| Summary of Cash and Cash Equivalents |
The following table provides a reconciliation of cash, cash equivalents and restricted cash in the Company’s unaudited consolidated balance sheets to the total amount shown in the Company’s unaudited consolidated statements of cash flows: | | | | | | | | | | | | | June 30, | | 2025 | | 2024 | | Cash and cash equivalents | $ | 108,897 | | | $ | 68,619 | | | Restricted cash | 31,857 | | | 63,934 | | | Total cash, cash equivalents and restricted cash | $ | 140,754 | | | $ | 132,553 | |
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| Summary of Restricted Cash |
The following table provides a reconciliation of cash, cash equivalents and restricted cash in the Company’s unaudited consolidated balance sheets to the total amount shown in the Company’s unaudited consolidated statements of cash flows: | | | | | | | | | | | | | June 30, | | 2025 | | 2024 | | Cash and cash equivalents | $ | 108,897 | | | $ | 68,619 | | | Restricted cash | 31,857 | | | 63,934 | | | Total cash, cash equivalents and restricted cash | $ | 140,754 | | | $ | 132,553 | |
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| Summary of Internal Risk Ratings |
Based on a 5-point scale, the Company's loans are rated "1" through "5," from less risk to greater risk, which ratings are defined as follows: | | | | | | | | | | Loan Risk Rating | | Summary Description | | 1 | | Very Low Risk | | 2 | | Low Risk | | 3 | | Medium Risk | | 4 | | High Risk/Potential for Loss | | 5 | | Impaired/Loss Likely and/or Foreclosure is Probable |
The Company's primary credit quality indicator is its risk ratings, which are further discussed in Note 2. The following tables present the net book value of its loans receivable, held-for-investment portfolio as of June 30, 2025 and December 31, 2024, respectively, by year of origination and risk rating: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Net Book Value of Loans Receivable by Year of Origination June 30, 2025 (Unaudited) | | | | Risk Rating | | 2025 | | 2024 | | 2023 | | 2022 | | 2021 | | Prior | | Total | | 1 | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | 2 | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | 3 | | 768,445 | | | 970,369 | | | 486,156 | | | 2,954,698 | | | 1,604,528 | | | 81,698 | | | 6,865,894 | | | 4 | | — | | | — | | | — | | | 407,286 | | | 116,224 | | | 14,399 | | | 537,909 | | | 5 | | — | | | — | | | — | | | — | | | 34,235 | | | 22,563 | | | 56,798 | | | Total loans receivable | | $ | 768,445 | | | $ | 970,369 | | | $ | 486,156 | | | $ | 3,361,984 | | | $ | 1,754,987 | | | $ | 118,660 | | | 7,460,601 | | | CECL reserve | | | | | | | | | | | | | | (99,816) | | | Loans receivable, net | | | | | | | | | | | | | | $ | 7,360,785 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Net Book Value of Loans Receivable by Year of Origination
December 31, 2024 | | | | Risk Rating | | 2024 | | 2023 | | 2022 | | 2021 | | 2020 | | Prior | | Total | | 1 | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | 2 | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | 3 | | 1,152,443 | | | 619,077 | | | 3,082,618 | | | 1,859,065 | | | 57,383 | | | 61,347 | | | 6,831,933 | | | 4 | | — | | | — | | | 321,160 | | | 200,877 | | | 14,942 | | | 22,562 | | | 559,541 | | | 5 | | — | | | — | | | 105,000 | | | — | | | — | | | — | | | 105,000 | | | Total loans receivable | | $ | 1,152,443 | | | $ | 619,077 | | | $ | 3,508,778 | | | $ | 2,059,942 | | | $ | 72,325 | | | $ | 83,909 | | | 7,496,474 | | | CECL reserve | | | | | | | | | | | | | | (93,664) | | | Loans receivable, net | | | | | | | | | | | | | | $ | 7,402,810 | |
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