Other Assets and Liabilities |
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Other Assets and Liabilities | 4. OTHER ASSETS AND LIABILITIES Other Assets The following table details the components of our other assets ($ in thousands):
Current Expected Credit Loss Reserve The CECL reserve required under GAAP reflects our current estimate of potential credit losses related to the loans and debt securities included in our consolidated balance sheets. Refer to Note 2 for further discussion of our CECL reserve. The following table presents the activity in our debt securities CECL reserve by investment pool for the year ended December 31, 2020 ($ in thousands):
Our initial CECL reserve of $445,000 against our debt securities held-to-maturity, subsequent changes to the CECL reserve are recognized through net income on our consolidated statements of operations. During the year ended December 31, 2020, we recorded an increase of $ 1.3 million in the expected credit loss reserve against our debt securities held-to-maturity, bringing our total CECL reserve to $ 1.7 million as of December 31, 2020. This CECL reserve reflects the macroeconomic impact of the COVID-19 pandemic on commercial real estate markets generally and is not specific to any loan losses or impairments in our portfolio. See Note 2 for further discussion of COVID-19. Other Liabilities The following table details the components of our other liabilities ($ in thousands):
Current Expected Credit Loss Reserve for Unfunded Loan Commitments As of December 31, 2020, we had unfunded commitments of $3.2 billion related to 84 loans receivable. The expected credit losses over the contractual period of our loans are subject to the obligation to extend credit through our unfunded loan commitments. See Note 2 for further discussion of the CECL reserve related to our unfunded loan commitments, and Note 18 for further discussion of our unfunded loan commitments. The following table presents the activity in the CECL reserve related to our unfunded loan commitments by investment pool for the year ended December 31, 2020 ($ in thousands):
Our initial CECL reserve of $3.3 million against our unfunded loan commitments, recorded on January 1, 2020, is reflected as a direct charge to retained earnings on our consolidated statements of changes in equity; however subsequent changes to the CECL reserve are recognized through net income on our consolidated statements of operations. During the year ended December 31, 2020, we recorded an increase of $6.8 million in the expected credit loss reserve against our unfunded loan commitments, bringing our total CECL reserve to $10.0 million as of December 31, 2020. This CECL reserve reflects the macroeconomic impact of the
COVID-19 pandemic on commercial real estate markets generally and is not specific to any loan losses or impairments in our portfolio. See Note 2 for further discussion of COVID-19. |