Broadmark Realty Capital (BRMK) 10-Q 9 May 23 2023 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2023	May 01, 2023
Document Information [Line Items]
Entity Registrant Name	Broadmark Realty Capital Inc.
Entity Central Index Key	0001784797
Document Type	10-Q
Document Transition Report	false
Document Period End Date	Mar. 31, 2023
Securities Act File Number	001-39134
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	84-2620891
Entity Address, Address Line One	1420 Fifth Avenue, Suite 2000
Entity Address, City or Town	Seattle
Entity Address, State or Province	WA
Entity Address, Postal Zip Code	98101
City Area Code	206
Local Phone Number	971-0800
Title of 12(b) Security	Common Stock, par value $0.001 per share
Trading Symbol	BRMK
Security Exchange Name	NYSE
Current Fiscal Year End Date	--12-31
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Document Quarterly Report	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		131,750,308
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q1
Amendment Flag	false

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Assets
Cash and cash equivalents	$ 39,323	$ 54,964
Mortgage notes receivable, net	784,881	881,950
Interest and fees receivable, net	12,902	14,775
Investment in real property held for sale, net	36,096	24,516
Investment in real property held for use, net	155,207	63,382
Right-of-use assets	5,503	5,609
Other assets	5,538	6,311
Total assets	1,039,450	1,051,507
Liabilities and stockholders' equity
Senior unsecured notes, net	97,932	97,789
Dividends payable	4,612	4,654
Accounts payable and accrued liabilities	9,988	13,489
Lease liabilities	7,394	7,522
Total liabilities	119,926	123,454
Commitments and contingencies (Note 11)
Stockholders' equity:
Preferred stock, $0.001 par value, 100,000,000 shares authorized, no shares issued and outstanding at March 31, 2023 and December 31, 2022	0	0
Common stock, $0.001 par value, 500,000,000 shares authorized, 131,750,308 and 131,645,145 issued and outstanding at March 31, 2023 and December 31, 2022, respectively	131	131
Additional paid in capital	1,215,933	1,215,229
Accumulated deficit	(296,540)	(287,307)
Total stockholders' equity	919,524	928,053
Total liabilities and stockholders' equity	$ 1,039,450	$ 1,051,507

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Preferred stock par value (in dollars per share)	$ 0.001	$ 0.001
Preferred stock shares authorized (in shares)	100,000,000	100,000,000
Preferred stock shares issued (in shares)	0	0
Preferred stock shares outstanding (in shares)	0	0
Common stock par value (in dollars per share)	$ 0.001	$ 0.001
Common stock shares authorized (in shares)	500,000,000	500,000,000
Common stock shares issued (in shares)	131,750,308	131,645,145
Common stock shares outstanding (in shares)	131,750,308	131,645,145

Consolidated Statements of Inco

Consolidated Statements of Income - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Revenues:
Total revenues	$ 24,701	$ 30,699
Revenues	23,836	29,873
Real property revenue from operations	865	826
Expenses:
Compensation and employee benefits	4,322	5,078
General and administrative	3,221	3,186
Merger transaction related expenses	4,920	0
Operating expenses	2,831	748
Interest expense	2,116	2,115
Total expenses	17,410	11,127
Impairment:
Provision for credit losses, net	1,701	1,747
Total impairment	2,705	1,747
Other (expense) income:
Change in fair value of warrant liabilities	0	(8)
Gain (loss) on sale of real property	(30)	257
Impairment on real property	(1,004)	0
Total other (expense) income	(30)	249
Income before provision for income taxes	4,556	18,074
Income tax provision	0	0
Net gain (loss) from investment in real property, held for sale	$ 4,556	$ 18,074
Earnings per common share:
Basic	$ 0.03	$ 0.14
Diluted	$ 0.03	$ 0.14
Weighted-average shares of common stock outstanding, basic and diluted
Basic	131,727,381	132,769,876
Diluted	132,046,269	132,836,771
Interest Income [Member]
Revenues:
Revenues	$ 19,264	$ 24,110
Fee Income [Member]
Revenues:
Revenues	$ 4,572	$ 5,763

Consolidated Statements of Stoc

Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands	Total	Preferred Stock [Member]	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings (Accumulated Deficit) [Member]
Balance at Dec. 31, 2021	$ 1,148,468		$ 132	$ 1,216,957	$ (68,621)
Balance, Shares at Dec. 31, 2021			132,716,338
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	18,074				18,074
Dividends	(27,885)				(27,885)
Issuance of shares for vested restricted stock units (in shares)			109,355
Issuance of shares for exercised warrants (in Shares)			25
Shares withheld for tax liability (in shares)			(32,276)
Shares withheld for tax liability	(328)			(328)
Stock-based compensation expense for restricted stock units	985			985
Balance at Mar. 31, 2022	1,139,314		$ 132	1,217,614	(78,432)
Balance, Shares at Mar. 31, 2022			132,793,442
Balance at Dec. 31, 2022	928,053	$ 0	$ 131	1,215,229	(287,307)
Balance, Shares at Dec. 31, 2022		0	131,645,145
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	4,556				4,556
Dividends	(13,789)				(13,789)
Issuance of shares for vested restricted stock units (in shares)			150,309
Shares withheld for tax liability (in shares)			(45,146)
Shares withheld for tax liability	(201)			(201)
Stock-based compensation expense for restricted stock units	905			905
Balance at Mar. 31, 2023	$ 919,524		$ 131	$ 1,215,933	$ (296,540)
Balance, Shares at Mar. 31, 2023			131,750,308

Condensed Consolidated Statemen

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Cash flows from operating activities
Net income (loss)	$ 4,556	$ 18,074
Adjustments to reconcile net income to net cash provided by operating activities:
Accretion of deferred origination and amendment fees	(4,088)	(5,318)
Depreciation and amortization	601	219
Amortization of right of use assets	106	99
Amortization of debt issuance costs	143	143
Amortization of credit facility costs	377	379
Stock-based compensation expense for restricted stock units	905	985
Provision for credit losses, net	1,701	1,747
Gain on sale of real property	30	(257)
Impairment	1,004	0
Change in fair value of warrant liabilities	0	8
Changes in operating assets and liabilities:
Interest and fees receivable, net	(1,516)	(1,991)
Other assets	308	(135)
Accounts payable and accrued liabilities	(3,085)	714
Lease liabilities	(128)	(114)
Net cash provided by operating activities	914	14,553
Cash flows from investing activities:
Fundings of mortgage notes receivable	(78,555)	(123,802)
Principal collections	73,204	96,366
Origination and amendment fees received on mortgage notes receivable	1,379	1,968
Purchases of property and equipment	0	(198)
Proceeds from sale of real property	3,304	5,288
Improvements in real property	(1,855)	(1,450)
Net cash provided by (used in) investing activities	(2,523)	(21,828)
Cash flows from financing activities:
Dividends paid	(13,831)	(27,879)
Payment of taxes on shares withheld for tax liability	(201)	(328)
Net cash used in financing activities	(14,032)	(28,207)
Net decrease in cash and cash equivalents	(15,641)	(35,482)
Cash and cash equivalents, beginning of period	54,964	132,889
Cash and cash equivalents, end of period	39,323	97,407
Supplemental disclosure of non-cash investing and financing activities:
Dividends payable	4,612	9,297
Mortgage notes receivable converted to investment in real property	103,013	0
Interest and fee receivables converted to investments in real property	$ 3,389	$ 0

Organization and Business

Organization and Business	3 Months Ended
	Mar. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Business	Note 1 - Organization and Business Broadmark Realty Capital Inc. (“Broadmark Realty,” “the Company,” “we,” “us” and “our”) is an internally managed commercial real estate finance company that provides secured financing to real estate investors and developers. Broadmark Realty’s objective is to preserve and protect stockholder capital while producing attractive risk-adjusted returns primarily through dividends generated from current income from its loan portfolio. Broadmark Realty has historically operated in states that it believes to have favorable demographic trends and provide Broadmark Realty the ability to efficiently access the underlying collateral in the event of borrower default. The consolidated subsidiaries of Broadmark Realty include BRMK Lending, LLC, BRMK Management, Corp., and Broadmark Private REIT Management, LLC. BRMK Lending, LLC originates short-term loans generally secured by first deed of trust position liens on residential and commercial real estate. BRMK Management, Corp. (the “Manager”) manages the underwriting, closing, servicing and disposition of mortgage notes, and performs all general and administrative duties for Broadmark Realty. Broadmark Private REIT Management, LLC (the “Private REIT Manager”) previously managed Broadmark Private REIT, LLC (the “Private REIT”), which was an unconsolidated affiliate of the Company that primarily participated in loans originated, underwritten and serviced by a subsidiary of Broadmark Realty. On February 26, 2023, the Company, Ready Capital Corporation (“Ready Capital”) and Ready Capital Merger Sub, LLC (“Merger Sub”) entered into an Agreement and Plan of Merger (the "Merger Agreement") pursuant to which the Company will merge with and into Merger Sub, with Merger Sub continuing as the surviving company and a subsidiary of Ready Capital (the “Merger”) where each share of the Company’s common stock will be converted into 0.47233 shares of Ready Capital common stock. The transaction is expected to close during the second quarter of 2023, subject to the respective approvals by the stockholders of Ready Capital and the Company and other customary closing conditions. Ready Capital is a multi-strategy real estate finance company that originates, acquires, finances and services small-to-medium balance commercial loans and is headquartered in New York, New York. Broadmark Realty has elected to be taxed as a real estate investment trust (“REIT”) for U.S. federal income tax purposes. Broadmark Realty generally will not be subject to U.S. federal corporate income tax on that portion of its net income that is distributed to stockholders if it annually distributes dividends equal to at least 90% of its REIT taxable income to its stockholders (determined without regard to the dividends-paid deduction and excluding net capital gains) by prescribed dates and complies with various other requirements. Broadmark Realty also operates its business in a manner that permits it to maintain an exclusion from registration under the Investment Company Act of 1940. As a REIT, Broadmark Realty may own up to 100% of the stock of one or more taxable REIT subsidiaries (“TRSs”), which may earn income that would not be qualifying income if earned directly by a REIT. The Manager is a TRS and this election applies to the wholly-owned subsidiaries of the Manager, including the Private REIT Manager.

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2023
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Note 2 - Summary of Significant Accounting Policies Basis of Presentation The accompanying unaudited condensed consolidated interim financial statements include Broadmark Realty Capital Inc. and its wholly-owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. These unaudited condensed consolidated interim financial statements have been prepared in conformity with U.S. generally accepted accounting principles (“GAAP”) and applicable rules and regulations of the Securities and Exchange Commission (“SEC”) regarding interim financial reporting. Certain information and note disclosures normally included in the financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. Accordingly, these unaudited condensed consolidated interim financial statements have been prepared in accordance with the accounting policies described in the audited consolidated financial statements and should be read in conjunction with the accompanying notes included in Broadmark Realty Capital Inc.’s Annual Report on Form 10-K, as amended, for the year ended December 31, 2022, which was filed with the SEC on March 1, 2023 and amended on April 21, 2023. The condensed consolidated balance sheet as of December 31, 2022, included herein, was derived from the audited financial statements of Broadmark Realty Capital Inc. as of that date. The unaudited condensed consolidated interim financial statements, in the opinion of management, reflect all adjustments, consisting only of normal recurring adjustments, necessary to present fairly our financial position as of March 31, 2023, our results of operations and stockholders’ equity for the three months ended March 31, 2023 and 2022, and our cash flows for the three months ended March 31, 2023 and 2022. The results of the three months ended March 31, 2023 is not necessarily indicative of the results to be expected for the year ending December 31, 2023 or for any interim period or for any other future year. Principles of Consolidation Broadmark Realty consolidates those entities in which it has control over significant operating, financial and investing decisions of the entity, as well as those entities deemed to be variable interest entities (“VIEs”), if any, in which Broadmark Realty is determined to be the primary beneficiary. Broadmark Realty is not the primary beneficiary of, and therefore does not consolidate, any VIEs in the accompanying unaudited condensed consolidated financial statements. Reclassifications Certain amounts in our unaudited condensed consolidated financial statements as of and for the three months ended March 31, 2023 have been reclassified to conform to the presentation of our current period unaudited condensed consolidated financial statements. These reclassifications had no effect on our previously reported net income or stockholders’ equity. Use of Estimates The preparation of the unaudited condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect reported amounts and disclosures at the date of the financial statements and the reported amount of revenues and expenses during the reporting period. The most significant estimates relate to the expected credit losses on our loans, the fair value of financial instruments, exit prices for collateral dependent loans and the fair value of investments in real property. Accordingly, actual results could differ from those estimates. For certain real properties, where a recent appraisal is either unavailable or not most representative of fair value, the fair value of the “as complete” property is based on a broker opinion of value including a capitalized income analysis and replacement cost analysis considering market rents, vacancy rates, capitalization rates, land cost comparisons, market trends and economic conditions. Depending on the stage of the underlying property, we also consider estimated costs to complete remaining construction and to lease up the finished property. The assessment of fair value of real property is subject to uncertainty and, in certain cases, sensitive to the selection of comparable properties. Certain Significant Risks and Uncertainties In the normal course of business, we encounter two primary types of economic risk in the form of credit and market risks. Credit risk is the risk of default on our investment in mortgage notes receivable resulting from a borrower's inability or unwillingness to make contractually required payments. Market risk is the risk of declining real estate values for the collateral underlying our loans which may make it more difficult for existing borrowers to remain current on their payment obligations, reduce the speed or ability for our loans to be repaid through the sale or refinance of the collateral and increase the likelihood that we will incur losses on our loans in the event of default as the value of collateral may be insufficient to cover our investment in the loan. We believe that the carrying values of our loans reasonably consider these risks. In addition, we are subject to significant tax risks. If we were to fail to qualify as a REIT in any taxable year, we would be subject to U.S. federal corporate income tax, which could be material. We operate in a dynamic industry and, accordingly, can be affected by a variety of factors. For example, we believe that changes in any of the following areas could have a significant negative effect on us in terms of our future financial position, results of operations or cash flows: the economy in the areas we operate; the stability of the real estate market and the impact of interest rate changes; competition in our market; changes in government regulation affecting our business; public health crises, like the COVID-19 pandemic; natural disasters, catastrophic events and the physical effects of climate change; and our ability to attract and retain qualified employees and key personnel, among other things. Reportable Segments We operate the business as one reportable segment. Our principal business activities are related to the origination, underwriting and serving of loans secured by real estate as well the investment in real property held for sale and use. Recently Issued Accounting Pronouncements In March 2022, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2022-02, Financial Instruments-Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures, which eliminates the accounting guidance for troubled debt restructurings (“TDR”) for creditors that have adopted the current expected credit losses (“CECL”) standard and requires enhanced disclosures for loan modifications made to borrowers experiencing financial difficulty in the form of interest rate reductions, principal forgiveness, other-than-insignificant payment delays, or term extensions. In addition, the new guidance requires presentation in the vintage disclosures of current-period gross write-offs by year of origination. The Company adopted the ASU for modifications beginning in the first quarter of 2023. While the guidance resulted in expanded disclosures, the adoption of this guidance did not have a material impact on our condensed consolidated financial statements. Merger Transaction Costs All transaction costs associated with the Merger have been expensed as incurred.

