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Debt and Preferred Equity Investments (Tables) | 12 Months Ended
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Dec. 31, 2023
Investments, Debt and Equity Securities [Abstract] |
Schedule of Activity in Debt and Preferred Equity Investments | Below is a summary of the activity in our debt and preferred equity investments for the years ended December 31, 2023 and 2022 (in thousands):
| December 31, 2023 |  | December 31, 2022
Balance at beginning of year (1) | $ | 623,280 |  |  | $ | 1,088,723 |
Debt investment originations/fundings/accretion (2) | 72,160 |  |  | 62,992 |
Preferred equity investment originations/accretion (2) | 8,142 |  |  | 37,505 |
Redemptions/sales/syndications/equity ownership/amortization | (349,947) |  |  | (565,940) |
Net change in loan loss reserves | (6,890) |  |  | — |
Balance at end of period (1) | $ | 346,745 |  | (3) | $ | 623,280 |
(1)Net of unamortized fees, discounts, and premiums. (2)Accretion includes amortization of fees and discounts and paid-in-kind investment income. (3)Includes two investments with a total carrying value of $49.8 million that are included in the Company's alternative strategy portfolio.
Schedule of Debt and Preferred Equity Investments | Below is a summary of our debt and preferred equity investments as of December 31, 2023 (dollars in thousands):
| Floating Rate |  | Fixed Rate |  | Total Carrying Value |  | Senior Financing | Maturity(1)
Type | Carrying Value | Face Value | Interest Rate |  | Carrying Value | Face Value | Interest Rate |  |
Mezzanine Debt | $ | 168,745 |  | $ | 168,912 |  | S + 4.95 - 12.38% |  | $ | 50,000 |  | $ | 50,000 |  | 8.00 - 8.40% |  | $ | 218,745 |  | (2) | $ | 1,071,858 |  | 2024 - 2029
Preferred Equity | — |  | — |  | — |  | 128,000 |  | 128,000 |  | 6.5% |  | 128,000 |  |  | 250,000 |  | 2027 |
Balance at end of period | $ | 168,745 |  | $ | 168,912 |  |  |  | $ | 178,000 |  | $ | 178,000 |  |  |  | $ | 346,745 |  |  | $ | 1,321,858 |  |
(1)Excludes available extension options to the extent they have not been exercised as of the date of this filing. (2)Includes two investments with a total carrying value of $49.8 million that are included in the Company's alternative strategy portfolio.
Schedule of Roll Forward of our Total Allowance for Loan Losses | The following table is a roll forward of our total allowance for loan losses for the years ended December 31, 2023, 2022 and 2021 (in thousands):
| Year Ended December 31,
| 2023 |  | 2022 |  | 2021
Balance at beginning of year | $ | 6,630 |  |  | $ | 6,630 |  |  | $ | 13,213 |
Current period provision for loan loss | 6,890 |  |  | — |  |  | — |
Write-offs charged against the allowance | — |  |  | — |  |  | (6,583) |
Balance at end of period | $ | 13,520 |  | (1) | $ | 6,630 |  |  | $ | 6,630 |
(1)As of December 31, 2023, all financing receivables on non-accrual had an allowance for loan loss except for one debt investment with a carrying value of $49.8 million, which is included in the Company's alternative strategy portfolio.
Schedule of Carrying Value of Debt and Preferred Equity Investment Portfolio by Year of Origination and Risk Rating | The following table sets forth the carrying value of our debt and preferred equity investment portfolio by risk rating as of December 31, 2023 and 2022 (dollars in thousands):
Risk Rating |  | December 31, 2023 |  | December 31, 2022
1 - Low Risk Assets - Low probability of loss |  | $ | 210,333 |  |  | $ | 264,069 |
2 - Watch List Assets - Higher potential for loss |  | 136,412 |  | (1) | 352,321 |
3 - High Risk Assets - Loss more likely than not |  | — |  |  | 6,890 |
|  | $ | 346,745 |  |  | $ | 623,280 |
(1)Includes two investments with a total carrying value of $49.8 million that are included in the Company's alternative strategy portfolio. 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 December 31, 2023 (dollars in thousands):
|  | As of December 31,
Risk Rating |  | 2023(1) |  | 2022(1) |  | 2021(1) |  | Prior(1)(2) |  | Total
1 - Low Risk Assets - Low probability of loss |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 210,333 |  |  | $ | 210,333 |
2 - Watch List Assets - Higher potential for loss |  | — |  |  | — |  |  | — |  |  | 136,412 |  | (3) | 136,412 |
3 - High Risk Assets - Loss more likely than not |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
|  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 346,745 |  |  | $ | 346,745 |
(1)Year in which the investment was originated or acquired by us or in which a material modification occurred. (2)During the year ended December 31, 2023, we recognized a $6.9 million provision for loan loss related to an investment originated prior to 2021. (3)Includes two investments with a total carrying value of $49.8 million that are included in the Company's alternative strategy portfolio.
