Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2022

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 condensed consolidated balance sheets at the periods indicated:

	June 30, 2022				Fair Value Measurements Using
(dollars in thousands)	Carrying Value		Estimated Fair Value		Level 1		Level 2		Level 3
Financial Assets
Cash and cash equivalents	$	35,958	$	35,958	$	35,958	$	—	$	—
Mortgage notes receivable, net		957,226		957,226		—		—		957,226
Financial Liabilities
Senior unsecured notes, net		97,503		87,910		—		87,910		—
Private placement warrant liability		1,660		1,660		—		1,660		—

	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, net		97,223		100,000		—		100,000		—
Private placement warrant liability		1,838		1,838		—		1,838		—

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

The following table sets forth assets measured and reported at fair value on a nonrecurring basis as of June 30, 2022 and December 31, 2021. All of these values are categorized as Level 3. The table also contains information about valuation methodologies and inputs.

	Carrying Value				Fair Value
(dollars in thousands)	June 30, 2022		December 31, 2021		June 30, 2022		December 31, 2021		Valuation technique	Unobservable inputs	Range of inputs
Real property, held for use(1)	$	4,490	$	—	$	4,726	$	—	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(1)		335		436		723		835	Collateral valuations	Discount to appraised value based on comparable market prices	0 - 10%
Total	$	4,825	$	436	$	5,449	$	835

(1)Previously reported amounts included all real properties and collateral dependent loans regardless of whether a mark to fair value occurred in the reporting period. The current disclosure represents only those measured at fair value on a nonrecurring basis during the reporting periods.