| Schedule Of Company's Investments In Loan Receivables Held For Investment |
The following table summarizes the Company’s investments in loan receivables held for investment as of June 30, 2025 (in ‘000s):
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Investment
(in '000s) |
|
Investment
Type |
|
Loan Type |
|
Origination
Date |
|
Total
Commitment |
|
|
Loan
Balance |
|
|
Contractual
Interest Rate |
|
Carrying
Value at
June 30,
2025 |
|
|
Interest
rate at
June 30,
2025(1) |
|
|
Maturity
Date |
|
Payment
Terms |
Loan 1 |
|
Loan origination |
|
Multifamily |
|
12/17/2021 |
|
$ |
29,276 |
|
|
$ |
29,276 |
|
|
SOFR + 3.06% |
|
$ |
29,276 |
|
|
|
7.39 |
% |
|
1/10/2026 |
|
Interest only |
Loan 5 |
|
Loan origination |
|
Office |
|
7/14/2022 |
|
|
55,935 |
|
|
|
55,935 |
|
|
SOFR + 4.25% |
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|
55,935 |
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8.57 |
% |
|
8/5/2025 |
|
Interest only |
Loan 6 |
|
Purchase |
|
Hospitality |
|
7/7/2022 |
|
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27,748 |
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|
27,748 |
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|
SOFR + 4.75% |
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27,748 |
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9.07 |
% |
|
7/5/2025 |
|
Interest only |
Loan 7(2) |
|
Purchase |
|
Mixed Use |
|
11/22/2022 |
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25,224 |
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|
19,847 |
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|
SOFR + 9.05% |
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|
19,847 |
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|
13.38 |
% |
|
7/10/2024 |
|
Interest only |
Loan 8 |
|
Loan origination |
|
Industrial |
|
3/10/2023 |
|
|
35,800 |
|
|
|
35,558 |
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|
SOFR + 3.50% |
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|
35,467 |
|
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|
7.82 |
% |
|
3/10/2026 |
|
Interest only |
Loan 9 |
|
Purchase |
|
Student Housing |
|
3/31/2023 |
|
|
121,870 |
|
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|
121,870 |
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|
SOFR + 2.25% |
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121,870 |
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|
6.57 |
% |
|
8/9/2025 |
|
Interest only |
Loan 11 |
|
Loan origination |
|
Mixed Use |
|
11/2/2023 |
|
|
146,000 |
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|
|
136,440 |
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|
SOFR + 5.50% |
|
|
136,159 |
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|
9.82 |
% |
|
11/10/2025 |
|
Interest only |
Loan 12 |
|
Loan origination |
|
Hospitality |
|
5/7/2024 |
|
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30,000 |
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30,000 |
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|
SOFR + 4.00% |
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29,805 |
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8.32 |
% |
|
5/10/2027 |
|
Interest only |
Loan 14 |
|
Loan origination |
|
Multifamily |
|
6/11/2024 |
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100,000 |
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|
100,000 |
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|
SOFR + 3.75% |
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99,337 |
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8.07 |
% |
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7/10/2027 |
|
Interest only |
Loan 15 |
|
Loan origination |
|
Office |
|
12/17/2024 |
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58,773 |
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58,721 |
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|
SOFR + 4.50% |
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58,265 |
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|
8.82 |
% |
|
1/9/2027 |
|
Interest only |
Loan 16 |
|
Loan origination |
|
Multifamily |
|
2/11/2025 |
|
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65,155 |
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|
61,425 |
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|
SOFR + 2.35% |
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|
60,850 |
|
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|
6.67 |
% |
|
3/9/2027 |
|
Interest only |
Loan 17 |
|
Loan origination |
|
Multifamily |
|
2/11/2025 |
|
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79,650 |
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67,275 |
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SOFR + 2.45% |
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66,573 |
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6.77 |
% |
|
3/9/2027 |
|
Interest only |
Loan 18 |
|
Loan origination |
|
Multifamily |
|
3/26/2025 |
|
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81,900 |
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|
75,739 |
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|
SOFR + 2.35% |
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|
74,976 |
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6.67 |
% |
|
4/9/2028 |
|
Interest only |
Loan 19 |
|
Loan origination |
|
Office |
|
6/5/2025 |
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49,300 |
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|
35,167 |
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SOFR + 4.15% |
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|
34,685 |
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8.46 |
% |
|
6/9/2028 |
|
Interest only |
Loan 20 |
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Loan origination |
|
Industrial |
|
6/30/2025 |
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123,000 |
