Tremont Mortgage Trust (TRMT) 10-K 22 Feb 21 2020 FY Annual report Financial data

Cover

Cover - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Feb. 17, 2021	Jun. 30, 2020
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2020
Current Fiscal Year End Date	--12-31
Document Transition Report	false
Entity File Number	001-38199
Entity Registrant Name	Tremont Mortgage Trust
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	82-1719041
Entity Address, Address Line One	Two Newton Place
Entity Address, Address Line Two	255 Washington Street
Entity Address, Address Line Three	Suite 300
Entity Address, City or Town	Newton
Entity Address, State or Province	MA
Entity Address, Postal Zip Code	02458-1634
City Area Code	617
Local Phone Number	796-8317
Title of 12(b) Security	Common stock, $0.01 par value per share
Trading Symbol	TRMT
Security Exchange Name	NASDAQ
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
ICFR Auditor Attestation Flag	false
Entity Shell Company	false
Entity Public Float			$ 20.2
Entity Common Stock, Shares Outstanding		8,302,911
Documents Incorporated by Reference	Certain information required by Items 10, 11, 12, 13 and 14 of Part III of this Annual Report on Form 10-K is incorporated by reference to our definitive Proxy Statement for the 2021 Annual Meeting of Shareholders to be filed with the Securities and Exchange Commission within 120 days after the fiscal year ended December 31, 2020.
Entity Central Index Key	0001708405
Amendment Flag	false
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	FY

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
ASSETS
Cash and cash equivalents	$ 10,521	$ 8,732
Restricted cash	0	143
Loans held for investment, net	282,246	242,078
Accrued interest receivable	996	755
Prepaid expenses and other assets	419	221
Total assets	294,182	251,929
LIABILITIES AND SHAREHOLDERS' EQUITY
Accounts payable, accrued liabilities and deposits	5,041	1,011
Master repurchase facility, net	200,233	164,694
Due to related persons	5	3
Total liabilities	205,279	165,708
Commitments and contingencies
Shareholders' equity:
Common Stock, Value, Issued	83	82
Additional paid in capital	89,160	88,869
Cumulative net income	10,788	1,937
Cumulative distributions	(11,128)	(4,667)
Total shareholders’ equity	88,903	86,221
Total liabilities and shareholders' equity	$ 294,182	$ 251,929

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Dec. 31, 2020	Dec. 31, 2019
Statement of Financial Position [Abstract]
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock shares authorized (in shares)	25,000,000	25,000,000
Common stock shares issued (in shares)	8,302,911	8,239,610
Common stock shares outstanding (in shares)	8,302,911	8,239,610

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
INCOME FROM INVESTMENTS:
Interest income from investments	$ 18,030	$ 15,475	$ 3,891
Less: interest and related expenses	(5,591)	(7,047)	(1,491)
Income from investments, net	12,439	8,428	2,400
OTHER EXPENSES:
Management fees	0	0	447
General and administrative expenses	2,354	2,130	2,101
Reimbursement of shared services expenses	1,159	1,457	1,460
Total expenses	3,513	3,587	4,008
Income (loss) before income tax expense	8,926	4,841	(1,608)
Income tax expense	(75)	0	0
Net income	$ 8,851	$ 4,841	$ (1,608)
Weighted average common shares outstanding - basic and diluted (in shares)	8,186	6,234	3,124
Net income (loss) per common share - basic and diluted (in dollars per share)	$ 1.07	$ 0.77	$ (0.51)

CONSOLIDATED STATEMENTS OF SHAR

CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY - USD ($) $ in Thousands	Total	Cumulative Effect, Period of Adoption, Adjustment	Common Shares	Additional Paid In Capital	Additional Paid In CapitalCumulative Effect, Period of Adoption, Adjustment	Cumulative Net Income (Loss)	Cumulative Distributions
Beginning balance (in shares) at Dec. 31, 2017			3,126,000
Beginning balance at Dec. 31, 2017	$ 60,870	$ 21	$ 31	$ 62,135	$ 21	$ (1,296)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share grants (in shares)			63,000
Share grants	398		$ 1	397
Share repurchases (in shares)			(2,000)
Share repurchases	(28)			(28)
Share grant forfeitures (in shares)			(8,000)
Share grant forfeitures	15			15
Net income (loss)	(1,608)					(1,608)
Ending balance (in shares) at Dec. 31, 2018			3,179,000
Ending balance at Dec. 31, 2018	59,668		$ 32	62,540		(2,904)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share grants (in shares)			68,000
Share grants	344			344
Share repurchases (in shares)			(7,000)
Share repurchases	(39)			(39)
Issuance of shares (in shares)			5,000,000
Issuance of shares	26,074		$ 50	26,024
Net income (loss)	4,841					4,841
Distributions	$ (4,667)						$ (4,667)
Ending balance (in shares) at Dec. 31, 2019	8,239,610		8,240,000
Ending balance at Dec. 31, 2019	$ 86,221		$ 82	88,869		1,937	(4,667)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share grants (in shares)			71,000
Share grants	316		$ 1	315
Share repurchases (in shares)			(8,000)
Share repurchases	(24)			(24)
Net income (loss)	8,851					8,851
Distributions	$ (6,461)						(6,461)
Ending balance (in shares) at Dec. 31, 2020	8,302,911		8,303,000
Ending balance at Dec. 31, 2020	$ 88,903		$ 83	$ 89,160		$ 10,788	$ (11,128)

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss)	$ 8,851	$ 4,841	$ (1,608)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Share based compensation	316	344	430
Amortization of deferred financing costs	475	613	282
Amortization of loan origination and exit fees	(1,901)	(1,697)	(296)
Changes in operating assets and liabilities:
Accrued interest receivable and interest advances	(1,155)	(488)	(344)
Prepaid expenses and other assets	(198)	169	(131)
Accounts payable, accrued liabilities and deposits	(371)	76	638
Due to related persons	2	(131)	(620)
Net cash provided by (used in) operating activities	6,019	3,727	(1,649)
CASH FLOWS FROM INVESTING ACTIVITIES:
Origination of loans held for investment	(25,638)	(149,802)	(135,548)
Additional funding of loans held for investment	(13,804)	(8,268)	0
Principal repayments on loans held for investment	2,089	53,610	0
Net cash used in investing activities	(37,353)	(104,460)	(135,548)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from master repurchase facility	36,873	127,266	72,582
Repayments under master repurchase facility	(1,358)	(34,312)	0
Proceeds from RMR credit agreement	0	14,220	0
Repayment of RMR credit agreement	0	(14,220)	0
Proceeds from note payable	0	0	31,690
Repayment of note payable	0	(31,690)	0
Payments of deferred financing costs	(451)	(359)	(1,378)
Proceeds from issuance of common shares, net	0	26,074	0
Repurchase of common shares	(24)	(39)	(28)
Distributions	(2,060)	(4,667)	0
Net cash provided by financing activities	32,980	82,273	102,866
Increase (decrease) in cash, cash equivalents and restricted cash	1,646	(18,460)	(34,331)
Cash, cash equivalents and restricted cash at beginning of period	8,875	27,335	61,666
Cash, cash equivalents and restricted cash at end of period	10,521	8,875	27,335
SUPPLEMENTAL DISCLOSURES:
Interest paid	5,153	6,269	1,024
Income taxes paid	21	0	0
NON-CASH FINANCING ACTIVITIES:
Distributions declared but not paid	$ 4,401	$ 0	$ 0

CONSOLIDATED STATEMENTS OF CA_2

CONSOLIDATED STATEMENTS OF CASH FLOWS - Supplemental Information - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Statement of Cash Flows [Abstract]
Cash and cash equivalents	$ 10,521	$ 8,732	$ 27,024
Restricted cash	0	143	311
Total cash, cash equivalents and restricted cash shown in the consolidated statements of cash flows	$ 10,521	$ 8,875	$ 27,335	$ 61,666

Organization

Organization	12 Months Ended
	Dec. 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization	OrganizationWe were organized as a real estate investment trust, or REIT, under Maryland law on June 1, 2017. On September 18, 2017, we issued and 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 issued and sold an additional 600,000 of our common shares to Tremont Realty Advisors LLC, or our Manager, at the public offering price 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, 2020
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 accompanying consolidated financial statements include the fair value of financial instruments. Consolidation. 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. For each investment we make, we evaluate whether consolidation of the borrower's financial statements is required under GAAP. GAAP addresses the application of consolidation principles to an investor with a controlling financial interest. 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 sheets as assets and cash received from the purchasers is recorded on our consolidated balance sheets as liabilities. Interest paid in accordance with repurchase agreements is recorded as interest expense. Loans Held for Investment. Generally, our loans are 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 are 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” (lower risk) through “5” (impaired/loss likely) 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/or 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/or the property having a very high LTV. See Note 4 for further information regarding our current loan portfolio's assessment under our internal risk rating policy. 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 this estimated fair value 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 regarding certain 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, 2020, 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 loan agreements with borrowers. Fair Value of Financial Instruments. Financial Accounting Standards Board, or FASB, Accounting Standards Codification , 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, 2020, we had approximately $818 of capitalized financing costs, net of amortization. Net Income (Loss) Per Common Share. We calculate net income (loss) per common share - basic, or EPS, by dividing net income (loss) by the weighted average number of common shares outstanding during the period. We calculate net income (loss) per share - diluted using the more dilutive of the two class method or the treasury stock method. Revenue Recognition. Interest income related to our first mortgage whole 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.

