Debt and Preferred Equity Investments

During the three months ended March 31, 2017 and 2016, our debt and preferred equity investments, net of discounts and deferred origination fees, increased by $403.9 million and $128.8 million, respectively, due to originations, purchases, advances under future funding obligations, discount and fee amortization, and paid-in-kind interest, net of premium amortization. We recorded repayments, participations and sales of $416.5 million and $420.2 million during the three months ended March 31, 2017 and 2016, respectively, which offset the increases in debt and preferred equity investments.

Certain participations in debt investments that were sold or syndicated did not meet the conditions for sale accounting are included in other assets and other liabilities on the consolidated balance sheets.

Debt Investments

As of March 31, 2017 and December 31, 2016, we held the following debt investments with an aggregate weighted average current yield of 9.42% at March 31, 2017 (in thousands):



Loan Type	March 31, 2017 Future Funding Obligations	March 31, 2017 Senior Financing	March 31, 2017 Carrying Value ⁽¹⁾	December 31, 2016 Carrying Value ⁽¹⁾	Maturity Date ⁽²⁾
Fixed Rate Investments:
Mezzanine Loan^(3a)	—	502,100	66,197	66,129	June 2017
Mortgage Loan⁽⁴⁾	—	—	26,324	26,311	February 2019
Mortgage Loan	—	—	346	380	August 2019



Loan Type	March 31, 2017 Future Funding Obligations		March 31, 2017 Senior Financing		March 31, 2017 Carrying Value ⁽¹⁾		December 31, 2016 Carrying Value ⁽¹⁾		Maturity Date ⁽²⁾
Mezzanine Loan	—		1,160,000		197,358		—		March 2020
Mezzanine Loan	—		15,000		3,500		3,500		September 2021
Mezzanine Loan	—		87,891		12,694		12,692		November 2023
Mezzanine Loan^(3b)	—		115,000		12,926		12,925		June 2024
Mezzanine Loan	—		95,000		30,000		30,000		January 2025
Mezzanine Loan	—		340,000		15,000		15,000		November 2026
Jr. Mortgage Participation/Mezzanine Loan ⁽⁵⁾	—		—		—		193,422
Total fixed rate	$	—	$	2,314,991	$	364,345	$	360,359
Floating Rate Investments:
Mezzanine Loan^(3c)	—		40,000		15,446		15,369		June 2017
Mortgage/ Mezzanine Loan	—		—		32,929		32,847		June 2017
Mortgage/Mezzanine Loan	—		—		22,978		22,959		July 2017
Mortgage/Mezzanine Loan	—		—		16,975		16,960		September 2017
Mortgage/Mezzanine Loan	2,302		—		21,630		20,423		October 2017
Mezzanine Loan	—		60,000		14,970		14,957		November 2017
Mezzanine Loan^(3d)	—		85,000		15,206		15,141		December 2017
Mezzanine Loan^(3e)	—		65,000		14,714		14,656		December 2017
Mortgage/Mezzanine Loan^(3f)	795		—		15,078		15,051		December 2017
Mortgage/Mezzanine Loan⁽⁶⁾	—		125,000		29,902		29,998		January 2018
Mezzanine Loan	—		40,000		19,930		19,913		April 2018
Jr. Mortgage Participation	—		175,000		34,873		34,844		April 2018
Mezzanine Loan	523		20,523		10,880		10,863		August 2018
Mortgage/Mezzanine Loan	—		—		19,864		19,840		August 2018
Mortgage Loan	—		65,000		14,898		14,880		August 2018
Mezzanine Loan	—		37,500		14,698		14,648		September 2018
Mezzanine Loan	2,325		45,025		34,593		34,502		October 2018
Mezzanine Loan	—		335,000		74,543		74,476		November 2018
Mezzanine Loan	—		33,000		26,868		26,850		December 2018
Mezzanine Loan	2,005		169,152		57,496		56,114		December 2018
Mezzanine Loan	14,191		265,704		64,870		63,137		December 2018
Mezzanine Loan	11,177		210,770		68,136		64,505		December 2018
Mezzanine Loan	—		45,000		12,120		12,104		January 2019
Mortgage/Mezzanine Loan	42,548		—		171,352		—		January 2019
Mezzanine Loan	6,383		16,383		5,434		5,410		January 2019
Mezzanine Loan	—		38,000		21,903		21,891		March 2019
Mezzanine Loan	—		265,000		24,736		24,707		April 2019
Mortgage/Jr. Mortgage Participation Loan	32,721		185,649		66,484		65,554		August 2019
Mezzanine Loan	2,500		187,500		37,337		37,322		September 2019
Mortgage/Mezzanine Loan	75,310		—		119,422		111,819		September 2019
Mortgage/Mezzanine Loan	35,630		—		33,714		33,682		January 2020
Mezzanine Loan⁽⁷⁾	13,273		502,066		65,993		125,911		January 2020
Jr. Mortgage Participation/Mezzanine Loan	—		60,000		15,613		15,606		July 2021
Mortgage/Mezzanine Loan⁽⁸⁾	—		—		—		145,239



