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Loans and Investments (Tables) | 12 Months Ended
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Dec. 31, 2022
Loans and Investments |
Summary 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, 2022 | ​ | Total | ​ | Count | ​ | Pay Rate (1) | ​ | Maturity | ​ | LTV Ratio (2) | ​ | LTV Ratio (3) | ​
Bridge loans (4) | ​ | $ | 14,096,054 | ​ | 98 | % | 692 |  | 8.17 | % | 19.8 |  | 0 | % | 76 | %
Mezzanine loans | ​ |  | 213,499 |  | 1 | % | 44 |  | 8.13 | % | 63.1 |  | 42 | % | 77 | %
Preferred equity investments | ​ | ​ | 110,725 | ​ | 1 | % | 8 | ​ | 7.63 | % | 39.2 | ​ | 46 | % | 79 | %
Other loans (5) | ​ |  | 35,845 |  | <1 | % | 3 |  | 8.76 | % | 32.8 |  | 0 | % | 58 | %
​ | ​ |  | 14,456,123 |  | 100 | % | 747 |  | 8.17 | % | 20.6 |  | 1 | % | 76 | %
Allowance for credit losses | ​ | ​ | (132,559) | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Unearned revenue | ​ |  | (68,890) | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Loans and investments, net | ​ | $ | 14,254,674 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | December 31, 2021 |  | ​ |  | ​ |  | ​ |  | ​ |  | ​ |  | ​ | ​
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 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
(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) | At December 31, 2022 and 2021, bridge loans included 241 and 120, respectively, of SFR loans with a total gross loan commitment of $1.57 billion and $804.6 million, respectively, of which $927.4 million and $408.2 million, respectively, was funded.
(5) | At December 31, 2022 and 2021, other loans included 3 and 2 variable rate SFR permanent loans, respectively.
Schedule of the loan portfolio's internal risk ratings and LTV ratios by asset class | A summary of the loan portfolio’s internal risk ratings and LTV ratios by asset class at December 31, 2022 is as follows ($ in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ |  | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Wtd. Avg. |  | Wtd. Avg. |
​ | ​ | UPB by Origination Year | ​ | ​ | ​ | ​ | First Dollar | ​ | Last Dollar | ​
Asset Class / Risk Rating |  | 2022 |  | 2021 |  | 2020 |  | 2019 |  | 2018 |  | Prior |  | Total |  | LTV Ratio |  | LTV Ratio | ​
Multifamily: | ​ | ​ | ​ | ​ | ​ |  | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Pass | ​ | $ | 468,655 | ​ | $ | 744,231 | ​ | $ | 10,135 | ​ | $ | — | ​ | $ | — | ​ | $ | 20,300 | ​ | $ | 1,243,321 | ​ | ​ | ​ | ​ | ​
Pass/Watch | ​ |  | 3,163,624 | ​ | ​ | 3,385,114 | ​ | ​ | 523,057 | ​ | ​ | 335,573 | ​ | ​ | 41,650 | ​ | ​ | — | ​ | ​ | 7,449,018 | ​ | ​ | ​ | ​ | ​
Special Mention | ​ | ​ | 1,193,665 | ​ | ​ | 2,843,508 | ​ | ​ | 34,575 | ​ | ​ | 7,285 | ​ | ​ | — | ​ | ​ | 7,594 | ​ | ​ | 4,086,627 | ​ | ​ | ​ | ​ | ​
Substandard | ​ | ​ | — | ​ | ​ | 255,779 | ​ | ​ | 26,700 | ​ | ​ | 22,975 | ​ | ​ | 32,500 | ​ | ​ | — | ​ | ​ | 337,954 | ​ | ​ | ​ | ​ | ​
Total Multifamily | ​ | $ | 4,825,944 | ​ | $ | 7,228,632 | ​ | $ | 594,467 | ​ | $ | 365,833 | ​ | $ | 74,150 | ​ | $ | 27,894 | ​ | $ | 13,116,920 | ​ | 1 | % | 77 | %
Single-Family Rental: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Percentage of portfolio | ​ | ​ | 91 | % | ​ | ​ | ​ | ​
Pass | ​ | $ | 18,113 | ​ | $ | 34,871 | ​ | $ | 3,118 | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​ | $ | 56,102 | ​ | ​ | ​ | ​ | ​
Pass/Watch | ​ | ​ | 428,000 | ​ | ​ | 272,356 | ​ | ​ | 99,615 | ​ | ​ | 20,965 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 820,936 | ​ | ​ | ​ | ​ | ​
Special Mention | ​ | ​ | 18,344 | ​ | ​ | 37,978 | ​ | ​ | 29,858 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 86,180 | ​ | ​ | ​ | ​ | ​
