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Loans Receivable, Net
 9 Months Ended
Sep. 30, 2025
Receivables [Abstract]  
Loans Receivable, Net LOANS RECEIVABLE, NET
The following table details overall statistics for our loans receivable portfolio ($ in thousands):
September 30, 2025
December 31, 2024
Number of loans
137
130
Principal balance
$18,188,534
$19,203,126
Net book value
$17,371,200
$18,313,582
Unfunded loan commitments(1)
$1,532,429
$1,263,068
Weighted-average cash coupon(2)
+ 3.24%
+ 3.46%
Weighted-average all-in yield(2)
+ 3.46%
+ 3.78%
Weighted-average maximum maturity (years)(3)
2.4
2.1
(1)Unfunded commitments will primarily be funded to finance our borrowers’ construction or development of real
estate-related assets, capital improvements of existing assets, or lease-related expenditures. These commitments will
generally be funded over the term of each loan, subject in certain cases to an expiration date.
(2)The weighted-average cash coupon and all-in yield are expressed as a spread over the relevant floating benchmark
rates, which include SOFR, SONIA, EURIBOR, CORRA, and other indices, as applicable to each loan. As of
September 30, 2025, 98% of our loans by principal balance earned a floating rate of interest, primarily indexed to
SOFR. The remaining 2% of our loans by principal balance earned a fixed rate of interest. As of December 31, 2024,
substantially all of our loans by principal balance earned a floating rate of interest, primarily indexed to SOFR. In
addition to cash coupon, all-in yield includes the amortization of deferred origination and extension fees, loan
origination costs, and purchase discounts, as well as the accrual of exit fees. Excludes loans accounted for under the
cost-recovery and nonaccrual methods, if any.
(3)Maximum maturity assumes all extension options are exercised by the borrower, however our loans may be repaid
prior to such date. Excludes loans accounted for under the cost-recovery and nonaccrual methods, if any. As of
September 30, 2025, 31% of our loans by principal balance were subject to yield maintenance or other prepayment
restrictions and 69% were open to repayment by the borrower without penalty. As of December 31, 2024, 10% of
our loans by principal balance were subject to yield maintenance or other prepayment restrictions and 90% were
open to repayment by the borrower without penalty.
The following table details the index rate floors for our loans receivable portfolio as of September 30, 2025 ($ in
thousands):
Loans Receivable Principal Balance
Index Rate Floors
USD
Non-USD(1)
Total
Fixed Rate
$180,857
$137,149
$318,006
0.00% or no floor(2)
1,796,816
4,966,038
6,762,854
0.01% to 1.00% floor
2,628,392
972,584
3,600,976
1.01% to 2.00% floor
676,479
1,371,685
2,048,164
2.01% to 3.00% floor
3,791,304
139,838
3,931,142
3.01% or more floor
1,313,773
213,619
1,527,392
Total(3)
$10,387,621
$7,800,913
$18,188,534
(1)Includes Euro, British Pound Sterling, Swedish Krona, Australian Dollar, and Canadian Dollar currencies.
(2)Includes all impaired loans.
(3)As of September 30, 2025, the weighted-average index rate floor of our floating-rate loans receivable principal
balance was 1.25%. Excluding 0.0% index rate floors and loans with no floor, the weighted-average index rate floor
was 1.90%.
Activity relating to our loans receivable portfolio was as follows ($ in thousands):
Principal
Balance
Deferred Fees /
Other Items(1)
Net Book
Value
Loans Receivable, as of December 31, 2024
$19,203,126
$(155,608)
$19,047,518
Loan fundings
3,931,823
—
3,931,823
Loan repayments, sales, and cost-recovery proceeds
(5,048,125)
(39,424)
(5,087,549)
Charge-offs
(208,010)
79,018
(128,992)
Transfer to real estate owned
(358,088)
—
(358,088)
Transfer to other assets, net(2)
(49,158)
—
(49,158)
Payment-in-kind interest
13,448
—
13,448
Unrealized gain (loss) on foreign currency translation
703,518
(2,275)
701,243
Deferred fees and other items
—
(48,716)
(48,716)
Amortization of fees and other items
—
45,390
45,390
Loans Receivable, as of September 30, 2025
$18,188,534
$(121,615)
$18,066,919
CECL reserve
(695,719)
Loans Receivable, net, as of September 30, 2025
$17,371,200
(1)Other items primarily consist of purchase and sale discounts or premiums, exit fees, deferred origination expenses,
and cost-recovery proceeds.
