v3.26.1
Loans Held for Investment, net (Tables)
 3 Months Ended
Mar. 31, 2026
Receivables [Abstract]  
Schedule of Loans
The table below provides overall statistics for our loan portfolio as of March 31, 2026 and December 31, 2025:
As of March 31, 2026As of December 31, 2025
Number of loans2624
Total loan commitments$775,958$724,458
Unfunded loan commitments (1)
$43,955$36,873
Principal balance $732,003$687,585
Carrying value$720,601$676,908
Weighted average coupon rate7.44%7.52%
Weighted average all in yield (2)
7.84%7.92%
Weighted average floor2.83%2.81%
Weighted average maximum maturity (years) (3)
2.62.6
Weighted average risk rating2.82.8
(1)Unfunded loan commitments are primarily used to finance property improvements and leasing capital and are generally funded over the term of the loan.
(2)All in yield represents the yield on a loan, including amortization of deferred fees over the initial term of the loan and excluding any purchase discount accretion.
(3)    Maximum maturity assumes all borrower loan extension options have been exercised, which options are subject to the borrower meeting certain conditions.
The tables below represent our loan activities during the three months ended March 31, 2026 and 2025:
Principal BalanceDeferred Fees and Other ItemsAmortized Cost
Balance at December 31, 2025$687,585 $(1,878)$685,707 
Additional funding2,181 — 2,181 
Deferred interest capitalized to loans held for investment137 — 137 
Originations58,100 (720)57,380 
Repayments(16,000)— (16,000)
Net amortization of deferred fees— 546 546 
Purchase discount accretion— 145 145 
Balance at March 31, 2026$732,003 $(1,907)$730,096 
Principal BalanceDeferred Fees and Other ItemsAmortized Cost
Balance at December 31, 2024$610,811 $(895)$609,916 
Additional funding4,073 — 4,073 
Originations46,505 (770)45,735 
Net amortization of deferred fees— 513 513 
Balance at March 31, 2025$661,389 $(1,152)$660,237 
The tables below detail the property type and geographic location of the properties securing the loans in our portfolio as of March 31, 2026 and December 31, 2025:
March 31, 2026December 31, 2025
Property Type
Number of Loans
Amortized Cost
Percentage of Value
Number of Loans
Amortized Cost
Percentage of Value
Office6$166,344 23%6$165,745 24%
Hotel4122,996 17%4121,393 18%
Student Housing4116,680 16%4115,575 17%
Industrial4113,404 15%4112,792 16%
Multifamily387,975 12%387,920 13%
Other374,524 10%134,292 5%
Self Storage248,173 7%247,990 7%
26$730,096 100%24$685,707 100%
March 31, 2026December 31, 2025
Geographic Location
Number of Loans
Amortized Cost
Percentage of ValueNumber of LoansAmortized CostPercentage of Value
South8$232,513 32%8$222,512 32%
East7224,529 31%7223,240 33%
West8167,812 23%6134,741 20%
Midwest3105,242 14%3105,214 15%
26$730,096 100%24$685,707 100%
Schedule of Carrying Value Excluding Allowance of Credit Losses
As of March 31, 2026 and December 31, 2025, the amortized cost of our loan portfolio within each internal risk rating by year of origination was as follows:
March 31, 2026
Risk RatingNumber of LoansPercentage of Portfolio20262025202420232022PriorTotal
1213%$— $— $41,742 $— $— $54,985 $96,727 
2313%— 62,954 — 28,991 — — 91,945 
31652%57,481 86,795 140,028 25,196 20,432 50,257 380,189 
4522%— — — — 45,148 116,087 161,235 
5——%— — — — — — — 
26100%$57,481 $149,749 $181,770 $54,187 $65,580 $221,329 $730,096 
December 31, 2025
Risk RatingNumber of LoansPercentage of Portfolio20252024202320222021PriorTotal
1316%$— $57,599 $— $— $54,982 $— $112,581 
228%27,992 — 28,988 — — — 56,980 
31559%120,576 139,141 25,173 65,510 23,593 26,640 400,633 
4417%— — — — 115,513 — 115,513 
5——%— — — — — — — 
24100%$148,568 $196,740 $54,161 $65,510 $194,088 $26,640 $685,707 
Schedule of Changes to Allowance for Credit Loss
The tables below represent the changes to the allowance for credit losses during the three months ended March 31, 2026 and 2025.
Loans Held for Investment, netUnfunded Loan CommitmentsTotal
Balance at December 31, 2025$8,799 $312 $9,111 
Provision for (reversal of) credit losses696 (93)603 
Balance at March 31, 2026$9,495 $219 $9,714 
Loans Held for Investment, netUnfunded Loan CommitmentsTotal
Balance at December 31, 2024$8,074 $834 $8,908 
(Reversal of) provision for credit losses(426)273 (153)
Balance at March 31, 2025$7,648 $1,107 $8,755