Tremont Mortgage Trust (TRMT) 10-K 8 Feb 19 2018 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Feb. 04, 2019	Jun. 29, 2018
Document and Entity Information
Entity Registrant Name	Tremont Mortgage Trust
Entity Central Index Key	1,708,405
Document Type	10-K
Document Period End Date	Dec. 31, 2018
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Current Reporting Status	No
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Small Business	true
Entity Shell Company	false
Entity Filer Category	Non-accelerated Filer
Document Fiscal Year Focus	2,018
Document Fiscal Period Focus	FY
Entity Common Stock, Shares Outstanding		3,178,817
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Public Float			$ 32.9

BALANCE SHEET

BALANCE SHEET - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Assets
Cash and cash equivalents	$ 27,024	$ 61,666
Restricted cash	311	0
Loans held for investment, net (includes $137,129 and $0, respectively, pledged as collateral under master repurchase agreement and note payable)	135,844	0
Accrued interest receivable	344	0
Prepaid expenses and other assets	390	259
Total assets	163,913	61,925
Liabilities and Shareholders' Equity
Accounts payable, accrued liabilities and deposits	935	301
Master repurchase agreement (net of deferred financing costs of $891 and $0, respectively)	71,691	0
Note payable (net of deferred financing costs of $205 and $0, respectively)	31,485	0
Due to related persons	134	754
Total liabilities	104,245	1,055
Commitments and contingencies
Shareholders' equity:
Common shares of beneficial interest, $0.01 par value per share; 25,000,000 shares authorized; 3,178,817 and 3,126,439 shares issued and outstanding at December 31, 2018 and December 31, 2017, respectively	32	31
Additional paid in capital	62,540	62,135
Cumulative net loss	(2,904)	(1,296)
Total shareholders’ equity	59,668	60,870
Total liabilities and shareholders' equity	$ 163,913	$ 61,925

BALANCE SHEET (Parenthetical)

BALANCE SHEET (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Assets pledged as collateral	$ 137,129	$ 0
Deferred financing costs	$ 1,096
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock shares authorized	25,000,000	25,000,000
Common stock shares issued	3,178,817	3,126,439
Common stock shares outstanding	3,178,817	3,126,439
Mortgages and Related Assets
Deferred financing costs	$ 891	$ 0
Note payable
Deferred financing costs	$ 205	$ 0

STATEMENTS OF OPERATIONS

STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	7 Months Ended	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2018
Income from Investments:
Interest income from investments	$ 222	$ 3,891
Less: Interest and related expenses	0	(1,491)
Income from investments, net	222	2,400
Other Expenses:
Management fees	260	447
General and administrative expenses	830	2,101
Reimbursement of shared services expenses	428	1,460
Total expenses	1,518	4,008
Net loss	$ (1,296)	$ (1,608)
Weighted average common shares outstanding - basic and diluted (in shares)	1,524	3,124
Net loss per common share - basic and diluted (in dollars per share)	$ (0.85)	$ (0.51)

STATEMENTS OF SHAREHOLDERS_ EQU

STATEMENTS OF SHAREHOLDERS’ EQUITY - USD ($) $ in Thousands	Total	Common Shares	Additional Paid In Capital	Cumulative Net Loss
Beginning balance at May. 31, 2017	$ 0	$ 0	$ 0	$ 0
Beginning balance (in shares) at May. 31, 2017		0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of shares	62,002	$ 31	61,971
Issuance of shares (in shares)		3,100,000
Share grants	182		182
Share grants (in shares)		27,000
Share repurchases	(18)		(18)
Share repurchases (in shares)		(1,000)
Net loss	(1,296)			(1,296)
Ending balance at Dec. 31, 2017	$ 60,870	$ 31	62,135	(1,296)
Ending balance (in shares) at Dec. 31, 2017	3,126,439	3,126,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share grants	$ 398	$ 1	397
Share grants (in shares)		63,000
Share repurchases	(28)		(28)
Share repurchases (in shares)		(2,000)
Share grant forfeitures	15		15
Share grant forfeitures (in shares)		(8,000)
Net loss	(1,608)			(1,608)
Ending balance at Dec. 31, 2018	$ 59,668	$ 32	62,540	$ (2,904)
Ending balance (in shares) at Dec. 31, 2018	3,178,817	3,179,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Adoption of ASU 2018-07 | ASU 2018-07	$ 21		$ 21

STATEMENT OF CASH FLOW

STATEMENT OF CASH FLOW - USD ($) $ in Thousands	7 Months Ended	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2018	Dec. 31, 2017
Cash Flows from Operating Activities
Net loss	$ (1,296)	$ (1,608)
Adjustments to reconcile net loss to net cash used in operating activities:
Share based compensation	182	430
Amortization of deferred financing costs	0	282
Amortization of loan origination and exit fees	0	(296)
Changes in operating assets and liabilities:
Accrued interest receivable	0	(344)
Prepaid expenses and other assets	(259)	(131)
Accounts payable, accrued liabilities and deposits	301	638
Due to related persons	754	(620)
Net cash used in operating activities	(318)	(1,649)
Cash Flows from Investing Activities
Origination of loans held for investment	0	(135,548)
Net cash used in investing activities	0	(135,548)
Cash Flows from Financing Activities
Proceeds from master repurchase agreement	0	72,582
Proceeds from note payable	0	31,690
Payments for deferred financing costs	0	(1,378)
Proceeds from issuance of common shares	62,002	0
Repurchase of common shares	(18)	(28)
Net cash provided by financing activities	61,984	102,866
(Decrease) increase in cash, cash equivalents and restricted cash	61,666	(34,331)
Cash, cash equivalents and restricted cash at beginning of period	0	61,666
Cash, cash equivalents and restricted cash at end of period	$ 61,666	27,335	$ 61,666
SUPPLEMENTAL DISCLOSURES
Interest paid		$ 1,024	$ 0

STATEMENT OF CASH FLOW - Supple

STATEMENT OF CASH FLOW - Supplemental Information - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017	May 31, 2017
Statement of Cash Flows [Abstract]
Cash and cash equivalents	$ 27,024	$ 61,666
Restricted cash	311	0
Total cash, cash equivalents and restricted cash shown in the consolidated statements of cash flows	$ 27,335	$ 61,666	$ 0

Organization

Organization	12 Months Ended
	Dec. 31, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization	Organization We were organized as a real estate investment trust, or REIT, under Maryland law on June 1, 2017. On September 18, 2017, we sold 2,500,000 of our common shares of beneficial interest, par value $0.01 per share, or our common shares, at a price of $20.00 per share in our initial public offering, or our IPO. Concurrently with our IPO, we sold an additional 600,000 of our common shares at a price of $20.00 per share to Tremont Realty Advisors LLC, or our Manager, in a private placement. The aggregate proceeds from these sales were $62,000 .

Summary of Significant Accounti

Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2018
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Basis of Presentation. The preparation of these consolidated financial statements in conformity with U.S. generally accepted accounting principles, or GAAP, requires us to make estimates and assumptions that affect reported amounts. Actual results could differ from those estimates. Significant estimates in the consolidated financial statements include the fair value of financial instruments. These consolidated financial statements include the accounts of us and our subsidiaries, all of which are 100% owned directly by us. All intercompany transactions and balances with or among our consolidated subsidiaries have been eliminated. Consolidation. For each investment we make, we evaluate whether consolidation of the borrower is required under GAAP. GAAP addresses the application of consolidation principles to an investor with a controlling financial interest. Variable interest entities, or VIEs, are subject to consolidation under GAAP if their equity investors either do not have sufficient equity at risk for the entity to finance its activities without additional subordinated financial support from other parties, are unable to direct the entity’s most significant activities or are not exposed to the entity’s losses or entitled to the entity's residual returns. VIEs are required to be consolidated by their primary beneficiaries, which are the entities with the power to direct the activities which are most significant to the economic performance of the VIE. These determinations often involve complex and subjective analyses. Cash, Cash Equivalents and Restricted Cash. We consider highly liquid investments with original maturities of three months or less at the date of purchase to be cash equivalents. Restricted cash primarily consists of deposit proceeds from potential borrowers when originating loans, which may be returned to the applicable borrower upon the closing of the loan, after deducting any transaction costs paid by us for the benefit of such borrower. Repurchase Agreements. Loans financed through repurchase agreements are treated as collateralized financing transactions, unless they meet sales treatment under GAAP. Pursuant to GAAP treatment of collateralized financing transactions, loans financed through repurchase agreements remain on our consolidated balance sheet as assets, and cash received from the purchasers is recorded on our consolidated balance sheet as liabilities. Interest paid in accordance with repurchase agreements is recorded as interest expense. Loans Held For Investment. Generally, our loans will be classified as held for investment based upon our intent and ability to hold them until maturity. Loans that are held for investment are carried at cost, net of unamortized loan origination and accreted exit fees that are required to be recognized in the carrying value of the loans in accordance with GAAP, unless the loans are deemed to be impaired. Loans that we have a plan to sell or liquidate will be held at the lower of cost or fair value less cost to sell. We evaluate each of our loans for impairment at least quarterly by assessing a variety of risk factors in relation to each loan and assigning a risk rating to each loan based on those factors. Factors considered in these evaluations include, but are not limited to, property type, geographic and local market dynamics, physical condition, leasing and tenant profile, projected cash flow, risk of loss, current loan to value ratio, or LTV, debt yield, collateral performance, structure, exit plan and sponsorship. Loans are rated “1” (less risk) through “5” (greater risk) as defined below: "1" lower risk—Criteria reflects a sponsor having a strong financial condition and low credit risk and our evaluation of management's experience; collateral performance exceeding performance metrics included in the business plan or credit underwriting; and the property demonstrating stabilized occupancy and/or market rates, resulting in strong current cash flow and net operating income and/or having a very low LTV. "2" average risk—Criteria reflects a sponsor having a stable financial condition and our evaluation of management's experience; collateral performance meeting or exceeding substantially all performance metrics included in the business plan or credit underwriting; and the property demonstrating improved occupancy at market rents, resulting in sufficient current cash flow and/or having a low LTV. "3" acceptable risk—Criteria reflects a sponsor having a history of repaying loans at maturity and meeting its credit obligations and our evaluation of management's experience; collateral performance expected to meet performance metrics included in the business plan or credit underwriting; and the property having a moderate LTV. New loans and loans with a limited history will typically be assigned this rating and will be adjusted to other levels from time to time as appropriate. "4" higher risk—Criteria reflects a sponsor having a history of unresolved missed or late payments, maturity extensions and difficulty timely fulfilling its credit obligations and our evaluation of management's experience; collateral performance failing to meet the business plan or credit underwriting; the existence of a risk of default possibly leading to a loss and/or potential weaknesses that deserve management’s attention; and the property having a high LTV. "5" impaired/loss likely—Criteria reflects a very high risk of realizing a principal loss or having incurred a principal loss; a sponsor having a history of default payments, trouble fulfilling its credit obligations, deeds in lieu of foreclosures, and/or bankruptcies; collateral performance is significantly worse than performance metrics included in the business plan; loan covenants or performance milestones having been breached or not attained; timely exit via sale or refinancing being uncertain; and the property having a very high LTV. Impairment occurs when it is deemed probable that we will not be able to collect all amounts due under a loan according to its contractual terms. Impairment will then be measured based on the present value of expected future cash flows discounted at the loan’s contractual effective rate and the fair value of any available collateral, net of any costs we expect to incur to realize that value. The determination of whether loans are impaired involves judgments and assumptions based on objective and subjective factors. Consideration will be given to various factors, such as business plans, property occupancies, tenant profiles, rental rates, operating expenses and borrowers’ repayment plans, among others, and will require significant judgments, including assumptions regarding the values of loans, the values of underlying collateral and other circumstances, such as guarantees, if any. Upon measurement of an impairment, we will record an allowance to reduce the carrying value of the loan accordingly, and record a corresponding charge to net income in our consolidated statements of operations. As of December 31, 2018 , we have not recorded any allowance for losses as we believe it is probable that we will collect all amounts due pursuant to the contractual terms of our loans. Fair Value of Financial Instruments. Financial Accounting Standards Board, or FASB, Accounting Standards Codification TM , or ASC, Topic 820-10, Fair Value Measurements and Disclosures , defines fair value, establishes a framework for measuring fair value in accordance with GAAP and expands the required disclosure regarding fair value measurements. ASC Topic 820-10 defines fair value as the price that would be received for a financial instrument in a current sale, which assumes an orderly transaction between market participants on the measurement date. We determine the estimated fair value of financial assets and liabilities using the three tier fair value hierarchy established by GAAP, which prioritizes the inputs used in measuring fair value. GAAP establishes market based or observable inputs as the preferred source of values followed by valuation models using management assumptions in the absence of market inputs. The three levels of inputs that may be used to measure fair value are as follows: Level I—Inputs include quoted prices in active markets for identical assets or liabilities that we have the ability to access. Level II—Inputs include quoted prices in markets that are less active or inactive or for which all significant inputs are observable, either directly or indirectly. Level III—Inputs include unobservable prices and are supported by little or no market activity and are significant to the overall fair value measurement. Loan Deferred Fees. Loan origination and exit fees are reflected in loans held for investment, net, in our consolidated balance sheets and include fees charged to borrowers. These fees are amortized and accreted, respectively, into interest income over the life of the related loans held for investment. Deferred Financing Costs. Costs incurred in connection with financings are capitalized and recorded as an offset to the related liability and amortized over the respective financing terms and are recorded in our consolidated statements of operations as a component of interest and related expenses. At December 31, 2018 , we had approximately $1,096 of capitalized financing costs, net of amortization. Net Loss Per Common Share. We calculate basic earnings (losses) per common share, or EPS, by dividing net loss by the weighted average number of common shares outstanding during the period. We calculate diluted net loss per share using the more dilutive of the two class method or the treasury stock method. Revenue Recognition. Interest income related to our first mortgage loans secured by commercial real estate, or CRE, will generally be accrued based on the coupon rates applied to the outstanding principal balance of such loans. Fees, premiums and discounts, if any, will be amortized or accreted into interest income over the remaining lives of the loans using the effective interest method, as adjusted for any prepayments. If a loan's interest or principal payments are not paid when due and there is uncertainty that such payments will be collected, the loan may be categorized as non-accrual and no interest will be recorded unless it is collected. When all overdue payments are collected and, in our judgment, a loan is likely to remain current, it may be re-categorized as accrual. For loans purchased at a discount, GAAP limits the yield that may be accreted (accretable yield) to the excess of the investor’s estimate of undiscounted expected principal, interest and other cash flows (cash flows expected at acquisition to be collected) over the investor’s initial investment in the loan. GAAP also requires that the excess of contractual cash flows over cash flows expected to be collected (non-accretable difference) not be recognized as an adjustment of yield, loss accrual or valuation allowance. Subsequent increases in cash flows expected to be collected from such loans generally will be recognized prospectively through adjustment of the loan’s yield over its remaining life. Decreases in cash flows expected to be collected will be recorded as impairment.