Mortgage Notes Receivable

Mortgage Notes Receivable	3 Months Ended
	Mar. 31, 2023
Receivables [Abstract]
Mortgage Notes Receivable	Note 3 - Mortgage Notes Receivable The stated principal amount of mortgage notes receivable in our portfolio represents our interest in loans generally secured by first deeds of trust, security agreements or legal title to real estate located in the United States. Our lending standards typically require that all mortgage notes receivable be secured by a first deed of trust lien on real estate and that the maximum LTV be no greater than 65 %. The LTV is calculated on an “as-complete” appraised value of the underlying collateral as determined by an independent appraiser at the time of the loan origination. The lending standards also typically limit the initial outstanding principal balance of the loan to a maximum LTV of up to 65 % of the “as-is” appraised value of the underlying collateral, as determined by an independent appraiser at the time of the loan origination. Unless otherwise indicated, LTV is measured by the total commitment amount of the loan at origination divided by the “as-complete” appraisal. LTVs do not reflect interim loan activity such as construction draws or interest payments capitalized to loans, or partial repayments of the loan. The maximum amount of a single loan may not exceed 10 % of our total assets and the maximum amount to a single borrower may not exceed 15 % of our total assets. We consider the maximum LTV as an indicator for the credit quality of a mortgage note receivable. Mortgage notes receivable are considered to be short-term financings. As of March 31, 2023, the weighted average term outstanding of our active loans was 23 months, which we often elect to extend for several months, based on our evaluation of the expected timeline for completion of construction. All loans require monthly interest only payments, with our weighted average interest rate on our portfolio being 10.0 % as of March 31, 2023 . Most loans are structured with an interest reserve holdback that covers the interest payments for the initial term of the loan. Once the interest reserve is depleted, borrowers are expected to pay their monthly interest payment within 10 days of month-end. Mortgage notes receivable are presented net of construction holdbacks, interest reserves, allowance for credit losses and deferred origination and amendment fee income in the consolidated balance sheets. The construction holdback represents amounts withheld from the funding of construction loans until we deem construction to be sufficiently completed. The interest reserve represents amounts withheld from the funding of certain mortgage notes receivable for the purpose of satisfying monthly interest payments over all or part of the term of the related note. Accrued interest is paid out of the interest reserve and recognized as interest income at the end of each month. The deferred origination, loan servicing and amendment fee income represents amounts that will be recognized over the contractual life of the underlying mortgage notes receivable. The following table reconciles outstanding mortgage loan commitments to the outstanding balance of mortgage notes receivable as of March 31, 2023 and December 31, 2022: (dollars in thousands) March 31, 2023 December 31, 2022 Total loan commitments $ 1,211,474 $ 1,417,325 Less: Construction holdbacks (1) 356,645 452,690 Interest reserves 28,234 33,633 Total principal outstanding for our mortgage notes receivable 826,595 931,002 Less: Allowance for credit losses (2) 35,920 41,492 Deferred origination and amendment fees 5,794 7,560 Mortgage notes receivable, net $ 784,881 $ 881,950 (1) As of March 31, 2023 and December 31, 2022 this amount includes $ 11.3 and $ 22.8 million, respectively, of construction holdbacks for defaulted loans that we are no longer required to pay. These amounts are included in the loan commitment totals. (2) As of March 31, 2023 and December 31, 2022, $ 1.1 and $ 1.5 million, respectively, of the CECL allowance is excluded from this table because it relates to unfunded commitments and has been recorded as a liability under accounts payable and accrued liabilities in our consolidated balance sheet. When a loan is deemed collateral dependent or high risk, it is placed on non-accrual status with interest income recognized on a cash-basis where principal collection is not in doubt. As of March 31, 2023 and December 31, 2022, the principal outstanding on loans in contractual default status placed on non-accrual status was $ 165.2 and $ 217.2 million, respectively. As of March 31, 2023 and December 31, 2022, the principal outstanding on loans in contractual default was $ 166.6 and $ 250.4 million, respectively. The following tables show the carrying value of loans in contractual default status by collateral type and the LTV of the loans in contractual default at the dates indicated: March 31, 2023 (dollars in thousands) Number of Loans Carrying Value % of Total Collateral Type Residential lots 6 $ 28,855 17.3 % Single Family Housing 14 24,509 14.7 Entitled Land 2 24,426 14.7 Hotel 1 15,770 9.5 Mixed Use 3 13,095 7.9 Apartments 5 12,624 7.6 Duplex 1 10,218 6.1 Quadplex 1 10,179 6.1 Offices 1 6,328 3.8 Townhomes 3 6,227 3.7 Condos 2 6,126 3.7 Retail 1 5,505 3.3 Commercial Lots 1 2,698 1.6 Total 41 $ 166,560 100.0 % March 31, 2023 (dollars in thousands) Carrying Value % of Total LTV (1) 0 - 40% $ 2,690 1.6 % 41 - 60% 57,304 34.4 61 - 80% 90,779 54.5 Above 80% 15,787 9.5 Total $ 166,560 100.0 % (1) Represents current LTV as of origination or latest amendment. At March 31, 2023, the weighted average LTV for loans in contractual default using the latest appraisal was 137.7 % . The weighted average LTV of our loans in contractual default net of our allowance for credit losses was approximately 80.2 % . December 31, 2022 (dollars in thousands) Number of Loans Carrying Value % of Total Collateral Type Residential lots 8 $ 71,306 28.5 % Condos 3 42,237 16.9 Hotel 2 28,919 11.5 Entitled Land 2 22,447 9.0 Townhomes 5 21,175 8.5 Single Family Housing 11 20,335 8.1 Mixed Use 4 14,795 5.9 Unentitled Land 1 10,496 4.2 Apartments 2 6,947 2.8 Offices 1 6,288 2.5 Retail 1 5,443 2.2 Total 40 $ 250,388 100.0 % December 31, 2022 (dollars in thousands) Carrying Value % of Total LTV (1) 0 - 40% $ 3,969 1.6 % 41 - 60% 91,201 36.4 61 - 80% 139,537 55.7 Above 80% 15,681 6.3 Total $ 250,388 100.0 % (1) Represents current LTV as of origination or latest amendment. At December 31, 2022, the weighted average LTV for loans in contractual default using the latest appraisal was 124.8 % . The weighted average LTV of our loans in contractual default net of our allowance for credit losses was approximately 84.9 % . Current Expected Credit Losses In assessing the CECL allowance, we consider historical loss experience, current conditions, and a reasonable and supportable forecast of the macroeconomic environment. We derived an annual historical loss rate based on the Company’s historical loss experience in its portfolio and the historical loss experience in the commercial real estate industry provided by a third party adjusted to incorporate the risks of construction lending and to reflect our expectations of the macroeconomic environment based on forecast data per the Federal Reserve. The following tables summarize the activity in the CECL allowance during the three months ended March 31, 2023 and 2022: CECL Allowance (dollars in thousands) Funded Unfunded (2) Total CECL allowance as of December 31, 2022 $ 41,492 $ 1,474 $ 42,966 Provision for credit losses, net 2,117 ( 416 ) 1,701 Charge-offs (1) ( 7,689 ) — ( 7,689 ) CECL allowance as of March 31, 2023 $ 35,920 $ 1,058 $ 36,978 CECL Allowance (dollars in thousands) Funded Unfunded (2) Total CECL allowance as of December 31, 2021 $ 10,394 $ 904 $ 11,298 Provision for credit losses, net 1,554 193 1,747 Charge-offs (1) ( 3,301 ) — ( 3,301 ) CECL allowance as of March 31, 2022 $ 8,647 $ 1,097 $ 9,744 (1) Charge-offs result from either loan repayments where the proceeds are less than the principal outstanding or transfers to investment in real property at the time that we take ownership of the property where the fair values of the underlying collateral are less than the principal outstanding. (2) CECL allowance related to unfunded commitments is presented as a liability under accounts payable and accrued liabilities in our consolidated balance sheet. As of March 31, 2023 and 2022, the funded and unfunded CECL allowance aggregated $ 37.0 and $ 9.7 million, which represents a decrease from December 31, 2022 and 2021, respectively, of $ 6.0 and $ 1.6 million. This decreased allowance reflects increased principal losses realized on repaid loans and loans transferred to real estate owned. In determining our CECL allowance, we segment loans with similar characteristics. All of our loans are secured by residential or commercial real estate and, in assessing estimated credit losses, we evaluate various metrics, including, but not limited to, construction type, collateral type, LTV, market conditions of property location and borrower experience and financial strength. The following tables allocate the carrying value of our loan portfolio based on our internal credit quality indicators in assessing estimated credit losses and vintage of origination at the dates indicated: March 31, 2023 Year Originated (1) (dollars in thousands) Carrying Value % of Portfolio 2023 2022 2021 2020 Prior Construction Type Vertical Construction $ 502,227 61.2 % $ 19,303 $ 353,282 $ 64,242 $ 56,817 $ 8,583 Horizontal Development 177,596 21.6 — 164,656 918 9,405 2,617 Investment 42,606 5.2 3,965 14,371 21,181 3,089 — Rehabilitation 37,403 4.6 — 20,069 16,883 451 — Land Entitlement 26,284 3.2 — 4,297 — 21,987 — Bridge 20,713 2.5 — 19,893 — — 820 Acquisition 13,972 1.7 — 11,162 2,622 188 — Total 820,801 100.0 % $ 23,268 $ 587,730 $ 105,846 $ 91,937 $ 12,020 CECL allowance (2) ( 35,920 ) Carrying value, net $ 784,881 Gross write-offs $ 13,083 $ 4 $ 581 $ 4,327 $ 352 $ 7,819 (1) Represents the year of either origination or amendment where the loan incurred a full re-underwriting in connection with the amendment . (2) Includes $ 30.0 million in loan specific allowances for loans deemed collateral dependent based on the excess amortized cost over the fair value of the underlying collateral. In addition, $ 1.1 million of the CECL allowance is excluded from this table because it relates to unfunded commitments and has been recorded as a liability under accounts payable and accrued liabilities in our consolidated balance sheet. March 31, 2023 Year Originated (1) (dollars in thousands) Carrying Value % of Portfolio 2023 2022 2021 2020 Prior Collateral Type Apartments $ 195,140 23.8 % $ 1,000 $ 125,210 $ 33,869 $ 33,109 $ 1,952 Single Family Housing 134,879 16.5 1,258 112,736 19,380 174 1,331 Townhomes 97,291 11.9 — 85,365 7,973 2,259 1,694 Entitled Land 89,654 10.9 3,965 38,559 22,054 25,076 — Residential Lots 58,522 7.1 — 45,582 918 9,405 2,617 Commercial 57,527 7.0 — 57,527 — — — Mixed Use 46,973 5.7 — 45,702 — 451 820 Condos 36,974 4.5 4,168 20,656 8,356 188 3,606 Hotel 29,957 3.6 12,877 1,310 — 15,770 — Senior Housing 17,135 2.1 — 17,135 — — — Duplex 15,097 1.8 — 15,097 — — — Commercial Other 11,547 1.4 — — 11,547 — — Quadplex 10,179 1.2 — 10,179 — — — Retail 9,546 1.2 — 2,292 1,749 5,505 — Offices 6,328 0.8 — 6,328 — — — Residential Lots 2,698 0.3 — 2,698 — — — Triplex 717 0.1 — 717 — — — Unentitled Land 637 0.1 — 637 — — — Total 820,801 100.0 % $ 23,268 $ 587,730 $ 105,846 $ 91,937 $ 12,020 CECL allowance (2) ( 35,920 ) Carrying value, net $ 784,881 (1) Represents the year of either origination or amendment where the loan incurred a full re-underwriting in connection with the amendment. (2) Includes $ 30.0 million in loan specific allowances for loans deemed collateral dependent based on the excess amortized cost over the fair value of the underlying collateral. In addition, $ 1.1 million of the CECL allowance is excluded from this table because it relates to unfunded commitments and has been recorded as a liability under accounts payable and accrued liabilities in our consolidated balance sheet. March 31, 2023 Year Originated (1) (dollars in thousands) Carrying Value % of Portfolio 2023 2022 2021 2020 Prior LTV (2) 0 - 40% $ 20,944 2.6 % $ 1,000 $ 16,855 $ — $ 3,089 $ — 41 - 45% 29,701 3.6 — 7,714 — 21,987 — 46 - 50% 54,571 6.6 — 54,571 — — — 51 - 55% 73,832 9.0 — 40,434 27,893 5,505 — 56 - 60% 71,258 8.7 — 63,203 4,700 1,094 2,261 61 - 65% 440,760 53.7 22,268 284,466 69,661 60,262 4,103 66 - 70% 96,544 11.8 — 91,258 3,592 — 1,694 71 - 75% 1,056 0.10 — 1,056 — — — 76- 80% 2,594 0.3 — 2,594 — — — Above 80% 29,541 3.6 — 25,579 — — 3,962 Total 820,801 100.0 % $ 23,268 $ 587,730 $ 105,846 $ 91,937 $ 12,020 CECL allowance (3) ( 35,920 ) Carrying value, net $ 784,881 (1) Represents the year of either origination or amendment where the loan incurred a full re-underwriting in connection with the amendment. (2) Represents LTV as of origination or latest amendment. LTVs above 65 % generally represent loans in contractual default status where we have agreed to extend funds to the borrower above 65 % in order to facilitate successful completion of the construction and return of capital. (3) Includes $ 30.0 million in loan specific allowances for loans deemed collateral dependent based on the excess amortized cost over the fair value of the underlying collateral. In addition, $ 1.1 million of the CECL allowance is excluded from this table because it relates to unfunded commitments and has been recorded as a liability under accounts payable and accrued liabilities in our consolidated balance sheet. December 31, 2022 Year Originated (1) (dollars in thousands) Carrying Value % of Portfolio 2022 2021 2020 2019 Prior Construction Type Vertical Construction $ 552,468 52.5 % $ 352,355 $ 128,130 $ 33,895 $ 1,928 $ 36,160 Horizontal Development 221,078 21.5 144,082 68,201 8,795 — — Acquisition 46,536 10.6 46,536 — — — — Investment 39,422 7.2 12,936 15,009 11,477 — — Rehabilitation 26,132 3.0 4,146 21,986 — — — Land Entitlement 22,611 2.7 19,450 937 — 2,224 — Bridge 15,195 2.5 13,454 1,741 — — — Total 923,442 100.0 % $ 592,959 $ 236,004 $ 54,167 $ 4,152 $ 36,160 CECL allowance (2) ( 41,492 ) Carrying value, net $ 881,950 (1) Represents the year of either origination or amendment where the loan incurred a full re-underwriting in connection with the amendment. (2) Includes $ 35.0 million in loan specific allowances for loans deemed collateral dependent based on the excess amortized cost over the fair value of the underlying collateral. In addition, $ 1.5 million of the CECL allowance is excluded from this table because it relates to unfunded commitments and has been recorded as a liability under accounts payable and accrued liabilities in our consolidated balance sheet. December 31, 2022 Year Originated (1) (dollars in thousands) Carrying Value % of Portfolio 2022 2021 2020 2019 Prior Collateral Type Residential Lots $ 191,708 12.2 % $ 134,816 $ 49,944 $ 5,020 $ 1,928 $ — Apartments 133,702 11.8 124,218 9,245 239 — — Townhomes 106,888 10.2 81,393 24,701 794 — — Mixed Use 104,100 9.5 56,675 38,630 8,795 — — Single Family Housing 76,251 9.6 54,265 21,986 — — — Condos 71,975 7.1 29,738 2,515 3,562 — 36,160 Commercial 58,515 6.8 13,838 44,677 — — — Senior Housing 50,127 6.7 6,209 30,217 11,477 2,224 — Storage 30,221 6.2 14,116 — 16,105 — — Unentitled Land 18,467 5.0 12,179 — 6,288 — — Entitled Land 17,262 4.9 16,325 937 — — — Hotel 16,595 3.5 16,595 — — — — Offices 13,639 1.7 13,639 — — — — Commercial Lots 11,411 1.1 — 11,411 — — — Quadplex 9,071 1.1 5,443 1,741 1,887 — — Commercial Other 8,932 1.0 8,932 — — — — Retail 4,018 0.9 4,018 — — — — Duplex 560 0.7 560 — — — — Total 923,442 100.0 % $ 592,959 $ 236,004 $ 54,167 $ 4,152 $ 36,160 CECL allowance (2) ( 41,492 ) Carrying value, net $ 881,950 (1) Represents the year of either origination or amendment where the loan incurred a full re-underwriting in connection with the amendment. (2) Includes $ 35.0 million in loan specific allowances for loans deemed collateral dependent based on the excess amortized cost over the fair value of the underlying collateral. In addition, $ 1.5 million of the CECL allowance is excluded from this table because it relates to unfunded commitments and has been recorded as a liability under accounts payable and accrued liabilities in our consolidated balance sheet. December 31, 2022 Year Originated (1) (dollars in thousands) Carrying Value % of Portfolio 2022 2021 2020 2019 Prior LTV (2) 0 - 40% $ 26,053 5.9 % $ 22,544 $ 3,509 $ — $ — $ — 41 - 45% 29,025 5.3 7,039 21,986 — — — 46 - 50% 42,267 7.0 22,524 13,455 6,288 — — 51 - 55% 144,649 10.1 76,978 58,876 8,795 — — 56 - 60% 107,098 8.7 98,691 8,407 — — — 61 - 65% 456,743 61.4 284,722 112,569 21,364 1,928 36,160 66 - 70% 93,104 0.1 71,638 16,561 2,681 2,224 — 71 - 75% 4,280 0.0 4,280 — — — — 76 - 80% 2,540 0.0 2,540 — — — — Above 80% 17,683 1.5 2,003 641 15,039 — — Total 923,442 100.0 % $ 592,959 $ 236,004 $ 54,167 $ 4,152 $ 36,160 CECL allowance (3) ( 41,492 ) Carrying value, net $ 881,950 (1) Represents the year of either origination or amendment where the loan incurred a full re-underwriting in connection with the amendment. (2) Represents LTV as of origination or latest amendment. LTVs above 65 % generally represent loans in contractual default status where we have agreed to extend funds to the borrower above 65 % in order to ensure successful completion of the construction and return of capital. (3) Includes $ 35.0 million in loan specific allowances for loans deemed collateral dependent based on the excess amortized cost over the fair value of the underlying collateral. In addition, $ 1.5 million of the CECL allowance is excluded from this table because it relates to unfunded commitments and has been recorded as a liability under accounts payable and accrued liabilities in our consolidated balance sheet. The following tables allocate the carrying value of collateral dependent loans in our loan portfolio to the collateral type at the dates indicated: March 31, 2023 (dollars in thousands) Carrying Value CECL Allowance Carrying Value, net Collateral Type Residential Lots $ 26,881 $ ( 7,952 ) $ 18,929 Single Family Housing 24,509 ( 1,105 ) 23,404 Entitled Land 24,426 ( 127 ) 24,299 Hotel 15,770 ( 10,695 ) 5,075 Apartments 11,247 ( 1,167 ) 10,080 Offices 6,328 ( 5,082 ) 1,246 Condos 6,126 ( 3,185 ) 2,941 Retail 5,505 ( 222 ) 5,283 Townhomes 3,047 ( 974 ) 2,073 Commercial Lots 2,698 ( 109 ) 2,589 Mixed Use 1,271 ( 632 ) 639 Total $ 127,808 $ ( 31,250 ) $ 96,558 December 31, 2022 (dollars in thousands) Carrying Value CECL Allowance Carrying Value, net Collateral Type Residential Lots $ 70,664 $ ( 11,519 ) $ 59,145 Condos 42,237 ( 5,892 ) 36,345 Land 21,986 ( 108 ) 21,878 Townhomes 18,296 ( 1,706 ) 16,590 Single Family Housing 16,993 ( 950 ) 16,043 Hotel 16,106 ( 9,151 ) 6,955 Apartments 6,947 ( 978 ) 5,969 Offices 6,288 ( 5,042 ) 1,246 Mixed Use 3,318 ( 1,320 ) 1,998 Total $ 202,835 $ ( 36,666 ) $ 166,169

Investment in Real Property

Investment in Real Property	3 Months Ended
	Mar. 31, 2023
Real Estate [Abstract]
Investment in Real Property	Note 4 – Investment in Real Property As of March 31, 2023 and December 31, 2022, we owned 18 and 11 properties or projects, with aggregate carrying value of $ 191.3 and $ 87.9 million, respectively. The following tables provide information about the carrying value of our owned real property at the dates indicated: (dollars in thousands) March 31, 2023 December 31, 2022 Collateral Type Senior Housing $ 49,917 $ 49,917 Residential Lots 43,467 2,293 Condos 33,548 — Offices 23,756 15,414 Townhomes 25,240 6,712 Single Family Housing 8,536 8,538 Apartments 5,024 5,024 Mixed Use 1,440 — Hotel 375 — Total $ 191,303 $ 87,898 March 31, 2023 December 31, 2022 (dollars in thousands) Number of Properties Carrying Value Number of Properties Carrying Value Collateral Type Held for sale 7 $ 36,096 7 $ 24,516 Held for use 11 $ 155,207 4 63,382 Total 18 $ 191,303 11 $ 87,898 For the three months ended March 31, 2023, and 2022, we recorded the operating revenue, expenses, fixed asset depreciation and impairment in our consolidated statements of income as shown below for investment in real property, held for sale and held for use, respectively: Held for Sale Three Months Ended (dollars in thousands) March 31, 2023 March 31, 2022 Revenue from operations $ — $ 484 Gain (loss) on sale ( 30 ) 257 Less: Operating expenses 133 390 Impairment 1,004 — Net gain (loss) from investment in real property, held for sale $ ( 1,167 ) $ 351 Held for Use Three Months Ended (dollars in thousands) March 31, 2023 March 31, 2022 Revenue from operations $ 865 $ 342 Less: Operating expenses 2,185 308 Depreciation 513 50 Impairment — — Net loss from investment in real property, held for use $ ( 1,833 ) $ ( 16 ) In April 2022, the Company executed an agreement with an unrelated party to sell a real property with a carrying value of $ 28.4 million for a sales price of $ 29.0 million. As part of the sale, the Company received a promissory note from the purchaser in the principal amount of $ 25.9 million. The note was amended to extend the financing term, resulting in an extension of the maturity date to December 31, 2022 after receiving partial payments on July 1, 2022 and August 31, 2022. In December 2022, the Company amended the loan to extend the maturity date to April 1, 2023 , whereby we agreed to an additional advance of $ 0.4 million. This seller-financed sale of real property was evaluated for derecognition of the transferred assets and income recognition based on whether a sales contract existed and effective control was transferred to the purchaser and it was determined that the transaction met all of the criterion to be recognized as a sale.

