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Pay vs Performance Disclosure - USD ($) | 12 Months Ended
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Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020
Pay vs Performance Disclosure |  |  |  |
Pay vs Performance Disclosure, Table | Pay Versus Performance As required by Section 953(a) of the Dodd-Frank Act, and Item 402(v) of Regulation S-K, we are providing the following information about the relationship between “compensation actually paid” to our named executive officers and certain financial performance metrics of our Company and the Bloomberg REIT Mortgage Index (the “BBREMTG Index”), a capitalization-weighted index of mortgage REITs, for the same period. The Compensation Committee has not historically evaluated, and does not currently evaluate “compensation actually paid” as calculated pursuant to Item 402(v)(2) of Regulation S-K as part of its executive compensation determinations; accordingly, the Compensation Committee does not use any financial or non-financial performance measure specifically to link executive “compensation actually paid” to our Company’s performance. For further information concerning our compensation philosophy, refer to “—Compensation Discussion and Analysis”. The following tables illustrate the compensation actually paid to our Chief Executive Officer (“PEO”) and our current and former Chief Financial Officers (“non-PEO NEOs”) for the years ended December 31, 2023, 2022, 2021 and 2020:
Year |  | Summary Compensation Table Total for PEO |  |  | Compensation Actually Paid to PEO (1) |  |  | Average Summary Compensation Table Total for non-PEO NEOs (2) |  |  | Average Compensation Actually Paid to non-PEO NEOs (1)(2) |  |  | Value of Initial Fixed $100 Investment Based On: |  |  | Net Income (4) |  |  | Distributable Earnings (5) |
| Total Stockholder Return (3) |  |  | BBREMTG Index Return (3) |
2023 |  | $ | 1,099,999 |  |  | $ | 1,694,641 |  |  | $ | 1,000,261 |  |  | $ | 1,028,736 |  |  | $ | 107 |  |  | $ | 79 |  |  | $ | 58,127 |  |  | $ | 157,534 |
2022 |  | $ | 2,200,163 |  |  | $ | 1,499,935 |  |  | $ | 1,233,608 |  |  | $ | 1,051,086 |  |  | $ | 86 |  |  | $ | 69 |  |  | $ | 265,232 |  |  | $ | 239,294 |
2021 |  | $ | 2,200,000 |  |  | $ | 3,129,238 |  |  | $ | 361,968 |  |  | $ | 429,051 |  |  | $ | 93 |  |  | $ | 92 |  |  | $ | 223,515 |  |  | $ | 188,679 |
2020 |  | $ | 2,399,993 |  |  | $ | 1,497,093 |  |  | $ | 948,720 |  |  | $ | 870,215 |  |  | $ | 71 |  |  | $ | 78 |  |  | $ | 18,377 |  |  | $ | 125,592 |
(1) | Refer to the following table which illustrates the calculation of compensation actually paid for the years ended December 31, 2023, 2022, 2021 and 2020:
|  | PEO |  |  | Non-PEO NEOs (2) |
|  | 2023 |  |  | 2022 |  |  | 2021 |  |  | 2020 |  |  | 2023 |  |  | 2022 |  |  | 2021 |  |  | 2020 |
Summary Compensation Table (“SCT”) Total |  | $ | 1,099,999 |  |  | $ | 2,200,163 |  |  | $ | 2,200,000 |  |  | $ | 2,399,993 |  |  | $ | 1,000,261 |  |  | $ | 1,233,608 |  |  | $ | 361,968 |  |  | $ | 948,720 |
SCT Stock Awards |  |  | (1,099,999 | ) |  |  | (2,200,163 | ) |  |  | (2,200,000 | ) |  |  | (2,399,993 | ) |  |  | (149,992 | ) |  |  | (249,999 | ) |  |  | — |  |  |  | (165,750 | )
Year End Fair Value of Unvested Stock Awards |  |  | 1,067,272 |  |  |  | 2,085,794 |  |  |  | 2,212,525 |  |  |  | 2,331,123 |  |  |  | 145,529 |  |  |  | 218,406 |  |  |  | — |  |  |  | 160,993 |
Year End Change In Fair Value of Prior Year Unvested Stock Awards |  |  | 181,569 |  |  |  | (435,958 | ) |  |  | 362,071 |  |  |  | (882,617 | ) |  |  | 13,262 |  |  |  | — |  |  |  | 24,891 |  |  |  | (74,746 | )
