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Debt and Preferred Equity Investments (Tables) | 9 Months Ended
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Sep. 30, 2021
Investments, Debt and Equity Securities [Abstract] |
Schedule of debt and preferred equity book balance roll forward | Below is a summary of the activity in our debt and preferred equity investments for the nine months ended September 30, 2021 and the twelve months ended December 31, 2020 (in thousands):
| September 30, 2021 |  | December 31, 2020
Balance at beginning of year (1) | $ | 1,076,542 |  |  | $ | 1,580,306 |
Debt investment originations/fundings/accretion (2) | 104,358 |  |  | 389,300 |
Preferred equity investment originations/accretion (2) | 9,823 |  |  | 167,042 |
Redemptions/sales/syndications/equity ownership/amortization (3) | (145,196) |  |  | (1,048,643) |
Net change in loan loss reserves | 6,583 |  |  | (11,463) |
Balance at end of period (1) | $ | 1,052,110 |  |  | $ | 1,076,542 |
(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 our debt and preferred equity investments as of September 30, 2021 (dollars in thousands):
| Floating Rate |  | Fixed Rate |  | Total Carrying Value | Senior Financing | Weighted Average Yield at End of Period | Maturity (1)
Type | Carrying Value | Face Value | Interest Rate |  | Carrying Value | Face Value | Interest Rate |
Senior Mortgage Debt | $ | 17,995 |  | $ | 18,241 |  | L + 3.50% |  | $ | 1,250 |  | $ | 1,250 |  | 3.50% |  | $ | 19,245 |  | $ | — |  | 6.57% | 2021 - 2022
Mezzanine Debt | 263,499 |  | 264,778 |  | L + 4.95% - 12.97% |  | 499,757 |  | 510,116 |  | 2.90% - 14.30% |  | 763,256 |  | 4,637,210 |  | 6.53% | 2021 - 2029
Preferred Equity | — |  | — |  | — |  | 269,609 |  | 270,850 |  | 6.50% - 11.00% |  | 269,609 |  | 1,962,750 |  | 9.90% | 2022 - 2027
Balance at end of period | $ | 281,494 |  | $ | 283,019 |  |  |  | $ | 770,616 |  | $ | 782,216 |  |  |  | $ | 1,052,110 |  | $ | 6,599,960 |  |  |
(1)Excludes available extension options to the extent they have not been exercised as of the date of this filing.
Allowance for credit losses on financing receivables | The following table is a rollforward of our total allowance for loan losses for the nine months ended September 30, 2021 and the twelve months ended December 31, 2020 (in thousands):
| September 30, 2021 |  | December 31, 2020
Balance at beginning of year | $ | 13,213 |  |  | $ | 1,750 |
Cumulative adjustment upon adoption of ASC 326 | — |  |  | 27,803 |
Current period provision for loan loss | — |  |  | 20,693 |
Write-offs charged against the allowance(1) | (6,583) |  |  | (37,033) |
Balance at end of period(2) | $ | 6,630 |  |  | $ | 13,213 |
(1)Includes $0.3 million and $19.0 million of charges recorded against investments that were sold during the nine months ended September 30, 2021 and the year ended December 31, 2020, respectively. These charges are included in loan loss and other investment reserves, net of recoveries, in our consolidated statements of operations for the year ended December 31, 2020. (2)As of September 30, 2021, all financing receivables on non-accrual had an allowance for loan loss except for one debt investment with a carrying value of $225.4 million.
Schedule of investment in financing receivables and risk rating | The following table sets forth the carrying value of our debt and preferred equity investment portfolio by risk rating as of September 30, 2021 and December 31, 2020 (dollars in thousands):
Risk Rating |  | September 30, 2021 |  | December 31, 2020
1 - Low Risk Assets - Low probability of loss |  | $ | 693,139 |  |  | $ | 695,035 |
2 - Watch List Assets - Higher potential for loss |  | 352,081 |  |  | 365,167 |
3 - High Risk Assets - Loss more likely than not |  | 6,890 |  |  | 16,340 |
|  | $ | 1,052,110 |  |  | $ | 1,076,542 |
The following table sets forth the carrying value of our debt and preferred equity investment portfolio by year of origination and risk rating as of September 30, 2021 (dollars in thousands):
|  | As of September 30, 2021
Risk Rating |  | 2021(1) |  | 2020(1) |  | 2019(1) |  | Prior(1) |  | Total
1 - Low Risk Assets - Low probability of loss |  | $ | 64,515 |  |  | $ | 276,930 |  |  | $ | 57,230 |  |  | $ | 294,464 |  |  | $ | 693,139 |
2 - Watch List Assets - Higher potential for loss |  | — |  |  | — |  |  | 253,096 |  |  | 98,985 |  |  | 352,081 |
3 - High Risk Assets - Loss more likely than not |  | — |  |  | — |  |  | — |  |  | 6,890 |  |  | 6,890 |
|  | $ | 64,515 |  |  | $ | 276,930 |  |  | $ | 310,326 |  |  | $ | 400,339 |  |  | $ | 1,052,110 |
(1) Year in which the investment was originated or acquired by us or in which a material modification occurred.