Recent Accounting Pronouncement

Recent Accounting Pronouncements	12 Months Ended
	Dec. 31, 2018
Accounting Policies [Abstract]
Recent Accounting Pronouncements	Recent Accounting Pronouncements On January 1, 2018, we adopted FASB Accounting Standards Update, or ASU, No. 2014-09 (and related clarifying guidance issued by the FASB), Revenue From Contracts With Customers , which outlines a comprehensive model for entities to use in accounting for revenue arising from contracts with customers. ASU No. 2014-09 states that “an entity recognizes revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services.” We have evaluated ASU No. 2014-09 and related clarifying guidance issued by the FASB and determined that interest income and gains and losses on financial instruments are outside of its scope; therefore, the adoption of ASU No. 2014-09 did not have a material impact in our consolidated financial statements. In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments - Credit Losses (Topic 326) : Measurement of Credit Losses on Financial Instruments , which requires that entities use a new forward looking “expected loss” model that generally will result in the earlier recognition of allowance for credit losses. The measurement of expected credit losses is based upon historical experience, current conditions, and reasonable and supportable forecasts that affect the collectability of the reported amount. ASU No. 2016-13 is effective for fiscal years beginning after December 15, 2021, including interim periods within those fiscal years. We are currently assessing the potential impact the adoption of ASU No. 2016-13 will have in our consolidated financial statements. On January 1, 2018, we adopted FASB ASU No. 2016-18, Restricted Cash , which requires companies to show the changes in the total of cash, cash equivalents, restricted cash and restricted cash equivalents in the statements of cash flows. This update also requires a reconciliation of the totals in the statements of cash flows to the related captions in the balance sheet. As a result, amounts included in restricted cash in our consolidated balance sheets are included with cash and cash equivalents in the consolidated statements of cash flows. Restricted cash, which primarily consists of deposit proceeds from potential borrowers which may be returned to the applicable borrower upon the closing of the loan, after deducting any transaction costs paid by us for the benefit of such borrower, totaled $ 311 as of December 31, 2018 . The adoption of this update did not change our consolidated balance sheet presentation. On October 1, 2018, we adopted FASB ASU No. 2018-07, Compensation - Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting , which aligns the measurement and classification guidance for share based payments to nonemployees with the guidance for share based payments to employees, with certain exceptions. We have determined that the transition adjustment to early adopt this guidance is immaterial to our consolidated financial statements and that the common share awards to our officers and certain other employees of our Manager and of The RMR Group LLC, or RMR LLC, will be considered equity classified awards with the fair value measured on the grant date and amortized into general and administrative expenses over the vesting period through additional paid in capital.

Loans Held-for-Investment

Loans Held-for-Investment	12 Months Ended
	Dec. 31, 2018
Receivables [Abstract]
Loans Held-for-Investment	Loans Held For Investment We originate first mortgage loans secured by middle market and transitional CRE and related instruments which are generally to be held as long term investments. As of December 31, 2018 , we had established a portfolio of seven investments with a total commitment of approximately $154,802 , of which $17,673 remained unfunded. At December 31, 2018 , these loans had a total principal balance in loans held for investment of $137,129 , and a net book value of $135,844 , net of deferred fees totaling $1,285 ; a weighted average all in yield, which includes the amortization of deferred fees, of 6.82% ; a weighted average coupon rate of 6.14% ; a weighted average maximum maturity of 4.7 years, assuming full term extension of all loans; and a weighted average LTV of 70% . To fund these loan originations, we used cash on hand, advancements under our master repurchase agreement and borrowings under a note payable. See Note 5 for further information on our secured debt agreements. The table below represents our loan activities: Principal Deferred Fees Net Book Value December 31, 2017 $ — $ — $ — Loan funding 137,129 (1,581 ) 135,548 Net amortization of deferred fees 296 296 December 31, 2018 $ 137,129 $ (1,285 ) $ 135,844 The tables below detail the property type and geographic distribution of the properties securing the loans in our portfolio: Number of Net Book Value Percentage of Property Type Loans Balance Value Office 4 $ 69,144 51 % Hotel 2 60,938 45 % Retail 1 5,762 4 % 7 $ 135,844 100 % Number of Net Book Value Percentage of Geographic Location Loans Balance Value East 2 $ 52,975 39 % South 3 50,966 38 % Midwest 1 26,141 19 % West 1 5,762 4 % 7 $ 135,844 100 % Loan Risk Ratings We evaluate each of our loans for impairment at least quarterly by assessing a variety of risk factors in relation to each loan and assigning a risk rating to each loan based on those factors. Factors considered in these evaluations include, but are not limited to, property type, geographic and local market dynamics, physical condition, leasing and tenant profile, projected cash flow, risk of loss, current LTV, debt yield, collateral performance, structure, exit plan and sponsorship. During the year ended December 31, 2018 , we originated seven first mortgage bridge loans with an aggregate net book value of $135,844 . Based on our internal risk rating policy, each of these loans was assigned a "3" acceptable risk rating at December 31, 2018. We did not have any impaired loans, non-accrual loans or loans in default as of December 31, 2018 ; thus, we did not record an allowance for losses. See Note 2 for a discussion regarding the risk rating system that we use in evaluating our portfolio. Summarized Financial Data In July 2018, we closed a $40,363 first mortgage bridge loan, of which $39,613 was funded by us at closing, to finance the acquisition of the Hampton Inn JFK, a 216 key, 13 story hotel located adjacent to the John F. Kennedy International Airport in Queens, NY, or the JFK loan. At December 31, 2018, the outstanding principal balance of $39,613 represents 24% of our total assets. The following presents summarized financial data of the operating property securing the JFK loan for the period of July 18, 2018 (the JFK loan's origination date) through December 31, 2018: December 31, 2018 Summarized Balance Sheet Data: Total assets $ 59,527 Total liabilities $ 40,992 Total equity $ 18,535 Year Ended December 31, 2018 Summarized Operating Results: Revenue $ 6,055 Operating income $ 2,201 Net income $ 432

