Concentration of Credit Risk

3 Months Ended

Mar. 31, 2025

Property 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):


	March 31, 2025
Property type	Loan commitment		Unfunded commitment		% of loan commitment		Loan UPB		% of loan UPB
Multifamily	$	1,772,566	$	45,671	52.3	%	$	1,727,418	52.7	%
Office	584,547		19,692		17.3		564,855		17.2
Life Science	368,573		14,019		10.9		354,554		10.8
Hotel	348,400		10,895		10.3		337,505		10.3
Industrial	166,000		16,400		4.9		149,600		4.6
Mixed-Use	78,775		3,094		2.3		75,681		2.3
Self Storage	67,000		—		2.0		67,000		2.1



Total	$	3,385,861	$	109,771	100.0	%	$	3,276,613	100.0	%


	December 31, 2024
Property type	Loan commitment		Unfunded commitment		% of loan commitment		Loan UPB		% of loan UPB
Multifamily	$	1,777,221	$	56,101	52.0	%	$	1,721,480	52.4	%
Office	606,047		23,788		17.8		582,259		17.7
Life Science	368,573		14,019		10.8		354,554		10.8
Hotel	348,400		14,110		10.2		334,290		10.2
Industrial	166,000		16,400		4.9		149,600		4.6
Mixed-Use	78,775		3,448		2.3		75,327		2.3
Self Storage	67,000		—		2.0		67,000		2.0
Total	$	3,412,016	$	127,866	100.0	%	$	3,284,510	100.0	%

Loan commitments exclude capitalized interest of $0.5 million and $0.4 million as of March 31, 2025 and December 31, 2024, respectively.

Geography

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):


	March 31, 2025
Geographic region	Loan commitment		Unfunded commitment		% of loan commitment		Loan UPB		% of loan UPB
West	$	1,252,820	$	39,727	37.0	%	$	1,213,616	37.0	%
East	945,249		11,154		27.9		934,095		28.5
South	813,192		40,940		24.0		772,252		23.6
Various	309,000		16,800		9.1		292,200		8.9
Midwest	65,600		1,150		2.0		64,450		2.0
Total	$	3,385,861	$	109,771	100.0	%	$	3,276,613	100.0	%

	December 31, 2024
Geographic region	Loan commitment		Unfunded commitment		% of loan commitment		Loan UPB		% of loan UPB
West	$	1,254,320	$	47,318	36.7	%	$	1,207,362	36.8	%
East	965,249		12,678		28.3		952,571		29.0
South	817,847		49,016		24.0		768,831		23.4
Various	309,000		16,800		9.1		292,200		8.9
Midwest	65,600		2,054		1.9		63,546		1.9
Total	$	3,412,016	$	127,866	100.0	%	$	3,284,510	100.0	%

Loan commitments exclude capitalized interest of $0.5 million and $0.4 million as of March 31, 2025 and December 31, 2024, respectively.

Category

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):


	March 31, 2025
Loan category	Loan commitment		Unfunded commitment		% of loan commitment		Loan UPB		% of loan UPB
Bridge	$	1,518,134	$	19,483	44.8	%	$	1,499,174	45.8	%
Moderate Transitional	987,538		54,699		29.2		932,839		28.4
Light Transitional	880,189		35,589		26.0		844,600		25.8

Total	$	3,385,861	$	109,771	100.0	%	$	3,276,613	100.0	%

	December 31, 2024
Loan category	Loan commitment		Unfunded commitment		% of loan commitment		Loan UPB		% of loan UPB
Bridge	$	1,522,789	$	27,472	44.6	%	$	1,495,677	45.5	%
Moderate Transitional	1,009,038		63,063		29.6		945,975		28.8
Light Transitional	880,189		37,331		25.8		842,858		25.7

Total	$	3,412,016	$	127,866	100.0	%	$	3,284,510	100.0	%

Loan commitments exclude capitalized interest of $0.5 million and $0.4 million as of March 31, 2025 and December 31, 2024, respectively.