Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2021

Fair Value Disclosures [Abstract]

Schedule of fair value of assets and liabilities

The following tables present estimated fair values of our financial instruments as of the date indicated, whether or not recognized or recorded in the consolidated balance sheets at the period indicated:

	December 31, 2021				Fair Value Measurements Using
(dollars in thousands)	Carrying Value		Estimated Fair Value		Level 1		Level 2		Level 3
Financial Assets
Cash and cash equivalents	$	132,889	$	132,889	$	132,889	$	—	$	—
Mortgage notes receivable, net		901,350		901,350		—		—		901,350
Financial Liabilities
Senior unsecured notes		97,223		100,000		100,000		—		—
Private placement warrant liability		1,838		1,838		—		1,838		—

	December 31, 2020				Fair Value Measurements Using
(dollars in thousands)	Carrying Value		Estimated Fair Value		Level 1		Level 2		Level 3
Financial Assets
Cash and cash equivalents	$	223,375	$	223,375	$	223,375	$	—	$	—
Mortgage notes receivable, net		798,486		798,486		—		—		798,486

Schedule of valuation methodologies and inputs used for assets that are measured at fair value

	Fair Value
(dollars in thousands)	December 31, 2021		December 31, 2020		Valuation technique	Unobservable inputs	Range of inputs
Real property — held for sale(1)	$	52,531	$	8,473	Collateral valuations	Appraised value, broker opinion of value, discounted cash flows or capitalization rate applied to estimate net operating income	0 - 10%
Collateral dependent loans, net of allowance for credit losses(2)		43,938		30,373	Collateral valuations	Discount to appraised value based on comparable market prices	0 - 10%
Total	$	96,469	$	38,846

(1)Real property held-for-sale is measured at lower of cost or fair value, a non-recurring measurement of fair value.

(2)Loans meeting the definition of collateral dependent are measured at the fair value. The carrying value of the collateral dependent loans, net of the allowance for credit losses, approximates fair value.

Schedule of activity in the CECL Allowance

The following tables summarize the activity in the CECL allowance during the years ended December 31, 2021 and 2020:

	CECL Allowance
(dollars in thousands)	Funded			Unfunded (2)		Total
CECL allowance as of December 31, 2020	$	10,590		$	—	$	10,590
Provision for credit losses, net		5,275			904		6,179
Charge-offs(1)		(5,471	)		—		(5,471	)
CECL allowance as of December 31, 2021	$	10,394		$	904	$	11,298

(dollars in thousands)	CECL Allowance
Loan loss reserve as of December 31, 2019	$	4,096
Adoption of ASU 2016-13(3)		1,975
Provision for credit losses, net		6,722
Charge-offs(1)		(2,203	)
CECL allowance as of December 31, 2020	$	10,590

(1)Resulting from either loan repayments where the proceeds are less than the principal outstanding or transfers to investment in real property owned upon foreclosure where the fair values of the underlying collateral are less than the principal outstanding.

(2)CECL allowance related to unfunded commitments is presented as a liability under accounts payable and accrued liabilities in our consolidated balance sheet.

(3)Recorded as a direct charge to stockholders’ equity, effective January 1, 2020, as a cumulative-effect of change in accounting principle.