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Loans and Investments (Tables)
 12 Months Ended
Dec. 31, 2024
Loans and Investments [Abstract]  
Summary of Structured Business Loan and Investment Portfolio
Our Structured Business loan and investment portfolio consists of ($ in thousands):
December 31, 2024Percent of
Total		Loan
Count		Wtd. Avg.
Pay Rate (1)		Wtd. Avg.
Remaining
Months to
Maturity (2)		Wtd. Avg.
First Dollar
LTV Ratio (3)		Wtd. Avg.
Last Dollar
LTV Ratio (4)
Bridge loans (5)$10,893,106 96 %6886.89 %11.6 0 %80 %
Mezzanine loans255,556 2 %587.52 %51.8 51 %82 %
Preferred equity investments148,845 1 %276.42 %53.9 62 %79 %
Construction - multifamily4,367 <1%29.97 %20.8 0 %42 %
SFR permanent loans3,082 <1%19.36 %10.3 0 %40 %
Total UPB11,304,956 100 %7766.90 %13.1 2 %80 %
Allowance for credit losses(238,967)
Unearned revenue(31,992)
Loans and investments, net (6)$11,033,997 
December 31, 2023
Bridge loans (5)$12,273,244 97 %6798.45 %12.00 %78 %
Mezzanine loans248,457 2 %498.41 %56.648 %80 %
Preferred equity investments85,741 1 %173.95 %60.353 %82 %
SFR permanent loans7,564 <1%29.84 %13.90 %56 %
Total UPB12,615,006 100 %7478.42 %13.21 %78 %
Allowance for credit losses(195,664)
Unearned revenue(41,536)
Loans and investments, net (6)$12,377,806 
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(1)“Weighted Average Pay Rate” is a weighted average, based on the UPB of each loan in our portfolio, of the interest rate required to be paid as stated in the individual loan agreements. Certain loans and investments that require an accrual rate to be paid at maturity are not included in the weighted average pay rate as shown in the table.
(2)Including extension options, the weighted average remaining months to maturity at December 31, 2024 and 2023 was 22.7 and 29.4, respectively.
(3)The “First Dollar Loan-to-Value (“LTV”) Ratio” is calculated by comparing the total of our senior most dollar and all senior lien positions within the capital stack to the fair value of the underlying collateral to determine the point at which we will absorb a total loss of our position.
(4)The “Last Dollar LTV Ratio” is calculated by comparing the total of the carrying value of our loan and all senior lien positions within the capital stack to the fair value of the underlying collateral to determine the point at which we will initially absorb a loss.
(5)At December 31, 2024 and 2023, bridge loans included 423 and 354, respectively, of SFR loans with a total gross loan commitment of $4.18 billion and $2.86 billion, respectively, of which $1.99 billion and $1.32 billion, respectively, was funded.
(6)Excludes exit fee receivables of $46.6 million and $38.5 million at December 31, 2024 and 2023, respectively, which is included in other assets on the consolidated balance sheets.
Schedule of the Loan Portfolio's Internal Risk Ratings and LTV Ratios by Asset Class
A summary of the loan portfolio’s internal risk ratings and LTV ratios by asset class at December 31, 2024, and charge-offs recorded during 2024 is as follows ($ in thousands):
UPB by Origination YearTotal Wtd. Avg.
First Dollar
LTV Ratio 		Wtd. Avg.
Last Dollar
LTV Ratio
Asset Class / Risk Rating20242023202220212020Prior
Multifamily:
Pass$308,228 $41,713 $69,000 $10,205 $2,010 $24,823 $455,979 
Pass/Watch357,724 308,353 1,012,593 462,709 119,860 113,100 2,374,339 
Special Mention79,618 31,344 2,340,782 2,958,064 — 94,529 5,504,337 
Substandard— 658 159,100 206,277 — 21,700 387,735 
Doubtful12,460 — 193,850 159,379 14,800 9,765 390,254 
Total Multifamily$758,030 $382,068 $3,775,325 $3,796,634 $136,670 $263,917 $9,112,644 2 %83 %
Single-Family Rental:Percentage of portfolio81 %
Pass$246,234 $32,875 $10,683 $— $— $— $289,792 
Pass/Watch422,063 410,419 356,567 94,503 41,848 — 1,325,400 
Special Mention— 31,043 139,125 107,155 87,967 — 365,290 
Doubtful5,704 10,786 — — — — 16,490 
Total Single-Family Rental$674,001 $485,123 $506,375 $201,658 $129,815 $— $1,996,972 0 %61 %
Land:Percentage of portfolio18 %
Pass$7,282 $— $— $— $— $— $7,282 
Special Mention— — — — 3,500 — 3,500 
Substandard— — — — — 127,928 127,928 
Total Land$7,282 $— $— $— $3,500 $127,928 $138,710 0 %96 %
Office:Percentage of portfolio1 %
Special Mention$— $— $— $— $35,410 $— $35,410 
Total Office$— $— $— $— $35,410 $— $35,410 0 %94 %
Retail:Percentage of portfolio<1%
Substandard$— $— $— $— $— $19,520 $19,520 
Total Retail$— $— $— $— $— $19,520 $19,520 0 %88 %
Commercial:Percentage of portfolio< 1%
Doubtful$— $— $— $— $— $1,700 $1,700 
Total Commercial$— $— $— $— $— $1,700 $1,700 0 %100 %
Percentage of portfolio< 1%
Grand Total$1,439,313 $867,191 $4,281,700 $3,998,292 $305,395 $413,065 $11,304,956 2 %80 %
Charge-offs$464 $— $4,077 $7,668 $— $— $12,209 
A summary of the loan portfolio’s internal risk ratings and LTV ratios by asset class at December 31, 2023, and charge-offs recorded during 2023 is as follows ($ in thousands):
UPB by Origination YearTotalWtd. Avg.
