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SCHEDULE IV - LOANS AND OTHER LENDING INVESTMENTS | 12 Months Ended
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Dec. 31, 2024
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 |  | 2025 - 2031 |  | SOFR+ -1.25% to 5.75% |  | $ | — |  |  | $ | 8,725,429 |  |  | $ | 8,588,684 |  |  | $ | — |
|  |  |  |  |  |  |  | SOFR Floor 0.10% to 5.36% |  |  |  |  |  |  |  |
|  |  |  |  |  |  |  | Fixed 0.00% to 11.00% |  |  |  |  |  |  |  |
Single‑Family Rental |  | Various |  | IO / PI |  | 2025 - 2027 |  | SOFR+ 2.95% to 6.20% |  | — |  |  | 1,993,890 |  |  | 1,967,835 |  |  | — |
|  |  |  |  |  |  |  | SOFR Floor 0.10% to 5.36% |  |  |  |  |  |  |  |
Land |  | CA |  | IO |  | 2025 |  | SOFR+ 4.00% |  | — |  |  | 125,877 |  |  | 47,977 |  |  | — |
|  |  |  |  |  |  |  | SOFR Floor 0.15% |  |  |  |  |  |  |  |
|  |  |  |  |  |  |  | Fixed 13.00% |  |  |  |  |  |  |  |
Office |  | NY |  | IO |  | 2025 |  | SOFR+ 3.50% |  | — |  |  | 35,410 |  |  | 35,229 |  |  | — |
Retail |  | CT |  | IO |  | 2025 |  | SOFR+ 3.50% |  | — |  |  | 12,500 |  |  | 12,500 |  |  | — |
|  |  |  |  |  |  |  | SOFR Floor 1.00% |  |  |  |  |  |  |  |
Total Bridge Loans |  |  |  |  |  |  |  |  |  | — |  |  | 10,893,106 |  |  | 10,652,225 |  |  | — |
Mezzanine Loans: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Mezzanine loans less than 3% of carrying amount of total loans (6): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Multifamily |  | Various |  | IO / PI |  | 2025 - 2034 |  | Fixed 0.00% to 14.00% |  | 1,335,133 |  |  | 239,203 |  |  | 221,689 |  |  | — |
Land |  | CA |  | IO |  | 2025 |  | Fixed 0.00% |  | — |  |  | 9,333 |  |  | 9,333 |  |  | — |
Retail |  | Various |  | IO |  | 2025 |  | SOFR+ 3.50% |  | — |  |  | 7,020 |  |  | 3,727 |  |  | — |
|  |  |  |  |  |  |  | SOFR Floor 1.00% |  |  |  |  |  |  |  |
|  |  |  |  |  |  |  | Fixed 0.00% |  |  |  |  |  |  |  |
Total Mezzanine Loans |  |  |  |  |  |  |  |  |  | 1,335,133 |  |  | 255,556 |  |  | 234,749 |  |  | — |
Preferred Equity Investments: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Preferred equity investments less than 3% of carrying amount of total loans (6): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Multifamily |  | Various |  | IO / PI |  | 2025 - 2033 |  | Fixed 0.00% to 16.00% |  | 927,026 |  |  | 143,645 |  |  | 137,163 |  |  | — |
Land |  | TX |  | IO |  | 2025 |  | Fixed 0.00% |  | — |  |  | 3,500 |  |  | 3,251 |  |  | — |
Commercial |  | NY |  | IO |  | 2025 |  | Fixed 6.00% |  | 29,792 |  |  | 1,700 |  |  | — |  |  | — |
Total Preferred Equity Investments |  |  |  |  |  |  |  |  |  | 956,818 |  |  | 148,845 |  |  | 140,414 |  |  | — |
Other Loans: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Other loans less than 3% of carrying amount of total loans (6): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Single‑Family Rental |  | Various |  | IO / PI |  | 2025 |  | SOFR + 4.90% |  | — |  |  | 3,082 |  |  | 3,078 |  |  | — |
|  |  |  |  |  |  |  | SOFR Floor 0.25% |  |  |  |  |  |  |  |
Construction - Multifamily |  | Various |  | IO |  | 2026 - 2027 |  | SOFR+ 5.50% |  | — |  |  | 4,367 |  |  | 3,531 |  |  | — |
|  |  |  |  |  |  |  | SOFR Floor 4.00% |  |  |  |  |  |  |  |
|  |  |  |  |  |  |  | Fixed 4.25% |  |  |  |  |  |  |  |
Total Other Loans |  |  |  |  |  |  |  |  |  | — |  |  | 7,449 |  |  | 6,609 |  |  | — |
Total Loans |  |  |  |  |  |  |  |  |  | $ | 2,291,951 |  |  | $ | 11,304,956 |  |  | $ | 11,033,997 |  |  | $ | — |
________________________________________ (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 2024, $5.99 billion of loans were extended. (5)The federal income tax basis is approximately $11.30 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,
| 2024 |  | 2023 |  | 2022
Balance at beginning of year | $ | 12,377,806 |  |  | $ | 14,254,674 |  |  | $ | 11,981,048 |
Additions during period: |  |  |  |  |
New loan originations | 1,425,799 |  |  | 983,343 |  |  | 6,151,647 |
Funding of unfunded loan commitments (1) | 627,790 |  |  | 835,484 |  |  | 381,831 |
Accretion of unearned revenue | 33,501 |  |  | 41,125 |  |  | 37,468 |
Recoveries of reserves | 12,959 |  |  | 4,776 |  |  | 1,500 |
Loan charge‑offs | 15,709 |  |  | — |  |  | — |
Deductions during period: |  |  |  |  |
Loan payoffs and paydowns | (2,691,583) |  |  | (3,354,055) |  |  | (3,818,554) |
Unfunded loan commitments (1) | (564,777) |  |  | (260,789) |  |  | (376,404) |
Unearned revenue and costs | (19,001) |  |  | (13,772) |  |  | (51,808) |
Reclassification to real estate owned, net | (100,025) |  |  | (39,400) |  |  | (31,200) |
Provision for loan losses | (68,472) |  |  | (73,580) |  |  | (20,818) |
Reclassification to held-for-sale loans | — |  |  | — |  |  | (36) |
Use of loan charge‑offs | (15,709) |  |  | — |  |  | — |
Balance at end of year | $ | 11,033,997 |  |  | $ | 12,377,806 |  |  | $ | 14,254,674 |
________________________________________ (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.

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- References No definition available. + Details
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- Definition The entire disclosure for investment in mortgage loan on real estate by entity with substantial portion of business acquiring and holding investment real estate or interest in real estate. Includes, but is not limited to, information for each mortgage loan receivable equaling or exceeding 3 percent of carrying amount of mortgage. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Name Regulation S-X (SX) -Number 210 -Section 12 -Subsection 29 -Publisher SEC Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 948 -SubTopic 310 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.12-29) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479628/948-310-S99-1 + Details
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