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2023
Fair Value Disclosures [Abstract]
Fair Value Measurements	Note 5 – Fair Value Measurements The accounting guidance on fair value measurements and disclosures requires the categorization of fair value measurement into three broad levels of the fair value hierarchy as follows: Level 1 – Inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets. Level 2 – Inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument. Level 3 – Inputs to the valuation methodology are unobservable and significant to the fair value measurement. Our development of fair value estimates, particularly Level 3 fair value assets and liabilities with significant unobservable inputs, involves judgment and a high degree of subjectivity. While we anticipate that our valuation methods are appropriate and consistent with valuation methods used by other market participants, the use of different methodologies or assumptions to determine the fair value of certain financial instruments could result in a different estimate of fair value at the reporting date. Likewise, due to the general illiquidity of some of these assets and liabilities, subsequent transactions may be at values significantly different from those reported. The following tables present estimated fair values of our financial instruments, as of the date indicated, whether or not recognized or recorded in the consolidated balance sheets at the periods indicated: March 31, 2023 Fair Value Measurements Using (dollars in thousands) Carrying Value Estimated Fair Value Level 1 Level 2 Level 3 Financial Assets Cash and cash equivalents $ 39,323 $ 39,323 $ 39,323 $ — $ — Mortgage notes receivable, net 784,881 765,824 — — 765,824 Interest and fees receivable, net 12,902 12,902 — 12,902 — Financial Liabilities Senior unsecured notes, net 97,932 92,417 92,417 — — Private placement warrant liability 25 25 — 25 — December 31, 2022 Fair Value Measurements Using (dollars in thousands) Carrying Value Estimated Fair Value Level 1 Level 2 Level 3 Financial Assets Cash and cash equivalents $ 54,964 $ 54,964 $ 54,964 $ — $ — Mortgage notes receivable, net 881,950 865,304 — — 865,304 Interest and fees receivable, net 14,775 14,775 — 14,775 — Financial Liabilities Senior unsecured notes, net 97,223 99,990 99,990 — — Private placement warrant liability 25 25 — 25 — The following table sets forth assets measured and reported at fair value on a nonrecurring basis as of March 31, 2023 and December 31, 2022. All of these values are categorized as Level 3. The table also contains information about valuation methodologies and inputs for: Carrying Value Fair Value (dollars in thousands) March 31, 2023 December 31, 2022 March 31, 2023 December 31, 2022 Valuation Technique Unobservable Inputs Range of Inputs Investment in real property held for sale (1) $ 10,185 $ 14,628 $ 10,500 $ 15,075 Collateral valuations Discount to appraised value based on comparable market prices, broker opinion of value, discounted cash flows or capitalization rate applied to estimate net operating income 0 - 10 % Collateral dependent loans, net of allowance for credit losses (1) $ 22,801 $ 81,470 $ 28,167 $ 87,622 Collateral valuations Discount to appraised value based on comparable market prices or broker opinion of value, discounted cash flows or capitalization rate applied to estimate net operating income 0 - 10 % Total $ 32,986 $ 96,098 $ 38,667 $ 102,697 (1) This disclosure represents only those loans and properties for which an adjustment was required to report at fair value on a nonrecurring basis during the reporting periods. Fair Value on a Recurring Basis The private placement warrants are carried at fair value. As we utilize observable inputs in the valuation, specifically a quoted price for a similar item in an active market, we classify the private placement warrant liability as a Level 2 within the fair value hierarchy. The fair value of the 5.2 million private placement warrants, estimated using the quoted share price of the public warrants, was approximately $ 0.001 per warrant or $ 0.005 per share to arrive at $ 0.02 million as of March 31, 2023 and December 31, 2022. Refer to Note 8 for additional details on the private placement warrants. Fair Value on a Nonrecurring Basis For our investments in real property held for sale, we compare the cost basis to the fair value of real properties at each reporting period, based upon the most recent independent third-party appraisals of value discounted based upon our experience with actual liquidation values. These discounts to the appraisals generally range from 0 % to 10 % and are considered unobservable inputs in Level 3 within the fair value hierarchy. Any decline in the fair value of real property held for sale will be recorded in a valuation account to offset the cost basis and carry at fair value on a non-recurring basis. Similarly, whenever changes in circumstances indicate that the carrying amounts may not be recoverable for our investments in real property held for use, we evaluate the undiscounted net cash flows that are expected to be generated from the property, including any estimated proceeds from the eventual disposition of the property. If the carrying value of a property held for use exceeds its undiscounted net cash flows, an impairment loss is recognized for the excess of the carrying value of the property over the estimated fair value of the property and will be recorded in a valuation account on a non-recurring basis. The fair value of collateral dependent loans is based upon the most recent independent third-party appraisal of value, discounted between 0% to 10% based upon our experience with actual liquidation values. For certain collateral dependent loans, where a recent appraisal is either unavailable or not most representative of fair value, the fair value is based on a broker opinion of value including a capitalized income analysis and replacement cost analysis considering historical operating results, market rents, vacancy rates, capitalization rates, land cost comparisons, market trends and economic conditions. The assessment of fair value of real property is subject to uncertainty and, in certain cases, sensitive to the selection of comparable properties. As the result of using unobservable inputs in the valuation, we classify collateral dependent as Level 3 within the fair value hierarchy. Fair Value Disclosure Only For our financial instruments, including cash equivalents, which are classified under Level 1 within the fair value hierarchy as well as interest and fees receivable, accounts payable and accrued liabilities which are classified under Level 2 within the fair value hierarchy, the carrying amounts approximate fair value due to their short-term maturities. Our mortgage notes receivable are evaluated for expected credit losses and are presented net of an allowance for credit losses. We determined the fair value of our mortgage notes receivable based on a discounted cash flow methodology, taking into consideration various factors, including discount rates, interest rate spreads and third-party appraisals for estimating as-complete appraised values. The interest rate spreads range from 0.01 % to 0.14 %, with a weighted average spread of 0.04 %. As we utilize unobservable inputs, we classify mortgage notes receivable as Level 3 within the fair value hierarchy. Our senior unsecured notes were purchased at par by investors in a private placement, but trade in the secondary market. Fair value is estimated using current market quotes received from active markets and we classify as Level 1 within the fair value hierarchy.

Accounts Payable and Accrued Li

Accounts Payable and Accrued Liabilities	3 Months Ended
	Mar. 31, 2023
Accounts Payable and Accrued Liabilities [Abstract]
Accounts Payable and Accrued Liabilities	Accounts Payable and Accrued Liabilities The follo wing table presents a summary of accounts payable and accrued liabilities as of March 31, 2023 and December 31, 2022: (dollars in thousands) March 31, 2023 December 31, 2022 Accounts payable and accrued liabilities Accounts payable and other $ 6,184 $ 4,223 Borrower deposits 1,449 5,519 Accrued salaries, bonus and commissions. 1,297 2,272 Allowance for credit losses on unfunded commitments 1,058 1,475 Total $ 9,988 $ 13,489

Debt

Debt	3 Months Ended
	Mar. 31, 2023
Debt Disclosure [Abstract]
Debt	Note 7 - Debt On February 19, 2021, we entered into a credit agreement with a syndicate of lenders and JPMorgan Chase Bank, N.A., as administrative agent for the lenders, providing for a $ 135.0 million revolving credit facility maturing on February 19, 2024 . Advances under the revolving credit facility bear interest at prime rate plus 2.75 % and the facility has a commitment fee of 1.0 % of unfunded commitment per annum. We incurred fees of approximately $ 4.5 million in relation to the revolving credit facility, which were capitalized as deferred financing costs on the consolidated balance sheets and are being amortized over the three-year term. As of March 31, 2023 and December 31, 2022, the availability under the revolving credit facility was $117.0 and $135.0 million, respectively, with no principal outstanding. Our obligations under the revolving credit facility are secured by substantially all of the Company’s assets. The revolving credit facility contains covenants customary for financings of this type, including limitations on the incurrence of indebtedness, liens, asset dispositions, acquisitions, mergers and consolidations, certain dividends, distributions, stock repurchases and other payments, advances and investments, payments to affiliates, optional prepayments and other modifications of certain other indebtedness, and amendments, terminations and waivers of certain material agreements, as well as compliance with leverage and coverage ratios and maintenance of minimum tangible net worth. Among other things, the credit agreement provides that we may not pay cash dividends that would result in non-compliance with the financial covenants under the credit agreement or during an event of default under the credit agreement, except in the case of defaults other than payment defaults, for dividends in amounts necessary to maintain our REIT status. The revolving credit facility contains events of default customary for financings of this type, including failure to pay principal, interest and other amounts, materially incorrect representations or warranties, failure to observe covenants and other terms of the revolving credit facility, cross-defaults to other indebtedness, bankruptcy, insolvency, material judgments, certain ERISA violations, changes in control and failure to maintain REIT status, in some cases subject to customary grace periods. On November 4, 2022, the credit agreement governing the revolving credit facility was amended to allow for repurchases of shares of the Company’s common stock, subject to certain limitations. On November 12, 2021, we completed a private offering of $ 100.0 million of senior unsecured notes. Interest on the notes accrues at the fixed rate of 5.0 % per annum, which is payable semi-annually on May 15 and November 15. The notes may be prepaid prior to their maturity date, subject to the payment of applicable premiums. The note purchase agreement governing the notes contains financial covenants that require compliance with leverage and coverage ratios and maintenance of minimum tangible net worth, as well as other affirmative and negative covenants that may limit, among other things, our ability to incur liens and enter into mergers or transfer all or substantially all of our assets. The note purchase agreement also includes customary representations and warranties and customary events of default. The amounts outstanding under the notes will be due on November 15, 2026 . We incurred fees of approximately $ 2.9 million in relation to the issuance of the notes, which are amortized to interest expense over the remaining life of the respective loan term. The following table presents the carrying values of our senior unsecured notes as of the periods indicated: (dollars in thousands) March 31, 2023 December 31, 2022 Principal $ 100,000 $ 100,000 Debt issuance costs ( 2,861 ) ( 2,861 ) Amortization of debt issuance costs 793 650 Total notes, net $ 97,932 $ 97,789 The following table summarizes the components of interest expense related to our senior unsecured notes and revolving credit facility for the periods indicated: Three Months Ended March 31, 2023 March 31, 2022 (dollars in thousands) Amortization of Deferred Debt Issuance Costs Interest on Borrowings Undrawn Fees Amortization of Deferred Debt Issuance Costs Interest on Borrowings Undrawn Fees 5.0% senior unsecured notes $ 143 $ 1,250 $ — $ 143 $ 1,250 $ — Revolving credit facility 377 — 346 379 — 343 Total $ 520 $ 1,250 $ 346 $ 522 $ 1,250 $ 343

Stockholders' Equity and Earnin

Stockholders' Equity and Earnings per Common Share	3 Months Ended
	Mar. 31, 2023
Equity [Abstract]
Stockholders' Equity and Earnings per Common Share	Note 8 - Stockholders’ Equity and Earnings per Common Share Stockholders' Equity Stockholders’ Voting Rights Holders of our common stock are entitled to one vote for each share. Equity Offering Program On March 2, 2021, we entered into a distribution agreement with J.P. Morgan Securities LLC, Barclays Capital Inc., B. Riley Securities, Inc., JMP Securities LLC and Raymond James & Associates, Inc. as sales agents, to sell shares of our common stock having an aggregate gross sales price of up to $ 200,000,000 , from time to time, through an “at-the-market” equity offering program (the “ATM Program”). We have no obligation to sell any shares under the ATM Program and sold no shares under the ATM Program during the three months ended March 31, 2023 and 2022. Stock Repurchase Authorizations On November 7, 2022, the Board of Directors approved a stock repurchase program authorizing us to repurchase up to $ 75.0 million of our common stock, par value $ 0.001 per share. Repurchases under the stock repurchase program may be made at management’s discretion from time to time on the open market, in privately negotiated transactions or otherwise, in each case subject to compliance with all Securities and Exchange Commission rules and other legal requirements, and may be made in part under one or more Rule 10b5-1 plans, which permit stock repurchases at times when the Company might otherwise be precluded from doing so. The timing and amount of any repurchase transactions will be determined by our management based on its evaluation of market conditions, share price, legal requirements and other factors. There is no guarantee as to the exact number of shares that will be repurchased under the stock repurchase program, or that any repurchases will occur. In addition, the stock repurchase program may be suspended, extended or terminated by us at any time without prior notice. As of March 31, 2023 and December 31, 2022, $ 70.0 million remained available for future repurchases. The Merger Agreement restricts our ability to repurchase our stock prior to the completion of the Merger. Public and Private Warrants As of March 31, 2023 and December 31, 2022 there were 41.7 million public warrants outstanding to purchase one-fourth of a share of common stock and 5.2 million private placement warrants outstanding to purchase one share of common stock. In the aggregate, we have outstanding warrants to purchase approximately 15.6 million shares of common stock at a price of $ 11.50 per whole share. Settlement of outstanding warrants will be in shares of our common stock, unless we elect (solely in our discretion) to settle warrants we have called for redemption in cash, and subject to customary adjustment in the event of business combinations and certain tender offers. Unless earlier redeemed, the public warrants will expire on November 19, 2024. The liability for the private placement warrants was $ 0.02 million as of March 31, 2023 and December 31, 2022 and is included in accounts payable and accrued liabilities in the condensed consolidated balance sheets. Earnings per Common Share The table below presents the computation of basic and diluted net earnings per share of common stock for the periods presented: Three Months Ended (dollars in thousands, except share and per share data): March 31, 2023 March 31, 2022 Net income $ 4,556 $ 18,074 Basic weighted-average shares of common stock outstanding 131,727,381 132,769,876 Dilutive effect of share-based compensation – unvested restricted stock units 318,888 66,895 Diluted weighted-average shares of common stock outstanding 132,046,269 132,836,771 Basic earnings per common share $ 0.03 $ 0.14 Diluted earnings per common share $ 0.03 $ 0.14 For the periods presented, th e following common stock equivalents were excluded from the calculations of diluted earnings per share because their effect would have been anti-dilutive: Three Months Ended March 31, 2023 March 31, 2022 Weighted-average restricted stock units outstanding 250,517 427,174 Unexercised public warrants and private placement warrants 15,604,192 15,604,279 Total stock equivalents excluded 15,854,709 16,031,453

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2023
Income Tax Disclosure [Abstract]
Income Taxes	Note 9 - Income Taxes The Manager has elected to be treated as a TRS and this election applies to the wholly-owned subsidiaries of the Manager, including the Private REIT Manager. Having TRSs permit us to participate in certain activities from which REITs are generally precluded, as long as these activities meet specific criteria, are conducted within the parameters of certain limitations established by the Internal Revenue Code of 1986, as amended (the “Code”) and are conducted in entities which elect to be treated as taxable subsidiaries under the Code. To the extent these criteria are met, we will continue to maintain the qualification as a REIT. We generally must distribute annually at least 90% of our net taxable income, subject to certain adjustments and excluding any net capital gain, in order for U.S. federal income tax not to apply to earnings that we distribute. To the extent that we satisfy this distribution requirement but distribute less than 100% of our net taxable income, we will be subject to U.S. federal income tax on our undistributed taxable income. In addition, we will be subject to a 4 % nondeductible excise tax if the actual amount that we pay out to our stockholders in a calendar year is less than a minimum amount specified under U.S. federal tax laws. Our qualification as a REIT also depends on our ability to meet various other requirements imposed by the Code, which relate to organizational structure, diversity of stock ownership, and certain restrictions with regard to the nature of assets and the sources of income. Even if we qualify as a REIT, we may be subject to certain U.S. federal income and excise taxes and state and local taxes on our income and assets. If we fail to maintain our qualification as a REIT for any taxable year, we may be subject to material penalties as well as federal, state, and local income tax on our taxable income at regular corporate rates and we would not be able to qualify as a REIT for the subsequent four full taxable years. As of March 31, 2023 and December 31, 2022, we were in compliance with all REIT requirements. Based on our evaluation, we concluded that there are no significant uncertain tax positions requiring recognition in our unaudited condensed consolidated financial statements of a contingent tax liability for uncertain tax positions. Additionally, there were no amounts accrued for penalties or interest as of or during the periods presented in the accompanying unaudited condensed consolidated financial statements. The state and local tax jurisdictions for which we are subject to tax-filing obligations recognize our status as a REIT, and therefore, we generally do not pay income tax in such jurisdictions. We may, however, be subject to certain minimum state and local tax filing fees as well as certain excise or business taxes. Our TRSs are subject to U.S. federal, state and local income taxes.

Equity Incentive Plan

Equity Incentive Plan	3 Months Ended
	Mar. 31, 2023
Share-Based Payment Arrangement [Abstract]
Equity Incentive Plan	Note 10 - Equity Incentive Plan Stock Incentive Plan The Broadmark Realty 2019 Stock Incentive Plan (the “Plan”) allows for the issuance of up to 5,000,000 stock options, stock appreciation rights, restricted stock awards, restricted stock units or other equity-based awards or any combination thereof to the directors, employees, consultants or any other party providing services to us. The Plan is administered by the compensation committee of our board of directors. As of March 31, 2023 , there were 3,036,142 shares available to be awarded under the Plan. Awards made to our employees and directors typically consist of restricted stock units (“RSUs”) with only a service vesting condition. Awards to certain of our employees contain both service vesting and market conditions and are referred to as performance restricted stock units (“pRSUs”). The RSUs granted under the Plan generally vest from one to three years depending on the terms of the specific award. All RSUs awarded will be settled upon vesting in shares of our common stock. For the Company's pRSUs, in addition to service conditions, the ultimate number of shares to be earned depends on the achievement of market-based performance conditions. The market-based performance conditions are based on the Company's achievement of a relative total shareholder return (“TSR”) performance requirement, on a percentile basis, compared to a defined group of peer companies over a three-year performance period, or contingent upon achieving specific stock price milestones over a five-year performance period. The Company uses a Monte Carlo simulation model to determine the grant-date fair value of awards with market-based performance conditions. The weighted average fair value and assumptions used to value the pRSU awards granted with market-based performance conditions are as follows: Three Months Ended March 31, 2023 March 31, 2022 Performance share fair value $ — $ 6.74 Risk-free interest rate — 1.74 % Expected volatility — 30.48 % Expected life (in years) — 2.85 Expected dividend yield — 9.82 % Dividend equivalents are not accrued or paid on unvested equity awards that were granted to employees, executive officers and directors and accordingly those unvested equity awards are not considered participating securities. If an award granted under the Plan expires or terminates, the shares subject to any portion of the award that expires or terminates without having been exercised or paid will again become available for the issuance of additional awards. The following tables summarize the activity related to RSUs and pRSUs during 2023: Shares Weighted Average Grant Date Fair Market Value Unvested RSUs outstanding as of December 31, 2022 747,912 Granted 328,200 $ 3.59 Vested ( 150,309 ) $ 7.88 Forfeited ( 16,149 ) $ 7.81 Unvested RSUs outstanding as of March 31, 2023 909,654 Shares Weighted Average Grant Date Fair Market Value Unvested pRSUs outstanding as of December 31, 2022 207,661 Forfeited ( 11,696 ) $ 6.74 Unvested pRSUs outstanding as of March 31, 2023 195,965 As of March 31, 2023, there was $ 4.2 million of net unrecognized compensation cost related to unvested stock-based compensation arrangements. This compensation will be recognized on a straight-line basis over a weighted-average recognition period of 1.7 years.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments and contingencies	Note 11 - Commitments and Contingencies The following table illustrates our contractual obligations and commercial commitments by due date as of March 31, 2023: (dollars in thousands) Total Less than 1 year 1-3 years 3-5 years More than 5 years Construction holdbacks (1) $ 345,306 $ 221,478 $ 123,828 $ — $ — Operating lease obligations (2) 9,690 891 2,033 2,156 4,610 Total $ 354,996 $ 222,369 $ 125,861 $ 2,156 $ 4,610 (1) The funding timing and amounts of construction holdbacks are uncertain as these commitments relate to loans for construction costs and depend on the progress and performance of the underlying projects. In addition, $ 11.3 million of holdbacks are excluded from this table as they represent capital expenditures required to complete construction for defaulted loans that we are no longer required to pay. (2) The total operating lease obligation includes $ 2.3 million of imputed interest. Construction Loans Our commitments and contingencies include usual obligations incurred by real estate lending companies in the normal course of business, including construction holdbacks as disclosed in Note 3. Lease Commitments On March 18, 2020, we entered into a non-cancelable operating lease agreement for our office space in Seattle with an original lease period expiring in January 2032, which includes an option to extend the lease term for an additional five years. We have concluded that the renewal option is not reasonably certain of being exercised, therefore, the renewal is not included in the right of use asset and lease liability. The lease commencement date was in the first quarter of 2021. The total future cash payments included in the measurement of our operating lease liabilities, net of lease incentives, was $ 11.7 million at inception of the lease. The right-of-use assets obtained in exchange for the new operating lease obligation and the tenant improvements were $ 6.4 and $ 2.0 million, respectively. The discount rate for the operating lease was 6 % , resulting in an initial imputed interest amount of $ 3.3 million. Legal Proceedings From time to time, we are named as a defendant in legal actions relating to transactions conducted in the ordinary course of business. Although there can be no assurance of the outcome of such legal actions, in the opinion of management, we do not have a potential liability related to any current legal proceeding or claim that would individually or in the aggregate materially affect our results of operations, financial condition or cash flows. Beginning on March 29, 2023, four different complaints were filed in the United States District Court for the Southern District of New York captioned O’Dell v. Broadmark Realty Capital Inc., et al., Case No. 23-cv-02640, Wang v. Broadmark Realty Capital Inc., et al., Case No. 23-cv-02717, Kirkland v. Broadmark Realty Capital Inc., et al., Case No. 23-cv-02943, and Kirsteins v. Broadmark Reality Capital Inc., et al., Case No. 23-cv-03008. The complaints, each filed as an individual action by a purported stockholder of the Company, name the Company and its directors as defendants. The complaints generally allege that the defendants violated Sections 14(a) and 20(a) of the Exchange Act with respect to the Form S-4 originally filed with the SEC in connection with the Merger, and seek to enjoin the Merger, as well as damages, costs and attorneys’ and experts’ fees. The Company intends to vigorously defend each of these complaints. The Company has also received correspondence from law firms claiming to represent purported stockholders, either threatening litigation or making other demands relating to the Merger, including that additional disclosures be provided. Additional lawsuits arising out of or relating to the Merger Agreement or the Merger may be filed in the future. Concentration Risk Our loan portfolio as of March 31, 2023 is generally secured by first deed of trust position liens on residential and commercial real estate located in 18 states and the District of Columbia. Our loan portfolio is also concentrated within ten counties, the largest being King County in Washington. As of March 31, 2023 and December 31, 2022, the top ten counties make up 49.3 % and 46.7 % of the total committed amount of loans in our total portfolio.

