LADDER CAPITAL CORP, 10-K filed on 2/13/2023
Annual Report
v3.22.4
Cover Page - USD ($)
 12 Months Ended
Dec. 31, 2022
Jan. 27, 2023
Jun. 30, 2022
Document Type 10-K    
Document Annual Report true    
Document Period End Date Dec. 31, 2022    
Current Fiscal Year End Date --12-31    
Document Transition Report false    
Entity File Number 001-36299    
Entity Registrant Name Ladder Capital Corp    
Entity Incorporation, State or Country Code DE    
Entity Tax Identification Number 80-0925494    
Entity Address, Address Line One 320 Park Avenue,    
Entity Address, City or Town New York,    
Entity Address, State or Province NY    
Entity Address, Postal Zip Code 10022    
City Area Code 212    
Local Phone Number 715-3170    
Title of 12(b) Security Class A common stock, $0.001 par value    
Trading Symbol LADR    
Security Exchange Name NYSE    
Entity Well-known Seasoned Issuer Yes    
Entity Voluntary Filers No    
Entity Current Reporting Status Yes    
Entity Interactive Data Current Yes    
Entity Filer Category Large Accelerated Filer    
Entity Smaller Reporting Company false    
Entity Emerging Growth Company false    
ICFR Auditor Attestation Flag true    
Entity Shell Company false    
Entity Public Float     $ 1,191,382,492
Documents Incorporated by Reference
DOCUMENTS INCORPORATED BY REFERENCE

Portions of the definitive proxy statement for the Company’s 2022 Annual Meeting of Stockholders have been incorporated by reference into Part III of this Report.
    
Entity Central Index Key 0001577670    
Document Fiscal Year Focus 2022    
Document Fiscal Period Focus FY    
Amendment Flag false    
Class A Common Stock      
Entity Common Stock, Shares Outstanding   126,502,049  
Class B Common Stock      
Entity Common Stock, Shares Outstanding   0  
v3.22.4
Audit Information
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Audit Information [Abstract]      
Auditor Firm ID 238 42 42
Auditor Name Ernst & Young LLP PricewaterhouseCoopers LLP PricewaterhouseCoopers LLP
Auditor Location New York, New York New York, New York New York, New York
v3.22.4
Consolidated Balance Sheets - USD ($)
$ in Thousands
Dec. 31, 2022
Dec. 31, 2021
Assets    
Cash and cash equivalents [1] $ 609,078 $ 548,744
Restricted cash [1] 50,524 72,802
Mortgage loan receivables held for investment, net, at amortized cost:    
Mortgage loans receivable [1] 3,885,746 3,553,737
Allowance for credit losses [1] (20,755) (31,752)
Mortgage loan receivables held for sale [1] 27,391 0
Securities [1] 587,519 703,280
Real estate and related lease intangibles, net [1] 700,136 865,694
Real estate held for sale [1] 0 25,179
Investments in and advances to unconsolidated ventures [1] 6,219 23,154
Derivative instruments [1] 2,038 402
Accrued interest receivable [1] 24,938 13,645
Other assets [1] 78,339 76,367
Total assets [1] 5,951,173 5,851,252
Liabilities    
Debt obligations, net [1] 4,245,697 4,219,703
Dividends payable [1] 32,000 27,591
Accrued expenses [1] 68,227 40,249
Other liabilities [1] 71,688 50,090
Total liabilities [1] 4,417,612 4,337,633
Commitments and contingencies [1] 0 0
Equity    
Additional paid-in capital [1] 1,826,833 1,795,249
Treasury stock, 1,525,429 and 1,400,197 shares, at cost [1] (95,600) (76,324)
Retained earnings (dividends in excess of earnings) [1] (177,005) (207,802)
Accumulated other comprehensive income (loss) [1] (21,009) (4,112)
Total shareholders’ equity [1] 1,533,346 1,507,137
Noncontrolling interests in consolidated ventures [1] 215 6,482
Total equity [1] 1,533,561 1,513,619
Total liabilities and equity [1] 5,951,173 5,851,252
Class A Common Stock    
Equity    
Common stock [1] $ 127 $ 126
[1] Includes amounts relating to consolidated variable interest entities. Refer to Note 2 and Note 10.
v3.22.4
Consolidated Balance Sheets (Parenthetical) - $ / shares
Dec. 31, 2022
Dec. 31, 2021
Treasury stock (in shares) 1,525,429 1,400,197
Class A Common Stock    
Common stock, par value (in dollars per share) $ 0.001 $ 0.001
Common stock, authorized (in shares) 600,000,000 600,000,000
Common stock, issued (in shares) 128,027,478 126,852,765
Common stock, outstanding (in shares) 126,502,049 125,452,568
v3.22.4
Consolidated Statements of Income - USD ($)
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Net interest income      
Interest income $ 293,520,000 $ 176,099,000 $ 239,849,000
Interest expense 195,602,000 182,949,000 227,474,000
Net interest income (expense) 97,918,000 (6,850,000) 12,375,000
Provision for (release of) loan loss reserves, net 3,711,000 (8,713,000) 18,275,000
Net interest income (expense) after provision for (release of) loan losses 94,207,000 1,863,000 (5,900,000)
Other income (loss)      
Real estate operating income 108,269,000 101,564,000 100,248,000
Sale of loans, net (2,511,000) 8,398,000 (1,571,000)
Realized gain (loss) on securities (73,000) 1,594,000 (12,410,000)
Unrealized gain (loss) on equity securities (41,000) 0 (132,000)
Unrealized gain (loss) on Agency interest-only securities (45,000) (91,000) 263,000
Realized gain (loss) on sale of real estate, net 115,998,000 55,766,000 32,102,000
Fee and other income 15,020,000 11,190,000 12,654,000
Net result from derivative transactions 12,360,000 1,749,000 (15,270,000)
Earnings (loss) from investment in unconsolidated ventures 1,410,000 1,579,000 1,821,000
Gain (loss) on extinguishment of debt 685,000 0 22,250,000
Total other income (loss) 251,072,000 181,749,000 139,955,000
Costs and expenses      
Compensation and employee benefits 75,836,000 38,347,000 58,101,000
Operating expenses 20,716,000 17,672,000 20,294,000
Real estate operating expenses 38,605,000 26,161,000 28,584,000
Fee expense 7,235,000 5,810,000 7,244,000
Depreciation and amortization 32,673,000 37,801,000 39,079,000
Total costs and expenses 175,065,000 125,791,000 153,302,000
Income (loss) before taxes 170,214,000 57,821,000 (19,247,000)
Income tax expense (benefit) 4,909,000 928,000 (9,789,000)
Net income (loss) 165,305,000 56,893,000 (9,458,000)
Net (income) loss attributable to noncontrolling interests in consolidated ventures (23,088,000) (371,000) (5,544,000)
Net (income) loss attributable to noncontrolling interests in Operating Partnership $ 0 $ 0 $ 557,000
Earnings per share:      
Basic (in dollars per share) $ 1.14 $ 0.46 $ (0.13)
Diluted (in dollars per share) $ 1.13 $ 0.45 $ (0.13)
Weighted average shares outstanding:      
Basic (in shares) 124,301,421 123,763,843 112,409,615
Diluted (in shares) 125,823,671 124,563,051 112,409,615
Class A Common Stock      
Costs and expenses      
Net income (loss) attributable to Class A common shareholders $ 142,217,000 $ 56,522,000 $ (14,445,000)
Earnings per share:      
Basic (in dollars per share) $ 1.14 $ 0.46 $ (0.13)
Diluted (in dollars per share) $ 1.13 $ 0.45 $ (0.13)
Weighted average shares outstanding:      
Basic (in shares) 124,301,421   112,409,615
Diluted (in shares) 125,823,671 124,563,051 112,409,615
v3.22.4
Consolidated Statements of Comprehensive Income - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Net income (loss) $ 165,305 $ 56,893 $ (9,458)
Unrealized gain (loss) on securities, net of tax:      
Unrealized gain (loss) on real estate securities, available for sale (16,957) 8,005 (28,618)
Reclassification adjustment for (gain) loss included in net income (loss) 60 (1,654) 13,460
Total other comprehensive income (loss) (16,897) 6,351 (15,158)
Comprehensive income (loss) 148,408 63,244 (24,616)
Comprehensive (income) loss attributable to noncontrolling interest in consolidated ventures (23,088) (371) (5,544)
Comprehensive income (loss) of combined Class A common shareholders and Operating Partnership unitholders 125,320 62,873 (30,160)
Comprehensive (income) loss attributable to noncontrolling interests in operating partnership 0 0 5,765
Class A Common Stock      
Unrealized gain (loss) on securities, net of tax:      
Comprehensive income (loss) attributable to Class A common shareholders $ 125,320 $ 62,873 $ (24,395)
v3.22.4
Consolidated Statements of Changes in Equity - USD ($)
$ in Thousands
Total
Cumulative Effect, Period of Adoption, Adjustment
Class A Common Stock
Class B Common Stock
Common Stock
Class A Common Stock
Common Stock
Class B Common Stock
Additional Paid- in-Capital
Treasury Stock
Retained Earnings (Dividends in Excess of Earnings)
Retained Earnings (Dividends in Excess of Earnings)
Cumulative Effect, Period of Adoption, Adjustment
Accumulated Other Comprehensive Income (Loss)
Consolidated Ventures
Operating Partnership
Consolidated Joint Ventures
Beginning Balance (in shares) at Dec. 31, 2019         107,509,000 12,160,000                
Beginning Balance at Dec. 31, 2019 $ 1,638,977 $ (5,797)     $ 108 $ 12 $ 1,532,384 $ (42,699) $ (35,746) $ (5,797) $ 4,218   $ 172,054 $ 8,646
Increase Decrease in Stockholders' Equity                            
Contributions 860                         860
Distributions (16,485)                       (6,698) (9,787)
Amortization of equity based compensation 42,728           42,728              
Issuance of common stock (in shares)         4,000,000                  
Issuance of common stock 32,000       $ 4   31,996              
Issuance of Purchase Right 8,425           8,425              
Purchase of treasury stock (in shares)         (384,000)                  
Purchase of treasury stock (3,035)             (3,035)            
Re-issuance of treasury stock (in shares)         4,423,000                  
Re-issuance of treasury stock         $ 4   (4)              
Shares acquired to satisfy minimum required federal and state tax withholding on vesting restricted stock and units (in shares)         (1,301,000)                  
Shares acquired to satisfy minimum required federal and state tax withholding on vesting restricted stock and units (17,126)       $ (1)     (17,125)            
Forfeitures (in shares)         (28,000)                  
Dividends declared (107,729)               (107,729)          
Exchange of noncontrolling interest for common stock (in shares)         (12,159,000) (12,160,000)                
Exchange of noncontrolling interest for common stock 223       $ 12 $ (12) 165,788       (6,952)   (158,613)  
Net income (loss) (9,458)               (14,445)       (557) 5,544
Other comprehensive income (loss) (15,158)                   (9,950)   (5,208)  
Rebalancing of ownership percentage between Company and Operating Partnership             (1,243)       2,221   (978)  
Ending Balance (in shares) at Dec. 31, 2020         126,378,000 0                
Ending Balance at Dec. 31, 2020 1,548,425       $ 127 $ 0 1,780,074 (62,859) (163,717)   (10,463) $ 5,263 $ 0 $ 5,263
Increase Decrease in Stockholders' Equity                            
Contributions 1,631                     1,631    
Distributions (908)           (125)         (783)    
Amortization of equity based compensation 15,300           15,300              
Purchase of treasury stock (in shares)         (823,000)                  
Purchase of treasury stock (9,008)       $ 1     (9,007)            
Re-issuance of treasury stock (in shares)         748,000                  
Re-issuance of treasury stock 0       $ 1     (1)            
Shares acquired to satisfy minimum required federal and state tax withholding on vesting restricted stock and units (in shares)         (440,000)                  
Shares acquired to satisfy minimum required federal and state tax withholding on vesting restricted stock and units (4,457)       $ 0     (4,457)            
Forfeitures (in shares)         (410,000)                  
Forfeitures (1)       $ (1)                  
Dividends declared (100,607)               (100,607)          
Net income (loss) 56,893               56,522     371    
Other comprehensive income (loss) 6,351                   6,351      
Ending Balance (in shares) at Dec. 31, 2021     125,452,568 0 125,453,000                  
Ending Balance at Dec. 31, 2021 1,513,619 [1]       $ 126   1,795,249 (76,324) (207,802)   (4,112) 6,482    
Increase Decrease in Stockholders' Equity                            
Contributions 186                     186    
Distributions (29,541)                     (29,541)    
Amortization of equity based compensation 31,584           31,584              
Grants of restricted stock (in shares)         2,289,000                  
Grants of restricted stock 0       $ 2     (2)            
Purchase of treasury stock (in shares)         (785,000)                  
Purchase of treasury stock (7,919)       $ 1     (7,918)            
Re-issuance of treasury stock (in shares)         596,000                  
Re-issuance of treasury stock 0       $ 1     (1)            
Shares acquired to satisfy minimum required federal and state tax withholding on vesting restricted stock and units (in shares)         (955,000)                  
Shares acquired to satisfy minimum required federal and state tax withholding on vesting restricted stock and units (11,356)       $ (1)     (11,355)            
Forfeitures (in shares)         (96,000)                  
Dividends declared (111,420)               (111,420)          
Net income (loss) 165,305               142,217     23,088    
Other comprehensive income (loss) (16,897)                   (16,897)      
Ending Balance (in shares) at Dec. 31, 2022     126,502,049 0 126,502,000                  
Ending Balance at Dec. 31, 2022 $ 1,533,561 [1]       $ 127   $ 1,826,833 $ (95,600) $ (177,005)   $ (21,009) $ 215    
[1] Includes amounts relating to consolidated variable interest entities. Refer to Note 2 and Note 10.
v3.22.4
Consolidated Statements of Cash Flows - USD ($)
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Cash flows from operating activities:      
Net income (loss) $ 165,305,000 $ 56,893,000 $ (9,458,000)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:      
(Gain) loss on extinguishment of debt (685,000) 0 (22,250,000)
Depreciation and amortization 32,673,000 37,801,000 39,079,000
Unrealized (gain) loss on derivative instruments (645,000) (42,000) 269,000
Unrealized (gain) loss on equity securities 41,000 0 132,000
Unrealized (gain) loss on Agency interest-only securities 45,000 91,000 (263,000)
Provision for (release of) loan loss reserves 3,711,000 (8,713,000) 18,275,000
Amortization of equity based compensation 31,584,000 15,300,000 42,728,000
Amortization of deferred financing costs included in interest expense 15,565,000 21,530,000 18,730,000
Amortization of premium/discount on mortgage loan financing included in interest expense (731,000) (1,226,000) (1,160,000)
Amortization of above- and below-market lease intangibles (1,763,000) (1,888,000) (2,234,000)
(Accretion)/amortization of discount, premium and other fees on loans (20,759,000) (13,832,000) (15,530,000)
(Accretion)/amortization of discount, premium and other fees on securities (827,000) 236,000 526,000
Realized (gain) loss on sale of mortgage loan receivables held for sale 2,511,000 (8,398,000) (8,026,000)
Realized (gain) loss on sale of mortgage loan receivables held for investment 0 0 9,596,000
Realized (gain) loss on disposition of loan via foreclosure 0 26,000 (98,000)
Realized (gain) loss on securities 73,000 (1,594,000) 13,136,000
Realized (gain) loss on sale of real estate, net (115,998,000) (55,766,000) (32,102,000)
Realized gain on sale of derivative instruments (64,000) 0 (108,000)
(Earnings) loss from investments in unconsolidated ventures in excess of distributions received (785,000) (1,462,000) (1,821,000)
Insurance proceeds for remediation work due to property damage 0 2,092,000 0
Insurance proceeds used for remediation work due to property damage (27,000) (1,888,000) 0
Origination of mortgage loan receivables held for sale (61,318,000) (220,359,000) (212,845,000)
Repayment of mortgage loan receivables held for sale 68,000 183,000 404,000
Proceeds from sales of mortgage loan receivables held for sale 29,151,000 259,092,000 312,273,000
Change in deferred tax asset (liability) (505,000) 271,000 94,000
Changes in operating assets and liabilities:      
Accrued interest receivable (11,294,000) 649,000 4,895,000
Other assets 4,425,000 5,758,000 (8,778,000)
Accrued expenses and other liabilities 36,959,000 (5,015,000) (33,363,000)
Net cash provided by (used in) operating activities 106,710,000 79,739,000 111,943,000
Cash flows from investing activities:      
Origination of mortgage loan receivables held for investment (1,234,765,000) (2,309,888,000) (353,662,000)
Purchases of mortgage loan receivables held for investment 0 (63,600,000) 0
Repayment of mortgage loan receivables held for investment 909,766,000 1,103,614,000 891,705,000
Proceeds from sale of mortgage loan receivables held for investment 0 46,557,000 270,491,000
Purchases of real estate securities (96,173,000) (247,022,000) (440,612,000)
Repayment of real estate securities 184,838,000 164,494,000 146,158,000
Basis recovery of interest-only securities 4,960,000 6,589,000 7,611,000
Proceeds from sales of real estate securities 5,780,000 438,594,000 932,158,000
Purchases of real estate 0 (20,452,000) (7,440,000)
Capital improvements of real estate (6,949,000) (4,873,000) (6,103,000)
Proceeds from sale of real estate 310,527,000 190,870,000 67,104,000
Capital distribution from investment in unconsolidated ventures 2,284,000 24,561,000 4,002,000
Proceeds from sale of FHLB stock 2,250,000 19,165,000 30,619,000
Purchase of derivative instruments (1,097,000) (69,000) (196,000)
Sale of derivative instruments 169,000 0 430,000
Net cash provided by (used in) investing activities 81,590,000 (651,460,000) 1,542,265,000
Cash flows from financing activities:      
Deferred financing costs paid (8,311,000) (3,221,000) (18,021,000)
Proceeds from borrowings under debt obligations 2,426,666,000 4,519,064,000 10,021,156,000
Repayment of borrowings under debt obligations (2,412,961,000) (4,493,566,000) (10,614,556,000)
Cash dividends paid to Class A common shareholders (107,011,000) (100,553,000) (118,888,000)
Reissuance of treasury stock 0 (1,000) 0
Payment of liability assumed in exchange for shares for the minimum withholding taxes on vesting restricted stock (11,356,000) (4,457,000) (17,126,000)
Purchase of treasury stock (7,916,000) (9,007,000) (3,035,000)
Issuance of common stock 0 1,000 32,000,000
Issuance of Purchase Right 0 0 8,425,000
Net cash provided by (used in) financing activities (150,244,000) (91,017,000) (725,670,000)
Net increase (decrease) in cash, cash equivalents and restricted cash 38,056,000 (662,738,000) 928,538,000
Cash, cash equivalents and restricted cash at beginning of period 621,546,000 1,284,284,000 355,746,000
Cash, cash equivalents and restricted cash at end of period 659,602,000 621,546,000 1,284,284,000
Supplemental information:      
Cash paid for interest, net of amounts capitalized 177,977,000 173,128,000 202,939,000
Cash paid (received) for income taxes (1,169,000) (2,527,000) 2,197,000
Non-cash investing and financing activities:      
Securities and derivatives purchased, not settled 2,953,000 18,000 0
Securities and derivatives sold, not settled 10,000 10,000 0
Repayment in transit of mortgage loans receivable held for investment (other assets) 18,928,000 26,636,000 69,649,000
Settlement of mortgage loan receivable held for investment by real estate, net 0 (81,129,000) (28,903,000)
Real estate acquired in settlement of mortgage loan receivable held for investment, net 9,386,000 81,750,000 29,310,000
Net settlement of sale of real estate, subject to debt - real estate 0 (29,827,000) (31,768,000)
Net settlement of sale of real estate, subject to debt - debt obligations 0 29,827,000 31,768,000
Real estate acquired in former unconsolidated venture agreement 15,436,000 0 0
Transfer of real estate, net into real estate held for sale 0   0
Transfer of real estate, net into real estate held for sale   25,179,000  
Exchange of noncontrolling interest for common stock 0 0 158,625,000
Change in deferred tax asset related to exchanges of noncontrolling interest for common stock 0 0 223,000
Rebalancing of ownership percentage between Company and Operating Partnership 0 0 (978,000)
Dividends declared, not paid 32,000,000 27,591,000 27,537,000
Cash and cash equivalents 609,078,000 [1] 548,744,000 [1] 1,254,432,000
Restricted cash 50,524,000 72,802,000 29,852,000
Total cash, cash equivalents and restricted cash shown in the consolidated statement of cash flows 659,602,000 621,546,000 1,284,284,000
Consolidated Joint Venture      
Cash flows from financing activities:      
Capital distributed to noncontrolling interests in consolidated ventures (29,541,000) (783,000) (9,787,000)
Capital contributed by noncontrolling interests in consolidated ventures 186,000 1,506,000 860,000
Operating Partnership      
Cash flows from financing activities:      
Capital distributed to noncontrolling interests in consolidated ventures 0 0 (6,698,000)
Equity Securities      
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:      
Unrealized (gain) loss on equity securities 41,000 0 132,000
Mutual Fund      
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:      
Unrealized (gain) loss on equity securities $ 0 $ 0 $ (158,000)
[1] Includes amounts relating to consolidated variable interest entities. Refer to Note 2 and Note 10.
v3.22.4
ORGANIZATION AND OPERATIONS
 12 Months Ended
Dec. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
ORGANIZATION AND OPERATIONS
1. ORGANIZATION AND OPERATIONS
 
Ladder Capital Corp (the “Company”) is an internally-managed real estate investment trust (“REIT”) that is a leader in commercial real estate finance. The Company originates and invests in a diverse portfolio of commercial real estate and real estate-related assets, focusing on senior secured assets. The Company’s investment activities include: (i) the Company’s primary business of originating senior first mortgage fixed and floating rate loans collateralized by commercial real estate with flexible loan structures; (ii) owning and operating commercial real estate, including net leased commercial properties; and (iii) investing in investment grade securities secured by first mortgage loans on commercial real estate. Ladder Capital Corp, as the general partner of Ladder Capital Finance Holdings LLLP (“LCFH” or the “Operating Partnership”), operates the Ladder Capital business through LCFH and its subsidiaries. As of December 31, 2022, Ladder Capital Corp has a 100.0% economic interest in LCFH and controls the management of LCFH as a result of its ability to appoint its board members. Accordingly, Ladder Capital Corp consolidates the financial results of LCFH and its subsidiaries. In addition, Ladder Capital Corp, through certain subsidiaries which are treated as taxable REIT subsidiaries (each a “TRS”), is indirectly subject to U.S. federal, state and local income taxes. Other than such indirect U.S. federal, state and local income taxes, there are no material differences between Ladder Capital Corp’s consolidated financial statements and LCFH’s consolidated financial statements.

Ladder Capital Corp was formed as a Delaware corporation on May 21, 2013. The Company conducted its initial public offering (“IPO”) which closed on February 11, 2014. The Company used the net proceeds from the IPO to purchase newly issued limited partnership units (“LP Units”) from LCFH. In connection with the IPO, Ladder Capital Corp also became a holding corporation and the general partner of, and obtained a controlling interest in, LCFH. Ladder Capital Corp’s only business is to act as the general partner of LCFH, and, as such, Ladder Capital Corp indirectly operates and controls all of the business and affairs of LCFH and its subsidiaries. The IPO transactions described herein are referred to as the “IPO Transactions.”
v3.22.4
SIGNIFICANT ACCOUNTING POLICIES
 12 Months Ended
Dec. 31, 2022
Accounting Policies [Abstract]  
SIGNIFICANT ACCOUNTING POLICIES
2. SIGNIFICANT ACCOUNTING POLICIES

Basis of Accounting and Principles of Consolidation
 
The accompanying consolidated financial statements of the Company have been prepared in accordance with generally accepted accounting principles in the United States (“GAAP”).

The consolidated financial statements include the Company’s accounts and those of its subsidiaries which are majority-owned and/or controlled by the Company and variable interest entities (“VIEs”) for which the Company has determined itself to be the primary beneficiary, if any. All significant intercompany transactions and balances have been eliminated.
 
Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 810 — Consolidation (“ASC 810”), provides guidance on the identification of entities for which control is achieved through means other than voting rights and the determination of which business enterprise, if any, should consolidate the VIEs. Generally, the consideration of whether an entity is a VIE applies when either: (1) the equity investors (if any) lack one or more of the essential characteristics of a controlling financial interest; (2) the equity investment at risk is insufficient to finance that entity’s activities without additional subordinated financial support; or (3) the equity investors have voting rights that are not proportionate to their economic interests and the activities of the entity involve or are conducted on behalf of an investor with a disproportionately small voting interest. The Company consolidates VIEs in which it is considered to be the primary beneficiary. The primary beneficiary is the entity that has both of the following characteristics: (1) the power to direct the activities that, when taken together, most significantly impact the VIE’s performance; and (2) the obligation to absorb losses and right to receive the returns from the VIE that would be significant to the VIE. Refer to Note 10, Consolidated Variable Interest Entities for further information on the Company’s consolidated variable interest entities.

Use of Estimates
 
The preparation of the consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the dates of the balance sheets and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Estimates and assumptions are reviewed periodically, and the effects of resulting changes are reflected in the consolidated financial statements in the period the changes are deemed to be necessary. Significant estimates made in the accompanying consolidated financial statements include, but are not limited to the following:
 
•valuation of real estate securities;
•valuation of mortgage loan receivables held for sale;
•valuation of real estate;
•allocation of purchase price for acquired real estate, including real estate acquired via foreclosure;
•impairment, and useful lives, of real estate;
•useful lives of intangible assets;
•valuation of derivative instruments;
•valuation of deferred tax asset (liability);
•determination of effective yield for recognition of interest income;
•adequacy of current expected credit losses (“CECL”) including the valuation of underlying collateral for collateral-dependent loans;
•determination of impairment of real estate securities and investments in and advances to unconsolidated ventures;
•certain estimates and assumptions used in the accrual of incentive compensation and calculation of the fair value of equity compensation issued to employees;
•determination of the effective tax rate for income tax provision; and
•certain estimates and assumptions used in the allocation of revenue and expenses for our segment reporting.
Cash and Cash Equivalents

The Company considers all investments with original maturities of three months or less, at the time of acquisition, to be cash equivalents. The Company maintains cash accounts at several financial institutions, which are insured up to a maximum of $250,000 per account as of December 31, 2022 and December 31, 2021. At December 31, 2022 and December 31, 2021, and at various times during the years, the balances exceeded the insured limits.
 
Restricted Cash 

Restricted cash includes accounts the Company maintains with brokers to facilitate financial derivative and repurchase agreement transactions in support of its loan and securities investments and risk management activities. Based on the value of the positions in these accounts and the associated margin requirements, the Company may be required to deposit additional cash into these broker accounts. The cash collateral held by broker is considered restricted cash. Restricted cash also includes tenant security deposits, deposits related to real estate sales and acquisitions and required escrow balances on credit facilities.

Mortgage Loan Receivables Held for Investment

Loans for which the Company has the intention and ability to hold for the foreseeable future, or until maturity or payoff, are reported at their outstanding principal balances net of any unearned income, unamortized deferred fees or costs, premiums or discounts and an allowance for credit losses. Loan origination fees and direct loan origination costs are deferred and recognized in interest income over the estimated life of the loans using the effective interest method, adjusted for actual prepayments. Upon the decision to market such loans, the Company will evaluate if the loan meets held for sale criteria and then will transfer the loan from mortgage loan receivables held for investment to mortgage loan receivables held for sale at the lower of carrying value or fair value on the consolidated balance sheets.

Provision for Loan Losses

The Company uses a current expected credit loss model (“CECL”) for estimating the provision for loan losses on its loan portfolio. The CECL model requires the consideration of possible credit losses over the life of an instrument and includes a portfolio-based component and an asset-specific component. In compliance with the CECL reporting requirements, the Company supplemented its existing credit monitoring and management processes with additional processes to support the calculation of the CECL reserves. As part of that effort, the Company engages a third-party service provider to provide market data and a credit loss model. The credit loss model is a forward-looking, econometric, commercial real estate (“CRE”) loss forecasting tool. It is comprised of a probability of default (“PD”) model and a loss given default (“LGD”) model that, layered together with the Company’s loan-level data, fair value of collateral, net operating income of collateral, selected forward-looking macroeconomic variables, and pool-level mean loss rates, produces life of loan expected losses (“EL”) at the loan and portfolio level. Where management has determined that the credit loss model does not fully capture certain external factors, including portfolio trends or loan-specific factors, a qualitative adjustment to the reserve, is recorded. In addition, interest receivable on loans is not included in the Company’s CECL calculations as the Company performs timely write off of aged accounts receivable. The Company has made a policy election to to write off aged receivables through interest income as opposed to through the CECL provision on its statements of income.

The asset-specific reserve component relates to reserves for losses on individually impaired loans. The Company evaluates each loan for impairment at least quarterly. Impairment occurs when it is deemed probable that the Company will not be able to collect all amounts due according to the contractual terms of the loan. If the loan is considered to be impaired, an allowance is recorded to reduce the carrying value of the loan to the present value of the expected future cash flows discounted at the loan’s effective rate or the fair value of the collateral, less the estimated costs to sell, if recovery of the Company’s investment is expected solely from the collateral. The Company may use the direct capitalization rate valuation methodology, the discounted cash flow methodology, or the sales comparison approach to estimate the fair value of the collateral for such loans and in certain cases will obtain external appraisals and take into account potential sale bids. Determining fair value of the collateral may take into account a number of assumptions including, but not limited to, cash flow projections, market capitalization rates, discount rates and data regarding recent comparable sales of similar properties. Such assumptions are generally based on current market conditions and are subject to economic and market uncertainties.
The Company’s loans are typically collateralized by real estate directly or indirectly. As a result, the Company regularly evaluates the extent and impact of any credit deterioration associated with the performance and/or value of the underlying collateral property as well as the financial and operating capability of the borrower/sponsor on a loan-by-loan basis. Specifically, a property’s operating results and any cash reserves are analyzed and used to assess: (i) whether cash flow from operations is sufficient to cover the debt service requirements currently and into the future; (ii) the ability of the borrower to refinance the loan at maturity; and/or (iii) the property’s liquidation value. The Company also evaluates the financial wherewithal of any loan guarantors as well as the borrower’s competency in managing and operating the properties. In addition, the Company considers the overall economic environment, real estate sector, and geographic submarket in which the collateral property is located. Such impairment analyses are completed and reviewed by asset management and underwriting personnel, who utilize various data sources, including: (i) periodic financial data such as property occupancy, tenant profile, rental rates, operating expenses, the borrowers’ business plan, and capitalization and discount rates; (ii) site inspections; and (iii) current credit spreads and other market data and ultimately presented to management for approval.

A loan is also considered impaired if its terms are modified in a troubled debt restructuring (“TDR”). A TDR occurs when a concession is granted and the debtor is experiencing financial difficulties. Impairments on TDR loans are generally measured based on the present value of expected future cash flows discounted at the effective interest rate of the original loans. Generally, when granting concessions, the Company will seek to protect its position by requiring incremental pay downs, additional collateral or guarantees and, in some cases, lookback features or equity interests to offset concessions granted should conditions impacting the loan improve. The Company’s determination of credit losses is impacted by TDRs whereby loans that have gone through TDRs are considered impaired, assessed for specific impairment, and are not included in the Company’s assessment of the CECL reserve. Loans previously restructured under TDRs that subsequently default are reassessed to incorporate the Company’s current assumptions on expected cash flows and additional provision for loan loss is recorded to the extent necessary.

The Company designates a loan as a non-accrual loan generally when: (i) the principal or coupon interest components of loan payments become 90-days past due; or (ii) in the opinion of the Company, it is doubtful the Company will be able to collect all principal and coupon interest due according to the contractual terms of the loan. Interest income on non-accrual loans in which the Company reasonably expects a full recovery of the loan’s outstanding principal balance is recognized when received in cash. Otherwise, income recognition will be suspended and any cash received will be applied as a reduction to the amortized cost basis. A non-accrual loan is returned to accrual status at such time as the loan becomes contractually current and future principal and coupon interest are reasonably assured to be received in accordance with the contractual loan terms. A loan will be written off when management has determined principal and coupon interest is no longer realizable and deemed non-recoverable.

Mortgage Loan Receivables Held for Sale

Mortgage loan receivables held for sale are first mortgage loans that are secured by cash-flowing commercial real estate and are available for sale to securitizations. Mortgage loan receivables held for sale are recorded at lower of cost or market value on an individual basis.

Securities

The Company classifies its securities investments on the date of acquisition of the investment. Securities that the Company does not hold for the purpose of selling in the near-term, but may dispose of prior to maturity, are designated as available-for-sale and are carried at estimated fair value with the net unrealized gains or losses on all securities, except for Government National Mortgage Association (“GNMA”) interest-only and Federal Home Loan Mortgage Corp (“FHLMC”) interest-only securities (collectively, “Agency interest-only securities”) and equity securities, recorded as a component of other comprehensive income (loss) in shareholders’ equity. As more fully described in Note 4, certain securities that were purchased from the LCCM LC-26 securitization trust are designated as risk retention securities under the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010, as amended (“Dodd-Frank Act”) which are subject to transfer restrictions over the term of the securitization trust and are classified as held-to-maturity and reported at amortized cost.

The Company’s Agency interest-only securities are considered to be hybrid financial instruments that contain embedded derivatives. As a result, the Company accounts for them as hybrid instruments in their entirety at fair value with changes in fair value recognized in earnings in the consolidated statements of income. The Company’s recognition of interest income from its Agency interest-only and all other securities, including effective interest from amortization of premiums, follows the Company’s Revenue Recognition policy, as disclosed within this Note for recognizing interest income on its securities. The interest income recognized from the Company’s Agency interest-only securities is recorded in interest income on the consolidated statements of income.
The Company uses the specific identification method when determining the cost of securities sold and the amount of gain (loss) on securities recognized in earnings. Unrealized losses on securities are evaluated by management to determine if the decline in fair value below the amortized cost basis is due to credit-related factors or noncredit-related factors, any impairment that is not credit-related is recognized in other comprehensive income, whereas any credit-related loss is recognized currently in earnings in the consolidated statements of income.

The Company has elected the fair value option for accounting for equity securities and changes in fair value are recorded in current period earnings.

When the estimated fair value of an available-for-sale security is less than amortized cost, the Company will consider whether there is an impairment in the value of the security. An impairment will be considered based on consideration of several factors, including (i) if the Company intends to sell the security, (ii) if it is more likely than not that the Company will be required to sell the security before recovering its cost, or (iii) the Company does not expect to recover the security’s cost basis (i.e., a credit loss exists). A credit loss will have occurred if the present value of cash flows expected to be collected from the debt security is less than the amortized cost basis. If the Company intends to sell an impaired debt security or it is more likely than not that it will be required to sell the security before recovery of its amortized cost basis less any current period credit loss, the cost basis of the security will be written down to fair value, and the related impairment will be recognized currently in earnings. If a credit loss exists, but the Company does not intend to, nor is it more likely than not that it will be required to sell before recovery, the impairment will be separated into (i) the estimated amount relating to the credit loss, and (ii) the amount relating to all other factors. The amount of the impairment relating to credit losses will be recognized as an allowance for credit losses, which is a contra-asset and a reduction in earnings, with the remainder of the loss recognized in other comprehensive income.

Estimating cash flows and determining whether there is impairment requires management to exercise judgment and make significant assumptions, including, but not limited to, assumptions regarding estimated prepayments, loss assumptions, and assumptions regarding changes in interest rates. As a result, actual impairment losses, and the timing of income recognized on these securities, could differ from reported amounts.

For cash flow statement purposes, receipts of interest from interest-only real estate securities are bifurcated between amortization of premium/ (accretion) of discount and other fees on securities as part of cash flows from operations and basis recovery of Agency interest only securities as part of cash flows from investing activities.

The Company utilizes an internal model as its primary pricing source to develop its prices for its CMBS and other commercial real estate securities guaranteed by a U.S. governmental agency or by a government sponsored entity (together, “U.S. Agency securities”). Different judgments and assumptions could result in materially different estimates of fair value. To confirm its own valuations, the Company requests prices for each of its CMBS and U.S. Agency securities investments from three different sources, including third parties that provide pricing services and brokers, although since broker quotes for the same or similar securities in which Ladder has invested are non-binding, the Company does not consider them to be a primary source for valuation. The Company may also develop a price for a security based on its direct observations of market activity and other observations. Typically, at least two prices per security are obtained.

Prior to using a third-party pricing service for valuation, the Company develops an understanding of the valuation methodologies used by such pricing services through discussions with their representatives and review of their valuation methodologies used for different types of securities. The Company understands that the pricing services develop estimates of fair value for CMBS and U.S. Agency securities using various techniques, including discussion with their internal trading desks, proprietary models and matrix pricing approaches. The Company does not have access to, and is therefore not able to review in detail, the inputs used by the pricing services in developing their estimates of fair value. However, on at least a monthly basis as part of our closing process, the Company evaluates the fair value information provided by the pricing services by comparing this information for reasonableness against its direct observations of market activity for similar securities and anecdotal information obtained from market participants that, in its assessment, is relevant to the determination of fair value. This process may result in the Company “challenging” the estimate of fair value for a security if it is unable to reconcile the estimate provided by the pricing service with its assessment of fair value for the security. Accordingly, in following this approach, the Company’s objective is to ensure that the information used by pricing services in their determination of fair value of securities is reasonable and appropriate.

Real Estate

The Company generally acquires real estate assets or land and development assets through cash purchases and may also acquire such assets through foreclosure or deed-in-lieu of foreclosure in full or partial satisfaction of defaulted loans. Based on the Company’s strategic plan to realize the maximum value from the real estate acquired, properties are either classified as Real estate, net or Real estate held for sale in the consolidated balance sheets. When the Company intends to hold, operate or develop the property for a period of at least 12 months, assets are classified as Real estate, net. If the Company intends to market these properties for sale in the near term, assets are evaluated against the held for sale criteria and then may be classified as real estate
held for sale in the consolidated balance sheets. The Company records acquired real estate at cost and makes assessments as to the useful lives of depreciable assets. The Company records real estate acquired through foreclosure at fair value. The Company considers the period of future benefit of the asset to determine its appropriate useful lives. Depreciation is computed using a straight-line method over the estimated useful life of 20 to 55 years for buildings, four to 15 years for building fixtures and improvements and the remaining lease term for acquired intangible lease assets or liabilities.

The Company classifies most of its investments in real estate as held and used. The Company measures and records a property that is classified as held and used at its carrying amount, adjusted for any depreciation expense and impairments, as applicable and are included in Real estate, net in the consolidated balance sheets.

Allocation of Purchase Price for Acquired Real Estate
 
Upon acquisition of rental property, the Company estimates the fair value of acquired tangible assets, consisting of land, building and improvements, and identified intangible assets and liabilities assumed, generally consisting of the fair value of (i) above and below market leases; (ii) in-place leases; and (iii) assumed mortgages. The Company allocates the purchase price to the assets acquired and liabilities assumed based on their relative fair values and real estate acquisition costs are capitalized as a component of the cost of the assets acquired for asset acquisitions. In estimating the fair value of the tangible and intangible assets acquired, the Company considers information obtained about each property as a result of its due diligence and marketing and leasing activities, and utilizes various valuation methods. These methods may include discounted cash flow models, for which assumptions including cash flow projections, discount and capitalization rates, or market comparable transactions, which require management judgment in determining the appropriateness of recent comparable sales of similar properties, or the ground lease approach for land valuation, which requires management judgement in determining comparable ground leases to forecast the economic ground rent and apply capitalization rate to the forecast economic ground rent to estimate land value. The Company may also utilize estimates of replacement costs net of depreciation. The fair value of the tangible assets of an acquired property considers the value of the property as if it were vacant.

Above-market and below-market lease values for acquired properties are initially recorded based on the present value (using a discount rate which reflects the risks associated with the leases acquired) of the difference between (i) the contractual amounts to be paid pursuant to each in-place lease and (ii) management’s estimate of fair market lease rates for each corresponding in-place lease, measured over a period equal to the remaining term of the lease for above-market leases and the remaining initial term plus the term of any below-market fixed rate renewal options for below-market leases. The capitalized above-market lease values are amortized as a reduction of base rental revenue over the remaining terms of the respective leases, and the capitalized below-market lease values are amortized as an increase to base rental revenue over the remaining initial terms plus the terms of any below-market fixed rate renewal options of the respective leases. If a tenant with a below market rent renewal does not renew, any remaining unamortized amount will be taken into income at that time.

Other intangible assets acquired include amounts for in-place lease values. Factors to be considered by management in its analysis of in-place lease values include an estimate of carrying costs during hypothetical expected lease-up periods considering current market conditions, and costs to execute similar leases. In estimating carrying costs, management includes real estate taxes, insurance and other operating expenses and estimates of lost rentals at market rates during the expected lease-up periods, depending on local market conditions. In estimating costs to execute similar leases, management considers leasing commissions, legal and other related expenses. The value of in-place leases are amortized to expense over the remaining initial terms of the respective leases but in no event do the amortization periods for intangible assets exceed the depreciable lives of the buildings. If a tenant terminates its lease, the unamortized portion of the in-place lease value intangibles are charged to expense.

The fair value of other investments and debt assumed are valued using techniques consistent with those disclosed in Note 15, depending on the nature of the investments or debt. The fair value of other assumed assets and liabilities are based on best information available at the time of the acquisition.
Impairment of Property Held for Use
 
On a periodic basis, management assesses whether there are any indicators that the value of the Company’s properties classified as held for use may be impaired. In addition to identifying any specific circumstances which may affect a property or properties, management considers other criteria for determining which properties may require assessment for potential impairment.  The criteria considered by management include reviewing low leased percentages, significant near-term lease expirations, recently acquired properties, historical, current and projected operating and/or cash flow losses, near-term mortgage debt maturities or other factors that might impact the Company’s intent and ability to hold the property. A property’s value is impaired only if management’s estimate of the aggregate future cash flows (undiscounted and without debt service charges) to be generated by the property is less than the carrying value of the property. To the extent impairment has occurred, the loss shall be measured as the excess of the carrying amount of the property over the fair value of the property. The Company’s estimates of aggregate future cash flows expected to be generated by each property are based on a number of assumptions. These assumptions are generally based on management’s experience in its local real estate markets and the effects of current market conditions. The assumptions are subject to economic and market uncertainties including, among others, demand for space, competition for tenants, changes in market rental rates, and costs to operate each property. As these factors are difficult to predict and are subject to future events that may alter management’s assumptions, the future cash flows estimated by management in its impairment analyses may not be achieved, and actual losses or impairments may be realized in the future.
 
Real Estate Held for Sale
 
In accordance with accounting guidance found in ASC Topic 360 - Property, Plant, and Equipment (“ASC 360”), when assets meet the criteria for held for sale, the Company discontinues depreciating the assets and estimates the sales price, net of selling costs, of such assets.  If, in management’s opinion, the estimated net sales price of the assets which have been identified as held for sale is less than the net book value of the assets, an impairment charge will be recorded in the consolidated statements of income.
 
If circumstances arise that previously were considered unlikely and, as a result, the Company decides not to sell a property previously classified as held for sale, the property is reclassified as held and used.  A property that is reclassified is measured and recorded individually at the lower of (a) its carrying amount before the property was classified as held for sale, adjusted for any depreciation (amortization) expense that would have been recognized had the property been continuously classified as held and used, or (b) the fair value at the date of the subsequent decision not to sell.

Sales of Real Estate
 
Gains on sales of real estate are recognized pursuant to the provisions included in ASC 606-20, Revenue from Contracts with Customers (“ASC 606-20”) or ASC 610-20, Gains and Losses from the Derecognition of Nonfinancial Assets (“ASC 610-20”). Generally, the Company’s sales of residential condominiums would be governed by ASC 606-20 and the sales of rental properties under ASC 610-20.

Investments in and Advances to Unconsolidated Ventures

The Company accounts for its investments in unconsolidated ventures under the equity method of accounting. The Company applies the equity method by initially recording these investments at cost, as investments in unconsolidated ventures, subsequently adjusted for equity in earnings and cash contributions and distributions. In the event there is an outside basis portion of the Company’s ventures, it is amortized over the anticipated useful lives of the underlying ventures’ tangible and intangible assets acquired and liabilities assumed. Generally, the Company would discontinue applying the equity method when the investment (and any advances) is reduced to zero and would not provide for additional losses unless the Company has guaranteed obligations of the venture or is otherwise committed to providing further financial support for the investee. If the venture subsequently generates income, the Company only recognizes its share of such income to the extent it exceeds its share of previously unrecognized losses. The Company classifies distributions received from its investments in unconsolidated ventures using the nature of the distribution approach.
On a periodic basis, management assesses whether there are any indicators that the value of the Company’s investments in unconsolidated ventures may be impaired. An investment is impaired only if management’s estimate of the value of the investment is less than the carrying value of the investment, and such decline in value is deemed to be other than temporary. To the extent impairment has occurred, the loss shall be measured as the excess of the carrying amount of the investment over the value of the investment. The Company’s estimates of value for each investment (particularly in commercial real estate ventures) are based on a number of assumptions that are subject to economic and market uncertainties including, among others, demand for space, competition for tenants, changes in market rental rates, and operating costs. As these factors are difficult to predict and are subject to future events that may alter management’s assumptions, the values estimated by management in its impairment analyses may not be realized, and actual losses or impairment may be realized in the future.

Capitalization of Interest

Capitalization of costs begins when the activities necessary to get the development project ready for its intended use begins, which include costs incurred before the beginning of construction. Capitalization of costs ceases when the development project is substantially complete and ready for its intended use. Determining when a development project commences, and when it is substantially complete and ready for its intended use involves a degree of judgment. We generally consider a development project to be substantially complete and ready for its intended use upon receipt of a certificate of occupancy. We cease cost capitalization if activities necessary for the development of the property have been suspended. Capitalized costs are allocated to the specific components of a project that are benefited.

Interest shall be capitalized for investments accounted for by the equity method while the investee has activities in progress necessary to commence its planned principal operations, provided that the investee’s activities include the use of funds to acquire qualifying assets for its operations. The investor’s investment in the investee, not the individual assets or projects of the investee, is the qualifying asset for purposes of interest capitalization.

Commitments and Contingencies

The Company, as lessee, records right-of-use lease assets in other assets and lease liabilities in other liabilities on its consolidated balance sheets. A lease is evaluated for classification as an operating or finance lease at the commencement date of the lease. Right-of-use assets initially equal the lease liability. The lease liability equals the present value of the minimum rental payments due under the lease discounted at the rate implicit in the lease or the Company's incremental borrowing rate for similar collateral if the rate implicit in the lease is not readily determinable.

Future lease payments include fixed lease payments as well as variable lease payments that depend upon an index or rate using the index or rate at the commencement date and probable amounts owed under residual value guarantees. The amount of future lease payments may be increased to include additional payments related to lease extension when the Company has determined, at or subsequent to lease commencement that it is reasonably certain of exercising such options.

The Company recognizes a single lease cost for operating leases in operating expenses in the consolidated statements of income, calculated so that the cost of the lease is allocated generally on a straight-line basis over the term of the lease, and classifies all cash payments within operating activities in the consolidated statements of cash flows.

The Company has elected not to record assets and liabilities on its consolidated balance sheet for lease arrangements with terms of 12 months or less.

Valuation of Financial Instruments

Considerable judgment is necessary to interpret market data and develop estimated fair values. Accordingly, fair values are not necessarily indicative of the amounts the Company could realize upon disposition of the financial instruments. Financial instruments with readily available active quoted prices, or for which fair value can be measured from actively quoted prices, generally will have a higher degree of pricing observability and will therefore require a lesser degree of judgment to be utilized in measuring fair value. Conversely, financial instruments rarely traded or not quoted will generally have less, or no, pricing observability and will require a higher degree of judgment in measuring fair value. Pricing observability is generally affected by such items as the type of financial instrument, whether the financial instrument is new to the market and not yet established, the characteristics specific to the transaction and overall market conditions. The use of different market assumptions and/or estimation methodologies may have a material effect on estimated fair value amounts.

For a further discussion regarding the measurement of financial instruments see Note 15, Fair Value of Financial Instruments.
Valuation Hierarchy
 
In accordance with the authoritative guidance on fair value measurements and disclosures under ASC 820 - Fair Value Measurement, the methodologies used for valuing such instruments have been categorized into three broad levels as follows:
 
Level 1 - Quoted prices in active markets for identical instruments.
 
Level 2 - Valuations based principally on other observable market parameters, including:
 
•Quoted prices in active markets for similar instruments, 
•Quoted prices in less active or inactive markets for identical or similar instruments,
•Other observable inputs (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates), and 
•Market corroborated inputs (derived principally from or corroborated by observable market data).
 
Level 3 - Valuations based significantly on unobservable inputs.
 
•Valuations based on third-party indications (broker quotes, counterparty quotes or pricing services), which were in turn, based significantly on unobservable inputs or were otherwise not supportable as Level 2 valuations, and 
•Valuations based on internal models with significant unobservable inputs.
 
Pursuant to the authoritative guidance, these levels form a hierarchy.  The Company follows this hierarchy for its financial instruments measured at fair value on a recurring basis.  The classifications are based on the lowest level of input that is significant to the fair value measurement.
 
It is the Company’s policy to determine when transfers between levels of the fair value hierarchy are deemed to have occurred at the end of the reporting period.

Tuebor/Federal Home Loan Bank Membership

Tuebor Captive Insurance Company LLC (“Tuebor”), was licensed in Michigan and approved to operate as a captive insurance company as well as being approved to become a member of the Federal Home Loan Bank (“FHLB”), with membership finalized with the purchase of stock, in the FHLB on July 11, 2012. That approval allowed Tuebor to purchase capital stock in the FHLB, the prerequisite to obtaining financing on eligible collateral.

Each member of the FHLB must purchase and hold FHLB stock as a condition of initial and continuing membership, in proportion to their borrowings from the FHLB and levels of certain assets. Members may need to purchase additional stock to comply with these capital requirements from time to time. FHLB stock is redeemable by Tuebor upon five (5) years prior written notice, subject to certain restrictions and limitations. Under certain conditions, the FHLB may also, at its sole discretion, repurchase FHLB stock from its members. The Company records its investment in FHLB stock at its par value and the FHLB stock is expected to be repurchased by the FHLB at its par value. As of December 31, 2022 and 2021, the carrying value of the FHLB stock was $9.6 million and $11.8 million respectively, which is included in other assets on the consolidated balance sheets.

Debt Issuance Costs

The Company recognizes debt issuance costs related to its senior unsecured notes on its consolidated balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. The Company defers debt issuance costs associated with lines of credit and presents them as an asset and subsequently amortizes the debt issuance costs ratably over the term of the revolving debt arrangement. The Company considers its committed loan master repurchase facilities, borrowings under credit agreement and revolving credit facility to be revolving debt arrangements.
Derivative Instruments

In the normal course of business, the Company is exposed to the effect of interest rate changes and may undertake a strategy to limit these risks through the use of derivatives. To address exposure to interest rates, the Company uses derivatives primarily to economically hedge the fair value variability of fixed rate assets caused by interest rate fluctuations and overall portfolio market risk. The Company may use a variety of derivative instruments that are considered conventional, or “plain vanilla” derivatives, including interest rate swaps, futures, caps, collars and floors, to manage interest rate risk.

To determine the fair value of derivative instruments, the Company uses a variety of methods and assumptions that are based on market conditions and risks existing at each balance sheet date. Standard market conventions and techniques such as discounted cash flow analysis, option-pricing models, and termination cost may be used to determine fair value. All such methods of measuring fair value for derivative instruments result in an estimate of fair value, and such value may never actually be realized.

The Company recognizes all derivatives on the consolidated balance sheets at fair value. The Company does not generally designate derivatives as hedges to qualify for hedge accounting for financial reporting purposes and therefore any net payments under, or fluctuations in the fair value of, these derivatives have been recognized currently in net result from derivative transactions in the accompanying consolidated statements of income. The Company records derivative asset and liability positions on a gross basis with any collateral posted with or received from counterparties recorded separately on the Company’s consolidated balance sheets.

Repurchase Agreements

The Company finances certain of its mortgage loan receivables held for sale, a portion of its mortgage loan receivables held for investment and the majority of its real estate securities using repurchase agreements. Under a repurchase agreement, an asset is sold to a counterparty to be repurchased at a future date at a predetermined price, which represents the original sales price plus interest. The Company accounts for these repurchase agreements as financings under ASC 860-10-40.

Income Taxes

The Company has elected to be taxed as a REIT under the Code effective January 1, 2015. The Company is subject to federal income taxation at corporate rates on its REIT taxable income; however, the Company is allowed a deduction for the amount of dividends paid to its stockholders, thereby subjecting the distributed net income of the Company to taxation at the stockholder level only. Any income associated with a TRS is fully taxable because a TRS is subject to federal and state income taxes as a domestic C corporation based upon its taxable net income. The Company is also subject to U.S. federal income tax (and possibly state and local taxes) to the extent it recognizes any “built-in gains” that existed as of January 1, 2015, the effective date of Company’s election to be subject to tax as a REIT under the Code (the “REIT Election”) for the five-year period following the REIT Election. The Company intends to continue to operate in a manner consistent with and to elect to be treated as a REIT for tax purposes.

The Company accounts for income taxes in accordance with ASC Topic 740 - Income Taxes (“ASC 740”), which requires the recognition of tax benefits or expenses on the temporary differences between financial reporting and tax bases of assets and liabilities.  The Company determines whether a tax position of the Company is more likely than not to be sustained upon examination by the applicable taxing authority, including resolution of any related appeals or litigation processes, based on the technical merits of the position. The tax benefit to be recognized is measured as the largest amount of benefit that is greater than 50% likely to be realized upon ultimate settlement which could result in the Company recording a tax liability that would reduce shareholders’ equity.
 
The Company’s policy is to classify interest and penalties associated with underpayment of U.S. federal and state income taxes, if any, as a component of income tax expense (benefit) on its consolidated statements of income. For the years ended December 31, 2022, 2021 and 2020, the Company did not have material interest or penalties associated with the underpayment of any income taxes. The last three tax years remain open and subject to examination by tax jurisdictions.
Interest Income

Interest income is accrued based on the outstanding principal amount and contractual terms of the Company’s loans and securities. Discounts or premiums associated with the purchase of loans and investment securities are amortized or accreted into interest income as a yield adjustment on the effective interest method, based on expected cash flows through the expected recovery period of the investment. On at least a quarterly basis, the Company reviews and, if appropriate, makes adjustments to its cash flow projections. The Company has historically collected, and expects to continue to collect, all contractual amounts due on its originated loans. As a result, the Company does not adjust the projected cash flows to reflect anticipated credit losses for these loans. If the performance of a credit deteriorated security is more favorable than forecasted, the Company will generally accrete more credit discount into interest income than initially or previously expected. These adjustments are made prospectively beginning in the period subsequent to the determination that a favorable change in performance is projected. Conversely, if the performance of a credit deteriorated security is less favorable than forecasted, an impairment may be taken, and the amount of discount accreted into income will generally be less than previously expected.

The Company applies the provisions of ASC 310-20 for our high credit quality securities rated AA or above. The effective yield on securities is based on the projected cash flows from each security, which is estimated based on the Company’s observation of the then current information and events and will include assumptions related to interest rates, prepayment rates and the timing and amount of credit losses. On at least a quarterly basis, the Company reviews and, if appropriate, makes adjustments to its cash flow projections based on input and analysis received from external sources, internal models, and its judgment about interest rates, prepayment rates, the timing and amount of credit losses (if applicable), and other factors. Changes in cash flows from those originally projected, or from those estimated at the last evaluation, may result in a retrospective change in the yield/interest income recognized on such securities. Actual maturities of the securities are affected by the contractual lives of the associated mortgage collateral, periodic payments of scheduled principal, and repayments of principal. Therefore, actual maturities of the securities will generally be shorter than stated contractual maturities.

For loans classified as held for investment and that the Company has not elected to record at fair value under ASC 825, origination fees and direct loan origination costs are recognized in interest income over the loan term as a yield adjustment using the effective interest method. For loans classified as held for sale and that the Company has not elected to record at fair value under ASC 825, origination fees and direct loan origination costs are deferred adjusting the basis of the loan and are realized as a portion of the gain/(loss) on sale of loans when sold. As of December 31, 2022 and 2021, the Company did not hold any loans for which the fair value option was elected.

The Company applies the provisions in ASC 325-40 for our securities rated below AA, cash flows from a security are estimated by applying assumptions used to determine the fair value of such security and the excess of the future cash flows over the investment are recognized as interest income under the effective yield method. The Company will review and, if appropriate, make adjustments to, its cash flow projections at least quarterly and monitor these projections based on input and analysis received from external sources and its judgment about interest rates, prepayment rates, the timing and amount of credit losses and other factors. Changes in cash flows from those originally projected, or from those estimated at the last evaluation, may result in a prospective change in interest income recognized and amortization of any premium or discount on, or the carrying value of, such securities.
For investments purchased that either meet the definition of a purchased financial asset with credit deterioration (“PCD”) or where there is significant difference between contractual cash flows and expected cash flows, the Company applies the PCD guidance in ASC 326-30. ASC 326-30 requires an initial estimate of expected credit losses to be recognized through an adjustment to the amortized cost basis of the financial asset (i.e., a balance sheet gross up) with no impact to earnings.

As of the date of acquisition, the amount of expected credit losses is added to the purchase price of the security to establish the initial amortized cost basis. Any difference between the amortized cost basis (purchase price plus the initial allowance for credit losses) and the par amount of the security is considered to be a non-credit discount/premium and will be accreted/amortized into interest income using the interest method.

When assessing whether the credit quality of the asset has deteriorated, the Company compares the credit quality of the asset at the time of origination with the credit quality at the time of acquisition. An asset that was originated with low credit quality should not be considered to be PCD if there has not been a more-than-insignificant deterioration in credit since origination.
Recognition of Operating Lease Income and Tenant Recoveries 

Certain arrangements may contain both lease and non-lease components. The Company determines if an arrangement is, or contains, a lease at contract inception. Only the lease components of these contractual arrangements are subject to the provisions of ASC 842. Any non-lease components are subject to other applicable accounting guidance. We elected, however, to adopt the optional practical expedient not to separate lease components from non-lease components for accounting purposes. This policy election has been adopted for each of the Company’s leased asset classes existing as of the effective date and subject to the transition provisions of ASC 842 - Leases, will be applied to all new or modified leases executed on or after January 1, 2019. For contractual arrangements executed in subsequent periods involving a new leased asset class, the Company will determine at contract inception whether it will apply the optional practical expedient to the new leased asset class.

Certain of the Company’s real estate is leased to others on a net lease basis where the tenant is generally responsible for payment of real estate taxes, property, building and general liability insurance and property and building maintenance. These leases are for fixed terms of varying length and provide for annual rentals.

Rental income from operating leases is recognized in real estate operating income on a straight-line basis, generally from the later of the date the lessee takes possession of the space or the space is ready for its intended use. If the Company acquires a facility subject to an existing operating lease, the Company will recognize operating lease income on the straight-line method beginning on the date of acquisition over the term of the respective leases. The amount of future lease payments may be increased to include additional payments related to lease extension options when the Company has determined the extension options are reasonably certain to be exercised. The cumulative excess of rents recognized over amounts contractually due pursuant to the underlying leases are included in unbilled rent receivable within other assets in the consolidated balance sheets.

Tenant reimbursements, which consist of real estate taxes and other municipal charges paid by the Company, which were reimbursable by our tenants pursuant to the terms of the lease agreements, are recognized as revenue in the period during which the applicable expenses are incurred. Tenant reimbursements are included in real estate operating income on the Company’s consolidated statements of income.

The Company moves to cash basis for operating lease income recognition in the period in which collectability of all lease payments is no longer considered probable. At such time, any operating lease receivable or unbilled rent receivable balance will be written off. If and when lease payments that were previously not considered probable of collection become probable, the Company will move back to the straight-line method of income recognition and record an adjustment to operating lease income in that period as if the lease was always on the straight-line method of income recognition.

Transfers of Financial Assets

For a transfer of financial assets to be considered a sale, the transfer must meet the sale criteria of ASC 860, which, at the time of the transfer, require that the transferred assets qualify as recognized financial assets and the Company surrender control over the assets. Such surrender requires that the assets be isolated from the Company, even in bankruptcy or other receivership, the purchaser have the right to pledge or sell the assets transferred and the Company not have an option or obligation to reacquire the assets. If the sale criteria are not met, the transfer is considered to be a secured borrowing, the assets remain on the Company’s consolidated balance sheets and the sale proceeds are recognized as a liability. In November 2017, the SEC staff indicated that, despite transfer restrictions placed on qualified Third Party Purchasers by the risk retention rules of the Dodd-Frank Act, they would not take exception to a registrant treating transfers of financial instruments in a securitization as sales if the transfers otherwise met all the criteria for sale accounting. The Company believes treatment of such transfers as sales is consistent with the substance of such transactions and, accordingly, reflects such transfers as sales. We recognize gains on sale of loans net of any costs related to that sale.

Debt Issued

From time to time, a subsidiary of the Company will originate a loan (each, an “Intercompany Loan,” and collectively, “Intercompany Loans”) to another subsidiary of the Company to finance the purchase of real estate. The mortgage loan receivable and the related obligation do not appear in the Company’s consolidated balance sheets as they are eliminated upon consolidation. Once the Company issues (sells) an Intercompany Loan to a third-party securitization trust (for cash), the related mortgage note is held for the first time by a creditor external to the Company. The accounting for the securitization of an Intercompany Loan—a financial instrument that has never been recognized in our consolidated financial statements as an asset—is considered a financing transaction under ASC 470 - Debt, and ASC 835 - Interest.

The periodic securitization of the Company’s mortgage loans involves both Intercompany Loans and mortgage loans made to third parties with the latter recognized as financial assets in the Company’s consolidated financial statements as part of an integrated transaction. The Company receives aggregate proceeds equal to the transaction’s all-in securitization value and sales
price. In accordance with the guidance under ASC 835, when initially measuring the obligation arising from an Intercompany Loan’s securitization, the Company allocates the proceeds from each securitization transaction between the third-party loans and each Intercompany Loan so securitized on a relative fair value basis determined in accordance with the guidance in ASC 820, Fair Value Measurement. The difference between the amount allocated to each Intercompany Loan and the loan’s face amount is recorded as a premium or discount, and is amortized, using the effective interest method, as a reduction or increase in reported interest expense, respectively.

Fee and Other Income

Fee and other income is composed of income from dividend income on our investment in FHLB stock, as well as from underwriting fees, exit fees and other fees on the loans we originate and in which we invest.

Fee Expense

Fee expense is composed primarily of fees related to financing arrangements, transaction related costs and financing arrangements and other investment related costs.

Stock Based Compensation Plan

The Company accounts for its equity-based compensation awards using the fair value method, which requires an estimate of fair value of the award at the time of grant. The Company recognizes the compensation expense related to the time-based vesting criteria on a straight-line basis over the requisite service period. Accruals of compensation cost for an award with a performance condition shall be based on the probable outcome of that performance condition. Therefore, compensation cost shall be accrued if it is probable that the performance condition will be achieved and shall not be accrued if it is not probable that the performance condition will be achieved. The Company made a policy election to account for forfeitures as they occur rather than on an estimated basis.