Summary of debt investments | As of September 30, 2021 and December 31, 2020, we held the following debt investments with an aggregate weighted average current yield of 6.53% as of September 30, 2021 (dollars in thousands):
Loan Type |  | September 30, 2021 Future Funding Obligations |  | September 30, 2021 Senior Financing |  | September 30, 2021 Carrying Value (1) |  | December 31, 2020 Carrying Value (1) |  | Maturity Date (2)
Fixed Rate Investments: |  |  |  |  |  |  |  |  |  |
Mortgage/Mezzanine Loan (3) |  | $ | — |  |  | $ | — |  |  | $ | 56,250 |  |  | $ | 56,244 |  |  | October 2021
Mezzanine Loan |  | — |  |  | 280,000 |  |  | 42,889 |  |  | 41,057 |  |  | August 2022
Mezzanine Loan (4) |  | — |  |  | 370,642 |  |  | 225,367 |  |  | 225,204 |  |  | June 2023
Mezzanine Loan |  | — |  |  | 272,659 |  |  | 64,515 |  |  | — |  |  | June 2023
Mezzanine Loan (5a)(6) |  | — |  |  | 105,000 |  |  | 13,366 |  |  | 13,366 |  |  | June 2024
Mezzanine Loan |  | — |  |  | 95,000 |  |  | 30,000 |  |  | 30,000 |  |  | January 2025
Mezzanine Loan (7) |  | — |  |  | 1,712,750 |  |  | 55,250 |  |  | 55,250 |  |  | June 2027
Mezzanine Loan |  | — |  |  | 85,000 |  |  | 20,000 |  |  | 20,000 |  |  | December 2029
Junior Mortgage |  | — |  |  | — |  |  | — |  |  | 32,888 |  |  |
Mezzanine Loan |  | — |  |  | — |  |  | — |  |  | 3,500 |  |  |
Total fixed rate |  | $ | — |  |  | $ | 2,921,051 |  |  | $ | 507,637 |  |  | $ | 477,509 |  |  |
Floating Rate Investments: |  |  |  |  |  |  |  |  |  |
Mezzanine Loan |  | — |  |  | 275,000 |  |  | 49,996 |  |  | 49,956 |  |  | April 2022
Mezzanine Loan |  | 5,209 |  |  | 179,763 |  |  | 37,230 |  |  | 35,318 |  |  | July 2022
Mezzanine Loan (5b) |  | — |  |  | 1,115,000 |  |  | 132,249 |  |  | 127,915 |  |  | March 2022
Mezzanine Loan |  | 4,268 |  |  | 54,000 |  |  | 7,697 |  |  | 6,958 |  |  | May 2022
Mortgage and Mezzanine Loan |  | 30,437 |  |  | — |  |  | 27,729 |  |  | 14,011 |  |  | December 2022
Mezzanine Loan |  | 47,497 |  |  | 92,396 |  |  | 26,594 |  |  | 19,889 |  |  | May 2023
Junior Mortgage Participation/Mezzanine Loan (8) |  | — |  |  | — |  |  | — |  |  | 15,733 |  |  |
Mezzanine Loan |  | — |  |  | — |  |  | — |  |  | 29,106 |  |  |
Mortgage Loan |  | — |  |  | — |  |  | — |  |  | 53,574 |  |  |
Total floating rate |  | $ | 87,411 |  |  | $ | 1,716,159 |  |  | $ | 281,495 |  |  | $ | 352,460 |  |  |
Allowance for loan loss |  | — |  |  | — |  |  | (6,630) |  |  | (13,213) |  |  |
Total |  | $ | 87,411 |  |  | $ | 4,637,210 |  |  | $ | 782,502 |  |  | $ | 816,756 |  |  |
(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)In November 2021, this loan was extended to December 2021. (4)This loan was put on non-accrual in July 2020 and remains on non-accrual as of September 30, 2021. No investment income has been recognized subsequent to it being put on non-accrual. The Company is in discussions with the borrower. (5)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) $12.0 million, and (b) $0.4 million. (6)This loan went into default and was put on non-accrual in June 2020 and remains on non-accrual as of September 30, 2021. No investment income has been recognized subsequent to it being put on non-accrual. The Company is in discussions with the borrower. Additionally, we determined the borrower entity to be a VIE which we are not the primary beneficiary. (7)On October 31, 2021, HNA, through an affiliated entity, filed for Chapter 11 bankruptcy protection on account of its investment in 245 Park Avenue, together with another asset in Chicago. The Company will be contesting the filing, on the basis that the filing was done in bad faith and in violation of HNA's agreements with the Company. (8)In September 2021, the Company was the successful bidder for the fee interest in 690 Madison Avenue at the foreclosure of the asset, at which time the Company's outstanding principal and accrued interest balance were credited to our equity investment in the property. See Note 3, "Property Acquisitions" and Note 16, "Fair Value Measurements."
Summary of preferred equity investments | As of September 30, 2021 and December 31, 2020, we held the following preferred equity investments with an aggregate weighted average current yield of 9.90% as of September 30, 2021 (dollars in thousands):
Type |  | September 30, 2021 Future Funding Obligations |  | September 30, 2021 Senior Financing |  | September 30, 2021 Carrying Value (1) |  | December 31, 2020 Carrying Value (1) |  | Mandatory Redemption (2)
Preferred Equity (3) |  | $ | — |  |  | $ | 1,712,750 |  |  | $ | 159,218 |  |  | $ | 154,691 |  |  | June 2022
Preferred Equity |  | — |  |  | 250,000 |  |  | 110,390 |  |  | 105,095 |  |  | February 2027
Total Preferred Equity |  | $ | — |  |  | $ | 1,962,750 |  |  | $ | 269,608 |  |  | $ | 259,786 |  |  |
Allowance for loan loss |  | — |  |  | — |  |  | — |  |  | — |  |  |
Total |  | $ | — |  |  | $ | 1,962,750 |  |  | $ | 269,608 |  |  | $ | 259,786 |  |  |
(1)Carrying value is net of deferred origination fees. (2)Represents contractual maturity, excluding any unexercised extension options. (3)On October 31, 2021, HNA, through an affiliated entity, filed for Chapter 11 bankruptcy protection on account of its investment in 245 Park Avenue, together with another asset in Chicago. The Company will be contesting the filing, on the basis that the filing was done in bad faith and in violation of HNA's agreements with the Company.

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