Company: SLG-PI
Filing Date: 2025-05-01
Form Type: 10-Q
Source: 0001040971-25-000022
Chunk: 58

Company: SL GREEN REALTY CORP
Filing Date: 2025-05-01
Form: 10-Q
Item: Item 1
Chunk 58
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 the gross asset valuation for interests in a property.

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Table of ContentsSL Green Realty Corp. and SL Green Operating Partnership, L.P.Notes to Consolidated Financial Statements (cont.)March 31, 2025(unaudited)

5. Debt and Preferred Equity Investments

Below is a summary of the activity in our consolidated debt and preferred equity investments for the three months ended March 31, 2025 and the twelve months ended December 31, 2024 (in thousands):March 31, 2025December 31, 2024Balance at beginning of year (1)$303,726 $346,745 Debt investment originations/fundings/accretion (2)12,230 12,890 Preferred equity investment originations/accretion (2) (3)2,233 8,720 Redemptions/sales/syndications/equity ownership/amortization— (64,629)Net change in loan loss reserves— — Balance at end of period (1) (4)$318,189 $303,726 (1)Net of unamortized fees, discounts, and premiums.(2)Accretion includes amortization of fees and discounts and paid-in-kind investment income.(3)Excludes a $219.4 million preferred equity investment that is included in Investment in unconsolidated joint ventures in our consolidated balance sheet. See Note 6, "Investments in Unconsolidated Joint Ventures."(4)Includes two investments with a total carrying value of $53.5 million that are included in the Company's alternative strategy portfolio.Below is a summary of our consolidated debt and preferred equity investments as of March 31, 2025 (dollars in thousands):Floating RateFixed RateTotal Carrying ValueSenior FinancingMaturity (2)TypeCarrying ValueFace ValueInterest Rate (1)Carrying ValueFace ValueInterest RateMezzanine Debt$129,235 $130,003 S + 5.06% - 11.63%$50,000 $50,000 8.00% - 14.10%$179,235 (3)$812,021 2024 - 2029 Preferred Equity (4)— — —138,954 138,954 6.5%138,954 250,000 2027Balance at end of period$129,235 $130,003 $188