit facility	2,753	3,178	8,156	9,182
Securitized debt obligations	16,521	18,414	52,939	54,353
Convertible senior notes	0	2,332	0	6,975
Asset-specific financings	0	862	0	2,424
Total interest expense	36,639	46,772	118,519	137,564
Net interest income	7,658	19,915	28,312	64,668
Other income (loss):
Revenue from real estate owned operations	3,792	1,056	6,045	1,518
Provision for credit losses	(27,911)	(31,008)	(164,219)	(83,236)
Gain (loss) on extinguishment of debt	0	0	(786)	238
Fee income	0	81	0	81
Total other (loss)	(24,119)	(29,871)	(158,960)	(81,399)
Expenses:
Compensation and benefits	5,375	5,044	16,083	17,165
Servicing expenses	1,197	1,331	3,971	4,029
Expenses from real estate owned operations	4,827	2,233	8,822	3,897
Other operating expenses	3,166	2,358	8,695	7,809
Total expenses	14,565	10,966	37,571	32,900
(Loss) income before income taxes	(31,026)	(20,922)	(168,219)	(49,631)
(Benefit from) provision for income taxes	(2)	15	(4)	94
Net (loss) income	(31,024)	(20,937)	(168,215)	(49,725)
Dividends on preferred stock	3,600	3,600	10,800	10,850
Net (loss) income attributable to common stockholders - basic	(34,624)	(24,537)	(179,015)	(60,575)
Net (loss) income attributable to common stockholders - diluted	$ (34,624)	$ (24,537)	$ (179,015)	$ (60,575)
Basic (loss) earnings per weighted average common share (in usd per share)	$ (0.69)	$ (0.48)	$ (3.53)	$ (1.17)
Diluted (loss) earnings per weighted average common share (in usd per share)	$ (0.69)	$ (0.48)	$ (3.53)	$ (1.17)
Weighted average number of shares of common stock outstanding:
Basic (in shares)	50,526,492	51,577,143	50,736,066	51,805,265
Diluted (in shares)	50,526,492	51,577,143	50,736,066	51,805,265
Net (loss) income attributable to common stockholders - basic	$ (34,624)	$ (24,537)	$ (179,015)	$ (60,575)
Net (loss) income attributable to common stockholders - diluted	(34,624)	(24,537)	(179,015)	(60,575)
Comprehensive (loss) income
Comprehensive (loss) income	$ (34,624)	$ (24,537)	$ (179,015)	$ (60,575)

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)
Repurchase of common stock for tax withholding on vestings of RSUs (in shares)							(114,306)
Repurchase of common stock for tax withholding on vestings of RSUs	(653)			(653)			$ (1)		(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)							327,610
Non-cash equity award compensation	1,956			1,956			$ 3		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	(49,725)
Preferred dividends declared			(10,800)
Common shares outstanding at end of period (in shares) at Sep. 30, 2023							51,577,841
Stockholders’ equity at end of period at Sep. 30, 2023	890,745			890,620			$ 516	$ 82	1,202,151	80,968	(393,097)			125
Preferred shares outstanding at end of period (in shares) at Sep. 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
Repurchase of common stock for tax withholding on vestings of RSUs (in shares)							(15,234)
Repurchase of common stock for tax withholding on vestings of RSUs	(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)							59,898
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
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) income	(20,937)			(20,937)						(20,937)
Preferred dividends declared			$ (3,600)			(3,600)							(3,600)
Common dividends declared	(10,736)			(10,736)							(10,736)
Non-cash equity award compensation (in shares)							7,138
Non-cash equity award compensation	1,571			1,571					1,571
Common shares outstanding at end of period (in shares) at Sep. 30, 2023							51,577,841
Stockholders’ equity at end of period at Sep. 30, 2023	$ 890,745			890,620			$ 516	$ 82	1,202,151	80,968	(393,097)			125
Preferred shares outstanding at end of period (in shares) at Sep. 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)
Repurchase of common stock for tax withholding on vestings of RSUs (in shares)							(233,454)
Repurchase of common stock for tax withholding on vestings of RSUs	(1,187)			(1,187)			$ (2)		(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)							690,413
Non-cash equity award compensation	2,173			2,173			$ 6		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	$ (168,215)
Preferred dividends declared			$ (10,800)
Common shares outstanding at end of period (in shares) at Sep. 30, 2024	49,957,557						49,957,557
Stockholders’ equity at end of period at Sep. 30, 2024	$ 667,912			667,787			$ 500	$ 82	1,199,432	(100,720)	(431,507)			125
Preferred shares outstanding at end of period (in shares) at Sep. 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)
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
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
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) income	(31,024)			(31,024)						(31,024)
Repurchase of common stock (in shares)							(726,560)
Repurchase of common stock	(2,003)			(2,003)			$ (7)		(1,996)
Preferred dividends declared			$ (3,600)			$ (3,600)					(3,600)
Common dividends declared	(2,696)			(2,696)							(2,696)
Non-cash equity award compensation	$ 2,534			2,534					2,534
Common shares outstanding at end of period (in shares) at Sep. 30, 2024	49,957,557						49,957,557
Stockholders’ equity at end of period at Sep. 30, 2024	$ 667,912			$ 667,787			$ 500	$ 82	$ 1,199,432	$ (100,720)	$ (431,507)			$ 125
Preferred shares outstanding at end of period (in shares) at Sep. 30, 2024			8,229,500					8,229,500

CONDENSED CONSOLIDATED STATEM_3

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

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Cash Flows From Operating Activities:
Net loss	$ (168,215)	$ (49,725)
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	(4,331)	(6,954)
Amortization of deferred debt issuance costs	4,335	6,399
Provision for credit losses	164,219	83,236
(Gain) loss on extinguishment of debt	423	(274)
Amortization of equity-based compensation	6,165	5,912
Proceeds received from deferred interest capitalized on loans held-for-investment	2,935	359
Depreciation and amortization on real estate owned	4,580	0
Net change in assets and liabilities:
Decrease (increase) in accrued interest receivable	3,212	449
Decrease (increase) in other assets	(1,963)	(242)
Increase (decrease) in other liabilities	(2,634)	3,256
Net cash provided by operating activities	8,726	42,416
Cash Flows From Investing Activities:
Originations, acquisitions and additional fundings of loans held-for-investment, net of deferred fees	(41,348)	(54,787)
Proceeds from repayment of loans held-for-investment	342,912	442,746
Increase in other assets, due from servicer on repayments of loans held-for-investment	(42)	0
Capital expenditures related to real estate owned	(1,966)	0
Purchases of preferred equity investments	(366)	0
Net cash provided by investing activities	299,190	387,959
Cash Flows From Financing Activities:
Proceeds from repurchase facilities	78,485	453,185
Principal payments on repurchase facilities	(247,914)	(547,641)
Principal payments on securitized debt obligations	(176,447)	(139,753)
Proceeds from asset-specific financings	0	910
Proceeds from secured credit facility	1,192	0
Payment of debt issuance costs	(843)	(3,600)
Tax withholding on restricted stock and RSUs	(1,185)	(966)
Repurchase of common stock	(3,602)	(5,118)
Redemption of cumulative redeemable preferred stock	0	(1,000)
Dividends paid on preferred stock	(10,801)	(10,851)
Dividends paid on common stock	(21,313)	(32,159)
Net cash used in financing activities	(382,428)	(286,993)
Net (decrease) increase in cash, cash equivalents and restricted cash	(74,512)	143,382
Cash, cash equivalents, and restricted cash at beginning of period	199,216	140,165
Cash, cash equivalents, and restricted cash at end of period	124,704	283,547
Supplemental Disclosure of Cash Flow Information:
Cash paid for interest	120,774	134,780
Cash paid for taxes	0	836
Noncash Activities:
Transfers of loans held-for-investment to loans held-for-sale	0	14,980
Dividends declared but not paid at end of period	6,296	14,336
Transfers from loans held-for-investment to real estate owned, other assets and other liabilities	35,659	24,000
Deferred financing costs, not yet paid	$ 0	$ 1,063

Organization and Operations

Organization and Operations	9 Months Ended
	Sep. 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”. Our principal executive offices are located at 3 Bryant Park, 24th Floor, New York, New York 10036. The Company operates its business in a manner that is intended to permit it to maintain its exclusion from registration under the Investment Company Act. The Company operates its business as one segment. The Company was incorporated in Maryland on April 7, 2017, and commenced operations as a publicly traded company on June 28, 2017. The Company has elected to be treated as a REIT, as defined under the Internal Revenue Code of 1986, as amended, or the Code, for U.S. federal income tax purposes. As long as the Company continues to comply with a number of requirements under federal tax law and maintains its qualification as a REIT, the Company generally will not be subject to U.S. federal income taxes to the extent that the Company distributes its taxable income to its stockholders on an annual basis and does not engage in prohibited transactions. However, certain activities that the Company may perform may cause it to earn income which will not be qualifying income for REIT purposes. The Company has designated one of its subsidiaries as a taxable REIT subsidiary, or TRS, as defined in the Code, to engage in such activities.