Recent Accounting Pronouncement

Recent Accounting Pronouncements	12 Months Ended
	Dec. 31, 2020
Accounting Policies [Abstract]
Recent Accounting Pronouncements	Recent Accounting Pronouncements In June 2016, the FASB issued Accounting Standards Update, or 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, 2019, including interim periods within those fiscal years. As an emerging growth company that has opted to take advantage of the extended transition period, we expect to adopt ASU No. 2016-13 on January 1, 2023. We are currently assessing the potential impact the adoption of ASU No. 2016-13 will have on our consolidated financial statements. In March 2020, the FASB issued ASU No. 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting , which provides temporary optional expedients and exceptions on contract modifications meeting certain criteria to ease the financial reporting burdens of the expected market transition from LIBOR and other interbank offered rates to the alternative reference rates. For a contract that meets the criteria, this ASU generally allows an entity to account for and present modifications as an event that does not require remeasurement at the modification date or reassessment of a previous accounting determination. This ASU was effective upon issuance and can be applied through December 31, 2022. The adoption of ASU No. 2020-04 did not have a material impact on our consolidated financial statements.

Loans Held for Investment

Loans Held for Investment	12 Months Ended
	Dec. 31, 2020
Receivables [Abstract]
Loans Held for Investment	Loans Held for Investment We originate first mortgage whole loans secured by middle market and transitional CRE, which we generally hold as long term investments. We funded our existing loan portfolio using cash on hand and advancements under our master repurchase facility with Citibank, N.A., or Citibank, or our Master Repurchase Facility, and other debt financing. See Note 5 for further information regarding our Master Repurchase Facility. The table below provides overall statistics for our loan portfolio as of December 31, 2020 and 2019: As of As of Number of loans 14 12 Total loan commitments $ 293,890 $ 260,167 Unfunded loan commitments (1) $ 12,236 $ 17,268 Principal balance $ 281,654 $ 242,899 Unamortized net deferred origination and exit fees $ 592 $ (821) Carrying value $ 282,246 $ 242,078 Weighted average coupon rate 5.70 % 5.76 % Weighted average all in yield (2) 6.39 % 6.41 % Weighted average maximum maturity (years) (3) 2.6 3.6 Weighted average LTV (4) 67 % 70 % (1) Unfunded loan commitments are primarily used to finance property and building improvements and leasing capital and are generally funded over the term of the loan. (2) All in yield represents the yield on a loan, excluding any repurchase debt funding applicable to the loan and including amortization of deferred fees over the initial term of the loan. (3) Maximum maturity assumes all borrower loan extension options have been exercised, which options are subject to the borrower meeting certain conditions. (4) LTV represents the initial loan amount divided by the underwritten in-place value of the underlying collateral at closing. The table below represents our loan activities during 2019 and 2020: Principal Balance Deferred Fees Carrying Value Balance at December 31, 2018 $ 137,129 $ (1,285) $ 135,844 Additional funding 8,345 — 8,345 Originations 151,035 (1,233) 149,802 Repayments (53,610) 449 (53,161) Net amortization of deferred fees — 1,248 1,248 Balance at December 31, 2019 $ 242,899 $ (821) $ 242,078 Additional funding 14,718 — 14,718 Originations 26,126 (488) 25,638 Repayments (2,089) — (2,089) Net amortization of deferred fees — 1,901 1,901 Balance at December 31, 2020 $ 281,654 $ 592 $ 282,246 In July 2020, the borrower under our loan secured by a retail property located in Coppell, TX sold a parcel of land that was a part of the property securing the loan. The borrower used $2,089 of the sale proceeds to repay part of the outstanding principal balance under the loan which also reduced the committed principal by the same amount and we allowed the borrower to use the remaining $100 of sale proceeds to increase the reserve for its future debt service obligation payments owed to us under the loan. We used $1,358 of these repayment proceeds to repay a part of the outstanding balance under our Master Repurchase Facility. In October 2020, the borrower under our loan secured by a retail property located in Paradise Valley, AZ satisfied the applicable conditions and exercised its right to extend the maturity date of the loan by one year to November 30, 2021 pursuant to the terms of the loan agreement. In November 2020, we amended the agreement governing our loan secured by a multifamily property located in Houston, TX to extend the maturity date of the loan by one year to November 10, 2021. As part of this amendment, the borrower funded an interest reserve of $500. In February 2021, the borrower under our loan secured by an industrial facility located in Barrington, NJ notified us that the facility is expected to be sold in the second quarter of 2021. Upon sale, we expect to be repaid the principal amount outstanding under the loan, as well as accrued interest, an exit fee and our associated legal costs, and we will be required to repay the outstanding balance and accrued interest associated with this loan under our Master Repurchase Facility. As of December 31, 2020, the principal amount outstanding under the loan was $35,154. In February 2021, we amended the agreement governing our loan secured by a retail property located in Coppell, TX to extend the maturity date of the loan by approximately six months to August 12, 2021. As part of this amendment, the borrower funded an interest reserve of $500 and repaid $250 of the principal balance of the loan thereby reducing the total loan commitment to $19,865. This amendment also includes a six month extension contingent upon the borrower repaying $250 of the principal balance and meeting certain other conditions. In February 2021, we received $24,830 of repayment proceeds from the borrower on its loan that was used to finance the acquisition of a 432 unit apartment community located in Rochester, NY, which included the $24,550 principal amount outstanding under the loan, as well as accrued interest, an exit fee and our associated legal expenses. The tables below detail the property type and geographic location of the properties securing the loans in our portfolio as of December 31, 2020 and December 31, 2019: December 31, 2020 Property Type Number of Loans Carrying Value Percentage of Value Office 5 $ 94,412 34 % Multifamily 3 70,417 25 % Industrial 2 49,209 17 % Retail 3 44,298 16 % Hotel 1 23,910 8 % 14 $ 282,246 100 % Geographic Location Number of Loans Carrying Value Percentage of Value East 5 $ 105,695 37 % South 5 104,256 37 % Midwest 3 61,185 22 % West 1 11,110 4 % 14 $ 282,246 100 % December 31, 2019 Property Type Number of Loans Carrying Value Percentage of Value Office 4 $ 71,446 30 % Multifamily 3 68,911 28 % Retail 3 43,782 18 % Industrial 1 34,838 14 % Hotel 1 23,101 10 % 12 $ 242,078 100 % Geographic Location Number of Loans Carrying Value Percentage of Value South 5 $ 103,295 43 % East 4 90,047 37 % Midwest 2 39,722 16 % West 1 9,014 4 % 12 $ 242,078 100 % 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. The following table allocates the carrying value of our loan portfolio at December 31, 2020 and 2019 based on our internal risk rating policy: December 31, 2020 December 31, 2019 Risk Rating Number of Loans Carrying Value Number of Loans Carrying Value 1 — $ — — $ — 2 3 77,553 1 24,462 3 4 76,343 11 217,616 4 7 128,350 — — 5 — — — — 14 $ 282,246 12 $ 242,078 The weighted average risk rating of our loans by carrying value was 3.2 and 2.9 as of December 31, 2020 and 2019, respectively. The COVID-19 pandemic has negatively impacted some of our borrowers’ business operations or tenants, particularly in the cases of our retail and hospitality collateral, which are the types of properties that have been most negatively impacted by the pandemic. We expect that those negative impacts may continue and may apply to other borrowers and/or their tenants. Therefore, certain of our borrowers’ business plans will likely take longer to execute than initially expected and certain of our borrowers may be unable to pay their debt service obligations owed and due to us as currently scheduled or at all. As of December 31, 2020, we had seven loans representing 45% of the carrying value of our loan portfolio with a loan risk rating of “4” or “higher risk." Six of these loans were downgraded from a risk rating of "3" or "acceptable risk" during the three months ended March 31, 2020 and the seventh loan was downgraded from a risk rating of "3" or "acceptable risk" during the three months ended September 30, 2020. During the three months ended December 31, 2020, two additional loans were upgraded from a risk rating of "3" or "acceptable risk" to a risk rating of "2" or "average risk" due to improved collateral performance resulting from the borrowers' progress in implementing their business plans. We did not have any impaired loans or nonaccrual loans as of December 31, 2020 or 2019. See Note 2 for further information regarding our loan risk ratings.