Recently Adopted Accounting Pronouncements

In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting, (“ASU 2020-04”), and in January 2021, the FASB issued ASU 2021-01, Reference Rate Reform (Topic 848)-Scope (“ASU 2021-01”). Both ASU 2020-04 and ASU 2021-01 provides optional expedients and exceptions for applying GAAP to contracts, hedging relationships and other transactions that reference the London Interbank Offered Rate (“LIBOR”) or another reference rate expected to be discontinued because of reference rate reform. ASU 2020-04 and ASU 2021-01 are effective upon issuance for contract modifications and hedging relationships on a prospective basis. The adoption of ASU 2020-04 and ASU 2021-01 did not have a material impact on the Company’s consolidated financial statements.

In October 2020, the FASB issued ASU 2020-10, Codification Improvements, which updates various codification topics by clarifying or improving disclosure requirements to align with the SEC’s regulations. The adoption of ASU 2020-10 did not have a material impact on the Company’s consolidated financial statements.

In May 2021, the FASB issued ASU 2021-04—Earnings Per Share (Topic 260), Debt—Modifications and Extinguishments (Subtopic 470-50), Compensation—Stock Compensation (Topic 718), and Derivatives and Hedging—Contracts in Entity’s Own Equity (Subtopic 815-40): Issuer’s Accounting for Certain Modifications or Exchanges of Freestanding Equity-Classified Written Call Options (a consensus of the FASB Emerging Issues Task Force). The amendments in this update are effective for all entities for fiscal years beginning after December 15, 2021, including interim periods within those fiscal years. The adoption of ASU 2021-04 did not have a material impact on the Company’s consolidated financial statements.

In July 2021, the FASB issued ASU 2021-05—Leases (Topic 842): Lessors—Certain Leases with Variable Lease Payments (“ASU 2021-05”). The adoption of ASU 2021-05 is effective for fiscal years beginning after December 15, 2021. There was no material impact to the Company as a result of the adoption of ASU 2021-05.
Recent Accounting Pronouncements Pending Adoption

In March 2022, the FASB issued ASU 2022-02—Financial Instruments-Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures (“ASU 2022-02”). ASU 2022-02 eliminates the accounting guidance for troubled debt restructurings and requires disclosure of current-period gross write-offs by year of loan origination. Additionally, ASU 2022-02 updates the accounting for credit losses under ASC 326 and adds enhanced disclosures with respect to loan refinancing and restructuring in the form of principal forgiveness, interest rate concessions, other-than-insignificant payment delays, or term extensions when the borrower is experiencing financial difficulties. ASU 2022-02 is effective for fiscal years beginning after December 15, 2022, and early adoption is permitted. The amendments should be applied prospectively, however for the recognition and measurement of troubled debt restructurings, the entity has the option to apply a modified retrospective transition method, resulting in a cumulative-effect adjustment to retained earnings in the period of adoption. The Company is currently evaluating the impact of the update on the Company’s consolidated financial statements.

Any new accounting standards not disclosed above that have been issued or proposed by FASB and that do not require adoption until a future date are not expected to have a material impact on the consolidated financial statements upon adoption.
v3.22.4
MORTGAGE LOAN RECEIVABLES
 12 Months Ended
Dec. 31, 2022
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Abstract]  
MORTGAGE LOAN RECEIVABLES
3. MORTGAGE LOAN RECEIVABLES
 
December 31, 2022 ($ in thousands)
Outstanding
Face Amount		Carrying
Value		Weighted
Average
Yield (1)(2)(3)		Remaining
Maturity
(years)(2)(3)
Mortgage loan receivables held for investment, net, at amortized cost:
First mortgage loans$3,841,315 $3,819,860 8.83 %1.3
Mezzanine loans65,950 65,886 10.62 %1.6
Total mortgage loans receivable3,907,265 3,885,746 8.85 %1.3
Allowance for credit lossesN/A(20,755)
Total mortgage loan receivables held for investment, net, at amortized cost3,907,265 3,864,991 
Mortgage loan receivables held for sale:
First mortgage loans31,350 27,391  4.57 %9.19
Total$3,938,615 $3,892,382 (4)8.82 %1.3
(1)Includes the impact from interest rate floors. December 31, 2022 LIBOR and SOFR rates are used to calculate weighted average yield for floating rate loans.
(2)Excludes non-accrual loans of $53.8 million. Refer to “Non-Accrual Status” below for further details.
(3)Includes the impact of one loan with a principal balance of $51.5 million which was extended through 2026 in January 2023.
(4)Net of $21.5 million of deferred origination fees and other items as of December 31, 2022.

As of December 31, 2022, $3.4 billion, or 87.2%, of the outstanding face amount of our mortgage loan receivables held for investment, net, at amortized cost, were at variable interest rates with $2.3 billion linked to LIBOR and $1.1 billion linked to SOFR. Of this $3.4 billion, 99.2% of these variable interest rate mortgage loan receivables were subject to interest rate floors. As of December 31, 2022, $31.4 million, or 100%, of the outstanding face amount of our mortgage loan receivables held for sale were at fixed interest rates linked to SOFR.
 
December 31, 2021 ($ in thousands)
Outstanding
Face Amount		Carrying
Value		Weighted
Average
Yield (1)(2)		Remaining
Maturity
(years)(2)
Mortgage loan receivables held for investment, net, at amortized cost:
First mortgage loans$3,482,715 $3,454,654 5.50 %1.8
Mezzanine loans99,204 99,083 10.92 %1.9
Total mortgage loans receivable3,581,919 3,553,737 5.65 %1.8
Allowance for credit lossesN/A(31,752)
Total mortgage loan receivables held for investment, net, at amortized cost3,581,919 3,521,985 
Total$3,581,919 $3,521,985 (3)5.65 %1.8
(1)Includes the impact from interest rate floors. December 31, 2021 LIBOR rates are used to calculate weighted average yield for floating rate loans.
(2)Excludes non-accrual loans of $80.2 million. Refer to “Non-Accrual Status” below for further details.
(3)Net of $26.0 million of deferred origination fees and other items as of December 31, 2021.
 
As of December 31, 2021, $3.3 billion, or 91.5%, of the outstanding face amount of our mortgage loan receivables held for investment, net, at amortized cost, were at variable interest rates, linked to LIBOR. Of this $3.3 billion, 100% of these variable rate mortgage loan receivables were subject to interest rate floors.
For the years ended December 31, 2022, 2021, and 2020, the activity in our loan portfolio was as follows ($ in thousands):
Mortgage loan receivables held for investment, net, at amortized cost:
 Mortgage loans receivableAllowance for credit lossesMortgage loan 
receivables held
for sale
Balance, December 31, 2021$3,553,737 $(31,752)$— 
Origination of mortgage loan receivables1,234,765 — 61,318 
Repayment of mortgage loan receivables(901,082)— (68)
Proceeds from sales of mortgage loan receivables— — (29,151)
Non-cash disposition of loans via foreclosure(1)(10,235)— — 
Sale of loans, net (2)2,197 — (4,708)
Accretion/amortization of discount, premium and other fees20,759 — — 
Charge offs(14,395)14,395 — 
Release (addition) of provision for current expected credit loss, net (3)— (3,398)— 
Balance, December 31, 2022$3,885,746 $(20,755)$27,391 
(1)Refer to Note 5 Real Estate and Related Lease Intangibles, Net for further detail on foreclosure of real estate.
(2)Includes unrealized lower of cost or market adjustment and realized gain/loss on loans held for sale.
(3)Refer to “Allowance for Credit Losses” table below for further detail.

Mortgage loan receivables held for investment, net, at amortized cost:
 Mortgage loans receivableAllowance for credit lossesMortgage loan
receivables held
for sale
Balance, December 31, 2020$2,354,059 $(41,507)$30,518 
Origination of mortgage loan receivables2,309,888 — 220,359 
Purchases of mortgage loan receivables63,600 — — 
Repayment of mortgage loan receivables(1,059,796)— (183)
Proceeds from sales of mortgage loan receivables(46,557)— (259,092)
Non-cash disposition of loan via foreclosure(1)(81,289)— — 
Sale of loans, net— — 8,398 
Accretion/amortization of discount, premium and other fees13,832 — — 
Release of asset-specific loan loss provision via foreclosure(1)— 1,150 — 
Release (addition) of provision for current expected credit loss, net — 8,605 — 
Balance, December 31, 2021$3,553,737 $(31,752)$— 
(1)Refer to Note 5, Real Estate and Related Lease Intangibles, Net for further detail on real estate acquired via foreclosure.
Mortgage loan receivables held for investment, net, at amortized cost:
 Mortgage loans receivableAllowance for credit lossesMortgage loan
receivables held
for sale
Balance, December 31, 2019$3,257,036 $(20,500)$122,325 
Origination of mortgage loan receivables353,661 — 212,845 
Repayment of mortgage loan receivables(960,832)— (404)
Proceeds from sales of mortgage loan receivables(270,491)— (312,273)
Non-cash disposition of loan via foreclosure(1)(31,249)— — 
Sale of loans, net(9,596)— 8,025 
Accretion/amortization of discount, premium and other fees15,530 — — 
Release of asset-specific loan loss provision via foreclosure(1)— 2,500 — 
Provision for current expected credit loss (implementation impact)(2)— (4,964)— 
Provision for current expected credit loss (impact to earnings)(2)— (18,543)— 
Balance, December 31, 2020$2,354,059 $(41,507)$30,518 
(1)Refer to Note 5, Real Estate and Related Lease Intangibles, Net for further detail on real estate acquired via foreclosure.
(2)During the year ended December 31, 2020, the initial impact of the implementation of the CECL accounting standard as of January 1, 2020 is recorded against retained earnings. Subsequent remeasurement thereafter, including the period to date change for the year ended December 31, 2020, is accounted for as provision for (release of) loan losses in the consolidated statements of income.

Allowance for Credit Losses and Non-Accrual Status ($ in thousands)
Year Ended December 31,
Allowance for Credit Losses202220212020
Allowance for credit losses at beginning of period$31,752 $41,507 $20,500 
Provision for current expected credit loss (implementation impact)(1)— — 4,964 
Provision for (release of) current expected credit loss, net (2)6,503 (8,605)18,543 
Foreclosure of loans subject to asset-specific reserve— (1,150)(2,500)
Charge-offs(14,395)— — 
Recoveries(3)(3,105)— — 
Allowance for credit losses at end of period$20,755 $31,752 $41,507 
(1)    Additional provisions for current expected credit losses related to implementation of $0.8 million and $22.0 thousand related to unfunded commitments and held-to-maturity securities, respectively, were recorded on January 1, 2020 at implementation of CECL.
(2)    There were no asset specific reserves recorded for the year ended December 31, 2022 or 2021. For the year ended December 31, 2020, there was $9.2 million of asset specific reserves.
(3)    Recoveries are recognized within the consolidated statements of income through “Provision for (release of) loan loss reserves”.

Non-Accrual StatusDecember 31, 2022(1)December 31, 2021(2)
Carrying value of loans on non-accrual status, net of asset-specific reserve$53,809 $80,229 
(1)    Includes two of the Company’s loans, which were originated simultaneously as part of a single transaction and had a combined carrying value of $23.3 million and one loan with a carrying value of $30.5 million as of December 31, 2022.
(2)    Includes two of the Company’s loans, which were originated simultaneously as part of a single transaction and had a combined carrying value of $24.2 million, two loans with a combined carrying value of $25.6 million and one loan with a carrying value of $30.5 million.

Current Expected Credit Loss (“CECL”)

As of December 31, 2022, the Company has a $21.5 million allowance for current expected credit losses, of which $20.8 million pertains to mortgage loan receivables and $0.7 million relates to unfunded commitments. This allowance includes $2.7 million of asset-specific reserves relating to two loans with an amortized cost basis of $26.0 million as of December 31, 2022. The Company concluded that none of its other loans are individually impaired as of December 31, 2022.
As of December 31, 2021, the Company had a $32.2 million allowance for current expected credit losses, of which $31.8 million pertained to mortgage loan receivables and $0.4 million related to unfunded commitments. This allowance included three loans that had an aggregate of $20.2 million of asset-specific reserves against a carrying value of $69.9 million as of December 31, 2021.

The total change in provision for loan loss reserves for the year ended December 31, 2022 was an increase of the provision of $3.7 million. The net increase represents an increase in the general reserve of loans held for investment of $6.5 million and an increase related to unfunded loan commitments of $0.3 million partially offset by a $3.1 million recovery of provision. The increase in provision associated with the general reserve during the year December 31, 2022 is primarily due to adverse changes in macroeconomic scenarios and an overall increase in the size of our balance sheet first mortgage portfolio as a result of net originations during that time.

The total change in provision for loan loss reserves for the year ended December 31, 2021 was a release of $8.7 million. The release represented a decline in the general reserve of loans held for investment of $8.6 million and the release on unfunded loan commitments of $0.1 million. The release during the year ended December 31, 2021 was primarily due to an improvement in macroeconomic assumptions.

On January 1, 2020, the Company recorded a CECL reserve of $11.6 million, which equated to 0.36% of $3.2 billion carrying value of its held for investment loan portfolio. This reserve excluded three loans that previously had an aggregate of $14.7 million of asset-specific reserves and a carrying value of $39.8 million as of January 1, 2020. Upon adoption, the aggregated CECL Reserve reduced total shareholder’s equity by $5.8 million.

The total change in reserve for provision for the year ended December 31, 2020 was $18.3 million, which included $9.1 million in the general reserve on both the loans held for investment and the related unfunded commitments and $9.2 million in asset-specific provision related to three loans. The movement in the reserve was primarily due to the update of the macro economic assumptions used.

Loan Portfolio by Geographic Region, Collateral Type and Vintage (amortized cost $ in thousands)
December 31,December 31,
Geographic Region20222021
South$850,904 $937,125 
Northeast868,199 1,080,652 
Midwest623,599 434,157 
West634,935 530,599 
Southwest882,097 501,272 
Subtotal mortgage loans receivable3,859,734 3,483,805 
Individually impaired loans(1)26,012 69,932 
Total mortgage loans receivable$3,885,746 $3,553,737 
(1)Refer to “Individually Impaired Loans” below for further detail.
Management’s method for monitoring credit is the performance of a loan. The primary credit quality indicator management utilizes to assess its current expected credit loss reserve is by viewing the Company’s mortgage loan portfolio by collateral type. The following tables summarize the amortized cost of the mortgage loan portfolio by collateral type as of December 31, 2022 and December 31, 2021, respectively ($ in thousands):
Amortized Cost Basis by Origination Year as of December 31, 2022
Collateral Type20222021202020192018 and EarlierTotal
Multifamily$702,125 $722,862 $— $— $— $1,424,987 
Office 78,754 676,431 29,650 58,684 136,512 980,031 
Mixed Use201,777 351,291 26,500 120,300 — 699,868 
Industrial37,616 96,486 — 115,545 — 249,647 
Retail60,089 107,305 — 12,953 9,126 189,473 
Hospitality— 45,416 — 13,843 78,364 137,623 
Manufactured Housing32,515 82,618 — 2,921 — 118,054 
Other32,353 19,898 — 7,800 — 60,051 
Self-Storage— — — — — — 
Subtotal mortgage loans receivable1,145,229 2,102,307 56,150 332,046 224,002 3,859,734 
Individually Impaired loans (1)— — — — 26,012 26,012 
Total mortgage loans receivable (2)$1,145,229 $2,102,307 $56,150 $332,046 $250,014 $3,885,746 
Amortized Cost Basis by Origination Year as of December 31, 2021
Collateral Type20212020201920182017 and EarlierTotal
Office$784,556 $29,636 $121,346 $59,073 $73,911 $1,068,522 
Mixed Use538,949 84,600 140,926 — — 764,475 
Multifamily697,089 3,131 47,322 — — 747,542 
Hospitality41,635 — 43,666 90,132 110,890 286,323 
Retail105,362 — 89,058 — 25,486 219,906 
Industrial41,203 — 108,469 — — 149,672 
Manufactured Housing117,265 — 26,404 — 3,941 147,610 
Other26,801 — 8,768 20,743 — 56,312 
Self-Storage43,443 — — — — 43,443 
Subtotal mortgage loans receivable2,396,303 117,367 585,959 169,948 214,228 3,483,805 
Individually Impaired loans (1)— — — — 69,932 69,932 
Total mortgage loans receivable (3)$2,396,303 $117,367 $585,959 $169,948 $284,160 $3,553,737 
(1)Refer to “Individually Impaired Loans” below for further detail.
(2)Not included above is $23.2 million of accrued interest receivable on all loans at December 31, 2022.
(3)Not included above is $12.6 million of accrued interest receivable on all loans at December 31, 2021.

Individually Impaired Loans

As of December 31, 2022, two loans with an amortized cost basis of $26.0 million and a combined carrying value of $23.3 million were impaired and on non-accrual status.

In 2018, a loan secured by a mixed-use property in the Northeast region, with a carrying value of $45.0 million, was determined to be impaired and a reserve of $10.0 million was recorded to reduce the carrying value of the loan to the estimated fair value of the collateral, less the estimated costs to sell. In 2018, the loan experienced a maturity default and its terms were modified in a TDR, which provided for, among other things, the restructuring of the Company’s existing $45.0 million first mortgage loan into a $35.0 million A-Note and a $10.0 million B-Note. The reserve of $10.0 million was applied to the B-Note and the B-Note was placed on non-accrual status. During the three months ended March 31, 2020, management determined that the A-Note was also impaired. As a result, on March 31, 2020, the Company placed the A-Note on non-accrual status and recorded an asset-specific provision for loss on the A-Note of $7.5 million.
On June 27, 2022, the Company received proceeds of $27.7 million, consisting of $27.0 million of principal and $0.7 million of interest, in satisfaction of both the A-Note and the B-Note, which was above the combined carrying value of $24.6 million. As a result, the Company recorded a $3.1 million release in reserve of provision.

Other Loans on Non-Accrual Status

As of December 31, 2022, a loan secured by a mixed-use property in the Northeast region was on non-accrual status, with an amortized cost basis and carrying value of $30.5 million. In the fourth quarter of 2020, the Company designated the loan as non-accrual and performed a review of the collateral for the loan. As a result of the review as of December 31, 2022, the Company determined that no asset specific impairment was necessary. The review consisted of conversations with market participants familiar with the property locations as well as reviewing market data and comparable properties. There are no other loans on non-accrual status other than those discussed above in Individually Impaired Loans as of December 31, 2022.

The Company continues to actively monitor the mortgage loans receivable portfolio for both the immediate and long-term impact of current market conditions, including the inflationary environment, rising interest rates and the ongoing impact of the COVID-19 pandemic.
v3.22.4
SECURITIES
 12 Months Ended
Dec. 31, 2022
Investments, Debt and Equity Securities [Abstract]  
SECURITIES
4. SECURITIES
 
The Company invests in primarily AAA-rated real estate securities, typically front pay securities, with relatively short duration and significant credit subordination. We continue to actively monitor the impacts of current market conditions on our securities portfolio.

Commercial mortgage backed securities (“CMBS”), CMBS interest-only securities, U.S. Agency securities, corporate bonds and U.S. Treasury securities are classified as available-for-sale and reported at fair value with changes in fair value recorded in the current period in other comprehensive income. As of December 31, 2022, the Company does not intend to sell these investments and it is not more likely than not that the Company will be required to sell the investments before recovery of their amortized cost bases.

Government National Mortgage Association (“GNMA”), Federal Home Loan Mortgage Corp (“FHLMC”) and equity securities are recorded at fair value with changes in fair value recorded in current period earnings. The following is a summary of the Company’s securities at December 31, 2022 and December 31, 2021 ($ in thousands):

December 31, 2022
    Gross Unrealized  Weighted Average
Asset TypeOutstanding
Face Amount		 Amortized Cost BasisGainsLosses (7)Carrying
Value		# of
Securities		Rating (1)Coupon %Yield %Remaining
Duration
(years)
CMBS$562,839  $562,246 $— $(20,913)$541,333 (2)71 AAA5.22 %5.32 %1.06
CMBS interest-only(3)1,026,195 (3)10,498 121 (176)10,443 (4)10 AAA0.41 %3.65 %1.45
GNMA interest-only(5)45,369 (3)285 17 (21)281 14 AAA0.31 %4.23 %3.30
Agency securities36  36 — (1)35 1 AAA4.00 %2.70 %1.54
U.S. Treasury securities36,000 35,374 6 (52)35,328 10 N/AN/A4.17 %0.60
Total debt securities1,670,439 608,439 144 (21,163)587,420 (6)106 2.06 %5.29 %1.07
Equity securitiesN/A160 — (41)119 1 N/AN/AN/AN/A
Allowance for current expected credit lossesN/A— — (20)(20)
Total securities$1,670,439  $608,599 $144 $(21,224)$587,519 107  

December 31, 2021
    Gross Unrealized  Weighted Average
Asset TypeOutstanding
Face Amount		 Amortized
Cost Basis		GainsLosses (7)Carrying
Value		# of
Securities		Rating (1)Coupon %Yield %Remaining
Duration
(years)
CMBS$691,402  $691,026 $775 $(5,508)$686,293 (2)73 AAA1.57 %1.57 %2.06
CMBS interest-only(3)1,302,551 (3)15,268 617 — 15,885 (4)13 AAA0.45 %5.67 %1.88
GNMA interest-only(5)59,075 (3)518 105 (64)559 14 AA+0.38 %4.97 %3.64
Agency securities557  560 3 — 563 2 AA+2.47 %1.58 %0.69
Total debt securities$2,053,585 $707,372 $1,500 $(5,572)$703,300 (6)102 0.83 %1.67 %2.06
Allowance for current expected credit lossesN/A— — (20)(20)
Total real estate securities$2,053,585  $707,372 $1,500 $(5,592)$703,280 102  
(1)Represents the weighted average of the ratings of all securities in each asset type, expressed as an S&P equivalent rating. For each security rated by multiple rating agencies, the highest rating is used. The ratings provided were determined by third-party rating agencies. The rates may not be current and are subject to change (including the assignment of a “negative outlook” or “credit watch”) at any time.
(2)As of December 31, 2022 and December 31, 2021, respectively, includes $9.0 million and $9.9 million of restricted securities which are designated as risk retention securities under the Dodd Frank Act and are therefore subject to transfer restrictions over the term of the securitization trust and are classified as held-to-maturity and reported at amortized cost.
(3)The amounts presented represent the principal amount of the mortgage loans outstanding in the pool in which the interest-only securities participate.
(4)As of December 31, 2022 and December 31, 2021, respectively, includes $0.4 million and $0.5 million of restricted securities which are designated as risk retention securities under the Dodd-Frank Act and are therefore subject to transfer restrictions over the term of the securitization trust and are classified as held-to-maturity and reported at amortized cost.
(5)Agency interest-only securities are recorded at fair value with changes in fair value recorded in current period earnings. The Company’s Agency interest-only securities are considered to be hybrid financial instruments that contain embedded
derivatives. As a result, the Company has elected to account for them as hybrid instruments in their entirety at fair value with changes in fair value recognized in unrealized gain (loss) on Agency interest-only securities in the consolidated statements of income.
(6)The Company’s investments in debt securities represents an ownership interest in unconsolidated VIEs. The Company’s maximum exposure to loss from these unconsolidated VIEs is the amortized cost basis of the securities which represents the purchase price of the investment adjusted by any unamortized premiums or discounts as of the reporting date.
(7)Based on the Company’s analysis, including review of interest rate changes and current levels of subordination, among other factors, the unrealized loss positions are determined to be due to market factors other than credit.
 
The following summarizes the carrying value of the Company’s debt securities by remaining maturity based upon expected cash flows at December 31, 2022 and December 31, 2021 ($ in thousands):
 
December 31, 2022
Asset TypeWithin 1 year1-5 years5-10 yearsAfter 10 yearsTotal
CMBS$346,272 $195,061 $— $— $541,333 
CMBS interest-only937 9,506 — — 10,443 
GNMA interest-only40 111 130 — 281 
Agency securities— 35 — — 35 
U.S. Treasury securities32,451 2,877 — — 35,328 
Allowance for current expected credit losses— — — — (20)
Total securities (1)$379,700 $207,590 $130 $— $587,400 
(1) Excluded from the table above are $0.1 million of equity securities.
 
December 31, 2021
Asset TypeWithin 1 year1-5 years5-10 yearsAfter 10 yearsTotal
CMBS$304,357 $354,670 $10,307 $16,958 $686,292 
CMBS interest-only1,018 14,868 — — 15,886 
GNMA interest-only102 278 179 — 559 
Agency securities503 60 — — 563 
Allowance for current expected credit losses— — — — (20)
Total securities$305,980 $369,876 $10,486 $16,958 $703,280 
During the year ended December 31, 2022, the Company sold $1.5 million of equity securities. During the year ended December 31, 2021, the Company had no sales of equity securities.
v3.22.4
REAL ESTATE AND RELATED LEASE INTANGIBLES, NET
 12 Months Ended
Dec. 31, 2022
Real Estate [Abstract]  
REAL ESTATE AND RELATED LEASE INTANGIBLES, NET
5. REAL ESTATE AND RELATED LEASE INTANGIBLES, NET

The Company’s real estate assets were comprised of the following ($ in thousands):
December 31, 2022December 31, 2021
Land$158,802 $186,940 
Building625,655 765,690 
In-place leases and other intangibles114,687 142,335 
Undepreciated real estate and related lease intangibles899,144 1,094,965 
Less: Accumulated depreciation and amortization(199,008)(229,271)
Real estate and related lease intangibles, net(2)$700,136 $865,694 
Below market lease intangibles, net (other liabilities)(1)$(30,892)$(33,203)
(1)Below market lease intangibles is net of $13.6 million and $12.8 million of accumulated amortization as of December 31, 2022 and December 31, 2021, respectively.
(2)There was unencumbered real estate of $140.3 million and $85.9 million as of December 31, 2022 and December 31, 2021, respectively.

As of December 31, 2021, the Company held $32.6 million of undepreciated real estate and lease intangibles held for sale, comprised of $0.9 million of land, $27.4 million of building, and $4.3 million of in-place leases and other intangibles.

At December 31, 2022 and December 31, 2021, the Company held foreclosed properties included in real estate and related lease intangibles, net with a carrying value of $103.1 million and $97.3 million, respectively.

The following table presents depreciation and amortization expense on real estate recorded by the Company ($ in thousands):
 Year Ended December 31,
 202220212020
Depreciation expense(1)$25,770 $30,659 $32,383 
Amortization expense6,903 7,142 6,696 
Total real estate depreciation and amortization expense$32,673 $37,801 $39,079 
(1)Depreciation expense on the consolidated statements of income also includes $41 thousand of depreciation on corporate fixed assets for the year ended December 31, 2022 and $99 thousand of depreciation on corporate fixed assets for the years ended December 31, 2021 and December 31, 2020.

The Company’s intangible assets are comprised of in-place leases, above market leases and other intangibles. The following tables present additional detail related to our intangible assets ($ in thousands):
 December 31, 2022December 31, 2021
Gross intangible assets(1)$114,689 $146,593 
Accumulated amortization49,725 67,500 
Net intangible assets$64,964 $79,093 
(1)Includes $2.8 million and $3.8 million of unamortized above market lease intangibles which are included in real estate and related lease intangibles, net on the consolidated balance sheets as of December 31, 2022 and December 31, 2021, respectively.
The following table presents increases/reductions in operating lease income related to the amortization of above or below market leases recorded by the Company ($ in thousands):
 Year Ended December 31,
 202220212020
Reduction in operating lease income for amortization of above market lease intangibles acquired$(305)$(367)$(367)
Increase in operating lease income for amortization of below market lease intangibles acquired2,068 2,255 2,601 
Total$1,763 $1,888 $2,234 

The following table presents expected adjustment to operating lease income and expected amortization expense during the next five years and thereafter related to the above and below market leases and acquired in-place lease and other intangibles for property owned as of December 31, 2022 ($ in thousands):
Period Ending December 31,Increase/(Decrease) to Operating Lease IncomeAmortization Expense
2023$973 $4,531 
2024973 4,531 
2025973 4,391 
2026976 3,740 
2027976 3,554 
Thereafter23,177 41,372 
Total$28,048 $62,119 

Rent Receivables

There were $1.3 million, $0.4 million of rent receivables included in other assets on the consolidated balance sheets as of December 31, 2022 and December 31, 2021, respectively.

Operating Lease Income & Tenant Reimbursements

The following is a schedule of non-cancellable, contractual, future minimum rent under leases (excluding property operating expenses paid directly by tenant under net leases) at December 31, 2022 ($ in thousands):
Period Ending December 31,Amount
2023$55,354 
202450,095 
202549,871 
202648,402 
202745,251 
Thereafter196,797 
Total$445,770 

Tenant reimbursements, which consist of real estate taxes and other municipal charges paid by the Company, which were reimbursable by our tenants pursuant to the terms of the lease agreements, were $5.2 million, $5.0 million, and $5.5 million for the years ended December 31, 2022, 2021 and 2020, respectively. Tenant reimbursements are included in operating lease income on the Company’s consolidated statements of income.
Acquisitions
Acquisition DateTypePrimary Location(s)Purchase Price/Fair Value on the Date of ForeclosureOwnership Interest (1)
February 2022(2)ApartmentsNew York, NY$15,436100.0%
November 2022(3)OfficeHouston, TX9,386 100.0%
Total real estate acquisitions$24,822 
(1)Properties were consolidated as of acquisition date.
(2)In February 2022, the Company acquired, via change in control, a previously held interest in a non-controlling equity investment in a mixed use property with one remaining residential condo unit and one remaining retail condo unit in New York, New York. The carrying value of the property at the time of change in control was $15.4 million, which was determined to be fair value. The fair value of the remaining condo unit was determined based on comparable sales in the building and the value of the remaining retail unit was valued utilizing a direct capitalization rate of 5.5%. The key inputs used to determine fair value were determined to be Level 3 inputs.
(3)In November 2022, the Company acquired an office property in Houston, TX via foreclosure. The property served as collateral for a mortgage loan receivable held for investment with a basis of $10.3 million. In connection with the foreclosure, the Company received $0.9 million of cash. The Company obtained a third-party appraisal of the property. The $9.4 million fair value was determined by using the sales comparison and income approaches. The appraiser utilized a terminal capitalization rate of 9.5% and a discount rate of 10.5%. There was no gain or loss resulting from the foreclosure of the loan.

During the year ended December 31, 2021, the Company acquired the following properties ($ in thousands):
Acquisition DateTypePrimary Location(s)Purchase Price/Fair Value on the Date of ForeclosureOwnership Interest (1)
February 2021(2)HotelMiami, FL$43,750100.0%
August 2021ApartmentsStillwater, OK20,452 80.0%
December 2021(3)HotelSchaumburg, IL38,000 100.0%
Total real estate acquisitions$102,202 
(1)Properties were consolidated as of acquisition date.
(2)In February 2021, the Company acquired a hotel in Miami, FL via foreclosure, recognizing a $25.8 thousand loss, which is included in its consolidated statements of income. The property previously served as collateral for a mortgage loan receivable held for investment with a basis of $45.1 million, net of an asset-specific loan loss provision of $1.2 million recorded in the three months ended December 31, 2020. In February 2021, the foreclosed property was sold without any gain or loss. The Company recorded no revenues from its 2021 acquisitions for the year ended December 31, 2021.
(3)In December 2021, the Company acquired a hotel in Schaumburg, IL via foreclosure. The property served as collateral for a mortgage loan receivable held for investment with a basis of $38.0 million. The Company obtained a third-party appraisal of the property. The $38.0 million fair value was determined by using the sales comparison and income approaches. The appraiser utilized a terminal capitalization rate of 8.0% and a discount rate of 10.0%. There was no gain or loss resulting from the foreclosure of the loan.
During the year ended December 31, 2020, the Company acquired the following properties ($ in thousands):
Acquisition DateTypePrimary Location(s)Purchase Price/Fair Value on the Date of ForeclosureOwnership Interest (1)
Aggregate purchases of net leased real estate$7,440 100.0%
Real estate acquired via foreclosure
March 2020(2)LandLos Angeles, CA21,535 100.0%
June 2020(3)HotelWinston-Salem, NC3,900 100.0%
December 2020(4)HotelSouth Bend, IN3,875 100.0%
Total real estate acquired via foreclosure29,310 
Total real estate acquisitions$36,750 
(1)Properties were consolidated as of acquisition date.
(2)In March 2020, the Company acquired a development property in Los Angeles, CA, via foreclosure. This property previously served as collateral for a mortgage loan receivable held for investment with a basis of $21.6 million, net of an asset-specific loan loss provision of $2.0 million. The Company obtained a third-party appraisal of the property. Substantially all of the fair value was attributed to land. The $21.5 million fair value was determined using the sales comparison approach to value. Using this approach, the appraiser developed an opinion of the fee simple value of the underlying land by comparing the property to similar, recently sold properties in the surrounding or competing area. The Company recorded a $0.1 million loss resulting from the foreclosure of the loan. In December of 2021, the Company sold this property and recorded a $2.0 million loss on sale. Refer to “Sales” below.
(3)In June 2020, the Company acquired a hotel in Winston-Salem, NC via foreclosure. This property previously served as collateral for a mortgage loan receivable held for investment with a net basis of $3.8 million. The Company obtained a third-party appraisal of the property. The $3.9 million fair value was determined using the ground lease approach and the income approach to value. The appraiser utilized a terminal capitalization rate of 9.50% and a discount rate of 13.50%. There was no gain or loss resulting from the foreclosure of the loan. In September 2020, the foreclosed property was sold for a gain of $0.8 million.
(4)In December 2020, the Company acquired a hotel in South Bend, IN, via foreclosure. The property previously served as collateral for a mortgage loan receivable held for investment with a basis of $4.1 million, net of an asset-specific loan loss provision of $0.5 million. The Company recorded a gain of $0.1 million resulting from the foreclosure of the loan. In December 2020, the foreclosed property was sold without any gain or loss.

The Company allocates purchase consideration based on relative fair values, and real estate acquisition costs are capitalized as a component of the cost of the assets acquired for asset acquisitions. During the years ended December 31, 2022, December 31, 2021 and December 31, 2020, all acquisitions were determined to be asset acquisitions.

Sales

The Company sold the following properties during the year ended December 31, 2022 ($ in thousands):
Sales DateTypePrimary Location(s)Net Sales ProceedsNet Book ValueRealized Gain/(Loss)Properties
March 2022OfficeEwing, NJ$38,694 $24,175 $14,519 1 
March 2022WarehouseConyers, GA40,752 26,116 14,636 1 
June 2022ApartmentsStillwater, OK23,314 18,032 5,283 1 
June 2022ApartmentsMiami, Fl60,856 37,585 23,270 1 
September 2022RetailWichita, KS9,503 5,110 4,393 1 
December 2022ApartmentsNew York, NY(1)7,935 7,402 533 1 
December 2022RetailSennett, NY10,599 4,245 6,354 1 
December 2022OfficeRichmond, VA118,872 71,862 47,010 1 
Totals(2)$310,525 $194,527 $115,998 
(1)One unit was sold, and one unit remains.
(2)Excludes $4.4 million of prepayment costs upon repayment of mortgage financings in connection with certain sales that is recorded within interest expense on the consolidated statement of income, such amount was correspondingly paid by the buyer and received by the Company as part of the sale and recorded in fee and other income on the consolidated statement of income.
The Company sold the following properties during the year ended December 31, 2021 ($ in thousands):

Sales DateTypePrimary Location(s)Net Sales ProceedsNet Book ValueRealized Gain/(Loss)Properties
February 2021HotelMiami, FL$43,750 $43,750 $— 1 
June 2021Net LeaseNorth Dartmouth, MA38,732 19,343 19,389 1 
August 2021Net LeasePittsfield, MA18,651 10,564 8,087 1 
August 2021Net LeaseAnkeny, IA19,021 13,341 5,680 1 
August 2021ApartmentsArlington/Fort Worth, TX26,496 22,498 3,998 2 
November 2021Net LeaseBessemer City, NC33,447 21,333 12,114 1 
December 2021LandLos Angeles, CA19,469 21,452 (1,983)1 
December 2021Net LeaseSnellville, GA9,695 5,483 4,212 1 
December 2021Net LeaseColumbia, SC9,941 5,674 4,269 1 
Totals$219,202 $163,438 $55,766 
The Company sold the following properties during the year ended December 31, 2020 ($ in thousands):
Sales DateTypePrimary Location(s)Net Sales ProceedsNet Book ValueRealized Gain/(Loss)PropertiesUnits Sold
VariousCondominiumMiami, FL$1,832 $1,821 $11 — 6 
March 2020OfficeRichmond, VA22,527 14,829 7,698 7 — 
March 2020OfficeRichmond, VA6,932 4,109 2,823 1 — 
August 2020Net LeaseBellport, NY19,434 15,012 4,422 1 — 
September 2020WarehouseLithia Springs, GA39,491 23,187 16,304 1 — 
September 2020HotelWinston Salem, NC4,647 3,803 844 1 — 
December 2020HotelSouth Bend, IN3,875 3,875 — 1 — 
Totals$98,738 $66,636 $32,102 

The Company continues to actively monitor our real estate properties for both the immediate and long-term impact of current market conditions, including the inflationary environment, rising interest rates and the ongoing impact of the COVID-19 pandemic.
v3.22.4
INVESTMENT IN AND ADVANCES TO UNCONSOLIDATED VENTURES
 12 Months Ended
Dec. 31, 2022
Equity Method Investments and Joint Ventures [Abstract]  
INVESTMENT IN AND ADVANCES TO UNCONSOLIDATED VENTURES
6. INVESTMENT IN AND ADVANCES TO UNCONSOLIDATED VENTURES
 
The following is a summary of the Company’s investments in and advances to unconsolidated ventures, which we account for using the equity method, as of December 31, 2022 and December 31, 2021 ($ in thousands):
EntityDecember 31, 2022December 31, 2021
Grace Lake JV, LLC$6,219 $5,434 
24 Second Avenue Holdings LLC— 17,720 
Investment in unconsolidated ventures$6,219 $23,154 
 
The following is a summary of the Company’s allocated earnings (losses) based on its ownership interests from investment in unconsolidated ventures for the years ended December 31, 2022 and 2021 ($ in thousands):
 Year Ended December 31,
Entity202220212020
Grace Lake JV, LLC$1,410 $1,411 976 
24 Second Avenue Holdings LLC— 168 845 
Earnings (loss) from investment in unconsolidated ventures$1,410 $1,579 $1,821 

Grace Lake JV, LLC
 
In connection with the origination of a loan in April 2012, the Company received a 25% equity interest with the right to convert upon a capital event. On March 22, 2013, the loan was refinanced, and the Company converted its interest into a 19% limited liability company membership interest in Grace Lake JV, LLC (“Grace Lake LLC”), which holds an investment in an office building complex. After taking into account the preferred return of 8.25% and the return of all equity remaining in the property to the Company’s operating partner, the Company is entitled to 25% of the distribution of all excess cash flows and all disposition proceeds upon any sale. The Company is not legally required to provide any future funding to Grace Lake LLC. The Company accounts for its interest in Grace Lake LLC using the equity method of accounting, as it has a 19% investment, compared to the 81% investment of its operating partner and does not control the entity. The Company holds its investment in Grace Lake LLC in a TRS.

The Company’s investment in Grace Lake LLC is an unconsolidated venture, which is a variable interest entity (“VIE”). The Company determined that it was not the primary beneficiary of this VIE based on the fact that the Company has a passive investment and no control of this entity and therefore does not have controlling financial interests in this VIE. The Company’s maximum exposure to loss is limited to its investment in the VIE. The Company has not provided financial support to this VIE that it was not previously contractually required to provide.

During the year ended December 31, 2022, the Company received a $0.6 million distribution from its investment in Grace Lake LLC. There were no distributions received during the year ended December 31, 2021.

24 Second Avenue Holdings LLC

In February 2022, the Company assumed all management and control over 24 Second Avenue Holdings LLC upon maturity of its preferred equity interest in the entity and therefore, reclassified its interest to real estate held for investment on the balance sheet at cost. At the time of the change in control, 24 Second Avenue Holdings LLC owned the two remaining units of the property, one remaining residential condo unit and the retail condo ground floor space. Refer to Note 5 - Real estate and related intangibles, net for further disclosure.
Combined Summary Financial Information for Unconsolidated Ventures

The following is a summary of the combined financial position of the unconsolidated ventures in which the Company had investment interests as of December 31, 2022 and December 31, 2021 ($ in thousands): 
 December 31, 2022(1)December 31, 2021
Total assets$69,879 $109,873 
Total liabilities55,916 66,387 
Partners’/members’ capital$13,963 $43,486 
(1)As of December 31, 2022, the balance represents only the Grace Lake LLC interest.

The following is a summary of the combined results from operations of the unconsolidated ventures for the period in which the Company had investment interests during the years ended December 31, 2022 and 2021 ($ in thousands): 
 Year Ended December 31,
 202220212020
Total revenues$19,194 $18,870 $17,461 
Total expenses13,555 13,132 14,206 
Net income (loss)$5,639 $5,738 $3,255 
v3.22.4
DEBT OBLIGATIONS, NET
 12 Months Ended
Dec. 31, 2022
Debt Disclosure [Abstract]  
DEBT OBLIGATIONS, NET
7. DEBT OBLIGATIONS, NET

The details of the Company’s debt obligations at December 31, 2022 and December 31, 2021 are as follows ($ in thousands):
 
December 31, 2022
Debt ObligationsCommitted /
Principal Amount		Carrying Value of Debt Obligations Committed but UnfundedInterest Rate at December 31, 2022(1)Current Term MaturityRemaining Extension OptionsEligible CollateralCarrying Amount of CollateralFair Value of Collateral
Committed Loan Repurchase Facility$500,000 $318,983 $181,017 6.07%—6.57%9/27/2025(2)(3)$428,477 $429,276 
Committed Loan Repurchase Facility100,000 — 100,000 —%——%2/26/2023(4)(5)— — 
Committed Loan Repurchase Facility300,000 157,558 142,442 6.19%—7.07%12/19/2023(6)(7)244,102 244,102 
Committed Loan Repurchase Facility100,000 47,415 52,585 6.00%—6.00%4/30/2024(8)(3)63,307 63,307 
Committed Loan Repurchase Facility100,000 77,959 22,041 5.74%—6.24%1/3/2023(2)(3)103,393 103,393 
Committed Loan Repurchase Facility100,000 — 100,000 —%—%1/22/2024(9)(7)— — 
Committed Loan Repurchase Facility100,000 14,979 85,021 7.07%—7.07%7/14/2023(10)(11)21,206 21,206 
Total Committed Loan Repurchase Facilities1,300,000 616,894 683,106 860,485 861,284 
Committed Securities Repurchase Facility100,000 8,640 91,360 5.04%—5.29%5/27/2023 N/A (12)10,023 10,023 
Uncommitted Securities Repurchase Facility N/A (13) 222,328  N/A (13)4.73%—6%3/2/2023 N/A (12)247,351 247,351 (14)
Total Repurchase Facilities1,400,000 847,862 774,466 1,117,859 1,118,658 
Revolving Credit Facility323,850 — 323,850 —%——%7/27/2023(15) N/A (16) N/A (16)N/A (16)
Mortgage Loan Financing497,454 497,991 — 4.25%—8.03%2023 - 2031(17) N/A (18)559,885 710,977 (19)
CLO Debt1,064,365 1,058,462 (20)— 5.52%—7.97%2024 - 2026(21)N/A(3)1,308,654 1,308,654 
Borrowings from the FHLB213,000 213,000 —  2.74% —4.70%2023 - 2024 N/A (22)248,806 248,806 (23)
Senior Unsecured Notes1,643,794 1,628,382 (24)— 4.25%—5.25%2025 - 2029 N/A  N/A (25)N/A (25)N/A (25)
Total Debt Obligations, Net$5,142,463 $4,245,697 $1,098,316 $3,235,204 $3,387,095 
(1)LIBOR and Term SOFR rates in effect as of December 31, 2022 are used to calculate interest rates for floating rate debt, as applicable.
(2)Two 12-month extension periods at Company’s option. No new advances are permitted after the initial maturity date.
(3)First mortgage commercial real estate loans and senior and pari passu interests therein. It does not include the real estate collateralizing such loans.
(4)One additional 12-month period at Company’s option.
(5)First mortgage commercial real estate loans. It does not include the real estate collateralizing such loans.
(6)Two additional 364-day periods at Company’s option.
(7)First mortgage and mezzanine commercial real estate loans and senior and pari passu interests therein. It does not include the real estate collateralizing such loans.
(8)Three additional 12-month extension periods at Company’s option.
(9)Two additional 12-month extension periods at Company's option. No new advances permitted during the final 12-month period.
(10)The Company may extend periodically with lender’s consent. At no time can the maturity of the facility exceed 364 days from the date of determination.
(11)First mortgage, junior and mezzanine commercial real estate loans, and certain senior and/or pari passu interests therein.
(12)Commercial real estate securities. It does not include the first mortgage commercial real estate loans collateralizing such securities.
(13)Represents uncommitted securities repurchase facilities for which there is no committed amount subject to future advances.
(14)Includes $2.0 million of restricted securities under the risk retention rules of the Dodd-Frank Act. These securities are accounted for as held-to-maturity and recorded at amortized cost basis.
(15)Four additional 12-month periods at Company’s option.
(16)The obligations under the Revolving Credit Facility are guaranteed by the Company and certain of its subsidiaries and secured by equity pledges in certain Company subsidiaries.
(17)Anticipated repayment dates.
(18)Certain of our real estate investments serve as collateral for our mortgage loan financing.
(19)Using undepreciated carrying value of commercial real estate to approximate fair value.
(20)Presented net of unamortized debt issuance costs of $5.9 million at December 31, 2022.
(21)Represents the estimated maturity date based on the remaining reinvestment period and underlying loan maturities.
(22)Investment grade commercial real estate securities. It does not include the first mortgage commercial real estate loans collateralizing such securities.
(23)Includes $6.6 million of restricted securities under the risk retention rules of the Dodd-Frank Act. These securities are accounted for as held-to-maturity and recorded at amortized cost basis.
(24)Presented net of unamortized debt issuance costs of $15.4 million at December 31, 2022.
(25)The obligations under the senior unsecured notes are guaranteed by the Company and certain of its subsidiaries.

December 31, 2021
Debt ObligationsCommitted /
Principal Amount		Carrying Value of Debt Obligations Committed but UnfundedInterest Rate at December 31, 2021(1)Current Term MaturityRemaining Extension OptionsEligible CollateralCarrying Amount of CollateralFair Value of Collateral
Committed Loan Repurchase Facility(2)$500,000 $37,207 $462,793 1.61%—1.61%12/19/2022(3)(4)$82,966 $82,966 
Committed Loan Repurchase Facility100,000 45,290 54,710 2.06%—2.81%2/26/2022(5)(6)62,972 62,972 
Committed Loan Repurchase Facility300,000 75,837 224,163 1.86%—2.86%12/19/2022(7)(8)127,926 127,926 
Committed Loan Repurchase Facility100,000 — 100,000 —%——%4/30/2024(9)(4)— — 
Committed Loan Repurchase Facility100,000 26,183 73,817 2.23%—2.23%1/3/2023(3)(4)48,720 48,720 
Committed Loan Repurchase Facility100,000 — 100,000 —%——%10/21/2022(10)(11)— — 
Total Committed Loan Repurchase Facilities1,200,000 184,517 1,015,483 322,584 322,584 
Committed Securities Repurchase Facility(2)862,794 44,139 818,655 0.65%—1.05%5/27/2023 N/A (12)50,522 50,522 
Uncommitted Securities Repurchase Facility N/A (13) 215,921  N/A (13)0.54%—2.06%1/2022 - 6/2022 N/A (12)242,629 242,629 (14)
Total Repurchase Facilities1,600,000 444,577 1,371,344 615,735 615,735 
Revolving Credit Facility266,430 — 266,430 —%——%2/11/2022(15) N/A (16) N/A (16)N/A (16)
Mortgage Loan Financing690,927 693,797 — 3.75%—6.16%2022 - 2031(17) N/A (18)805,007 1,033,372 (19)
Secured Financing Facility136,444 132,447 (20)— 10.75%—10.75%5/6/2023N/A(21)244,399 244,553 
CLO Debt1,064,365 1,054,774 (22)— 1.66%—1.75%2024 - 2026(23)N/A(4)1,299,116 1,299,116 
Borrowings from the FHLB263,000 263,000 —  0.36% —2.74%2022 - 2024 N/A (24)301,792 301,792 (25)
Senior Unsecured Notes1,649,794 1,631,108 (26)— 4.25%—5.25%2025 - 2029 N/A  N/A (27)N/A (27)N/A (27)
Total Debt Obligations, Net$5,670,960 $4,219,703 $1,637,774 $3,266,049 $3,494,568 
(1)LIBOR rates in effect as of December 31, 2021 are used to calculate interest rates for floating rate debt.
(2)The combined committed amounts for the loan repurchase facility and the securities repurchase facility total $900.0 million, with maximum capacity on the loan repurchase facility of $500.0 million, and maximum capacity on the securities repurchase facility of $900.0 million less outstanding commitments on the loan repurchase facility.
(3)Two 12-month extension periods at Company’s option. No new advances are permitted after the initial maturity date.
(4)First mortgage commercial real estate loans and senior and pari passu interests therein. It does not include the real estate collateralizing such loans.
(5)Two additional 12-month periods at Company’s option.
(6)First mortgage commercial real estate loans. It does not include the real estate collateralizing such loans.
(7)Three additional 364-day periods at Company’s option.
(8)First mortgage and mezzanine commercial real estate loans and senior and pari passu interests therein. It does not include the real estate collateralizing such loans.
(9)One additional 12-month extension period and two additional 6-month extension periods at Company’s option.
(10)The Company may extend periodically with lender’s consent. At no time can the maturity of the facility exceed 364 days from the date of determination.
(11)First mortgage, junior and mezzanine commercial real estate loans, and certain senior and/or pari passu interests therein.
(12)Commercial real estate securities. It does not include the first mortgage commercial real estate loans collateralizing such securities.
(13)Represents uncommitted securities repurchase facilities for which there is no committed amount subject to future advances.
(14)Includes $2.1 million of restricted securities under the risk retention rules of the Dodd-Frank Act. These securities are accounted for as held-to-maturity and recorded at amortized cost basis.
(15)Three additional 12-month periods at Company’s option.
(16)The obligations under the Revolving Credit Facility are guaranteed by the Company and certain of its subsidiaries and secured by equity pledges in certain Company subsidiaries.
(17)Anticipated repayment dates.
(18)Certain of our real estate investments serve as collateral for our mortgage loan financing.
(19)Using undepreciated carrying value of commercial real estate to approximate fair value.
(20)Presented net of unamortized debt issuance costs of $1.9 million and an unamortized discount of $2.1 million related to the Purchase Right (described in detail under Secured Financing Facility below) at December 31, 2021.
(21)First mortgage commercial real estate loans. Substitution of collateral and conversion of loan collateral to mortgage collateral are permitted with lender’s approval.
(22)Presented net of unamortized debt issuance costs of $9.6 million at December 31, 2021.
(23)Represents the estimated maturity date based on the remaining reinvestment period and underlying loan maturities.
(24)Investment grade commercial real estate securities and cash. It does not include the first mortgage commercial real estate loans collateralizing such securities.
(25)Includes $7.5 million of restricted securities under the risk retention rules of the Dodd-Frank Act. These securities are accounted for as held-to-maturity and recorded at amortized cost basis.
(26)Presented net of unamortized debt issuance costs of $18.7 million at December 31, 2021.
(27)The obligations under the senior unsecured notes are guaranteed by the Company and certain of its subsidiaries.


Committed Loan and Securities Repurchase Facilities
The Company has entered into seven committed master repurchase agreements, as outlined in the December 31, 2022 table above, totaling $1.3 billion of credit capacity in order to finance its lending activities. Assets pledged as collateral under these facilities are limited to whole mortgage loans or participation interests in mortgage loans collateralized by first liens on commercial properties and mezzanine debt. The Company also has a term master repurchase agreement with a major U.S. bank to finance CMBS totaling $100 million. The Company’s repurchase facilities include covenants covering net worth requirements, minimum liquidity levels, maximum leverage ratios, and minimum fixed charge coverage ratios. The Company was in compliance with all covenants as of December 31, 2022 and December 31, 2021.

The Company has the option to extend some of the current facilities subject to a number of conditions, including satisfaction of certain notice requirements, the absence of an event of default, and the absence of a margin deficit, all as defined in the repurchase facility agreements. The lenders have sole discretion with respect to the inclusion of collateral in these facilities and the determination of the market value of the collateral on a daily basis, to be exercised on a good faith basis, and have the right in certain cases to require additional collateral, a full and/or partial repayment of the facilities (margin call), or a reduction in unused availability under the facilities, sufficient to rebalance the facilities if the estimated market value of the included collateral declines.

As of December 31, 2022, the Company had total debt obligations of $847.9 million outstanding pursuant to repurchase agreements with seven counterparties. As of December 31, 2022, two counterparties, JP Morgan and Wells Fargo, held collateral that exceeded the amounts borrowed under the related repurchase agreements by more than $76.7 million, or 5% of our total equity. As of December 31, 2022, the weighted average haircut, or the percent of collateral value in excess of the loan amount, under our repurchase agreements was 24%. There have been no significant fluctuations in haircuts across asset classes on our repurchase facilities.

Revolving Credit Facility

The Company’s Revolving Credit Facility provides for an aggregate maximum borrowing amount of $323.9 million, including a $25.0 million sublimit for the issuance of letters of credit. The Revolving Credit Facility is available on a revolving basis to finance the Company’s working capital needs and for general corporate purposes. On July 27, 2022, the Company amended its Revolving Credit Facility to increase the maximum borrowing amount to $323.9 million, extend the maturity date to July 27, 2023 with four additional one-year extension options, and reduce the interest rate to the sum of one-month Term SOFR plus a fixed margin of 2.50%. The amendment also provides for reductions in the fixed margin upon the achievement of investment grade credit ratings. As of December 31, 2022, the Company had no outstanding borrowings on the Revolving Credit Facility, but still maintains the ability to draw $323.9 million.

The obligations under the Revolving Credit Facility are guaranteed by the Company and certain of its subsidiaries. The Revolving Credit Facility is secured by a pledge of the shares of (or other ownership or equity interests in) certain subsidiaries to the extent the pledge is not restricted under existing regulations, law or contractual obligations.
 
The Company is subject to customary affirmative covenants and negative covenants, including limitations on the incurrence of additional debt, liens, restricted payments, sales of assets and affiliate transactions. In addition, the Company is required to comply with financial covenants relating to minimum net worth, maximum leverage, minimum liquidity, and minimum fixed charge coverage, consistent with our other credit facilities. The Company’s ability to borrow is dependent on, among other things, compliance with the financial covenants. The Revolving Credit Facility contains customary events of default, including non-payment of principal or interest, fees or other amounts, failure to perform or observe covenants, cross-default to other indebtedness, the rendering of judgments against the Company or certain of our subsidiaries to pay certain amounts of money and certain events of bankruptcy or insolvency.

Debt Issuance Costs

As of December 31, 2022 and December 31, 2021, the amounts of unamortized costs relating to our master repurchase facilities and Revolving Credit Facility were $5.0 million and $2.9 million, respectively, and are included in other assets in the consolidated balance sheets.

Uncommitted Securities Repurchase Facilities
 
The Company has also entered into multiple uncommitted master repurchase agreements collateralized by real estate securities with several counterparties. The borrowings under these agreements have typical advance rates between 75% and 95% of the fair value of collateral, which is primarily AAA-rated securities.

Mortgage Loan Financing
 
These non-recourse debt agreements provide for secured financing at rates ranging from 4.25% to 8.03%, and, as of December 31, 2022, have anticipated maturity dates between 2023-2031, with an average term of 3.8 years. These mortgage loans have carrying amounts of $498.0 million and $693.8 million, net of unamortized premiums of $2.4 million and $3.2 million as of December 31, 2022 and December 31, 2021, respectively, representing proceeds received upon financing greater than the contractual amounts due under these agreements. The premiums are being amortized over the remaining life of the respective debt instruments using the effective interest method. The Company recorded $0.7 million, $1.4 million and $1.2 million of premium amortization, which decreased interest expense for the years ended December 31, 2022, 2021, and 2020, respectively. The mortgage loans are collateralized by real estate and related lease intangibles, net, of $559.9 million and $805.0 million as of December 31, 2022 and December 31, 2021, respectively. During each of the the years ended December 31, 2022 and December 31, 2021, the Company executed one term debt agreement to finance properties in its real estate portfolio.
Collateralized Loan Obligations (“CLO”) Debt

On July 13, 2021, a consolidated subsidiary of the Company completed a privately-marketed CLO transaction, which generated $498.2 million of gross proceeds to Ladder, financing $607.5 million of loans (“Contributed July 2021 CLO Loans”) at an 82% advance rate on a matched term, non-mark-to-market and non-recourse basis. A consolidated subsidiary of the Company retained an 18% subordinate and controlling interest in the CLO. The Company retained consent rights over major decisions with respect to the servicing of the Contributed July 2021 CLO Loans, including the right to appoint and replace the special servicer under the CLO. The CLO is a VIE and the Company is the primary beneficiary and, therefore, consolidated the VIE - Refer to Note 10, Consolidated Variable Interest Entities.

On December 2, 2021, a consolidated subsidiary of the Company completed a privately marketed CLO transaction, which generated $566.2 million of gross proceeds to Ladder, financing $729.4 million of loans (“Contributed December 2021 CLO Loans”) at a maximum 77.6% advance rate on a matched term, non-mark-to-market and non-recourse basis. A consolidated subsidiary of the Company retained an 15.6% subordinate and controlling interest in the CLO. The Company also held two additional tranches as investments totaling 6.8% interest in the CLO. The Company retained consent rights over major decisions with respect to the servicing of the Contributed December 2021 CLO Loans, including the right to appoint and replace the special servicer under the CLO. The CLO is a VIE and the Company is the primary beneficiary and, therefore, consolidated the VIE - Refer to Note 10, Consolidated Variable Interest Entities.

As of December 31, 2022, the Company had $1.1 billion of matched term, non-mark-to-market and non-recourse CLO debt included in debt obligations on its consolidated balance sheets, which includes unamortized debt issuance costs of $5.9 million.

Borrowings from the Federal Home Loan Bank (“FHLB”)

On July 11, 2012, Tuebor, a consolidated subsidiary of the Company, became a member of the FHLB and subsequently drew its first secured funding advances from the FHLB. As of February 19, 2021, pursuant to a final rule adopted by the Federal Housing Finance Agency (the “FHFA”) regarding the eligibility of captive insurance companies, Tuebor’s membership in the FHLB has been terminated, although outstanding advances may remain outstanding until their scheduled maturity dates. Funding for future advance paydowns is expected to be obtained from the natural amortization and/or sales of securities collateral, or from other financing sources. There is no assurance that the FHFA or the FHLB will not take actions that could adversely impact Tuebor’s existing advances. 

As of December 31, 2022, Tuebor had $213.0 million of borrowings outstanding, with terms of 0.6 years to 1.75 years (with a weighted average of 1.25 years), and interest rates of 2.74% to 4.70% (with a weighted average of 4.52%). As of December 31, 2022, collateral for the borrowings was comprised of $248.8 million of CMBS and U.S. Agency securities (with advance rates of 71.7% to 95.7%, respectively).

Tuebor is subject to state regulations which require that dividends (including dividends to the Company as its parent) may only be made with regulatory approval. However, there can be no assurance that we would obtain such approval if sought. Largely as a result of this restriction, approximately $818.9 million of Tuebor’s member’s capital was restricted from transfer via dividend to Tuebor’s parent without prior approval of state insurance regulators at December 31, 2022. To facilitate intercompany cash funding of operations and investments, Tuebor and its parent maintain regulator-approved intercompany borrowing/lending agreements.

Senior Unsecured Notes
As of December 31, 2022, the Company had $1.6 billion of unsecured corporate bonds outstanding. These unsecured financings were comprised of $344.0 million in aggregate principal amount of 5.25% senior notes due 2025 (the “2025 Notes”), $650.8 million in aggregate principal amount of 4.25% senior notes due 2027 (the “2027 Notes”) and $649.0 million in aggregate principal of 4.75% senior notes due 2029 (the “2029 Notes,” collectively with the 2025 Notes and the 2027 Notes, the “Notes”).
LCFH issued the Notes with Ladder Capital Finance Corporation (“LCFC”), as co-issuers on a joint and several basis. LCFC is a 100% owned finance subsidiary of LCFH with no assets, operations, revenues or cash flows other than those related to the issuance, administration and repayment of the Notes. The Company and certain subsidiaries of LCFH currently guarantee the obligations under the Notes and the indenture. The Company was in compliance with all covenants of the Notes as of December 31, 2022 and 2021.

The Notes require interest payments semi-annually in cash in arrears, are unsecured, and are subject to an unencumbered assets to unsecured debt covenant. The Company may redeem the Notes prior to their stated maturity, in whole or in part, at any time or from time to time, with required notice and at a redemption price as specified in each respective indenture governing the Notes, plus accrued and unpaid interest, if any, to the redemption date. The board of the directors has authorized the Company to repurchase any or all of the Notes from time to time without further approval.

During the year ended December 31, 2022, the Company repurchased $4.0 million of the 2025 Notes and recognized a gain of $0.3 million on extinguishment of debt, $1.0 million of the 2027 Notes and recognized a gain of $0.2 million on extinguishment of debt, and $1.0 million of the 2029 Notes and recognized a gain of $0.2 million on extinguishment of debt.

Secured Financing Facility

On April 30, 2020, the Company entered into a strategic financing arrangement with a U.S. multinational corporation (the “Lender”), under which the Lender provided the Company with $206.4 million in senior secured financing (the “Secured Financing Facility”) to fund transitional and land loans. The Secured Financing Facility was secured on a first lien basis on a portfolio of certain of the Company’s loans and matured on May 6, 2023, and borrowings thereunder bear interest at LIBOR (or a minimum of 0.75% if greater) plus 10.0%, with a minimum interest premium clause, which was fully paid as of June 30, 2022. The Senior Financing Facility was non-recourse, subject to limited exceptions, and did not contain mark-to-market provisions. Additionally, the Senior Financing Facility provided the Company optionality to modify or restructure loans or forbear in exercising remedies, which maximized the Company’s financial flexibility.

As part of the strategic financing, the Lender also had the ability to make an equity investment in the Company of up to 4.0 million Class A common shares at $8.00 per share, subject to certain adjustments (the “Purchase Right”). The Purchase Right was exercised in full at $8.00 per share on December 29, 2020. In addition, the Lender has agreed not to sell, transfer, assign, pledge, hypothecate, mortgage, dispose of or in any way encumber the shares acquired as a result of exercising the Purchase Right for a period of time following the exercise date. In connection with the issuance of the Purchase Right, the Company and the Lender entered into a registration rights agreement, pursuant to which the Company has agreed to provide customary demand and piggyback registration rights to the Lender.

The Purchase Right was classified as equity and the $200.9 million of net proceeds from the original issuance were allocated $192.5 million to the originally issued debt obligation and $8.4 million to the Purchase Right using the relative fair value method. The commitment to issue shares will not be subsequently remeasured. The $8.4 million allocated to the Purchase Right was treated as a discount to the debt and amortized over the expected maturity of the Purchase Right to interest expense.

