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Investments Held to Maturity

9 Months Ended

Sep. 30, 2022

Note 8. Investments held to maturity

The table below presents information about held to maturity investments.



							Gross		Gross
	Weighted Average		Amortized				Unrealized		Unrealized
(in thousands)	Interest Rate (a)		Cost		Fair Value		Gains		Losses
September 30, 2022
Less than one year	12.0	%	$	446	$	446	$	—	$	—
One to five years	14.9	%		39,643		39,643		—		—
Construction preferred equities	14.9	%	$	40,089	$	40,089	$	—	$	—
One to five years	12.0	%		108,423		108,423		—		—
Construction preferred equities in consolidated VIEs	12.0	%	$	108,423	$	108,423	$	—	$	—
Total held to maturity investments	12.8	%	$	148,512	$	148,512	$	—	$	—
(a) Weighted based on current principal balance

Provision for credit losses on held to maturity securities was not material for the three and nine months ended September 30, 2022. The Company had no such held to maturity investments as of December 31, 2021.

During September 2022, based on updated valuations obtained, the Company recorded a measurement period adjustment of $6.3 million to decrease the value of held to maturity investments in connection with the Mosaic Mergers. Refer to Note 5 for further details on assets acquired and liabilities assumed in connection with the Mosaic Mergers.