XML 60 R40.htm IDEA: XBRL DOCUMENT v3.22.4
Mortgage Notes Receivable - Composition of loan portfolio (Details) - USD ($)
$ in Thousands
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Loans and Leases Receivable Disclosure [Line Items]      
Carrying Value $ 923,442 [1] $ 911,744 [2]  
CECL Allowance (41,492) [1],[3],[4] (10,394) [2],[5],[6]  
Carrying value, net $ 881,950 [1] $ 901,350 [2]  
Percentage of portfolio 100.00% [1] 100.00% [2]  
2022 $ 592,959 [1],[7],[8],[9] $ 597,269 [2],[10]  
2021 236,004 [1],[7],[8],[9] 239,739 [2],[10]  
2020 54,167 [1],[7],[8],[9] 3,102 [2],[10]  
2019 4,152 [1],[7],[8],[9] 6,099 [2],[10]  
2018 [2],[10]   65,274  
Prior $ 36,160 [1],[4],[9] $ 261 [2],[10]  
LTV general percent indicating default status 65 65  
Allowances on excess amortized cost over fair value   $ 700  
0 - 40%      
Loans and Leases Receivable Disclosure [Line Items]      
Carrying Value $ 26,053 [1] $ 53,907 [2]  
Percentage of portfolio 2.80% [1] 5.90% [2]  
2022 $ 22,544 [1],[8] $ 32,634 [2],[11]  
2021 [1],[8] 3,509    
2019 [2],[11]   3,608  
2018 [2],[11]   17,665  
Prior [2],[11]   0  
41 - 45%      
Loans and Leases Receivable Disclosure [Line Items]      
Carrying Value $ 29,025 [1] $ 48,431 [2]  
Percentage of portfolio 3.10% [1] 5.30% [2]  
2022 $ 7,039 [1],[8] $ 44,380 [2],[11]  
2021 21,986 [1],[8] 4,051 [2],[11]  
2020 [1],[8] 0    
2019 [2],[11]   0  
46 - 50%      
Loans and Leases Receivable Disclosure [Line Items]      
Carrying Value $ 42,267 [1] $ 63,690 [2]  
Percentage of portfolio 4.60% [1] 7.00% [2]  
2022 $ 22,524 [1],[8] $ 41,356 [2],[11]  
2021 13,455 [1],[8] 21,317 [2],[11]  
2020 [1],[8] 6,288    
2019 [2],[11]   1,017  
Prior [2],[11]   0  
51 - 55%      
Loans and Leases Receivable Disclosure [Line Items]      
Carrying Value $ 144,649 [1] $ 92,238 [2]  
Percentage of portfolio 15.70% [1] 10.10% [2]  
2022 $ 76,978 [1],[8] $ 74,978 [2],[11]  
2021 58,876 [1],[8] 17,260 [2],[11]  
2020 [1],[8] 8,795    
2018 [2],[11]   0  
56 - 60%      
Loans and Leases Receivable Disclosure [Line Items]      
Carrying Value $ 107,098 [1] $ 79,039 [2]  
Percentage of portfolio 11.60% [1] 8.70% [2]  
2022 $ 98,691 [1],[8] $ 27,115 [2],[11]  
2021 8,407 [1],[8] 40,190 [2],[11]  
2020 0 [1],[8] 0 [2],[11]  
2019 [1],[8] 0    
2018 [2],[11]   11,473  
Prior [2],[11]   261  
61 - 65%      
Loans and Leases Receivable Disclosure [Line Items]      
Carrying Value $ 456,743 [1] $ 559,997 [2]  
Percentage of portfolio 49.50% [1] 61.40% [2]  
2022 $ 284,722 [1],[8] $ 372,645 [2],[11]  
2021 112,569 [1],[8] 146,640 [2],[11]  
2020 21,364 [1],[8] 3,102 [2],[11]  
2019 1,928 [1],[8] 1,474 [2],[11]  
2018 [2],[11]   36,136  
Prior [1],[8] 36,160    
66 - 70%      
Loans and Leases Receivable Disclosure [Line Items]      
Carrying Value $ 93,104 [1] $ 645 [2]  
Percentage of portfolio 10.10% [1] 0.10% [2]  
2022 $ 71,638 [1],[8] $ 645 [2],[11]  
2021 [1],[8] 16,561    
2020 [1],[8] 2,681    
2019 [1],[8] 2,224    
71 - 75%      
Loans and Leases Receivable Disclosure [Line Items]      
Carrying Value [1] $ 4,280    
Percentage of portfolio [1] 0.50%    
2022 [1],[8] $ 4,280    
2021 [8] 0    
2020 [8] 0    
2019 [8] 0    
Prior [8] 0    
71 - 80%      
Loans and Leases Receivable Disclosure [Line Items]      
Carrying Value [2]   $ 0  
Percentage of portfolio [2]   0.00%  
2022 [2],[11]   $ 0  
76 - 80%      
Loans and Leases Receivable Disclosure [Line Items]      
Carrying Value [1] $ 2,540    
Percentage of portfolio [1] 0.30%    
2022 [1],[8] $ 2,540    
2021 [8] 0    
2020 [8] 0    
2019 [8] 0    
