000170364412/312021Q1FALSE0.05199430.0500894Restructuring Charges][In connection with the Internalization, the Company made a one-time cash payment of $44.5 million to the Former Manager. See Note 1 – Organization and Operations for additional discussion of the Company’s Internalization. The one-time payment to the Former Manager and other associated costs was recorded as restructuring charges within the statements of comprehensive income (loss) for the year ended December 31, 2020. March 31, 2021. There were no restructuring charges recorded during the three months ended March 31, 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Washington, D.C. 20549
For the quarterly period ended March 31, 2021
For the transition period from to
Commission File Number: 001-38124
(Exact name of registrant as specified in its charter)
Maryland 61-1843143
(State or other jurisdiction of
incorporation or organization)
 (I.R.S. Employer
Identification No.)
3 Bryant Park, Suite 2400A 
New York,New York10036
(Address of principal executive offices) (Zip Code)
(212) 364-5500
(Registrant’s telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, par value $0.01 per shareGPMTNew York Stock Exchange
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes No
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes No
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer
Accelerated filer
Non-accelerated filer
Smaller reporting company
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes No
Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.
As of May 3, 2021, there were 55,107,657 shares of outstanding common stock, par value $0.01 per share, issued and outstanding.

Table of Contents

Item 1.
Financial Statements (unaudited)


Table of Contents


Item 1. Financial Statements (unaudited)
(in thousands, except share data)
March 31,
December 31,
Loans held-for-investment$3,859,269 $3,914,469 
Allowance for credit losses(59,433)(66,666)
Loans held-for-investment, net3,799,836 3,847,803 
Cash and cash equivalents255,411 261,419 
Restricted cash3,679 67,774 
Accrued interest receivable12,292 12,388 
Other assets28,439 30,264 
Total Assets (1)
$4,099,657 $4,219,648 
Repurchase facilities$1,238,541 $1,708,875 
Securitized debt obligations925,384 927,128 
Asset-specific financings123,091 123,091 
Term financing facility346,861  
Convertible senior notes271,649 271,250 
Senior secured term loan facilities207,103 206,448 
Dividends payable14,033 25,049 
Other liabilities23,098 22,961 
Total Liabilities (1)
3,149,760 3,284,802 
Commitments and Contingencies (see Note 10)
10% cumulative redeemable preferred stock, par value $0.01 per share; 50,000,000 shares authorized and 1,000 shares issued and outstanding ($1,000,000 liquidation preference)
1,000 1,000 
Stockholders’ Equity
Common stock, par value $0.01 per share; 450,000,000 shares authorized and 55,107,657 and 55,136,885 shares issued and outstanding, respectively
551 552 
Additional paid-in capital1,059,267 1,058,298 
Cumulative earnings131,156 103,165 
Cumulative distributions to stockholders(242,202)(228,169)
Total Granite Point Mortgage Trust, Inc. Stockholders’ Equity948,772 933,846 
Non-controlling interests125  
Total Equity$948,897 $933,846 
Total Liabilities and Stockholders’ Equity$4,099,657 $4,219,648 
(1)The condensed consolidated balance sheets include assets of consolidated variable interest entities, or VIEs, that can only be used to settle obligations of these VIEs, and liabilities of the consolidated VIEs for which creditors do not have recourse to Granite Point Mortgage Trust Inc. At March 31, 2021 and December 31, 2020, assets of the VIEs totaled $1,260,455 and $1,255,932, respectively, and liabilities of the VIEs totaled $926,871 and $928,220, respectively. See Note 4 - Variable Interest Entities and Securitized Debt Obligations for additional information.
The accompanying notes are an integral part of these condensed consolidated financial statements.

