XML 53 R42.htm IDEA: XBRL DOCUMENT v3.24.1.u1
Loans and Investments - Narrative (Details)
$ in Thousands
1 Months Ended 3 Months Ended 12 Months Ended
Sep. 30, 2023
USD ($)
Apr. 30, 2023
USD ($)
loan
Mar. 31, 2024
USD ($)
loan
borrower
Dec. 31, 2023
USD ($)
loan
Jun. 30, 2023
USD ($)
Mar. 31, 2023
USD ($)
loan
Dec. 31, 2023
USD ($)
loan
borrower
Dec. 31, 2022
USD ($)
Loans and Investments                
Number of loans | loan     781       747  
Provision for credit losses     $ 17,778     $ 20,518    
Accrued interest receivable related to loans     $ 131,000 $ 124,200     $ 124,200  
Number of loans for which no provision for loan loss made | loan     0 0     0  
Interest income recognized on nonaccrual loans     $ 8,700     600    
Loans and investments, allowance for credit losses     $ 211,942 $ 195,664   $ 153,077 $ 195,664 $ 132,559
Number of impaired loans | loan     22 19     19  
Future funding commitments, modified loans, borrowers experiencing financial difficulty     $ 28,000          
Multifamily bridge loan     12,249,862 $ 12,615,006     $ 12,615,006  
Interest reserve     $ 167,600       156,100  
Loan modification, refinancing, and extensions | loan     0     0    
Number of loans sold | loan   4            
Bridge loans, total UPB     $ 507,659       $ 427,929  
Number of loans covered under interest reserve | loan     572 537     537  
Aggregate UPB covered under interest reserve     $ 8,470,000 $ 8,440,000     $ 8,440,000  
Bridge loans                
Loans and Investments                
Number of loans | loan     698       679  
Variable rate, spread         3.40%      
Financing receivable, accrual rate 0.0300              
Multifamily bridge loan     $ 11,866,289 12,273,244 $ 70,500   $ 12,273,244  
Financing receivable, fixed interest rate 0.0300              
Financing receivable, total fixed rate 0.0600              
Financing receivable, borrower required funding $ 10,500              
Interest reserve 2,500              
Financing receivable, borrower requirement, capital improvements $ 8,000              
Bridge loans, total UPB   $ 217,400            
Six loans collateralized by a land development project                
Loans and Investments                
Number of loans with unpaid principal balance | loan     6          
Unpaid principal balance on loans     $ 121,400          
Five loans collateralized by a land development project                
Loans and Investments                
Number of loans with unpaid principal balance | loan     5          
Unpaid principal balance on loans     $ 112,100          
Weighted average accrual rate of interest (as a percent)     7.91%          
Loans collateralized by a land development project                
Loans and Investments                
Loans and investments, allowance for credit losses     $ 71,400 71,400     $ 71,400  
Non-performing loans                
Loans and Investments                
Number of loans | loan     21       16  
Carrying value of loans     $ 406,100 235,600     $ 235,600  
Loan loss reserves     32,900 27,100     27,100  
Bridge loans, total UPB     464,827       274,152  
Non-performing loans | Greater Than 90 Days Past Due                
Loans and Investments                
Interest receivable     0 0     0  
Multifamily bridge loan     464,827 274,152     274,152  
Land                
Loans and Investments                
Provision for credit losses     62     $ 18    
Outstanding unfunded commitments     1,590,000 1,310,000     1,310,000  
Loans and investments, allowance for credit losses     78,120 78,058   78,086 78,058 78,068
Bridge loans, total UPB     134,215       134,215  
Multifamily                
Loans and Investments                
Provision for credit losses     16,652     20,387    
Loans and investments, allowance for credit losses     125,999 $ 110,847   58,348 110,847 37,961
Bridge loans, total UPB     352,223       272,493  
Multifamily | Bridge loans                
Loans and Investments                
Loans previously classified as non-performing     $ 712,900          
Number of financing receivables modified during the period | loan     16          
Financing receivable, amount modified in period     $ 692,800          
Weighted average pay rate     0.0695          
Financing receivable, accrual rate     0.0186          
Multifamily | Bridge loans | Minimum | Secured Overnight Financing Rate (SOFR)                
Loans and Investments                
Variable rate, spread     3.25%          
Multifamily | Bridge loans | Maximum | Secured Overnight Financing Rate (SOFR)                
Loans and Investments                
Variable rate, spread     4.25%          
Multifamily | Bridge loans | Temporary Interest Rate Relief, Twenty Three Loans                
Loans and Investments                
Number of financing receivables modified during the period | loan     23          
Financing receivable, amount modified in period     $ 1,070,000          
Multifamily | Bridge loans | Temporary Interest Rate Relief                
Loans and Investments                
Number of impaired loans | loan     2          
Loan loss reserve, specifically impaired loans     $ 7,000          
Total UPB, specifically impaired loans     49,600          
Multifamily | Bridge loans | Temporary Interest Rate Relief And Extended Maturity                
Loans and Investments                
Financing receivable, amount modified in period     $ 671,000          
Number of financing receivables with extended maturities | loan     15          