Prior [8] 0    
Above 80%      
Loans and Leases Receivable Disclosure [Line Items]      
Carrying Value $ 17,683 [1] $ 13,797 [2]  
Percentage of portfolio 1.90% [1] 1.50% [2]  
2022 $ 2,003 [8] $ 3,516 [2],[11]  
2021 641 [1],[8] 10,281 [2],[11]  
2020 15,039 [1],[8] 0 [2],[11]  
2018 [2],[11]   0  
Prior [8] 0    
Apartments      
Loans and Leases Receivable Disclosure [Line Items]      
Carrying Value $ 191,708 $ 107,765  
Percentage of portfolio 20.80% 11.80%  
2022 $ 134,816 [7] $ 38,232 [12]  
2021 49,944 [7] 68,356 [12]  
2020 5,020 [7] 1,177 [12]  
2019 1,928 [7] 0 [12]  
2018 [12]   0  
Prior [4] 0    
Residential Lots      
Loans and Leases Receivable Disclosure [Line Items]      
Carrying Value $ 104,100 $ 111,644  
Percentage of portfolio 11.30% 12.20%  
2022 $ 56,675 [4] $ 85,219 [12]  
2021 38,630 [4] 26,425 [12]  
2020 [4] 8,795    
2019 [4] 0    
2018 [12]   0  
Prior [4] 0    
Single Family Housing      
Loans and Leases Receivable Disclosure [Line Items]      
Carrying Value $ 133,702 $ 87,902  
Percentage of portfolio 14.50% 9.60%  
2022 $ 124,218 [4] $ 84,703 [12]  
2021 9,245 [4] 3,049 [12]  
2020 239 [4] 0 [12]  
2019 0 [4] 0 [12]  
2018 [12]   150  
Prior 0 [4] 0 [12]  
Townhomes      
Loans and Leases Receivable Disclosure [Line Items]      
Carrying Value $ 106,888 $ 93,300  
Percentage of portfolio 11.60% 10.20%  
2022 $ 81,393 [4] $ 51,240 [12]  
2021 24,701 [4] 28,979 [12]  
2020 794 [4] 0 [12]  
2019 0 [4] 1,017 [12]  
2018 [12]   11,803  
Prior 0 [4] 261 [12]  
Commercial      
Loans and Leases Receivable Disclosure [Line Items]      
Carrying Value $ 58,515 $ 61,592  
Percentage of portfolio 6.30% 6.80%  
2022 $ 13,838 [4] $ 61,592 [12]  
2021 44,677 [4] 0 [12]  
2020 [4] 0    
2019 [4] 0    
Prior [4] 0    
Entitled Land      
Loans and Leases Receivable Disclosure [Line Items]      
Carrying Value $ 76,251 $ 45,098  
Percentage of portfolio 8.30% 4.90%  
2022 $ 54,265 [4] $ 27,763 [12]  
2021 [4] 21,986    
2020 [4] 0    
2019 [4] 0    
Prior [4] 0    
Condos      
Loans and Leases Receivable Disclosure [Line Items]      
Carrying Value $ 71,975 $ 64,492  
Percentage of portfolio 7.80% 7.10%  
2022 $ 29,738 [4] $ 8,805 [12]  
2021 2,515 [4] 18,227 [12]  
2020 3,562 [4] 0 [12]  
2019 0 [4] 1,474 [12]  
2018 [12]   35,986  
Prior [4] 36,160    
Mixed Use      
Loans and Leases Receivable Disclosure [Line Items]      
Carrying Value $ 50,127 $ 85,929  
Percentage of portfolio 5.40% 9.50%  
2022 $ 6,209 [4] $ 53,530 [12]  
2021 30,217 [4] 30,474 [12]  
2020 11,477 [4] 1,925 [12]  
2019 [4] 2,224    
Prior [4] 0    
Hotel      
Loans and Leases Receivable Disclosure [Line Items]      
Carrying Value $ 30,221 $ 31,665  
Percentage of portfolio 3.30% 3.50%  
2022 $ 14,116 [4] $ 4,886 [12]  
2021 0 [4] 26,779 [12]  
2020 [4] 16,105    
2019 [4] 0    
Prior [4] 0    
Unentitled Land      
Loans and Leases Receivable Disclosure [Line Items]      
Carrying Value $ 17,262 $ 46,019  
Percentage of portfolio 1.90% 5.00%  
2022 $ 16,325 [4] $ 42,411 [12]  
2021 [4] 937    
2020 0 [4] 0 [12]  
2019 0 [4] 3,608 [12]  
Prior 0 [4] 0 [12]  
Offices      
Loans and Leases Receivable Disclosure [Line Items]      
Carrying Value $ 18,467 $ 15,348  
Percentage of portfolio 2.00% 1.70%  
2022 $ 12,179 [4] $ 8,280 [12]  
2021 0 [4] 7,068 [12]  
2020 [4] 6,288    
2019 [4] 0    
Prior [4] 0    
Senior Housing      
Loans and Leases Receivable Disclosure [Line Items]      
Carrying Value $ 16,595 $ 61,236  
Percentage of portfolio 1.80% 6.70%  
2022 $ 16,595 [4] $ 35,899 [12]  
2021 0 [4] 25,337 [12]  
2020 [4] 0    
