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Loans and Investments (Tables)

3 Months Ended

Mar. 31, 2025

Loans and Investments [Abstract]

Summary of Structured Business Loan and Investment Portfolio

Our Structured Business loan and investment portfolio consists of ($ in thousands):

			March 31, 2025						Percent 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)			$	11,057,542					96		%				627						6.92		%				11.6						0		%				79		%
Mezzanine loans			256,925						2		%				60						7.70		%				51.0						52		%				81		%
Preferred equity investments			148,845						1		%				27						6.62		%				50.9						62		%				80		%
Construction - multifamily			23,005						<1 %						4						9.76		%				22.4						0		%				36		%
SFR permanent loans			3,076						<1 %						1						9.35		%				7.3						0		%				40		%
Total UPB			11,489,393						100		%				719						6.94		%				13.0						2		%				79		%
Allowance for credit losses			(240,937)
Unearned revenue			(32,831)
Loans and investments, net (6)			$	11,215,625
			December 31, 2024
Bridge loans (5)			$	10,893,106					96		%				688						6.89		%				11.6						0		%				80		%
Mezzanine loans			255,556						2		%				58						7.52		%				51.8						51		%				82		%
Preferred equity investments			148,845						1		%				27						6.42		%				53.9						62		%				79		%
Construction - multifamily			4,367						<1 %						2						9.97		%				20.8						0		%				42		%
SFR permanent loans			3,082						<1 %						1						9.36		%				10.3						0		%				40		%
Total UPB			11,304,956						100		%				776						6.90		%				13.1						2		%				80		%
Allowance for credit losses			(238,967)
Unearned revenue			(31,992)
Loans and investments, net (6)			$	11,033,997

________________________

(1)“Weighted Average Pay Rate” is a weighted average, based on the unpaid principal balance (“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 March 31, 2025 and December 31, 2024 was 21.8 and 22.7, 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 March 31, 2025 and December 31, 2024, bridge loans included 372 and 423, respectively, of SFR loans with a total gross loan commitment of $4.35 billion and $4.18 billion, respectively, of which $2.25 billion and $1.99 billion, respectively, was funded.

(6)Excludes exit fee receivables of $43.5 million and $46.6 million at March 31, 2025 and December 31, 2024, 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 March 31, 2025, and charge-offs recorded for the three months ended March 31, 2025 is as follows ($ in thousands):

						UPB by Origination Year																																				Total						Wtd. Avg. First Dollar LTV Ratio						Wtd. Avg. Last Dollar LTV Ratio
Asset Class / Risk Rating						2025						2024						2023						2022						2021						Prior
Multifamily:
Pass						$	367,940					$	134,876					$	52,364					$	113,477					$	55,453					$	26,814					$	750,924
Pass/Watch						61,802						472,209						297,282						851,639						842,472						200,895						2,726,299
Special Mention						—						144,363						35,688						2,084,634						2,067,639						148,294						4,480,618
Substandard						—						3,839						658						187,740						680,605						—						872,842
Doubtful						—						9,460						—						156,472						23,815						24,565						214,312
Total Multifamily						$	429,742					$	764,747					$	385,992					$	3,393,962					$	3,669,984					$	400,568					$	9,044,995					2		%				83		%
Single-Family Rental:						Percentage of portfolio																																				79		%
Pass						$	24,715					$	—					$	—					$	—					$	18,976					$	14,601					$	58,292
Pass/Watch						128,410						692,739						430,621						460,893						165,413						37,293						1,915,369
Special Mention						—						49,001						94,875						55,440						—						77,916						277,232
Total Single-Family Rental						$	153,125					$	741,740					$	525,496					$	516,333					$	184,389					$	129,810					$	2,250,893					0		%				61		%
Land:						Percentage of portfolio																																				20		%
Pass						$	—					$	5,790					$	—					$	—					$	—					$	—					$	5,790
Special Mention						—						—						—						—						—						3,500						3,500
Substandard						—						—						—						—						—						127,928						127,928
Total Land						$	—					$	5,790					$	—					$	—					$	—					$	131,428					$	137,218					0		%				96		%
Office:						Percentage of portfolio																																				1		%
Special Mention						$	—					$	—					$	—					$	—					$	—					$	35,067					$	35,067
Total Office						$	—					$	—					$	—					$	—					$	—					$	35,067					$	35,067					0		%				93		%
Retail:						Percentage of portfolio																																				< 1%
Substandard						$	—					$	—					$	—					$	—					$	—					$	18,600					$	18,600
Doubtful						—						—						—						—						—						920						920
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						$	582,867					$	1,512,277					$	911,488					$	3,910,295					$	3,854,373					$	718,093					$	11,489,393					2		%				79		%
Charge-offs						$	—					$	3,000					$	—					$	1,000					$	—					$	—					$	4,000

