v3.26.3
Loans Held for Investment, net (Tables)
 9 Months Ended
Sep. 30, 2026
Receivables [Abstract]  
Schedule of Loans
The table below provides overall statistics for our loan portfolio as of September 30, 2026 and December 31, 2025:
As of September 30, 2026As of December 31, 2025
Number of loans2624
Total loan commitments$744,532$724,458
Unfunded loan commitments (1)
$37,339$36,873
Principal balance $707,193$687,585
Carrying value$694,421$676,908
Weighted average coupon rate7.34%7.52%
Weighted average all in yield (2)
7.80%7.92%
Weighted average floor2.82%2.81%
Weighted average maximum maturity (years) (3)
3.32.6
Weighted average risk rating3.22.8
(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 September 30, 2026 and 2025:
Principal BalanceDeferred Fees and Other ItemsAmortized Cost
Balance at June 30, 2026$722,325 $(2,691)$719,634 
Additional funding3,019 — 3,019 
Deferred interest capitalized to loans held for investment191 — 191 
Originations122,125 (1,571)120,554 
Repayments(138,967)— (138,967)
Write offs(1,500)— (1,500)
Net amortization of deferred fees— 834 834 
Balance at September 30, 2026$707,193 $(3,428)$703,765 
Principal BalanceDeferred Fees and Other ItemsAmortized Cost
Balance at June 30, 2025$632,826 $(1,508)$631,318 
Additional funding822 — 822 
Originations34,500 (548)33,952 
Repayments(53,801)(312)(54,113)
Net amortization of deferred fees— 445 445 
Balance at September 30, 2025$614,347 $(1,923)$612,424 
The tables below represent our loan activities during the nine months ended September 30, 2026 and 2025.
Principal BalanceDeferred Fees and Other ItemsAmortized Cost
Balance at December 31, 2025$687,585 $(1,878)$685,707 
Additional funding8,444 — 8,444 
Deferred interest capitalized to loans held for investment541 — 541 
Originations252,165 (3,168)248,997 
Repayments(240,042)(599)(240,641)
Write offs(1,500)— (1,500)
Net amortization of deferred fees— 1,884 1,884 
Purchase discount accretion— 333 333 
Balance at September 30, 2026$707,193 $(3,428)$703,765 
Principal BalanceDeferred Fees and Other ItemsAmortized Cost
Balance at December 31, 2024$610,811 $(895)$609,916 
Additional funding6,180 — 6,180 
Originations121,805 (1,862)119,943 
Repayments(124,449)(708)(125,157)
Net amortization of deferred fees— 1,542 1,542 
Balance at September 30, 2025$614,347 $(1,923)$612,424 
The tables below detail the property type and geographic location of the properties securing the loans in our portfolio as of September 30, 2026 and December 31, 2025:
September 30, 2026December 31, 2025
Property Type
Number of Loans
Amortized Cost
Percentage of Value
Number of Loans
Amortized Cost
Percentage of Value
Multifamily4$134,534 19%3$87,920 13%
Industrial4113,361 16%4112,792 16%
Office495,705 14%6165,745 24%
Hotel390,207 13%4121,393 18%
Student Housing379,527 11%4115,575 17%
Retail368,753 10%—— —%
Medical Office247,917 7%—— —%
Self Storage239,275 5%247,990 7%
Mixed Use134,486 5%134,292 5%
26$703,765 100%24$685,707 100%
September 30, 2026December 31, 2025
Geographic Location
Number of Loans
Amortized Cost
Percentage of ValueNumber of LoansAmortized CostPercentage of Value
South9$275,739 39%8$222,512 32%
East8240,637 34%7223,240 33%
West8163,752 23%6134,741 20%
Midwest123,637 4%3105,214 15%
26$703,765 100%24$685,707 100%
Schedule of Carrying Value Excluding Allowance of Credit Losses
As of September 30, 2026 and December 31, 2025, the amortized cost of our loan portfolio within each internal risk rating by year of origination was as follows:
September 30, 2026
Risk RatingNumber of LoansPercentage of Portfolio20262025202420232022PriorTotal
1——%$— $— $— $— $— $— $— 
229%— 63,601 — — — — 63,601 
31868%251,299 90,979 136,692 — — — 478,970 
4519%— — — — 65,490 71,030 136,520 
514%— — — — — 24,674 24,674 
26100%$251,299 $154,580 $136,692 $— $65,490 $95,704 $703,765 
December 31, 2025
Risk RatingNumber of LoansPercentage of Portfolio20252024202320222021PriorTotal
1316%$— $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 September 30, 2026 and 2025.
Loans Held for Investment, netUnfunded Loan CommitmentsTotal
Balance at June 30, 2026$14,404 $233 $14,637 
Reversal of credit losses(3,560)(40)(3,600)
Write offs(1,500)— (1,500)
Balance at September 30, 2026$9,344 $193 $9,537 
Loans Held for Investment, netUnfunded Loan CommitmentsTotal
Balance at June 30, 2025$9,375 $292 $9,667 
Provision for credit losses36 1 37 
Balance at September 30, 2025$9,411 $293 $9,704 
The tables below represent the changes to the allowance for credit losses during the nine months ended September 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 losses2,045 (119)1,926 
Write offs(1,500)— (1,500)
Balance at September 30, 2026$9,344 $193 $9,537 
Loans Held for Investment, netUnfunded Loan CommitmentsTotal
Balance at December 31, 2024$8,074 $834 $8,908 
Provision for (reversal of) credit losses1,337 (541)796 
Balance at September 30, 2025$9,411 $293 $9,704