2019 [4] 0    
Prior [4] 0    
Commercial other      
Loans and Leases Receivable Disclosure [Line Items]      
Carrying Value $ 11,411 $ 9,080  
Percentage of portfolio 1.20% 1.00%  
2022 $ 0 [4] $ 9,080 [12]  
2021 [4] 11,411    
2020 [4] 0    
2019 [4] 0    
Prior [4] 0    
Duplex      
Loans and Leases Receivable Disclosure [Line Items]      
Carrying Value $ 13,639 $ 6,324  
Percentage of portfolio 1.50% 0.70%  
2022 $ 13,639 [4] $ 6,324 [12]  
2021 [4] 0    
2020 [4] 0    
2019 0 [4] 0 [12]  
Prior [4] 0    
Retail      
Loans and Leases Receivable Disclosure [Line Items]      
Carrying Value $ 9,071 $ 7,873  
Percentage of portfolio 1.00% 0.90%  
2022 $ 5,443 [4] $ 6,385 [12]  
2021 1,741 [4] 1,488 [12]  
2020 [4] 1,887    
2019 [4] 0    
Prior [4] 0    
Quadplex      
Loans and Leases Receivable Disclosure [Line Items]      
Carrying Value $ 8,932 $ 9,769  
Percentage of portfolio 1.00% 1.10%  
2022 $ 8,932 [4] $ 9,769 [12]  
2021 [4] 0    
2020 [4] 0    
2019 [4] 0    
Prior [4] 0    
Commercial Lots      
Loans and Leases Receivable Disclosure [Line Items]      
Carrying Value $ 4,018 $ 10,227  
Percentage of portfolio 0.40% 1.10%  
2022 $ 4,018 [4] $ 6,670 [12]  
2021 0 [4] 3,557 [12]  
2020 [4] 0    
2019 [4] 0    
Prior [4] 0    
Triplex      
Loans and Leases Receivable Disclosure [Line Items]      
Carrying Value $ 560    
Percentage of portfolio 0.10%    
2022 [4] $ 560    
2021 [4] 0    
2020 [4] 0    
2019 [4] 0    
Prior [4] 0    
Storage      
Loans and Leases Receivable Disclosure [Line Items]      
Carrying Value   $ 56,481  
Percentage of portfolio   6.20%  
2022 [12]   $ 56,481  
Vertical Construction      
Loans and Leases Receivable Disclosure [Line Items]      
Carrying Value $ 552,468 $ 478,475  
Percentage of portfolio 59.80% 52.50%  
2022 $ 352,355 [9] $ 234,861 [10]  
2021 128,130 [9] 191,896 [10]  
2020 33,895 [9] 1,177 [10]  
2019 1,928 [9] 2,491 [10]  
2018 [10]   47,789  
Prior 36,160 [9] 261 [10]  
Horizontal Development      
Loans and Leases Receivable Disclosure [Line Items]      
Carrying Value $ 221,078 $ 196,543  
Percentage of portfolio 24.10% 21.50%  
2022 $ 144,082 [9] $ 169,041 [10]  
2021 68,201 [9] 27,502 [10]  
2020 [9] 8,795    
2019 0 [9] 0 [10]  
2018 [10]   0  
Prior [9] 0    
Acquisition      
Loans and Leases Receivable Disclosure [Line Items]      
Carrying Value $ 15,195 $ 96,937  
Percentage of portfolio 1.60% 10.60%  
2022 $ 13,454 [9] $ 96,937 [10]  
2021 [9] 1,741    
2019 [9] 0    
Prior [9] 0    
Investment      
Loans and Leases Receivable Disclosure [Line Items]      
Carrying Value $ 46,536 $ 65,703  
Percentage of portfolio 5.00% 7.20%  
2022 $ 46,536 [9] $ 42,509 [10]  
2021 0 [9] 2,101 [10]  
2020 [10]   0  
2019 0 [9] 3,608 [10]  
2018 [10]   17,485  
Prior 0 [9] 0 [10]  
Rehabilitation      
Loans and Leases Receivable Disclosure [Line Items]      
Carrying Value $ 39,422 $ 27,023  
Percentage of portfolio 4.30% 3.00%  
2022 $ 12,936 [9] $ 11,320 [10]  
2021 15,009 [9] 15,703 [10]  
2020 [9] 11,477    
2019 [9] 0    
Prior [9] 0    
Land Entitlement      
Loans and Leases Receivable Disclosure [Line Items]      
Carrying Value $ 26,132 $ 24,529  
Percentage of portfolio 2.80% 2.70%  
2022 $ 4,146 [9] $ 24,529 [10]  
2021 [9] 21,986    
2019 [9] 0    
2018 [12]   17,335  
Prior [9] 0    
Bridge      
Loans and Leases Receivable Disclosure [Line Items]      
Carrying Value $ 22,611 $ 22,534  
Percentage of portfolio 2.40% 2.50%  
2022 $ 19,450 [9] $ 18,072 [10]  
2021 937 [9] 2,537 [10]  
2020 [10]   1,925  
2019 [9] 2,224    
Prior [9] 0    
