NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Continued)
The following table displays the total recorded investment in our multifamily HFI loans by credit quality indicator as of March 31, 2015 and December 31, 2014, excluding loans for which we have elected the fair value option.
(Dollars in millions)
Credit risk profile by internally assigned grade:(1)
Pass (loan is current and adequately protected by the current financial strength and debt service capacity of the borrower); special mention (loan with signs of potential weakness); substandard (loan with a well defined weakness that jeopardizes the timely full repayment); and doubtful (loan with a weakness that makes collection or liquidation in full highly questionable and improbable based on existing conditions and values).