Quarterly report pursuant to Section 13 or 15(d)

Fair Value Measures and Disclosures (Tables)

v3.21.2
Fair Value Measures and Disclosures (Tables)
 6 Months Ended
Jun. 30, 2021
Fair Value Disclosures [Abstract]  
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis
The following table presents carrying values and estimated fair values of financial instruments:
June 30, 2021 December 31, 2020
Hierarchy Carrying Value Fair Value Carrying Value Fair Value
(dollars in thousands)
Liabilities:
Construction loans (1)
Level 2 $ 107,300  $ 107,300  $ 67,757  $ 67,757 
Line of credit facilities (1)
Level 2 $ 289,818  $ 289,818  $ 199,358  $ 199,358 
Loan payable (2)
Level 2 $ 862  $ 862  $ 5,144  $ 5,144 
Warrant liability Level 3 $ 21,560  $ 21,560  $ —  $ — 
(1)     Carrying amount approximates fair value due to the variable interest rate terms of these loans.
(2)     Carrying amount approximates fair value due to recent issuances of debt having similar characteristics, including interest rate.
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation
The following table reconciles the beginning and ending balances for the Level 3 recurring fair value measurements during the periods presented:

Six Months Ended June 30,
2021 2020
Warrant liability (dollars in thousands)
Beginning balance(1)
$ 11,275  $ — 
Changes in fair value 10,285  — 
Ending balance $ 21,560  $ — 
(1)     The beginning balance for the period ended June 30, 2021 represents the balance as of January 7, 2021, the Closing Date of the Merger.