Unfunded Loan Commitment [Member]      
Loans and Leases Receivable Disclosure [Line Items]      
CECL Allowance [13] (1,474) (904) $ 0
Unfunded Loan Commitment [Member] | Accounts payable and accrued liabilities      
Loans and Leases Receivable Disclosure [Line Items]      
CECL Allowance (1,500) $ (900)  
Allowances on excess amortized cost over fair value $ 35,000    
[1] Represents LTV as of origination or latest amendment. LTVs above 65% generally represent loans in contractual default status where we have agreed to extend funds to the borrower above 65% in order to facilitate successful completion of the construction and return of capital.
[2] Represents LTV as of origination or latest amendment. LTVs above 65% generally represent loans in contractual default status where we have agreed to extend funds to the borrower above 65% in order to ensure successful completion of the construction and return of capital.
[3] Includes $35.0 million in loan specific allowances for loans deemed collateral dependent based on the excess amortized cost over the fair value of the underlying collateral. In addition, $1.5 million of the CECL allowance is excluded from this table because it relates to unfunded commitments and has been recorded as a liability under accounts payable and accrued liabilities in our consolidated balance sheet.
[4] Represents the year of either origination or amendment where the loan incurred a full re-underwriting in connection with the amendment.
[5] Includes $0.7 million in loan specific allowances for loans deemed collateral dependent based on the excess amortized cost over the fair value of the underlying collateral. In addition, $0.9 million of the CECL allowance is excluded from this table because it relates to unfunded commitments and has been recorded as a liability under accounts payable and accrued liabilities in our consolidated balance sheet.
[6] Includes $0.7 million in loan specific allowances for loans deemed collateral dependent based on the excess amortized cost over the fair value of the underlying collateral. In addition, $0.9 million of the CECL allowance is excluded from this table because it relates to unfunded commitments and has been recorded as a liability under accounts payable and accrued liabilities in our consolidated balance sheet.
[7] Includes $35.0 million in loan specific allowances for loans deemed collateral dependent based on the excess amortized cost over the fair value of the underlying collateral. In addition, $1.5 million of the CECL allowance is excluded from this table because it relates to unfunded commitments and has been recorded as a liability under accounts payable and accrued liabilities in our consolidated balance sheet.
[8] Represents the year of either origination or amendment where the loan incurred a full re-underwriting in connection with the amendment.
[9] Represents the year of either origination or amendment where the loan incurred a full re-underwriting in connection with the amendment
[10] Represents the year of either origination or amendment where the loan incurred a full re-underwriting in connection with the amendment.
[11] Represents the year of either origination or amendment where the loan incurred a full re-underwriting in connection with the amendment.
[12] Represents the year of either origination or amendment where the loan incurred a full re-underwriting in connection with the amendment.
[13] CECL allowance related to unfunded commitments is presented as a liability under accounts payable and accrued liabilities in our consolidated balance sheet.