Loan Type	March 31, 2017 Future Funding Obligations		March 31, 2017 Senior Financing		March 31, 2017 Carrying Value ⁽¹⁾		December 31, 2016 Carrying Value ⁽¹⁾		Maturity Date ⁽²⁾
Total floating rate	$	241,683	$	3,071,272	$	1,215,585	$	1,232,178
Total	$	241,683	$	5,386,263	$	1,579,930	$	1,592,537


(1)	Carrying value is net of discounts, premiums, original issue discounts and deferred origination fees.


(2)	Represents contractual maturity, excluding any unexercised extension options.


(3)	Carrying value is net of the following amounts that were sold or syndicated, which are included in other assets and other liabilities on the consolidated balance sheets as a result of the transfers not meeting the conditions for sale accounting: (a) $41.3 million, (b) $12.0 million, (c) $14.5 million, (d) $14.6 million, (e) $14.1 million, and (f) $5.1 million.


(4)	In September 2014, we acquired a $26.4 million mortgage loan at a $0.2 million discount and a $5.7 million junior mortgage participation at a $5.7 million discount. The junior mortgage participation was a nonperforming loan at acquisition, is currently on non-accrual status and has no carrying value.


(5)	This loan was repaid in March 2017.


(6)	This loan was extended in January 2017.


(7)	$66.1 million of outstanding principal was syndicated in February 2017.


(8)	This loan was repaid in January 2017.

Preferred Equity Investments

As of March 31, 2017 and December 31, 2016, we held the following preferred equity investments with an aggregate weighted average current yield of 8.36% at March 31, 2017 (in thousands):



Type	March 31, 2017 Future Funding Obligations		March 31, 2017 Senior Financing		March 31, 2017 Carrying Value ⁽¹⁾		December 31, 2016 Carrying Value ⁽¹⁾		Mandatory Redemption ⁽²⁾
Preferred Equity	$	—	$	73,448	$	9,986	$	9,982	March 2018
Preferred Equity	—		58,617		37,920		37,893		November 2018
Total	$	—	$	132,065	$	47,906	$	47,875


(1)	Carrying value is net of deferred origination fees.


(2)	Represents contractual maturity, excluding any unexercised extension options.

At March 31, 2017 and December 31, 2016, all debt and preferred equity investments were performing in accordance with the terms of the relevant investments, with the exception of a junior mortgage participation acquired in September 2014, which was acquired for zero and has a carrying value of zero, as further discussed in subnote 4 of the Debt Investments table above.

We have determined that we have one portfolio segment of financing receivables at March 31, 2017 and 2016 comprising commercial real estate which is primarily recorded in debt and preferred equity investments. Included in other assets is an additional amount of financing receivables totaling $90.3 million and $99.5 million at March 31, 2017 and December 31, 2016, respectively. No financing receivables were 90 days past due at March 31, 2017.