Table of Contents

(in thousands, except share data)
Three Months Ended
March 31,
Interest income:
Loans held-for-investment$54,039 $63,259 
Available-for-sale securities
Held-to-maturity securities
Cash and cash equivalents100 326 
Total interest income54,139 64,175 
Interest expense:
Repurchase facilities8,951 19,675 
Securitized debt obligations4,617 9,434 
Convertible senior notes4,518 4,516 
Term financing facility2,122  
Asset-specific financings877 1,122 
Revolving credit facilities 242 
Senior secured term loan facilities5,280  
Total interest expense26,365 34,989 
Net interest income27,774 29,186 
Other income (loss):
Benefit from (provision for) credit losses9,119 (53,336)
Fee income 522 
Total other income (loss)9,119 (52,814)
Base management fees 3,907 
Compensation and benefits5,460 4,373 
Servicing expenses1,316 1,109 
Other operating expenses2,127 4,180 
Total expenses8,903 13,569 
Income (loss) before income taxes27,990 (37,197)
Benefit from income taxes(1)(6)
Net income (loss)27,991 (37,191)
Dividends on preferred stock
25 25 
Net income (loss) attributable to common stockholders$27,966 $(37,216)
Basic earnings (loss) per weighted average common share
$0.51 $(0.68)
Diluted earnings (loss) per weighted average common share
$0.45 $(0.68)
Weighted average number of shares of common stock outstanding:
55,137,608 55,056,411 
71,834,396 55,056,411 
Comprehensive income (loss):
Net income (loss) attributable to common stockholders$27,966 $(37,216)
Other comprehensive income (loss), net of tax:
Unrealized gain (loss) on available-for-sale securities (3,744)
Other comprehensive income (loss) (3,744)
Comprehensive income (loss)$27,966 $(40,960)
The accompanying notes are an integral part of these condensed consolidated financial statements.

(in thousands, except share data)

Common Stock
SharesAmountAdditional Paid-in CapitalAccumulated Other Comprehensive Income (Loss)Cumulative EarningsCumulative Distributions to StockholdersTotal Stockholders’ EquityNon-controlling InterestsTotal Equity
Balance, December 31, 201954,853,205 549 1,048,484 32 162,076 (192,005)1,019,136  1,019,136 
Cumulative effect of adoption of new accounting principle
— — — — (18,472)— (18,472)— (18,472)
Adjusted balance, January 1, 202054,853,205 549 1,048,484 32 143,604 (192,005)1,000,664 — 1,000,664 
Net loss— — — — (37,191)— (37,191)— (37,191)
Other comprehensive loss before reclassifications— — — (4,511)— — (4,511)— (4,511)
Amounts reclassified from accumulated other comprehensive income
— — — 767 — — 767 — 767 
Net other comprehensive loss— — — (3,744)— — (3,744)— (3,744)
Preferred dividends declared, $25.00 per share
— — — — — (25)(25)— (25)
Non-cash equity award compensation
283,680 3 1,352 — — — 1,355 — 1,355 
Balance, March 31, 202055,136,885 $552 $1,049,836 $(3,712)$106,413 $(192,030)$961,059 $ $961,059 
Balance, December 31, 202055,205,082 552 1,058,298  103,165 (228,169)933,846  933,846 
Net income— — — — 27,991 — 27,991 — 27,991 
Restricted stock forfeiture
(97,425)(1)(918)— — — (919)— (919)
Common dividends declared, $0.25 per share
— — — — — (14,008)(14,008)— (14,008)
Preferred dividends declared, $25.00 per share
— — — — — (25)(25)— (25)
Non-cash equity award compensation
  1,887 — — — 1,887 — 1,887 
Contributions from non-controlling interests
— — — — — — — 125 125 
Balance, March 31, 202155,107,657 $551 $1,059,267 $ $131,156 $(242,202)$948,772 $125 $948,897 
The accompanying notes are an integral part of these condensed consolidated financial statements.

