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Fair Values (Tables)
 9 Months Ended
Sep. 30, 2023
Fair Value Disclosures [Abstract]  
Schedule of assets and liabilities recorded at fair value on a recurring and non-recurring basis

The following fair value hierarchy table summarizes the Company’s assets recorded at fair value on a recurring or non-recurring basis by the above categories as of September 30, 2023 and December 31, 2022 ($ in thousands):

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Fair Value Using

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Quoted 

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market

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Significant

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​

​

​

​

​

​

 prices in

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other

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Significant

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​

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active

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 observable

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unobservable

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​

​

​

​

markets

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 inputs

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  inputs

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Total

    

   (Level 1)

    

  (Level 2)

    

 (Level 3)

As of September 30, 2023

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Recurring basis:

 

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​

​

​

​

​

​

​

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Available-for-sale debt securities(1)

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$

4,081

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$

—

​

$

—

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$

4,081

Other investments (refer to Note 7)

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240,703

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240,703

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​

—

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​

—

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​

​

​

​

​

​

​

​

​

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As of December 31, 2022

 

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​

  

 

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Non-recurring basis:

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​

 

  

​

 

  

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Real estate, net(2)

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$

811

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$

—

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$

—

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$

811

Impaired land and development(3)

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26,300

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—

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—

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26,300

Loans receivable held for sale (refer to Note 6)

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37,650

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​

—

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​

—

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​

37,650

(1)The fair value of the Company’s available-for-sale debt securities are based upon unadjusted third-party broker quotes and are classified as Level 3.
(2)During the year ended December 31, 2022, the Company recorded a $1.8 million impairment on an operating property with an estimated fair value of $0.8 million. The estimated fair value is based on the cash flows expected to be received.

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(3)During the year ended December 31, 2022, the Company recorded a $12.7 million impairment on a land and development asset with an estimated fair value of $26.3 million. The estimated fair value is based on future cash flows expected to be received using a discount rate of 12.5%.
Schedule of carrying value and fair value of financial instruments

The following table summarizes changes in Level 3 available-for-sale securities reported at fair value on the Company’s combined and consolidated balance sheets for the nine months ended September 30, 2023 ($ in thousands):

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Beginning balance

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$

—

Purchases

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​

4,220

Unrealized losses recorded in other comprehensive income (loss)

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(139)

Ending balance

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$

4,081

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​

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Fair values of financial instruments—The following table presents the carrying value and fair value for the Company’s financial instruments ($ in millions):

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As of September 30, 2023

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As of December 31, 2022

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Carrying

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Fair 

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Carrying

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Fair 

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 Value

    

Value

    

 Value

    

Value

Assets

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Loans receivable and other lending investments, net(1)

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$

20

​

$

17

​

$

49

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$

46

Loans receivable held for sale(1)

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​

—

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​

—

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​

38

​

​

38

Equity investment in Safe(2)

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241

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241

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​

—

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​

—

Cash and cash equivalents(3)

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46

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46

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4

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4

Restricted cash(3)

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6

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6

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3

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3

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Liabilities

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​

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​

​

​

​

​

​

​

​

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Debt obligations, net(1)

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213

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​

213

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​

—

​

​

—

(1)The fair value of the Company’s loans receivable and other lending investments, net, loans receivable held for sale and debt obligations are classified as Level 3 within the fair value hierarchy.
(2)The fair value of the Company’s investment in approximately 13.5 million shares of Safe common stock is classified as Level 1 within the fair value hierarchy, and is included within “Other investments” on  the Company’s balance sheet.
(3)The Company determined the carrying values of its cash and cash equivalents and restricted cash approximated their fair values. Restricted cash is recorded in “Deferred expenses and other assets, net” on the Company’s balance sheet. The fair value of the Company’s cash and cash equivalents and restricted cash are classified as Level 1 within the fair value hierarchy.