Basis of Presentation and Signi

Basis of Presentation and Significant Accounting Policies	9 Months Ended
	Sep. 30, 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 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 September 30, 2024, and results of operations for all periods presented have been made. The results of operations for the three and nine months ended September 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. Certain prior period amounts have been reclassified to conform to the current period presentation. All entities in which the Company holds investments that are considered 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 September 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 nine months ended September 30, 2024. 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	9 Months Ended
	Sep. 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 September 30, 2024, and December 31, 2023: September 30, 2024 (dollars in thousands) Senior Loans (1) B-Notes (2) Total Unpaid principal balance $ 2,335,744 $ 13,308 $ 2,349,052 Unamortized premium 77 — 77 Unamortized net deferred origination fees (8,797) — (8,797) Allowance for credit losses (256,561) (209) (256,770) Carrying value $ 2,070,463 $ 13,099 $ 2,083,562 Unfunded commitments $ 109,482 $ — $ 109,482 Number of loans 61 1 62 Weighted average coupon (3) 6.4 % 8.0 % 6.4 % Weighted average years to maturity (4) 0.5 2.3 0.5 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) September 30, 2024 December 31, 2023 Property Type Carrying Value % of Loan Portfolio Carrying Value % of Loan Portfolio Office $ 938,385 45.0 % $ 1,116,551 43.2 % Multifamily 621,028 29.8 % 826,125 32.0 % Hotel 127,991 6.2 % 180,891 7.0 % Retail 216,868 10.4 % 257,945 10.0 % Industrial 114,146 5.5 % 113,972 4.4 % Other 65,144 3.1 % 88,341 3.4 % Total $ 2,083,562 100.0 % $ 2,583,825 100.0 % (dollars in thousands) September 30, 2024 December 31, 2023 Geographic Location Carrying Value % of Loan Portfolio Carrying Value % of Loan Portfolio Northeast $ 498,448 23.9 % $ 709,838 27.5 % Southwest 463,863 22.3 % 495,133 19.2 % West 298,622 14.3 % 328,547 12.7 % Midwest 334,621 16.1 % 421,881 16.3 % Southeast 488,008 23.4 % 628,426 24.3 % Total $ 2,083,562 100.0 % $ 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 nine months ended September 30, 2024, and 2023: Three Months Ended September 30, 2024 Nine Months Ended September 30, 2024 (in thousands) Amortized Cost Allowance for Credit Losses Carrying Value Amortized Cost Allowance for Credit Losses Carrying Value Balance at beginning of period $ 2,616,884 $ (264,140) $ 2,352,744 $ 2,718,486 $ (134,661) 2,583,825 Originations, additional fundings, upsizing of loans and capitalized deferred interest 9,894 — 9,894 45,762 — 45,762 Repayments (240,145) — (240,145) (337,028) — (337,028) Transfers to real estate owned — — — (35,659) — (35,659) Net discount accretion (premium amortization) — — — 15 — 15 Increase (decrease) from net deferred origination fees (2,508) — (2,508) (3,360) — (3,360) Amortization of net deferred origination fees 787 — 787 3,262 — 3,262 Provision for credit losses — (28,391) (28,391) — (164,436) (164,436) Write-offs $ (44,580) $ 44,580 — $ (51,146) $ 51,146 — Recoveries of previous write-offs $ — $ (8,819) (8,819) $ — $ (8,819) (8,819) Balance at end of period $ 2,340,332 $ (256,770) $ 2,083,562 $ 2,340,332 $ (256,770) $ 2,083,562 Three Months Ended September 30, 2023 Nine Months Ended September 30, 2023 (in thousands) Amortized Cost Allowance for Credit Losses Carrying Value Amortized Cost Allowance for Credit Losses Carrying Value Balance at beginning of period $ 3,096,500 $ (130,412) $ 2,966,088 $ 3,350,150 $ (82,335) 3,267,815 Originations, additional fundings, upsizing of loans and capitalized deferred interest 21,698 — 21,698 58,878 — 58,878 Repayments (177,482) — (177,482) (443,105) — (443,105) Transfers to loans held-for-sale, net of discount at time of transfer (14,980) — (14,980) (14,980) — (14,980) Transfers to real estate owned — — — (24,000) — (24,000) Net discount accretion (premium amortization) 3 — 3 23 — 23 Increase (decrease) from net deferred origination fees (250) — (250) (1,282) — (1,282) Amortization of net deferred origination fees 116 — 116 4,121 — 4,121 Provision for credit losses — (31,635) (31,635) — (83,912) (83,912) Write-offs $ (16,750) $ 16,750 — $ (20,950) $ 20,950 — Balance at end of period $ 2,908,855 $ (145,297) $ 2,763,558 $ 2,908,855 $ (145,297) $ 2,763,558 Allowance for Credit Losses The following table presents the changes for the three and nine months ended September 30, 2024, and 2023 in the allowance for credit losses on loans held-for-investment: Loans Held-for-Investment Unfunded Loan Commitments (1) Specific Reserve General Reserve Total Specific and General Reserve Total General Reserve Total Allowance for Credit Losses Three Months Ended September 30, 2024 Balance at beginning of period $ 194,955 $ 69,185 $ 264,140 $ 2,719 $ 266,859 Provision for (benefit from) credit losses 41,057 (12,666) 28,391 (480) 27,911 Write-off (44,580) — (44,580) — (44,580) Recoveries of previous write-offs 8,819 — 8,819 — 8,819 Balance at end of period $ 200,251 $ 56,519 $ 256,770 $ 2,239 $ 259,009 Nine Months Ended September 30, 2024 Balance at beginning of period $ 91,372 $ 43,289 $ 134,661 $ 2,456 $ 137,117 Provision for (benefit from) credit losses 147,040 17,396 164,436 (217) 164,219 Write-off (46,980) (4,166) (51,146) — (51,146) Recoveries of previous write-offs 8,819 — 8,819 — 8,819 Balance at end of period $ 200,251 $ 56,519 $ 256,770 $ 2,239 $ 259,009 Three Months Ended September 30, 2023 Balance at beginning of period $ 62,325 $ 68,087 $ 130,412 $ 4,200 $ 134,612 Provision for (benefit from) credit losses 39,500 (7,865) 31,635 (627) 31,008 Write-off (16,750) — (16,750) — (16,750) Recoveries of previous write-offs — — — — — Balance at end of period $ 85,075 $ 60,222 $ 145,297 $ 3,573 $ 148,870 Nine Months Ended September 30, 2023 Balance at beginning of period $ 39,258 $ 43,077 $ 82,335 $ 4,249 $ 86,584 Provision for (benefit from) credit losses 66,767 17,145 83,912 (676) 83,236 Write-off (20,950) — (20,950) — (20,950) Recoveries of previous write-offs — — — — — Balance at end of period $ 85,075 $ 60,222 $ 145,297 $ 3,573 $ 148,870 ______________________ (1) The CECL reserve for unfunded commitments is included in “Other liabilities” on the condensed consolidated balance sheets. During the three months ended September 30, 2024, the Company recorded a net decrease of $(7.9) million in its total allowance for credit losses on its loan portfolio primarily due to $(44.6) million in write-offs, partially offset by a $36.7 million increase in the allowance, inclusive of an $8.8 million recovery of amounts previously written off, bringing the total allowance for credit losses to $259.0 million as of September 30, 2024. The increase in the allowance was primarily related to specific reserves on loans that were assessed individually as of September 30, 2024, partially offset by a reduction in the general reserve due to loan repayments and credit migration within the loan portfolio. The write-offs were related to three loans that had been previously assessed individually that were resolved during the three months ended September 30, 2024, as described below. During the nine months ended September 30, 2024, the Company recorded a net increase of $121.9 million in its allowance for credit losses on its loan portfolio primarily due to a $173.3 million increase, partially offset by $(51.1) million in write-offs and an $8.8 million recovery of amounts previously written-off. The increase in the allowance was primarily related to specific reserves on loans that were assessed individually, and 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. The write-offs were primarily related to loans that had been previously assessed individually that were resolved during the nine months ended September 30, 2024. During the three months ended September 30, 2024, the Company resolved a $37.1 million senior loan secured by a mixed-use retail and office property located in Los Angeles, CA. The loan had been considered collateral-dependent and had previously been placed on nonaccrual status. In connection with the resolution, the Company incurred a write-off of $(22.3) million. During the three months ended September 30, 2024, the Company resolved a $33.3 million senior loan secured by a multifamily property located in Chicago, IL. The loan had been considered collateral-dependent and had previously been placed on nonaccrual status. In connection with the resolution, the Company incurred a write-off of $(3.3) million. During the three months ended September 30, 2024, the Company modified a $51.0 million senior loan secured by a mixed-use multifamily, event space and office property located in Pittsburgh, PA. The loan had been considered collateral-dependent and had previously been placed on nonaccrual status. In connection with the modification, the Company incurred a write-off of $(19.0) million. See below for further details. During the three months ended September 30, 2024, the Company recovered $8.8 million of amounts previously written off related to a held-for-investment legacy loan that was secured by an office property in San Diego, CA. The recovery was associated with a cooperation agreement between the Company and the prior sponsor, and related to the settlement of an arbitration process between that sponsor and an unaffiliated party. The Company had recognized a write-off of $(33.3) million at the time of the resolution of the legacy nonaccrual loan during the year ended December 31, 2023. The recovery of $8.8 million was recognized in the provision for credit losses on the Company’s condensed consolidated statements of income during the three months ended September 30, 2024. As of September 30, 2024, the Company had ten collateral-dependent loans with an aggregate principal balance of $579.0 million, for which the Company recorded an allowance for credit losses of $200.3 million. These loans were individually assessed in accordance with the CECL framework and the allowance for credit losses was determined based on the estimates of the collateral properties’ fair value. The performance of the collateral properties securing these loans, which include six office buildings, two mixed-use properties with an office component, and two hotel assets, 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 with reduced tenant demand, 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. Nonaccrual Loans The following table presents the carrying value of loans held-for-investment on nonaccrual status for the three and nine months ended September 30, 2024, and 2023: Three Months Ended September 30, Nine Months Ended September 30, (in thousands) 2024 2023 2024 2023 Nonaccrual loan carrying value at beginning of period $ 452,797 $ 183,263 $ 343,683 $ 207,958 Addition of nonaccrual loan carrying value 58,374 23,480 253,732 46,750 Reduction of nonaccrual loan carrying value (102,995) (40,881) (189,239) (88,846) Nonaccrual loan carrying value at end of period $ 408,176 $ 165,862 $ 408,176 $ 165,862 As of September 30, 2024, the Company had eleven senior loans with a total unpaid principal balance of $628.5 million and carrying value of $408.2 million that were held on nonaccrual status, compared to five senior loans with a total unpaid principal balance of $250.9 million and carrying value of $165.9 million that were held on nonaccrual status as of September 30, 2023. All other loans were considered current with respect to principal and interest payments due as of September 30, 2024, and September 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 September 30, 2024, the Company entered into three loan modifications that met the disclosure requirements pursuant to ASU 2022-02, Troubled Debt Restructurings And Vintage Disclosures . During the three months ended September 30, 2024, the Company completed the modification of a first mortgage loan secured by a mixed-use multifamily, event space and office property located in Pittsburgh, PA, with an outstanding principal balance of $51.0 million at the time of modification. 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 $19.0 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 exit fee that was increased from 1.25% to 5.75% of the loan amount, and was extended to July 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 September 30, 2024, the mezzanine note was deemed uncollectible, resulting in a write-off of $(19.0) million. During the twelve months ended September 30, 2024, the Company completed the modification of a first mortgage loan secured by a design building property located in New York, NY. As of September 30, 2024, and December 31, 2023, the loan had a principal balance of $33.5 million and $37.5 million, and an amortized cost of $32.0 million and $37.3 million, respectively. The terms of the modification included, among others, a restructuring of the $37.5 million loan at the time of the modification 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 was non-interest bearing and 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 September 30, 2024, the Company completed the modification of a first mortgage loan secured by a multifamily student housing property in Louisville, KY. As of September 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 September 30, 2024, and December 31, 2023: (dollars in thousands) September 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 $ 120,581 $ 119,334 4 $ 71,597 $ 71,211 2 22 810,224 801,279 36 1,277,491 1,262,126 3 20 670,670 642,446 24 862,102 842,175 4 5 239,108 212,551 4 192,104 174,313 5 9 508,469 307,952 5 323,885 234,000 Total 62 $ 2,349,052 $ 2,083,562 73 $ 2,727,179 $ 2,583,825 As of September 30, 2024, the weighted average risk rating of the Company’s loan portfolio was 3.1, versus 2.8 as of December 31, 2023, weighted by unpaid principal balance. The change in portfolio risk rating as of September 30, 2024, versus December 31, 2023, is mainly a result of select loan risk rating downgrades, partially offset by certain rating upgrades and resolutions of several previously risk-rated “5” loans. During the three months ended September 30, 2024, as part of its quarterly risk rating process, the Company downgraded to a risk rating of “5” two senior loans with an aggregate outstanding principal balance of $86.0 million and secured by an office property and a hotel property. These loans were downgraded due to the borrowers’ unwillingness to make further capital commitments to support the collateral properties resulting from a variety of factors including the challenging office leasing environment, 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. These loans are considered collateral dependent and have been placed on nonaccrual status as of September 30, 2024. During the three months ended September 30, 2024, the Company resolved three loans with an aggregate unpaid principal balance of $121.7 million that had a risk rating of “5”. In connection with these resolutions, the company incurred write-offs totaling $(44.6) million, as described above. The following table presents the carrying value of loans held-for-investment as of September 30, 2024, and December 31, 2023, by risk rating and year of origination: September 30, 2024 (dollars in thousands) Origination Year Risk Rating 2024 2023 2022 2021 2020 Prior Total 1 $ — $ — $ — $ 30,647 $ 21,572 $ 67,115 $ 119,334 2 — — 282,570 199,125 — 319,584 801,279 3 — 52,304 95,937 146,900 45,679 301,626 642,446 4 — — — — — 212,551 212,551 5 — — 11,984 41,974 — 253,994 307,952 Total $ — $ 52,304 $ 390,491 $ 418,646 $ 67,251 $ 1,154,870 $ 2,083,562 Gross write-offs $ — $ — $ — $ (19,045) $ — $ (32,101) $ (51,146) 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	9 Months Ended
	Sep. 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 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 nine months ended September 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 nine months ended September 30, 2024, were 4.6 years, 2.7 years, and 5.5 years, respectively. No tenant improvements, in-place lease intangibles, above-market lease intangibles or below-market lease intangibles were acquired during the three months ended September 30, 2024. 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 September 30, 2024, and December 31, 2023: (in thousands) September 30, December 31, Intangible Assets Gross amount $ 15,769 $ 5,681 Accumulated amortization (4,787) (2,082) Total, net $ 10,982 $ 3,599 Intangible Liabilities Gross amount $ (184) $ (38) Accumulated amortization 20 8 Total, net $ (164) $ (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 three and nine months ended September 30, 2024, and 2023: (in thousands) Three Months Ended September 30, Nine Months Ended September 30, Real Estate Owned, Net 2024 2023 2024 2023 Rental income $ 2,791 $ 1,017 $ 4,917 $ 1,461 Other operating income 1,001 39 1,128 57 Revenue from real estate owned operations 3,792 1,056 6,045 1,518 Expenses from real estate owned operations (1) (4,827) (2,233) (8,822) (3,897) Total $ (1,035) $ (1,177) $ (2,777) $ (2,379) ______________________ (1) Includes $(1.9) million and $(4.4) million of depreciation and amortization for the three and nine months ended September 30, 2024, respectively. Includes $(1.4) million and $(2.0) million of depreciation and amortization for the three and nine months ended September 30, 2023, respectively. The following table presents the amortization of lease intangibles included in the Company’s condensed consolidated statements of income for the three and nine months ended September 30, 2024, and 2023: (in thousands) Three Months Ended September 30, Nine Months Ended September 30, Income Statement Location 2024 2023 2024 2023 Asset In-place lease intangibles Expenses from real estate owned operations $ 1,111 $ 784 $ 2,470 $ 1,148 Lease commissions Expenses from real estate owned operations 65 — 65 — Above-market lease intangibles Revenue from real estate owned operations (85) (55) (171) (72) Liability Below-market lease intangibles Revenue from real estate owned operations 8 6 12 7 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 Lease Commissions Below-market Lease Intangible Liabilities 2024 $ 890 $ 82 $ 55 $ (8) 2025 2,895 266 222 (33) 2026 2,103 152 222 (33) 2027 923 52 222 (33) 2028 829 39 222 (31) Thereafter 1,444 91 273 (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 September 30, 2024: (in thousands) Contractual Lease Payments 2024 $ 1,811 2025 8,283 2026 7,698 2027 4,859 2028 4,533 Thereafter 8,439 The weighted average minimum remaining term of the non-cancelable leases was approximately 3.5 years as of September 30, 2024.

