Company: SLG-PI
Filing Date: 2025-05-01
Form Type: 10-Q
Source: 0001040971-25-000022
Chunk: 59

Company: SL GREEN REALTY CORP
Filing Date: 2025-05-01
Form: 10-Q
Item: Item 1
Chunk 59
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,954 $188,954 $318,189 $1,062,021 (1)Floating interest rates are presented with the stated spread over Term SOFR ("S").(2)Excludes available extension options to the extent they have not been exercised as of the date of this filing.(3)Includes two investments with a total carrying value of $53.5 million that are included in the Company's alternative strategy portfolio.(4)Excludes a $219.4 million preferred equity investment that is included in Investment in unconsolidated joint ventures in our consolidated balance sheet. See Note 6, "Investments in Unconsolidated Joint Ventures."The following table is a roll forward of our total allowance for loan losses for the three months ended March 31, 2025 and the twelve months ended December 31, 2024 (in thousands):March 31, 2025December 31, 2024Balance at beginning of year$13,520 $13,520 Initial allowance for credit losses on PCD loans (1)99,039 — Writeoffs (1)(24,000)— Current period recoveries (1)(25,039)— Balance at end of period (2)$63,520 $13,520 (1)During the three months ended March 31, 2025, we completed a series of transactions to acquire 100% of a commercial mortgage investment that was in maturity default. These transactions were consummated at various discounts. Once the commercial mortgage investment was wholly-owned, an initial allowance of $99.0 million was established, which is equal to the difference between the price paid for the investment and the par value of the investment. Subsequent to the final transaction, we entered into a modification with the borrower to reduce the loan principal by $24.0 million with the remaining principal to be repaid by a specified date. As a result of the modification and the collection of $10.0 million, we recognized a $25.0 million reversal of the established allowance during the three months ended March 31, 2025.(2)As of March 31, 2025, all financing receivables on non-accrual had an allowance for loan loss except for one debt investment with a carrying value of $53.5 million, which is included in the Company's alternative strategy portfolio.As of March 31, 2025 and December 31,