Secured Debt Agreements

Secured Debt Agreements	12 Months Ended
	Dec. 31, 2018
Repurchase Agreement [Abstract]
Secured Debt Agreements	Secured Debt Agreements At December 31, 2018 , we had a master repurchase facility and a note payable that we have used to finance certain loans. Master Repurchase Facility On February 9, 2018, one of our wholly owned subsidiaries entered into a master repurchase agreement with Citibank, N.A., or Citibank, for a $100,000 master repurchase facility, or our Master Repurchase Facility, pursuant to which we may sell to, and later repurchase from, Citibank, floating rate mortgage loans and other related assets, or purchased assets. We refer to the agreements governing our Master Repurchase Facility as our Master Repurchase Agreement. On November 6, 2018, we amended our Master Repurchase Agreement to increase the maximum amount of available advancements under the facility from $100,000 to $135,000 and to change its stated expiration date from February 9, 2021 to November 6, 2021, subject to earlier termination as provided for in our Master Repurchase Agreement. On February 4, 2019, we amended our Master Repurchase Agreement to increase the potential maximum amount available for advancement from $135,000 to $210,000 . See Note 14 for further information regarding the recent amendment to our Master Repurchase Agreement. Under our Master Repurchase Facility, the initial purchase price paid by Citibank for each purchased asset is up to 75% of the lesser of the market value of the purchased asset or the unpaid principal balance of such purchased asset, subject to Citibank’s approval. Upon the repurchase of a purchased asset, we are required to pay Citibank the outstanding purchase price of the purchased asset, accrued interest and all accrued and unpaid expenses of Citibank relating to such purchased asset. The price differential (or interest rate) relating to a purchased asset is equal to LIBOR plus a premium of 200 to 250 basis points, determined by the yield of the purchased asset and the property type of the purchased asset’s real estate collateral. In connection with our Master Repurchase Facility, we entered into a guaranty which requires us to pay the purchase price, purchase price differential and any costs and expenses of Citibank related to our Master Repurchase Facility. This guaranty also requires us to comply with customary financial covenants, which include a minimum tangible net worth, minimum cash liquidity, a total indebtedness to tangible net worth ratio and a minimum interest coverage ratio. As of December 31, 2018 , we believe we were in compliance with the terms and conditions of the covenants of our Master Repurchase Facility. Our Master Repurchase Agreement also contains margin maintenance provisions that provide Citibank with the right, in certain circumstances related to a credit event, as defined in our Master Repurchase Agreement, to re-determine the value of purchased assets. Where a decline in the value of purchased assets has resulted in a margin deficit, Citibank may require us to eliminate such margin deficit through a combination of purchased asset repurchases and cash transfers to Citibank, subject to Citibank's approval. Our Master Repurchase Agreement provides for acceleration of the date of repurchase of the purchased assets and Citibank’s liquidation of the purchased assets upon the occurrence and continuation of certain events of default, including a change of control of us, which includes our Manager ceasing to act as our sole manager or be a wholly owned subsidiary of RMR LLC. In 2018, we sold to, and committed to later repurchase from, Citibank, six first mortgage bridge loans with an aggregate outstanding principal balance of $97,516 , and, as a result, Citibank advanced to us $72,582 . Loans pledged as collateral under our Master Repurchase facility had aggregate book values of $96,560 and fair values of $98,232 . As of December 31, 2018 , our Master Repurchase Agreement had a weighted average interest rate of LIBOR plus 208 basis points per annum, excluding associated fees and expenses, and a weighted average remaining maturity of 2.6 years. During the year ended December 31, 2018 , we recorded interest expense of $603 in connection with our Master Repurchase Facility. The outstanding principal balances under our Master Repurchase facility matures as follows: $4,415 in 2020 and $68,167 in 2021. Note Payable In July 2018, we closed the $40,363 JFK loan, of which $39,613 was funded by us at closing, to finance the acquisition of the Hampton Inn JFK, a 216 key, 13 story hotel located adjacent to the John F. Kennedy International Airport in Queens, NY, and in connection therewith, one of our wholly owned subsidiaries entered into a term loan facility, in the form of a note payable, with Texas Capital Bank, National Association, or Texas Capital Bank, or the TCB loan. The TCB loan advances up to 80% of the JFK loan amount from time to time. The TCB loan matures in July 2021. Subject to our payment of extension fees and meeting other conditions, we have the option to extend the stated maturity date of the TCB loan for two , one year periods. Interest on amounts advanced under the TCB loan is calculated at a floating rate based on LIBOR plus a premium of 215 basis points. We may be required to repay a portion of the amount outstanding under the TCB loan to maintain a 10.5% debt yield on the net operating income of the hotel that secures the TCB loan. The TCB loan is prepayable in whole at any time without premium or penalty, and provides for acceleration of payment of all amounts due thereunder upon the occurrence and continuation of customary events of default. In connection with the TCB loan, we entered into a guaranty with Texas Capital Bank pursuant to which we have guaranteed 25% of the TCB loan amount plus all related interest and costs. This guaranty also requires us to comply with customary financial covenants, which include a minimum net worth, minimum liquid assets, a maximum leverage ratio and a required debt yield. As of December 31, 2018 , we believe we were in compliance with the terms and conditions of the covenants of the TCB loan. As of December 31, 2018 , Texas Capital Bank had advanced to our subsidiary $31,690 under the TCB loan with an interest rate of LIBOR plus 215 basis points per annum, excluding associated fees and expenses. During the year ended December 31, 2018 , we recorded interest expense of $606 in connection with the TCB loan. The outstanding balance under the TCB loan matures in 2021.

Fair Value of Financial Instrum

Fair Value of Financial Instruments	12 Months Ended
	Dec. 31, 2018
Fair Value Disclosures [Abstract]
Fair Value of Financial Instruments	Fair Value of Financial Instruments As of each of December 31, 2018 and 2017, the carrying values of certain of our financial instruments, which include cash and cash equivalents, restricted cash, prepaid expenses, due to related parties, accounts payable, accrued expenses and deposits, approximated their fair values due to the short term nature of these financial instruments. At December 31, 2018, the principal balances of our Master Repurchase Agreement and TCB Loan approximated their fair values, as interest is based on floating rates based on LIBOR plus a spread and the spread is consistent with those demanded by the market. We estimate the fair value of our loans held for investment using Level III inputs. We estimate the fair values of our loans held for investment by using discounted cash flow analysis and currently prevailing market terms as of the measurement date, determined by significant unobservable market inputs, which include holding periods, discount rates based on loan to value, property types and loan pricing expectations which are corroborated by a comparison with other market participants to determine the appropriate market spread to add to the one-month LIBOR (Level III inputs as defined in the fair value hierarchy under GAAP). There were no transfers of financial assets or liabilities within the fair value hierarchy during the years ended December 31, 2018 and 2017. The following table provides information regarding financial assets and liabilities not carried at fair value on a recurring basis in our consolidated balance sheets: Carrying Fair As of December 31, 2018 Value Value Financial assets Loans held for investment $ 135,844 $ 137,872 Financial liabilities Master Repurchase Agreement 71,691 72,582 Note payable 31,485 31,690

Shareholders' Equity

Shareholders' Equity	12 Months Ended
	Dec. 31, 2018
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Shareholders' Equity	Shareholders' Equity Common Share Awards We have common shares available for issuance under the terms of our 2017 Equity Compensation Plan, or the 2017 Plan. As described in Note 9, we granted common share awards to our officers and certain other employees of our Manager and of RMR LLC in 2018 and 2017. We also granted each of our five Trustees 3,000 of our common shares with an aggregate market value of $189 ( $38 per trustee) and 1,500 of our common shares with an aggregate market value of $119 ( $24 per trustee) in 2018 and 2017, respectively, as part of their annual compensation. During 2018, we granted an additional 1,500 shares with an aggregate market value of $20 to one of our Managing Trustees, who was elected as a Managing Trustee in 2018. The values of the share grants were based upon the closing price of our common shares on The Nasdaq Stock Market LLC, or Nasdaq, on the date of grant. The common shares granted to our Trustees vested immediately. The common shares granted to our officers and other employees of our Manager and of RMR LLC vest in five equal annual installments beginning on the date of grant. We include the value of granted shares in general and administrative expenses ratably over the vesting period. A summary of shares granted, forfeited, vested and unvested under the terms of the 2017 Plan for the years ended December 31, 2018 and 2017, is as follows: 2018 2017 Number of Weighted Average Grant Number of Weighted Average Grant Shares Date Fair Value Shares Fair Value Unvested shares, beginning of year 16,000 $15.87 — $— Shares granted 62,800 $12.03 27,500 $15.87 Shared forfeited (8,000 ) $15.87 — $— Shares vested (27,760 ) $12.61 (11,500 ) $15.87 Unvested shares, end of year 43,040 $12.37 16,000 $15.87 The 43,040 unvested shares as of December 31, 2018 are scheduled to vest as follows: 14,260 shares in 2019, 10,260 shares in 2020, 10,260 shares in 2021, and 8,260 shares in 2022. As of December 31, 2018 , the estimated future compensation expense for the unvested shares was $427 . The weighted average period over which the compensation expense will be recorded is approximately 28 months . The total fair value of shares vested was $342 and $183 for the year end December 31, 2018 and the period from June 1, 2017 (inception) to December 31, 2017, respectively. At December 31, 2018 , 153,783 of our common shares remained available for issuance under the 2017 Plan. Sale of Common Shares On September 18, 2017, we sold 2,500,000 of our common shares at a price of $20.00 per share in our IPO. Concurrently with our IPO, we sold an additional 600,000 of our common shares at a price of $20.00 per share to our Manager in a private placement. The aggregate proceeds to us from these sales were $62,000 . We did not declare or pay any distributions on our common shares during the period from our inception (June 1, 2017) through December 31, 2018. 2018 Common Share Forfeitures and Repurchases On August 20, 2018, 8,000 of our common shares were forfeited in connection with the resignation of certain of our executive officers. The shares were valued at $12.50 per common share, the closing price of our common shares on Nasdaq on that day. We recognize forfeitures in general and administrative expenses as they occur. On September 24, 2018, we purchased an aggregate of 2,121 of our common shares, valued at $11.89 per common share, the closing price of our common shares on Nasdaq on that day, from certain of our officers and other employees of our Manager and of RMR LLC in satisfaction of tax withholding and payment obligations in connection with the vesting of awards of our common shares. On November 20, 2018 , we purchased an aggregate of 301 of our common shares, valued at $10.53 per common share, the closing price of our common shares on Nasdaq on that day, from one of our officers who is also an officer of our Manager and of RMR LLC in satisfaction of tax withholding and payment obligations in connection with the vesting of an award of our common shares. 2017 Common Share Repurchases On November 29, 2017, we purchased an aggregate of 1,161 of our common shares valued at $15.34 per common share, the closing price of our common shares on Nasdaq on that day, from our officers in satisfaction of tax withholding and payment obligations in connection with awards of our common shares. Distributions On January 18, 2019, we declared a distribution of $0.11 per common share, or approximately $350 , to shareholders of record on January 28, 2019. We expect to pay this distribution on or about February 21, 2019.

