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Loans and Investments | 12 Months Ended
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Dec. 31, 2021
Loans and Investments |
Loans and Investments | Note 3 — Loans and Investments Our Structured Business loan and investment portfolio consists of ($ in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | ​ | ​ |  | ​ |  | ​ |  | ​ |  | Wtd. Avg. |  | ​ |  | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Remaining | ​ | Wtd. Avg. | ​ | Wtd. Avg. | ​
​ | ​ | ​ | ​ | Percent of | ​ | Loan | ​ | Wtd. Avg. | ​ | Months to | ​ | First Dollar | ​ | Last Dollar | ​
​ | ​ | December 31, 2021 | ​ | Total | ​ | Count | ​ | Pay Rate (1) | ​ | Maturity | ​ | LTV Ratio (2) | ​ | LTV Ratio (3) | ​
Bridge loans (4) | ​ | $ | 11,750,710 | ​ | 97 | % | 528 |  | 4.19 | % | 23.8 |  | 0 | % | 76 | %
Mezzanine loans | ​ |  | 223,378 |  | 2 | % | 39 |  | 7.32 | % | 56.3 |  | 34 | % | 84 | %
Preferred equity investments | ​ | ​ | 155,513 | ​ | 1 | % | 11 | ​ | 5.57 | % | 38.0 | ​ | 58 | % | 87 | %
Other loans (5) | ​ |  | 29,394 |  | <1 | % | 2 |  | 4.63 | % | 48.1 |  | 0 | % | 67 | %
​ | ​ |  | 12,158,995 |  | 100 | % | 580 |  | 4.26 | % | 24.6 |  | 1 | % | 76 | %
Allowance for credit losses | ​ | ​ | (113,241) | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Unearned revenue | ​ |  | (64,706) | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Loans and investments, net | ​ | $ | 11,981,048 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | December 31, 2020 |  | ​ |  | ​ |  | ​ |  | ​ |  | ​ |  | ​ | ​
Bridge loans (4) | ​ | $ | 5,022,509 |  | 92 | % | 263 |  | 5.09 | % | 16.2 |  | 0 | % | 76 | %
Mezzanine loans | ​ |  | 159,242 |  | 3 | % | 29 |  | 7.40 | % | 45.0 |  | 32 | % | 82 | %
Preferred equity investments | ​ | ​ | 224,928 | ​ | 4 | % | 14 | ​ | 7.07 | % | 49.8 | ​ | 64 | % | 89 | %
Other loans (5) | ​ | ​ | 68,403 | ​ | 1 | % | 22 | ​ | 4.95 | % | 74.8 | ​ | 0 | % | 69 | %
​ | ​ |  | 5,475,082 |  | 100 | % | 328 |  | 5.23 | % | 19.2 |  | 4 | % | 77 | %
Allowance for credit losses | ​ |  | (148,329) | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Unearned revenue | ​ |  | (40,885) | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Loans and investments, net | ​ | $ | 5,285,868 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
(1) | “Weighted Average Pay Rate” is a weighted average, based on the UPB of each loan in our portfolio, of the interest rate required to be paid monthly as stated in the individual loan agreements. Certain loans and investments that require an accrual rate to be paid at maturity are not included in the weighted average pay rate as shown in the table.
(2) | The “First Dollar Loan-to-Value (“LTV”) Ratio” is calculated by comparing the total of our senior most dollar and all senior lien positions within the capital stack to the fair value of the underlying collateral to determine the point at which we will absorb a total loss of our position.
(3) | The “Last Dollar LTV Ratio” is calculated by comparing the total of the carrying value of our loan and all senior lien positions within the capital stack to the fair value of the underlying collateral to determine the point at which we will initially absorb a loss.
(4) | As of December 31, 2021 and 2020, bridge loans included 120 and 38, respectively, of SFR loans with a total gross loan commitment amount of $804.6 million and $309.2 million, respectively, of which $408.2 million and $88.1 million, respectively, was funded.
