Company: SLG-PI
Filing Date: 2025-02-18
Form Type: 10-K
Source: 0001040971-25-000010
Chunk: 63

Company: SL GREEN REALTY CORP
Filing Date: 2025-02-18
Form: 10-K
Item: Item 8
Chunk 63
---
 recourse to the Company or our assets. The Company has not provided any guarantees with respect to the performance or repayment of the senior CMBS obligations.While consolidation of the securitization trust increases the gross presentation of our consolidated balance sheets, it does not impact the economic exposure or performance of the Company as it is limited to that of the actual investment in the CMBS securitization trust, and not the consolidated senior obligations.As of December 31, 2024 and 2023, we consolidated the following CMBS securitization trusts (in thousands):  December 31, 2024December 31, 2023MaturityTypeFair Value (1)Principal ValueFair Value Principal ValueReal estate loans held by consolidated securitization vehicles$709,095 $894,000 $— $— 2023 - 2024 (2)Senior obligations of consolidated securitization vehicles590,131 688,346 — — 2023 - 2024 (2)Real estate loans held by consolidated securitization vehicles in excess of senior obligations of consolidated securitization vehicles$118,964 $205,654 $— $— (1)Includes $134.8 million and $34.2 million of assets and liabilities, respectively, for a loan that is on non-accrual and is accounted for on an amortized cost basis. (2)The Company is in discussions with the respective borrowers on the resolution of the past maturities.We have elected to record the associated interest income and interest expense for these investments as separate line items on our consolidated statements of operations. The amounts recorded in Interest income from real estate loans held by consolidated securitization vehicles on our consolidated statements of operations include the Company's interest income as well as the interest income associated with CMBS positions owned by third parties, which is offset by the amounts recorded in Interest expense on senior obligations of consolidated securitization vehicles on our consolidated statements of operations. As a result, the net impact is limited to the interest income on the CMBS securities we own directly and not the gross consolidated interest income and interest expense.Investments in Unconsolidated Joint VenturesWe account for our investments in unconsolidated joint ventures under the equity method of accounting in cases where we exercise significant influence over, but do not control, these entities and are not considered to be the primary beneficiary. We consolidate those joint ventures that we control or which are variable interest