(2)This amount relates to intangible and other assets recorded in connection with loans that were transferred to REO,
net of liabilities recorded upon acquisition, if any, and proceeds from loan repayments that are held in escrow, all of
which are included within other assets in our consolidated balance sheets. See Note 6 for further information.
The tables below detail the property type and geographic distribution of the properties securing the loans in our portfolio
($ in thousands):
September 30, 2025
Property Type
Number of Loans
Net Book Value
Net Loan Exposure(1)
Net Loan Exposure
Percentage of Portfolio
Office
42
$5,489,331
$4,845,825
29%
Multifamily
47
4,432,183
4,289,958
25
Industrial
18
3,561,323
3,524,478
21
Hospitality
14
2,096,519
1,994,080
12
Retail
8
769,377
676,140
4
Self-storage
3
653,016
488,715
3
Life Sciences / Studio
3
341,730
290,881
2
Other
2
723,440
683,661
4
Total loans receivable
137
$18,066,919
$16,793,738
100%
CECL reserve
(695,719)
Loans receivable, net
$17,371,200
Geographic Location
Number of Loans
Net Book Value
Net Loan Exposure(1)
Net Loan Exposure
Percentage of Portfolio
United States
Sunbelt
45
$4,203,737
$3,727,255
22%
Northeast
23
2,768,431
2,431,400
14
West
23
1,957,019
1,873,533
11
Midwest
8
855,704
713,354
4
Northwest
3
448,599
446,752
3
Subtotal
102
10,233,490
9,192,294
54
International
United Kingdom
17
3,128,895
3,114,230
19
Ireland
3
1,197,444
1,190,045
7
Australia
5
1,107,136
1,114,282
7
Spain
2
643,117
595,013
4
Sweden
1
505,298
504,853
3
Canada
1
448,994
284,952
2
Other Europe
5
741,582
737,162
4
Other International
1
60,963
60,907
—
Subtotal
35
7,833,429
7,601,444
46
Total loans receivable
137
$18,066,919
$16,793,738
100%
CECL reserve
(695,719)
Loans receivable, net
$17,371,200
(1)Net loan exposure reflects the amount of each loan that is subject to risk of credit loss to us as of September 30,
2025, which is our principal balance net of (i) $629.9 million of asset-specific debt, (ii) $69.2 million of cost-
recovery proceeds, and (iii) our total loans receivable CECL reserve of $695.7 million. Our asset-specific debt is
structurally non-recourse and term-matched to the corresponding collateral loans.
December 31, 2024
Property Type
Number of Loans
Net Book Value
Net Loan Exposure(1)
Net Loan Exposure
Percentage of Portfolio
Office
41
$7,386,333
$5,729,418
33%
Multifamily
50
5,091,767
4,934,364
29
Hospitality
16
2,768,374
2,663,349
16
Industrial
11
2,030,627
2,000,831
12
Retail
5
555,553
532,069
3
Life Sciences/Studio
3
342,817
337,687
2
Other
4
872,047
836,585
5
Total loans receivable
130
$19,047,518
$17,034,303
100%
CECL reserve
(733,936)
Loans receivable, net
$18,313,582
Geographic Location
Number of Loans
Net Book Value
Net Loan Exposure(1)
Net Loan Exposure
Percentage of Portfolio
United States
Sunbelt
44
$4,520,632
$4,084,242
24%
Northeast
21
4,614,582
3,452,961
20
West
21
1,865,382
1,746,309
10
Midwest
10
997,156
820,858
5
Northwest
4
432,644
432,794
3
Subtotal
100
12,430,396
10,537,164
62
International
United Kingdom
16
2,916,145
2,839,096
17
Ireland
3
1,050,276
1,048,329
6
Australia
3
920,182
923,507
5
Spain
3
785,368
744,287
4
Sweden
1
429,084
429,724
2
Other Europe
3
455,417
451,245
4
Other International
1
60,650
60,951
—
Subtotal
30
6,617,122
6,497,139
38
Total loans receivable
130
$19,047,518
$17,034,303
100%
CECL reserve
(733,936)
Loans receivable, net
$18,313,582
(1)Net loan exposure reflects the amount of each loan that is subject to risk of credit loss to us as of December 31,
2024, which is our principal balance net of (i) $1.2 billion of asset-specific debt, (ii) $106.7 million of cost-recovery
proceeds, (iii) our total loans receivable CECL reserve of $733.9 million, and (iv) $100.1 million of junior loan
interests that we have sold, but that remain included in our consolidated financial statements. See Note 2 for further
discussion of loan participations sold. Our asset-specific debt and loan participations sold are structurally non-
recourse and term-matched to the corresponding collateral loans.
