v3.25.2
Loans Receivable, net (Tables)
 6 Months Ended
Jun. 30, 2025
Receivables [Abstract]  
Summary of Details Overall Statistics for Loans Receivable Portfolio
The following table details overall statistics for the Company's loans receivable portfolio as of June 30, 2025 and December 31, 2024:
June 30, 2025 (Unaudited)December 31, 2024
Number of loans143 145 
Principal balance$7,468,417 $7,507,083 
Net book value$7,360,785 $7,402,810 
Unfunded loan commitments(1)
$249,291 $254,768 
Weighted-average cash coupon(2)(3)
+3.43%
+3.50%
Weighted-average all-in yield(2)(3)
+3.57%
+3.68%
Weighted-average maximum maturity (years)(4)
2.32.4
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(1)    The Company may be required to provide funding when requested by the borrowers in accordance with the terms of the underlying agreements.
(2)    The Company's floating rate loans are expressed as a spread over the relevant benchmark rates, which include Secured Overnight Financing Rate, or SOFR. In addition to cash coupon, all-in yield includes accretion of discount (amortization of premium) and accrual of exit fees.
(3)    As of June 30, 2025 and December 31, 2024, the one-month SOFR rate was 4.32% and 4.50%, respectively.
(4)    Maximum maturity assumes all extension options are exercised by the borrowers; however, loans may be repaid prior to such date.
Summary of Activity in Loan Portfolio
For the six months ended June 30, 2025 and 2024, the activity in the Company's loan portfolio, was as follows:
For the Six Months Ended June 30,
20252024
Loans receivable at beginning of period$7,496,474 $7,782,219 
Loan fundings793,415 633,236 
Loan repayments(730,375)(179,906)
Amortization of deferred fees on loans11,336 3,637 
Exit and extension fees received on loans receivable(5,249)(1,854)
Transfer to investments in real estate, net(1)
(105,000)— 
Total loans receivable7,460,601 8,237,332 
CECL reserve (99,816)(139,402)
Loans receivable, net$7,360,785 $8,097,930 
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(1)    Refer to Note 5 "Real Estate" for further discussion.
Summary of Loan Receivables Acquired by Property
The following tables detail the property type and geographic location of the properties securing the loans in the Company's loans receivable, held-for-investment portfolio as of June 30, 2025 and December 31, 2024:
June 30, 2025 (Unaudited)December 31, 2024
Property TypeNet Book ValuePercentageNet Book ValuePercentage
Multifamily$4,200,286 56 %$4,158,483 55 %
Hospitality1,107,714 15 %1,052,578 14 %
Industrial942,241 13 %878,656 12 %
Office523,487 7 %522,686 7 %
Retail427,050 6 %574,321 8 %
Mixed Use153,652 2 %190,180 3 %
Various89,999 1 %103,391 1 %
Self Storage16,172 0 %16,179 0 %
Total loans receivable7,460,601 100 %7,496,474 100 %
CECL reserve(99,816)(93,664)
Loans receivable, net$7,360,785 $7,402,810 
Summary of Loan Receivables Acquired by Geographic Locations
June 30, 2025 (Unaudited)December 31, 2024
Geographic Location(1)
Net Book ValuePercentageNet Book ValuePercentage
South$3,389,271 45 %$3,399,087 45 %
West1,561,354 21 %1,509,283 20 %
Northeast1,395,830 19 %1,576,005 21 %
Various639,768 9 %675,558 9 %
Midwest474,378 6 %336,541 5 %
Total loans receivable7,460,601 100 %7,496,474 100 %
CECL reserve(99,816)(93,664)
Loans receivable, net$7,360,785 $7,402,810 
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(1)    As defined by the United States Department of Commerce, Bureau of the Census.