Management Agreement With Our M

Management Agreement With Our Manager	12 Months Ended
	Dec. 31, 2018
Related Party Transactions [Abstract]
Management Agreement With Our Manager	Management Agreement with our Manager We have no employees. The personnel and various services we require to operate our business are provided to us by our Manager pursuant to a management agreement, which provides for the day to day management of our operations by our Manager, subject to the oversight and direction of our Board of Trustees. Fees and Expense Reimbursements. Under our management agreement, we are responsible to pay our Manager the following: • Base Management Fee. We are required to pay our Manager an annual base management fee equal to 1.5% of our “Equity”, payable in cash quarterly ( 0.375% per quarter) in arrears. Under our management agreement, “Equity” means (a) the sum of (i) the proceeds received by us from our IPO and the concurrent private placement of our common shares to our Manager, plus (ii) the net proceeds received by us from any future sale or issuance of shares of beneficial interest, plus (iii) our cumulative Core Earnings, as defined below, for the period commencing on the completion of our IPO to the end of the most recent calendar quarter, less (b) (i) any distributions previously paid to holders of our common shares, (ii) any incentive fee previously paid to our Manager and (iii) any amount that we may have paid to repurchase our common shares. All items in the foregoing sentence (other than clause (a)(iii)) are calculated on a daily weighted average basis. • Incentive Fee. Starting in the first full calendar quarter following the first anniversary of the closing of our IPO, or the quarter ending December 31, 2018, we will be required to pay our Manager quarterly an incentive fee in arrears in cash equal to the difference between: (a) the product of (i) 20% and (ii) the difference between (A) our Core Earnings for the most recent 12 month period (or such lesser number of completed calendar quarters, if applicable), including the calendar quarter (or part thereof) for which the calculation of the incentive fee is being made, and (B) the product of (1) our Equity in the most recent 12 month period (or such lesser number of completed calendar quarters, if applicable), including the calendar quarter (or part thereof) for which the calculation of the incentive fee is being made, and (2) 7% per year and (b) the sum of any incentive fees paid to our Manager with respect to the first three calendar quarters of the most recent 12 month period (or such lesser number of completed calendar quarters preceding the applicable period, if applicable). No incentive fee shall be payable with respect to any calendar quarter unless Core Earnings for the 12 most recently completed calendar quarters (or such lesser number of completed calendar quarters from the date of the completion of our IPO) in the aggregate is greater than zero. The incentive fee may not be less than zero. For purposes of the calculation of base management fees and incentive fees payable to our Manager, “Core Earnings” is defined as net income (or loss) attributable to our common shareholders, computed in accordance with GAAP, including realized losses not otherwise included in GAAP net income (loss), and excluding: (a) the incentive fees earned by our Manager; (b) depreciation and amortization (if any); (c) non-cash equity compensation expense (if any); (d) unrealized gains, losses and other similar non-cash items that are included in net income for the period of the calculation (regardless of whether such items are included in or deducted from net income or in other comprehensive income or loss under GAAP); and (e) one time events pursuant to changes in GAAP and certain material non-cash income or expense items, in each case after discussion between our Manager and our Independent Trustees and approved by a majority of our Independent Trustees. Pursuant to the terms of our management agreement, the exclusion of depreciation and amortization from the calculation of Core Earnings shall only apply to owned real estate. Our shares of beneficial interest that are entitled to a specific periodic distribution or have other debt characteristics will not be included in “Equity” for the purpose of calculating incentive fees payable to our Manager. Instead, the aggregate distribution amount that accrues to such shares during the calendar quarter of such calculation will be subtracted from Core Earnings for purposes of calculating incentive fees, unless such distribution is otherwise already excluded from Core Earnings. Equity and Core Earnings as defined in our management agreement are non-GAAP financial measures and may be different than our shareholders’ equity and our net income calculated according to GAAP. In June 2018, our Manager agreed to waive any base management fees otherwise due and payable pursuant to our management agreement for the period beginning July 1, 2018 until June 30, 2020. In addition, our Manager also agreed that no incentive fee will be paid or payable by us for the 2018 or 2019 calendar years. Pursuant to our management agreement, we recognized base management fees of $447 and $260 for the year ended December 31, 2018 and the period beginning on September 18, 2017, the date on which we entered into the agreement, through December 31, 2017, respectively. If our Manager had not agreed to waive its base management fees beginning July 1, 2018, we would have recognized $892 of base management fees for the year ended December 31, 2018. We did not recognize any incentive fees for the year ended December 31, 2018. Term and Termination. The initial term of our management agreement ends on December 31, 2020. Our management agreement automatically renews for successive one year terms beginning January 1, 2021 and each January 1 thereafter, unless it is sooner terminated upon written notice delivered no later than 180 days prior to a renewal date by the affirmative vote of at least two-thirds (2/3) of our Independent Trustees based upon a determination that (a) our Manager’s performance is unsatisfactory and materially detrimental to us or (b) the base management fee and incentive fee, taken as a whole, payable to our Manager are not fair to us (provided that in the instance of (b), our Manager will be afforded the opportunity to renegotiate the base management fee and incentive fee prior to termination). Our management agreement may be terminated by our Manager before each annual renewal upon written notice delivered to our Board of Trustees no later than 180 days prior to an annual renewal date. We may also terminate our management agreement at any time, including during the initial term, without the payment of any termination fee, with at least 30 days’ prior written notice from us upon the occurrence of a “cause event,” as defined in the management agreement. Our Manager may terminate our management agreement in certain other circumstances, including if we become required to register as an investment company under the Investment Company Act of 1940, as amended, for our uncured “material breach,” as defined in our management agreement, we materially reduce our Manager’s duties and responsibilities or scope of its authority under our management agreement or we cease or take steps to cease to conduct the business of originating or investing in CRE loans. Termination Fee. In the event our management agreement is terminated by us without a cause event or by our Manager for a material breach, we will be required to pay our Manager a termination fee equal to (a) three times the sum of (i) the average annual base management fee and (ii) the average annual incentive fee, in each case paid or payable to our Manager during the 24 month period immediately preceding the most recently completed calendar quarter prior to the date of termination or, if such termination occurs within 24 months of its initial commencement, the base management fee and the incentive fee will be annualized for such 24 month period based on such fees earned by our Manager during such period, plus (b) an amount equal to the initial organizational costs related to our formation and the costs of our IPO and the concurrent private placement paid by our Manager. No termination fee will be payable if our management agreement is terminated by us for a cause event or by our Manager without our material breach. Expense Reimbursement. Our Manager, and not us, is responsible for the costs of its employees who provide services to us, including the cost of our Manager’s personnel who originate our loans, unless any such payment or reimbursement is specifically approved by a majority of our Independent Trustees, is a shared services cost or relates to awards made under any equity compensation plan adopted by us from time to time. Generally, it is the practice of our Manager and RMR LLC, to treat individuals who spend 50% or more of their business time providing services to our Manager as employees of our Manager. We are required to pay or to reimburse our Manager and its affiliates for all other costs and expenses of our operations, including but not limited to, the costs of rent, utilities, office furniture, equipment, machinery and other overhead type expenses, the costs of legal, accounting, auditing, tax planning and tax return preparation, consulting services, diligence costs related to our investments, investor relations expenses and other professional services, and other costs and expenses not specifically required under our management agreement to be borne by our Manager. Some of these overhead, professional and other services are provided by RMR LLC pursuant to a shared services agreement between our Manager and RMR LLC. We reimburse our Manager for shared services costs our Manager pays to RMR LLC and its affiliates, and these reimbursements may include an allocation of the cost of personnel employed by RMR LLC, with such shared services costs subject to approval by a majority of our Independent Trustees at least annually. We incurred shared services costs of $1,460 and $428 for the year ended December 31, 2018 and the period beginning on September 18, 2017 through December 31, 2017, respectively, payable to our Manager as reimbursement for shared services costs it paid to RMR LLC. These amounts are included in shared services agreement reimbursement in our consolidated statements of operations. In addition, we also pay our pro rata portion of internal audit costs incurred by RMR LLC on behalf of us and other public companies to which RMR LLC or its subsidiaries provide management services. Our Audit Committee appoints our Director of Internal Audit and our Compensation Committee approves the costs of our internal audit function. The amounts recognized as expense for internal audit costs were $118 and $35 for the year ended December 31, 2018 and the period June 1, 2017 (inception) through December 31, 2017, respectively. These amounts are included in general and administrative expenses in our statement of operations for these periods. Business Opportunities. Under our management agreement, we and our Manager have agreed that for so long as our Manager is managing us, neither our Manager nor any of its affiliates, including RMR LLC, will sponsor or manage any other publicly owned REIT that invests primarily in first mortgage loans secured by middle market and transitional CRE located in the United States, unless such activity is approved by our Independent Trustees. However, our management agreement does not prohibit our Manager or its affiliates (including RMR LLC) or their respective directors, trustees, officers, employees or agents from competing or providing services to other persons, funds, investment vehicles, REITs or other entities that may compete with us, including, among other things, with respect to the origination, acquisition, making, arranging or managing of first mortgage loans secured by middle market or transitional CRE or other investments like those we intend to make. Our management agreement also provides that if our Manager, its affiliates (including RMR LLC) or any of their respective directors, trustees, officers, employees or agents acquires knowledge of a potential business opportunity, we renounce any potential interest or expectation in, or right to be offered or to participate in, such business opportunity to the maximum extent permitted by Maryland law. Because our Manager and RMR LLC will not be prohibited from competing with us in all circumstances, and RMR LLC provides management services to other companies, conflicts of interest exist with regard to the allocation of investment opportunities and for the time and attention of our Manager, RMR LLC and their personnel. Our management agreement acknowledges these conflicts of interest and, in that agreement, we agree that our Manager, RMR LLC and their subsidiaries may resolve such conflicts in good faith in their fair and reasonable discretion. In the case of such a conflict, our Manager, RMR LLC and their subsidiaries will endeavor to allocate such investment opportunities in a fair and reasonable manner, taking into account such factors as they deem appropriate. Liability and Indemnification . Our Manager maintains a contractual as opposed to a fiduciary relationship with us. Pursuant to our management agreement, our Manager does not assume any responsibility other than to render the services called for thereunder in good faith and is not responsible for any action of our Board of Trustees in following or declining to follow its advice or recommendations. Under the terms of our management agreement, our Manager and its affiliates, including RMR LLC, and their respective directors, trustees, officers, shareholders, owners, members, managers, employees and personnel will not be liable to us or any of our Trustees, shareholders or subsidiaries, or any of the trustees, directors or shareholders of any of our subsidiaries, for any acts or omissions related to the provision of services to us under our management agreement, except by reason of acts or omissions that have been determined in a final, non-appealable adjudication to have constituted bad faith, fraud, intentional misconduct, gross negligence or reckless disregard of the duties of our Manager under our management agreement. In addition, under the terms of our management agreement, we agree to indemnify, hold harmless and advance expenses to our Manager and its affiliates, including RMR LLC, and their respective directors, trustees, officers, shareholders, owners, members, managers, employees and personnel from and against any and all expenses, losses, damages, liabilities, demands, charges and claims of any nature whatsoever, including all reasonable attorneys’, accountants’ and experts’ fees and expenses, arising from any acts or omissions related to the provision of services to us or the performance of any matters pursuant to an instruction by our Board of Trustees, except to the extent there is a final, non-appealable adjudication that such acts or omissions constituted bad faith, fraud, intentional misconduct, gross negligence or reckless disregard of the duties of our Manager under our management agreement. Such persons will also not be liable for trade errors that may result from ordinary negligence, including errors in the investment decision making or trade process. Other. In addition to the fees and expense reimbursements payable to our Manager under our management agreement, our Manager and its affiliates may benefit from other fees paid to it in respect of our investments. For example, if we seek to securitize some of our CRE loans, our Manager or its affiliates may act as collateral manager. In any of these or other capacities, our Manager and its affiliates may receive fees for their services if approved by a majority of our Independent Trustees.

