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Restricted Cash, Other Assets and Accrued and Other Liabilities
 3 Months Ended
Mar. 31, 2023
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [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 March 31, 2023 and December 31, 2022 (dollars in thousands):
March 31, 2023December 31, 2022
Restricted cash:
Borrower escrow deposits$65,323 $79,055 
Capital expenditure reserves9,030 8,623 
Real estate escrow reserves2,623 1,583 
Working capital and other reserves2,186 2,145 
Tenant lockboxes861 1,102 
Total$80,023 $92,508 
The following table presents a summary of other assets as of March 31, 2023 and December 31, 2022 (dollars in thousands):
March 31, 2023December 31, 2022
Other assets:
Right-of-use lease asset$24,219 $25,237 
Tax receivable and deferred tax assets19,080 19,117 
Deferred financing costs, net - credit facilities3,086 4,630 
Investments in unconsolidated ventures ($2,790 and $3,035 at fair value, respectively)
2,790 3,035 
Derivative assets2,149 1,601 
Prepaid expenses and other1,252 2,053 
Total$52,576 $55,673 
The following table presents a summary of accrued and other liabilities as of March 31, 2023 and December 31, 2022 (dollars in thousands):
March 31, 2023December 31, 2022
Accrued and other liabilities:
Operating lease liability$24,997 $25,961 
Current and deferred tax liability24,637 26,198 
Interest payable12,719 11,680 
Prepaid rent and unearned revenue12,251 7,688 
Accounts payable, accrued expenses and other liabilities8,358 15,087 
Tenant security deposits661 411 
Unfunded CECL loan allowance414 389 
Other219 219 
Total$84,256 $87,633 
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 March 31, 2023 and December 31, 2022. 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
The Company realized a one-time gain from its ratable share of dispute resolution proceeds of approximately $9.0 million from the senior mezzanine lender at the Company’s prior Los Angeles, California mixed-use project construction mezzanine loan and retained B-participation investment, which is recorded in equity in earnings of unconsolidated ventures on the Company’s consolidated statements of operations. In connection with the settlement, effective January 26, 2023, the Company has no further interest in the loan or investment.