Concentration of Credit Risk (Tables)

12 Months Ended

Dec. 31, 2022

Risks and Uncertainties [Abstract]

Summary of Loans Held for Investment Portfolio by Property/ Loan Category 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):

	December 31, 2022
Property type	Loan commitment		Unfunded commitment		% of loan commitment		Loan UPB		% of loan UPB
Multifamily	$	2,491,441	$	110,769	46.0	%	$	2,380,672	47.5	%
Office	1,553,378		155,986		28.5		1,397,392		28.0
Hotel	483,743		11,666		8.9		473,790		9.5
Life Science	404,600		93,092		7.5		311,508		6.2
Mixed-Use	283,340		15,061		5.2		268,279		5.4
Industrial	93,044		5,987		1.7		87,057		1.7
Self Storage	69,000		11,900		1.3		57,100		1.1
Other	50,600		21,600		0.9		29,000		0.6
Total	$	5,429,146	$	426,061	100.0	%	$	5,004,798	100.0	%

	December 31, 2021
Property type	Loan commitment		Unfunded commitment		% of loan commitment		Loan UPB		% of loan UPB
Office	$	2,265,187	$	178,878	41.9	%	$	2,086,309	42.4	%
Multifamily	1,595,643		121,211		29.5		1,474,731		30.0
Hotel	658,943		4,000		12.2		657,672		13.4
Life Science	494,600		163,860		9.1		330,740		6.7
Mixed-Use	347,408		17,681		6.4		329,728		6.7
Retail(1)	33,000		2,143		0.6		23,000		0.5
Condominium(2)	17,163		—		0.3		17,163		0.3
Total	$	5,411,944	$	487,773	100.0	%	$	4,919,343	100.0	%

_______________________

(1)As of December 31, 2021, the Company's non-performing retail loan held for investment was in default of its loan agreement and as a result the $2.1 million of outstanding unfunded loan commitments could not be drawn upon by the borrower.

(2)Condominium property type includes a 24% pari passu participation interest in each of four whole mortgage loans related to one project to the same borrower.

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):

	December 31, 2022
Loan category	Loan commitment		Unfunded commitment		% of loan commitment		Loan UPB		% of loan UPB
Moderate Transitional	$	1,524,284	$	225,914	28.1	%	$	1,299,541	26.0	%
Bridge	2,249,442		52,588		41.4		2,197,397		43.9
Light Transitional	1,604,820		125,959		29.6		1,478,860		29.5
Construction	50,600		21,600		0.9		29,000		0.6
Total	$	5,429,146	$	426,061	100.0	%	$	5,004,798	100.0	%
	December 31, 2021
Loan category	Loan commitment		Unfunded commitment		% of loan commitment		Loan UPB		% of loan UPB
Moderate Transitional	$	1,950,739	$	294,693	36.1	%	$	1,657,218	33.7	%
Light Transitional	1,779,310		145,621		32.9		1,633,689		33.2
Bridge(1)	1,646,895		47,459		30.4		1,593,436		32.4
Construction	35,000		—		0.6		35,000		0.7
Total	$	5,411,944	$	487,773	100.0	%	$	4,919,343	100.0	%

_______________________

(1)As of December 31, 2021, the Company's unfunded loan commitments included $2.1 million of outstanding unfunded loan commitments that could not be drawn upon by the borrower related to a non-performing retail loan held for investment that was in default.

Summary of Geographic Composition of Loans Held for Investment Based on Current UPB and Loan Commitment

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):

	December 31, 2022
Geographic region	Loan commitment		Unfunded commitment		% of loan commitment		Loan UPB		% of loan UPB
East	$	1,844,087	$	73,104	33.9	%	$	1,772,155	35.4	%
West	1,629,727		179,104		30.0		1,450,623		29.0
South	1,496,382		138,836		27.6		1,358,087		27.1
Midwest	319,950		17,130		5.9		302,820		6.1
Various	139,000		17,887		2.6		121,113		2.4
Total	$	5,429,146	$	426,061	100.0	%	$	5,004,798	100.0	%
	December 31, 2021
Geographic region	Loan commitment		Unfunded commitment		% of loan commitment		Loan UPB		% of loan UPB
East	$	1,925,457	$	63,459	35.6	%	$	1,863,172	37.8	%
West(1)	1,484,883		244,100		27.4		1,233,628		25.1
South	1,323,800		115,714		24.5		1,208,940		24.6
Midwest	677,804		64,500		12.5		613,603		12.5
Total	$	5,411,944	$	487,773	100.0	%	$	4,919,343	100.0	%

_______________________

(1)As of December 31, 2021, the Company's unfunded loan commitments included $2.1 million of outstanding unfunded loan commitments that could not be drawn upon by the borrower related to a non-performing retail loan held for investment that was in default.