Related Person Transactions

Related Person Transactions	12 Months Ended
	Dec. 31, 2018
Related Party Transactions [Abstract]
Related Person Transactions	Related Person Transactions We have relationships and historical and continuing transactions with our Manager, RMR LLC, The RMR Group Inc., or RMR Inc., and others related to them, including other companies to which RMR LLC or its subsidiaries provide management services and some of which have trustees, directors or officers who are also our Trustees or officers. Our Manager is a subsidiary of RMR LLC, which is a majority owned subsidiary of RMR Inc. and RMR Inc. is the managing member of RMR LLC. RMR LLC provides certain shared services to our Manager which are applicable to us, and we reimburse our Manager for the amounts it pays for those services. One of our Managing Trustees, Adam Portnoy, as the sole trustee of ABP Trust, is the controlling shareholder of RMR Inc. and is a managing director, president and chief executive officer of RMR Inc., a director of our Manager and the president and chief executive officer and an employee of RMR LLC. Barry M. Portnoy was our other Managing Trustee and a managing director and an officer of RMR Inc. and an officer and employee of RMR LLC until his death on February 25, 2018. David M. Blackman, our other Managing Trustee and our President and Chief Executive Officer, also serves as the president and chief executive officer of our Manager and an executive officer and employee of RMR LLC, and each of our other officers is also an officer and/or employee of our Manager or RMR LLC. Our Independent Trustees also serve as independent directors or independent trustees of other public companies to which RMR LLC or its subsidiaries provide management services. Adam Portnoy serves, and, until his death, Barry Portnoy served, as a managing director or managing trustee of all of these companies and other officers of RMR LLC serve as managing trustees or managing directors of certain of these companies. In addition, officers of our Manager, RMR LLC and RMR Inc. serve as our officers and officers of other companies to which RMR LLC or its subsidiaries provide management services. Our Manager, Tremont Realty Advisors LLC. Our Manager provides management services to us pursuant to our management agreement. See Note 8 for further information regarding our management agreement. We were formed as a 100% owned subsidiary of our Manager. Our Manager is our largest shareholder and, as of December 31, 2018 , owned 600,100 of our common shares, or approximately 18.9% of our outstanding common shares. Our Manager paid the initial organizational costs related to our formation and other costs of our IPO, including the underwriting discounts and commissions, which costs were $6,823 in aggregate. Each of our Managing Trustees and executive officers is also a director or officer of our Manager and of RMR LLC. We and our Manager entered into a private placement purchase agreement concurrently with our IPO, pursuant to which our Manager acquired 600,000 of our common shares at a price of $20.00 per share, which was the same price at which we sold our common shares in our IPO. Under the private placement purchase agreement, we granted to our Manager certain demand and piggyback registration rights, subject to certain limitations, covering our common shares owned by our Manager. In February 2019, we entered into a credit agreement with our Manager, as lender, or the RMR Credit Agreement, pursuant to which, from time to time within six months following the date of the RMR Credit Agreement, we may borrow up to $25,000 in unsecured loans at a rate of 6.50% per annum. See Note 14 for further information regarding the RMR Credit Agreement. RMR Inc. and RMR LLC . Our Manager is a subsidiary of RMR LLC, which is a majority owned subsidiary of RMR Inc. and RMR Inc. is the managing member of RMR LLC. The controlling shareholder of RMR Inc. is ABP Trust. Adam Portnoy, one of our Managing Trustees, is the controlling shareholder, the sole trustee and an officer of ABP Trust. RMR LLC provides certain shared services to our Manager which are applicable to us, and we reimburse our Manager for the amount it pays for those services. See Note 8 for further information regarding this shared services arrangement. Share Awards to Employees of our Manager and RMR LLC. During the year ended December 31, 2018, we awarded to our officers and other employees of our Manager and/or RMR LLC annual share awards of 46,300 of our common shares, valued at $546 , in aggregate, based upon the closing price of our common shares on Nasdaq on the date of the awards. During the year ended December 31, 2017, we awarded to our officers annual share awards of 20,000 of our common shares, valued at $317 , in aggregate, based upon the closing price of our common shares on Nasdaq on the date of the awards. One fifth of these awards vested on the award date and one fifth vests on each of the next four anniversaries of the award date. These awards to employees of our Manager and RMR LLC are in addition to the share awards made to our current and former Managing Trustees, as Trustee compensation, and the fees we paid to our Manager. We purchased common shares awarded to certain of our officers and employees of our Manager and/or RMR LLC in satisfaction of tax withholding and payment obligations in connection with the vesting of awards of our common shares. See Note 7 for further information regarding these purchases . Directors’ and Officers’ Liability Insurance. We, RMR Inc., RMR LLC and certain other companies to which RMR LLC or its subsidiaries provide management services participate in a combined directors’ and officers’ liability insurance policy. The current combined policy expires in September 2020. We paid aggregate premiums of $156 and $224 for this policy in 2018 and 2017, respectively.

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2018
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes We have elected to be taxed as a REIT under the Internal Revenue Code of 1986, as amended, or the IRC. Accordingly, we generally are not, and will not be, subject to U.S. federal income tax, provided that we meet certain distribution and other requirements. We are subject to certain state and local taxes, certain of which amounts are or will be reported as income taxes in our consolidated statements of income. As of December 31, 2018, we had net operating losses of approximately $2,859 . As a REIT, we will not be able to realize the future benefit of these losses and accordingly have provided a 100% valuation allowance.

Weighted Average Common Shares

Weighted Average Common Shares	12 Months Ended
	Dec. 31, 2018
Earnings Per Share [Abstract]
Weighted Average Common Shares	Weighted Average Common Shares We calculate Basic EPS by dividing net losses by the number of weighted average number of common shares outstanding during the period. We calculate diluted EPS using the more dilutive of the two class method or the treasury stock method. Unvested share awards and other potentially dilutive common shares and the related impact on earnings, are considered when calculating diluted earnings per share. Due to net losses incurred during the year ended December 31, 2018 and the period June 1, 2017 (inception) through December 31, 2017 basic weighted average shares is equal to diluted weighted average shares. As a result, 2,929 and 3,581 restricted unvested common shares were excluded from the computation of diluted EPS for the year ended December 31, 2018 and the period June 1, 2017 (inception) through December 31, 2017, respectively.

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2018
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Unfunded Commitments As of December 31, 2018 , we had unfunded commitments of $17,673 related to our loans held for investment. These commitments are not reflected in our consolidated balance sheets. Loans held for investments related to these unfunded commitments have a weighted average initial maturity date of 2.7 years. See Note 4 for further information related to loans held for investment. Secured Borrowings At December 31, 2018 , we had aggregate principal balances outstanding under our Master Repurchase Facility and our note payable of $104,272 . Principal balances outstanding at December 31, 2018 had a weighted average life to maturity of 2.6 years. See Note 5 for further information related to our secured debt agreements.

Selected Quarterly Financial Da

Selected Quarterly Financial Data (Unaudited)	12 Months Ended
	Dec. 31, 2018
Quarterly Financial Information Disclosure [Abstract]
Selected Quarterly Financial Data (Unaudited)	Selected Quarterly Financial Data (Unaudited) The following is a summary of our unaudited quarterly results of operations for the year ended December 31, 2018 and the period June 1, 2017 (inception) through December 31, 2017: First Quarter Second Quarter Third Quarter Fourth Quarter 2018 Income from investments, net $ 196 $ 429 $ 822 $ 953 Net (loss) income $ (949 ) $ (781 ) $ (63 ) $ 185 Weighted average common shares - basic 3,111 3,123 3,129 3,135 Weighted average common shares - diluted 3,111 3,123 3,129 3,138 Per share data: Net (loss) income per common share - basic and diluted $ (0.31 ) $ (0.25 ) $ (0.02 ) $ 0.06 2017 Income from investments, net $ — $ — $ 23 $ 199 Net loss $ — $ — $ (238 ) $ (1,058 ) Weighted average common shares — — 438 3,106 Per share data: Net loss per common share - basic and diluted $ — $ — $ (0.54 ) $ (0.34 )

Subsequent Events

Subsequent Events	12 Months Ended
	Dec. 31, 2018
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events In February 2019, we entered into the RMR Credit Agreement, pursuant to which, from time to time within six months following the date of the RMR Credit Agreement, we may borrow up to $25,000 in unsecured loans at a rate of 6.50% per annum. The proceeds of any borrowings under the RMR Credit Agreement will be principally used to fund additional investments in first mortgage bridge loans that are consistent with our business strategy and have been approved by our Board of Trustees. The RMR Credit Agreement matures on the later of February 4, 2022 or 30 days following the final maturity of both of our Master Repurchase Facility and the TCB loan. Also in February 2019, in connection with the RMR Credit Agreement, we amended our Master Repurchase Agreement to increase the maximum amount available for advancement under our Master Repurchase Facility from $135,000 to $210,000 , with the additional advancements becoming available for borrowing under the facility if and as we make borrowings under the RMR Credit Agreement, as provided for in our Master Repurchase Agreement. In addition, certain other provisions of our Master Repurchase Agreement were amended to accommodate our entering into the RMR Credit Agreement. In January 2019, we closed a $ 24,550 first mortgage bridge loan to finance the acquisition of a 432 unit apartment community located in Rochester, NY at an as in LTV of 74% . This loan requires the borrower to pay interest at a floating rate of LIBOR plus a premium of 325 basis points payable monthly. This loan was fully funded at closing and has a three year initial term with two , one year extension options, subject to the borrower meeting certain conditions. Also in January 2019, in connection with the closing of this loan we sold to, and later committed to repurchase from, Citibank under our Master Repurchase Facility, this loan and Citibank advanced us 75% of the aggregate balance, or $18,413 . In February 2019, we closed a $22,915 first mortgage bridge loan to refinance an approximately 96,000 square foot, retail property located in Coppell, TX at an as is LTV of approximately 73% . This loan requires the borrower to pay interest at a floating rate of LIBOR plus a premium of 350 basis points payable monthly. This loan funded $20,050 at closing, includes a future funding allowance of $2,865 for building improvements and leasing capital and has a two year term. Also, in February 2019, in connection with the closing of this loan we sold to, and later committed to repurchase from, Citibank under our Master Repurchase Facility, the principal balance of this loan and Citibank advanced us 65% of that balance, or $13,032 .

Schedule IV - Mortgage Loans On

Schedule IV - Mortgage Loans On Real Estate	12 Months Ended
	Dec. 31, 2018
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Abstract]
Schedule IV - Mortgage Loans On Real Estate	Property type/Location Interest Rate Maturity Date (1) Payment Terms (2) Prior Liens (3) Principal Book Value First Mortgage Bridge Loans (4) Office, Metairie, LA L + 5.00% 4/11/2023 I/O — $ 16,415 $ 16,321 Office, Houston, TX L + 4.00% 6/26/2023 I/O — 13,103 12,991 Hotel, Queens, NY L + 3.50% 7/19/2023 I/O — 39,613 39,284 Office, Scarsdale, NY L + 4.00% 7/31/2023 I/O — 13,771 13,691 Retail, Phoenix, AZ L + 4.25% 11/30/2022 I/O — 5,887 5,762 Office, St. Louis, MO L + 3.25% 12/19/2023 I/O — 26,440 26,141 Hotel, Atlanta, GA L + 3.25% 12/21/2023 I/O — 21,900 21,654 $ 137,129 $ 135,844 (1) Maximum maturity assumes all extension option are exercised by the borrower, subject to conditions. (2) I/O = interest only until final maturity. (3) Represents only third party prior liens. (4) As of December 31, 2018, none of our borrowers were delinquent in payment. Reconciliation of Mortgage Loans on Real Estate: December 31, 2017 $ — Additions during the period: New mortgage loans 137,129 Amortization of deferred fees 296 Deductions during the period: Deferred fees (1,581 ) December 31, 2018 $ 135,844

