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FAIR VALUE MEASUREMENT (Tables)
 12 Months Ended
Dec. 31, 2021
Fair Value Disclosures [Abstract]  
Schedule of disclosures concerning financial instruments measured at fair value
Disclosures concerning financial instruments measured at fair value are as follows (in thousands):
 
 Fair Value Measurement at December 31, 2021 using
 Level 1Level 2Level 3Total
Assets:
Purchase options related to real estate loans$— $— $2,800 $2,800 
Liabilities:    
Interest rate swaps— 15,723 — 15,723 
 Fair Value Measurement at December 31, 2020 using
 Level 1Level 2Level 3Total
Assets:
Purchase options related to real estate loans$— $— $7,161 $7,161 
Liabilities:    
Interest rate swaps— 30,850 — 30,850 
Schedule of unobservable inputs for fair values of purchase options
Real Estate Loan 1Real Estate Loan 2Real Estate Loan 3
Exercise price$15,143 $17,377 $37,800 
Term2.59
(1)
2.68
(1)
1.42
(2)
Expected volatility65.0 %55.0 %55.0 %
Risk-free rate0.3 %0.3 %0.2 %
Expected annualized equity dividend yield6.5 %7.5 %— %

(1) The option term is the period from April 1, 2020 through the fully extended maturity dates of the respective mezzanine loans.
(2) The option term is the period from April 1, 2020 through the date in which the development project is completed and the option becomes exercisable.
Schedule of Loss on Impairment of assets
During the year ended December 31, 2021, we recorded a Loss on impairment and write-off of assets of $4.4 million as follows (dollar amounts in thousands):
Real Estate Loan 1Real Estate Loan 2Real Estate Loan 3
Purchase option value at December 31, 2020
$1,600 $2,761 $2,800 
Loss on impairment and write-off of assets(1,600)
(1)
(2,761)
(1)
— 
Purchase option value at December 31, 2021
$— $— $2,800 

(1) Real estate loans 1 and 2 were repaid in full during the year ended December 31, 2021. As the Company elected not to exercise its purchase options, we have recorded a Loss on impairment and write-off of assets of $4.4 million.