Employee Benefit Plan

Employee Benefit Plan	3 Months Ended
	Mar. 31, 2023
Retirement Benefits [Abstract]
Employee Benefit Plan	Note 12 - Employee Benefit Plan In 2022, we adopted a defined contribution 401(k) retirement plan covering Broadmark employees who have met certain eligibility requirements (the “Broadmark 401(k) Plan”). Eligible employees may contribute pre-tax compensation up to a maximum amount allowable under Internal Revenue Service limitations. Employee contributions and earnings thereon vest immediately. We currently match 3.5 % on employee contributions of up to 6 % of their annual compensation. The total expense related to the Broadmark 401(k) Plan was $ 0.1 million for the three months ended March 31, 2023 .

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2023
Subsequent Events [Abstract]
Subsequent Events	Note 13 - Subsequent Events Dividend Declaration On March 15, 2023, our board of directors declared a monthly cash dividend of $ 0.035 per common share payable on April 14, 2023 to stockholders of record as of March 31, 2023, and on April 17, 2023, our board of directors declared a cash dividend of $ 0.035 per common share payable on May 15, 2023 to stockholders of record as of April 28, 2023. Our board of directors declared a cash dividend on May 9, 2023 to stockholders of record as of May 24, 2023 payable on May 30, 2023 (the “May Dividend”). The May Dividend will be the final cash dividend paid by the Company assuming the completion of the merger with Ready Capital Corporation by June 1, 2023, as currently anticipated. There can be no assurance that the merger will be completed on the terms described or at all.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2023
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying unaudited condensed consolidated interim financial statements include Broadmark Realty Capital Inc. and its wholly-owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. These unaudited condensed consolidated interim financial statements have been prepared in conformity with U.S. generally accepted accounting principles (“GAAP”) and applicable rules and regulations of the Securities and Exchange Commission (“SEC”) regarding interim financial reporting. Certain information and note disclosures normally included in the financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. Accordingly, these unaudited condensed consolidated interim financial statements have been prepared in accordance with the accounting policies described in the audited consolidated financial statements and should be read in conjunction with the accompanying notes included in Broadmark Realty Capital Inc.’s Annual Report on Form 10-K, as amended, for the year ended December 31, 2022, which was filed with the SEC on March 1, 2023 and amended on April 21, 2023. The condensed consolidated balance sheet as of December 31, 2022, included herein, was derived from the audited financial statements of Broadmark Realty Capital Inc. as of that date. The unaudited condensed consolidated interim financial statements, in the opinion of management, reflect all adjustments, consisting only of normal recurring adjustments, necessary to present fairly our financial position as of March 31, 2023, our results of operations and stockholders’ equity for the three months ended March 31, 2023 and 2022, and our cash flows for the three months ended March 31, 2023 and 2022. The results of the three months ended March 31, 2023 is not necessarily indicative of the results to be expected for the year ending December 31, 2023 or for any interim period or for any other future year.
Principles of Consolidation	Principles of Consolidation Broadmark Realty consolidates those entities in which it has control over significant operating, financial and investing decisions of the entity, as well as those entities deemed to be variable interest entities (“VIEs”), if any, in which Broadmark Realty is determined to be the primary beneficiary. Broadmark Realty is not the primary beneficiary of, and therefore does not consolidate, any VIEs in the accompanying unaudited condensed consolidated financial statements.
Reclassifications	Reclassifications Certain amounts in our unaudited condensed consolidated financial statements as of and for the three months ended March 31, 2023 have been reclassified to conform to the presentation of our current period unaudited condensed consolidated financial statements. These reclassifications had no effect on our previously reported net income or stockholders’ equity.
Use of Estimates	Use of Estimates The preparation of the unaudited condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect reported amounts and disclosures at the date of the financial statements and the reported amount of revenues and expenses during the reporting period. The most significant estimates relate to the expected credit losses on our loans, the fair value of financial instruments, exit prices for collateral dependent loans and the fair value of investments in real property. Accordingly, actual results could differ from those estimates. For certain real properties, where a recent appraisal is either unavailable or not most representative of fair value, the fair value of the “as complete” property is based on a broker opinion of value including a capitalized income analysis and replacement cost analysis considering market rents, vacancy rates, capitalization rates, land cost comparisons, market trends and economic conditions. Depending on the stage of the underlying property, we also consider estimated costs to complete remaining construction and to lease up the finished property. The assessment of fair value of real property is subject to uncertainty and, in certain cases, sensitive to the selection of comparable properties.
Certain Significant Risks and Uncertainties	Certain Significant Risks and Uncertainties In the normal course of business, we encounter two primary types of economic risk in the form of credit and market risks. Credit risk is the risk of default on our investment in mortgage notes receivable resulting from a borrower's inability or unwillingness to make contractually required payments. Market risk is the risk of declining real estate values for the collateral underlying our loans which may make it more difficult for existing borrowers to remain current on their payment obligations, reduce the speed or ability for our loans to be repaid through the sale or refinance of the collateral and increase the likelihood that we will incur losses on our loans in the event of default as the value of collateral may be insufficient to cover our investment in the loan. We believe that the carrying values of our loans reasonably consider these risks. In addition, we are subject to significant tax risks. If we were to fail to qualify as a REIT in any taxable year, we would be subject to U.S. federal corporate income tax, which could be material. We operate in a dynamic industry and, accordingly, can be affected by a variety of factors. For example, we believe that changes in any of the following areas could have a significant negative effect on us in terms of our future financial position, results of operations or cash flows: the economy in the areas we operate; the stability of the real estate market and the impact of interest rate changes; competition in our market; changes in government regulation affecting our business; public health crises, like the COVID-19 pandemic; natural disasters, catastrophic events and the physical effects of climate change; and our ability to attract and retain qualified employees and key personnel, among other things.
Reportable Segments	Reportable Segments We operate the business as one reportable segment. Our principal business activities are related to the origination, underwriting and serving of loans secured by real estate as well the investment in real property held for sale and use.
Recent Accounting Pronouncements Not Yet Adopted	Recently Issued Accounting Pronouncements In March 2022, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2022-02, Financial Instruments-Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures, which eliminates the accounting guidance for troubled debt restructurings (“TDR”) for creditors that have adopted the current expected credit losses (“CECL”) standard and requires enhanced disclosures for loan modifications made to borrowers experiencing financial difficulty in the form of interest rate reductions, principal forgiveness, other-than-insignificant payment delays, or term extensions. In addition, the new guidance requires presentation in the vintage disclosures of current-period gross write-offs by year of origination. The Company adopted the ASU for modifications beginning in the first quarter of 2023. While the guidance resulted in expanded disclosures, the adoption of this guidance did not have a material impact on our condensed consolidated financial statements. Merger Transaction Costs All transaction costs associated with the Merger have been expensed as incurred.

Mortgage Notes Receivable (Tabl

Mortgage Notes Receivable (Tables)	3 Months Ended
	Mar. 31, 2023
Receivables [Abstract]
Schedule of mortgage notes receivable	The following table reconciles outstanding mortgage loan commitments to the outstanding balance of mortgage notes receivable as of March 31, 2023 and December 31, 2022: (dollars in thousands) March 31, 2023 December 31, 2022 Total loan commitments $ 1,211,474 $ 1,417,325 Less: Construction holdbacks (1) 356,645 452,690 Interest reserves 28,234 33,633 Total principal outstanding for our mortgage notes receivable 826,595 931,002 Less: Allowance for credit losses (2) 35,920 41,492 Deferred origination and amendment fees 5,794 7,560 Mortgage notes receivable, net $ 784,881 $ 881,950 (1) As of March 31, 2023 and December 31, 2022 this amount includes $ 11.3 and $ 22.8 million, respectively, of construction holdbacks for defaulted loans that we are no longer required to pay. These amounts are included in the loan commitment totals. (2) As of March 31, 2023 and December 31, 2022, $ 1.1 and $ 1.5 million, respectively, of the CECL allowance is excluded from this table because it relates to unfunded commitments and has been recorded as a liability under accounts payable and accrued liabilities in our consolidated balance sheet.
Schedule of carrying value of loans in contractual default status by collateral type and the LTV	The following tables show the carrying value of loans in contractual default status by collateral type and the LTV of the loans in contractual default at the dates indicated: March 31, 2023 (dollars in thousands) Number of Loans Carrying Value % of Total Collateral Type Residential lots 6 $ 28,855 17.3 % Single Family Housing 14 24,509 14.7 Entitled Land 2 24,426 14.7 Hotel 1 15,770 9.5 Mixed Use 3 13,095 7.9 Apartments 5 12,624 7.6 Duplex 1 10,218 6.1 Quadplex 1 10,179 6.1 Offices 1 6,328 3.8 Townhomes 3 6,227 3.7 Condos 2 6,126 3.7 Retail 1 5,505 3.3 Commercial Lots 1 2,698 1.6 Total 41 $ 166,560 100.0 % March 31, 2023 (dollars in thousands) Carrying Value % of Total LTV (1) 0 - 40% $ 2,690 1.6 % 41 - 60% 57,304 34.4 61 - 80% 90,779 54.5 Above 80% 15,787 9.5 Total $ 166,560 100.0 % (1) Represents current LTV as of origination or latest amendment. At March 31, 2023, the weighted average LTV for loans in contractual default using the latest appraisal was 137.7 % . The weighted average LTV of our loans in contractual default net of our allowance for credit losses was approximately 80.2 % . December 31, 2022 (dollars in thousands) Number of Loans Carrying Value % of Total Collateral Type Residential lots 8 $ 71,306 28.5 % Condos 3 42,237 16.9 Hotel 2 28,919 11.5 Entitled Land 2 22,447 9.0 Townhomes 5 21,175 8.5 Single Family Housing 11 20,335 8.1 Mixed Use 4 14,795 5.9 Unentitled Land 1 10,496 4.2 Apartments 2 6,947 2.8 Offices 1 6,288 2.5 Retail 1 5,443 2.2 Total 40 $ 250,388 100.0 % December 31, 2022 (dollars in thousands) Carrying Value % of Total LTV (1) 0 - 40% $ 3,969 1.6 % 41 - 60% 91,201 36.4 61 - 80% 139,537 55.7 Above 80% 15,681 6.3 Total $ 250,388 100.0 % (1) Represents current LTV as of origination or latest amendment. At December 31, 2022, the weighted average LTV for loans in contractual default using the latest appraisal was 124.8 % . The weighted average LTV of our loans in contractual default net of our allowance for credit losses was approximately 84.9 % .
Schedule of activity in the CECL Allowance	The following tables summarize the activity in the CECL allowance during the three months ended March 31, 2023 and 2022: CECL Allowance (dollars in thousands) Funded Unfunded (2) Total CECL allowance as of December 31, 2022 $ 41,492 $ 1,474 $ 42,966 Provision for credit losses, net 2,117 ( 416 ) 1,701 Charge-offs (1) ( 7,689 ) — ( 7,689 ) CECL allowance as of March 31, 2023 $ 35,920 $ 1,058 $ 36,978 CECL Allowance (dollars in thousands) Funded Unfunded (2) Total CECL allowance as of December 31, 2021 $ 10,394 $ 904 $ 11,298 Provision for credit losses, net 1,554 193 1,747 Charge-offs (1) ( 3,301 ) — ( 3,301 ) CECL allowance as of March 31, 2022 $ 8,647 $ 1,097 $ 9,744 (1) Charge-offs result from either loan repayments where the proceeds are less than the principal outstanding or transfers to investment in real property at the time that we take ownership of the property where the fair values of the underlying collateral are less than the principal outstanding. (2) CECL allowance related to unfunded commitments is presented as a liability under accounts payable and accrued liabilities in our consolidated balance sheet. As of March 31, 2023 and 2022, the funded and unfunded CECL allowance aggregated $ 37.0 and $ 9.7 million, which represents a decrease from December 31, 2022 and 2021, respectively, of $ 6.0 and $ 1.6 million. This decreased allowance reflects increased principal losses realized on repaid loans and loans transferred to real estate owned.
Schedule of composition of loan portfolio	The following tables allocate the carrying value of our loan portfolio based on our internal credit quality indicators in assessing estimated credit losses and vintage of origination at the dates indicated: March 31, 2023 Year Originated (1) (dollars in thousands) Carrying Value % of Portfolio 2023 2022 2021 2020 Prior Construction Type Vertical Construction $ 502,227 61.2 % $ 19,303 $ 353,282 $ 64,242 $ 56,817 $ 8,583 Horizontal Development 177,596 21.6 — 164,656 918 9,405 2,617 Investment 42,606 5.2 3,965 14,371 21,181 3,089 — Rehabilitation 37,403 4.6 — 20,069 16,883 451 — Land Entitlement 26,284 3.2 — 4,297 — 21,987 — Bridge 20,713 2.5 — 19,893 — — 820 Acquisition 13,972 1.7 — 11,162 2,622 188 — Total 820,801 100.0 % $ 23,268 $ 587,730 $ 105,846 $ 91,937 $ 12,020 CECL allowance (2) ( 35,920 ) Carrying value, net $ 784,881 Gross write-offs $ 13,083 $ 4 $ 581 $ 4,327 $ 352 $ 7,819 (1) Represents the year of either origination or amendment where the loan incurred a full re-underwriting in connection with the amendment . (2) Includes $ 30.0 million in loan specific allowances for loans deemed collateral dependent based on the excess amortized cost over the fair value of the underlying collateral. In addition, $ 1.1 million of the CECL allowance is excluded from this table because it relates to unfunded commitments and has been recorded as a liability under accounts payable and accrued liabilities in our consolidated balance sheet. March 31, 2023 Year Originated (1) (dollars in thousands) Carrying Value % of Portfolio 2023 2022 2021 2020 Prior Collateral Type Apartments $ 195,140 23.8 % $ 1,000 $ 125,210 $ 33,869 $ 33,109 $ 1,952 Single Family Housing 134,879 16.5 1,258 112,736 19,380 174 1,331 Townhomes 97,291 11.9 — 85,365 7,973 2,259 1,694 Entitled Land 89,654 10.9 3,965 38,559 22,054 25,076 — Residential Lots 58,522 7.1 — 45,582 918 9,405 2,617 Commercial 57,527 7.0 — 57,527 — — — Mixed Use 46,973 5.7 — 45,702 — 451 820 Condos 36,974 4.5 4,168 20,656 8,356 188 3,606 Hotel 29,957 3.6 12,877 1,310 — 15,770 — Senior Housing 17,135 2.1 — 17,135 — — — Duplex 15,097 1.8 — 15,097 — — — Commercial Other 11,547 1.4 — — 11,547 — — Quadplex 10,179 1.2 — 10,179 — — — Retail 9,546 1.2 — 2,292 1,749 5,505 — Offices 6,328 0.8 — 6,328 — — — Residential Lots 2,698 0.3 — 2,698 — — — Triplex 717 0.1 — 717 — — — Unentitled Land 637 0.1 — 637 — — — Total 820,801 100.0 % $ 23,268 $ 587,730 $ 105,846 $ 91,937 $ 12,020 CECL allowance (2) ( 35,920 ) Carrying value, net $ 784,881 (1) Represents the year of either origination or amendment where the loan incurred a full re-underwriting in connection with the amendment. (2) Includes $ 30.0 million in loan specific allowances for loans deemed collateral dependent based on the excess amortized cost over the fair value of the underlying collateral. In addition, $ 1.1 million of the CECL allowance is excluded from this table because it relates to unfunded commitments and has been recorded as a liability under accounts payable and accrued liabilities in our consolidated balance sheet. March 31, 2023 Year Originated (1) (dollars in thousands) Carrying Value % of Portfolio 2023 2022 2021 2020 Prior LTV (2) 0 - 40% $ 20,944 2.6 % $ 1,000 $ 16,855 $ — $ 3,089 $ — 41 - 45% 29,701 3.6 — 7,714 — 21,987 — 46 - 50% 54,571 6.6 — 54,571 — — — 51 - 55% 73,832 9.0 — 40,434 27,893 5,505 — 56 - 60% 71,258 8.7 — 63,203 4,700 1,094 2,261 61 - 65% 440,760 53.7 22,268 284,466 69,661 60,262 4,103 66 - 70% 96,544 11.8 — 91,258 3,592 — 1,694 71 - 75% 1,056 0.10 — 1,056 — — — 76- 80% 2,594 0.3 — 2,594 — — — Above 80% 29,541 3.6 — 25,579 — — 3,962 Total 820,801 100.0 % $ 23,268 $ 587,730 $ 105,846 $ 91,937 $ 12,020 CECL allowance (3) ( 35,920 ) Carrying value, net $ 784,881 (1) Represents the year of either origination or amendment where the loan incurred a full re-underwriting in connection with the amendment. (2) Represents LTV as of origination or latest amendment. LTVs above 65 % generally represent loans in contractual default status where we have agreed to extend funds to the borrower above 65 % in order to facilitate successful completion of the construction and return of capital. (3) Includes $ 30.0 million in loan specific allowances for loans deemed collateral dependent based on the excess amortized cost over the fair value of the underlying collateral. In addition, $ 1.1 million of the CECL allowance is excluded from this table because it relates to unfunded commitments and has been recorded as a liability under accounts payable and accrued liabilities in our consolidated balance sheet. December 31, 2022 Year Originated (1) (dollars in thousands) Carrying Value % of Portfolio 2022 2021 2020 2019 Prior Construction Type Vertical Construction $ 552,468 52.5 % $ 352,355 $ 128,130 $ 33,895 $ 1,928 $ 36,160 Horizontal Development 221,078 21.5 144,082 68,201 8,795 — — Acquisition 46,536 10.6 46,536 — — — — Investment 39,422 7.2 12,936 15,009 11,477 — — Rehabilitation 26,132 3.0 4,146 21,986 — — — Land Entitlement 22,611 2.7 19,450 937 — 2,224 — Bridge 15,195 2.5 13,454 1,741 — — — Total 923,442 100.0 % $ 592,959 $ 236,004 $ 54,167 $ 4,152 $ 36,160 CECL allowance (2) ( 41,492 ) Carrying value, net $ 881,950 (1) Represents the year of either origination or amendment where the loan incurred a full re-underwriting in connection with the amendment. (2) Includes $ 35.0 million in loan specific allowances for loans deemed collateral dependent based on the excess amortized cost over the fair value of the underlying collateral. In addition, $ 1.5 million of the CECL allowance is excluded from this table because it relates to unfunded commitments and has been recorded as a liability under accounts payable and accrued liabilities in our consolidated balance sheet. December 31, 2022 Year Originated (1) (dollars in thousands) Carrying Value % of Portfolio 2022 2021 2020 2019 Prior Collateral Type Residential Lots $ 191,708 12.2 % $ 134,816 $ 49,944 $ 5,020 $ 1,928 $ — Apartments 133,702 11.8 124,218 9,245 239 — — Townhomes 106,888 10.2 81,393 24,701 794 — — Mixed Use 104,100 9.5 56,675 38,630 8,795 — — Single Family Housing 76,251 9.6 54,265 21,986 — — — Condos 71,975 7.1 29,738 2,515 3,562 — 36,160 Commercial 58,515 6.8 13,838 44,677 — — — Senior Housing 50,127 6.7 6,209 30,217 11,477 2,224 — Storage 30,221 6.2 14,116 — 16,105 — — Unentitled Land 18,467 5.0 12,179 — 6,288 — — Entitled Land 17,262 4.9 16,325 937 — — — Hotel 16,595 3.5 16,595 — — — — Offices 13,639 1.7 13,639 — — — — Commercial Lots 11,411 1.1 — 11,411 — — — Quadplex 9,071 1.1 5,443 1,741 1,887 — — Commercial Other 8,932 1.0 8,932 — — — — Retail 4,018 0.9 4,018 — — — — Duplex 560 0.7 560 — — — — Total 923,442 100.0 % $ 592,959 $ 236,004 $ 54,167 $ 4,152 $ 36,160 CECL allowance (2) ( 41,492 ) Carrying value, net $ 881,950 (1) Represents the year of either origination or amendment where the loan incurred a full re-underwriting in connection with the amendment. (2) Includes $ 35.0 million in loan specific allowances for loans deemed collateral dependent based on the excess amortized cost over the fair value of the underlying collateral. In addition, $ 1.5 million of the CECL allowance is excluded from this table because it relates to unfunded commitments and has been recorded as a liability under accounts payable and accrued liabilities in our consolidated balance sheet. December 31, 2022 Year Originated (1) (dollars in thousands) Carrying Value % of Portfolio 2022 2021 2020 2019 Prior LTV (2) 0 - 40% $ 26,053 5.9 % $ 22,544 $ 3,509 $ — $ — $ — 41 - 45% 29,025 5.3 7,039 21,986 — — — 46 - 50% 42,267 7.0 22,524 13,455 6,288 — — 51 - 55% 144,649 10.1 76,978 58,876 8,795 — — 56 - 60% 107,098 8.7 98,691 8,407 — — — 61 - 65% 456,743 61.4 284,722 112,569 21,364 1,928 36,160 66 - 70% 93,104 0.1 71,638 16,561 2,681 2,224 — 71 - 75% 4,280 0.0 4,280 — — — — 76 - 80% 2,540 0.0 2,540 — — — — Above 80% 17,683 1.5 2,003 641 15,039 — — Total 923,442 100.0 % $ 592,959 $ 236,004 $ 54,167 $ 4,152 $ 36,160 CECL allowance (3) ( 41,492 ) Carrying value, net $ 881,950 (1) Represents the year of either origination or amendment where the loan incurred a full re-underwriting in connection with the amendment. (2) Represents LTV as of origination or latest amendment. LTVs above 65 % generally represent loans in contractual default status where we have agreed to extend funds to the borrower above 65 % in order to ensure successful completion of the construction and return of capital. (3) Includes $ 35.0 million in loan specific allowances for loans deemed collateral dependent based on the excess amortized cost over the fair value of the underlying collateral. In addition, $ 1.5 million of the CECL allowance is excluded from this table because it relates to unfunded commitments and has been recorded as a liability under accounts payable and accrued liabilities in our consolidated balance sheet.
Schedule of carrying value of collateral dependent loans	The following tables allocate the carrying value of collateral dependent loans in our loan portfolio to the collateral type at the dates indicated: March 31, 2023 (dollars in thousands) Carrying Value CECL Allowance Carrying Value, net Collateral Type Residential Lots $ 26,881 $ ( 7,952 ) $ 18,929 Single Family Housing 24,509 ( 1,105 ) 23,404 Entitled Land 24,426 ( 127 ) 24,299 Hotel 15,770 ( 10,695 ) 5,075 Apartments 11,247 ( 1,167 ) 10,080 Offices 6,328 ( 5,082 ) 1,246 Condos 6,126 ( 3,185 ) 2,941 Retail 5,505 ( 222 ) 5,283 Townhomes 3,047 ( 974 ) 2,073 Commercial Lots 2,698 ( 109 ) 2,589 Mixed Use 1,271 ( 632 ) 639 Total $ 127,808 $ ( 31,250 ) $ 96,558 December 31, 2022 (dollars in thousands) Carrying Value CECL Allowance Carrying Value, net Collateral Type Residential Lots $ 70,664 $ ( 11,519 ) $ 59,145 Condos 42,237 ( 5,892 ) 36,345 Land 21,986 ( 108 ) 21,878 Townhomes 18,296 ( 1,706 ) 16,590 Single Family Housing 16,993 ( 950 ) 16,043 Hotel 16,106 ( 9,151 ) 6,955 Apartments 6,947 ( 978 ) 5,969 Offices 6,288 ( 5,042 ) 1,246 Mixed Use 3,318 ( 1,320 ) 1,998 Total $ 202,835 $ ( 36,666 ) $ 166,169

