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Loans Receivable
 12 Months Ended
Dec. 31, 2018
Receivables [Abstract]  
Loans Receivable
Note 3. Loans Receivable
The following table details overall statistics for the Company’s loans receivable portfolio as of December 31, 2018 and 2017:
 
 
 
December 31,
 
 
 
2018
 
 
2017
 
Number of loans
 
 
17
 
 
 
3
 
Principal balance
 
$
238,979
 
 
$
49,850
 
Net book value
 
$
239,207
 
 
$
49,929
 
Unfunded loan commitments
(1)
 
$
38,324
 
 
$
12,620
 
Weighted-average cash coupon
(2)
 
 
7.28
%
 
 
5.63
%
Weighted-average all-in yield
(2)
 
 
7.48
%
 
 
6.28
%
Weighted-average maximum maturity (years)
(3)
 
 
3.6
 
 
 
3.5
 
 
  
(1)
The Company may be required to provide funding when requested by the borrower in accordance with the terms of the underlying agreements.
(2)
The Company’s
floating rate loans were indexed to the London Interbank Offered Rate, or LIBOR. In addition to cash coupon, all-in yield includes accretion of discount (amortization of premium) and accrual of exit fees.
(3)
Maximum maturity assumes all extension options are exercised by the borrower, however loans may be repaid prior to such date.
For the years ended December 31, 2018 and 2017, the activity in the Company’s loan portfolio was as follows:
 
 
 
For the Year Ended
December 31,
 
 
 
2018
 
 
2017
 
Balance at beginning of period
 
$
49,929
 
 
$
—
 
Loan fundings
 
 
191,437
 
 
 
49,848
 
Loan repayments
 
 
(2,455
)
 
 
—
 
Amortization of deferred fees on loans
 
 
296
 
 
 
81
 
Balance at end of period
 
$
239,207
 
 
$
49,929
 
 
The following tables detail the property type and geographic location of the properties securing the loans in the Company’s portfolio as of December 31, 2018 and 2017:
 
 
 
December 31, 2018
 
 
December 31, 2017
 
Property Type
 
Net Book
Value
 
 
Percentage
 
 
Net Book
Value
 
 
Percentage
 
Office
 
$
91,898
 
 
 
38
%
 
$
40,367
 
 
 
81
%
Multifamily
 
 
80,750
 
 
 
34
%
 
 
9,562
 
 
 
19
%
Retail
 
 
29,757
 
 
 
13
%
 
 
—
 
 
 
—
 
Hospitality
 
 
24,302
 
 
 
10
%
 
 
—
 
 
 
—
 
Industrial
 
 
12,500
 
 
 
5
%
 
 
—
 
 
 
—
 
Total
 
$
239,207
 
 
 
100
%
 
$
49,929
 
 
 
100
%
 
 
 
 
December 31, 2018
 
 
December 31, 2017
 
Geographic Location
 
Net Book
Value
 
 
Percentage
 
 
Net Book
Value
 
 
Percentage
 
Northeast
 
$
92,550
 
 
 
39
% 
 
$
11,092
 
 
 
22
%
Southeast
 
 
80,960
 
 
 
34
% 
 
 
38,837
 
 
 
78
%
West
 
 
29,453
 
 
 
12
% 
 
 
—
 
 
 
—
 
Southwest
 
 
23,849
 
 
 
10
% 
 
 
—
 
 
 
—
 
Northwest
 
 
12,395
 
 
 
5
% 
 
 
—
 
 
 
—
 
Total
 
$
239,207
 
 
 
100
% 
 
$
49,929
 
 
 
100
%
As of December 31, 2018 and 2017, all of the Company’s loans had a risk rating of 3. The Company did not have any impaired loans, non-accrual loans, or loans in maturity default as of December 31, 2018 or December 31, 2017.
Subsequent Activity
During the period from January 1, 2019 through the date the consolidated financial statements were issued, the Company closed on one senior floating-rate mortgage loan of which
$
14,300
was funded at closing. The Company funded the purchases of the loan with cash on hand, proceeds from its public and private offerings and $
9,295
in proceeds from one of the Company’s financing facilities.