Total Single-Family Rental | ​ | $ | 464,457 | ​ | $ | 345,205 | ​ | $ | 132,591 | ​ | $ | 20,965 | ​ | $ | — | ​ | $ | — | ​ | $ | 963,218 | ​ | 0 | % | 64 | %
Land: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Percentage of portfolio | ​ | ​ | 7 | % | ​ | ​ | ​ | ​
Special Mention | ​ | $ | — | ​ | $ | — | ​ | $ | 8,100 | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​ | $ | 8,100 | ​ | ​ | ​ | ​ | ​
Substandard | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 127,928 | ​ | ​ | 127,928 | ​ | ​ | ​ | ​ | ​
Total Land | ​ | $ | — | ​ | $ | — | ​ | $ | 8,100 | ​ | $ | — | ​ | $ | — | ​ | $ | 127,928 | ​ | $ | 136,028 | ​ | 0 | % | 97 | %
Office: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Percentage of portfolio | ​ | ​ | 1 | % | ​ | ​ | ​ | ​
Pass/Watch | ​ | $ | — | ​ | $ | — | ​ | $ | 35,410 | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​ | $ | 35,410 | ​ | ​ | ​ | ​ | ​
Special Mention | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 44,625 | ​ | ​ | — | ​ | ​ | 44,625 | ​ | ​ | ​ | ​ | ​
Total Office | ​ | $ | — | ​ | $ | — | ​ | $ | 35,410 | ​ | $ | — | ​ | $ | 44,625 | ​ | $ | — | ​ | $ | 80,035 | ​ | 0 | % | 88 | %
Healthcare: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Percentage of portfolio | ​ | ​ | 1 | % | ​ | ​ | ​ | ​
Pass/Watch | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​ | $ | 51,069 | ​ | $ | — | ​ | $ | — | ​ | $ | 51,069 | ​ | ​ | ​ | ​ | ​
Special Mention | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 14,558 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 14,558 | ​ | ​ | ​ | ​ | ​
Total Healthcare | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​ | $ | 65,627 | ​ | $ | — | ​ | $ | — | ​ | $ | 65,627 | ​ | 0 | % | 70 | %
Hotel: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Percentage of portfolio | ​ | ​ | <1 | % | ​ | ​ | ​ | ​
Pass | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​ | $ | 40,850 | ​ | $ | — | ​ | $ | — | ​ | $ | 40,850 | ​ | ​ | ​ | ​ | ​
Total Hotel | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​ | $ | 40,850 | ​ | $ | — | ​ | $ | — | ​ | $ | 40,850 | ​ | 0 | % | 70 | %
Retail: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Percentage of portfolio | ​ | ​ | <1 | % | ​ | ​ | ​ | ​
Pass | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​ | $ | 4,000 | ​ | $ | — | ​ | $ | — | ​ | $ | 4,000 | ​ | ​ | ​ | ​ | ​
Substandard | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 18,600 | ​ | ​ | 3,445 | ​ | ​ | 22,045 | ​ | ​ | ​ | ​ | ​
Total Retail | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​ | $ | 4,000 | ​ | $ | 18,600 | ​ | $ | 3,445 | ​ | $ | 26,045 | ​ | 12 | % | 71 | %
Student Housing: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Percentage of portfolio | ​ | ​ | < 1 | % | ​ | ​ | ​ | ​
Pass/Watch | ​ | $ | — | ​ | $ | 25,700 | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​ | $ | 25,700 | ​ | ​ | ​ | ​ | ​
Total Student Housing | ​ | $ | — | ​ | $ | 25,700 | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​ | $ | 25,700 | ​ | 0 | % | 69 | %
Other: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Percentage of portfolio | ​ | ​ | < 1 | % | ​ | ​ | ​ | ​
Doubtful | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​ | $ | 1,700 | ​ | $ | 1,700 | ​ | ​ | ​ | ​ | ​
Total Other | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​ | $ | 1,700 | ​ | $ | 1,700 | ​ | 63 | % | 63 | %
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Percentage of portfolio | ​ | ​ | < 1 | % | ​ | ​ | ​ | ​