As of December 31, 2021, the Company had $132.4 million of borrowings outstanding under the secured financing facility included in debt obligations on its consolidated balance sheets, net of unamortized debt issuance costs of $1.9 million and a $2.1 million unamortized discount related to the Purchase Right.
Combined Maturity of Debt Obligations

The following schedule reflects the Company’s contractual payments under all borrowings by maturity ($ in thousands): 
Period ending December 31,Borrowings by
Maturity(1)
2023$326,607 
2024610,070 
2025612,006 
202689,161 
2027845,394 
Thereafter718,872 
Subtotal3,202,110 
Debt issuance costs included in senior unsecured notes(15,412)
Debt issuance costs included in mortgage loan financings(1,883)
Premiums included in mortgage loan financings(2)2,420 
Total (3)$3,187,235 
(1)The allocation of repayments under our committed loan repurchase facilities and Secured Financing Facility is based on the earlier of (i) the maturity date of each agreement, or (ii) the maximum maturity date of the collateral loans, assuming all extension options are exercised by the borrower.
(2)Represents deferred gains on intercompany loans, secured by our own real estate, sold into securitizations. These premiums are amortized as a reduction to interest expense.
(3)Total does not include $1.1 billion of consolidated CLO debt obligations and the related debt issuance costs of $5.9 million, as the satisfaction of these liabilities will be paid through cash flow from loan collateral including amortization and will not require cash outlays from us.

Financial Covenants

The Company’s debt facilities are subject to covenants which require the Company to maintain a minimum level of total equity. Largely as a result of this restriction, approximately $871.4 million of the total equity is restricted from payment as a dividend by the Company at December 31, 2022.

The Company was in compliance with all covenants described in the financial statements as of December 31, 2022.

LIBOR Transition

The Company has implemented fallback language for our LIBOR-based bi-lateral committed repurchase facilities and Revolving Credit Facility, including adjustments as applicable to maintain the anticipated economic terms of the existing contracts. As of December 31, 2022, 59.3% and 40.7% of our floating rate debt obligations bear interest indexed to LIBOR and Term SOFR, respectively. The Company continues to monitor the transition guidance provided by the ARRC, the International Swaps and Derivatives Association, Inc., the Financial Accounting Standards Board and other relevant regulators, agencies and industry working groups, and we continue to engage with clients, lenders, market participants and other industry leaders as the transition from LIBOR progresses.
v3.22.4
DERIVATIVE INSTRUMENTS
 12 Months Ended
Dec. 31, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
DERIVATIVE INSTRUMENTS
8. DERIVATIVE INSTRUMENTS
 
The Company primarily uses derivative instruments to economically manage the fair value variability of fixed rate assets caused by interest rate fluctuations and overall portfolio market risk. The following is a breakdown of the derivatives outstanding as of December 31, 2022 and December 31, 2021 ($ in thousands):
 
December 31, 2022
  Fair ValueRemaining
Maturity
(years)
Contract TypeNotionalAsset(1)Liability(1)
Caps    
1 Month Term SOFR$90,000 $1,804 $— 1.68
Futures    
5-year Treasury-Note Futures44,200 $51 $— 0.25
10-year Treasury-Note Futures61,400 71 — 0.25
Total futures105,600 122 —  
Options    
Options9,100 112 — 0.20
Total derivatives$204,700 $2,038 $—  
(1)Shown as derivative instruments, at fair value, in the accompanying consolidated balance sheets.

December 31, 2021
  Fair ValueRemaining
Maturity
(years)
Contract TypeNotionalAsset(1)Liability(1)
Caps    
1 Month LIBOR$84,621 $60 $— 0.57
Futures    
5-year Swap6,500 76 — 0.25
10-year Swap23,000 266 — 0.25
Total futures29,500 342 —  
Total derivatives$114,121 $402 $—  
(1)Shown as derivative instruments, at fair value, in the accompanying consolidated balance sheets.
 
The following table indicates the net realized gains (losses) and unrealized appreciation (depreciation) on derivatives, by primary underlying risk exposure, as included in net result from derivatives transactions in the consolidated statements of income for the years ended December 31, 2022, 2021, and 2020 ($ in thousands):
 Year Ended December 31, 2022
Contract TypeUnrealized
Gain/(Loss)		Realized
Gain/(Loss)		Net Result
from
Derivative
Transactions
Caps$984 $648 $1,632 
Futures(219)11,078 10,859 
Options(131)— (131)
Total$634 $11,726 $12,360 
 
 Year Ended December 31, 2021
Contract TypeUnrealized
Gain/(Loss)		Realized
Gain/(Loss)		Net Result
from
Derivative
Transactions
Caps$(8)$— $(8)
Futures42 1,715 1,757 
Total$34 $1,715 $1,749 
 Year Ended December 31, 2020
Contract TypeUnrealized
Gain/(Loss)		Realized
Gain/(Loss)		Net Result
from
Derivative
Transactions
Futures$(379)$(15,113)$(15,492)
Credit Derivatives111 111 222 
Total$(268)$(15,002)$(15,270)

Futures

Collateral posted with our futures counterparties is segregated in the Company’s books and records. Interest rate futures are centrally cleared by the Chicago Mercantile Exchange (“CME”) through a futures commission merchant. Interest rate futures that are governed by an International Swaps and Derivatives Association (“ISDA”) agreement provide for bilateral collateral pledging based on the counterparties’ market value. The counterparties have the right to re-pledge the collateral posted but have the obligation to return the pledged collateral, or substantially the same collateral, if agreed to by us, as the market value of the interest rate futures change.

The Company is required to post initial margin and daily variation margin for our interest rate futures that are centrally cleared by CME. CME determines the fair value of our centrally cleared futures, including daily variation margin. Variation margin pledged on the Company’s centrally cleared interest rate futures is settled against the realized results of these futures. The Company’s counterparties held $2.5 million, $0.5 million, and $0.8 million of cash margin as collateral for derivatives as of December 31, 2022, December 31, 2021 and December 31, 2020, respectively, which is included in restricted cash in the consolidated balance sheets.
v3.22.4
OFFSETTING ASSETS AND LIABILITIES
 12 Months Ended
Dec. 31, 2022
Offsetting [Abstract]  
OFFSETTING ASSETS AND LIABILITIES
9. OFFSETTING ASSETS AND LIABILITIES
 
The following tables present both gross information and net information about derivatives and other instruments eligible for offset in the statement of financial position as of December 31, 2022 and December 31, 2021. The Company’s accounting policy is to record derivative asset and liability positions on a gross basis; therefore, the following tables present the gross derivative asset and liability positions recorded on the balance sheets, while also disclosing the eligible amounts of financial instruments and cash collateral to the extent those amounts could offset the gross amount of derivative asset and liability positions. The actual amounts of collateral posted by or received from counterparties may be in excess of the amounts disclosed in the following tables as the following only disclose amounts eligible to be offset to the extent of the recorded gross derivative positions.

The following table represents offsetting of financial assets and derivative assets as of December 31, 2022 ($ in thousands): 
DescriptionGross amounts of
recognized assets		Gross amounts
offset in the
balance sheet		Net amounts of
assets presented
in the balance
sheet		Gross amounts not offset in the
balance sheet		Net amount
Financial
instruments		Cash collateral
received/(posted)(1)
Derivatives$2,038 $— $2,038 $— $(2,505)$(467)
Total$2,038 $— $2,038 $— $(2,505)$(467)
(1)Included in restricted cash on consolidated balance sheets.

The following table represents offsetting of financial liabilities and derivative liabilities as of December 31, 2022 ($ in thousands): 
DescriptionGross amounts of
recognized
liabilities		Gross amounts
offset in the
balance sheet		Net amounts of
liabilities
presented in the
balance sheet		Gross amounts not offset in the
balance sheet		Net amount
Financial
instruments
collateral		Cash collateral
posted/(received)(1)
Repurchase agreements$847,863 $— $847,863 $847,863 $19,128 $828,735 
Total$847,863 $— $847,863 $847,863 $19,128 $828,735 
(1)Included in restricted cash on consolidated balance sheets.

The following table represents offsetting of financial assets and derivative assets as of December 31, 2021 ($ in thousands):
DescriptionGross amounts of
recognized assets		Gross amounts
offset in the
balance sheet		Net amounts of
assets presented
in the balance
sheet		Gross amounts not offset in the
balance sheet		Net amount
Financial
instruments		Cash collateral
received/(posted)(1)
Derivatives$402 $— $402 $— $(526)$402 
Total$402 $— $402 $— $(526)$402 
(1)Included in restricted cash on consolidated balance sheets.

The following table represents offsetting of financial liabilities and derivative liabilities as of December 31, 2021 ($ in thousands):
DescriptionGross amounts of
recognized
liabilities		Gross amounts
offset in the
balance sheet		Net amounts of
liabilities
presented in the
balance sheet		Gross amounts not offset in the
balance sheet		Net amount
Financial
instruments
collateral		Cash collateral
posted/(received)(1)
Repurchase agreements$444,577 $— $444,577 $444,577 $1,975 $442,603 
Total$444,577 $— $444,577 $444,577 $1,975 $442,603 
(1)Included in restricted cash on consolidated balance sheets.
Master netting agreements that the Company has entered into with its derivative and repurchase agreement counterparties allow for netting of the same transaction, in the same currency, on the same date. Assets, liabilities, and collateral subject to master netting agreements as of December 31, 2022 and December 31, 2021 are disclosed in the tables above. The Company does not present its derivative and repurchase agreements net on the consolidated financial statements as it has elected gross presentation.
v3.22.4
CONSOLIDATED VARIABLE INTEREST ENTITIES
 12 Months Ended
Dec. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
CONSOLIDATED VARIABLE INTEREST ENTITIES
10. CONSOLIDATED VARIABLE INTEREST ENTITIES

The Company consolidates on its balance sheet two CLOs that are considered VIEs as of December 31, 2022 and December 31, 2021 ($ in thousands):

December 31, 2022December 31, 2021
Restricted cash$4,902 $369 
Mortgage loan receivables held for investment, net, at amortized cost1,308,654 1,299,116 
Accrued interest receivable8,313 4,587 
Other assets17,505 26,636 
Total assets$1,339,374 $1,330,708 
Debt obligations, net$1,058,462 $1,054,774 
Accrued expenses3,029 1,218 
Other liabilities65 65 
Total liabilities1,061,556 1,056,057 
Net equity in VIEs (eliminated in consolidation)277,818 274,651 
Total equity277,818 274,651 
Total liabilities and equity$1,339,374 $1,330,708 

Refer to Note 7. Debt Obligations, Net - Collateralized Loan Obligations (“CLO”) Debt for further details.
v3.22.4
EQUITY STRUCTURE AND ACCOUNTS
 12 Months Ended
Dec. 31, 2022
Equity [Abstract]  
EQUITY STRUCTURE AND ACCOUNTS
11. EQUITY STRUCTURE AND ACCOUNTS

The Company has one outstanding class of common stock, Class A as of December 31, 2022, 2021 and 2020. Prior to September 30, 2020, the Company also had Class B common stock. The Class A and Class B common stock are described as follows:

Class A Common Stock
 
Voting Rights
 
Holders of shares of Class A common stock are entitled to one vote per share on all matters on which stockholders generally are entitled to vote. The holders of Class A common stock do not have cumulative voting rights in the election of directors.
 
Dividend Rights
 
Subject to the rights of the holders of any preferred stock that may be outstanding and any contractual or statutory restrictions, holders of Class A common stock are entitled to receive equally and ratably, share for share, dividends as may be declared by the board of directors out of funds legally available to pay dividends. Dividends upon Class A common stock may be declared by the board of directors at any regular or special meeting and may be paid in cash, in property, or in shares of capital stock.
 
Liquidation Rights
 
Upon liquidation, dissolution, distribution of assets or other winding up, the holders of Class A common stock are entitled to receive ratably the assets available for distribution to the shareholders after payment of liabilities and the liquidation preference of any outstanding shares of preferred stock.
 
Other Matters
 
The shares of Class A common stock have no preemptive or conversion rights and are not subject to further calls or assessment by the Company. There are no redemption or sinking fund provisions applicable to the Class A common stock. All outstanding shares of our Class A common stock are fully paid and non-assessable.

Class B Common Stock
 
Voting Rights
 
Holders of shares of Class B common stock are entitled to one vote for each share on all matters on which stockholders generally are entitled to vote. Holders of shares of our Class B common stock vote together with holders of our Class A common stock on all such matters. Our stockholders do not have cumulative voting rights in the election of directors. We do not currently have any shares of Class B common stock outstanding.
 
No Dividend or Liquidation Rights
 
Holders of Class B common stock do not have any right to receive dividends or to receive a distribution upon a liquidation or winding up of Ladder Capital Corp.

Exchange for Class A Common Stock
 
We are a holding company and have no material assets other than our direct and indirect ownership of Series REIT limited partnership units (“Series REIT LP Units”) and Series TRS limited partnership units (“Series TRS LP Units,” and, collectively with Series REIT LP Units, “Series Units”) of LCFH. Series TRS LP Units are exchangeable for the same number of limited liability company interests of LC TRS I LLC (“LC TRS I Shares”), which is a limited liability company that is a TRS as well as a general partner of Series TRS. Pursuant to the Third Amended and Restated LLLP Agreement of LCFH, the Continuing LCFH Limited Partners may from time to time, subject to certain conditions, receive one share of the Company’s Class A common stock in exchange for (i) one share of the Company’s Class B common stock, (ii) one Series REIT LP Unit and (iii) either one Series TRS LP Unit or one TRS I LLC Share, subject to equitable adjustments for stock splits, stock dividends and reclassifications. During the year ended December 31, 2020, 12,158,933 Series REIT LP Units and 12,158,933 Series TRS LP Units were collectively exchanged for 12,158,933 shares of Class A common stock and 12,158,933 shares of Class B common stock were canceled. We received no other consideration in connection with these exchanges. As of December 31, 2022, 2021 and 2020, the Company held a 100.0% interest in LCFH.

Stock Repurchases

On July 27, 2022, the board of directors authorized the repurchase of $50.0 million of the Company’s Class A common stock from time to time without further approval. This authorization increased the remaining outstanding authorization per the August 4, 2021 authorization from $39.5 million to $50.0 million. Stock repurchases by the Company are generally made for cash in open market transactions at prevailing market prices but may also be made in privately negotiated transactions or otherwise. The timing and amount of purchases are determined based upon prevailing market conditions, our liquidity requirements, contractual restrictions and other factors. As of December 31, 2022, the Company has a remaining amount available for repurchase of $46.7 million, which represents 3.7% in the aggregate of its outstanding Class A common stock, based on the closing price of $10.04 per share on such date.

The following tables summarize of the Company’s repurchase activity of its Class A common stock during the years ended December 31, 2022, 2021, and 2020 ($ in thousands):
SharesAmount(1)
Authorizations remaining as of December 31, 2021$44,122 
Additional authorizations(2)10,534 
Repurchases paid783,599 (7,919)
Authorizations remaining as of December 31, 2022$46,737 
(1)Amount excludes commissions paid associated with share repurchases.
(2)On July 27, 2022 the Board authorized repurchases up to $50.0 million in aggregate.
SharesAmount(1)
Authorizations remaining as of December 31, 2020$38,102 
Additional authorizations(2)15,027 
Repurchases paid822,928 (9,007)
Authorizations remaining as of December 31, 2021$44,122 
(1)Amount excludes commissions paid associated with share repurchases.
(2)On August 4, 2021, the Board authorized additional repurchases of up to $50.0 million in aggregate.
SharesAmount(1)
Authorizations remaining as of December 31, 2019$41,132 
Additional authorizations— 
Repurchases paid384,251 (3,030)
Repurchases unsettled— 
Authorizations remaining as of December 31, 2020$38,102 
(1)Amount excludes commissions paid associated with share repurchases.

Dividends
In order for the Company to maintain its qualification as a REIT under the Code, it must annually distribute at least 90% of its taxable income. The Company has paid and in the future intends to declare regular quarterly distributions to its shareholders in order to continue to qualify as a REIT.

Consistent with IRS guidance, the Company may, subject to a cash/stock election by its shareholders, pay a portion of its dividends in stock, to provide for meaningful capital retention; however, the REIT distribution requirements limit its ability to retain earnings and thereby replenish or increase capital for operations. The timing and amount of future distributions is based on a number of factors, including, among other things, the Company’s future operations and earnings, capital requirements and surplus, general financial condition and contractual restrictions. All dividend declarations are subject to the approval of the Company’s board of directors. Generally, the Company expects its distributions to be taxable as ordinary dividends to its shareholders, whether paid in cash or a combination of cash and common stock, and not as a tax-free return of capital or a capital gain (although for taxable years beginning after December 31, 2017 and before January 1, 2026, generally stockholders that are individuals, trusts or estates may deduct 20% of the aggregate amount of ordinary dividends distributed by us, subject to certain limitations). The Company believes that its significant capital resources and access to financing will provide the financial flexibility at levels sufficient to meet current and anticipated capital requirements, including funding new investment opportunities, paying distributions to its shareholders and servicing our debt obligations.

The following table presents dividends declared (on a per share basis) of Class A common stock for the years ended December 31, 2022, 2021 and 2020:
Declaration DateDividend per Share
March 15, 2022$0.20 
June 15, 20220.22 
September 15, 20220.23 
December 15, 20220.23 
Total$0.88 
March 15, 2021$0.20 
June 15, 20210.20 
September 15, 20210.20 
December 15, 20210.20 
Total$0.80 
February 27, 2020$0.34 
May 28, 20200.20 
August 31, 20200.20 
December 31, 20200.20 
Total$0.94 

The following table presents the tax treatment for our aggregate distributions per share of common stock paid for the years ended December 31, 2022, 2021, and 2020:
Record DatePayment DateDividend per ShareOrdinary DividendsQualified DividendsCapital GainUnrecaptured 1250 GainReturn of CapitalSection 199A Dividends
December 31, 2021January 18, 2022(1)$0.200 $0.034 $— $0.166 $0.051 $— $0.034 
March 31, 2022April 15, 20220.200 0.034 — 0.166 0.051 — 0.034 
June 30, 2022July 15, 20220.220 0.038 — 0.182 0.056 — 0.038 
September 30, 2022October 17, 20220.230 0.039 — 0.191 0.059 — 0.039 
December 31, 2022January 17, 20230.230 0.039 — 0.191 0.059 — 0.039 
Total$1.080 $0.184 $— $0.896 $0.276 $— $0.184 
(1)The fourth quarter dividend paid on January 18, 2022 was $0.200 and is considered a 2022 dividend for U.S. federal income tax purposes.
Record DatePayment DateDividend per ShareOrdinary DividendsQualified DividendsCapital GainUnrecaptured 1250 GainReturn of CapitalSection 199A Dividends
December 31, 2020January 15, 2021(1)$0.200 $0.053 $0.001 $0.095 $0.039 $0.052 $0.053 
March 31, 2021April 15, 2021$0.200 $0.053 $0.001 $0.095 $0.039 $0.052 $0.053 
June 30, 2021July 15, 20210.200 0.053 0.001 0.095 0.039 0.052 0.053 
September 30, 2021October 15, 20210.200 0.053 0.001 0.095 0.039 0.052 0.053 
December 31, 2021January 18, 2022(2)— — — — — — — 
Total$0.800 $0.212 $0.004 $0.380 $0.156 $0.208 $0.212 
(1)The fourth quarter dividend paid on January 15, 2021 was $0.200 and is considered a 2021 dividend for U.S. federal income tax purposes.
(2)The fourth quarter dividend paid on January 18, 2022 was $0.200 and is considered a 2022 dividend for U.S. federal income tax purposes.

Record DatePayment DateDividend per ShareOrdinary DividendsQualified DividendsCapital GainUnrecaptured 1250 GainReturn of CapitalSection 199A Dividends
March 10, 2020April 1, 2020$0.340 $0.230 $— $0.039 $0.016 $0.071 $0.230 
June 10, 2020July 1, 20200.200 0.135 — 0.023 0.009 0.042 0.135 
September 10, 2020October 1, 20200.200 0.135 — 0.023 0.009 0.042 0.135 
December 31, 2020January 15, 2021(1)— — — — — — — 
Total$0.740 $0.500 $— $0.085 $0.034 $0.155 $0.500 
(1)The fourth quarter dividend paid on January 15, 2021 was $0.200 and is considered a 2021 dividend for U.S. federal income tax purposes.
Changes in Accumulated Other Comprehensive Income (Loss)

The following table presents changes in accumulated other comprehensive income related to the cumulative difference between the fair market value and the amortized cost basis of securities classified as available for sale for the years ended December 31, 2022, 2021, and 2020 ($ in thousands):
Accumulated Other Comprehensive Income (Loss)Accumulated Other Comprehensive Income (Loss) of Noncontrolling InterestsTotal Accumulated Other Comprehensive Income (Loss)
December 31, 2021$(4,112)$(2)$(4,114)
Other comprehensive income (loss)(16,897)— (16,897)
December 31, 2022$(21,009)$(2)$(21,011)
Accumulated Other Comprehensive Income (Loss)Accumulated Other Comprehensive Income (Loss) of Noncontrolling InterestsTotal Accumulated Other Comprehensive Income (Loss)
December 31, 2020$(10,463)$(2)$(10,465)
Other comprehensive income (loss)6,351 — 6,351 
December 31, 2021$(4,112)$(2)$(4,114)
Accumulated Other Comprehensive Income (Loss)Accumulated Other Comprehensive Income (Loss) of Noncontrolling InterestsTotal Accumulated Other Comprehensive Income (Loss)
December 31, 2019$4,218 $475 $4,693 
Other comprehensive income (loss)(9,950)(5,208)(15,158)
Exchange of noncontrolling interest for common stock(6,952)6,952 — 
Rebalancing of ownership percentage between Company and Operating Partnership2,221 (2,221)— 
December 31, 2020$(10,463)$(2)$(10,465)
v3.22.4
NONCONTROLLING INTERESTS
 12 Months Ended
Dec. 31, 2022
Noncontrolling Interest [Abstract]  
NONCONTROLLING INTERESTS
12. NONCONTROLLING INTERESTS

Noncontrolling Interests in Consolidated Ventures

As of December 31, 2022, the Company consolidates two ventures and in each, there are different noncontrolling investors, which own between 10.0% - 25.0% of such ventures. These ventures hold investments in a 40-building student housing portfolio in Isla Vista, CA with a book value of $79.9 million, and a single-tenant office building in Oakland County, MI with a book value of $8.9 million. The Company makes distributions and allocates income from these ventures to the noncontrolling interests in accordance with the terms of the respective governing agreements.

Sales

During the year ended December 31, 2022, the Company sold its interests in an apartment complex in Stillwater, OK, an apartment complex in Miami, FL, and office buildings in Richmond, VA. Refer to Note 5, Real Estate and Related Lease Intangibles, Net for further details.

Noncontrolling Interest in the Operating Partnership

As more fully described in Note 1, certain of the predecessor equity owners held interests in the Operating Partnership as modified by the IPO Transactions. These interests were subsequently further modified by the REIT Structuring Transactions
(also described in Note 1). These interests, along with the Class B common stock held by these investors, were exchangeable for Class A common stock of the Company. The roll-forward of the Operating Partnership’s LP Units followed the Class B common stock of the Company as disclosed in the consolidated statements of changes in equity. As of September 30, 2020, all shares of Class B common stock have been exchanged for shares of Class A common stock, and the Company held a 100% interest in LCFH.

Pursuant to ASC 810, Consolidation, on the accounting and reporting for noncontrolling interests and changes in ownership interests of a subsidiary, changes in a parent’s ownership interest (and transactions with noncontrolling interest unitholders in the subsidiary), while the parent retains its controlling interest in its subsidiary, should be accounted for as equity transactions. The carrying amount of the noncontrolling interest will be adjusted to reflect the change in its ownership interest in the subsidiary, with the offset to equity attributable to the parent. There were no changes in ownership interest for the twelve months ended December 31, 2022.

Distributions to Noncontrolling Interest in the Operating Partnership

Notwithstanding the foregoing, subject to any restrictions in applicable debt financing agreements and available liquidity as determined by the board of directors of each of Series REIT of LCFH and Series TRS of LCFH, each Series used commercially reasonable efforts to make quarterly distributions to each of its partners (including the Company) at least equal to such partner’s “Quarterly Estimated Tax Amount,” which was computed (as more fully described in LCFH’s Third Amended and Restated LLLP Agreement) for each partner as the product of (x) the U.S. federal taxable income (or alternative minimum taxable income, if higher) allocated by such Series to such partner in respect of the Series REIT LP Units and Series TRS LP Units held by such partner and (y) the highest marginal blended U.S. federal, state and local income tax rate (or alternative minimum taxable rate, as applicable) applicable to an individual residing in New York, NY, taking into account, for U.S. federal income tax purposes, the deductibility of state and local taxes; provided that Series TRS of LCFH took into account, in determining the amount of tax distributions to holders of Series TRS LP Units, the amount of any distributions each such holder received from Series REIT of LCFH in excess of tax distributions. In addition, to the extent the Company required an additional distribution from the Series of LCFH in excess of its quarterly tax distribution in order to pay its quarterly cash dividend, the Series of LCFH was required to make a corresponding distribution of cash to each of their partners (other than the Company) on a pro-rata basis. As of December 31, 2020, all shares of Class B common stock have been exchanged for shares of Class A common stock, and the Company held a 100% interest in LCFH. Due to the expiration of the partnership the above will no longer be applicable prospectively.
 
Income and losses and comprehensive income were allocated among the partners in a manner to reflect as closely as possible the amount each partner would be distributed under the Third Amended and Restated LLLP Agreement of LCFH upon liquidation of the Operating Partnership’s assets.
v3.22.4
EARNINGS PER SHARE
 12 Months Ended
Dec. 31, 2022
Earnings Per Share [Abstract]  
EARNINGS PER SHARE
13. EARNINGS PER SHARE
 
The Company’s net income (loss) and weighted average shares outstanding for the years ended December 31, 2022, 2021, and 2020 consist of the following:
Year Ended December 31,
($ in thousands except share amounts)202220212020
Basic and Diluted Net income (loss) available for Class A common shareholders$142,217 $56,522 $(14,445)
Weighted average shares outstanding:   
Basic124,301,421 123,763,843 112,409,615 
Diluted125,823,671 124,563,051 112,409,615 
 
The calculation of basic and diluted net income (loss) per share amounts for the years ended December 31, 2022, 2021, and 2020 consist of the following:
Year Ended December 31,
(In thousands except share and per share amounts) (1)202220212020(2)
Basic Net Income (Loss) Per Share of Class A Common Stock   
Numerator:
   
Net income (loss) attributable to Class A common shareholders$142,217 $56,522 $(14,445)
Denominator:
   
Weighted average number of shares of Class A common stock outstanding124,301,421 123,763,843 112,409,615 
Basic net income (loss) per share of Class A common stock$1.14 $0.46 $(0.13)
Diluted Net Income (Loss) Per Share of Class A Common Stock   
Numerator:   
Net income (loss) attributable to Class A common shareholders$142,217 $56,522 $(14,445)
Diluted net income (loss) attributable to Class A common shareholders142,217 56,522 (14,445)
Denominator:   
Basic weighted average number of shares of Class A common stock outstanding124,301,421 123,763,843 112,409,615 
Add - dilutive effect of:   
Incremental shares of unvested Class A restricted stock(1)1,522,250 799,208 — 
Diluted weighted average number of shares of Class A common stock outstanding125,823,671 124,563,051 112,409,615 
Diluted net income (loss) per share of Class A common stock$1.13 $0.45 $(0.13)
(1)The Company is using the treasury stock method.
(2)For the year ended December 31, 2020, shares issuable relating to converted Class B common shareholders are excluded from the calculation of diluted EPS as the inclusion of such potential common shares in the calculation would be anti-dilutive. There were no Class B shares outstanding during the years ended December 31, 2022 and December 31, 2021.
The shares of Class B common stock do not share in the earnings of Ladder Capital Corp and are, therefore, not participating securities. Accordingly, basic and diluted net income (loss) per share of Class B common stock has not been presented, although the assumed conversion of Class B common stock has been included in the presented diluted net income (loss) per share of Class A common stock for the period of time that Class B common stock was outstanding.
v3.22.4
STOCK BASED AND OTHER COMPENSATION PLANS
 12 Months Ended
Dec. 31, 2022
Share-Based Payment Arrangement [Abstract]  
STOCK BASED AND OTHER COMPENSATION PLANS
14. STOCK BASED AND OTHER COMPENSATION PLANS
 
Summary of Stock and Shares Unvested/Outstanding

The following table summarizes the impact on the consolidated statements of income of the various stock based compensation plans and other compensation plans ($ in thousands):
Year Ended December 31,
202220212020
Stock Based Compensation Expense$31,584 $15,300 $42,728 
Phantom Equity Investment Plan— 22 (1,238)
Stock Options Exercised— — 270 
Total Stock Based Compensation Expense(1)$31,584 $15,322 $41,760 
(1)Variance between twelve months ended December 31, 2022, December 31, 2021, December 31, 2020 is primarily due to timing of 2020, 2021 and 2022 employee stock and bonus compensation.

A summary of the grants is presented below:
 Year Ended December 31,
 202220212020
Number
of Shares		Weighted
Average
Fair Value
Per Share		Number
of Shares		Weighted
Average
Fair Value
Per Share		Number
of Shares/Options		Weighted
Average
Fair Value
Per Share
Grants - Class A Common Stock2,884,303 $11.87 747,713 $9.81 4,423,215 $12.84 

The table below presents the number of unvested shares of Class A common stock and outstanding stock options at December 31, 2022 and changes during 2022 of the Class A common stock and stock options of Ladder Capital Corp granted under the 2014 Omnibus Incentive Plan:
Restricted StockWeighted Average Grant Date Fair ValueStock Options
Nonvested/Outstanding at December 31, 20212,145,380 $12.76 623,788 
Granted2,884,303 11.87 — 
Vested(2,404,181)11.89 — 
Forfeited(95,931)11.61 — 
Nonvested/Outstanding at December 31, 20222,529,571 $12.62 623,788 
Exercisable at December 31, 2022 (1)623,788 
(1)The weighted-average exercise price of outstanding options, warrants and rights is $14.84 at December 31, 2022.

At December 31, 2022 there was $12.4 million of total unrecognized compensation cost related to certain share-based compensation awards that is expected to be recognized over a period of up to 33 months, with a weighted-average remaining vesting period of 21.7 months.

2014 Omnibus Incentive Plan
 
In connection with the IPO Transactions, the 2014 Ladder Capital Corp Omnibus Incentive Equity Plan (the “2014 Omnibus Incentive Plan”) was adopted by the board of directors on February 11, 2014, and provides certain members of management, employees and directors of the Company or its affiliates with additional incentives including grants of stock options, stock appreciation rights, restricted stock, other stock-based awards and other cash-based awards.
Annual Incentive Awards Granted in 2022 with respect to 2021 Performance

For 2021 performance, certain employees received stock-based incentive equity in January 2022. Fair value for all restricted and unrestricted stock grants was calculated using the average closing stock price for the five business days prior to the grant date. Restricted stock subject to time-based vesting criteria will vest in three installments on February 18 of each of 2023, 2024 and 2025, subject to continued employment on the applicable vesting dates. The Company has elected to recognize the compensation expense related to the time-based vesting of the annual restricted stock awards for the entire award on a straight-line basis over the requisite service period for the entire award. Restricted stock subject to performance criteria is eligible to vest in three equal installments upon the compensation committee’s confirmation that the Company achieves a return on equity, based on distributable earnings divided by the Company’s average book value of equity, equal to or greater than 8% for such year (the “Performance Target”) for the years ended December 31, 2022, 2023 and 2024, respectively. If the Company misses the Performance Target during either the first or second calendar year but meets the Performance Target for a subsequent year during the three-year performance period and the Company’s return on equity for such subsequent year and any years for which it missed its Performance Target equals or exceeds the compounded return on equity of 8% based on distributable earnings divided by the Company’s average book value of equity, the performance-vesting restricted stock which failed to vest because the Company previously missed its Performance Target will vest subject to continued employment on the applicable vesting date (the “Catch-Up Provision”). Accruals of compensation cost for an award with a performance condition shall be based on the probable outcome of that performance condition. Therefore, compensation cost shall be accrued if it is probable that the performance condition will be achieved and shall not be accrued if it is not probable that the performance condition will be achieved. The probability of meeting the performance outcome is assessed quarterly.

On January 31, 2022, in connection with 2021 compensation, annual stock awards were granted to management employees (each, a “Management Grantee”), with an aggregate fair value of $18 million, which represents 1,517,627 shares of Class A common stock. The grant to Mr. Harris and approximately 2/3 of the grants to Ms. McCormack and Mr. Perelman were unrestricted. The other 1/3 of incentive equity granted to Ms. McCormack and Mr. Perelman is restricted stock subject to attainment of the Performance Target for the applicable years and is also subject to the Catch-Up Provision described above. For the grants to Mr. Miceli and Ms. Porcella (a total of 210,662 shares with an aggregate fair value of $2.5 million), approximately 1/3 of the awards were unrestricted, with another 1/3 of the awards subject to time-based vesting criteria, and the remaining 1/3 subject to attainment of the Performance Target for the applicable years.

On January 31, 2022, in connection with 2021 compensation, annual stock awards were granted to certain non-management employees (“Non-Management Grantees”) with an aggregate fair value of $15.4 million, which represents 1,293,853 shares of Class A common stock. Of these awards, 264,704 shares were unrestricted, 497,169 shares are subject to time-based vesting criteria, and the remaining 531,980 shares are subject to attainment of the Performance Target for the applicable years. Approximately 2/3 of all the shares subject to attainment of the Performance Target, are also subject to the Catch-Up Provision.

Other Incentive Awards Granted in 2022

On May 10, 2022, a new employee of the Company received a Restricted Stock Award with a grant date fair value of $0.4 million, representing 33,784 shares of restricted Class A common stock. Fifty percent of the Restricted Stock Award is subject to time-based vesting criteria, and the remaining 50% of the Restricted Stock Award is subject to attainment of the Performance Target for the applicable years. The time-vesting restricted stock will vest in three installments on February 18 of each of 2023, 2024 and 2025, subject to continued employment on the applicable vesting dates. The performance-vesting restricted stock will vest in three equal installments upon the Compensation Committee’s confirmation that the Company achieves the Performance Target for the years ended December 31, 2022, 2023 and 2024, respectively. The Catch-Up Provision applies to the performance vesting portion of this award, provided that a termination has not occurred. The Company has elected to recognize the compensation expense related to the time-based vesting criteria of these Restricted Stock Awards on a straight-line basis over the requisite service period.

Other 2022 Restricted Stock Awards

On February 18, 2022, certain members of the board of directors received annual restricted stock awards with a grant date fair value of $0.4 million, representing 31,860 shares of restricted Class A common stock, which will vest in full on the first anniversary of the date of grant, subject to continued service on the board of directors. Compensation expense related to the time-based vesting criteria of the award shall be recognized on a straight-line basis over the one-year vesting period.
Annual Incentive Awards Granted in 2021 with Respect to 2020 Performance

On January 1, 2021, in connection with 2020 compensation, annual stock awards were granted to Non-Management Grantees with an aggregate fair value of $7.0 million, which represents 711,653 shares of Class A common stock. Approximately one-third of the awards to Non-Management Grantees were unrestricted, with another one-third of the awards subject to time-based vesting criteria, and the remaining one-third subject to attainment of the Performance Target for the applicable years. The one-third of awards subject to attainment of the Performance Target is also subject to the Catch-Up Provision and the Performance Waiver, defined below. The time-vesting restricted stock will vest in three installments on February 18 of each of 2022, 2023 and 2024, subject to continued employment on the applicable vesting dates. Fair value for all restricted and unrestricted stock grants was calculated using the most recent closing stock price prior to the grant date (due to markets being closed on the grant date). Compensation expense for unrestricted stock grants was expensed immediately. The Company has elected to recognize the compensation expense related to the time-based vesting of the annual restricted stock awards for the entire award on a straight-line basis over the requisite service period for the entire award. Accruals of compensation cost for an award with a performance condition shall be based on the probable outcome of that performance condition. Therefore, compensation cost shall be accrued if it is probable that the performance condition will be achieved and shall not be accrued if it is not probable that the performance condition will be achieved. The probability of meeting the performance outcome is assessed quarterly. On May 27, 2020, the compensation committee of the board of directors used its discretion to waive the Performance Target for shares eligible to vest based on the Company’s performance in 2020 and 2021, subject to continued employment on the applicable vesting dates (the “Performance Waiver”). The Performance Waiver was made in recognition of the actions taken by Ladder’s employees in response to COVID-19 that, while in the best interests of the Company and its shareholders, would not produce earnings consistent with the Performance Target in their deferred compensation arrangements. Such actions included maintaining high levels of unrestricted cash liquidity and refinancing debt with more expensive non-mark-to-market funding sources. In the second quarter, the 2021 Performance Waiver applied to one Ladder employee.

Other 2021 Restricted Stock Awards

On February 18, 2021, certain members of the board of directors each received annual restricted stock awards with a grant date fair value of $0.4 million, representing 36,060 shares of restricted Class A common stock, which will vest in full on the first anniversary of the date of grant, subject to continued service on the board of directors. Compensation expense related to the time-based vesting criteria of the award shall be recognized on a straight-line basis over the one-year vesting period.

Change in Control

Upon a change in control (as defined in the respective award agreements), restricted stock awards to Mr. Miceli, Ms. McCormack, Mr. Perelman, and one Non-Management Grantee will become fully vested if (1) such Grantee continues to be employed through the closing of the change in control; or (2) after the signing of definitive documentation related to the change in control, but prior to its closing, such Grantee’s employment is terminated without cause or due to death or disability or the Grantee resigns for Good Reason, as defined in each Grantee’s employment agreement. The compensation committee retains the right, in its sole discretion, to provide for the accelerated vesting (in whole or in part) of the restricted stock awards granted.

In the event Ms. Porcella or a Non-Management Grantee, except for the one mentioned above, is terminated by the Company without cause within six months of certain changes in control, all unvested time shares shall vest on the termination date and all unvested performance shares shall remain outstanding and be eligible to vest (or be forfeited) in accordance with the performance conditions.

Bonus Payments
During the year ended December 31, 2021, the Company recorded $11.0 million of compensation expense related to cash bonuses that were paid in January 2022. For the three months ended March 31, 2021, the Company paid $1.1 million compensation expense related to bonuses accrued for during the year ended December 31, 2020. The remaining amounts of incentive compensation related to the year ended December 31, 2020 were paid in the form of equity.
v3.22.4
FAIR VALUE OF FINANCIAL INSTRUMENTS
 12 Months Ended
Dec. 31, 2022
Fair Value Disclosures [Abstract]  
FAIR VALUE OF FINANCIAL INSTRUMENTS 15. FAIR VALUE OF FINANCIAL INSTRUMENTS
 
Fair value is based upon internal models, using market quotations, broker quotations, counterparty quotations or pricing services quotations, which provide valuation estimates based upon reasonable market order indications and are subject to significant variability based on market conditions, such as interest rates, credit spreads and market liquidity. The fair value of the mortgage loan receivables held for sale is based upon a securitization model utilizing market data from recent securitization spreads and pricing.
 
Fair Value Summary Table
 
The carrying values and estimated fair values of the Company’s financial instruments, which are both reported at fair value on a recurring basis (as indicated) or amortized cost/par, at December 31, 2022 and December 31, 2021 are as follows ($ in thousands):
 
December 31, 2022
      Weighted Average
 Principal Amount Amortized Cost Basis/Purchase PriceFair ValueFair Value MethodYield
%		Remaining
Maturity/Duration (years)
Assets:       
CMBS(1)$562,839  $562,246 $541,333 Internal model, third-party inputs5.32 %1.06
CMBS interest-only(1)1,026,195 (2)10,498 10,443 Internal model, third-party inputs3.65 %1.45
GNMA interest-only(3)45,369 (2)285 281 Internal model, third-party inputs4.23 %3.3
Agency securities(1)36  36 35 Internal model, third-party inputs2.70 %1.54
U.S. Treasury securities(1)36,000 35,328 35,328 Internal model, third-party inputs4.17 %0.6
Equity securities(3) N/A 160 118 Observable market pricesN/A N/A
Mortgage loan receivables held for investment, net, at amortized cost(4)3,907,295  3,885,746 3,875,708 Discounted Cash Flow(5)8.85 %1.26
Mortgage loan receivables held for sale31,350  27,391 27,391 Internal model, third-party inputs(6)4.57 %9.19
FHLB stock(7)9,585  9,585 9,585 (7)4.75 % N/A
Nonhedge derivatives(1)(10)204,700  2,038 2,038 Counterparty quotationsN/A1.52
Liabilities:       
Repurchase agreements - short-term481,465  481,465 481,465 Cost plus Accrued Interest (8)4.04 %0.37
Repurchase agreements - long-term366,398  366,398 366,398 Discounted Cash Flow(9)4.06 %2.56
Mortgage loan financing497,454  497,991 477,101 Discounted Cash Flow5.51 %3.36
CLO debt1,064,365 1,058,462 1,058,462 Discounted Cash Flow(9)6.35 %15.92
Borrowings from the FHLB213,000  213,000 213,055 Discounted Cash Flow1.61 %1.25
Senior unsecured notes1,643,794  1,628,382 1,397,977 Internal model, third-party inputs4.66 %4.75
(1)Measured at fair value on a recurring basis with the net unrealized gains or losses recorded as a component of other comprehensive income (loss) in equity.
(2)Represents notional outstanding balance of underlying collateral.
(3)Measured at fair value on a recurring basis with the net unrealized gains or losses recorded in current period earnings.
(4)Balance does not include impact of allowance for current expected credit losses of $20.8 million at December 31, 2022.
(5)Fair value for floating rate mortgage loan receivables, held for investment is estimated to approximate the outstanding face amount given the short interest rate reset risk (30 days) and no significant change in credit risk. Fair value for fixed rate mortgage loan receivables, held for investment is measured using a discounted cash flow model.
(6)Fair value for mortgage loan receivables, held for sale is measured using a hypothetical securitization model utilizing market data from recent securitization spreads and pricing.
(7)Fair value of the FHLB stock approximates outstanding face amount as the Company’s captive insurance subsidiary is restricted from trading the stock and can only put the stock back to the FHLB, at the FHLB’s discretion, at par.
(8)For repurchase agreements - short term, the value approximates the cost plus accrued interest.
(9)For repurchase agreements - long term and CLO debt, the carrying value approximates the fair value discounting the expected cash flows at current market rates. If the collateral is determined to be impaired, the related financing would be revalued accordingly. There are no impairments on any positions.
(10)The outstanding face amount of the nonhedge derivatives represents the notional amount of the underlying contracts.
December 31, 2021
      Weighted Average
 Principal Amount Amortized Cost Basis/Purchase PriceFair ValueFair Value MethodYield
%		Remaining
Maturity/Duration (years)
Assets:       
CMBS(1)$691,402  $691,026 $686,293 Internal model, third-party inputs1.57 %2.06
CMBS interest-only(1)1,302,551 (2)15,268 15,885 Internal model, third-party inputs5.67 %1.88
GNMA interest-only(3)59,075 (2)518 559 Internal model, third-party inputs4.97 %3.64
Agency securities(1)557  560 563 Internal model, third-party inputs1.58 %0.69
Mortgage loan receivables held for investment, net, at amortized cost(4)3,581,919  3,553,737 3,494,254 Discounted Cash Flow(5)5.65 %1.76
FHLB stock(6)11,835  11,835 11,835 (6)3.25 % N/A
Nonhedge derivatives(1)(7)114,121  402 402 Counterparty quotationsN/A0.30
Liabilities:       
Repurchase agreements - short-term418,394  418,394 418,394 Discounted Cash Flow(8)0.89 %0.46
Repurchase agreements - long-term26,183  26,183 26,183 Discounted Cash Flow(9)2.21 %1.01
Mortgage loan financing690,927  693,797 709,695 Discounted Cash Flow4.83 %3.3
Secured financing facility136,444 132,447 133,389 Discounted Cash Flow(8)10.75 %1.35
CLO debt1,064,365 1,054,774 1,054,774 Discounted Cash Flow(9)2.04 %16.92
Borrowings from the FHLB263,000  263,000 263,414 Discounted Cash Flow0.91 %1.95
Senior unsecured notes1,649,794  1,631,108 1,677,039 Internal model, third-party inputs4.66 %5.74
(1)Measured at fair value on a recurring basis with the net unrealized gains or losses recorded as a component of other comprehensive income (loss) in equity.
(2)Represents notional outstanding balance of underlying collateral.
(3)Measured at fair value on a recurring basis with the net unrealized gains or losses recorded in current period earnings.
(4)Balance does not include impact of allowance for current expected credit losses of $31.8 million at December 31, 2021.
(5)Fair value for floating rate mortgage loan receivables, held for investment is estimated to approximate the outstanding face amount given the short interest rate reset risk (30 days) and no significant change in credit risk. Fair value for fixed rate mortgage loan receivables, held for investment is measured using a discounted cash flow model.
(6)Fair value of the FHLB stock approximates outstanding face amount as the Company’s captive insurance subsidiary is restricted from trading the stock and can only put the stock back to the FHLB, at the FHLB’s discretion, at par.
(7)The outstanding face amount of the nonhedge derivatives represents the notional amount of the underlying contracts.
(8)Fair value for repurchase agreement liabilities - short term borrowings under the Secured Financing Facility and borrowings under the Revolving Credit Facility is estimated to approximate carrying amount primarily due to the short interest rate reset risk (30 days) of the financings and the high credit quality of the assets collateralizing these positions. If the collateral is determined to be impaired, the related financing would be revalued accordingly. There are no impairments on any positions.
(9)For repurchase agreements - long term and CLO debt, the carrying value approximates the fair value discounting the expected cash flows at current market rates. If the collateral is determined to be impaired, the related financing would be revalued accordingly. There are no impairments on any positions.
The following table summarizes the Company’s financial assets and liabilities, which are both reported at fair value on a recurring basis (as indicated) or amortized cost/par, at December 31, 2022 and December 31, 2021 ($ in thousands):
 
December 31, 2022
 
Financial Instruments Reported at Fair Value on Consolidated Statements of Financial ConditionPrincipal
Amount		 Fair Value
 Level 1Level 2Level 3Total
Assets:      
CMBS(1)$553,424  $— $— $532,304 $532,304 
CMBS interest-only(1)1,017,735 (2)— — 10,026 10,026 
GNMA interest-only(3)45,369 (2)— — 281 281 
Agency securities(1)36  — — 35 35 
U.S. Treasury securities36,000 35,328 — — 35,328 
Equity securities N/A 118 — — 118 
Nonhedge derivatives(4)204,700 — 2,038 — 2,038 
$35,446 $2,038 $542,646 $580,130 
Financial Instruments Not Reported at Fair Value on Consolidated Statements of Financial ConditionPrincipal
Amount		 Fair Value
 Level 1Level 2Level 3Total
Assets:
Mortgage loan receivable held for investment, net, at amortized cost:
Mortgage loan receivables held for investment, net, at amortized cost(5)$3,907,295  $— $— $3,875,708 $3,875,708 
Mortgage loan receivable held for sale(6)31,350  — — 27,391 27,391 
CMBS(7)9,415 — — 9,030 9,030 
CMBS interest-only(7)8,460 — — 417 417 
FHLB stock9,585  — — 9,585 9,585 
$— $— $3,922,131 $3,922,131 
Liabilities:     
Repurchase agreements - short-term$481,465  $— $— $481,465 $481,465 
Repurchase agreements - long-term366,398  — — 366,398 366,398 
Mortgage loan financing497,454  — — 477,101 477,101 
CLO debt1,064,365 — — 1,058,462 1,058,462 
Borrowings from the FHLB213,000  — — 213,055 213,055 
Senior unsecured notes1,643,794  — — 1,397,977 1,397,977 
$— $— $3,994,458 $3,994,458 
(1)Measured at fair value on a recurring basis with the net unrealized gains or losses recorded as a component of other comprehensive income (loss) in equity. 
(2)Represents notional outstanding balance of underlying collateral. 
(3)Measured at fair value on a recurring basis with the net unrealized gains or losses recorded in current period earnings. 
(4)Measured at fair value on a recurring basis with the net unrealized gains or losses recorded in current period earnings.  The outstanding face amount of the nonhedge derivatives represents the notional amount of the underlying contracts.
(5)Balance does not include impact of allowance for current expected credit losses of $20.8 million at December 31, 2022.
(6)A lower of cost or market adjustment was recorded as of December 31, 2022.
(7)Restricted securities which are designated as risk retention securities under the Dodd-Frank Act and are therefore subject to transfer restrictions over the term of the securitization trust, are classified as held-to-maturity and reported at amortized cost.
December 31, 2021
Financial Instruments Reported at Fair Value on Consolidated Statements of Financial ConditionPrincipal
Amount		 Fair Value
 Level 1Level 2Level 3Total
Assets:      
CMBS(1)$681,076  $— $— $676,398 $676,398 
CMBS interest-only(1)1,293,181 (2)— — 15,344 15,344 
GNMA interest-only(3)59,075 (2)— — 559 559 
Agency securities(1)557  — — 563 563 
Nonhedge derivatives(4)114,121  — 402 — 402 
$— $402 $692,864 $693,266 
Financial Instruments Not Reported at Fair Value on Consolidated Statements of Financial ConditionPrincipal
Amount		 Fair Value
 Level 1Level 2Level 3Total
Assets:
Mortgage loan receivable held for investment, net, at amortized cost:
Mortgage loan receivables held for investment, net, at amortized cost(5)$3,581,920  $— $— $3,494,254 $3,494,254 
CMBS(6)10,326 — — 9,894 9,894 
CMBS interest-only(6)9,370 — — 541 541 
FHLB stock11,835  — — 11,835 11,835 
$— $— $3,516,524 $3,516,524 
Liabilities:     
Repurchase agreements - short-term$418,394  $— $— $418,394 $418,394 
Repurchase agreements - long-term26,183  — — 26,183 26,183 
Mortgage loan financing690,927  — — 709,695 709,695 
Secured financing facility136,444 — — 133,389 133,389 
CLO debt1,064,365 — — 1,054,774 1,054,774 
Borrowings from the FHLB263,000  — — 263,414 263,414 
Senior unsecured notes1,649,794  — — 1,677,039 1,677,039 
$— $— $4,282,888 $4,282,888 
(1)Measured at fair value on a recurring basis with the net unrealized gains or losses recorded as a component of other comprehensive income (loss) in equity. 
(2)Represents notional outstanding balance of underlying collateral. 
(3)Measured at fair value on a recurring basis with the net unrealized gains or losses recorded in current period earnings. 
(4)Measured at fair value on a recurring basis with the net unrealized gains or losses recorded in current period earnings.  The outstanding face amount of the nonhedge derivatives represents the notional amount of the underlying contracts.
(5)Balance does not include impact of allowance for current expected credit losses of $31.8 million at December 31, 2021.
(6)Restricted securities which are designated as risk retention securities under the Dodd-Frank Act and are therefore subject to transfer restrictions over the term of the securitization trust, are classified as held-to-maturity and reported at amortized cost.  
The following table summarizes changes in Level 3 financial instruments reported at fair value on the consolidated statements of financial condition for the years ended December 31, 2022 and 2021 ($ in thousands):
Year Ended December 31,
Level 320222021
Balance at January 1,$692,864 $1,046,570 
Transfer from level 2— — 
Purchases59,333 247,040 
Sales(4,261)(438,594)
Paydowns/maturities(183,929)(163,297)
Amortization of premium/discount(4,354)(6,708)
Unrealized gain/(loss)(16,901)6,259 
Realized gain/(loss) on sale(106)1,594 
Balance at December 31,$542,646 $692,864 

The following is quantitative information about significant unobservable inputs in our Level 3 measurements for those assets and liabilities measured at fair value on a recurring basis ($ in thousands):

December 31, 2022
Financial InstrumentCarrying ValueValuation TechniqueUnobservable InputMinimumWeighted AverageMaximum
CMBS(1)$532,304 Discounted cash flowYield (4)2.89 %5.29 %17.47 %
CMBS interest-only(1)10,026 (2)Discounted cash flowYield (4)1.39 %3.72 %19.66 %
GNMA interest-only(3)281 (2)Discounted cash flowYield (4)1.28 %5.50 %10.00 %
Agency securities(1)35 Discounted cash flowYield (4)2.70 %2.70 %2.7 %
Total$542,646 

December 31, 2021
Financial InstrumentCarrying ValueValuation TechniqueUnobservable InputMinimumWeighted AverageMaximum
CMBS(1)$676,398 Discounted cash flowYield (4)0.77 %1.51 %5.28 %
Duration (years)(5)01.938.39
CMBS interest-only(1)15,344 (2)Discounted cash flowYield (4)— %5.7 %9.34 %
Duration (years)(5)0.031.812.58
Prepayment speed (CPY)(5)100.00100.00100.00
GNMA interest-only(3)559 (2)Discounted cash flowYield (4)— %4.97 %10.00 %
Duration (years)(5)02.725.56
Prepayment speed (CPJ)(5)517.4135.00
Agency securities(1)563 Discounted cash flowYield (4)1.44 %1.58 %2.78 %
Duration (years)(5)00.420.47
Total$692,864 
(1)CMBS, CMBS interest-only securities, Agency securities, GNMA permanent securities, U.S. Treasury securities and corporate bonds are classified as available-for-sale and reported at fair value with changes in fair value recorded in the current period in other comprehensive income.
(2)The amounts presented represent the principal amount of the mortgage loans outstanding in the pool in which the interest-only securities participate.
(3)Agency interest-only securities are recorded at fair value with changes in fair value recorded in current period earnings.

Sensitivity of the Fair Value to Changes in the Unobservable Inputs
        
(4)Significant increase (decrease) in the unobservable input in isolation would result in significantly lower (higher) fair value measurement.
(5)Significant increase (decrease) in the unobservable input in isolation would result in either a significantly lower or higher (lower or higher) fair value measurement depending on the structural features of the security in question.
Nonrecurring Fair Values

The Company measures fair value of certain assets on a nonrecurring basis when events or changes in circumstances indicate that the carrying value of the assets may be impaired. Adjustments to fair value generally result from the application of lower of amortized cost or fair value accounting for assets held for sale or write-down of assets value due to impairment. Refer to Note 3, Mortgage Loan Receivables and Note 5, Real Estate and Related Lease Intangibles, Net for disclosure of level 3 inputs.
v3.22.4
INCOME TAXES
 12 Months Ended
Dec. 31, 2022
Income Tax Disclosure [Abstract]  
INCOME TAXES
16. INCOME TAXES
 
The Company elected to be taxed as a REIT under Sections 856 through 860 of the Internal Revenue Code of 1986, as amended, commencing with the taxable year ended December 31, 2015. As such, the Company’s income is generally not subject to U.S. federal, state and local corporate income taxes other than as described below.

Certain of the Company’s subsidiaries have elected to be treated as TRSs. TRSs permit the Company 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 Code, and are conducted in entities which elect to be treated as taxable subsidiaries under the Code. To the extent these criteria are met, the Company will continue to maintain its qualification as a REIT. The Company’s TRSs are not consolidated for U.S. federal income tax purposes, but are instead taxed as corporations. For financial reporting purposes, a provision for current and deferred taxes is established for the portion of earnings recognized by the Company with respect to its interest in TRSs.

Components of the provision for income taxes consist of the following ($ in thousands):
 Year Ended December 31,
202220212020
Current expense (benefit) 
U.S. federal$1,823 $(280)$(8,087)
State and local3,591 936 (1,796)
Total current expense (benefit)5,414 656 (9,883)
Deferred expense (benefit)  
U.S. federal(445)311 119 
State and local(60)(39)(25)
Total deferred expense (benefit)(505)272 94 
Provision for income tax expense (benefit)$4,909 $928 $(9,789)

A reconciliation between the U.S. federal statutory income tax rate and the effective tax rate for the years ended December 31, 2022, 2021 and 2020 is as follows:
Year Ended December 31,
 202220212020
US statutory tax rate21.00 %21.00 %21.00 %
REIT income not subject to corporate income tax(18.09)%(17.72)%65.98 %
Increase due to state and local taxes0.59 %(0.46)%9.85 %
Change in valuation allowance(1.17)%(1.20)%6.91 %
Offshore non-taxable income(1.35)%(3.75)%(41.96)%
Uncertain tax position recorded (released)1.45 %— %(2.54)%
Section 163 (j) interest expense limitation0.08 %0.27 %(7.12)%
REIT income taxes0.28 %(0.31)%(2.59)%
Return to provision(0.64)%1.64 %(1.25)%
Net operating loss carryback benefit— %— %4.54 %
Other0.74 %2.14 %(1.96)%
Effective income tax rate2.89 %1.61 %50.86 %
The differences between the Company’s statutory rate and effective tax rate are largely determined by the amount of income subject to tax by the Company’s TRS subsidiaries. The Company expects that its future effective tax rate will be determined in a similar manner.

As of December 31, 2022 and 2021, the Company’s net deferred tax assets (liabilities) were $(1.8) million and $(2.3) million, respectively, and are included in other assets (liabilities) in the Company’s consolidated balance sheets. The Company believes that, other than the specific deferred tax assets described below, it is more likely than not that the net deferred tax assets will be realized in the future. Realization of the net deferred tax assets (liabilities) is dependent upon our generation of sufficient taxable income in future years in appropriate tax jurisdictions to obtain benefit from the reversal of temporary differences. The amount of net deferred tax assets considered realizable is subject to adjustment in future periods if estimates of future taxable income change.

The Company has recorded deferred tax assets related to net operating losses in the taxable REIT subsidiaries that are expected to be fully utilized in future periods. The net operating loss subject to unlimited carryforward is $11.8 million as of December 31, 2022.

The components of the Company’s deferred tax assets and liabilities are as follows ($ in thousands):
December 31, 2022December 31, 2021
Deferred Tax Assets 
Net operating loss carryforward$3,493 $6,766 
Net unrealized losses641 — 
Capital losses carryforward4,356 6,005 
Valuation allowance(4,356)(6,005)
Interest expense limitation1,385 1,647 
Valuation allowance(1,385)(1,647)
Total Deferred Tax Assets$4,134 $6,766 

December 31, 2022December 31, 2021
Deferred Tax Liability 
Basis difference in operating partnerships$5,911 $9,048 
Total Deferred Tax Liability$5,911 $9,048 
 
As of December 31, 2022, the Company had $4.4 million of deferred tax assets relating to capital losses which it may only use to offset capital gains. As of December 31, 2021, the Company had $6.0 million of deferred tax assets relating to capital losses which it may only use to offset capital gains. These tax attributes will begin to expire if unused in 2024. As the realization of these assets are not more likely than not before their expiration, the Company has provided a full valuation allowance against these deferred tax assets.

The Company’s tax returns are subject to audit by taxing authorities. Generally, as of December 31, 2022, the tax years 2018-2022 remain open to examination by the major taxing jurisdictions in which the Company is subject to taxes. The IRS recently completed its audit of the 2014 tax year and did not recommend any changes to the Company’s tax return. The Company is currently under New York City audit for tax years 2012-2013. The Company does not expect these audits to result in any material changes to the Company’s financial position. The Company does not expect tax expense to have an impact on either short or long-term liquidity or capital needs.
 
As of December 31, 2022, there was an unrecognized tax benefit of $2.4 million, which is included in the accrued expenses in the Company’s consolidated balance sheets. As of December 31, 2021, the Company’s did not have any unrecognized tax benefit . This unrecognized tax benefit, if recognized, would have a favorable impact on our effective income tax rate in future periods. As of December 31, 2022, the Company has not recognized a significant amount of any interest or penalties related to uncertain tax positions. In addition, the Company does not believe that it has any tax positions for which it is reasonably possible that it will be required to record a significant liability for unrecognized tax benefits within the next twelve months.
Tax Receivable Agreement
 
Upon consummation of the IPO, the Company entered into a Tax Receivable Agreement with the Continuing LCFH Limited Partners (the “TRA Members”). Under the Tax Receivable Agreement the Company generally is required to pay to the TRA Members that exchange their interests in LCFH and Class B shares of the Company for Class A shares of the Company, 85% of the applicable cash savings, if any, in U.S. federal, state and local income tax that the Company realizes (or is deemed to realize in certain circumstances) as a result of (i) the increase in tax basis in its proportionate share of LCFH’s assets that is attributable to the Company as a result of the exchanges and (ii) payments under the Tax Receivable Agreement, including any tax benefits related to imputed interest deemed to be paid by the Company as a result of such agreement.

To determine the current amount of the payments due, the Company estimated the amount of the Tax Receivable Agreement payments to be made within twelve months of the balance sheet date. As of December 31, 2022 the Company had no liability pursuant to the Tax Receivable Agreement. In 2021, the Company had no liability pursuant to the Tax Receivable Agreement.
 
Following the remaining partners’ exchange during the three months ended September 30, 2020, the Company elected to compute Early Termination Payments for each exchanging partner as provided under the terms of the Tax Receivable Agreement. All of the participants were notified of the payments to which they would be entitled, including those entitled to no payment. The Early Termination Payments totaling $0.9 million were executed during the first quarter of 2021.
v3.22.4
RELATED PARTY TRANSACTIONS
 12 Months Ended
Dec. 31, 2022
Related Party Transactions [Abstract]  
RELATED PARTY TRANSACTIONS
17. RELATED PARTY TRANSACTIONS

The Company has no material related party relationships to disclose.
v3.22.4
COMMITMENTS AND CONTINGENCIES
 12 Months Ended
Dec. 31, 2022
Commitments and Contingencies Disclosure [Abstract]  
COMMITMENTS AND CONTINGENCIES
18. COMMITMENTS AND CONTINGENCIES
 
Leases

As of December 31, 2022, the Company had a $16.0 million lease liability and a $15.8 million right-of-use asset on its consolidated balance sheets recorded within other liabilities and other assets, respectively. The right-of-use lease asset relates to the Company's operating lease of office space. Right-of use lease assets initially equal the lease liability. During the years ended December 31, 2022 and 2021, the Company recognized $1.1 million and $1.1 million, respectively, in Operating expenses in its consolidated statements of income relating to operating leases.

Future minimum lease obligations under non-cancelable operating leases, as of December 31, 2022 are as follows ($ in thousands):

2023$788 
20242,171 
20252,207 
20262,219 
20272,232 
Thereafter13,344 
Total undiscounted cash flows22,961 
Present value discount (1)(6,996)
Lease liabilities$15,965 
(1)Lease liabilities were discounted at the Company's weighted average incremental borrowing rate for similar collateral which is estimated to be 6.62%, and the remaining lease term is 10.6 years.

