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FAIR VALUE MEASUREMENTS (Tables) | 6 Months Ended
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Jun. 30, 2023
Fair Value Disclosures [Abstract] |
Schedule of Items Measured at Fair Value on a Recurring Basis | The following table presents information about the Company’s assets measured at fair value on a recurring basis as of June 30, 2023 and December 31, 2022, aggregated by the level in the fair value hierarchy within which those instruments fall (dollars in thousands):
| Level 1 |  | Level 2 |  | Level 3 |  | Balance as of June 30, 2023
Assets: |  |  |  |  |  |  |
Mortgage secured loans receivable | $ | — |  |  | $ | — |  |  | $ | 144,192 |  |  | $ | 144,192 |
Mezzanine loans receivable | — |  |  | — |  |  | 22,630 |  |  | 22,630 |
Total | $ | — |  |  | $ | — |  |  | $ | 166,822 |  |  | $ | 166,822 |
| Level 1 |  | Level 2 |  | Level 3 |  | Balance as of December 31, 2022
Assets: |  |  |  |  |  |  |
Mortgage secured loans receivable | $ | — |  |  | $ | — |  |  | $ | 117,684 |  |  | $ | 117,684 |
Mezzanine loans receivable | — |  |  | — |  |  | 38,684 |  |  | 38,684 |
Total | $ | — |  |  | $ | — |  |  | $ | 156,368 |  |  | $ | 156,368 |
Schedule of Assets Measured at Fair Value on a Recurring Basis Using Level 3 Inputs | The following table details the Company’s assets measured at fair value on a recurring basis using Level 3 inputs (dollars in thousands):
| Investments in Real Estate Secured Loans |  | Investments in Mezzanine Loans
Balance at December 31, 2022 | $ | 117,684 |  |  | $ | 38,684 |
Loan originations | 28,243 |  |  | — |
Accrued interest, net | (21) |  |  | (163) |
Unrealized losses on other real estate related investments, net | (1,714) |  |  | (891) |
Repayments | — |  |  | (15,000) |
Balance as of June 30, 2023 | $ | 144,192 |  |  | $ | 22,630 |
Schedule of Quantitative Information About Unobservable Inputs Related To Level 3 Fair Value Measurements | The following table shows the quantitative information about unobservable inputs related to the Level 3 fair value measurements comprising the investments in secured and mezzanine loans receivables as of June 30, 2023:
Type | Book Value as of June 30, 2023 |  | Valuation Technique |  | Unobservable Inputs |  | Range
Mortgage secured loans receivable | $ | 144,192 |  |  | Discounted cash flow |  | Discount Rate |  | 10% - 14%
Mezzanine loan receivable | 22,630 |  |  | Discounted cash flow |  | Discount Rate |  | 12% - 14%
Schedule of Face Value, Carrying Amount and Fair Value of Financial Instruments | A summary of the face value, carrying amount and fair value of the Notes (as defined in Note 7, Debt, below) as of June 30, 2023 and December 31, 2022 using Level 2 inputs is as follows (dollars in thousands):
|  |  | June 30, 2023 |  | December 31, 2022
| Level |  | Face Value |  | Carrying Amount |  | Fair Value |  | Face Value |  | Carrying Amount |  | Fair Value
Financial liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |
Senior unsecured notes payable | 2 |  | $ | 400,000 |  |  | $ | 395,594 |  |  | $ | 346,588 |  |  | $ | 400,000 |  |  | $ | 395,150 |  |  | $ | 345,036 |

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- Definition Tabular disclosure of input and valuation technique used to measure fair value and change in valuation approach and technique for each separate class of asset and liability measured on recurring and nonrecurring basis. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (bbb) -SubTopic 10 -Topic 820 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 + Details
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- Definition Tabular disclosure of assets, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, by class that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 + Details
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- Definition Tabular disclosure of the fair value of financial instruments, including financial assets and financial liabilities, and the measurements of those instruments, assets, and liabilities. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 11 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482907/825-10-50-11 + Details
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- Definition Tabular disclosure of the fair value measurement of liabilities using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets), and gains or losses recognized in other comprehensive income (loss) and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs) by class of liability. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (c) -SubTopic 10 -Topic 820 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-3 + Details
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