| 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 December 31, 2025 (in ‘000s):
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Investment |
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Investment
Type |
|
Loan
Type |
|
Origination
Date |
|
Total
Commitment |
|
|
Loan
Balance |
|
|
Contractual
Interest
Rate |
|
Carrying
Value at
December 31,
2025 |
|
|
Interest
rate at
December 31,
2025(1) |
|
|
Maturity
Date |
|
Payment
Terms |
Loan 1 |
|
Loan origination |
|
Multifamily |
|
12/17/2021 |
|
$ |
29,276 |
|
|
$ |
29,276 |
|
|
SOFR + 3.06% |
|
$ |
29,276 |
|
|
|
6.84 |
% |
|
1/10/2026 |
|
Interest only |
Loan 5 |
|
Loan origination |
|
Office |
|
7/14/2022 |
|
|
55,935 |
|
|
|
55,935 |
|
|
SOFR + 4.25% |
|
|
55,935 |
|
|
|
8.07 |
% |
|
8/5/2026 |
|
Interest only |
Loan 6 |
|
Purchase |
|
Hospitality |
|
7/7/2022 |
|
|
27,748 |
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|
27,748 |
|
|
SOFR + 4.75% |
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|
27,748 |
|
|
|
8.52 |
% |
|
7/5/2026 |
|
Interest only |
Loan 8 |
|
Loan origination |
|
Industrial |
|
3/10/2023 |
|
|
35,800 |
|
|
|
35,558 |
|
|
SOFR + 3.50% |
|
|
35,533 |
|
|
|
7.27 |
% |
|
3/10/2026 |
|
Interest only |
Loan 9 |
|
Purchase |
|
Student Housing |
|
3/31/2023 |
|
|
105,256 |
|
|
|
105,256 |
|
|
SOFR + 2.25% |
|
|
105,256 |
|
|
|
6.00 |
% |
|
8/9/2026 |
|
Interest only |
Loan 12 |
|
Loan origination |
|
Hospitality |
|
5/7/2024 |
|
|
30,000 |
|
|
|
30,000 |
|
|
SOFR + 4.00% |
|
|
29,854 |
|
|
|
7.77 |
% |
|
5/10/2027 |
|
Interest only |
Loan 14 |
|
Loan origination |
|
Multifamily |
|
6/11/2024 |
|
|
100,000 |
|
|
|
100,000 |
|
|
SOFR + 3.75% |
|
|
99,502 |
|
|
|
7.52 |
% |
|
7/10/2027 |
|
Interest only |
Loan 15 |
|
Loan origination |
|
Office |
|
12/17/2024 |
|
|
58,773 |
|
|
|
58,721 |
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|
SOFR + 4.50% |
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|
58,408 |
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|
8.28 |
% |
|
1/9/2027 |
|
Interest only |
Loan 16 |
|
Loan origination |
|
Multifamily |
|
2/11/2025 |
|
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65,155 |
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|
62,501 |
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|
SOFR + 2.35% |
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|
62,092 |
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|
6.13 |
% |
|
3/9/2027 |
|
Interest only |
Loan 17 |
|
Loan origination |
|
Multifamily |
|
2/11/2025 |
|
|
79,650 |
|
|
|
68,908 |
|
|
SOFR + 2.45% |
|
|
68,408 |
|
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|
6.23 |
% |
|
3/9/2027 |
|
Interest only |
Loan 18 |
|
Loan origination |
|
Multifamily |
|
3/26/2025 |
|
|
81,900 |
|
|
|
77,508 |
|
|
SOFR + 2.35% |
|
|
76,873 |
|
|
|
6.13 |
% |
|
4/9/2028 |
|
Interest only |
Loan 19 |
|
Loan origination |
|
Office |
|
6/5/2025 |
|
|
49,300 |
|
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|
35,167 |
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SOFR + 4.15% |
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|
34,768 |
|
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|
7.93 |
% |
|
6/9/2028 |
|
Interest only |
Loan 20 |
|
Loan origination |
|
Industrial |
|
6/30/2025 |
|
|
123,000 |
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|
120,000 |
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|
SOFR + 2.10% |
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|
119,060 |
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|
5.88 |
% |
|
7/9/2027 |
|
Interest only |
Loan 21 |
|
Loan origination |
|
Hospitality |
|
