Loans Receivable, Net (Tables)
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9 Months Ended |
Sep. 30, 2022 |
Receivables [Abstract] |
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Overall Statistics for Loans Receivable Portfolio |
The following table details overall statistics for our loans receivable portfolio ($ in thousands):
| | | | | | | | | | | | | September 30, 2022 | | December 31, 2021 | Number of loans | 205 | | | 188 | | Principal balance | $ | 24,576,601 | | | $ | 22,156,437 | | Net book value | $ | 24,278,702 | | | $ | 21,878,338 | | Unfunded loan commitments(1) | $ | 4,126,886 | | | $ | 4,180,128 | | Weighted-average cash coupon(2) | + 3.30 | % | | + 3.19 | % | Weighted-average all-in yield(2) | + 3.67 | % | | + 3.52 | % | Weighted-average maximum maturity (years)(3) | 3.3 | | 3.4 |
(1)Unfunded commitments will primarily be funded to finance our borrowers’ construction or development of real estate-related assets, capital improvements of existing assets, or lease-related expenditures. These commitments will generally be funded over the term of each loan, subject in certain cases to an expiration date. (2)The weighted-average cash coupon and all-in yield are expressed as a spread over the relevant floating benchmark rates, which include USD LIBOR, SOFR, SONIA, GBP LIBOR, EURIBOR, and other indices, as applicable to each loan. As of September 30, 2022, substantially all of our loans by principal balance earned a floating rate of interest, primarily indexed to USD LIBOR. As of December 31, 2021, 99.5% of our loans by principal balance earned a floating rate of interest, primarily indexed to USD LIBOR. The other 0.5% of our loans earned a fixed rate of interest. In addition to cash coupon, all-in yield includes the amortization of deferred origination and extension fees, loan origination costs, and purchase discounts, as well as the accrual of exit fees. Excludes one loan accounted for under the cost-recovery method. (3)Maximum maturity assumes all extension options are exercised by the borrower, however our loans may be repaid prior to such date. As of September 30, 2022, 61% of our loans by principal balance were subject to yield maintenance or other prepayment restrictions and 39% were open to repayment by the borrower without penalty. As of December 31, 2021, 56% of our loans by principal balance were subject to yield maintenance or other prepayment restrictions and 44% were open to repayment by the borrower without penalty.
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Disclosure Details Of Loan Receivable Portfolio Based On Index Floor Rates |
The following table details the index rate floors for our loans receivable portfolio as of September 30, 2022 ($ in thousands):
| | | | | | | | | | | | | | | | | | | | | | | Loans Receivable Principal Balance | Index Rate Floors | | USD | | Non-USD(1) | | Total | Fixed Rate | | $ | 37,500 | | | $ | — | | | $ | 37,500 | | 0.00% or no floor(2) | | 3,759,111 | | 7,072,364 | | 10,831,475 | 0.01% to 1.00% floor | | 9,425,418 | | 661,899 | | 10,087,317 | 1.01% to 1.50% floor | | 2,458,655 | | 55,040 | | 2,513,695 | 1.51% to 2.00% floor | | 692,036 | | — | | 692,036 | 2.01% or more floor | | 366,129 | | 48,449 | | 414,578 | Total(3) | | $ | 16,738,849 | | | $ | 7,837,752 | | | $ | 24,576,601 | |
(1)Includes Euro, British Pound Sterling, Swedish Krona, Australian Dollar, Canadian Dollar, Swiss Franc, and Danish Krone currencies. (2)Includes a $286.3 million loan accounted for under the cost-recovery method. (3)As of September 30, 2022, the weighted-average index rate floor of our loan portfolio was 0.34%. Excluding 0.0% index rate floors and loans with no floor, the weighted-average index rate floor was 0.60%.