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2018
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation. The preparation of these consolidated financial statements in conformity with U.S. generally accepted accounting principles, or GAAP, requires us to make estimates and assumptions that affect reported amounts. Actual results could differ from those estimates. Significant estimates in the consolidated financial statements include the fair value of financial instruments. These consolidated financial statements include the accounts of us and our subsidiaries, all of which are 100% owned directly by us. All intercompany transactions and balances with or among our consolidated subsidiaries have been eliminated.
Consolidation	Consolidation. For each investment we make, we evaluate whether consolidation of the borrower is required under GAAP. GAAP addresses the application of consolidation principles to an investor with a controlling financial interest. Variable interest entities, or VIEs, are subject to consolidation under GAAP if their equity investors either do not have sufficient equity at risk for the entity to finance its activities without additional subordinated financial support from other parties, are unable to direct the entity’s most significant activities or are not exposed to the entity’s losses or entitled to the entity's residual returns. VIEs are required to be consolidated by their primary beneficiaries, which are the entities with the power to direct the activities which are most significant to the economic performance of the VIE. These determinations often involve complex and subjective analyses.
Cash and Cash Equivalents	Cash, Cash Equivalents and Restricted Cash. We consider highly liquid investments with original maturities of three months or less at the date of purchase to be cash equivalents. Restricted cash primarily consists of deposit proceeds from potential borrowers when originating loans, which may be returned to the applicable borrower upon the closing of the loan, after deducting any transaction costs paid by us for the benefit of such borrower.
Repurchase Agreements	Repurchase Agreements. Loans financed through repurchase agreements are treated as collateralized financing transactions, unless they meet sales treatment under GAAP. Pursuant to GAAP treatment of collateralized financing transactions, loans financed through repurchase agreements remain on our consolidated balance sheet as assets, and cash received from the purchasers is recorded on our consolidated balance sheet as liabilities. Interest paid in accordance with repurchase agreements is recorded as interest expense.
Loans Held-for-Investment	Loans Held For Investment. Generally, our loans will be classified as held for investment based upon our intent and ability to hold them until maturity. Loans that are held for investment are carried at cost, net of unamortized loan origination and accreted exit fees that are required to be recognized in the carrying value of the loans in accordance with GAAP, unless the loans are deemed to be impaired. Loans that we have a plan to sell or liquidate will be held at the lower of cost or fair value less cost to sell. We evaluate each of our loans for impairment at least quarterly by assessing a variety of risk factors in relation to each loan and assigning a risk rating to each loan based on those factors. Factors considered in these evaluations include, but are not limited to, property type, geographic and local market dynamics, physical condition, leasing and tenant profile, projected cash flow, risk of loss, current loan to value ratio, or LTV, debt yield, collateral performance, structure, exit plan and sponsorship. Loans are rated “1” (less risk) through “5” (greater risk) as defined below: "1" lower risk—Criteria reflects a sponsor having a strong financial condition and low credit risk and our evaluation of management's experience; collateral performance exceeding performance metrics included in the business plan or credit underwriting; and the property demonstrating stabilized occupancy and/or market rates, resulting in strong current cash flow and net operating income and/or having a very low LTV. "2" average risk—Criteria reflects a sponsor having a stable financial condition and our evaluation of management's experience; collateral performance meeting or exceeding substantially all performance metrics included in the business plan or credit underwriting; and the property demonstrating improved occupancy at market rents, resulting in sufficient current cash flow and/or having a low LTV. "3" acceptable risk—Criteria reflects a sponsor having a history of repaying loans at maturity and meeting its credit obligations and our evaluation of management's experience; collateral performance expected to meet performance metrics included in the business plan or credit underwriting; and the property having a moderate LTV. New loans and loans with a limited history will typically be assigned this rating and will be adjusted to other levels from time to time as appropriate. "4" higher risk—Criteria reflects a sponsor having a history of unresolved missed or late payments, maturity extensions and difficulty timely fulfilling its credit obligations and our evaluation of management's experience; collateral performance failing to meet the business plan or credit underwriting; the existence of a risk of default possibly leading to a loss and/or potential weaknesses that deserve management’s attention; and the property having a high LTV. "5" impaired/loss likely—Criteria reflects a very high risk of realizing a principal loss or having incurred a principal loss; a sponsor having a history of default payments, trouble fulfilling its credit obligations, deeds in lieu of foreclosures, and/or bankruptcies; collateral performance is significantly worse than performance metrics included in the business plan; loan covenants or performance milestones having been breached or not attained; timely exit via sale or refinancing being uncertain; and the property having a very high LTV. Impairment occurs when it is deemed probable that we will not be able to collect all amounts due under a loan according to its contractual terms. Impairment will then be measured based on the present value of expected future cash flows discounted at the loan’s contractual effective rate and the fair value of any available collateral, net of any costs we expect to incur to realize that value. The determination of whether loans are impaired involves judgments and assumptions based on objective and subjective factors. Consideration will be given to various factors, such as business plans, property occupancies, tenant profiles, rental rates, operating expenses and borrowers’ repayment plans, among others, and will require significant judgments, including assumptions regarding the values of loans, the values of underlying collateral and other circumstances, such as guarantees, if any. Upon measurement of an impairment, we will record an allowance to reduce the carrying value of the loan accordingly, and record a corresponding charge to net income in our consolidated statements of operations. As of December 31, 2018 , we have not recorded any allowance for losses as we believe it is probable that we will collect all amounts due pursuant to the contractual terms of our loans.
Fair Value of Financial Instruments	Fair Value of Financial Instruments. Financial Accounting Standards Board, or FASB, Accounting Standards Codification TM , or ASC, Topic 820-10, Fair Value Measurements and Disclosures , defines fair value, establishes a framework for measuring fair value in accordance with GAAP and expands the required disclosure regarding fair value measurements. ASC Topic 820-10 defines fair value as the price that would be received for a financial instrument in a current sale, which assumes an orderly transaction between market participants on the measurement date. We determine the estimated fair value of financial assets and liabilities using the three tier fair value hierarchy established by GAAP, which prioritizes the inputs used in measuring fair value. GAAP establishes market based or observable inputs as the preferred source of values followed by valuation models using management assumptions in the absence of market inputs. The three levels of inputs that may be used to measure fair value are as follows: Level I—Inputs include quoted prices in active markets for identical assets or liabilities that we have the ability to access. Level II—Inputs include quoted prices in markets that are less active or inactive or for which all significant inputs are observable, either directly or indirectly. Level III—Inputs include unobservable prices and are supported by little or no market activity and are significant to the overall fair value measurement.
Loan Deferred Fees	Loan Deferred Fees. Loan origination and exit fees are reflected in loans held for investment, net, in our consolidated balance sheets and include fees charged to borrowers. These fees are amortized and accreted, respectively, into interest income over the life of the related loans held for investment.
Deferred Financing Costs	Deferred Financing Costs. Costs incurred in connection with financings are capitalized and recorded as an offset to the related liability and amortized over the respective financing terms and are recorded in our consolidated statements of operations as a component of interest and related expenses. At December 31, 2018 , we had approximately $1,096 of capitalized financing costs, net of amortization.
Net Loss Per Common Share	Net Loss Per Common Share. We calculate basic earnings (losses) per common share, or EPS, by dividing net loss by the weighted average number of common shares outstanding during the period. We calculate diluted net loss per share using the more dilutive of the two class method or the treasury stock method.
Revenue Recognition	Revenue Recognition. Interest income related to our first mortgage loans secured by commercial real estate, or CRE, will generally be accrued based on the coupon rates applied to the outstanding principal balance of such loans. Fees, premiums and discounts, if any, will be amortized or accreted into interest income over the remaining lives of the loans using the effective interest method, as adjusted for any prepayments. If a loan's interest or principal payments are not paid when due and there is uncertainty that such payments will be collected, the loan may be categorized as non-accrual and no interest will be recorded unless it is collected. When all overdue payments are collected and, in our judgment, a loan is likely to remain current, it may be re-categorized as accrual. For loans purchased at a discount, GAAP limits the yield that may be accreted (accretable yield) to the excess of the investor’s estimate of undiscounted expected principal, interest and other cash flows (cash flows expected at acquisition to be collected) over the investor’s initial investment in the loan. GAAP also requires that the excess of contractual cash flows over cash flows expected to be collected (non-accretable difference) not be recognized as an adjustment of yield, loss accrual or valuation allowance. Subsequent increases in cash flows expected to be collected from such loans generally will be recognized prospectively through adjustment of the loan’s yield over its remaining life. Decreases in cash flows expected to be collected will be recorded as impairment.
Recent Accounting Pronouncements	Recent Accounting Pronouncements On January 1, 2018, we adopted FASB Accounting Standards Update, or ASU, No. 2014-09 (and related clarifying guidance issued by the FASB), Revenue From Contracts With Customers , which outlines a comprehensive model for entities to use in accounting for revenue arising from contracts with customers. ASU No. 2014-09 states that “an entity recognizes revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services.” We have evaluated ASU No. 2014-09 and related clarifying guidance issued by the FASB and determined that interest income and gains and losses on financial instruments are outside of its scope; therefore, the adoption of ASU No. 2014-09 did not have a material impact in our consolidated financial statements. In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments - Credit Losses (Topic 326) : Measurement of Credit Losses on Financial Instruments , which requires that entities use a new forward looking “expected loss” model that generally will result in the earlier recognition of allowance for credit losses. The measurement of expected credit losses is based upon historical experience, current conditions, and reasonable and supportable forecasts that affect the collectability of the reported amount. ASU No. 2016-13 is effective for fiscal years beginning after December 15, 2021, including interim periods within those fiscal years. We are currently assessing the potential impact the adoption of ASU No. 2016-13 will have in our consolidated financial statements. On January 1, 2018, we adopted FASB ASU No. 2016-18, Restricted Cash , which requires companies to show the changes in the total of cash, cash equivalents, restricted cash and restricted cash equivalents in the statements of cash flows. This update also requires a reconciliation of the totals in the statements of cash flows to the related captions in the balance sheet. As a result, amounts included in restricted cash in our consolidated balance sheets are included with cash and cash equivalents in the consolidated statements of cash flows. Restricted cash, which primarily consists of deposit proceeds from potential borrowers which may be returned to the applicable borrower upon the closing of the loan, after deducting any transaction costs paid by us for the benefit of such borrower, totaled $ 311 as of December 31, 2018 . The adoption of this update did not change our consolidated balance sheet presentation. On October 1, 2018, we adopted FASB ASU No. 2018-07, Compensation - Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting , which aligns the measurement and classification guidance for share based payments to nonemployees with the guidance for share based payments to employees, with certain exceptions. We have determined that the transition adjustment to early adopt this guidance is immaterial to our consolidated financial statements and that the common share awards to our officers and certain other employees of our Manager and of The RMR Group LLC, or RMR LLC, will be considered equity classified awards with the fair value measured on the grant date and amortized into general and administrative expenses over the vesting period through additional paid in capital.

Loans Held-for-Investment (Tabl

Loans Held-for-Investment (Tables)	12 Months Ended
	Dec. 31, 2018
Receivables [Abstract]
Schedule of Loans	The table below represents our loan activities: Principal Deferred Fees Net Book Value December 31, 2017 $ — $ — $ — Loan funding 137,129 (1,581 ) 135,548 Net amortization of deferred fees 296 296 December 31, 2018 $ 137,129 $ (1,285 ) $ 135,844 The tables below detail the property type and geographic distribution of the properties securing the loans in our portfolio: Number of Net Book Value Percentage of Property Type Loans Balance Value Office 4 $ 69,144 51 % Hotel 2 60,938 45 % Retail 1 5,762 4 % 7 $ 135,844 100 % Number of Net Book Value Percentage of Geographic Location Loans Balance Value East 2 $ 52,975 39 % South 3 50,966 38 % Midwest 1 26,141 19 % West 1 5,762 4 % 7 $ 135,844 100 %
Summarized Financial Data	The following presents summarized financial data of the operating property securing the JFK loan for the period of July 18, 2018 (the JFK loan's origination date) through December 31, 2018: December 31, 2018 Summarized Balance Sheet Data: Total assets $ 59,527 Total liabilities $ 40,992 Total equity $ 18,535 Year Ended December 31, 2018 Summarized Operating Results: Revenue $ 6,055 Operating income $ 2,201 Net income $ 432

Fair Value of Financial Instr_2

Fair Value of Financial Instruments (Tables)	12 Months Ended
	Dec. 31, 2018
Fair Value Disclosures [Abstract]
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis	The following table provides information regarding financial assets and liabilities not carried at fair value on a recurring basis in our consolidated balance sheets: Carrying Fair As of December 31, 2018 Value Value Financial assets Loans held for investment $ 135,844 $ 137,872 Financial liabilities Master Repurchase Agreement 71,691 72,582 Note payable 31,485 31,690

Shareholders' Equity (Tables)

