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Loans and Investments (Tables) | 12 Months Ended
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Dec. 31, 2021
Loans and Investments |
Schedule of Structured Business loan and investment portfolio | 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 $88.1 million, respectively, was funded.
(5) | As of December 31, 2021 and 2020, other loans included 2 variable rate SFR permanent loans and 22 SFR permanent loans, respectively.
Summary of the loan portfolio's internal risk ratings and LTV ratios by asset class | A summary of the loan portfolio’s internal risk ratings and LTV ratios by asset class as of December 31, 2021 is as follows ($ 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 | %
​
Summary of the changes in the allowance for credit losses for our loan portfolio | 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
Summary of our loans considered impaired by asset class | 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.
Summary of our non-performing loans by asset class | 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

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- Definition Tabular disclosure of financing receivables by credit quality indicator. The credit quality indicator is a statistic about the credit quality of financing receivables. Examples include, but not limited to, consumer credit risk scores, credit-rating-agency ratings, an entity's internal credit risk grades, loan-to-value ratios, collateral, collection experience and other internal metrics. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 326 -SubTopic 20 -Section 50 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=124255953&loc=SL82919230-210447 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 310 -SubTopic 10 -Section 50 -Paragraph 29 -URI http://asc.fasb.org/extlink&oid=123577603&loc=SL6953659-111524 + Details
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