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Commitments and Contingencies
12 Months Ended
Dec. 31, 2021
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies Commitments and Contingencies
As of December 31, 2021, our Commercial and Residential Lending Segment had future commercial loan funding commitments totaling $2.8 billion, of which we expect to fund $2.2 billion. These future funding commitments primarily relate to construction projects, capital improvements, tenant improvements and leasing commissions. Additionally, as of December 31, 2021, our Commercial and Residential Lending Segment had outstanding residential loan purchase commitments of $1.3 billion.
As of December 31, 2021, our Infrastructure Lending Segment had future infrastructure loan funding commitments totaling $147.0 million, including $131.6 million under revolvers and letters of credit (“LCs”), and $15.4 million under delayed draw term loans. As of December 31, 2021, $11.2 million of revolvers and LCs were outstanding. Additionally, as of December 31, 2021, our Infrastructure Lending Segment had outstanding loan purchase commitments of $56.4 million.
In connection with the Infrastructure Lending Segment acquisition, we assumed guarantees of certain borrowers’ performance under existing interest rate swaps. As of December 31, 2021, we had four outstanding guarantees on interest rate swaps maturing between August 2022 and June 2025. Refer to Note 14 for further discussion.
Generally, funding commitments are subject to certain conditions that must be met, such as customary construction draw certifications, minimum debt service coverage ratios or executions of new leases before advances are made to the borrower.
Management is not aware of any other contractual obligations, legal proceedings, or any other contingent obligations incurred in the normal course of business that would have a material adverse effect on our consolidated financial statements.
Lease Commitment Disclosures
Our lease commitments consist of corporate office leases and ground leases for investment properties, all of which are classified as operating leases. We sublease some of the space within our corporate offices to third parties. The following lease commitment disclosures do not include leases which have not yet commenced as of December 31, 2021, such as the new Miami Beach office lease agreement discussed in Note 17. Our lease costs and sublease income were as follows (in thousands):
For the Year Ended December 31,
2021
2020
2019
Operating lease costs$4,100 $5,571 $5,634 
Short-term lease costs2,227 42 $115 
Sublease income(766)(1,509)$(1,613)
Total lease cost$5,560 $4,104 $4,136 

Information concerning our operating lease liabilities, which are classified within accounts payable, accrued expenses and other liabilities in our consolidated balance sheets as of December 31, 2021 and 2020, is as follows (dollars in thousands):

    
For the Year Ended December 31,
2021
2020
Cash paid for amounts included in the measurement of lease liabilities —operating
    $1,274    $6,268

December 31, 2021
    
December 31, 2020
Weighted-average remaining lease term7.0 years    7.0 years
Weighted-average discount rate4.0%4.1%

Future maturity of operating lease liabilities:
2022$1,605 
20231,624 
20241,643 
20251,713 
20261,559 
Thereafter3,085 
Total11,227 
Less interest component(1,466)
Operating lease liability$9,761