Company: SLG-PI
Filing Date: 2025-05-01
Form Type: 10-Q
Source: 0001040971-25-000022
Chunk: 92

Company: SL GREEN REALTY CORP
Filing Date: 2025-05-01
Form: 10-Q
Item: Item 1
Chunk 92
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 of the fair value hierarchy if the significant fair value inputs used to price the CMBS become or cease to be observable.The fair value of our secured borrowing is determined by projecting future cash flows, which takes into consideration various factors including discount rate and exit capitalization rate, as well as related asset performance and local or macro real estate performance. The inputs used in determining the Company's secured borrowing are considered Level 3.The financial assets and liabilities that are not measured at fair value on our consolidated balance sheets include cash and cash equivalents, restricted cash, accounts receivable, accounts payable and accrued expenses, debt and preferred equity investments, mortgages and other loans payable and other secured and unsecured debt. The carrying amount of cash and cash equivalents, restricted cash, accounts receivable, and accounts payable and accrued expenses reported in our consolidated balance sheets approximates fair value due to the short-term nature of these instruments. The fair value of debt and preferred equity investments, which is classified as Level 3, is estimated by discounting the future cash flows using current interest rates at which similar loans with the same maturities would be made to borrowers with similar credit ratings. The fair value of borrowings, which is classified as Level 3, is estimated by discounting the contractual cash flows of each debt instrument to their present value using adjusted market interest rates, which is provided by a third-party specialist.The following table provides the carrying value and fair value of these financial instruments as of March 31, 2025 and December 31, 2024 (in thousands):March 31, 2025December 31, 2024Carrying Value (1)Fair ValueCarrying Value (1)Fair ValueDebt and preferred equity investments$318,189 (2)$303,726 (2)Fixed rate debt$3,367,361 $3,372,590 $3,257,474 $3,225,767 Variable rate debt509,366 508,160 363,550 355,364 Total Debt$3,876,727 $3,880,750 $3,621,024 $3,581,131 (1)Amounts exclude net deferred financing costs.(2)As of March 31, 2025, debt and preferred equity investments had an estimated fair value of approximately $0.3 billion. As of December 31, 2024, debt and preferred equity investments had an estimated fair value of approximately $0.3 billion.Disc