v3.25.2
Concentration of Credit Risk
 6 Months Ended
Jun. 30, 2025
Risks and Uncertainties [Abstract]  
Concentration of Credit Risk Concentration of Credit Risk
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):
June 30, 2025
Property typeLoan commitmentUnfunded commitment
% of loan commitment
Loan UPB
% of loan UPB
Multifamily$2,120,401 $60,246 54.5 %$2,060,847 54.5 %
Office584,547 17,810 15.0 566,737 15.0 
Industrial352,169 21,946 9.0 330,223 8.7 
Hotel348,400 9,575 8.9 338,825 9.0 
Life Science348,053 4,576 8.9 343,477 9.0 
Mixed-Use78,775 2,275 2.0 76,500 2.0 
Self Storage67,000 — 1.7 67,000 1.8 
Total$3,899,345 $116,428 100.0 %$3,783,609 100.0 %
December 31, 2024
Property typeLoan commitmentUnfunded commitment
% of loan commitment
Loan UPB
% of loan UPB
Multifamily$1,777,221 $56,101 52.0 %$1,721,480 52.4 %
Office606,047 23,788 17.8 582,259 17.7 
Life Science368,573 14,019 10.8 354,554 10.8 
Hotel348,400 14,110 10.2 334,290 10.2 
Industrial166,000 16,400 4.9 149,600 4.6 
Mixed-Use78,775 3,448 2.3 75,327 2.3 
Self Storage67,000 — 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 $0.7 million and $0.4 million as of June 30, 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):
June 30, 2025
Geographic regionLoan commitmentUnfunded commitment
% of loan commitment
Loan UPB
% of loan UPB
West$1,405,299 $38,209 36.0 %$1,367,782 36.1 %
East958,749 10,401 24.6 948,348 25.1 
South890,697 43,821 22.8 846,876 22.4 
Various509,000 21,997 13.1 487,003 12.9 
Midwest135,600 2,000 3.5 133,600 3.5 
Total$3,899,345 $116,428 100.0 %$3,783,609 100.0 %
December 31, 2024
Geographic regionLoan commitmentUnfunded commitment
% of loan commitment
Loan UPB
% of loan UPB
West$1,254,320 $47,318 36.7 %$1,207,362 36.8 %
East965,249 12,678 28.3 952,571 29.0 
South817,847 49,016 24.0 768,831 23.4 
Various309,000 16,800 9.1 292,200 8.9 
Midwest65,600 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 $0.7 million and $0.4 million as of June 30, 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):
June 30, 2025
Loan categoryLoan commitmentUnfunded commitment
% of loan commitment
Loan UPB
% of loan UPB
Bridge$2,014,274 $41,639 51.7 %$1,973,327 52.2 %
Moderate Transitional967,018 40,964 24.8 926,054 24.4 
Light Transitional918,053 33,825 23.5 884,228 23.4 
Total$3,899,345 $116,428 100.0 %$3,783,609 100.0 %
December 31, 2024
Loan categoryLoan commitmentUnfunded commitment
% of loan commitment
Loan UPB
% of loan UPB
Bridge$1,522,789 $27,472 44.6 %$1,495,677 45.5 %
Moderate Transitional1,009,038 63,063 29.6 945,975 28.8 
Light Transitional880,189 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 $0.7 million and $0.4 million as of June 30, 2025 and December 31, 2024, respectively.