(in thousands)
Three Months Ended
March 31,
Cash Flows From Operating Activities:
Net income (loss)$27,991 $(37,191)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Accretion of discounts and net deferred fees on loans held-for-investment and deferred interest capitalized to loans held-for-investment
Amortization of deferred debt issuance costs on repurchase facilities, asset-specific financings, convertible senior notes, securitized debt obligations, senior secured term loan facilities and term financing facilities
2,989 1,665 
(Benefit from) provision for credit losses(9,119)53,336 
Amortization of equity-based compensation1,887 1,355 
Net change in assets and liabilities:
Decrease in accrued interest receivable96 108 
Decrease (increase) in other assets354 (54,735)
Increase in other liabilities2,061 904 
Net cash provided by (used in) operating activities17,129 (39,332)
Cash Flows From Investing Activities:
Originations, acquisitions and additional fundings of loans held-for-investment, net of deferred fees
Proceeds from repayment of loans held-for-investment101,588 102,139 
Principal payments on held-to-maturity securities 6,298 
Net cash provided by (used in) investing activities64,330 (76,532)
Cash Flows From Financing Activities:
Proceeds from repurchase facilities8,966 237,344 
Principal payments on repurchase facilities(479,300)(89,266)
Principal payments on securitized debt obligations(2,142)(60,000)
Proceeds from asset-specific financings 2,597 
Proceeds from revolving credit facilities 38,361 
Repayment of revolving credit facilities (42,008)
Proceeds from term financing facility349,291  
Term financing facility deferred debt issuance costs(2,535) 
Contributions from non-controlling interests125  
Tax withholding on restricted stock(918) 
Dividends paid on preferred stock(25)(25)
Dividends paid on common stock(25,024)(23,038)
Net cash (used in) provided by financing activities(151,562)63,965 
Net decrease in cash, cash equivalents and restricted cash(70,103)(51,899)
Cash, cash equivalents and restricted cash at beginning of period329,193 159,764 
Cash, cash equivalents and restricted cash at end of period$259,090 $107,865 
Supplemental Disclosure of Cash Flow Information:
Cash paid for interest$21,926 $31,914 
Cash paid for taxes$610 $ 
Noncash Activities:
Dividends declared but not paid at end of period$14,033 $25 
The accompanying notes are an integral part of these condensed consolidated financial statements.

Notes to the Condensed Consolidated Financial Statements

Note 1. Organization and Operations
Granite Point Mortgage Trust Inc. is an internally-managed real estate finance company that focuses primarily on directly originating, investing in and managing senior floating-rate commercial mortgage loans and other debt and debt-like commercial real estate investments. These investments are capitalized by accessing a variety of funding options, including borrowing under our bank credit facilities or other asset-specific financings, issuing commercial real estate collateralized loan obligations, or CRE CLOs, entering into other term financing agreements, and issuing other forms of secured and unsecured debt and equity securities, depending on market conditions and our view of the most appropriate funding option available for our investments. Our investment objective is to preserve our stockholders’ capital while generating attractive risk-adjusted returns over the long term, primarily through dividends derived from current income produced by our investment portfolio. Our common stock is listed on the New York Stock Exchange, or NYSE, under the symbol “GPMT”. We operate our business in a manner that will permit us to maintain our exclusion from registration under the Investment Company Act of 1940, as amended, or the Investment Company Act. We operate our business as one segment. We were incorporated in Maryland on April 7, 2017 and commenced operations as a publicly traded company on June 28. 2017.
The Company has elected to be treated as a real estate investment trust, or REIT, as defined under the Internal Revenue Code of 1986, as amended, or the Code, for U.S. federal income tax purposes. As long as the Company continues to comply with a number of requirements under federal tax law and maintains its qualification as a REIT, the Company generally will not be subject to U.S. federal income taxes to the extent that the Company distributes its taxable income to its stockholders on an annual basis and does not engage in prohibited transactions. However, certain activities that the Company may perform may cause it to earn income which will not be qualifying income for REIT purposes. The Company has designated one of its subsidiaries as a taxable REIT subsidiary, or TRS, as defined in the Code, to engage in such activities.
Through December 31, 2020, the Company was externally managed by Pine River Capital Management L.P., or the Former Manager, at which time the Company internalized its management function, or the Internalization.
Note 2. Basis of Presentation and Significant Accounting Policies
Consolidation and Basis of Presentation
The interim unaudited condensed consolidated financial statements of the Company have been prepared in accordance with the rules and regulations of the Securities and Exchange Commission, or SEC. Certain information and note disclosures normally included in financial statements prepared in accordance with U.S. generally accepted accounting principles, or GAAP, have been condensed or omitted according to such SEC rules and regulations. However, management believes that the disclosures included in these interim condensed consolidated financial statements are adequate to make the information presented not misleading. The accompanying unaudited condensed consolidated financial statements should be read in conjunction with the financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020. In the opinion of management, all normal and recurring adjustments necessary to present fairly the financial condition of the Company at March 31, 2021 and results of operations for all periods presented have been made. The results of operations for the three months ended March 31, 2021 should not be construed as indicative of the results to be expected for future periods or the full year.
The unaudited condensed consolidated financial statements of the Company include the accounts of all subsidiaries; inter-company accounts and transactions have been eliminated. Certain prior period amounts have been reclassified to conform to the current period presentation.
All entities in which the Company holds investments that are considered VIEs for financial reporting purposes were reviewed for consolidation under the applicable consolidation guidance. Whenever the Company has both the power to direct the activities of an entity that most significantly impact the entity’s performance, and the obligation to absorb losses or the right to receive benefits of the entity that could be significant, the Company consolidates the entity.
We currently operate in one reporting segment.
Use of Estimates
The preparation of financial statements in conformity with GAAP requires management to make a number of significant estimates. These include estimates of amount and timing of allowances for credit losses, fair value of certain assets and liabilities, and other estimates that affect the reported amounts of certain assets and liabilities as of the date of the condensed consolidated financial statements and the reported amounts of certain revenues and expenses during the reported period. It is likely that changes in these estimates (e.g., valuation changes to the underlying collateral of loans due to changes in market capitalization rates, leasing, credit worthiness of major tenants, occupancy rates, availability of financing, exit plan, loan sponsorship, actions of other lenders, overall economic and capital markets conditions, the broader commercial real estate

