Subsequent Events

6 Months Ended

Jun. 30, 2022

Subsequent Events [Abstract]

Subsequent Events

Subsequent Events

The following events occurred subsequent to June 30, 2022:

•From July 1, 2022 through August 2, 2022, the Company closed, or is in the process of closing, seven first mortgage loans with a total loan commitment amount of $557.1 million and initial fundings of $513.0 million.

•From July 1, 2022 through August 2, 2022, the Company received full loan repayments related to two of its first mortgage loans with an aggregate loan commitment and unpaid principal balance of $226.6 million and $226.2 million, respectively. The first mortgage loans were all secured by office properties.

•From July 1, 2022 through August 2, 2022, the Company had the following activity related to its loans held for investment:

•On July 9, 2022, the Company entered into an extension and modification agreement with respect to its one risk category “5” office loan to facilitate an orderly disposition of the underlying property by the borrower. The amortized cost of the loan was $55.7 million, and the carrying value of the loan was $44.6 million, net of an individually-assessed CECL reserve of $11.1 million, as of June 30, 2022. The loan is performing and all contractual amounts due to the Company have been received.

•On July 14, 2022, the property securing the Company's non-performing retail loan was sold by the borrower for $19.7 million, generating net proceeds of $18.6 million, that were directed by the borrower to retire the Company's loan. The Company will realize a $4.4 million loss during the three months ended September 30, 2022, which was fully reserved within the Company's CECL reserve as of June 30, 2022.