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Real Estate Owned | 12 Months Ended
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Dec. 31, 2024
Real Estate [Abstract] |
Real Estate Owned | Real Estate Owned A summary of our REO assets is as follows (in thousands):
| December 31, 2024 |  | December 31, 2023
| Multifamily |  | Office |  | Land |  | Total |  | Multifamily |  | Office |  | Land |  | Total
Land | $ | 29,171 |  |  | $ | 13,599 |  |  | $ | 7,947 |  |  | $ | 50,717 |  |  | $ | 3,148 |  |  | $ | 12,028 |  |  | $ | 7,947 |  |  | $ | 23,123 |
Building and intangible assets | 99,812 |  |  | 35,561 |  |  | — |  |  | 135,373 |  |  | 26,953 |  |  | 42,781 |  |  | — |  |  | 69,734 |
Less: Impairment loss | — |  |  | (2,500) |  |  | — |  |  | (2,500) |  |  | — |  |  | — |  |  | — |  |  | — |
Less: Accumulated depreciation and amortization | (4,497) |  |  | (2,550) |  |  | — |  |  | (7,047) |  |  | (2,168) |  |  | (3,698) |  |  | — |  |  | (5,866) |
Real estate owned, net | $ | 124,486 |  |  | $ | 44,110 |  |  | $ | 7,947 |  |  | $ | 176,543 |  |  | $ | 27,933 |  |  | $ | 51,111 |  |  | $ | 7,947 |  |  | $ | 86,991 |
At December 31, 2024, our REO assets were comprised of four 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 December 31, 2024 and 2023, we had mortgage notes payable totaling $74.9 million and $44.3 million, respectively, which are collateralized by our REO assets. At December 31, 2024 and 2023, our multifamily properties had a weighted average occupancy rate of approximately 77% and 98%, respectively. At December 31, 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 2024, we foreclosed on three multifamily bridge loans and took back the underlying collateral as REO assets. These properties have a total carrying value of $97.4 million at December 31, 2024. During 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. During 2024 and 2023, we recorded depreciation expense related to the REO assets of $3.7 million and $2.9 million, respectively. Our REO assets had restricted cash balances due to escrow requirements totaling $2.9 million and $1.4 million at December 31, 2024 and 2023, respectively. Subsequent Event. In January and February 2025, we foreclosed on and took back three multifamily properties collateralizing bridge loans with a total UPB of $101.6 million.

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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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