v3.26.3
Concentration of Credit Risk
 9 Months Ended
Sep. 30, 2026
Risks and Uncertainties [Abstract]  
Concentration of Credit Risk Concentration of Credit Risk
Property Type
A summary of the Company’s portfolio of loans held for investment by property type based on total loan commitment and current unpaid principal balance (“UPB”) follows (dollars in thousands):
September 30, 2026
Property typeLoan commitmentUnfunded commitment
% of loan commitment
Loan UPB
% of loan UPB
Multifamily$2,721,250 $70,947 52.6%$2,651,893 53.7%
Industrial1,169,955 92,235 22.6 1,077,720 21.8 
Office407,360 71,143 7.9336,217 6.8
Hotel390,900 — 7.6 391,595 7.9 
Life Science333,477 — 6.5 333,477 6.8 
Mixed-Use78,775 2,227 1.5 76,548 1.6 
Self Storage67,000 — 1.3 67,000 1.4 
Total$5,168,717 $236,552 100.0%$4,934,450 100.0%
December 31, 2025
Property typeLoan commitmentUnfunded commitment
% of loan commitment
Loan UPB
% of loan UPB
Multifamily$2,291,490 $73,705 53.4%$2,218,827 53.9%
Industrial806,714 84,381 18.8 722,333 17.5 
Office454,047 12,890 10.6 441,157 10.7 
Life Science333,477 — 7.8 333,477 8.1 
Hotel259,100 392 6.0 258,708 6.3 
Mixed-Use78,775 2,227 1.8 76,548 1.9 
Self Storage67,000 — 1.6 67,000 1.6 
Total$4,290,603 $173,595 100.0%$4,118,050 100.0%
Loan commitments exclude capitalized interest of $2.3 million and $1.0 million as of September 30, 2026 and December 31, 2025, respectively.
Geography
All of the Company’s loans held for investment are secured by properties within the United States. The geographic composition of loans held for investment based on total loan commitment and current UPB follows (dollars in thousands):
September 30, 2026
Geographic regionLoan commitmentUnfunded commitment
% of loan commitment
Loan UPB
% of loan UPB
West$1,804,118 $107,861 34.9%$1,697,847 34.5%
South1,210,421 40,673 23.4 1,170,443 23.7 
East991,760 46,992 19.2944,768 19.1
Various814,818 38,664 15.8 776,154 15.7 
Midwest347,600 2,362 6.7 345,238 7.0 
Total$5,168,717 $236,552 100.0%$4,934,450 100.0%
December 31, 2025
Geographic regionLoan commitmentUnfunded commitment
% of loan commitment
Loan UPB
% of loan UPB
West$1,546,038 $58,655 36.1%$1,488,425 36.1%
East1,075,384 49,037 25.1 1,026,347 24.9 
South860,581 36,612 20.0 823,969 20.1 
Various573,000 23,512 13.3 549,488 13.3 
Midwest235,600 5,779 5.5 229,821 5.6 
Total$4,290,603 $173,595 100.0%$4,118,050 100.0%
Loan commitments exclude capitalized interest of $2.3 million and $1.0 million as of September 30, 2026 and December 31, 2025, respectively.
Category
A summary of the Company’s portfolio of loans held for investment by loan category based on total loan commitment and current UPB follows (dollars in thousands):
September 30, 2026
Loan categoryLoan commitmentUnfunded commitment
% of loan commitment
Loan UPB
% of loan UPB
Bridge$3,310,415 $94,684 64.0%$3,218,016 65.2%
Moderate Transitional948,703 83,710 18.4 864,993 17.5 
Light Transitional909,599 58,158 17.6 851,441 17.3 
Total$5,168,717 $236,552 100.0%$4,934,450 100.0%
December 31, 2025
Loan categoryLoan commitmentUnfunded commitment
% of loan commitment
Loan UPB
% of loan UPB
Bridge$2,377,777 $72,603 55.4%$2,306,216 56.0%
Light Transitional1,062,883 50,474 24.8 1,012,409 24.6 
Moderate Transitional849,943 50,518 19.8 799,425 19.4 
Total$4,290,603 $173,595 100.0%$4,118,050 100.0%
Loan commitments exclude capitalized interest of $2.3 million and $1.0 million as of September 30, 2026 and December 31, 2025, respectively.