(5) | As of December 31, 2021 and 2020, other loans included 2 variable rate SFR permanent loans and 22 SFR permanent loans, respectively.
During the first quarter of 2021, the Structured Business transferred 21 fixed rate SFR permanent loans with a UPB of $65.2 million to the Agency Business (all of which were outstanding as of December 31, 2020), which represented all fixed rate SFR permanent loans originated prior to such transfer. Fixed rate SFR permanent loans are reported through the Agency Business beginning in 2021 and classified as held-for-sale. See Note 4 for further details. Concentration of Credit Risk We are subject to concentration risk in that, at December 31, 2021, the UPB related to 31 loans with five different borrowers represented 11% of total assets. At December 31, 2020, the UPB related to 22 loans with five different borrowers represented 12% of total assets. During both 2021 and 2020, no single loan or investment represented more than 10% of our total assets and no single investor group generated over 10% of our revenue. See Note 18 for details on our concentration of related party loans and investments. We assign a credit risk rating of pass, pass/watch, special mention, substandard or doubtful to each loan and investment, with a pass rating being the lowest risk and a doubtful rating being the highest risk. Each credit risk rating has benchmark guidelines that pertain to debt-service coverage ratios, LTV ratios, borrower strength, asset quality, and funded cash reserves. Other factors such as guarantees, market strength, and remaining loan term and borrower equity are also reviewed and factored into determining the credit risk rating assigned to each loan. This metric provides a helpful snapshot of portfolio quality and credit risk. All portfolio assets are subject to, at a minimum, a thorough quarterly financial evaluation in which historical operating performance and forward-looking projections are reviewed, however, we maintain a higher level of scrutiny and focus on loans that we consider “high risk” and that possess deteriorating credit quality. Generally speaking, given our typical loan profile, risk ratings of pass, pass/watch and special mention suggest that we expect the loan to make both principal and interest payments according to the contractual terms of the loan agreement. A risk rating of substandard indicates we anticipate the loan may require a modification of some kind. A risk rating of doubtful indicates we expect the loan to underperform over its term, and there could be loss of interest and/or principal. Further, while the above are the primary guidelines used in determining a certain risk rating, subjective items such as borrower strength, market strength or asset quality may result in a rating that is higher or lower than might be indicated by any risk rating matrix. A summary of the loan portfolio’s internal risk ratings and LTV ratios by asset class as of December 31, 2021 is as follows ($ in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ |  | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Wtd. Avg. |  | Wtd. Avg. |
​ | ​ | UPB by Origination Year | ​ | ​ | ​ | ​ | First Dollar | ​ | Last Dollar | ​
Asset Class / Risk Rating |  | 2021 |  | 2020 |  | 2019 |  | 2018 |  | 2017 |  | Prior |  | Total |  | LTV Ratio |  | LTV Ration | ​
Multifamily: | ​ | ​ | ​ | ​ | ​ |  | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Pass | ​ | $ | 6,025,731 | ​ | $ | 562,885 | ​ | $ | 176,281 | ​ | $ | 6,305 | ​ | $ | 20,300 | ​ | $ | 214 | ​ | $ | 6,791,716 | ​ | ​ | ​ | ​ | ​