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Activity Relating to Loans Receivable Portfolio |
Activity relating to our loans receivable portfolio was as follows ($ in thousands): | | | | | | | | | | | | | | | | | | | Principal Balance | | Deferred Fees / Other Items(1) | | Net Book Value | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Loans Receivable, as of December 31, 2021 | $ | 22,156,437 | | | $ | (153,420) | | | $ | 22,003,017 | | Loan fundings | 6,210,880 | | — | | 6,210,880 | Loan repayments and sales | (2,520,175) | | — | | (2,520,175) | | | | | | | | | | | | | Unrealized (loss) gain on foreign currency translation | (1,270,541) | | 9,733 | | (1,260,808) | Deferred fees and other items | — | | (67,950) | | (67,950) | Amortization of fees and other items | — | | 58,169 | | 58,169 | Loans Receivable, as of September 30, 2022 | $ | 24,576,601 | | | $ | (153,468) | | | $ | 24,423,133 | | CECL reserve | | | | | (144,431) | Loans Receivable, net, as of September 30, 2022 | | | | | $ | 24,278,702 | |
(1)Other items primarily consist of purchase and sale discounts or premiums, exit fees, and deferred origination expenses.
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Property Type and Geographic Distribution of Properties Securing Loans in Portfolio |
The tables below detail the property type and geographic distribution of the properties securing the loans in our portfolio ($ in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | | | September 30, 2022 | Property Type | | Number of Loans | | Net Book Value | | Total Loan Exposure(1) | | Percentage of Portfolio | Office | | 67 | | $ | 9,609,121 | | | $ | 10,697,145 | | | 41% | Multifamily | | 81 | | 6,210,730 | | 6,313,319 | | 24 | Hospitality | | 30 | | 4,840,022 | | 4,871,384 | | 19 | Industrial | | 10 | | 1,659,162 | | 1,752,418 | | 7 | Retail | | 9 | | 1,093,758 | | 1,134,337 | | 4 | Other | | 8 | | 1,010,340 | | 1,367,403 | | 5 | Total loans receivable | | 205 | | $ | 24,423,133 | | | $ | 26,136,006 | | | 100% | CECL reserve | | | | (144,431) | | | | | | Loans receivable, net | | | | $ | 24,278,702 | | | | | | | | | | | | | | | Geographic Location | | Number of Loans | | Net Book Value | | Total Loan Exposure(1) | | Percentage of Portfolio | United States | | | | | | | | | Sunbelt | | 76 | | $ | 6,439,282 | | | $ | 6,688,040 | | | 26% | Northeast | | 38 | | 5,365,371 | | 5,694,075 | | 22 | West | | 34 | | 3,516,562 | | 4,484,044 | | 17 | Midwest | | 10 | | 1,005,315 | | 1,110,161 | | 4 | Northwest | | 6 | | 317,617 | | 321,937 | | 1 | Subtotal | | 164 | | 16,644,147 | | 18,298,257 | | 70 | International | | | | | | | | | United Kingdom | | 22 | | 3,122,227 | | 3,153,449 | | 12 | Australia | | 6 | | 1,362,111 | | 1,373,933 | | 5 | Spain | | 4 | | 1,147,064 | | 1,151,521 | | 5 | Ireland | | 3 | | 1,117,526 | | 1,122,990 | | 4 | Sweden | | 1 | | 444,948 | | 448,264 | | 2 | Canada | | 1 | | 48,396 | | 48,449 | | — | Other Europe | | 4 | | 536,714 | | 539,143 | | 2 | Subtotal | | 41 | | 7,778,986 | | 7,837,749 | | 30 | Total loans receivable | | 205 | | $ | 24,423,133 | | | $ | 26,136,006 | | | 100% | CECL reserve | | | | (144,431) | | | | | | Loans receivable, net | | | | $ | 24,278,702 | | | | | |
(1)In certain instances, we finance our loans through the non-recourse sale of a senior loan interest that is not included in our consolidated financial statements. See Note 2 for further discussion. Total loan exposure encompasses the entire loan we originated and financed, including $1.6 billion of such non-consolidated senior interests as of September 30, 2022. | | | | | | | | | | | | | | | | | | | | | | | | | | | December 31, 2021 | Property Type | | Number of Loans | | Net Book Value | | Total Loan Exposure(1)(2) | | Percentage of Portfolio | Office | | 65 | | $ | 9,473,039 | | | $ | 10,425,026 | | | 44% | Multifamily | | 75 | | 5,721,260 | | 5,771,517 | | 24 | Hospitality | | 25 | | 3,427,245 | | 3,540,391 | | 15 | Industrial | | 6 | | 1,102,452 | | 1,185,606 | | 5 | Retail | | 8 | | 871,241 | | 909,970 | | 4 | Other | | 9 | | 1,407,780 | | 1,836,601 | | 8 | Total loans receivable | | 188 | | $ | 22,003,017 | | | $ | 23,669,111 | | | 100% | CECL reserve | | | | (124,679) | | | | | | Loans receivable, net | | | | $ | 21,878,338 | | | | | | | | | | | | | | | Geographic Location | | Number of Loans | | Net Book Value | | Total Loan Exposure(1)(2) | | Percentage of Portfolio | United States | | | | | | | | | Sunbelt | | 71 | | $ | 5,907,230 | | | $ | 6,206,216 | | | 26% | Northeast | | 37 | | 4,615,076 | | 4,934,295 | | 21 | West | | 33 | | 3,520,942 | | 4,199,208 | | 18 | Midwest | | 10 | | 1,063,202 | | 1,113,959 | | 5 | Northwest | | 5 | | 251,121 | | 252,700 | | 1 | Subtotal | | 156 | | 15,357,571 | | 16,706,378 | | 71 | International | | | | | | | | | United Kingdom | | 17 | | 2,342,146 | | 2,598,033 | | 11 | Spain | | 4 | | 1,374,364 | | 1,380,763 | | 6 | Ireland | | 1 | | 1,210,375 | | 1,216,864 | | 5 | Sweden | | 1 | | 546,319 | | 551,149 | | 2 | Australia | | 4 | | 504,668 | | 509,885 | | 2 | Canada | | 2 | | 68,558 | | 68,478 | | — | Other Europe | | 3 | | 599,016 | | 637,561 | | 3 | Subtotal | | 32 | | 6,645,446 | | 6,962,733 | | 29 | Total loans receivable | | 188 | | $ | 22,003,017 | | | $ | 23,669,111 | | | 100% | CECL reserve | | | | (124,679) | | | | | Loans receivable, net | | | | $ | 21,878,338 | | | | | |
(1)In certain instances, we finance our loans through the non-recourse sale of a senior loan interest that is not included in our consolidated financial statements. See Note 2 for further discussion. Total loan exposure encompasses the entire loan we originated and financed, including $1.5 billion of such non-consolidated senior interests as of December 31, 2021. (2)Excludes investment exposure to the $379.3 million 2018 Single Asset Securitization. See Note 4 for details of the subordinate position we own in the 2018 Single Asset Securitization.
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Principal Balance and Net Book Value of Loans Receivable Based on Internal Risk Ratings |
The following table allocates the principal balance and net book value of our loans receivable based on our internal risk ratings ($ in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | September 30, 2022 | | December 31, 2021 | Risk Rating | | Number of Loans | | Net Book Value | | Total Loan Exposure(1) | | Number of Loans | | Net Book Value | | Total Loan Exposure(1)(2) | 1 | | 12 | | $ | 1,059,274 | | | $ | 1,081,961 | | | 8 | | $ | 642,776 | | | $ | 645,854 | | 2 | | 42 | | 6,323,262 | | 7,008,246 | | 28 | | 5,200,533 | | 5,515,250 | 3 | | 137 | | 14,070,849 | | 15,072,206 | | 141 | | 13,604,027 | | 14,944,045 | 4 | | 13 | | 2,684,939 | | 2,687,284 | | 10 | | 2,270,872 | | 2,277,653 | 5 | | 1 | | 284,809 | | 286,309 | | 1 | | 284,809 | | 286,309 | Total loans receivable | | 205 | | $ | 24,423,133 | | | $ | 26,136,006 | | | 188 | | $ | 22,003,017 | | | $ | 23,669,111 | | CECL reserve | | | | (144,431) | | | | | | (124,679) | | | Loans receivable, net | | | | $ | 24,278,702 | | | | | | | $ | 21,878,338 | | | |
(1)In certain instances, we finance our loans through the non-recourse sale of a senior loan interest that is not included in our consolidated financial statements. See Note 2 for further discussion. Total loan exposure encompasses the entire loan we originated and financed, including $1.6 billion and $1.5 billion of such non-consolidated senior interests as of September 30, 2022 and December 31, 2021, respectively. (2)Excludes investment exposure to the 2018 Single Asset Securitization of $379.3 million as of December 31, 2021. See Note 4 for details of the subordinate position we own in the 2018 Single Asset Securitization.
