Summary of Significant Accounting Policies (Tables)

9 Months Ended

Sep. 30, 2020

Summary of Assets Measured at Fair Value on a Recurring Basis

The following table summarizes our assets measured at fair value on a recurring basis ($ in thousands):

	September 30, 2020								December 31, 2019
	Level I		Level 2		Level 3		Total		Level I		Level 2		Level 3		Total
Investments in real estate debt	$	—	$	4,846,533	$	119,144	$	4,965,677	$	—	$	4,389,184	$	134,076	$	4,523,260
Equity securities		332,849		240,000		—		572,849		—		—		—		—
Total	$	332,849	$	5,086,533	$	119,144	$	5,538,526	$	—	$	4,389,184	$	134,076	$	4,523,260

Summary of Quantitative Inputs and Assumptions Used for Items Categorized in Level 3 of Fair Value Hierarchy

The following table contains the quantitative inputs and assumptions used for items categorized in Level 3 of the fair value hierarchy ($ in thousands):

	Fair Value		Valuation Technique	Unobservable Input	Rate	Impact to Valuation from an Increase in Input
Investments in real estate debt	$	119,144	Discounted cash flow	Yield	10.5%	Decrease

Level 3 [Member]

Summary of Assets Measured at Fair Value on a Recurring Basis

The following table details our assets measured at fair value on a recurring basis using Level 3 inputs ($ in thousands):

	Investments in Real Estate Debt
Balance as of December 31, 2019	$	134,076
Included in net income
Accretion included in interest income		260
Unrealized gain (loss) included in income (loss) from investments in real estate debt		(15,192	)
Balance as of September 30, 2020	$	119,144