Debt Agreements

Debt Agreements	12 Months Ended
	Dec. 31, 2020
Repurchase Agreement [Abstract]
Debt Agreements	Debt Agreements The table below summarizes our debt agreements as of December 31, 2020 and 2019: Debt Obligation Weighted Average Collateral Maximum Facility Size Principal Balance Carrying Value Coupon Rate Remaining Maturity (Years) (1) Principal Balance Fair Value (2) December 31, 2020: Master Repurchase Facility $ 213,482 $ 201,051 $ 200,233 L + 2.00% 1.1 $ 281,654 $ 279,381 December 31, 2019: Master Repurchase Facility $ 213,482 $ 165,536 $ 164,694 L + 1.99% 1.6 $ 242,899 $ 242,763 (1) The weighted average remaining maturity is determined using the current maturity date of the corresponding loans, assuming no borrower loan extension options have been exercised. Our Master Repurchase Facility matures on November 6, 2022. (2) See Note 6 for further discussion of our financial assets and liabilities not carried at fair value. Until May 23, 2019, we were a party to a credit agreement with our Manager as lender, or the RMR Credit Agreement. Following our repayment of the approximate $14,220 balance then outstanding under the RMR Credit Agreement, the RMR Credit Agreement was terminated. See below in this Note 5 for further information regarding the RMR Credit Agreement. Until August 9, 2019, we were a party to the Texas Capital Bank, National Association, or Texas Capital Bank, or the TCB note payable. Following our repayment of the $31,790 outstanding principal and accrued interest under the TCB note payable, the TCB note payable terminated in accordance with its terms. See below in this Note 5 for further information regarding the TCB note payable. For the year ended December 31, 2020, we recorded interest expense of $5,115 in connection with our Master Repurchase Facility and for the year ended December 31, 2019, we recorded interest expense of $5,495, $891 and $39 in connection with our Master Repurchase Facility, the TCB note payable and the RMR Credit Agreement, respectively. At December 31, 2020, our outstanding borrowings had the following remaining maturities: Year Principal payments on Master Repurchase Facility (1) 2021 $ 98,529 2022 102,522 2023 — 2024 — 2025 — $ 201,051 (1) The allocation of our outstanding borrowings under our Master Repurchase Facility is based on the current maturity date of each loan investment with respect to which the individual borrowing relates. Master Repurchase Facility On February 9, 2018, one of our wholly owned subsidiaries entered into certain agreements to govern our Master Repurchase Facility, or collectively, as such agreements have been amended, our Master Repurchase Agreement, pursuant to which we may sell to, and later repurchase from, Citibank, floating rate mortgage loans and other related assets, or purchased assets. At that time, our Master Repurchase Facility provided up to $100,000 for advancement. On November 6, 2018, we and Citibank amended our Master Repurchase Agreement to increase the maximum amount available for advancement 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 and Citibank increased the maximum amount available for advancement under our Master Repurchase Facility from $135,000 to $210,000 and on May 1, 2019, in connection with an increase in commitment under the RMR Credit Agreement, we and Citibank further increased the maximum amount available for advancement under our Master Repurchase Facility from $210,000 to $250,000, in each case with the additional amounts becoming available for advancement under our Master Repurchase Facility if and as we borrowed under the RMR Credit Agreement or if and as we received proceeds from any public offering of our common shares or preferred equity, as further provided in our Master Repurchase Agreement. In connection with the February 2019 increase, certain other provisions of our Master Repurchase Agreement were amended to accommodate the RMR Credit Agreement. In May 2019, we completed an underwritten public offering, or the Offering, as further described in Note 7, we repaid the outstanding borrowings under the RMR Credit Agreement and the RMR Credit Agreement was terminated and the maximum amount available for advancement under our Master Repurchase Facility was reduced to $213,482. On October 30, 2020, we amended our Master Repurchase Agreement to, among other things, extend the maturity date of our Master Repurchase Facility by one year from November 6, 2021 to November 6, 2022, subject to early termination as provided for in our Master Repurchase Agreement. In addition, our Master Repurchase Agreement was amended to provide that at such time as LIBOR is no longer available as a base rate to calculate interest payable on amounts outstanding under our Master Repurchase Facility, the replacement base rate shall be the secured overnight financing rate, or SOFR, or if SOFR is not available, such other rate as may be determined by Citibank in accordance with the terms of our amended Master Repurchase Agreement. Under our Master Repurchase Agreement, 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. Citibank has the discretion under our Master Repurchase Agreement to make advancements at margins higher than 75% and at premiums of less than 200 basis points. The weighted average interest rate for advancements under our Master Repurchase Facility was 2.55% and 4.26% for the year ended December 31, 2020 and 2019, respectively. In connection with our Master Repurchase Agreement, we entered into a guaranty, or, as amended, the Guaranty, which requires us to guarantee 25% our subsidiary's prompt and complete payment of the purchase price, purchase price differential and any costs and expenses of Citibank related to our Master Repurchase Agreement. The Guaranty also requires us to comply with customary financial covenants, which include the maintenance of a minimum tangible net worth, minimum cash liquidity, a total indebtedness to tangible net worth ratio and a minimum interest coverage ratio. These maintenance provisions 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. As of December 31, 2020, we have not received a margin call under our Master Repurchase Agreement. Our Master Repurchase Agreement also 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 to be a wholly owned subsidiary of The RMR Group LLC, or RMR LLC. As of December 31, 2020, we were in compliance with all of the covenants and other terms under our Master Repurchase Agreement and the Guaranty. On August 23, 2019, we received $14,635 of repayment proceeds on a loan held for investment that was used to refinance an office building located in Scarsdale, NY, which included the $13,997 principal amount outstanding under the loan, as well as the accrued interest, an exit fee, prepayment premium and our associated legal expenses. We were required to use $10,422 of these repayment proceeds to repay the outstanding balance and accrued interest associated with this loan under our Master Repurchase Facility, and we used the remaining proceeds to pay down additional outstanding balances under our Master Repurchase Facility. Further, on August 13, 2019, we used $8,000 of proceeds from the repayment of a loan held for investment that was used to finance the acquisition of a hotel in Queens, NY, as described below, to pay down additional outstanding balances under our Master Repurchase Facility. In February 2021, we repaid $23,912 of outstanding balances under our Master Repurchase Facility. TCB Note Payable In July 2018, we closed a $40,363 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. In August 2019, the borrower repaid the $39,613 principal amount outstanding under the JFK loan, together with accrued interest, an exit fee and our associated legal expenses, for a total payoff amount of $39,922. In connection with the JFK loan, one of our wholly owned subsidiaries entered into the TCB note payable, which advanced up to 80% of the JFK loan amount from time to time and was scheduled to mature in July 2021. Interest payable on amounts advanced under the TCB note payable was calculated at a floating rate based on LIBOR plus a premium of 215 basis points. In connection with the TCB note payable, we entered into a guaranty with Texas Capital Bank pursuant to which we guaranteed 25% of the TCB note payable amount plus all related interest and costs. Upon repayment of the JFK loan by the borrower in August 2019, we were required to repay the $31,690 principal amount outstanding under the TCB note payable, together with accrued interest, for a total payoff amount of $31,790. Following such repayment, the TCB note payable terminated in accordance with its terms and our guaranty with Texas Capital Bank was released. The remaining proceeds from the repayment of the JFK loan by the borrower, after our repayment of the TCB note payable, were used to pay down outstanding balances under our Master Repurchase Facility. RMR Credit Agreement On February 4, 2019, we entered into the RMR Credit Agreement, pursuant to which, from time to time until August 4, 2019, the scheduled expiration date of the RMR Credit Agreement, we were able to borrow up to $25,000 and, beginning May 3, 2019, $50,000 in subordinated unsecured loans at a rate of 6.50% per annum. In May 2019, we borrowed $14,220 under the RMR Credit Agreement to fund additional investments in first mortgage whole loans. Also in May 2019, we completed the Offering. Subsequently, in May 2019, we repaid the approximate $14,220 balance then outstanding under the RMR Credit Agreement with a portion of the Offering proceeds and the RMR Credit Agreement was terminated. In connection with this repayment and termination, we paid our Manager approximately $39 of interest and $7 of fees. See Note 7 for further information regarding the Offering. We have historical and continuing relationships with our Manager. See Notes 8 and 9 for further information regarding these relationships and related person transactions.

Fair Value of Financial Instrum

Fair Value of Financial Instruments	12 Months Ended
	Dec. 31, 2020
Fair Value Disclosures [Abstract]
Fair Value of Financial Instruments	Fair Value of Financial Instruments ASC Topic 820, Fair Value Measurements , establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets and liabilities (Level I) and the lowest priority to unobservable inputs (Level III). A financial asset’s or financial liability’s fair value measurement level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. Valuation techniques used need to maximize the use of observable inputs and minimize the use of unobservable inputs. The carrying values of cash and cash equivalents, restricted cash and accounts payable approximate their fair values due to the short term nature of these financial instruments. The outstanding principal balances under our Master Repurchase Facility approximate 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 values of our loans held for investment and outstanding principal balances under our Master Repurchase Facility by using Level III inputs, including discounted cash flow analyses and currently prevailing market terms as of the measurement date, determined by significant unobservable market inputs, which include holding periods, discount rates based on LTV, 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). The table below provides information regarding financial assets and liabilities not carried at fair value on a recurring basis in our consolidated balance sheets: December 31, 2020 December 31, 2019 Carrying Fair Carrying Fair Value Value Value Value Financial assets Loans held for investment $ 282,246 $ 279,381 $ 242,078 $ 242,763 Financial liabilities Master Repurchase Facility $ 200,233 $ 199,936 $ 164,694 $ 165,536

