As of September 30, 2016, the Company’s structured financing portfolio (the "Structured Financing Portfolio"), consisted of notes receivable and preferred equity investments, aggregating $266.8 million. These investments were collateralized either by underlying properties, the borrowers' ownership interests in the entities that own properties and/or by the borrowers' personal guarantee subordinate, as applicable, to senior liens, as follows:



(dollars in thousands)
Description	Notes	Effective interest rate (1)	Net Carrying Amounts of Structured Financing Portfolio as of September 30, 2016		Net Carrying Amounts of Structured Financing Portfolio as of December 31, 2015		Maturity date	Extension Options
First Mortgage Loan	(2)	7.0%	$	—	$	—	8/3/2016
First Mortgage Loan	(3)	8.8%	—		7,500		11/1/2016
First Mortgage Loan		6.0%	15,000		15,000		5/1/2017
Preferred Equity	(4)	8.1%	—		13,000		9/1/2017
First Mortgage Loan		LIBOR + 7.1%	26,000		26,000		6/25/2018	1 x 12 Months
First Mortgage Loan	(5)	8.1%	153,400		30,879		4/30/2019
Preferred Equity	(6)	8.7%	10,000		—		9/9/2019	1 x 12 Months
Zero Coupon Loan	(7)	2.5%	30,810		30,234		5/31/2020
Preferred Equity	(8)	15.3%	15,250		—		2/3/2021	2 x 12 Months
First Mortgage Loan	(9)	9.0%	12,000		12,000		Demand
Individually less than 3%		18.0%	4,356		12,575		7/1/2017
Total			$	266,816	$	147,188

Notes:

(1) Includes the effects of origination and exit fees

(2) During January 2016, Fund IV made a $13.3 million loan, which was collateralized by a property and bore interest at 7.0%. The Company received received a payment of $13.8 million, which included $13.3 million of full principal repayment and $0.5 million of accrued unpaid interest during the three months ended September 30, 2016.

(3) During February 2016, the Company received full principal repayment of this $7.5 million loan.

(4) During February 2016, the Company received a payment of $13.4 million, which included $13.0 million of full principal repayment and $0.4 million of prepayment penalty representing interest through June 2016 on this preferred equity investment.

(5) During April 2016, the Company restructured a $30.9 million mezzanine loan, which bore interest at 15%, and replaced it with a new $153.4 million loan collateralized by a first mortgage in the borrower's TIC interest. The new loan, which was made to our partners in the Brandywine Portfolio, bears interest at 8.1% (Note 5).

(6) During September 2016, the Company made a preferred equity investment in a joint venture for $10.0 million. This investment earns a preferred rate of return of 8.0%.

(7) The principal balance for this loan, which requires no current payments of interest, is increased by the interest accrued.

(8) During January 2016, Fund IV made a preferred equity investment in a joint venture for $14.0 million. This investment earns a preferred rate of return of 15.3%. During September 2016, Fund IV increased its investment by $1.3 million.

6. STRUCTURED FINANCING PORTFOLIO (continued)

(9) Loan was non-performing as of September 30, 2016. Based on the value of the underlying collateral, no reserve has been established against this loan.