Loan Risk Ratings
As further described in Note 2, we evaluate our loan portfolio on a quarterly basis. In conjunction with our quarterly loan
portfolio review, we assess the risk factors of each loan, and assign a risk rating based on several factors. Factors
considered in the assessment include, but are not limited to, risk of loss, origination LTV, debt yield, collateral
performance, structure, exit plan, and sponsorship. Loans are rated “1” (less risk) through “5” (greater risk), which ratings
are defined in Note 2.
The following table allocates the net book value and net loan exposure balances based on our internal risk ratings ($ in
thousands):
September 30, 2025
Risk Rating
Number of Loans
Net Book Value
Net Loan Exposure(1)
1
6
$409,199
$408,355
2
22
3,173,245
3,007,691
3
80
10,578,120
10,087,715
4
17
2,732,203
2,619,771
5
12
1,174,152
670,206
Total loans receivable
137
$18,066,919
$16,793,738
CECL reserve
(695,719)
Loans receivable, net
$17,371,200
December 31, 2024
Risk Rating
Number of Loans
Net Book Value
Net Loan Exposure(1)
1
11
$1,919,280
$994,056
2
21
3,346,881
3,349,347
3
65
9,246,692
8,818,346
4
20
2,707,104
2,622,877
5
13
1,827,561
1,249,677
Total loans receivable
130
$19,047,518
$17,034,303
CECL reserve
(733,936)
Loans receivable, net
$18,313,582
(1)Net loan exposure reflects the amount of each loan that is subject to risk of credit loss to us as of September 30,
2025, which is our principal balance net of (i) $629.9 million of asset-specific debt, (ii) $69.2 million of cost-
recovery proceeds, and (iii) our total loans receivable CECL reserve of $695.7 million. Our net loan exposure as of
December 31, 2024 is our principal balance net of (i) $1.2 billion of asset-specific debt, (ii) $106.7 million of cost-
recovery proceeds, (iii) our total loans receivable CECL reserve of $733.9 million, and (iv) $100.1 million of junior
loan interests that we have sold, but that remain included in our consolidated financial statements. Our asset-specific
debt and loan participations sold are structurally non-recourse and term-matched to the corresponding collateral
loans.
Our loan portfolio had a weighted-average risk rating of 3.0 as of both September 30, 2025 and December 31, 2024.
Current Expected Credit Loss Reserve
The CECL reserves required under GAAP reflect our current estimate of potential credit losses related to the loans included
in our consolidated balance sheets. Refer to Note 2 for further discussion of our CECL reserves. The following table
presents the activity in our loans receivable CECL reserve by investment pool for the three and nine months ended
September 30, 2025 and 2024 ($ in thousands):
U.S. Loans(1)
Non-U.S.
Loans
Unique
Loans
Impaired
Loans
Total
Loans Receivable, Net
CECL reserves as of December 31, 2024
$80,057
$26,141
$47,087
$580,651
$733,936
Increase in CECL reserves
17,604
13,796
1,477
16,552
49,429
Charge-offs of CECL reserves
—
—
—
(41,824)
(41,824)
CECL reserves as of March 31, 2025
$97,661
$39,937
$48,564
$555,379
$741,541
(Decrease) increase in CECL reserves
(6,759)
(1,568)
4,249
48,445
44,367
Charge-offs of CECL reserves
—
—
—
(45,057)
(45,057)
CECL reserves as of June 30, 2025
$90,902
$38,369
$52,813
$558,767
$740,851
Increase (decrease) in CECL reserves
5,134
3,302
(207)
(11,250)
(3,021)
Charge-offs of CECL reserves
—
—
—
(42,111)
(42,111)
CECL reserve as of September 30, 2025
$96,036
$41,671
$52,606
$505,406
$695,719
CECL reserves as of December 31, 2023
$78,335
$31,560
$49,371
$417,670
$576,936
(Decrease) increase in CECL reserves
(3,807)
(770)
(5,918)
245,942
235,447
Charge-offs of CECL reserves
—
—
—
(61,013)
(61,013)
CECL reserves as of March 31, 2024
$74,528
$30,790
$43,453
$602,599
$751,370
(Decrease) increase in CECL reserves
(11,997)
(2,639)
423
169,318
155,105
Charge-offs of CECL reserves
—
—
—
(12,537)
(12,537)
CECL reserves as of June 30, 2024
$62,531
$28,151
$43,876
$759,380
$893,938
(Decrease) increase in CECL reserves
(9,584)
(1,916)
4,424
141,186
134,110
Charge-offs of CECL reserves
—
—
—
(16,989)
(16,989)
CECL reserve as of September 30, 2024
$52,947
$26,235
$48,300
$883,577
$1,011,059
(1)Includes one U.S. dollar-denominated loan that is located in Bermuda.