Notes to the Condensed Consolidated Financial Statements
market, local geographic sub-markets or other factors) will occur in the near term. As of March 31, 2021, the COVID-19 pandemic remains ongoing. During 2020, the pandemic created significant macroeconomic disruptions, increased rates of unemployment and has adversely impacted many industries, including those related to the real estate collateral underlying certain of our loans. So far in 2021, the global and U.S. economic activity has, moderately and to varying degrees, begun to return, as wider distribution of the COVID-19 vaccines has continued. As a result, macroeconomic forecasts have improved over the last few quarters, including expectations for unemployment rates and overall economic output. Nonetheless, the ongoing pandemic may continue to adversely impact macroeconomic recovery, particularly with respect to the continued distribution and acceptance of the vaccines and their effectiveness against new variants of the virus. Even though the overall market conditions have been improving, the fluid nature of this situation precludes any prediction as to the ultimate adverse impact of COVID-19 on economic and real estate markets. Accordingly, given the ongoing nature of the outbreak, at this time the Company cannot reasonably estimate the magnitude of the long-term impact that COVID-19 may have on the Company’s business, financial performance and operating results. The Company believes the estimates and assumptions underlying its condensed consolidated financial statements are reasonable and supportable based on the information available as of March 31, 2021. However, given the uncertainty over the ultimate impact COVID-19 will have on the global economy generally, and the Company’s business in particular, makes any estimates and assumptions as of March 31, 2021 inherently less certain than they would be absent the current and potential impacts of COVID-19. The Company’s actual results could ultimately differ from its estimates and such differences may be material.
Significant Accounting Policies
Included in Note 2 to the Consolidated Financial Statements of the Company’s Annual Report on Form 10-K for the year ended December 31, 2020 is a summary of the Company’s significant accounting policies. Provided below is a summary of additional accounting policies that are significant to the Company’s condensed consolidated financial condition and results of operations for the three months ended March 31, 2021.
Term Financing Facility
The Company finances certain of its loans held-for-investment through the use of a term financing facility. Borrowings under the term financing facility bear an interest rate of a specified margin over the one-month London Interbank Offered Rate, or LIBOR. The term financing facility financings are treated as collateralized financing transactions and are carried at their contractual amounts, as specified in the respective agreements.
Recently Issued and/or Adopted Accounting Standards
Facilitation of the Effects of Reference Rate Reform on Financial Reporting
In March 2020, FASB issued ASU No. 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting, or ASU No. 2020-04, which provides optional expedients and exceptions for applying GAAP to contracts, hedging relationships and other transactions affected by reference rate reform if certain criteria are met. The amendments apply only to contracts, hedging relationships and other transactions that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform. ASU No. 2020-04 is effective for all entities as of March 12, 2020 through December 31, 2022. The Company is currently evaluating the impact of adopting this ASU on its condensed consolidated financial statements.
Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity
In August 2020, the FASB issued ASU No. 2020-06, Debt – Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging – Contracts in an Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity, or ASU No. 2020-06. The intention of ASU No. 2020-06 is to address the complexities in accounting for certain financial instruments with a debt and equity component. Under ASU No. 2020-06, the number of accounting models for convertible notes will be reduced and entities that issue convertible debt will be required to use the if-converted method for the computation of diluted "Earnings per share" under ASC 260. ASC 2020-06 is effective for fiscal years beginning after December 15, 2021 and may be adopted through either a modified retrospective method of transition or a fully retrospective method of transition. The Company is currently assessing the impact this guidance will have on its condensed consolidated financial statements.
Note 3. Loans Held-for-Investment, Net of Allowance for Credit Losses
The Company originates and acquires commercial real estate debt and related instruments generally to be held as long-term investments. These assets are classified as “loans held-for-investment” on the condensed consolidated balance sheets. Loans held-for-investment are reported at cost, net of any unamortized acquisition premiums or discounts, loan fees, origination costs and allowance for credit losses, as applicable.