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 Year																																				Total						Wtd. Avg. First Dollar LTV Ratio						Wtd. Avg. Last Dollar LTV Ratio
Asset Class / Risk Rating						2024						2023						2022						2021						2020						Prior
Multifamily:
Pass						$	308,228					$	41,713					$	69,000					$	10,205					$	2,010					$	24,823					$	455,979
Pass/Watch						357,724						308,353						1,012,593						462,709						119,860						113,100						2,374,339
Special Mention						79,618						31,344						2,340,782						2,958,064						—						94,529						5,504,337
Substandard						—						658						159,100						206,277						—						21,700						387,735
Doubtful						12,460						—						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 portfolio																																				81		%
Pass						$	246,234					$	32,875					$	10,683					$	—					$	—					$	—					$	289,792
Pass/Watch						422,063						410,419						356,567						94,503						41,848						—						1,325,400
Special Mention						—						31,043						139,125						107,155						87,967						—						365,290
Doubtful						5,704						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 portfolio																																				18		%
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 portfolio																																				1		%
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

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):

			Three Months Ended March 31, 2025
			Multifamily						Land						Single-Family Rental						Retail						Commercial						Office												Total
Allowance for credit losses:
Beginning balance			$	148,139					$	78,130					$	7,524					$	3,293					$	1,700					$	181											$	238,967
Provision for credit losses (net of recoveries)			6,772						(130)						(1,000)						—						—						328												5,970
Charge-offs (1)			(4,000)						—						—						—						—						—												(4,000)
Ending balance			$	150,911					$	78,000					$	6,524					$	3,293					$	1,700					$	509											$	240,937
			Three Months Ended March 31, 2024
Allowance for credit losses:
Beginning balance			$	110,847					$	78,058					$	1,624					$	3,293					$	1,700					$	142											$	195,664
Provision for credit losses (net of recoveries)			16,652						62						1,113						—						—						(49)												17,778
Charge-offs			(1,500)						—						—						—						—						—												(1,500)
Ending balance			$	125,999					$	78,120					$	2,737					$	3,293					$	1,700					$	93											$	211,942

________________________

(1)Represents the allowance for credit losses on a multifamily bridge loan and a multifamily mezzanine loan that was charged-off in connection with the foreclosure of the underlying collateral as real estate owned ("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):

						March 31, 2025
Asset Class						UPB (1)						Carrying Value						Allowance for Credit Losses						Wtd. Avg. First Dollar LTV Ratio						Wtd. Avg. Last Dollar LTV Ratio
Multifamily						$	541,758					$	525,474					$	70,287					0		%				100		%
Land						134,215						127,868						77,869						0		%				99		%
Retail						19,520						15,068						3,293						0		%				87		%
Commercial						1,700						1,700						1,700						0		%				100		%
Total						$	697,193					$	670,110					$	153,149					0		%				99		%
						December 31, 2024
Multifamily						$	456,261					$	444,400					$	60,887					0		%				99		%
Land						134,215						127,868						77,869						0		%				99		%
Retail						19,520						15,068						3,293						0		%				87		%
Commercial						1,700						1,700						1,700						0		%				100		%
Total						$	611,696					$	589,036					$	143,749					0		%				99		%

________________________

(1)Represents the UPB of 28 and 27 impaired loans (less unearned revenue and other holdbacks and adjustments) by asset class at March 31, 2025 and December 31, 2024, respectively.