Shareholders' Equity

Shareholders' Equity	12 Months Ended
	Dec. 31, 2020
Share-based Payment Arrangement [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 awarded common share awards to our officers and certain other employees of our Manager and of RMR LLC in 2020, 2019 and 2018. We also awarded each of our five Trustees 3,000 of our common shares with an aggregate market value of $29 ($6 per trustee), 3,000 of our common shares with an aggregate market value of $155 ($31 per trustee) and 3,000 of our common shares with an aggregate market value of $189 ($38 per trustee) in 2020, 2019 and 2018, respectively, as part of their annual compensation. During 2018, we awarded 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 awards were based upon the closing price of our common shares on The Nasdaq Stock Market LLC, or Nasdaq, on the date of award. The common shares awarded to our Trustees vested immediately. The common shares awarded to our officers and other employees of our Manager and of RMR LLC vest in five equal annual installments beginning on the date of award. We recognize the value of awarded shares in general and administrative expenses ratably over the vesting period. We recognize share forfeitures as they occur. A summary of shares granted, forfeited, vested and unvested under the terms of the 2017 Plan for the years ended December 31, 2020, 2019 and 2018, is as follows: 2020 2019 2018 Number of Weighted Average Grant Number of Weighted Average Grant Number of Weighted Average Grant Unvested shares, beginning of year 70,220 $ 7.62 43,040 $ 12.37 16,000 $ 15.87 Shares granted 71,600 2.71 68,300 5.83 62,800 12.03 Shares forfeited — — — — (8,000) 15.87 Shares vested (48,340) 5.11 (41,120) 6.91 (27,760) 12.61 Unvested shares, end of year 93,480 $ 5.18 70,220 $ 7.62 43,040 $ 12.37 The 93,480 unvested shares as of December 31, 2020 are scheduled to vest as follows: 44,040 shares in 2021, 23,240 shares in 2022, 17,080 shares in 2023 and 9,120 shares in 2024. As of December 31, 2020, the estimated future compensation expense for the unvested shares was $331. The weighted average period over which the compensation expense will be recorded is approximately 20 months. During the years ended December 31, 2020, 2019 and 2018, we recorded $316, $344 and $430, respectively, of compensation expense related to the 2017 Plan. At December 31, 2020, 29,689 of our common shares remained available for issuance under the 2017 Plan. Sale of Common Shares On May 21, 2019, we issued and sold 5,000,000 of our common shares in the Offering at a price of $5.65 per share for total net proceeds of $26,074, after deducting the underwriting discounts and commissions and other expenses. Our Manager purchased 1,000,000 of our common shares in the Offering at the public offering price, without the payment of any underwriting discounts. We used the net proceeds of the Offering to repay the approximate $14,220 balance then outstanding under the RMR Credit Agreement and to reduce amounts outstanding under our Master Repurchase Facility by approximately $11,900. After repayment of the outstanding balance under the RMR Credit Agreement, the RMR Credit Agreement was terminated. See Note 5 for further information regarding the RMR Credit Agreement. Common Share Purchases During the years ended December 31, 2020, 2019 and 2018, we purchased our common shares from certain of our current and former officers and certain current and former officers and employees of our Manager and RMR LLC in satisfaction of tax withholding and payment obligations in connection with the vesting of awards of our common shares, valued at the closing price of our common shares on Nasdaq on the purchase date. The aggregate value of common shares purchased during the years ended December 31, 2020, 2019 and 2018 was $24, $39 and $28, respectively, which was recorded as a decrease to additional paid in capital within shareholders' equity in our consolidated balance sheets. Distributions For the year ended December 31, 2020, we declared and paid distributions to common shareholders as follows: Record Date Payment Date Distribution Per Share Total Distributions January 27, 2020 February 20, 2020 $ 0.22 $ 1,813 April 10, 2020 May 21, 2020 0.01 82 July 27, 2020 August 20, 2020 0.01 82 October 26, 2020 November 19, 2020 0.01 83 December 17, 2020 January 15, 2021 0.53 4,401 $ 0.78 $ 6,461 Distributions per share paid or payable by us to our common shareholders for the year ended December 31, 2020, were $0.78. The characterization of our distributions for 2020 was 100% ordinary income.

Management Agreement with our M

Management Agreement with our Manager	12 Months Ended
	Dec. 31, 2020
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 Distributable Earnings, as defined below, for the period commencing on the completion of our IPO to the end of the most recent applicable 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. We are 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 Distributable 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 Distributable 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, “Distributable 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. Distributable Earnings are reduced for realized losses on loan investments when amounts are deemed uncollectable. Pursuant to the terms of our management agreement, the exclusion of depreciation and amortization from the calculation of Distributable 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 Distributable Earnings for purposes of calculating incentive fees, unless such distribution is otherwise already excluded from Distributable Earnings. Equity and Distributable Earnings (referred to as Core Earnings in our management agreement) 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. We did not recognize any base management fees or incentive fees for the years ended December 31, 2020 or 2019. We recognized $447 of base management fees and $0 of incentive fees for the year ended December 31, 2018. Our Manager waived any base management or incentive fees otherwise due and payable by us under our management agreement for and through the periods from July 1, 2018 through December 31, 2020. If our Manager had not agreed to waive its base management and incentive fees, we would have recognized $1,311 and $1,131 of base management fees for the years ended December 31, 2020 and 2019, respectively, $445 of base management fees for the period from July 1, 2018 through December 31, 2018, and $467 of incentive fees for the year ended December 31, 2020. We would not have recognized any incentive fees for the year ended December 31, 2019 or for the period from July 1, 2018 through December 31, 2018. Term and Termination. Our management agreement has a term that ends on December 31, 2021 and automatically renews for successive one year terms on January 1 of each year for an additional year, 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 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, 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. 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 cost 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 include an allocation of the cost of applicable personnel employed by RMR LLC and our share of RMR LLC's costs of providing our internal audit function, with such shared services costs subject to approval by a majority of our Independent Trustees at least annually. Our Audit Committee appoints our Director of Internal Audit and our Compensation Committee approves the costs of our internal audit function. We incurred shared services costs of $1,299, $1,599 and $1,578 for the years ended December 31, 2020, 2019 and 2018, respectively, payable to our Manager as reimbursement for shared services costs it paid to RMR LLC. We include these amounts in reimbursement of shared services expenses or general and administrative expenses, as applicable, 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 traded REIT that invests primarily in first mortgage whole 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 and investment vehicles, including Centre Street Finance LLC, a private fund focused on originating and investing in mortgage loans, private 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 whole loans secured by middle market or transitional CRE or other investments like those we intend to make. In connection with the conversion of RMR Mortgage Trust, or RMRM, from a closed-end investment company to a publicly traded commercial mortgage REIT in January 2021, our Independent Trustees approved the engagement by RMRM of our Manager to serve as manager to RMRM on terms substantially similar to our management agreement with our Manager. 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. 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. 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 them 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, 2020
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 that are applicable to us, and we reimburse our Manager for the amounts it pays for those services. One of our Managing Trustees, Adam Portnoy, is the sole trustee, an officer and the controlling shareholder of ABP Trust, which is the controlling shareholder of RMR Inc., and he is also a director of our Manager, a managing director and the president and chief executive officer of RMR Inc., and an officer and employee of RMR LLC. David M. Blackman served as our other Managing Trustee and our President and Chief Executive Officer, and as a director and the president, and chief executive officer of our Manager until his resignation from those positions on December 31, 2020 in connection with his retirement. Following Mr. Blackman’s resignation, Matthew P. Jordan was appointed as our Managing Trustee and Thomas L. Lorenzini was appointed as our President, each effective January 1, 2021. Also effective January 1, 2021, Mr. Jordan was appointed as a director and the president and chief executive officer of our Manager. Mr. Jordan is an officer of RMR Inc., he and Mr. Lorenzini are both officers of RMR LLC and Mr. Lorenzini is also an officer of our Manager. In addition, 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 as the chair of the boards of trustees and boards of directors of several of these public companies and as a managing director or managing trustee of all of these companies and other officers of RMR LLC, including Mr. Jordan and certain of our other officers and officers of our Manager, serve as managing trustees, managing directors or officers of certain of these companies. 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, 2020, owned 1,600,100 of our common shares, or approximately 19.3% of our outstanding common shares. Under the private placement purchase agreement we entered with our Manager in 2017, we granted to our Manager certain demand and piggyback registration rights, subject to certain limitations, covering our common shares owned by our Manager. In May 2019, our Manager purchased 1,000,000 of our common shares in the Offering at the public offering price of $5.65 per share, without the payment of any underwriting discounts. RMR Credit Agreement. On February 4, 2019, we entered into the RMR Credit Agreement, pursuant to which from time to time until August 4, 2019, the scheduled expiration date of the RMR Credit Agreement, we were able to borrow up to $25,000 and, beginning May 3, 2019, up to $50,000 in subordinated unsecured loans at a rate of 6.50% per annum. In May 2019, we used the net proceeds of the Offering to repay the approximately $14,220 balance then outstanding under the RMR Credit Agreement and to reduce amounts outstanding under our Master Repurchase Facility by approximately $11,900. After repayment of the balance then outstanding under the RMR Credit Agreement, the RMR Credit Agreement was terminated. In connection with this repayment, we paid our Manager approximately $39 of interest and $7 of fees related to the RMR Credit Agreement. See Note 5 for further information regarding the RMR Credit Agreement. RMR Inc. and RMR LLC . 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 years ended December 31, 2020, 2019 and 2018, we awarded to our officers and other employees of our Manager and/or RMR LLC share awards of 56,600, 53,300 and 46,300 of our common shares, respectively, which were valued at $165, $243 and $546, in aggregate, respectively, based upon the closing price of our common shares on Nasdaq on the respective 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 to our 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 obligations in connection with the vesting of awards of our common shares. See Note 7 for further information regarding these purchases .

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2020
Income Tax Disclosure [Abstract]
Income Taxes	Income TaxesWe have elected to be taxed as a REIT under the Internal Revenue Code of 1986, as amended. 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 operations.

Weighted Average Common Shares

Weighted Average Common Shares	12 Months Ended
	Dec. 31, 2020
Earnings Per Share [Abstract]
Weighted Average Common Shares	Weighted Average Common SharesWe calculate basic EPS by dividing net income by the weighted average number of common shares outstanding during the relevant 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 share issuances and the related impact on earnings, are considered when calculating diluted earnings per share. For the year ended December 31, 2020, 51,341 unvested common shares were excluded from the calculation of diluted earnings per share because to do so would have been antidilutive. For the year ended December 31, 2019, 18,587 unvested common shares were excluded from the calculation of diluted earnings per share because to do so would have been antidilutive. Due to net losses incurred during the year ended December 31, 2018, basic weighted average shares is equal to diluted weighted average shares and, as a result, 2,929 restricted unvested common shares were excluded from the computation of diluted EPS for the year ended December 31, 2018.

