v3.26.1
Loans Held for Investment, net (Tables)
 6 Months Ended
Jun. 30, 2026
Receivables [Abstract]  
Schedule of Loans
The table below provides overall statistics for our loan portfolio as of June 30, 2026 and December 31, 2025:
As of June 30, 2026As of December 31, 2025
Number of loans2724
Total loan commitments$765,343$724,458
Unfunded loan commitments (1)
$43,018$36,873
Principal balance $722,325$687,585
Carrying value$705,230$676,908
Weighted average coupon rate7.29%7.52%
Weighted average all in yield (2)
7.69%7.92%
Weighted average floor2.96%2.81%
Weighted average maximum maturity (years) (3)
2.92.6
Weighted average risk rating2.92.8
(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 June 30, 2026 and 2025:
Principal BalanceDeferred Fees and Other ItemsAmortized Cost
Balance at March 31, 2026$732,003 $(1,907)$730,096 
Additional funding3,244 — 3,244 
Deferred interest capitalized to loans held for investment213 — 213 
Originations71,940 (877)71,063 
Repayments(85,075)(599)(85,674)
Net amortization of deferred fees— 504 504 
Purchase discount accretion— 188 188 
Balance at June 30, 2026$722,325 $(2,691)$719,634 
Principal BalanceDeferred Fees and Other ItemsAmortized Cost
Balance at March 31, 2025$661,389 $(1,152)$660,237 
Additional funding1,285 — 1,285 
Originations40,800 (544)40,256 
Repayments(70,648)(396)(71,044)
Net amortization of deferred fees— 584 584 
Balance at June 30, 2025$632,826 $(1,508)$631,318 
The tables below represent our loan activities during the six months ended June 30, 2026 and 2025.
Principal BalanceDeferred Fees and Other ItemsAmortized Cost
Balance at December 31, 2025$687,585 $(1,878)$685,707 
Additional funding5,425 — 5,425 
Deferred interest capitalized to loans held for investment350 — 350 
Originations130,040 (1,597)128,443 
Repayments(101,075)(599)(101,674)
Net amortization of deferred fees— 1,050 1,050 
Purchase discount accretion— 333 333 
Balance at June 30, 2026$722,325 $(2,691)$719,634 
Principal BalanceDeferred Fees and Other ItemsAmortized Cost
Balance at December 31, 2024$610,811 $(895)$609,916 
Additional funding5,358 — 5,358 
Originations87,305 (1,314)85,991 
Repayments(70,648)(396)(71,044)
Net amortization of deferred fees— 1,097 1,097 
Balance at June 30, 2025$632,826 $(1,508)$631,318 
The tables below detail the property type and geographic location of the properties securing the loans in our portfolio as of June 30, 2026 and December 31, 2025:
June 30, 2026December 31, 2025
Property Type
Number of Loans
Amortized Cost
Percentage of Value
Number of Loans
Amortized Cost
Percentage of Value
Office5$139,755 19%6$165,745 24%
Student Housing4119,596 17%4115,575 17%
Hotel4119,125 17%4121,393 18%
Industrial4113,500 16%4112,792 16%
Multifamily367,115 9%387,920 13%
Self Storage364,264 9%247,990 7%
Other249,418 7%134,292 5%
Medical Office246,861 6%—— —%
27$719,634 100%24$685,707 100%
June 30, 2026December 31, 2025
Geographic Location
Number of Loans
Amortized Cost
Percentage of ValueNumber of LoansAmortized CostPercentage of Value
South10$288,841 40%8$222,512 32%
East8238,990 33%7223,240 33%
West8168,181 24%6134,741 20%
Midwest123,622 3%3105,214 15%
27$719,634 100%24$685,707 100%
Schedule of Carrying Value Excluding Allowance of Credit Losses
As of June 30, 2026 and December 31, 2025, the amortized cost of our loan portfolio within each internal risk rating by year of origination was as follows:
June 30, 2026
Risk RatingNumber of LoansPercentage of Portfolio20262025202420232022PriorTotal
1210%$— $— $41,779 $28,994 $— $— $70,773 
229%— 63,506 — — — — 63,506 
31859%129,090 89,243 136,396 25,219 20,446 23,622 424,016 
4522%— — — — 45,206 116,133 161,339 
5——%— — — — — — — 
27100%$129,090 $152,749 $178,175 $54,213 $65,652 $139,755 $719,634 
December 31, 2025
Risk RatingNumber of LoansPercentage of Portfolio20252024202320222021PriorTotal
1316%$— $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 June 30, 2026 and 2025.
Loans Held for Investment, netUnfunded Loan CommitmentsTotal
Balance at March 31, 2026$9,495 $219 $9,714 
Provision for credit losses4,909 14 4,923 
Balance at June 30, 2026$14,404 $233 $14,637 
Loans Held for Investment, netUnfunded Loan CommitmentsTotal
Balance at March 31, 2025$7,648 $1,107 $8,755 
Provision for (reversal of) credit losses1,727 (815)912 
Balance at June 30, 2025$9,375 $292 $9,667 
The tables below represent the changes to the allowance for credit losses during the six months ended June 30, 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 losses5,605 (79)5,526 
Balance at June 30, 2026$14,404 $233 $14,637 
Loans Held for Investment, netUnfunded Loan CommitmentsTotal
Balance at December 31, 2024$8,074 $834 $8,908 
Provision for (reversal of) credit losses1,301 (542)759 
Balance at June 30, 2025$9,375 $292 $9,667