Investments in Loans Receivable (Tables)

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.