FAIR VALUE MEASUREMENTS (Tables)

9 Months Ended

Sep. 30, 2023

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 measured at fair value on a recurring basis as of September 30, 2023 and December 31, 2022, 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 September 30, 2023
Assets:
Mortgage secured loans receivable	$	—	$	—	$	159,371	$	159,371
Mezzanine loans receivable	—		—		21,804		21,804
Total	$	—	$	—	$	181,175	$	181,175

	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

Schedule of Assets Measured at Fair Value on a Recurring Basis Using Level 3 Inputs

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, 2022	$	117,684	$	38,684
Loan originations	47,534		—
Accrued interest, net	292		(163)
Unrealized losses on other real estate related investments, net	(6,139)		(1,717)
Repayments	—		(15,000)
Balance as of September 30, 2023	$	159,371	$	21,804

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 September 30, 2023:

Type	Book Value as of September 30, 2023		Valuation Technique	Unobservable Inputs	Range
Mortgage secured loans receivable	$	159,371	Discounted cash flow	Discount Rate	10% - 15%
Mezzanine loan receivable	21,804		Discounted cash flow	Discount Rate	12% - 15%

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

A summary of the face value, carrying amount and fair value of the Notes (as defined in Note 7, Debt, below) as of September 30, 2023 and December 31, 2022 using Level 2 inputs is as follows (dollars in thousands):  

		September 30, 2023						December 31, 2022
	Level	Face Value		Carrying Amount		Fair Value		Face Value		Carrying Amount		Fair Value
Financial liabilities:
Senior unsecured notes payable	2	$	400,000	$	395,816	$	352,500	$	400,000	$	395,150	$	345,036