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Pay vs Performance Disclosure - USD ($)
 12 Months Ended
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”)
:
 
 
LOGO
 
      
Compensation Actually Paid vs. Net Income
Compensation Actually Paid vs Net Income
(in thousands):
 
LOGO
     
Compensation Actually Paid vs. Company Selected Measure
Compensation Actually Paid vs Distributable Earnings
(in thousands):
 
LOGO
     
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