During the three months ended September 30, 2025, we recorded a net decrease of $45.1 million in the CECL reserves
against our loans receivable portfolio, primarily driven by a $53.4 million decrease in our asset-specific CECL reserves,
including charge-offs of our CECL reserves of $42.1 million. This was offset by an $8.2 million increase in our general
CECL reserves, bringing our total loans receivable CECL reserve to $695.7 million as of September 30, 2025.The increase
in our general CECL reserves was primarily as a result of an increase in the historical loss rate used in reserve calculations
as a result of additional CECL charge-offs.
The charge-offs primarily related to two previously impaired loans secured by a hospitality asset in New York, NY and an
office asset in Atlanta, GA, that were resolved and transferred to REO during the three months ended September 30, 2025
pursuant to loan modifications that resulted in us consolidating the collateral assets. Refer to Notes 4 and 20 for further
information.
As of September 30, 2025, we had an aggregate $505.4 million asset-specific CECL reserve related to 12 of our loans
receivable, with a total amortized cost basis of $1.2 billion, net of cost-recovery proceeds, and a concentration in the office
sector with $382.2 million of reserves, generally driven by reduced tenant and capital markets demand in the office sector
in recent years. Impairments are each determined individually as a result of changes in the specific credit quality factors for
such loans. These factors included, among others, (i) the underlying collateral performance, (ii) discussions with the
borrower, (iii) borrower events of default, and (iv) other facts that impact the borrower’s ability to pay the contractual
amounts due under the terms of the loan. This CECL reserve was recorded based on our estimation of the fair value of each
loan’s underlying collateral as of September 30, 2025.
No income was recorded on our impaired loans subsequent to determining that they were impaired. During the three
months ended September 30, 2025, we received an aggregate $9.7 million of cash proceeds from such loans that were
applied as a reduction to the amortized cost basis of each respective loan.
As of September 30, 2025, all borrowers under performing loans were in compliance with the applicable contractual terms
of each respective loan, including any required payment of interest. Refer to Note 2 for further discussion of our policies on
revenue recognition and our CECL reserves.
