LOANS (Tables)

3 Months Ended

Mar. 31, 2026

Loans Held For Investment [Abstract]

Summary of loans held for Investments by Asset type, Property type, and Geographic location

The following is a summary of the Company’s CRE loans held for investment by asset type (dollars in thousands, except amounts in footnotes):


Description	Quantity	Principal		Unamortized (Discount) Premium, net (1)			Amortized Cost		Allowance for Credit Losses			Carrying Value		Contractual Interest Rates (2)	Maturity Dates (3)(4)
At March 31, 2026:
Whole loans (5)(6)(7)	60	$	2,202,675	$	(9,510	)	$	2,193,165	$	(19,220	)	$	2,173,945	1M Term SOFR + 2.50% to 1M Term SOFR + 7.00%	April 2026 to May 2030
Preferred equity investment (see Note 3) (8)			9,750		(78	)		9,672		(211	)		9,461	10.00%	October 2028
Total		$	2,212,425	$	(9,588	)	$	2,202,837	$	(19,431	)	$	2,183,406

At December 31, 2025:
Whole loans (5)(6)(7)	53	$	1,828,299	$	(7,357	)	$	1,820,942	$	(20,158	)	$	1,800,784	1M Term SOFR + 2.50% to 1M Term SOFR + 7.00%	January 2026 to May 2030
Preferred equity investment (see Note 3) (8)			9,511		(86	)		9,425		(240	)		9,185	10.00%	October 2028
Total		$	1,837,810	$	(7,443	)	$	1,830,367	$	(20,398	)	$	1,809,969

(1)

Amounts include unamortized loan origination fees of $8.9 million and $6.6 million and deferred amendment fees of $686,000 and $852,000 at March 31, 2026 and December 31, 2025, respectively.

(2)

References to ("1M Term SOFR") are one-month Term SOFR. Weighted-average one-month Term SOFR was 3.69% and 3.83% at March 31, 2026 and December 31, 2025, respectively. Additionally, the weighted-average benchmark rate floor was 2.13% and 1.78% at March 31, 2026 and December 31, 2025, respectively.

(3)

Maturity dates exclude contractual extension options, subject to the satisfaction of certain terms that may be available to the borrowers.

(4)

Maturity dates exclude three and two whole loans, with total amortized costs of $62.3 million and $37.9 million, in maturity default at March 31, 2026 and December 31, 2025, respectively.

(5)

Substantially all loans are pledged as collateral under various borrowings at March 31, 2026 and December 31, 2025.

(6)

CRE whole loans had $99.3 million and $88.6 million in unfunded loan commitments at March 31, 2026 and December 31, 2025, respectively. These unfunded loan commitments are advanced as the borrowers formally request additional funding and meet certain benchmarks, as permitted under the loan agreements, and any necessary approvals have been obtained.

(7)

Includes four mezzanine loans, with total amortized costs of $20.0 million and $17.8 million, with three having fixed interest rates of 15.0% and one having a fixed interest rate of 20.0% at March 31, 2026 and December 31, 2025, respectively. Because the Company is also the first mortgage lender on these loans, it considers the first mortgage and mezzanine loans together as one whole loan.

(8)

The Company had one preferred equity investment associated with a CRE whole loan at March 31, 2026 and December 31, 2025, respectively. The preferred equity investment has a fixed interest rate of 10%, of which 4.0% interest is deferred until maturity.

The following is a summary of the Company’s CRE loans held for investment by property type and geographic location (dollars in thousands):


	March 31, 2026					December 31, 2025
Property Type	Carrying Value		% of Loan Portfolio			Carrying Value		% of Loan Portfolio
Multifamily	$	1,781,521		81.5	%	$	1,482,268		81.9	%
Office		237,101		10.9	%		230,385		12.7	%
Hotel		101,992		4.7	%		57,426		3.2	%
Mixed-Use		47,449		2.2	%		24,614		1.4	%
Self-Storage		15,343		0.7	%		15,276		0.8	%
Total	$	2,183,406		100	%	$	1,809,969		100	%


	March 31, 2026					December 31, 2025
Geographic Location	Carrying Value		% of Loan Portfolio			Carrying Value		% of Loan Portfolio
Southeast	$	414,236		19.0	%	$	373,256		20.6	%
Southwest		370,019		16.9	%		437,113		24.2	%
East North Central		308,381		14.1	%		72,720		4.0	%
Mountain		283,172		13.0	%		223,247		12.3	%
Northeast		276,173		12.6	%		163,724		9.1	%
Mid Atlantic		226,171		10.4	%		222,958		12.3	%
Pacific		225,201		10.3	%		253,558		14.0	%
West North Central		80,053		3.7	%		63,393		3.5	%
Total	$	2,183,406		100	%	$	1,809,969		100	%

Summary of Contractual Maturities of Commercial Real Estate Loans at Amortized Cost

The following is a summary of the contractual maturities of the Company’s CRE loans held for investment, at amortized cost (in thousands, except amounts in the footnotes):


Description	2026		2027		2028 and Thereafter		Total
At March 31, 2026:
Whole loans (1)(2)	$	467,397	$	511,493	$	1,152,001	$	2,130,891
Preferred equity investment		—		—		9,672		9,672
Total CRE loans	$	467,397	$	511,493	$	1,161,673	$	2,140,563

Description	2026		2027		2028 and Thereafter		Total
At December 31, 2025:
Whole loans (1)(2)	$	592,949	$	498,541	$	691,589	$	1,783,079
Preferred equity investment		—		—		9,425		9,425
Total CRE loans	$	592,949	$	498,541	$	701,014	$	1,792,504

(1)

Maturity dates exclude three and two whole loans with amortized costs of $62.3 million and $37.9 million, in maturity default at March 31, 2026 and December 31, 2025, respectively.

(2)

At March 31, 2026, the amortized costs of the floating-rate CRE whole loans, summarized by contractual maturity assuming full exercise of the extension options were $307.9 million, $349.9 million, and $1.5 billion in 2026, 2027 and 2028 and thereafter, respectively. At December 31, 2025, the amortized costs of the CRE whole loans, summarized by contractual maturity assuming full exercise of the extension options, were $397.1 million, $384.7 million and $1.0 billion in 2026, 2027 and 2028 and thereafter, respectively.