Investments in Unconsolidated Ventures

The Company has made investments in various unconsolidated ventures. Refer to Note 6, Investment in and Advances to Unconsolidated Ventures, for further details of our unconsolidated investments. The Company’s maximum exposure to loss from these investments is limited to the carrying value of our investments.
Unfunded Loan Commitments
 
As of December 31, 2022, the Company’s off-balance sheet arrangements consisted of $321.8 million of unfunded commitments on mortgage loan receivables held for investment to provide additional first mortgage loan financing over the next three years at rates to be determined at the time of funding, 52% of which additional funds relate to the occurrence of certain “good news” events, such as the owner concluding a lease agreement with a major tenant in the building or reaching some pre-determined net operating income. As of December 31, 2021, the Company’s off-balance sheet arrangements consisted of $390.1 million of unfunded commitments on mortgage loan receivables held for investment to provide additional first mortgage loan financing.
Commitments are subject to our loan borrowers’ satisfaction of certain financial and nonfinancial covenants and may or may not be funded depending on a variety of circumstances including timing, credit metric hurdles, and other nonfinancial events occurring. The Company carefully monitors the progress of work at properties that serve as collateral underlying its commercial mortgage loans, including the progress of capital expenditures, construction, leasing and business plans in light of current market conditions. These commitments are not reflected on the consolidated balance sheets.
v3.22.4
SEGMENT REPORTING
 12 Months Ended
Dec. 31, 2022
Segment Reporting [Abstract]  
SEGMENT REPORTING
19. SEGMENT REPORTING
 
The Company has determined that it has three reportable segments based on how the chief operating decision makers review and manage the business. These reportable segments include loans, securities, and real estate. The loans segment includes mortgage loan receivables held for investment (balance sheet loans) and mortgage loan receivables held for sale (conduit loans).  The securities segment is composed of all of the Company’s activities related to securities, which include investments in CMBS, U.S. Agency securities, corporate bonds, equity securities and U.S. Treasury securities. The real estate segment includes net leased properties, office buildings, student housing portfolios, hotels, industrial buildings, a shopping center and condominium units. Corporate/other includes certain of the Company’s investments in ventures, other asset management activities and operating expenses.

The Company evaluates performance based on the following financial measures for each segment ($ in thousands):
Year ended December 31, 2022LoansSecuritiesReal Estate (1)Corporate/Other(2)Company 
Total
Interest income$269,629 $20,659 $6 $3,226 $293,520 
Interest expense(68,158)(4,620)(36,683)(86,141)(195,602)
Net interest income (expense)201,471 16,039 (36,677)(82,915)97,918 
(Provision for) release of loan loss reserves(3,711)— — — (3,711)
Net interest income (expense) after provision for (release of) loan reserves197,760 16,039 (36,677)(82,915)94,207 
Real estate operating income— — 108,269 — 108,269 
Sale of loans, net(2,511)— — — (2,511)
Realized gain (loss) on securities— (73)— — (73)
Unrealized gain (loss) on equity securities— (41)— — (41)
Unrealized gain (loss) on Agency interest-only securities— (45)— — (45)
Realized gain on sale of real estate, net— — 115,998 — 115,998 
Fee and other income10,149 55 4,355 461 15,020 
Net result from derivative transactions6,755 3,972 1,633 — 12,360 
Earnings (loss) from investment in unconsolidated ventures— — 1,410 — 1,410 
Gain (loss) on extinguishment of debt— — — 685 685 
Total other income (loss)14,393 3,868 231,665 1,146 251,072 
Compensation and employee benefits— — — (75,836)(75,836)
Operating expenses— — — (20,716)(20,716)
Real estate operating expenses— — (38,605)— (38,605)
Fee expense(2,325)(277)(954)(3,679)(7,235)
Depreciation and amortization— — (32,632)(41)(32,673)
Total costs and expenses(2,325)(277)(72,191)(100,272)(175,065)
Income tax (expense) benefit— — — (4,909)(4,909)
Segment profit (loss)$209,828 $19,630 $122,797 $(186,950)$165,305 
Total assets as of December 31, 2022$3,892,382 $587,519 $706,355 $764,917 $5,951,173 
Year ended December 31, 2021LoansSecuritiesReal Estate (1)Corporate/Other(2)Company 
Total
Interest income$162,349 $13,101 $1 $648 $176,099 
Interest expense(53,414)(2,403)(36,075)(91,057)(182,949)
Net interest income (expense)108,935 10,698 (36,074)(90,409)(6,850)
(Provision for) release of loan loss reserves8,713 — — 8,713 
Net interest income (expense) after provision for (release of) loan reserves117,648 10,698 (36,074)(90,409)1,863 
Real estate operating income— — 101,564 — 101,564 
Sale of loans, net8,398 — — — 8,398 
Realized gain (loss) on securities— 1,594 — — 1,594 
Unrealized gain (loss) on Agency interest-only securities— (91)— — (91)
Realized gain on sale of real estate, net— — 55,766 — 55,766 
Fee and other income10,507 — 50 633 11,190 
Net result from derivative transactions507 1,250 (8)— 1,749 
Earnings (loss) from investment in unconsolidated ventures335 — 1,244 — 1,579 
Total other income (loss)19,747 2,753 158,616 633 181,749 
Compensation and employee benefits— — — (38,347)(38,347)
Operating expenses(3)127 — — (17,799)(17,672)
Real estate operating expenses— — (26,161)— (26,161)
Fee expense(2,341)(217)(849)(2,403)(5,810)
Depreciation and amortization— — (37,702)(99)(37,801)
Total costs and expenses(2,214)(217)(64,712)(58,648)(125,791)
Income tax (expense) benefit— — — (928)(928)
Segment profit (loss)$135,181 $13,234 $57,830 $(149,352)$56,893 
Total assets as of December 31, 2021$3,521,986 $703,280 $914,027 $711,959 $5,851,252 
Year ended December 31, 2020LoansSecuritiesReal Estate (1)Corporate/Other(2)Company 
Total
Interest income$205,640 $32,904 $13 $1,292 $239,849 
Interest expense(48,084)(21,554)(39,396)(118,440)(227,474)
Net interest income (expense)157,556 11,349 (39,383)(117,148)12,375 
(Provision for) release of loan loss reserves(18,277)2 — — (18,275)
Net interest income (expense) after provision for (release of) loan reserves139,279 11,351 (39,383)(117,148)(5,900)
Real estate operating income— — 100,248 — 100,248 
Sale of loans, net(1,571)— — — (1,571)
Realized gain (loss) on securities— (12,410)— — (12,410)
Unrealized gain (loss) on equity securities— (132)— — (132)
Unrealized gain (loss) on Agency interest-only securities— 263 — — 263 
Realized gain on sale of real estate, net— — 32,102 — 32,102 
Fee and other income9,142 403 25 3,084 12,654 
Net result from derivative transactions(11,264)(4,006)— — (15,270)
Earnings (loss) from investment in unconsolidated ventures— — 1,821 — 1,821 
Gain (loss) on extinguishment of debt— — — 22,250 22,250 
Total other income (loss)(3,693)(15,882)134,196 25,334 139,955 
Compensation and employee benefits— — — (58,101)(58,101)
Operating expenses(3)3 — — (20,297)(20,294)
Real estate operating expenses— — (28,584)— (28,584)
Fee expense(6,124)(236)(884)— (7,244)
Depreciation and amortization— — (38,980)(99)(39,079)
Total costs and expenses(6,121)(236)(68,448)(78,497)(153,302)
Income tax (expense) benefit— — — 9,789 9,789 
Segment profit (loss)$129,465 $(4,767)$26,365 $(160,523)$(9,458)
Total assets as of December 31, 2020$2,343,070 $1,058,298 $1,031,557 $1,448,304 $5,881,229 
(1)Includes the Company’s investment in unconsolidated ventures that held real estate of $6.2 million, $23.2 million and $46.3 million as of December 31, 2022, 2021 and 2020, respectively.
(2)Corporate/Other represents all corporate level and unallocated items including any intercompany eliminations necessary to reconcile to consolidated Company totals. This segment also includes the Company’s investment in unconsolidated ventures and strategic investments that are not related to the other reportable segments above, including the Company’s investment in FHLB stock of $9.6 million as of December 31, 2022, $11.8 million as of December 31, 2021 and $31.0 million as of December 31, 2020 and the Company’s senior unsecured notes of $1.6 billion and $1.6 billion at December 31, 2022 and December 31, 2021, respectively.
v3.22.4
SUBSEQUENT EVENTS
 12 Months Ended
Dec. 31, 2022
Subsequent Events [Abstract]  
SUBSEQUENT EVENTS
20. SUBSEQUENT EVENTS

The Company has evaluated subsequent events through the issuance date of the financial statements and determined that no additional disclosure is necessary.
v3.22.4
Schedule III-Real Estate and Accumulated Depreciation
 12 Months Ended
Dec. 31, 2022
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract]  
Schedule III-Real Estate and Accumulated Depreciation
Initial Cost to CompanyCosts Capitalized Subsequent to AcquisitionGross Amount at which Carried at Close of PeriodAccumulated Depreciation and AmortizationDate AcquiredYear BuiltLife on which Depreciation in Latest Statement of Income is Computed
DescriptionEncumbrancesLandBuildingIntangiblesLandBuildingIntangiblesTotal
Real Estate:
Retail Property in Newburgh, IN$861 $126 $954 $178 $— $126 $954 $178 $1,258 $(68)10/13/20202045 years
Retail Property in Newburgh, IN919 213 873 220 — 213 873 220 1,306 (89)03/16/20202045 years
Retail Property in Isanti, MN1,006 249 894 297 — 249 894 297 1,440 (84)03/16/20202055 years
Retail Property in Little Falls, MN861 199 783 249 — 199 783 249 1,231 (78)03/10/20202055 years
Retail Property in Waterloo, IA866 130 896 214 — 130 896 214 1,240 (91)01/30/20201945 years
Retail Property in Sioux City, IA924 220 876 222 — 220 876 222 1,318 (93)01/30/20201945 years
Retail Property in Wardsville, MO982 257 919 202 — 257 919 202 1,378 (102)11/22/19201940 years
Retail Property in Kincheloe, MI888 58 939 229 — 58 939 229 1,226 (102)11/22/19201945 years
Retail Property in Clinton, IN1,038 269 954 204 — 269 954 204 1,427 (97)11/22/19201944 years
Retail Property in Saginaw, MI954 96 1,014 210 — 96 1,014 210 1,320 (115)10/04/19201945 years
Retail Property in Rolla, MO940 110 1,011 188 — 110 1,011 188 1,309 (116)10/04/19201940 years
Retail Property in Sullivan, IL1,176 340 981 257 — 340 981 257 1,578 (105)09/13/19201950 years
Retail Property in Becker, MN938 136 922 188 — 136 922 188 1,246 (96)09/13/19201955 years
Retail Property in Adrian, MO859 136 884 191 — 136 884 191 1,211 (100)09/13/19201945 years
Retail Property in Chillicothe, IL1,026 227 1,047 245 — 227 1,047 245 1,519 (115)09/05/19201950 years
Retail Property in Poseyville, IN869 160 947 194 — 160 947 194 1,301 (107)08/13/19201944 years
Retail Property in Dexter, MO876 141 890 177 — 141 890 177 1,208 (105)07/09/19201940 years
Retail Property in Hubbard Lake, MI916 40 1,017 203 — 40 1,017 203 1,260 (122)07/09/19201940 years
Initial Cost to CompanyCosts Capitalized Subsequent to AcquisitionGross Amount at which Carried at Close of PeriodAccumulated Depreciation and AmortizationDate AcquiredYear BuiltLife on which Depreciation in Latest Statement of Income is Computed
DescriptionEncumbrancesLandBuildingIntangiblesLandBuildingIntangiblesTotal
Retail Property in Fayette, MO1,087 107 1,168 219 — 107 1,168 219 1,494 (140)06/26/19201940 years
Retail Property in Centralia, IL945 200 913 193 — 200 913 193 1,306 (125)04/25/19201940 years
Retail Property in Trenton, MO888 396 628 202 — 396 628 202 1,226 (127)02/26/19201930 years
Retail Property in Houghton Lake, MI957 124 939 241 — 124 939 241 1,304 (133)02/26/19201840 years
Retail Property in Pelican Rapids, MN911 78 1,016 169 — 78 1,016 169 1,263 (178)12/26/18201830 years
Retail Property in Carthage, MO840 225 766 176 — 225 766 176 1,167 (117)12/26/18201840 years
Retail Property in Bolivar, MO889 186 876 182 — 186 876 182 1,244 (129)12/26/18201840 years
Retail Property in Pinconning, MI944 167 905 221 — 167 905 221 1,293 (121)12/06/18201845 years
Retail Property in New Hampton, IA1,009 177 1,111 187 — 177 1,111 187 1,475 (180)11/30/18201835 years
Retail Property in Ogden, IA856 107 931 153 — 107 931 153 1,191 (160)10/03/18201835 years
Retail Property in Wonder Lake, IL938 221 888 214 — 221 888 214 1,323 (164)04/12/18201739 years
Retail Property in Moscow Mills, MO987 161 945 203 — 161 945 203 1,309 (159)04/12/18201845 years
Retail Property in Foley, MN883 238 823 172 — 238 823 172 1,233 (167)04/12/18201835 years
Retail Property in Kirbyville, MO869 98 965 155 — 98 965 155 1,218 (160)04/02/18201840 years
Retail Property in Gladwin, MI883 88 951 203 — 88 951 203 1,242 (150)04/02/18201745 years
Retail Property in Rockford, MN890 187 850 207 — 187 850 207 1,244 (219)12/08/17201730 years
Retail Property in Winterset, IA938 272 830 200 — 272 830 200 1,302 (173)12/08/17201735 years
Retail Property in Kawkawlin, MI921 242 871 179 — 242 871 179 1,292 (200)10/05/17201730 years
Retail Property in Aroma Park, IL948 223 869 164 — 223 869 164 1,256 (168)10/05/17201735 years
Retail Property in East Peoria, IL1,017 233 998 161 — 233 998 161 1,392 (189)10/05/17201740 years
Retail Property in Milford, IA984 254 883 217 — 254 883 217 1,354 (178)09/08/17201740 years
Initial Cost to CompanyCosts Capitalized Subsequent to AcquisitionGross Amount at which Carried at Close of PeriodAccumulated Depreciation and AmortizationDate AcquiredYear BuiltLife on which Depreciation in Latest Statement of Income is Computed
DescriptionEncumbrancesLandBuildingIntangiblesLandBuildingIntangiblesTotal
Retail Property in Jefferson City, MO941 164 966 205 — 164 966 205 1,335 (192)06/02/17201640 years
Retail Property in Denver, IA896 198 840 191 — 198 840 191 1,229 (187)05/31/17201735 years
Retail Property in Port O'Connor, TX946 167 937 200 — 167 937 200 1,304 (209)05/25/17201735 years
Retail Property in Wabasha, MN961 237 912 214 — 237 912 214 1,363 (222)05/25/17201635 years
Office in Jacksonville, FL82,843 13,290 106,601 21,362 8,024 13,290 114,625 21,362 149,277 (26,863)05/23/17198936 years
Retail Property in Shelbyville, IL860 189 849 199 — 189 849 199 1,237 (180)05/23/17201640 years
Retail Property in Jesup, IA881 119 890 191 — 119 890 191 1,200 (197)05/05/17201735 years
Retail Property in Hanna City, IL862 174 925 132 — 174 925 132 1,231 (195)04/11/17201639 years
Retail Property in Ridgedale, MO989 250 928 187 — 250 928 187 1,365 (197)03/09/17201640 years
Retail Property in Peoria, IL901 209 933 133 — 209 933 133 1,275 (208)02/06/17201635 years
Retail Property in Carmi, IL1,096 286 916 239 — 286 916 239 1,441 (200)02/03/17201640 years
Retail Property in Springfield, IL998 391 784 227 — 393 789 224 1,406 (183)11/16/16201640 years
Retail Property in Fayetteville, NC4,865 1,379 3,121 2,472 — 1,379 3,121 2,471 6,971 (1,459)11/15/16200837 years
Retail Property in Dryden Township, MI908 178 893 201 — 178 899 202 1,279 (197)10/26/16201640 years
Retail Property in Lamar, MO898 164 903 171 — 164 903 171 1,238 (203)07/22/16201640 years
Retail Property in Union, MO941 267 867 207 — 267 867 207 1,341 (217)07/01/16201640 years
Retail Property in Pawnee, IL941 249 775 206 — 249 775 206 1,230 (197)07/01/16201640 years
Retail Property in Linn, MO856 89 920 183 — 89 920 183 1,192 (211)06/30/16201640 years
Retail Property in Cape Girardeau, MO1,032 453 702 217 — 453 702 217 1,372 (185)06/30/16201640 years
Retail Property in Decatur-Pershing, IL1,046 395 924 155 — 395 924 155 1,474 (211)06/30/16201640 years
Retail Property in Rantoul, IL920 100 1,023 178 — 100 1,023 178 1,301 (219)06/21/16201640 years
Initial Cost to CompanyCosts Capitalized Subsequent to AcquisitionGross Amount at which Carried at Close of PeriodAccumulated Depreciation and AmortizationDate AcquiredYear BuiltLife on which Depreciation in Latest Statement of Income is Computed
DescriptionEncumbrancesLandBuildingIntangiblesLandBuildingIntangiblesTotal
Retail Property in Flora Vista, NM997 272 864 198 — 272 864 198 1,334 (259)06/06/16201635 years
Retail Property in Mountain Grove, MO977 163 1,026 212 — 163 1,026 212 1,401 (242)06/03/16201640 years
Retail Property in Decatur-Sunnyside, IL954 182 954 139 — 182 954 139 1,275 (215)06/03/16201640 years
Retail Property in Champaign, IL1,012 365 915 149 — 365 915 149 1,429 (201)06/03/16201640 years
Retail Property in San Antonio, TX895 252 703 196 — 251 702 196 1,149 (205)05/06/16201535 years
Retail Property in Borger, TX790 68 800 181 — 68 800 181 1,049 (204)05/06/16201640 years
Retail Property in Dimmitt, TX1,063 86 1,077 236 — 85 1,074 236 1,395 (264)04/26/16201640 years
Retail Property in St. Charles, MN969 200 843 226 — 200 843 226 1,269 (262)04/26/16201630 years
Retail Property in Philo, IL932 160 889 189 — 160 889 189 1,238 (201)04/26/16201640 years
Retail Property in Radford, VA1,126 411 896 256 — 411 896 256 1,563 (292)12/23/15201540 years
Retail Property in Rural Retreat, VA1,017 328 811 260 — 328 811 260 1,399 (254)12/23/15201540 years
Retail Property in Albion, PA1,103 100 1,033 392 — 100 1,033 392 1,525 (430)12/23/15201550 years
Retail Property in Mount Vernon, AL925 187 876 174 — 187 876 174 1,237 (245)12/23/15201544 years
Retail Property in Malone, NY1,077 183 1,154 — 166 183 1,320 — 1,503 (262)12/16/15201539 years
Retail Property in Mercedes, TX830 257 874 132 — 257 874 132 1,263 (203)12/16/15201545 years
Retail Property in Gordonville, MO770 247 787 173 — 247 787 173 1,207 (206)11/10/15201540 years
Retail Property in Rice, MN815 200 859 184 — 200 859 184 1,243 (299)10/28/15201530 years
Retail Property in Bixby, OK7,937 2,609 7,776 1,765 — 2,609 7,776 1,765 12,150 (2,084)10/27/15201237 years
Retail Property in Farmington, IL893 96 1,161 150 — 96 1,161 150 1,407 (266)10/23/15201540 years
Retail Property in Grove, OK3,617 402 4,364 817 — 402 4,364 817 5,583 (1,226)10/20/15201237 years
Retail Property in Jenks, OK8,780 2,617 8,694 2,107 — 2,617 8,694 2,107 13,418 (2,469)10/19/15200938 years
Initial Cost to CompanyCosts Capitalized Subsequent to AcquisitionGross Amount at which Carried at Close of PeriodAccumulated Depreciation and AmortizationDate AcquiredYear BuiltLife on which Depreciation in Latest Statement of Income is Computed
DescriptionEncumbrancesLandBuildingIntangiblesLandBuildingIntangiblesTotal
Retail Property in Bloomington, IL815 173 984 138 — 173 984 138 1,295 (239)10/14/15201540 years
Retail Property in Montrose, MN774 149 876 169 — 149 876 169 1,194 (301)10/14/15201530 years
Retail Property in Lincoln County , MO737 149 800 188 — 149 800 188 1,137 (210)10/14/15201540 years
Retail Property in Wilmington, IL900 161 1,078 160 — 161 1,078 160 1,399 (260)10/07/15201540 years
Retail Property in Danville, IL737 158 870 132 — 158 870 132 1,160 (199)10/07/15201540 years
Retail Property in Moultrie, GA930 170 962 173 — 170 962 173 1,305 (322)09/22/15201444 years
Retail Property in Rose Hill, NC1,000 245 972 203 — 245 972 203 1,420 (312)09/22/15201444 years
Retail Property in Rockingham, NC821 73 922 163 — 73 922 163 1,158 (279)09/22/15201444 years
Retail Property in Biscoe, NC859 147 905 164 — 147 905 164 1,216 (284)09/22/15201444 years
Retail Property in De Soto, IA704 139 796 176 — 139 796 176 1,111 (225)09/08/15201535 years
Retail Property in Kerrville, TX768 186 849 200 — 186 849 200 1,235 (281)08/28/15201535 years
Retail Property in Floresville, TX814 268 828 216 — 268 828 216 1,312 (285)08/28/15201535 years
Retail Property in Minot, ND4,694 1,856 4,472 618 — 1,856 4,472 618 6,946 (1,115)08/19/15201238 years
Retail Property in Lebanon, MI820 359 724 178 — 359 724 178 1,261 (199)08/14/15201540 years
Retail Property in Effingham County, IL820 273 774 205 — 273 774 205 1,252 (231)08/10/15201540 years
Retail Property in Ponce, Puerto Rico6,516 1,365 6,662 1,318 — 1,365 6,662 1,318 9,345 (1,690)08/03/15201237 years
Retail Property in Tremont, IL784 164 860 168 — 164 860 168 1,192 (246)06/25/15201535 years
Retail Property in Pleasanton, TX859 311 850 216 — 311 850 216 1,377 (285)06/24/15201535 years
Retail Property in Peoria, IL849 180 934 179 — 180 934 179 1,293 (267)06/24/15201535 years
Retail Property in Bridgeport, IL816 192 874 175 — 192 874 175 1,241 (249)06/24/15201535 years
Retail Property in Warren, MN696 108 825 157 — 108 825 157 1,090 (285)06/24/15201530 years
Initial Cost to CompanyCosts Capitalized Subsequent to AcquisitionGross Amount at which Carried at Close of PeriodAccumulated Depreciation and AmortizationDate AcquiredYear BuiltLife on which Depreciation in Latest Statement of Income is Computed
DescriptionEncumbrancesLandBuildingIntangiblesLandBuildingIntangiblesTotal
Retail Property in Canyon Lake, TX901 291 932 220 — 291 932 220 1,443 (297)06/18/15201535 years
Retail Property in Wheeler, TX712 53 887 188 — 53 887 188 1,128 (282)06/18/15201535 years
Retail Property in Aurora, MN625 126 709 157 — 126 709 157 992 (202)06/18/15201540 years
Retail Property in Red Oak, IA779 190 839 179 — 190 839 179 1,208 (293)05/07/15201435 years
Retail Property in Zapata, TX747 62 998 145 — 62 998 145 1,205 (364)05/07/15201535 years
Retail Property in St. Francis, MN734 105 911 163 — 105 911 163 1,179 (354)03/26/15201435 years
Retail Property in Yorktown, TX786 97 1,005 199 — 97 1,005 199 1,301 (383)03/25/15201535 years
Retail Property in Battle Lake, MN721 136 875 157 — 136 875 157 1,168 (369)03/25/15201430 years
Retail Property in Paynesville, MN805 246 816 192 — 246 816 192 1,254 (307)03/05/15201540 years
Retail Property in Wheaton, MO641 73 800 97 — 73 800 97 970 (260)03/05/15201540 years
Retail Property in Rotterdam, NY8,978 2,530 7,924 2,165 — 2,530 7,924 2,165 12,619 (4,970)03/03/15199620 years
Retail Property in Hilliard, OH4,510 654 4,870 860 — 654 4,870 860 6,384 (1,419)03/02/15200741 years
Retail Property in Niles, OH3,664 437 4,084 680 — 437 4,084 680 5,201 (1,181)03/02/15200741 years
Retail Property in Youngstown, OH3,804 380 4,363 658 — 380 4,363 658 5,401 (1,289)02/20/15200540 years
Retail Property in Iberia, MO883 130 1,033 165 — 130 1,033 165 1,328 (343)01/23/15201539 years
Retail Property in Pine Island, MN759 112 845 185 — 112 845 185 1,142 (330)01/23/15201440 years
Retail Property in Isle, MN714 120 787 171 — 120 787 171 1,078 (319)01/23/15201440 years
Retail Property in Jacksonville, NC5,601 1,863 5,749 1,020 — 1,863 5,749 1,020 8,632 (1,810)01/22/15201444 years
Retail Property in Evansville, IN6,338 1,788 6,348 864 — 1,788 6,348 864 9,000 (2,111)11/26/14201435 years
Retail Property in Woodland Park, CO2,776 668 2,681 620 — 668 2,681 620 3,969 (1,126)11/14/14201435 years
Retail Property in Springfield, MO8,237 3,658 6,296 1,870 — 3,658 6,296 1,870 11,824 (2,526)11/04/14201137 years
Initial Cost to CompanyCosts Capitalized Subsequent to AcquisitionGross Amount at which Carried at Close of PeriodAccumulated Depreciation and AmortizationDate AcquiredYear BuiltLife on which Depreciation in Latest Statement of Income is Computed
DescriptionEncumbrancesLandBuildingIntangiblesLandBuildingIntangiblesTotal
Retail Property in Cedar Rapids, IA7,729 1,569 7,553 1,878 — 1,569 7,553 1,878 11,000 (3,260)11/04/14201230 years
Retail Property in Fairfield, IA7,518 1,132 7,779 1,800 — 1,132 7,779 1,800 10,711 (2,818)11/04/14201137 years
Retail Property in Owatonna, MN7,019 1,398 7,125 1,564 — 1,398 7,125 1,564 10,087 (2,699)11/04/14201036 years
Retail Property in Muscatine, IA5,034 1,060 6,636 1,307 — 1,060 6,636 1,307 9,003 (2,680)11/04/14201329 years
Retail Property in Sheldon, IA3,027 633 3,053 708 — 633 3,053 708 4,394 (1,153)11/04/14201137 years
Retail Property in Memphis, TN3,882 1,986 2,800 803 — 1,986 2,800 803 5,589 (2,168)10/24/14196215 years
Retail Property in Bennett, CO2,471 470 2,503 563 — 470 2,503 563 3,536 (1,077)10/02/14201434 years
Retail Property in O'Fallon, IL5,674 2,488 5,388 1,064 — 2,488 5,388 1,064 8,940 (4,099)08/08/14198415 years
Retail Property in El Centro, CA2,977 569 3,133 575 — 569 3,133 575 4,277 (1,030)08/08/14201450 years
Retail Property in Durant, OK3,250 594 3,900 498 — 594 3,900 498 4,992 (1,299)01/28/13200740 years
Retail Property in Gallatin, TN3,322 1,725 2,616 721 — 1,725 2,616 721 5,062 (1,159)12/28/12200740 years
Retail Property in Mt. Airy, NC2,950 729 3,353 621 — 729 3,353 621 4,703 (1,307)12/27/12200739 years
Retail Property in Aiken, SC3,885 1,588 3,480 858 — 1,588 3,480 858 5,926 (1,411)12/21/12200841 years
Retail Property in Johnson City, TN3,453 917 3,607 739 — 917 3,607 739 5,263 (1,422)12/21/12200740 years
Retail Property in Palmview, TX4,466 938 4,837 1,044 — 938 4,837 1,044 6,819 (1,629)12/19/12201244 years
Retail Property in Ooltewah, TN3,740 903 3,957 843 — 903 3,957 841 5,701 (1,517)12/18/12200841 years
Retail Property in Abingdon, VA3,003 682 3,733 666 — 682 3,733 666 5,081 (1,450)12/18/12200641 years
Retail Property in Vineland, NJ— 1,482 17,742 3,282 — 1,482 17,742 3,282 22,506 (8,781)09/21/12200330 years
Retail Property in Saratoga Springs, NY— 748 13,936 5,538 — 748 13,936 5,538 20,222 (8,251)09/21/12199427 years
Retail Property in Waldorf, MD— 4,933 11,684 2,882 — 4,933 11,684 2,882 19,499 (6,978)09/21/12199925 years
Retail Property in Mooresville, NC— 2,615 12,462 2,566 — 2,615 12,462 2,566 17,643 (7,395)09/21/12200024 years
Initial Cost to CompanyCosts Capitalized Subsequent to AcquisitionGross Amount at which Carried at Close of PeriodAccumulated Depreciation and AmortizationDate AcquiredYear BuiltLife on which Depreciation in Latest Statement of Income is Computed
DescriptionEncumbrancesLandBuildingIntangiblesLandBuildingIntangiblesTotal
Retail Property in DeLeon Springs, FL— 239 782 221 — 239 782 221 1,242 (512)08/13/12201135 years
Retail Property in Orange City, FL— 229 853 235 — 229 853 235 1,317 (530)05/23/12201135 years
Retail Property in Satsuma, FL— 79 821 192 — 79 821 192 1,092 (510)04/19/12201135 years
Retail Property in Greenwood, AR— 1,038 3,415 694 — 1,038 3,415 694 5,147 (1,387)04/12/12200943 years
Retail Property in Millbrook, AL— 970 5,972 — — 970 5,972 — 6,942 (2,024)03/28/12200832 years
Retail Property in Spartanburg, SC3,341 828 2,567 772 — 828 2,567 772 4,167 (1,372)01/14/11200742 years
Retail Property in Tupelo, MS4,516 1,120 3,070 939 — 1,120 3,070 939 5,129 (1,560)08/13/10200747 years
Retail Property in Lilburn, GA— 1,090 3,673 1,028 — 1,090 3,673 1,028 5,791 (1,802)08/12/10200747 years
Retail Property in Douglasville, GA4,719 1,717 2,705 987 — 1,717 2,705 987 5,409 (1,427)08/12/10200848 years
Retail Property in Elkton, MD4,369 963 3,049 860 — 963 3,049 860 4,872 (1,508)07/27/10200849 years
Initial Cost to CompanyCosts Capitalized Subsequent to AcquisitionGross Amount at which Carried at Close of PeriodAccumulated Depreciation and AmortizationDate AcquiredYear BuiltLife on which Depreciation in Latest Statement of Income is Computed
DescriptionEncumbrancesLandBuildingIntangiblesLandBuildingIntangiblesTotal
Retail Property in Lexington, SC4,110 1,644 2,219 869 — 1,644 2,219 869 4,732 (1,282)06/28/10200948 years
Total Net Lease$354,426 $95,045 $441,864 $97,060 $8,190 $95,045 $450,061 $97,055 $642,161 $(153,339)
Hotel in Schaumburg, IL$— $8,029 $29,971 $— $569 $8,029 $30,541 $— $38,570 $(2,886)12/17/21198325 years
Office in Houston, TX— 826 6,322 2,380 — 826 6,323 2,380 9,529 (261)11/01/22198328 years
Hotel in San Diego, CA31,752 7,469 34,781 — 1,622 7,469 36,403 — 43,872 (7,038)12/17/19197023 years
Hotel in Omaha, NE— 2,963 15,237 — 1,100 2,963 16,337 — 19,300 (3,192)02/27/19196935 years
Apartments in Isla Vista, CA88,117 36,274 47,694 1,118 1,703 36,274 49,397 1,118 86,789 (7,118)05/01/18200942 years
Office in Crum Lynne, PA6,017 1,403 7,518 1,666 — 1,403 7,518 1,666 10,587 (1,599)09/29/17199935 years
Retail in New York, NY— 2,434 5,482 — — 2,434 5,482 — 7,916 (174)02/11/22201928 years
Office in Peoria, IL— 940 439 1,508 1,020 1,174 1,460 1,508 4,142 (1,171)10/21/16192615 years
Shopping Center in Carmel, NY— 2,041 3,632 1,033 — 2,041 4,238 1,033 7,312 (2,063)10/14/15198520 years
Office in Oakland County, MI17,674 1,147 7,707 9,932 10,195 1,144 17,895 9,927 28,966 (20,167)02/01/13198935 years
$143,560 $63,526 $158,783 $17,637 $16,209 $63,757 $175,594 $17,632 $256,983 $(45,669)
Total Real Estate$497,986 $158,571 $600,647 $114,697 $24,399 $158,802 $625,655 $114,687 $899,144 (1)$(199,008)
(1)      The aggregate cost for U.S. federal income tax purposes is $0.8 billion at December 31, 2022.
Reconciliation of Real Estate:

The following table reconciles real estate from December 31, 2021 to December 31, 2022 $ in thousands):
Total Real Estate
Balance at December 31, 2021$1,127,495 
Acquisitions— 
Acquisitions through foreclosures24,965 
Improvements6,949 
Dispositions and write-offs(260,265)
Balance at December 31, 2022$899,144 

The following table reconciles real estate from December 31, 2020 to December 31, 2021 $ in thousands):
Total Real Estate
Balance at December 31, 2020$1,216,229 
Acquisitions20,452 
Acquisitions through foreclosures81,750 
Improvements4,871 
Dispositions and write-offs(195,807)
Balance at December 31, 2021$1,127,495 


The following table reconciles real estate from December 31, 2019 to December 31, 2020 ($ in thousands):

Total Real Estate
Balance at December 31, 2019$1,254,163 
Acquisitions7,793 
Acquisitions through foreclosures29,310 
Improvements6,101 
Dispositions and write-offs(81,138)
Balance at December 31, 2020$1,216,229 
Reconciliation of Accumulated Depreciation and Amortization Expense:

The following table reconciles accumulated depreciation and amortization from December 31, 2021 to December 31, 2022 ($ in thousands):
Total Real Estate
Balance at December 31, 2021$236,622 
Depreciation and amortization expense32,937 
Dispositions/write-offs(70,551)
Balance at December 31, 2022$199,008 

The following table reconciles accumulated depreciation and amortization from December 31, 2020 to December 31, 2021 ($ in thousands):
Total Real Estate
Balance at December 31, 2020$230,925 
Depreciation and amortization expense38,069 
Dispositions/write-offs(32,372)
Balance at December 31, 2021$236,622 

The following table reconciles accumulated depreciation and amortization from December 31, 2019 to December 31, 2020 ($ in thousands):
Total Real Estate
Balance at December 31, 2019$206,082 
Depreciation and amortization expense39,346 
Dispositions/write-offs(14,503)
Balance at December 31, 2020$230,925 
v3.22.4
Schedule IV - Mortgage Loans on Real Estate
 12 Months Ended
Dec. 31, 2022
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Abstract]  
Schedule IV - Mortgage Loans on Real Estate
Type of LoanUnderlying Property TypeInterest Rates (1)Effective Maturity DatesPeriodic Payment Terms (2)Prior LiensFace amount of MortgagesCarrying Amount of MortgagesPrincipal Amount of Mortgages Subject to Delinquent Principal or Interest (3)
First Mortgages individually >3%
First MortgageOffice, Mixed
7.75% - 8.30%
2023 - 2024IO$— $373,468 $371,489 $— 
First Mortgages individually <3%
First MortgageMixed, Office, Multi-Family, Industrial, Hotel, Mobile Home Park, Retail, Land
4.25% - 13.40%
2023 - 2032IO, P&I— 3,499,228 3,475,762 56,509 
   Total First Mortgages— 3,872,696 3,847,251 56,509 
Subordinated Mortgages individually <3%
Subordinate MortgageMulti-Family, Hotel, Office
9.00% - 12.00%
2023 - 2027IO564,472 65,950 65,886 — 
   Total Subordinated Mortgages564,472 65,950 65,886 — 
Total Mortgages564,472 3,938,646 3,913,137 56,509 
Allowance for credit lossesN/AN/A(20,755)(4)N/A
Total Mortgages after Allowance for Credit Losses$564,472 $3,938,646 $3,892,382 (5)(6)$56,509 
(1)    Interest rates as of December 31, 2022.
(2)    IO = Interest only. P&I = Principal and interest.
(3)    Represents principal amount of loans on non-accrual status. The carrying value of loans on non-accrual status was $53.8 million as of December 31, 2022. Refer to Allowance for Credit Losses and Non-Accrual Status in Note 3, Mortgage Loan Receivables, to the consolidated financial statements for further disclosure.
(4)    Refer to Note 3, Mortgage Loan Receivables for further detail.
(5)    The aggregate cost for U.S. federal income tax purposes is $3.8 billion.
(6)     Includes $27.4 million of mortgage loans held for sale as of December 31, 2022.
Reconciliation of mortgage loans on real estate:

The following tables reconcile mortgage loans on real estate from December 31, 2019 to December 31, 2022 ($ in thousands):
Mortgage loan receivables held for investment, net, at amortized cost:
 Mortgage loans receivableAllowance for credit lossesMortgage loan 
receivables held
for sale		Total Mortgage loan
receivables
Balance December 31, 2021$3,553,737 $(31,752)$— $3,521,985 
Origination of mortgage loan receivables1,234,765 — 61,318 1,296,083 
Purchases of mortgage loan receivables— — — — 
Repayment of mortgage loan receivables(901,082)— (68)(901,150)
Proceeds from sales of mortgage loan receivables— — (29,151)(29,151)
Non-cash disposition of loan via foreclosure(10,235)— — (10,235)
Realized gain on sale of mortgage loan receivables2,197 — (4,708)(2,511)
Accretion/amortization of discount, premium and other fees20,759 — — 20,759 
Charge offs(14,395)14,395 — — 
Release of provision for current expected credit loss, net— (3,398)— (3,398)
Balance December 31, 2022$3,885,746 $(20,755)$27,391 $3,892,382 
(1)Refer to Note 5 Real Estate and Related Lease Intangibles, Net for further detail on foreclosure of real estate.

Mortgage loan receivables held for investment, net, at amortized cost:
 Mortgage loans receivableAllowance for credit lossesMortgage loan receivables heldTotal Mortgage loan
receivables
Balance December 31, 2020$2,354,059 $(41,507)$30,518 $2,343,070 
Origination of mortgage loan receivables2,309,888 — 220,359 2,530,247 
Repayment of mortgage loan receivables(1,059,796)— (183)(1,059,979)
Proceeds from sales of mortgage loan receivables(46,557)— (259,092)(305,649)
Non-cash disposition of loan via foreclosure(81,289)— — (81,289)
Realized gain on sale of mortgage loan receivables— — 8,398 8,398 
Accretion/amortization of discount, premium and other fees13,832 — — 13,832 
Release of asset-specific loan loss provision via foreclosure(1)— 1,150 — 1,150 
Release of provision for current expected credit loss, net— 8,605 — 8,605 
Balance December 31, 2021$3,553,737 $(31,752)$— $3,521,985 
(1)Refer to Note 5 Real Estate and Related Lease Intangibles, Net for further detail on foreclosure of real estate.
Mortgage loan receivables held for investment, net, at amortized cost:
 Mortgage loans receivableAllowance for credit lossesMortgage loan receivables heldTotal Mortgage loan
receivables
Balance December 31, 2019$3,257,036 $(20,500)$122,325 $3,358,861 
Origination of mortgage loan receivables353,661 — 212,845 566,506 
Repayment of mortgage loan receivables(960,832)— (404)(961,236)
Proceeds from sales of mortgage loan receivables(270,491)— (312,273)(582,764)
Non-cash disposition of loan via foreclosure(31,249)— — (31,249)
Realized gain on sale of mortgage loan receivables(9,596)— 8,025 (1,571)
Accretion/amortization of discount, premium and other fees15,530 — — 15,530 
Release of asset-specific loan loss provision via foreclosure(1)— 2,500 — 2,500 
Provision for current expected credit loss (implementation impact)(2)— (4,964)— (4,964)
Provision for current expected credit loss (impact to earnings)(2)— (18,543)— (18,543)
Balance December 31, 2020$2,354,059 $(41,507)$30,518 $2,343,070 
(1)Refer to Note 5 Real Estate and Related Lease Intangibles, Net for further detail on foreclosure of real estate.
(2)During the year ended December 31, 2020, the initial impact of the implementation of the CECL accounting standard as of January 1, 2020 is recorded against retained earnings. Subsequent remeasurement, including the period to date change for the year ended December 31, 2020, is accounted for as provision for current expected credit loss in the consolidated statements of income.
v3.22.4
SIGNIFICANT ACCOUNTING POLICIES (Policies)
 12 Months Ended
Dec. 31, 2022
Accounting Policies [Abstract]  
Basis of Accounting and Principles of Consolidation
Basis of Accounting and Principles of Consolidation
 
The accompanying consolidated financial statements of the Company have been prepared in accordance with generally accepted accounting principles in the United States (“GAAP”).

The consolidated financial statements include the Company’s accounts and those of its subsidiaries which are majority-owned and/or controlled by the Company and variable interest entities (“VIEs”) for which the Company has determined itself to be the primary beneficiary, if any. All significant intercompany transactions and balances have been eliminated.
 
Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 810 — Consolidation (“ASC 810”), provides guidance on the identification of entities for which control is achieved through means other than voting rights and the determination of which business enterprise, if any, should consolidate the VIEs. Generally, the consideration of whether an entity is a VIE applies when either: (1) the equity investors (if any) lack one or more of the essential characteristics of a controlling financial interest; (2) the equity investment at risk is insufficient to finance that entity’s activities without additional subordinated financial support; or (3) the equity investors have voting rights that are not proportionate to their economic interests and the activities of the entity involve or are conducted on behalf of an investor with a disproportionately small voting interest. The Company consolidates VIEs in which it is considered to be the primary beneficiary. The primary beneficiary is the entity that has both of the following characteristics: (1) the power to direct the activities that, when taken together, most significantly impact the VIE’s performance; and (2) the obligation to absorb losses and right to receive the returns from the VIE that would be significant to the VIE.
Use of Estimates
Use of Estimates
 
The preparation of the consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the dates of the balance sheets and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Estimates and assumptions are reviewed periodically, and the effects of resulting changes are reflected in the consolidated financial statements in the period the changes are deemed to be necessary. Significant estimates made in the accompanying consolidated financial statements include, but are not limited to the following:
 
•valuation of real estate securities;
•valuation of mortgage loan receivables held for sale;
•valuation of real estate;
•allocation of purchase price for acquired real estate, including real estate acquired via foreclosure;
•impairment, and useful lives, of real estate;
•useful lives of intangible assets;
•valuation of derivative instruments;
•valuation of deferred tax asset (liability);
•determination of effective yield for recognition of interest income;
•adequacy of current expected credit losses (“CECL”) including the valuation of underlying collateral for collateral-dependent loans;
•determination of impairment of real estate securities and investments in and advances to unconsolidated ventures;
•certain estimates and assumptions used in the accrual of incentive compensation and calculation of the fair value of equity compensation issued to employees;
•determination of the effective tax rate for income tax provision; and
•certain estimates and assumptions used in the allocation of revenue and expenses for our segment reporting.
Cash and Cash Equivalents
Cash and Cash Equivalents

The Company considers all investments with original maturities of three months or less, at the time of acquisition, to be cash equivalents. The Company maintains cash accounts at several financial institutions, which are insured up to a maximum of $250,000 per account as of December 31, 2022 and December 31, 2021. At December 31, 2022 and December 31, 2021, and at various times during the years, the balances exceeded the insured limits.
Restricted Cash
Restricted Cash 

Restricted cash includes accounts the Company maintains with brokers to facilitate financial derivative and repurchase agreement transactions in support of its loan and securities investments and risk management activities. Based on the value of the positions in these accounts and the associated margin requirements, the Company may be required to deposit additional cash into these broker accounts. The cash collateral held by broker is considered restricted cash. Restricted cash also includes tenant security deposits, deposits related to real estate sales and acquisitions and required escrow balances on credit facilities.
Mortgage Loan Receivables Held for Investment
Mortgage Loan Receivables Held for Investment

Loans for which the Company has the intention and ability to hold for the foreseeable future, or until maturity or payoff, are reported at their outstanding principal balances net of any unearned income, unamortized deferred fees or costs, premiums or discounts and an allowance for credit losses. Loan origination fees and direct loan origination costs are deferred and recognized in interest income over the estimated life of the loans using the effective interest method, adjusted for actual prepayments. Upon the decision to market such loans, the Company will evaluate if the loan meets held for sale criteria and then will transfer the loan from mortgage loan receivables held for investment to mortgage loan receivables held for sale at the lower of carrying value or fair value on the consolidated balance sheets.
Provision for Loan Losses
Provision for Loan Losses

The Company uses a current expected credit loss model (“CECL”) for estimating the provision for loan losses on its loan portfolio. The CECL model requires the consideration of possible credit losses over the life of an instrument and includes a portfolio-based component and an asset-specific component. In compliance with the CECL reporting requirements, the Company supplemented its existing credit monitoring and management processes with additional processes to support the calculation of the CECL reserves. As part of that effort, the Company engages a third-party service provider to provide market data and a credit loss model. The credit loss model is a forward-looking, econometric, commercial real estate (“CRE”) loss forecasting tool. It is comprised of a probability of default (“PD”) model and a loss given default (“LGD”) model that, layered together with the Company’s loan-level data, fair value of collateral, net operating income of collateral, selected forward-looking macroeconomic variables, and pool-level mean loss rates, produces life of loan expected losses (“EL”) at the loan and portfolio level. Where management has determined that the credit loss model does not fully capture certain external factors, including portfolio trends or loan-specific factors, a qualitative adjustment to the reserve, is recorded. In addition, interest receivable on loans is not included in the Company’s CECL calculations as the Company performs timely write off of aged accounts receivable. The Company has made a policy election to to write off aged receivables through interest income as opposed to through the CECL provision on its statements of income.

The asset-specific reserve component relates to reserves for losses on individually impaired loans. The Company evaluates each loan for impairment at least quarterly. Impairment occurs when it is deemed probable that the Company will not be able to collect all amounts due according to the contractual terms of the loan. If the loan is considered to be impaired, an allowance is recorded to reduce the carrying value of the loan to the present value of the expected future cash flows discounted at the loan’s effective rate or the fair value of the collateral, less the estimated costs to sell, if recovery of the Company’s investment is expected solely from the collateral. The Company may use the direct capitalization rate valuation methodology, the discounted cash flow methodology, or the sales comparison approach to estimate the fair value of the collateral for such loans and in certain cases will obtain external appraisals and take into account potential sale bids. Determining fair value of the collateral may take into account a number of assumptions including, but not limited to, cash flow projections, market capitalization rates, discount rates and data regarding recent comparable sales of similar properties. Such assumptions are generally based on current market conditions and are subject to economic and market uncertainties.
The Company’s loans are typically collateralized by real estate directly or indirectly. As a result, the Company regularly evaluates the extent and impact of any credit deterioration associated with the performance and/or value of the underlying collateral property as well as the financial and operating capability of the borrower/sponsor on a loan-by-loan basis. Specifically, a property’s operating results and any cash reserves are analyzed and used to assess: (i) whether cash flow from operations is sufficient to cover the debt service requirements currently and into the future; (ii) the ability of the borrower to refinance the loan at maturity; and/or (iii) the property’s liquidation value. The Company also evaluates the financial wherewithal of any loan guarantors as well as the borrower’s competency in managing and operating the properties. In addition, the Company considers the overall economic environment, real estate sector, and geographic submarket in which the collateral property is located. Such impairment analyses are completed and reviewed by asset management and underwriting personnel, who utilize various data sources, including: (i) periodic financial data such as property occupancy, tenant profile, rental rates, operating expenses, the borrowers’ business plan, and capitalization and discount rates; (ii) site inspections; and (iii) current credit spreads and other market data and ultimately presented to management for approval.

A loan is also considered impaired if its terms are modified in a troubled debt restructuring (“TDR”). A TDR occurs when a concession is granted and the debtor is experiencing financial difficulties. Impairments on TDR loans are generally measured based on the present value of expected future cash flows discounted at the effective interest rate of the original loans. Generally, when granting concessions, the Company will seek to protect its position by requiring incremental pay downs, additional collateral or guarantees and, in some cases, lookback features or equity interests to offset concessions granted should conditions impacting the loan improve. The Company’s determination of credit losses is impacted by TDRs whereby loans that have gone through TDRs are considered impaired, assessed for specific impairment, and are not included in the Company’s assessment of the CECL reserve. Loans previously restructured under TDRs that subsequently default are reassessed to incorporate the Company’s current assumptions on expected cash flows and additional provision for loan loss is recorded to the extent necessary.

The Company designates a loan as a non-accrual loan generally when: (i) the principal or coupon interest components of loan payments become 90-days past due; or (ii) in the opinion of the Company, it is doubtful the Company will be able to collect all principal and coupon interest due according to the contractual terms of the loan. Interest income on non-accrual loans in which the Company reasonably expects a full recovery of the loan’s outstanding principal balance is recognized when received in cash. Otherwise, income recognition will be suspended and any cash received will be applied as a reduction to the amortized cost basis. A non-accrual loan is returned to accrual status at such time as the loan becomes contractually current and future principal and coupon interest are reasonably assured to be received in accordance with the contractual loan terms. A loan will be written off when management has determined principal and coupon interest is no longer realizable and deemed non-recoverable.
Mortgage Loan Receivables Held for Sale
Mortgage Loan Receivables Held for Sale

Mortgage loan receivables held for sale are first mortgage loans that are secured by cash-flowing commercial real estate and are available for sale to securitizations. Mortgage loan receivables held for sale are recorded at lower of cost or market value on an individual basis.
Securities
Securities

The Company classifies its securities investments on the date of acquisition of the investment. Securities that the Company does not hold for the purpose of selling in the near-term, but may dispose of prior to maturity, are designated as available-for-sale and are carried at estimated fair value with the net unrealized gains or losses on all securities, except for Government National Mortgage Association (“GNMA”) interest-only and Federal Home Loan Mortgage Corp (“FHLMC”) interest-only securities (collectively, “Agency interest-only securities”) and equity securities, recorded as a component of other comprehensive income (loss) in shareholders’ equity. As more fully described in Note 4, certain securities that were purchased from the LCCM LC-26 securitization trust are designated as risk retention securities under the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010, as amended (“Dodd-Frank Act”) which are subject to transfer restrictions over the term of the securitization trust and are classified as held-to-maturity and reported at amortized cost.

The Company’s Agency interest-only securities are considered to be hybrid financial instruments that contain embedded derivatives. As a result, the Company accounts for them as hybrid instruments in their entirety at fair value with changes in fair value recognized in earnings in the consolidated statements of income. The Company’s recognition of interest income from its Agency interest-only and all other securities, including effective interest from amortization of premiums, follows the Company’s Revenue Recognition policy, as disclosed within this Note for recognizing interest income on its securities. The interest income recognized from the Company’s Agency interest-only securities is recorded in interest income on the consolidated statements of income.
The Company uses the specific identification method when determining the cost of securities sold and the amount of gain (loss) on securities recognized in earnings. Unrealized losses on securities are evaluated by management to determine if the decline in fair value below the amortized cost basis is due to credit-related factors or noncredit-related factors, any impairment that is not credit-related is recognized in other comprehensive income, whereas any credit-related loss is recognized currently in earnings in the consolidated statements of income.

The Company has elected the fair value option for accounting for equity securities and changes in fair value are recorded in current period earnings.

When the estimated fair value of an available-for-sale security is less than amortized cost, the Company will consider whether there is an impairment in the value of the security. An impairment will be considered based on consideration of several factors, including (i) if the Company intends to sell the security, (ii) if it is more likely than not that the Company will be required to sell the security before recovering its cost, or (iii) the Company does not expect to recover the security’s cost basis (i.e., a credit loss exists). A credit loss will have occurred if the present value of cash flows expected to be collected from the debt security is less than the amortized cost basis. If the Company intends to sell an impaired debt security or it is more likely than not that it will be required to sell the security before recovery of its amortized cost basis less any current period credit loss, the cost basis of the security will be written down to fair value, and the related impairment will be recognized currently in earnings. If a credit loss exists, but the Company does not intend to, nor is it more likely than not that it will be required to sell before recovery, the impairment will be separated into (i) the estimated amount relating to the credit loss, and (ii) the amount relating to all other factors. The amount of the impairment relating to credit losses will be recognized as an allowance for credit losses, which is a contra-asset and a reduction in earnings, with the remainder of the loss recognized in other comprehensive income.

Estimating cash flows and determining whether there is impairment requires management to exercise judgment and make significant assumptions, including, but not limited to, assumptions regarding estimated prepayments, loss assumptions, and assumptions regarding changes in interest rates. As a result, actual impairment losses, and the timing of income recognized on these securities, could differ from reported amounts.

For cash flow statement purposes, receipts of interest from interest-only real estate securities are bifurcated between amortization of premium/ (accretion) of discount and other fees on securities as part of cash flows from operations and basis recovery of Agency interest only securities as part of cash flows from investing activities.

The Company utilizes an internal model as its primary pricing source to develop its prices for its CMBS and other commercial real estate securities guaranteed by a U.S. governmental agency or by a government sponsored entity (together, “U.S. Agency securities”). Different judgments and assumptions could result in materially different estimates of fair value. To confirm its own valuations, the Company requests prices for each of its CMBS and U.S. Agency securities investments from three different sources, including third parties that provide pricing services and brokers, although since broker quotes for the same or similar securities in which Ladder has invested are non-binding, the Company does not consider them to be a primary source for valuation. The Company may also develop a price for a security based on its direct observations of market activity and other observations. Typically, at least two prices per security are obtained.

Prior to using a third-party pricing service for valuation, the Company develops an understanding of the valuation methodologies used by such pricing services through discussions with their representatives and review of their valuation methodologies used for different types of securities. The Company understands that the pricing services develop estimates of fair value for CMBS and U.S. Agency securities using various techniques, including discussion with their internal trading desks, proprietary models and matrix pricing approaches. The Company does not have access to, and is therefore not able to review in detail, the inputs used by the pricing services in developing their estimates of fair value. However, on at least a monthly basis as part of our closing process, the Company evaluates the fair value information provided by the pricing services by comparing this information for reasonableness against its direct observations of market activity for similar securities and anecdotal information obtained from market participants that, in its assessment, is relevant to the determination of fair value. This process may result in the Company “challenging” the estimate of fair value for a security if it is unable to reconcile the estimate provided by the pricing service with its assessment of fair value for the security. Accordingly, in following this approach, the Company’s objective is to ensure that the information used by pricing services in their determination of fair value of securities is reasonable and appropriate.
Real Estate
Real Estate

The Company generally acquires real estate assets or land and development assets through cash purchases and may also acquire such assets through foreclosure or deed-in-lieu of foreclosure in full or partial satisfaction of defaulted loans. Based on the Company’s strategic plan to realize the maximum value from the real estate acquired, properties are either classified as Real estate, net or Real estate held for sale in the consolidated balance sheets. When the Company intends to hold, operate or develop the property for a period of at least 12 months, assets are classified as Real estate, net. If the Company intends to market these properties for sale in the near term, assets are evaluated against the held for sale criteria and then may be classified as real estate
held for sale in the consolidated balance sheets. The Company records acquired real estate at cost and makes assessments as to the useful lives of depreciable assets. The Company records real estate acquired through foreclosure at fair value. The Company considers the period of future benefit of the asset to determine its appropriate useful lives. Depreciation is computed using a straight-line method over the estimated useful life of 20 to 55 years for buildings, four to 15 years for building fixtures and improvements and the remaining lease term for acquired intangible lease assets or liabilities.

The Company classifies most of its investments in real estate as held and used. The Company measures and records a property that is classified as held and used at its carrying amount, adjusted for any depreciation expense and impairments, as applicable and are included in Real estate, net in the consolidated balance sheets.
Allocation of Purchase Price for Acquired Real Estate
Allocation of Purchase Price for Acquired Real Estate
 
Upon acquisition of rental property, the Company estimates the fair value of acquired tangible assets, consisting of land, building and improvements, and identified intangible assets and liabilities assumed, generally consisting of the fair value of (i) above and below market leases; (ii) in-place leases; and (iii) assumed mortgages. The Company allocates the purchase price to the assets acquired and liabilities assumed based on their relative fair values and real estate acquisition costs are capitalized as a component of the cost of the assets acquired for asset acquisitions. In estimating the fair value of the tangible and intangible assets acquired, the Company considers information obtained about each property as a result of its due diligence and marketing and leasing activities, and utilizes various valuation methods. These methods may include discounted cash flow models, for which assumptions including cash flow projections, discount and capitalization rates, or market comparable transactions, which require management judgment in determining the appropriateness of recent comparable sales of similar properties, or the ground lease approach for land valuation, which requires management judgement in determining comparable ground leases to forecast the economic ground rent and apply capitalization rate to the forecast economic ground rent to estimate land value. The Company may also utilize estimates of replacement costs net of depreciation. The fair value of the tangible assets of an acquired property considers the value of the property as if it were vacant.

Above-market and below-market lease values for acquired properties are initially recorded based on the present value (using a discount rate which reflects the risks associated with the leases acquired) of the difference between (i) the contractual amounts to be paid pursuant to each in-place lease and (ii) management’s estimate of fair market lease rates for each corresponding in-place lease, measured over a period equal to the remaining term of the lease for above-market leases and the remaining initial term plus the term of any below-market fixed rate renewal options for below-market leases. The capitalized above-market lease values are amortized as a reduction of base rental revenue over the remaining terms of the respective leases, and the capitalized below-market lease values are amortized as an increase to base rental revenue over the remaining initial terms plus the terms of any below-market fixed rate renewal options of the respective leases. If a tenant with a below market rent renewal does not renew, any remaining unamortized amount will be taken into income at that time.

Other intangible assets acquired include amounts for in-place lease values. Factors to be considered by management in its analysis of in-place lease values include an estimate of carrying costs during hypothetical expected lease-up periods considering current market conditions, and costs to execute similar leases. In estimating carrying costs, management includes real estate taxes, insurance and other operating expenses and estimates of lost rentals at market rates during the expected lease-up periods, depending on local market conditions. In estimating costs to execute similar leases, management considers leasing commissions, legal and other related expenses. The value of in-place leases are amortized to expense over the remaining initial terms of the respective leases but in no event do the amortization periods for intangible assets exceed the depreciable lives of the buildings. If a tenant terminates its lease, the unamortized portion of the in-place lease value intangibles are charged to expense.

The fair value of other investments and debt assumed are valued using techniques consistent with those disclosed in Note 15, depending on the nature of the investments or debt. The fair value of other assumed assets and liabilities are based on best information available at the time of the acquisition.
Impairment of Property Held for Use
Impairment of Property Held for Use
 
On a periodic basis, management assesses whether there are any indicators that the value of the Company’s properties classified as held for use may be impaired. In addition to identifying any specific circumstances which may affect a property or properties, management considers other criteria for determining which properties may require assessment for potential impairment.  The criteria considered by management include reviewing low leased percentages, significant near-term lease expirations, recently acquired properties, historical, current and projected operating and/or cash flow losses, near-term mortgage debt maturities or other factors that might impact the Company’s intent and ability to hold the property. A property’s value is impaired only if management’s estimate of the aggregate future cash flows (undiscounted and without debt service charges) to be generated by the property is less than the carrying value of the property. To the extent impairment has occurred, the loss shall be measured as the excess of the carrying amount of the property over the fair value of the property. The Company’s estimates of aggregate future cash flows expected to be generated by each property are based on a number of assumptions. These assumptions are generally based on management’s experience in its local real estate markets and the effects of current market conditions. The assumptions are subject to economic and market uncertainties including, among others, demand for space, competition for tenants, changes in market rental rates, and costs to operate each property. As these factors are difficult to predict and are subject to future events that may alter management’s assumptions, the future cash flows estimated by management in its impairment analyses may not be achieved, and actual losses or impairments may be realized in the future.
Real Estate Held for Sale
Real Estate Held for Sale
 
In accordance with accounting guidance found in ASC Topic 360 - Property, Plant, and Equipment (“ASC 360”), when assets meet the criteria for held for sale, the Company discontinues depreciating the assets and estimates the sales price, net of selling costs, of such assets.  If, in management’s opinion, the estimated net sales price of the assets which have been identified as held for sale is less than the net book value of the assets, an impairment charge will be recorded in the consolidated statements of income.
 
If circumstances arise that previously were considered unlikely and, as a result, the Company decides not to sell a property previously classified as held for sale, the property is reclassified as held and used.  A property that is reclassified is measured and recorded individually at the lower of (a) its carrying amount before the property was classified as held for sale, adjusted for any depreciation (amortization) expense that would have been recognized had the property been continuously classified as held and used, or (b) the fair value at the date of the subsequent decision not to sell.
Sales of Real Estate
Sales of Real Estate
 
Gains on sales of real estate are recognized pursuant to the provisions included in ASC 606-20, Revenue from Contracts with Customers (“ASC 606-20”) or ASC 610-20, Gains and Losses from the Derecognition of Nonfinancial Assets (“ASC 610-20”). Generally, the Company’s sales of residential condominiums would be governed by ASC 606-20 and the sales of rental properties under ASC 610-20.
Investments in and Advances to Unconsolidated Ventures
Investments in and Advances to Unconsolidated Ventures

The Company accounts for its investments in unconsolidated ventures under the equity method of accounting. The Company applies the equity method by initially recording these investments at cost, as investments in unconsolidated ventures, subsequently adjusted for equity in earnings and cash contributions and distributions. In the event there is an outside basis portion of the Company’s ventures, it is amortized over the anticipated useful lives of the underlying ventures’ tangible and intangible assets acquired and liabilities assumed. Generally, the Company would discontinue applying the equity method when the investment (and any advances) is reduced to zero and would not provide for additional losses unless the Company has guaranteed obligations of the venture or is otherwise committed to providing further financial support for the investee. If the venture subsequently generates income, the Company only recognizes its share of such income to the extent it exceeds its share of previously unrecognized losses. The Company classifies distributions received from its investments in unconsolidated ventures using the nature of the distribution approach.
On a periodic basis, management assesses whether there are any indicators that the value of the Company’s investments in unconsolidated ventures may be impaired. An investment is impaired only if management’s estimate of the value of the investment is less than the carrying value of the investment, and such decline in value is deemed to be other than temporary. To the extent impairment has occurred, the loss shall be measured as the excess of the carrying amount of the investment over the value of the investment. The Company’s estimates of value for each investment (particularly in commercial real estate ventures) are based on a number of assumptions that are subject to economic and market uncertainties including, among others, demand for space, competition for tenants, changes in market rental rates, and operating costs. As these factors are difficult to predict and are subject to future events that may alter management’s assumptions, the values estimated by management in its impairment analyses may not be realized, and actual losses or impairment may be realized in the future.
Capitalization of Interest
Capitalization of Interest

Capitalization of costs begins when the activities necessary to get the development project ready for its intended use begins, which include costs incurred before the beginning of construction. Capitalization of costs ceases when the development project is substantially complete and ready for its intended use. Determining when a development project commences, and when it is substantially complete and ready for its intended use involves a degree of judgment. We generally consider a development project to be substantially complete and ready for its intended use upon receipt of a certificate of occupancy. We cease cost capitalization if activities necessary for the development of the property have been suspended. Capitalized costs are allocated to the specific components of a project that are benefited.

