A summary of the loan portfolio by property type as of December 31, 2020 and December 31, 2019 based on total loan commitment and current unpaid principal balance (“UPB”) is as follows (dollars in thousands):

	As of December 31, 2020
Property Type	Loan Commitment		Unfunded Commitment		% of Loan Commitment			Loan UPB		% of Loan UPB
Office	$	2,756,338	$	356,034		55.7	%	$	2,400,304		53.0	%
Multifamily		804,838		24,001		16.3			781,137		17.3
Hotel		737,293		9,864		14.9			731,487		16.2
Mixed-Use		586,993		31,398		11.9			555,595		12.3
Condominium		25,049		—		0.5			25,049		0.6
Retail		33,000		2,190		0.7			31,153		0.7
Total	$	4,943,511	$	423,487		100.0	%	$	4,524,725		100.0	%

	As of December 31, 2019
Property Type	Loan Commitment		Unfunded Commitment		% of Loan Commitment			Loan UPB		% of Loan UPB
Office	$	2,925,749	$	438,800		52.0	%	$	2,486,949		49.9	%
Multifamily		1,104,946		69,061		19.6			1,035,885		20.7
Hotel		752,293		40,088		13.4			712,205		14.2
Mixed-Use		604,993		78,835		10.7			526,158		10.5
Condominium		95,784		1,524		1.7			94,260		1.9
Retail		33,000		2,281		0.6			30,719		0.6
Other		112,000		—		2.0			112,000		2.2
Total	$	5,628,765	$	630,589		100.0	%	$	4,998,176		100.0	%

Loan commitments represent principal commitments made by the Company, and do not include capitalized interest resulting from certain loan modifications of $4.7 million and $0.0 million at December 31, 2020 and December 31, 2019, respectively.

All of the Company’s loans held for investment are secured by properties within the United States. The geographic composition of loans held for investment based on total loan commitment and current unpaid principal balance as of December 31, 2020 and December 31, 2019 is as follows (dollars in thousands):

	December 31, 2020
Geographic Region	Loan Commitment		Unfunded Commitment		% of Loan Commitment			Loan UPB		% of Loan UPB
East	$	2,009,022	$	152,487		40.6	%	$	1,856,535		41.0	%
South		1,289,141		97,405		26.1			1,192,852		26.4
West		1,128,897		121,738		22.8			1,009,589		22.3
Midwest		428,351		49,478		8.7			379,173		8.4
Various		88,100		2,379		1.8			86,576		1.9
Total	$	4,943,511	$	423,487		100.0	%	$	4,524,725		100.0	%

	December 31, 2019
Geographic Region	Loan Commitment		Unfunded Commitment		% of Loan Commitment			Loan UPB		% of Loan UPB
East	$	2,182,659	$	214,938		38.7	%	$	1,967,721		39.4	%
West		1,397,431		201,690		24.8			1,195,741		23.9
South		1,342,794		124,939		23.9			1,217,855		24.4
Midwest		482,804		83,178		8.6			399,626		8.0
Various		223,077		5,844		4.0			217,233		4.3
Total	$	5,628,765	$	630,589		100.0	%	$	4,998,176		100.0	%

A summary of the loan portfolio by category as of December 31, 2020 and December 31, 2019 based on total loan commitment and current unpaid principal balance is as follows (dollars in thousands):

	December 31, 2020
Loan Category	Loan Commitment		Unfunded Commitment		% of Loan Commitment			Loan UPB		% of Loan UPB
Light Transitional	$	1,937,644	$	173,518		39.2	%	$	1,764,126		39.0	%
Moderate Transitional		1,633,131		224,532		33.0			1,410,145		31.2
Bridge		1,337,736		22,953		27.1			1,317,938		29.1
Construction		35,000		2,484		0.7			32,516		0.7
Total	$	4,943,511	$	423,487		100.0	%	$	4,524,725		100.0	%

	December 31, 2019
Loan Category	Loan Commitment		Unfunded Commitment		% of Loan Commitment			Loan UPB		% of Loan UPB
Bridge	$	2,001,962	$	49,057		35.6	%	$	1,952,905		39.1	%
Light Transitional		1,890,762		219,138		33.6			1,671,624		33.4
Moderate Transitional		1,701,041		347,394		30.2			1,353,647		27.1
Construction		35,000		15,000		0.6			20,000		0.4
Total	$	5,628,765	$	630,589		100.0	%	$	4,998,176		100.0	%