Pass/Watch | ​ |  | 2,120,458 | ​ | ​ | 587,820 | ​ | ​ | 194,698 | ​ | ​ | 120,950 | ​ | ​ | 32,500 | ​ | ​ | 28,800 | ​ | ​ | 3,085,226 | ​ | ​ | ​ | ​ | ​
Special Mention | ​ | ​ | 270,813 | ​ | ​ | 321,031 | ​ | ​ | 452,980 | ​ | ​ | 42,500 | ​ | ​ | — | ​ | ​ | 350 | ​ | ​ | 1,087,674 | ​ | ​ | ​ | ​ | ​
Substandard | ​ | ​ | — | ​ | ​ | 18,827 | ​ | ​ | 43,575 | ​ | ​ | 15,533 | ​ | ​ | 31,110 | ​ | ​ | 8,250 | ​ | ​ | 117,295 | ​ | ​ | ​ | ​ | ​
Total Multifamily | ​ | $ | 8,417,002 | ​ | $ | 1,490,563 | ​ | $ | 867,534 | ​ | $ | 185,288 | ​ | $ | 83,910 | ​ | $ | 37,614 | ​ | $ | 11,081,911 | ​ | 1 | % | 76 | %
Single-Family Rental: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Percentage of portfolio | ​ | ​ | 91 | % | ​ | ​ | ​ | ​
Pass | ​ | $ | 69,992 | ​ | $ | 18,339 | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​ | $ | 88,331 | ​ | ​ | ​ | ​ | ​
Pass/Watch | ​ | ​ | 257,602 | ​ | ​ | 24,927 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 282,529 | ​ | ​ | ​ | ​ | ​
Special Mention | ​ | ​ | 2,743 | ​ | ​ | 48,481 | ​ | ​ | 15,556 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 66,780 | ​ | ​ | ​ | ​ | ​
Total Single-Family Rental | ​ | $ | 330,337 | ​ | $ | 91,747 | ​ | $ | 15,556 | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​ | $ | 437,640 | ​ | 0 | % | 65 | %
Land: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Percentage of portfolio | ​ | ​ | 4 | % | ​ | ​ | ​ | ​
Special Mention | ​ | $ | — | ​ | $ | 8,100 | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​ | $ | 8,100 | ​ | ​ | ​ | ​ | ​
Substandard | ​ | ​ | — | ​ | ​ | 71,018 | ​ | ​ | 19,524 | ​ | ​ | — | ​ | ​ | 19,975 | ​ | ​ | 127,928 | ​ | ​ | 238,445 | ​ | ​ | ​ | ​ | ​
Total Land | ​ | $ | — | ​ | $ | 79,118 | ​ | $ | 19,524 | ​ | $ | — | ​ | $ | 19,975 | ​ | $ | 127,928 | ​ | $ | 246,545 | ​ | 0 | % | 96 | %
Healthcare: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Percentage of portfolio | ​ | ​ | 2 | % | ​ | ​ | ​ | ​
Pass/Watch | ​ | $ | — | ​ | $ | — | ​ | $ | 14,750 | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​ | $ | 14,750 | ​ | ​ | ​ | ​ | ​
Special Mention | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 51,069 | ​ | ​ | 41,500 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 92,569 | ​ | ​ | ​ | ​ | ​
Substandard | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 39,650 | ​ | ​ | — | ​ | ​ | 39,650 | ​ | ​ | ​ | ​ | ​
Total Healthcare | ​ | $ | — | ​ | $ | — | ​ | $ | 65,819 | ​ | $ | 41,500 | ​ | $ | 39,650 | ​ | $ | — | ​ | $ | 146,969 | ​ | 0 | % | 74 | %
Office: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Percentage of portfolio | ​ | ​ | 1 | % | ​ | ​ | ​ | ​
Special Mention | ​ | $ | — | ​ | $ | 35,410 | ​ | $ | — | ​ | $ | 43,199 | ​ | $ | — | ​ | $ | 1,980 | ​ | $ | 80,589 | ​ | ​ | ​ | ​ | ​
Total Office | ​ | $ | — | ​ | $ | 35,410 | ​ | $ | — | ​ | $ | 43,199 | ​ | $ | — | ​ | $ | 1,980 | ​ | $ | 80,589 | ​ | 0 | % | 85 | %
Student Housing: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Percentage of portfolio | ​ | ​ | 1 | % | ​ | ​ | ​ | ​
Pass | ​ | $ | 25,700 | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​ | $ | 25,700 | ​ | ​ | ​ | ​ | ​
Special Mention | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 31,100 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 31,100 | ​ | ​ | ​ | ​ | ​
Substandard | ​ | ​ | — | ​ | ​ | 21,500 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 21,500 | ​ | ​ | ​ | ​ | ​
Total Student Housing | ​ | $ | 25,700 | ​ | $ | 21,500 | ​ | $ | 31,100 | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​ | $ | 78,300 | ​ | 21 | % | 73 | %
Hotel: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Percentage of portfolio | ​ | ​ | 1 | % | ​ | ​ | ​ | ​
