Company: SLG-PI
Filing Date: 2025-11-03
Form Type: 10-Q
Source: 0001628280-25-047886
Chunk: 73

Company: SL GREEN REALTY CORP
Filing Date: 2025-11-03
Form: 10-Q
Item: Item 1
Chunk 73
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 30, 2025 and the twelve months ended December 31, 2024 (in thousands):September 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)99,039 — Writeoffs (1)(2)(40,779)— Current period recoveries (1)(71,626)— Balance at end of period (3)$454 $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 million reversal of the established allowance during the three months ended June 30, 2025. (2)The Company held a debt investment which was on non-accrual status and fully reserved. During the nine months ended September 30, 2025, the Company wrote off the balance of $13.4 million.(3)As of September 30, 2025, all financing receivables on non-accrual had an allowance for loan loss except for one debt investment with a carrying value of $53.5 million, which is included in the Company's alternative strategy portfolio.As of September 30, 2025 and December 31, 2024, one investment, which is fully reserved, was not performing in accordance with its respective terms. This is further discussed in the Debt Investments table below.No other financing receivables were 90 days past due as of September 30, 2025 and December 31, 2024.The following table sets forth the carrying value of our consolidated debt and preferred