Change in Fair Value of Prior Year Stock Awards |  |  | 186,418 |  |  |  | (404,210 | ) |  |  | 299,919 |  |  |  | (124,961 | ) |  |  | 730 |  |  |  | — |  |  |  | 24,681 |  |  |  | (13,699 | )
Fair Value of Stock Awards Forfeited |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (164,605 | ) |  |  | — |  |  |  | — |
Value of Dividends on Unvested Stock Awards |  |  | 259,384 |  |  |  | 254,309 |  |  |  | 254,723 |  |  |  | 173,548 |  |  |  | 18,946 |  |  |  | 13,676 |  |  |  | 17,511 |  |  |  | 14,697 |
Compensation Actually Paid |  | $ | 1,694,641 |  |  | $ | 1,499,935 |  |  | $ | 3,129,238 |  |  | $ | 1,497,093 |  |  | $ | 1,028,736 |  |  | $ | 1,051,086 |  |  | $ | 429,051 |  |  | $ | 870,215 |
(2) | Includes compensation for Jai Agarwal and Ms. Mironova for the applicable period. Anastasia Mironova became our Chief Financial Officer, Treasurer and Secretary effective April 4, 2022, succeeding Jai Agarwal who resigned from these positions effective January 21, 2022. For purposes of determining compensation and compensation actually paid to non-PEO NEOs, we have shown the aggregate compensation for Mr. Agarwal and Ms. Mironova as they were non-PEO NEOs at different times of the year.
(3) | Total Stockholder Return and BBREMTG Index return represents the return on a $100 investment for the year ended December 31, 2020, the two years ended December 31, 2021, the three years ended December 31, 2022, and the four years ended December 31, 2023 assuming investment at the closing price on December 31, 2019 and reinvestment of all dividends.
(4) | Net Income as determined in accordance with accounting principles generally accepted in the United States (“GAAP”). Amounts in thousands.
(5) | Represents Distributable Earnings, a non-GAAP financial measure as defined below. Amounts in thousands.
Company Selected Measure Name | Distributable Earnings |  |  |
Named Executive Officers, Footnote | Includes compensation for Jai Agarwal and Ms. Mironova for the applicable period. Anastasia Mironova became our Chief Financial Officer, Treasurer and Secretary effective April 4, 2022, succeeding Jai Agarwal who resigned from these positions effective January 21, 2022. For purposes of determining compensation and compensation actually paid to non-PEO NEOs, we have shown the aggregate compensation for Mr. Agarwal and Ms. Mironova as they were non-PEO NEOs at different times of the year. |  |  |
Peer Group Issuers, Footnote | Total Stockholder Return and BBREMTG Index return represents the return on a $100 investment for the year ended December 31, 2020, the two years ended December 31, 2021, the three years ended December 31, 2022, and the four years ended December 31, 2023 assuming investment at the closing price on December 31, 2019 and reinvestment of all dividends. |  |  |
PEO Total Compensation Amount | $ 1,099,999 | $ 2,200,163 | $ 2,200,000 | $ 2,399,993
PEO Actually Paid Compensation Amount | $ 1,694,641 | 1,499,935 | 3,129,238 | 1,497,093
Adjustment To PEO Compensation, Footnote |
(1) | Refer to the following table which illustrates the calculation of compensation actually paid for the years ended December 31, 2023, 2022, 2021 and 2020:
|  | PEO |  |  | Non-PEO NEOs (2) |
|  | 2023 |  |  | 2022 |  |  | 2021 |  |  | 2020 |  |  | 2023 |  |  | 2022 |  |  | 2021 |  |  | 2020 |
Summary Compensation Table (“SCT”) Total |  | $ | 1,099,999 |  |  | $ | 2,200,163 |  |  | $ | 2,200,000 |  |  | $ | 2,399,993 |  |  | $ | 1,000,261 |  |  | $ | 1,233,608 |  |  | $ | 361,968 |  |  | $ | 948,720 |
