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FAIR VALUE MEASUREMENTS (Tables)
6 Months Ended
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 1Level 2Level 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 $166,822 
Level 1Level 2Level 3
Balance as of December 31, 2022
Assets:
Mortgage secured loans receivable$— $— $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 LoansInvestments in Mezzanine Loans
Balance at December 31, 2022
$117,684 $38,684 
Loan originations28,243 — 
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 TechniqueUnobservable InputsRange
Mortgage secured loans receivable$144,192 Discounted cash flowDiscount Rate
10% - 14%
Mezzanine loan receivable22,630 Discounted cash flowDiscount 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, 2023December 31, 2022
 LevelFace
Value
Carrying
Amount
Fair
Value
Face
Value
Carrying
Amount
Fair
Value
Financial liabilities:
Senior unsecured notes payable2$400,000 $395,594 $346,588 $400,000 $395,150 $345,036