First Dollar
LTV Ratio		Wtd. Avg.
Last Dollar
LTV Ratio
Asset Class / Risk Rating20232022202120202019Prior
Multifamily:
Pass$80,814 $53,316 $26,185 $2,010 $4,598 $20,300 $187,223 
Pass/Watch317,358 2,561,938 2,223,155 119,860 84,600 58,044 5,364,955 
Special Mention24,424 1,762,539 2,631,689 180,750 140,685 350 4,740,437 
Substandard— 435,878 322,987 8,006 — — 766,871 
Doubtful— — 13,930 14,800 9,765 — 38,495 
Total Multifamily$422,596 $4,813,671 $5,217,946 $325,426 $239,648 $78,694 $11,097,981 1 %80 %
Single-Family Rental:Percentage of portfolio88 %
Pass$9,709 $608 $— $— $— $— $10,317 
Pass/Watch289,482 465,057 144,846 119,692 — — 1,019,077 
Special Mention31,131 45,145 218,697 — — — 294,973 
Total Single-Family Rental$330,322 $510,810 $363,543 $119,692 $— $— $1,324,367 0 %62 %
Land:Percentage of portfolio10 %
Pass/Watch$— $— $— $4,600 $— $— $4,600 
Special Mention— — — 3,500 — — 3,500 
Substandard— — — — — 127,928 127,928 
Total Land$— $— $— $8,100 $— $127,928 $136,028 0 %97 %
Office:Percentage of portfolio1 %
Special Mention$— $— $— $35,410 $— $— $35,410 
Total Office$— $— $— $35,410 $— $— $35,410 0 %80 %
Retail:Percentage of portfolio< 1%
Substandard$— $— $— $— $— $19,520 $19,520 
Total Retail$— $— $— $— $— $19,520 $19,520 0 %88 %
Commercial:Percentage of portfolio< 1%
Doubtful$— $— $— $— $— $1,700 $1,700 
Total Commercial$— $— $— $— $— $1,700 $1,700 63 %66 %
Percentage of portfolio< 1%
Grand Total$752,918 $5,324,481 $5,581,489 $488,628 $239,648 $227,842 $12,615,006 1 %78 %
Charge-offs$— $— $— $— $— $5,700 $5,700 
Schedule of the Changes in the Allowance for Credit Losses
A summary of the changes in the allowance for credit losses is as follows (in thousands):
Year Ended December 31, 2024
MultifamilyLandRetailCommercialSingle-Family RentalOfficeOtherTotal
Allowance for credit losses:
Beginning balance$110,847 $78,058 $3,293 $1,700 $1,624 $142 $— $195,664 
Provision for credit losses (net of recoveries)49,501 72 — — 5,900 39 — 55,512 
Charge-offs (1)(12,209)— — — — — — (12,209)
Ending balance$148,139 $78,130 $3,293 $1,700 $7,524 $181 $— $238,967 
Year Ended December 31, 2023
Allowance for credit losses:
Beginning balance$37,961 $78,068 $5,819 $1,700 $780 $8,162 $69 $132,559 
Provision for credit losses (net of recoveries)72,886 (10)(2,526)— 844 (2,320)(69)68,805 
Charge-offs— — — — — (5,700)— (5,700)
Ending balance$110,847 $78,058 $3,293 $1,700 $1,624 $142 $— $195,664 
Year Ended December 31, 2022
Allowance for credit losses:
Beginning balance$18,707 $77,970 $5,819 $1,700 $319 $8,073 $653 $113,241 
Provision for credit losses (net of recoveries)19,254 98 — — 461 89 (584)19,318 
Ending balance$37,961 $78,068 $5,819 $1,700 $780 $8,162 $69 $132,559 
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(1)Includes $8.4 million of specific reserves on two multifamily bridge loans that we foreclosed on and took back the underlying collateral as REO assets at fair value.