Investment in Real Property (Ta

Investment in Real Property (Tables)	3 Months Ended
	Mar. 31, 2023
Real Estate [Abstract]
Schedule of carrying value of owned real estate	The following tables provide information about the carrying value of our owned real property at the dates indicated: (dollars in thousands) March 31, 2023 December 31, 2022 Collateral Type Senior Housing $ 49,917 $ 49,917 Residential Lots 43,467 2,293 Condos 33,548 — Offices 23,756 15,414 Townhomes 25,240 6,712 Single Family Housing 8,536 8,538 Apartments 5,024 5,024 Mixed Use 1,440 — Hotel 375 — Total $ 191,303 $ 87,898 March 31, 2023 December 31, 2022 (dollars in thousands) Number of Properties Carrying Value Number of Properties Carrying Value Collateral Type Held for sale 7 $ 36,096 7 $ 24,516 Held for use 11 $ 155,207 4 63,382 Total 18 $ 191,303 11 $ 87,898
Schedule of investment in real property, held for sale and held for use	For the three months ended March 31, 2023, and 2022, we recorded the operating revenue, expenses, fixed asset depreciation and impairment in our consolidated statements of income as shown below for investment in real property, held for sale and held for use, respectively: Held for Sale Three Months Ended (dollars in thousands) March 31, 2023 March 31, 2022 Revenue from operations $ — $ 484 Gain (loss) on sale ( 30 ) 257 Less: Operating expenses 133 390 Impairment 1,004 — Net gain (loss) from investment in real property, held for sale $ ( 1,167 ) $ 351 Held for Use Three Months Ended (dollars in thousands) March 31, 2023 March 31, 2022 Revenue from operations $ 865 $ 342 Less: Operating expenses 2,185 308 Depreciation 513 50 Impairment — — Net loss from investment in real property, held for use $ ( 1,833 ) $ ( 16 )

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2023
Fair Value Disclosures [Abstract]
Schedule of fair value of assets and liabilities	The following tables present estimated fair values of our financial instruments, as of the date indicated, whether or not recognized or recorded in the consolidated balance sheets at the periods indicated: March 31, 2023 Fair Value Measurements Using (dollars in thousands) Carrying Value Estimated Fair Value Level 1 Level 2 Level 3 Financial Assets Cash and cash equivalents $ 39,323 $ 39,323 $ 39,323 $ — $ — Mortgage notes receivable, net 784,881 765,824 — — 765,824 Interest and fees receivable, net 12,902 12,902 — 12,902 — Financial Liabilities Senior unsecured notes, net 97,932 92,417 92,417 — — Private placement warrant liability 25 25 — 25 — December 31, 2022 Fair Value Measurements Using (dollars in thousands) Carrying Value Estimated Fair Value Level 1 Level 2 Level 3 Financial Assets Cash and cash equivalents $ 54,964 $ 54,964 $ 54,964 $ — $ — Mortgage notes receivable, net 881,950 865,304 — — 865,304 Interest and fees receivable, net 14,775 14,775 — 14,775 — Financial Liabilities Senior unsecured notes, net 97,223 99,990 99,990 — — Private placement warrant liability 25 25 — 25 —
Schedule of valuation methodologies and inputs used for assets that are measured at fair value	The following table sets forth assets measured and reported at fair value on a nonrecurring basis as of March 31, 2023 and December 31, 2022. All of these values are categorized as Level 3. The table also contains information about valuation methodologies and inputs for: Carrying Value Fair Value (dollars in thousands) March 31, 2023 December 31, 2022 March 31, 2023 December 31, 2022 Valuation Technique Unobservable Inputs Range of Inputs Investment in real property held for sale (1) $ 10,185 $ 14,628 $ 10,500 $ 15,075 Collateral valuations Discount to appraised value based on comparable market prices, broker opinion of value, discounted cash flows or capitalization rate applied to estimate net operating income 0 - 10 % Collateral dependent loans, net of allowance for credit losses (1) $ 22,801 $ 81,470 $ 28,167 $ 87,622 Collateral valuations Discount to appraised value based on comparable market prices or broker opinion of value, discounted cash flows or capitalization rate applied to estimate net operating income 0 - 10 % Total $ 32,986 $ 96,098 $ 38,667 $ 102,697 (1) This disclosure represents only those loans and properties for which an adjustment was required to report at fair value on a nonrecurring basis during the reporting periods.

Accounts Payable and Accrued _2

Accounts Payable and Accrued Liabilities (Tables)	3 Months Ended
	Mar. 31, 2023
Accounts Payable and Accrued Liabilities [Abstract]
Summary of accounts payable and accrued liabilities	The follo wing table presents a summary of accounts payable and accrued liabilities as of March 31, 2023 and December 31, 2022: (dollars in thousands) March 31, 2023 December 31, 2022 Accounts payable and accrued liabilities Accounts payable and other $ 6,184 $ 4,223 Borrower deposits 1,449 5,519 Accrued salaries, bonus and commissions. 1,297 2,272 Allowance for credit losses on unfunded commitments 1,058 1,475 Total $ 9,988 $ 13,489

Debt (Tables)

Debt (Tables)	3 Months Ended
	Mar. 31, 2023
Debt Disclosure [Abstract]
Schedule of Carrying Values of The Company's Debt	The following table presents the carrying values of our senior unsecured notes as of the periods indicated: (dollars in thousands) March 31, 2023 December 31, 2022 Principal $ 100,000 $ 100,000 Debt issuance costs ( 2,861 ) ( 2,861 ) Amortization of debt issuance costs 793 650 Total notes, net $ 97,932 $ 97,789
Schedule of Interest Expense Related to Senior Unsecured Notes and Revolving Credit Facility	The following table summarizes the components of interest expense related to our senior unsecured notes and revolving credit facility for the periods indicated: Three Months Ended March 31, 2023 March 31, 2022 (dollars in thousands) Amortization of Deferred Debt Issuance Costs Interest on Borrowings Undrawn Fees Amortization of Deferred Debt Issuance Costs Interest on Borrowings Undrawn Fees 5.0% senior unsecured notes $ 143 $ 1,250 $ — $ 143 $ 1,250 $ — Revolving credit facility 377 — 346 379 — 343 Total $ 520 $ 1,250 $ 346 $ 522 $ 1,250 $ 343

Stockholders' Equity and Earn_2

Stockholders' Equity and Earnings per Common Share (Tables)	3 Months Ended
	Mar. 31, 2023
Equity [Abstract]
Schedule of basic and diluted earnings per common share	The table below presents the computation of basic and diluted net earnings per share of common stock for the periods presented: Three Months Ended (dollars in thousands, except share and per share data): March 31, 2023 March 31, 2022 Net income $ 4,556 $ 18,074 Basic weighted-average shares of common stock outstanding 131,727,381 132,769,876 Dilutive effect of share-based compensation – unvested restricted stock units 318,888 66,895 Diluted weighted-average shares of common stock outstanding 132,046,269 132,836,771 Basic earnings per common share $ 0.03 $ 0.14 Diluted earnings per common share $ 0.03 $ 0.14
Schedule of stock equivalents excluded from diluted net income per share	For the periods presented, th e following common stock equivalents were excluded from the calculations of diluted earnings per share because their effect would have been anti-dilutive: Three Months Ended March 31, 2023 March 31, 2022 Weighted-average restricted stock units outstanding 250,517 427,174 Unexercised public warrants and private placement warrants 15,604,192 15,604,279 Total stock equivalents excluded 15,854,709 16,031,453

Equity Incentive Plan (Tables)

Equity Incentive Plan (Tables)	3 Months Ended
	Mar. 31, 2023
Share-Based Payment Arrangement [Abstract]
Schedule of Assumptions Used in Estimating Fair Value of Derivative Liability	The weighted average fair value and assumptions used to value the pRSU awards granted with market-based performance conditions are as follows: Three Months Ended March 31, 2023 March 31, 2022 Performance share fair value $ — $ 6.74 Risk-free interest rate — 1.74 % Expected volatility — 30.48 % Expected life (in years) — 2.85 Expected dividend yield — 9.82 %
Summary of Activity Related to Restricted Stock	The following tables summarize the activity related to RSUs and pRSUs during 2023: Shares Weighted Average Grant Date Fair Market Value Unvested RSUs outstanding as of December 31, 2022 747,912 Granted 328,200 $ 3.59 Vested ( 150,309 ) $ 7.88 Forfeited ( 16,149 ) $ 7.81 Unvested RSUs outstanding as of March 31, 2023 909,654 Shares Weighted Average Grant Date Fair Market Value Unvested pRSUs outstanding as of December 31, 2022 207,661 Forfeited ( 11,696 ) $ 6.74 Unvested pRSUs outstanding as of March 31, 2023 195,965

Commitments and Contingencies (

Commitments and Contingencies (Tables)	3 Months Ended
	Mar. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Schedule of contractual obligations and commercial commitments	The following table illustrates our contractual obligations and commercial commitments by due date as of March 31, 2023: (dollars in thousands) Total Less than 1 year 1-3 years 3-5 years More than 5 years Construction holdbacks (1) $ 345,306 $ 221,478 $ 123,828 $ — $ — Operating lease obligations (2) 9,690 891 2,033 2,156 4,610 Total $ 354,996 $ 222,369 $ 125,861 $ 2,156 $ 4,610 (1) The funding timing and amounts of construction holdbacks are uncertain as these commitments relate to loans for construction costs and depend on the progress and performance of the underlying projects. In addition, $ 11.3 million of holdbacks are excluded from this table as they represent capital expenditures required to complete construction for defaulted loans that we are no longer required to pay. (2) The total operating lease obligation includes $ 2.3 million of imputed interest.