Pass/Watch | ​ | $ | — | ​ | $ | 4,716 | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​ | $ | 4,716 | ​ | ​ | ​ | ​ | ​
Special Mention | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 41,000 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 41,000 | ​ | ​ | ​ | ​ | ​
Total Hotel | ​ | $ | — | ​ | $ | 4,716 | ​ | $ | 41,000 | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​ | $ | 45,716 | ​ | 0 | % | 66 | %
Retail: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Percentage of portfolio | ​ | ​ | <1 | % | ​ | ​ | ​ | ​
Pass | ​ | $ | — | ​ | $ | — | ​ | $ | 4,000 | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​ | $ | 4,000 | ​ | ​ | ​ | ​ | ​
Special Mention | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 18,600 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 18,600 | ​ | ​ | ​ | ​ | ​
Substandard | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 3,445 | ​ | ​ | 3,445 | ​ | ​ | ​ | ​ | ​
Total Retail | ​ | $ | — | ​ | $ | — | ​ | $ | 4,000 | ​ | $ | 18,600 | ​ | $ | — | ​ | $ | 3,445 | ​ | $ | 26,045 | ​ | 12 | % | 33 | %
Other: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Percentage of portfolio | ​ | ​ | < 1 | % | ​ | ​ | ​ | ​
Pass/Watch | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​ | $ | 13,580 | ​ | $ | — | ​ | $ | 13,580 | ​ | ​ | ​ | ​ | ​
Doubtful | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 1,700 | ​ | ​ | 1,700 | ​ | ​ | ​ | ​ | ​
Total Other | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​ | $ | 13,580 | ​ | $ | 1,700 | ​ | $ | 15,280 | ​ | 7 | % | 51 | %
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Percentage of portfolio | ​ | ​ | < 1 | % | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Grand Total | ​ | $ | 8,773,039 | ​ | $ | 1,723,054 | ​ | $ | 1,044,533 | ​ | $ | 288,587 | ​ | $ | 157,115 | ​ | $ | 172,667 | ​ | $ | 12,158,995 | ​ | 1 | % | 76 | %
​ Geographic Concentration Risk As of December 31, 2021, 19% and 12% of the outstanding balance of our loan and investment portfolio had underlying properties in Texas and Florida, respectively. As of December 31, 2020, 19% and 11% of the outstanding balance of our loan and investment portfolio had underlying properties in New York and Texas, respectively. No other states represented 10% or more of the total loan and investment portfolio. Allowance for Credit Losses A summary of the changes in the allowance for credit losses is as follows (in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Year Ended December 31, 2021
​ |  | Land |  | Multifamily |  | Office |  | Retail |  | Student Housing |  | Hotel |  | Healthcare |  | Other |  | Total
Allowance for credit losses: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Beginning balance | ​ | $ | 78,150 | ​ | $ | 36,468 | ​ | $ | 1,846 | ​ | $ | 13,861 | ​ | $ | 4,078 | ​ | $ | 7,759 | ​ | $ | 3,880 | ​ | $ | 2,287 | ​ | $ | 148,329
Provision for credit losses (net of recoveries) | ​ |  | (180) | ​ |  | (17,761) | ​ |  | 6,227 | ​ | ​ | (42) | ​ | ​ | (3,442) | ​ | ​ | (7,751) | ​ |  | (1,099) | ​ | ​ | (267) | ​ | ​ | (24,315)
Charge-offs | ​ |  | — | ​ |  | — | ​ |  | — | ​ | ​ | (8,000) | ​ |  | — | ​ | ​ | — | ​ |  | (2,773) | ​ | ​ | — | ​ | ​ | (10,773)
Ending balance | ​ | $ | 77,970 | ​ | $ | 18,707 | ​ | $ | 8,073 | ​ | $ | 5,819 | ​ | $ | 636 | ​ | $ | 8 | ​ | $ | 8 | ​ | $ | 2,020 | ​ | $ | 113,241
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Year Ended December 31, 2020
Allowance for credit losses: |  | ​ |  | ​ |  | ​ |  | ​ |  | ​ |  | ​ |  | ​ |  | ​ |  | ​
