Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2022

Fair Value Disclosures [Abstract]

Schedule of Items Measured at Fair Value on a Recurring Basis

The following table presents information about the Company’s assets and liabilities measured at fair value on a recurring basis as of December 31, 2022 and 2021, aggregated by the level in the fair value hierarchy within which those instruments fall (dollars in thousands):

	Level 1		Level 2		Level 3		Balance as of December 31, 2022
Assets:
Mortgage secured loans receivable	$	—	$	—	$	117,684	$	117,684
Mezzanine loans receivable	—		—		38,684		38,684
Total	$	—	$	—	$	156,368	$	156,368
	Level 1		Level 2		Level 3		Balance as of December 31, 2021
Assets:
Mezzanine loan receivable	$	—	$	—	$	15,155	$	15,155

Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation

The following table details the Company’s assets measured at fair value on a recurring basis using Level 3 inputs (dollars in thousands):

	Investments in Real Estate Secured Loans		Investments in Mezzanine Loans
Balance at December 31, 2021	$	—	$	15,155
Loan originations	122,150		25,000
Accrued interest, net	928		237
Unrealized loss on other real estate related investments	(5,394)		(1,708)
Balance as of December 31, 2022	$	117,684	$	38,684

Schedule of Quantitative Information About Unobservable Inputs Related to Level 3 Fair Value Measurements

The following table shows the quantitative information about unobservable inputs related to the Level 3 fair value measurements comprising the investments in secured and mezzanine loans receivables as of December 31, 2022:

Type	Book Value as of December 31, 2022		Valuation Technique	Unobservable Inputs	Range
Mortgage secured loans receivable	$	117,684	Discounted cash flow	Discount Rate	9% - 13%
Mezzanine loans receivable	38,684		Discounted cash flow	Discount Rate	12% - 14%

Summary of Face Value, Carrying Amount and Fair Value of Financial Instruments

A summary of the face values, carrying amount and fair value of the Notes (as defined in Note 7, Debt, below) as of December 31, 2022 and 2021 using Level 2 inputs (dollars in thousands):  

	December 31, 2022						December 31, 2021
	Face Value		Carrying Amount		Fair Value		Face Value		Carrying Amount		Fair Value
Financial liabilities:
Senior unsecured notes payable	$	400,000	$	395,150	$	345,036	$	400,000	$	394,262	$	410,500