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Loans and Investments (Tables) | 12 Months Ended
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Dec. 31, 2023
Loans and Investments |
Summary of Structured Business Loan and Investment Portfolio | Our Structured Business loan and investment portfolio consists of ($ in thousands):
| December 31, 2023 |  | Percent of Total |  | Loan Count |  | Wtd. Avg. Pay Rate (1) |  | Wtd. Avg. Remaining Months to Maturity (2) |  | Wtd. Avg. First Dollar LTV Ratio (3) |  | Wtd. Avg. Last Dollar LTV Ratio (4)
Bridge loans (5) | $ | 12,273,244 |  |  | 97 | % |  | 679 |  | 8.45 | % |  | 12.0 |  | 0 | % |  | 78 | %
Mezzanine loans | 248,457 |  |  | 2 | % |  | 49 |  | 8.41 | % |  | 56.6 |  | 48 | % |  | 80 | %
Preferred equity investments | 85,741 |  |  | 1 | % |  | 17 |  | 3.95 | % |  | 60.3 |  | 53 | % |  | 82 | %
SFR permanent loans | 7,564 |  |  | <1% |  | 2 |  | 9.84 | % |  | 13.9 |  | 0 | % |  | 56 | %
| 12,615,006 |  |  | 100 | % |  | 747 |  | 8.42 | % |  | 13.2 |  | 1 | % |  | 78 | %
Allowance for credit losses | (195,664) |  |  |  |  |  |  |  |  |  |  |  |  |
Unearned revenue | (41,536) |  |  |  |  |  |  |  |  |  |  |  |  |
Loans and investments, net | $ | 12,377,806 |  |  |  |  |  |  |  |  |  |  |  |  |
| December 31, 2022 |  |  |  |  |  |  |  |  |  |  |  |
Bridge loans (5) | $ | 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 | %
SFR permanent loans | 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 |  |  |  |  |  |  |  |  |  |  |  |  |
________________________________________ (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)Including extension options, the weighted average remaining months to maturity at December 31, 2023 and 2022 was 29.4 and 37.9, respectively. (3)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. (4)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. (5)At December 31, 2023 and 2022, bridge loans included 354 and 241, respectively, of SFR loans with a total gross loan commitment of $2.51 billion and $1.57 billion, respectively, of which $1.32 billion and $927.4 million, respectively, was funded.
Schedule of the Loan Portfolio's Internal Risk Ratings and LTV Ratios by Asset Class | A summary of the loan portfolio’s internal risk ratings and LTV ratios by asset class at December 31, 2023, and charge-offs recorded during 2023 is as follows ($ in thousands):
| UPB by Origination Year |  | Total |  | Wtd. Avg. First Dollar LTV Ratio |  | Wtd. Avg. Last Dollar LTV Ratio
Asset Class / Risk Rating | 2023 |  | 2022 |  | 2021 |  | 2020 |  | 2019 |  | Prior |
Multifamily: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass | $ | 80,814 |  |  | $ | 53,316 |  |  | $ | 26,185 |  |  | $ | 2,010 |  |  | $ | 4,598 |  |  | $ | 20,300 |  |  | $ | 187,223 |  |  |  |  |
Pass/Watch | 317,358 |  |  | 2,561,938 |  |  | 2,223,155 |  |  | 119,860 |  |  | 84,600 |  |  | 58,044 |  |  | 5,364,955 |  |  |  |  |
Special Mention | 24,424 |  |  | 1,762,539 |  |  | 2,631,689 |  |  | 180,750 |  |  | 140,685 |  |  | 350 |  |  | 4,740,437 |  |  |  |  |
Substandard | — |  |  | 435,878 |  |  | 322,987 |  |  | 8,006 |  |  | — |  |  | — |  |  | 766,871 |  |  |  |  |