Our primary credit quality indicator is our risk ratings, which are further discussed above. The following tables present the
net book value of our loan portfolio as of September 30, 2025 and December 31, 2024, respectively, by year of origination,
investment pool, and risk rating ($ in thousands):
Net Book Value of Loans Receivable by Year of Origination(1)
As of September 30, 2025
Risk Rating
2025
2024
2023
2022
2021
Prior
Total
U.S. loans
1
$—
$—
$—
$151,577
$203,721
$53,901
$409,199
2
33,314
60,963
—
197,274
724,262
262,235
1,278,048
3
1,147,203
273,014
—
1,630,283
1,883,767
691,837
5,626,104
4
—
—
—
367,098
338,104
1,115,549
1,820,751
5
—
—
—
—
—
—
—
Total U.S. loans
$1,180,517
$333,977
$—
$2,346,232
$3,149,854
$2,123,522
$9,134,102
Non-U.S. loans
1
$—
$—
$—
$—
$—
$—
$—
2
645,481
—
—
592,528
657,188
—
1,895,197
3
1,752,443
—
—
—
936,536
1,102,590
3,791,569
4
—
—
—
—
—
363,689
363,689
5
—
—
—
—
—
—
—
Total Non-U.S. loans
$2,397,924
$—
$—
$592,528
$1,593,724
$1,466,279
$6,050,455
Unique loans
1
$—
$—
$—
$—
$—
$—
$—
2
—
—
—
—
—
—
—
3
—
—
—
869,443
—
291,004
1,160,447
4
—
—
—
—
—
547,763
547,763
5
—
—
—
—
—
—
—
Total unique loans
$—
$—
$—
$869,443
$—
$838,767
$1,708,210
Impaired loans
1
$—
$—
$—
$—
$—
$—
$—
2
—
—
—
—
—
—
—
3
—
—
—
—
—
—
—
4
—
—
—
—
—
—
—
5
—
—
—
168,985
433,385
571,782
1,174,152
Total impaired loans
$—
$—
$—
$168,985
$433,385
$571,782
$1,174,152
Total loans receivable
1
$—
$—
$—
$151,577
$203,721
$53,901
$409,199
2
678,795
60,963
—
789,802
1,381,450
262,235
3,173,245
3
2,899,646
273,014
—
2,499,726
2,820,303
2,085,431
10,578,120
4
—
—
—
367,098
338,104
2,027,001
2,732,203
5
—
—
—
168,985
433,385
571,782
1,174,152
Total loans receivable
$3,578,441
$333,977
$—
$3,977,188
$5,176,963
$5,000,350
$18,066,919
CECL reserve
(695,719)
Loans receivable, net
$17,371,200
Gross charge-offs(2)
—
—
—
(168)
(71,853)
(56,971)
$(128,992)
(1)Date loan was originated or acquired by us. Origination dates are subsequently updated to reflect material loan
modifications.
(2)Represents charge-offs by year of origination during the nine months ended September 30, 2025.
Net Book Value of Loans Receivable by Year of Origination(1)
As of December 31, 2024
Risk Rating
2024
2023
2022
2021
2020
Prior
Total
U.S. loans
1
$—
$—
$151,674
$245,289
$60,240
$1,381,858
$1,839,061
2
60,651
—
197,153
1,611,856
—
—
1,869,660
3
268,408
—
1,599,604
2,160,837
691,097
392,470
5,112,416
4
—
—
236,780
1,019,672
—
726,513
1,982,965
5
—
—
—
—
—
—
—
Total U.S. loans
$329,059
$—
$2,185,211
$5,037,654
$751,337
$2,500,841
$10,804,102
Non-U.S. loans
1
$—
$—
$—
$80,219
$—
$—
$80,219
2
—
—
500,104
787,660
87,629
101,828
1,477,221
3
—
—
594,740
1,126,698
—
1,332,805
3,054,243
4
—
—
—
—
—
198,389
198,389
5
—
—
—
—
—
—
—
Total Non-U.S. loans
$—
$—
$1,094,844
$1,994,577
$87,629
$1,633,022
$4,810,072
Unique loans
1
$—
$—
$—
$—
$—
$—
$—
2
—
—
—
—
—
—
—
3
—
—
814,225
—
—
265,808
1,080,033
4
—
—
—
—
—
525,750
525,750
5
—
—
—
—
—
—
—
Total unique loans
$—
$—
$814,225
$—
$—
$791,558
$1,605,783
Impaired loans
1
$—
$—
$—
$—
$—
$—
$—
2
—
—
—
—
—
—
—
3
—
—
—
—
—
—
—
4
—
—
—
—
—
—
—
5
—
—
170,388
367,030
34,214
1,255,929
1,827,561
Total impaired loans
$—
$—
$170,388
$367,030
$34,214
$1,255,929
$1,827,561
Total loans receivable
1
$—
$—
$151,674
$325,508
$60,240
$1,381,858
$1,919,280
2
60,651
—
697,257
2,399,516
87,629
101,828
3,346,881
3
268,408
$—
3,008,569
3,287,535
691,097
1,991,083
9,246,692
4
—
—
236,780
1,019,672
—
1,450,652
2,707,104
5
—
—
170,388
367,030
34,214
1,255,929
1,827,561
Total loans receivable
$329,059
$—
$4,264,668
$7,399,261
$873,180
$6,181,350
$19,047,518
CECL reserve
(733,936)
Loans receivable, net
$18,313,582
Gross charge-offs(2)
—
—
(52,045)
(255,005)
—
(77,553)
$(384,603)
(1)Date loan was originated or acquired by us. Origination dates are subsequently updated to reflect material loan
modifications.