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2020
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Unfunded Loan Commitments As of December 31, 2020, we had unfunded loan commitments of $12,236 related to our loans held for investment that are not reflected in our consolidated balance sheets. These unfunded loan commitments had a weighted average initial maturity of 1.1 years as of December 31, 2020. See Note 4 for further information related to our loans held for investment. Secured Borrowings As of December 31, 2020, we had an aggregate of $201,051 in principal amount outstanding under our Master Repurchase Facility with a weighted average life to maturity of 1.1 years. See Note 5 for further information regarding our secured debt agreements.

SCHEDULE IV - MORTGAGE LOANS ON

SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE	12 Months Ended
	Dec. 31, 2020
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 Maximum Maturity Date (1) Payment Terms (2) Prior Liens (3) Principal Carrying Value First Mortgage Whole Loans (4) Retail, Coppell, TX L + 3.50% 02/05/2021 02/05/2021 I/O — $ 20,115 $ 20,204 Office, Metairie, LA L + 5.00% 04/11/2021 04/11/2023 I/O — 17,351 17,501 Office, Houston, TX L + 4.00% 06/26/2021 06/26/2023 I/O — 14,421 14,492 Multifamily, Houston, TX L + 3.50% 11/10/2021 11/10/2022 I/O — 27,929 28,150 Retail, Paradise Valley, AZ L + 4.25% 11/30/2021 11/30/2022 I/O — 11,009 11,110 Office, St. Louis, MO L + 3.25% 12/19/2021 12/19/2023 I/O — 27,611 27,621 Hotel, Atlanta, GA L + 3.25% 12/21/2021 12/21/2023 I/O — 23,904 23,910 Multifamily, Rochester, NY L + 3.25% 01/22/2022 01/22/2024 I/O — 24,550 24,630 Office, Dublin, OH L + 3.75% 02/18/2022 02/18/2023 I/O — 20,626 20,581 Industrial, Barrington, NJ L + 3.50% 05/06/2022 05/06/2023 I/O — 35,154 35,286 Retail, Omaha, NE L + 3.65% 06/14/2022 06/14/2024 I/O — 13,054 12,983 Office, Yardley, PA L + 3.75% 12/19/2022 12/19/2024 I/O — 14,264 14,218 Multifamily, Orono, ME L + 3.25% 12/20/2022 12/20/2024 I/O — 17,666 17,637 Industrial, Allentown, PA L + 3.50% 01/24/2023 01/24/2025 I/O — 14,000 13,923 $ 281,654 $ 282,246 (1) Maximum maturity assumes all extension option have been exercised, which options are subject to the borrower meeting certain conditions. (2) I/O = interest only until final maturity. (3) Represents only third party prior liens. (4) As of December 31, 2020, none of our borrowers was delinquent in payment. Reconciliation of Mortgage Loans on Real Estate: 2020 2019 2018 Balance at January 1, $ 242,078 $ 135,844 $ — Additions during the period: Originations 26,126 151,035 137,129 Additional funding 14,718 8,345 — Amortization of deferred fees 1,901 1,697 296 Deductions during the period: Repayment of mortgage loans (2,089) (53,610) — Deferred fees (488) (1,233) (1,581) Balance at December 31, $ 282,246 $ 242,078 $ 135,844

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2020
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 accompanying consolidated financial statements include the fair value of financial instruments.
Consolidation	Consolidation. 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.
Cash Equivalents and Restricted Cash	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 sheets as assets and cash received from the purchasers is recorded on our consolidated balance sheets 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 are 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 are 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” (lower risk) through “5” (impaired/loss likely) 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/or 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/or the property having a very high LTV. See Note 4 for further information regarding our current loan portfolio's assessment under our internal risk rating policy. 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 this estimated fair value 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 regarding certain 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.
Fair Value of Financial Instruments	Fair Value of Financial Instruments. Financial Accounting Standards Board, or FASB, Accounting Standards Codification , 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.
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, 2020, we had approximately $818 of capitalized financing costs, net of amortization.
Net Income (Loss) Per Common Share	Net Income (Loss) Per Common Share. We calculate net income (loss) per common share - basic, or EPS, by dividing net income (loss) by the weighted average number of common shares outstanding during the period. We calculate net income (loss) per share - diluted 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 whole 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.
Recent Accounting Pronouncements	Recent Accounting Pronouncements In June 2016, the FASB issued Accounting Standards Update, or 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, 2019, including interim periods within those fiscal years. As an emerging growth company that has opted to take advantage of the extended transition period, we expect to adopt ASU No. 2016-13 on January 1, 2023. We are currently assessing the potential impact the adoption of ASU No. 2016-13 will have on our consolidated financial statements. In March 2020, the FASB issued ASU No. 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting , which provides temporary optional expedients and exceptions on contract modifications meeting certain criteria to ease the financial reporting burdens of the expected market transition from LIBOR and other interbank offered rates to the alternative reference rates. For a contract that meets the criteria, this ASU generally allows an entity to account for and present modifications as an event that does not require remeasurement at the modification date or reassessment of a previous accounting determination. This ASU was effective upon issuance and can be applied through December 31, 2022. The adoption of ASU No. 2020-04 did not have a material impact on our consolidated financial statements.

Loans Held for Investment (Tabl

Loans Held for Investment (Tables)	12 Months Ended
	Dec. 31, 2020
Receivables [Abstract]
Schedule of Loans	The table below provides overall statistics for our loan portfolio as of December 31, 2020 and 2019: As of As of Number of loans 14 12 Total loan commitments $ 293,890 $ 260,167 Unfunded loan commitments (1) $ 12,236 $ 17,268 Principal balance $ 281,654 $ 242,899 Unamortized net deferred origination and exit fees $ 592 $ (821) Carrying value $ 282,246 $ 242,078 Weighted average coupon rate 5.70 % 5.76 % Weighted average all in yield (2) 6.39 % 6.41 % Weighted average maximum maturity (years) (3) 2.6 3.6 Weighted average LTV (4) 67 % 70 % (1) Unfunded loan commitments are primarily used to finance property and building improvements and leasing capital and are generally funded over the term of the loan. (2) All in yield represents the yield on a loan, excluding any repurchase debt funding applicable to the loan and including amortization of deferred fees over the initial term of the loan. (3) Maximum maturity assumes all borrower loan extension options have been exercised, which options are subject to the borrower meeting certain conditions. (4) LTV represents the initial loan amount divided by the underwritten in-place value of the underlying collateral at closing. The table below represents our loan activities during 2019 and 2020: Principal Balance Deferred Fees Carrying Value Balance at December 31, 2018 $ 137,129 $ (1,285) $ 135,844 Additional funding 8,345 — 8,345 Originations 151,035 (1,233) 149,802 Repayments (53,610) 449 (53,161) Net amortization of deferred fees — 1,248 1,248 Balance at December 31, 2019 $ 242,899 $ (821) $ 242,078 Additional funding 14,718 — 14,718 Originations 26,126 (488) 25,638 Repayments (2,089) — (2,089) Net amortization of deferred fees — 1,901 1,901 Balance at December 31, 2020 $ 281,654 $ 592 $ 282,246 The tables below detail the property type and geographic location of the properties securing the loans in our portfolio as of December 31, 2020 and December 31, 2019: December 31, 2020 Property Type Number of Loans Carrying Value Percentage of Value Office 5 $ 94,412 34 % Multifamily 3 70,417 25 % Industrial 2 49,209 17 % Retail 3 44,298 16 % Hotel 1 23,910 8 % 14 $ 282,246 100 % Geographic Location Number of Loans Carrying Value Percentage of Value East 5 $ 105,695 37 % South 5 104,256 37 % Midwest 3 61,185 22 % West 1 11,110 4 % 14 $ 282,246 100 % December 31, 2019 Property Type Number of Loans Carrying Value Percentage of Value Office 4 $ 71,446 30 % Multifamily 3 68,911 28 % Retail 3 43,782 18 % Industrial 1 34,838 14 % Hotel 1 23,101 10 % 12 $ 242,078 100 % Geographic Location Number of Loans Carrying Value Percentage of Value South 5 $ 103,295 43 % East 4 90,047 37 % Midwest 2 39,722 16 % West 1 9,014 4 % 12 $ 242,078 100 % December 31, 2020 December 31, 2019 Risk Rating Number of Loans Carrying Value Number of Loans Carrying Value 1 — $ — — $ — 2 3 77,553 1 24,462 3 4 76,343 11 217,616 4 7 128,350 — — 5 — — — — 14 $ 282,246 12 $ 242,078

Debt Agreements (Tables)

Debt Agreements (Tables)	12 Months Ended
	Dec. 31, 2020
Repurchase Agreement [Abstract]
Schedule of Debt Agreements	The table below summarizes our debt agreements as of December 31, 2020 and 2019: Debt Obligation Weighted Average Collateral Maximum Facility Size Principal Balance Carrying Value Coupon Rate Remaining Maturity (Years) (1) Principal Balance Fair Value (2) December 31, 2020: Master Repurchase Facility $ 213,482 $ 201,051 $ 200,233 L + 2.00% 1.1 $ 281,654 $ 279,381 December 31, 2019: Master Repurchase Facility $ 213,482 $ 165,536 $ 164,694 L + 1.99% 1.6 $ 242,899 $ 242,763 (1) The weighted average remaining maturity is determined using the current maturity date of the corresponding loans, assuming no borrower loan extension options have been exercised. Our Master Repurchase Facility matures on November 6, 2022. (2) See Note 6 for further discussion of our financial assets and liabilities not carried at fair value.
Schedule of Maturities of Long-term Debt	At December 31, 2020, our outstanding borrowings had the following remaining maturities: Year Principal payments on Master Repurchase Facility (1) 2021 $ 98,529 2022 102,522 2023 — 2024 — 2025 — $ 201,051 (1) The allocation of our outstanding borrowings under our Master Repurchase Facility is based on the current maturity date of each loan investment with respect to which the individual borrowing relates.