Notes to the Condensed Consolidated Financial Statements
The following tables summarize the Company’s loans held-for-investment by asset type, property type and geographic location as of March 31, 2021 and December 31, 2020:
March 31,
(dollars in thousands)
    Loans (1)
Mezzanine LoansB-NotesTotal
Unpaid principal balance$3,856,413 $2,034 $14,176 $3,872,623 
Unamortized (discount) premium
(68)  (68)
Unamortized net deferred origination fees
(13,286)  (13,286)
Allowance for credit losses(53,437)(2,034)(3,962)(59,433)
Carrying value$3,789,622 $ $10,214 $3,799,836 
Unfunded commitments$453,534 $ $ $453,534 
Number of loans98 1 1 100 
Weighted average coupon5.1 %13.0 %8.0 %5.1 %
Weighted average years to maturity (2)
December 31,
(dollars in thousands)
    Loans (1)
Mezzanine LoansB-NotesTotal
Unpaid principal balance$3,915,833 $2,366 $14,235 $3,932,434 
Unamortized (discount) premium
(75)  (75)
Unamortized net deferred origination fees
(17,890)  (17,890)
Allowance for credit losses(60,130)(2,366)(4,170)(66,666)
Carrying value$3,837,738 $ $10,065 $3,847,803 
Unfunded commitments$503,726 $ $ $503,726 
Number of loans101 1 1 103 
Weighted average coupon5.1 %13.0 %8.0 %5.1 %
Weighted average years to maturity (2)
(1)Loans primarily secured by a first priority lien on commercial real property and related personal property and also includes, when applicable, any companion subordinate loans.
(2)Based on contractual maturity date. Certain loans are subject to contractual extension options with such conditions stipulated in the applicable loan documents. Actual maturities may differ from contractual maturities stated herein as certain borrowers may have the right to prepay with or without paying a prepayment fee. The Company may also extend contractual maturities in connection with loan modifications.
(dollars in thousands)March 31,
December 31,
Property TypeCarrying Value% of Loan PortfolioCarrying Value% of Loan Portfolio
Office$1,743,557 45.9 %$1,720,705 44.7 %
Multifamily902,334 23.8 %910,557 23.7 %
Hotel658,821 17.3 %646,869 16.8 %
Retail330,833 8.7 %332,218 8.6 %
Industrial125,769 3.3 %196,677 5.1 %
Other38,522 1.0 %40,777 1.1 %
Total$3,799,836 100.0 %$3,847,803 100.0 %

