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Fair Values (Tables)
12 Months Ended
Dec. 31, 2021
Fair Value Disclosures [Abstract]  
Schedule of assets and liabilities recorded at fair value on a recurring and non-recurring basis

The following fair value hierarchy table summarizes the Company’s assets and liabilities recorded at fair value on a recurring and non-recurring basis by the above categories ($ in thousands):

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Fair Value Using

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Quoted 

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market

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Significant

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​

​

​

​

 prices in

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other

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Significant

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​

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active

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 observable

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unobservable

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​

​

​

markets

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 inputs

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  inputs

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Total

    

   (Level 1)

    

  (Level 2)

    

 (Level 3)

As of December 31, 2021

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​

Recurring basis:

 

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​

  

 

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Derivative liabilities(1)

 

$

8,395

 

$

—

 

$

8,395

 

$

—

Available-for-sale securities(1)

 

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28,092

 

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—

 

​

—

 

​

28,092

As of December 31, 2020

 

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Recurring basis:

 

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Derivative liabilities(1)

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18,926

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​

—

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18,926

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​

—

Available-for-sale securities(1)

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25,274

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—

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​

—

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25,274

Non-recurring basis:

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​

 

  

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Impaired land and development(2)

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6,078

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—

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—

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6,078

(1)The fair value of the Company’s derivatives are based upon widely accepted valuation techniques utilized by a third-party specialist using observable inputs such as interest rates and contractual cash flow and are classified as Level 2. The fair value of the Company’s available-for-sale securities are based upon unadjusted third-party broker quotes and are classified as Level 3. As of December 31, 2021 and 2020, derivative liabilities are recorded in “Liabilities associated with real estate held for sale and classified as discontinued operations” on the Company’s consolidated balance sheets.
(2)The Company recorded a $1.3 million on a land and development asset an estimated aggregate fair value of $6.1 million. The estimated fair value is based on future cash flows expected to be received.
Summary of changes in Level 3 available-for-sale securities reported at fair value

The following table summarizes changes in Level 3 available-for-sale securities reported at fair value on the Company’s consolidated balance sheets for the years ended December 31, 2021 and 2020 ($ in thousands):

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2021

    

2020

Beginning balance

​

$

25,274

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$

23,896

Purchases

​

​

3,375

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​

—

Repayments

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(200)

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(460)

Unrealized gains (losses) recorded in other comprehensive income

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(357)

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1,838

Ending balance

​

$

28,092

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$

25,274

Schedule of carrying value and fair value of financial instruments

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As of December 31, 2021

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As of December 31, 2020

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Carrying

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Fair 

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Carrying

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Fair 

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 Value

    

Value

    

 Value

    

Value

Assets

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Net investment in leases (refer to Note 5)(1)

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$

43

​

$

43

​

$

—

​

$

—

Loans receivable and other lending investments, net(1)

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​

333

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​

345

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​

687

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​

726

Loans receivable held for sale(1)

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43

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43

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​

—

​

​

—

Cash and cash equivalents(2)

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340

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340

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99

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99

Restricted cash(2)

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54

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54

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52

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52

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Liabilities

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​

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Loan participations payable, net(1)

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—

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—

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43

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43

Debt obligations, net(1)(3)

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​

​

​

​

​

​

​

​

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Level 1

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2,473

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​

2,799

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​

2,471

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​

2,581

Level 3

​

​

99

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​

104

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​

98

​

​

102

Total debt obligations, net

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2,572

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​

2,903

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​

2,569

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​

2,683

(1)The fair value of the Company’s net investment in leases, loans receivable and other lending investments, net, loans receivable held for sale, loan participations payable, net and certain debt obligations, net are classified as Level 3 within the fair value hierarchy.
(2)The Company determined the carrying values of its cash and cash equivalents and restricted cash approximated their fair values. Restricted cash is recorded in “Deferred expenses and other assets, net” on the Company’s balance sheet. The fair value of the Company’s cash and cash equivalents and restricted cash are classified as Level 1 within the fair value hierarchy.
(3)As of December 31, 2021 and 2020, the fair value of the Company’s unsecured notes and Senior Term Loan are classified as Level 1 within the fair value hierarchy. As of December 31, 2021 and 2020, the fair value of the Company’s 3.125% Senior Convertible Notes was $527.5 million and $338.8 million, respectively.