Doubtful | — |  |  | — |  |  | 13,930 |  |  | 14,800 |  |  | 9,765 |  |  | — |  |  | 38,495 |  |  |  |  |
Total Multifamily | $ | 422,596 |  |  | $ | 4,813,671 |  |  | $ | 5,217,946 |  |  | $ | 325,426 |  |  | $ | 239,648 |  |  | $ | 78,694 |  |  | $11,097,981 |  | 1 | % |  | 80 | %
Single-Family Rental: | Percentage of portfolio |  | 88 | % |  |  |  |
Pass | $ | 9,709 |  |  | $ | 608 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 10,317 |  |  |  |  |
Pass/Watch | 289,482 |  |  | 465,057 |  |  | 144,846 |  |  | 119,692 |  |  | — |  |  | — |  |  | 1,019,077 |  |  |  |  |
Special Mention | 31,131 |  |  | 45,145 |  |  | 218,697 |  |  | — |  |  | — |  |  | — |  |  | 294,973 |  |  |  |  |
Total Single-Family Rental | $ | 330,322 |  |  | $ | 510,810 |  |  | $ | 363,543 |  |  | $ | 119,692 |  |  | $ | — |  |  | $ | — |  |  | $ | 1,324,367 |  |  | 0 | % |  | 62 | %
Land: | Percentage of portfolio |  | 10 | % |  |  |  |
Pass/Watch | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 4,600 |  |  | $ | — |  |  | $ | — |  |  | $ | 4,600 |  |  |  |  |
Special Mention | — |  |  | — |  |  | — |  |  | 3,500 |  |  | — |  |  | — |  |  | 3,500 |  |  |  |  |
Substandard | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 127,928 |  |  | 127,928 |  |  |  |  |
Total Land | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 8,100 |  |  | $ | — |  |  | $ | 127,928 |  |  | $ | 136,028 |  |  | 0 | % |  | 97 | %
Office: | Percentage of portfolio |  | 1 | % |  |  |  |
Special Mention | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 35,410 |  |  | $ | — |  |  | $ | — |  |  | $ | 35,410 |  |  |  |  |
Total Office | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 35,410 |  |  | $ | — |  |  | $ | — |  |  | $ | 35,410 |  |  | 0 | % |  | 80 | %
Retail: | Percentage of portfolio |  | <1% |  |  |  |
Substandard | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 19,520 |  |  | $ | 19,520 |  |  |  |  |
Total Retail | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 19,520 |  |  | $ | 19,520 |  |  | 0 | % |  | 88 | %
Commercial: | Percentage of portfolio |  | < 1% |  |  |  |
Doubtful | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 1,700 |  |  | $ | 1,700 |  |  |  |  |
Total Commercial | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 1,700 |  |  | $ | 1,700 |  |  | 63 | % |  | 66 | %
| Percentage of portfolio |  | < 1% |  |  |  |
Grand Total | $ | 752,918 |  |  | $ | 5,324,481 |  |  | $ | 5,581,489 |  |  | $ | 488,628 |  |  | $ | 239,648 |  |  | $ | 227,842 |  |  | $ | 12,615,006 |  |  | 1 | % |  | 78 | %
Charge-offs | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 5,700 |  |  | $ | 5,700 |  |  |  |  |
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, 2023
| Multifamily |  | Land |  | Retail |  | Commercial |  | Single- Family Rental |  | Office |  | Other |  | Total
Allowance for credit losses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Beginning balance | $ | 37,961 |  |  | $ | 78,068 |  |  | $ | 5,819 |  |  | $ | 1,700 |  |  | $ | 780 |  |  | $ | 8,162 |  |  | $ | 69 |  |  | $ | 132,559 |
Provision for credit losses (net of recoveries) | 72,886 |  |  | (10) |  |  | (2,526) |  |  | — |  |  | 844 |  |  | (2,320) |  |  | (69) |  |  | 68,805 |