7/21/2025 |
|
|
26,562 |
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|
26,562 |
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|
9.35% |
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|
26,332 |
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|
|
9.35 |
% |
|
12/1/2028 |
|
Interest only |
Loan 22 |
|
Loan origination |
|
Multifamily |
|
7/31/2025 |
|
|
112,000 |
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|
112,000 |
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|
SOFR + 2.40% |
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|
111,036 |
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|
6.18 |
% |
|
8/9/2028 |
|
Interest only |
Loan 23 |
|
Loan origination |
|
Office |
|
9/26/2025 |
|
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110,500 |
|
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|
97,395 |
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|
SOFR + 2.85% |
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|
96,387 |
|
|
|
6.63 |
% |
|
10/9/2028 |
|
Interest only |
Loan 24 |
|
Loan origination |
|
Office |
|
10/17/2025 |
|
|
74,056 |
|
|
|
71,690 |
|
|
SOFR + 3.15% |
|
|
71,087 |
|
|
|
6.93 |
% |
|
11/9/2027 |
|
Interest only |
Total |
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|
$ |
1,164,911 |
|
|
$ |
1,114,225 |
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$ |
1,107,555 |
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(1)The loan receivables held for investment are floating rate and fixed rate loans. The floating rate loans are presented with the contractual rate based on SOFR or the applicable SOFR floor plus the applicable spread as of December 31, 2025. 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 |
|
|
42,750 |
|
|
|
41,000 |
|
|
SOFR + 6.50% |
|
|
40,971 |
|
|
|
10.98 |
% |
|
3/10/2025 |
|
Interest only |
Loan 5 |
|
Loan origination |
|
Office |
|
7/14/2022 |
|
|
55,935 |
|
|
|
55,935 |
|
|
SOFR + 4.25% |
|
|
55,935 |
|
|
|
8.78 |
% |
|
8/5/2025 |
|
Interest only |
Loan 6 |
|
Purchase |
|
Hospitality |
|
7/7/2022 |
|
|
27,748 |
|
|
|
27,748 |
|
|
SOFR + 4.75% |
|
|
27,715 |
|
|
|
9.23 |
% |
|
7/5/2025 |
|
Interest only |
Loan 7 |
|
Purchase |
|
Mixed Use |
|
11/22/2022 |
|
|
25,224 |
|
|
|
19,625 |
|
|
SOFR + 9.05% |
|
|
19,625 |
|
|
|
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 |
|
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|
157,509 |
|
|
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 |
|
|
|
85,000 |
|
|
SOFR + 2.90% |
|
|
84,493 |
|
|
|
7.38 |
% |
|
9/10/2026 |
|
Interest only |
Loan 11 |
|
Loan origination |
|
Mixed Use |
|
11/2/2023 |
|
|
146,000 |
|
|
|
132,885 |
|
|
SOFR + 5.50% |
|
|
132,228 |
|
|
|
9.98 |
% |
|
11/10/2025 |
|
Interest only |
Loan 12 |
|
Loan origination |
|
Hospitality |
|
5/7/2024 |
|
|
30,000 |
|
|
|
30,000 |
|
|
SOFR + 4.00% |
|
|
29,758 |
|
|
|
8.48 |
% |
|
5/10/2027 |
|
Interest only |
Loan 13 |
|
Loan origination |
|
Mixed Use |
|
5/16/2024 |
|
|
110,000 |
|
|
|
100,063 |
|
|
SOFR + 4.25% |
|
|
99,275 |
|
|
|
8.73 |
% |
|
6/10/2026 |
|
Interest only |
Loan 14 |
|
Loan origination |
|
Multifamily |
|
6/11/2024 |
|
|
100,000 |
|
|
|
98,770 |
|
|
SOFR + 3.75% |
|
|
97,945 |
|
|
|
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 |
|
|
|
|
|
|
|
$ |
905,954 |
|
|
$ |
871,503 |
|
|
|
|
$ |
867,687 |
|
|
|
|
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|
|
|
(1)The loan receivables held for investment are floating rate and fixed rate loans. The floating rate loans are presented with the contractual rate based on SOFR or the applicable SOFR floor plus the applicable spread as of December 31, 2024.
|