Shareholders' Equity (Tables)	12 Months Ended
	Dec. 31, 2018
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Schedule of unvested share activity	A summary of shares granted, forfeited, vested and unvested under the terms of the 2017 Plan for the years ended December 31, 2018 and 2017, is as follows: 2018 2017 Number of Weighted Average Grant Number of Weighted Average Grant Shares Date Fair Value Shares Fair Value Unvested shares, beginning of year 16,000 $15.87 — $— Shares granted 62,800 $12.03 27,500 $15.87 Shared forfeited (8,000 ) $15.87 — $— Shares vested (27,760 ) $12.61 (11,500 ) $15.87 Unvested shares, end of year 43,040 $12.37 16,000 $15.87

Selected Quarterly Financial _2

Selected Quarterly Financial Data (Unaudited) (Tables)	12 Months Ended
	Dec. 31, 2018
Quarterly Financial Information Disclosure [Abstract]
Schedule of quarterly financial data	The following is a summary of our unaudited quarterly results of operations for the year ended December 31, 2018 and the period June 1, 2017 (inception) through December 31, 2017: First Quarter Second Quarter Third Quarter Fourth Quarter 2018 Income from investments, net $ 196 $ 429 $ 822 $ 953 Net (loss) income $ (949 ) $ (781 ) $ (63 ) $ 185 Weighted average common shares - basic 3,111 3,123 3,129 3,135 Weighted average common shares - diluted 3,111 3,123 3,129 3,138 Per share data: Net (loss) income per common share - basic and diluted $ (0.31 ) $ (0.25 ) $ (0.02 ) $ 0.06 2017 Income from investments, net $ — $ — $ 23 $ 199 Net loss $ — $ — $ (238 ) $ (1,058 ) Weighted average common shares — — 438 3,106 Per share data: Net loss per common share - basic and diluted $ — $ — $ (0.54 ) $ (0.34 )

Organization (Details)

Organization (Details) - USD ($) $ / shares in Units, $ in Thousands	Sep. 18, 2017	Dec. 31, 2018	Dec. 31, 2017
Subsidiary, Sale of Stock [Line Items]
Common shares of beneficial interest, par value (in dollars per share)	$ 0.01	$ 0.01	$ 0.01
Proceeds from sale of common shares	$ 62,000
IPO
Subsidiary, Sale of Stock [Line Items]
Number of shares issued (in shares)	2,500,000
Price of shares issued (in dollars per share)	$ 20
Private Placement
Subsidiary, Sale of Stock [Line Items]
Number of shares issued (in shares)	600,000
Price of shares issued (in dollars per share)	$ 20

Summary of Significant Accoun_3

Summary of Significant Accounting Policies - Additional Information (Details) $ in Thousands	Dec. 31, 2018USD ($)
Accounting Policies [Abstract]
Deferred financing costs	$ 1,096

Recent Accounting Pronounceme_2

Recent Accounting Pronouncements - Additional Information (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Accounting Policies [Abstract]
Restricted cash	$ 311	$ 0

Loans Held-for-Investment - Nar

Loans Held-for-Investment - Narrative (Details) $ in Thousands	1 Months Ended	12 Months Ended
	Jul. 31, 2018USD ($)keystory	Dec. 31, 2018USD ($)loan	Dec. 31, 2017USD ($)
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of Loans | loan		7
Total commitments		$ 154,802
Principal balance		137,129	$ 0
Net book value		135,844	0
Deferred origination fees and accrued exit fee		$ (1,285)	0
Average all-in yield		6.82%
Weighted average coupon rate		6.14%
Weighted average maximum maturity		4 years 8 months
Weighted average LTV		0.70
Principal balance outstanding		$ 135,844	$ 0
Unfunded commitments
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unfunded commitments		$ 17,673
Weighted average maximum maturity		2 years 8 months
First Mortgage Bridge Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Principal balance		$ 137,129
Net book value		135,844
Hampton Inn JFK
Accounts, Notes, Loans and Financing Receivable [Line Items]
Face amount	$ 40,363
Amount funded by us at closing	$ 39,613
Number of keys in building | key	216
Number of stories in building | story	13
Principal balance outstanding		$ 39,613
Percentage of assets		24.00%

Loans Held-for-Investment - Loa

Loans Held-for-Investment - Loan Activity (Details) - USD ($) $ in Thousands	7 Months Ended	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2018
SEC Schedule, 12-29, Real Estate Companies, Investment in Movement in Mortgage Loans on Real Estate [Roll Forward]
Principal, beginning balance		$ 0
Deferred Fees, beginning balance		0
Beginning balance		0
Principal, Loan funding		137,129
Deferred Fees, Loan funding		(1,581)
Net Book Value, Loan funding		135,548
Net amortization of deferred fees	$ 0	296
Principal, ending balance	0	137,129
Deferred Fees, ending balance	0	(1,285)
Ending balance	$ 0	$ 135,844

Loans Held-for-Investment - L_2

Loans Held-for-Investment - Loan Portfolio (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2018USD ($)loan	Dec. 31, 2017USD ($)
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Number of Loans | loan	7
Net Book Value Balance | $	$ 135,844	$ 0
Percentage of Value	100.00%
East
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Number of Loans | loan	2
Net Book Value Balance | $	$ 52,975
Percentage of Value	39.00%
South
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Number of Loans | loan	3
Net Book Value Balance | $	$ 50,966
Percentage of Value	38.00%
Midwest
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Number of Loans | loan	1
Net Book Value Balance | $	$ 26,141
Percentage of Value	19.00%
West
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Number of Loans | loan	1
Net Book Value Balance | $	$ 5,762
Percentage of Value	4.00%
Office
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Number of Loans | loan	4
Net Book Value Balance | $	$ 69,144
Percentage of Value	51.00%
Hotel
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Number of Loans | loan	2
Net Book Value Balance | $	$ 60,938
Percentage of Value	45.00%
Retail
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Number of Loans | loan	1
Net Book Value Balance | $	$ 5,762
Percentage of Value	4.00%

Loans Held-for-Investment - Sum

Loans Held-for-Investment - Summarized Financial Data (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	May 31, 2017
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total assets	$ 163,913	$ 61,925
Total liabilities	104,245	1,055
Total equity	59,668	$ 60,870	$ 0
Hampton Inn JFK
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total assets	59,527
Total liabilities	40,992
Total equity	18,535
Revenue	6,055
Operating income	2,201
Net income	$ 432

Secured Debt Agreements - Maste

Secured Debt Agreements - Master Repurchase Facility (Details) $ in Thousands	Feb. 09, 2018USD ($)	Dec. 31, 2017USD ($)	Dec. 31, 2018USD ($)loan	Feb. 07, 2019USD ($)	Feb. 04, 2019USD ($)	Nov. 06, 2018USD ($)
Assets Sold under Agreements to Repurchase [Line Items]
Master repurchase agreement		$ 0	$ 71,691
Proceeds from master repurchase agreement		0	72,582
Assets pledged as collateral		$ 0	$ 137,129
Weighted average remaining maturity			2 years 7 months
Citibank, N.A. | Mortgages and Related Assets
Assets Sold under Agreements to Repurchase [Line Items]
Authorized amount	$ 100,000					$ 135,000
Percentage of purchased asset, initial purchase price	75.00%
Number of assets sold | loan			6
Master repurchase agreement			$ 97,516
Proceeds from master repurchase agreement			(72,582)
Assets pledged as collateral			96,560
Fair value of assets pledged as collateral			$ 98,232
Weighted average remaining maturity			2 years 7 months
Interest rate			2.08%
Interest expense			$ 603
LIBOR | Citibank, N.A. | Minimum | Mortgages and Related Assets
Assets Sold under Agreements to Repurchase [Line Items]
Variable basis spread	2.00%
LIBOR | Citibank, N.A. | Maximum | Mortgages and Related Assets
Assets Sold under Agreements to Repurchase [Line Items]
Variable basis spread	2.50%
Subsequent Event | Citibank, N.A. | Mortgages and Related Assets
Assets Sold under Agreements to Repurchase [Line Items]
Authorized amount				$ 210,000	$ 210,000
Securities Sold under Agreements to Repurchase | Citibank, N.A. | Mortgages and Related Assets
Assets Sold under Agreements to Repurchase [Line Items]
Principal maturity in 2020			4,415
Principal maturity in 2021			$ 68,167

Secured Debt Agreements - Notes

Secured Debt Agreements - Notes Payable (Details) $ in Thousands	Jul. 27, 2018extension_option	Jul. 31, 2018USD ($)keystory	Dec. 31, 2018USD ($)
Hampton Inn JFK
Debt Instrument [Line Items]
Face amount		$ 40,363
Amount funded by us at closing		$ 39,613
Number of keys in building | key		216
Number of stories in building | story		13
TCB Loan | Note payable
Debt Instrument [Line Items]
Percentage of collateral eligible to be advanced	80.00%
Number of extension options | extension_option	2
Term of extension option	1 year
Debt yield	10.50%
Percentage of loan guaranteed	25.00%
Proceeds from debt			$ 31,690
Interest expense			$ 606
TCB Loan | Note payable | LIBOR
Debt Instrument [Line Items]
Variable rate	2.15%		2.15%

Fair Value of Financial Instr_3

Fair Value of Financial Instruments - Recurring Fair Value (Details) - Recurring - Level III $ in Thousands	Dec. 31, 2018USD ($)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Loans held-for-investment	$ 137,872
Carrying Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Loans held-for-investment	135,844
Master repurchase agreement
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial liabilities	72,582
Master repurchase agreement | Carrying Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial liabilities	71,691
Note payable
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial liabilities	31,690
Note payable | Carrying Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial liabilities	$ 31,485

Shareholders' Equity - Narrativ

Shareholders' Equity - Narrative (Details) $ / shares in Units, $ in Thousands	Jan. 18, 2019USD ($)$ / shares	Nov. 20, 2018$ / sharesshares	Sep. 24, 2018$ / sharesshares	Aug. 20, 2018$ / sharesshares	Nov. 29, 2017$ / sharesshares	Sep. 18, 2017USD ($)$ / sharesshares	Dec. 31, 2017USD ($)shares	Dec. 31, 2018USD ($)installmentshares	Dec. 31, 2017USD ($)shares	Dec. 31, 2016shares
Subsidiary, Sale of Stock [Line Items]
Share granted, value | $							$ 182	$ 398
Proceeds from sale of common shares | $						$ 62,000
Share grant forfeitures (in shares)				8,000
Share grant forfeitures (in dollars per share) | $ / shares				$ 12.50
Shares repurchased (in shares)		301	2,121		1,161
Shares repurchased (in dollars per share) | $ / shares		$ 10.53	$ 11.89		$ 15.34
IPO
Subsidiary, Sale of Stock [Line Items]
Number of shares issued (in shares)						2,500,000
Price of shares issued (in dollars per share) | $ / shares						$ 20
Private Placement
Subsidiary, Sale of Stock [Line Items]
Number of shares issued (in shares)						600,000
Price of shares issued (in dollars per share) | $ / shares						$ 20
Fully vested common shares | 2017 Plan | Trustees
Subsidiary, Sale of Stock [Line Items]
Shares granted (in shares)								3,000	1,500
Share granted, value | $								$ 189	$ 119
Stock granted, value per trustee | $								$ 38	24
Fully vested common shares | 2017 Plan | Managing Trustee
Subsidiary, Sale of Stock [Line Items]
Shares granted (in shares)								1,500
Share granted, value | $									$ 20
Fully vested common shares | 2017 Plan | Officers
Subsidiary, Sale of Stock [Line Items]
Number of installments | installment								5
Restricted unvested common shares
Subsidiary, Sale of Stock [Line Items]
Shares granted (in shares)								62,800	27,500
Unvested shares outstanding (in shares)							16,000	43,040	16,000	0
Restricted unvested common shares | 2017 Plan
Subsidiary, Sale of Stock [Line Items]
Unvested shares outstanding (in shares)								43,040
Future compensation expense | $								$ 427
Future compensation expense, period of recognition								28 months
Total fair value of shares vested | $							$ 183	$ 342
Common shares available for issuance (in shares)								153,783
Restricted unvested common shares | 2017 Plan | 2019
Subsidiary, Sale of Stock [Line Items]
Unvested shares outstanding (in shares)								14,260
Restricted unvested common shares | 2017 Plan | 2020
Subsidiary, Sale of Stock [Line Items]
Unvested shares outstanding (in shares)								10,260
Restricted unvested common shares | 2017 Plan | 2021
Subsidiary, Sale of Stock [Line Items]
Unvested shares outstanding (in shares)								10,260
Restricted unvested common shares | 2017 Plan | 2022
Subsidiary, Sale of Stock [Line Items]
Unvested shares outstanding (in shares)								8,260
Subsequent Event
Subsidiary, Sale of Stock [Line Items]
Common stock dividends declared (in dollars per share) | $ / shares	$ 0.11
Common stock dividends declared | $	$ 350