Schedule of Non-Performing Loans by Asset Class

A summary of our non-performing loans by asset class is as follows (in thousands):

			March 31, 2025												December 31, 2024
			UPB						Carrying Value						UPB						Carrying Value
Multifamily			$	508,467					$	486,984					$	649,227					$	620,072
Commercial			1,700						1,700						1,700						1,700
Retail			920						910						920						910
Total			$	511,087					$	489,594					$	651,847					$	622,682

The table below is a summary of those loans that are 60 days past due or less that we have classified as non-accrual, and changes to those loans for the period presented (in thousands).

						Three Months Ended March 31, 2025
Beginning balance (9 multifamily bridge loans)						$	167,428
Loans that progressed to greater than 60 days past due						(82,290)
Loans modified or paid off (1)						(38,490)
Additional loans that are now less than 60 days past due experiencing late and partial payments						96,175
Ending balance (5 multifamily bridge loans)						$	142,823
						Three Months Ended March 31, 2024
Beginning balance (24 multifamily bridge loans)						$	956,917
Loans that progressed to greater than 60 days past due						(174,860)
Loans modified or paid off (1)						(712,922)
Additional loans that are now less than 60 days past due experiencing late and partial payments						420,303
Ending balance (12 multifamily bridge loans)						$	489,438

________________________

(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 the three months ended March 31, 2025 (in thousands):

Asset Class						Payment Deferrals With/Without Term Extensions (1)						Other (2)						Total (3)(4)
Multifamily						$	849,365					$	83,975					$	933,340
Single-Family Rental						—						16,490						16,490
Total UPB						$	849,365					$	100,465					$	949,830

________________________

(1)These loans were modified to a weighted average pay rate and deferred rate of 5.18% and 2.56%, respectively, at March 31, 2025. A portion of these loans with a total UPB of $108.7 million were also modified to extend the weighted average term by 19.6 months. These modifications also include loans with a total UPB of $470.3 million in which the pay rate increases from time-to-time throughout the loans maturities.

(2)These loan modifications included amending certain terms, such as reallocating and/or replenishment of reserves, providing for a temporary and conditional forbearance of foreclosure and temporarily delaying past due interest payments.

(3)The total UPB of the loan modifications made during the first quarter of 2025 was $949.8 million at March 31, 2025 and represents 8.27% of our total Structured Business loans and investments portfolio at March 31, 2025.

(4)At March 31, 2025, a modified loan with a UPB of $25.5 million has a specific reserve of $5.2 million.

During the three months ended March 31, 2025, we recorded $3.8 million of deferred interest on the loans that we modified in the first quarter of 2025 and $9.1 million for loans previously modified. At March 31, 2025, we have recorded deferred interest totaling $74.2 million on all modified loans to borrowers experiencing financial difficulty, which is 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 the three months ended March 31, 2024 (in thousands):

Asset Class						Payment Deferrals With/Without Term Extensions (1)						Term Extensions (2)						Rate Reduction Without Term Extension (3)						Other (4)						Total (5)(6)
Multifamily						$	1,071,069					$	456,548					$	18,400					$	217,850					$	1,763,867

________________________

(1)These loans were modified to a weighted average pay rate and deferred rate of 6.96% and 2.09%, respectively, at March 31, 2024. A portion of these loans with a total UPB of $671.0 million were also modified to extend the weighted average term by 23.0 months.

(2)These loans were modified to extend the weighted average term by 9.3 months.

(3)This loan was modified to reduce the weighted average interest rate by 0.72%.

(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 the first quarter of 2024 was $1.76 billion at March 31, 2024 and represented 14.40% of our total Structured Business loans and investments portfolio at March 31, 2024.

(6)At March 31, 2024, modified loans with a total UPB of $88.1 million have specific reserves totaling $17.0 million.

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-URI https://asc.fasb.org/1943274/2147481962/310-10-50-42

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 310
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 42
-Subparagraph (a)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481962/310-10-50-42

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