Loans Held for Investment (Tables)

12 Months Ended

Dec. 31, 2021

The table below provides overall statistics for our loan portfolio as of December 31, 2021 and 2020:


	As of December 31,
	2021 (Successor Basis)			2020 (Predecessor Basis)
Number of loans	26			5
Total loan commitments	$	648,266		$	111,720
Unfunded loan commitments (1)(2)	$	57,772		$	18,857
Principal balance (2)	$	590,590		$	92,863


Carrying value	$	570,780		$	91,879
Weighted average coupon rate	4.54		%	5.08		%
Weighted average all in yield (3)	5.08		%	5.71		%
Weighted average LIBOR floor	0.68		%	0.78		%
Weighted average maximum maturity (years) (4)	3.8			4.2
Weighted average risk rating	2.9			3.0

(1) Unfunded loan commitments are primarily used to finance property and building improvements and leasing capital and are generally funded over the term of the loan.

(2) The principal balance as of December 31, 2021 includes $96 of capitalized interest that does not reduce the amount of unfunded loan commitments.

(3) All in yield represents the yield on a loan, including amortization of deferred fees over the initial term of the loan and excluding any purchase discount accretion.

(4) Maximum maturity assumes all borrower loan extension options have been exercised, which options are subject to the borrower meeting certain conditions.

The table below represents our loan activities during the year ended December 31, 2021:


	Principal Balance		Deferred Fees and Other Items		Carrying Value
Balance at December 31, 2020 (Predecessor Basis)	$	92,863	$	(984)	$	91,879
Additional funding	4,710		—		4,710
Originations	347,366		(3,895)		343,471
Repayments	(59,041)		(156)		(59,197)
Net amortization of deferred fees	—		1,835		1,835
Loans acquired in Merger (1)	204,692		901		205,593
Purchase discount on loans acquired in Merger	—		(36,443)		(36,443)
Purchase discount accretion (2)	—		18,932		18,932
Balance at December 31, 2021 (Successor Basis)	$	590,590	$	(19,810)	$	570,780

(1) Deferred fees and other items for loans acquired in Merger represent exit fees contractually due upon repayment of loans acquired in the Merger.

(2) Purchase discount accretion reflects the impact of a waived exit fee of $120 due from a borrower of a loan acquired in the Merger.

The tables below detail the property type and geographic location of the properties securing the loans in our portfolio as of December 31, 2021 and 2020:


	As of December 31,
	2021 (Successor Basis)					2020 (Predecessor Basis)
Property Type	Number of Loans	Carrying Value		Percentage of Value		Number of Loans	Carrying Value		Percentage of Value
Office (1)	13	$	269,865	47	%	2	$	38,106	41	%
Multifamily	5	106,002		19	%	—	—		—	%
Lab	1	13,398		2	%	2	31,078		34	%
Retail	4	88,724		16	%	1	17,029		19	%
Industrial (1)	3	92,791		16	%	—	5,666		6	%

	26	$	570,780	100	%	5	$	91,879	100	%

(1) Two loan investments secured by mixed use properties consisting of office space and an industrial warehouse in Aurora, IL and Colorado Springs, CO are classified as office for the purpose of counting the number of loans in our portfolio because the majority of the square footage of the properties consists of office space. The carrying value of these loan investments are reflected in office and industrial based on the fair value of the buildings at the time of origination relative to the total fair value of the properties.


	As of December 31,
	2021 (Successor Basis)					2020 (Predecessor Basis)
Geographic Location	Number of Loans	Carrying Value		Percentage of Value		Number of Loans	Carrying Value		Percentage of Value
East	3	$	55,132	10	%	—	$	—	—	%
South	7	153,495		27	%	1	13,281		14	%
West	8	145,453		25	%	2	34,826		38	%
Midwest	8	216,700		38	%	2	43,772		48	%
	26	$	570,780	100	%	5	$	91,879	100	%

The following table allocates the carrying value of our loan portfolio as of December 31, 2021 and 2020 based on our internal risk rating policy:


	As of December 31,
	2021 (Successor Basis)			2020 (Predecessor Basis)
Risk Rating	Number of Loans	Carrying Value		Number of Loans	Carrying Value
1	—	$	—	—	$	—
2	4	94,743		—	—
3	21	463,600		5	91,879
4	1	12,437		—	—
5	—	—		—	—
	26	$	570,780	5	$	91,879