FAIR VALUES OF FINANCIAL INSTRUMENTS (Tables)

3 Months Ended

Mar. 31, 2023

Carrying Amounts and Fair Values of Financial Instruments

The carrying amounts and fair values of our financial instruments were as follows (dollars in thousands):


	As of March 31, 2023				As of December 31, 2022
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Assets:
Cash and cash equivalents (1)	$	145,357	$	145,357	$	122,564	$	122,564
Escrow deposits and restricted cash (1)	49,924		49,924		48,181		48,181
Stock warrants (3)(5)	24,592		24,592		23,621		23,621
Secured mortgage loans and other, net (3)(4)	501,004		501,073		493,669		493,627
Non-mortgage loans receivable, net (3)(4)(5)	24,418		23,585		24,338		23,416

Government-sponsored pooled loan investments, net (3)	—		—		43,406		43,406
Derivative instruments (3)(5)	17,998		17,998		24,316		24,316
Liabilities:
Senior notes payable and other debt, gross (3)(4)	12,406,943		11,694,570		12,361,244		11,493,824
Derivative instruments (3)(6)	2,623		2,623		145		145
Redeemable OP Units (2)	157,432		157,432		162,663		162,663

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(1)The carrying amount approximates fair value due to the short maturity of these instruments.

(2)Level 1: Fair value calculated based on unadjusted quoted prices for identical assets or liabilities in active markets that we have the ability to access.

(3)Level 2: Fair value calculated using inputs other than quoted prices included in level one that are directly or indirectly observable for the asset or liability. Level two inputs may include quoted prices for similar assets and liabilities in active markets and other inputs for the asset or liability that are observable at commonly quoted intervals, such as interest rates, foreign exchange rates and yield curves.

(4)Level 3: Fair value calculated using unobservable inputs for the asset or liability, which typically are based on our own assumptions, because there is little, if any, related market activity.

(5)Included in other assets on our Consolidated Balance Sheets.

(6)Included in accounts payable and other liabilities on our Consolidated Balance Sheets.