XML 26 R16.htm IDEA: XBRL DOCUMENT v3.22.2.2
Restricted Cash, Other Assets and Accrued and Other Liabilities
 9 Months Ended
Sep. 30, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Restricted Cash, Other Assets and Accrued and Other Liabilities Restricted Cash, Other Assets and Accrued and Other Liabilities
The following table presents a summary of restricted cash as of September 30, 2022 and December 31, 2021 (dollars in thousands):
September 30, 2022December 31, 2021
Restricted cash:
Borrower escrow deposits$87,443 $73,344 
Capital expenditure reserves10,332 8,921 
Real estate escrow reserves 3,912 2,025 
Working capital and other reserves2,064 2,310 
Tenant lockboxes1,117 241 
Total$104,868 $86,841 
The following table presents a summary of other assets as of September 30, 2022 and December 31, 2021 (dollars in thousands):
September 30, 2022December 31, 2021
Other assets:
Right-of-use lease asset$25,858 $24,970 
Tax receivable and deferred tax assets21,853 26,194 
Deferred financing costs, net - credit facilities5,992 2,113 
Prepaid expenses5,213 5,069 
Derivative assets3,729 1,373 
Investments in unconsolidated ventures ($3,119 and $4,406 at fair value, respectively)
3,119 20,591 
Other1,684 2,141 
Total$67,448 $82,451 
The following table presents a summary of accrued and other liabilities as of September 30, 2022 and December 31, 2021 (dollars in thousands):
September 30, 2022December 31, 2021
Accrued and other liabilities:
Operating lease liability$26,473 $25,205 
Current and deferred tax liability25,083 34,612 
Accounts payable, accrued expenses and other liabilities19,374 20,168 
Interest payable11,876 11,076 
Prepaid rent and unearned revenue7,075 7,669 
Unfunded CECL loan allowance439 432 
Tenant security deposits409 424 
Other206 228 
Total$90,935 $99,814 
Investments under Fair Value Option
Private Funds
The Company elected to account for its limited partnership interests in PE Investments under the fair value option, which interests ranged from 1.0% to 15.6% as of September 30, 2022 and December 31, 2021. The Company records equity in earnings for these investments based on a change in fair value of its share of projected future cash flows.
Investments in Unconsolidated Ventures
During the second quarter of 2022 the Company sold an equity method investment for a gross sales price of $38.1 million and recognized a realized gain of $21.9 million. The realized gain is included in other gain (loss), net on the Company’s consolidated statements of operations.
During the three months ended September 30, 2021, a mixed-use project in which the Company is the mezzanine lender recorded fair value losses totaling $268.5 million. As a result, the Company recognized its proportionate share of fair value losses equaling $97.9 million during the three months ended September 30, 2021. The loss write-down represented the Company’s remaining proportionate share in the investment. The mixed-use project did not recognize any interest income for the nine months ended September 30, 2022 and September 30, 2021.