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Loans and Investments (Tables)
 12 Months Ended
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, 2023Percent 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 %6798.45 %12.00 %78 %
Mezzanine loans248,457 2 %498.41 %56.648 %80 %
Preferred equity investments85,741 1 %173.95 %60.353 %82 %
SFR permanent loans7,564 <1%29.84 %13.90 %56 %
12,615,006 100 %7478.42 %13.21 %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 %6928.17 %19.80 %76 %
Mezzanine loans213,499 1 %448.13 %63.142 %77 %
Preferred equity investments110,725 1 %87.63 %39.246 %79 %
SFR permanent loans35,845 <1%38.76 %32.80 %58 %
14,456,123 100 %7478.17 %20.61 %76 %
Allowance for credit losses(132,559)
Unearned revenue(68,890)
Loans and investments, net$14,254,674 
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(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 YearTotal Wtd. Avg.
First Dollar
LTV Ratio 		Wtd. Avg.
Last Dollar
LTV Ratio
Asset Class / Risk Rating20232022202120202019Prior
Multifamily:
Pass$80,814 $53,316 $26,185 $2,010 $4,598 $20,300 $187,223 
Pass/Watch317,358 2,561,938 2,223,155 119,860 84,600 58,044 5,364,955 
Special Mention24,424 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 $11,097,9811 %80 %
Single-Family Rental:Percentage of portfolio88 %
Pass$9,709 $608 $— $— $— $— $10,317 
Pass/Watch289,482 465,057 144,846 119,692 — — 1,019,077 
Special Mention31,131 45,145 218,697 — — — 294,973 
Total Single-Family Rental$330,322 $510,810 $363,543 $119,692 $— $— $1,324,367 0 %62 %
Land:Percentage of portfolio10 %
Pass/Watch$— $— $— $4,600 $— $— $4,600 
Special Mention— — — 3,500 — — 3,500 
Substandard— — — — — 127,928 127,928 
Total Land$— $— $— $8,100 $— $127,928 $136,028 0 %97 %
Office:Percentage of portfolio1 %
Special Mention$— $— $— $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
MultifamilyLandRetailCommercialSingle- Family RentalOfficeOtherTotal
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 ClassUPB (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 %
Land134,215 127,868 77,869 0 %99 %
Retail19,521 15,037 3,292 0 %88 %
Commercial1,700 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 %
Retail22,045 17,563 5,817 14 %79 %
Commercial1,700 1,700 1,700 63 %63 %
Total$157,960 $147,131 $85,386 3 %96 %
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(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, 2023December 31, 2022
UPBLess Than
90 Days
Past Due		Greater Than
90 Days
Past Due		UPBLess Than
90 Days
Past Due		Greater Than
90 Days
Past Due
Multifamily$271,532 $— $271,532 $2,605 $— $2,605 
Commercial1,700 — 1,700 1,700 — 1,700 
Retail920 — 920 3,445 — 3,445 
Total$274,152 $— $274,152 $7,750 $— $7,750