Interest shall be capitalized for investments accounted for by the equity method while the investee has activities in progress necessary to commence its planned principal operations, provided that the investee’s activities include the use of funds to acquire qualifying assets for its operations. The investor’s investment in the investee, not the individual assets or projects of the investee, is the qualifying asset for purposes of interest capitalization.
Commitments and Contingencies
Commitments and Contingencies

The Company, as lessee, records right-of-use lease assets in other assets and lease liabilities in other liabilities on its consolidated balance sheets. A lease is evaluated for classification as an operating or finance lease at the commencement date of the lease. Right-of-use assets initially equal the lease liability. The lease liability equals the present value of the minimum rental payments due under the lease discounted at the rate implicit in the lease or the Company's incremental borrowing rate for similar collateral if the rate implicit in the lease is not readily determinable.

Future lease payments include fixed lease payments as well as variable lease payments that depend upon an index or rate using the index or rate at the commencement date and probable amounts owed under residual value guarantees. The amount of future lease payments may be increased to include additional payments related to lease extension when the Company has determined, at or subsequent to lease commencement that it is reasonably certain of exercising such options.

The Company recognizes a single lease cost for operating leases in operating expenses in the consolidated statements of income, calculated so that the cost of the lease is allocated generally on a straight-line basis over the term of the lease, and classifies all cash payments within operating activities in the consolidated statements of cash flows.
The Company has elected not to record assets and liabilities on its consolidated balance sheet for lease arrangements with terms of 12 months or less.
Valuation of Financial Instruments Valuation of Financial Instruments Considerable judgment is necessary to interpret market data and develop estimated fair values. Accordingly, fair values are not necessarily indicative of the amounts the Company could realize upon disposition of the financial instruments. Financial instruments with readily available active quoted prices, or for which fair value can be measured from actively quoted prices, generally will have a higher degree of pricing observability and will therefore require a lesser degree of judgment to be utilized in measuring fair value. Conversely, financial instruments rarely traded or not quoted will generally have less, or no, pricing observability and will require a higher degree of judgment in measuring fair value. Pricing observability is generally affected by such items as the type of financial instrument, whether the financial instrument is new to the market and not yet established, the characteristics specific to the transaction and overall market conditions. The use of different market assumptions and/or estimation methodologies may have a material effect on estimated fair value amounts.
Valuation Hierarchy
Valuation Hierarchy
 
In accordance with the authoritative guidance on fair value measurements and disclosures under ASC 820 - Fair Value Measurement, the methodologies used for valuing such instruments have been categorized into three broad levels as follows:
 
Level 1 - Quoted prices in active markets for identical instruments.
 
Level 2 - Valuations based principally on other observable market parameters, including:
 
•Quoted prices in active markets for similar instruments, 
•Quoted prices in less active or inactive markets for identical or similar instruments,
•Other observable inputs (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates), and 
•Market corroborated inputs (derived principally from or corroborated by observable market data).
 
Level 3 - Valuations based significantly on unobservable inputs.
 
•Valuations based on third-party indications (broker quotes, counterparty quotes or pricing services), which were in turn, based significantly on unobservable inputs or were otherwise not supportable as Level 2 valuations, and 
•Valuations based on internal models with significant unobservable inputs.
 
Pursuant to the authoritative guidance, these levels form a hierarchy.  The Company follows this hierarchy for its financial instruments measured at fair value on a recurring basis.  The classifications are based on the lowest level of input that is significant to the fair value measurement.
 
It is the Company’s policy to determine when transfers between levels of the fair value hierarchy are deemed to have occurred at the end of the reporting period.
Tuebor/Federal Home Loan Bank Membership
Tuebor/Federal Home Loan Bank Membership

Tuebor Captive Insurance Company LLC (“Tuebor”), was licensed in Michigan and approved to operate as a captive insurance company as well as being approved to become a member of the Federal Home Loan Bank (“FHLB”), with membership finalized with the purchase of stock, in the FHLB on July 11, 2012. That approval allowed Tuebor to purchase capital stock in the FHLB, the prerequisite to obtaining financing on eligible collateral.
Each member of the FHLB must purchase and hold FHLB stock as a condition of initial and continuing membership, in proportion to their borrowings from the FHLB and levels of certain assets. Members may need to purchase additional stock to comply with these capital requirements from time to time. FHLB stock is redeemable by Tuebor upon five (5) years prior written notice, subject to certain restrictions and limitations. Under certain conditions, the FHLB may also, at its sole discretion, repurchase FHLB stock from its members. The Company records its investment in FHLB stock at its par value and the FHLB stock is expected to be repurchased by the FHLB at its par value.
Debt Issuance Costs/Debt Issued
Debt Issuance Costs

The Company recognizes debt issuance costs related to its senior unsecured notes on its consolidated balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. The Company defers debt issuance costs associated with lines of credit and presents them as an asset and subsequently amortizes the debt issuance costs ratably over the term of the revolving debt arrangement. The Company considers its committed loan master repurchase facilities, borrowings under credit agreement and revolving credit facility to be revolving debt arrangements.
Debt Issued

From time to time, a subsidiary of the Company will originate a loan (each, an “Intercompany Loan,” and collectively, “Intercompany Loans”) to another subsidiary of the Company to finance the purchase of real estate. The mortgage loan receivable and the related obligation do not appear in the Company’s consolidated balance sheets as they are eliminated upon consolidation. Once the Company issues (sells) an Intercompany Loan to a third-party securitization trust (for cash), the related mortgage note is held for the first time by a creditor external to the Company. The accounting for the securitization of an Intercompany Loan—a financial instrument that has never been recognized in our consolidated financial statements as an asset—is considered a financing transaction under ASC 470 - Debt, and ASC 835 - Interest.

The periodic securitization of the Company’s mortgage loans involves both Intercompany Loans and mortgage loans made to third parties with the latter recognized as financial assets in the Company’s consolidated financial statements as part of an integrated transaction. The Company receives aggregate proceeds equal to the transaction’s all-in securitization value and sales
price. In accordance with the guidance under ASC 835, when initially measuring the obligation arising from an Intercompany Loan’s securitization, the Company allocates the proceeds from each securitization transaction between the third-party loans and each Intercompany Loan so securitized on a relative fair value basis determined in accordance with the guidance in ASC 820, Fair Value Measurement. The difference between the amount allocated to each Intercompany Loan and the loan’s face amount is recorded as a premium or discount, and is amortized, using the effective interest method, as a reduction or increase in reported interest expense, respectively.
Derivative Instruments
Derivative Instruments

In the normal course of business, the Company is exposed to the effect of interest rate changes and may undertake a strategy to limit these risks through the use of derivatives. To address exposure to interest rates, the Company uses derivatives primarily to economically hedge the fair value variability of fixed rate assets caused by interest rate fluctuations and overall portfolio market risk. The Company may use a variety of derivative instruments that are considered conventional, or “plain vanilla” derivatives, including interest rate swaps, futures, caps, collars and floors, to manage interest rate risk.

To determine the fair value of derivative instruments, the Company uses a variety of methods and assumptions that are based on market conditions and risks existing at each balance sheet date. Standard market conventions and techniques such as discounted cash flow analysis, option-pricing models, and termination cost may be used to determine fair value. All such methods of measuring fair value for derivative instruments result in an estimate of fair value, and such value may never actually be realized.

The Company recognizes all derivatives on the consolidated balance sheets at fair value. The Company does not generally designate derivatives as hedges to qualify for hedge accounting for financial reporting purposes and therefore any net payments under, or fluctuations in the fair value of, these derivatives have been recognized currently in net result from derivative transactions in the accompanying consolidated statements of income. The Company records derivative asset and liability positions on a gross basis with any collateral posted with or received from counterparties recorded separately on the Company’s consolidated balance sheets.
Repurchase Agreements Repurchase Agreements The Company finances certain of its mortgage loan receivables held for sale, a portion of its mortgage loan receivables held for investment and the majority of its real estate securities using repurchase agreements. Under a repurchase agreement, an asset is sold to a counterparty to be repurchased at a future date at a predetermined price, which represents the original sales price plus interest. The Company accounts for these repurchase agreements as financings under ASC 860-10-40.
Income Taxes
Income Taxes

The Company has elected to be taxed as a REIT under the Code effective January 1, 2015. The Company is subject to federal income taxation at corporate rates on its REIT taxable income; however, the Company is allowed a deduction for the amount of dividends paid to its stockholders, thereby subjecting the distributed net income of the Company to taxation at the stockholder level only. Any income associated with a TRS is fully taxable because a TRS is subject to federal and state income taxes as a domestic C corporation based upon its taxable net income. The Company is also subject to U.S. federal income tax (and possibly state and local taxes) to the extent it recognizes any “built-in gains” that existed as of January 1, 2015, the effective date of Company’s election to be subject to tax as a REIT under the Code (the “REIT Election”) for the five-year period following the REIT Election. The Company intends to continue to operate in a manner consistent with and to elect to be treated as a REIT for tax purposes.

The Company accounts for income taxes in accordance with ASC Topic 740 - Income Taxes (“ASC 740”), which requires the recognition of tax benefits or expenses on the temporary differences between financial reporting and tax bases of assets and liabilities.  The Company determines whether a tax position of the Company is more likely than not to be sustained upon examination by the applicable taxing authority, including resolution of any related appeals or litigation processes, based on the technical merits of the position. The tax benefit to be recognized is measured as the largest amount of benefit that is greater than 50% likely to be realized upon ultimate settlement which could result in the Company recording a tax liability that would reduce shareholders’ equity.
 
The Company’s policy is to classify interest and penalties associated with underpayment of U.S. federal and state income taxes, if any, as a component of income tax expense (benefit) on its consolidated statements of income. For the years ended December 31, 2022, 2021 and 2020, the Company did not have material interest or penalties associated with the underpayment of any income taxes. The last three tax years remain open and subject to examination by tax jurisdictions.
Interest Income
Interest Income

Interest income is accrued based on the outstanding principal amount and contractual terms of the Company’s loans and securities. Discounts or premiums associated with the purchase of loans and investment securities are amortized or accreted into interest income as a yield adjustment on the effective interest method, based on expected cash flows through the expected recovery period of the investment. On at least a quarterly basis, the Company reviews and, if appropriate, makes adjustments to its cash flow projections. The Company has historically collected, and expects to continue to collect, all contractual amounts due on its originated loans. As a result, the Company does not adjust the projected cash flows to reflect anticipated credit losses for these loans. If the performance of a credit deteriorated security is more favorable than forecasted, the Company will generally accrete more credit discount into interest income than initially or previously expected. These adjustments are made prospectively beginning in the period subsequent to the determination that a favorable change in performance is projected. Conversely, if the performance of a credit deteriorated security is less favorable than forecasted, an impairment may be taken, and the amount of discount accreted into income will generally be less than previously expected.

The Company applies the provisions of ASC 310-20 for our high credit quality securities rated AA or above. The effective yield on securities is based on the projected cash flows from each security, which is estimated based on the Company’s observation of the then current information and events and will include assumptions related to interest rates, prepayment rates and the timing and amount of credit losses. On at least a quarterly basis, the Company reviews and, if appropriate, makes adjustments to its cash flow projections based on input and analysis received from external sources, internal models, and its judgment about interest rates, prepayment rates, the timing and amount of credit losses (if applicable), and other factors. Changes in cash flows from those originally projected, or from those estimated at the last evaluation, may result in a retrospective change in the yield/interest income recognized on such securities. Actual maturities of the securities are affected by the contractual lives of the associated mortgage collateral, periodic payments of scheduled principal, and repayments of principal. Therefore, actual maturities of the securities will generally be shorter than stated contractual maturities.

For loans classified as held for investment and that the Company has not elected to record at fair value under ASC 825, origination fees and direct loan origination costs are recognized in interest income over the loan term as a yield adjustment using the effective interest method. For loans classified as held for sale and that the Company has not elected to record at fair value under ASC 825, origination fees and direct loan origination costs are deferred adjusting the basis of the loan and are realized as a portion of the gain/(loss) on sale of loans when sold. As of December 31, 2022 and 2021, the Company did not hold any loans for which the fair value option was elected.

The Company applies the provisions in ASC 325-40 for our securities rated below AA, cash flows from a security are estimated by applying assumptions used to determine the fair value of such security and the excess of the future cash flows over the investment are recognized as interest income under the effective yield method. The Company will review and, if appropriate, make adjustments to, its cash flow projections at least quarterly and monitor these projections based on input and analysis received from external sources and its judgment about interest rates, prepayment rates, the timing and amount of credit losses and other factors. Changes in cash flows from those originally projected, or from those estimated at the last evaluation, may result in a prospective change in interest income recognized and amortization of any premium or discount on, or the carrying value of, such securities.
For investments purchased that either meet the definition of a purchased financial asset with credit deterioration (“PCD”) or where there is significant difference between contractual cash flows and expected cash flows, the Company applies the PCD guidance in ASC 326-30. ASC 326-30 requires an initial estimate of expected credit losses to be recognized through an adjustment to the amortized cost basis of the financial asset (i.e., a balance sheet gross up) with no impact to earnings.

As of the date of acquisition, the amount of expected credit losses is added to the purchase price of the security to establish the initial amortized cost basis. Any difference between the amortized cost basis (purchase price plus the initial allowance for credit losses) and the par amount of the security is considered to be a non-credit discount/premium and will be accreted/amortized into interest income using the interest method.
When assessing whether the credit quality of the asset has deteriorated, the Company compares the credit quality of the asset at the time of origination with the credit quality at the time of acquisition. An asset that was originated with low credit quality should not be considered to be PCD if there has not been a more-than-insignificant deterioration in credit since origination.
Recognition of Operating Lease Income and Tenant Recoveries
Recognition of Operating Lease Income and Tenant Recoveries 

Certain arrangements may contain both lease and non-lease components. The Company determines if an arrangement is, or contains, a lease at contract inception. Only the lease components of these contractual arrangements are subject to the provisions of ASC 842. Any non-lease components are subject to other applicable accounting guidance. We elected, however, to adopt the optional practical expedient not to separate lease components from non-lease components for accounting purposes. This policy election has been adopted for each of the Company’s leased asset classes existing as of the effective date and subject to the transition provisions of ASC 842 - Leases, will be applied to all new or modified leases executed on or after January 1, 2019. For contractual arrangements executed in subsequent periods involving a new leased asset class, the Company will determine at contract inception whether it will apply the optional practical expedient to the new leased asset class.

Certain of the Company’s real estate is leased to others on a net lease basis where the tenant is generally responsible for payment of real estate taxes, property, building and general liability insurance and property and building maintenance. These leases are for fixed terms of varying length and provide for annual rentals.

Rental income from operating leases is recognized in real estate operating income on a straight-line basis, generally from the later of the date the lessee takes possession of the space or the space is ready for its intended use. If the Company acquires a facility subject to an existing operating lease, the Company will recognize operating lease income on the straight-line method beginning on the date of acquisition over the term of the respective leases. The amount of future lease payments may be increased to include additional payments related to lease extension options when the Company has determined the extension options are reasonably certain to be exercised. The cumulative excess of rents recognized over amounts contractually due pursuant to the underlying leases are included in unbilled rent receivable within other assets in the consolidated balance sheets.

Tenant reimbursements, which consist of real estate taxes and other municipal charges paid by the Company, which were reimbursable by our tenants pursuant to the terms of the lease agreements, are recognized as revenue in the period during which the applicable expenses are incurred. Tenant reimbursements are included in real estate operating income on the Company’s consolidated statements of income.

The Company moves to cash basis for operating lease income recognition in the period in which collectability of all lease payments is no longer considered probable. At such time, any operating lease receivable or unbilled rent receivable balance will be written off. If and when lease payments that were previously not considered probable of collection become probable, the Company will move back to the straight-line method of income recognition and record an adjustment to operating lease income in that period as if the lease was always on the straight-line method of income recognition.
Transfers of Financial Assets
Transfers of Financial Assets

For a transfer of financial assets to be considered a sale, the transfer must meet the sale criteria of ASC 860, which, at the time of the transfer, require that the transferred assets qualify as recognized financial assets and the Company surrender control over the assets. Such surrender requires that the assets be isolated from the Company, even in bankruptcy or other receivership, the purchaser have the right to pledge or sell the assets transferred and the Company not have an option or obligation to reacquire the assets. If the sale criteria are not met, the transfer is considered to be a secured borrowing, the assets remain on the Company’s consolidated balance sheets and the sale proceeds are recognized as a liability. In November 2017, the SEC staff indicated that, despite transfer restrictions placed on qualified Third Party Purchasers by the risk retention rules of the Dodd-Frank Act, they would not take exception to a registrant treating transfers of financial instruments in a securitization as sales if the transfers otherwise met all the criteria for sale accounting. The Company believes treatment of such transfers as sales is consistent with the substance of such transactions and, accordingly, reflects such transfers as sales. We recognize gains on sale of loans net of any costs related to that sale.
Fee and Other Income
Fee and Other Income

Fee and other income is composed of income from dividend income on our investment in FHLB stock, as well as from underwriting fees, exit fees and other fees on the loans we originate and in which we invest.
Fee Expense Fee Expense Fee expense is composed primarily of fees related to financing arrangements, transaction related costs and financing arrangements and other investment related costs.
Stock Based Compensation Plan
Stock Based Compensation Plan

The Company accounts for its equity-based compensation awards using the fair value method, which requires an estimate of fair value of the award at the time of grant. The Company recognizes the compensation expense related to the time-based vesting criteria on a straight-line basis over the requisite service period. Accruals of compensation cost for an award with a performance condition shall be based on the probable outcome of that performance condition. Therefore, compensation cost shall be accrued if it is probable that the performance condition will be achieved and shall not be accrued if it is not probable that the performance condition will be achieved. The Company made a policy election to account for forfeitures as they occur rather than on an estimated basis.
Recently Adopted Accounting Pronouncements
Recently Adopted Accounting Pronouncements

In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting, (“ASU 2020-04”), and in January 2021, the FASB issued ASU 2021-01, Reference Rate Reform (Topic 848)-Scope (“ASU 2021-01”). Both ASU 2020-04 and ASU 2021-01 provides optional expedients and exceptions for applying GAAP to contracts, hedging relationships and other transactions that reference the London Interbank Offered Rate (“LIBOR”) or another reference rate expected to be discontinued because of reference rate reform. ASU 2020-04 and ASU 2021-01 are effective upon issuance for contract modifications and hedging relationships on a prospective basis. The adoption of ASU 2020-04 and ASU 2021-01 did not have a material impact on the Company’s consolidated financial statements.

In October 2020, the FASB issued ASU 2020-10, Codification Improvements, which updates various codification topics by clarifying or improving disclosure requirements to align with the SEC’s regulations. The adoption of ASU 2020-10 did not have a material impact on the Company’s consolidated financial statements.

In May 2021, the FASB issued ASU 2021-04—Earnings Per Share (Topic 260), Debt—Modifications and Extinguishments (Subtopic 470-50), Compensation—Stock Compensation (Topic 718), and Derivatives and Hedging—Contracts in Entity’s Own Equity (Subtopic 815-40): Issuer’s Accounting for Certain Modifications or Exchanges of Freestanding Equity-Classified Written Call Options (a consensus of the FASB Emerging Issues Task Force). The amendments in this update are effective for all entities for fiscal years beginning after December 15, 2021, including interim periods within those fiscal years. The adoption of ASU 2021-04 did not have a material impact on the Company’s consolidated financial statements.

In July 2021, the FASB issued ASU 2021-05—Leases (Topic 842): Lessors—Certain Leases with Variable Lease Payments (“ASU 2021-05”). The adoption of ASU 2021-05 is effective for fiscal years beginning after December 15, 2021. There was no material impact to the Company as a result of the adoption of ASU 2021-05.
Recent Accounting Pronouncements Pending Adoption

In March 2022, the FASB issued ASU 2022-02—Financial Instruments-Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures (“ASU 2022-02”). ASU 2022-02 eliminates the accounting guidance for troubled debt restructurings and requires disclosure of current-period gross write-offs by year of loan origination. Additionally, ASU 2022-02 updates the accounting for credit losses under ASC 326 and adds enhanced disclosures with respect to loan refinancing and restructuring in the form of principal forgiveness, interest rate concessions, other-than-insignificant payment delays, or term extensions when the borrower is experiencing financial difficulties. ASU 2022-02 is effective for fiscal years beginning after December 15, 2022, and early adoption is permitted. The amendments should be applied prospectively, however for the recognition and measurement of troubled debt restructurings, the entity has the option to apply a modified retrospective transition method, resulting in a cumulative-effect adjustment to retained earnings in the period of adoption. The Company is currently evaluating the impact of the update on the Company’s consolidated financial statements.

Any new accounting standards not disclosed above that have been issued or proposed by FASB and that do not require adoption until a future date are not expected to have a material impact on the consolidated financial statements upon adoption.
v3.22.4
MORTGAGE LOAN RECEIVABLES (Tables)
 12 Months Ended
Dec. 31, 2022
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Abstract]  
Schedule of mortgage loan receivables
Outstanding
Face Amount		Carrying
Value		Weighted
Average
Yield (1)(2)(3)		Remaining
Maturity
(years)(2)(3)
Mortgage loan receivables held for investment, net, at amortized cost:
First mortgage loans$3,841,315 $3,819,860 8.83 %1.3
Mezzanine loans65,950 65,886 10.62 %1.6
Total mortgage loans receivable3,907,265 3,885,746 8.85 %1.3
Allowance for credit lossesN/A(20,755)
Total mortgage loan receivables held for investment, net, at amortized cost3,907,265 3,864,991 
Mortgage loan receivables held for sale:
First mortgage loans31,350 27,391  4.57 %9.19
Total$3,938,615 $3,892,382 (4)8.82 %1.3
(1)Includes the impact from interest rate floors. December 31, 2022 LIBOR and SOFR rates are used to calculate weighted average yield for floating rate loans.
(2)Excludes non-accrual loans of $53.8 million. Refer to “Non-Accrual Status” below for further details.
(3)Includes the impact of one loan with a principal balance of $51.5 million which was extended through 2026 in January 2023.
(4)Net of $21.5 million of deferred origination fees and other items as of December 31, 2022.
Outstanding
Face Amount		Carrying
Value		Weighted
Average
Yield (1)(2)		Remaining
Maturity
(years)(2)
Mortgage loan receivables held for investment, net, at amortized cost:
First mortgage loans$3,482,715 $3,454,654 5.50 %1.8
Mezzanine loans99,204 99,083 10.92 %1.9
Total mortgage loans receivable3,581,919 3,553,737 5.65 %1.8
Allowance for credit lossesN/A(31,752)
Total mortgage loan receivables held for investment, net, at amortized cost3,581,919 3,521,985 
Total$3,581,919 $3,521,985 (3)5.65 %1.8
(1)Includes the impact from interest rate floors. December 31, 2021 LIBOR rates are used to calculate weighted average yield for floating rate loans.
(2)Excludes non-accrual loans of $80.2 million. Refer to “Non-Accrual Status” below for further details.
(3)Net of $26.0 million of deferred origination fees and other items as of December 31, 2021.
Summary of mortgage loan receivables by loan type
For the years ended December 31, 2022, 2021, and 2020, the activity in our loan portfolio was as follows ($ in thousands):
Mortgage loan receivables held for investment, net, at amortized cost:
 Mortgage loans receivableAllowance for credit lossesMortgage loan 
receivables held
for sale
Balance, December 31, 2021$3,553,737 $(31,752)$— 
Origination of mortgage loan receivables1,234,765 — 61,318 
Repayment of mortgage loan receivables(901,082)— (68)
Proceeds from sales of mortgage loan receivables— — (29,151)
Non-cash disposition of loans via foreclosure(1)(10,235)— — 
Sale of loans, net (2)2,197 — (4,708)
Accretion/amortization of discount, premium and other fees20,759 — — 
Charge offs(14,395)14,395 — 
Release (addition) of provision for current expected credit loss, net (3)— (3,398)— 
Balance, December 31, 2022$3,885,746 $(20,755)$27,391 
(1)Refer to Note 5 Real Estate and Related Lease Intangibles, Net for further detail on foreclosure of real estate.
(2)Includes unrealized lower of cost or market adjustment and realized gain/loss on loans held for sale.
(3)Refer to “Allowance for Credit Losses” table below for further detail.

Mortgage loan receivables held for investment, net, at amortized cost:
 Mortgage loans receivableAllowance for credit lossesMortgage loan
receivables held
for sale
Balance, December 31, 2020$2,354,059 $(41,507)$30,518 
Origination of mortgage loan receivables2,309,888 — 220,359 
Purchases of mortgage loan receivables63,600 — — 
Repayment of mortgage loan receivables(1,059,796)— (183)
Proceeds from sales of mortgage loan receivables(46,557)— (259,092)
Non-cash disposition of loan via foreclosure(1)(81,289)— — 
Sale of loans, net— — 8,398 
Accretion/amortization of discount, premium and other fees13,832 — — 
Release of asset-specific loan loss provision via foreclosure(1)— 1,150 — 
Release (addition) of provision for current expected credit loss, net — 8,605 — 
Balance, December 31, 2021$3,553,737 $(31,752)$— 
(1)Refer to Note 5, Real Estate and Related Lease Intangibles, Net for further detail on real estate acquired via foreclosure.
Mortgage loan receivables held for investment, net, at amortized cost:
 Mortgage loans receivableAllowance for credit lossesMortgage loan
receivables held
for sale
Balance, December 31, 2019$3,257,036 $(20,500)$122,325 
Origination of mortgage loan receivables353,661 — 212,845 
Repayment of mortgage loan receivables(960,832)— (404)
Proceeds from sales of mortgage loan receivables(270,491)— (312,273)
Non-cash disposition of loan via foreclosure(1)(31,249)— — 
Sale of loans, net(9,596)— 8,025 
Accretion/amortization of discount, premium and other fees15,530 — — 
Release of asset-specific loan loss provision via foreclosure(1)— 2,500 — 
Provision for current expected credit loss (implementation impact)(2)— (4,964)— 
Provision for current expected credit loss (impact to earnings)(2)— (18,543)— 
Balance, December 31, 2020$2,354,059 $(41,507)$30,518 
(1)Refer to Note 5, Real Estate and Related Lease Intangibles, Net for further detail on real estate acquired via foreclosure.
(2)During the year ended December 31, 2020, the initial impact of the implementation of the CECL accounting standard as of January 1, 2020 is recorded against retained earnings. Subsequent remeasurement thereafter, including the period to date change for the year ended December 31, 2020, is accounted for as provision for (release of) loan losses in the consolidated statements of income.
Schedule of provision for loan losses
Allowance for Credit Losses and Non-Accrual Status ($ in thousands)
Year Ended December 31,
Allowance for Credit Losses202220212020
Allowance for credit losses at beginning of period$31,752 $41,507 $20,500 
Provision for current expected credit loss (implementation impact)(1)— — 4,964 
Provision for (release of) current expected credit loss, net (2)6,503 (8,605)18,543 
Foreclosure of loans subject to asset-specific reserve— (1,150)(2,500)
Charge-offs(14,395)— — 
Recoveries(3)(3,105)— — 
Allowance for credit losses at end of period$20,755 $31,752 $41,507 
(1)    Additional provisions for current expected credit losses related to implementation of $0.8 million and $22.0 thousand related to unfunded commitments and held-to-maturity securities, respectively, were recorded on January 1, 2020 at implementation of CECL.
(2)    There were no asset specific reserves recorded for the year ended December 31, 2022 or 2021. For the year ended December 31, 2020, there was $9.2 million of asset specific reserves.
(3)    Recoveries are recognized within the consolidated statements of income through “Provision for (release of) loan loss reserves”.

Non-Accrual StatusDecember 31, 2022(1)December 31, 2021(2)
Carrying value of loans on non-accrual status, net of asset-specific reserve$53,809 $80,229 
(1)    Includes two of the Company’s loans, which were originated simultaneously as part of a single transaction and had a combined carrying value of $23.3 million and one loan with a carrying value of $30.5 million as of December 31, 2022.
(2)    Includes two of the Company’s loans, which were originated simultaneously as part of a single transaction and had a combined carrying value of $24.2 million, two loans with a combined carrying value of $25.6 million and one loan with a carrying value of $30.5 million.
Schedule of individually impaired loans
Loan Portfolio by Geographic Region, Collateral Type and Vintage (amortized cost $ in thousands)
December 31,December 31,
Geographic Region20222021
South$850,904 $937,125 
Northeast868,199 1,080,652 
Midwest623,599 434,157 
West634,935 530,599 
Southwest882,097 501,272 
Subtotal mortgage loans receivable3,859,734 3,483,805 
Individually impaired loans(1)26,012 69,932 
Total mortgage loans receivable$3,885,746 $3,553,737 
(1)Refer to “Individually Impaired Loans” below for further detail.
Management’s method for monitoring credit is the performance of a loan. The primary credit quality indicator management utilizes to assess its current expected credit loss reserve is by viewing the Company’s mortgage loan portfolio by collateral type. The following tables summarize the amortized cost of the mortgage loan portfolio by collateral type as of December 31, 2022 and December 31, 2021, respectively ($ in thousands):
Amortized Cost Basis by Origination Year as of December 31, 2022
Collateral Type20222021202020192018 and EarlierTotal
Multifamily$702,125 $722,862 $— $— $— $1,424,987 
Office 78,754 676,431 29,650 58,684 136,512 980,031 
Mixed Use201,777 351,291 26,500 120,300 — 699,868 
Industrial37,616 96,486 — 115,545 — 249,647 
Retail60,089 107,305 — 12,953 9,126 189,473 
Hospitality— 45,416 — 13,843 78,364 137,623 
Manufactured Housing32,515 82,618 — 2,921 — 118,054 
Other32,353 19,898 — 7,800 — 60,051 
Self-Storage— — — — — — 
Subtotal mortgage loans receivable1,145,229 2,102,307 56,150 332,046 224,002 3,859,734 
Individually Impaired loans (1)— — — — 26,012 26,012 
Total mortgage loans receivable (2)$1,145,229 $2,102,307 $56,150 $332,046 $250,014 $3,885,746 
Amortized Cost Basis by Origination Year as of December 31, 2021
Collateral Type20212020201920182017 and EarlierTotal
Office$784,556 $29,636 $121,346 $59,073 $73,911 $1,068,522 
Mixed Use538,949 84,600 140,926 — — 764,475 
Multifamily697,089 3,131 47,322 — — 747,542 
Hospitality41,635 — 43,666 90,132 110,890 286,323 
Retail105,362 — 89,058 — 25,486 219,906 
Industrial41,203 — 108,469 — — 149,672 
Manufactured Housing117,265 — 26,404 — 3,941 147,610 
Other26,801 — 8,768 20,743 — 56,312 
Self-Storage43,443 — — — — 43,443 
Subtotal mortgage loans receivable2,396,303 117,367 585,959 169,948 214,228 3,483,805 
Individually Impaired loans (1)— — — — 69,932 69,932 
Total mortgage loans receivable (3)$2,396,303 $117,367 $585,959 $169,948 $284,160 $3,553,737 
(1)Refer to “Individually Impaired Loans” below for further detail.
(2)Not included above is $23.2 million of accrued interest receivable on all loans at December 31, 2022.
(3)Not included above is $12.6 million of accrued interest receivable on all loans at December 31, 2021.
v3.22.4
SECURITIES (Tables)
 12 Months Ended
Dec. 31, 2022
Investments, Debt and Equity Securities [Abstract]  
Summary of securities which are classified as available-for-sale The following is a summary of the Company’s securities at December 31, 2022 and December 31, 2021 ($ in thousands):
December 31, 2022
    Gross Unrealized  Weighted Average
Asset TypeOutstanding
Face Amount		 Amortized Cost BasisGainsLosses (7)Carrying
Value		# of
Securities		Rating (1)Coupon %Yield %Remaining
Duration
(years)
CMBS$562,839  $562,246 $— $(20,913)$541,333 (2)71 AAA5.22 %5.32 %1.06
CMBS interest-only(3)1,026,195 (3)10,498 121 (176)10,443 (4)10 AAA0.41 %3.65 %1.45
GNMA interest-only(5)45,369 (3)285 17 (21)281 14 AAA0.31 %4.23 %3.30
Agency securities36  36 — (1)35 1 AAA4.00 %2.70 %1.54
U.S. Treasury securities36,000 35,374 6 (52)35,328 10 N/AN/A4.17 %0.60
Total debt securities1,670,439 608,439 144 (21,163)587,420 (6)106 2.06 %5.29 %1.07
Equity securitiesN/A160 — (41)119 1 N/AN/AN/AN/A
Allowance for current expected credit lossesN/A— — (20)(20)
Total securities$1,670,439  $608,599 $144 $(21,224)$587,519 107  

December 31, 2021
    Gross Unrealized  Weighted Average
Asset TypeOutstanding
Face Amount		 Amortized
Cost Basis		GainsLosses (7)Carrying
Value		# of
Securities		Rating (1)Coupon %Yield %Remaining
Duration
(years)
CMBS$691,402  $691,026 $775 $(5,508)$686,293 (2)73 AAA1.57 %1.57 %2.06
CMBS interest-only(3)1,302,551 (3)15,268 617 — 15,885 (4)13 AAA0.45 %5.67 %1.88
GNMA interest-only(5)59,075 (3)518 105 (64)559 14 AA+0.38 %4.97 %3.64
Agency securities557  560 3 — 563 2 AA+2.47 %1.58 %0.69
Total debt securities$2,053,585 $707,372 $1,500 $(5,572)$703,300 (6)102 0.83 %1.67 %2.06
Allowance for current expected credit lossesN/A— — (20)(20)
Total real estate securities$2,053,585  $707,372 $1,500 $(5,592)$703,280 102  
(1)Represents the weighted average of the ratings of all securities in each asset type, expressed as an S&P equivalent rating. For each security rated by multiple rating agencies, the highest rating is used. The ratings provided were determined by third-party rating agencies. The rates may not be current and are subject to change (including the assignment of a “negative outlook” or “credit watch”) at any time.
(2)As of December 31, 2022 and December 31, 2021, respectively, includes $9.0 million and $9.9 million of restricted securities which are designated as risk retention securities under the Dodd Frank Act and are therefore subject to transfer restrictions over the term of the securitization trust and are classified as held-to-maturity and reported at amortized cost.
(3)The amounts presented represent the principal amount of the mortgage loans outstanding in the pool in which the interest-only securities participate.
(4)As of December 31, 2022 and December 31, 2021, respectively, includes $0.4 million and $0.5 million of restricted securities which are designated as risk retention securities under the Dodd-Frank Act and are therefore subject to transfer restrictions over the term of the securitization trust and are classified as held-to-maturity and reported at amortized cost.
(5)Agency interest-only securities are recorded at fair value with changes in fair value recorded in current period earnings. The Company’s Agency interest-only securities are considered to be hybrid financial instruments that contain embedded
derivatives. As a result, the Company has elected to account for them as hybrid instruments in their entirety at fair value with changes in fair value recognized in unrealized gain (loss) on Agency interest-only securities in the consolidated statements of income.
(6)The Company’s investments in debt securities represents an ownership interest in unconsolidated VIEs. The Company’s maximum exposure to loss from these unconsolidated VIEs is the amortized cost basis of the securities which represents the purchase price of the investment adjusted by any unamortized premiums or discounts as of the reporting date.
(7)Based on the Company’s analysis, including review of interest rate changes and current levels of subordination, among other factors, the unrealized loss positions are determined to be due to market factors other than credit.
Schedule of fair value of the Company's securities by remaining maturity based upon expected cash flows
The following summarizes the carrying value of the Company’s debt securities by remaining maturity based upon expected cash flows at December 31, 2022 and December 31, 2021 ($ in thousands):
 
December 31, 2022
Asset TypeWithin 1 year1-5 years5-10 yearsAfter 10 yearsTotal
CMBS$346,272 $195,061 $— $— $541,333 
CMBS interest-only937 9,506 — — 10,443 
GNMA interest-only40 111 130 — 281 
Agency securities— 35 — — 35 
U.S. Treasury securities32,451 2,877 — — 35,328 
Allowance for current expected credit losses— — — — (20)
Total securities (1)$379,700 $207,590 $130 $— $587,400 
(1) Excluded from the table above are $0.1 million of equity securities.
 
December 31, 2021
Asset TypeWithin 1 year1-5 years5-10 yearsAfter 10 yearsTotal
CMBS$304,357 $354,670 $10,307 $16,958 $686,292 
CMBS interest-only1,018 14,868 — — 15,886 
GNMA interest-only102 278 179 — 559 
Agency securities503 60 — — 563 
Allowance for current expected credit losses— — — — (20)
Total securities$305,980 $369,876 $10,486 $16,958 $703,280 
v3.22.4
REAL ESTATE AND RELATED LEASE INTANGIBLES, NET (Tables)
 12 Months Ended
Dec. 31, 2022
Real Estate [Abstract]  
Schedule of real estate properties by category
The Company’s real estate assets were comprised of the following ($ in thousands):
December 31, 2022December 31, 2021
Land$158,802 $186,940 
Building625,655 765,690 
In-place leases and other intangibles114,687 142,335 
Undepreciated real estate and related lease intangibles899,144 1,094,965 
Less: Accumulated depreciation and amortization(199,008)(229,271)
Real estate and related lease intangibles, net(2)$700,136 $865,694 
Below market lease intangibles, net (other liabilities)(1)$(30,892)$(33,203)
(1)Below market lease intangibles is net of $13.6 million and $12.8 million of accumulated amortization as of December 31, 2022 and December 31, 2021, respectively.
(2)There was unencumbered real estate of $140.3 million and $85.9 million as of December 31, 2022 and December 31, 2021, respectively.
Schedule of depreciation and amortization expense recorded
The following table presents depreciation and amortization expense on real estate recorded by the Company ($ in thousands):
 Year Ended December 31,
 202220212020
Depreciation expense(1)$25,770 $30,659 $32,383 
Amortization expense6,903 7,142 6,696 
Total real estate depreciation and amortization expense$32,673 $37,801 $39,079 
(1)Depreciation expense on the consolidated statements of income also includes $41 thousand of depreciation on corporate fixed assets for the year ended December 31, 2022 and $99 thousand of depreciation on corporate fixed assets for the years ended December 31, 2021 and December 31, 2020.
Schedule of lease intangible assets
The Company’s intangible assets are comprised of in-place leases, above market leases and other intangibles. The following tables present additional detail related to our intangible assets ($ in thousands):
 December 31, 2022December 31, 2021
Gross intangible assets(1)$114,689 $146,593 
Accumulated amortization49,725 67,500 
Net intangible assets$64,964 $79,093 
(1)Includes $2.8 million and $3.8 million of unamortized above market lease intangibles which are included in real estate and related lease intangibles, net on the consolidated balance sheets as of December 31, 2022 and December 31, 2021, respectively.
The following table presents increases/reductions in operating lease income related to the amortization of above or below market leases recorded by the Company ($ in thousands):
 Year Ended December 31,
 202220212020
Reduction in operating lease income for amortization of above market lease intangibles acquired$(305)$(367)$(367)
Increase in operating lease income for amortization of below market lease intangibles acquired2,068 2,255 2,601 
Total$1,763 $1,888 $2,234 
Schedule of expected amortization expense related to the acquired in-place lease intangibles, for property owned
The following table presents expected adjustment to operating lease income and expected amortization expense during the next five years and thereafter related to the above and below market leases and acquired in-place lease and other intangibles for property owned as of December 31, 2022 ($ in thousands):
Period Ending December 31,Increase/(Decrease) to Operating Lease IncomeAmortization Expense
2023$973 $4,531 
2024973 4,531 
2025973 4,391 
2026976 3,740 
2027976 3,554 
Thereafter23,177 41,372 
Total$28,048 $62,119 
Schedule of contractual future minimum rent under leases
The following is a schedule of non-cancellable, contractual, future minimum rent under leases (excluding property operating expenses paid directly by tenant under net leases) at December 31, 2022 ($ in thousands):
Period Ending December 31,Amount
2023$55,354 
202450,095 
202549,871 
202648,402 
202745,251 
Thereafter196,797 
Total$445,770 
Schedule of real estate properties acquired
Acquisition DateTypePrimary Location(s)Purchase Price/Fair Value on the Date of ForeclosureOwnership Interest (1)
February 2022(2)ApartmentsNew York, NY$15,436100.0%
November 2022(3)OfficeHouston, TX9,386 100.0%
Total real estate acquisitions$24,822 
(1)Properties were consolidated as of acquisition date.
(2)In February 2022, the Company acquired, via change in control, a previously held interest in a non-controlling equity investment in a mixed use property with one remaining residential condo unit and one remaining retail condo unit in New York, New York. The carrying value of the property at the time of change in control was $15.4 million, which was determined to be fair value. The fair value of the remaining condo unit was determined based on comparable sales in the building and the value of the remaining retail unit was valued utilizing a direct capitalization rate of 5.5%. The key inputs used to determine fair value were determined to be Level 3 inputs.
(3)In November 2022, the Company acquired an office property in Houston, TX via foreclosure. The property served as collateral for a mortgage loan receivable held for investment with a basis of $10.3 million. In connection with the foreclosure, the Company received $0.9 million of cash. The Company obtained a third-party appraisal of the property. The $9.4 million fair value was determined by using the sales comparison and income approaches. The appraiser utilized a terminal capitalization rate of 9.5% and a discount rate of 10.5%. There was no gain or loss resulting from the foreclosure of the loan.

During the year ended December 31, 2021, the Company acquired the following properties ($ in thousands):
Acquisition DateTypePrimary Location(s)Purchase Price/Fair Value on the Date of ForeclosureOwnership Interest (1)
February 2021(2)HotelMiami, FL$43,750100.0%
August 2021ApartmentsStillwater, OK20,452 80.0%
December 2021(3)HotelSchaumburg, IL38,000 100.0%
Total real estate acquisitions$102,202 
(1)Properties were consolidated as of acquisition date.
(2)In February 2021, the Company acquired a hotel in Miami, FL via foreclosure, recognizing a $25.8 thousand loss, which is included in its consolidated statements of income. The property previously served as collateral for a mortgage loan receivable held for investment with a basis of $45.1 million, net of an asset-specific loan loss provision of $1.2 million recorded in the three months ended December 31, 2020. In February 2021, the foreclosed property was sold without any gain or loss. The Company recorded no revenues from its 2021 acquisitions for the year ended December 31, 2021.
(3)In December 2021, the Company acquired a hotel in Schaumburg, IL via foreclosure. The property served as collateral for a mortgage loan receivable held for investment with a basis of $38.0 million. The Company obtained a third-party appraisal of the property. The $38.0 million fair value was determined by using the sales comparison and income approaches. The appraiser utilized a terminal capitalization rate of 8.0% and a discount rate of 10.0%. There was no gain or loss resulting from the foreclosure of the loan.
During the year ended December 31, 2020, the Company acquired the following properties ($ in thousands):
Acquisition DateTypePrimary Location(s)Purchase Price/Fair Value on the Date of ForeclosureOwnership Interest (1)
Aggregate purchases of net leased real estate$7,440 100.0%
Real estate acquired via foreclosure
March 2020(2)LandLos Angeles, CA21,535 100.0%
June 2020(3)HotelWinston-Salem, NC3,900 100.0%
December 2020(4)HotelSouth Bend, IN3,875 100.0%
Total real estate acquired via foreclosure29,310 
Total real estate acquisitions$36,750 
(1)Properties were consolidated as of acquisition date.
(2)In March 2020, the Company acquired a development property in Los Angeles, CA, via foreclosure. This property previously served as collateral for a mortgage loan receivable held for investment with a basis of $21.6 million, net of an asset-specific loan loss provision of $2.0 million. The Company obtained a third-party appraisal of the property. Substantially all of the fair value was attributed to land. The $21.5 million fair value was determined using the sales comparison approach to value. Using this approach, the appraiser developed an opinion of the fee simple value of the underlying land by comparing the property to similar, recently sold properties in the surrounding or competing area. The Company recorded a $0.1 million loss resulting from the foreclosure of the loan. In December of 2021, the Company sold this property and recorded a $2.0 million loss on sale. Refer to “Sales” below.
(3)In June 2020, the Company acquired a hotel in Winston-Salem, NC via foreclosure. This property previously served as collateral for a mortgage loan receivable held for investment with a net basis of $3.8 million. The Company obtained a third-party appraisal of the property. The $3.9 million fair value was determined using the ground lease approach and the income approach to value. The appraiser utilized a terminal capitalization rate of 9.50% and a discount rate of 13.50%. There was no gain or loss resulting from the foreclosure of the loan. In September 2020, the foreclosed property was sold for a gain of $0.8 million.
(4)In December 2020, the Company acquired a hotel in South Bend, IN, via foreclosure. The property previously served as collateral for a mortgage loan receivable held for investment with a basis of $4.1 million, net of an asset-specific loan loss provision of $0.5 million. The Company recorded a gain of $0.1 million resulting from the foreclosure of the loan. In December 2020, the foreclosed property was sold without any gain or loss.
Schedule of properties sold
The Company sold the following properties during the year ended December 31, 2022 ($ in thousands):
Sales DateTypePrimary Location(s)Net Sales ProceedsNet Book ValueRealized Gain/(Loss)Properties
March 2022OfficeEwing, NJ$38,694 $24,175 $14,519 1 
March 2022WarehouseConyers, GA40,752 26,116 14,636 1 
June 2022ApartmentsStillwater, OK23,314 18,032 5,283 1 
June 2022ApartmentsMiami, Fl60,856 37,585 23,270 1 
September 2022RetailWichita, KS9,503 5,110 4,393 1 
December 2022ApartmentsNew York, NY(1)7,935 7,402 533 1 
December 2022RetailSennett, NY10,599 4,245 6,354 1 
December 2022OfficeRichmond, VA118,872 71,862 47,010 1 
Totals(2)$310,525 $194,527 $115,998 
(1)One unit was sold, and one unit remains.
(2)Excludes $4.4 million of prepayment costs upon repayment of mortgage financings in connection with certain sales that is recorded within interest expense on the consolidated statement of income, such amount was correspondingly paid by the buyer and received by the Company as part of the sale and recorded in fee and other income on the consolidated statement of income.
The Company sold the following properties during the year ended December 31, 2021 ($ in thousands):

Sales DateTypePrimary Location(s)Net Sales ProceedsNet Book ValueRealized Gain/(Loss)Properties
February 2021HotelMiami, FL$43,750 $43,750 $— 1 
June 2021Net LeaseNorth Dartmouth, MA38,732 19,343 19,389 1 
August 2021Net LeasePittsfield, MA18,651 10,564 8,087 1 
August 2021Net LeaseAnkeny, IA19,021 13,341 5,680 1 
August 2021ApartmentsArlington/Fort Worth, TX26,496 22,498 3,998 2 
November 2021Net LeaseBessemer City, NC33,447 21,333 12,114 1 
December 2021LandLos Angeles, CA19,469 21,452 (1,983)1 
December 2021Net LeaseSnellville, GA9,695 5,483 4,212 1 
December 2021Net LeaseColumbia, SC9,941 5,674 4,269 1 
Totals$219,202 $163,438 $55,766 
The Company sold the following properties during the year ended December 31, 2020 ($ in thousands):
Sales DateTypePrimary Location(s)Net Sales ProceedsNet Book ValueRealized Gain/(Loss)PropertiesUnits Sold
VariousCondominiumMiami, FL$1,832 $1,821 $11 — 6 
March 2020OfficeRichmond, VA22,527 14,829 7,698 7 — 
March 2020OfficeRichmond, VA6,932 4,109 2,823 1 — 
August 2020Net LeaseBellport, NY19,434 15,012 4,422 1 — 
September 2020WarehouseLithia Springs, GA39,491 23,187 16,304 1 — 
September 2020HotelWinston Salem, NC4,647 3,803 844 1 — 
December 2020HotelSouth Bend, IN3,875 3,875 — 1 — 
Totals$98,738 $66,636 $32,102 
v3.22.4
INVESTMENT IN AND ADVANCES TO UNCONSOLIDATED VENTURES (Tables)
 12 Months Ended
Dec. 31, 2022
Equity Method Investments and Joint Ventures [Abstract]  
Summary of the Company's investments in unconsolidated joint ventures, which the entity accounts for using the equity method
The following is a summary of the Company’s investments in and advances to unconsolidated ventures, which we account for using the equity method, as of December 31, 2022 and December 31, 2021 ($ in thousands):
EntityDecember 31, 2022December 31, 2021
Grace Lake JV, LLC$6,219 $5,434 
24 Second Avenue Holdings LLC— 17,720 
Investment in unconsolidated ventures$6,219 $23,154 
Summary of the Company's allocated earnings based on its ownership interests from investment in unconsolidated joint ventures
The following is a summary of the Company’s allocated earnings (losses) based on its ownership interests from investment in unconsolidated ventures for the years ended December 31, 2022 and 2021 ($ in thousands):
 Year Ended December 31,
Entity202220212020
Grace Lake JV, LLC$1,410 $1,411 976 
24 Second Avenue Holdings LLC— 168 845 
Earnings (loss) from investment in unconsolidated ventures$1,410 $1,579 $1,821 
Summary of the combined results from operations of the unconsolidated joint ventures for the period in which the Company had investment interests
The following is a summary of the combined financial position of the unconsolidated ventures in which the Company had investment interests as of December 31, 2022 and December 31, 2021 ($ in thousands): 
 December 31, 2022(1)December 31, 2021
Total assets$69,879 $109,873 
Total liabilities55,916 66,387 
Partners’/members’ capital$13,963 $43,486 
(1)As of December 31, 2022, the balance represents only the Grace Lake LLC interest.

The following is a summary of the combined results from operations of the unconsolidated ventures for the period in which the Company had investment interests during the years ended December 31, 2022 and 2021 ($ in thousands): 
 Year Ended December 31,
 202220212020
Total revenues$19,194 $18,870 $17,461 
Total expenses13,555 13,132 14,206 
Net income (loss)$5,639 $5,738 $3,255 
v3.22.4
DEBT OBLIGATIONS, NET (Tables)
 12 Months Ended
Dec. 31, 2022
Debt Disclosure [Abstract]  
Schedule of debt obligations
The details of the Company’s debt obligations at December 31, 2022 and December 31, 2021 are as follows ($ in thousands):
 
December 31, 2022
Debt ObligationsCommitted /
Principal Amount		Carrying Value of Debt Obligations Committed but UnfundedInterest Rate at December 31, 2022(1)Current Term MaturityRemaining Extension OptionsEligible CollateralCarrying Amount of CollateralFair Value of Collateral
Committed Loan Repurchase Facility$500,000 $318,983 $181,017 6.07%—6.57%9/27/2025(2)(3)$428,477 $429,276 
Committed Loan Repurchase Facility100,000 — 100,000 —%——%2/26/2023(4)(5)— — 
Committed Loan Repurchase Facility300,000 157,558 142,442 6.19%—7.07%12/19/2023(6)(7)244,102 244,102 
Committed Loan Repurchase Facility100,000 47,415 52,585 6.00%—6.00%4/30/2024(8)(3)63,307 63,307 
Committed Loan Repurchase Facility100,000 77,959 22,041 5.74%—6.24%1/3/2023(2)(3)103,393 103,393 
Committed Loan Repurchase Facility100,000 — 100,000 —%—%1/22/2024(9)(7)— — 
Committed Loan Repurchase Facility100,000 14,979 85,021 7.07%—7.07%7/14/2023(10)(11)21,206 21,206 
Total Committed Loan Repurchase Facilities1,300,000 616,894 683,106 860,485 861,284 
Committed Securities Repurchase Facility100,000 8,640 91,360 5.04%—5.29%5/27/2023 N/A (12)10,023 10,023 
Uncommitted Securities Repurchase Facility N/A (13) 222,328  N/A (13)4.73%—6%3/2/2023 N/A (12)247,351 247,351 (14)
Total Repurchase Facilities1,400,000 847,862 774,466 1,117,859 1,118,658 
Revolving Credit Facility323,850 — 323,850 —%——%7/27/2023(15) N/A (16) N/A (16)N/A (16)
Mortgage Loan Financing497,454 497,991 — 4.25%—8.03%2023 - 2031(17) N/A (18)559,885 710,977 (19)
CLO Debt1,064,365 1,058,462 (20)— 5.52%—7.97%2024 - 2026(21)N/A(3)1,308,654 1,308,654 
Borrowings from the FHLB213,000 213,000 —  2.74% —4.70%2023 - 2024 N/A (22)248,806 248,806 (23)
Senior Unsecured Notes1,643,794 1,628,382 (24)— 4.25%—5.25%2025 - 2029 N/A  N/A (25)N/A (25)N/A (25)
Total Debt Obligations, Net$5,142,463 $4,245,697 $1,098,316 $3,235,204 $3,387,095 
(1)LIBOR and Term SOFR rates in effect as of December 31, 2022 are used to calculate interest rates for floating rate debt, as applicable.
(2)Two 12-month extension periods at Company’s option. No new advances are permitted after the initial maturity date.
(3)First mortgage commercial real estate loans and senior and pari passu interests therein. It does not include the real estate collateralizing such loans.
(4)One additional 12-month period at Company’s option.
(5)First mortgage commercial real estate loans. It does not include the real estate collateralizing such loans.
(6)Two additional 364-day periods at Company’s option.
(7)First mortgage and mezzanine commercial real estate loans and senior and pari passu interests therein. It does not include the real estate collateralizing such loans.
(8)Three additional 12-month extension periods at Company’s option.
(9)Two additional 12-month extension periods at Company's option. No new advances permitted during the final 12-month period.
(10)The Company may extend periodically with lender’s consent. At no time can the maturity of the facility exceed 364 days from the date of determination.
(11)First mortgage, junior and mezzanine commercial real estate loans, and certain senior and/or pari passu interests therein.
(12)Commercial real estate securities. It does not include the first mortgage commercial real estate loans collateralizing such securities.
(13)Represents uncommitted securities repurchase facilities for which there is no committed amount subject to future advances.
(14)Includes $2.0 million of restricted securities under the risk retention rules of the Dodd-Frank Act. These securities are accounted for as held-to-maturity and recorded at amortized cost basis.
(15)Four additional 12-month periods at Company’s option.
(16)The obligations under the Revolving Credit Facility are guaranteed by the Company and certain of its subsidiaries and secured by equity pledges in certain Company subsidiaries.
(17)Anticipated repayment dates.
(18)Certain of our real estate investments serve as collateral for our mortgage loan financing.
(19)Using undepreciated carrying value of commercial real estate to approximate fair value.
(20)Presented net of unamortized debt issuance costs of $5.9 million at December 31, 2022.
(21)Represents the estimated maturity date based on the remaining reinvestment period and underlying loan maturities.
(22)Investment grade commercial real estate securities. It does not include the first mortgage commercial real estate loans collateralizing such securities.
(23)Includes $6.6 million of restricted securities under the risk retention rules of the Dodd-Frank Act. These securities are accounted for as held-to-maturity and recorded at amortized cost basis.
(24)Presented net of unamortized debt issuance costs of $15.4 million at December 31, 2022.
(25)The obligations under the senior unsecured notes are guaranteed by the Company and certain of its subsidiaries.

December 31, 2021
Debt ObligationsCommitted /
Principal Amount		Carrying Value of Debt Obligations Committed but UnfundedInterest Rate at December 31, 2021(1)Current Term MaturityRemaining Extension OptionsEligible CollateralCarrying Amount of CollateralFair Value of Collateral
Committed Loan Repurchase Facility(2)$500,000 $37,207 $462,793 1.61%—1.61%12/19/2022(3)(4)$82,966 $82,966 
Committed Loan Repurchase Facility100,000 45,290 54,710 2.06%—2.81%2/26/2022(5)(6)62,972 62,972 
Committed Loan Repurchase Facility300,000 75,837 224,163 1.86%—2.86%12/19/2022(7)(8)127,926 127,926 
Committed Loan Repurchase Facility100,000 — 100,000 —%——%4/30/2024(9)(4)— — 
Committed Loan Repurchase Facility100,000 26,183 73,817 2.23%—2.23%1/3/2023(3)(4)48,720 48,720 
Committed Loan Repurchase Facility100,000 — 100,000 —%——%10/21/2022(10)(11)— — 
Total Committed Loan Repurchase Facilities1,200,000 184,517 1,015,483 322,584 322,584 
Committed Securities Repurchase Facility(2)862,794 44,139 818,655 0.65%—1.05%5/27/2023 N/A (12)50,522 50,522 
Uncommitted Securities Repurchase Facility N/A (13) 215,921  N/A (13)0.54%—2.06%1/2022 - 6/2022 N/A (12)242,629 242,629 (14)
Total Repurchase Facilities1,600,000 444,577 1,371,344 615,735 615,735 
Revolving Credit Facility266,430 — 266,430 —%——%2/11/2022(15) N/A (16) N/A (16)N/A (16)
Mortgage Loan Financing690,927 693,797 — 3.75%—6.16%2022 - 2031(17) N/A (18)805,007 1,033,372 (19)
Secured Financing Facility136,444 132,447 (20)— 10.75%—10.75%5/6/2023N/A(21)244,399 244,553 
CLO Debt1,064,365 1,054,774 (22)— 1.66%—1.75%2024 - 2026(23)N/A(4)1,299,116 1,299,116 
Borrowings from the FHLB263,000 263,000 —  0.36% —2.74%2022 - 2024 N/A (24)301,792 301,792 (25)
Senior Unsecured Notes1,649,794 1,631,108 (26)— 4.25%—5.25%2025 - 2029 N/A  N/A (27)N/A (27)N/A (27)
Total Debt Obligations, Net$5,670,960 $4,219,703 $1,637,774 $3,266,049 $3,494,568 
(1)LIBOR rates in effect as of December 31, 2021 are used to calculate interest rates for floating rate debt.
(2)The combined committed amounts for the loan repurchase facility and the securities repurchase facility total $900.0 million, with maximum capacity on the loan repurchase facility of $500.0 million, and maximum capacity on the securities repurchase facility of $900.0 million less outstanding commitments on the loan repurchase facility.
(3)Two 12-month extension periods at Company’s option. No new advances are permitted after the initial maturity date.
(4)First mortgage commercial real estate loans and senior and pari passu interests therein. It does not include the real estate collateralizing such loans.
(5)Two additional 12-month periods at Company’s option.
(6)First mortgage commercial real estate loans. It does not include the real estate collateralizing such loans.
(7)Three additional 364-day periods at Company’s option.
(8)First mortgage and mezzanine commercial real estate loans and senior and pari passu interests therein. It does not include the real estate collateralizing such loans.
(9)One additional 12-month extension period and two additional 6-month extension periods at Company’s option.
(10)The Company may extend periodically with lender’s consent. At no time can the maturity of the facility exceed 364 days from the date of determination.
(11)First mortgage, junior and mezzanine commercial real estate loans, and certain senior and/or pari passu interests therein.
(12)Commercial real estate securities. It does not include the first mortgage commercial real estate loans collateralizing such securities.
(13)Represents uncommitted securities repurchase facilities for which there is no committed amount subject to future advances.
(14)Includes $2.1 million of restricted securities under the risk retention rules of the Dodd-Frank Act. These securities are accounted for as held-to-maturity and recorded at amortized cost basis.
(15)Three additional 12-month periods at Company’s option.
(16)The obligations under the Revolving Credit Facility are guaranteed by the Company and certain of its subsidiaries and secured by equity pledges in certain Company subsidiaries.
(17)Anticipated repayment dates.
(18)Certain of our real estate investments serve as collateral for our mortgage loan financing.
(19)Using undepreciated carrying value of commercial real estate to approximate fair value.
(20)Presented net of unamortized debt issuance costs of $1.9 million and an unamortized discount of $2.1 million related to the Purchase Right (described in detail under Secured Financing Facility below) at December 31, 2021.
(21)First mortgage commercial real estate loans. Substitution of collateral and conversion of loan collateral to mortgage collateral are permitted with lender’s approval.
(22)Presented net of unamortized debt issuance costs of $9.6 million at December 31, 2021.
(23)Represents the estimated maturity date based on the remaining reinvestment period and underlying loan maturities.
(24)Investment grade commercial real estate securities and cash. It does not include the first mortgage commercial real estate loans collateralizing such securities.
(25)Includes $7.5 million of restricted securities under the risk retention rules of the Dodd-Frank Act. These securities are accounted for as held-to-maturity and recorded at amortized cost basis.
(26)Presented net of unamortized debt issuance costs of $18.7 million at December 31, 2021.
(27)The obligations under the senior unsecured notes are guaranteed by the Company and certain of its subsidiaries.
Schedule of contractual payments under all borrowings by maturity
The following schedule reflects the Company’s contractual payments under all borrowings by maturity ($ in thousands): 
Period ending December 31,Borrowings by
Maturity(1)
2023$326,607 
2024610,070 
2025612,006 
202689,161 
2027845,394 
Thereafter718,872 
Subtotal3,202,110 
Debt issuance costs included in senior unsecured notes(15,412)
Debt issuance costs included in mortgage loan financings(1,883)
Premiums included in mortgage loan financings(2)2,420 
Total (3)$3,187,235 
(1)The allocation of repayments under our committed loan repurchase facilities and Secured Financing Facility is based on the earlier of (i) the maturity date of each agreement, or (ii) the maximum maturity date of the collateral loans, assuming all extension options are exercised by the borrower.
(2)Represents deferred gains on intercompany loans, secured by our own real estate, sold into securitizations. These premiums are amortized as a reduction to interest expense.
(3)Total does not include $1.1 billion of consolidated CLO debt obligations and the related debt issuance costs of $5.9 million, as the satisfaction of these liabilities will be paid through cash flow from loan collateral including amortization and will not require cash outlays from us.
v3.22.4
DERIVATIVE INSTRUMENTS (Tables)
 12 Months Ended
Dec. 31, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of breakdown of the derivatives outstanding The following is a breakdown of the derivatives outstanding as of December 31, 2022 and December 31, 2021 ($ in thousands):
 
December 31, 2022
  Fair ValueRemaining
Maturity
(years)
Contract TypeNotionalAsset(1)Liability(1)
Caps    
1 Month Term SOFR$90,000 $1,804 $— 1.68
Futures    
5-year Treasury-Note Futures44,200 $51 $— 0.25
10-year Treasury-Note Futures61,400 71 — 0.25
Total futures105,600 122 —  
Options    
Options9,100 112 — 0.20
Total derivatives$204,700 $2,038 $—  
(1)Shown as derivative instruments, at fair value, in the accompanying consolidated balance sheets.