Variable Interest Entities and

Variable Interest Entities and Securitized Debt Obligations	9 Months Ended
	Sep. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Variable Interest Entities and Securitized Debt Obligations	Variable Interest Entities and Securitized Debt Obligations CRE CLOs 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 September 30, 2024, and December 31, 2023: (in thousands) September 30, December 31, Loans held-for-investment $ 1,066,811 $ 1,246,448 Allowance for credit losses (90,909) (21,107) Loans held-for-investment, net 975,902 1,225,341 Other assets 6,538 8,480 Total Assets $ 982,440 $ 1,233,821 Securitized debt obligations $ 816,103 $ 991,698 Other liabilities 1,677 2,383 Total Liabilities $ 817,780 $ 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 September 30, 2024, and December 31, 2023: (dollars in thousands) September 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) $ 515,833 $ 493,057 S+3.9% $ 621,409 $ 607,338 S+3.8% Financing provided 398,185 396,876 S+1.9% 502,564 500,403 S+1.8% GPMT 2021-FL3 CRE CLO Collateral assets (3) 553,684 482,845 S+3.8% 629,273 618,003 S+3.8% Financing provided 419,227 419,227 S+2.0% 491,295 491,295 S+1.9% Total Collateral assets $ 1,069,517 $ 975,902 S+3.9% $ 1,250,682 $ 1,225,341 S+ 3.8% Financing provided $ 817,412 $ 816,103 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 September 30, 2024, and December 31, 2023. Yield on collateral assets is exclusive of restricted cash. (3) No restricted cash is included as of September 30, 2024, and December 31, 2023. Yield on collateral assets is exclusive of restricted cash. Preferred Equity Investment During the three months ended September 30, 2024, the Company made a $0.4 million non-controlling, preferred equity investment in a partnership that is the borrower on one loan that is held-for-investment by the Company. The Company may contribute up to an additional $2.4 million in the form of a preferred equity investment in the partnership entity. The preferred equity investment will earn a deferred preferred return, which carries an accrual rate of 11%. Due to the uncertainty of collection of any accrued amounts, the Company is not accruing any dividend income on the condensed consolidated statements of income. The unconsolidated preferred equity investment is included in the Company's condensed consolidated balance sheets within Other Assets.

Secured Financing Agreements

Secured Financing Agreements	9 Months Ended
	Sep. 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 arrangements as of September 30, 2024, and December 31, 2023: September 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 June 28, 2025 $ 116,640 $ 133,360 $ 250,000 $ 211,219 7.8 % JPMorgan Chase Bank July 28, 2025 432,570 70,277 502,847 514,846 9.2 % Citibank May 25, 2025 156,380 343,620 500,000 243,323 6.9 % Total $ 705,590 $ 547,257 $ 1,252,847 $ 969,388 Secured credit facility December 21, 2025 $ 85,192 $ 14,808 $ 100,000 $ 100,409 11.6 % December 31, 2023 (dollars in thousands) Maturity Date (1) Amount Outstanding Unused Capacity (2) Total Capacity Carrying Value of Collateral Weighted Average Borrowing Rate Repurchase facilities: Morgan Stanley Bank June 28, 2024 $ 193,165 $ 281,835 $ 475,000 $ 304,598 8.0 % Goldman Sachs Bank USA (3) July 13, 2024 53,745 196,255 250,000 131,112 8.7 % JPMorgan Chase Bank July 28, 2025 445,713 79,238 524,951 500,985 9.8 % Citibank May 25, 2025 176,606 323,394 500,000 254,286 7.2 % Centennial Bank (4) August 29, 2024 6,213 143,787 150,000 20,508 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 September 30, 2024, and December 31, 2023. (3) During the three months ended September 30, 2024, the Company terminated the facility. (4) 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 September 30, 2024, and December 31, 2023: September 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 $ 116,640 $ 100,881 15 % 0.74 $ 193,165 $ 118,253 14 % 0.49 JPMorgan Chase Bank 432,570 93,234 14 % 0.82 445,713 62,216 7 % 1.58 Goldman Sachs Bank USA (2) — — — % — 53,745 78,949 9 % 0.53 Citibank 156,380 101,005 15 % 0.65 176,606 80,441 9 % 1.40 Centennial Bank (3) — — — % — 6,213 17,757 2 % 0.66 Total $ 705,590 $ 295,120 $ 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 September 30, 2024, the Company terminated the facility. (3) 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 arrangements. The following represent the most restrictive financial covenants to which the Company is subject across its secured financing arrangements: • Unrestricted cash cannot be less than the greater of $30.0 million and 5.0% of recourse indebtedness. As of September 30, 2024, the Company’s unrestricted cash was $113.5 million, while 5.0% of the Company’s recourse indebtedness was $12.4 million. • Tangible net worth must be greater than the sum of (i) $600.0 million and (ii) 75.0% of net cash proceeds of the Company’s equity issuances after September 30, 2024. As the Company has not had any equity issuances after September 30, 2024, tangible net worth must be greater than $600.0 million. As of September 30, 2024, the Company’s tangible net worth was $926.8 million. • Target asset leverage ratio cannot exceed 77.5% and total leverage ratio cannot exceed 80.0%. As of September 30, 2024, the Company’s target asset leverage ratio was 68.6% and the Company’s total leverage ratio was 63.8%. • Minimum interest coverage of no less than 1.2:1.0 through September 30, 2024 (1.1:1.0 from October 1, 2024, through December 31, 2024; 1.15:1.0 from January 1, 2025, through March 31, 2025; 1.2:1.0 from April 1, 2025, through December 31, 2025; and 1.3:1.0 thereafter). As of September 30, 2024, the Company’s minimum interest coverage was 1.3:1.0. As of September 30, 2024, and December 31, 2023, the Company was in compliance with its covenants.

Convertible Senior Notes

Convertible Senior Notes	9 Months Ended
	Sep. 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 September 30, 2024, and December 31, 2023. The following table details the interest expense related to the convertible notes for the three and nine months ended September 30, 2024, and 2023: Three Months Ended September 30, Nine Months Ended September 30, (in thousands) 2024 2023 2024 2023 Cash coupon $ — $ 2,098 $ — $ 6,293 Amortization of issuance costs — 234 — 682 Total interest expense $ — $ 2,332 $ — $ 6,975

Cash, Cash Equivalents and Rest

Cash, Cash Equivalents and Restricted Cash	9 Months Ended
	Sep. 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 September 30, 2024, the Company held $11.2 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 September 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 September 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) September 30, December 31, Cash and cash equivalents $ 113,461 $ 188,370 Restricted cash 11,243 10,846 Total cash, cash equivalents and restricted cash $ 124,704 $ 199,216

Fair Value

Fair Value	9 Months Ended
	Sep. 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 non-performance 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 September 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 September 30, 2024, the Company deemed ten of its loans held-for-investment with an aggregate outstanding principal balance of $579.0 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 September 30, 2024, seven loans with an aggregate outstanding principal balance of $423.6 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 6.00% to 13.00%, and from 7.25% to 14.00%, respectively. As of September 30, 2024, three loans with an aggregate outstanding principal balance of $155.4 million were valued using the estimated proceeds from the sale of the loan or collateral property, less the estimated costs to sell. 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. During the nine months ended September 30, 2024, the Company acquired legal title of an office property in Maynard, MA. The Company’s fair market value estimate at the time of conversion from loan held-for-investment to REO was $35.7 million and was determined primarily using the discounted cash flow method. The significant unobservable inputs used to estimate the fair value include the exit capitalization rate and discount rate, which ranged from 8.50% to 10.50%, and from 10.25% to 11.75%, respectively. Refer to Note 4 - Real Estate Owned, Net for further detail. Fair Value of Financial Instruments In accordance with ASC 820, the Company is required to disclose the fair value of financial instruments, both assets and liabilities recognized and not recognized in the condensed consolidated balance sheets, for which fair value can be estimated. The following describes the Company’s methods for estimating the fair value for financial instruments: • Loans held-for-investment are carried at cost, net of any unamortized acquisition premiums or discounts, loan fees, origination costs and allowance for credit losses, as applicable. The Company estimates the fair value of its loans held-for-investment by assessing any changes in market interest rates, credit spreads for loans of comparable risk as corroborated by inquiry of other market participants, shifts in credit profiles and actual operating results, taking into consideration such factors as underlying property type, property competitive position within its market, market and submarket fundamentals, tenant mix, nature of business plan, sponsorship, extent of leverage and other loan terms. The Company categorizes the fair value measurement of these assets as Level 3. • 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 September 30, 2024, and December 31, 2023: September 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 $ 2,083,562 $ 2,122,346 $ 2,583,825 $ 2,596,577 Cash and cash equivalents $ 113,461 $ 113,461 $ 188,370 $ 188,370 Restricted cash $ 11,243 $ 11,243 $ 10,846 $ 10,846 Liabilities Repurchase facilities $ 705,590 $ 705,590 $ 875,442 $ 875,442 Securitized debt obligations $ 816,103 $ 775,133 $ 991,698 $ 930,523 Secured credit facility $ 85,192 $ 85,192 $ 84,000 $ 84,000

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 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 September 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 September 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 September 30, 2024, and December 31, 2023, the Company had unfunded loan commitments of $109.5 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 facility counterparties are not obligated to fund their ratable portion of these loan commitments over time and have varying degrees of discretion over future loan funding obligations, including the advance rates on their fundings. The Company may be obligated to fund loan commitments with respect to a financed asset even if the applicable financing counterparty will not fund their ratable portion of the loan commitment and/or has made margin calls with respect to such financed asset. As of September 30, 2024, the Company recognized $2.2 million in other liabilities related to the allowance for credit losses on unfunded loan commitments. See Note 3 - Loans Held-for-Investment, Net of Allowance for Credit Losses, for further detail.

Preferred Stock

Preferred Stock	9 Months Ended
	Sep. 30, 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 nine months ended September 30, 2024, and 2023, the Company declared dividends on the Series A Preferred Stock of $3.6 million and $10.8 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 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	9 Months Ended
	Sep. 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 nine months ended September 30, 2024, and 2023: Declaration Date Record Date Payment Date Cash Dividend Per Share 2024 September 20, 2024 October 1, 2024 October 15, 2024 $ 0.05 June 18, 2024 July 1, 2024 July 15, 2024 $ 0.05 March 14, 2024 April 1, 2024 April 15, 2024 $ 0.15 $ 0.25 2023 September 20, 2023 October 2, 2023 October 16, 2023 $ 0.20 June 22, 2023 July 3, 2023 July 17, 2023 $ 0.20 March 16, 2023 April 3, 2023 April 17, 2023 $ 0.20 $ 0.60 Share Repurchases On September 20, 2024, the Company announced that its board of directors had amended its share repurchase program to authorize the repurchase of an additional 3,000,000 shares of the Company’s common stock, for a total cumulative share repurchase authorization of 12,000,000 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 nine months ended September 30, 2023, under its share repurchase plan, the Company repurchased no shares of its common stock and 1,001,338 shares of its common stock for an aggregate cost, inclusive of commissions paid, of $5.1 million, respectively. During the three and nine months ended September 30, 2024, under its share repurchase plan, the Company repurchased 726,560 shares of its common stock for an aggregate cost, inclusive of commissions paid, of $2.0 million and 1,236,804 shares of its common stock for an aggregate cost, inclusive of commissions paid, of $3.6 million, respectively. As of September 30, 2024, there remained 5,921,112 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 nine months ended September 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 nine months ended September 30, 2024, or during the three months ended September 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 September 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 nine months ended September 30, 2024, and 2023, and as of September 30, 2024, there remain 4,757,636 shares available for sale. 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 nine months ended September 30, 2024, and 2023: Declaration Date Record Date Payment Date Cash Dividend Per Share 2024 September 20, 2024 October 1, 2024 October 15, 2024 $ 0.4375 June 18, 2024 July 1, 2024 July 15, 2024 $ 0.4375 March 14, 2024 April 1, 2024 April 15, 2024 $ 0.4375 $ 1.3125 2023 September 20, 2023 October 2, 2023 October 16, 2023 $ 0.4375 June 22, 2023 July 3, 2023 July 17, 2023 $ 0.4375 March 16, 2023 April 3, 2023 April 17, 2023 $ 0.4375 $ 1.3125

Equity Incentive Plans

Equity Incentive Plans	9 Months Ended
	Sep. 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 September 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 nine months ended September 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 (690,413) — 7.75 Expired/Cancelled (1) — (347,896) 14.15 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 Granted — — $ — Vested — — $ — Forfeited (43,971) — $ 5.42 Outstanding at September 30, 2024 3,956,250 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. During the three and nine months ended September 30, 2024, the Company recognized RSU forfeitures of 43,971 due to employee departures. Below is a summary of RSU and PSU vesting dates as of September 30, 2024: Vesting Year RSUs PSUs Total Awards 2024 — 312,538 312,538 2025 1,505,754 734,223 2,239,977 2026 739,849 742,152 1,482,001 2027 1,710,647 — 1,710,647 Total 3,956,250 1,788,913 5,745,163 For the nine months ended September 30, 2023, the Company recognized the remaining $47.5 thousand of compensation expense associated with awards of restricted stock within compensation and benefits expense on the condensed consolidated statements of income. As of September 30, 2024, all awards of restricted stock had vested. The Company’s RSUs are subject to time-based vesting schedules. For the three and nine months ended September 30, 2024, the Company recognized $2.0 million and $5.4 million of compensation expense associated with these awards, respectively, compared to $1.7 million and $4.9 million for the three and nine months ended September 30, 2023, within compensation and benefits expense on the condensed consolidated statements of income. As of September 30, 2024, $10.1 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 nine months ended September 30, 2024, the Company recognized $0.6 million and $0.8 million of compensation expense associated with these awards, respectively, compared to $(0.2) million and $0.9 million for the three and nine months ended September 30, 2023, within compensation and benefits expenses on the condensed consolidated statements of income. As of September 30, 2024, $3.9 million of total unrecognized compensation cost for awards of PSUs will be recognized over the grants’ remaining weighted average vesting period of 1.0 year.

