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Real Estate

12 Months Ended

Dec. 31, 2020

Real Estate [Abstract]

Real Estate Owned and Related Debt, Held for Sale

Real Estate Owned and Related Debt, Held for SaleIn 2017, we originated a subordinate loan, secured by a hotel in Anaheim, California subject to a $33.0 million first

mortgage held by a third party. In December 2020, due to non-performance on the $12.3 million subordinate loan, we assumed legal title through the execution of a deed in lieu. We intend to sell the hotel and, as such, as of the date of the foreclosure, we recorded the hotel on our consolidated balance sheet, gross of the first mortgage, at fair market value. We assumed the obligation of the $33.0 million first mortgage loan secured by the hotel, which is held by a third-party, and is classified as debt related to real estate owned, held for sale in our consolidated balance sheet.

The fair value of the real estate asset, less related debt, was $1.0 million less than our cost basis on the mezzanine loan prior to the foreclosure which, along with the previously recorded Specific CECL Allowance on the subordinate loan of $1.4 million, was recorded as a realized loss on our consolidated income statement.

The table below details real estate owned and related debt, held for sale, on our consolidated balance sheet ($ in thousands):

			December 31, 2020						December 31, 2019
Real estate owned, held for sale			$	42,905					$	—
Debt related to real estate owned, held for sale			(33,000)						—
Real estate owned, net			$	9,905					$	—

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- Definition

The entire disclosure for certain real estate investment financial statements, real estate investment trust operating support agreements, real estate owned, retail land sales, time share transactions, as well as other real estate related disclosures.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 970
-URI http://asc.fasb.org/topic&trid=2156125

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 978
-URI http://asc.fasb.org/topic&trid=2134977

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 976
-URI http://asc.fasb.org/topic&trid=2134846

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 974
-URI http://asc.fasb.org/topic&trid=2156429

Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 972
-URI http://asc.fasb.org/topic&trid=2134617

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