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Loans and Investments (Tables)
 6 Months Ended
Jun. 30, 2025
Loans and Investments [Abstract]  
Summary of Structured Business Loan and Investment Portfolio
Our Structured Business loan and investment portfolio consists of ($ in thousands):
June 30, 2025Percent 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)$11,105,463 96 %6116.98 %11.10 %79 %
Mezzanine loans250,858 2 %617.78 %50.753 %82 %
Preferred equity investments149,776 1 %276.77 %48.062 %80 %
Construction - multifamily100,070 <1 %69.94 %34.50 %66 %
SFR permanent loans3,068 <1 %19.35 %4.30 %39 %
Total UPB11,609,235 100 %7067.03 %12.72 %78 %
Allowance for credit losses(243,278)
Unearned revenue(32,934)
Loans and investments, net (6)$11,333,023 
December 31, 2024
Bridge loans (5)$10,893,106 96 %6886.89 %11.60 %80 %
Mezzanine loans255,556 2 %587.52 %51.851 %82 %
Preferred equity investments148,845 1 %276.42 %53.962 %79 %
Construction - multifamily4,367 <1 %29.97 %20.80 %42 %
SFR permanent loans3,082 <1 % 19.36 %10.30 %40 %
Total UPB11,304,956 100 %7766.90 %13.12 %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 June 30, 2025 and December 31, 2024 was 20.6 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 June 30, 2025 and December 31, 2024, bridge loans included 364 and 423, respectively, of SFR loans with a total gross loan commitment of $4.45 billion and $4.18 billion, respectively, of which $2.53 billion and $1.99 billion, respectively, was funded.
(6)Excludes exit fee receivables of $44.3 million and $46.6 million at June 30, 2025 and December 31, 2024, respectively, which is included in other assets on the consolidated balance sheets.
Schedule of the Loan Portfolio's Internal Risk Ratings and LTV Ratios by Asset Class
A summary of the loan portfolio’s internal risk ratings and LTV ratios by asset class at June 30, 2025, and charge-offs recorded for the six months ended June 30, 2025 is as follows ($ in thousands):
UPB by Origination YearTotalWtd. Avg.
First Dollar
LTV Ratio 		Wtd. Avg.
Last Dollar
LTV Ratio
Asset Class / Risk Rating20252024202320222021Prior
Multifamily:
Pass$431,196 $56,945 $32,369 $78,944 $9,903 $26,795 $636,152 
Pass/Watch313,012 497,269 295,934 779,822 674,877 159,810 2,720,724 
Special Mention— 202,814 35,688 2,048,287 2,270,295 150,079 4,707,163 
Substandard— 11,963 — 90,534 453,853 — 556,350 
Doubtful— 9,460 — 148,162 82,382 24,565 264,569 
Total Multifamily$744,208 $778,451 $363,991 $3,145,749 $3,491,310 $361,249 $8,884,958 3 %83 %
Single-Family Rental:Percentage of portfolio77 %
Pass$45,975 $9,869 $— $— $— $— $55,844 
Pass/Watch404,415 744,505 502,436 422,438 114,016 41,885 2,229,695 
Special Mention1,025 56,124 63,759 119,733 8,729 — 249,370 
Total Single-Family Rental$451,415 $810,498 $566,195 $542,171 $122,745 $41,885 $2,534,909 0 %61 %
Land:Percentage of portfolio22 %
Pass$— $4,519 $— $— $— $— $4,519 
Pass/Watch— — — — — 2,291 2,291 
Substandard— — — — — 127,928 127,928 
Total Land$— $4,519 $— $— $— $130,219 $134,738 0 %96 %
Office:Percentage of portfolio1 %
Pass/Watch$— $— $— $— $— $33,410 $33,410 
Total Office$— $— $— $— $— $33,410 $33,410 0 %88 %
Retail:Percentage of portfolio< 1%
Substandard$— $— $— $— $— $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$1,195,623 $1,593,468 $930,186 $3,687,920 $3,614,055 $587,983 $11,609,235 2 %78 %
Charge-offs$— $3,000 $— $5,669 $10,474 $— $19,143 
A summary of the loan portfolio’s internal risk ratings and LTV ratios by asset class at December 31, 2024, and charge-offs recorded during 2024 is as follows ($ in thousands):
UPB by Origination YearTotalWtd. 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 
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 June 30, 2025
MultifamilyLandSingle-Family RentalRetailCommercialOfficeTotal
Allowance for credit losses:
Beginning balance$150,911 $78,000 $6,524 $3,293 $1,700 $509 $240,937 
Provision for credit losses (net of recoveries)16,552 190 788 — — (46)17,484 
Charge-offs (1)(15,143)— — — — — (15,143)
Ending balance$152,320 $78,190 $7,312 $3,293 $1,700 $463 $243,278 