Organization and Business (Addi

Organization and Business (Additional Information) (Details)	Feb. 26, 2023 shares
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Conversion of common stock	0.47233

Summary of Significant Accoun_3

Summary of Significant Accounting Policies - Additional information (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2023 USD ($) Property Segment	Mar. 31, 2022 USD ($)	Dec. 31, 2022 USD ($) Property
Accounts, Notes, Loans and Financing Receivable [Line Items]
Additional paid in capital	$ 1,215,933		$ 1,215,229
Number of Reportable Segments | Segment	1
Accumulated deficit	$ (296,540)		$ (287,307)
Provision for credit losses, net	1,701	$ 1,747
Net income (Loss)	$ 4,556	18,074
Number of properties | Property	18		11
Real Estate Project Value	$ 191,300		$ 87,900
Provision for income taxes	$ 0	$ 0

Mortgage Notes Receivable - Add

Mortgage Notes Receivable - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Dec. 31, 2022	Mar. 31, 2022
Loans and Leases Receivable Disclosure [Line Items]
Percentage of maximum loan to value ratio	65%
Percentage of maximum of amount of a single loan	10%
Percentage of maximum amount of loans to single borrower	15%
Term of mortgage notes receivable	23 months
Interest rate (as a percent)	10%
Monthly interest rate payment term	10 days
Principal outstanding on non accrual status	$ 165.2	$ 217.2
Contractual loans	166.6	250.4
Funded and unfunded allowance aggregated		$ 37	$ 9.7
Increase Decrease in founded unfounded allowance aggregate	$ 6		$ 1.6
Maximum [Member]
Loans and Leases Receivable Disclosure [Line Items]
Percentage of maximum loan to value ratio	65%
Interest rate (as a percent)	0.14%
Minimum [Member]
Loans and Leases Receivable Disclosure [Line Items]
Interest rate (as a percent)	0.01%

Mortgage Notes Receivable - Inf

Mortgage Notes Receivable - Information pertaining to mortgage notes receivable (Details) - USD ($) $ in Thousands		Mar. 31, 2023		Dec. 31, 2022		Mar. 31, 2022	Dec. 31, 2021
Loans and Leases Receivable Disclosure [Line Items]
Construction holdbacks		$ 11,300		$ 22,800
Total principal outstanding for our mortgage notes receivable		820,801	[1]	923,442	[2]
Allowance for credit losses		35,920	[1],[3],[4]	41,492	[2],[5],[6]
Mortgage notes receivable, net		784,881		881,950
Mortgage notes receivables
Loans and Leases Receivable Disclosure [Line Items]
Total loan commitments		1,211,474		1,417,325
Construction holdbacks	[7]	356,645		452,690
Interest reserves		28,234		33,633
Total principal outstanding for our mortgage notes receivable		826,595		931,002
Allowance for credit losses	[8]	35,920		41,492
Deferred origination and amendment fees		5,794		7,560
Mortgage notes receivable, net		784,881		881,950
Unfunded Loan Commitment [Member]
Loans and Leases Receivable Disclosure [Line Items]
Allowance for credit losses	[9]	1,058		1,474		$ 1,097	$ 904
Unfunded Loan Commitment [Member] | Accounts payable and accrued liabilities
Loans and Leases Receivable Disclosure [Line Items]
Allowance for credit losses		1,100		1,500
Funded And Unfunded Loan Commitment [Member]
Loans and Leases Receivable Disclosure [Line Items]
Allowance for credit losses		$ 36,978		$ 42,966		$ 9,744	$ 11,298
[1] Represents LTV as of origination or latest amendment. LTVs above 65 % generally represent loans in contractual default status where we have agreed to extend funds to the borrower above 65 % in order to facilitate successful completion of the construction and return of capital. Represents LTV as of origination or latest amendment. LTVs above 65 % generally represent loans in contractual default status where we have agreed to extend funds to the borrower above 65 % in order to ensure successful completion of the construction and return of capital. Includes $ 30.0 million in loan specific allowances for loans deemed collateral dependent based on the excess amortized cost over the fair value of the underlying collateral. In addition, $ 1.1 million of the CECL allowance is excluded from this table because it relates to unfunded commitments and has been recorded as a liability under accounts payable and accrued liabilities in our consolidated balance sheet. Represents the year of either origination or amendment where the loan incurred a full re-underwriting in connection with the amendment. Includes $ 35.0 million in loan specific allowances for loans deemed collateral dependent based on the excess amortized cost over the fair value of the underlying collateral. In addition, $ 1.5 million of the CECL allowance is excluded from this table because it relates to unfunded commitments and has been recorded as a liability under accounts payable and accrued liabilities in our consolidated balance sheet. Includes $ 35.0 million in loan specific allowances for loans deemed collateral dependent based on the excess amortized cost over the fair value of the underlying collateral. In addition, $ 1.5 million of the CECL allowance is excluded from this table because it relates to unfunded commitments and has been recorded as a liability under accounts payable and accrued liabilities in our consolidated balance sheet. As of March 31, 2023 and December 31, 2022 this amount includes $ 11.3 and $ 22.8 million, respectively, of construction holdbacks for defaulted loans that we are no longer required to pay. These amounts are included in the loan commitment totals. As of March 31, 2023 and December 31, 2022, $ 1.1 and $ 1.5 million, respectively, of the CECL allowance is excluded from this table because it relates to unfunded commitments and has been recorded as a liability under accounts payable and accrued liabilities in our consolidated balance sheet. CECL allowance related to unfunded commitments is presented as a liability under accounts payable and accrued liabilities in our consolidated balance sheet.

Mortgage Notes Receivable - I_2

Mortgage Notes Receivable - Information pertaining to mortgage notes receivable (Parenthetical) (Details) - USD ($) $ in Thousands		Mar. 31, 2023		Dec. 31, 2022		Mar. 31, 2022	Dec. 31, 2021
Loans and Leases Receivable Disclosure [Line Items]
Construction Hold Backs		$ 11,300		$ 22,800
Financing Receivable, Allowance for Credit Loss		35,920	[1],[2],[3]	41,492	[4],[5],[6]
Unfunded Loan Commitment [Member]
Loans and Leases Receivable Disclosure [Line Items]
Financing Receivable, Allowance for Credit Loss	[7]	1,058		1,474		$ 1,097	$ 904
Accounts payable and accrued liabilities | Unfunded Loan Commitment [Member]
Loans and Leases Receivable Disclosure [Line Items]
Financing Receivable, Allowance for Credit Loss		$ 1,100		$ 1,500
[1] Includes $ 30.0 million in loan specific allowances for loans deemed collateral dependent based on the excess amortized cost over the fair value of the underlying collateral. In addition, $ 1.1 million of the CECL allowance is excluded from this table because it relates to unfunded commitments and has been recorded as a liability under accounts payable and accrued liabilities in our consolidated balance sheet. Represents LTV as of origination or latest amendment. LTVs above 65 % generally represent loans in contractual default status where we have agreed to extend funds to the borrower above 65 % in order to facilitate successful completion of the construction and return of capital. Represents the year of either origination or amendment where the loan incurred a full re-underwriting in connection with the amendment. Includes $ 35.0 million in loan specific allowances for loans deemed collateral dependent based on the excess amortized cost over the fair value of the underlying collateral. In addition, $ 1.5 million of the CECL allowance is excluded from this table because it relates to unfunded commitments and has been recorded as a liability under accounts payable and accrued liabilities in our consolidated balance sheet. Includes $ 35.0 million in loan specific allowances for loans deemed collateral dependent based on the excess amortized cost over the fair value of the underlying collateral. In addition, $ 1.5 million of the CECL allowance is excluded from this table because it relates to unfunded commitments and has been recorded as a liability under accounts payable and accrued liabilities in our consolidated balance sheet. Represents LTV as of origination or latest amendment. LTVs above 65 % generally represent loans in contractual default status where we have agreed to extend funds to the borrower above 65 % in order to ensure successful completion of the construction and return of capital. CECL allowance related to unfunded commitments is presented as a liability under accounts payable and accrued liabilities in our consolidated balance sheet.

Mortgage Notes Receivable - Sch

Mortgage Notes Receivable - Schedule of carrying value of loans in contractual default status by collateral type and the LTV (Details) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2023 USD ($) Loan		Dec. 31, 2022 USD ($) Loan
Loans and Leases Receivable Disclosure [Line Items]
Number of Loans | Loan	18		11
Carrying Value	$ 820,801	[1]	$ 923,442	[2]
Percentage of Total	100%	[1]	100%	[2]
Residential Lots
Loans and Leases Receivable Disclosure [Line Items]
Carrying Value	$ 58,522		$ 191,708
Percentage of Total	7.10%		12.20%
Single Family Housing
Loans and Leases Receivable Disclosure [Line Items]
Carrying Value	$ 134,879		$ 76,251
Percentage of Total	16.50%		9.60%
Entitled Land
Loans and Leases Receivable Disclosure [Line Items]
Carrying Value	$ 89,654		$ 17,262
Percentage of Total	10.90%		4.90%
Mixed Use
Loans and Leases Receivable Disclosure [Line Items]
Carrying Value	$ 46,973		$ 104,100
Percentage of Total	5.70%		9.50%
Apartments
Loans and Leases Receivable Disclosure [Line Items]
Carrying Value	$ 195,140		$ 133,702
Percentage of Total	23.80%		11.80%
Duplex
Loans and Leases Receivable Disclosure [Line Items]
Carrying Value	$ 15,097		$ 560
Percentage of Total	1.80%		0.70%
Quadplex
Loans and Leases Receivable Disclosure [Line Items]
Carrying Value	$ 10,179		$ 9,071
Percentage of Total	1.20%		1.10%
Townhomes
Loans and Leases Receivable Disclosure [Line Items]
Carrying Value	$ 97,291		$ 106,888
Percentage of Total	11.90%		10.20%
Condos
Loans and Leases Receivable Disclosure [Line Items]
Carrying Value	$ 36,974		$ 71,975
Percentage of Total	4.50%		7.10%
Retail
Loans and Leases Receivable Disclosure [Line Items]
Carrying Value	$ 9,546		$ 4,018
Percentage of Total	1.20%		0.90%
Commercial Lots
Loans and Leases Receivable Disclosure [Line Items]
Carrying Value	$ 2,698		$ 11,411
Percentage of Total	0.30%		1.10%
Senior Housing
Loans and Leases Receivable Disclosure [Line Items]
Carrying Value	$ 17,135		$ 50,127
Percentage of Total	2.10%		6.70%
Commercial other
Loans and Leases Receivable Disclosure [Line Items]
Carrying Value	$ 11,547		$ 8,932
Percentage of Total	1.40%		1%
Triplex
Loans and Leases Receivable Disclosure [Line Items]
Carrying Value	$ 717
Percentage of Total	0.10%
0 - 40%
Loans and Leases Receivable Disclosure [Line Items]
Carrying Value	$ 20,944	[1]	$ 26,053	[2]
Percentage of Total	2.60%	[1]	5.90%	[2]
LTV [Member]
Loans and Leases Receivable Disclosure [Line Items]
Number of Loans | Loan	41		40
Carrying Value	$ 166,560	[3]	$ 250,388	[4]
Percentage of Total	100%	[3]	100%	[4]
LTV [Member] | Residential Lots
Loans and Leases Receivable Disclosure [Line Items]
Number of Loans | Loan	6		8
Carrying Value	$ 28,855		$ 71,306
Percentage of Total	17.30%		28.50%
LTV [Member] | Single Family Housing
Loans and Leases Receivable Disclosure [Line Items]
Number of Loans | Loan	14		11
Carrying Value	$ 24,509		$ 20,335
Percentage of Total	14.70%		8.10%
LTV [Member] | Entitled Land
Loans and Leases Receivable Disclosure [Line Items]
Number of Loans | Loan	2		2
Carrying Value	$ 24,426		$ 22,447
Percentage of Total	14.70%		9%
LTV [Member] | Hotel
Loans and Leases Receivable Disclosure [Line Items]
Number of Loans | Loan	1		2
Carrying Value	$ 15,770		$ 28,919
Percentage of Total	9.50%		11.50%
LTV [Member] | Mixed Use
Loans and Leases Receivable Disclosure [Line Items]
Number of Loans | Loan	3		4
Carrying Value	$ 13,095		$ 14,795
Percentage of Total	7.90%		5.90%
LTV [Member] | Apartments
Loans and Leases Receivable Disclosure [Line Items]
Number of Loans | Loan	5		2
Carrying Value	$ 12,624		$ 6,947
Percentage of Total	7.60%		2.80%
LTV [Member] | Duplex
Loans and Leases Receivable Disclosure [Line Items]
Number of Loans | Loan	1
Carrying Value	$ 10,218
Percentage of Total	6.10%
LTV [Member] | Quadplex
Loans and Leases Receivable Disclosure [Line Items]
Number of Loans | Loan	1
Carrying Value	$ 10,179
Percentage of Total	6.10%
LTV [Member] | Offices
Loans and Leases Receivable Disclosure [Line Items]
Number of Loans | Loan	1		1
Carrying Value	$ 6,328		$ 6,288
Percentage of Total	3.80%		2.50%
LTV [Member] | Townhomes
Loans and Leases Receivable Disclosure [Line Items]
Number of Loans | Loan	3		5
Carrying Value	$ 6,227		$ 21,175
Percentage of Total	3.70%		8.50%
LTV [Member] | Condos
Loans and Leases Receivable Disclosure [Line Items]
Number of Loans | Loan	2		3
Carrying Value	$ 6,126		$ 42,237
Percentage of Total	3.70%		16.90%
LTV [Member] | Retail
Loans and Leases Receivable Disclosure [Line Items]
Number of Loans | Loan	1		1
Carrying Value	$ 5,505		$ 5,443
Percentage of Total	3.30%		2.20%
LTV [Member] | Commercial Lots
Loans and Leases Receivable Disclosure [Line Items]
Number of Loans | Loan	1
Carrying Value	$ 2,698
Percentage of Total	1.60%
LTV [Member] | Unentitled Land
Loans and Leases Receivable Disclosure [Line Items]
Number of Loans | Loan			1
Carrying Value			$ 10,496
Percentage of Total			4.20%
LTV [Member] | 0 - 40%
Loans and Leases Receivable Disclosure [Line Items]
Carrying Value	$ 2,690	[3]	$ 3,969	[4]
Percentage of Total	1.60%	[3]	1.60%	[4]
LTV [Member] | 41 - 60%
Loans and Leases Receivable Disclosure [Line Items]
Carrying Value	$ 57,304	[3]	$ 91,201	[4]
Percentage of Total	34.40%	[3]	36.40%	[4]
LTV [Member] | 61 - 80%
Loans and Leases Receivable Disclosure [Line Items]
Carrying Value	$ 90,779	[3]	$ 139,537	[4]
Percentage of Total	54.50%	[3]	55.70%	[4]
LTV [Member] | Above 80%
Loans and Leases Receivable Disclosure [Line Items]
Carrying Value	$ 15,787	[3]	$ 15,681	[4]
Percentage of Total	9.50%	[3]	6.30%	[4]
[1] Represents LTV as of origination or latest amendment. LTVs above 65 % generally represent loans in contractual default status where we have agreed to extend funds to the borrower above 65 % in order to facilitate successful completion of the construction and return of capital. Represents LTV as of origination or latest amendment. LTVs above 65 % generally represent loans in contractual default status where we have agreed to extend funds to the borrower above 65 % in order to ensure successful completion of the construction and return of capital. Represents current LTV as of origination or latest amendment. At March 31, 2023, the weighted average LTV for loans in contractual default using the latest appraisal was 137.7 % . The weighted average LTV of our loans in contractual default net of our allowance for credit losses was approximately 80.2 % . Represents current LTV as of origination or latest amendment. At December 31, 2022, the weighted average LTV for loans in contractual default using the latest appraisal was 124.8 % . The weighted average LTV of our loans in contractual default net of our allowance for credit losses was approximately 84.9 % .

Mortgage Notes Receivable - S_2

Mortgage Notes Receivable - Schedule of carrying value of loans in contractual default status by collateral type and the LTV (Parenthetical) (Details)	Mar. 31, 2023	Dec. 31, 2022
Loans and Leases Receivable Disclosure [Line Items]
Debt, Weighted Average Interest Rate	0.04%
LTV [Member]
Loans and Leases Receivable Disclosure [Line Items]
Debt, Weighted Average Interest Rate	137.70%	124.80%
Current expected credit loss reserve interest rate	80.20%	84.90%

Mortgage Notes Receivable - All

Mortgage Notes Receivable - Allowance for loan loss (Details) - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2023	Mar. 31, 2022
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Allowance for Credit Loss, Beginning Balance	[1],[2],[3]	$ 41,492
Allowance for Credit Loss, Ending Balance	[4],[5],[6]	35,920
Funded Loan Commitment [Member]
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Allowance for Credit Loss, Beginning Balance		41,492	$ 10,394
Provision for credit losses, net		2,117	1,554
Charge-offs	[7]	(7,689)	(3,301)
Allowance for Credit Loss, Ending Balance		35,920	8,647
Unfunded Loan Commitment [Member]
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Allowance for Credit Loss, Beginning Balance	[8]	1,474	904
Provision for credit losses, net	[8]	(416)	193
Charge-offs	[7],[8]	0	0
Allowance for Credit Loss, Ending Balance	[8]	1,058	1,097
Funded And Unfunded Loan Commitment [Member]
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Allowance for Credit Loss, Beginning Balance		42,966	11,298
Provision for credit losses, net		1,701	1,747
Charge-offs	[7]	(7,689)	(3,301)
Allowance for Credit Loss, Ending Balance		$ 36,978	$ 9,744
[1] Includes $ 35.0 million in loan specific allowances for loans deemed collateral dependent based on the excess amortized cost over the fair value of the underlying collateral. In addition, $ 1.5 million of the CECL allowance is excluded from this table because it relates to unfunded commitments and has been recorded as a liability under accounts payable and accrued liabilities in our consolidated balance sheet. Includes $ 35.0 million in loan specific allowances for loans deemed collateral dependent based on the excess amortized cost over the fair value of the underlying collateral. In addition, $ 1.5 million of the CECL allowance is excluded from this table because it relates to unfunded commitments and has been recorded as a liability under accounts payable and accrued liabilities in our consolidated balance sheet. Represents LTV as of origination or latest amendment. LTVs above 65 % generally represent loans in contractual default status where we have agreed to extend funds to the borrower above 65 % in order to ensure successful completion of the construction and return of capital. Includes $ 30.0 million in loan specific allowances for loans deemed collateral dependent based on the excess amortized cost over the fair value of the underlying collateral. In addition, $ 1.1 million of the CECL allowance is excluded from this table because it relates to unfunded commitments and has been recorded as a liability under accounts payable and accrued liabilities in our consolidated balance sheet. Represents LTV as of origination or latest amendment. LTVs above 65 % generally represent loans in contractual default status where we have agreed to extend funds to the borrower above 65 % in order to facilitate successful completion of the construction and return of capital. Represents the year of either origination or amendment where the loan incurred a full re-underwriting in connection with the amendment. Charge-offs result from either loan repayments where the proceeds are less than the principal outstanding or transfers to investment in real property at the time that we take ownership of the property where the fair values of the underlying collateral are less than the principal outstanding. CECL allowance related to unfunded commitments is presented as a liability under accounts payable and accrued liabilities in our consolidated balance sheet.

