Commitments and Contingencies

12 Months Ended

Dec. 31, 2024

Commitments and Contingencies Disclosure [Abstract]

16. Commitments and Contingencies

Outstanding Litigation

The Company is at times subject to various legal proceedings arising in the ordinary course of business. As of December 31, 2024, the Company does not believe that any of its current legal proceedings, individually or in the aggregate, will have a material adverse effect on the Company’s operations, financial condition or cash flows.

Commitment to Fund Business Purpose Loans

As of December 31, 2024, the Company had commitments to fund up to $220.8 million of additional advances on existing business purpose loans. These commitments are generally subject to loan agreements with terms that must be met before the Company funds advances on the commitment.

Leases

As of December 31, 2024, the Company has entered into multi-year lease agreements for office space accounted for as non-cancelable operating leases. Total property lease expense on these leases for the years ended December 31, 2024, 2023, and 2022 amounted to $1.5 million, $1.7 million, and 1.7 million, respectively. The leases are secured by cash deposits in the amount of $0.6 million.

As of December 31, 2024, obligations under non-cancelable operating leases are as follows (dollar amounts in thousands):


Year Ending December 31,	Total
2025	$	1,604
2026	1,617
2027	1,471
2028	1,226
2029	781
Thereafter	—
Total lease payments	$	6,699
Less: imputed interest	(764)
Present value of lease liabilities	$	5,935