| Investments in Loans Receivable |
Investments in Loans Receivable At June 30, 2025, the Company’s held for investment loan portfolio is as follow: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | (in thousands, except interest rates) | | | | | | | | | | | | | | Description | | Location | | Origination Date | | Interest Rate (1) | | Loan Commitment (2) | | Principal Balance Outstanding | | Fair Value | | Payment Terms | | Maximum Maturity Date (3) | | Multifamily | | Texas | | 3/26/2025 | | 10.32 | % | | 23,806 | | 1,326 | | 1,326 | | I/O | | 10/9/2029 | | Multifamily | | Texas | | 3/26/2025 | | 19.57 | % | | 4,596 | | 255 | | 255 | | I/O | | 10/9/2029 | | Industrial | | Various | | 4/7/2025 | | 8.37 | % | | 27,360 | | 27,360 | | 27,360 | | I/O | | 4/9/2030 | | Industrial | | Various | | 4/7/2025 | | 14.32 | % | | 4,560 | | 4,560 | | 4,560 | | I/O | | 4/9/2030 | | Multifamily | | Texas | | 4/11/2025 | | 7.32 | % | | 7,500 | | 7,500 | | 7,500 | | I/O | | 4/9/2030 | | Hospitality | | Florida | | 5/14/2025 | | 8.82 | % | | 7,500 | | 7,500 | | 7,500 | | I/O | | 5/9/2030 | | Hospitality | | South Carolina | | 4/16/2025 | | 8.57 | % | | 7,500 | | 7,500 | | 7,500 | | I/O | | 5/9/2028 | | Multifamily | | Texas | | 4/30/2025 | | 7.12 | % | | 7,500 | | 7,500 | | 7,500 | | I/O | | 5/9/2028 | | Multifamily | | California | | 5/8/2025 | | 10.82 | % | | 41,188 | | 27,599 | | 27,599 | | I/O | | 5/9/2029 | | Multifamily(4) | | California | | 5/8/2025 | | 14.00 | % | | 10,196 | | — | | — | | I/O | | 5/9/2029 | | Multifamily | | California | | 5/22/2025 | | 6.97 | % | | 22,558 | | 22,558 | | 22,558 | | I/O | | 6/9/2030 | | Multifamily | | California | | 5/30/2025 | | 10.57 | % | | 7,500 | | 6,226 | | 6,226 | | I/O | | 6/9/2029 | | Multifamily | | North Carolina | | 5/30/2025 | | 7.57 | % | | 7,500 | | 6,279 | | 6,279 | | I/O | | 6/9/2030 | | Multifamily | | North Carolina | | 6/13/2025 | | 7.27 | % | | 10,000 | | 10,000 | | 10,000 | | I/O | | 6/9/2028 | | Multifamily | | Texas | | 6/30/2025 | | 7.32 | % | | 10,000 | | 10,000 | | 10,000 | | I/O | | 7/9/2030 | | | | | | | 8.67 | % | | $ | 199,264 | | | $ | 146,163 | | | $ | 146,163 | | | | | |
(1)Represents the interest rate for each loan at June 30, 2025. Loans earn interest at the one-month term Secured Overnight Financing Rate (“SOFR”) plus spread. At June 30, 2025, the one-month SOFR was 4.32%. (2)Loan commitment consist of outstanding principal balance plus unfunded loan commitments for each loan. (3)Maximum maturity date assumes all extension options are exercised by the borrower, however, loans may be prepaid prior to such date. Extension options are subject to satisfaction of certain predefined conditions as defined in the respective loan agreements. (4)Loan has a fixed rate of 14.00%. The Company did not have investments in loans receivable at December 31, 2024.
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