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Real Estate Owned | 9 Months Ended
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Sep. 30, 2024
Real Estate [Abstract] |
Real Estate Owned | Real Estate Owned A summary of our REO assets is as follows (in thousands):
| September 30, 2024 |  | December 31, 2023
| Multifamily |  | Office |  | Land |  | Total |  | Multifamily |  | Office |  | Land |  | Total
Land | $ | 16,035 |  |  | $ | 11,099 |  |  | $ | 7,947 |  |  | $ | 35,081 |  |  | $ | 3,148 |  |  | $ | 12,028 |  |  | $ | 7,947 |  |  | $ | 23,123 |
Building and intangible assets | 64,449 |  |  | 33,916 |  |  | — |  |  | 98,365 |  |  | 26,953 |  |  | 42,781 |  |  | — |  |  | 69,734 |
Less: Accumulated depreciation and amortization | (3,218) |  |  | (2,302) |  |  | — |  |  | (5,520) |  |  | (2,168) |  |  | (3,698) |  |  | — |  |  | (5,866) |
Real estate owned, net | $ | 77,266 |  |  | $ | 42,713 |  |  | $ | 7,947 |  |  | $ | 127,926 |  |  | $ | 27,933 |  |  | $ | 51,111 |  |  | $ | 7,947 |  |  | $ | 86,991 |
At September 30, 2024, our REO assets were comprised of three multifamily properties, two office buildings and two land parcels. At December 31, 2023, our REO assets were comprised of one multifamily property, three office buildings and two land parcels. At September 30, 2024 and December 31, 2023, we had mortgage notes payable totaling $35.4 million and $44.3 million, respectively, which are collateralized by our REO assets. At September 30, 2024 and December 31, 2023, our multifamily properties had a weighted average occupancy rate of approximately 71% and 98%, respectively. At September 30, 2024, both our office buildings were vacant, and at December 31, 2023, two office buildings were vacant and the third building was 89% occupied. During the quarter ended September 30, 2024, we foreclosed on two multifamily bridge loans and took back the underlying collateral as REO assets. These properties have a total carrying value of $49.9 million at September 30, 2024. During the second quarter of 2024, we sold an office REO asset for $14.2 million, repaid the mortgage note outstanding of $9.0 million, and recognized a $3.8 million gain. We recorded depreciation expense related to the REO assets of $0.8 million and $2.1 million for the three and nine months ended September 30, 2024, respectively, and $0.5 million and $2.2 million for the three and nine months ended September 30, 2023, respectively. Our REO assets had restricted cash balances due to escrow requirements totaling $3.2 million and $1.4 million at September 30, 2024 and December 31, 2023, respectively.

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- Definition The entire disclosure for real estate owned (as defined). Generally, the largest component of real estate owned by lenders is assets taken in settlement of troubled loans through surrender or foreclosure. Real estate investments, real estate loans that qualify as investments in real estate, and premises that are no longer used in operations may also be included in real estate owned. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 310 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org/1943274/2147481990/310-10-45-3 + Details
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