Beginning balance, prior to adoption of CECL | ​ | $ | 67,869 | ​ | $ | — | ​ | $ | 1,500 | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​ | $ | 1,700 | ​ | $ | 71,069
Impact of adopting CECL - January 1, 2020 | ​ | ​ | 77 | ​ | ​ | 16,322 | ​ | ​ | 287 | ​ | ​ | 335 | ​ | ​ | 68 | ​ | ​ | 29 | ​ | ​ | 64 | ​ | ​ | 112 | ​ | ​ | 17,294
Provision for credit losses (net of recoveries) | ​ | ​ | 10,204 | ​ | ​ | 20,146 | ​ | ​ | 59 | ​ | ​ | 13,526 | ​ | ​ | 4,010 | ​ | ​ | 7,730 | ​ | ​ | 3,816 | ​ | ​ | 475 | ​ | ​ | 59,966
Ending balance | ​ | $ | 78,150 | ​ | $ | 36,468 | ​ | $ | 1,846 | ​ | $ | 13,861 | ​ | $ | 4,078 | ​ | $ | 7,759 | ​ | $ | 3,880 | ​ | $ | 2,287 | ​ | $ | 148,329
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Year Ended December 31, 2019
Allowance for credit losses | ​ | $ | 67,869 | ​ | $ | — | ​ | $ | 1,500 | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​ | $ | 1,700 | ​ | $ | 71,069
​ Our estimate of allowance for credit losses on our structured loans and investments, including related unfunded loan commitments, was based on a reasonable and supportable forecast period that reflects an improving macroeconomic outlook based on recent observable data, including increasing property values, decreases in unemployment rates, low interest rates and other market factors, including continued optimism in the COVID-19 pandemic, partially offset by rising inflation. The expected credit losses over the contractual period of our loans also include the obligation to extend credit through our unfunded loan commitments. Our current expected credit loss (“CECL”) allowance for unfunded loan commitments are adjusted quarterly and correspond with the associated outstanding loans. As of December 31, 2021 and 2020, we had outstanding unfunded commitments of $975.2 million and $353.8 million, respectively, that we are obligated to fund as borrowers meet certain requirements. As of December 31, 2021 and 2020, accrued interest receivable related to our loans totaling $58.3 million and $41.6 million, respectively, was excluded from the estimate of credit losses and is included in other assets on the consolidated balance sheets. All of our structured loans and investments are secured by real estate assets or by interests in real estate assets, and, as such, the measurement of credit losses may be based on the difference between the fair value of the underlying collateral and the carrying value of the assets as of the period end. A summary of our specific loans considered impaired by asset class is as follows (in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | December 31, 2021 |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Wtd. Avg. First | ​ | Wtd. Avg. Last |
​ | ​ | ​ | ​ | ​ | Carrying | ​ | Allowance for | ​ | Dollar LTV | ​ | Dollar LTV |
Asset Class |  | UPB (1) |  | Value |  | Credit Losses |  | Ratio |  | Ratio |
Land | ​ | $ | 134,215 | ​ | $ | 127,868 | ​ | $ | 77,869 | ​ | ​ | 0 | % | ​ | 99 | %
Retail | ​ | ​ | 22,045 | ​ |  | 17,291 | ​ |  | 5,817 | ​ | ​ | 14 | % |  | 33 | %
Office | ​ |  | 1,980 | ​ | ​ | 1,980 | ​ |  | 1,500 | ​ |  | 0 | % |  | 51 | %
Commercial | ​ |  | 1,700 | ​ |  | 1,700 | ​ |  | 1,700 | ​ |  | 63 | % |  | 63 | %
Total | ​ | $ | 159,940 | ​ | $ | 148,839 | ​ | $ | 86,886 | ​ | ​ | 3 | % | ​ | 89 | %
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | December 31, 2020 |
Land | ​ | $ | 134,215 | ​ | $ | 127,829 | ​ | $ | 77,869 | ​ | ​ | 0 | % | ​ | 99 | %
Hotel | ​ |  | 110,000 | ​ |  | 89,613 | ​ |  | 7,500 | ​ |  | 0 | % |  | 94 | %
Retail | ​ | ​ | 30,079 | ​ | ​ | 28,957 | ​ | ​ | 13,851 | ​ | ​ | 10 | % | ​ | 75 | %
