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Schedule IV - Mortgage Loans on Real Estate
 12 Months Ended
Dec. 31, 2024
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Abstract]  
Schedule IV - Mortgage Loans on Real Estate
#Property Type/LocationInterest RateMaturity Date
Maximum Maturity Date (1)
Payment Terms (2)
Prior Liens (3)
PrincipalCarrying Value
First Mortgage Loans (4)
1
Multifamily, Olmsted Falls, OH (5)
S + 4.00%
01/28/202501/28/2026I/O—$52,050 $52,446 
2Industrial, Passaic, NJ
S + 3.85%
09/08/202509/08/2027I/O—43,808 43,689 
3Office, Dallas, TX
S + 3.25%
08/25/202608/25/2026I/O—43,511 43,511 
4Hotel, Boston, MA
S + 3.95%
12/16/202712/16/2029I/O—39,800 39,335 
5Retail, Brandywine, MD
S + 3.85%
03/29/202503/29/2027I/O—42,200 42,254 
6Multifamily, Oxford, MS
S + 2.95%
11/26/202711/26/2029I/O—42,000 41,570 
7Multifamily, Farmington Hills, MI
S + 3.15%
05/24/202505/24/2027I/O—29,443 29,710 
8Office, Downers Grove, IL
S + 5.00%
02/24/202502/24/2025I/O—29,500 29,605 
9Hotel, Anaheim, CA
S + 4.00%
11/29/202511/29/2028I/O—29,000 28,855 
10Industrial, Fountain Inn, SC
S + 4.25%
07/13/202507/13/2026I/O—24,300 24,216 
11Office, Plano, TX
S + 3.75%
07/01/202607/01/2026I/O—26,569 26,635 
12Multifamily, Las Vegas, NV
S + 3.30%
06/10/202506/10/2027I/O—25,448 25,641 
13Industrial, Fayetteville, GA
S + 3.35%
10/06/202610/06/2028I/O—25,250 25,086 
14Office, Carlsbad, CA
S + 3.25%
10/27/202610/27/2026I/O—24,417 24,412 
15Industrial, Fontana, CA
S + 3.75%
11/18/202511/18/2026I/O—22,000 21,934 
16Industrial, Los Angeles, CA
S + 3.40%
06/28/202706/28/2029I/O—21,940 21,721 
17Office, Downers Grove, IL
S + 4.25%
12/09/202512/09/2026I/O—23,530 23,588 
18
Office, Bellevue, WA (6)
S + 3.85%
02/05/202511/05/2026I/O—20,000 19,997 
19Multifamily, Newport News, VA
S + 3.15%
04/25/202704/25/2029I/O—14,759 14,620 
20Retail, Sandy Springs, GA
S + 3.75%
09/23/202509/23/2026I/O—15,286 15,252 
21Hotel, Lake Mary, FL
S + 4.00%
09/06/202709/06/2029I/O—16,000 15,839 
Total$610,811 $609,916 
Less: allowance for credit losses (7)
(8,074)
Total carrying value including allowance for credit losses
$601,842 
(1)Maximum maturity assumes all extension option have been exercised, which options are subject to the borrower meeting certain conditions.
(2)I/O = interest only until final maturity.
(3)Represents only third party prior liens.
(4)As of December 31, 2024, none of our borrowers were delinquent in payment.
(5)In January 2025, the maturity date of this loan was extended to January 28, 2026.
(6)In January 2025, the maturity date of this loan was extended to April 7, 2025.
(7)For further information regarding our allowance for credit losses, see Note 3 to our Consolidated Financial Statements.
Reconciliation of Mortgage Loans on Real Estate:
Carrying Value
Balance as of January 1, 2023$669,929 
Additions during the year:
Originations133,300 
Additional funding5,636 
Purchase discount accretion4,128 
Net amortization of deferred fees3,333 
Decrease in allowance for credit losses
517 
Deductions during the year:
Repayments
(172,283)
Transfer to real estate owned
(15,960)
Deferred fees(1,621)
Cumulative effect adjustment upon adoption of the CECL model(4,893)
Balance as of December 31, 2023622,086 
Additions during the year:
Originations133,817 
Additional funding12,492 
Purchase discount accretion2,347 
Net amortization of deferred fees2,697 
Deductions during the year:
Repayments(165,390)
Deferred fees(2,509)
Increase in allowance for credit losses(3,698)
Balance as of December 31, 2024$601,842