| Loans Receivable, at fair value |
3. Loans Receivable, at fair value As of June 30, 2025, the Company's held for investment loan portfolio was as follows (dollars in thousands):
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Description |
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Location |
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Origination
Date |
|
Weighted Average Interest Rate(1) |
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|
Loan
Amount(2) |
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Principal
Balance
Outstanding |
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Fair
Value |
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Payment Terms |
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Maximum Maturity Date(3) |
Industrial |
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Canoga Park, CA |
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5/8/2025 |
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7.18 |
% |
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$ |
28,930 |
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$ |
20,910 |
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$ |
20,910 |
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Monthly; I/O |
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5/9/2030 |
Multifamily |
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Phoenix, AZ |
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4/16/2025 |
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6.73 |
% |
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34,750 |
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34,585 |
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34,585 |
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Monthly; I/O |
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5/9/2030 |
Multifamily |
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San Antonio, TX |
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4/3/2025 |
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6.82 |
% |
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46,000 |
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39,530 |
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39,530 |
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Monthly; I/O |
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4/9/2030 |
Industrial |
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Mooresville, NC |
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3/31/2025 |
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6.82 |
% |
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36,750 |
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35,000 |
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35,000 |
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Monthly; I/O |
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4/9/2030 |
Multifamily |
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Grand Prairie, TX |
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2/21/2025 |
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6.82 |
% |
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46,000 |
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45,420 |
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45,420 |
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Monthly; I/O |
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3/9/2030 |
Multifamily |
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Spring, TX |
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12/12/2024 |
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7.22 |
% |
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32,800 |
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32,800 |
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32,800 |
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Monthly; I/O |
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1/9/2030 |
Industrial |
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Nashville, TN & Atlanta, GA |
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9/12/2024 |
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7.17 |
% |
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188,326 |
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181,652 |
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180,211 |
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Monthly; I/O |
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10/9/2029 |
Multifamily |
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Berkeley, CA |
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8/7/2024 |
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7.07 |
% |
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88,000 |
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88,000 |
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87,629 |
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Monthly; I/O |
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8/7/2029 |
Self-Storage |
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Various, United States |
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8/1/2024 |
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7.52 |
% |
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78,209 |
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67,066 |
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66,548 |
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Monthly; I/O |
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8/1/2029 |
Multifamily |
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New York, NY |
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6/27/2024 |
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7.57 |
% |
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20,000 |
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20,000 |
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19,898 |
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Monthly; I/O |
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7/9/2029 |
Industrial |
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Various, United Kingdom |
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4/25/2024(4) |
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6.97 |
% |
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205,980 |
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205,980 |
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205,189 |
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Quarterly; I/O |
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4/25/2026 |
Multifamily |
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Houston, TX |
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2/9/2024 |
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7.57 |
% |
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96,300 |
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96,300 |
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96,005 |
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Monthly; I/O |
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2/11/2030 |
Multifamily |
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Hayward, CA |
|
11/30/2023 |
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7.48 |
% |
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185,050 |
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166,164 |
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165,235 |
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Monthly; I/O |
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12/9/2028 |
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$ |
1,087,095 |
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$ |
1,033,407 |
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$ |
1,028,960 |
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As of December 31, 2024, the Company's held for investment loan portfolio was as follows (dollars in thousands):
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Description |
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Location |
|
Origination
Date |
|
Weighted Average Interest Rate(1) |
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|
Loan
Amount(2) |
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|
Principal
Balance
Outstanding |
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Fair
Value |
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|
Payment Terms |
|
Maximum Maturity Date(3) |
Multifamily |
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Spring, TX |
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12/12/2024 |
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7.42 |
% |
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$ |
32,800 |
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$ |
32,800 |
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$ |
32,800 |
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Monthly; I/O |
|
1/9/2030 |
Industrial |
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Nashville, TN & Atlanta, GA |
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9/12/2024 |
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7.33 |
% |
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188,326 |
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181,178 |
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179,422 |
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Monthly; I/O |
|
10/9/2029 |
Multifamily |
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Berkeley, CA |
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8/7/2024 |
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7.23 |
% |
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88,000 |
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88,000 |
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87,463 |
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Monthly; I/O |
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8/7/2029 |
Self-Storage |
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Various, United States |
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8/1/2024 |
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7.68 |
% |
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78,209 |
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65,894 |
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65,254 |
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Monthly; I/O |
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8/1/2029 |
Multifamily |
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New York, NY |
|
6/27/2024 |
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7.73 |
% |
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20,000 |
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20,000 |
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19,849 |
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Monthly; I/O |
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7/9/2029 |
Industrial |
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Various, United Kingdom |
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4/25/2024(4) |
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7.21 |
% |
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187,740 |
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187,740 |
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186,328 |
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Quarterly; I/O |
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4/25/2026 |
Multifamily |
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Houston, TX |
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2/9/2024 |
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7.73 |
% |
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96,300 |
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93,800 |
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93,267 |
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Monthly; I/O |
|
2/11/2030 |
Multifamily |
|
Hayward, CA |
|
11/30/2023 |
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7.73 |
% |
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185,050 |
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165,080 |
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163,832 |
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Monthly; I/O |
|
12/9/2028 |
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$ |
876,425 |
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$ |
834,492 |
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$ |
828,215 |
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__________________ (1)Represents the weighted average interest rate for each loan as of period end. With the exception of the industrial loan asset collateralized by properties in various locations in the United Kingdom, loans earn interest at the one-month Term Secured Overnight Financing Rate (“SOFR”) plus a spread. The industrial loan asset collateralized by properties in the United Kingdom earns interest based on the Secured Overnight Index Average (“SONIA”) plus a spread. On June 30, 2025, the 30-day SOFR and 30-day SONIA were 4.3% and 4.2% per annum, respectively. On December 31, 2024, the 30-day SOFR and 30-day SONIA were 4.5% and 4.7% per annum, respectively. (2)Loan amounts 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 repaid prior to such date. Extension options are subject to satisfaction of certain predefined conditions as defined in the respective loan agreements. (4)Reflects the acquisition date of the loan participation. |