Fair Value of Financial Instruments (Tables)

9 Months Ended

Sep. 30, 2022

Fair Value Disclosures [Abstract]

Schedule of Fair Value, Assets Measured on Recurring Basis

The following table details our financial instruments measured at fair value on a recurring basis:

	September 30, 2022								December 31, 2021
$ in thousands	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
Investments in real estate-related securities	$	6,771	$	17,625	$	—	$	24,396	$	407	$	12,278	$	—	$	12,685
Investment in commercial loan	—		—		21,800		21,800		—		—		—		—
Interest rate caps	—		6,925		—		6,925		—		—		—		—
Interest rate swap	—		2,288		—		2,288		—		—		—		—
Total	$	6,771	$	26,838	$	21,800	$	55,409	$	407	$	12,278	$	—	$	12,685

Schedule of Investment In Real Estate Debt

The following table details our investment in commercial loan:

$ in thousands	Investment in Commercial Loan
Balance as of December 31, 2021	$	—
Loan originations	21,800
Net unrealized gain (loss)	—
Balance as of September 30, 2022	$	21,800

Schedule of Fair Value Measurements Of Our Investment In Real Estate Debt

The following table shows the quantitative information about unobservable inputs related to the Level 3 fair value measurement of our investment in commercial loan as of September 30, 2022. As of December 31, 2021, we did not have an investment in a commercial loan.

Type	Asset Class	Valuation Technique	Unobservable Input	Rate
Commercial loan	Retail	Discounted cash flow	Discount rate	7.21%

Fair Value, Liabilities Measured on Recurring and Nonrecurring Basis

The following table presents the carrying value and estimated fair value of our financial instruments that are not carried at fair value on the condensed consolidated balance sheets:

	September 30, 2022				December 31, 2021
$ in thousands	Carrying Value		Estimated Fair Value		Carrying Value		Estimated Fair Value
Revolving credit facility	$	88,500	$	88,500	$	75,500	$	75,500
Mortgage notes payable(1)	378,532		373,526		163,500		163,500
Financing obligation(1)	54,000		54,000		54,000		54,000
Total	$	521,032	$	516,026	$	293,000	$	293,000

(1)The mortgage notes payable and financing obligation do not include unamortized debt issuance costs.