Summary of Loans Receivable Based on Internal Risk Ratings
The following table allocates the net book value of the Company's loans receivable, held-for-investment portfolio based on the Company's internal risk ratings:
June 30, 2025 (Unaudited)December 31, 2024
Risk RatingNumber of LoansNet Book ValuePercentageNumber of LoansNet Book ValuePercentage
1— $— — — $— — 
2— — — — — — 
3131 6,865,894 92 %132 6,831,933 92 %
410 537,909 7 %12 559,541 7 %
52 56,798 1 %1 105,000 1 %
Total loans receivable143 7,460,601 100 %145 7,496,474 100 %
CECL reserve(99,816)(93,664)
Loans receivable, net, at end of period$7,360,785 $7,402,810 
The following table summarizes our risk rated 5 loans as of June 30, 2025, which were analyzed for specific CECL reserves:
Loan Type
Origination DateLocation
Property Type
Amortized CostSpecific CECL ReserveNon-accrual Status
Senior Loan
3/12/2021San Francisco, CAOffice$34,235 $— Cash basis - September 2024
Senior Loan
7/18/2018Washington, DCHospitality$22,500 $— Cash basis - January 2025
Summary of Financing Receivable Credit Quality Indicators Based on a 5-point scale, the Company's loans are rated "1" through "5," from less risk to greater risk, which ratings are defined as follows:
Loan Risk RatingSummary Description
1
Very Low Risk
2
Low Risk
3
Medium Risk
4
High Risk/Potential for Loss
5
Impaired/Loss Likely and/or Foreclosure is Probable
The Company's primary credit quality indicator is its risk ratings, which are further discussed in Note 2. The following tables present the net book value of its loans receivable, held-for-investment portfolio as of June 30, 2025 and December 31, 2024, respectively, by year of origination and risk rating:
Net Book Value of Loans Receivable by Year of Origination
June 30, 2025 (Unaudited)
Risk Rating20252024202320222021PriorTotal
1$— $— $— $— $— $— $— 
2— — — — — — — 
3768,445 970,369 486,156 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$7,360,785 
Net Book Value of Loans Receivable by Year of Origination
December 31, 2024
Risk Rating20242023202220212020PriorTotal
1$— $— $— $— $— $— $— 
2— — — — — — — 
31,152,443 619,077 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 
Summary of Financing Receivable, Allowance for Credit Loss
The following table provides details on the changes in CECL reserve for funded loans by investment pool for the three and six months ended June 30, 2025 and 2024, recorded in loans receivable, held-for-investment on the consolidated balance sheets:
Senior LoansMezzanine LoansTotal
CECL Reserve as of December 31, 2024$83,398 $10,266 $93,664 
Increase (decrease) in general CECL reserve(11,583)724 (10,859)
CECL reserve as of March 31, 202571,815 10,990 82,805 
Increase (decrease) in general CECL reserve16,439 572 17,011 
CECL reserve as of June 30, 2025$88,254 $11,562 $99,816 
Senior LoansMezzanine LoansTotal
CECL Reserve as of December 31, 2023$74,074 $5,777 $79,851 
Increase (decrease) in general CECL reserve37,985 1,964 39,949 
CECL reserve as of March 31, 2024112,059 7,741 119,800 
Increase (decrease) in general CECL reserve18,646 (650)17,996 
Increase (decrease) in specific CECL reserve1,606 — 1,606 
CECL reserve as of June 30, 2024$132,311 $7,091 $139,402 
The following table provides details on the changes in CECL reserve for unfunded loan commitments by investment pool for the three and six months ended June 30, 2025 and 2024, recorded in other liabilities on the Company's consolidated balance sheets:
Unfunded Commitments CECL Reserve
Senior LoansMezzanine LoansTotal
CECL Reserve as of December 31, 2024$1,439 $88 $1,527 
Increase (Decrease) in CECL reserve(531)(66)(597)
CECL reserve as of March 31, 2025908 22 930 
Increase (Decrease) in general CECL reserve219 (22)197 
CECL reserve as of June 30, 2025$1,127 $— $1,127 
Senior LoansMezzanine LoansTotal
CECL Reserve as of December 31, 2023$1,540 $28 $1,568 
Increase (Decrease) in CECL reserve811 10 821 
CECL reserve as of March 31, 20242,351 38 2,389 
Increase (Decrease) in general CECL reserve402 1 403 
CECL reserve as of June 30, 2024$2,753 $39 $2,792 
Summary of Nonaccrual Loan Receivable Past Due
The following table presents an aging analysis for the Company's portfolio of loans held for investment on amortized cost basis:
Current or Less Than 30 Days Past Due30-59 Days Past Due60-89 Days Past Due90 Days or More Past DueTotal Loans
June 30, 2025(1)
$7,164,290 $89,286 $15,840 $185,086 $7,454,502 
December 31, 2024(2)
$7,050,039 $46,828 $— $393,669 $7,490,536 
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(1)    As of June 30, 2025, the Company had five loans with interest income payments 90 days or more past due. Of these loans, four were placed on non-accrual status with a total amortized cost of $127,941. The remaining loan that was not placed on non-accrual status had a total amortized cost of $57,145.
(2)    As of December 31, 2024, the Company had eight loans with interest income payments 90 days or more past due. Of these loans, five were placed on non-accrual status with a total amortized cost of $317,988, the remaining were not placed on non-accrual status with a total amortized cost of $75,681.