Grand Total | ​ | $ | 5,290,401 | ​ | $ | 7,599,537 | ​ | $ | 770,568 | ​ | $ | 497,275 | ​ | $ | 137,375 | ​ | $ | 160,967 | ​ | $ | 14,456,123 | ​ | 1 | % | 76 | %
​
Schedule of the changes in the allowance for credit losses | A summary of the changes in the allowance for credit losses is as follows (in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Year Ended December 31, 2022
​ |  | Land |  | Multifamily |  | Office |  | Retail |  | Student Housing |  | Healthcare |  | Hotel |  | Other |  | Total
Allowance for credit losses: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Beginning balance | ​ | $ | 77,970 | ​ | $ | 18,707 | ​ | $ | 8,073 | ​ | $ | 5,819 | ​ | $ | 636 | ​ | $ | 8 | ​ | $ | 8 | ​ | $ | 2,020 | ​ | $ | 113,241
Provision for credit losses (net of recoveries) | ​ |  | 98 | ​ | ​ | 19,254 | ​ | ​ | 89 | ​ | ​ | — | ​ | ​ | (598) | ​ | ​ | 8 | ​ | ​ | 6 | ​ | ​ | 461 | ​ | ​ | 19,318
Ending balance | ​ | $ | 78,068 | ​ | $ | 37,961 | ​ | $ | 8,162 | ​ | $ | 5,819 | ​ | $ | 38 | ​ | $ | 16 | ​ | $ | 14 | ​ | $ | 2,481 | ​ | $ | 132,559
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Year Ended December 31, 2021
Allowance for credit losses: |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |
Beginning balance | ​ | $ | 78,150 | ​ | $ | 36,468 | ​ | $ | 1,846 | ​ | $ | 13,861 | ​ | $ | 4,078 | ​ | $ | 3,880 | ​ | $ | 7,759 | ​ | $ | 2,287 | ​ | $ | 148,329
Provision for credit losses (net of recoveries) | ​ |  | (180) | ​ |  | (17,761) | ​ |  | 6,227 | ​ |  | (42) | ​ |  | (3,442) | ​ |  | (1,099) | ​ |  | (7,751) | ​ |  | (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 | ​ | ​ | 64 | ​ | ​ | 29 | ​ | ​ | 112 | ​ | ​ | 17,294
Provision for credit losses (net of recoveries) | ​ | ​ | 10,204 | ​ | ​ | 20,146 | ​ | ​ | 59 | ​ | ​ | 13,526 | ​ | ​ | 4,010 | ​ | ​ | 3,816 | ​ | ​ | 7,730 | ​ | ​ | 475 | ​ | ​ | 59,966
Ending balance | ​ | $ | 78,150 | ​ | $ | 36,468 | ​ | $ | 1,846 | ​ | $ | 13,861 | ​ | $ | 4,078 | ​ | $ | 3,880 | ​ | $ | 7,759 | ​ | $ | 2,287 | ​ | $ | 148,329
​
Schedule of our specific loans considered impaired by asset class | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | December 31, 2022 |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 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 | ​ |  | 17,563 | ​ |  | 5,817 | ​ | ​ | 14 | % |  | 79 | %
Commercial | ​ |  | 1,700 | ​ |  | 1,700 | ​ |  | 1,700 | ​ |  | 63 | % |  | 63 | %
Total | ​ | $ | 157,960 | ​ | $ | 147,131 | ​ | $ | 85,386 | ​ | ​ | 3 | % | ​ | 96 | %
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | December 31, 2021 |
Land |  | $ | 134,215 |  | $ | 127,868 |  | $ | 77,869 |  | 0 | % | 99 | %
Retail | ​ | ​ | 22,045 | ​ |  | 17,291 | ​ |  | 5,817 |  | 14 | % | 77 | %
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 | % | 95 | %
(1) | Represents the UPB of seven and eight impaired loans (less unearned revenue and other holdbacks and adjustments) by asset class at December 31, 2022 and 2021, respectively.
Schedule 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, 2022 | ​ | December 31, 2021
​ | ​ | ​ | ​ | ​ | 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
Multifamily | ​ | $ | 2,605 | ​ | $ | — | ​ | $ | 2,605 | ​ | $ | — | ​ | $ | — | ​ | $ | —
Retail | ​ | ​ | 3,445 | ​ | ​ | — | ​ | ​ | 3,445 | ​ | ​ | 920 | ​ | ​ | — | ​ | ​ | 920
Commercial | ​ | ​ | 1,700 | ​ | ​ | — | ​ | ​ | 1,700 | ​ | ​ | 1,700 | ​ | ​ | — | ​ | ​ | 1,700
Student Housing | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 21,500 | ​ | ​ | — | ​ | ​ | 21,500
Total | ​ | $ | 7,750 | ​ | $ | — | ​ | $ | 7,750 | ​ | $ | 24,120 | ​ | $ | — | ​ | $ | 24,120
​

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