Fair Value of Financial Instruments (Tables)

9 Months Ended

Sep. 30, 2020

Fair Value Disclosures [Abstract]

Fair value measurements, recurring assets and liabilities

The following table sets forth the carrying value and fair value of our financial assets and liabilities by level within the fair value hierarchy as of September 30, 2020 and December 31, 2019 ($ in thousands):

			Level 1		Level 2		Level 3
	Carrying Value		Quoted Prices in Active Markets		Observable Inputs Other Than Level 1 Prices		Unobservable Inputs
September 30, 2020
Recurring basis (assets)
Interest rate cap derivatives (1)	$	114	$	—	$	114	$	—
Not recognized on condensed consolidated balance sheets at fair value (liabilities)
Repurchase and loan agreements	1,620,968		—		1,630,102		—
December 31, 2019
Recurring basis (assets)
Interest rate cap derivatives (1)	$	2,070	$	—	$	2,070	$	—
Not recognized on consolidated balance sheets at fair value (liabilities)
Repurchase and loan agreements	1,644,230		—		1,653,720		—

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(1)Included within prepaid expenses and other assets in the condensed consolidated balance sheets.

Fair value, assets measured on recurring basis, reconciliation

The following table sets forth the changes in our Level 3 assets, which consisted solely of mortgage loans at fair value, during the period indicated ($ in thousands):

Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
	Three months ended September 30, 2019		Nine months ended September 30, 2019
Mortgage loans at fair value based on Level 3 inputs, beginning balance	$	4,372	$	8,072
Net gain (loss) on mortgage loans	(1,759)		12
Mortgage loan dispositions, resolutions and payments	1,355		(405)
Real estate tax advances to borrowers	36		65
Transfer of mortgage loans to real estate owned, net	(391)		(4,131)
Transfers out of Level 3	(3,613)		(3,613)
Mortgage loans at fair value based on Level 3 inputs, ending balance	$	—	$	—