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Schedule Of Current Expected Credit Loss Reserve By Pool |
The following table presents the activity in our loans receivable CECL reserve by investment pool for the three and nine months ended September 30, 2022 and 2021 ($ in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | U.S. Loans(1) | | Non-U.S. Loans | | Unique Loans | | Impaired Loans | | Total | | | | | | | | | | | CECL reserve as of December 31, 2021 | $ | 26,885 | | | $ | 10,263 | | | $ | 32,657 | | | $ | 54,874 | | | $ | 124,679 | | Decrease in CECL reserve | (644) | | (54) | | (1,760) | | — | | (2,458) | | CECL reserve as of March 31, 2022 | $ | 26,241 | | | $ | 10,209 | | | $ | 30,897 | | | $ | 54,874 | | | $ | 122,221 | | Increase in CECL reserve | 7,070 | | 1,135 | | 2,598 | | — | | 10,803 | | CECL reserve as of June 30, 2022 | $ | 33,311 | | | $ | 11,344 | | | $ | 33,495 | | | $ | 54,874 | | | $ | 133,024 | | Increase in CECL reserve | 8,280 | | 45 | | 3,082 | | — | | 11,407 | CECL reserve as of September 30, 2022 | $ | 41,591 | | | $ | 11,389 | | | $ | 36,577 | | | $ | 54,874 | | | $ | 144,431 | | | | | | | | | | | | CECL reserve as of December 31, 2020 | $ | 42,995 | | | $ | 27,734 | | | $ | 33,159 | | | $ | 69,661 | | | $ | 173,549 | | Increase (decrease) in CECL reserve | 1,539 | | | (3,134) | | | 146 | | | — | | | (1,449) | | CECL reserve as of March 31, 2021 | $ | 44,534 | | | $ | 24,600 | | | $ | 33,305 | | | $ | 69,661 | | | $ | 172,100 | | Decrease in CECL reserve | (26,861) | | | (15,771) | | | (523) | | | — | | | (43,155) | | CECL reserve as of June 30, 2021 | $ | 17,673 | | | $ | 8,829 | | | $ | 32,782 | | | $ | 69,661 | | | $ | 128,945 | | Increase (decrease) in CECL reserve | 3,253 | | | (283) | | | (1,527) | | | — | | | 1,443 | | CECL reserve as of September 30, 2021 | $ | 20,926 | | | $ | 8,546 | | | $ | 31,255 | | | $ | 69,661 | | | $ | 130,388 | |
(1) Includes Canadian loans, which have similar risk characteristics as U.S. loans.
