Concentration of Credit Risk (Tables)

6 Months Ended

Jun. 30, 2023

Risks and Uncertainties [Abstract]

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

A summary of the Company’s portfolio of loans held for investment by property type based on total loan commitment and current unpaid principal balance (“UPB”) follows (dollars in thousands):

	June 30, 2023
Property type	Loan commitment		Unfunded commitment		% of loan commitment		Loan UPB		% of loan UPB
Multifamily	$	2,177,293	$	83,984	44.8	%	$	2,093,309	45.7	%
Office	1,217,159		97,760		25.0		1,116,934		24.6
Hotel	568,543		11,740		11.7		557,975		12.2
Life Science	404,600		60,716		8.3		343,884		7.5
Mixed-Use	274,850		14,568		5.6		260,282		5.7
Industrial	107,000		9,436		2.2		97,564		2.1
Self Storage	69,000		2,000		1.4		67,000		1.5
Other	50,600		20,298		1.0		30,302		0.7
Total	$	4,869,045	$	300,502	100.0	%	$	4,567,250	100.0	%

	December 31, 2022
Property type	Loan commitment		Unfunded commitment		% of loan commitment		Loan UPB		% of loan UPB
Multifamily	$	2,491,441	$	110,769	46.0	%	$	2,380,672	47.5	%
Office	1,553,378		155,986		28.5		1,397,392		28.0
Hotel	483,743		11,666		8.9		473,790		9.5
Life Science	404,600		93,092		7.5		311,508		6.2
Mixed-Use	283,340		15,061		5.2		268,279		5.4
Industrial	93,044		5,987		1.7		87,057		1.7
Self Storage	69,000		11,900		1.3		57,100		1.1
Other	50,600		21,600		0.9		29,000		0.6
Total	$	5,429,146	$	426,061	100.0	%	$	5,004,798	100.0	%

A summary of the Company’s portfolio of loans held for investment by loan category based on total loan commitment and current UPB follows (dollars in thousands):

	June 30, 2023
Loan category	Loan commitment		Unfunded commitment		% of loan commitment		Loan UPB		% of loan UPB
Bridge	$	2,228,000	$	44,565	45.8	%	$	2,183,436	47.7	%
Moderate Transitional	1,515,794		178,175		31.1		1,336,325		29.3
Light Transitional	1,074,651		57,464		22.1		1,017,187		22.3
Construction	50,600		20,298		1.0		30,302		0.7
Total	$	4,869,045	$	300,502	100.0	%	$	4,567,250	100.0	%
	December 31, 2022
Loan category	Loan commitment		Unfunded commitment		% of loan commitment		Loan UPB		% of loan UPB
Bridge	$	2,249,442	$	52,588	41.4	%	$	2,197,397	43.9	%
Light Transitional	1,604,820		125,959		29.6		1,478,860		29.5
Moderate Transitional	1,524,284		225,914		28.1		1,299,541		26.0
Construction	50,600		21,600		0.9		29,000		0.6
Total	$	5,429,146	$	426,061	100.0	%	$	5,004,798	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 follows (dollars in thousands):

	June 30, 2023
Geographic region	Loan commitment		Unfunded commitment		% of loan commitment		Loan UPB		% of loan UPB
East	$	1,700,456	$	58,500	34.9	%	$	1,643,128	36.0	%
West	1,589,171		137,194		32.6		1,449,512		31.7
South	1,210,468		87,487		24.9		1,122,981		24.6
Midwest	229,950		10,516		4.7		219,434		4.8
Various	139,000		6,805		2.9		132,195		2.9
Total	$	4,869,045	$	300,502	100.0	%	$	4,567,250	100.0	%
	December 31, 2022
Geographic region	Loan commitment		Unfunded commitment		% of loan commitment		Loan UPB		% of loan UPB
East	$	1,844,087	$	73,104	33.9	%	$	1,772,155	35.4	%
West	1,629,727		179,104		30.0		1,450,623		29.0
South	1,496,382		138,836		27.6		1,358,087		27.1
Midwest	319,950		17,130		5.9		302,820		6.1
Various	139,000		17,887		2.6		121,113		2.4
Total	$	5,429,146	$	426,061	100.0	%	$	5,004,798	100.0	%