Company: SLG-PI
Filing Date: 2025-08-08
Form Type: 10-Q
Source: 0001040971-25-000031
Chunk: 73

Company: SL GREEN REALTY CORP
Filing Date: 2025-08-08
Form: 10-Q
Item: Item 1
Chunk 73
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130,245 $130,812 $185,439 $185,740 $315,684 $958,671 (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 one investment with a total carrying value of $53.5 million that is included in the Company's alternative strategy portfolio.(4)Excludes a $209.7 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."

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Table of ContentsSL Green Realty Corp. and SL Green Operating Partnership, L.P.Notes to Consolidated Financial Statements (cont.)June 30, 2025(unaudited)

The following table is a roll forward of our total allowance for loan losses for the six months ended June 30, 2025 and the twelve months ended December 31, 2024 (in thousands):June 30, 2025December 31, 2024Balance at beginning of year$13,520 $13,520 Current period provision for loan loss300 — Initial allowance for credit losses on loans purchased with credit deterioration ("PCD") (1)(2)165,037 — Writeoffs (1)(3)(40,779)— Current period recoveries (1)(71,626)— Balance at end of period (4)$66,452 $13,520 (1)During the first quarter of 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. 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. In May 2025, the commercial mortgage investment was repaid, which resulted in an additional $46.6