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Schedule of Net Book Value of Loan Portfolio By Year of Origination, Investment Pool and Risk Rating |
The following tables present the net book value of our loan portfolio as of September 30, 2022 and December 31, 2021, respectively, by year of origination, investment pool, and risk rating ($ in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Net Book Value of Loans Receivable by Year of Origination(1) | | | | As of September 30, 2022 | | Risk Rating | | 2022 | | 2021 | | 2020 | | 2019 | | 2018 | | Prior | | Total | | U.S. loans(2) | | | | | | | | | | | | | | | | 1 | | $ | 126,002 | | | $ | 312,208 | | | $ | 4,716 | | | $ | 200,910 | | | $ | 415,438 | | | $ | — | | | $ | 1,059,274 | | | 2 | | 117,240 | | 1,985,821 | | 489,744 | | 152,102 | | 1,068,623 | | — | | 3,813,530 | | 3 | | 1,978,758 | | 5,733,693 | | 273,892 | | 952,167 | | 823,215 | | 283,414 | | 10,045,139 | | 4 | | — | | 208,829 | | — | | 96,542 | | 819,164 | | 365,254 | | 1,489,789 | | 5 | | — | | — | | — | | — | | — | | — | | — | | Total U.S. loans | | $ | 2,222,000 | | | $ | 8,240,551 | | | $ | 768,352 | | | $ | 1,401,721 | | | $ | 3,126,440 | | | $ | 648,668 | | | $ | 16,407,732 | | | Non-U.S. loans | | | | | | | | | | | | | | | | 1 | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | 2 | | 533,332 | | 570,497 | | 86,895 | | 1,110,962 | | — | | — | | 2,301,686 | | 3 | | 756,131 | | 1,423,210 | | — | | 709,834 | | 135,024 | | — | | 3,024,199 | | 4 | | — | | — | | — | | 312,314 | | — | | — | | 312,314 | | 5 | | — | | — | | — | | | — | | — | | — | | — | | Total Non-U.S. loans | | $ | 1,289,463 | | | $ | 1,993,707 | | | $ | 86,895 | | | $ | 2,133,110 | | | $ | 135,024 | | | $ | — | | | $ | 5,638,199 | | | Unique loans | | | | | | | | | | | | | | | | 1 | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | 2 | | 208,046 | | — | | — | | — | | — | | — | | 208,046 | | 3 | | 838,610 | | — | | — | | — | | 162,901 | | — | | | 1,001,511 | | 4 | | — | | — | | — | | 267,077 | | 615,759 | | — | | 882,836 | | 5 | | — | | — | | — | | — | | — | | — | | — | | Total unique loans | | $ | 1,046,656 | | | $ | — | | | $ | — | | | $ | 267,077 | | | $ | 778,660 | | | $ | — | | | $ | 2,092,393 | | | Impaired loans | | | | | | | | | | | | | | | | 1 | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | 2 | | — | | — | | — | | — | | — | | — | | — | | 3 | | — | | — | | — | | — | | — | | — | | — | | 4 | | — | | — | | — | | — | | — | | — | | — | | 5 | | — | | — | | — | | — | | 284,809 | | — | | 284,809 | | Total impaired loans | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | 284,809 | | | $ | — | | | $ | 284,809 | | | Total loans receivable | | | | | | | | | | | | | | | | 1 | | $ | 126,002 | | | $ | 312,208 | | | $ | 4,716 | | | $ | 200,910 | | | $ | 415,438 | | | $ | — | | | $ | 1,059,274 | | | 2 | | 858,618 | | 2,556,318 | | 576,639 | | 1,263,064 | | 1,068,623 | | — | | 6,323,262 | | 3 | | 3,573,499 | | 7,156,903 | | 273,892 | | 1,662,001 | | 1,121,140 | | 283,414 | | 14,070,849 | | 4 | | — | | 208,829 | | — | | 675,933 | | 1,434,923 | | 365,254 | | 2,684,939 | | 5 | | — | | — | | — | | — | | 284,809 | | — | | 284,809 | | Total loans receivable | | $ | 4,558,119 | | | $ | 10,234,258 | | | $ | 855,247 | | | $ | 3,801,908 | | | $ | 4,324,933 | | | $ | 648,668 | | | $ | 24,423,133 | | | CECL reserve | | | | | | | | | | | | | | (144,431) | | Loans receivable, net | | | | | | | | | | | | | | $ | 24,278,702 | | |
