Concentration of Risk

12 Months Ended

Dec. 31, 2023

Risks and Uncertainties [Abstract]

Concentration of Risk

Note 23 — Concentration of Risk

The Company originates and purchases loans secured by a broad spectrum of commercial property throughout the United States. As of December 31, 2023 and 2022, geographic and property type concentrations of loans, by unpaid principal balance, were as follows:

	December 31,
	2023			2022
Geographic concentration:
California		22.0	%		22.8	%
New York		18.3			19.9
Florida		13.4			13.3
New Jersey		7.3			7.5
Other states (individually less than 5.0%)		39.0			36.5
		100.0	%		100.0	%

	December 31,
	2023			2022
Property type concentration:
Investor 1-4		55.0	%		52.7	%
Mixed use		11.7			12.6
Retail		8.4			8.7
Multifamily		7.8			8.6
Warehouse		6.5			5.7
Office		5.4			6.4
Other (individually less than 5.0%)		5.2			5.3
		100.0	%		100.0	%

As of December 31, 2023 and 2022, the Company held $44.3 million and $13.3 million, respectively, of real estate owned, net, with geographic concentrations as follows:

	December 31,
	2023			2022
Geographic concentration:
Texas		25.9	%		14.1	%
California		17.5			—
New York		17.0			5.7
Florida		11.4			16.1
Georgia		5.9			—
New Jersey		5.8			11.2
Massachusetts		4.8			21.3
Maryland		1.0			16.8
Other states (individually less than 5.0%)		10.7			14.8
		100.0	%		100.0	%