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Pay vs Performance Disclosure - USD ($)
 12 Months Ended
Dec. 31, 2024
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 FTSE NAREIT All Mortgage Capped Index (the “FNMRC Index”), a published industry 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, 2024, 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)
    
FNMRC
Index
Return (3)
  
2024
   $ 743,724     $ 34,857     $ 703,783     $ 645,286     $ 89     $ 79     $ (119,636 )    $ 61,316  
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     $ 94     $ 223,515     $ 188,679  
2020
   $ 2,399,993     $ 1,497,093     $ 948,720     $ 870,215     $ 71     $ 80     $ 18,377     $ 125,592  
 
(1)
Refer to the following table which illustrates the calculation of compensation actually paid for the years ended December 31, 2024, 2023, 2022, 2021 and 2020:
 
   
PEO
    
Non-PEO
NEOs (2)
  
   
2024
    
2023
    
2022
    
2021
    
2020
    
2024
    
2023
    
2022
    
2021
    
2020
  
Summary Compensation Table (“SCT”) Total
     743,724     $ 1,099,999     $ 2,200,163     $ 2,200,000     $ 2,399,993       703,783     $ 1,000,261     $ 1,233,608     $ 361,968     $ 948,720  
SCT Stock Awards
     (743,724 )     (1,099,999 )      (2,200,163 )      (2,200,000 )      (2,399,993 )      (194,595 )     (149,992 )      (249,999 )      —        (165,750 ) 
Year End Fair Value of Unvested Stock Awards
     735,234       1,067,272       2,085,794       2,212,525       2,331,123       192,373       145,529       218,406       —        160,993  
Year End Change In Fair Value of Prior Year Unvested Stock Awards
     (385,684 )      181,569       (435,958 )      362,071       (882,617 )      (46,295 )      13,262       —        24,891       (74,746 ) 
Change in Fair Value of Prior Year Stock Awards
     (464,960 )      186,418       (404,210 )      299,919       (124,961 )      (28,017 )      730       —        24,681       (13,699 ) 
Fair Value of Stock Awards Forfeited
     —        —        —        —        —        —        —        (164,605 )      —        —   
Value of Dividends on Unvested Stock Awards
     150,266       259,384       254,309       254,723       173,548       18,037       18,946       13,676       17,511       14,697  
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Compensation Actually Paid
  
 
34,857
 
  
$
1,694,641
 
  
$
1,499,935
 
  
$
3,129,238
 
  
$
1,497,093
 
  
 
645,286
 
  
$
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 FNMRC 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, the four years ended December 31, 2023, and the five years ended December 31, 2024 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 FNMRC 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, the four years ended December 31, 2023, and the five years ended December 31, 2024 assuming investment at the closing price on December 31, 2019 and reinvestment of all dividends.        
PEO Total Compensation Amount $ 743,724 $ 1,099,999 $ 2,200,163 $ 2,200,000 $ 2,399,993
PEO Actually Paid Compensation Amount $ 34,857 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, 2024, 2023, 2022, 2021 and 2020:
 
   
PEO
    
Non-PEO
NEOs (2)
  
   
2024
    
2023
    
2022
    
2021
    
2020
    
2024
    
2023
    
2022
    
2021
    
2020
  
Summary Compensation Table (“SCT”) Total
     743,724     $ 1,099,999     $ 2,200,163     $ 2,200,000     $ 2,399,993       703,783     $ 1,000,261     $ 1,233,608     $ 361,968     $ 948,720  
SCT Stock Awards
     (743,724 )     (1,099,999 )      (2,200,163 )      (2,200,000 )      (2,399,993 )      (194,595 )     (149,992 )      (249,999 )      —        (165,750 ) 
Year End Fair Value of Unvested Stock Awards
     735,234       1,067,272       2,085,794       2,212,525       2,331,123       192,373       145,529       218,406       —        160,993  
Year End Change In Fair Value of Prior Year Unvested Stock Awards
     (385,684 )      181,569       (435,958 )      362,071       (882,617 )      (46,295 )      13,262       —        24,891       (74,746 ) 
Change in Fair Value of Prior Year Stock Awards
     (464,960 )      186,418       (404,210 )      299,919       (124,961 )      (28,017 )      730       —        24,681       (13,699 ) 
Fair Value of Stock Awards Forfeited
     —        —        —        —        —        —        —        (164,605 )      —        —   
Value of Dividends on Unvested Stock Awards
     150,266       259,384       254,309       254,723       173,548       18,037       18,946       13,676       17,511       14,697  
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Compensation Actually Paid
  