Healthcare | ​ | ​ | 4,625 | ​ | ​ | 4,673 | ​ | ​ | 3,845 | ​ | ​ | 0 | % | ​ | 83 | %
Office | ​ |  | 2,166 | ​ |  | 2,166 | ​ |  | 1,500 | ​ |  | 0 | % |  | 71 | %
Commercial | ​ |  | 1,700 | ​ |  | 1,700 | ​ |  | 1,700 | ​ |  | 63 | % |  | 63 | %
Total | ​ | $ | 282,785 | ​ | $ | 254,938 | ​ | $ | 106,265 | ​ | ​ | 1 | % | ​ | 94 | %
(1) | Represents the UPB of eight and ten impaired loans (less unearned revenue and other holdbacks and adjustments) by asset class at December 31, 2021 and 2020, respectively.
There were no loans for which the fair value of the collateral securing the loan was less than the carrying value of the loan for which we had not recorded a provision for credit loss as of December 31, 2021, 2020 and 2019. At December 31, 2021, three loans with an aggregate net carrying value of $20.1 million, net of related loan loss reserves of $2.6 million, were classified as non-performing and, at December 31, 2020, seven loans with an aggregate net carrying value of $53.8 million, net of related loan loss reserves of $6.5 million, were classified as non-performing. Income from non-performing loans is generally recognized on a cash basis when it is received. Full income recognition will resume when the loan becomes contractually current and performance has recommenced. A summary of our non-performing loans by asset class is as follows (in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | December 31, 2021 | ​ | December 31, 2020
​ | ​ | ​ | ​ | ​ | Less Than | ​ | Greater Than | ​ | ​ | ​ | ​ | Less Than | ​ | Greater Than
​ | ​ | ​ | ​ | 90 Days | ​ | 90 Days | ​ | ​ | ​ | 90 Days | ​ | 90 Days
​ |  | UPB |  | Past Due |  | Past Due |  | UPB |  | Past Due |  | Past Due
Student Housing | ​ | $ | 21,500 | ​ | $ | — | ​ | $ | 21,500 | ​ | $ | 36,500 | ​ | $ | — | ​ | $ | 36,500
Commercial | ​ | ​ | 1,700 | ​ | ​ | — | ​ | ​ | 1,700 | ​ | ​ | 1,700 | ​ | ​ | — | ​ | ​ | 1,700
Retail | ​ | ​ | 920 | ​ | ​ | — | ​ | ​ | 920 | ​ | ​ | 920 | ​ | ​ | — | ​ | ​ | 920
Multifamily | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 17,700 | ​ | ​ | — | ​ | ​ | 17,700
Office | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 880 | ​ | ​ | — | ​ | ​ | 880
Healthcare | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 4,625 | ​ | ​ | — | ​ | ​ | 4,625
Total | ​ | $ | 24,120 | ​ | $ | — | ​ | $ | 24,120 | ​ | $ | 62,325 | ​ | $ | — | ​ | $ | 62,325
​ In addition, we have six loans with a carrying value totaling $121.4 million at December 31, 2021, that are collateralized by a land development project. The loans do not carry a current pay rate of interest, however, five of the loans with a carrying value totaling $112.0 million entitle us to a weighted average accrual rate of interest of 7.91%. In 2008, we suspended the recording of the accrual rate of interest on these loans, as they were impaired and we deemed the collection of this interest to be doubtful. At both December 31, 2021 and 2020, we had a cumulative allowance for credit losses of $71.4 million related to these loans. The loans are subject to certain risks associated with a development project including, but not limited to, availability of construction financing, increases in projected construction costs, demand for the development's outputs upon completion of the project, and litigation risk. Additionally, these loans were not classified as non-performing as the borrower is in compliance with all of the terms and conditions of the loans. At both December 31, 2021 and 2020, we had no loans contractually past due 90 days or more that are still accruing interest. During 2021, there was no interest income recognized on nonaccrual