December 31, 2021
  Fair ValueRemaining
Maturity
(years)
Contract TypeNotionalAsset(1)Liability(1)
Caps    
1 Month LIBOR$84,621 $60 $— 0.57
Futures    
5-year Swap6,500 76 — 0.25
10-year Swap23,000 266 — 0.25
Total futures29,500 342 —  
Total derivatives$114,121 $402 $—  
(1)Shown as derivative instruments, at fair value, in the accompanying consolidated balance sheets.
Schedule of net realized gains/(losses) and unrealized appreciation/(depreciation) on derivatives
The following table indicates the net realized gains (losses) and unrealized appreciation (depreciation) on derivatives, by primary underlying risk exposure, as included in net result from derivatives transactions in the consolidated statements of income for the years ended December 31, 2022, 2021, and 2020 ($ in thousands):
 Year Ended December 31, 2022
Contract TypeUnrealized
Gain/(Loss)		Realized
Gain/(Loss)		Net Result
from
Derivative
Transactions
Caps$984 $648 $1,632 
Futures(219)11,078 10,859 
Options(131)— (131)
Total$634 $11,726 $12,360 
 
 Year Ended December 31, 2021
Contract TypeUnrealized
Gain/(Loss)		Realized
Gain/(Loss)		Net Result
from
Derivative
Transactions
Caps$(8)$— $(8)
Futures42 1,715 1,757 
Total$34 $1,715 $1,749 
 Year Ended December 31, 2020
Contract TypeUnrealized
Gain/(Loss)		Realized
Gain/(Loss)		Net Result
from
Derivative
Transactions
Futures$(379)$(15,113)$(15,492)
Credit Derivatives111 111 222 
Total$(268)$(15,002)$(15,270)
v3.22.4
OFFSETTING ASSETS AND LIABILITIES (Tables)
 12 Months Ended
Dec. 31, 2022
Offsetting [Abstract]  
Schedule of offsetting of financial assets
The following table represents offsetting of financial assets and derivative assets as of December 31, 2022 ($ in thousands): 
DescriptionGross amounts of
recognized assets		Gross amounts
offset in the
balance sheet		Net amounts of
assets presented
in the balance
sheet		Gross amounts not offset in the
balance sheet		Net amount
Financial
instruments		Cash collateral
received/(posted)(1)
Derivatives$2,038 $— $2,038 $— $(2,505)$(467)
Total$2,038 $— $2,038 $— $(2,505)$(467)
(1)Included in restricted cash on consolidated balance sheets.
The following table represents offsetting of financial assets and derivative assets as of December 31, 2021 ($ in thousands):
DescriptionGross amounts of
recognized assets		Gross amounts
offset in the
balance sheet		Net amounts of
assets presented
in the balance
sheet		Gross amounts not offset in the
balance sheet		Net amount
Financial
instruments		Cash collateral
received/(posted)(1)
Derivatives$402 $— $402 $— $(526)$402 
Total$402 $— $402 $— $(526)$402 
(1)Included in restricted cash on consolidated balance sheets.
Schedule of offsetting of financial liabilities
The following table represents offsetting of financial liabilities and derivative liabilities as of December 31, 2022 ($ in thousands): 
DescriptionGross amounts of
recognized
liabilities		Gross amounts
offset in the
balance sheet		Net amounts of
liabilities
presented in the
balance sheet		Gross amounts not offset in the
balance sheet		Net amount
Financial
instruments
collateral		Cash collateral
posted/(received)(1)
Repurchase agreements$847,863 $— $847,863 $847,863 $19,128 $828,735 
Total$847,863 $— $847,863 $847,863 $19,128 $828,735 
(1)Included in restricted cash on consolidated balance sheets.
The following table represents offsetting of financial liabilities and derivative liabilities as of December 31, 2021 ($ in thousands):
DescriptionGross amounts of
recognized
liabilities		Gross amounts
offset in the
balance sheet		Net amounts of
liabilities
presented in the
balance sheet		Gross amounts not offset in the
balance sheet		Net amount
Financial
instruments
collateral		Cash collateral
posted/(received)(1)
Repurchase agreements$444,577 $— $444,577 $444,577 $1,975 $442,603 
Total$444,577 $— $444,577 $444,577 $1,975 $442,603 
(1)Included in restricted cash on consolidated balance sheets.
v3.22.4
CONSOLIDATED VARIABLE INTEREST ENTITIES (Tables)
 12 Months Ended
Dec. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Schedule of Variable Interest Entities
The Company consolidates on its balance sheet two CLOs that are considered VIEs as of December 31, 2022 and December 31, 2021 ($ in thousands):

December 31, 2022December 31, 2021
Restricted cash$4,902 $369 
Mortgage loan receivables held for investment, net, at amortized cost1,308,654 1,299,116 
Accrued interest receivable8,313 4,587 
Other assets17,505 26,636 
Total assets$1,339,374 $1,330,708 
Debt obligations, net$1,058,462 $1,054,774 
Accrued expenses3,029 1,218 
Other liabilities65 65 
Total liabilities1,061,556 1,056,057 
Net equity in VIEs (eliminated in consolidation)277,818 274,651 
Total equity277,818 274,651 
Total liabilities and equity$1,339,374 $1,330,708 
v3.22.4
EQUITY STRUCTURE AND ACCOUNTS (Tables)
 12 Months Ended
Dec. 31, 2022
Equity [Abstract]  
Common stock repurchase activity
The following tables summarize of the Company’s repurchase activity of its Class A common stock during the years ended December 31, 2022, 2021, and 2020 ($ in thousands):
SharesAmount(1)
Authorizations remaining as of December 31, 2021$44,122 
Additional authorizations(2)10,534 
Repurchases paid783,599 (7,919)
Authorizations remaining as of December 31, 2022$46,737 
(1)Amount excludes commissions paid associated with share repurchases.
(2)On July 27, 2022 the Board authorized repurchases up to $50.0 million in aggregate.
SharesAmount(1)
Authorizations remaining as of December 31, 2020$38,102 
Additional authorizations(2)15,027 
Repurchases paid822,928 (9,007)
Authorizations remaining as of December 31, 2021$44,122 
(1)Amount excludes commissions paid associated with share repurchases.
(2)On August 4, 2021, the Board authorized additional repurchases of up to $50.0 million in aggregate.
SharesAmount(1)
Authorizations remaining as of December 31, 2019$41,132 
Additional authorizations— 
Repurchases paid384,251 (3,030)
Repurchases unsettled— 
Authorizations remaining as of December 31, 2020$38,102 
(1)Amount excludes commissions paid associated with share repurchases.
Schedule of dividends declared and paid
The following table presents dividends declared (on a per share basis) of Class A common stock for the years ended December 31, 2022, 2021 and 2020:
Declaration DateDividend per Share
March 15, 2022$0.20 
June 15, 20220.22 
September 15, 20220.23 
December 15, 20220.23 
Total$0.88 
March 15, 2021$0.20 
June 15, 20210.20 
September 15, 20210.20 
December 15, 20210.20 
Total$0.80 
February 27, 2020$0.34 
May 28, 20200.20 
August 31, 20200.20 
December 31, 20200.20 
Total$0.94 

The following table presents the tax treatment for our aggregate distributions per share of common stock paid for the years ended December 31, 2022, 2021, and 2020:
Record DatePayment DateDividend per ShareOrdinary DividendsQualified DividendsCapital GainUnrecaptured 1250 GainReturn of CapitalSection 199A Dividends
December 31, 2021January 18, 2022(1)$0.200 $0.034 $— $0.166 $0.051 $— $0.034 
March 31, 2022April 15, 20220.200 0.034 — 0.166 0.051 — 0.034 
June 30, 2022July 15, 20220.220 0.038 — 0.182 0.056 — 0.038 
September 30, 2022October 17, 20220.230 0.039 — 0.191 0.059 — 0.039 
December 31, 2022January 17, 20230.230 0.039 — 0.191 0.059 — 0.039 
Total$1.080 $0.184 $— $0.896 $0.276 $— $0.184 
(1)The fourth quarter dividend paid on January 18, 2022 was $0.200 and is considered a 2022 dividend for U.S. federal income tax purposes.
Record DatePayment DateDividend per ShareOrdinary DividendsQualified DividendsCapital GainUnrecaptured 1250 GainReturn of CapitalSection 199A Dividends
December 31, 2020January 15, 2021(1)$0.200 $0.053 $0.001 $0.095 $0.039 $0.052 $0.053 
March 31, 2021April 15, 2021$0.200 $0.053 $0.001 $0.095 $0.039 $0.052 $0.053 
June 30, 2021July 15, 20210.200 0.053 0.001 0.095 0.039 0.052 0.053 
September 30, 2021October 15, 20210.200 0.053 0.001 0.095 0.039 0.052 0.053 
December 31, 2021January 18, 2022(2)— — — — — — — 
Total$0.800 $0.212 $0.004 $0.380 $0.156 $0.208 $0.212 
(1)The fourth quarter dividend paid on January 15, 2021 was $0.200 and is considered a 2021 dividend for U.S. federal income tax purposes.
(2)The fourth quarter dividend paid on January 18, 2022 was $0.200 and is considered a 2022 dividend for U.S. federal income tax purposes.

Record DatePayment DateDividend per ShareOrdinary DividendsQualified DividendsCapital GainUnrecaptured 1250 GainReturn of CapitalSection 199A Dividends
March 10, 2020April 1, 2020$0.340 $0.230 $— $0.039 $0.016 $0.071 $0.230 
June 10, 2020July 1, 20200.200 0.135 — 0.023 0.009 0.042 0.135 
September 10, 2020October 1, 20200.200 0.135 — 0.023 0.009 0.042 0.135 
December 31, 2020January 15, 2021(1)— — — — — — — 
Total$0.740 $0.500 $— $0.085 $0.034 $0.155 $0.500 
(1)The fourth quarter dividend paid on January 15, 2021 was $0.200 and is considered a 2021 dividend for U.S. federal income tax purposes.
Schedule of accumulated other comprehensive Income
The following table presents changes in accumulated other comprehensive income related to the cumulative difference between the fair market value and the amortized cost basis of securities classified as available for sale for the years ended December 31, 2022, 2021, and 2020 ($ in thousands):
Accumulated Other Comprehensive Income (Loss)Accumulated Other Comprehensive Income (Loss) of Noncontrolling InterestsTotal Accumulated Other Comprehensive Income (Loss)
December 31, 2021$(4,112)$(2)$(4,114)
Other comprehensive income (loss)(16,897)— (16,897)
December 31, 2022$(21,009)$(2)$(21,011)
Accumulated Other Comprehensive Income (Loss)Accumulated Other Comprehensive Income (Loss) of Noncontrolling InterestsTotal Accumulated Other Comprehensive Income (Loss)
December 31, 2020$(10,463)$(2)$(10,465)
Other comprehensive income (loss)6,351 — 6,351 
December 31, 2021$(4,112)$(2)$(4,114)
Accumulated Other Comprehensive Income (Loss)Accumulated Other Comprehensive Income (Loss) of Noncontrolling InterestsTotal Accumulated Other Comprehensive Income (Loss)
December 31, 2019$4,218 $475 $4,693 
Other comprehensive income (loss)(9,950)(5,208)(15,158)
Exchange of noncontrolling interest for common stock(6,952)6,952 — 
Rebalancing of ownership percentage between Company and Operating Partnership2,221 (2,221)— 
December 31, 2020$(10,463)$(2)$(10,465)
v3.22.4
EARNINGS PER SHARE (Tables)
 12 Months Ended
Dec. 31, 2022
Earnings Per Share [Abstract]  
Schedule of the Company's net income and weighted average shares outstanding
The Company’s net income (loss) and weighted average shares outstanding for the years ended December 31, 2022, 2021, and 2020 consist of the following:
Year Ended December 31,
($ in thousands except share amounts)202220212020
Basic and Diluted Net income (loss) available for Class A common shareholders$142,217 $56,522 $(14,445)
Weighted average shares outstanding:   
Basic124,301,421 123,763,843 112,409,615 
Diluted125,823,671 124,563,051 112,409,615 
Schedule of calculation of basic and diluted net income per share amounts
The calculation of basic and diluted net income (loss) per share amounts for the years ended December 31, 2022, 2021, and 2020 consist of the following:
Year Ended December 31,
(In thousands except share and per share amounts) (1)202220212020(2)
Basic Net Income (Loss) Per Share of Class A Common Stock   
Numerator:
   
Net income (loss) attributable to Class A common shareholders$142,217 $56,522 $(14,445)
Denominator:
   
Weighted average number of shares of Class A common stock outstanding124,301,421 123,763,843 112,409,615 
Basic net income (loss) per share of Class A common stock$1.14 $0.46 $(0.13)
Diluted Net Income (Loss) Per Share of Class A Common Stock   
Numerator:   
Net income (loss) attributable to Class A common shareholders$142,217 $56,522 $(14,445)
Diluted net income (loss) attributable to Class A common shareholders142,217 56,522 (14,445)
Denominator:   
Basic weighted average number of shares of Class A common stock outstanding124,301,421 123,763,843 112,409,615 
Add - dilutive effect of:   
Incremental shares of unvested Class A restricted stock(1)1,522,250 799,208 — 
Diluted weighted average number of shares of Class A common stock outstanding125,823,671 124,563,051 112,409,615 
Diluted net income (loss) per share of Class A common stock$1.13 $0.45 $(0.13)
(1)The Company is using the treasury stock method.
(2)For the year ended December 31, 2020, shares issuable relating to converted Class B common shareholders are excluded from the calculation of diluted EPS as the inclusion of such potential common shares in the calculation would be anti-dilutive. There were no Class B shares outstanding during the years ended December 31, 2022 and December 31, 2021.
v3.22.4
STOCK BASED AND OTHER COMPENSATION PLANS (Tables)
 12 Months Ended
Dec. 31, 2022
Share-Based Payment Arrangement [Abstract]  
Stock based compensation plans summary
The following table summarizes the impact on the consolidated statements of income of the various stock based compensation plans and other compensation plans ($ in thousands):
Year Ended December 31,
202220212020
Stock Based Compensation Expense$31,584 $15,300 $42,728 
Phantom Equity Investment Plan— 22 (1,238)
Stock Options Exercised— — 270 
Total Stock Based Compensation Expense(1)$31,584 $15,322 $41,760 
(1)Variance between twelve months ended December 31, 2022, December 31, 2021, December 31, 2020 is primarily due to timing of 2020, 2021 and 2022 employee stock and bonus compensation.
Summary of the grants
A summary of the grants is presented below:
 Year Ended December 31,
 202220212020
Number
of Shares		Weighted
Average
Fair Value
Per Share		Number
of Shares		Weighted
Average
Fair Value
Per Share		Number
of Shares/Options		Weighted
Average
Fair Value
Per Share
Grants - Class A Common Stock2,884,303 $11.87 747,713 $9.81 4,423,215 $12.84 
Schedule of nonvested shares activity
The table below presents the number of unvested shares of Class A common stock and outstanding stock options at December 31, 2022 and changes during 2022 of the Class A common stock and stock options of Ladder Capital Corp granted under the 2014 Omnibus Incentive Plan:
Restricted StockWeighted Average Grant Date Fair ValueStock Options
Nonvested/Outstanding at December 31, 20212,145,380 $12.76 623,788 
Granted2,884,303 11.87 — 
Vested(2,404,181)11.89 — 
Forfeited(95,931)11.61 — 
Nonvested/Outstanding at December 31, 20222,529,571 $12.62 623,788 
Exercisable at December 31, 2022 (1)623,788 
(1)The weighted-average exercise price of outstanding options, warrants and rights is $14.84 at December 31, 2022.
v3.22.4
FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)
 12 Months Ended
Dec. 31, 2022
Fair Value Disclosures [Abstract]  
Summary of fair value
The carrying values and estimated fair values of the Company’s financial instruments, which are both reported at fair value on a recurring basis (as indicated) or amortized cost/par, at December 31, 2022 and December 31, 2021 are as follows ($ in thousands):
 
December 31, 2022
      Weighted Average
 Principal Amount Amortized Cost Basis/Purchase PriceFair ValueFair Value MethodYield
%		Remaining
Maturity/Duration (years)
Assets:       
CMBS(1)$562,839  $562,246 $541,333 Internal model, third-party inputs5.32 %1.06
CMBS interest-only(1)1,026,195 (2)10,498 10,443 Internal model, third-party inputs3.65 %1.45
GNMA interest-only(3)45,369 (2)285 281 Internal model, third-party inputs4.23 %3.3
Agency securities(1)36  36 35 Internal model, third-party inputs2.70 %1.54
U.S. Treasury securities(1)36,000 35,328 35,328 Internal model, third-party inputs4.17 %0.6
Equity securities(3) N/A 160 118 Observable market pricesN/A N/A
Mortgage loan receivables held for investment, net, at amortized cost(4)3,907,295  3,885,746 3,875,708 Discounted Cash Flow(5)8.85 %1.26
Mortgage loan receivables held for sale31,350  27,391 27,391 Internal model, third-party inputs(6)4.57 %9.19
FHLB stock(7)9,585  9,585 9,585 (7)4.75 % N/A
Nonhedge derivatives(1)(10)204,700  2,038 2,038 Counterparty quotationsN/A1.52
Liabilities:       
Repurchase agreements - short-term481,465  481,465 481,465 Cost plus Accrued Interest (8)4.04 %0.37
Repurchase agreements - long-term366,398  366,398 366,398 Discounted Cash Flow(9)4.06 %2.56
Mortgage loan financing497,454  497,991 477,101 Discounted Cash Flow5.51 %3.36
CLO debt1,064,365 1,058,462 1,058,462 Discounted Cash Flow(9)6.35 %15.92
Borrowings from the FHLB213,000  213,000 213,055 Discounted Cash Flow1.61 %1.25
Senior unsecured notes1,643,794  1,628,382 1,397,977 Internal model, third-party inputs4.66 %4.75
(1)Measured at fair value on a recurring basis with the net unrealized gains or losses recorded as a component of other comprehensive income (loss) in equity.
(2)Represents notional outstanding balance of underlying collateral.
(3)Measured at fair value on a recurring basis with the net unrealized gains or losses recorded in current period earnings.
(4)Balance does not include impact of allowance for current expected credit losses of $20.8 million at December 31, 2022.
(5)Fair value for floating rate mortgage loan receivables, held for investment is estimated to approximate the outstanding face amount given the short interest rate reset risk (30 days) and no significant change in credit risk. Fair value for fixed rate mortgage loan receivables, held for investment is measured using a discounted cash flow model.
(6)Fair value for mortgage loan receivables, held for sale is measured using a hypothetical securitization model utilizing market data from recent securitization spreads and pricing.
(7)Fair value of the FHLB stock approximates outstanding face amount as the Company’s captive insurance subsidiary is restricted from trading the stock and can only put the stock back to the FHLB, at the FHLB’s discretion, at par.
(8)For repurchase agreements - short term, the value approximates the cost plus accrued interest.
(9)For repurchase agreements - long term and CLO debt, the carrying value approximates the fair value discounting the expected cash flows at current market rates. If the collateral is determined to be impaired, the related financing would be revalued accordingly. There are no impairments on any positions.
(10)The outstanding face amount of the nonhedge derivatives represents the notional amount of the underlying contracts.
December 31, 2021
      Weighted Average
 Principal Amount Amortized Cost Basis/Purchase PriceFair ValueFair Value MethodYield
%		Remaining
Maturity/Duration (years)
Assets:       
CMBS(1)$691,402  $691,026 $686,293 Internal model, third-party inputs1.57 %2.06
CMBS interest-only(1)1,302,551 (2)15,268 15,885 Internal model, third-party inputs5.67 %1.88
GNMA interest-only(3)59,075 (2)518 559 Internal model, third-party inputs4.97 %3.64
Agency securities(1)557  560 563 Internal model, third-party inputs1.58 %0.69
Mortgage loan receivables held for investment, net, at amortized cost(4)3,581,919  3,553,737 3,494,254 Discounted Cash Flow(5)5.65 %1.76
FHLB stock(6)11,835  11,835 11,835 (6)3.25 % N/A
Nonhedge derivatives(1)(7)114,121  402 402 Counterparty quotationsN/A0.30
Liabilities:       
Repurchase agreements - short-term418,394  418,394 418,394 Discounted Cash Flow(8)0.89 %0.46
Repurchase agreements - long-term26,183  26,183 26,183 Discounted Cash Flow(9)2.21 %1.01
Mortgage loan financing690,927  693,797 709,695 Discounted Cash Flow4.83 %3.3
Secured financing facility136,444 132,447 133,389 Discounted Cash Flow(8)10.75 %1.35
CLO debt1,064,365 1,054,774 1,054,774 Discounted Cash Flow(9)2.04 %16.92
Borrowings from the FHLB263,000  263,000 263,414 Discounted Cash Flow0.91 %1.95
Senior unsecured notes1,649,794  1,631,108 1,677,039 Internal model, third-party inputs4.66 %5.74
(1)Measured at fair value on a recurring basis with the net unrealized gains or losses recorded as a component of other comprehensive income (loss) in equity.
(2)Represents notional outstanding balance of underlying collateral.
(3)Measured at fair value on a recurring basis with the net unrealized gains or losses recorded in current period earnings.
(4)Balance does not include impact of allowance for current expected credit losses of $31.8 million at December 31, 2021.
(5)Fair value for floating rate mortgage loan receivables, held for investment is estimated to approximate the outstanding face amount given the short interest rate reset risk (30 days) and no significant change in credit risk. Fair value for fixed rate mortgage loan receivables, held for investment is measured using a discounted cash flow model.
(6)Fair value of the FHLB stock approximates outstanding face amount as the Company’s captive insurance subsidiary is restricted from trading the stock and can only put the stock back to the FHLB, at the FHLB’s discretion, at par.
(7)The outstanding face amount of the nonhedge derivatives represents the notional amount of the underlying contracts.
(8)Fair value for repurchase agreement liabilities - short term borrowings under the Secured Financing Facility and borrowings under the Revolving Credit Facility is estimated to approximate carrying amount primarily due to the short interest rate reset risk (30 days) of the financings and the high credit quality of the assets collateralizing these positions. If the collateral is determined to be impaired, the related financing would be revalued accordingly. There are no impairments on any positions.
(9)For repurchase agreements - long term and CLO debt, the carrying value approximates the fair value discounting the expected cash flows at current market rates. If the collateral is determined to be impaired, the related financing would be revalued accordingly. There are no impairments on any positions.
Summary of financial assets and liabilities, both reported at fair value on a recurring basis or amortized cost/par
The following table summarizes the Company’s financial assets and liabilities, which are both reported at fair value on a recurring basis (as indicated) or amortized cost/par, at December 31, 2022 and December 31, 2021 ($ in thousands):
 
December 31, 2022
 
Financial Instruments Reported at Fair Value on Consolidated Statements of Financial ConditionPrincipal
Amount		 Fair Value
 Level 1Level 2Level 3Total
Assets:      
CMBS(1)$553,424  $— $— $532,304 $532,304 
CMBS interest-only(1)1,017,735 (2)— — 10,026 10,026 
GNMA interest-only(3)45,369 (2)— — 281 281 
Agency securities(1)36  — — 35 35 
U.S. Treasury securities36,000 35,328 — — 35,328 
Equity securities N/A 118 — — 118 
Nonhedge derivatives(4)204,700 — 2,038 — 2,038 
$35,446 $2,038 $542,646 $580,130 
Financial Instruments Not Reported at Fair Value on Consolidated Statements of Financial ConditionPrincipal
Amount		 Fair Value
 Level 1Level 2Level 3Total
Assets:
Mortgage loan receivable held for investment, net, at amortized cost:
Mortgage loan receivables held for investment, net, at amortized cost(5)$3,907,295  $— $— $3,875,708 $3,875,708 
Mortgage loan receivable held for sale(6)31,350  — — 27,391 27,391 
CMBS(7)9,415 — — 9,030 9,030 
CMBS interest-only(7)8,460 — — 417 417 
FHLB stock9,585  — — 9,585 9,585 
$— $— $3,922,131 $3,922,131 
Liabilities:     
Repurchase agreements - short-term$481,465  $— $— $481,465 $481,465 
Repurchase agreements - long-term366,398  — — 366,398 366,398 
Mortgage loan financing497,454  — — 477,101 477,101 
CLO debt1,064,365 — — 1,058,462 1,058,462 
Borrowings from the FHLB213,000  — — 213,055 213,055 
Senior unsecured notes1,643,794  — — 1,397,977 1,397,977 
$— $— $3,994,458 $3,994,458 
(1)Measured at fair value on a recurring basis with the net unrealized gains or losses recorded as a component of other comprehensive income (loss) in equity. 
(2)Represents notional outstanding balance of underlying collateral. 
(3)Measured at fair value on a recurring basis with the net unrealized gains or losses recorded in current period earnings. 
(4)Measured at fair value on a recurring basis with the net unrealized gains or losses recorded in current period earnings.  The outstanding face amount of the nonhedge derivatives represents the notional amount of the underlying contracts.
(5)Balance does not include impact of allowance for current expected credit losses of $20.8 million at December 31, 2022.
(6)A lower of cost or market adjustment was recorded as of December 31, 2022.
(7)Restricted securities which are designated as risk retention securities under the Dodd-Frank Act and are therefore subject to transfer restrictions over the term of the securitization trust, are classified as held-to-maturity and reported at amortized cost.
December 31, 2021
Financial Instruments Reported at Fair Value on Consolidated Statements of Financial ConditionPrincipal
Amount		 Fair Value
 Level 1Level 2Level 3Total
Assets:      
CMBS(1)$681,076  $— $— $676,398 $676,398 
CMBS interest-only(1)1,293,181 (2)— — 15,344 15,344 
GNMA interest-only(3)59,075 (2)— — 559 559 
Agency securities(1)557  — — 563 563 
Nonhedge derivatives(4)114,121  — 402 — 402 
$— $402 $692,864 $693,266 
Financial Instruments Not Reported at Fair Value on Consolidated Statements of Financial ConditionPrincipal
Amount		 Fair Value
 Level 1Level 2Level 3Total
Assets:
Mortgage loan receivable held for investment, net, at amortized cost:
Mortgage loan receivables held for investment, net, at amortized cost(5)$3,581,920  $— $— $3,494,254 $3,494,254 
CMBS(6)10,326 — — 9,894 9,894 
CMBS interest-only(6)9,370 — — 541 541 
FHLB stock11,835  — — 11,835 11,835 
$— $— $3,516,524 $3,516,524 
Liabilities:     
Repurchase agreements - short-term$418,394  $— $— $418,394 $418,394 
Repurchase agreements - long-term26,183  — — 26,183 26,183 
Mortgage loan financing690,927  — — 709,695 709,695 
Secured financing facility136,444 — — 133,389 133,389 
CLO debt1,064,365 — — 1,054,774 1,054,774 
Borrowings from the FHLB263,000  — — 263,414 263,414 
Senior unsecured notes1,649,794  — — 1,677,039 1,677,039 
$— $— $4,282,888 $4,282,888 
(1)Measured at fair value on a recurring basis with the net unrealized gains or losses recorded as a component of other comprehensive income (loss) in equity. 
(2)Represents notional outstanding balance of underlying collateral. 
(3)Measured at fair value on a recurring basis with the net unrealized gains or losses recorded in current period earnings. 
(4)Measured at fair value on a recurring basis with the net unrealized gains or losses recorded in current period earnings.  The outstanding face amount of the nonhedge derivatives represents the notional amount of the underlying contracts.
(5)Balance does not include impact of allowance for current expected credit losses of $31.8 million at December 31, 2021.
(6)Restricted securities which are designated as risk retention securities under the Dodd-Frank Act and are therefore subject to transfer restrictions over the term of the securitization trust, are classified as held-to-maturity and reported at amortized cost.
Schedule of changes in Level 3 of financial instruments
The following table summarizes changes in Level 3 financial instruments reported at fair value on the consolidated statements of financial condition for the years ended December 31, 2022 and 2021 ($ in thousands):
Year Ended December 31,
Level 320222021
Balance at January 1,$692,864 $1,046,570 
Transfer from level 2— — 
Purchases59,333 247,040 
Sales(4,261)(438,594)
Paydowns/maturities(183,929)(163,297)
Amortization of premium/discount(4,354)(6,708)
Unrealized gain/(loss)(16,901)6,259 
Realized gain/(loss) on sale(106)1,594 
Balance at December 31,$542,646 $692,864 
Schedule of quantitative information
The following is quantitative information about significant unobservable inputs in our Level 3 measurements for those assets and liabilities measured at fair value on a recurring basis ($ in thousands):

December 31, 2022
Financial InstrumentCarrying ValueValuation TechniqueUnobservable InputMinimumWeighted AverageMaximum
CMBS(1)$532,304 Discounted cash flowYield (4)2.89 %5.29 %17.47 %
CMBS interest-only(1)10,026 (2)Discounted cash flowYield (4)1.39 %3.72 %19.66 %
GNMA interest-only(3)281 (2)Discounted cash flowYield (4)1.28 %5.50 %10.00 %
Agency securities(1)35 Discounted cash flowYield (4)2.70 %2.70 %2.7 %
Total$542,646 

December 31, 2021
Financial InstrumentCarrying ValueValuation TechniqueUnobservable InputMinimumWeighted AverageMaximum
CMBS(1)$676,398 Discounted cash flowYield (4)0.77 %1.51 %5.28 %
Duration (years)(5)01.938.39
CMBS interest-only(1)15,344 (2)Discounted cash flowYield (4)— %5.7 %9.34 %
Duration (years)(5)0.031.812.58
Prepayment speed (CPY)(5)100.00100.00100.00
GNMA interest-only(3)559 (2)Discounted cash flowYield (4)— %4.97 %10.00 %
Duration (years)(5)02.725.56
Prepayment speed (CPJ)(5)517.4135.00
Agency securities(1)563 Discounted cash flowYield (4)1.44 %1.58 %2.78 %
Duration (years)(5)00.420.47
Total$692,864 
(1)CMBS, CMBS interest-only securities, Agency securities, GNMA permanent securities, U.S. Treasury securities and corporate bonds are classified as available-for-sale and reported at fair value with changes in fair value recorded in the current period in other comprehensive income.
(2)The amounts presented represent the principal amount of the mortgage loans outstanding in the pool in which the interest-only securities participate.
(3)Agency interest-only securities are recorded at fair value with changes in fair value recorded in current period earnings.

Sensitivity of the Fair Value to Changes in the Unobservable Inputs
        
(4)Significant increase (decrease) in the unobservable input in isolation would result in significantly lower (higher) fair value measurement.
(5)Significant increase (decrease) in the unobservable input in isolation would result in either a significantly lower or higher (lower or higher) fair value measurement depending on the structural features of the security in question.
v3.22.4
INCOME TAXES (Tables)
 12 Months Ended
Dec. 31, 2022
Income Tax Disclosure [Abstract]  
Schedule of Components of Income Tax Expense (Benefit)
Components of the provision for income taxes consist of the following ($ in thousands):
 Year Ended December 31,
202220212020
Current expense (benefit) 
U.S. federal$1,823 $(280)$(8,087)
State and local3,591 936 (1,796)
Total current expense (benefit)5,414 656 (9,883)
Deferred expense (benefit)  
U.S. federal(445)311 119 
State and local(60)(39)(25)
Total deferred expense (benefit)(505)272 94 
Provision for income tax expense (benefit)$4,909 $928 $(9,789)
Schedule of Effective Income Tax Rate Reconciliation A reconciliation between the U.S. federal statutory income tax rate and the effective tax rate for the years ended December 31, 2022, 2021 and 2020 is as follows:
Year Ended December 31,
 202220212020
US statutory tax rate21.00 %21.00 %21.00 %
REIT income not subject to corporate income tax(18.09)%(17.72)%65.98 %
Increase due to state and local taxes0.59 %(0.46)%9.85 %
Change in valuation allowance(1.17)%(1.20)%6.91 %
Offshore non-taxable income(1.35)%(3.75)%(41.96)%
Uncertain tax position recorded (released)1.45 %— %(2.54)%
Section 163 (j) interest expense limitation0.08 %0.27 %(7.12)%
REIT income taxes0.28 %(0.31)%(2.59)%
Return to provision(0.64)%1.64 %(1.25)%
Net operating loss carryback benefit— %— %4.54 %
Other0.74 %2.14 %(1.96)%
Effective income tax rate2.89 %1.61 %50.86 %
Schedule of Deferred Tax Assets and Liabilities
The components of the Company’s deferred tax assets and liabilities are as follows ($ in thousands):
December 31, 2022December 31, 2021
Deferred Tax Assets 
Net operating loss carryforward$3,493 $6,766 
Net unrealized losses641 — 
Capital losses carryforward4,356 6,005 
Valuation allowance(4,356)(6,005)
Interest expense limitation1,385 1,647 
Valuation allowance(1,385)(1,647)
Total Deferred Tax Assets$4,134 $6,766 

December 31, 2022December 31, 2021
Deferred Tax Liability 
Basis difference in operating partnerships$5,911 $9,048 
Total Deferred Tax Liability$5,911 $9,048 
v3.22.4
COMMITMENTS AND CONTINGENCIES (Tables)
 12 Months Ended
Dec. 31, 2022
Commitments and Contingencies Disclosure [Abstract]  
Schedule of future minimum lease obligations under non-cancelable operating leases
Future minimum lease obligations under non-cancelable operating leases, as of December 31, 2022 are as follows ($ in thousands):