Mortgage Notes Receivable - Com

Mortgage Notes Receivable - Composition of loan portfolio (Details) - USD ($) $ in Thousands		Mar. 31, 2023		Dec. 31, 2022		Mar. 31, 2022	Dec. 31, 2021
Loans and Leases Receivable Disclosure [Line Items]
Carrying Value		$ 820,801	[1]	$ 923,442	[2]
CECL Allowance		(35,920)	[1],[3],[4]	(41,492)	[2],[5],[6]
Carrying value, net		$ 784,881	[1]	$ 881,950	[2]
Percentage of Total		100%	[1]	100%	[2]
2023	[1],[7],[8],[9]	$ 23,268
2022		587,730	[1],[7],[8],[9]	$ 592,959	[2],[10]
2021		105,846	[1],[7],[8],[9]	236,004	[2],[10]
2020		91,937	[1],[7],[8],[9]	54,167	[2],[10]
2019	[2],[10]			4,152
Prior		12,020	[1],[8],[9]	$ 36,160	[2],[10]
Gross write-offs		13,083
2023 write-offs	[9]	4
2022 write-offs	[9]	581
2021 write-offs	[9]	4,327
2020 write-offs	[9]	352
Prior write-offs	[9]	$ 7,819
LTV general percent indicating default status		65		65
Allowances on excess amortized cost over fair value				$ 35,000
0 - 40%
Loans and Leases Receivable Disclosure [Line Items]
Carrying Value		$ 20,944	[1]	$ 26,053	[2]
Percentage of Total		2.60%	[1]	5.90%	[2]
2023	[2],[11]	$ 1,000
2022		16,855	[1],[8]	$ 22,544	[2],[11]
2021		0	[1],[8]	3,509	[2],[11]
2020	[2],[11]	3,089
Prior	[2],[11]			0
41 - 45%
Loans and Leases Receivable Disclosure [Line Items]
Carrying Value		$ 29,701	[1]	$ 29,025	[2]
Percentage of Total		3.60%	[1]	5.30%	[2]
2023	[1],[8]	$ 0
2022		7,714	[1],[8]	$ 7,039	[2],[11]
2021		0	[1],[8]	21,986	[2],[11]
2020	[2],[11]	21,987		0
46 - 50%
Loans and Leases Receivable Disclosure [Line Items]
Carrying Value		$ 54,571	[1]	$ 42,267	[2]
Percentage of Total		6.60%	[1]	7%	[2]
2023	[1],[8]	$ 0
2022		54,571	[1],[8]	$ 22,524	[2],[11]
2021		0	[1],[8]	13,455	[2],[11]
2020	[2],[11]	0		6,288
Prior	[2],[11]			0
51 - 55%
Loans and Leases Receivable Disclosure [Line Items]
Carrying Value		$ 73,832	[1]	$ 144,649	[2]
Percentage of Total		9%	[1]	10.10%	[2]
2023	[1],[8]	$ 0
2022		40,434	[1],[8]	$ 76,978	[2],[4]
2021		27,893	[1],[8]	58,876	[2],[11]
2020	[2],[11]	5,505		8,795
56 - 60%
Loans and Leases Receivable Disclosure [Line Items]
Carrying Value		$ 71,258	[1]	$ 107,098	[2]
Percentage of Total		8.70%	[1]	8.70%	[2]
2023	[1],[8]	$ 0
2022		63,203	[1],[8]	$ 98,691	[2],[4]
2021		4,700	[1],[8]	8,407	[2],[11]
2020		1,094	[1],[8]	0	[2],[11]
2019	[2],[11]			0
Prior	[2],[11]	2,261		0
61 - 65%
Loans and Leases Receivable Disclosure [Line Items]
Carrying Value		$ 440,760	[1]	$ 456,743	[2]
Percentage of Total		53.70%	[1]	61.40%	[2]
2023	[1],[8]	$ 22,268
2022		284,466	[1],[8]	$ 284,722	[2],[4],[11]
2021		69,661	[1],[8]	112,569	[2],[11]
2020		60,262	[1],[8]	21,364	[2],[11]
2019	[2],[11]			1,928
Prior		4,103	[1],[8]	36,160	[2],[11]
66 - 70%
Loans and Leases Receivable Disclosure [Line Items]
Carrying Value		$ 96,544	[1]	$ 93,104
Percentage of Total		11.80%	[1]	0.10%
2023	[1],[8]	$ 0
2022		91,258	[1],[8]	$ 71,638	[2],[4]
2021		3,592	[1],[8]	16,561	[2],[10]
2020		0	[1],[8]	2,681	[2],[11]
2019	[2],[11]			2,224
Prior	[2],[11]	1,694
71 - 75%
Loans and Leases Receivable Disclosure [Line Items]
Carrying Value		$ 1,056	[1]	$ 4,280	[2]
Percentage of Total		0.10%	[1]	0%	[2]
2023	[8]	$ 0
2022		1,056	[1],[8]	$ 4,280	[2],[4]
2021		0	[8]	0	[2],[11]
2020	[8]	0
Prior	[8]	0
76 - 80%
Loans and Leases Receivable Disclosure [Line Items]
Carrying Value		$ 2,594	[1]	$ 2,540	[2]
Percentage of Total		0.30%	[1]	0%	[2]
2023	[8]	$ 0
2022		2,594	[1],[8]	$ 2,540	[2],[4]
2021		0	[8]	0	[2],[11]
2020	[8]	0
Prior	[8]	0
Above 80%
Loans and Leases Receivable Disclosure [Line Items]
Carrying Value		$ 29,541	[1]	$ 17,683	[2]
Percentage of Total		3.60%	[1]	1.50%	[2]
2023	[1],[8]	$ 0
2022		25,579	[8]	$ 2,003	[2],[4]
2021		0	[1],[8]	641	[2],[11]
2020	[2],[11]			15,039
2019	[2],[11]			0
Prior	[8]	3,962
Apartments
Loans and Leases Receivable Disclosure [Line Items]
Carrying Value		$ 195,140		$ 133,702
Percentage of Total		23.80%		11.80%
2023	[7]	$ 1,000
2022		125,210	[7]	$ 124,218	[12]
2021		33,869	[7]	9,245	[12]
2020		33,109	[7]	239	[12]
2019	[12]			0
Prior	[4]	1,952
Residential Lots
Loans and Leases Receivable Disclosure [Line Items]
Carrying Value		$ 58,522		$ 191,708
Percentage of Total		7.10%		12.20%
2023	[8]	$ 0
2022		45,582	[8]	$ 134,816	[12]
2021		918	[8]	49,944	[12]
2020		9,405	[8]	5,020	[11]
2019	[11]			1,928
Prior	[4]	2,617
Single Family Housing
Loans and Leases Receivable Disclosure [Line Items]
Carrying Value		$ 134,879		$ 76,251
Percentage of Total		16.50%		9.60%
2023	[4]	$ 1,258
2022		112,736	[4]	$ 54,265	[12]
2021		19,380	[4]	21,986	[12]
2020		174	[4]	0	[12]
2019	[12]			0
Prior		1,331	[4]	0	[12]
Townhomes
Loans and Leases Receivable Disclosure [Line Items]
Carrying Value		$ 97,291		$ 106,888
Percentage of Total		11.90%		10.20%
2023	[4]	$ 0
2022		85,365	[4]	$ 81,393	[12]
2021		7,973	[4]	24,701	[12]
2020		2,259	[4]	794	[12]
2019	[12]			0
Prior		1,694	[4]	0	[12]
Commercial
Loans and Leases Receivable Disclosure [Line Items]
Carrying Value		$ 57,527		$ 58,515
Percentage of Total		7%		6.80%
2023	[4]	$ 0
2022		57,527	[4]	$ 13,838	[12]
2021		0	[4]	44,677	[12]
2020	[4]	0
Prior	[4]	0
Entitled Land
Loans and Leases Receivable Disclosure [Line Items]
Carrying Value		$ 89,654		$ 17,262
Percentage of Total		10.90%		4.90%
2023	[4]	$ 3,965
2022		38,559	[4]	$ 16,325	[12]
2021	[4]	22,054
2020	[4]	25,076
Prior	[4]	0
Condos
Loans and Leases Receivable Disclosure [Line Items]
Carrying Value		$ 36,974		$ 71,975
Percentage of Total		4.50%		7.10%
2023	[4]	$ 4,168
2022		20,656	[4]	$ 29,738	[12]
2021		8,356	[4]	2,515	[12]
2020		188	[4]	3,562	[12]
2019	[12]			0
Prior	[11]			36,160
Mixed Use
Loans and Leases Receivable Disclosure [Line Items]
Carrying Value		$ 46,973		$ 104,100
Percentage of Total		5.70%		9.50%
2023	[4]	$ 0
2022		45,702	[4]	$ 56,675	[12]
2021		0	[4]	38,630	[12]
2020		451	[4]	8,795	[11]
2019	[12]			0
Prior	[4]	820
Hotel
Loans and Leases Receivable Disclosure [Line Items]
Carrying Value		$ 29,957		$ 16,595
Percentage of Total		3.60%		3.50%
2023	[4]	$ 12,877
2022		1,310	[4]	$ 16,595	[12]
2021		0	[4]	0	[12]
2020	[4]	15,770
Prior	[4]	3,606
Unentitled Land
Loans and Leases Receivable Disclosure [Line Items]
Carrying Value		$ 637		$ 18,467
Percentage of Total		0.10%		5%
2023	[4]	$ 0
2022		637	[4]	$ 12,179	[12]
2021		0	[4]	937	[2],[11]
2020		0	[4]	6,288	[12]
2019	[12]			0
Prior		0	[4]	0	[12]
Offices
Loans and Leases Receivable Disclosure [Line Items]
Carrying Value		$ 6,328		$ 13,639
Percentage of Total		0.80%		1.70%
2023	[4]	$ 0
2022		6,328	[4]	$ 13,639	[12]
2021		0	[4]	0	[12]
2020	[4]	0
Senior Housing
Loans and Leases Receivable Disclosure [Line Items]
Carrying Value		$ 17,135		$ 50,127
Percentage of Total		2.10%		6.70%
2023	[4]	$ 0
2022		17,135	[4]	$ 6,209	[12]
2021		0	[4]	30,217	[12]
2020		0	[4]	11,477	[11]
2019	[11]			2,224
Prior	[4]	0
Commercial other
Loans and Leases Receivable Disclosure [Line Items]
Carrying Value		$ 11,547		$ 8,932
Percentage of Total		1.40%		1%
2023	[4]	$ 0
2022		0	[4]	$ 8,932	[12]
2021	[4]	11,547
2020	[4]	0
Duplex
Loans and Leases Receivable Disclosure [Line Items]
Carrying Value		$ 15,097		$ 560
Percentage of Total		1.80%		0.70%
2023	[4]	$ 0
2022		15,097	[4]	$ 560	[12]
2021	[4]	0
2020		0	[4]	0	[12]
Retail
Loans and Leases Receivable Disclosure [Line Items]
Carrying Value		$ 9,546		$ 4,018
Percentage of Total		1.20%		0.90%
2023	[4]	$ 0
2022		2,292	[4]	$ 4,018	[12]
2021		1,749	[4]	0	[12]
2020	[4]	5,505
Prior	[4]	0
Quadplex
Loans and Leases Receivable Disclosure [Line Items]
Carrying Value		$ 10,179		$ 9,071
Percentage of Total		1.20%		1.10%
2023	[4]	$ 0
2022		10,179	[4]	$ 5,443	[12]
2021		0	[4]	1,741	[11]
2020		0	[4]	1,887	[11]
Prior	[4]	0
Commercial Lots
Loans and Leases Receivable Disclosure [Line Items]
Carrying Value		$ 2,698		$ 11,411
Percentage of Total		0.30%		1.10%
2023	[4]	$ 0
2022		2,698	[4]	$ 0	[12]
2021		0	[4]	11,411	[12]
2020	[4]	0
Triplex
Loans and Leases Receivable Disclosure [Line Items]
Carrying Value		$ 717
Percentage of Total		0.10%
2023	[4]	$ 0
2022	[4]	717
2021	[4]	0
2020	[4]	0
Storage
Loans and Leases Receivable Disclosure [Line Items]
Carrying Value				$ 30,221
Percentage of Total				6.20%
2022	[12]			$ 14,116
2020	[11]			16,105
Vertical Construction
Loans and Leases Receivable Disclosure [Line Items]
Carrying Value		$ 502,227		$ 552,468
Percentage of Total		61.20%		52.50%
2023	[9]	$ 19,303
2022		353,282	[9]	$ 352,355	[10]
2021		64,242	[9]	128,130	[10]
2020		56,817	[9]	33,895	[10]
2019	[10]			1,928
Prior		8,583	[9]	36,160	[10]
Horizontal Development
Loans and Leases Receivable Disclosure [Line Items]
Carrying Value		$ 177,596		$ 221,078
Percentage of Total		21.60%		21.50%
2023	[9]	$ 0
2022		164,656	[9]	$ 144,082	[10]
2021		918	[9]	68,201	[10]
2020		9,405	[9]	8,795	[10]
2019	[10]			0
Prior	[9]	2,617
Acquisition
Loans and Leases Receivable Disclosure [Line Items]
Carrying Value		$ 13,972		$ 46,536
Percentage of Total		1.70%		10.60%
2023	[9]	$ 0
2022		11,162	[9]	$ 46,536	[10]
2020	[9]	188
Prior	[9]	0
Investment
Loans and Leases Receivable Disclosure [Line Items]
Carrying Value		$ 42,606		$ 39,422
Percentage of Total		5.20%		7.20%
2023	[9]	$ 3,965
2022		14,371	[9]	$ 12,936	[10]
2021	[10]			15,009
2020		3,089	[9]	11,477	[10]
2019	[10]			0
Prior		0	[9]	0	[10]
Rehabilitation
Loans and Leases Receivable Disclosure [Line Items]
Carrying Value		$ 37,403		$ 26,132
Percentage of Total		4.60%		3%
2023	[9]	$ 0
2022		20,069	[9]	$ 4,146	[10]
2021		16,883	[9]	21,986	[10]
2020	[9]	451
Prior	[9]	0
Land Entitlement
Loans and Leases Receivable Disclosure [Line Items]
Carrying Value		$ 26,284		$ 22,611
Percentage of Total		3.20%		2.70%
2023	[9]	$ 0
2022		4,297	[9]	$ 19,450	[10]
2021	[10]			937
2020	[9]	21,987
2019	[4]			2,224
Prior	[9]	0
Bridge
Loans and Leases Receivable Disclosure [Line Items]
Carrying Value		$ 20,713		$ 15,195
Percentage of Total		2.50%		2.50%
2023	[9]	$ 0
2022		19,893	[9]	$ 13,454	[10]
2021	[10]			1,741
2020	[9]	0
Prior	[9]	820
Unfunded Loan Commitment [Member]
Loans and Leases Receivable Disclosure [Line Items]
CECL Allowance	[13]	(1,058)		(1,474)		$ (1,097)	$ (904)
Unfunded Loan Commitment [Member] | Accounts payable and accrued liabilities
Loans and Leases Receivable Disclosure [Line Items]
CECL Allowance		(1,100)		$ (1,500)
Allowances on excess amortized cost over fair value		$ 30,000
[1] Represents LTV as of origination or latest amendment. LTVs above 65 % generally represent loans in contractual default status where we have agreed to extend funds to the borrower above 65 % in order to facilitate successful completion of the construction and return of capital. Represents LTV as of origination or latest amendment. LTVs above 65 % generally represent loans in contractual default status where we have agreed to extend funds to the borrower above 65 % in order to ensure successful completion of the construction and return of capital. Includes $ 30.0 million in loan specific allowances for loans deemed collateral dependent based on the excess amortized cost over the fair value of the underlying collateral. In addition, $ 1.1 million of the CECL allowance is excluded from this table because it relates to unfunded commitments and has been recorded as a liability under accounts payable and accrued liabilities in our consolidated balance sheet. Represents the year of either origination or amendment where the loan incurred a full re-underwriting in connection with the amendment. Includes $ 35.0 million in loan specific allowances for loans deemed collateral dependent based on the excess amortized cost over the fair value of the underlying collateral. In addition, $ 1.5 million of the CECL allowance is excluded from this table because it relates to unfunded commitments and has been recorded as a liability under accounts payable and accrued liabilities in our consolidated balance sheet. Includes $ 35.0 million in loan specific allowances for loans deemed collateral dependent based on the excess amortized cost over the fair value of the underlying collateral. In addition, $ 1.5 million of the CECL allowance is excluded from this table because it relates to unfunded commitments and has been recorded as a liability under accounts payable and accrued liabilities in our consolidated balance sheet. Includes $ 30.0 million in loan specific allowances for loans deemed collateral dependent based on the excess amortized cost over the fair value of the underlying collateral. In addition, $ 1.1 million of the CECL allowance is excluded from this table because it relates to unfunded commitments and has been recorded as a liability under accounts payable and accrued liabilities in our consolidated balance sheet. Represents the year of either origination or amendment where the loan incurred a full re-underwriting in connection with the amendment. Represents the year of either origination or amendment where the loan incurred a full re-underwriting in connection with the amendment Represents the year of either origination or amendment where the loan incurred a full re-underwriting in connection with the amendment. Represents the year of either origination or amendment where the loan incurred a full re-underwriting in connection with the amendment. Represents the year of either origination or amendment where the loan incurred a full re-underwriting in connection with the amendment. CECL allowance related to unfunded commitments is presented as a liability under accounts payable and accrued liabilities in our consolidated balance sheet.

Mortgage Notes Receivable - S_3

Mortgage Notes Receivable - Schedule of carrying value of collateral dependent loans (Details) - USD ($) $ in Thousands	Mar. 31, 2023		Dec. 31, 2022
Loans and Leases Receivable Disclosure [Line Items]
Carrying Value	$ 820,801	[1]	$ 923,442	[2]
CECL Allowance	(35,920)	[1],[3],[4]	(41,492)	[2],[5],[6]
Carrying value, net	784,881	[1]	881,950	[2]
Allowances on excess amortized cost over fair value			35,000
Loan portfolio [Member]
Loans and Leases Receivable Disclosure [Line Items]
Carrying Value	127,808		202,835
CECL Allowance	(31,250)		(36,666)
Carrying value, net	96,558		166,169
Residential Lots
Loans and Leases Receivable Disclosure [Line Items]
Carrying Value	58,522		191,708
Residential Lots | Loan portfolio [Member]
Loans and Leases Receivable Disclosure [Line Items]
Carrying Value	26,881		70,664
CECL Allowance	(7,952)		(11,519)
Carrying value, net	18,929		59,145
Single Family Housing | Loan portfolio [Member]
Loans and Leases Receivable Disclosure [Line Items]
Carrying Value	24,509		16,993
CECL Allowance	(1,105)		(950)
Carrying value, net	23,404		16,043
Entitled Land
Loans and Leases Receivable Disclosure [Line Items]
Carrying Value	89,654		17,262
Entitled Land | Loan portfolio [Member]
Loans and Leases Receivable Disclosure [Line Items]
Carrying Value	24,426		21,986
CECL Allowance	(127)		(108)
Carrying value, net	24,299		21,878
Hotel | Loan portfolio [Member]
Loans and Leases Receivable Disclosure [Line Items]
Carrying Value	15,770		16,106
CECL Allowance	(10,695)		(9,151)
Carrying value, net	5,075		6,955
Apartments
Loans and Leases Receivable Disclosure [Line Items]
Carrying Value	195,140		133,702
Apartments | Loan portfolio [Member]
Loans and Leases Receivable Disclosure [Line Items]
Carrying Value	11,247		6,947
CECL Allowance	(1,167)		(978)
Carrying value, net	10,080		5,969
Quadplex
Loans and Leases Receivable Disclosure [Line Items]
Carrying Value	10,179		9,071
Offices | Loan portfolio [Member]
Loans and Leases Receivable Disclosure [Line Items]
Carrying Value	6,328		6,288
CECL Allowance	(5,082)		(5,042)
Carrying value, net	1,246		1,246
Condos
Loans and Leases Receivable Disclosure [Line Items]
Carrying Value	36,974		71,975
Condos | Loan portfolio [Member]
Loans and Leases Receivable Disclosure [Line Items]
Carrying Value	6,126		42,237
CECL Allowance	(3,185)		(5,892)
Carrying value, net	2,941		36,345
Retail
Loans and Leases Receivable Disclosure [Line Items]
Carrying Value	9,546		4,018
Retail | Loan portfolio [Member]
Loans and Leases Receivable Disclosure [Line Items]
Carrying Value	5,505
CECL Allowance	(222)
Carrying value, net	5,283
Townhomes
Loans and Leases Receivable Disclosure [Line Items]
Carrying Value	97,291		106,888
Townhomes | Loan portfolio [Member]
Loans and Leases Receivable Disclosure [Line Items]
Carrying Value	3,047		18,296
CECL Allowance	(974)		(1,706)
Carrying value, net	2,073		16,590
Commercial Lots
Loans and Leases Receivable Disclosure [Line Items]
Carrying Value	2,698		11,411
Commercial Lots | Loan portfolio [Member]
Loans and Leases Receivable Disclosure [Line Items]
Carrying Value	2,698
CECL Allowance	(109)
Carrying value, net	2,589
Senior Housing
Loans and Leases Receivable Disclosure [Line Items]
Carrying Value	17,135		50,127
Commercial other
Loans and Leases Receivable Disclosure [Line Items]
Carrying Value	11,547		8,932
Mixed Use
Loans and Leases Receivable Disclosure [Line Items]
Carrying Value	46,973		104,100
Mixed Use | Loan portfolio [Member]
Loans and Leases Receivable Disclosure [Line Items]
Carrying Value	1,271		3,318
CECL Allowance	(632)		(1,320)
Carrying value, net	$ 639		$ 1,998
[1] Represents LTV as of origination or latest amendment. LTVs above 65 % generally represent loans in contractual default status where we have agreed to extend funds to the borrower above 65 % in order to facilitate successful completion of the construction and return of capital. Represents LTV as of origination or latest amendment. LTVs above 65 % generally represent loans in contractual default status where we have agreed to extend funds to the borrower above 65 % in order to ensure successful completion of the construction and return of capital. Includes $ 30.0 million in loan specific allowances for loans deemed collateral dependent based on the excess amortized cost over the fair value of the underlying collateral. In addition, $ 1.1 million of the CECL allowance is excluded from this table because it relates to unfunded commitments and has been recorded as a liability under accounts payable and accrued liabilities in our consolidated balance sheet. Represents the year of either origination or amendment where the loan incurred a full re-underwriting in connection with the amendment. Includes $ 35.0 million in loan specific allowances for loans deemed collateral dependent based on the excess amortized cost over the fair value of the underlying collateral. In addition, $ 1.5 million of the CECL allowance is excluded from this table because it relates to unfunded commitments and has been recorded as a liability under accounts payable and accrued liabilities in our consolidated balance sheet. Includes $ 35.0 million in loan specific allowances for loans deemed collateral dependent based on the excess amortized cost over the fair value of the underlying collateral. In addition, $ 1.5 million of the CECL allowance is excluded from this table because it relates to unfunded commitments and has been recorded as a liability under accounts payable and accrued liabilities in our consolidated balance sheet.