Income Taxes

Income Taxes	9 Months Ended
	Sep. 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	9 Months Ended
	Sep. 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 nine months ended September 30, 2024, and 2023: Three Months Ended Nine Months Ended September 30, September 30, (in thousands, except share data) 2024 2023 2024 2023 Numerator: Net (loss) income attributable to common stockholders $ (34,624) $ (24,537) $ (179,015) $ (60,575) Dividends allocated to participating restricted stock units $ (198) $ (420) (786) (1,241) Net (loss) income attributable to common stockholders - basic $ (34,822) $ (24,957) $ (179,801) $ (61,816) Net (loss) income attributable to common stockholders - diluted $ (34,822) $ (24,957) $ (179,801) $ (61,816) Denominator: Weighted average common shares outstanding 50,526,492 51,577,143 50,736,066 51,795,091 Weighted average restricted stock shares — — — 10,174 Basic weighted average shares outstanding 50,526,492 51,577,143 50,736,066 51,805,265 Diluted weighted average shares outstanding 50,526,492 51,577,143 50,736,066 51,805,265 (Loss) earnings per share: Basic $ (0.69) $ (0.48) $ (3.53) $ (1.17) Diluted $ (0.69) $ (0.48) $ (3.53) $ (1.17) For the three and nine months ended September 30, 2023, excluded from the calculation of diluted earnings per share is the effect of adding back $2.3 million and $7.0 million, respectively, of interest expense related to the Company’s convertible senior notes. For both the three and nine months ended September 30, 2023, 6,591,765 and 14,065,946, respectively, of weighted average common share equivalents related to the assumed conversion of the Company’s convertible senior notes were also excluded from the calculation of diluted earnings per share, as their inclusion would be antidilutive. As of September 30, 2024, the convertible notes have been redeemed and no notes remain outstanding. Diluted earnings per share is calculated under both the two-class method and treasury stock method, and the more dilutive amount is reported. The computation of diluted earnings per share is also based on the incremental shares that would be outstanding assuming the settlement of RSUs. During the three and nine months ended September 30, 2023, 621,465 and 303,004 of weighted-average unvested RSUs, respectively, were excluded from the dilutive earnings per share denominator, as their inclusion would be antidilutive. For the nine months ended September 30, 2024, 623,424 of weighted-average unvested RSUs were excluded from the dilutive earnings per share denominator, as their inclusion would be antidilutive. For the three months ended September 30, 2024, under both the two-class method and the treasury stock method no shares were included in the dilutive earnings per share denominator, as their inclusion would be antidilutive. Diluted earnings per share is calculated under both the two-class method and treasury stock method, and the more dilutive amount is reported. The computation of diluted earnings per share is also based on the incremental shares that would be outstanding assuming the settlement of PSUs. For the three and nine months ended September 30, 2024, and 2023, under both the two-class method and treasury stock method no additional weighted-average unvested PSUs were included in the dilutive earnings per share denominator, as their inclusion would be antidilutive. As of September 30, 2024, and 2023, there were no incremental shares of unvested PSUs.

Subsequent Events

Subsequent Events	9 Months Ended
	Sep. 30, 2024
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events Events subsequent to September 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.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2024	Sep. 30, 2023
Pay vs Performance Disclosure
Net (loss) income	$ (31,024)	$ (63,068)	$ (74,123)	$ (20,937)	$ 5,041	$ (33,829)	$ (168,215)	$ (49,725)

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Sep. 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)	9 Months Ended
	Sep. 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 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 September 30, 2024, and results of operations for all periods presented have been made. The results of operations for the three and nine months ended September 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. Certain prior period amounts have been reclassified to conform to the current period presentation. All entities in which the Company holds investments that are considered 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 September 30, 2024. However, the Company’s actual results could ultimately differ from its estimates and such differences may be material.
Recently Issued and/or Adopted Accounting Standards	Recently Issued and/or Adopted Accounting Standards Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures , or ASU 2023-07. The new guidance requires a public entity with a single reportable segment to provide new disclosures surrounding segment expenses and other segment items on an annual and interim basis, with the intention of improving reportable segment disclosure requirements as well as enhancing interim disclosure requirements. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023, and for interim periods with fiscal years beginning after December 15, 2024, with the guidance to be adopted retrospectively to all prior periods presented. The Company is currently evaluating the impact 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, Ne_2

Loans Held-for-Investment, Net of Allowance for Credit Losses (Tables)	9 Months Ended
	Sep. 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 September 30, 2024, and December 31, 2023: September 30, 2024 (dollars in thousands) Senior Loans (1) B-Notes (2) Total Unpaid principal balance $ 2,335,744 $ 13,308 $ 2,349,052 Unamortized premium 77 — 77 Unamortized net deferred origination fees (8,797) — (8,797) Allowance for credit losses (256,561) (209) (256,770) Carrying value $ 2,070,463 $ 13,099 $ 2,083,562 Unfunded commitments $ 109,482 $ — $ 109,482 Number of loans 61 1 62 Weighted average coupon (3) 6.4 % 8.0 % 6.4 % Weighted average years to maturity (4) 0.5 2.3 0.5 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) September 30, 2024 December 31, 2023 Property Type Carrying Value % of Loan Portfolio Carrying Value % of Loan Portfolio Office $ 938,385 45.0 % $ 1,116,551 43.2 % Multifamily 621,028 29.8 % 826,125 32.0 % Hotel 127,991 6.2 % 180,891 7.0 % Retail 216,868 10.4 % 257,945 10.0 % Industrial 114,146 5.5 % 113,972 4.4 % Other 65,144 3.1 % 88,341 3.4 % Total $ 2,083,562 100.0 % $ 2,583,825 100.0 %
Schedule of Loans Held-for-Investment by Geographic Location	(dollars in thousands) September 30, 2024 December 31, 2023 Geographic Location Carrying Value % of Loan Portfolio Carrying Value % of Loan Portfolio Northeast $ 498,448 23.9 % $ 709,838 27.5 % Southwest 463,863 22.3 % 495,133 19.2 % West 298,622 14.3 % 328,547 12.7 % Midwest 334,621 16.1 % 421,881 16.3 % Southeast 488,008 23.4 % 628,426 24.3 % Total $ 2,083,562 100.0 % $ 2,583,825 100.0 %
Schedule of Loan Portfolio Activity	The following table summarizes activity related to loans held-for-investment, net of allowance for credit losses, for the three and nine months ended September 30, 2024, and 2023: Three Months Ended September 30, 2024 Nine Months Ended September 30, 2024 (in thousands) Amortized Cost Allowance for Credit Losses Carrying Value Amortized Cost Allowance for Credit Losses Carrying Value Balance at beginning of period $ 2,616,884 $ (264,140) $ 2,352,744 $ 2,718,486 $ (134,661) 2,583,825 Originations, additional fundings, upsizing of loans and capitalized deferred interest 9,894 — 9,894 45,762 — 45,762 Repayments (240,145) — (240,145) (337,028) — (337,028) Transfers to real estate owned — — — (35,659) — (35,659) Net discount accretion (premium amortization) — — — 15 — 15 Increase (decrease) from net deferred origination fees (2,508) — (2,508) (3,360) — (3,360) Amortization of net deferred origination fees 787 — 787 3,262 — 3,262 Provision for credit losses — (28,391) (28,391) — (164,436) (164,436) Write-offs $ (44,580) $ 44,580 — $ (51,146) $ 51,146 — Recoveries of previous write-offs $ — $ (8,819) (8,819) $ — $ (8,819) (8,819) Balance at end of period $ 2,340,332 $ (256,770) $ 2,083,562 $ 2,340,332 $ (256,770) $ 2,083,562 Three Months Ended September 30, 2023 Nine Months Ended September 30, 2023 (in thousands) Amortized Cost Allowance for Credit Losses Carrying Value Amortized Cost Allowance for Credit Losses Carrying Value Balance at beginning of period $ 3,096,500 $ (130,412) $ 2,966,088 $ 3,350,150 $ (82,335) 3,267,815 Originations, additional fundings, upsizing of loans and capitalized deferred interest 21,698 — 21,698 58,878 — 58,878 Repayments (177,482) — (177,482) (443,105) — (443,105) Transfers to loans held-for-sale, net of discount at time of transfer (14,980) — (14,980) (14,980) — (14,980) Transfers to real estate owned — — — (24,000) — (24,000) Net discount accretion (premium amortization) 3 — 3 23 — 23 Increase (decrease) from net deferred origination fees (250) — (250) (1,282) — (1,282) Amortization of net deferred origination fees 116 — 116 4,121 — 4,121 Provision for credit losses — (31,635) (31,635) — (83,912) (83,912) Write-offs $ (16,750) $ 16,750 — $ (20,950) $ 20,950 — Balance at end of period $ 2,908,855 $ (145,297) $ 2,763,558 $ 2,908,855 $ (145,297) $ 2,763,558
Schedule of Allowance for Credit Losses	The following table presents the changes for the three and nine months ended September 30, 2024, and 2023 in the allowance for credit losses on loans held-for-investment: Loans Held-for-Investment Unfunded Loan Commitments (1) Specific Reserve General Reserve Total Specific and General Reserve Total General Reserve Total Allowance for Credit Losses Three Months Ended September 30, 2024 Balance at beginning of period $ 194,955 $ 69,185 $ 264,140 $ 2,719 $ 266,859 Provision for (benefit from) credit losses 41,057 (12,666) 28,391 (480) 27,911 Write-off (44,580) — (44,580) — (44,580) Recoveries of previous write-offs 8,819 — 8,819 — 8,819 Balance at end of period $ 200,251 $ 56,519 $ 256,770 $ 2,239 $ 259,009 Nine Months Ended September 30, 2024 Balance at beginning of period $ 91,372 $ 43,289 $ 134,661 $ 2,456 $ 137,117 Provision for (benefit from) credit losses 147,040 17,396 164,436 (217) 164,219 Write-off (46,980) (4,166) (51,146) — (51,146) Recoveries of previous write-offs 8,819 — 8,819 — 8,819 Balance at end of period $ 200,251 $ 56,519 $ 256,770 $ 2,239 $ 259,009 Three Months Ended September 30, 2023 Balance at beginning of period $ 62,325 $ 68,087 $ 130,412 $ 4,200 $ 134,612 Provision for (benefit from) credit losses 39,500 (7,865) 31,635 (627) 31,008 Write-off (16,750) — (16,750) — (16,750) Recoveries of previous write-offs — — — — — Balance at end of period $ 85,075 $ 60,222 $ 145,297 $ 3,573 $ 148,870 Nine Months Ended September 30, 2023 Balance at beginning of period $ 39,258 $ 43,077 $ 82,335 $ 4,249 $ 86,584 Provision for (benefit from) credit losses 66,767 17,145 83,912 (676) 83,236 Write-off (20,950) — (20,950) — (20,950) Recoveries of previous write-offs — — — — — Balance at end of period $ 85,075 $ 60,222 $ 145,297 $ 3,573 $ 148,870 ______________________ (1) The CECL reserve for unfunded commitments is included in “Other liabilities” on the condensed consolidated balance sheets.
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 nine months ended September 30, 2024, and 2023: Three Months Ended September 30, Nine Months Ended September 30, (in thousands) 2024 2023 2024 2023 Nonaccrual loan carrying value at beginning of period $ 452,797 $ 183,263 $ 343,683 $ 207,958 Addition of nonaccrual loan carrying value 58,374 23,480 253,732 46,750 Reduction of nonaccrual loan carrying value (102,995) (40,881) (189,239) (88,846) Nonaccrual loan carrying value at end of period $ 408,176 $ 165,862 $ 408,176 $ 165,862
Schedule of Loans Held-for-Investment by Internal Risk Rating	The following table presents the number of loans, unpaid principal balance and carrying value by risk rating for loans held-for-investment as of September 30, 2024, and December 31, 2023: (dollars in thousands) September 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 $ 120,581 $ 119,334 4 $ 71,597 $ 71,211 2 22 810,224 801,279 36 1,277,491 1,262,126 3 20 670,670 642,446 24 862,102 842,175 4 5 239,108 212,551 4 192,104 174,313 5 9 508,469 307,952 5 323,885 234,000 Total 62 $ 2,349,052 $ 2,083,562 73 $ 2,727,179 $ 2,583,825 The following table presents the carrying value of loans held-for-investment as of September 30, 2024, and December 31, 2023, by risk rating and year of origination: September 30, 2024 (dollars in thousands) Origination Year Risk Rating 2024 2023 2022 2021 2020 Prior Total 1 $ — $ — $ — $ 30,647 $ 21,572 $ 67,115 $ 119,334 2 — — 282,570 199,125 — 319,584 801,279 3 — 52,304 95,937 146,900 45,679 301,626 642,446 4 — — — — — 212,551 212,551 5 — — 11,984 41,974 — 253,994 307,952 Total $ — $ 52,304 $ 390,491 $ 418,646 $ 67,251 $ 1,154,870 $ 2,083,562 Gross write-offs $ — $ — $ — $ (19,045) $ — $ (32,101) $ (51,146) 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)	9 Months Ended
	Sep. 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 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 September 30, 2024, and December 31, 2023: (in thousands) September 30, December 31, Intangible Assets Gross amount $ 15,769 $ 5,681 Accumulated amortization (4,787) (2,082) Total, net $ 10,982 $ 3,599 Intangible Liabilities Gross amount $ (184) $ (38) Accumulated amortization 20 8 Total, net $ (164) $ (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 three and nine months ended September 30, 2024, and 2023: (in thousands) Three Months Ended September 30, Nine Months Ended September 30, Real Estate Owned, Net 2024 2023 2024 2023 Rental income $ 2,791 $ 1,017 $ 4,917 $ 1,461 Other operating income 1,001 39 1,128 57 Revenue from real estate owned operations 3,792 1,056 6,045 1,518 Expenses from real estate owned operations (1) (4,827) (2,233) (8,822) (3,897) Total $ (1,035) $ (1,177) $ (2,777) $ (2,379) ______________________ (1) Includes $(1.9) million and $(4.4) million of depreciation and amortization for the three and nine months ended September 30, 2024, respectively. Includes $(1.4) million and $(2.0) million of depreciation and amortization for the three and nine months ended September 30, 2023, respectively.
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 nine months ended September 30, 2024, and 2023: (in thousands) Three Months Ended September 30, Nine Months Ended September 30, Income Statement Location 2024 2023 2024 2023 Asset In-place lease intangibles Expenses from real estate owned operations $ 1,111 $ 784 $ 2,470 $ 1,148 Lease commissions Expenses from real estate owned operations 65 — 65 — Above-market lease intangibles Revenue from real estate owned operations (85) (55) (171) (72) Liability Below-market lease intangibles Revenue from real estate owned operations 8 6 12 7
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense	The following table presents the amortization of lease intangibles for each of the succeeding fiscal years: (in thousands) In-place Lease Intangible Assets Above-market Lease intangible Assets Lease Commissions Below-market Lease Intangible Liabilities 2024 $ 890 $ 82 $ 55 $ (8) 2025 2,895 266 222 (33) 2026 2,103 152 222 (33) 2027 923 52 222 (33) 2028 829 39 222 (31) Thereafter 1,444 91 273 (26)
Schedule of 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 Lease Commissions Below-market Lease Intangible Liabilities 2024 $ 890 $ 82 $ 55 $ (8) 2025 2,895 266 222 (33) 2026 2,103 152 222 (33) 2027 923 52 222 (33) 2028 829 39 222 (31) Thereafter 1,444 91 273 (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 September 30, 2024: (in thousands) Contractual Lease Payments 2024 $ 1,811 2025 8,283 2026 7,698 2027 4,859 2028 4,533 Thereafter 8,439