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120,000 |
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SOFR + 2.10% |
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118,772 |
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6.43 |
% |
|
7/9/2027 |
|
Interest only |
Total |
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$ |
1,029,631 |
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$ |
975,001 |
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$ |
969,565 |
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(1) The loan receivables held for investment are floating rate loans and are presented with the contractual rate based on SOFR or the applicable SOFR floor plus the applicable spread as of June 30, 2025. (2) Loan 7 matured in July 2024 and has not been repaid. As of October 2024 the Company changed this loan to non-accrual status. The Company has written off accrued interest based upon management's view of collectability of interest contractually owed after that date. As of June 30, 2025, this loan is collateral dependent as foreclosure on the collateralized property is possible. The loan is collateralized by a mixed used space in California. The following table summarizes the Company’s investments in loan receivables held for investment as of December 31, 2024 (in ‘000s):
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Investment |
|
Investment
Type |
|
Loan
Type |
|
Origination
Date |
|
Total
Commitment |
|
|
Loan
Balance |
|
|
Contractual
Interest Rate |
|
Carrying
Value at
December 31,
2024 |
|
|
Interest
rate at
December 31,
2024(1) |
|
|
Maturity
Date |
|
Payment
Terms |
Loan 1 |
|
Loan origination |
|
Multifamily |
|
12/17/2021 |
|
$ |
29,276 |
|
|
$ |
29,276 |
|
|
SOFR + 3.06% |
|
$ |
29,276 |
|
|
|
7.54 |
% |
|
1/10/2026 |
|
Interest only |
Loan 3 |
|
Loan origination |
|
Hospitality |
|
2/14/2022 |
|
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42,750 |
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|
41,000 |
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SOFR + 6.50% |
|
|
40,971 |
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10.98 |
% |
|
3/10/2025 |
|
Interest only |
Loan 5 |
|
Loan origination |
|
Office |
|
7/14/2022 |
|
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55,935 |
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55,935 |
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SOFR + 4.25% |
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|
55,935 |
|
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|
8.78 |
% |
|
8/5/2025 |
|
Interest only |
Loan 6 |
|
Purchase |
|
Hospitality |
|
7/7/2022 |
|
|
27,748 |
|
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|
27,748 |
|
|
SOFR + 4.75% |
|
|
27,715 |
|
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|
9.23 |
% |
|
7/5/2025 |
|
Interest only |
Loan 7 |
|
Purchase |
|
Mixed Use |
|
11/22/2022 |
|
|
25,224 |
|
|
|
19,625 |
|
|
SOFR + 9.05% |
|
|
19,625 |
|
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|
13.53 |
% |
|
7/10/2024 |
|
Interest only |
Loan 8 |
|
Loan origination |
|
Industrial |
|
3/10/2023 |
|
|
35,800 |
|
|
|
34,692 |
|
|
SOFR + 3.50% |
|
|
34,540 |
|
|
|
7.98 |
% |
|
3/10/2026 |
|
Interest only |
Loan 9 |
|
Purchase |
|
Student Housing |
|
3/31/2023 |
|
|
157,509 |
|
|
|
157,509 |
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SOFR + 2.25% |
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|
157,509 |
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|
6.65 |
% |
|
8/9/2025 |
|
Interest only |
Loan 10 |
|
Loan origination |
|
Multifamily |
|
8/31/2023 |
|
|
86,300 |
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|
85,000 |
|
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SOFR + 2.90% |
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|
84,493 |
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7.38 |
% |
|
9/10/2026 |
|
Interest only |
Loan 11 |
|
Loan origination |
|
Mixed Use |
|
11/2/2023 |
|
|
146,000 |
|
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|
132,885 |
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SOFR + 5.50% |
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|
132,228 |
|
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|
9.98 |
% |
|
11/10/2025 |
|
Interest only |
Loan 12 |
|
Loan origination |
|
Hospitality |
|
5/7/2024 |
|
|
30,000 |
|
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|
30,000 |
|
|
SOFR + 4.00% |
|
|
29,758 |
|
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|
8.48 |
% |
|
5/10/2027 |
|
Interest only |
Loan 13 |
|
Loan origination |
|
Mixed Use |
|
5/16/2024 |
|
|
110,000 |
|
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|
100,063 |
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SOFR + 4.25% |
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|
99,275 |
|
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|
8.73 |
% |
|
6/10/2026 |
|
Interest only |
Loan 14 |
|
Loan origination |
|
Multifamily |
|
6/11/2024 |
|
|
100,000 |
|
|
|
98,770 |
|
|
SOFR + 3.75% |
|
|
97,945 |
|
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|
8.23 |
% |
|
7/10/2027 |
|
Interest only |
Loan 15 |
|
Loan origination |
|
Office |
|
12/17/2024 |
|
|
59,412 |
|
|
|
59,000 |
|
|
SOFR + 4.50% |
|
|
58,417 |
|
|
|
8.88 |
% |
|
1/9/2027 |
|
Interest only |
Total |
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|
$ |
905,954 |
|
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$ |
871,503 |
|
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$ |
867,687 |
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(1) The loan receivables held for investment are floating rate loans and are presented with the contractual rate based on SOFR or the applicable SOFR floor plus the applicable spread as of December 31, 2024.
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