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Debt and Preferred Equity Investments (Tables) | 12 Months Ended
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Dec. 31, 2019
Investments, Debt and Equity Securities [Abstract] |
Schedule of debt and preferred equity book balance roll forward | Below is a summary of the activity relating to our debt and preferred equity investments as of December 31, 2019 and 2018 (in thousands):
| December 31, 2019 |  | December 31, 2018
Balance at beginning of year (1) | $ | 2,099,393 |  |  | $ | 2,114,041 |
Debt investment originations/accretion (2) | 652,866 |  |  | 834,304 |
Preferred equity investment originations/accretion (2) | 14,736 |  |  | 151,704 |
Redemptions/sales/syndications/amortization (3) | (1,190,689 | ) |  | (994,906 | )
Net change in loan loss reserves | 4,000 |  |  | (5,750 | )
Balance at end of period (1) | $ | 1,580,306 |  |  | $ | 2,099,393 |
(1) | Net of unamortized fees, discounts, and premiums.
(2) | Accretion includes amortization of fees and discounts and paid-in-kind investment income.
(3) Certain participations in debt investments that were sold or syndicated, but did not meet the conditions for sale accounting, are included in other assets and other liabilities on the consolidated balance sheets.
Schedule of Debt | Below is a summary of the balances relating to our debt and preferred equity investments as of December 31, 2019 (dollars in thousands):
| Floating Rate |  | Fixed Rate |  | Total Carrying Value | Senior Financing | Maturity
Type | Carrying Value | Face Value | Interest Rate |  | Carrying Value | Face Value | Interest Rate |
Senior Mortgage Debt | $ | 341,513 |  | $342,861 | L + 2.75 - 5.50% |  | $ | 1,010 |  | $1,250 | 3.00% |  | $ | 342,523 |  | $ | — |  | 2020-2022
Junior Mortgage Debt | 31,960 |  | 32,000 | L + 6.00 - 7.25% |  | — |  | — | — |  | $ | 31,960 |  | 100,000 |  | 2020-2021
Mezzanine Debt | 245,412 |  | 247,385 | L + 4.60 - 12.36% |  | 721,175 |  | 728,138 | 2.90 - 10.00% |  | $ | 966,587 |  | 5,188,939 |  | 2020-2029
Preferred Equity | — |  | — | — |  | 239,236 |  | 244,983 | 7.00 - 11.00% |  | $ | 239,236 |  | 272,000 |  | 2020-2023
Balance at end of period | $ | 618,885 |  | $ | 622,246 |  | — |  | $ | 961,421 |  | $ | 974,371 |  | — |  | $ | 1,580,306 |  | $ | 5,560,939 |  | —
Allowance for credit losses on financing receivables | The following table is a rollforward of our total loan loss reserves at December 31, 2019, 2018 and 2017 (in thousands):
| December 31,
| 2019 |  | 2018 |  | 2017
Balance at beginning of year | $ | 5,750 |  |  | $ | — |  |  | $ | — |
Expensed | — |  |  | 6,839 |  |  | — |
Recoveries | — |  |  | — |  |  | — |
Charge-offs and reclassifications | (4,000 | ) |  | (1,089 | ) |  | — |
Balance at end of period | $ | 1,750 |  |  | $ | 5,750 |  |  | $ | — |
Summary of debt investments | As of December 31, 2019 and 2018, we held the following debt investments with an aggregate weighted average current yield of 8.42%, at December 31, 2019 (in thousands):
Loan Type |  | December 31, 2019 Future Funding Obligations |  | December 31, 2019 Senior Financing |  | December 31, 2019 Carrying Value (1) |  | December 31, 2018 Carrying Value (1) |  | Maturity Date (2)
Fixed Rate Investments: |  |  |  |  |  |  |  |  |  |
Mezzanine Loan(3a) |  | $ | — |  |  | $ | 1,160,000 |  |  | $ | 222,775 |  |  | $ | 213,185 |  |  | March 2020
Mezzanine Loan |  | — |  |  | 15,000 |  |  | 3,500 |  |  | 3,500 |  |  | September 2021
Mezzanine Loan |  | — |  |  | 147,000 |  |  | 24,952 |  |  | 24,932 |  |  | April 2022
Mezzanine Loan |  | — |  |  | 280,000 |  |  | 38,734 |  |  | 36,585 |  |  | August 2022
Mezzanine Loan |  | — |  |  | 326,574 |  |  | 215,737 |  |  | — |  |  | June 2023
Mezzanine Loan |  | — |  |  | 83,790 |  |  | 12,714 |  |  | 12,706 |  |  | November 2023
Mezzanine Loan |  | — |  |  | 180,000 |  |  | 30,000 |  |  | 30,000 |  |  | December 2023
Mezzanine Loan(3b) |  | — |  |  | 115,000 |  |  | 12,950 |  |  | 12,941 |  |  | June 2024
Mezzanine Loan |  | — |  |  | 95,000 |  |  | 30,000 |  |  | 30,000 |  |  | January 2025
Mezzanine Loan |  | — |  |  | 1,712,750 |  |  | 55,250 |  |  | 55,250 |  |  | June 2027
Mezzanine Loan |  | — |  |  | — |  |  | — |  |  | 11,000 |  |  |
Total fixed rate |  | $ | — |  |  | $ | 4,115,114 |  |  | $ | 646,612 |  |  | $ | 430,099 |  |  |
Floating Rate Investments: |  |  |  |  |  |  |  |  |  |
