Fair Values (Tables)

12 Months Ended

Dec. 31, 2022

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 and liabilities recorded at fair value on a recurring and non-recurring basis by the above categories ($ in thousands):

	Fair Value Using
			Quoted
			market		Significant
			prices in		other		Significant
			active		observable		unobservable
			markets		inputs		inputs
	Total		(Level 1)		(Level 2)		(Level 3)
As of December 31, 2022
Non-recurring basis:
Real estate, net(1)	$	811	$	—	$	—	$	811
Impaired land and development(2)		26,300		—		—		26,300
Loans receivable held for sale (refer to Note 7)		37,650		—		—		37,650
As of December 31, 2021
Recurring basis:
Derivative liabilities(3)	$	8,395	$	—	$	8,395	$	—
Available-for-sale securities(3)		28,092		—		—		28,092

(1) 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.

(2) The Company recorded a $12.7 million 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%.

(3) The fair value of the Company’s derivatives are based upon widely accepted valuation techniques utilized by a third-party specialist using observable inputs such as interest rates and contractual cash flow and are classified as Level 2. The fair value of the Company’s available-for-sale securities are based upon unadjusted third-party broker quotes and are classified as Level 3. As of December 31, 2021, derivative liabilities are recorded in “Liabilities associated with real estate held for sale and classified as discontinued operations” on the Company’s consolidated balance sheet.

Summary of changes in Level 3 available-for-sale securities reported at fair value

The following table summarizes changes in Level 3 available-for-sale securities reported at fair value on the Company’s consolidated balance sheets for the years ended December 31, 2022 and 2021 ($ in thousands):

	2022		2021
Beginning balance	$	28,092	$	25,274
Purchases		—		3,375
Sales and Repayments		(26,752)		(200)
Realized gain recorded in other income		2,897		—
Unrealized losses recorded in other comprehensive income		(4,237)		(357)
Ending balance	$	—	$	28,092

Schedule of carrying value and fair value of financial instruments

	As of December 31, 2022				As of December 31, 2021
	Carrying		Fair		Carrying		Fair
	Value		Value		Value		Value
Assets
Net investment in leases (refer to Note 5)(1)	$	—	$	—	$	43	$	43
Loans receivable and other lending investments, net(1)		49		46		333		345
Loans receivable held for sale(1)		38		38		43		43
Cash and cash equivalents(2)		1,442		1,442		340		340
Restricted cash(2)		6		6		54		54
Liabilities
Debt obligations, net(1)(3)
Level 1		1,584		1,588		2,473		2,799
Level 3		99		98		99		104
Total debt obligations, net		1,683		1,686		2,572		2,903

(1) The fair value of the Company’s net investment in leases, loans receivable and other lending investments, net, loans receivable held for sale and certain debt obligations, net are classified as Level 3 within the fair value hierarchy.

(2) 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.

(3) As of December 31, 2022 and 2021, the fair value of the Company’s unsecured notes and Senior Term Loan are classified as Level 1 within the fair value hierarchy. As of December 31, 2021, the fair value of the Company’s 3.125% Senior Convertible Notes was $527.5 million.