Notes to the Condensed Consolidated Financial Statements
(dollars in thousands)March 31,
December 31,
Geographic LocationCarrying Value% of Loan PortfolioCarrying Value% of Loan Portfolio
Northeast$1,009,667 26.6 %$1,028,584 26.8 %
Southwest813,610 21.4 %802,233 20.8 %
West640,788 16.9 %682,236 17.7 %
Midwest708,060 18.6 %712,675 18.5 %
Southeast627,711 16.5 %622,075 16.2 %
Total$3,799,836 100.0 %$3,847,803 100.0 %
At March 31, 2021 and December 31, 2020, the Company pledged loans held-for-investment with a carrying value, net of allowance for credit losses, of $3.8 billion for both periods, as collateral under repurchase facilities, an asset-specific financing facility, a term financing facility and securitized debt obligations. See Note 4 - Variable Interest Entities and Securitized Debt Obligations and Note 5 - Collateralized Borrowings.
The following table summarizes activity related to loans held-for-investment, net of allowance for credit losses, for the three months ended March 31, 2021 and 2020:
Three Months Ended
March 31,
(in thousands)20212020
Balance at beginning of period$3,847,803 $4,226,212 
Originations, acquisitions and additional fundings41,777 187,422 
Net discount accretion (premium amortization)7 8 
Increase in net deferred origination fees(34)(2,453)
Amortization of net deferred origination fees4,638 4,766 
Benefit from (provision for) credit losses7,233 (62,565)
Balance at end of period$3,799,836 $4,251,251 
Subsequent to the adoption of ASU 2016-13 on January 1, 2020, to estimate and recognize an allowance for credit losses on loans held-for-investment and their related unfunded commitments, the Company continues to use a probability-weighted analytical model. The Company employs quarterly updated macroeconomic forecasts, which reflect the ongoing impact of the COVID-19 pandemic on the overall U.S. economy and commercial real estate markets generally. Driven by the general progress around the development and distribution of the COVID-19 vaccines over the last few quarters, those macroeconomic forecasts have been improving, including expectations for unemployment rates and overall economic output. Significant inputs to the Company’s estimate of the allowance for credit losses include loan specific factors such as debt service coverage ratio, or DSCR, loan to value ratio, or LTV, remaining contractual loan term, property type and others. In certain instances, for loans with unique risk characteristics, the Company may instead elect to employ different methods to estimate loan losses that also conform to ASU 2016-13 and related guidance. As of March 31, 2021, the Company has maintained its determination that the recovery of loan principal associated with one hotel senior loan, with an unpaid principal balance of $67.3 million, is collateral-dependent, as further discussed below.
As of March 31, 2021, the Company recognized an allowance for credit losses related to its loans held-for-investment of $59.4 million, which reflected a benefit from provision for credit losses of $7.2 million. The allowance for credit losses related to the Company’s loans held-for-investment is deducted from the amortized cost basis of related loans, while the allowance for credit losses related to off-balance sheet unfunded commitments on existing loans is recorded as a component of other liabilities on the Company’s condensed consolidated balance sheets. As of March 31, 2021, the Company recognized $3.6 million in other liabilities related to the allowance for credit losses on unfunded commitments. During the three months ended March 31, 2021, the Company recognized a benefit from provision for credit losses of $1.9 million on unfunded commitments. Changes in the provision for credit losses for both loans held-for-investment and their related unfunded commitments are recognized through net income on the Company’s condensed consolidated statements of comprehensive income (loss).

Notes to the Condensed Consolidated Financial Statements
The following table presents the changes for the three months ended March 31, 2021 in the allowance for credit losses on loans held-for-investment:
Three Months Ended
March 31,
(in thousands)20212020
Balance at beginning of period $66,666 $16,692 
(Benefit from) provision for credit losses(7,233)45,873 
Recoveries of amounts previously written off  
Balance at end of period$59,433 $62,565 
Generally, loans held-for-investment are placed on nonaccrual status when delinquent for more than 90 days or when determined not to be probable of full collection. Interest income recognition is suspended when loans are placed on nonaccrual status. As of March 31, 2021, the Company had one senior loan with an unpaid principal balance of $22.3 million and a carrying value of $19.3 million that was held on nonaccrual status. The Company wrote off $0.8 million of accrued interest related to this loan during the three months ended December 31, 2020. Any reversal of accrued interest income is recorded in interest income on the Company’s condensed consolidated statements of comprehensive income (loss). No other loans were considered past due as of March 31, 2021.
The Company’s primary credit quality indicators are its risk ratings. The Company evaluates the credit quality of each loan at least quarterly by assessing the risk factors of each loan and assigning a risk rating based on a variety of factors. Risk factors include property type, geographic and local market dynamics, physical condition, leasing and tenant profile, projected cash flow, loan structure and exit plan, LTV, project sponsorship and other factors deemed necessary. Risk ratings are defined as follows:
1 –Lower Risk
2 –Average Risk
3 –Acceptable Risk
4 –Higher Risk: A loan that has exhibited material deterioration in cash flows and/or other credit factors, which, if negative trends continue, could be indicative of probability of principal loss.
5 –Loss Likely: A loan that has a significantly increased probability of principal loss.
The following table presents the number of loans, unpaid principal balance and carrying value by risk rating for loans held-for-investment as of March 31, 2021 and December 31, 2020:
(dollars in thousands)March 31,
December 31,
Risk RatingNumber of LoansUnpaid Principal BalanceCarrying ValueNumber of LoansUnpaid Principal BalanceCarrying Value
16 $183,564 $183,110 6 $183,369 $182,730 
250 1,884,413 1,866,732 50 1,863,590 1,847,332 
327 993,656 979,628 29 1,055,782 1,026,662 
416 743,735 711,452 17 762,636 732,310 
51 67,255 58,914 1 67,057 58,769 
Total100 $3,872,623 $3,799,836 103 $3,932,434 $3,847,803 