Shareholders' Equity - Nonveste

Shareholders' Equity - Nonvested Share Activity (Details) - Restricted unvested common shares - $ / shares	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Number of Shares
Unvested shares, beginning of year (in shares)	16,000	0
Shares granted (in shares)	62,800	27,500
Shared forfeited (in shares)	(8,000)	0
Shares vested (in shares)	(27,760)	(11,500)
Unvested shares, end of year (in shares)	43,040	16,000
Weighted Average Grant Date Fair Value
Unvested shares, beginning of year (in dollars per share)	$ 15.87	$ 0
Shares granted (in dollars per share)	12.03	15.87
Shared forfeited (in dollars per share)	15.87	0
Shares vested (in dollars per share)	12.61	15.87
Unvested shares, end of year (in dollars per share)	$ 12.37	$ 15.87

Management Agreement With Our_2

Management Agreement With Our Manager (Details) $ in Thousands	1 Months Ended	7 Months Ended	12 Months Ended
	Jun. 30, 2018USD ($)	Dec. 31, 2017USD ($)	Dec. 31, 2018USD ($)employee
Related Party Transaction [Line Items]
Number of employees | employee			0
Annualized base management fee			1.50%
Quarterly base management fee			0.375%
Incentive fee percentage			20.00%
Incentive fee percentage per year			7.00%
Management fees		$ 260	$ 447
Management fees including waived fees			892
Related party expense		428	1,460
Principal Owner
Related Party Transaction [Line Items]
Management fees	$ 447	260
Internal Audit Costs | Principal Owner
Related Party Transaction [Line Items]
Related party transaction		35	118
Shared Service Costs | Principal Owner
Related Party Transaction [Line Items]
Related party expense		$ 428	$ 1,460

Related Person Transactions (De

Related Person Transactions (Details) - USD ($)	Feb. 04, 2019	Sep. 29, 2017	Sep. 18, 2017	Dec. 31, 2017	Dec. 31, 2018	Dec. 31, 2017
Related Party Transaction [Line Items]
Share granted, value				$ 182,000	$ 398,000
Related party expense				$ 428,000	$ 1,460,000
Officers and Employees
Related Party Transaction [Line Items]
Shares granted (in shares)					46,300
Share granted, value					$ 546,000
Officers
Related Party Transaction [Line Items]
Shares granted (in shares)						20,000
Share granted, value						$ 317,000
Initial organizational and IPO costs | RMR, LLC
Related Party Transaction [Line Items]
Related party transaction					6,823,000
Property insurance premiums
Related Party Transaction [Line Items]
Related party expense					$ 156,000	$ 224,000
Private Placement
Related Party Transaction [Line Items]
Number of shares issued (in shares)			600,000
Price of shares issued (in dollars per share)			$ 20
Tremont Mortgage Trust | Tremont Realty Advisors LLC
Related Party Transaction [Line Items]
Ownership percentage		100.00%
Shares owned (in shares)					600,100
Noncontrolling ownership interest					18.90%
Common Shares
Related Party Transaction [Line Items]
Share granted, value					$ 1,000
Common Shares | Tranche One
Related Party Transaction [Line Items]
Vesting percentage					20.00%
Common Shares | Tranche Two
Related Party Transaction [Line Items]
Vesting percentage					20.00%
Common Shares | Tranche Three
Related Party Transaction [Line Items]
Vesting percentage					20.00%
Common Shares | Tranche Four
Related Party Transaction [Line Items]
Vesting percentage					20.00%
Common Shares | Tranche Five
Related Party Transaction [Line Items]
Vesting percentage					20.00%
Subsequent Event | Credit Agreement
Related Party Transaction [Line Items]
Borrowing capacity	$ 25,000,000
LIBOR | Subsequent Event | Credit Agreement
Related Party Transaction [Line Items]
Variable rate	6.50%

Income Taxes - Narrative (Detai

Income Taxes - Narrative (Details) $ in Thousands	Dec. 31, 2018USD ($)
Income Tax Disclosure [Abstract]
Net operating carryforwards	$ 2,859

Weighted Average Common Shares

Weighted Average Common Shares (Details) - shares	7 Months Ended	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2018
Restricted unvested common shares
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	3,581	2,929

Commitments and Contingencies (

Commitments and Contingencies (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2018USD ($)
Loss Contingencies [Line Items]
Weighted average initial maturity	4 years 8 months
Principal balance outstanding	$ 104,272
Weighted average remaining maturity	2 years 7 months
Unfunded commitments
Loss Contingencies [Line Items]
Unfunded commitments	$ 17,673
Weighted average initial maturity	2 years 8 months

Selected Quarterly Financial _3

Selected Quarterly Financial Data (Unaudited) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended								7 Months Ended	12 Months Ended
	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2017	Dec. 31, 2018
Quarterly Financial Information Disclosure [Abstract]
Income from investments, net	$ 953	$ 822	$ 429	$ 196	$ 199	$ 23	$ 0	$ 0	$ 222	$ 2,400
Net (loss) income	$ 185	$ (63)	$ (781)	$ (949)	$ (1,058)	$ (238)	$ 0	$ 0	$ (1,296)	$ (1,608)
Weighted average common shares - basic (in shares)	3,135	3,129	3,123	3,111
Weighted average common shares - diluted (in shares)	3,138	3,129	3,123	3,111
Weighted average common shares (in shares)					3,106	438	0	0	1,524	3,124
Net (loss) income per common share - basic and diluted (in dollars per share)	$ 0.06	$ (0.02)	$ (0.25)	$ (0.31)	$ (0.34)	$ (0.54)	$ 0	$ 0	$ (0.85)	$ (0.51)

Subsequent Events (Details)

Subsequent Events (Details) ft² in Thousands	Feb. 07, 2019USD ($)ft²	Feb. 04, 2019USD ($)	Jan. 31, 2019USD ($)extension_optionapartment_unit	Dec. 31, 2017USD ($)	Dec. 31, 2018USD ($)	Nov. 06, 2018USD ($)	Feb. 09, 2018USD ($)
Subsequent Event [Line Items]
LTV percentage					0.70
Proceeds from master repurchase agreement				$ 0	$ 72,582,000
Rochester, NY | First Mortgage Bridge Loans | Subsequent Event
Subsequent Event [Line Items]
Face amount			$ 24,550,000
LTV percentage			0.74
Debt term			3 years
Number of extension options | extension_option			2
Term of extension option			1 year
Number of units in apartment | apartment_unit			432
Rochester, NY | First Mortgage Bridge Loans | LIBOR | Subsequent Event
Subsequent Event [Line Items]
Variable rate			3.25%
Coppell, TX | First Mortgage Bridge Loans | Subsequent Event
Subsequent Event [Line Items]
Face amount	$ 22,915,000
Area of property (in sqft) | ft²	96
LTV percentage	0.73
Face amount funded upon closing	$ 20,050,000
Allowance for building and improvements	$ 2,865,000
Debt term	2 years
Coppell, TX | First Mortgage Bridge Loans | LIBOR | Subsequent Event
Subsequent Event [Line Items]
Variable rate	3.50%
Credit Agreement | Subsequent Event
Subsequent Event [Line Items]
Borrowing capacity		$ 25,000,000
Credit Agreement | LIBOR | Subsequent Event
Subsequent Event [Line Items]
Variable rate		6.50%
Citibank, N.A. | Rochester, NY | Subsequent Event
Subsequent Event [Line Items]
Percentage of loans advanced			75.00%
Proceeds from master repurchase agreement			$ 18,413,000
Citibank, N.A. | Coppell, TX | Subsequent Event
Subsequent Event [Line Items]
Percentage of loans advanced	65.00%
Proceeds from master repurchase agreement	$ 13,032,000
Mortgages and Related Assets | Citibank, N.A.
Subsequent Event [Line Items]
Authorized amount						$ 135,000,000	$ 100,000,000
Proceeds from master repurchase agreement					$ (72,582,000)
Mortgages and Related Assets | Citibank, N.A. | Subsequent Event
Subsequent Event [Line Items]
Authorized amount	$ 210,000,000	$ 210,000,000

Schedule IV - Mortgage Loans _2

Schedule IV - Mortgage Loans On Real Estate - Schedule of Property (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Principal	$ 137,129	$ 0
Book Value	135,844	$ 0
First Mortgage Bridge Loans
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Principal	137,129
Book Value	135,844
Office
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Book Value	$ 69,144
Office | Metairie, LA | First Mortgage Bridge Loans
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate	5.00%
Principal	$ 16,415
Book Value	$ 16,321
Office | Houston, TX | First Mortgage Bridge Loans
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate	4.00%
Principal	$ 13,103
Book Value	$ 12,991
Office | Scarsdale, NY | First Mortgage Bridge Loans
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate	4.00%
Principal	$ 13,771
Book Value	$ 13,691
Office | St. Louis, MO | First Mortgage Bridge Loans
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate	3.25%
Principal	$ 26,440
Book Value	26,141
Hotel
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Book Value	$ 60,938
Hotel | Queens, NY | First Mortgage Bridge Loans
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate	3.50%
Principal	$ 39,613
Book Value	$ 39,284
Hotel | Atlanta, GA | First Mortgage Bridge Loans
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate	3.25%
Principal	$ 21,900
Book Value	21,654
Retail
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Book Value	$ 5,762
Retail | Phoenix, AZ | First Mortgage Bridge Loans
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate	4.25%
Principal	$ 5,887
Book Value	$ 5,762

Schedule IV - Mortgage Loans _3

Schedule IV - Mortgage Loans On Real Estate - Reconciliation of Mortgage Loans on Real Estate (Details) - USD ($) $ in Thousands	7 Months Ended	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2018
SEC Schedule, 12-29, Real Estate Companies, Investment in Movement in Mortgage Loans on Real Estate [Roll Forward]
Beginning balance		$ 0
Additions during the period:
New mortgage loans		137,129
Amortization of deferred fees	$ 0	296
Deductions during the period:
Deferred fees		(1,581)
Ending balance	$ 0	$ 135,844