Company: SLG-PI
Filing Date: 2025-08-08
Form Type: 10-Q
Source: 0001040971-25-000031
Chunk: 61

Company: SL GREEN REALTY CORP
Filing Date: 2025-08-08
Form: 10-Q
Item: Item 1
Chunk 61
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 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 June 30, 2025 and December 31, 2024, we consolidated the following CMBS securitization trusts (in thousands):   June 30, 2025December 31, 2024MaturityTypeFair ValuePrincipal ValueFair Value (2) Principal ValueReal estate loans held by consolidated securitization vehicles (1)$1,431,362 $1,549,044 $709,095 $894,000 2023 - 2025(3)Senior obligations of consolidated securitization vehicles1,431,362 1,549,044 590,131 688,346 2023 - 2025(3)Real estate loans held by consolidated securitization vehicles in excess of senior obligations of consolidated securitization vehicles$— $— $118,964 $205,654 (1)Excludes real estate loans held by the Fund.(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