Three Months Ended June 30, 2024
Allowance for credit losses:
Beginning balance$125,999 $78,120 $2,737 $3,293 $1,700 $93 $211,942 
Provision for credit losses (net of recoveries)25,849 330 1,176 — — 114 27,469 
Charge-offs(488)— — — — — (488)
Ending balance$151,360 $78,450 $3,913 $3,293 $1,700 $207 $238,923 
Six Months Ended June 30, 2025
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)23,324 60 (212)— — 282 23,454 
Charge-offs (2)(19,143)— — — — — (19,143)
Ending balance$152,320 $78,190 $7,312 $3,293 $1,700 $463 $243,278 
Six Months Ended June 30, 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)42,501 392 2,289 — — 65 45,247 
Charge-offs(1,988)— — — — — (1,988)
Ending balance$151,360 $78,450 $3,913 $3,293 $1,700 $207 $238,923 
________________________
(1)Represents the allowance for credit losses on 2 multifamily bridge loans that were charged-off in connection with the foreclosure of the underlying collateral as real estate owned ("REO") assets at fair value.
(2)Represents the allowance for credit losses on 3 multifamily bridge loans and a multifamily mezzanine loan that were charged-off in connection with the foreclosure of the underlying collateral as REO assets at fair value.
Summary of Specific Loans Considered Impaired by Asset Class A summary of our specific reserve loans considered impaired by asset class is as follows ($ in thousands):
June 30, 2025
Asset ClassUPB (1)Carrying
Value		Allowance for
Credit Losses		Wtd. Avg. First
Dollar LTV Ratio		Wtd. Avg. Last
Dollar LTV Ratio
Multifamily$462,354 $452,304 $61,787 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$617,789 $596,940 $144,649 0 %99 %
December 31, 2024
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 %
________________________
(1)Represents the UPB of 27 impaired loans (less unearned revenue and other holdbacks and adjustments) by asset class at both June 30, 2025 and December 31, 2024.
Schedule of Non-Performing Loans by Asset Class
A summary of our non-performing loans by asset class is as follows (in thousands):
June 30, 2025December 31, 2024
UPBCarrying ValueUPBCarrying Value
Multifamily$469,168 $458,481 $649,227 $620,072 
Commercial1,700 1,700 1,700 1,700 
Retail920 910 920 910 
Total$471,788 $461,091 $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 June 30, 2025Six Months Ended June 30, 2025
Beginning balance (5 and 9 multifamily bridge loans)
$142,823 $167,428 
Loans that progressed to greater than 60 days past due— (82,290)
Loans modified or paid off (1)(47,675)(86,165)
Loans transferred to REO(48,500)(48,500)
Additional loans that are now less than 60 days past due experiencing late and partial payments10,264 106,439 
Ending balance (3 multifamily bridge loans)
$56,912 $56,912 
Three Months Ended June 30, 2024Six Months Ended June 30, 2024
Beginning balance (12 and 24 multifamily bridge loans)
$489,438 $956,917 
Loans that progressed to greater than 60 days past due(263,990)(438,850)
Loans modified or paid off (1)(138,548)(851,470)
Additional loans that are now less than 60 days past due experiencing late and partial payments281,038 701,341 
Ending balance (14 multifamily bridge loans)
$367,938 $367,938 
________________________
(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 June 30, 2025 (in thousands):
Asset ClassPayment Deferrals With/Without Term Extensions (1)Rate Reductions With/Without Term Extensions (2)Total (3)(4)(5)
Multifamily$144,905 $107,000 $251,905 
(1)These loans were modified to a weighted average pay rate and deferred rate of 5.50% and 2.78%, respectively, at June 30, 2025. A portion of these loans with a total UPB of $116.5 million were also modified to extend the weighted average term by 19 months. These modifications also include loans with a total UPB of $38.1 million in which the pay rate increases from time-to-time throughout the loans maturities.
(2)These loans were modified to reduce the interest rate to a weighted average pay rate and deferred rate of 5.97% and 0.56%, respectively, and to extend the weighted average term by 23 months.