Investment in Real Property - S

Investment in Real Property - Schedule of carrying value of owned real estate (Details) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2023 USD ($) Loan	Dec. 31, 2022 USD ($) Loan
Real Estate [Line Items]
Investment in real property held for use, net	$ 155,207	$ 63,382
Investment in real property held for sale, net	36,096	24,516
Real Estate Investment Property, Net, Total	$ 191,303	$ 87,898
Number of Loans | Loan	18	11
Condos
Real Estate [Line Items]
Real Estate Investment Property, Net, Total	$ 33,548	$ 0
Offices
Real Estate [Line Items]
Real Estate Investment Property, Net, Total	23,756	15,414
Townhomes
Real Estate [Line Items]
Real Estate Investment Property, Net, Total	25,240	6,712
Single Family Housing
Real Estate [Line Items]
Real Estate Investment Property, Net, Total	8,536	8,538
Residential Lots
Real Estate [Line Items]
Real Estate Investment Property, Net, Total	43,467	2,293
Real Estate Held-for-sale One [Member]
Real Estate [Line Items]
Investment in real property held for sale, net	$ 36,096	$ 24,516
Number of Loans | Loan	7	7
Real Estate Held-for-sale Two [Member]
Real Estate [Line Items]
Investment in real property held for use, net	$ 155,207	$ 63,382
Number of Loans | Loan	11	4
Senior Housing [Member]
Real Estate [Line Items]
Real Estate Investment Property, Net, Total	$ 49,917	$ 49,917
Apartments
Real Estate [Line Items]
Real Estate Investment Property, Net, Total	5,024	5,024
Mixed Use [Member]
Real Estate [Line Items]
Real Estate Investment Property, Net, Total	1,440	0
Hotels [Member]
Real Estate [Line Items]
Real Estate Investment Property, Net, Total	$ 375	$ 0

Investment in Real Property -_2

Investment in Real Property - Schedule of investment in real property, held for sale and held for use (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Real Estate [Line Items]
Operating expenses	$ 2,831	$ 748
Impairment	1,004	0
Net gain (loss) from investment in real property, held for sale	4,556	18,074
Real Estate Held-for-sale One [Member]
Real Estate [Line Items]
Revenue from operations	0	484
Gain (loss) on sale	(30)	257
Operating expenses	133	390
Impairment	1,004	0
Net gain (loss) from investment in real property, held for sale	(1,167)	351
Real Estate Held-for-sale Two [Member]
Real Estate [Line Items]
Revenue from operations	865	342
Operating expenses	2,185	308
Depreciation	513	50
Impairment	0	0
Net gain (loss) from investment in real property, held for sale	$ (1,833)	$ (16)

Investment in Real Property - A

Investment in Real Property - Additional Information (Details) $ in Millions	3 Months Ended
	Mar. 31, 2023 USD ($) Property	Dec. 31, 2022 USD ($) Property	Apr. 30, 2022 USD ($)
Defined Benefit Plan Disclosure [Line Items]
Number of properties | Property	18	11
Real Estate Project Value	$ 191.3	$ 87.9
Extend maturity date		Apr. 01, 2023
Promissory note principal amount			$ 25.9
Additional advance payment	$ 0.4
Unrelated Party [Member]
Defined Benefit Plan Disclosure [Line Items]
Real property carrying value			28.4
Real property sale price			$ 29

Fair Value Measurements - Fair

Fair Value Measurements - Fair value of assets and liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Carrying Value
Financial Assets
Cash and cash equivalents	$ 39,323	$ 54,964
Mortgage notes receivable held for investment, net	784,881	881,950
Interest and fees receivable, net	12,902	14,775
Financial Liabilities
Senior unsecured notes	97,932	97,223
Private placement warrant liability	25	25
Estimated Fair Value
Financial Assets
Cash and cash equivalents	39,323	54,964
Mortgage notes receivable held for investment, net	765,824	865,304
Interest and fees receivable, net	12,902	14,775
Financial Liabilities
Senior unsecured notes	92,417	99,990
Private placement warrant liability	25	25
Level 1 | Estimated Fair Value
Financial Assets
Cash and cash equivalents	39,323	54,964
Financial Liabilities
Senior unsecured notes	92,417	99,990
Level 2 | Estimated Fair Value
Financial Assets
Interest and fees receivable, net	12,902	14,775
Financial Liabilities
Private placement warrant liability	25	25
Level 3 | Estimated Fair Value
Financial Assets
Mortgage notes receivable held for investment, net	765,824	$ 865,304
Interest and fees receivable, net	$ 0

Fair Value Measurements - Valua

Fair Value Measurements - Valuation Methodologies and Inputs Used for Assets Measured at Fair Value (Details) - Non recurring $ in Thousands		Mar. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Real Property Held For Sale [Member] | Minimum [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Range of inputs	[1]	0
Real Property Held For Sale [Member] | Maximum [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Range of inputs	[1]	10
Collateral Dependent Loans [Member] | Minimum [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Range of inputs	[1]	0
Collateral Dependent Loans [Member] | Maximum [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Range of inputs	[1]	10
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets measured at fair value		$ 38,667	$ 102,697
Carrying Value		32,986	96,098
Level 3 | Real Property Held For Sale [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets measured at fair value	[1]	10,500	15,075
Carrying Value	[1]	10,185	14,628
Level 3 | Collateral Dependent Loans [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets measured at fair value	[1]	28,167	87,622
Carrying Value	[1]	$ 22,801	$ 81,470
[1] disclosure represents only those loans and properties for which an adjustment was required to report at fair value on a nonrecurring basis during the reporting periods.

Fair Value Measurement - Additi

Fair Value Measurement - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands		3 Months Ended
		Mar. 31, 2023	Dec. 31, 2022
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Interest rate (as a percent)		10%
Average interest rate		0.04%
Maximum [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Interest rate (as a percent)		0.14%
Maximum [Member] | Real Property [Member] | Fair Value, Nonrecurring [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Range of inputs	[1]	10
Maximum [Member] | Collateral Dependent Loans [Member] | Fair Value, Nonrecurring [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Range of inputs	[1]	10
Minimum [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Interest rate (as a percent)		0.01%
Minimum [Member] | Real Property [Member] | Fair Value, Nonrecurring [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Range of inputs	[1]	0
Minimum [Member] | Collateral Dependent Loans [Member] | Fair Value, Nonrecurring [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Range of inputs	[1]	0
Warrant [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Share price		$ 0.005
Private Placement Warrants
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Warrants outstanding (in shares)		5,200,000	5,200,000
Warrants outstanding		$ 20
Share price		$ 0.001
Fair Value Measurement Transfer from Level 3 To Level 2 Description		The fair value of the 5.2 million private placement warrants, estimated using the quoted share price of the public warrants, was approximately $0.001 per warrant or $0.005 per share to arrive at $0.02 million as of March 31, 2023 and December 31, 2022. Refer to Note 8 for additional details on the private placement warrants.
[1] disclosure represents only those loans and properties for which an adjustment was required to report at fair value on a nonrecurring basis during the reporting periods.

Accounts Payable and Accrued _3

Accounts Payable and Accrued Liabilities - Summary of accounts payable and accrued liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Accounts Payable and Accrued Liabilities [Abstract]
Accounts payable and other	$ 6,184	$ 4,223
Borrower deposits	1,449	5,519
Accrued salaries, bonus and commissions.	1,297	2,272
Allowance for credit losses on unfunded commitments	1,058	1,475
Total	$ 9,988	$ 13,489

Debt - Additional Information (

Debt - Additional Information (Details) - USD ($) $ in Thousands	Nov. 12, 2021	Feb. 19, 2021	Mar. 31, 2023	Dec. 31, 2022
Line of Credit Facility [Line Items]
Aggregate principal amount			$ 100,000	$ 100,000
Debt issuance cost			$ 97,932	$ 97,789
5.0% Senior Unsecured Notes Due 2026 [Member] | Private Offering [Member]
Line of Credit Facility [Line Items]
Aggregate principal amount	$ 100,000
Fixed interest rate	5%
Debt issuance cost	$ 2,900
5.0% Senior Unsecured Notes Due 2026 [Member] | Private Offering [Member] | Future [Member]
Line of Credit Facility [Line Items]
Maturity Date	Nov. 15, 2026
Revolving Credit Facility [Member]
Line of Credit Facility [Line Items]
Line of Credit Facility, Commitment Fee Percentage		1%
Amount of revolving credit facility		$ 135,000
Maturity Date		Feb. 19, 2024
Amortization period		3 years
Deferred financing costs		$ 4,500
Revolving Credit Facility [Member] | Prime Rate Member
Line of Credit Facility [Line Items]
Line of Credit Facility, Interest Rate During Period		2.75%

Debt - Schedule of Carrying Val

Debt - Schedule of Carrying Values Senior Unsecured Notes (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Principal	$ 100,000	$ 100,000
Debt issuance costs	(2,861)	(2,861)
Amortization of debt issuance costs	793	650
Total notes, net	$ 97,932	$ 97,789

Debt - Schedule of Senior Unsec

Debt - Schedule of Senior Unsecured Notes (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Line of Credit Facility [Line Items]
Aggregate principal amount	$ 100,000		$ 100,000
Amortization of Deferred Debt Issuance Costs	$ 520	$ 522

Debt - Summary of Interest Expe

Debt - Summary of Interest Expense Related to Senior Unsecured Notes and Revolving Credit Facility (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Line of Credit Facility [Line Items]
Amortization of Deferred Debt Issuance Costs	$ 520	$ 522
Interest on Borrowings	1,250	1,250
Undrawn Fees	346	343
5.00% Senior Unsecured Notes [Member]
Line of Credit Facility [Line Items]
Amortization of Deferred Debt Issuance Costs	143	143
Interest on Borrowings	1,250	1,250
Undrawn Fees	0	0
Revolving Credit Facility [Member]
Line of Credit Facility [Line Items]
Amortization of Deferred Debt Issuance Costs	377	379
Interest on Borrowings	0	0
Undrawn Fees	$ 346	$ 343

Stockholders' Equity and Earn_3

Stockholders' Equity and Earnings per Common Share - Earnings Per Common Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Net income	$ 4,556	$ 18,074
Basic weighted-average shares of common stock outstanding	131,727,381	132,769,876
Dilutive effect of share-based compensation - unvested restricted stock units	318,888	66,895
Diluted weighted-average shares of common stock outstanding	132,046,269	132,836,771
Basic earnings per common share	$ 0.03	$ 0.14
Diluted earnings per share	$ 0.03	$ 0.14

Stockholders' Equity and Earn_4

Stockholders' Equity and Earnings per Common Share - Schedule of Stock Equivalents Excluded from Diluted Net Income Per Share (Details) - shares	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Earnings Per Share [Abstract]
Weighted-average restricted stock units outstanding	250,517	427,174
Unexercised public and private warrants	15,604,192	15,604,279
Total stock equivalents excluded	15,854,709	16,031,453

Stockholders' Equity and Earn_5

Stockholders' Equity and Earnings per Common Share - (Additional Information) (Details)		3 Months Ended
	Nov. 07, 2022 USD ($) $ / shares	Mar. 31, 2023 USD ($) Vote $ / shares shares	Dec. 31, 2022 USD ($) $ / shares shares	Mar. 02, 2021 USD ($)
Class of Warrant or Right [Line Items]
Exercise price per share (in dollars per share) | $ / shares		$ 11.50	$ 11.50
Warrants issued | shares		15,600,000	15,600,000
Private placement warrant liabilities		$ 20,000
Common stock number of voting rights | Vote		1
Common Stock Aggregate Gross Sales Price				$ 200,000,000
Common stock par value (in dollars per share) | $ / shares		$ 0.001	$ 0.001
Remained available for future repurchases		$ 70,000,000	$ 70,000,000
Public Warrants
Class of Warrant or Right [Line Items]
Warrants outstanding (in shares) | shares		41,700,000	41,700,000
Private Placement Warrants
Class of Warrant or Right [Line Items]
Warrants outstanding (in shares) | shares		5,200,000	5,200,000
Warrants outstanding		$ 20,000
Share Price | $ / shares		$ 0.001
Directors
Class of Warrant or Right [Line Items]
Payments for Repurchase of Common Stock	$ 75,000,000
Common stock par value (in dollars per share) | $ / shares	$ 0.001

Income Taxes - Additional infor

Income Taxes - Additional information (Details) $ in Thousands	Mar. 31, 2023 USD ($)
Income Tax Disclosure [Abstract]
Uncertain tax positions	$ 0
Amount accrued for penalties or interest	$ 0
Nondeductible excise tax	4%

Equity Incentive Plan - Additio

Equity Incentive Plan - Additional information (Details) - 2019 Stock Incentive Plan [Member] - shares	Mar. 31, 2023	Nov. 14, 2019
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Shares authorized under plan		5,000,000
Shares available for grant	3,036,142

Equity Incentive Plan - Schedul

Equity Incentive Plan - Schedule of Assumptions Used in Estimating Fair Value of Derivative Liability (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Share-Based Payment Arrangement [Abstract]
Performance share fair value	$ 0	$ 6,740
Risk-free interest rate	0%	1.74%
Expected volatility	0%	30.48%
Expected life (in years)		2 years 10 months 6 days
Expected dividend yield	0%	9.82%

Equity Incentive Plan - Summary

Equity Incentive Plan - Summary of Activity Related to Restricted Stock - (Details)	3 Months Ended
	Mar. 31, 2023 $ / shares shares
Restricted Stock Units [Member]
Shares
Outstanding at the beginning	747,912
Granted	328,200
Vested	(150,309)
Forfeited	(16,149)
Outstanding at the end	909,654
Weighted Average Grant Date Fair Market Value
Granted | $ / shares	$ 3.59
Vested | $ / shares	7.88
Forfeited | $ / shares	$ 7.81
Performance Based Restricted Share Unit [Member]
Shares
Outstanding at the beginning	207,661
Forfeited	(11,696)
Outstanding at the end	195,965
Weighted Average Grant Date Fair Market Value
Forfeited | $ / shares	$ 6.74

Equity Incentive Plan - Compens

Equity Incentive Plan - Compensation Additional information (Details) - Restricted Stock Units [Member] $ in Millions	3 Months Ended
	Mar. 31, 2023 USD ($)
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Unrecognized compensation cost related to unvested stock-based compensation arrangements	$ 4.2
Weighted-average recognition period	1 year 8 months 12 days

Commitments and Contingencies -

Commitments and Contingencies - Contractual Obligations (Details) $ in Thousands	Mar. 31, 2023 USD ($)
Other Commitments [Line Items]
Less than 1 year	$ 222,369
1-3 years	125,861
3-5 years	2,156
More than 5 years	4,610
Total	354,996
Construction holdbacks
Other Commitments [Line Items]
Less than 1 year	221,478	[1]
1-3 years	123,828	[1]
3-5 years	0	[1]
More than 5 years	0	[1]
Total	345,306	[1]
Operating lease obligations
Other Commitments [Line Items]
Less than 1 year	891	[2]
1-3 years	2,033	[2]
3-5 years	2,156	[2]
More than 5 years	4,610	[2]
Total	$ 9,690	[2]
[1] The funding timing and amounts of construction holdbacks are uncertain as these commitments relate to loans for construction costs and depend on the progress and performance of the underlying projects. In addition, $ 11.3 million of holdbacks are excluded from this table as they represent capital expenditures required to complete construction for defaulted loans that we are no longer required to pay. The total operating lease obligation includes $ 2.3 million of imputed interest.

Commitments and Contingencies_2

Commitments and Contingencies - Contractual Obligations (Parenthetical) (Details) $ in Millions	3 Months Ended
	Mar. 31, 2023 USD ($)
Commitments and Contingencies Disclosure [Abstract]
Imputed Interest	$ 2.3
Capital expenditures	$ 11.3

Commitments and Contingencies_3

Commitments and Contingencies (Details) - Mortgage notes receivables - Geographic concentration risk	3 Months Ended	12 Months Ended
	Mar. 31, 2023 Country State	Dec. 31, 2022
Concentration Risk [Line Items]
Number of states in mortgage loans were originated | State	18
Number of counties in which loan portfolio concentrated | Country	10
Major Country
Concentration Risk [Line Items]
Concentration risk percentage	49.30%	46.70%

Commitments and Contingencies_4

Commitments and Contingencies - Lease Commitments (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Commitments and Contingencies Disclosure [Abstract]
Lease incentives	$ 11.7
Right-of-use assets obtained in exchange		$ 6.4
Tenant improvements		$ 2
Discount rate for the operation lease	6%
Imputed interest amount	$ 3.3

Employee Benefit Plan (Addition

Employee Benefit Plan (Additional Information) (Details) $ in Millions	3 Months Ended
	Mar. 31, 2023 USD ($)
Retirement Benefits [Abstract]
Broadmark annual contributions on employee contributions	3.50%
Employees contributions of annual compensation	6%
Total Expenses of Compensations	$ 0.1

Subsequent Events Additional in

Subsequent Events Additional information (Details) - $ / shares		1 Months Ended
	Mar. 15, 2023	Apr. 15, 2023
Subsequent Event [Line Items]
Common stock dividend declared	$ 0.035	$ 0.035