Fair value measurements (Tables)

3 Months Ended

Mar. 31, 2020

Fair value measurements

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

The following table sets forth assets and liabilities measured and reported at fair value on a recurring and nonrecurring basis, as well as for which fair value is only disclosed, as of March 31, 2020 and December 31, 2019. All of these fair values are categorized as Level 3.  The table also contains information about valuation methodologies and inputs used for assets that are measured at fair value and categorized within Level 3 as of March 31, 2020 and December 31, 2019.  (amounts in thousands):

					Valuation	Unobservable	Range of
(dollars in thousands)		March 31, 2020		December 31, 2019	technique	inputs	inputs
Optional subscription liability (A)	$	888	$	5,492	Valuation Model	See Note 7	0 - 5	%
Real property (B)		3,703		5,837	Market Comparable	Market prices for similar properties adjusted for comparability	0 - 10	%
Current mortgage notes receivable (C)		637,751		792,736	Market Comparable	Market interest rates and collateral value	0 - 10	%
Defaulted and impaired loans, net of allowance for loan losses (D)		145,001		28,853	Market Comparable	Market interest rates and collateral value	0 - 10	%
Total	$	787,343	$	832,918

A) Warrant liability derivative measured at fair value on a recurring basis.

B) Real estate property is measured at lower of cost or market, a non-recurring measurement of fair value.

C) The carrying value of Mortgage notes receivable approximates fair value.

D) For collateral dependent loans, the fair value is based on the fair value less the costs to sell the underlying property. The carrying value of the defaulted and impaired loans, net of the allowance for loan losses approximates fair value.