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COMMERCIAL MORTGAGE LOANS HELD-FOR-INVESTMENT (Tables)
 3 Months Ended
Mar. 31, 2025
Receivables [Abstract]  
Schedule of Commercial Mortgage Loans
The following tables summarize certain characteristics of the Company's investments in commercial mortgage loans as of March 31, 2025 and December 31, 2024:
Weighted Average
Loan TypeUnpaid Principal Balance
Carrying Value(1)
Loan CountFloating Rate Loan %
Coupon(2)
Term
 (Years)(3)
March 31, 2025
Loans held-for-investment
Senior secured loans(4)
$1,010,888,938 $1,005,841,618 61 100.0 %7.9 %2.0
Allowance for credit lossesN/A(17,060,194)
1,010,888,938 988,781,424 61 100.0 %7.9 %2.0

Weighted Average
Loan TypeUnpaid Principal Balance
Carrying Value(1)
Loan CountFloating Rate Loan %
Coupon(2)
Term
 (Years)(3)
December 31, 2024
Loans held-for-investment
Senior secured loans(4)
$1,065,563,646 $1,060,123,298 65 100.0 %8.1 %2.1
Allowance for credit lossesN/A(11,320,220)
1,065,563,646 1,048,803,078 65 100.0 %8.1 %2.1

(1)    Carrying Value includes $2,978,218 and $3,466,214 in unamortized purchase discounts as of March 31, 2025 and December 31, 2024, respectively.
(2)    Weighted average coupon assumes applicable 30-day term Secured Overnight Financing Rate ("SOFR") of 4.31% and 4.51% as of March 31, 2025 and December 31, 2024, respectively, inclusive of weighted average interest rate floor of 0.94% and 0.63%, respectively. As of March 31, 2025 and December 31, 2024, 100.0% of the investments by total investment exposure earned a floating rate indexed to 30-day term SOFR.
(3)    Weighted average remaining term assumes all extension options are exercised by the borrower; provided, however, that our loans may be repaid prior to such date.
(4)    As of March 31, 2025, $989,668,838 of the outstanding senior secured loans were held in VIEs and $(887,414) of the outstanding senior secured loans were held outside of VIEs. As of December 31, 2024, $1,049,886,009 of the outstanding senior secured loans were held in VIEs and $(1,082,931) of the outstanding senior secured loans were held outside of VIEs.

Activity: For the three months ended March 31, 2025, the loan portfolio activity was as follows:


Commercial Mortgage Loans Held-for-Investment
Balance at December 31, 2024$1,048,803,078 
Principal payments(54,977,677)
Origination and other loan fees(315,943)
Accretion of purchase discount487,996 
Accretion of deferred loan fees523,944 
Provision for credit losses(5,739,974)
Balance at March 31, 2025
$988,781,424 
Schedule of Loan Risk Ratings 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 March 31, 2025 and December 31, 2024:
March 31, 2025
Amortized Cost by Year of Origination
Risk RatingNumber of LoansOutstanding Principal2024202320222021
1— $— $— $— $— $— 
24 76,760,000 27,070,437 — 49,407,848 — 
330 520,736,897 31,085,962 — 154,791,261 329,876,961 
420 304,972,794 — 17,916,725 208,599,221 74,141,021 
57 108,419,247 — — 55,576,115 40,315,873 
61 $1,010,888,938 $58,156,399 $17,916,725 $468,374,445 $444,333,855 
December 31, 2024
Amortized Cost by Year of Origination
Risk RatingNumber of LoansOutstanding Principal2024202320222021
1— $— $— $— $— $— 
23 57,840,000 27,048,495 — 30,416,761 — 
340 616,637,103 31,019,735 17,973,555 266,895,843 294,277,177 
416 292,826,616 — — 140,183,307 147,641,857 
56 98,259,927 — — 74,158,849 19,187,499 
65 $1,065,563,646 $58,068,230 $17,973,555 $511,654,760 $461,106,533 
Schedule of 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 March 31, 2025 and December 31, 2024:
Loans Held-for-Investment
March 31, 2025December 31, 2024
Geography
South35.7 %36.6 %
Southwest32.3 32.9 
Mid-Atlantic17.1 16.1 
Midwest7.9 7.7 
West7.0 6.7 
Total100.0 %100.0 %
March 31, 2025
December 31, 2024
Collateral Property Type
Multifamily91.7 %92.3 %
Seniors Housing and Healthcare7.7 7.1 
Self-Storage0.6 0.6 
Total100.0 %100.0 %
Schedule of Provision for Credit Losses
The following table presents the changes for the three months ended March 31, 2025 and March 31, 2024 in the provision for credit losses on loans held-for-investment:

Three months ended
March 31, 2025March 31, 2024
Allowance for credit losses at beginning of period$11,320,220 $6,059,006 
Provision for credit losses5,739,974 1,757,456 
Allowance for credit losses at end of period$17,060,194 $7,816,462 

The following table presents the changes for the three months ended March 31, 2025 and March 31, 2024 in the provision for credit losses on the unfunded commitments of the Company's loans held-for-investment:
Three months ended
March 31, 2025March 31, 2024
Allowance for credit losses at beginning of period$57,554 $43,647 
(Release of) provision for credit losses(42,313)19,417 
Allowance for credit losses at end of period$15,241 $63,064 

The following tables present the allowance for credit losses for loans held-for-investment as of March 31, 2025 and December 31, 2024:

March 31, 2025
General ReserveSpecific ReserveTotal Reserve
Allowance for credit losses:
Loans held for investment$5,937,953 $11,122,241 $17,060,194 
Unfunded loan commitments15,241 — 15,241 
Total allowance for credit losses$5,953,194 $11,122,241 $17,075,435 
Total unpaid principal balance$902,469,692 $108,419,247 $1,010,888,939 

December 31, 2024
General ReserveSpecific ReserveTotal Reserve
Allowance for credit losses:
Loans held for investment$7,544,969 $3,775,251 $11,320,220 
Unfunded loan commitments57,554 — 57,554 
Total allowance for credit losses$7,602,523 $3,775,251 $11,377,774 
Total unpaid principal balance$967,303,719 $98,259,927 $1,065,563,646