Company: SLG-PI
Filing Date: 2025-05-01
Form Type: 10-Q
Source: 0001040971-25-000022
Chunk: 48

Company: SL GREEN REALTY CORP
Filing Date: 2025-05-01
Form: 10-Q
Item: Item 1
Chunk 48
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 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 March 31, 2025 and December 31, 2024, we consolidated the following CMBS securitization trusts (in thousands):   March 31, 2025December 31, 2024MaturityTypeFair Value (1)Principal ValueFair Value (2) Principal ValueReal estate loans held by consolidated securitization vehicles$1,599,291 $1,821,800 $709,095 $894,000 2023 - 2025(3)Senior obligations of consolidated securitization vehicles1,409,185 1,549,044 590,131 688,346 2023 - 2025(3)Real estate loans held by consolidated securitization vehicles in excess of senior obligations of consolidated securitization vehicles$190,106 $272,756 $118,964 $205,654 (1)Includes a $150.0 million commercial mortgage investment, net of reserves, that is accounted for on an amortized cost basis. The total investment was acquired in a series of transactions consummated at various discounts and was determined to be purchased with credit deterioration ("PCD"). This requires the establishment of an initial credit loss allowance, which is equal to the difference between the price paid for the investment and the par value of the investment. See Note 5, "Debt and Preferred Equity Investments."(2)Includes $134.8 million and $34.2 million of assets and liabilities, respectively, for a loan that is accounted for on an amortized cost basis.(3)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