COMMERCIAL MORTGAGE LOANS HELD-FOR-INVESTMENT (Tables)

12 Months Ended

Dec. 31, 2019

Receivables [Abstract]

Schedule of Accounts, Notes, Loans and Financing Receivable

The following tables summarize certain characteristics of the Company's investments in commercial mortgage loans as of December 31, 2019 and December 31, 2018:

								Weighted Average
Loan Type	Unpaid Principal Balance		Carrying Value		Loan Count	Floating Rate Loan %		Coupon(1)		Term (Years)(2)
December 31, 2019
Loans held-for-investment
Senior secured loans(3)	$	635,260,420	$	635,260,420	51	100.0	%	5.4	%	3.8
	635,260,420		635,260,420		51	100.0	%	5.4	%	3.8

								Weighted Average
Loan Type	Unpaid Principal Balance		Carrying Value		Loan Count	Floating Rate Loan %		Coupon(1)		Term (Years)(2)
December 31, 2018
Loans held-for-investment
Senior secured loans(3)	$	555,172,891	$	555,172,891	44	100.0	%	6.4	%	4.1
	555,172,891		555,172,891		44	100.0	%	6.4	%	4.1

(1) Weighted average coupon assumes applicable one-month LIBOR of 1.70% and 2.38% as of December 3, 2019 and December 3, 2018, respectively, inclusive of weighted average LIBOR floors of 1.56% and 1.18%, respectively.

(2) Weighted average term assumes all extension options are exercised by the borrower; provided, however, that our loans may be repaid prior to such date.

(3) As of December 31, 2019, $629,157,956 of the outstanding senior secured loans were held in VIEs and $6,102,464 of the outstanding senior secured loans were held outside VIEs. As of December 31, 2018, $550,555,503 of the outstanding senior secured loans were held in VIEs and $4,617,388 of the outstanding senior secured loans were held outside VIEs.

Activity: For the years ended December 31, 2019 and December 31, 2018, the loan portfolio activity was as follows:

	Commercial Mortgage Loans Held-for-Investment
Balance at December 31, 2017	$	—
Purchases, net(1)	756,565,299
Proceeds from principal repayments	(201,392,408)
Balance at December 31, 2018	$	555,172,891
Purchases	300,319,433
Proceeds from principal payments	(213,415,654)
Proceeds from sales	(6,816,250)
Balance at December 31, 2019	$	635,260,420

(1) The Company acquired $345,664,012 of loans in connection with the Hunt CMT Equity LLC transaction on April 30, 2018.

Financing Receivable Credit Quality Indicators

The following table presents the principal balance and net book value of the loan portfolio based on the Company's internal risk ratings as of December 31, 2019 and December 31, 2018:

	December 31, 2019				December 31, 2018
Risk Rating	Number of Loans	Unpaid Principal Balance		Net Carrying Value	Number of Loans	Unpaid Principal Balance		Net Carrying Value
1	1	$	9,000,000	9,000,000	—	$	—	—
2	9	87,176,088		87,176,088	5	51,589,000		51,589,000
3	37	487,513,256		487,513,256	34	455,323,082		455,323,082
4	4	51,571,076		51,571,076	5	48,260,809		48,260,809
5	—	—		—	—	—		—
	51	635,260,420		635,260,420	44	555,172,891		555,172,891

Geographic Concentrations

The following tables present the geographic and property types of collateral underlying the Company's commercial mortgage loans as a percentage of the loans' carrying value as of December 31, 2019 and December 31, 2018:

Loans Held-for-Investment

	December 31, 2019		December 31, 2018
Geography
Southwest	38.7	%	30.2	%
South	27.5		22.6
Midwest	16.9		20.2
Mid-Atlantic	8.4		10.3
Various	5.5		5.9
West	3.0		10.8
Total	100.0	%	100.0	%

	December 31, 2019			December 31, 2018
Collateral Property Type
Multi-Family	93.9	%		87.2	%
Retail	2.7			1.2
Office	2.0			7.6
Mixed-Use	0.7			3.0
Self-Storage	0.7			1.0
Total	100.0	%	1	100.0	%