SCT Stock Awards |  |  | (1,099,999 | ) |  |  | (2,200,163 | ) |  |  | (2,200,000 | ) |  |  | (2,399,993 | ) |  |  | (149,992 | ) |  |  | (249,999 | ) |  |  | — |  |  |  | (165,750 | )
Year End Fair Value of Unvested Stock Awards |  |  | 1,067,272 |  |  |  | 2,085,794 |  |  |  | 2,212,525 |  |  |  | 2,331,123 |  |  |  | 145,529 |  |  |  | 218,406 |  |  |  | — |  |  |  | 160,993 |
Year End Change In Fair Value of Prior Year Unvested Stock Awards |  |  | 181,569 |  |  |  | (435,958 | ) |  |  | 362,071 |  |  |  | (882,617 | ) |  |  | 13,262 |  |  |  | — |  |  |  | 24,891 |  |  |  | (74,746 | )
Change in Fair Value of Prior Year Stock Awards |  |  | 186,418 |  |  |  | (404,210 | ) |  |  | 299,919 |  |  |  | (124,961 | ) |  |  | 730 |  |  |  | — |  |  |  | 24,681 |  |  |  | (13,699 | )
Fair Value of Stock Awards Forfeited |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (164,605 | ) |  |  | — |  |  |  | — |
Value of Dividends on Unvested Stock Awards |  |  | 259,384 |  |  |  | 254,309 |  |  |  | 254,723 |  |  |  | 173,548 |  |  |  | 18,946 |  |  |  | 13,676 |  |  |  | 17,511 |  |  |  | 14,697 |
Compensation Actually Paid |  | $ | 1,694,641 |  |  | $ | 1,499,935 |  |  | $ | 3,129,238 |  |  | $ | 1,497,093 |  |  | $ | 1,028,736 |  |  | $ | 1,051,086 |  |  | $ | 429,051 |  |  | $ | 870,215 |
Non-PEO NEO Average Total Compensation Amount | $ 1,000,261 | 1,233,608 | 361,968 | 948,720
Non-PEO NEO Average Compensation Actually Paid Amount | $ 1,028,736 | 1,051,086 | 429,051 | 870,215
Adjustment to Non-PEO NEO Compensation Footnote |
(1) | Refer to the following table which illustrates the calculation of compensation actually paid for the years ended December 31, 2023, 2022, 2021 and 2020:
|  | PEO |  |  | Non-PEO NEOs (2) |
|  | 2023 |  |  | 2022 |  |  | 2021 |  |  | 2020 |  |  | 2023 |  |  | 2022 |  |  | 2021 |  |  | 2020 |
Summary Compensation Table (“SCT”) Total |  | $ | 1,099,999 |  |  | $ | 2,200,163 |  |  | $ | 2,200,000 |  |  | $ | 2,399,993 |  |  | $ | 1,000,261 |  |  | $ | 1,233,608 |  |  | $ | 361,968 |  |  | $ | 948,720 |
SCT Stock Awards |  |  | (1,099,999 | ) |  |  | (2,200,163 | ) |  |  | (2,200,000 | ) |  |  | (2,399,993 | ) |  |  | (149,992 | ) |  |  | (249,999 | ) |  |  | — |  |  |  | (165,750 | )
Year End Fair Value of Unvested Stock Awards |  |  | 1,067,272 |  |  |  | 2,085,794 |  |  |  | 2,212,525 |  |  |  | 2,331,123 |  |  |  | 145,529 |  |  |  | 218,406 |  |  |  | — |  |  |  | 160,993 |
Year End Change In Fair Value of Prior Year Unvested Stock Awards |  |  | 181,569 |  |  |  | (435,958 | ) |  |  | 362,071 |  |  |  | (882,617 | ) |  |  | 13,262 |  |  |  | — |  |  |  | 24,891 |  |  |  | (74,746 | )
Change in Fair Value of Prior Year Stock Awards |  |  | 186,418 |  |  |  | (404,210 | ) |  |  | 299,919 |  |  |  | (124,961 | ) |  |  | 730 |  |  |  | — |  |  |  | 24,681 |  |  |  | (13,699 | )
Fair Value of Stock Awards Forfeited |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (164,605 | ) |  |  | — |  |  |  | — |
Value of Dividends on Unvested Stock Awards |  |  | 259,384 |  |  |  | 254,309 |  |  |  | 254,723 |  |  |  | 173,548 |  |  |  | 18,946 |  |  |  | 13,676 |  |  |  | 17,511 |  |  |  | 14,697 |
Compensation Actually Paid |  | $ | 1,694,641 |  |  | $ | 1,499,935 |  |  | $ | 3,129,238 |  |  | $ | 1,497,093 |  |  | $ | 1,028,736 |  |  | $ | 1,051,086 |  |  | $ | 429,051 |  |  | $ | 870,215 |
Compensation Actually Paid vs. Total Shareholder Return | Compensation Actually Paid vs Total Stockholder Return (“TSR”) : |  |  |
Compensation Actually Paid vs. Net Income | Compensation Actually Paid vs Net Income (in thousands): |  |  |