Summary of Specific Loans Considered Impaired by Asset Class A summary of our specific reserve loans considered impaired by asset class is as follows ($ in thousands):
December 31, 2024
Asset ClassUPB (1)Carrying
Value		Allowance for
Credit Losses		Wtd. Avg. First Dollar LTV Ratio Wtd. Avg. Last Dollar LTV Ratio
Multifamily$456,261 $444,400 $60,887 0 %99 %
Land134,215 127,868 77,869 0 %99 %
Retail19,520 15,068 3,293 0 %87 %
Commercial1,700 1,700 1,700 0 %100 %
Total$611,696 $589,036 $143,749 0 %99 %
December 31, 2023
Multifamily$272,493 $260,291 $37,750 0 %100 %
Land134,215 127,868 77,869 0 %99 %
Retail19,521 15,037 3,292 0 %88 %
Commercial1,700 1,700 1,700 0 %100 %
Total$427,929 $404,896 $120,611 0 %99 %
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(1)Represents the UPB of twenty-seven and nineteen impaired loans (less unearned revenue and other holdbacks and adjustments) by asset class at December 31, 2024 and 2023, respectively.
Schedule of our Non-Performing Loans by Asset Class
A summary of our non-performing loans by asset class is as follows (in thousands):
December 31, 2024December 31, 2023
UPBCarrying ValueUPBCarrying Value
Multifamily$649,227 $620,072 $271,532 $260,129 
Commercial1,700 1,700 1,700 1,700 
Retail920 910 920 910 
Total$651,847 $622,682 $274,152 $262,739 
Year ended December 31, 2024
Beginning balance (twenty-four multifamily bridge loans)
$956,917 
Loans that progressed to greater than 60 days past due(676,881)
Loans modified or paid off (1)(1,103,676)
Additional loans that are now less than 60 days past due experiencing late and partial payments991,068 
Ending balance (nine multifamily bridge loans)
$167,428 
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(1)The modifications included bringing the loans current by paying past due interest owed (see Loan Modifications section below).
Financing Receivable, Modified
The following table represents the UPB of loan modifications, as of the modification date, made to borrowers experiencing financial difficulty during 2024 and the deferred interest recorded on those loans at December 31, 2024 (in thousands):

Asset ClassPayment Deferrals With/Without Term Extensions (1)Term Extensions (2)Rate Reductions With/Without Term Extensions (3)Other (4)Total (5)(6) December 31, 2024 Deferred Interest (7)
Multifamily$2,312,067 $984,372 $134,630 $574,491 $4,005,560 $28,600 
Single-Family Rental74,078 — 38,479 — 112,557 570 
Total UPB$2,386,145 $984,372 $173,109 $574,491 $4,118,117 $29,170 
________________________

(1)These loans were modified to a weighted average pay rate and deferred rate of 5.99% and 2.06%, respectively, at December 31, 2024 and to extend the weighted average term by 14.4 months. These modifications include loans with a total UPB of $379.0 million in which the pay rate increases from time-to-time throughout the loans maturities.
(2)These loans were modified to extend the maturity date. The weighted average term extension was 11.7 months.
(3)These loans were modified to extend the weighted average term by 23.6 months and to reduce the weighted average interest rate by 0.62%.
(4)These loan modifications included amending certain terms, such as reallocating and/or replenishment of reserves.
(5)The total UPB of the loan modifications made during 2024 was $3.97 billion at December 31, 2024 and represents 35% of our total Structured Business loans and investments portfolio.
(6)At December 31, 2024, modified loans with a total UPB of $413.4 million have specific reserves totaling $44.3 million.
(7)These amounts are included in other assets on the consolidated balance sheets.

The following table represents the UPB of loan modifications, as of the modification date, made to borrowers experiencing financial difficulty during 2023 and the deferred interest recorded on those loans at December 31, 2024 (in thousands):

Asset ClassPayment Deferrals With Term Extensions (1)(2) December 31, 2024 Deferred Interest (3)
Multifamily$398,461 $9,945 
________________________
(1)These loans were modified to a weighted average pay rate and deferred rate of 5.92% and 2.16% at December 31, 2024, respectively, and to extend the weighted average term by 14.6 months.
(2)The total UPB of the loan modifications made during 2023 was $351.8 million at December 31, 2024 and represents 3% of our total Structured Business loans and investments portfolio.
(3)The deferred interest balance was $2.3 million at December 31, 2023. These amounts are included in other assets on the consolidated balance sheets.