Multifamily | Bridge loans | Temporary Interest Rate Relief And Extended Maturity | Minimum                
Loans and Investments                
Financing receivable modified, weighted average term increase from modification       12 months        
Multifamily | Bridge loans | Temporary Interest Rate Relief And Extended Maturity | Maximum                
Loans and Investments                
Financing receivable modified, weighted average term increase from modification       30 months        
Multifamily | Bridge loans | Extended Maturity                
Loans and Investments                
Number of financing receivables modified during the period | loan     11          
Financing receivable, amount modified in period     $ 456,500          
Multifamily | Bridge loans | Extended Maturity | Minimum                
Loans and Investments                
Financing receivable modified, weighted average term increase from modification       2 months        
Multifamily | Bridge loans | Extended Maturity | Maximum                
Loans and Investments                
Financing receivable modified, weighted average term increase from modification       19 months        
Multifamily | Bridge loans | Rate of Interest and Extended Maturity                
Loans and Investments                
Financing receivable, amount modified in period       $ 86,900        
Financing receivable modified, weighted average term increase from modification       1 year        
Financing receivable modified, pay rate of interest       $ 500        
Multifamily | Bridge loans | Rate of Interest and Extended Maturity | Secured Overnight Financing Rate (SOFR)                
Loans and Investments                
Variable rate, spread       4.25%        
Multifamily | Bridge loans | Interest Deferral, Extended Maturity, And Interest Forgiveness                
Loans and Investments                
Number of financing receivables modified during the period | loan       3        
Financing receivable, amount modified in period       $ 241,000        
Financing receivable modified, weighted average term increase from modification       1 year        
Percentage of deferred interest waived       0.25        
Multifamily | Bridge loans | Interest Deferral, Extended Maturity, And Interest Forgiveness | Minimum                
Loans and Investments                
Percentage of interest foregone       0.0200        
Multifamily | Bridge loans | Interest Deferral, Extended Maturity, And Interest Forgiveness | Minimum | Secured Overnight Financing Rate (SOFR)                
Loans and Investments                
Variable rate, spread       4.00%        
Multifamily | Bridge loans | Interest Deferral, Extended Maturity, And Interest Forgiveness | Maximum                
Loans and Investments                
Percentage of interest foregone       0.0215        
Multifamily | Bridge loans | Interest Deferral, Extended Maturity, And Interest Forgiveness | Maximum | Secured Overnight Financing Rate (SOFR)                
Loans and Investments                
Variable rate, spread       4.30%        
Multifamily | Financial Asset, Less Than 60 Days Past Due | Bridge loans                
Loans and Investments                
Accrued interest receivable related to loans     $ 489,400 $ 956,900     $ 956,900  
Number of loans with late and partial payments | loan     12 24     24  
Loans now less than 60 days past due     $ 420,300          
Multifamily | Financial Asset, Greater Than 60 Days Past Due | Bridge loans                
Loans and Investments                
Accrued interest receivable related to loans     174,900          
Multifamily | Non-performing loans                
Loans and Investments                
Bridge loans, total UPB     462,207       $ 271,532  
Multifamily | Non-performing loans | Greater Than 90 Days Past Due                
Loans and Investments                
Multifamily bridge loan     462,207 $ 271,532     271,532  
Office                
Loans and Investments                
Provision for credit losses     (49)     (56)    
Loans and investments, allowance for credit losses     93 142   $ 8,106 142 $ 8,162
Financing receivable, net of reserve       37,100     37,100  
Financing receivable, reserve for credit loss       8,000     8,000  
Loan reserve       2,300        
Credit risk concentration                
Loans and Investments                
Multifamily bridge loan     12,249,862 12,615,006     12,615,006  
Credit risk concentration | Land                
Loans and Investments                
Multifamily bridge loan     136,028 136,028     136,028  
Credit risk concentration | Multifamily                
Loans and Investments                
Multifamily bridge loan     10,606,448 11,097,981     11,097,981  
Credit risk concentration | Office                
Loans and Investments                
Multifamily bridge loan     $ 35,410 $ 35,410     $ 35,410  
Total Assets | Credit risk concentration                
Loans and Investments                
Number of loans | loan     31       31  
Number of different borrowers | borrower     5       5  
Total Assets | Credit risk concentration | Five Borrowers                
Loans and Investments                
Concentration risk, percentage     11.00%       11.00%  
Loans and investments portfolio | Credit risk concentration | New York                
Loans and Investments                
Concentration risk, percentage     23.00%       24.00%  
Loans and investments portfolio | Credit risk concentration | Florida                
Loans and Investments                
Concentration risk, percentage     17.00%       17.00%