 
34,857
 
  
$
1,694,641
 
  
$
1,499,935
 
  
$
3,129,238
 
  
$
1,497,093
 
  
 
645,286
 
  
$
1,028,736
 
  
$
1,051,086
 
  
$
429,051
 
  
$
870,215
 
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
       
Non-PEO NEO Average Total Compensation Amount $ 703,783 1,000,261 1,233,608 361,968 948,720
Non-PEO NEO Average Compensation Actually Paid Amount $ 645,286 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, 2024, 2023, 2022, 2021 and 2020:
 
   
PEO
    
Non-PEO
NEOs (2)
  
   
2024
    
2023
    
2022
    
2021
    
2020
    
2024
    
2023
    
2022
    
2021
    
2020
  
Summary Compensation Table (“SCT”) Total
     743,724     $ 1,099,999     $ 2,200,163     $ 2,200,000     $ 2,399,993       703,783     $ 1,000,261     $ 1,233,608     $ 361,968     $ 948,720  
SCT Stock Awards
     (743,724 )     (1,099,999 )      (2,200,163 )      (2,200,000 )      (2,399,993 )      (194,595 )     (149,992 )      (249,999 )      —        (165,750 ) 
Year End Fair Value of Unvested Stock Awards
     735,234       1,067,272       2,085,794       2,212,525       2,331,123       192,373       145,529       218,406       —        160,993  
Year End Change In Fair Value of Prior Year Unvested Stock Awards
     (385,684 )      181,569       (435,958 )      362,071       (882,617 )      (46,295 )      13,262       —        24,891       (74,746 ) 
Change in Fair Value of Prior Year Stock Awards
     (464,960 )      186,418       (404,210 )      299,919       (124,961 )      (28,017 )      730       —        24,681       (13,699 ) 
Fair Value of Stock Awards Forfeited
     —        —        —        —        —        —        —        (164,605 )      —        —   
Value of Dividends on Unvested Stock Awards
     150,266       259,384       254,309       254,723       173,548       18,037       18,946       13,676       17,511       14,697  
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Compensation Actually Paid
  
 
34,857
 
  
$
1,694,641
 
  
$
1,499,935
 
  
$
3,129,238
 
  
$
1,497,093
 
  
 
645,286
 
  
$
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, 2024 include:
 
Most Important Financial Performance Measures
Distributable Earnings
Dividend Coverage Ratio
Book Value Per Share
       
Total Shareholder Return Amount $ 89 107 86 93 71
Peer Group Total Shareholder Return Amount 79 79 69 94 80
Net Income (Loss) $ (119,636,000) $ 58,127,000 $ 265,232,000 $ 223,515,000 $ 18,377,000
Company Selected Measure Amount 61,316,000 157,534,000 239,294,000 188,679,000 125,592,000
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 | Year-end Fair Value of Equity Awards Granted in Covered Year that are Outstanding and Unvested          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount $ 735,234 $ 1,067,272 $ 2,085,794 $ 2,212,525 $ 2,331,123
PEO | Year-over-Year Change in Fair Value of Equity Awards Granted in Prior Years That are Outstanding and Unvested          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount (385,684) 181,569 (435,958) 362,071 (882,617)
PEO | Change in Fair Value as of Vesting Date of Prior Year Equity Awards Vested in Covered Year          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount (464,960) 186,418 (404,210) 299,919 (124,961)
PEO | Dividends or Other Earnings Paid on Equity Awards not Otherwise Reflected in Total Compensation for Covered Year          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount 150,266 259,384 254,309 254,723 173,548
PEO | SCT Stock Awards [Member]          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount (743,724) (1,099,999) (2,200,163) (2,200,000) (2,399,993)
Non-PEO NEO | Year-end Fair Value of Equity Awards Granted in Covered Year that are Outstanding and Unvested          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount 192,373 145,529 218,406   160,993
Non-PEO NEO | Year-over-Year Change in Fair Value of Equity Awards Granted in Prior Years That are Outstanding and Unvested          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount (46,295) 13,262   24,891 (74,746)
Non-PEO NEO | Change in Fair Value as of Vesting Date of Prior Year Equity Awards Vested in Covered Year          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount (28,017) 730   24,681 (13,699)
Non-PEO NEO | Dividends or Other Earnings Paid on Equity Awards not Otherwise Reflected in Total Compensation for Covered Year          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount 18,037 18,946 13,676 $ 17,511 14,697
Non-PEO NEO | SCT Stock Awards [Member]          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount $ (194,595) $ (149,992) (249,999)   $ (165,750)
Non-PEO NEO | Fair Value of Stock Awards Forfeited [Member]          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount     $ (164,605)