Notes to the Condensed Consolidated Financial Statements
As of March 31, 2021, the Company held one senior loan with an unpaid principal balance of $67.3 million with a risk rating of “5.” The Company determined that the recovery of its loan principal is collateral-dependent. Accordingly, this loan was assessed individually and the Company has elected to apply a practical expedient in accordance with ASU 2016-13, and an allowance for credit loss of $8.3 million is recorded on this loan using the discounted cash flow method of valuation to reduce the carrying value of the loan to the estimated fair value of the property less the estimated cost to foreclose and sell the property. The loan had been previously modified and, during the three months ended December 31, 2020, the Company negotiated with the borrower a new short-term extension of the prior modification, which was accounted for as a troubled debt restructuring under GAAP. The Company is evaluating a variety of potential options with respect to the resolution of this loan, which, among other things, may include a sale or negotiated deed-in-lieu of foreclosure. The estimate of the fair value of the hotel collateral was developed using a discounted cash flow model and Level 3 inputs, which required significant judgment and included estimates of: (i) property cash flows over a specific holding period, (ii) forecasted submarket hotel revenue per available room, or RevPAR, rates and subject RevPAR penetration, (iii) operating expenses, (iv) property and income taxes, (v) the borrower’s exit plan and related costs, (vi) capitalization and discount rates, and (vii) overall market conditions. These inputs were in part developed based on discussions with various market participants and management’s best estimates as of the valuation date.
The following table presents the carrying value of loans held-for-investment as of March 31, 2021 and 2020 by risk rating and year of origination:
March 31, 2021
(dollars in thousands)Origination Year
Risk Rating20202019201820172016PriorTotal
1 (Low Risk)$ $18,322 $75,639 $55,552 $33,597 $ $183,110 
2 (Average Risk)77,609 1,110,218 439,391 148,010 37,069 54,435 1,866,732 
3 (Acceptable Risk)12,961 315,427 333,761 249,408 68,071  979,628 
4 (Higher Risk)42,478 110,949 215,920 197,681  144,424 711,452 
5 (Loss Likely) 58,914     58,914 
Total$133,048 $1,613,830 $1,064,711 $650,651 $138,737 $198,859 $3,799,836 

March 31, 2020
(dollars in thousands)Origination Year
Risk Rating20202019201820172016PriorTotal
1 (Low Risk)$ $ $49,269 $21,290 $33,330 $ $103,889 
2 (Average Risk)122,649 1,513,409 892,526 584,385 186,142 109,813 3,408,924 
3 (Acceptable Risk) 84,461 233,342 189,622  126,554 633,979 
4 (High Risk)  38,793 65,666   104,459 
5 (Loss Likely)       
Total$122,649 $1,597,870 $1,213,930 $860,963 $219,472 $236,367 $4,251,251 
Note 4. Variable Interest Entities and Securitized Debt Obligations
The Company finances pools of its commercial real estate loans through CRE CLOs, which are considered VIEs for financial reporting purposes, and, thus, are reviewed for consolidation under the applicable consolidation guidance. The Company has both the power to direct the activities of the CRE CLOs that most significantly impact the entities’ performance and the obligation to absorb losses or the right to receive benefits of the entities that could be significant, therefore, the Company consolidates the CRE CLOs.

Notes to the Condensed Consolidated Financial Statements
The following table presents a summary of the assets and liabilities of all VIEs consolidated on the Company’s condensed consolidated balance sheets as of March 31, 2021 and December 31, 2020:
(in thousands)March 31,
December 31,
Loans held-for-investment$1,261,943 $1,200,479 
Allowance for credit losses(10,437)(15,914)
Loans held-for-investment, net1,251,506 1,184,565 
Restricted cash 62,804 
Other assets8,949 8,563 
Total Assets$1,260,455 $1,255,932 
Securitized debt obligations$925,384