Variable Interest Entities an_2

Variable Interest Entities and Securitized Debt Obligations (Tables)	9 Months Ended
	Sep. 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 September 30, 2024, and December 31, 2023: (in thousands) September 30, December 31, Loans held-for-investment $ 1,066,811 $ 1,246,448 Allowance for credit losses (90,909) (21,107) Loans held-for-investment, net 975,902 1,225,341 Other assets 6,538 8,480 Total Assets $ 982,440 $ 1,233,821 Securitized debt obligations $ 816,103 $ 991,698 Other liabilities 1,677 2,383 Total Liabilities $ 817,780 $ 994,081
Schedule of Securitized Debt Obligations	The following table details the Company’s CRE CLO securitized debt obligations as of September 30, 2024, and December 31, 2023: (dollars in thousands) September 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) $ 515,833 $ 493,057 S+3.9% $ 621,409 $ 607,338 S+3.8% Financing provided 398,185 396,876 S+1.9% 502,564 500,403 S+1.8% GPMT 2021-FL3 CRE CLO Collateral assets (3) 553,684 482,845 S+3.8% 629,273 618,003 S+3.8% Financing provided 419,227 419,227 S+2.0% 491,295 491,295 S+1.9% Total Collateral assets $ 1,069,517 $ 975,902 S+3.9% $ 1,250,682 $ 1,225,341 S+ 3.8% Financing provided $ 817,412 $ 816,103 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 September 30, 2024, and December 31, 2023. Yield on collateral assets is exclusive of restricted cash. (3) No restricted cash is included as of September 30, 2024, and December 31, 2023. Yield on collateral assets is exclusive of restricted cash.

Secured Financing Agreements (T

Secured Financing Agreements (Tables)	9 Months Ended
	Sep. 30, 2024
Debt Disclosure [Abstract]
Schedule of Collateralized Borrowings	The following tables summarize details of the Company’s borrowings outstanding on its secured financing arrangements as of September 30, 2024, and December 31, 2023: September 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 June 28, 2025 $ 116,640 $ 133,360 $ 250,000 $ 211,219 7.8 % JPMorgan Chase Bank July 28, 2025 432,570 70,277 502,847 514,846 9.2 % Citibank May 25, 2025 156,380 343,620 500,000 243,323 6.9 % Total $ 705,590 $ 547,257 $ 1,252,847 $ 969,388 Secured credit facility December 21, 2025 $ 85,192 $ 14,808 $ 100,000 $ 100,409 11.6 % December 31, 2023 (dollars in thousands) Maturity Date (1) Amount Outstanding Unused Capacity (2) Total Capacity Carrying Value of Collateral Weighted Average Borrowing Rate Repurchase facilities: Morgan Stanley Bank June 28, 2024 $ 193,165 $ 281,835 $ 475,000 $ 304,598 8.0 % Goldman Sachs Bank USA (3) July 13, 2024 53,745 196,255 250,000 131,112 8.7 % JPMorgan Chase Bank July 28, 2025 445,713 79,238 524,951 500,985 9.8 % Citibank May 25, 2025 176,606 323,394 500,000 254,286 7.2 % Centennial Bank (4) August 29, 2024 6,213 143,787 150,000 20,508 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 September 30, 2024, and December 31, 2023. (3) During the three months ended September 30, 2024, the Company terminated the facility. (4) 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 September 30, 2024, and December 31, 2023: September 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 $ 116,640 $ 100,881 15 % 0.74 $ 193,165 $ 118,253 14 % 0.49 JPMorgan Chase Bank 432,570 93,234 14 % 0.82 445,713 62,216 7 % 1.58 Goldman Sachs Bank USA (2) — — — % — 53,745 78,949 9 % 0.53 Citibank 156,380 101,005 15 % 0.65 176,606 80,441 9 % 1.40 Centennial Bank (3) — — — % — 6,213 17,757 2 % 0.66 Total $ 705,590 $ 295,120 $ 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 September 30, 2024, the Company terminated the facility. (3) 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)	9 Months Ended
	Sep. 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 nine months ended September 30, 2024, and 2023: Three Months Ended September 30, Nine Months Ended September 30, (in thousands) 2024 2023 2024 2023 Cash coupon $ — $ 2,098 $ — $ 6,293 Amortization of issuance costs — 234 — 682 Total interest expense $ — $ 2,332 $ — $ 6,975

Cash, Cash Equivalents and Re_2

Cash, Cash Equivalents and Restricted Cash (Tables)	9 Months Ended
	Sep. 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 September 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) September 30, December 31, Cash and cash equivalents $ 113,461 $ 188,370 Restricted cash 11,243 10,846 Total cash, cash equivalents and restricted cash $ 124,704 $ 199,216

Fair Value (Tables)

Fair Value (Tables)	9 Months Ended
	Sep. 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 September 30, 2024, and December 31, 2023: September 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 $ 2,083,562 $ 2,122,346 $ 2,583,825 $ 2,596,577 Cash and cash equivalents $ 113,461 $ 113,461 $ 188,370 $ 188,370 Restricted cash $ 11,243 $ 11,243 $ 10,846 $ 10,846 Liabilities Repurchase facilities $ 705,590 $ 705,590 $ 875,442 $ 875,442 Securitized debt obligations $ 816,103 $ 775,133 $ 991,698 $ 930,523 Secured credit facility $ 85,192 $ 85,192 $ 84,000 $ 84,000

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	9 Months Ended
	Sep. 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 nine months ended September 30, 2024, and 2023: Declaration Date Record Date Payment Date Cash Dividend Per Share 2024 September 20, 2024 October 1, 2024 October 15, 2024 $ 0.05 June 18, 2024 July 1, 2024 July 15, 2024 $ 0.05 March 14, 2024 April 1, 2024 April 15, 2024 $ 0.15 $ 0.25 2023 September 20, 2023 October 2, 2023 October 16, 2023 $ 0.20 June 22, 2023 July 3, 2023 July 17, 2023 $ 0.20 March 16, 2023 April 3, 2023 April 17, 2023 $ 0.20 $ 0.60 The following table presents cash dividends declared by the Company’s board of directors on its Series A Preferred Stock during the three and nine months ended September 30, 2024, and 2023: Declaration Date Record Date Payment Date Cash Dividend Per Share 2024 September 20, 2024 October 1, 2024 October 15, 2024 $ 0.4375 June 18, 2024 July 1, 2024 July 15, 2024 $ 0.4375 March 14, 2024 April 1, 2024 April 15, 2024 $ 0.4375 $ 1.3125 2023 September 20, 2023 October 2, 2023 October 16, 2023 $ 0.4375 June 22, 2023 July 3, 2023 July 17, 2023 $ 0.4375 March 16, 2023 April 3, 2023 April 17, 2023 $ 0.4375 $ 1.3125

Equity Incentive Plans (Tables)

Equity Incentive Plans (Tables)	9 Months Ended
	Sep. 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 nine months ended September 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 (690,413) — 7.75 Expired/Cancelled (1) — (347,896) 14.15 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 Granted — — $ — Vested — — $ — Forfeited (43,971) — $ 5.42 Outstanding at September 30, 2024 3,956,250 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 September 30, 2024: Vesting Year RSUs PSUs Total Awards 2024 — 312,538 312,538 2025 1,505,754 734,223 2,239,977 2026 739,849 742,152 1,482,001 2027 1,710,647 — 1,710,647 Total 3,956,250 1,788,913 5,745,163

Earnings (Loss) Per Share (Tabl

Earnings (Loss) Per Share (Tables)	9 Months Ended
	Sep. 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 nine months ended September 30, 2024, and 2023: Three Months Ended Nine Months Ended September 30, September 30, (in thousands, except share data) 2024 2023 2024 2023 Numerator: Net (loss) income attributable to common stockholders $ (34,624) $ (24,537) $ (179,015) $ (60,575) Dividends allocated to participating restricted stock units $ (198) $ (420) (786) (1,241) Net (loss) income attributable to common stockholders - basic $ (34,822) $ (24,957) $ (179,801) $ (61,816) Net (loss) income attributable to common stockholders - diluted $ (34,822) $ (24,957) $ (179,801) $ (61,816) Denominator: Weighted average common shares outstanding 50,526,492 51,577,143 50,736,066 51,795,091 Weighted average restricted stock shares — — — 10,174 Basic weighted average shares outstanding 50,526,492 51,577,143 50,736,066 51,805,265 Diluted weighted average shares outstanding 50,526,492 51,577,143 50,736,066 51,805,265 (Loss) earnings per share: Basic $ (0.69) $ (0.48) $ (3.53) $ (1.17) Diluted $ (0.69) $ (0.48) $ (3.53) $ (1.17)

Organization and Operations (De

Organization and Operations (Details)	9 Months Ended
	Sep. 30, 2024 segment
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of operating segments	1

Loans Held-for-Investment, Ne_3

Loans Held-for-Investment, Net of Allowance for Credit Losses - Loans Held-for-Investment (Details) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2024 USD ($) loan	Dec. 31, 2023 USD ($) loan	Jun. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)	Jun. 30, 2023 USD ($)	Dec. 31, 2022 USD ($)
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unpaid principal balance	$ 2,349,052	$ 2,727,179
Unamortized premium	77	(19)
Unamortized net deferred origination fees	(8,797)	(8,674)
Allowance for credit losses	(256,770)	(134,661)	$ (264,140)	$ (145,297)	$ (130,412)	$ (82,335)
Loans held-for-investment, net	2,083,562	2,583,825	$ 2,352,744	$ 2,763,558	$ 2,966,088	$ 3,267,815
Unfunded commitments	$ 109,482	$ 160,698
Number of loans | loan	62	73
Weighted average coupon (as a percent)	6.40%	8.20%
Weighted average years to maturity (in years)	6 months	8 months 12 days
Senior Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unpaid principal balance	$ 2,335,744	$ 2,713,672
Unamortized premium	77	(19)
Unamortized net deferred origination fees	(8,797)	(8,674)
Allowance for credit losses	(256,561)	(134,302)
Loans held-for-investment, net	2,070,463	2,570,677
Unfunded commitments	$ 109,482	$ 160,698
Number of loans | loan	61	72
Weighted average coupon (as a percent)	6.40%	8.20%
Weighted average years to maturity (in years)	6 months	8 months 12 days
B-Notes
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unpaid principal balance	$ 13,308	$ 13,507
Unamortized premium	0	0
Unamortized net deferred origination fees	0	0
Allowance for credit losses	(209)	(359)
Loans held-for-investment, net	13,099	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 3 months 18 days	3 years 1 month 6 days