(1)Date loan was originated or acquired by us. Origination dates are subsequently updated to reflect material loan modifications. (2)Includes Canadian loans, which have similar risk characteristics as U.S. loans. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Net Book Value of Loans Receivable by Year of Origination(1)(2) | | | | As of December 31, 2021 | | Risk Rating | | 2021 | | 2020 | | 2019 | | 2018 | | 2017 | | Prior | | Total | | U.S. loans(3) | | | | | | | | | | | | | | | | 1 | | $ | 125,873 | | | $ | — | | | $ | 196,017 | | | $ | 72,752 | | | $ | 248,134 | | | $ | — | | | $ | 642,776 | | | 2 | | 876,536 | | 427,839 | | 221,513 | | 1,134,176 | | 354,775 | | 82,274 | | 3,097,113 | | 3 | | 7,511,883 | | 358,448 | | 1,109,170 | | 1,116,872 | | 292,520 | | 228,264 | | 10,617,157 | | 4 | | — | | — | | 96,539 | | 534,938 | | 63,358 | | 89,439 | | 784,274 | | 5 | | — | | — | | — | | — | | — | | — | | — | | Total U.S. loans | | $ | 8,514,292 | | | $ | 786,287 | | | $ | 1,623,239 | | | $ | 2,858,738 | | | $ | 958,787 | | | $ | 399,977 | | | $ | 15,141,320 | | | Non-U.S. loans | | | | | | | | | | | | | | | | 1 | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | 2 | | 698,130 | | 98,412 | | 1,306,878 | | — | | — | | — | | 2,103,420 | | 3 | | 1,403,110 | | — | | 932,939 | | 394,949 | | — | | — | | 2,730,998 | | 4 | | — | | — | | 343,030 | | — | | — | | — | | 343,030 | | 5 | | — | | — | | — | | — | | — | | — | | — | | Total Non-U.S. loans | | $ | 2,101,240 | | | $ | 98,412 | | | $ | 2,582,847 | | | $ | 394,949 | | | $ | — | | | $ | — | | | $ | 5,177,448 | | | Unique loans | | | | | | | | | | | | | | | | 1 | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | 2 | | — | | — | | — | | — | | — | | — | | — | | 3 | | — | | — | | — | | 197,018 | | — | | 58,854 | | 255,872 | | 4 | | — | | — | | 322,787 | | 820,781 | | — | | — | | 1,143,568 | | 5 | | — | | — | | — | | — | | — | | — | | — | | Total unique loans | | $ | — | | | $ | — | | | $ | 322,787 | | | $ | 1,017,799 | | | $ | — | | | $ | 58,854 | | | $ | 1,399,440 | | | Impaired loans | | | | | | | | | | | | | | | | 1 | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | 2 | | — | | — | | — | | — | | — | | — | | — | | 3 | | — | | — | | — | | — | | — | | — | | — | | 4 | | — | | — | | — | | — | | — | | — | | — | | 5 | | — | | — | | — | | 284,809 | | — | | — | | 284,809 | | Total impaired loans | | $ | — | | | $ | — | | | $ | — | | | $ | 284,809 | | | $ | — | | | $ | — | | | $ | 284,809 | | | Total loans receivable | | | | | | | | | | | | | | | | 1 | | $ | 125,873 | | | $ | — | | | $ | 196,017 | | | $ | 72,752 | | | $ | 248,134 | | | $ | — | | | $ | 642,776 | | | 2 | | 1,574,666 | | 526,251 | | 1,528,391 | | 1,134,176 | | 354,775 | | 82,274 | | 5,200,533 | | 3 | | 8,914,993 | | 358,448 | | 2,042,109 | | 1,708,839 | | 292,520 | | 287,118 | | 13,604,027 | | 4 | | — | | — | | 762,356 | | 1,355,719 | | 63,358 | | 89,439 | | 2,270,872 | | 5 | | — | | — | | — | | 284,809 | | — | | — | | 284,809 | | Total loans receivable | | $ | 10,615,532 | | | $ | 884,699 | | | $ | 4,528,873 | | | $ | 4,556,295 | | | $ | 958,787 | | | $ | 458,831 | | | $ | 22,003,017 | | | CECL reserve | | | | | | | | | | | | | | (124,679) | | Loans receivable, net | | | | | | | | | | | | | | $ | 21,878,338 | | |
(1)Date loan was originated or acquired by us. Origination dates are subsequently updated to reflect material loan modifications. (2)Excludes the $78.0 million net book value of our held-to-maturity debt securities which represents our subordinate position we own in the 2018 Single Asset Securitization, and is included in other assets on our consolidated balance sheets. See Note 4 for details of the subordinate position we own in the 2018 Single Asset Securitization. (3)Includes Canadian loans, which have similar risk characteristics as U.S. loans.
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