loans, and in 2020 the amount was de minimis. In 2020, we entered into a loan modification agreement on a $26.5 million bridge loan with an interest rate of LIBOR plus 6.00% with a 2.375% LIBOR floor and a $6.1 million mezzanine loan with a fixed rate of 12% collateralized by a retail property to: (1) reduce the interest rate on both loans to the greater of: (i) LIBOR plus 5.50% and (ii) 6.50%, and (2) to extend the maturity three years to December 2024. A portion of the foregoing interest equal to 2.00% will be deferred to payoff and will be waived if the loan is paid off by December 31, 2022. The loan modification agreement also included a $6.0 million required principal paydown, which occurred at the closing of the modification transaction, and an $8.0 million principal reduction once the borrower deposited an additional reserve of $4.6 million in December 31, 2021, which was charged-off against the previously recorded allowance for credit losses. In 2019, we purchased $50.0 million of a $110.0 million bridge loan, which was collateralized by a hotel property and scheduled to mature in December 2022. In 2020, we recorded a $7.5 million allowance for credit losses due to a reduction in the appraised value of the property. In 2020, we purchased the remaining $60.0 million bridge loan at a discount for $39.9 million, which we determined had experienced a more than insignificant deterioration in credit quality since origination and, therefore, deemed to be a purchased loan with credit deterioration. The $20.1 million discount was classified as a noncredit discount and no portion of the discount was allocated to allowance for credit losses at the date of purchase since the appraised value of the property was greater than the purchase price. Shortly after the purchase, we entered into a forbearance agreement with the borrower to temporarily reduce the interest rate from LIBOR plus 3.00% with a 1.50% LIBOR floor to a pay rate of 1.00% and to include a $10.0 million principal reduction if the loan is paid off by March 2, 2021. In January 2021, we entered into a second forbearance agreement which temporarily eliminated the pay rate, extended the principal reduction payoff deadline to June 30, 2021 and increased the interest rate to an unaccrued default rate of 9.50%, which was deferred till payoff. In June 2021, we received $95.0 million for full satisfaction of these loans, reversed the $7.5 million allowance for credit losses and recorded interest income of $3.5 million. These two loan modifications were deemed troubled debt restructurings. There were no other loan modifications, refinancing’s and/or extensions during 2021 or 2020 that were considered troubled debt restructurings. Given the transitional nature of some of our real estate loans, we may require funds to be placed into an interest reserve, based on contractual requirements, to cover debt service costs. At December 31, 2021 and 2020, we had total interest reserves of $87.4 million and $78.3 million, respectively, on 328 loans and 186 loans, respectively, with an aggregate UPB of $5.75 billion and $3.60 billion, respectively.

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- Definition The entire disclosure for claims held for amounts due a entity, excluding financing receivables. Examples include, but are not limited to, trade accounts receivables, notes receivables, loans receivables. Includes disclosure for allowance for credit losses. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 310 -SubTopic 10 -URI http://asc.fasb.org/subtopic&trid=2196772 + Details
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