Mortgage/Mezzanine Loan(4) |  | $ | 2,509 |  |  | $ | 29,420 |  |  | $ | 82,696 |  |  | $ | 62,493 |  |  | January 2020
Mortgage/Mezzanine Loan |  | — |  |  | — |  |  | 69,839 |  |  | — |  |  | March 2020
Junior Mortgage Loan |  | — |  |  | 40,000 |  |  | 20,000 |  |  | 19,986 |  |  | April 2020
Mezzanine Loan |  | 4,831 |  |  | 47,302 |  |  | 15,743 |  |  | 12,627 |  |  | July 2020
Mortgage/Mezzanine Loan |  | — |  |  | — |  |  | 19,971 |  |  | 19,999 |  |  | August 2020
Mortgage Loan |  | 44,737 |  |  | — |  |  | 106,473 |  |  | 88,501 |  |  | September 2020
Mortgage/Mezzanine Loan |  | — |  |  | 63,990 |  |  | 55,573 |  |  | 83,449 |  |  | October 2020
Mezzanine Loan |  | 19,212 |  |  | 421,938 |  |  | 51,387 |  |  | 88,817 |  |  | December 2021
Mortgage/Mezzanine Loan |  | — |  |  | — |  |  | 35,386 |  |  | 35,266 |  |  | December 2020
Mortgage/Mezzanine Loan(3c) |  | 10,384 |  |  | — |  |  | 96,570 |  |  | 277,694 |  |  | April 2021
Mezzanine Loan |  | — |  |  | 275,000 |  |  | 49,809 |  |  | 24,961 |  |  | April 2021
Junior Mortgage Participation/Mezzanine Loan |  | — |  |  | 60,000 |  |  | 15,698 |  |  | 15,665 |  |  | July 2021
Mezzanine Loan |  | 12,999 |  |  | 151,175 |  |  | 41,395 |  |  | — |  |  | July 2021
Mezzanine Loan |  | 44,000 |  |  | — |  |  | 13,918 |  |  | — |  |  | December 2022
Mezzanine Loan |  | — |  |  | 85,000 |  |  | 20,000 |  |  | — |  |  | December 2029
Mezzanine Loan |  | — |  |  | — |  |  | — |  |  | 53,402 |  |  |
Mezzanine Loan |  | — |  |  | — |  |  | — |  |  | 79,164 |  |  |
Mezzanine Loan |  | — |  |  | — |  |  | — |  |  | 15,333 |  |  |
Loan Type |  | December 31, 2019 Future Funding Obligations |  | December 31, 2019 Senior Financing |  | December 31, 2019 Carrying Value (1) |  | December 31, 2018 Carrying Value (1) |  | Maturity Date (2)
Mezzanine Loan |  | — |  |  | — |  |  | — |  |  | 14,822 |  |  |
Mortgage/Mezzanine Loan |  | — |  |  | — |  |  | — |  |  | 154,070 |  |  |
Mezzanine Loan |  | — |  |  | — |  |  | — |  |  | 34,886 |  |  |
Mortgage/Junior Mortgage Participation Loan |  | — |  |  | — |  |  | — |  |  | 84,012 |  |  |
Mortgage/Mezzanine Loan |  | — |  |  | — |  |  | — |  |  | 37,094 |  |  |
Mortgage/Mezzanine Loan |  | — |  |  | — |  |  | — |  |  | 98,804 |  |  |
Mezzanine Loan |  | — |  |  | — |  |  | — |  |  | 7,305 |  |  |
Mezzanine Loan |  | — |  |  | — |  |  | — |  |  | 14,998 |  |  |
Mezzanine Loan |  | — |  |  | — |  |  | — |  |  | 21,990 |  |  |
Mezzanine Loan(5) |  | — |  |  | — |  |  | — |  |  | 37,499 |  |  |
Total floating rate |  | $ | 138,672 |  |  | $ | 1,173,825 |  |  | $ | 694,458 |  |  | $ | 1,382,837 |  |  |
Total |  | $ | 138,672 |  |  | $ | 5,288,939 |  |  | $ | 1,341,070 |  |  | $ | 1,812,936 |  |  |
(1) | Carrying value is net of discounts, premiums, original issue discounts and deferred origination fees.
(2) | Represents contractual maturity, excluding any unexercised extension options.
(3) | Carrying value is net of the following amounts that were sold or syndicated, which are included in other assets and other liabilities on the consolidated balance sheets as a result of the transfers not meeting the conditions for sale accounting: (a) $1.3 million, (b) $12.0 million and (c) $96.4 million
(4) | This loan was extended in January 2020.
(5) In 2019, the Company accepted an assignment of the equity interests in the property in-lieu of repayment and marked the assets received and liabilities assumed to fair value.
Summary of preferred equity investments | As of December 31, 2019 and 2018, we held the following preferred equity investments with an aggregate weighted average current yield of 9.63% at December 31, 2019 (in thousands):
Type |  | December 31, 2019 Future Funding Obligations |  | December 31, 2019 Senior Financing |  | December 31, 2019 Carrying Value (1) |  | December 31, 2018 Carrying Value (1) |  | Mandatory Redemption (2)
Preferred Equity |  | $ | — |  |  | $ | 272,000 |  |  | $ | 141,171 |  |  | $ | 143,183 |  |  | April 2021
Preferred Equity |  | — |  |  | 1,763,529 |  |  | 98,065 |  |  | 143,274 |  |  | June 2022
Total |  | $ | — |  |  | $ | 2,035,529 |  |  | $ | 239,236 |  |  | $ | 286,457 |  |  |
(1) | Carrying value is net of deferred origination fees.
(2) Represents contractual maturity, excluding any unexercised extension options.

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