Concentration of Credit Risk (Tables)

9 Months Ended

Sep. 30, 2021

Loans And Leases Receivable Disclosure [Line Items]

Summary of Loans Held for Investment Portfolio by Property/ Loan Category Type

A summary of the Company’s loans held for investment portfolio by property type as of September 30, 2021 and December 31, 2020 based on total loan commitment and current unpaid principal balance (“UPB”) is as follows (dollars in thousands):

	September 30, 2021
Property type	Loan commitment		Unfunded commitment		% of loan commitment			Loan UPB		% of loan UPB
Office	$	2,778,523	$	386,673		53.1	%	$	2,391,850		50.2	%
Multifamily		1,249,025		68,246		23.8			1,181,078		24.8
Hotel		584,943		5,000		11.2			582,792		12.3
Mixed-Use		572,069		24,601		10.9			547,468		11.5
Retail		33,000		2,143		0.6			31,200		0.7
Condominium		23,009		—		0.4			23,009		0.5
Total	$	5,240,569	$	486,663		100.0	%	$	4,757,397		100.0	%

	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	%

Summary of Geographic Composition of Loans Held for Investment Based on Current UPB and Loan Commitment

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 UPB as of September 30, 2021 and December 31, 2020 is as follows (dollars in thousands):

	September 30, 2021
Geographic region	Loan commitment		Unfunded commitment		% of loan commitment			Loan UPB		% of loan UPB
East	$	2,085,852	$	114,305		39.8	%	$	1,972,717		41.5	%
South		1,313,895		96,114		25.1			1,218,757		25.6
West		1,238,618		220,415		23.6			1,019,248		21.4
Midwest		602,204		55,829		11.5			546,675		11.5
Total	$	5,240,569	$	486,663		100.0	%	$	4,757,397		100.0	%
	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	%

Loan Category

Loans And Leases Receivable Disclosure [Line Items]

Summary of Loans Held for Investment Portfolio by Property/ Loan Category Type

A summary of the Company’s loans held for investment portfolio by loan category as of September 30, 2021 and December 31, 2020 based on total loan commitment and current UPB is as follows (dollars in thousands):

	September 30, 2021
Loan category	Loan commitment		Unfunded commitment		% of loan commitment			Loan UPB		% of loan UPB
Moderate Transitional	$	1,945,826	$	326,944		37.1	%	$	1,620,054		34.1	%
Light Transitional		1,700,225		129,504		32.4			1,570,720		33.0
Bridge		1,559,518		30,215		29.8			1,531,623		32.2
Construction		35,000		—		0.7			35,000		0.7
Total	$	5,240,569	$	486,663		100.0	%	$	4,757,397		100.0	%
	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	%