Loans Held-for-Investment, Ne_4

Loans Held-for-Investment, Net of Allowance for Credit Losses - Loans by Property Type (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Jun. 30, 2024	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	Dec. 31, 2022
Accounts, Notes, Loans and Financing Receivable [Line Items]
Carrying Value	$ 2,083,562	$ 2,352,744	$ 2,583,825	$ 2,763,558	$ 2,966,088	$ 3,267,815
Percentage of loan portfolio (as a percent)	100%		100%
Office
Accounts, Notes, Loans and Financing Receivable [Line Items]
Carrying Value	$ 938,385		$ 1,116,551
Percentage of loan portfolio (as a percent)	45%		43.20%
Multifamily
Accounts, Notes, Loans and Financing Receivable [Line Items]
Carrying Value	$ 621,028		$ 826,125
Percentage of loan portfolio (as a percent)	29.80%		32%
Hotel
Accounts, Notes, Loans and Financing Receivable [Line Items]
Carrying Value	$ 127,991		$ 180,891
Percentage of loan portfolio (as a percent)	6.20%		7%
Retail
Accounts, Notes, Loans and Financing Receivable [Line Items]
Carrying Value	$ 216,868		$ 257,945
Percentage of loan portfolio (as a percent)	10.40%		10%
Industrial
Accounts, Notes, Loans and Financing Receivable [Line Items]
Carrying Value	$ 114,146		$ 113,972
Percentage of loan portfolio (as a percent)	5.50%		4.40%
Other
Accounts, Notes, Loans and Financing Receivable [Line Items]
Carrying Value	$ 65,144		$ 88,341
Percentage of loan portfolio (as a percent)	3.10%		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	Sep. 30, 2024	Jun. 30, 2024	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	Dec. 31, 2022
Accounts, Notes, Loans and Financing Receivable [Line Items]
Carrying Value	$ 2,083,562	$ 2,352,744	$ 2,583,825	$ 2,763,558	$ 2,966,088	$ 3,267,815
Percentage of loan portfolio (as a percent)	100%		100%
Northeast
Accounts, Notes, Loans and Financing Receivable [Line Items]
Carrying Value	$ 498,448		$ 709,838
Percentage of loan portfolio (as a percent)	23.90%		27.50%
Southwest
Accounts, Notes, Loans and Financing Receivable [Line Items]
Carrying Value	$ 463,863		$ 495,133
Percentage of loan portfolio (as a percent)	22.30%		19.20%
West
Accounts, Notes, Loans and Financing Receivable [Line Items]
Carrying Value	$ 298,622		$ 328,547
Percentage of loan portfolio (as a percent)	14.30%		12.70%
Midwest
Accounts, Notes, Loans and Financing Receivable [Line Items]
Carrying Value	$ 334,621		$ 421,881
Percentage of loan portfolio (as a percent)	16.10%		16.30%
Southeast
Accounts, Notes, Loans and Financing Receivable [Line Items]
Carrying Value	$ 488,008		$ 628,426
Percentage of loan portfolio (as a percent)	23.40%		24.30%

Loans Held-for-Investment, Ne_6

Loans Held-for-Investment, Net of Allowance for Credit Losses - Schedule of Loan Portfolio Activity (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Financing Receivable, Excluding Accrued Interest, And Allowance [Roll Forward]
Balance at beginning of period	$ 2,616,884	$ 3,096,500	$ 2,718,486	$ 3,350,150	$ 3,350,150
Balance at beginning of period	(264,140)	(130,412)	(134,661)	(82,335)	(82,335)
Balance at beginning of period	2,352,744	2,966,088	2,583,825	3,267,815	3,267,815
Originations, additional fundings, upsizing of loans and capitalized deferred interest	9,894	21,698	45,762	58,878
Repayments	(240,145)	(177,482)	(337,028)	(443,105)
Transfers to loans held-for-sale, net of discount at time of transfer	(14,980)		(14,980)
Transfers to real estate owned			(35,659)	(24,000)
Net discount accretion (premium amortization)		3	15	23
Increase (decrease) from net deferred origination fees	(2,508)	(250)	(3,360)	(1,282)
Amortization of net deferred origination fees	787	116	3,262	4,121
Provision for credit losses	(28,391)	(31,635)	(164,436)	(83,912)
Write-off	(44,580)	(16,750)	(51,146)	(20,950)
Recoveries of amounts previously written off	(8,819)	0	(8,819)	0
Balance at end of period	2,340,332	2,908,855	2,340,332	2,908,855	2,718,486
Balance at end of period	(256,770)	(145,297)	(256,770)	(145,297)	(134,661)
Balance at end of period	$ 2,083,562	$ 2,763,558	$ 2,083,562	$ 2,763,558	$ 2,583,825

Loans Held-for-Investment, Ne_7

Loans Held-for-Investment, Net of Allowance for Credit Losses - Schedule of Allowance for Credit Losses (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Loans Held-for-Investment
Balance at beginning of period	$ 264,140	$ 130,412	$ 134,661	$ 82,335	$ 82,335
Provision for (benefit from) credit losses	28,391	31,635	164,436	83,912
Write-off	(44,580)	(16,750)	(51,146)	(20,950)
Recoveries of amounts previously written off	8,819	0	8,819	0
Balance at end of period	256,770	145,297	256,770	145,297	134,661
Total Allowance for Credit Losses
Balance at beginning of period	266,859	134,612	137,117	86,584	86,584
Provision for (benefit from) credit losses	27,911	31,008	164,219	83,236
Write-off	(44,580)	(16,750)	(51,146)	(20,950)
Recoveries of previous write-offs	8,819	0	8,819	0
Balance at end of period	259,009	148,870	259,009	148,870	137,117
Specific Reserve
Loans Held-for-Investment
Balance at beginning of period	194,955	62,325	91,372	39,258	39,258
Provision for (benefit from) credit losses	41,057	39,500	147,040	66,767
Write-off	(44,580)	(16,750)	(46,980)	(20,950)
Recoveries of amounts previously written off	8,819	0	8,819	0
Balance at end of period	200,251	85,075	200,251	85,075	91,372
General Reserve
Loans Held-for-Investment
Balance at beginning of period	69,185	68,087	43,289	43,077	43,077
Provision for (benefit from) credit losses	(12,666)	(7,865)	17,396	17,145
Write-off	0	0	(4,166)	0
Recoveries of amounts previously written off	0	0	0	0
Balance at end of period	56,519	60,222	56,519	60,222	43,289
Unfunded loan commitment
Unfunded Loan Commitments
Balance at beginning of period	2,719	4,200	2,456	4,249	4,249
Provision for (benefit from) credit losses	(480)	(627)	(217)	(676)
Write-off	0	0	0	0
Recoveries of previous write-offs	0	0	0	0
Balance at end of period	$ 2,239	$ 3,573	$ 2,239	$ 3,573	$ 2,456

Loans Held-for-Investment, Ne_8

Loans Held-for-Investment, Net of Allowance for Credit Losses - Narrative (Details) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2024 USD ($) loan	Sep. 30, 2023 USD ($) loan	Sep. 30, 2024 USD ($) loan	Sep. 30, 2023 USD ($) loan	Sep. 30, 2024 USD ($) loan	Dec. 31, 2023 USD ($)	Jun. 30, 2024 USD ($)	Jun. 30, 2023 USD ($)	Dec. 31, 2022 USD ($)
Accounts, Notes, Loans and Financing Receivable [Line Items]
Increase (decrease) in allowance for credit losses	$ (7,900)		$ 121,900
Write-off	(44,580)	$ (16,750)	(51,146)	$ (20,950)
Gross increase in allowance	36,700		173,300
Recoveries of previous write-offs	8,819	0	8,819	0
Total allowance for credit losses	259,009	148,870	259,009	148,870	$ 259,009	$ 137,117	$ 266,859	$ 134,612	$ 86,584
Write-off	(44,580)	(16,750)	(51,146)	(20,950)
Recoveries of amounts previously written off	8,819	0	8,819	0
Loans held-for-investment	2,340,332	2,908,855	2,340,332	2,908,855	2,340,332	2,718,486	2,616,884	3,096,500	3,350,150
Allowance for credit losses	256,770	145,297	256,770	145,297	256,770	134,661	264,140	130,412	82,335
Loans held-for-investment, net of allowance for credit losses	$ 2,083,562	$ 2,763,558	$ 2,083,562	$ 2,763,558	$ 2,083,562	$ 2,583,825	$ 2,352,744	$ 2,966,088	$ 3,267,815
Number of loans modified | loan			3
Debt, portfolio, weighted average risk rating	3.1		3.1		3.1	2.8
Mixed-Use Property | Asset Pledged as Collateral
Accounts, Notes, Loans and Financing Receivable [Line Items]
Financing receivable, number of loans | loan	2		2		2
Multifamily
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans held-for-investment, net of allowance for credit losses	$ 621,028		$ 621,028		$ 621,028	$ 826,125
Office
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans held-for-investment, net of allowance for credit losses	$ 938,385		$ 938,385		$ 938,385	1,116,551
Office | Asset Pledged as Collateral
Accounts, Notes, Loans and Financing Receivable [Line Items]
Financing receivable, number of loans | loan	6		6		6
Hotel
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans held-for-investment, net of allowance for credit losses	$ 127,991		$ 127,991		$ 127,991	180,891
Hotel | Asset Pledged as Collateral
Accounts, Notes, Loans and Financing Receivable [Line Items]
Financing receivable, number of loans | loan	2		2		2
Interest Rate Risk | Mixed-Use Property
Accounts, Notes, Loans and Financing Receivable [Line Items]
Nonaccrual loan resolved	$ 37,100
Write-off	(22,300)
Interest Rate Risk | Multifamily
Accounts, Notes, Loans and Financing Receivable [Line Items]
Nonaccrual loan resolved	33,300
Write-off	(3,300)
Risk Rating 5
Accounts, Notes, Loans and Financing Receivable [Line Items]
Write-off	(44,600)
Loans held-for-investment	$ 121,700		$ 121,700		$ 121,700
Number of loans | loan	2		2		2
Loans held-for-investment, net of allowance for credit losses	$ 307,952		$ 307,952		$ 307,952	234,000
Loans downgraded	$ 86,000
Number of resolved loans | loan	3
First mortgage | Mixed-Use Property
Accounts, Notes, Loans and Financing Receivable [Line Items]
Outstanding principal balance of loans modified	$ 51,000
Modified loans, capital infusion from sponsor	2,000
First mortgage | Multifamily
Accounts, Notes, Loans and Financing Receivable [Line Items]
Principal balance of loan	49,600		49,600		49,600	48,500
Amortized cost	$ 49,400		$ 49,400		$ 49,400	48,300
Term modification period	12 months		12 months		12 months
First mortgage | Office
Accounts, Notes, Loans and Financing Receivable [Line Items]
Outstanding principal balance of loans modified					$ 37,500
Modified loans, capital infusion from sponsor					2,600
Principal balance of loan	$ 33,500		$ 33,500		33,500	37,500
Amortized cost	32,000		$ 32,000		$ 32,000	37,300
Senior Loan | Mixed-Use Property
Accounts, Notes, Loans and Financing Receivable [Line Items]
Outstanding principal balance of loans modified	$ 32,000
Interest rate after modification	5.75%		5.75%		5.75%
Interest rate before modification	3.40%		3.40%		3.40%
Exit fee before modification	1.25%
Exit fee after modification	5.75%
Senior Loan | Office
Accounts, Notes, Loans and Financing Receivable [Line Items]
Outstanding principal balance of loans modified					$ 33,300
Interest rate after modification	3%		3%		3%
Interest rate before modification	4.65%		4.65%		4.65%
Exit fee before modification					0.25%
Exit fee after modification					5.70%
Unfunded loan commitment | Mixed-Use Property
Accounts, Notes, Loans and Financing Receivable [Line Items]
Outstanding principal balance of loans modified	$ 7,000
Unfunded loan commitment | Office
Accounts, Notes, Loans and Financing Receivable [Line Items]
Outstanding principal balance of loans modified					$ 3,000
Mezzanine Note | Mixed-Use Property
Accounts, Notes, Loans and Financing Receivable [Line Items]
Outstanding principal balance of loans modified	19,000
Write off of modified loan	(19,000)
Mezzanine Note | Office
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]
Loans held-for-investment	579,000		$ 579,000		579,000
Allowance for credit losses	$ 200,300		$ 200,300		$ 200,300
Collateral pledged
Accounts, Notes, Loans and Financing Receivable [Line Items]
Financing receivable, number of loans | loan	10		10		10
Loans Tranche Three
Accounts, Notes, Loans and Financing Receivable [Line Items]
Recoveries of amounts previously written off	$ 8,800
Non-accrual loan
Accounts, Notes, Loans and Financing Receivable [Line Items]
Write-off						$ (33,300)
Number of loans | loan	11	5	11	5	11
Non-accrual loan | Twelve Loans | Fair Value, Nonrecurring
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans held-for-investment	$ 628,500		$ 628,500		$ 628,500
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	$ 408,200		$ 408,200		$ 408,200
Non-accrual loan | Four Loans | Fair Value, Nonrecurring
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans held-for-investment		$ 250,900		$ 250,900
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		$ 165,900		$ 165,900