Schedule of Debt Investments with an Aggregate Weighted Average Current Yield | As of December 31, 2023 and 2022, we held the following debt investments with an aggregate weighted average current yield of 8.68% as of December 31, 2023 (dollars in thousands):
|  | December 31, 2023 |  | December 31, 2022 |  |
Loan Type |  | Future Funding Obligations |  | Senior Financing |  | Carrying Value (1) |  | Carrying Value (1) |  | Maturity Date (2)
Fixed Rate Investments: |  |  |  |  |  |  |  |  |  |
Mezzanine Loan (3) (4) (6) |  | $ | — |  |  | $ | 105,000 |  |  | $ | 13,366 |  |  | $ | 13,366 |  |  | June 2024
Mezzanine Loan |  | — |  |  | 95,000 |  |  | 30,000 |  |  | 30,000 |  |  | January 2025
Mezzanine Loan |  | — |  |  | 85,000 |  |  | 20,000 |  |  | 20,000 |  |  | December 2029
Mezzanine Loan |  | — |  |  | — |  |  | — |  |  | 225,367 |  |  |
Mezzanine Loan |  | — |  |  | — |  |  | — |  |  | 77,109 |  |  |
Total fixed rate |  | $ | — |  |  | $ | 285,000 |  |  | $ | 63,366 |  |  | $ | 365,842 |  |  |
Floating Rate Investments: |  |  |  |  |  |  |  |  |  |
Mezzanine Loan (5) (6) |  | $ | — |  |  | $ | 275,000 |  |  | $ | 50,000 |  |  | $ | 50,000 |  |  | April 2023
Mezzanine Loan |  | 3,761 |  |  | 54,000 |  |  | 8,243 |  |  | 8,243 |  |  | May 2024
Mezzanine Loan |  | 2,655 |  |  | 271,774 |  |  | 62,333 |  |  | 46,884 |  |  | May 2024
Mezzanine Loan |  | 10,760 |  |  | 186,084 |  |  | 48,323 |  |  | 39,083 |  |  | January 2026
Total floating rate |  | $ | 17,176 |  |  | $ | 786,858 |  |  | $ | 168,899 |  |  | $ | 144,210 |  |  |
Allowance for loan loss |  | $ | — |  |  | $ | — |  |  | $ | (13,520) |  |  | $ | (6,630) |  |  |
Total |  | $ | 17,176 |  |  | $ | 1,071,858 |  |  | $ | 218,745 |  |  | $ | 503,422 |  |  |
(1)Carrying value is net of discounts, premiums, original issue discounts and deferred origination fees. (2)Represents contractual maturity, excluding any extension options to the extent they have not been exercised as of the date of this filing. (3)Carrying value is net of a $12.0 million participation that was sold and did not meet the conditions for sale accounting, which is included in Other assets and Other liabilities on the consolidated balance sheets. (4)This loan went into default and was put on non-accrual in June 2020 and remains on non-accrual as of December 31, 2023. No investment income has been recognized subsequent to it being put on non-accrual. In the first quarter of 2023, the Company fully reserved the balance of the investment. Additionally, we determined the borrower entity to be a VIE, in which we are not the primary beneficiary. (5)This loan went into default and was put on non-accrual in January 2023 and remains on non-accrual as of December 31, 2023. No investment income has been recognized subsequent to it being put on non-accrual. The Company is in discussions with the borrower with respect to the loan. (6)Included in the Company's alternative strategy portfolio.
Schedule of Preferred Equity Investments with an Aggregate Weighted Average Current Yield | As of December 31, 2023 and 2022, we held the following preferred equity investments with an aggregate weighted average current yield of 6.55% as of December 31, 2023 (dollars in thousands):
|  | December 31, 2023 |  | December 31, 2022 |  |
Type |  | Future Funding Obligations |  | Senior Financing |  | Carrying Value (1) |  | Carrying Value (1) |  | Mandatory Redemption (2)
Preferred Equity |  | $ | — |  |  | $ | 250,000 |  |  | $ | 128,000 |  |  | $ | 119,858 |  |  | February 2027
Total |  | $ | — |  |  | $ | 250,000 |  |  | $ | 128,000 |  |  | $ | 119,858 |  |  |
(1)Carrying value is net of deferred origination fees. (2)Represents contractual redemption, excluding any unexercised extension options.

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