Fair Value of Financial Instr_2

Fair Value of Financial Instruments (Tables)	12 Months Ended
	Dec. 31, 2020
Fair Value Disclosures [Abstract]
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis	The table below provides information regarding financial assets and liabilities not carried at fair value on a recurring basis in our consolidated balance sheets: December 31, 2020 December 31, 2019 Carrying Fair Carrying Fair Value Value Value Value Financial assets Loans held for investment $ 282,246 $ 279,381 $ 242,078 $ 242,763 Financial liabilities Master Repurchase Facility $ 200,233 $ 199,936 $ 164,694 $ 165,536

Shareholders' Equity (Tables)

Shareholders' Equity (Tables)	12 Months Ended
	Dec. 31, 2020
Share-based Payment Arrangement [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, 2020, 2019 and 2018, is as follows: 2020 2019 2018 Number of Weighted Average Grant Number of Weighted Average Grant Number of Weighted Average Grant Unvested shares, beginning of year 70,220 $ 7.62 43,040 $ 12.37 16,000 $ 15.87 Shares granted 71,600 2.71 68,300 5.83 62,800 12.03 Shares forfeited — — — — (8,000) 15.87 Shares vested (48,340) 5.11 (41,120) 6.91 (27,760) 12.61 Unvested shares, end of year 93,480 $ 5.18 70,220 $ 7.62 43,040 $ 12.37
Schedule of Dividends Declared	For the year ended December 31, 2020, we declared and paid distributions to common shareholders as follows: Record Date Payment Date Distribution Per Share Total Distributions January 27, 2020 February 20, 2020 $ 0.22 $ 1,813 April 10, 2020 May 21, 2020 0.01 82 July 27, 2020 August 20, 2020 0.01 82 October 26, 2020 November 19, 2020 0.01 83 December 17, 2020 January 15, 2021 0.53 4,401 $ 0.78 $ 6,461

Organization (Details)

Organization (Details) - USD ($) $ / shares in Units, $ in Thousands	May 21, 2019	Sep. 18, 2017	May 31, 2019	Dec. 31, 2020	Dec. 31, 2019
Subsidiary, Sale of Stock [Line Items]
Common stock, par value (in dollars per share)		$ 0.01		$ 0.01	$ 0.01
Price of shares issued (in dollars per share)	$ 5.65
Proceeds from sale of common shares	$ 26,074	$ 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)	1,000,000	600,000	1,000,000
Price of shares issued (in dollars per share)			$ 5.65

Summary of Significant Accoun_3

Summary of Significant Accounting Policies - Additional Information (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2020USD ($)
Accounting Policies [Abstract]
Percent ownership	100.00%
Deferred financing costs	$ 818

Loans Held for Investment - Loa

Loans Held for Investment - Loan Portfolio Statistics (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2020USD ($)loan	Dec. 31, 2019USD ($)loan	Dec. 31, 2018USD ($)	Dec. 31, 2017USD ($)
Receivables [Abstract]
Number of loans | loan	14	12
Total loan commitments	$ 293,890	$ 260,167
Unfunded loan commitments	12,236	17,268
Principal balance	281,654	242,899	$ 137,129
Unamortized net deferred origination and exit fees	592	(821)	(1,285)
Carrying value	$ 282,246	$ 242,078	$ 135,844	$ 0
Weighted average coupon rate	5.70%	5.76%
Weighted average all in yield	6.39%	6.41%
Weighted average maximum maturity (years)	2 years 7 months 6 days	3 years 7 months 6 days
Weighted average LTV	0.67	0.70

Loans Held for Investment - L_2

Loans Held for Investment - Loan Activity (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
SEC Schedule, 12-29, Real Estate Companies, Investment in Movement in Mortgage Loans on Real Estate [Roll Forward]
Principal, beginning balance	$ 242,899	$ 137,129
Deferred fees, beginning balance	(821)	(1,285)
Carrying value, beginning balance	242,078	135,844	$ 0
Additional funding	14,718	8,345	0
Originations	26,126	151,035	137,129
Deferred fees, loan funding	(488)	(1,233)	(1,581)
Net book value, loan funding	25,638	149,802
Repayments	(2,089)	(53,610)	0
Deferred fees	0	449
Repayments, net	(2,089)	(53,161)
Net amortization of deferred fees	1,901	1,248
Principal, ending balance	281,654	242,899	137,129
Deferred fees, ending balance	592	(821)	(1,285)
Carrying value, ending balance	$ 282,246	$ 242,078	$ 135,844

Loans Held for Investment - Nar

Loans Held for Investment - Narrative (Details) $ in Thousands	1 Months Ended
	Feb. 28, 2021USD ($)	Feb. 22, 2021USD ($)apartment_unit	Nov. 30, 2020USD ($)	Oct. 31, 2020	Jul. 31, 2020USD ($)	Dec. 31, 2020USD ($)	Dec. 31, 2019USD ($)	Dec. 31, 2018USD ($)
Accounts, Notes, Loans and Financing Receivable [Line Items]
Principal						$ 281,654	$ 242,899	$ 137,129
Coppell, TX
Accounts, Notes, Loans and Financing Receivable [Line Items]
Proceeds from repayment					$ 2,089
Increase to reserve for future debt service obligation payments					100
Portion of repayment used to repay outstanding balance and accrued interest for master repurchase facility					$ 1,358
Period of extension				6 months
Coppell, TX | Subsequent Event
Accounts, Notes, Loans and Financing Receivable [Line Items]
Period of extension	6 months
Line of credit facility borrower interest reserved	$ 500
Repaid principal amount	250
Proceeds from reduce loan commitment		$ 19,865
Paradise Valley, AZ
Accounts, Notes, Loans and Financing Receivable [Line Items]
Period of extension				1 year
Houston, TX
Accounts, Notes, Loans and Financing Receivable [Line Items]
Period of extension			1 year
Line of credit facility borrower interest reserved			$ 500
Rochester, NY | Subsequent Event
Accounts, Notes, Loans and Financing Receivable [Line Items]
Proceeds from repayment	24,830
Principal	$ 24,550
Number of apartment units | apartment_unit		432
Barrington, NJ
Accounts, Notes, Loans and Financing Receivable [Line Items]
Principal						$ 35,154

Loans Held for Investment - L_3

Loans Held for Investment - Loan Portfolio (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2020USD ($)loan	Dec. 31, 2019USD ($)loan	Dec. 31, 2018USD ($)	Dec. 31, 2017USD ($)
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Number of loans | loan	14	12
Carrying Value | $	$ 282,246	$ 242,078	$ 135,844	$ 0
Percentage of Value	100.00%	100.00%
East
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Number of loans | loan	5	4
Carrying Value | $	$ 105,695	$ 90,047
Percentage of Value	37.00%	37.00%
South
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Number of loans | loan	5	5
Carrying Value | $	$ 104,256	$ 103,295
Percentage of Value	37.00%	43.00%
Midwest
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Number of loans | loan	3	2
Carrying Value | $	$ 61,185	$ 39,722
Percentage of Value	22.00%	16.00%
West
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Number of loans | loan	1	1
Carrying Value | $	$ 11,110	$ 9,014
Percentage of Value	4.00%	4.00%
Office
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Number of loans | loan	5	4
Carrying Value | $	$ 94,412	$ 71,446
Percentage of Value	34.00%	30.00%
Multifamily
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Number of loans | loan	3	3
Carrying Value | $	$ 70,417	$ 68,911
Percentage of Value	25.00%	28.00%
Industrial
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Number of loans | loan	2	1
Carrying Value | $	$ 49,209	$ 34,838
Percentage of Value	17.00%	14.00%
Retail
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Number of loans | loan	3	3
Carrying Value | $	$ 44,298	$ 43,782
Percentage of Value	16.00%	18.00%
Hotel
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Number of loans | loan	1	1
Carrying Value | $	$ 23,910	$ 23,101
Percentage of Value	8.00%	10.00%

Loans Held for Investment - L_4

Loans Held for Investment - Loan Risk Ratings (Details) $ in Thousands	3 Months Ended		12 Months Ended
	Dec. 31, 2020USD ($)loan	Mar. 31, 2020loan	Dec. 31, 2020USD ($)loan	Dec. 31, 2019USD ($)loan	Dec. 31, 2018USD ($)	Dec. 31, 2017USD ($)
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Number of loans | loan			14	12
Carrying Value | $	$ 282,246		$ 282,246	$ 242,078	$ 135,844	$ 0
Weighted average risk rating	3.2		3.2	2.9
Percentage of Value	100.00%		100.00%	100.00%
Risk Rating, 1
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Number of loans | loan			0	0
Carrying Value | $	$ 0		$ 0	$ 0
Risk Rating, 2
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Number of loans | loan	2		3	1
Carrying Value | $	$ 77,553		$ 77,553	$ 24,462
Risk Rating, 3
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Number of loans | loan			4	11
Carrying Value | $	76,343		$ 76,343	$ 217,616
Risk Rating, 4
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Number of loans | loan		6	7	0
Carrying Value | $	$ 128,350		$ 128,350	$ 0
Percentage of Value	4500.00%		4500.00%
Risk Rating, 5
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Number of loans | loan			0	0
Carrying Value | $	$ 0		$ 0	$ 0

