REAL ESTATE-RELATED SECURITIES (Tables)

9 Months Ended

Sep. 30, 2020

Investments, Debt and Equity Securities [Abstract]

Schedule of securities available for sale

The following is a summary of the Company’s real estate-related securities as of September 30, 2020 (in thousands):

	Real Estate-Related Securities
	Amortized Cost Basis		Unrealized Gain		Fair Value
CMBS	$	75,151	$	61	$	75,212
Total real estate-related securities	$	75,151	$	61	$	75,212

The following table provides the activity for the real estate-related securities during the nine months ended September 30, 2020 (in thousands):

	Amortized Cost Basis		Unrealized Gain		Fair Value
Real estate-related securities as of January 1, 2020	$	—	$	—	$	—
Face value of real estate-related securities acquired	91,440		—		91,440
Premiums and discounts on purchase of real estate-related securities, net of acquisition costs	(14,796)		—		(14,796)
Amortization of discount (premium) on real estate-related securities	(45)		—		(45)
Principal payments received on real estate-related securities	(1,448)		—		(1,448)
Unrealized gain on real estate-related securities	—		61		61
Real estate-related securities as of September 30, 2020	$	75,151	$	61	$	75,212

The scheduled maturities of the Company’s real estate-related securities as of September 30, 2020 are as follows (in thousands):

	Available-for-sale securities
	Amortized Cost		Estimated Fair Value
Due within one year	$	—	$	—
Due after one year through five years	65,430		65,491
Due after five years through ten years	—		—
Due after ten years	9,721		9,721
Total	$	75,151	$	75,212