Consolidated Balance Sheets - USD ($) $ in Thousands		Sep. 30, 2019	Dec. 31, 2018
ASSETS
Cash and cash equivalents		$ 34,104	$ 191,390
Restricted cash		18,627	13,029
Commercial mortgage loans, held for investment, net of allowance of $738 and $4,836		2,496,113	2,206,830
Commercial mortgage loans, held-for-sale, measured at fair value		175,073	76,863
Real estate securities, available for sale, measured at fair value		232,247	26,412
Derivative instruments, measured at fair value		740	846
Other real estate investments, measured at fair value		2,556	0
Receivable for loan repayment	[1]	197,322	73,684
Accrued interest receivable		14,241	12,789
Prepaid expenses and other assets		5,876	4,235
Operating right of use asset		6,023	0
Real estate owned		8,110	0
Total assets		3,191,032	2,606,078
LIABILITIES AND STOCKHOLDERS' EQUITY
Collateralized loan obligations		1,812,448	1,505,279
Other financing and loan participation - commercial mortgage loans		0	9,902
Derivative instruments, measured at fair value		2,168	1,319
Interest payable		3,136	3,025
Distributions payable		6,456	5,834
Accounts payable and accrued expenses		9,014	4,497
Due to affiliates		4,824	3,229
Operating lease liabilities		6,096
Total liabilities		2,200,387	1,727,064
Commitment and contingencies (See Note 8)
Preferred stock, $0.01 par value, 50,000,000 authorized, none issued and outstanding as of September 30, 2019 and December 31, 2018		0	0
Common stock, $0.01 par value, 949,999,000 shares authorized, 43,021,064 and 39,303,710 shares issued and outstanding as of September 30, 2019 and December 31, 2018, respectively		432	395
Additional paid-in capital		888,208	827,558
Accumulated other comprehensive income (loss)		(751)	(459)
Accumulated deficit		(89,369)	(94,266)
Total stockholders' equity		798,520	733,228
Total liabilities, redeemable convertible preferred stock and stockholders' equity		3,191,032	2,606,078
CMBS
ASSETS
Real estate securities, available for sale, measured at fair value		232,247	26,412
LIABILITIES AND STOCKHOLDERS' EQUITY
Repurchase agreements		111,937	149,440
Real Estate Securities
LIABILITIES AND STOCKHOLDERS' EQUITY
Repurchase agreements		244,308	44,539
Convertible Preferred Stock
LIABILITIES AND STOCKHOLDERS' EQUITY
Distributions payable		1,400	1,100
Preferred stock, $0.01 par value, 50,000,000 authorized, none issued and outstanding as of September 30, 2019 and December 31, 2018		$ 192,125	$ 145,786

[1] Includes $196.3 million and $73.7 million of cash held by servicer related to loan payoffs pledged to the CLOs as of September 30, 2019 and December 31, 2018, respectively.