Charge-offs | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (5,700) |  |  | — |  |  | (5,700) |
Ending balance | $ | 110,847 |  |  | $ | 78,058 |  |  | $ | 3,293 |  |  | $ | 1,700 |  |  | $ | 1,624 |  |  | $ | 142 |  |  | $ | — |  |  | $ | 195,664 |
| Year Ended December 31, 2022
Allowance for credit losses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Beginning balance | $ | 18,707 |  |  | $ | 77,970 |  |  | $ | 5,819 |  |  | $ | 1,700 |  |  | $ | 319 |  |  | $ | 8,073 |  |  | $ | 653 |  |  | $ | 113,241 |
Provision for credit losses (net of recoveries) | 19,254 |  |  | 98 |  |  | — |  |  | — |  |  | 461 |  |  | 89 |  |  | (584) |  |  | 19,318 |
Ending balance | $ | 37,961 |  |  | $ | 78,068 |  |  | $ | 5,819 |  |  | $ | 1,700 |  |  | $ | 780 |  |  | $ | 8,162 |  |  | $ | 69 |  |  | $ | 132,559 |
| Year Ended December 31, 2021
Allowance for credit losses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Beginning balance | $ | 36,468 |  |  | $ | 78,150 |  |  | $ | 13,861 |  |  | $ | 1,700 |  |  | $ | 586 |  |  | $ | 1,846 |  |  | $ | 15,718 |  |  | $ | 148,329 |
Provision for credit losses (net of recoveries) | (17,761) |  |  | (180) |  |  | (42) |  |  | — |  |  | (267) |  |  | 6,227 |  |  | (12,292) |  |  | (24,315) |
Charge-offs | — |  |  | — |  |  | (8,000) |  |  | — |  |  | — |  |  | — |  |  | (2,773) |  |  | (10,773) |
Ending balance | $ | 18,707 |  |  | $ | 77,970 |  |  | $ | 5,819 |  |  | $ | 1,700 |  |  | $ | 319 |  |  | $ | 8,073 |  |  | $ | 653 |  |  | $ | 113,241 |
Summary of Specific Loans Considered Impaired by Asset Class | A summary of our specific loans considered impaired by asset class is as follows ($ in thousands):
|  | December 31, 2023
Asset Class |  | UPB (1) |  | Carrying Value |  | Allowance for Credit Losses |  | Wtd. Avg. First Dollar LTV Ratio |  | Wtd. Avg. Last Dollar LTV Ratio
Multifamily |  | $ | 272,493 |  |  | $ | 260,291 |  |  | $ | 37,750 |  |  | 0 | % |  | 100 | %
Land |  | 134,215 |  |  | 127,868 |  |  | 77,869 |  |  | 0 | % |  | 99 | %
Retail |  | 19,521 |  |  | 15,037 |  |  | 3,292 |  |  | 0 | % |  | 88 | %
Commercial |  | 1,700 |  |  | 1,700 |  |  | 1,700 |  |  | 63 | % |  | 66 | %
Total |  | $ | 427,929 |  |  | $ | 404,896 |  |  | $ | 120,611 |  |  | 0 | % |  | 99 | %
|  | December 31, 2022
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 | %
________________________________________ (1)Represents the UPB of nineteen and seven impaired loans (less unearned revenue and other holdbacks and adjustments) by asset class at December 31, 2023 and 2022, 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, 2023 |  | December 31, 2022
| UPB |  | Less Than 90 Days Past Due |  | Greater Than 90 Days Past Due |  | UPB |  | Less Than 90 Days Past Due |  | Greater Than 90 Days Past Due
Multifamily | $ | 271,532 |  |  | $ | — |  |  | $ | 271,532 |  |  | $ | 2,605 |  |  | $ | — |  |  | $ | 2,605 |
Commercial | 1,700 |  |  | — |  |  | 1,700 |  |  | 1,700 |  |  | — |  |  | 1,700 |
Retail | 920 |  |  | — |  |  | 920 |  |  | 3,445 |  |  | — |  |  | 3,445 |
Total | $ | 274,152 |  |  | $ | — |  |  | $ | 274,152 |  |  | $ | 7,750 |  |  | $ | — |  |  | $ | 7,750 |

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