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		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Financing Receivables, Held for Investment, Nonaccrual [Roll Forward]
Nonaccrual loan carrying value at beginning of period	$ 452,797	$ 183,263	$ 343,683	$ 207,958
Addition of nonaccrual loan carrying value	58,374	23,480	253,732	46,750
Reduction of nonaccrual loan carrying value	(102,995)	(40,881)	(189,239)	(88,846)
Nonaccrual loan carrying value at end of period	$ 408,176	$ 165,862	$ 408,176	$ 165,862

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	9 Months Ended	12 Months Ended
	Sep. 30, 2024 USD ($) loan	Dec. 31, 2023 USD ($) loan	Jun. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)	Jun. 30, 2023 USD ($)	Dec. 31, 2022 USD ($)
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of Loans | loan	62	73
Unpaid Principal Balance	$ 2,349,052	$ 2,727,179
Loans held-for-investment, net	2,083,562	2,583,825	$ 2,352,744	$ 2,763,558	$ 2,966,088	$ 3,267,815
Current year	0	47,760
Year one	52,304	434,510
Year two	390,491	495,748
Year three	418,646	66,309
Year four	67,251	861,142
Prior	1,154,870	678,356
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss, Writeoff, by Origination Year [Abstract]
Year one	0	0
Year two	0	0
Year three	0	0
Year four	(19,045)	0
Year five	0	(33,324)
Prior	(32,101)	(20,950)
Total	$ (51,146)	$ (54,274)
Risk Rating 1
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of Loans | loan	6	4
Unpaid Principal Balance	$ 120,581	$ 71,597
Loans held-for-investment, net	119,334	71,211
Current year	0	0
Year one	0	0
Year two	0	0
Year three	30,647	21,744
Year four	21,572	49,467
Prior	$ 67,115	$ 0
Risk Rating 2
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of Loans | loan	22	36
Unpaid Principal Balance	$ 810,224	$ 1,277,491
Loans held-for-investment, net	801,279	1,262,126
Current year	0	0
Year one	0	328,576
Year two	282,570	349,210
Year three	199,125	21,966
Year four	0	474,669
Prior	$ 319,584	$ 87,705
Risk Rating 3
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of Loans | loan	20	24
Unpaid Principal Balance	$ 670,670	$ 862,102
Loans held-for-investment, net	642,446	842,175
Current year	0	47,760
Year one	52,304	105,934
Year two	95,937	146,538
Year three	146,900	22,599
Year four	45,679	189,259
Prior	$ 301,626	$ 330,085
Risk Rating 4
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of Loans | loan	5	4
Unpaid Principal Balance	$ 239,108	$ 192,104
Loans held-for-investment, net	212,551	174,313
Current year	0	0
Year one	0	0
Year two	0	0
Year three	0	0
Year four	0	25,807
Prior	$ 212,551	$ 148,506
Risk Rating 5
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of Loans | loan	9	5
Unpaid Principal Balance	$ 508,469	$ 323,885
Loans held-for-investment, net	307,952	234,000
Current year	0	0
Year one	0	0
Year two	11,984	0
Year three	41,974	0
Year four	0	121,940
Prior	$ 253,994	$ 112,060

Real Estate Owned, Net - Narrat

Real Estate Owned, Net - Narrative (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Jun. 30, 2024	Jun. 27, 2024	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	May 16, 2023	Dec. 31, 2022
Real Estate [Line Items]
Loans held-for-investment	$ 2,340,332	$ 2,616,884		$ 2,718,486	$ 2,908,855	$ 3,096,500		$ 3,350,150
Loans held-for-investment, net of allowance for credit losses	$ 2,083,562	$ 2,352,744		$ 2,583,825	$ 2,763,558	$ 2,966,088		$ 3,267,815
Weighted average remaining lease term (in years)	3 years 6 months
Office, Phoenix, AZ
Real Estate [Line Items]
Fair value of acquired assets (liabilities)							$ 24,000
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)	4 years 7 months 6 days
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
Office, Maynard, MA
Real Estate [Line Items]
Fair value of acquired assets (liabilities)			$ 35,659
Commercial Mortgage Loan | Office, Phoenix, AZ
Real Estate [Line Items]
Loans held-for-investment, net of allowance for credit losses							24,000
Commercial Mortgage Loan | Unlikely to be Collected Financing Receivable | Office, Phoenix, AZ
Real Estate [Line Items]
Loans held-for-investment							28,200
Loans held-for-investment, net of allowance for credit losses							$ 24,000
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		$ 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	Sep. 30, 2024	Dec. 31, 2023
Intangible Assets
Gross amount	$ 15,769	$ 5,681
Accumulated amortization	(4,787)	(2,082)
Total, net	10,982	3,599
Intangible Liabilities
Gross amount	(184)	(38)
Accumulated amortization	20	8
Total, net	$ (164)	$ (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		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Real Estate [Abstract]
Rental income	$ 2,791	$ 1,017	$ 4,917	$ 1,461
Other operating income	1,001	39	1,128	57
Revenue from real estate owned operations	3,792	1,056	6,045	1,518
Expenses from real estate owned operations	(4,827)	(2,233)	(8,822)	(3,897)
Total	(1,035)	(1,177)	(2,777)	(2,379)
Depreciation and amortization	$ (1,900)	$ (1,400)	$ (4,400)	$ (2,000)

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		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Asset
In-place lease intangibles	$ 1,111	$ 784	$ 2,470	$ 1,148
Lease commissions	65	0	65	0
Above-market lease intangibles	(85)	(55)	(171)	(72)
Liability
Below-market lease intangibles	$ 8	$ 6	$ 12	$ 7

Real Estate Owned, Net - Expect

Real Estate Owned, Net - Expected Amortization of Lease Intangibles (Details) $ in Thousands	Sep. 30, 2024 USD ($)
In-place Lease Intangible Assets
2024	$ 890
2025	2,895
2026	2,103
2027	923
2028	829
Thereafter	1,444
Above-market Lease intangible Assets
2024	82
2025	266
2026	152
2027	52
2028	39
Thereafter	91
Lease Commissions
2024	55
2025	222
2026	222
2027	222
2028	222
Thereafter	273
Below-market Lease Intangible Liabilities
2024	(8)
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	Sep. 30, 2024 USD ($)
Real Estate [Abstract]
2024	$ 1,811
2025	8,283
2026	7,698
2027	4,859
2028	4,533
Thereafter	$ 8,439

Variable Interest Entities an_3

Variable Interest Entities and Securitized Debt Obligations - Summary of the Assets and Liabilities of all VIEs (Details) - USD ($) $ in Thousands		Sep. 30, 2024	Jun. 30, 2024	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	Dec. 31, 2022
Variable Interest Entity [Line Items]
Loans held-for-investment		$ 2,340,332	$ 2,616,884	$ 2,718,486	$ 2,908,855	$ 3,096,500	$ 3,350,150
Allowance for credit losses		(256,770)	(264,140)	(134,661)	(145,297)	(130,412)	(82,335)
Loans held-for-investment, net		2,083,562	$ 2,352,744	2,583,825	$ 2,763,558	$ 2,966,088	$ 3,267,815
Other assets		41,214		34,572
Total Assets	[1]	2,301,384		2,846,932
Securitized debt obligations		816,103		991,698
Other liabilities		20,291		22,633
Total Liabilities	[1]	1,633,472		1,987,909
Variable Interest Entity, Primary Beneficiary
Variable Interest Entity [Line Items]
Loans held-for-investment		1,066,811		1,246,448
Allowance for credit losses		(90,909)		(21,107)
Loans held-for-investment, net		975,902		1,225,341
Other assets		6,538		8,480
Total Assets		982,440		1,233,821
Securitized debt obligations		816,103		991,698
Other liabilities		1,677		2,383
Total Liabilities		$ 817,780		$ 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 September 30, 2024, and December 31, 2023, assets of the VIEs totaled $982,440 and $1,233,821, respectively, and liabilities of the VIEs totaled $817,780 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 ($)	Sep. 30, 2024	Dec. 31, 2023
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Carrying Value	$ 816,103,000	$ 991,698,000
Collateral assets
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Principal Balance	1,069,517,000	1,250,682,000
Carrying Value	$ 975,902,000	$ 1,225,341,000
Weighted average interest rate of securitized debt obligations outstanding (as a percent)	3.90%	3.80%
Collateral assets | GPMT 2021-FL4 CRE CLO
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Principal Balance	$ 515,833,000	$ 621,409,000
Carrying Value	$ 493,057,000	$ 607,338,000
Weighted average interest rate of securitized debt obligations outstanding (as a percent)	3.90%	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	553,684,000	629,273,000
Carrying Value	$ 482,845,000	$ 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	817,412,000	993,859,000
Carrying Value	$ 816,103,000	$ 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	$ 398,185,000	$ 502,564,000
Carrying Value	$ 396,876,000	$ 500,403,000
Weighted average interest rate of securitized debt obligations outstanding (as a percent)	1.90%	1.80%
Financing provided | GPMT 2021-FL3 CRE CLO
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Principal Balance	$ 419,227,000	$ 491,295,000
Carrying Value	$ 419,227,000	$ 491,295,000
Weighted average interest rate of securitized debt obligations outstanding (as a percent)	2%	1.90%

Variable Interest Entities an_5

Variable Interest Entities and Securitized Debt Obligations - Narrative (Details) - Variable Interest Entity, Not Primary Beneficiary $ in Millions	3 Months Ended
	Sep. 30, 2024 USD ($) loan
Variable Interest Entity [Line Items]
Non-controlling, preferred equity investment	$ 0.4
Number of loans for which investment held is the borrower on loans held-for-investment | loan	1
Additional potential contribution	$ 2.4
Accrual rate of preferred equity investment	11%

Secured Financing Agreements -

Secured Financing Agreements - Schedule of Collateralized Borrowings (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Line of Credit Facility [Line Items]
Repurchase facilities	$ 705,590	$ 875,442
Amount Outstanding	85,192	84,000
Unused Capacity	547,257	1,024,509
Total Capacity	1,252,847	1,899,951
Carrying Value of Collateral, Assets	969,388	1,211,489
Real estate owned, net	42,736	16,939
Centennial Bank
Line of Credit Facility [Line Items]
Repurchase facilities	0	6,213
Secured Debt
Line of Credit Facility [Line Items]
Amount Outstanding	85,192	84,000
Unused Capacity	14,808	16,000
Total Capacity	100,000	100,000
Carrying Value of Collateral, Liability	$ 100,409	$ 105,865
Weighted Average Borrowing Rate	11.60%	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	$ 116,640	193,165
Unused Capacity	133,360	281,835
Total Capacity	250,000	475,000
Carrying Value of Collateral, Assets	$ 211,219	$ 304,598
Weighted Average Borrowing Rate, Assets	7.80%	8%
Loans Receivable | Goldman Sachs Bank USA
Line of Credit Facility [Line Items]
Repurchase facilities		$ 53,745
Unused Capacity		196,255
Total Capacity		250,000
Carrying Value of Collateral, Assets		$ 131,112
Weighted Average Borrowing Rate, Assets		8.70%
Loans Receivable | JPMorgan Chase Bank
Line of Credit Facility [Line Items]
Repurchase facilities	$ 432,570	$ 445,713
Unused Capacity	70,277	79,238
Total Capacity	502,847	524,951
Carrying Value of Collateral, Assets	$ 514,846	$ 500,985
Weighted Average Borrowing Rate, Assets	9.20%	9.80%
Loans Receivable | Citibank
Line of Credit Facility [Line Items]
Repurchase facilities	$ 156,380	$ 176,606
Unused Capacity	343,620	323,394
Total Capacity	500,000	500,000
Carrying Value of Collateral, Assets	$ 243,323	$ 254,286
Weighted Average Borrowing Rate, Assets	6.90%	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	9 Months Ended	12 Months Ended
	Sep. 30, 2024	Dec. 31, 2023
Repurchase Agreement Counterparty [Line Items]
Amount Outstanding	$ 705,590	$ 875,442
Net Counterparty Exposure	295,120	357,616
Morgan Stanley Bank
Repurchase Agreement Counterparty [Line Items]
Amount Outstanding	116,640	193,165
Net Counterparty Exposure	$ 100,881	$ 118,253
Percent of Equity	15%	14%
Weighted Average Years to Maturity	8 months 26 days	5 months 26 days
JPMorgan Chase Bank
Repurchase Agreement Counterparty [Line Items]
Amount Outstanding	$ 432,570	$ 445,713
Net Counterparty Exposure	$ 93,234	$ 62,216
Percent of Equity	14%	7%
Weighted Average Years to Maturity	9 months 25 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		9%
Weighted Average Years to Maturity		6 months 10 days
Citibank
Repurchase Agreement Counterparty [Line Items]
Amount Outstanding	156,380	$ 176,606
Net Counterparty Exposure	$ 101,005	$ 80,441
Percent of Equity	15%	9%
Weighted Average Years to Maturity	7 months 24 days	1 year 4 months 24 days
Centennial Bank
Repurchase Agreement Counterparty [Line Items]
Amount Outstanding	$ 0	$ 6,213
Net Counterparty Exposure	$ 0	$ 17,757
Percent of Equity		2%
Weighted Average Years to Maturity		7 months 28 days

