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SCHEDULE IV - LOANS AND OTHER LENDING INVESTMENTS
 12 Months Ended
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
TypeLocationPeriodic
Payment
Terms (1)		Maturity
Date (2)		Interest Pay
Rate
Index (3)		Prior LiensFace
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):
MultifamilyVariousIO / PI2025 - 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 RentalVariousIO / PI2025 - 2027
SOFR+ 2.95% to 6.20%
— 1,993,890 1,967,835 — 
SOFR Floor 0.10% to 5.36%
LandCAIO2025
SOFR+ 4.00%
— 125,877 47,977 — 
SOFR Floor 0.15%
Fixed 13.00%
OfficeNYIO2025
SOFR+ 3.50%
— 35,410 35,229 — 
RetailCTIO2025
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):
MultifamilyVariousIO / PI2025 - 2034
Fixed 0.00% to 14.00%
1,335,133 239,203 221,689 — 
LandCAIO2025
Fixed 0.00%
— 9,333 9,333 — 
RetailVariousIO2025
SOFR+ 3.50%
— 7,020 3,727 — 
SOFR Floor 1.00%
Fixed 0.00%
Total Mezzanine Loans1,335,133 255,556 234,749 — 
Preferred Equity Investments:
Preferred equity investments less than 3% of carrying amount of total loans (6):
MultifamilyVariousIO / PI2025 - 2033
Fixed 0.00% to 16.00%
927,026 143,645 137,163 — 
LandTXIO2025
Fixed 0.00%
— 3,500 3,251 — 
CommercialNYIO2025
Fixed 6.00%
29,792 1,700 — — 
Total Preferred Equity Investments956,818 148,845 140,414 — 
Other Loans:
Other loans less than 3% of carrying amount of total loans (6):
Single‑Family RentalVariousIO / PI2025
SOFR + 4.90%
— 3,082 3,078 — 
SOFR Floor 0.25%
Construction - MultifamilyVariousIO2026 - 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,
202420232022
Balance at beginning of year$12,377,806 $14,254,674 $11,981,048 
Additions during period:
New loan originations1,425,799 983,343 6,151,647 
Funding of unfunded loan commitments (1)627,790 835,484 381,831 
Accretion of unearned revenue33,501 41,125 37,468 
Recoveries of reserves12,959 4,776 1,500 
Loan charge‑offs15,709 — — 
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.