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Mortgage Loans on Real Estate (Tables)
 12 Months Ended
Dec. 31, 2023
Debt Disclosure [Abstract]  
Schedule of Loans (UPB) Collateralized by Real Estate

The following tables present the Company’s loans (UPB) collateralized by real estate as of December 31, 2023 and 2022 (in thousands).

December 31, 2023

 

Description

 

Interest
Rate

 

Final
Maturity
Date

 

Unpaid
Principal
Balance
(1)(2)

 

 

Nonaccrual
Unpaid
Principal
Balance

 

1-4 unit residential (3)

 

 

 

 

 

 

 

 

 

 

Under $1.0 million

 

4.0% - 15.0%

 

January 1, 2054

 

$

1,674,434

 

 

$

185,391

 

$1.0 million and over

 

4.0% - 13.2%

 

January 1, 2054

 

 

567,314

 

 

 

80,976

 

 

 

 

 

 

 

2,241,748

 

 

 

266,367

 

Traditional commercial (4)

 

 

 

 

 

 

 

 

 

 

Under $1.0 million

 

4.0% - 14.0%

 

January 1, 2054

 

 

1,322,387

 

 

 

86,755

 

$1.0 million and over

 

4.0% - 13.3%

 

January 1, 2054

 

 

508,755

 

 

 

41,440

 

 

 

 

 

 

 

1,831,142

 

 

 

128,195

 

Total at December 31, 2023

 

 

 

 

 

$

4,072,890

 

 

$

394,562

 

 

December 31, 2022

 

Description

 

Interest
Rate

 

Final
Maturity
Date

 

Unpaid
Principal
Balance
(1)(2)

 

 

Nonaccrual
Unpaid
Principal
Balance

 

1-4 unit residential (3)

 

 

 

 

 

 

 

 

 

 

Under $1.0 million

 

4.0% - 13.5%

 

January 1, 2053

 

$

1,374,726

 

 

$

127,125

 

$1.0 million and over

 

4.0% - 11.5%

 

January 1, 2053

 

 

476,813

 

 

 

57,508

 

 

 

 

 

 

 

1,851,539

 

 

 

184,633

 

Traditional commercial (4)

 

 

 

 

 

 

 

 

 

 

Under $1.0 million

 

4.0% - 13.7%

 

January 1, 2053

 

 

1,196,378

 

 

 

69,763

 

$1.0 million and over

 

4.0% - 11.7%

 

January 1, 2053

 

 

464,569

 

 

 

38,393

 

 

 

 

 

 

 

1,660,947

 

 

 

108,156

 

Total at December 31, 2022

 

 

 

 

 

$

3,512,486

 

 

$

292,789

 
(1)
The aggregate cost of the Company’s loan portfolio for Federal income tax purposes were $4,156,554 and $3,553,379 as of December 31, 2023 and 2022, respectively.
(2)
As of December 31, 2023 and 2022, $188.5 million and $168.4 million, respectively, of the total UPB were interest-only loans with interest payable monthly and the principal payable at maturity.
(3)
The principal and interest on the 1-4 unit residential mortgage loans is payable monthly over the life of the loan to maturity. These loans generally contain a 3% prepayment penalty provision if the loan is prepaid within the first 3 years.
(4)
The principal and interest on the traditional commercial mortgage loans is payable monthly over the life of the loan to maturity. These loans generally contain a 5% prepayment penalty provision if the loan is prepaid within the first 3 years.

The following table presents the reconciliation of the UPB of mortgage loans for the years ended December 31, 2023, 2022, and 2021:

 

 

December 31,

 

 

 

2023

 

 

2022

 

 

2021

 

Balance at beginning of period

 

$

3,512,486

 

 

$

2,587,220

 

 

$

1,944,804

 

Addition during period:

 

 

 

 

 

 

 

 

 

New mortgage loans

 

 

1,117,846

 

 

 

1,761,853

 

 

 

1,326,275

 

Acquisition

 

 

13,075

 

 

 

17,657

 

 

 

22,437

 

Capitalized Interest

 

 

2,395

 

 

 

1,604

 

 

 

2,045

 

Deduction during period:

 

 

 

 

 

 

 

 

 

Collection of principal

 

 

(474,406

)

 

 

(525,986

)

 

 

(568,081

)

Collection of capitalized interest

 

 

(570

)

 

 

(2,155

)

 

 

(2,163

)

Foreclosures

 

 

(52,208

)

 

 

(10,031

)

 

 

(11,603

)

Mortgages sold

 

 

(45,728

)

 

 

(317,676

)

 

 

(126,494

)

Balance at end of period

 

$

4,072,890

 

 

$

3,512,486

 

 

$

2,587,220