Debt Agreements - Schedule Of D

Debt Agreements - Schedule Of Debt (Details) - Mortgages and Related Assets - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	May 31, 2019
Debt Instrument [Line Items]
Maximum Facility Size	$ 213,482	$ 213,482	$ 213,482
Principal Balance	201,051	165,536
Carrying Value	$ 200,233	$ 164,694
Remaining maturity (Years)	1 year 1 month 6 days	1 year 7 months 6 days
Collateral, principal balance	$ 281,654	$ 242,899
Collateral, fair value	$ 279,381	$ 242,763
Libor
Debt Instrument [Line Items]
Weighted Average, Coupon Rate	2.00%	1.99%

Debt Agreements - Notes Payable

Debt Agreements - Notes Payable (Details)	Aug. 09, 2019USD ($)	Feb. 04, 2019USD ($)	Aug. 31, 2019USD ($)	May 31, 2019USD ($)	Jul. 31, 2018USD ($)storykey	Dec. 31, 2020USD ($)	Dec. 31, 2019USD ($)	Dec. 31, 2018USD ($)	May 03, 2019USD ($)	Jul. 27, 2018
Debt Instrument [Line Items]
Payoff amount						$ 0	$ 31,690,000	$ 0
Hampton Inn JFK
Debt Instrument [Line Items]
Face amount					$ 40,363,000
Amount funded by us at closing			$ 39,613,000		$ 39,613,000
Number of keys in building | key					216
Number of stories in building | story					13
Mortgages and Related Assets
Debt Instrument [Line Items]
Interest expense						$ 5,115,000	5,495,000
Percentage of loan guaranteed						25.00%
Libor | Citibank, N.A. | Mortgages and Related Assets
Debt Instrument [Line Items]
Variable basis spread					2.15%	2.00%
Notes Payable to Banks | Hampton Inn JFK
Debt Instrument [Line Items]
Payoff amount			39,922,000
RMR Credit Agreement
Debt Instrument [Line Items]
Proceeds from RMR credit arrangement				$ 14,220,000
Interest expense				39,000			39,000
Borrowing capacity		$ 25,000,000							$ 50,000,000
Debt instrument fee				$ 7,000
RMR Credit Agreement | Libor
Debt Instrument [Line Items]
Variable rate		6.50%
TCB Loan
Debt Instrument [Line Items]
Interest expense							$ 891,000
TCB Loan | Notes Payable to Banks
Debt Instrument [Line Items]
Payoff amount	$ 31,790,000		31,790,000
Percentage of collateral eligible to be advanced					80.00%
Percentage of loan guaranteed										25.00%
Proceeds from debt			$ 31,690,000

Debt Agreements - Master Repurc

Debt Agreements - Master Repurchase Facility (Details) - USD ($) $ in Thousands

Oct. 30, 2020

Aug. 23, 2019

Aug. 13, 2019

Feb. 28, 2021

May 31, 2019

Jul. 31, 2018

Dec. 31, 2020

Dec. 31, 2019

Dec. 31, 2018

May 01, 2019

Feb. 04, 2019

Nov. 06, 2018

Feb. 09, 2018

Assets Sold under Agreements to Repurchase [Line Items]

Proceeds from master repurchase agreement

$ 36,873

$ 127,266

$ 72,582

Repayment of credit agreement

0

14,220

0

Payoff amount

1,358

34,312

$ 0

Subsequent Event

Assets Sold under Agreements to Repurchase [Line Items]

Repayment of credit agreement

$ 23,912

Mortgages and Related Assets

Assets Sold under Agreements to Repurchase [Line Items]

Authorized amount

$ 213,482

$ 213,482

$ 213,482

Extension term

1 year

Debt, weighted average interest rate

2.55%

4.26%

Percentage of loan guaranteed

25.00%

Collateral, principal balance

$ 281,654

$ 242,899

Payoff amount

$ 11,900

Citibank, N.A. | Mortgages and Related Assets

Assets Sold under Agreements to Repurchase [Line Items]

Authorized amount

$ 250

$ 210

$ 135

$ 100

Percentage of purchased asset, initial purchase price

75.00%

Minimum percentage of margin to advance

75.00%

Libor | Citibank, N.A. | Mortgages and Related Assets

Assets Sold under Agreements to Repurchase [Line Items]

Variable basis spread

2.15%

2.00%

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%

Scarsdale, NY | Notes Payable to Banks

Assets Sold under Agreements to Repurchase [Line Items]

Proceeds from master repurchase agreement

$ 14,635

Collateral, principal balance

13,997

Repayment of credit agreement

$ 10,422

Hampton Inn JFK | Notes Payable to Banks

Assets Sold under Agreements to Repurchase [Line Items]

Payoff amount

$ 8,000

Debt Agreements - Debt Maturiti

Debt Agreements - Debt Maturities (Details) - Mortgages and Related Assets $ in Thousands	Dec. 31, 2020USD ($)
Debt Instrument [Line Items]
2021	$ 98,529
2022	102,522
2023	0
2024	0
2025	0
Total	$ 201,051

Fair Value of Financial Instr_3

Fair Value of Financial Instruments - Recurring Fair Value (Details) - Level III - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Carrying Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Loans held for investment	$ 282,246	$ 242,078
Fair Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Loans held for investment		242,763
Master Repurchase Facility | Carrying Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Master Repurchase Facility	200,233	164,694
Master Repurchase Facility | Fair Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Master Repurchase Facility	$ 199,936	$ 165,536

Shareholders' Equity - Narrativ

Shareholders' Equity - Narrative (Details) $ / shares in Units, $ in Thousands	May 21, 2019USD ($)$ / sharesshares	Sep. 18, 2017USD ($)shares	May 31, 2019USD ($)$ / sharesshares	Dec. 31, 2020USD ($)installmenttrustee$ / sharesshares	Dec. 31, 2019USD ($)shares	Dec. 31, 2018USD ($)shares	Dec. 31, 2017shares
Subsidiary, Sale of Stock [Line Items]
Number of trustees | trustee				5
Share granted, value				$ 316	$ 344	$ 398
Future compensation expense				331
Price of shares issued (in dollars per share) | $ / shares	$ 5.65
Proceeds from sale of common shares	$ 26,074	$ 62,000
Payoff amount				1,358	34,312	0
Share repurchases				$ 24	39	28
Common stock dividends declared (in dollars per share) | $ / shares				$ 0.78
Common stock dividends ordinary income distribution percentage				100.00%
May 2019 Offering
Subsidiary, Sale of Stock [Line Items]
Number of shares issued (in shares) | shares	5,000,000
Private Placement
Subsidiary, Sale of Stock [Line Items]
Number of shares issued (in shares) | shares	1,000,000	600,000	1,000,000
Price of shares issued (in dollars per share) | $ / shares			$ 5.65
2017 Plan
Subsidiary, Sale of Stock [Line Items]
Compensation expense				$ 316	$ 344	430
Common shares available for issuance (in shares) | shares				29,689
Share repurchases						$ 28
Fully Vested Common Shares | 2017 Plan | Trustees
Subsidiary, Sale of Stock [Line Items]
Shares granted (in shares) | shares				3,000	3,000	3,000
Share granted, value				$ 29	$ 155	$ 189
Stock granted, value per trustee				$ 6	$ 31	$ 38
Fully Vested Common Shares | 2017 Plan | Managing Trustee
Subsidiary, Sale of Stock [Line Items]
Shares granted (in shares) | 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) | shares				71,600	68,300	62,800
Unvested shares outstanding (in shares) | shares					70,220	43,040	16,000
Restricted Unvested Common Shares | 2017 Plan
Subsidiary, Sale of Stock [Line Items]
Unvested shares outstanding (in shares) | shares				93,480
Future compensation expense, period of recognition				20 months
Restricted Unvested Common Shares | 2017 Plan | 2021
Subsidiary, Sale of Stock [Line Items]
Unvested shares outstanding (in shares) | shares				44,040
Restricted Unvested Common Shares | 2017 Plan | 2022
Subsidiary, Sale of Stock [Line Items]
Unvested shares outstanding (in shares) | shares				23,240
Restricted Unvested Common Shares | 2017 Plan | 2023
Subsidiary, Sale of Stock [Line Items]
Unvested shares outstanding (in shares) | shares				17,080
Restricted Unvested Common Shares | 2017 Plan | 2024
Subsidiary, Sale of Stock [Line Items]
Unvested shares outstanding (in shares) | shares				9,120
RMR Credit Agreement
Subsidiary, Sale of Stock [Line Items]
Proceeds from RMR credit arrangement			$ 14,220
Share repurchases				$ 24	$ 39
Mortgages and Related Assets
Subsidiary, Sale of Stock [Line Items]
Payoff amount			$ 11,900