Secured Financing Agreements _3

Secured Financing Agreements - Narrative (Details) $ in Thousands	Sep. 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	$ 113,461	$ 188,370
Debt instrument, amount	12,400
Debt covenant, net cash proceeds of additional equity issuances, amount	$ 600,000
Debt covenant, tangible net worth (as a percent)	0.750
Debt covenant, tangible net worth, amount	$ 926,800
Debt covenant, target asset leverage ratio (as a percent)	0.686
Debt covenant, total leverage ratio (as a percent)	0.638
Debt covenant, interest coverage ratio, actual	1.3
Through September 30, 2024
Line of Credit Facility [Line Items]
Debt covenant, minimum interest coverage ratio	1.2
October 1, 2024, through December 31, 2024
Line of Credit Facility [Line Items]
Debt covenant, minimum interest coverage ratio	1.1
January 1, 2025, through March 31, 2025
Line of Credit Facility [Line Items]
Debt covenant, minimum interest coverage ratio	1.15
April 1, 2025, through December 31, 2025
Line of Credit Facility [Line Items]
Debt covenant, minimum interest coverage ratio	1.2
Thereafter
Line of Credit Facility [Line Items]
Debt covenant, minimum interest coverage ratio	1.3
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 ($)	Sep. 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		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Debt Instrument, Redemption [Line Items]
Cash coupon	$ 0	$ 2,098	$ 0	$ 6,293
Amortization of issuance costs	0	234	0	682
Total interest expense	$ 0	$ 2,332	$ 0	$ 6,975

Cash, Cash Equivalents and Re_3

Cash, Cash Equivalents and Restricted Cash - Narrative (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Asset Pledged as Collateral | Non-CRE CLO financing activities
Variable Interest Entity [Line Items]
Restricted cash	$ 11.2	$ 10.8

Cash, Cash Equivalents and Re_4

Cash, Cash Equivalents and Restricted Cash - Schedule of Cash and Cash Equivalents (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023	Sep. 30, 2023	Dec. 31, 2022
Cash and Cash Equivalents [Abstract]
Cash and cash equivalents	$ 113,461	$ 188,370
Restricted cash	11,243	10,846
Total cash, cash equivalents and restricted cash	$ 124,704	$ 199,216	$ 283,547	$ 140,165

Fair Value - Narrative (Details

Fair Value - Narrative (Details) $ in Thousands	Sep. 30, 2024 USD ($) loan	Jun. 30, 2024 USD ($)	Jun. 27, 2024 USD ($)	Dec. 31, 2023 USD ($)	Sep. 30, 2023 USD ($)	Jun. 30, 2023 USD ($)	Dec. 31, 2022 USD ($)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Loans held-for-investment	$ 2,340,332	$ 2,616,884		$ 2,718,486	$ 2,908,855	$ 3,096,500	$ 3,350,150
Loans held-for-investment, net of allowance for credit losses	2,083,562	$ 2,352,744		$ 2,583,825	$ 2,763,558	$ 2,966,088	$ 3,267,815
Unlikely to be Collected Financing Receivable | Commercial Mortgage Loan | Office, Maynard, MA
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Loans held-for-investment			$ 35,700
Loans held-for-investment, net of allowance for credit losses	$ 35,700		$ 35,700
Minimum | Exit Capitalization Rate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financing receivable, measurement input (as a percent)	0.0850
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)	0.1025
Maximum | Exit Capitalization Rate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financing receivable, measurement input (as a percent)	0.1050
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)	0.1175
Ten Loans | Fair Value, Nonrecurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Loans held-for-investment	$ 579,000
Seven Loans | Valuation Technique, Discounted Cash Flow
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Loans held-for-investment	$ 423,600
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)	0.0600
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)	0.0725
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)	0.1400
Collateral Dependent Loans | Ten Loans
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Number of loans | loan	10
Loans held-for-investment	$ 579,000
Collateral Dependent Loans | Seven Loans
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Number of loans | loan	7
Collateral Dependent Loans | Three Loans
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Number of loans | loan	3
Loans held-for-investment	$ 155,400

Fair Value - Schedule of Carryi

Fair Value - Schedule of Carrying Values and Estimated Fair Values of Assets and Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Jun. 30, 2024	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	Dec. 31, 2022
Assets
Loans held-for-investment, net of allowance for credit losses	$ 2,083,562	$ 2,352,744	$ 2,583,825	$ 2,763,558	$ 2,966,088	$ 3,267,815
Loans held-for-investment, net of allowance for credit losses, at fair value	2,122,346		2,596,577
Cash and cash equivalents	113,461		188,370
Restricted cash	11,243		10,846
Liabilities
Repurchase facilities	705,590		875,442
Securitized debt obligations	816,103		991,698
Securitized debt obligations, at fair value	775,133		930,523
Secured credit facility	$ 85,192		$ 84,000

Commitments and Contingencies (

Commitments and Contingencies (Details) - Unfunded loan commitment - USD ($) $ in Thousands	Sep. 30, 2024	Jun. 30, 2024	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	Dec. 31, 2022
Other Commitments [Line Items]
Unfunded loan commitments	$ 109,500		$ 160,700
Allowance for credit loss on unfunded loan commitments	2,239	$ 2,719	$ 2,456	$ 3,573	$ 4,200	$ 4,249
Other liabilities
Other Commitments [Line Items]
Allowance for credit loss on unfunded loan commitments	$ 2,200

Preferred Stock (Details)

Preferred Stock (Details) - USD ($) $ / shares in Units, $ in Thousands

1 Months Ended

3 Months Ended

9 Months Ended

Dec. 10, 2021

Feb. 08, 2022

Jan. 31, 2021

Sep. 30, 2024

Jun. 30, 2024

Mar. 31, 2024

Sep. 30, 2023

Jun. 30, 2023

Mar. 31, 2023

Sep. 30, 2024

Sep. 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

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

$ 3,600

$ 3,600

$ 10,800

$ 10,800

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						9 Months Ended
	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2024	Sep. 30, 2023
Equity, Attributable to Parent [Abstract]
Common dividends declared per share (in usd per share)	$ 0.05	$ 0.05	$ 0.15	$ 0.20	$ 0.20	$ 0.20	$ 0.25	$ 0.60
Preferred dividends declared per share (in usd per share)	$ 0.4375	$ 0.4375	$ 0.4375	$ 0.4375	$ 0.4375	$ 0.4375	$ 1.3125	$ 1.3125

Stockholders' Equity - Narrativ

Stockholders' Equity - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Sep. 20, 2024
Class of Stock [Line Items]
Stock repurchase program, remaining number of shares authorized to be repurchased (in shares)	5,921,112		5,921,112
Number of shares authorized to be sold under equity distribution agreement (in shares)	8,000,000		8,000,000
Number of common shares issued under equity distribution agreement and outstanding as of period-end (in shares)	3,242,364		3,242,364
Accumulated proceeds from issuance of common shares under equity distribution agreement	$ 61.2		$ 61.2
Sale of stock, number of shares issued in transaction (in shares)	0	0	0	0
Remain shares available for sale	4,757,636		4,757,636
Share Repurchase Program
Class of Stock [Line Items]
Stock repurchase program, number of additional shares authorized to be repurchased (in shares)					3,000,000
Number of shares authorized to be repurchased under stock repurchase program (in shares)					12,000,000
Treasury stock, shares, acquired (in shares)	726,560	0	1,236,804	1,001,338
Treasury stock, value, acquired, cost method	$ 2		$ 3.6	$ 5.1
Repurchased Shares From Employees
Class of Stock [Line Items]
Treasury stock, shares, acquired (in shares)	0	0	0	36,916
Treasury stock, value, acquired, cost method				$ 0.2

Equity Incentive Plans - Narrat

Equity Incentive Plans - Narrative (Details) - USD ($)	3 Months Ended			9 Months Ended
	Sep. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 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]
Forfeitures (in shares)	43,971	0		43,971
Equity based compensation	$ 2,000,000		$ 1,700,000	$ 5,400,000	4,900,000
Share-based payment arrangement, nonvested award, excluding option, cost not yet recognized, amount	$ 10,100,000			$ 10,100,000
Share-based payment arrangement, nonvested award, cost not yet recognized, period for recognition (in years)				1 year
Vesting percentage				33.33%
PSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Forfeitures (in shares)	0	347,896
Equity based compensation	$ 600,000		$ (200,000)	$ 800,000	$ 900,000
Share-based payment arrangement, nonvested award, excluding option, cost not yet recognized, amount	$ 3,900,000			$ 3,900,000
Share-based payment arrangement, nonvested award, cost not yet recognized, period for recognition (in years)				1 year
Performance period				3 years
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			9 Months Ended
	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2024
Number of Shares
Ending balance (in shares)	5,745,163			5,745,163
Weighted Average Grant Date Fair Market Value
Beginning balance (in usd per share)	$ 5.28	$ 6.06	$ 7.90	$ 7.90
Granted (in usd per share)	0	3.06	4.78
Vested (in usd per share)	0	4.81	7.75
Expired/Cancelled (in usd per share)	5.42		14.15
Ending balance (in usd per share)	$ 5.28	$ 5.28	$ 6.06	$ 5.28
RSUs
Number of Shares
Beginning balance (in shares)	4,000,221	2,588,472	2,098,875	2,098,875
Granted (in shares)	0	1,571,310	1,180,010
Vested (in shares)	0	(159,561)	(690,413)
Expired/Cancelled (in shares)	(43,971)		0	(43,971)
Ending balance (in shares)	3,956,250	4,000,221	2,588,472	3,956,250
PSUs
Number of Shares
Beginning balance (in shares)	1,788,913	1,788,913	1,394,657	1,394,657
Granted (in shares)	0	0	742,152
Vested (in shares)	0	0	0
Expired/Cancelled (in shares)	0		(347,896)
Ending balance (in shares)	1,788,913	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	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Dec. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total (in shares)	5,745,163
2024
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total (in shares)	312,538
2025
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total (in shares)	2,239,977
2026
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total (in shares)	1,482,001
2027
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total (in shares)	1,710,647
RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total (in shares)	3,956,250	4,000,221	2,588,472	2,098,875
RSUs | 2024
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total (in shares)	0
RSUs | 2025
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total (in shares)	1,505,754
RSUs | 2026
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total (in shares)	739,849
RSUs | 2027
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total (in shares)	1,710,647
PSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
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]
Total (in shares)	312,538
PSUs | 2025
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total (in shares)	734,223
PSUs | 2026
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total (in shares)	742,152
PSUs | 2027
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total (in shares)	0

Earnings (Loss) Per Share - Sch

Earnings (Loss) Per Share - Schedule of Earnings Per Share, Basic and Diluted (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Numerator:
Net (loss) income attributable to common stockholders - basic	$ (34,624)	$ (24,537)	$ (179,015)	$ (60,575)
Net (loss) income attributable to common stockholders - diluted	(34,624)	(24,537)	(179,015)	(60,575)
Dividends allocated to participating restricted stock units	(198)	(420)	(786)	(1,241)
Net (loss) income attributable to common stockholders - basic	(34,822)	(24,957)	(179,801)	(61,816)
Net (loss) income attributable to common stockholders - diluted	$ (34,822)	$ (24,957)	$ (179,801)	$ (61,816)
Denominator:
Weighted average common shares outstanding (in shares)	50,526,492	51,577,143	50,736,066	51,795,091
Weighted average restricted stock shares (in shares)	0	0	0	10,174
Basic weighted average shares outstanding (in shares)	50,526,492	51,577,143	50,736,066	51,805,265
Diluted weighted average shares outstanding (in shares)	50,526,492	51,577,143	50,736,066	51,805,265
(Loss) earnings per share:
Basic (in usd per share)	$ (0.69)	$ (0.48)	$ (3.53)	$ (1.17)
Diluted (in usd per share)	$ (0.69)	$ (0.48)	$ (3.53)	$ (1.17)

Earnings (Loss) Per Share - Nar

Earnings (Loss) Per Share - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Earnings Per Share [Abstract]
Interest expense on convertible debt		$ 2.3		$ 7
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		14,065,946
RSUs
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive convertible notes excluded from computation of earnings per share (in shares)	0	621,465	623,424	303,004

Subsequent Events (Details)

Subsequent Events (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended		9 Months Ended
	Nov. 06, 2024	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Subsequent Event [Line Items]
Write-off		$ (44,580)	$ (16,750)	$ (51,146)	$ (20,950)
Senior Loan | Subsequent Event
Subsequent Event [Line Items]
Outstanding principal balance of loans modified	$ 32,900
Write-off	$ (16,600)