Notes Payable to Related Parties	3 Months Ended
Mar. 31, 2019
Related Party Transactions [Abstract]
Notes Payable to Related Parties	6. Notes Payable to Related Parties Until the completion of the IPO, the Company had a secured warehouse line of credit with an affiliate of Eldridge through which it issued short-term notes (the “Warehouse Notes”) and used the proceeds to acquire investments in real estate. The Warehouse Notes accrued interest at a rate equal to LIBOR plus a spread of between 2.14% and 2.76% and matured within one year of the date of issuance. During the three months ended March 31, 2018, the Company issued 10 Warehouse Notes for a combined $45.0 million. On January 31, 2018, the Company made principal payments on the Warehouse Notes of $50.0 million, repaying three of the Warehouse Notes in full and one of the Warehouse notes in part, prior to maturity. As of March 31, 2018, the Company had 26 Warehouse Notes outstanding for a combined principal amount of $225.0 million. The Company had no amounts outstanding related to the Warehouse Notes as of or during the three months ended March 31, 2019. During the three months ended March 31, 2018, the Company recorded $2.1 million of interest expense related to the Warehouse Notes. No interest expense related to the Warehouse Notes was incurred during the three months ended March 31, 2019.

Notes Payable to Related Parties

3 Months Ended

Mar. 31, 2019

6. Notes Payable to Related Parties

Until the completion of the IPO, the Company had a secured warehouse line of credit with an affiliate of Eldridge through which it issued short-term notes (the “Warehouse Notes”) and used the proceeds to acquire investments in real estate. The Warehouse Notes accrued interest at a rate equal to LIBOR plus a spread of between 2.14% and 2.76% and matured within one year of the date of issuance.

During the three months ended March 31, 2018, the Company issued 10 Warehouse Notes for a combined $45.0 million. On January 31, 2018, the Company made principal payments on the Warehouse Notes of $50.0 million, repaying three of the Warehouse Notes in full and one of the Warehouse notes in part, prior to maturity. As of March 31, 2018, the Company had 26 Warehouse Notes outstanding for a combined principal amount of $225.0 million. The Company had no amounts outstanding related to the Warehouse Notes as of or during the three months ended March 31, 2019.

During the three months ended March 31, 2018, the Company recorded $2.1 million of interest expense related to the Warehouse Notes. No interest expense related to the Warehouse Notes was incurred during the three months ended March 31, 2019.