(3)The total UPB of the loan modifications made during the three months ended June 30, 2025 was $249.9 million at June 30, 2025 and represented 2.2% of our total Structured Business loans and investments portfolio at June 30, 2025.
(4)At June 30, 2025, a modified loan with a UPB of $25.6 million has a specific reserve of $2.2 million.
(5)Includes loans with a total UPB of $136.1 million which were previously modified. Using the SOFR rate at June 30, 2025, these loans were modified from a weighted average pay rate and deferred rate of 6.47% and 1.65%, respectively, to a weighted average pay rate and deferred rate of 5.18% and 2.28%, respectively.
The following table represents the UPB of loan modifications, as of the modification date, made to borrowers experiencing financial difficulty during the six months ended June 30, 2025 (in thousands):

Asset ClassPayment Deferrals With/Without Term Extensions (1)Rate Reductions With/Without Term Extensions (2)Other (3)Total (4)(5)(6)
Multifamily$994,270 $107,000 $83,975 $1,185,245 
Single-Family Rental— — 16,490 16,490 
Total UPB$994,270 $107,000 $100,465 $1,201,735 
________________________
(1)These loans were modified to a weighted average pay rate and deferred rate of 5.23% and 2.19%, respectively, at June 30, 2025. A portion of these loans with a total UPB of $225.2 million were also modified to extend the weighted average term by 19.3 months. These modifications also include loans with a total UPB of $508.4 million in which the pay rate increases from time-to-time throughout the loans maturities.
(2)These loans were modified to reduce the interest rate to a weighted average pay rate and deferred rate of 5.97% and 0.56%, respectively, and to extend the weighted average term by 23 months.
(3)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.
(4)The total UPB of the loan modifications made during the six months ended June 30, 2025 was $1.20 billion at June 30, 2025 and represented 10.60% of our total Structured Business loans and investments portfolio at June 30, 2025.
(5)At June 30, 2025, modified loans with a UPB of $51.1 million have specific reserves totaling $7.4 million.
(6)Includes loans with a total UPB of $520.1 million which were previously modified. Using the SOFR rate at June 30, 2025, these loans were modified from a weighted average pay rate and deferred rate of 6.71% and 1.25%, respectively, to a weighted average pay rate and deferred rate of 4.69% and 3.10%, respectively.
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 June 30, 2024 (in thousands):
Asset ClassPayment Deferrals With/Without Term Extensions (1)Term Extensions (2)Other (4)Total (5)(6)
Multifamily$324,055 $215,405 $119,792 $659,252 
Single-Family Rental74,078 — — 74,078 
Total UPB$398,133 $215,405 $119,792 $733,330 
________________________
(1)These loans were modified to a weighted average pay rate and deferred rate of 7.16% and 2.15%, respectively, at June 30, 2024. A portion of these loans with a total UPB of $328.3 million were also modified to extend the weighted average term by 13.1 months.
(2)These loans were modified to extend the weighted average term by 11.5 months.
(3)These loan modifications included amending certain terms, such as reallocating and/or replenishment of reserves.
(4)The total UPB of the loan modifications made during the three months ended June 30, 2024 was $732.3 million at June 30, 2024 and represented 6.2% of our total Structured Business loans and investments portfolio at June 30, 2024.
(5)At June 30, 2024, modified loans with a total UPB of $84.6 million have specific reserves totaling $10.8 million.
The following table represents the UPB of loan modifications, as of the modification date, made to borrowers experiencing financial difficulty during the six months ended June 30, 2024 (in thousands):
Asset ClassPayment Deferrals With/Without Term Extensions (1)Term Extensions (2)Rate Reduction Without Term Extension (3)Other (4)Total (5)(6)
Multifamily$1,395,124 $671,953 $18,400 $337,642 $2,423,119 
Single-Family Rental74,078 — — — 74,078 
Total UPB$1,469,202 $671,953 $18,400 $337,642 $2,497,197 
________________________
(1)These loans were modified to a weighted average pay rate and deferred rate of 7.01% and 2.13%, respectively, at June 30, 2024. A portion of these loans with a total UPB of $999.3 million were also modified to extend the weighted average term by 19.8 months.
(2)These loans were modified to extend the weighted average term by 10.0 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 six months ended June 30, 2024 was $2.47 billion at June 30, 2024 and represented 20.8% of our total Structured Business loans and investments portfolio at June 30, 2024.
(6)At June 30, 2024, modified loans with a total UPB of $172.7 million have specific reserves totaling $27.8 million.