Shareholders' Equity - Nonveste

Shareholders' Equity - Nonvested Share Activity (Details) - Restricted Unvested Common Shares - $ / shares	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Number of Shares
Unvested shares, beginning of year (in shares)	70,220	43,040	16,000
Shares granted (in shares)	71,600	68,300	62,800
Shares forfeited (in shares)	0	0	(8,000)
Shares vested (in shares)	(48,340)	(41,120)	(27,760)
Unvested shares, end of year (in shares)		70,220	43,040
Weighted Average Grant Date Fair Value
Unvested shares, beginning of year (in dollars per share)	$ 7.62	$ 12.37	$ 15.87
Shares granted (in dollars per share)	2.71	5.83	12.03
Shares forfeited (in dollars per share)	0	0	15.87
Shares vested (in dollars per share)	5.11	6.91	12.61
Unvested shares, end of year (in dollars per share)	$ 5.18	$ 7.62	$ 12.37

Shareholders' Equity - Repurcha

Shareholders' Equity - Repurchases and Distributions (Details) - USD ($) $ / shares in Units, $ in Thousands	Dec. 17, 2020	Oct. 26, 2020	Jul. 27, 2020	Apr. 10, 2020	Jan. 27, 2020	Dec. 31, 2020	Dec. 31, 2019
Share-based Payment Arrangement [Abstract]
Distribution per share (in dollars per share)	$ 0.53	$ 0.01	$ 0.01	$ 0.01	$ 0.22	$ 0.78
Distributions	$ 4,401	$ 83	$ 82	$ 82	$ 1,813	$ 6,461	$ 4,667

Management Agreement with our_2

Management Agreement with our Manager (Details) $ in Thousands	6 Months Ended	12 Months Ended
	Dec. 31, 2018USD ($)	Dec. 31, 2020USD ($)employee	Dec. 31, 2019USD ($)	Dec. 31, 2018USD ($)
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		$ 0	$ 0	$ 447
Management fees including waived fees	$ 445	1,311	1,131
Incentive fees, including waived fees		$ 467
Management agreement term		1 year
Management agreement terminated upon written notice delivered term		180 days
Management renewal date by affirmative vote at least		0.6667
Terminated annual renewal upon notice delivered term		180 days
Management agreement at any time without payment of termination fee		30 days
Management agreement termination fee		3
Annual incentive fee payable to our manager		24 months
Percent threshold to be considered employee of manager		50.00%
Related party transaction		$ 1,299
Principal Owner
Related Party Transaction [Line Items]
Management fees		0	0	447
Incentive fees		$ 0	0	0
Internal Audit Costs | Principal Owner
Related Party Transaction [Line Items]
Related party transaction			$ 1,599	$ 1,578

Related Person Transactions (De

Related Person Transactions (Details) - USD ($)	May 21, 2019	Feb. 04, 2019	Sep. 18, 2017	May 31, 2019	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	May 03, 2019
Related Party Transaction [Line Items]
Price of shares issued (in dollars per share)	$ 5.65
Payoff amount					$ 1,358,000	$ 34,312,000	$ 0
Share granted, value					$ 316,000	$ 344,000	$ 398,000
Officers and Employees
Related Party Transaction [Line Items]
Shares granted (in shares)					56,600	53,300	46,300
Share granted, value					$ 165,000	$ 243,000	$ 546,000
Private Placement
Related Party Transaction [Line Items]
Number of shares issued (in shares)	1,000,000		600,000	1,000,000
Price of shares issued (in dollars per share)				$ 5.65
Tremont Mortgage Trust | Tremont Realty Advisors Llc
Related Party Transaction [Line Items]
Ownership percentage					100.00%
Shares owned (in shares)					1,600,100
Noncontrolling ownership interest					19.30%
Common Shares
Related Party Transaction [Line Items]
Share granted, value					$ 1,000		$ 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%
Credit Agreement
Related Party Transaction [Line Items]
Borrowing capacity		$ 25,000,000
RMR Credit Agreement
Related Party Transaction [Line Items]
Borrowing capacity		$ 25,000,000						$ 50,000,000
Proceeds from RMR credit arrangement				$ 14,220,000
Interest expense				39,000		$ 39,000
Debt instrument fee				7,000
Libor | Credit Agreement
Related Party Transaction [Line Items]
Variable rate		6.50%
Libor | RMR Credit Agreement
Related Party Transaction [Line Items]
Variable rate		6.50%
Mortgages and Related Assets
Related Party Transaction [Line Items]
Payoff amount				$ 11,900,000

Weighted Average Common Shares

Weighted Average Common Shares (Details) - shares	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Earnings Per Share [Abstract]
Antidilutive securities (in shares)	51,341	18,587	2,929

Commitments and Contingencies (

Commitments and Contingencies (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Loss Contingencies [Line Items]
Unfunded loan commitments	$ 12,236	$ 17,268
Weighted average initial maturity	2 years 7 months 6 days	3 years 7 months 6 days
Mortgages and Related Assets
Loss Contingencies [Line Items]
Borrowings outstanding	$ 201,051
Weighted average maturity	1 year 1 month 6 days	1 year 7 months 6 days
Unfunded Commitments
Loss Contingencies [Line Items]
Weighted average initial maturity	1 year 1 month 6 days

SCHEDULE IV - MORTGAGE LOANS _2

SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE - Schedule of Mortgage Loans on Real Estate (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Principal	$ 281,654	$ 242,899	$ 137,129
Carrying Value	282,246	242,078	$ 135,844	$ 0
Barrington, NJ
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Principal	35,154
Retail
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Carrying Value	44,298	43,782
Office Building
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Carrying Value	94,412	71,446
Multifamily
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Carrying Value	70,417	68,911
Hotel
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Carrying Value	23,910	23,101
Industrial
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Carrying Value	49,209	$ 34,838
First Mortgage Bridge Loans | Allentown, PA
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Principal	281,654
Carrying Value	$ 282,246
First Mortgage Bridge Loans | Retail | Coppell, TX
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate	3.50%
Prior Liens	$ 0
Principal	20,115
Carrying Value	$ 20,204
First Mortgage Bridge Loans | Retail | Paradise Valley, AZ
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate	4.25%
Prior Liens	$ 0
Principal	11,009
First Mortgage Bridge Loans | Retail | Barrington, NJ
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Carrying Value	$ 35,286
First Mortgage Bridge Loans | Retail | Omaha, NE
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate	3.65%
Prior Liens	$ 0
Principal	13,054
Carrying Value	$ 12,983
First Mortgage Bridge Loans | Office Building | Metairie, LA
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate	5.00%
Prior Liens	$ 0
Principal	17,351
Carrying Value	$ 17,501
First Mortgage Bridge Loans | Office Building | Houston, TX
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate	4.00%
Prior Liens	$ 0
Principal	14,421
Carrying Value	14,492
First Mortgage Bridge Loans | Office Building | Paradise Valley, AZ
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Carrying Value	$ 11,110
First Mortgage Bridge Loans | Office Building | St. Louis, MO
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate	3.25%
Prior Liens	$ 0
Principal	27,611
First Mortgage Bridge Loans | Office Building | Rochester, NY
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Carrying Value	$ 24,630
First Mortgage Bridge Loans | Office Building | Dublin, OH
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate	3.75%
Prior Liens	$ 0
Principal	$ 20,626
First Mortgage Bridge Loans | Office Building | Yardley, PA
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate	3.75%
Prior Liens	$ 0
Principal	14,264
Carrying Value	$ 14,218
First Mortgage Bridge Loans | Multifamily | Houston, TX
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate	3.50%
Prior Liens	$ 0
Principal	27,929
Carrying Value	28,150
First Mortgage Bridge Loans | Multifamily | Atlanta, GA
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Carrying Value	$ 23,910
First Mortgage Bridge Loans | Multifamily | Rochester, NY
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate	3.25%
Prior Liens	$ 0
Principal	$ 24,550
First Mortgage Bridge Loans | Multifamily | Orono, ME
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate	3.25%
Prior Liens	$ 0
Principal	17,666
Carrying Value	17,637
First Mortgage Bridge Loans | Hotel | St. Louis, MO
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Carrying Value	$ 27,621
First Mortgage Bridge Loans | Hotel | Atlanta, GA
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate	3.25%
Prior Liens	$ 0
Principal	23,904
First Mortgage Bridge Loans | Industrial | Dublin, OH
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Carrying Value	$ 20,581
First Mortgage Bridge Loans | Industrial | Barrington, NJ
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate	3.50%
Prior Liens	$ 0
Principal	$ 35,154
First Mortgage Bridge Loans | Industrial | Allentown, PA
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate	3.50%
Prior Liens	$ 0
Principal	14,000
Carrying Value	$ 13,923

SCHEDULE IV - MORTGAGE LOANS _3

SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE - Reconciliation of Mortgage Loans on Real Estate (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
SEC Schedule, 12-29, Real Estate Companies, Investment in Movement in Mortgage Loans on Real Estate [Roll Forward]
Carrying value, beginning balance	$ 242,078	$ 135,844	$ 0
Additions during the period:
Originations	26,126	151,035	137,129
Additional funding	14,718	8,345	0
Amortization of deferred fees	1,901	1,697	296
Deductions during the period:
Repayment of mortgage loans	(2,089)	(53,610)	0
Deferred fees	(488)	(1,233)	(1,581)
Carrying value, ending balance	$ 282,246	$ 242,078	$ 135,844

Uncategorized Items - trmt-2020

Label	Element	Value
Accounting Standards Update [Extensible List]	us-gaap_AccountingStandardsUpdateExtensibleList	us-gaap:AccountingStandardsUpdate201807Member