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Loans and Investments (Tables)
 3 Months Ended
Mar. 31, 2024
Loans and Investments  
Summary of Structured Business Loan and Investment Portfolio
Our Structured Business loan and investment portfolio consists of ($ in thousands):
March 31, 2024Percent 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)$11,866,289 97 %6988.11 %11.40 %81 %
Mezzanine loans260,414 2 %557.87 %53.349 %82 %
Preferred equity investments117,431 1 %265.09 %57.954 %78 %
SFR permanent loans5,728 <1% 29.94 %12.80 %53 %
Total UPB12,249,862 100 %7818.07 %12.82 %81 %
Allowance for credit losses(211,942)
Unearned revenue(36,376)
Loans and investments, net$12,001,544 
December 31, 2023
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 %
Total UPB12,615,006 100 %7478.42 %13.21 %78 %
Allowance for credit losses(195,664)
Unearned revenue(41,536)
Loans and investments, net$12,377,806 
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(1)“Weighted Average Pay Rate” is a weighted average, based on the unpaid principal balance (“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 March 31, 2024 and December 31, 2023 was 27.6 and 29.4, 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 March 31, 2024 and December 31, 2023, bridge loans included 389 and 354, respectively, of SFR loans with a total gross loan commitment of $3.21 billion and $2.86 billion, respectively, of which $1.45 billion and $1.32 billion, respectively, was funded.
Schedule of the Loan Portfolio's Internal Risk Ratings and LTV Ratios by Asset Class
A summary of the loan portfolio’s internal risk ratings and LTV ratios by asset class at March 31, 2024, and charge-offs recorded for the three months ended March 31, 2024 is as follows ($ in thousands):
UPB by Origination YearTotalWtd. Avg.
First Dollar
LTV Ratio 		Wtd. Avg.
Last Dollar
LTV Ratio
Asset Class / Risk Rating20242023202220212020Prior
Multifamily:
Pass$36,060 $92,062 $52,027 $8,835 $2,010 $24,879 $215,873 
Pass/Watch36,501 319,437 2,336,702 1,846,835 119,860 113,100 4,772,435 
Special Mention9,069 3,014 1,771,071 2,787,716 28,250 167,229 4,766,349 
Substandard— 21,100 467,123 151,612 8,006 350 648,191 
Doubtful— — 4,800 174,235 14,800 9,765 203,600 
Total Multifamily$81,630 $435,613 $4,631,723 $4,969,233 $172,926 $315,323 $10,606,448 2 %84 %
Single-Family Rental:Percentage of portfolio87 %
Pass$— $— $9,476 $9,673 $— $— $19,149 
Pass/Watch105,172 308,123 446,660 174,652 126,066 — 1,160,673 
Special Mention6,496 57,147 77,385 129,906 — — 270,934 
Total Single-Family Rental$111,668 $365,270 $533,521 $314,231 $126,066 $— $1,450,756 0 %63 %
Land:Percentage of portfolio12 %
Pass/Watch$— $— $— $— $8,100 $— $8,100 
Substandard— — — — — 127,928 127,928 
Total Land$— $— $— $— $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 $19,520 0 %95 %
Commercial:Percentage of portfolio< 1%
Doubtful$— $— $— $— $— $1,700 $1,700 
Total Other$— $— $— $— $— $1,700 $1,700 63 %66 %
Percentage of portfolio < 1%
Grand Total$193,298 $800,883 $5,165,244 $5,283,464 $342,502 $464,471 $12,249,862 2 %81 %
Charge-offs$— $— $— $1,500 $— $— $1,500 
A summary of the loan portfolio’s internal risk ratings and LTV ratios by asset class at December 31, 2023, and charge-offs recorded during 2023 is as follows ($ in thousands):
UPB by Origination YearTotalWtd. 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 $11,097,981 1 %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 $1,700 
Total Other$— $— $— $— $— $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):
Three Months Ended March 31, 2024
MultifamilyLandRetailSingle-Family RentalCommercialOfficeOtherTotal
Allowance for credit losses:
Beginning balance$110,847 $78,058 $3,293 $1,624 $1,700 $142 $— $195,664 
Provision for credit losses (net of recoveries)16,652 62 — 1,113 — (49)— 17,778 
Charge-offs(1,500)— — — — — — (1,500)
Ending balance$125,999 $78,120 $3,293 $2,737 $1,700 $93 $— $211,942 
Three Months Ended March 31, 2023
Allowance for credit losses:
Beginning balance$37,961 $78,068 $5,819 $781 $1,700 $8,162 $68 $132,559 
Provision for credit losses (net of recoveries)20,387 18 — 192 — (56)(23)20,518 
Ending balance$58,348 $78,086 $5,819 $973 $1,700 $8,106 $45 $153,077 
Summary of Specific Loans Considered Impaired by Asset Class A summary of our specific loans considered impaired by asset class is as follows ($ in thousands):
March 31, 2024
Asset ClassUPBCarrying
Value (1)		Allowance for
Credit Losses		Wtd. Avg. First
Dollar LTV Ratio		Wtd. Avg. Last
Dollar LTV Ratio
Multifamily$352,223 $338,772 $50,500 0 %99 %
Land134,215 127,868 77,869 0 %99 %
Retail19,521 15,037 3,292 0 %95 %
Commercial1,700 1,700 1,700 0 %100 %
Total$507,659 $483,377 $133,361 0 %99 %
December 31, 2023
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 0 %100 %
Total$427,929 $404,896 $120,611 0 %99 %
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(1)Represents the UPB of twenty-two and nineteen impaired loans (less unearned revenue and other holdbacks and adjustments) by asset class at March 31, 2024 and December 31, 2023, respectively.
Schedule of Non-Performing Loans by Asset Class
A summary of our non-performing loans by asset class is as follows (in thousands):
March 31, 2024December 31, 2023
UPB61 - 90 Days
Past Due		Greater Than
90 Days
Past Due		UPB61 - 90 Days
Past Due		Greater Than
90 Days
Past Due
Multifamily$462,207 $— $462,207 $271,532 $— $271,532 
Commercial1,700 — 1,700 1,700 — 1,700 
Retail920 — 920 920 — 920 
Total$464,827 $— $464,827 $274,152 $— $274,152