Company: SLG-PI
Filing Date: 2025-04-17
Form Type: 10-K/A
Source: 0001040971-25-000019
Chunk: 31

Company: SL GREEN REALTY CORP
Filing Date: 2025-04-17
Form: 10-K/A
Chunk 31
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. The consolidation of such securitization trusts results in a gross presentation of the underlying collateral loans as assets as well as the senior CMBS positions owned by third parties, which are presented as liabilities on our consolidated balance sheets. The assets of the consolidated securitization trust can only be used to satisfy the liabilities of that securitization and are not available to the Company for any other purpose. Additionally, the senior CMBS securitization trust obligations can only be satisfied through repayment of the underlying collateral loans as they do not have any 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, 2024 |         |     |                 |         |     | December 31, 2023 |     |            |   |     |                 |   |     | Maturity |     |             |    |
|:---------------------------------------------------------------------------------------------------------------------------------------|:----|:------------------|--------:|:----|:----------------|--------:|:----|:------------------|:----|:-----------|:--|:----|:----------------|:--|:----|:---------|:----|:------------|---:|
| Type                                                                                                                                   |     | Fair Value(1)     |         |     | Principal Value |         |     |                   |     | Fair Value |   |     | Principal Value |   |     |          |     |             |    |
| Real estate loans held by consolidated securitization vehicles                                                                         |     | $                 | 709,095 |     | $               | 894,000 |     |                   |     | $          | — |     | $               | — |     |          |     | 2023 - 2024 | -2 |
| Senior obligations of consolidated securitization vehicles                                                                             |     |                   | 590,131 |     |                 | 688,346 |     |                   |     |            | — |     |                 | —