Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 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 December 31, 2023 and 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 December 31, 2023
Assets:
Mortgage secured loans receivable	$	—	$	—	$	156,769	$	156,769
Mezzanine loan receivable	—		—		21,799		21,799
Total	$	—	$	—	$	178,568	$	178,568
	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 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, 2022	$	117,684	$	38,684
Loan originations	53,834		—
Accrued interest, net	543		(155)
Unrealized losses on other real estate related investments, net	(4,755)		(1,730)
Repayments	(10,537)		(15,000)
Balance as of December 31, 2023	$	156,769	$	21,799

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, 2023:

Type	Book Value as of December 31, 2023		Valuation Technique	Unobservable Inputs	Range
Mortgage secured loans receivable	$	156,769	Discounted cash flow	Discount Rate	10% - 15%
Mezzanine loan receivable	21,799		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 December 31, 2023 and 2022 using Level 2 inputs is as follows (dollars in thousands):  

		December 31, 2023						December 31, 2022
	Level	Face Value		Carrying Amount		Fair Value		Face Value		Carrying Amount		Fair Value
Financial assets:
Preferred equity investment	3	$	1,782	$	1,801	$	1,801	$	—	$	—	$	—
Financial liabilities:
Senior unsecured notes payable	2	$	400,000	$	396,039	$	362,500	$	400,000	$	395,150	$	345,036