(2)Represents charge-offs by year of origination during the year ended December 31, 2024.
Loan Modifications Pursuant to ASC 326
During the twelve months ended September 30, 2025, we entered into five loan modifications that require disclosure
pursuant to ASC 326. Four of these loans were collateralized by office assets and one was collateralized by a mixed-use
asset.
Loans with a risk rating of “3” and “4” are included in the determination of our general CECL reserve and loans with a risk
rating of “5” have an asset-specific CECL reserve. Loan modifications that allow the option to pay interest in-kind increase
our potential economics and the size of our secured claim, as interest is capitalized and added to the outstanding principal
balance for applicable loans. As of September 30, 2025, no income was recorded on our loans subsequent to determining
that they were impaired and risk rated “5.”
Two of the loan modifications included term extensions combined with other-than-insignificant payment delays. The first
loan modification included a term extension of five years, the borrower repaid $6.0 million of principal, and the loan was
bifurcated into a separate senior loan and subordinate loan. We are accruing interest on the senior loan, which is paying
interest current, and deferring interest on the subordinate loan that is paying interest in-kind. The second loan modification
had a term extension of 3.8 years, the loan was bifurcated into a separate senior loan and subordinate loan, and the
borrower paid a $1.7 million fee upon closing of the modification. We are accruing interest on the senior loan, which is
paying interest current, and deferring interest on the subordinate loan that is paying interest in-kind. As of September 30,
2025, the aggregate amortized cost basis of these loans was $367.3 million, or 2.0% of our aggregate loans receivable
portfolio, with an aggregate $4.7 million of unfunded commitments. These loans were in compliance with their modified
contractual terms as of September 30, 2025.
The other three loan modifications included term extensions combined with other-than-insignificant payment delays and
interest rate reductions. The first loan modification included a term extension of 4.8 years, the interest rate decreased by
0.10%, and the loan was bifurcated into a separate senior loan and subordinate loan. The senior loan is paying interest
partially current, and partially in-kind, while the subordinate loan is paying interest in-kind. We are accruing interest on the
portion of the senior loan that is paying current and a portion that is paid in-kind, and deferring interest income recognition
on the remaining portion, including the entire subordinate loan. The second loan modification included a term extension of
one year, the interest rate on the senior loan decreased by 2.43%, the borrower repaid $25.0 million upon closing of the
modification, and the loan was bifurcated into a separate senior loan and subordinate loan. The senior loan is paying
interest partially current, and partially in-kind, while the subordinate loan is paying interest in-kind. We are accruing all of
the interest on the senior loan that is paying partially current and partially in-kind, and deferring interest on the subordinate
loan that is paying interest in-kind. The third loan modification included a term extension of 4.3 years, the interest rate
decreased by 3.56%, and the loan was bifurcated into a separate senior loan and subordinate loan. We are accruing all of
the interest on the senior loan that is paying current, and deferring interest income on the subordinate loan, which is paid-
in-kind. As of September 30, 2025, the aggregate amortized cost basis of these loans was $506.5 million, or 2.8% of our
aggregate loans receivable portfolio, with an aggregate $32.7 million of unfunded commitments. These loans were in
compliance with their modified contractual terms as of September 30, 2025.
All five of these loans had a risk rating of “5” at the time of modification. In aggregate, these modifications resulted in the
bifurcation of all five loans into separate senior and subordinate loans, or ten loans in aggregate. As of September 30, 2025,
of the five newly bifurcated senior loans, two loans had a risk rating of “4,” one loan had a risk rating of “3,” and two loans
had a risk rating of “2.” The five newly bifurcated subordinate loans all had a risk rating of “5.”
Multifamily Joint Venture
As discussed in Note 2, we entered into our Multifamily Joint Venture in April 2017. As of both September 30, 2025 and
December 31, 2024, our Multifamily Joint Venture held a $43.3 million loan, which is included in the loan disclosures
above. As of September 30, 2025 and December 31, 2024, our Multifamily Joint Venture also held an REO asset with a
carrying value of $32.1 million and $32.4 million, respectively, which is included in the REO disclosures in Note 4. Refer
to Note 2 for further discussion of our Multifamily Joint Venture.