SCHEDULE IV - LOANS AND OTHER LENDING INVESTMENTS

12 Months Ended

Dec. 31, 2023

SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Abstract]

SCHEDULE IV - LOANS AND OTHER LENDING INVESTMENTS


Type	Location	Periodic Payment Terms (1)	Maturity Date (2)	Interest Pay Rate Index (3)	Prior Liens		Face Amount (4)		Carrying Amount (5)		Carrying Amount Subject to Delinquent Interest
Bridge Loans:
Bridge loans less than 3% of carrying amount of total loans (6):
Multifamily	Various	IO / PI	2024 - 2026	SOFR+ 0.00% to 5.75%	$	—	$	10,789,936	$	10,665,252	$	—
				SOFR Floor 0.10% to 5.36%
				Fixed 3.00% to 12.00%
Single‑Family Rental	Various	IO / PI	2024 - 2026	SOFR+ 0.00% to 6.25%	—		1,316,803		1,301,522		—
				SOFR Floor 0.10% to 5.36%
Land	CA	IO	2025	SOFR+ 4.00%	—		118,595		40,726		—
				SOFR Floor 0.15%
				Fixed 0.00%
Office	NY	IO	2024	SOFR+ 3.50%	—		35,410		35,268		—






Retail	CT	IO	2024	SOFR+ 3.50%	—		12,500		10,127		—
				SOFR Floor 1.00%
Total Bridge Loans less than 3% of carrying amount of total loans					—		12,273,244		12,052,895		—
Total Bridge Loans					—		12,273,244		12,052,895		—

Mezzanine Loans:
Mezzanine loans less than 3% of carrying amount of total loans (6):
Multifamily	Various	IO / PI	2024 - 2034	Fixed 3.50% to 14.00%	1,203,261		232,104		223,008		—
Land	CA	IO	2024	Fixed 0.00%	—		9,333		9,333		—
Retail	Various	IO	2024	SOFR+ 3.50%	—		7,020		6,100		—
				SOFR Floor 1.00%
				Fixed 12.00%
Total Mezzanine Loans					1,203,261		248,457		238,441		—
Preferred Equity Investments:
Preferred equity investments less than 3% of carrying amount of total loans (6):
Multifamily	Various	IO / PI	2024 - 2033	Fixed 0.00% to 16.00%	439,722		75,941		71,020		—

Land	TX	IO	2024 - 2025	Fixed 0.00%	—		8,100		7,910		—
Commercial	NY	IO	2024	Fixed 6.00%	29,792		1,700		—		—
Total Preferred Equity Investments					469,514		85,741		78,930		—
Other Loans:
Other loans less than 3% of carrying amount of total loans (6):
Single‑Family Rental	Various	IO / PI	2024 - 2025	SOFR + 3.98% to 4.90%	—		7,564		7,540		—
				SOFR Floor 0.25%
					—		7,564		7,540		—
Total Loans					$	1,672,775	$	12,615,006	$	12,377,806	$	—

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(1)IO = Interest Only, PI = Principal and Interest.

(2)Maturity date does not include possible extensions.

(3)References to SOFR are to one-month SOFR unless specifically stated otherwise.

(4)During 2023, $1.74 billion of loans were extended.

(5)The federal income tax basis is approximately $12.62 billion.

(6)Individual loans each have a carrying value less than 3% of total loans.

The following table reconciles our loans and investments carrying amounts for the periods indicated (in thousands):


	Year Ended December 31,
	2023		2022		2021
Balance at beginning of year	$	14,254,674	$	11,981,048	$	5,285,868
Additions during period:
New loan originations	983,343		6,151,647		9,720,515
Funding of unfunded loan commitments (1)	835,484		381,831		200,694
Accretion of unearned revenue	41,125		37,468		25,618
Recoveries of reserves	4,776		1,500		24,315
Loan charge‑offs	—		—		10,773
Deductions during period:
Loan payoffs and paydowns	(3,354,055)		(3,818,554)		(2,516,771)
Unfunded loan commitments (1)	(260,789)		(376,404)		(623,639)
Unearned revenue and costs	(13,772)		(51,808)		(69,528)
Reclassification to real estate owned	(39,400)		(31,200)		(880)
Provision for loan losses	(73,580)		(20,818)		—
Reclassification to held-for-sale loans	—		(36)		(65,144)
Use of loan charge‑offs	—		—		(10,773)
Balance at end of year	$	12,377,806	$	14,254,674	$	11,981,048

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(1)In accordance with certain loans and investments, we have outstanding unfunded commitments that we are obligated to fund as the borrowers meet certain requirements. Specific requirements include, but are not limited to, property renovations, building construction and conversions based on criteria met by the borrower in accordance with the loan agreements.