The following is a summary of the Company’s CRE loans held for investment by asset type (dollars in thousands, except amounts in footnotes):


Description	Quantity	Principal		Unamortized (Discount) Premium, net (1)			Amortized Cost		Allowance for Credit Losses			Carrying Value		Contractual Interest Rates (2)	Maturity Dates (3)(4)
At June 30, 2025:
Whole loans (5)(6)(7)	46	$	1,375,075	$	(2,440	)	$	1,372,635	$	(25,371	)	$	1,347,264	1M Term SOFR + 2.50% to 1M Term SOFR + 7.00%	July 2025 to May 2030
Mezzanine loans (5)	2		19,700		(337	)		19,363		(4,979	)		14,384	10.00% to 15.00%	April 2026 to June 2028
Total		$	1,394,775	$	(2,777	)	$	1,391,998	$	(30,350	)	$	1,361,648

At December 31, 2024:
Whole loans (5)(6)(7)	52	$	1,484,997	$	(2,305	)	$	1,482,692	$	(28,147	)	$	1,454,545	1M Term SOFR + 2.50% to 1M Term SOFR + 7.00%	January 2025 to January 2030
Mezzanine loan (5)	1		4,700		—			4,700		(4,700	)		—	10.00%	June 2028
Total		$	1,489,697	$	(2,305	)	$	1,487,392	$	(32,847	)	$	1,454,545

(1)

Amounts include unamortized loan origination fees of $1.4 million and $1.3 million and deferred amendment fees of $1.3 million and $985,000 at June 30, 2025 and December 31, 2024, respectively.

(2)

References to ("1M Term SOFR") are one-month Term SOFR. Weighted-average one-month Term SOFR were 4.32% and 4.58% at June 30, 2025 and December 31, 2024, respectively. Additionally, weighted-average benchmark rate floors were 1.17% and 0.97% at June 30, 2025 and December 31, 2024, respectively.

(3)

Maturity dates exclude contractual extension options, subject to the satisfaction of certain terms that may be available to the borrowers.

(4)

Maturity dates exclude five and one whole loans, with amortized costs of $115.6 million and $5.6 million, in maturity default at June 30, 2025 and December 31, 2024, respectively.

(5)

Substantially all loans are pledged as collateral under various borrowings at June 30, 2025 and December 31, 2024.

(6)

CRE whole loans had $77.7 million and $94.0 million in unfunded loan commitments at June 30, 2025 and December 31, 2024, respectively. These unfunded loan commitments are advanced as the borrowers formally request additional funding and meet certain benchmarks, as permitted under the loan agreements, and any necessary approvals have been obtained.

(7)

Includes three mezzanine loans of $10.6 million, at amortized cost, with two having fixed interest rates of 15.0% and one having a fixed interest rate of 20.0% at June 30, 2025. Includes two mezzanine loans of $3.5 million, at amortized cost, that have fixed interest rates of 15.0% at December 31, 2024.

The following is a summary of the Company’s CRE loans held for investment by property type and geographic location (dollars in thousands):


	June 30, 2025					December 31, 2024
Property Type	Carrying Value		% of Loan Portfolio			Carrying Value		% of Loan Portfolio
Multifamily	$	1,020,636		75.0	%	$	1,125,564		77.4	%
Office		243,948		17.9	%		236,409		16.2	%
Hotel		57,270		4.2	%		56,384		3.9	%
Mixed-Use		24,525		1.8	%		—		0.0	%
Self-Storage		15,269		1.1	%		36,188		2.5	%
Total	$	1,361,648		100	%	$	1,454,545		100	%


	June 30, 2025					December 31, 2024
Geographic Location	Carrying Value		% of Loan Portfolio			Carrying Value		% of Loan Portfolio
Southwest	$	350,462		25.7	%	$	364,544		25.0	%
Mountain		236,289		17.4	%		278,654		19.2	%
Southeast		216,846		15.9	%		239,986		16.5	%
Northeast		162,053		11.9	%		155,352		10.7	%
Pacific		148,191		10.9	%		146,652		10.1	%
Mid Atlantic		135,419		9.9	%		183,075		12.6	%
East North Central		71,618		5.3	%		46,459		3.2	%
West North Central		40,770		3.0	%		39,823		2.7	%
Total	$	1,361,648		100	%	$	1,454,545		100	%

The following is a summary of the contractual maturities of the Company’s CRE loans held for investment, at amortized cost (in thousands, except amounts in the footnotes):


Description	2025		2026		2027 and Thereafter		Total
At June 30, 2025:
Whole loans (1)	$	494,922	$	396,867	$	365,265	$	1,257,054
Mezzanine loans		—		14,663		4,700		19,363
Total CRE loans (2)	$	494,922	$	411,530	$	369,965	$	1,276,417

Description	2025		2026		2027 and Thereafter		Total
At December 31, 2024:
Whole loans (1)	$	1,080,501	$	198,982	$	197,595	$	1,477,078
Mezzanine loan		—		—		4,700		4,700
Total CRE loans (2)	$	1,080,501	$	198,982	$	202,295	$	1,481,778

(1)

Maturity dates exclude five and one whole loans, with amortized costs of $115.6 million and $5.6 million, in maturity default at June 30, 2025 and December 31, 2024, respectively.

(2)

At June 30, 2025, the amortized costs of the floating-rate CRE whole loans, summarized by contractual maturity assuming full exercise of the extension options were $100.6 million, $457.3 million, and $699.2 million in 2025, 2026 and 2027 and thereafter, respectively. At December 31, 2024, the amortized costs of the floating-rate CRE whole loans, summarized by contractual maturity assuming full exercise of the extension options, were $101.2 million, $555.5 million and $820.4 million in 2025, 2026 and 2027 and thereafter, respectively.

At June 30, 2025 and December 31, 2024, no single loan or investment represented more than 10% of the Company’s total assets, and no single investment group generated over 10% of the Company’s revenue.

At June 30, 2025, the Company had one CRE whole loan with a fair value of $45.8 million held for sale, which sold in July 2025. At December 31, 2024, the Company had one CRE whole loan with a fair value of $11.1 million held for sale, which was sold in January 2025.