2023$788 
20242,171 
20252,207 
20262,219 
20272,232 
Thereafter13,344 
Total undiscounted cash flows22,961 
Present value discount (1)(6,996)
Lease liabilities$15,965 
(1)Lease liabilities were discounted at the Company's weighted average incremental borrowing rate for similar collateral which is estimated to be 6.62%, and the remaining lease term is 10.6 years.
v3.22.4
SEGMENT REPORTING (Tables)
 12 Months Ended
Dec. 31, 2022
Segment Reporting [Abstract]  
Schedule of Company's performance evaluation by segment
The Company evaluates performance based on the following financial measures for each segment ($ in thousands):
Year ended December 31, 2022LoansSecuritiesReal Estate (1)Corporate/Other(2)Company 
Total
Interest income$269,629 $20,659 $6 $3,226 $293,520 
Interest expense(68,158)(4,620)(36,683)(86,141)(195,602)
Net interest income (expense)201,471 16,039 (36,677)(82,915)97,918 
(Provision for) release of loan loss reserves(3,711)— — — (3,711)
Net interest income (expense) after provision for (release of) loan reserves197,760 16,039 (36,677)(82,915)94,207 
Real estate operating income— — 108,269 — 108,269 
Sale of loans, net(2,511)— — — (2,511)
Realized gain (loss) on securities— (73)— — (73)
Unrealized gain (loss) on equity securities— (41)— — (41)
Unrealized gain (loss) on Agency interest-only securities— (45)— — (45)
Realized gain on sale of real estate, net— — 115,998 — 115,998 
Fee and other income10,149 55 4,355 461 15,020 
Net result from derivative transactions6,755 3,972 1,633 — 12,360 
Earnings (loss) from investment in unconsolidated ventures— — 1,410 — 1,410 
Gain (loss) on extinguishment of debt— — — 685 685 
Total other income (loss)14,393 3,868 231,665 1,146 251,072 
Compensation and employee benefits— — — (75,836)(75,836)
Operating expenses— — — (20,716)(20,716)
Real estate operating expenses— — (38,605)— (38,605)
Fee expense(2,325)(277)(954)(3,679)(7,235)
Depreciation and amortization— — (32,632)(41)(32,673)
Total costs and expenses(2,325)(277)(72,191)(100,272)(175,065)
Income tax (expense) benefit— — — (4,909)(4,909)
Segment profit (loss)$209,828 $19,630 $122,797 $(186,950)$165,305 
Total assets as of December 31, 2022$3,892,382 $587,519 $706,355 $764,917 $5,951,173 
Year ended December 31, 2021LoansSecuritiesReal Estate (1)Corporate/Other(2)Company 
Total
Interest income$162,349 $13,101 $1 $648 $176,099 
Interest expense(53,414)(2,403)(36,075)(91,057)(182,949)
Net interest income (expense)108,935 10,698 (36,074)(90,409)(6,850)
(Provision for) release of loan loss reserves8,713 — — 8,713 
Net interest income (expense) after provision for (release of) loan reserves117,648 10,698 (36,074)(90,409)1,863 
Real estate operating income— — 101,564 — 101,564 
Sale of loans, net8,398 — — — 8,398 
Realized gain (loss) on securities— 1,594 — — 1,594 
Unrealized gain (loss) on Agency interest-only securities— (91)— — (91)
Realized gain on sale of real estate, net— — 55,766 — 55,766 
Fee and other income10,507 — 50 633 11,190 
Net result from derivative transactions507 1,250 (8)— 1,749 
Earnings (loss) from investment in unconsolidated ventures335 — 1,244 — 1,579 
Total other income (loss)19,747 2,753 158,616 633 181,749 
Compensation and employee benefits— — — (38,347)(38,347)
Operating expenses(3)127 — — (17,799)(17,672)
Real estate operating expenses— — (26,161)— (26,161)
Fee expense(2,341)(217)(849)(2,403)(5,810)
Depreciation and amortization— — (37,702)(99)(37,801)
Total costs and expenses(2,214)(217)(64,712)(58,648)(125,791)
Income tax (expense) benefit— — — (928)(928)
Segment profit (loss)$135,181 $13,234 $57,830 $(149,352)$56,893 
Total assets as of December 31, 2021$3,521,986 $703,280 $914,027 $711,959 $5,851,252 
Year ended December 31, 2020LoansSecuritiesReal Estate (1)Corporate/Other(2)Company 
Total
Interest income$205,640 $32,904 $13 $1,292 $239,849 
Interest expense(48,084)(21,554)(39,396)(118,440)(227,474)
Net interest income (expense)157,556 11,349 (39,383)(117,148)12,375 
(Provision for) release of loan loss reserves(18,277)2 — — (18,275)
Net interest income (expense) after provision for (release of) loan reserves139,279 11,351 (39,383)(117,148)(5,900)
Real estate operating income— — 100,248 — 100,248 
Sale of loans, net(1,571)— — — (1,571)
Realized gain (loss) on securities— (12,410)— — (12,410)
Unrealized gain (loss) on equity securities— (132)— — (132)
Unrealized gain (loss) on Agency interest-only securities— 263 — — 263 
Realized gain on sale of real estate, net— — 32,102 — 32,102 
Fee and other income9,142 403 25 3,084 12,654 
Net result from derivative transactions(11,264)(4,006)— — (15,270)
Earnings (loss) from investment in unconsolidated ventures— — 1,821 — 1,821 
Gain (loss) on extinguishment of debt— — — 22,250 22,250 
Total other income (loss)(3,693)(15,882)134,196 25,334 139,955 
Compensation and employee benefits— — — (58,101)(58,101)
Operating expenses(3)3 — — (20,297)(20,294)
Real estate operating expenses— — (28,584)— (28,584)
Fee expense(6,124)(236)(884)— (7,244)
Depreciation and amortization— — (38,980)(99)(39,079)
Total costs and expenses(6,121)(236)(68,448)(78,497)(153,302)
Income tax (expense) benefit— — — 9,789 9,789 
Segment profit (loss)$129,465 $(4,767)$26,365 $(160,523)$(9,458)
Total assets as of December 31, 2020$2,343,070 $1,058,298 $1,031,557 $1,448,304 $5,881,229 
(1)Includes the Company’s investment in unconsolidated ventures that held real estate of $6.2 million, $23.2 million and $46.3 million as of December 31, 2022, 2021 and 2020, respectively.
(2)Corporate/Other represents all corporate level and unallocated items including any intercompany eliminations necessary to reconcile to consolidated Company totals. This segment also includes the Company’s investment in unconsolidated ventures and strategic investments that are not related to the other reportable segments above, including the Company’s investment in FHLB stock of $9.6 million as of December 31, 2022, $11.8 million as of December 31, 2021 and $31.0 million as of December 31, 2020 and the Company’s senior unsecured notes of $1.6 billion and $1.6 billion at December 31, 2022 and December 31, 2021, respectively.
v3.22.4
ORGANIZATION AND OPERATIONS (Details)
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Sep. 30, 2020
LCFH        
ORGANIZATION AND OPERATIONS        
Ownership interest in LCFH 100.00% 100.00% 100.00% 100.00%
v3.22.4
SIGNIFICANT ACCOUNTING POLICIES (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Error Corrections and Prior Period Adjustments Restatement [Line Items]      
FHLB stock $ 9.6 $ 11.8 $ 31.0
Minimum | Building      
Error Corrections and Prior Period Adjustments Restatement [Line Items]      
Estimated useful life 20 years    
Minimum | Building and Building Improvements      
Error Corrections and Prior Period Adjustments Restatement [Line Items]      
Estimated useful life 4 years    
Maximum | Building      
Error Corrections and Prior Period Adjustments Restatement [Line Items]      
Estimated useful life 55 years    
Maximum | Building and Building Improvements      
Error Corrections and Prior Period Adjustments Restatement [Line Items]      
Estimated useful life 15 years    
v3.22.4
MORTGAGE LOAN RECEIVABLES - Schedule of Mortgage Loans (Details)
$ in Thousands
 1 Months Ended 12 Months Ended
Jan. 31, 2023
USD ($)
security
Dec. 31, 2022
USD ($)
Dec. 31, 2021
USD ($)
Dec. 31, 2020
USD ($)
Dec. 31, 2019
USD ($)
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]          
Outstanding Face Amount   $ 3,938,615 $ 3,581,919    
Allowance for credit losses   (20,755) (31,752) $ (41,507) $ (20,500)
Carrying Value   $ 3,892,382 $ 3,521,985    
Weighted average yield   8.82% 5.65%    
Remaining Maturity   1 year 3 months 18 days 1 year 9 months 18 days    
Principal balance of loans on non-accrual status   $ 53,809 $ 80,229    
Deferred origination fees and other items   21,500 26,000    
Subsequent Event          
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]          
Carrying Value $ 51,500        
Number of loans | security 1        
First mortgage loans          
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]          
Outstanding Face Amount   3,841,315 3,482,715    
Carrying Value gross, consumer and commercial real estate   $ 3,819,860 $ 3,454,654    
Weighted average yield   8.83% 5.50%    
Remaining Maturity   1 year 3 months 18 days 1 year 9 months 18 days    
Mezzanine loans          
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]          
Outstanding Face Amount   $ 65,950 $ 99,204    
Carrying Value gross, consumer and commercial real estate   $ 65,886 $ 99,083    
Weighted average yield   10.62% 10.92%    
Remaining Maturity   1 year 7 months 6 days 1 year 10 months 24 days    
Total mortgage loans receivable          
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]          
Outstanding Face Amount   $ 3,907,265 $ 3,581,919    
Carrying Value gross, consumer and commercial real estate   $ 3,885,746 $ 3,553,737    
Weighted average yield   8.85% 5.65%    
Remaining Maturity   1 year 3 months 18 days 1 year 9 months 18 days    
Total mortgage loan receivables held for investment, net, at amortized cost          
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]          
Outstanding Face Amount   $ 3,907,265 $ 3,581,919    
Allowance for credit losses   (20,755) (31,752) $ (41,507) $ (20,500)
Carrying Value   3,864,991 $ 3,521,985    
Mortgage loan receivables held for sale, First Mortgage Loans          
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]          
Outstanding Face Amount   31,350      
Carrying Value   $ 27,391      
Weighted average yield   4.57%      
Remaining Maturity   9 years 2 months 8 days      
v3.22.4
MORTGAGE LOAN RECEIVABLES - Additional Information (Details)
 12 Months Ended
Jun. 27, 2022
USD ($)
Jan. 01, 2020
USD ($)
loans
Dec. 31, 2022
USD ($)
loans
Dec. 31, 2021
USD ($)
loans
Dec. 31, 2020
USD ($)
Mar. 31, 2020
USD ($)
Dec. 31, 2019
USD ($)
Dec. 31, 2018
USD ($)
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]                
Outstanding Face Amount     $ 3,938,615,000 $ 3,581,919,000        
Allowance for current expected credit losses     21,500,000          
General CECL Reserve     20,755,000 31,752,000 $ 41,507,000   $ 20,500,000  
Increase in reserve of unfunded commitments     700,000 400,000        
Allowance for current expected credit losses       32,200,000        
Individually impaired loans     26,012,000 69,932,000        
Provision for (release of) loan loss reserves, net     3,711,000 (8,713,000) 18,275,000      
Provision for (release of) loan loss reserves, net     14,395,000   18,275,000      
Increase (decrease) of reserve on unfunded commitments     300,000 (100,000)        
Recoveries     (3,105,000) 0 0      
General CECL Reserve   $ 11,600,000            
Percentage of total loan portfolio   0.36%            
Loans that previously had asset-specific reserves | loans   3            
Provision for current expected credit loss   $ 5,800,000            
Mortgage loans receivable [1]     3,885,746,000 3,553,737,000        
Loans nonaccrual status, amount     53,809,000 80,229,000        
Principal balance of loans on non-accrual status     53,809,000 80,229,000        
Asset Specific Reserve, Company Loan                
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]                
General CECL Reserve     $ 2,700,000          
Number or loans in default | loans     2          
Provision for (release of) loan loss reserves, net       8,600,000        
Provision for (release of) loan loss reserves, net     $ 6,500,000          
General CECL Reserve   14,700,000            
Carrying value of financing receivable   39,800,000            
Accounting Standards Update 2016-13                
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]                
Carrying value of held for investment loan portfolio   $ 3,200,000,000            
Additional CECL reserve recorded         9,100,000      
Asset-specific provision related to the loans         $ 9,200,000      
Number of loans in default         3      
Accounting Standards Update 2016-13 | Asset Specific Reserve, Company Loan                
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]                
General CECL Reserve       $ 20,200,000        
Number or loans in default       3        
Total mortgage loan receivables held for investment, net, at amortized cost                
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]                
Loans receivable with variable rates of interest     $ 3,400,000,000 $ 3,300,000,000        
Loans receivable with variable rates of interest     87.20% 91.50%        
Loans receivable with variable rates of interest, subject to interest rate floors     99.20% 100.00%        
Outstanding Face Amount     $ 3,907,265,000 $ 3,581,919,000        
General CECL Reserve     20,755,000 31,752,000 $ 41,507,000   $ 20,500,000  
Provision for (release of) loan loss reserves, net       $ (8,605,000)        
Total mortgage loan receivables held for investment, net, at amortized cost | London Interbank Offered Rate (LIBOR)                
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]                
Loans receivable with variable rates of interest     2,300,000,000          
Total mortgage loan receivables held for investment, net, at amortized cost | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate                
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]                
Loans receivable with variable rates of interest     $ 1,100,000,000          
Total mortgage loan receivables held for investment, net, at amortized cost | Two Company Loans                
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]                
Number or loans in default | loans     2 2        
Mortgage loans receivable     $ 26,000,000          
Loans nonaccrual status, amount     23,300,000 $ 24,200,000        
Principal balance of loans on non-accrual status     23,300,000 $ 24,200,000        
Total mortgage loan receivables held for investment, net, at amortized cost | Three Of Company Loans                
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]                
Loans in default, carrying value     30,500,000          
Total mortgage loan receivables held for investment, net, at amortized cost | Two Of Company Loans 1                
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]                
General CECL Reserve               $ 10,000,000
Number or loans in default | loans       2        
Provision for (release of) loan loss reserves, net $ (3,100,000)              
Loans nonaccrual status, amount 24,600,000     $ 25,600,000       45,000,000
Principal balance of loans on non-accrual status 24,600,000     $ 25,600,000       45,000,000
Proceeds in satisfaction of A and B notes 27,700,000              
Proceeds in satisfaction of A and B notes, principal amount 27,000,000              
Proceeds in satisfaction of A and B notes, interest amount $ 700,000              
Total mortgage loan receivables held for investment, net, at amortized cost | Two Of Company Loans 1 | Series A                
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]                
Loans nonaccrual status, amount               35,000,000
Principal balance of loans on non-accrual status               35,000,000
Total mortgage loan receivables held for investment, net, at amortized cost | Two Of Company Loans 1 | Series B                
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]                
Loans nonaccrual status, amount               10,000,000
Principal balance of loans on non-accrual status               $ 10,000,000
Total mortgage loan receivables held for investment, net, at amortized cost | Accounting Standards Update 2016-13 | Two Of Company Loans 1                
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]                
General CECL Reserve           $ 7,500,000    
Mortgage loan  receivables held for sale                
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]                
Outstanding Face Amount     $ 31,350,000          
Percentage of loans receivable with fixed rates of interest     100.00%          
Loan on non-accrual status                
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]                
Loans nonaccrual status, amount     $ 0          
Principal balance of loans on non-accrual status     $ 0          
[1] Includes amounts relating to consolidated variable interest entities. Refer to Note 2 and Note 10.
v3.22.4
MORTGAGE LOAN RECEIVABLES - Activity in Loan Portfolio (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Jan. 01, 2020
Mortgage loan receivables held for investment, net, at amortized cost:        
Mortgage loans receivable, beginning balance $ 3,521,985 $ 2,343,070 $ 3,358,861  
Origination of mortgage loan receivables 1,296,083 2,530,247 566,506  
Purchases of mortgage loan receivables 0      
Repayment of mortgage loan receivables (901,150) (1,059,979) (961,236)  
Proceeds from sales of mortgage loan receivables (29,151) (305,649) (582,764)  
Non-cash disposition of loans via foreclosure (10,235) (81,289) (31,249)  
Sale of loans, net (2,511) 8,398 (1,571)  
Accretion/amortization of discount, premium and other fees 20,759 13,832 15,530  
Allowance for credit losses       $ (11,600)
Mortgage loans receivable, ending balance 3,892,382 3,521,985 2,343,070  
Allowance for credit losses        
Beginning balance, Allowance for credit losses (31,752) (41,507) (20,500)  
Charge-offs 14,395 0 0  
Provision expense for current expected credit loss (implementation impact)     (4,964)  
Provision expense for current expected credit loss (impact to earnings) (3,398) 8,605 (18,543)  
Release (addition) of provision for current expected credit loss, net (3,711) 8,713 (18,275)  
Ending balance, Allowance for credit losses (20,755) (31,752) (41,507)  
Total mortgage loans receivable        
Mortgage loan receivables held for investment, net, at amortized cost:        
Mortgage loans receivable, beginning balance 3,553,737 2,354,059    
Mortgage loans receivable, ending balance 3,885,746 3,553,737 2,354,059  
Total mortgage loan receivables held for investment, net, at amortized cost        
Mortgage loan receivables held for investment, net, at amortized cost:        
Mortgage loans receivable, beginning balance 3,553,737 2,354,059 3,257,036  
Origination of mortgage loan receivables 1,234,765 2,309,888 353,661  
Purchases of mortgage loan receivables 0 63,600    
Repayment of mortgage loan receivables (901,082) (1,059,796) (960,832)  
Proceeds from sales of mortgage loan receivables 0 (46,557) (270,491)  
Non-cash disposition of loans via foreclosure (10,235) (81,289) (31,249)  
Sale of loans, net 2,197 0 (9,596)  
Accretion/amortization of discount, premium and other fees 20,759 13,832 15,530  
Charge offs (14,395)      
Mortgage loans receivable, ending balance 3,885,746 3,553,737 2,354,059  
Allowance for credit losses        
Beginning balance, Allowance for credit losses (31,752) (41,507) (20,500)  
Charge-offs 14,395      
Release of asset-specific loan loss provision via foreclosure   1,150 2,500  
Provision expense for current expected credit loss (implementation impact)     (4,964)  
Provision expense for current expected credit loss (impact to earnings) (3,398) 8,605 (18,543)  
Release (addition) of provision for current expected credit loss, net   8,605    
Ending balance, Allowance for credit losses (20,755) (31,752) (41,507)  
Mortgage loan  receivables held for sale        
Mortgage loan receivables held for investment, net, at amortized cost:        
Mortgage loans receivable, beginning balance 0 30,518 122,325  
Origination of mortgage loan receivables 61,318 220,359 212,845  
Purchases of mortgage loan receivables 0 0    
Repayment of mortgage loan receivables (68) (183) (404)  
Proceeds from sales of mortgage loan receivables (29,151) (259,092) (312,273)  
Non-cash disposition of loans via foreclosure   0 0  
Sale of loans, net (4,708) 8,398 8,025  
Accretion/amortization of discount, premium and other fees   0 0  
Charge offs 0      
Mortgage loans receivable, ending balance $ 27,391 $ 0 $ 30,518  
v3.22.4
MORTGAGE LOAN RECEIVABLES - Provision for Loan Losses (Details)
$ in Thousands
 12 Months Ended
Jan. 01, 2020
USD ($)
Dec. 31, 2022
USD ($)
loans
security
Dec. 31, 2021
USD ($)
security
loans
Dec. 31, 2020
USD ($)
Jun. 27, 2022
USD ($)
Dec. 31, 2018
USD ($)
Allowance for Loan and Lease Losses [Roll Forward]            
Allowance for credit losses at beginning of period $ 20,500 $ 31,752 $ 41,507 $ 20,500    
Provision for current expected credit loss 5,800          
Provision for (release of) current expected credit loss, net   6,503 (8,605) 18,543    
Foreclosure of loans subject to asset-specific reserve   0 (1,150) (2,500)    
Charge-offs   (14,395) 0 0    
Recoveries   (3,105) 0 0    
Allowance for credit losses at end of period   20,755 31,752 41,507    
Provision for (release of) loan loss reserves, net   14,395   18,275    
Additional asset-specific reserve       9,200    
Principal balance of loans on non-accrual status   53,809 80,229      
Total mortgage loan receivables held for investment, net, at amortized cost            
Allowance for Loan and Lease Losses [Roll Forward]            
Allowance for credit losses at beginning of period 20,500 31,752 41,507 20,500    
Charge-offs   (14,395)        
Allowance for credit losses at end of period   20,755 31,752 41,507    
Held-to-maturity Securities            
Allowance for Loan and Lease Losses [Roll Forward]            
Unfunded commitments of mortgage loan receivables held for investment 800          
Provision for (release of) loan loss reserves, net $ 22          
Cumulative Effect, Period Of Adoption, Adjusted Balance            
Allowance for Loan and Lease Losses [Roll Forward]            
Provision for current expected credit loss   0 0 $ 4,964    
Asset Specific Reserve, Company Loan            
Allowance for Loan and Lease Losses [Roll Forward]            
Allowance for credit losses at end of period   2,700        
Provision for (release of) loan loss reserves, net   6,500        
Additional asset-specific reserve   $ 0 0      
Number or loans in default | loans   2        
Two Company Loans | Total mortgage loan receivables held for investment, net, at amortized cost            
Allowance for Loan and Lease Losses [Roll Forward]            
Principal balance of loans on non-accrual status   $ 23,300 $ 24,200      
Number or loans in default | loans   2 2      
One Of Company Loans 2 | Total mortgage loan receivables held for investment, net, at amortized cost            
Allowance for Loan and Lease Losses [Roll Forward]            
Principal balance of loans on non-accrual status   $ 30,500 $ 30,500      
Number or loans in default | security   1 1      
Two Of Company Loans 1 | Total mortgage loan receivables held for investment, net, at amortized cost            
Allowance for Loan and Lease Losses [Roll Forward]            
Principal balance of loans on non-accrual status     $ 25,600   $ 24,600 $ 45,000
Number or loans in default | loans     2      
v3.22.4
MORTGAGE LOAN RECEIVABLES - Individually Impaired Loans (Details) - USD ($)
$ in Thousands
Dec. 31, 2022
Dec. 31, 2021
Financing Receivable, Credit Quality Indicator [Line Items]    
Total loans [1] $ 3,885,746 $ 3,553,737
Subtotal loans, Year One 1,145,229 2,396,303
Subtotal loans, Year Two 2,102,307 117,367
Subtotal loans, Year Three 56,150 585,959
Subtotal loans, Year Four 332,046 169,948
Subtotal loans, Year 5 and Earlier 224,002 214,228
Subtotal mortgage loans receivable 3,859,734 3,483,805
Individually impaired loans, Year One 0 0
Individually impaired loans, Year Two 0 0
Individually impaired loans, Year Three 0 0
Individually impaired loans, Year Four 0 0
Individually impaired loans, Year Five and Earlier 26,012 69,932
Individually impaired loans 26,012 69,932
Total loans, Year One 1,145,229 2,396,303
Total loans, Year Two 2,102,307 117,367
Total loans, Year Three 56,150 585,959
Total loans, Year Four 332,046 169,948
Total loans, Year Five and Earlier 250,014 284,160
Accrued interest receivable $ 23,200 12,600
Financing Receivable, Accrued Interest, after Allowance for Credit Loss, Statement of Financial Position [Extensible Enumeration] Accrued interest receivable  
Multifamily    
Financing Receivable, Credit Quality Indicator [Line Items]    
Year One $ 702,125 697,089
Year Two 722,862 3,131
Year Three 0 47,322
Year Four 0 0
Year Five and Earlier 0 0
Total loans 1,424,987 747,542
Office    
Financing Receivable, Credit Quality Indicator [Line Items]    
Year One 78,754 784,556
Year Two 676,431 29,636
Year Three 29,650 121,346
Year Four 58,684 59,073
Year Five and Earlier 136,512 73,911
Total loans 980,031 1,068,522
Mixed Use    
Financing Receivable, Credit Quality Indicator [Line Items]    
Year One 201,777 538,949
Year Two 351,291 84,600
Year Three 26,500 140,926
Year Four 120,300 0
Year Five and Earlier 0 0
Total loans 699,868 764,475
Industrial    
Financing Receivable, Credit Quality Indicator [Line Items]    
Year One 37,616 41,203
Year Two 96,486 0
Year Three 0 108,469
Year Four 115,545 0
Year Five and Earlier 0 0
Total loans 249,647 149,672
Retail    
Financing Receivable, Credit Quality Indicator [Line Items]    
Year One 60,089 105,362
Year Two 107,305 0
Year Three 0 89,058
Year Four 12,953 0
Year Five and Earlier 9,126 25,486
Total loans 189,473 219,906
Hospitality    
Financing Receivable, Credit Quality Indicator [Line Items]    
Year One 0 41,635
Year Two 45,416 0
Year Three 0 43,666
Year Four 13,843 90,132
Year Five and Earlier 78,364 110,890
Total loans 137,623 286,323
Manufactured Housing    
Financing Receivable, Credit Quality Indicator [Line Items]    
Year One 32,515 117,265
Year Two 82,618 0
Year Three 0 26,404
Year Four 2,921 0
Year Five and Earlier 0 3,941
Total loans 118,054 147,610
Other    
Financing Receivable, Credit Quality Indicator [Line Items]    
Year One 32,353 26,801
Year Two 19,898 0
Year Three 0 8,768
Year Four 7,800 20,743
Year Five and Earlier 0 0
Total loans 60,051 56,312
Self-Storage    
Financing Receivable, Credit Quality Indicator [Line Items]    
Year One 0 43,443
Year Two 0 0
Year Three 0 0
Year Four 0 0
Year Five and Earlier 0 0
Total loans 0 43,443
South    
Financing Receivable, Credit Quality Indicator [Line Items]    
Total loans 850,904 937,125
Northeast    
Financing Receivable, Credit Quality Indicator [Line Items]    
Total loans 868,199 1,080,652
Midwest    
Financing Receivable, Credit Quality Indicator [Line Items]    
Total loans 623,599 434,157
West    
Financing Receivable, Credit Quality Indicator [Line Items]    
Total loans 634,935 530,599
Southwest    
Financing Receivable, Credit Quality Indicator [Line Items]    
Total loans $ 882,097 $ 501,272
[1] Includes amounts relating to consolidated variable interest entities. Refer to Note 2 and Note 10.
v3.22.4
SECURITIES - Summary of Securities (Details)
$ in Thousands
 12 Months Ended
Dec. 31, 2022
USD ($)
security
Dec. 31, 2021
USD ($)
security
Debt Securities, Available-for-sale [Line Items]    
Outstanding Face Amount $ 1,670,439 $ 2,053,585
Amortized Cost Basis 608,439 707,372
Gross Unrealized Gains 144 1,500
Gross Unrealized Losses (21,163) (5,572)
Carrying value, before allowance for credit loss $ 587,420 $ 703,300
Number of Securities | security 106 102
Weighted Average Coupon 2.06% 0.83%
Weighted Average Yield 5.29% 1.67%
Remaining Duration 1 year 25 days 2 years 21 days
Amortized Cost Basis $ 160  
Gross Unrealized Gains 0  
Gross Unrealized Losses (41)  
Carrying Value $ 119  
Number of equity securities | security 1  
Allowance for current expected credit losses $ (20) $ (20)
Total Amortized Cost Basis 608,599 707,372
Total Gross Unrealized Gains 144 1,500
Total real estate securities, Gross Unrealized Losses (21,224) $ (5,592)
Carrying Value $ 587,519  
Total number of Securities | security 107 102
CMBS    
Debt Securities, Available-for-sale [Line Items]    
Outstanding Face Amount $ 562,839 $ 691,402
Amortized Cost Basis 562,246 691,026
Gross Unrealized Gains 0 775
Gross Unrealized Losses (20,913) (5,508)
Carrying value, before allowance for credit loss $ 541,333 $ 686,293
Number of Securities | security 71 73
Weighted Average Coupon 5.22% 1.57%
Weighted Average Yield 5.32% 1.57%
Remaining Duration 1 year 21 days 2 years 21 days
Risk retention requirement, amount $ 9,000 $ 9,900
CMBS interest-only    
Debt Securities, Available-for-sale [Line Items]    
Outstanding Face Amount 1,026,195 1,302,551
Amortized Cost Basis 10,498 15,268
Gross Unrealized Gains 121 617
Gross Unrealized Losses (176) 0
Carrying value, before allowance for credit loss $ 10,443 $ 15,885
Number of Securities | security 10 13
Weighted Average Coupon 0.41% 0.45%
Weighted Average Yield 3.65% 5.67%
Remaining Duration 1 year 5 months 12 days 1 year 10 months 17 days
Risk retention requirement, amount $ 400 $ 500
GNMA interest-only    
Debt Securities, Available-for-sale [Line Items]    
Outstanding Face Amount 45,369 59,075
Amortized Cost Basis 285 518
Gross Unrealized Gains 17 105
Gross Unrealized Losses (21) (64)
Carrying value, before allowance for credit loss $ 281 $ 559
Number of Securities | security 14 14
Weighted Average Coupon 0.31% 0.38%
Weighted Average Yield 4.23% 4.97%
Remaining Duration 3 years 3 months 18 days 3 years 7 months 20 days
Agency securities    
Debt Securities, Available-for-sale [Line Items]    
Outstanding Face Amount $ 36 $ 557
Amortized Cost Basis 36 560
Gross Unrealized Gains 0 3
Gross Unrealized Losses (1) 0
Carrying value, before allowance for credit loss $ 35 $ 563
Number of Securities | security 1 2
Weighted Average Coupon 4.00% 2.47%
Weighted Average Yield 2.70% 1.58%
Remaining Duration 1 year 6 months 14 days 8 months 8 days
U.S. Treasury securities    
Debt Securities, Available-for-sale [Line Items]    
Outstanding Face Amount $ 36,000  
Amortized Cost Basis 35,374  
Gross Unrealized Gains 6  
Gross Unrealized Losses (52)  
Carrying value, before allowance for credit loss $ 35,328  
Number of Securities | security 10  
Weighted Average Yield 4.17%  
Remaining Duration 7 months 6 days  
v3.22.4
SECURITIES - Securities by Remaining Maturity (Details) - USD ($)
$ in Thousands
Dec. 31, 2022
Dec. 31, 2021
Debt Securities, Available-for-sale [Line Items]    
Within 1 year $ 379,700 $ 305,980
1-5 years 207,590 369,876
5-10 years 130 10,486
After 10 years 0 16,958
Total 587,400 703,280
Allowance for current expected credit losses (20) (20)
Equity securities 100  
CMBS    
Debt Securities, Available-for-sale [Line Items]    
Within 1 year 346,272 304,357
1-5 years 195,061 354,670
5-10 years 0 10,307
After 10 years 0 16,958
Total 541,333 686,292
CMBS interest-only    
Debt Securities, Available-for-sale [Line Items]    
Within 1 year 937 1,018
1-5 years 9,506 14,868
5-10 years 0 0
After 10 years 0 0
Total 10,443 15,886
GNMA interest-only    
Debt Securities, Available-for-sale [Line Items]    
Within 1 year 40 102
1-5 years 111 278
5-10 years 130 179
After 10 years 0 0
Total 281 559
Agency securities    
Debt Securities, Available-for-sale [Line Items]    
Within 1 year 0 503
1-5 years 35 60
5-10 years 0 0
After 10 years 0 0
Total 35 $ 563
U.S. Treasury securities    
Debt Securities, Available-for-sale [Line Items]    
Within 1 year 32,451  
1-5 years 2,877  
5-10 years 0  
After 10 years 0  
Total $ 35,328  
v3.22.4
SECURITIES - Additional Information (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Investments, Debt and Equity Securities [Abstract]    
Sale of equity securities $ 1,500 $ 0
v3.22.4
REAL ESTATE AND RELATED LEASE INTANGIBLES, NET - Schedule of Real Estate Portfolio (Details) - USD ($)
$ in Thousands
Dec. 31, 2022
Dec. 31, 2021
Real estate and related lease intangibles, net    
Less: Accumulated depreciation and amortization $ (199,008) $ (229,271)
Real estate and related lease intangibles, net(2) [1] 700,136 865,694
Below market lease intangibles, net (other liabilities) (30,892) (33,203)
Accumulated amortization of below market lease 13,600 12,800
Unencumbered real estates 140,300 85,900
In-place leases and other intangibles    
Real estate and related lease intangibles, net    
Real estate 114,687 142,335
Undepreciated real estate and related lease intangibles    
Real estate and related lease intangibles, net    
Real estate 899,144 1,094,965
Land    
Real estate and related lease intangibles, net    
Real estate 158,802 186,940
Building    
Real estate and related lease intangibles, net    
Real estate $ 625,655 $ 765,690
[1] Includes amounts relating to consolidated variable interest entities. Refer to Note 2 and Note 10.
v3.22.4
REAL ESTATE AND RELATED LEASE INTANGIBLES, NET - Additional Information (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Business Acquisition [Line Items]      
Foreclosed properties held in real estate $ 103,100 $ 97,300  
Unbilled rent receivables 1,300 400  
Tenant recoveries 5,200 5,000 $ 5,500
Land      
Business Acquisition [Line Items]      
Undepreciated real estate and lease intangibles 158,802 186,940  
Building      
Business Acquisition [Line Items]      
Undepreciated real estate and lease intangibles $ 625,655 765,690  
Disposal Group, Held-for-sale, Not Discontinued Operations      
Business Acquisition [Line Items]      
Undepreciated real estate and lease intangibles   32,600  
Disposal Group, Held-for-sale, Not Discontinued Operations | Land      
Business Acquisition [Line Items]      
Undepreciated real estate and lease intangibles   900  
Disposal Group, Held-for-sale, Not Discontinued Operations | Building      
Business Acquisition [Line Items]      
Undepreciated real estate and lease intangibles   27,400  
Disposal Group, Held-for-sale, Not Discontinued Operations | In-place leases and other intangibles      
Business Acquisition [Line Items]      
Undepreciated real estate and lease intangibles   $ 4,300  
v3.22.4
REAL ESTATE AND RELATED LEASE INTANGIBLES, NET - Schedule of Depreciation and Amortization Expense on Real Estate (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Real Estate [Abstract]      
Depreciation expense $ 25,770 $ 30,659 $ 32,383
Amortization expense 6,903 7,142 6,696
Total real estate depreciation and amortization expense 32,673 37,801 39,079
Depreciation on corporate fixed assets $ 41 $ 99 $ 99
v3.22.4
REAL ESTATE AND RELATED LEASE INTANGIBLES, NET - Unamortized Favorable Lease Intangibles (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Business Acquisition [Line Items]      
Gross intangible assets $ 114,689 $ 146,593  
Accumulated amortization 49,725 67,500  
Net intangible assets 64,964 79,093  
Unamortized favorable lease intangibles 2,800 3,800  
Increase in operating lease income for amortization of below market lease intangibles acquired 2,068 2,255 $ 2,601
Total 1,763 1,888 2,234
Above Market Leases      
Business Acquisition [Line Items]      
Reduction in operating lease income for amortization of above market lease intangibles acquired $ (305) $ (367) $ (367)
v3.22.4
REAL ESTATE AND RELATED LEASE INTANGIBLES, NET - Expected Future Amortization Expense (Details) - USD ($)
$ in Thousands
Dec. 31, 2022
Dec. 31, 2021
Finite-Lived Intangible Assets [Line Items]    
Net intangible assets $ 64,964 $ 79,093
Increase/(Decrease) to Operating Lease Income    
Finite-Lived Intangible Assets [Line Items]    
2023 973  
2024 973  
2025 973  
2026 976  
2027 976  
Thereafter 23,177  
Net intangible assets 28,048  
Amortization Expense    
Finite-Lived Intangible Assets [Line Items]    
2023 4,531  
2024 4,531  
2025 4,391  
2026 3,740  
2027 3,554  
Thereafter 41,372  
Net intangible assets $ 62,119  
v3.22.4
REAL ESTATE AND RELATED LEASE INTANGIBLES, NET - Future Minimum Rental Payments Receivable (Details)
$ in Thousands
Dec. 31, 2022
USD ($)
Real Estate [Abstract]  
2023 $ 55,354
2024 50,095
2025 49,871
2026 48,402
2027 45,251
Thereafter 196,797
Total $ 445,770
v3.22.4
REAL ESTATE AND RELATED LEASE INTANGIBLES, NET - Schedule of Real Estate Properties Acquired (Details)
 1 Months Ended 3 Months Ended 12 Months Ended
Nov. 30, 2022
USD ($)
Dec. 31, 2021
USD ($)
Feb. 28, 2021
USD ($)
Dec. 31, 2020
USD ($)
Sep. 30, 2020
USD ($)
Jun. 30, 2020
USD ($)
Mar. 31, 2021
USD ($)
Mar. 31, 2020
USD ($)
Dec. 31, 2022
USD ($)
security
Dec. 31, 2021
USD ($)
Dec. 31, 2020
USD ($)
Feb. 28, 2022
USD ($)
Aug. 31, 2021
USD ($)
Business Acquisition [Line Items]                          
Real estate acquired through foreclosure       $ 29,310,000             $ 29,310,000    
Total real estate acquisitions                 $ 24,822,000 $ 102,202,000 36,750,000    
Realized (gain) loss on disposition of loan                 0 (26,000) 98,000    
Provision for (release of) loan loss reserves, net                 3,711,000 (8,713,000) 18,275,000    
Net earnings (loss)                   0      
Provision for (release of) loan loss reserves, net                 14,395,000   18,275,000    
Realized loss on sale of real estate, net           $ 0     115,998,000 55,766,000 $ 32,102,000    
Hotel                          
Business Acquisition [Line Items]                          
Real estate acquired through foreclosure, net basis           $ 3,800,000              
Net Leased Real Estate                          
Business Acquisition [Line Items]                          
Ownership Interest       100.00%             100.00%    
Total real estate acquisitions                     $ 7,440,000    
New York, NY | Condos                          
Business Acquisition [Line Items]                          
Real estate acquired through foreclosure                 $ 15,400,000        
New York, NY | Condos | Measurement Input, Cap Rate                          
Business Acquisition [Line Items]                          
Measurement input                 0.055        
New York, NY | Condos, Residential                          
Business Acquisition [Line Items]                          
Type of real estate unit acquired via foreclosure | security                 1        
New York, NY | Condos, Retail                          
Business Acquisition [Line Items]                          
Type of real estate unit acquired via foreclosure | security                 1        
Houston, TX | Office                          
Business Acquisition [Line Items]                          
Real estate acquired through foreclosure $ 9,386,000           $ 9,400,000            
Ownership Interest 100.00%                        
Real estate acquired through foreclosure, net basis             10,300,000            
Real estate acquired through foreclosure, cash received $ 900,000                        
Terminal capitalization rate           9.50%              
Discount rate           10.50%              
Houston, TX | Office | Real Estate Acquired in Satisfaction of Debt                          
Business Acquisition [Line Items]                          
Realized (gain) loss on disposition of loan   $ 0                      
Miami, FL | Hotel                          
Business Acquisition [Line Items]                          
Real estate acquired through foreclosure     $ 43,750,000                    
Ownership Interest     100.00%                    
Realized (gain) loss on disposition of loan     $ (25,800)                    
Real estate acquired through foreclosure, net basis     $ 45,100,000                    
Provision for (release of) loan loss reserves, net             $ 1,200,000            
Stillwater, OK | Apartments                          
Business Acquisition [Line Items]                          
Real estate acquired through foreclosure                         $ 20,452,000
Ownership Interest                         80.00%
Schaumberg, IL | Hotel                          
Business Acquisition [Line Items]                          
Real estate acquired through foreclosure   38,000,000               38,000,000      
Real estate acquired through foreclosure, net basis   $ 38,000,000               38,000,000      
Terminal capitalization rate   8.00%                      
Discount rate   10.00%                      
Los Angeles, CA | Real Estate Acquired in Satisfaction of Debt                          
Business Acquisition [Line Items]                          
Realized (gain) loss on disposition of loan               $ 100,000          
Los Angeles, CA | Land                          
Business Acquisition [Line Items]                          
Real estate acquired through foreclosure               $ 21,535,000          
Ownership Interest               100.00%          
Real estate acquired through foreclosure, net basis               $ 21,600,000          
Provision for (release of) loan loss reserves, net               $ 2,000,000          
Realized loss on sale of real estate, net   $ 2,000,000                      
Winston Salem, NC | Real Estate Acquired in Satisfaction of Debt                          
Business Acquisition [Line Items]                          
Gain on foreclosed property         $ 800,000                
Winston Salem, NC | Hotel                          
Business Acquisition [Line Items]                          
Real estate acquired through foreclosure           $ 3,900,000              
Ownership Interest           100.00%              
Terminal capitalization rate           9.50%              
Discount rate           13.50%              
South Bend, IN | Real Estate Acquired in Satisfaction of Debt                          
Business Acquisition [Line Items]                          
Realized (gain) loss on disposition of loan       $ 100,000                  
South Bend, IN | Hotel                          
Business Acquisition [Line Items]                          
Real estate acquired through foreclosure   $ 38,000,000   $ 3,875,000           $ 38,000,000 $ 3,875,000    
Ownership Interest   100.00%   100.00%           100.00% 100.00%    
Real estate acquired through foreclosure, net basis       $ 4,100,000             $ 4,100,000    
Provision for (release of) loan loss reserves, net       $ 500,000                  
New York, NY | Apartments                          
Business Acquisition [Line Items]                          
Real estate acquired through foreclosure                       $ 15,436,000  
Ownership Interest                       100.00%  
v3.22.4
REAL ESTATE AND RELATED LEASE INTANGIBLES, NET - Real Estate Properties Sold (Details)
 1 Months Ended 12 Months Ended
Dec. 31, 2022
USD ($)
property
realEstateUnit
Sep. 30, 2022
USD ($)
property
Jun. 30, 2022
USD ($)
property
Mar. 31, 2022
USD ($)
property
Dec. 31, 2021
USD ($)
property
Nov. 30, 2021
USD ($)
property
Aug. 31, 2021
USD ($)
property
Jun. 30, 2021
USD ($)
property
Feb. 28, 2021
USD ($)
property
Dec. 31, 2020
USD ($)
property
Sep. 30, 2020
USD ($)
property
Aug. 31, 2020
USD ($)
property
Jun. 30, 2020
USD ($)
Mar. 31, 2020
USD ($)
property
Dec. 31, 2022
USD ($)
property
realEstateUnit
Dec. 31, 2021
USD ($)
property
Dec. 31, 2020
USD ($)
property
Disposal Groups, Including Discontinued Operations [Line Items]                                  
Net Sales Proceeds                             $ 310,527,000 $ 190,870,000 $ 67,104,000
Net Book Value [1] $ 700,136,000       $ 865,694,000                   700,136,000 865,694,000  
Realized gain (loss) on sale of real estate, net                         $ 0   115,998,000 55,766,000 32,102,000
Land | Los Angeles, CA                                  
Disposal Groups, Including Discontinued Operations [Line Items]                                  
Realized gain (loss) on sale of real estate, net         2,000,000                        
2022 Disposal Properties                                  
Disposal Groups, Including Discontinued Operations [Line Items]                                  
Net Sales Proceeds                             310,525,000    
Net Book Value 194,527,000                           194,527,000    
Realized gain (loss) on sale of real estate, net                             115,998,000    
Defeasance cost                             4,400,000    
2022 Disposal Properties | Apartments | Stillwater, OK                                  
Disposal Groups, Including Discontinued Operations [Line Items]                                  
Net Sales Proceeds     $ 23,314,000                            
Net Book Value     18,032,000                            
Realized gain (loss) on sale of real estate, net     $ 5,283,000                            
Properties | property     1                            
2022 Disposal Properties | Apartments | Miami, FL                                  
Disposal Groups, Including Discontinued Operations [Line Items]                                  
Net Sales Proceeds     $ 60,856,000                            
Net Book Value     37,585,000                            
Realized gain (loss) on sale of real estate, net     $ 23,270,000                            
Properties | property     1                            
2022 Disposal Properties | Office | Ewing, NJ                                  
Disposal Groups, Including Discontinued Operations [Line Items]                                  
Net Sales Proceeds       $ 38,694,000                          
Net Book Value       24,175,000                          
Realized gain (loss) on sale of real estate, net       $ 14,519,000                          
Properties | property       1                          
2022 Disposal Properties | Office | New York, NY                                  
Disposal Groups, Including Discontinued Operations [Line Items]                                  
Net Sales Proceeds 7,935,000                                
Net Book Value 7,402,000                           $ 7,402,000    
Realized gain (loss) on sale of real estate, net $ 533,000                                
Properties | property 1                           1    
Remaining real estate units | realEstateUnit 1                           1    
2022 Disposal Properties | Office | Richmond, VA                                  
Disposal Groups, Including Discontinued Operations [Line Items]                                  
Net Sales Proceeds $ 118,872,000                                
Net Book Value 71,862,000                           $ 71,862,000    
Realized gain (loss) on sale of real estate, net $ 47,010,000                                
Properties | property 1                           1    
2022 Disposal Properties | Warehouse | Conyers, GA                                  
Disposal Groups, Including Discontinued Operations [Line Items]                                  
Net Sales Proceeds       $ 40,752,000                          
Net Book Value       26,116,000                          
Realized gain (loss) on sale of real estate, net       $ 14,636,000                          
Properties | property       1                          
2022 Disposal Properties | Retail | Wichita, Kansas [Member]                                  
Disposal Groups, Including Discontinued Operations [Line Items]                                  
Net Sales Proceeds   $ 9,503,000                              
Net Book Value   5,110,000                              
Realized gain (loss) on sale of real estate, net   $ 4,393,000                              
Properties | property   1                              
2022 Disposal Properties | Retail | Sennett, New York [Member]                                  
Disposal Groups, Including Discontinued Operations [Line Items]                                  
Net Sales Proceeds $ 10,599,000                                
Net Book Value 4,245,000                           $ 4,245,000    
Realized gain (loss) on sale of real estate, net $ 6,354,000                                
Properties | property 1                           1    
2021 Disposal Properties                                  
Disposal Groups, Including Discontinued Operations [Line Items]                                  
Net Sales Proceeds                               219,202,000  
Net Book Value         163,438,000                     163,438,000  
Realized gain (loss) on sale of real estate, net                               55,766,000  
2021 Disposal Properties | Apartments | Arlington/Fort Worth, TX                                  
Disposal Groups, Including Discontinued Operations [Line Items]                                  
Net Sales Proceeds             $ 26,496,000                    
Net Book Value             22,498,000                    
Realized gain (loss) on sale of real estate, net             $ 3,998,000                    
Properties | property             2                    
2021 Disposal Properties | Hotel | Miami, FL                                  
Disposal Groups, Including Discontinued Operations [Line Items]                                  
Net Sales Proceeds                 $ 43,750,000                
Net Book Value                 43,750,000                
Realized gain (loss) on sale of real estate, net                 $ 0                
Properties | property                 1                
2021 Disposal Properties | Net Lease | North Dartmouth, MA                                  
Disposal Groups, Including Discontinued Operations [Line Items]                                  
Net Sales Proceeds               $ 38,732,000                  
Net Book Value               19,343,000                  
Realized gain (loss) on sale of real estate, net               $ 19,389,000                  
Properties | property               1                  
2021 Disposal Properties | Net Lease | Pittsfield, MA                                  
Disposal Groups, Including Discontinued Operations [Line Items]                                  
Net Sales Proceeds             $ 18,651,000                    
Net Book Value             10,564,000                    
Realized gain (loss) on sale of real estate, net             $ 8,087,000                    
Properties | property             1                    
2021 Disposal Properties | Net Lease | Ankeny, IA                                  
Disposal Groups, Including Discontinued Operations [Line Items]                                  
Net Sales Proceeds             $ 19,021,000                    
Net Book Value             13,341,000                    
Realized gain (loss) on sale of real estate, net             $ 5,680,000                    
Properties | property             1                    
2021 Disposal Properties | Net Lease | Bessemer City, NC                                  
Disposal Groups, Including Discontinued Operations [Line Items]                                  
Net Sales Proceeds           $ 33,447,000                      
Net Book Value           21,333,000                      
Realized gain (loss) on sale of real estate, net           $ 12,114,000                      
Properties | property           1                      
2021 Disposal Properties | Net Lease | Snellville, GA                                  
Disposal Groups, Including Discontinued Operations [Line Items]                                  
Net Sales Proceeds         9,695,000                        
Net Book Value         5,483,000                     $ 5,483,000  
Realized gain (loss) on sale of real estate, net         $ 4,212,000                        
Properties | property         1                     1  
2021 Disposal Properties | Net Lease | Columbia, SC                                  
Disposal Groups, Including Discontinued Operations [Line Items]                                  
Net Sales Proceeds         $ 9,941,000                        
Net Book Value         5,674,000                     $ 5,674,000  
Realized gain (loss) on sale of real estate, net         $ 4,269,000                        
Properties | property         1                     1  
2021 Disposal Properties | Land | Los Angeles, CA                                  
Disposal Groups, Including Discontinued Operations [Line Items]                                  
Net Sales Proceeds         $ 19,469,000                        
Net Book Value         21,452,000                     $ 21,452,000  
Realized gain (loss) on sale of real estate, net         $ (1,983,000)                        
Properties | property         1                     1  
2020 Disposal Properties                                  
Disposal Groups, Including Discontinued Operations [Line Items]                                  
Net Sales Proceeds                                 98,738,000
Net Book Value                   $ 66,636,000             66,636,000
Realized gain (loss) on sale of real estate, net                                 32,102,000
2020 Disposal Properties | Office | Richmond, VA                                  
Disposal Groups, Including Discontinued Operations [Line Items]                                  
Net Sales Proceeds                           $ 22,527,000      
Net Book Value                           14,829,000      
Realized gain (loss) on sale of real estate, net                           $ 7,698,000      
Properties | property                           7      
Units Sold | property                           0      
2020 Disposal Properties | Office | Richmond, VA                                  
Disposal Groups, Including Discontinued Operations [Line Items]                                  
Net Sales Proceeds                           $ 6,932,000      
Net Book Value                           4,109,000      
Realized gain (loss) on sale of real estate, net                           $ 2,823,000      
Properties | property                           1      
Units Sold | property                           0      
2020 Disposal Properties | Warehouse | Lithia Springs, GA                                  
Disposal Groups, Including Discontinued Operations [Line Items]                                  
Net Sales Proceeds                     $ 39,491,000            
Net Book Value                     23,187,000            
Realized gain (loss) on sale of real estate, net                     $ 16,304,000            
Properties | property                     1            
Units Sold | property                     0            
2020 Disposal Properties | Hotel | Winston Salem, NC                                  
Disposal Groups, Including Discontinued Operations [Line Items]                                  
Net Sales Proceeds                     $ 4,647,000            
Net Book Value                     3,803,000            
Realized gain (loss) on sale of real estate, net                     $ 844,000            
Properties | property                     1            
Units Sold | property                     0            
2020 Disposal Properties | Hotel | South Bend, IN                                  
Disposal Groups, Including Discontinued Operations [Line Items]                                  
Net Sales Proceeds                   3,875,000              
Net Book Value                   3,875,000             $ 3,875,000
Realized gain (loss) on sale of real estate, net                   $ 0              
Properties | property                   1             1
Units Sold | property                   0              
2020 Disposal Properties | Net Lease | Bellport, NY                                  
Disposal Groups, Including Discontinued Operations [Line Items]                                  
Net Sales Proceeds                       $ 19,434,000          
Net Book Value                       15,012,000          
Realized gain (loss) on sale of real estate, net                       $ 4,422,000          
Properties | property                       1          
Units Sold | property                       0          
2020 Disposal Properties | Multifamily | Miami, FL                                  
Disposal Groups, Including Discontinued Operations [Line Items]                                  
Net Sales Proceeds                                 $ 1,832,000
Net Book Value                   $ 1,821,000             1,821,000
Realized gain (loss) on sale of real estate, net                                 $ 11,000
Properties | property                   0             0
Units Sold | property                                 6
[1] Includes amounts relating to consolidated variable interest entities. Refer to Note 2 and Note 10.
v3.22.4
INVESTMENT IN AND ADVANCES TO UNCONSOLIDATED VENTURES - Investments in Unconsolidated Joint Ventures (Details) - USD ($)
$ in Thousands
Dec. 31, 2022
Dec. 31, 2021
Schedule of Equity Method Investments [Line Items]    
Investment in unconsolidated ventures [1] $ 6,219 $ 23,154
Grace Lake JV, LLC    
Schedule of Equity Method Investments [Line Items]    
Investment in unconsolidated ventures 6,219 5,434
24 Second Avenue Holdings LLC    
Schedule of Equity Method Investments [Line Items]    
Investment in unconsolidated ventures $ 0 $ 17,720
[1] Includes amounts relating to consolidated variable interest entities. Refer to Note 2 and Note 10.
v3.22.4
INVESTMENT IN AND ADVANCES TO UNCONSOLIDATED VENTURES - Summary of Allocated Earnings (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Schedule of Equity Method Investments [Line Items]      
Earnings (loss) from investment in unconsolidated ventures $ 1,410 $ 1,579 $ 1,821
Grace Lake JV, LLC      
Schedule of Equity Method Investments [Line Items]      
Earnings (loss) from investment in unconsolidated ventures 1,410 1,411 976
24 Second Avenue Holdings LLC      
Schedule of Equity Method Investments [Line Items]      
Earnings (loss) from investment in unconsolidated ventures $ 0 $ 168 $ 845
v3.22.4
INVESTMENT IN AND ADVANCES TO UNCONSOLIDATED VENTURES - Additional Information (Details) - Grace Lake JV, LLC - USD ($)
 1 Months Ended 12 Months Ended
Apr. 30, 2012
Dec. 31, 2022
Dec. 31, 2021
Mar. 22, 2013
Schedule of Equity Method Investments [Line Items]        
Percentage of equity kicker received with right to convert upon capital event 25.00%      
Preferred return used to determine distribution of excess cash flow   8.25%    
Percentage of distribution of all excess cash flows and all disposition proceeds upon any sale entitled after consideration of preferred return and return of equity remaining in the property to operating partner   25.00%    
Distributions from operations of investment in unconsolidated joint ventures   $ 600,000 $ 0  
Ladder Capital Financial Corporation        
Schedule of Equity Method Investments [Line Items]        
Percentage of investment of operating partner   81.00%    
LP Units        
Schedule of Equity Method Investments [Line Items]        
Ownership interest       19.00%
Limited liability company        
Schedule of Equity Method Investments [Line Items]        
Ownership interest   19.00%    
v3.22.4
INVESTMENT IN AND ADVANCES TO UNCONSOLIDATED VENTURES - Results from Operations of the Unconsolidated Joint Ventures (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Schedule of Equity Method Investments [Line Items]        
Total assets $ 5,951,173 [1] $ 5,851,252 [1] $ 5,881,229  
Total liabilities [1] 4,417,612 4,337,633    
Partners’/members’ capital 1,533,561 [1] 1,513,619 [1] 1,548,425 $ 1,638,977
Total expenses 175,065 125,791 153,302  
Net income (loss) 165,305 56,893 (9,458)  
24 Second Avenue Holdings LLC        
Schedule of Equity Method Investments [Line Items]        
Total assets 69,879 109,873    
Total liabilities 55,916 66,387    
Partners’/members’ capital 13,963 43,486    
Total revenues 19,194 18,870 17,461  
Total expenses 13,555 13,132 14,206  
Net income (loss) $ 5,639 $ 5,738 $ 3,255  
[1] Includes amounts relating to consolidated variable interest entities. Refer to Note 2 and Note 10.
v3.22.4
DEBT OBLIGATIONS, NET - Schedule of Company's Debt Obligations (Details)
 12 Months Ended
Dec. 31, 2022
USD ($)
extensionOfMaturityPeriod
Dec. 31, 2021
USD ($)
extensionOfMaturityPeriod
Mar. 23, 2020
USD ($)
Feb. 26, 2020
USD ($)
Assets Sold under Agreements to Repurchase [Line Items]        
Carrying Value of Debt Obligations $ 847,863,000 $ 444,577,000    
Debt obligations 3,187,235,000      
Carrying Amount of Collateral 0 0    
Committed Loan Repurchase Facility        
Assets Sold under Agreements to Repurchase [Line Items]        
Committed / Principal Amount 1,300,000,000 1,200,000,000    
Carrying Value of Debt Obligations 616,894,000 184,517,000    
Committed but Unfunded 683,106,000 1,015,483,000    
Carrying Amount of Collateral 860,485,000 322,584,000    
Fair Value of Collateral 861,284,000 322,584,000    
Committed Loan Repurchase Facility | Maturing on 27 September 2025        
Assets Sold under Agreements to Repurchase [Line Items]        
Committed / Principal Amount 500,000,000      
Carrying Value of Debt Obligations 318,983,000      
Committed but Unfunded 181,017,000      
Carrying Amount of Collateral 428,477,000      
Fair Value of Collateral $ 429,276,000      
Number of extension maturity periods | extensionOfMaturityPeriod 2      
Length of extension options 12 months      
Committed Loan Repurchase Facility | Maturing On February 26 2023        
Assets Sold under Agreements to Repurchase [Line Items]        
Committed / Principal Amount $ 100,000,000      
Carrying Value of Debt Obligations 0      
Committed but Unfunded 100,000,000      
Carrying Amount of Collateral 0      
Fair Value of Collateral $ 0      
Number of extension maturity periods | extensionOfMaturityPeriod 1      
Length of extension options 12 months      
Committed Loan Repurchase Facility | Maturing on 19 December 2023        
Assets Sold under Agreements to Repurchase [Line Items]        
Committed / Principal Amount $ 300,000,000      
Carrying Value of Debt Obligations 157,558,000      
Committed but Unfunded 142,442,000      
Carrying Amount of Collateral 244,102,000      
Fair Value of Collateral $ 244,102,000      
Number of extension maturity periods | extensionOfMaturityPeriod 2      
Length of extension options 364 days      
Committed Loan Repurchase Facility | Maturing on April 30 2024        
Assets Sold under Agreements to Repurchase [Line Items]        
Committed / Principal Amount $ 100,000,000 100,000,000    
Carrying Value of Debt Obligations 47,415,000 0    
Committed but Unfunded 52,585,000 100,000,000    
Carrying Amount of Collateral 63,307,000 0    
Fair Value of Collateral $ 63,307,000 $ 0    
Number of extension maturity periods | extensionOfMaturityPeriod 3 1    
Length of extension options 12 months 12 months    
Number of additional extension maturity periods | extensionOfMaturityPeriod   2    
Length of additional extension maturity periods   6 months    
Committed Loan Repurchase Facility | Maturing On 3 January 2023        
Assets Sold under Agreements to Repurchase [Line Items]        
Committed / Principal Amount $ 100,000,000 $ 100,000,000    
Carrying Value of Debt Obligations 77,959,000 26,183,000    
Committed but Unfunded 22,041,000 73,817,000    
Carrying Amount of Collateral 103,393,000 48,720,000    
Fair Value of Collateral $ 103,393,000 $ 48,720,000    
Number of extension maturity periods | extensionOfMaturityPeriod 2 2    
Length of extension options 12 months 12 months    
Committed Loan Repurchase Facility | Maturing On 22 January 2024        
Assets Sold under Agreements to Repurchase [Line Items]        
Committed / Principal Amount $ 100,000,000      
Carrying Value of Debt Obligations 0      
Committed but Unfunded 100,000,000      
Carrying Amount of Collateral 0      
Fair Value of Collateral $ 0      
Number of extension maturity periods | extensionOfMaturityPeriod 2      
Length of extension options 12 months      
Committed Loan Repurchase Facility | Maturing On 14 July 2023        
Assets Sold under Agreements to Repurchase [Line Items]        
Committed / Principal Amount $ 100,000,000      
Carrying Value of Debt Obligations 14,979,000      
Committed but Unfunded 85,021,000      
Carrying Amount of Collateral 21,206,000      
Fair Value of Collateral $ 21,206,000      
Length of extension options 364 days      
Committed Loan Repurchase Facility | Maturing on 19 December 2022        
Assets Sold under Agreements to Repurchase [Line Items]        
Committed / Principal Amount   $ 500,000,000    
Carrying Value of Debt Obligations   37,207,000    
Committed but Unfunded   462,793,000    
Carrying Amount of Collateral   82,966,000    
Fair Value of Collateral   $ 82,966,000    
Number of extension maturity periods | extensionOfMaturityPeriod   2    
Length of extension options   12 months    
Committed amount on credit agreement   $ 900,000,000    
Committed Loan Repurchase Facility | Maturing On February 26 2022        
Assets Sold under Agreements to Repurchase [Line Items]        
Committed / Principal Amount   100,000,000    
Carrying Value of Debt Obligations   45,290,000    
Committed but Unfunded   54,710,000    
Carrying Amount of Collateral   62,972,000    
Fair Value of Collateral   $ 62,972,000    
Number of extension maturity periods | extensionOfMaturityPeriod   2    
Length of extension options   12 months    
Committed Loan Repurchase Facility | Maturing on 19 December 2022 - 1        
Assets Sold under Agreements to Repurchase [Line Items]        
Committed / Principal Amount   $ 300,000,000    
Carrying Value of Debt Obligations   75,837,000    
Committed but Unfunded   224,163,000    
Carrying Amount of Collateral   127,926,000    
Fair Value of Collateral   $ 127,926,000    
Number of extension maturity periods | extensionOfMaturityPeriod   3    
Length of extension options   364 days    
Committed Loan Repurchase Facility | Maturing On 21 October 2022        
Assets Sold under Agreements to Repurchase [Line Items]        
Committed / Principal Amount   $ 100,000,000    
Carrying Value of Debt Obligations   0    
Committed but Unfunded   100,000,000    
Carrying Amount of Collateral   0    
Fair Value of Collateral   $ 0    
Length of extension options   364 days    
Committed Securities Repurchase Facility | Maturing On 27 May 2023        
Assets Sold under Agreements to Repurchase [Line Items]        
Committed / Principal Amount $ 100,000,000 $ 862,794,000    
Carrying Value of Debt Obligations 8,640,000 44,139,000    
Committed but Unfunded 91,360,000 818,655,000    
Carrying Amount of Collateral 10,023,000 50,522,000    
Fair Value of Collateral 10,023,000 50,522,000    
Committed Securities Repurchase Facility | Maturing on 19 December 2022        
Assets Sold under Agreements to Repurchase [Line Items]        
Committed amount on credit agreement     $ 900,000,000  
Uncommitted Securities Repurchase Facility | Maturing On 2 March 2023        
Assets Sold under Agreements to Repurchase [Line Items]        
Carrying Value of Debt Obligations 222,328,000      
Carrying Amount of Collateral 247,351,000      
Fair Value of Collateral 247,351,000      
Restricted securities held-to-maturity 2,000,000      
Uncommitted Securities Repurchase Facility | Various Date        
Assets Sold under Agreements to Repurchase [Line Items]        
Carrying Value of Debt Obligations   215,921,000    
Carrying Amount of Collateral   242,629,000    
Fair Value of Collateral   242,629,000    
Restricted securities held-to-maturity   2,100,000    
Total Repurchase Facilities        
Assets Sold under Agreements to Repurchase [Line Items]        
Committed / Principal Amount 1,400,000,000 1,600,000,000    
Carrying Value of Debt Obligations 847,862,000 444,577,000    
Committed but Unfunded 774,466,000 1,371,344,000    
Carrying Amount of Collateral 1,117,859,000 615,735,000    
Fair Value of Collateral 1,118,658,000 615,735,000    
Revolving Credit Facility | Maturing On 27 July 2023        
Assets Sold under Agreements to Repurchase [Line Items]        
Committed / Principal Amount 323,850,000      
Carrying Value of Debt Obligations 0      
Committed but Unfunded $ 323,850,000      
Number of extension maturity periods | extensionOfMaturityPeriod 4      
Length of extension options 12 months      
Revolving Credit Facility | Maturing on 11 February 2022        
Assets Sold under Agreements to Repurchase [Line Items]        
Committed / Principal Amount   266,430,000    
Carrying Value of Debt Obligations   0    
Committed but Unfunded   $ 266,430,000    
Number of extension maturity periods | extensionOfMaturityPeriod   3    
Length of extension options   12 months    
Mortgage Loan Financing | Various Date        
Assets Sold under Agreements to Repurchase [Line Items]        
Committed / Principal Amount $ 497,454,000 $ 690,927,000    
Carrying Value of Debt Obligations 497,991,000 693,797,000    
Committed but Unfunded 0 0    
Carrying Amount of Collateral 559,885,000 805,007,000    
Fair Value of Collateral 710,977,000 1,033,372,000    
Secured financing facility | Maturing On 6 May 2023        
Assets Sold under Agreements to Repurchase [Line Items]        
Committed / Principal Amount   136,444,000    
Carrying Value of Debt Obligations   132,447,000    
Committed but Unfunded   0    
Carrying Amount of Collateral   244,399,000    
Fair Value of Collateral   244,553,000    
Unamortized debt issuance costs   1,900,000    
Unamortized debt discount   2,100,000    
CLO Debt        
Assets Sold under Agreements to Repurchase [Line Items]        
Committed / Principal Amount 1,100,000,000      
Unamortized debt issuance costs 5,900,000      
CLO Debt | Various Date        
Assets Sold under Agreements to Repurchase [Line Items]        
Committed / Principal Amount 1,064,365,000 1,064,365,000    
Carrying Value of Debt Obligations 1,058,462,000 1,054,774,000    
Committed but Unfunded 0 0    
Carrying Amount of Collateral 1,308,654,000 1,299,116,000    
Fair Value of Collateral 1,308,654,000 1,299,116,000    
Unamortized debt issuance costs 5,900,000 9,600,000    
Borrowings from the FHLB | Various Date        
Assets Sold under Agreements to Repurchase [Line Items]        
Committed / Principal Amount 213,000,000 263,000,000    
Carrying Value of Debt Obligations 213,000,000 263,000,000    
Committed but Unfunded 0 0    
Carrying Amount of Collateral 248,806,000 301,792,000    
Fair Value of Collateral 248,806,000 301,792,000    
Restricted securities held-to-maturity 6,600,000 7,500,000    
Senior Unsecured Notes        
Assets Sold under Agreements to Repurchase [Line Items]        
Unamortized debt issuance costs 15,412,000      
Senior Unsecured Notes | Various Date        
Assets Sold under Agreements to Repurchase [Line Items]        
Debt issued 1,643,794,000 1,649,794,000    
Senior Unsecured Notes 1,628,382,000 1,631,108,000    
Committed but Unfunded 0 0    
Unamortized debt issuance costs 15,400,000 18,700,000    
Total Debt Obligations        
Assets Sold under Agreements to Repurchase [Line Items]        
Debt issued 5,142,463,000 5,670,960,000    
Debt obligations 4,245,697,000 4,219,703,000    
Committed but Unfunded 1,098,316,000 1,637,774,000    
Carrying Amount of Collateral 3,235,204,000 3,266,049,000    
Fair Value of Collateral $ 3,387,095,000 $ 3,494,568,000    
Minimum | Committed Loan Repurchase Facility | Maturing on 27 September 2025        
Assets Sold under Agreements to Repurchase [Line Items]        
Interest rate 6.07%      
Minimum | Committed Loan Repurchase Facility | Maturing On February 26 2023        
Assets Sold under Agreements to Repurchase [Line Items]        
Interest rate 0.00%      
Minimum | Committed Loan Repurchase Facility | Maturing on 19 December 2023        
Assets Sold under Agreements to Repurchase [Line Items]        
Interest rate 6.19%      
Minimum | Committed Loan Repurchase Facility | Maturing on April 30 2024        
Assets Sold under Agreements to Repurchase [Line Items]        
Interest rate 6.00% 0.00%    
Minimum | Committed Loan Repurchase Facility | Maturing On 3 January 2023        
Assets Sold under Agreements to Repurchase [Line Items]        
Interest rate 5.74% 2.23%    
Minimum | Committed Loan Repurchase Facility | Maturing On 22 January 2024        
Assets Sold under Agreements to Repurchase [Line Items]        
Interest rate 0.00%      
Minimum | Committed Loan Repurchase Facility | Maturing On 14 July 2023        
Assets Sold under Agreements to Repurchase [Line Items]        
Interest rate 7.07%      
Minimum | Committed Loan Repurchase Facility | Maturing on 19 December 2022        
Assets Sold under Agreements to Repurchase [Line Items]        
Interest rate   1.61%    
Minimum | Committed Loan Repurchase Facility | Maturing On February 26 2022        
Assets Sold under Agreements to Repurchase [Line Items]        
Interest rate   2.06%    
Minimum | Committed Loan Repurchase Facility | Maturing on 19 December 2022 - 1        
Assets Sold under Agreements to Repurchase [Line Items]        
Interest rate   1.86%    
Minimum | Committed Loan Repurchase Facility | Maturing On 21 October 2022        
Assets Sold under Agreements to Repurchase [Line Items]        
Interest rate   0.00%    
Minimum | Committed Securities Repurchase Facility | Maturing On 27 May 2023        
Assets Sold under Agreements to Repurchase [Line Items]        
Interest rate 5.04% 0.65%    
Minimum | Uncommitted Securities Repurchase Facility | Maturing On 2 March 2023        
Assets Sold under Agreements to Repurchase [Line Items]        
Interest rate 4.73%      
Minimum | Uncommitted Securities Repurchase Facility | Various Date        
Assets Sold under Agreements to Repurchase [Line Items]        
Interest rate   0.54%    
Minimum | Revolving Credit Facility | Maturing On 27 July 2023        
Assets Sold under Agreements to Repurchase [Line Items]        
Interest rate 0.00%      
Minimum | Revolving Credit Facility | Maturing on 11 February 2022        
Assets Sold under Agreements to Repurchase [Line Items]        
Interest rate   0.00%    
Minimum | Mortgage Loan Financing | Various Date        
Assets Sold under Agreements to Repurchase [Line Items]        
Interest rate 4.25% 3.75%    
Minimum | Secured financing facility | Maturing On 6 May 2023        
Assets Sold under Agreements to Repurchase [Line Items]        
Interest rate   10.75%    
Minimum | CLO Debt | Various Date        
Assets Sold under Agreements to Repurchase [Line Items]        
Interest rate 5.52% 1.66%    
Minimum | Borrowings from the FHLB | Various Date        
Assets Sold under Agreements to Repurchase [Line Items]        
Interest rate 274.00% 36.00%    
Minimum | Senior Unsecured Notes | Various Date        
Assets Sold under Agreements to Repurchase [Line Items]        
Interest rate 4.25% 4.25%    
Maximum | Committed Loan Repurchase Facility | Maturing on 27 September 2025        
Assets Sold under Agreements to Repurchase [Line Items]        
Interest rate 6.57%      
Maximum | Committed Loan Repurchase Facility | Maturing On February 26 2023        
Assets Sold under Agreements to Repurchase [Line Items]        
Interest rate 0.00%      
Maximum | Committed Loan Repurchase Facility | Maturing on 19 December 2023        
Assets Sold under Agreements to Repurchase [Line Items]        
Interest rate 7.07%      
Maximum | Committed Loan Repurchase Facility | Maturing on April 30 2024        
Assets Sold under Agreements to Repurchase [Line Items]        
Interest rate 6.00% 0.00%    
Maximum | Committed Loan Repurchase Facility | Maturing On 3 January 2023        
Assets Sold under Agreements to Repurchase [Line Items]        
Interest rate 6.24% 2.23%    
Maximum | Committed Loan Repurchase Facility | Maturing On 22 January 2024        
Assets Sold under Agreements to Repurchase [Line Items]        
Interest rate 0.00%      
Maximum | Committed Loan Repurchase Facility | Maturing On 14 July 2023        
Assets Sold under Agreements to Repurchase [Line Items]        
Interest rate 7.07%      
Maximum | Committed Loan Repurchase Facility | Maturing on 19 December 2022        
Assets Sold under Agreements to Repurchase [Line Items]        
Committed / Principal Amount       $ 500,000,000
Interest rate   1.61%    
Maximum | Committed Loan Repurchase Facility | Maturing On February 26 2022        
Assets Sold under Agreements to Repurchase [Line Items]        
Interest rate   2.81%    
Maximum | Committed Loan Repurchase Facility | Maturing on 19 December 2022 - 1        
Assets Sold under Agreements to Repurchase [Line Items]        
Interest rate   2.86%    
Maximum | Committed Loan Repurchase Facility | Maturing On 21 October 2022        
Assets Sold under Agreements to Repurchase [Line Items]        
Interest rate   0.00%    
Maximum | Committed Securities Repurchase Facility | Maturing On 27 May 2023        
Assets Sold under Agreements to Repurchase [Line Items]        
Interest rate 5.29% 1.05%    
Maximum | Uncommitted Securities Repurchase Facility | Maturing On 2 March 2023        
Assets Sold under Agreements to Repurchase [Line Items]        
Interest rate 6.00%      
Maximum | Uncommitted Securities Repurchase Facility | Various Date        
Assets Sold under Agreements to Repurchase [Line Items]        
Interest rate   2.06%    
Maximum | Revolving Credit Facility | Maturing On 27 July 2023        
Assets Sold under Agreements to Repurchase [Line Items]        
Interest rate 0.00%      
Maximum | Revolving Credit Facility | Maturing on 11 February 2022        
Assets Sold under Agreements to Repurchase [Line Items]        
Interest rate   0.00%    
Maximum | Mortgage Loan Financing | Various Date        
Assets Sold under Agreements to Repurchase [Line Items]        
Interest rate 8.03% 6.16%    
Maximum | Secured financing facility | Maturing On 6 May 2023        
Assets Sold under Agreements to Repurchase [Line Items]        
Interest rate   10.75%    
Maximum | CLO Debt | Various Date        
Assets Sold under Agreements to Repurchase [Line Items]        
Interest rate 7.97% 1.75%    
Maximum | Borrowings from the FHLB | Various Date        
Assets Sold under Agreements to Repurchase [Line Items]        
Interest rate 4.70% 2.74%    
Maximum | Senior Unsecured Notes | Various Date        
Assets Sold under Agreements to Repurchase [Line Items]        
Interest rate 5.25% 5.25%    
v3.22.4
DEBT OBLIGATIONS, NET - Committed Loan and Securities Repurchase Facilities (Details)
$ in Thousands
 12 Months Ended
Dec. 31, 2022
USD ($)
agreement
security
Dec. 31, 2021
USD ($)
Debt Instrument [Line Items]    
Number of counterparties with repurchase agreements | security 7  
Obligations outstanding $ 847,863 $ 444,577
Number of counterparties with collateral exceeding borrowed amounts | security 2  
Amount of collateral exceeding borrowings $ 76,700  
Amount of collateral exceeding borrowings, as a percentage 5.00%  
Weighted average haircut 24.00%  
Committed Loan Repurchase Facility    
Debt Instrument [Line Items]    
Number of agreements | agreement 7  
Consolidated CLO debt obligations $ 1,300,000 $ 1,200,000
Committed Securities Repurchase Facility | Maturing on 23 December 2021    
Debt Instrument [Line Items]    
Consolidated CLO debt obligations $ 100,000  
v3.22.4
DEBT OBLIGATIONS, NET - Revolving Credit Facility (Details)
Dec. 31, 2022
USD ($)
Jul. 27, 2022
USD ($)
extensionOfMaturityPeriod
Dec. 31, 2021
USD ($)
Debt Instrument [Line Items]      
Carrying Value of Debt Obligations $ 847,863,000   $ 444,577,000
Revolving credit facility | Line of Credit      
Debt Instrument [Line Items]      
Committed amount on credit agreement   $ 323,900,000  
Revolving credit facility | London Interbank Offered Rate (LIBOR)      
Debt Instrument [Line Items]      
Committed amount on credit agreement 323,900,000    
Revolving credit facility | Secured Overnight Financing Rate (SOFR) | Line of Credit      
Debt Instrument [Line Items]      
Stated interest rate on debt instrument   2.50%  
Letter of Credit      
Debt Instrument [Line Items]      
Committed amount on credit agreement 25,000,000    
Revolving credit facility | Maturing on 11 February 2023      
Debt Instrument [Line Items]      
Carrying Value of Debt Obligations 0    
Committed Loan Repurchase Facility      
Debt Instrument [Line Items]      
Carrying Value of Debt Obligations 616,894,000   184,517,000
Committed but Unfunded $ 683,106,000   $ 1,015,483,000
Committed Loan Repurchase Facility | Revolving credit facility | Line of Credit      
Debt Instrument [Line Items]      
Length of extension options   1 year  
Committed Loan Repurchase Facility | Maturing 27 July 2023 | Revolving credit facility | Line of Credit      
Debt Instrument [Line Items]      
Number of additional extension maturity periods | extensionOfMaturityPeriod   4  
v3.22.4
DEBT OBLIGATIONS, NET - Debt Issuance Costs (Details) - USD ($)
$ in Millions
Dec. 31, 2022
Dec. 31, 2021
Credit Agreement and Revolving Credit Facility    
Debt Instrument [Line Items]    
Unamortized debt issuance expense $ 5.0 $ 2.9
v3.22.4
DEBT OBLIGATIONS, NET - Uncommitted Securities Repurchase Facilities (Details) - Uncommitted Securities Repurchase Facilities
 12 Months Ended
Dec. 31, 2022
Minimum  
Debt Instrument [Line Items]  
Advance rates 75.00%
Maximum  
Debt Instrument [Line Items]  
Advance rates 95.00%
v3.22.4
DEBT OBLIGATIONS, NET - Mortgage Loan Financing (Details)