Compensation Actually Paid vs. Company Selected Measure | Compensation Actually Paid vs Distributable Earnings (in thousands): |  |  |
Tabular List, Table | List of Financial Performance Measures The Compensation Committee considers various financial performance metrics, along with other quantitative, qualitative, and individual performance measures when determining the appropriate compensation for our named executive officers. Pursuant to Item 402(v)(6) of Regulation S-K, the most important measures considered for the year ended December 31, 2023 include:
Most Important Financial Performance Measures
Distributable Earnings
Dividend Coverage Ratio
Book Value Per Share
Total Shareholder Return Amount | $ 107 | 86 | 93 | 71
Peer Group Total Shareholder Return Amount | 79 | 69 | 92 | 78
Net Income (Loss) | $ 58,127,000 | $ 265,232,000 | $ 223,515,000 | $ 18,377,000
Company Selected Measure Amount | 157,534,000 | 239,294,000 | 188,679,000 | 125,592,000
Measure:: 1 |  |  |  |
Pay vs Performance Disclosure |  |  |  |
Name | Distributable Earnings |  |  |
Non-GAAP Measure Description | Represents Distributable Earnings, a non-GAAP financial measure as defined below. Amounts in thousands. |  |  |
Measure:: 2 |  |  |  |
Pay vs Performance Disclosure |  |  |  |
Name | Dividend Coverage Ratio |  |  |
Measure:: 3 |  |  |  |
Pay vs Performance Disclosure |  |  |  |
Name | Book Value Per Share |  |  |
PEO | SCT Stock Awards [Member] |  |  |  |
Pay vs Performance Disclosure |  |  |  |
Adjustment to Compensation, Amount | $ (1,099,999) | $ (2,200,163) | $ (2,200,000) | $ (2,399,993)
PEO | Year End Fair Value of Unvested Stock Awards [Member] |  |  |  |
Pay vs Performance Disclosure |  |  |  |
Adjustment to Compensation, Amount | 1,067,272 | 2,085,794 | 2,212,525 | 2,331,123
PEO | Year End Change In Fair Value of Prior Year Unvested Stock Awards [Member] |  |  |  |
Pay vs Performance Disclosure |  |  |  |
Adjustment to Compensation, Amount | 181,569 | (435,958) | 362,071 | (882,617)
PEO | Change in Fair Value of Prior Year Stock Awards [Member] |  |  |  |
Pay vs Performance Disclosure |  |  |  |
Adjustment to Compensation, Amount | 186,418 | (404,210) | 299,919 | (124,961)
PEO | Value of Dividends on Unvested Stock Awards [Member] |  |  |  |
Pay vs Performance Disclosure |  |  |  |
Adjustment to Compensation, Amount | 259,384 | 254,309 | 254,723 | 173,548
Non-PEO NEO | SCT Stock Awards [Member] |  |  |  |
Pay vs Performance Disclosure |  |  |  |
Adjustment to Compensation, Amount | (149,992) | (249,999) |  | (165,750)
Non-PEO NEO | Year End Fair Value of Unvested Stock Awards [Member] |  |  |  |
Pay vs Performance Disclosure |  |  |  |
Adjustment to Compensation, Amount | 145,529 | 218,406 |  | 160,993
Non-PEO NEO | Year End Change In Fair Value of Prior Year Unvested Stock Awards [Member] |  |  |  |
Pay vs Performance Disclosure |  |  |  |
Adjustment to Compensation, Amount | 13,262 |  | 24,891 | (74,746)
Non-PEO NEO | Change in Fair Value of Prior Year Stock Awards [Member] |  |  |  |
Pay vs Performance Disclosure |  |  |  |
Adjustment to Compensation, Amount | 730 |  | 24,681 | (13,699)
Non-PEO NEO | Fair Value of Stock Awards Forfeited [Member] |  |  |  |
Pay vs Performance Disclosure |  |  |  |
Adjustment to Compensation, Amount |  | (164,605) |  |
Non-PEO NEO | Value of Dividends on Unvested Stock Awards [Member] |  |  |  |
Pay vs Performance Disclosure |  |  |  |
Adjustment to Compensation, Amount | $ 18,946 | $ 13,676 | $ 17,511 | $ 14,697

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