$ in Thousands
 12 Months Ended
Dec. 31, 2022
USD ($)
agreement
Dec. 31, 2021
USD ($)
agreement
Dec. 31, 2020
USD ($)
Debt Instrument [Line Items]      
Amortization of premium/discount on mortgage loan financing included in interest expense $ (731) $ (1,226) $ (1,160)
Mortgage loan financing      
Debt Instrument [Line Items]      
Weighted average term 3 years 9 months 18 days    
Carrying amount $ 498,000 693,800  
Net unamortized premiums 2,400 3,200  
Amortization of premium/discount on mortgage loan financing included in interest expense (700) (1,400) $ (1,200)
Pledged assets, real estate and lease intangibles, net $ 559,900 $ 805,000  
Number of agreements | agreement 1 1  
Minimum | Mortgage loan financing      
Debt Instrument [Line Items]      
Stated interest rate on debt instrument 4.25%    
Maximum | Mortgage loan financing      
Debt Instrument [Line Items]      
Stated interest rate on debt instrument 8.03%    
v3.22.4
DEBT OBLIGATIONS, NET - Collateralized Loan Obligation Debt (Details)
$ in Thousands
Dec. 02, 2021
USD ($)
security
Jul. 13, 2021
USD ($)
Dec. 31, 2022
USD ($)
Dec. 31, 2021
USD ($)
Debt Instrument [Line Items]        
Debt obligations, net [1]     $ 4,245,697 $ 4,219,703
Variable Interest Entity, Primary Beneficiary        
Debt Instrument [Line Items]        
Debt obligations, net     1,058,462 1,054,774
Variable Interest Entity, Primary Beneficiary | Collateralized Loan Obligation        
Debt Instrument [Line Items]        
Subordinate and controlling interest 15.60% 18.00%    
Number of additional tranches | security 2      
Subordinate and controlling interest as investment 6.80%      
CLO Debt        
Debt Instrument [Line Items]        
Unamortized debt issuance costs     5,900  
Various Date | CLO Debt        
Debt Instrument [Line Items]        
Debt obligations, net     1,100,000  
Unamortized debt issuance costs     $ 5,900 $ 9,600
Non-Recourse Notes | CLO Debt        
Debt Instrument [Line Items]        
Debt obligations, net $ 566,200 $ 498,200    
Loans financed $ 729,400 $ 607,500    
Advance rate 77.60% 82.00%    
[1] Includes amounts relating to consolidated variable interest entities. Refer to Note 2 and Note 10.
v3.22.4
DEBT OBLIGATIONS, NET - Borrowings from the Federal Home Loan Bank (“FHLB”) (Details) - Tuebor Captive Insurance Company LLC
$ in Millions
 12 Months Ended
Dec. 31, 2022
USD ($)
Debt Instrument [Line Items]  
Amount restricted from transfer $ 818.9
Borrowings from the FHLB  
Debt Instrument [Line Items]  
FHLB borrowings outstanding $ 213.0
Weighted average term 1 year 3 months
Weighted average interest rate 4.52%
Borrowings from the FHLB | Commercial Mortgage Backed Securities and US Agency Securities  
Debt Instrument [Line Items]  
Collateral for debt instrument $ 248.8
Borrowings from the FHLB | Minimum  
Debt Instrument [Line Items]  
Average term 7 months 6 days
Stated interest rate on debt instrument 2.74%
Advance rates 71.70%
Borrowings from the FHLB | Maximum  
Debt Instrument [Line Items]  
Average term 1 year 9 months
Stated interest rate on debt instrument 4.70%
Advance rates 95.70%
v3.22.4
DEBT OBLIGATIONS, NET - Senior Unsecured Notes (Details) - USD ($)
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Jun. 23, 2021
Jan. 30, 2020
Sep. 25, 2017
Debt Instrument [Line Items]            
Gain (loss) on extinguishment of debt $ 685,000 $ 0 $ 22,250,000      
Ladder Capital Finance Corporation | LCFH            
Debt Instrument [Line Items]            
Ownership interest in LCFC 100.00%          
Senior Unsecured Notes            
Debt Instrument [Line Items]            
Unamortized debt issuance costs $ 15,412,000          
Various Date | Senior Unsecured Notes            
Debt Instrument [Line Items]            
Senior Unsecured Notes 1,628,382,000 1,631,108,000        
Loan refinance 1,643,794,000 1,649,794,000        
Unamortized debt issuance costs 15,400,000 $ 18,700,000        
Senior Unsecured Notes            
Debt Instrument [Line Items]            
Senior Unsecured Notes 1,600,000,000          
Senior Notes Due 2025 | Senior Unsecured Notes            
Debt Instrument [Line Items]            
Loan refinance 344,000,000          
Stated interest rate on debt instrument           5.25%
Notes repurchased 4,000,000          
Gain (loss) on extinguishment of debt 300,000          
Senior Notes Due 2027 | Senior Unsecured Notes            
Debt Instrument [Line Items]            
Loan refinance 650,800,000          
Stated interest rate on debt instrument         4.25%  
Notes repurchased 1,000,000          
Gain (loss) on extinguishment of debt 200,000          
Senior Notes Due 2029 | Senior Unsecured Notes            
Debt Instrument [Line Items]            
Loan refinance 649,000,000          
Stated interest rate on debt instrument       4.75%    
Notes repurchased 1,000,000          
Gain (loss) on extinguishment of debt $ 200,000          
v3.22.4
DEBT OBLIGATIONS, NET - Secured Financing Facility (Details) - USD ($)
 12 Months Ended
Apr. 30, 2020
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Debt Instrument [Line Items]        
Issuance of Purchase Right   $ 0 $ 0 $ 8,425,000
Debt obligations, net [1]   $ 4,245,697,000 4,219,703,000  
Secured financing facility        
Debt Instrument [Line Items]        
Debt obligations, net     132,400,000  
Secured financing facility | Maturing On 6 May 2023        
Debt Instrument [Line Items]        
Issuance of purchase rights     2,100,000  
Unamortized debt issuance costs     $ 1,900,000  
Class A Common Stock        
Debt Instrument [Line Items]        
Common stock, authorized (in shares)   600,000,000 600,000,000  
Common stock, par value (in dollars per share)   $ 0.001 $ 0.001  
Non-Recourse Notes | Koch Real Estate Investments, LLC | Minimum | London Interbank Offered Rate (LIBOR)        
Debt Instrument [Line Items]        
Stated interest rate on debt instrument 0.75%      
Non-Recourse Notes | Koch Real Estate Investments, LLC | Maximum | London Interbank Offered Rate (LIBOR)        
Debt Instrument [Line Items]        
Stated interest rate on debt instrument 10.00%      
Non-Recourse Notes | Secured Debt | Koch Real Estate Investments, LLC        
Debt Instrument [Line Items]        
Committed amount on credit agreement $ 206,400,000      
Non-Recourse Notes | Secured Debt | Koch Real Estate Investments, LLC | Purchase Right        
Debt Instrument [Line Items]        
Issuance of Purchase Right 200,900,000      
Debt proceeds allocated to the originally issued debt obligation 192,500,000      
Issuance of purchase rights $ 8,400,000      
Non-Recourse Notes | Secured Debt | Koch Real Estate Investments, LLC | Class A Common Stock        
Debt Instrument [Line Items]        
Common stock, authorized (in shares) 4,000,000      
Common stock, par value (in dollars per share) $ 8.00      
[1] Includes amounts relating to consolidated variable interest entities. Refer to Note 2 and Note 10.
v3.22.4
DEBT OBLIGATIONS, NET - Schedule of Maturities (Details)
$ in Thousands
Dec. 31, 2022
USD ($)
Long-term Debt, Fiscal Year Maturity [Abstract]  
2023 $ 326,607
2024 610,070
2025 612,006
2026 89,161
2027 845,394
Thereafter 718,872
Subtotal 3,202,110
Premiums included in mortgage loan financing 2,420
Debt obligations 3,187,235
Senior Unsecured Notes  
Long-term Debt, Fiscal Year Maturity [Abstract]  
Unamortized debt issuance costs (15,412)
Mortgage loan financings  
Long-term Debt, Fiscal Year Maturity [Abstract]  
Unamortized debt issuance costs (1,883)
CLO Debt  
Long-term Debt, Fiscal Year Maturity [Abstract]  
Unamortized debt issuance costs (5,900)
Consolidated CLO debt obligations $ 1,100,000
v3.22.4
DEBT OBLIGATIONS, NET - Financial Covenants (Details)
$ in Millions
Dec. 31, 2022
USD ($)
Debt Disclosure [Abstract]  
Equity restricted as payment as a dividend $ 871.4
v3.22.4
DEBT OBLIGATIONS, NET - LIBOR Transition (Details)
Dec. 31, 2022
London Interbank Offered Rate (LIBOR)  
Debt Instrument [Line Items]  
Percentage of debt with variable rate 59.30%
Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate  
Debt Instrument [Line Items]  
Percentage of debt with variable rate 40.70%
v3.22.4
DERIVATIVE INSTRUMENTS - Schedule of Derivatives Outstanding (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Derivative [Line Items]    
Notional $ 204,700 $ 114,121
Fair value, asset [1] 2,038 402
Fair value, liability 0 0
5-year Treasury-Note Futures    
Derivative [Line Items]    
Notional 44,200 6,500
Fair value, asset 51 76
Fair value, liability $ 0 $ 0
Remaining maturity 3 months 3 months
10-year Treasury-Note Futures    
Derivative [Line Items]    
Notional $ 61,400 $ 23,000
Fair value, asset 71 266
Fair value, liability $ 0 $ 0
Remaining maturity 3 months 3 months
Futures    
Derivative [Line Items]    
Notional $ 105,600 $ 29,500
Fair value, asset 122 342
Fair value, liability 0 0
1 Month Term SOFR    
Derivative [Line Items]    
Notional 90,000 84,621
Fair value, asset 1,804 60
Fair value, liability $ 0 $ 0
Remaining maturity 1 year 8 months 4 days 6 months 25 days
Options    
Derivative [Line Items]    
Notional $ 9,100  
Fair value, asset 112  
Fair value, liability $ 0  
Remaining maturity 2 months 12 days  
[1] Includes amounts relating to consolidated variable interest entities. Refer to Note 2 and Note 10.
v3.22.4
DERIVATIVE INSTRUMENTS - Schedule of Realized Gains (Losses) on Derivatives (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Derivative [Line Items]      
Unrealized Gain/(Loss) $ 634 $ 34 $ (268)
Realized Gain/(Loss) 11,726 1,715 (15,002)
Net Result from Derivative Transactions 12,360 1,749 (15,270)
Caps      
Derivative [Line Items]      
Unrealized Gain/(Loss) 984 (8)  
Realized Gain/(Loss) 648 0  
Net Result from Derivative Transactions 1,632 (8)  
Futures      
Derivative [Line Items]      
Unrealized Gain/(Loss) (219) 42 (379)
Realized Gain/(Loss) 11,078 1,715 (15,113)
Net Result from Derivative Transactions 10,859 $ 1,757 (15,492)
Options      
Derivative [Line Items]      
Unrealized Gain/(Loss) (131)    
Realized Gain/(Loss) 0    
Net Result from Derivative Transactions $ (131)    
Credit Derivatives      
Derivative [Line Items]      
Unrealized Gain/(Loss)     111
Realized Gain/(Loss)     111
Net Result from Derivative Transactions     $ 222
v3.22.4
DERIVATIVE INSTRUMENTS - Additional Information (Details) - USD ($)
$ in Millions
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Derivative Instruments and Hedging Activities Disclosure [Abstract]      
Cash margins held as collateral for derivatives by counterparties $ 2.5 $ 0.5 $ 0.8
v3.22.4
OFFSETTING ASSETS AND LIABILITIES - Offsetting Liabilities (Details) - USD ($)
$ in Thousands
Dec. 31, 2022
Dec. 31, 2021
Repurchase agreements    
Gross amounts of recognized liabilities $ 847,863 $ 444,577
Gross amounts offset in the balance sheet 0 0
Net amounts of liabilities presented in the balance sheet 847,863 444,577
Gross amounts not offset in the balance sheet    
Financial instruments collateral 847,863 444,577
Cash collateral posted/(received) 19,128 1,975
Net amount 828,735 442,603
Total    
Gross amounts of recognized liabilities 847,863 444,577
Gross amounts offset in the balance sheet 0 0
Net amounts of liabilities presented in the balance sheet 847,863 444,577
Gross amounts not offset in the balance sheet    
Financial instruments collateral 847,863 444,577
Cash collateral posted/(received) 19,128 1,975
Net amount $ 828,735 $ 442,603
v3.22.4
OFFSETTING ASSETS AND LIABILITIES - Offsetting Assets (Details) - USD ($)
$ in Thousands
Dec. 31, 2022
Dec. 31, 2021
Offsetting of derivative assets    
Gross amounts of recognized assets $ 2,038 $ 402
Gross amounts offset in the balance sheet 0 0
Derivative instruments [1] 2,038 402
Gross amounts not offset in the balance sheet    
Financial instruments 0 0
Cash collateral received/(posted) (2,505) (526)
Net amount $ (467) $ 402
[1] Includes amounts relating to consolidated variable interest entities. Refer to Note 2 and Note 10.
v3.22.4
CONSOLIDATED VARIABLE INTEREST ENTITIES (Details)
$ in Thousands
Dec. 31, 2022
USD ($)
security
Dec. 31, 2021
USD ($)
security
Dec. 31, 2020
USD ($)
Dec. 31, 2019
USD ($)
Organization, Consolidation and Presentation of Financial Statements [Abstract]        
Number of consolidated collateralized loan obligation variable interest entities | security 2 2    
Variable Interest Entity [Line Items]        
Restricted cash [1] $ 50,524 $ 72,802    
Accrued interest receivable [1] 24,938 13,645    
Other assets [1] 78,339 76,367    
Total assets 5,951,173 [1] 5,851,252 [1] $ 5,881,229  
Debt obligations, net [1] 4,245,697 4,219,703    
Accrued expenses [1] 68,227 40,249    
Other liabilities [1] 71,688 50,090    
Total liabilities [1] 4,417,612 4,337,633    
Total equity 1,533,561 [1] 1,513,619 [1] $ 1,548,425 $ 1,638,977
Total liabilities and equity [1] 5,951,173 5,851,252    
Variable Interest Entity, Primary Beneficiary        
Variable Interest Entity [Line Items]        
Restricted cash 4,902 369    
Mortgage loan receivables held for investment, net, at amortized cost 1,308,654 1,299,116    
Accrued interest receivable 8,313 4,587    
Other assets 17,505 26,636    
Total assets 1,339,374 1,330,708    
Debt obligations, net 1,058,462 1,054,774    
Accrued expenses 3,029 1,218    
Other liabilities 65 65    
Total liabilities 1,061,556 1,056,057    
Net equity in VIEs (eliminated in consolidation) 277,818 274,651    
Total equity 277,818 274,651    
Total liabilities and equity $ 1,339,374 $ 1,330,708    
[1] Includes amounts relating to consolidated variable interest entities. Refer to Note 2 and Note 10.
v3.22.4
EQUITY STRUCTURE AND ACCOUNTS - Additional Information (Details)
$ / shares in Units, $ in Thousands
 12 Months Ended
Dec. 31, 2022
USD ($)
class
vote
$ / shares
shares
Dec. 31, 2020
USD ($)
shares
Jul. 27, 2022
USD ($)
Jul. 26, 2022
USD ($)
Dec. 31, 2021
USD ($)
shares
Aug. 04, 2021
USD ($)
Sep. 30, 2020
Dec. 31, 2019
USD ($)
Class of Stock [Line Items]                
Number of classes of outstanding stock | class 1              
Series REIT LP Units                
Class of Stock [Line Items]                
Exchange of noncontrolling interest for common stock, units exchanged (in shares)   12,158,933            
Series TRS LP Units                
Class of Stock [Line Items]                
Exchange of noncontrolling interest for common stock, units exchanged (in shares)   12,158,933            
2014 Share Repurchase Authorization Program                
Class of Stock [Line Items]                
Remaining amount available for repurchase | $ $ 46,700              
Percentage of aggregate common stock outstanding under Repurchase Program 3.70%              
Closing price (in dollars per share) | $ / shares $ 10.04              
Class A Common Stock                
Class of Stock [Line Items]                
Number of votes per share | vote 1              
Common stock, outstanding (in shares) 126,502,049       125,452,568      
Shares received per exchange (in shares) 1              
Exchange of noncontrolling interest for common stock, units exchanged (in shares)   12,158,933            
Class A Common Stock | 2014 Share Repurchase Authorization Program                
Class of Stock [Line Items]                
Additional authorizations | $     $ 50,000 $ 39,500   $ 50,000    
Remaining amount available for repurchase | $ $ 46,737 $ 38,102     $ 44,122     $ 41,132
Class B Common Stock                
Class of Stock [Line Items]                
Number of votes per share | vote 1              
Common stock, outstanding (in shares) 0       0      
Shares received per exchange (in shares) 1              
Exchange of noncontrolling interest for common stock, units exchanged (in shares)   12,158,933            
Series REIT LP Units                
Class of Stock [Line Items]                
Shares received per exchange (in shares) 1              
Series TRS LP Units                
Class of Stock [Line Items]                
Shares received per exchange (in shares) 1              
Series TRS I LLC Units                
Class of Stock [Line Items]                
Shares received per exchange (in shares) 1              
LCFH                
Class of Stock [Line Items]                
Ownership interest in LCFH 100.00% 100.00%     100.00%   100.00%  
v3.22.4
EQUITY STRUCTURE AND ACCOUNTS - Schedule of Repurchase of Treasury Stock Activity (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Jul. 27, 2022
Jul. 26, 2022
Aug. 04, 2021
Treasury Stock [Roll Forward]            
Repurchases paid $ (7,919) $ (9,008) $ (3,035)      
2014 Share Repurchase Authorization Program            
Treasury Stock [Roll Forward]            
Remaining amount available for repurchase, end of period $ 46,700          
2014 Share Repurchase Authorization Program | Class A Common Stock            
Class of Stock [Line Items]            
Purchase of treasury stock (in shares) 783,599 822,928 384,251      
Treasury Stock [Roll Forward]            
Remaining amount available for repurchase, beginning of period $ 44,122 $ 38,102 $ 41,132      
Additional authorizations 10,534 15,027 0      
Repurchases paid (7,919) (9,007) (3,030)      
Repurchases unsettled     0      
Remaining amount available for repurchase, end of period $ 46,737 $ 44,122 $ 38,102      
Additional authorizations       $ 50,000 $ 39,500 $ 50,000
v3.22.4
EQUITY STRUCTURE AND ACCOUNTS - Dividends Declared (Details) - $ / shares
 12 Months Ended
Dec. 15, 2022
Sep. 15, 2022
Jun. 15, 2022
Mar. 15, 2022
Dec. 15, 2021
Sep. 15, 2021
Jun. 15, 2021
Mar. 15, 2021
Dec. 31, 2020
Aug. 31, 2020
May 28, 2020
Feb. 27, 2020
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Class A Common Stock                              
Class of Stock [Line Items]                              
Dividends per share of Class A common stock (in dollars per share) $ 0.23 $ 0.23 $ 0.22 $ 0.20 $ 0.20 $ 0.20 $ 0.20 $ 0.20 $ 0.20 $ 0.20 $ 0.20 $ 0.34 $ 0.88 $ 0.80 $ 0.94
v3.22.4
EQUITY STRUCTURE AND ACCOUNTS - Schedule of Dividends Declared and Paid (Details) - Class A Common Stock - $ / shares
 12 Months Ended
Jan. 17, 2023
Oct. 17, 2022
Jul. 15, 2022
Apr. 15, 2022
Jan. 18, 2022
Oct. 15, 2021
Jul. 15, 2021
Apr. 15, 2021
Jan. 15, 2021
Oct. 01, 2020
Jul. 01, 2020
Apr. 01, 2020
Dec. 31, 2022
Dec. 31, 2021
Tax Year 2021                            
Class of Stock [Line Items]                            
Dividend per share (in dollars per share)         $ 0 $ 0.200 $ 0.200 $ 0.200 $ 0.200       $ 0.800  
Ordinary Dividends (in dollars per share)         0 0.053 0.053 0.053 0.053       0.212  
Qualified Dividends (in dollars per share)         0 0.001 0.001 0.001 0.001       0.004  
Capital Gain (in dollars per share)         0 0.095 0.095 0.095 0.095       0.380  
Unrecaptured 1250 Gain (in dollars per share)         0 0.039 0.039 0.039 0.039       0.156  
Return of Capital (in dollars per share)         0 0.052 0.052 0.052 0.052       0.208  
Section 199A Dividends (in dollars per share)         0 $ 0.053 $ 0.053 $ 0.053 0.053       0.212  
Tax Year 2020                            
Class of Stock [Line Items]                            
Dividend per share (in dollars per share)                 0 $ 0.200 $ 0.200 $ 0.340   $ 0.740
Ordinary Dividends (in dollars per share)                 0 0.135 0.135 0.230   0.500
Qualified Dividends (in dollars per share)                 0 0 0 0   0
Capital Gain (in dollars per share)                 0 0.023 0.023 0.039   0.085
Unrecaptured 1250 Gain (in dollars per share)                 0 0.009 0.009 0.016   0.034
Return of Capital (in dollars per share)                 0 0.042 0.042 0.071   0.155
Section 199A Dividends (in dollars per share)                 $ 0 $ 0.135 $ 0.135 $ 0.230   $ 0.500
Tax Year 2022                            
Class of Stock [Line Items]                            
Dividend per share (in dollars per share)   $ 0.230 $ 0.220 $ 0.200 0.200               1.080  
Ordinary Dividends (in dollars per share)   0.039 0.038 0.034 0.034               0.184  
Qualified Dividends (in dollars per share)   0 0 0 0               0  
Capital Gain (in dollars per share)   0.191 0.182 0.166 0.166               0.896  
Unrecaptured 1250 Gain (in dollars per share)   0.059 0.056 0.051 0.051               0.276  
Return of Capital (in dollars per share)   0 0 0 0               0  
Section 199A Dividends (in dollars per share)   $ 0.039 $ 0.038 $ 0.034 $ 0.034               $ 0.184  
Tax Year 2022 | Subsequent Event                            
Class of Stock [Line Items]                            
Dividend per share (in dollars per share) $ 0.230                          
Ordinary Dividends (in dollars per share) 0.039                          
Qualified Dividends (in dollars per share) 0                          
Capital Gain (in dollars per share) 0.191                          
Unrecaptured 1250 Gain (in dollars per share) 0.059                          
Return of Capital (in dollars per share) 0                          
Section 199A Dividends (in dollars per share) $ 0.039                          
v3.22.4
EQUITY STRUCTURE AND ACCOUNTS - Changes in Accumulated Other Comprehensive Income (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
AOCI Attributable to Parent [Roll Forward]      
Beginning Balance $ 1,513,619 [1] $ 1,548,425 $ 1,638,977
Other comprehensive income (loss) (16,897) 6,351 (15,158)
Exchange of noncontrolling interest for common stock     0
Rebalancing of ownership percentage between Company and Operating Partnership     0
Ending Balance 1,533,561 [1] 1,513,619 [1] 1,548,425
Accumulated Other Comprehensive Income (Loss)      
AOCI Attributable to Parent [Roll Forward]      
Beginning Balance (4,112) (10,463) 4,218
Other comprehensive income (loss) (16,897) 6,351 (9,950)
Exchange of noncontrolling interest for common stock     (6,952)
Rebalancing of ownership percentage between Company and Operating Partnership     2,221
Ending Balance (21,009) (4,112) (10,463)
Accumulated Other Comprehensive Income (Loss) of Noncontrolling Interests      
AOCI Attributable to Parent [Roll Forward]      
Beginning Balance (2) (2) 475
Other comprehensive income (loss) 0 0 (5,208)
Exchange of noncontrolling interest for common stock     6,952
Rebalancing of ownership percentage between Company and Operating Partnership     (2,221)
Ending Balance (2) (2) (2)
Total Accumulated Other Comprehensive Income (Loss)      
AOCI Attributable to Parent [Roll Forward]      
Beginning Balance (4,114) (10,465) 4,693
Ending Balance $ (21,011) $ (4,114) $ (10,465)
[1] Includes amounts relating to consolidated variable interest entities. Refer to Note 2 and Note 10.
v3.22.4
NONCONTROLLING INTERESTS (Details)
$ in Millions
Dec. 31, 2022
USD ($)
property
jointVenture
Dec. 31, 2021
Dec. 31, 2020
Sep. 30, 2020
LCFH        
Noncontrolling Interest [Line Items]        
Ownership interest in LCFH 100.00% 100.00% 100.00% 100.00%
Consolidated Venture        
Noncontrolling Interest [Line Items]        
Number of consolidated ventures | jointVenture 2      
Consolidated Venture | Isla Vista, CA | Student Housing        
Noncontrolling Interest [Line Items]        
Number of real estate properties | property 40      
Property book value $ 79.9      
Consolidated Venture | Oakland County, MI | Office Building        
Noncontrolling Interest [Line Items]        
Property book value $ 8.9      
Minimum | Consolidated Venture | Consolidated Ventures        
Noncontrolling Interest [Line Items]        
Noncontrolling interest ownership 10.00%      
Maximum | Consolidated Venture | Consolidated Ventures        
Noncontrolling Interest [Line Items]        
Noncontrolling interest ownership 25.00%      
v3.22.4
EARNINGS PER SHARE - Net Income and Weighted Average Shares Outstanding (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Weighted average shares outstanding:      
Basic (in shares) 124,301,421 123,763,843 112,409,615
Diluted (in shares) 125,823,671 124,563,051 112,409,615
Class A Common Stock      
Earnings Per Share      
Basic Net income (loss) available for Class A common shareholders $ 142,217 $ 56,522 $ (14,445)
Diluted Net income (loss) available for Class A common shareholders $ 142,217 $ 56,522 $ (14,445)
Weighted average shares outstanding:      
Basic (in shares) 124,301,421   112,409,615
Diluted (in shares) 125,823,671 124,563,051 112,409,615
v3.22.4
EARNINGS PER SHARE - Schedule of Calculation of Basic and Diluted EPS (Details) - USD ($)
$ / shares in Units, $ in Thousands
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Denominator:      
Weighted average number of shares of Class A common stock outstanding (in shares) 124,301,421 123,763,843 112,409,615
Basic net income (loss) per share of Class A common stock (in dollars per share) $ 1.14 $ 0.46 $ (0.13)
Denominator:      
Weighted average number of shares of Class A common stock outstanding (in shares) 124,301,421 123,763,843 112,409,615
Diluted weighted average number of shares of Class A common stock outstanding (in shares) 125,823,671 124,563,051 112,409,615
Diluted net income (loss) per share of Class A common stock (in dollars per share) $ 1.13 $ 0.45 $ (0.13)
Class A Common Stock      
Numerator:      
Net income (loss) attributable to Class A common shareholders $ 142,217 $ 56,522 $ (14,445)
Denominator:      
Weighted average number of shares of Class A common stock outstanding (in shares) 124,301,421   112,409,615
Basic net income (loss) per share of Class A common stock (in dollars per share) $ 1.14 $ 0.46 $ (0.13)
Numerator:      
Net income (loss) attributable to Class A common shareholders $ 142,217 $ 56,522 $ (14,445)
Net income (loss) attributable to Class A common shareholders $ 142,217 $ 56,522 $ (14,445)
Denominator:      
Weighted average number of shares of Class A common stock outstanding (in shares) 124,301,421   112,409,615
Diluted weighted average number of shares of Class A common stock outstanding (in shares) 125,823,671 124,563,051 112,409,615
Diluted net income (loss) per share of Class A common stock (in dollars per share) $ 1.13 $ 0.45 $ (0.13)
Common stock, outstanding (in shares) 126,502,049 125,452,568  
Class A Common Stock | Restricted Stock      
Denominator:      
Incremental shares of stock based compensation (in shares) 1,522,250 799,208 0
Class B Common Stock      
Denominator:      
Common stock, outstanding (in shares) 0 0  
v3.22.4
STOCK BASED AND OTHER COMPENSATION PLANS - Stock Based Compensation Plans Summary (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Stock Based Compensation Expense $ 31,584 $ 15,300 $ 42,728
Recognized equity based compensation expense 31,584 15,322 41,760
Stock Options Exercised 0 0 270
Phantom Equity Investment Plan      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Recognized equity based compensation expense $ 0 $ 22 $ (1,238)
v3.22.4
STOCK BASED AND OTHER COMPENSATION PLANS - Summary of Grants (Details) - Restricted Stock - $ / shares
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Number of Shares (in shares) 2,884,303    
Class A Common Stock      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Number of Shares (in shares) 2,884,303 747,713 4,423,215
Weighted Average Fair Value Per Share (in dollars per share) $ 11.87 $ 9.81 $ 12.84
v3.22.4
STOCK BASED AND OTHER COMPENSATION PLANS - Nonvested Shares Outstanding (Details)
$ / shares in Units, $ in Millions
 12 Months Ended
Dec. 31, 2022
USD ($)
$ / shares
shares
Weighted Average Grant Date Fair Value  
Nonvested/Outstanding Weighted Average Grant Date Fair Value, Beginning Balance (in dollars pre share) | $ / shares $ 12.76
Granted, Weighted Average Grant Date Fair Value (in dollars per share) | $ / shares 11.87
Vested, Weighted Average Grant Date Fair Value (in dollars per share) | $ / shares 11.89
Forfeited, Weighted Average Grant Date Fair Value (in dollars per share) | $ / shares 11.61
Nonvested/Outstanding Weighted Average Grant Date Fair Value, Ending Balance (in dollars per share) | $ / shares 12.62
Stock Options  
Weighted-average exercise price of outstanding options, warrants and rights | $ / shares $ 12.62
Unrecognized compensation cost | $ $ 12.4
Period of recognition for unrecognized compensation costs 33 months
Remaining vesting period 21 months 21 days
Restricted Stock  
Restricted Stock  
Nonvested/Outstanding (in shares) 2,145,380
Granted (in shares) 2,884,303
Vested (in shares) (2,404,181)
Forfeited (in shares) (95,931)
Nonvested/Outstanding (in shares) 2,529,571
Stock Options  
Stock Options  
Nonvested/Outstanding (in shares) 623,788
Granted (in shares) 0
Forfeited (in shares) 0
Nonvested/Outstanding (in shares) 623,788
Exercisable (in shares) 623,788
Options, warrants and rights  
Weighted Average Grant Date Fair Value  
Nonvested/Outstanding Weighted Average Grant Date Fair Value, Ending Balance (in dollars per share) | $ / shares $ 14.84
Stock Options  
Weighted-average exercise price of outstanding options, warrants and rights | $ / shares $ 14.84
v3.22.4
STOCK BASED AND OTHER COMPENSATION PLANS - Omnibus Incentive Plan (Details)
$ in Millions
 1 Months Ended 12 Months Ended
May 10, 2022
USD ($)
installment
shares
Feb. 18, 2022
USD ($)
shares
Jan. 31, 2022
USD ($)
shares
Feb. 18, 2021
USD ($)
shares
Jan. 01, 2021
USD ($)
security
shares
Jan. 31, 2022
shares
Dec. 31, 2022
USD ($)
employee
shares
Dec. 31, 2021
shares
Dec. 31, 2020
shares
Jan. 01, 2022
installment
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                    
Aggregate value of awards granted | $     $ 18.0   $ 7.0          
Period of recognition for unrecognized compensation costs             33 months      
Unrecognized compensation cost | $             $ 12.4      
Restricted Stock                    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                    
Granted (in shares)             2,884,303      
Forfeited (in shares)             95,931      
Restricted Stock | Class A Common Stock                    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                    
Granted (in shares)             2,884,303 747,713 4,423,215  
Non-Management Grantee | Mr. Miceli, Ms. Porcella and certain Non-Management Grantees                    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                    
Unrestricted shares granted (in shares)     264,704              
Non-Management Grantee | Time-Based Vesting | Mr. Miceli, Ms. Porcella and certain Non-Management Grantees                    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                    
Vesting percentage     33.33%              
Non-Management Grantee | Time-Based Vesting | Other Non-ManagementGrantees                    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                    
Shares granted with certain vesting rights (in shares)           497,169        
Non-Management Grantee | Performance Based Vesting | Mr. Miceli, Ms. Porcella and certain Non-Management Grantees                    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                    
Vesting percentage     33.33%              
Non-Management Grantee | Performance Based Vesting | Other Non-ManagementGrantees                    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                    
Shares granted with certain vesting rights (in shares)     531,980              
Non-Management Grantee | Performance Based Vesting and Catch-up Provision | Mr. Miceli, Ms. Porcella and certain Non-Management Grantees                    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                    
Vesting percentage     33.33%              
Non-Management Grantee | Performance Based Vesting and Catch-up Provision | Other Non-ManagementGrantees                    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                    
Vesting percentage     50.00%              
Non-Management Grantee | Restricted Stock | Class A Common Stock                    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                    
Aggregate value of awards granted | $     $ 15.4              
Granted (in shares)     1,293,853              
Non-Management Grantee | Restricted Stock | 2014 Omnibus Incentive Plan                    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                    
Number of installments         3         3
Non-Management Grantee | Restricted Stock | 2014 Omnibus Incentive Plan | Class A Common Stock                    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                    
Granted (in shares)         711,653          
Board of Directors | Restricted Stock | Class A Common Stock                    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                    
Vesting period   1 year   1 year            
Granted (in shares)   31,860   36,060            
Grant date fair value | $   $ 0.4   $ 0.4            
Management Grantees | 2014 Omnibus Incentive Plan | Class A Common Stock | Ms. McCormack and Mr. Perelman                    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                    
Number of shares of unrestricted stock     66.67%              
Management Grantees | Restricted Stock | Class A Common Stock | Time and Performance Based Vesting                    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                    
Aggregate value of awards granted | $     $ 2.5              
Management Grantees | Restricted Stock | 2014 Omnibus Incentive Plan                    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                    
Number of employees eligible for performance share waiver | employee             1      
Management Grantees | Restricted Stock | 2014 Omnibus Incentive Plan | Performance Based Vesting                    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                    
Minimum performance target percentage           8.00%        
Performance period           3 years        
Management Grantees | Restricted Stock | 2014 Omnibus Incentive Plan | Class A Common Stock                    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                    
Granted (in shares)     1,517,627              
Management Grantees | Restricted Stock | 2014 Omnibus Incentive Plan | Class A Common Stock | Performance Based Vesting | Ms. McCormack and Mr. Perelman                    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                    
Vesting percentage     33.33%              
Management Grantees | Restricted Stock | 2014 Omnibus Incentive Plan | Class A Common Stock | Time and Performance Based Vesting                    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                    
Granted (in shares)     210,662              
Employee | Restricted Stock | 2014 Omnibus Incentive Plan | Class A Common Stock                    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                    
Granted (in shares) 33,784                  
Grant date fair value | $ $ 0.4                  
Employee | Restricted Stock | 2014 Omnibus Incentive Plan | Class A Common Stock | Time-Based Vesting                    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                    
Number of installments | installment 3                  
Vesting percentage 50.00%                  
Employee | Restricted Stock | 2014 Omnibus Incentive Plan | Class A Common Stock | Performance Based Vesting                    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                    
Number of installments | installment 3                  
Vesting percentage 50.00%                  
v3.22.4
STOCK BASED AND OTHER COMPENSATION PLANS - Bonus Payments (Details) - USD ($)
$ in Thousands
 3 Months Ended 12 Months Ended
Mar. 31, 2021
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Bonus expense   $ 31,584 $ 15,322 $ 41,760
Bonus Expense        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Bonus expense $ 1,100   $ 11,000  
v3.22.4
FAIR VALUE OF FINANCIAL INSTRUMENTS - Estimated Fair Values of Financial Instruments (Details)
$ in Thousands
 12 Months Ended
Dec. 31, 2022
USD ($)
Dec. 31, 2021
USD ($)
Dec. 31, 2020
USD ($)
Dec. 31, 2019
USD ($)
Assets:        
Fair Value $ 3,922,131 $ 3,516,524    
Allowance for credit losses (20,755) (31,752) $ (41,507) $ (20,500)
Liabilities:        
Fair Value 3,994,458 4,282,888    
Level 1        
Assets:        
Fair Value 0 0    
Liabilities:        
Fair Value 0 0    
Level 2        
Assets:        
Fair Value 0 0    
Liabilities:        
Fair Value 0 0    
Level 3        
Assets:        
Fair Value 3,922,131 3,516,524    
Liabilities:        
Fair Value $ 3,994,458 $ 4,282,888    
Total mortgage loan receivables held for investment, net, at amortized cost        
Liabilities:        
Period of short interest rate reset risk 30 days 30 days    
CLO debt        
Liabilities:        
Period of short interest rate reset risk   30 days    
Recurring        
Assets:        
Fair Value $ 580,130 $ 693,266    
Recurring | Level 1        
Assets:        
Fair Value 35,446 0    
Recurring | Level 2        
Assets:        
Fair Value 2,038 402    
Recurring | Level 3        
Assets:        
Fair Value 542,646 692,864    
Recurring | Agency securities        
Assets:        
Principal Amount 36 557    
Fair Value 35 563    
Recurring | Agency securities | Level 1        
Assets:        
Fair Value 0 0    
Recurring | Agency securities | Level 2        
Assets:        
Fair Value 0 0    
Recurring | Agency securities | Level 3        
Assets:        
Fair Value 35 563    
Recurring | CMBS | Internal Model Third Party Inputs Valuation Technique        
Assets:        
Principal Amount 562,839 691,402    
Amortized Cost Basis/Purchase Price 562,246 691,026    
Fair Value $ 541,333 $ 686,293    
Liabilities:        
Financial instruments, measurement input 0.0532 0.0157    
Weighted average remaining maturity/duration 1 year 21 days 2 years 21 days    
Recurring | CMBS interest-only | Internal Model Third Party Inputs Valuation Technique        
Assets:        
Principal Amount $ 1,026,195 $ 1,302,551    
Amortized Cost Basis/Purchase Price 10,498 15,268    
Fair Value $ 10,443 $ 15,885    
Liabilities:        
Financial instruments, measurement input 0.0365 0.0567    
Weighted average remaining maturity/duration 1 year 5 months 12 days 1 year 10 months 17 days    
Recurring | GNMA interest-only | Internal Model Third Party Inputs Valuation Technique        
Assets:        
Principal Amount $ 45,369 $ 59,075    
Amortized Cost Basis/Purchase Price 285 518    
Fair Value $ 281 $ 559    
Liabilities:        
Financial instruments, measurement input 0.0423 0.0497    
Weighted average remaining maturity/duration 3 years 3 months 18 days 3 years 7 months 20 days    
Recurring | Agency securities | Internal Model Third Party Inputs Valuation Technique        
Assets:        
Principal Amount $ 36 $ 557    
Amortized Cost Basis/Purchase Price 36 560    
Fair Value $ 35 $ 563    
Liabilities:        
Financial instruments, measurement input 0.0270 0.0158    
Weighted average remaining maturity/duration 1 year 6 months 14 days 8 months 8 days    
Recurring | U.S. Treasury securities | Internal Model Third Party Inputs Valuation Technique        
Assets:        
Principal Amount $ 36,000      
Amortized Cost Basis/Purchase Price 35,328      
Fair Value $ 35,328      
Liabilities:        
Financial instruments, measurement input 0.0417      
Weighted average remaining maturity/duration 7 months 6 days      
Recurring | Equity Securities        
Assets:        
Amortized Cost Basis/Purchase Price $ 160      
Fair Value 118      
Recurring | Total mortgage loan receivables held for investment, net, at amortized cost | Discounted Cash Flow        
Assets:        
Principal Amount 3,907,295 $ 3,581,919    
Amortized Cost Basis/Purchase Price 3,885,746 3,553,737    
Fair Value 3,875,708 3,494,254    
Allowance for credit losses $ (20,800) $ (31,800)    
Liabilities:        
Financial instruments, measurement input 0.0885 0.0565    
Weighted average remaining maturity/duration 1 year 3 months 3 days 1 year 9 months 3 days    
Recurring | Mortgage loan  receivables held for sale | Internal Model Third Party Inputs Valuation Technique        
Assets:        
Principal Amount $ 31,350      
Amortized Cost Basis/Purchase Price 27,391      
Fair Value $ 27,391      
Liabilities:        
Financial instruments, measurement input 0.0457      
Weighted average remaining maturity/duration 9 years 2 months 8 days      
Recurring | FHLB stock | FHLB stock        
Assets:        
Principal Amount $ 9,585 $ 11,835    
Amortized Cost Basis/Purchase Price 9,585 11,835    
Fair Value $ 9,585 $ 11,835    
Liabilities:        
Financial instruments, measurement input 0.0475 0.0325    
Recurring | Nonhedge derivatives | Counterparty Quotations Valuation Technique        
Assets:        
Nonhedge derivative assets $ 204,700 $ 114,121    
Amortized Cost Basis/Purchase Price 2,038 402    
Fair Value $ 2,038 $ 402    
Liabilities:        
Weighted average remaining maturity/duration 1 year 6 months 7 days 3 months 18 days    
Recurring | Repurchase agreements - short-term | Discounted Cash Flow        
Liabilities:        
Principal Amount   $ 418,394    
Amortized Cost Basis/Purchase Price   418,394    
Fair Value   $ 418,394    
Financial instruments, measurement input   0.0089    
Weighted average remaining maturity/duration   5 months 15 days    
Recurring | Repurchase agreements - short-term | Cost Plus Accrued Interest Valuation Technique        
Liabilities:        
Principal Amount $ 481,465      
Amortized Cost Basis/Purchase Price 481,465      
Fair Value $ 481,465      
Financial instruments, measurement input 0.0404      
Weighted average remaining maturity/duration 4 months 13 days      
Recurring | Repurchase agreements - long-term | Discounted Cash Flow        
Liabilities:        
Principal Amount $ 366,398 $ 26,183    
Amortized Cost Basis/Purchase Price 366,398 26,183    
Fair Value $ 366,398 $ 26,183    
Financial instruments, measurement input 0.0406 0.0221    
Weighted average remaining maturity/duration 2 years 6 months 21 days 1 year 3 days    
Recurring | Mortgage loan financing | Discounted Cash Flow        
Liabilities:        
Principal Amount $ 497,454 $ 690,927    
Amortized Cost Basis/Purchase Price 497,991 693,797    
Fair Value $ 477,101 $ 709,695    
Financial instruments, measurement input 0.0551 0.0483    
Weighted average remaining maturity/duration 3 years 4 months 9 days 3 years 3 months 18 days    
Recurring | Secured financing facility | Discounted Cash Flow        
Liabilities:        
Principal Amount   $ 136,444    
Amortized Cost Basis/Purchase Price   132,447    
Fair Value   $ 133,389    
Financial instruments, measurement input   0.1075    
Weighted average remaining maturity/duration   1 year 4 months 6 days    
Recurring | CLO debt | Discounted Cash Flow        
Liabilities:        
Principal Amount $ 1,064,365 $ 1,064,365    
Amortized Cost Basis/Purchase Price 1,058,462 1,054,774    
Fair Value $ 1,058,462 $ 1,054,774    
Financial instruments, measurement input 0.0635 0.0204    
Weighted average remaining maturity/duration 15 years 11 months 1 day 16 years 11 months 1 day    
Recurring | Borrowings from the FHLB | Discounted Cash Flow        
Liabilities:        
Principal Amount $ 213,000 $ 263,000    
Amortized Cost Basis/Purchase Price 213,000 263,000    
Fair Value $ 213,055 $ 263,414    
Financial instruments, measurement input 0.0161 0.0091    
Weighted average remaining maturity/duration 1 year 3 months 1 year 11 months 12 days    
Recurring | Senior unsecured notes | Internal Model Third Party Inputs Valuation Technique        
Liabilities:        
Principal Amount $ 1,643,794 $ 1,649,794    
Amortized Cost Basis/Purchase Price 1,628,382 1,631,108    
Fair Value $ 1,397,977 $ 1,677,039    
Financial instruments, measurement input 0.0466 0.0466    
Weighted average remaining maturity/duration 4 years 9 months 5 years 8 months 26 days    
v3.22.4
FAIR VALUE OF FINANCIAL INSTRUMENTS - Summary of Financial Assets and Liabilities (Details) - USD ($)
$ in Thousands
Dec. 31, 2022
Dec. 31, 2021
Assets:    
Fair value of assets $ 3,922,131 $ 3,516,524
Liabilities:    
Fair value of liabilities 3,994,458 4,282,888
Repurchase agreements - short-term    
Liabilities:    
Principal Amount 481,465 418,394
Fair value of liabilities 481,465 418,394
Mortgage loan financing    
Liabilities:    
Principal Amount 497,454 690,927
Fair value of liabilities 477,101 709,695
CLO debt    
Liabilities:    
Principal Amount 1,064,365 1,064,365
Fair value of liabilities 1,058,462 1,054,774
Borrowings from the FHLB    
Liabilities:    
Principal Amount 213,000 263,000
Fair value of liabilities 213,055 263,414
Senior unsecured notes    
Liabilities:    
Principal Amount 1,643,794 1,649,794
Fair value of liabilities 1,397,977 1,677,039
Repurchase agreements - long-term    
Liabilities:    
Principal Amount 366,398 26,183
Fair value of liabilities 366,398 26,183
Secured financing facility    
Liabilities:    
Principal Amount   136,444
Fair value of liabilities   133,389
CMBS    
Assets:    
Principal Amount 9,415 10,326
Fair value of assets 9,030 9,894
CMBS interest-only    
Assets:    
Principal Amount 8,460 9,370
Fair value of assets 417 541
Total mortgage loan receivables held for investment, net, at amortized cost    
Assets:    
Principal Amount 3,907,295 3,581,920
Fair value of assets 3,875,708 3,494,254
FHLB stock    
Assets:    
Principal Amount 9,585 11,835
Fair value of assets 9,585 11,835
Mortgage loan  receivables held for sale    
Assets:    
Principal Amount 31,350  
Fair value of assets 27,391  
Level 1    
Assets:    
Fair value of assets 0 0
Liabilities:    
Fair value of liabilities 0 0
Level 1 | Repurchase agreements - short-term    
Liabilities:    
Fair value of liabilities 0 0
Level 1 | Mortgage loan financing    
Liabilities:    
Fair value of liabilities 0 0
Level 1 | CLO debt    
Liabilities:    
Fair value of liabilities 0 0
Level 1 | Borrowings from the FHLB    
Liabilities:    
Fair value of liabilities 0 0
Level 1 | Senior unsecured notes    
Liabilities:    
Fair value of liabilities 0 0
Level 1 | Repurchase agreements - long-term    
Liabilities:    
Fair value of liabilities 0 0
Level 1 | Secured financing facility    
Liabilities:    
Fair value of liabilities   0
Level 1 | CMBS    
Assets:    
Fair value of assets 0 0
Level 1 | CMBS interest-only    
Assets:    
Fair value of assets 0 0
Level 1 | Total mortgage loan receivables held for investment, net, at amortized cost    
Assets:    
Fair value of assets 0 0
Level 1 | FHLB stock    
Assets:    
Fair value of assets 0 0
Level 1 | Mortgage loan  receivables held for sale    
Assets:    
Fair value of assets 0  
Level 2    
Assets:    
Fair value of assets 0 0
Liabilities:    
Fair value of liabilities 0 0
Level 2 | Repurchase agreements - short-term    
Liabilities:    
Fair value of liabilities 0 0
Level 2 | Mortgage loan financing    
Liabilities:    
Fair value of liabilities 0 0
Level 2 | CLO debt    
Liabilities:    
Fair value of liabilities 0 0
Level 2 | Borrowings from the FHLB    
Liabilities:    
Fair value of liabilities 0 0
Level 2 | Senior unsecured notes    
Liabilities:    
Fair value of liabilities 0 0
Level 2 | Repurchase agreements - long-term    
Liabilities:    
Fair value of liabilities 0 0
Level 2 | Secured financing facility    
Liabilities:    
Fair value of liabilities   0
Level 2 | CMBS    
Assets:    
Fair value of assets 0 0
Level 2 | CMBS interest-only    
Assets:    
Fair value of assets 0 0
Level 2 | Total mortgage loan receivables held for investment, net, at amortized cost    
Assets:    
Fair value of assets 0 0
Level 2 | FHLB stock    
Assets:    
Fair value of assets 0 0
Level 2 | Mortgage loan  receivables held for sale    
Assets:    
Fair value of assets 0  
Level 3    
Assets:    
Fair value of assets 3,922,131 3,516,524
Liabilities:    
Fair value of liabilities 3,994,458 4,282,888
Level 3 | Repurchase agreements - short-term    
Liabilities:    
Fair value of liabilities 481,465 418,394
Level 3 | Mortgage loan financing    
Liabilities:    
Fair value of liabilities 477,101 709,695
Level 3 | CLO debt    
Liabilities:    
Fair value of liabilities 1,058,462 1,054,774
Level 3 | Borrowings from the FHLB    
Liabilities:    
Fair value of liabilities 213,055 263,414
Level 3 | Senior unsecured notes    
Liabilities:    
Fair value of liabilities 1,397,977 1,677,039
Level 3 | Repurchase agreements - long-term    
Liabilities:    
Fair value of liabilities 366,398 26,183
Level 3 | Secured financing facility    
Liabilities:    
Fair value of liabilities   133,389
Level 3 | CMBS    
Assets:    
Fair value of assets 9,030 9,894
Level 3 | CMBS interest-only    
Assets:    
Fair value of assets 417 541
Level 3 | Total mortgage loan receivables held for investment, net, at amortized cost    
Assets:    
Fair value of assets 3,875,708 3,494,254
Level 3 | FHLB stock    
Assets:    
Fair value of assets 9,585 11,835
Level 3 | Mortgage loan  receivables held for sale    
Assets:    
Fair value of assets 27,391  
Recurring    
Assets:    
Fair value of assets 580,130 693,266
Recurring | CMBS    
Assets:    
Principal Amount 553,424 681,076
Fair value of assets 532,304 676,398
Recurring | CMBS interest-only    
Assets:    
Principal Amount 1,017,735 1,293,181
Fair value of assets 10,026 15,344
Recurring | GNMA interest-only    
Assets:    
Principal Amount 45,369 59,075
Fair value of assets 281 559
Recurring | Agency securities    
Assets:    
Principal Amount 36 557
Fair value of assets 35 563
Recurring | U.S. Treasury securities    
Assets:    
Principal Amount 36,000  
Fair value of assets 35,328  
Recurring | Equity Securities    
Assets:    
Fair value of assets 118  
Recurring | Nonhedge derivatives    
Assets:    
Principal Amount 204,700  
Fair value of assets 2,038 402
Nonhedge derivative assets   114,121
Recurring | Level 1    
Assets:    
Fair value of assets 35,446 0
Recurring | Level 1 | CMBS    
Assets:    
Fair value of assets 0 0
Recurring | Level 1 | CMBS interest-only    
Assets:    
Fair value of assets 0 0
Recurring | Level 1 | GNMA interest-only    
Assets:    
Fair value of assets 0 0
Recurring | Level 1 | Agency securities    
Assets:    
Fair value of assets 0 0
Recurring | Level 1 | U.S. Treasury securities    
Assets:    
Fair value of assets 35,328  
Recurring | Level 1 | Equity Securities    
Assets:    
Fair value of assets 118  
Recurring | Level 1 | Nonhedge derivatives    
Assets:    
Fair value of assets 0 0
Recurring | Level 2    
Assets:    
Fair value of assets 2,038 402
Recurring | Level 2 | CMBS    
Assets:    
Fair value of assets 0 0
Recurring | Level 2 | CMBS interest-only    
Assets:    
Fair value of assets 0 0
Recurring | Level 2 | GNMA interest-only    
Assets:    
Fair value of assets 0 0
Recurring | Level 2 | Agency securities    
Assets:    
Fair value of assets 0 0
Recurring | Level 2 | U.S. Treasury securities    
Assets:    
Fair value of assets 0  
Recurring | Level 2 | Equity Securities    
Assets:    
Fair value of assets 0  
Recurring | Level 2 | Nonhedge derivatives    
Assets:    
Fair value of assets 2,038 402
Recurring | Level 3    
Assets:    
Fair value of assets 542,646 692,864
Recurring | Level 3 | CMBS    
Assets:    
Fair value of assets 532,304 676,398
Recurring | Level 3 | CMBS interest-only    
Assets:    
Fair value of assets 10,026 15,344
Recurring | Level 3 | GNMA interest-only    
Assets:    
Fair value of assets 281 559
Recurring | Level 3 | Agency securities    
Assets:    
Fair value of assets 35 563
Recurring | Level 3 | U.S. Treasury securities    
Assets:    
Fair value of assets 0  
Recurring | Level 3 | Equity Securities    
Assets:    
Fair value of assets 0  
Recurring | Level 3 | Nonhedge derivatives    
Assets:    
Fair value of assets $ 0 $ 0
v3.22.4
FAIR VALUE OF FINANCIAL INSTRUMENTS - Schedule of Changes in Level 3 (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]    
Beginning balance $ 692,864 $ 1,046,570
Transfer from level 2 0 0
Purchases 59,333 247,040
Sales (4,261) (438,594)
Paydowns/maturities (183,929) (163,297)
Amortization of premium/discount (4,354) (6,708)
Unrealized gain/(loss) (16,901) 6,259
Realized gain/(loss) on sale (106) 1,594
Ending balance $ 542,646 $ 692,864
Fair value, recurring basis, unobservable input reconciliation, asset, gain (loss) statement of other comprehensive income, extensible list, not disclosed, flag Unrealized gain/(loss)  
Fair value, recurring basis, unobservable input reconciliation, asset, gain (loss) statement of income, extensible list, not disclosed, flag   Realized gain/(loss) on sale
v3.22.4
FAIR VALUE OF FINANCIAL INSTRUMENTS - Schedule of Quantitative Information (Details)
$ in Thousands
 12 Months Ended
Dec. 31, 2021
USD ($)
Dec. 31, 2022
USD ($)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Carrying Value $ 703,280 $ 587,400
CMBS    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Carrying Value 686,292 541,333
CMBS interest-only    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Carrying Value 15,886 10,443
GNMA interest-only    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Carrying Value 559 281
Agency securities    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Carrying Value 563 35
Level 3    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Carrying Value $ 692,864 $ 542,646
Level 3 | Valuation Technique, Discounted Cash Flow | CMBS | Minimum    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Duration 0 years  
Level 3 | Valuation Technique, Discounted Cash Flow | CMBS | Weighted Average    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Duration 1 year 11 months 4 days  
Level 3 | Valuation Technique, Discounted Cash Flow | CMBS | Maximum    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Duration 8 years 4 months 20 days  
Level 3 | Valuation Technique, Discounted Cash Flow | CMBS interest-only | Minimum    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Duration 10 days  
Level 3 | Valuation Technique, Discounted Cash Flow | CMBS interest-only | Weighted Average    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Duration 1 year 9 months 21 days  
Level 3 | Valuation Technique, Discounted Cash Flow | CMBS interest-only | Maximum    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Duration 2 years 6 months 29 days  
Level 3 | Valuation Technique, Discounted Cash Flow | GNMA interest-only | Minimum    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Duration 0 years  
Level 3 | Valuation Technique, Discounted Cash Flow | GNMA interest-only | Weighted Average    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Duration 2 years 8 months 19 days  
Level 3 | Valuation Technique, Discounted Cash Flow | GNMA interest-only | Maximum    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Duration 5 years 6 months 21 days  
Level 3 | Valuation Technique, Discounted Cash Flow | Agency securities | Minimum    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Duration 0 years  
Level 3 | Valuation Technique, Discounted Cash Flow | Agency securities | Weighted Average    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Duration 5 months 1 day  
Level 3 | Valuation Technique, Discounted Cash Flow | Agency securities | Maximum    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Duration 5 months 19 days  
Level 3 | Valuation Technique, Discounted Cash Flow | Yield | CMBS | Minimum    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Measurement input 0.0077 0.0289
Level 3 | Valuation Technique, Discounted Cash Flow | Yield | CMBS | Weighted Average    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Measurement input 0.0151 0.0529
Level 3 | Valuation Technique, Discounted Cash Flow | Yield | CMBS | Maximum    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Measurement input 0.0528 0.1747
Level 3 | Valuation Technique, Discounted Cash Flow | Yield | CMBS interest-only | Minimum    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Measurement input 0 0.0139
Level 3 | Valuation Technique, Discounted Cash Flow | Yield | CMBS interest-only | Weighted Average    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Measurement input 0.057 0.0372
Level 3 | Valuation Technique, Discounted Cash Flow | Yield | CMBS interest-only | Maximum    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Measurement input 0.0934 0.1966
Level 3 | Valuation Technique, Discounted Cash Flow | Yield | GNMA interest-only | Minimum    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Measurement input 0 0.0128
Level 3 | Valuation Technique, Discounted Cash Flow | Yield | GNMA interest-only | Weighted Average    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Measurement input 0.0497 0.0550
Level 3 | Valuation Technique, Discounted Cash Flow | Yield | GNMA interest-only | Maximum    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Measurement input 0.1000 0.1000
Level 3 | Valuation Technique, Discounted Cash Flow | Yield | Agency securities | Minimum    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Measurement input 0.0144 0.0270
Level 3 | Valuation Technique, Discounted Cash Flow | Yield | Agency securities | Weighted Average    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Measurement input 0.0158 0.0270
Level 3 | Valuation Technique, Discounted Cash Flow | Yield | Agency securities | Maximum    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Measurement input 0.0278 0.027
Level 3 | Valuation Technique, Discounted Cash Flow | Prepayment speed | CMBS interest-only | Minimum    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Measurement input 100.00  
Level 3 | Valuation Technique, Discounted Cash Flow | Prepayment speed | CMBS interest-only | Weighted Average    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Measurement input 100.00  
Level 3 | Valuation Technique, Discounted Cash Flow | Prepayment speed | CMBS interest-only | Maximum    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Measurement input 100.00  
Level 3 | Valuation Technique, Discounted Cash Flow | Prepayment speed | GNMA interest-only | Minimum    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Measurement input 5  
Level 3 | Valuation Technique, Discounted Cash Flow | Prepayment speed | GNMA interest-only | Weighted Average    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Measurement input 17.41  
Level 3 | Valuation Technique, Discounted Cash Flow | Prepayment speed | GNMA interest-only | Maximum    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Measurement input 35.00  
Recurring | Level 3 | CMBS    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Carrying Value $ 676,398 $ 532,304
Recurring | Level 3 | CMBS interest-only    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Carrying Value 15,344 10,026
Recurring | Level 3 | GNMA interest-only    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Carrying Value 559 281
Recurring | Level 3 | Agency securities    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Carrying Value $ 563 $ 35
v3.22.4
INCOME TAXES - Components of the Provision for Income Taxes (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Current expense (benefit)      
U.S. federal $ 1,823 $ (280) $ (8,087)
State and local 3,591 936 (1,796)
Total current expense (benefit) 5,414 656 (9,883)
Deferred expense (benefit)      
U.S. federal (445) 311 119
State and local (60) (39) (25)
Total deferred expense (benefit) (505) 272 94
Income tax expense (benefit) $ 4,909 $ 928 $ (9,789)
v3.22.4
INCOME TAXES - Tax Rate Reconciliation (Details)
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Income Tax Disclosure [Abstract]      
US statutory tax rate 21.00% 21.00% 21.00%
REIT income not subject to corporate income tax (18.09%) (17.72%) 65.98%
Increase due to state and local taxes 0.59% (0.46%) 9.85%
Change in valuation allowance (1.17%) (1.20%) 6.91%
Offshore non-taxable income (1.35%) (3.75%) (41.96%)
Uncertain tax position recorded (released) 1.45% 0.00% (2.54%)
Section 163 (j) interest expense limitation 0.08% 0.27% (7.12%)
REIT income taxes 0.28% (0.31%) (2.59%)
Return to provision (0.64%) 1.64% (1.25%)
Net operating loss carryback benefit 0.00% 0.00% 4.54%
Other 0.74% 2.14% (1.96%)
Effective income tax rate 2.89% 1.61% 50.86%
v3.22.4
INCOME TAXES - Additional Information (Details) - USD ($)
 3 Months Ended 12 Months Ended
Sep. 30, 2020
Dec. 31, 2022
Dec. 31, 2021
Income Tax Contingency [Line Items]      
Deferred tax liabilities   $ (5,911,000) $ (9,048,000)
Unlimited carryforwards   11,800,000  
Deferred tax asset related to capital losses   $ 4,400,000 6,000,000
Percentage of applicable cash saving in income tax distributable to specified unitholders   85.00%  
Other assets      
Income Tax Contingency [Line Items]      
Deferred tax liabilities   $ (1,800,000) (2,300,000)
Accrued Liabilities      
Income Tax Contingency [Line Items]      
Liability for unrecognized tax benefits for uncertain income tax positions   2,400,000 0
Amount Payable Pursuant to Tax Receivable Agreement      
Income Tax Contingency [Line Items]      
Amount payable pursuant to Tax Receivable Agreement $ 900,000 $ 0 $ 0
v3.22.4
INCOME TAXES - Components of Deferred Tax Assets (Details) - USD ($)
$ in Thousands
Dec. 31, 2022
Dec. 31, 2021
Income Tax Disclosure [Abstract]    
Net operating loss carryforward $ 3,493 $ 6,766
Net unrealized losses 641 0
Capital losses carryforward 4,356 6,005
Valuation allowance (4,356) (6,005)
Interest expense limitation 1,385 1,647
Valuation Allowance (1,385) (1,647)
Total Deferred Tax Assets $ 4,134 $ 6,766
v3.22.4
INCOME TAXES - Components of Deferred Tax Liabilities (Details) - USD ($)
$ in Thousands
Dec. 31, 2022
Dec. 31, 2021
Income Tax Disclosure [Abstract]    
Basis difference in operating partnerships $ 5,911 $ 9,048
Total Deferred Tax Liability $ 5,911 $ 9,048
v3.22.4
COMMITMENTS AND CONTINGENCIES - Additional Information (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Unfunded Loan Commitments    
Lease liabilities $ 15,965  
Operating lease, right-of-use asset $ 15,800  
Operating Lease, Liability, Statement of Financial Position [Extensible List] Other liabilities  
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List] Other assets  
Operating expenses $ 1,100  
Provision for loan losses    
Unfunded Loan Commitments    
Unfunded commitments of mortgage loan receivables held for investment $ 321,800 $ 390,100
Length of additional mortgage loan financing 3 years  
Unfunded commitments of mortgage loan receivables held for investment, additional funds 52.00%  
v3.22.4
COMMITMENTS AND CONTINGENCIES - Future Minimum Operating Lease Obligation (Details)
$ in Thousands
Dec. 31, 2022
USD ($)
Commitments and Contingencies Disclosure [Abstract]  
2023 $ 788
2024 2,171
2025 2,207
2026 2,219
2027 2,232
Thereafter 13,344
Total undiscounted cash flows 22,961
Present value discount (6,996)
Lease liabilities $ 15,965
Weighted average incremental borrowing rate 6.62%
Remaining lease term 10 years 7 months 6 days
v3.22.4
SEGMENT REPORTING - Additional Information (Details)
 12 Months Ended
Dec. 31, 2022
segment
Segment Reporting [Abstract]  
Number of reportable segments 3
v3.22.4
SEGMENT REPORTING - Schedule of Segments (Details) - USD ($)
 1 Months Ended 12 Months Ended
Jun. 30, 2020
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Income Statement [Abstract]        
Interest income   $ 293,520,000 $ 176,099,000 $ 239,849,000
Interest expense   (195,602,000) (182,949,000) (227,474,000)
Net interest income (expense)   97,918,000 (6,850,000) 12,375,000
(Provision for) release of loan loss reserves   (3,711,000) 8,713,000 (18,275,000)
Net interest income (expense) after provision for (release of) loan losses   94,207,000 1,863,000 (5,900,000)
Real estate operating income   108,269,000 101,564,000 100,248,000
Sale of loans, net   (2,511,000) 8,398,000 (1,571,000)
Realized gain (loss) on securities   (73,000) 1,594,000 (12,410,000)
Unrealized gain (loss) on equity securities   (41,000) 0 (132,000)
Unrealized gain (loss) on Agency interest-only securities   (45,000) (91,000) 263,000
Realized gain (loss) on sale of real estate, net $ 0 115,998,000 55,766,000 32,102,000
Fee and other income   15,020,000 11,190,000 12,654,000
Net result from derivative transactions   12,360,000 1,749,000 (15,270,000)
Earnings (loss) from investment in unconsolidated ventures   1,410,000 1,579,000 1,821,000
Gain (loss) on extinguishment of debt   685,000 0 22,250,000
Total other income (loss)   251,072,000 181,749,000 139,955,000
Compensation and employee benefits   (75,836,000) (38,347,000) (58,101,000)
Operating expenses   (20,716,000) (17,672,000) (20,294,000)
Real estate operating expenses   (38,605,000) (26,161,000) (28,584,000)
Fee expense   (7,235,000) (5,810,000) (7,244,000)
Depreciation and amortization   (32,673,000) (37,801,000) (39,079,000)
Total costs and expenses   (175,065,000) (125,791,000) (153,302,000)
Income tax (expense) benefit   (4,909,000) (928,000) 9,789,000
Net income (loss)   165,305,000 56,893,000 (9,458,000)
Total assets   5,951,173,000 [1] 5,851,252,000 [1] 5,881,229,000
Investment in unconsolidated ventures [1]   6,219,000 23,154,000  
Investment in FHLB stock   9,600,000 11,800,000 31,000,000
Operating Segment        
Income Statement [Abstract]        
Investment in unconsolidated ventures   6,200,000 23,200,000 46,300,000
Operating Segment | Loans        
Income Statement [Abstract]        
Interest income   269,629,000 162,349,000 205,640,000
Interest expense   (68,158,000) (53,414,000) (48,084,000)
Net interest income (expense)   201,471,000 108,935,000 157,556,000
(Provision for) release of loan loss reserves   (3,711,000) 8,713,000 (18,277,000)
Net interest income (expense) after provision for (release of) loan losses   197,760,000 117,648,000 139,279,000
Real estate operating income   0 0 0
Sale of loans, net   (2,511,000) 8,398,000 (1,571,000)
Realized gain (loss) on securities   0 0 0
Unrealized gain (loss) on equity securities   0   0
Unrealized gain (loss) on Agency interest-only securities   0 0 0
Realized gain (loss) on sale of real estate, net   0 0 0
Fee and other income   10,149,000 10,507,000 9,142,000
Net result from derivative transactions   6,755,000 507,000 (11,264,000)
Earnings (loss) from investment in unconsolidated ventures   0 335,000 0
Gain (loss) on extinguishment of debt   0   0
Total other income (loss)   14,393,000 19,747,000 (3,693,000)
Compensation and employee benefits   0 0 0
Operating expenses   0 127,000 3,000
Real estate operating expenses   0 0 0
Fee expense   (2,325,000) (2,341,000) (6,124,000)
Depreciation and amortization   0 0 0
Total costs and expenses   (2,325,000) (2,214,000) (6,121,000)
Income tax (expense) benefit   0 0 0
Net income (loss)   209,828,000 135,181,000 129,465,000
Total assets   3,892,382,000 3,521,986,000 2,343,070,000
Operating Segment | Securities        
Income Statement [Abstract]        
Interest income   20,659,000 13,101,000 32,904,000
Interest expense   (4,620,000) (2,403,000) (21,554,000)
Net interest income (expense)   16,039,000 10,698,000 11,349,000
(Provision for) release of loan loss reserves   0 2,000
Net interest income (expense) after provision for (release of) loan losses   16,039,000 10,698,000 11,351,000
Real estate operating income   0 0 0
Sale of loans, net   0 0 0
Realized gain (loss) on securities   (73,000) 1,594,000 (12,410,000)
Unrealized gain (loss) on equity securities   (41,000)   (132,000)
Unrealized gain (loss) on Agency interest-only securities   (45,000) (91,000) 263,000
Realized gain (loss) on sale of real estate, net   0 0 0
Fee and other income   55,000 0 403,000
Net result from derivative transactions   3,972,000 1,250,000 (4,006,000)
Earnings (loss) from investment in unconsolidated ventures   0 0 0
Gain (loss) on extinguishment of debt   0   0
Total other income (loss)   3,868,000 2,753,000 (15,882,000)
Compensation and employee benefits   0 0 0
Operating expenses   0 0 0
Real estate operating expenses   0 0 0
Fee expense   (277,000) (217,000) (236,000)
Depreciation and amortization   0 0 0
Total costs and expenses   (277,000) (217,000) (236,000)
Income tax (expense) benefit   0 0 0
Net income (loss)   19,630,000 13,234,000 (4,767,000)
Total assets   587,519,000 703,280,000 1,058,298,000
Operating Segment | Real Estate        
Income Statement [Abstract]        
Interest income   6,000 1,000 13,000
Interest expense   (36,683,000) (36,075,000) (39,396,000)
Net interest income (expense)   (36,677,000) (36,074,000) (39,383,000)
(Provision for) release of loan loss reserves   0 0 0
Net interest income (expense) after provision for (release of) loan losses   (36,677,000) (36,074,000) (39,383,000)
Real estate operating income   108,269,000 101,564,000 100,248,000
Sale of loans, net   0 0 0
Realized gain (loss) on securities   0 0 0
Unrealized gain (loss) on equity securities   0   0
Unrealized gain (loss) on Agency interest-only securities   0 0 0
Realized gain (loss) on sale of real estate, net   115,998,000 55,766,000 32,102,000
Fee and other income   4,355,000 50,000 25,000
Net result from derivative transactions   1,633,000 (8,000) 0
Earnings (loss) from investment in unconsolidated ventures   1,410,000 1,244,000 1,821,000
Gain (loss) on extinguishment of debt   0   0
Total other income (loss)   231,665,000 158,616,000 134,196,000
Compensation and employee benefits   0 0 0
Operating expenses   0 0 0
Real estate operating expenses   (38,605,000) (26,161,000) (28,584,000)
Fee expense   (954,000) (849,000) (884,000)
Depreciation and amortization   (32,632,000) (37,702,000) (38,980,000)
Total costs and expenses   (72,191,000) (64,712,000) (68,448,000)
Income tax (expense) benefit   0 0 0
Net income (loss)   122,797,000 57,830,000 26,365,000
Total assets   706,355,000 914,027,000 1,031,557,000
Corporate/Other        
Income Statement [Abstract]        
Interest income   3,226,000 648,000 1,292,000
Interest expense   (86,141,000) (91,057,000) (118,440,000)
Net interest income (expense)   (82,915,000) (90,409,000) (117,148,000)
(Provision for) release of loan loss reserves   0 0 0
Net interest income (expense) after provision for (release of) loan losses   (82,915,000) (90,409,000) (117,148,000)
Real estate operating income   0 0 0
Sale of loans, net   0 0 0
Realized gain (loss) on securities   0 0 0
Unrealized gain (loss) on equity securities   0   0
Unrealized gain (loss) on Agency interest-only securities   0 0 0
Realized gain (loss) on sale of real estate, net   0 0 0
Fee and other income   461,000 633,000 3,084,000
Net result from derivative transactions   0 0 0
Earnings (loss) from investment in unconsolidated ventures   0 0 0
Gain (loss) on extinguishment of debt   685,000   22,250,000
Total other income (loss)   1,146,000 633,000 25,334,000
Compensation and employee benefits   (75,836,000) (38,347,000) (58,101,000)
Operating expenses   (20,716,000) (17,799,000) (20,297,000)
Real estate operating expenses   0 0 0
Fee expense   (3,679,000) (2,403,000) 0
Depreciation and amortization   (41,000) (99,000) (99,000)
Total costs and expenses   (100,272,000) (58,648,000) (78,497,000)
Income tax (expense) benefit   (4,909,000) (928,000) 9,789,000
Net income (loss)   (186,950,000) (149,352,000) (160,523,000)
Total assets   764,917,000 711,959,000 $ 1,448,304,000
Corporate/Other | Senior Unsecured Notes        
Income Statement [Abstract]        
Senior notes   $ 1,600,000,000 $ 1,600,000,000  
[1] Includes amounts relating to consolidated variable interest entities. Refer to Note 2 and Note 10.
v3.22.4
Schedule III-Real Estate and Accumulated Depreciation Real Estate (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 497,986      
Initial Cost to Company        
Land 158,571      
Building 600,647      
Intangibles 114,697      
Costs Capitalized Subsequent to Acquisition 24,399      
Land 158,802      
Building 625,655      
Intangibles 114,687      
Total 899,144 $ 1,127,495 $ 1,216,229 $ 1,254,163
Accumulated Depreciation and Amortization (199,008) $ (236,622) $ (230,925) $ (206,082)
Aggregate cost for U.S. Federal Income Tax Purposes 800,000      
Retail        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 354,426      
Initial Cost to Company        
Land 95,045      
Building 441,864      
Intangibles 97,060      
Costs Capitalized Subsequent to Acquisition 8,190      
Land 95,045      
Building 450,061      
Intangibles 97,055      
Total 642,161      
Accumulated Depreciation and Amortization (153,339)      
Diversified        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 143,560      
Initial Cost to Company        
Land 63,526      
Building 158,783      
Intangibles 17,637      
Costs Capitalized Subsequent to Acquisition 16,209      
Land 63,757      
Building 175,594      
Intangibles 17,632      
Total 256,983      
Accumulated Depreciation and Amortization (45,669)      
Newburgh, IN | Retail        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 861      
Initial Cost to Company        
Land 126      
Building 954      
Intangibles 178      
Costs Capitalized Subsequent to Acquisition 0      
Land 126      
Building 954      
Intangibles 178      
Total 1,258      
Accumulated Depreciation and Amortization $ (68)      
Life on which Depreciation in Latest Statement of Income is Computed 45 years      
Newburgh, IN 1 | Retail        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 919      
Initial Cost to Company        
Land 213      
Building 873      
Intangibles 220      
Costs Capitalized Subsequent to Acquisition 0      
Land 213      
Building 873      
Intangibles 220      
Total 1,306      
Accumulated Depreciation and Amortization $ (89)      
Life on which Depreciation in Latest Statement of Income is Computed 45 years      
Isanti, MN | Retail        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 1,006      
Initial Cost to Company        
Land 249      
Building 894      
Intangibles 297      
Costs Capitalized Subsequent to Acquisition 0      
Land 249      
Building 894      
Intangibles 297      
Total 1,440      
Accumulated Depreciation and Amortization $ (84)      
Life on which Depreciation in Latest Statement of Income is Computed 55 years      
Little Falls, MN | Retail        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 861      
Initial Cost to Company        
Land 199      
Building 783      
Intangibles 249      
Costs Capitalized Subsequent to Acquisition 0      
Land 199      
Building 783      
Intangibles 249      
Total 1,231      
Accumulated Depreciation and Amortization $ (78)      
Life on which Depreciation in Latest Statement of Income is Computed 55 years      
Waterloo, IA | Retail        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 866      
Initial Cost to Company        
Land 130      
Building 896      
Intangibles 214      
Costs Capitalized Subsequent to Acquisition 0      
Land 130      
Building 896      
Intangibles 214      
Total 1,240      
Accumulated Depreciation and Amortization $ (91)      
Life on which Depreciation in Latest Statement of Income is Computed 45 years      
Sioux City, IA | Retail        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 924      
Initial Cost to Company        
Land 220      
Building 876      
Intangibles 222      
Costs Capitalized Subsequent to Acquisition 0      
Land 220      
Building 876      
Intangibles 222      
Total 1,318      
Accumulated Depreciation and Amortization $ (93)      
Life on which Depreciation in Latest Statement of Income is Computed 45 years      
Wardsville, MO | Retail        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 982      
Initial Cost to Company        
Land 257      
Building 919      
Intangibles 202      
Costs Capitalized Subsequent to Acquisition 0      
Land 257      
Building 919      
Intangibles 202      
Total 1,378      
Accumulated Depreciation and Amortization $ (102)      
Life on which Depreciation in Latest Statement of Income is Computed 40 years      
Kincheloe, MI | Retail        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 888      
Initial Cost to Company        
Land 58      
Building 939      
Intangibles 229      
Costs Capitalized Subsequent to Acquisition 0      
Land 58      
Building 939      
Intangibles 229      
Total 1,226      
Accumulated Depreciation and Amortization $ (102)      
Life on which Depreciation in Latest Statement of Income is Computed 45 years      
Clinton, IN | Retail        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 1,038      
Initial Cost to Company        
Land 269      
Building 954      
Intangibles 204      
Costs Capitalized Subsequent to Acquisition 0      
Land 269      
Building 954      
Intangibles 204      
Total 1,427      
Accumulated Depreciation and Amortization $ (97)      
Life on which Depreciation in Latest Statement of Income is Computed 44 years      
Saginaw, MI | Retail        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 954      
Initial Cost to Company        
Land 96      
Building 1,014      
Intangibles 210      
Costs Capitalized Subsequent to Acquisition 0      
Land 96      
Building 1,014      
Intangibles 210      
Total 1,320      
Accumulated Depreciation and Amortization $ (115)      
Life on which Depreciation in Latest Statement of Income is Computed 45 years      
Rolla, MO | Retail        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 940      
Initial Cost to Company        
Land 110      
Building 1,011      
Intangibles 188      
Costs Capitalized Subsequent to Acquisition 0      
Land 110      
Building 1,011      
Intangibles 188      
Total 1,309      
Accumulated Depreciation and Amortization $ (116)      
Life on which Depreciation in Latest Statement of Income is Computed 40 years      
Sullivan, IL | Retail        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 1,176      
Initial Cost to Company        
Land 340      
Building 981      
Intangibles 257      
Costs Capitalized Subsequent to Acquisition 0      
Land 340      
Building 981      
Intangibles 257      
Total 1,578      
Accumulated Depreciation and Amortization $ (105)      
Life on which Depreciation in Latest Statement of Income is Computed 50 years      
Becker, MN | Retail        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 938      
Initial Cost to Company        
Land 136      
Building 922      
Intangibles 188      
Costs Capitalized Subsequent to Acquisition 0      
Land 136      
Building 922      
Intangibles 188      
Total 1,246      
Accumulated Depreciation and Amortization $ (96)      
Life on which Depreciation in Latest Statement of Income is Computed 55 years      
Adrian, MO | Retail        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 859      
Initial Cost to Company        
Land 136      
Building 884      
Intangibles 191      
Costs Capitalized Subsequent to Acquisition 0      
Land 136      
Building 884      
Intangibles 191      
Total 1,211      
Accumulated Depreciation and Amortization $ (100)      
Life on which Depreciation in Latest Statement of Income is Computed 45 years      
Chilicothe, IL | Retail        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 1,026      
Initial Cost to Company        
Land 227      
Building 1,047      
Intangibles 245      
Costs Capitalized Subsequent to Acquisition 0      
Land 227      
Building 1,047      
Intangibles 245      
Total 1,519      
Accumulated Depreciation and Amortization $ (115)      
Life on which Depreciation in Latest Statement of Income is Computed 50 years      
Poseyville, IN | Retail        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 869      
Initial Cost to Company        
Land 160      
Building 947      
Intangibles 194      
Costs Capitalized Subsequent to Acquisition 0      
Land 160      
Building 947      
Intangibles 194      
Total 1,301      
Accumulated Depreciation and Amortization $ (107)      
Life on which Depreciation in Latest Statement of Income is Computed 44 years      
Dexter, MO | Retail        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 876      
Initial Cost to Company        
Land 141      
Building 890      
Intangibles 177      
Costs Capitalized Subsequent to Acquisition 0      
Land 141      
Building 890      
Intangibles 177      
Total 1,208      
Accumulated Depreciation and Amortization $ (105)      
Life on which Depreciation in Latest Statement of Income is Computed 40 years      
Hubbard Lake, MI | Retail        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 916      
Initial Cost to Company        
Land 40      
Building 1,017      
Intangibles 203      
Costs Capitalized Subsequent to Acquisition 0      
Land 40      
Building 1,017      
Intangibles 203      
Total 1,260      
Accumulated Depreciation and Amortization $ (122)      
Life on which Depreciation in Latest Statement of Income is Computed 40 years      
Fayette, MO | Retail        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 1,087      
Initial Cost to Company        
Land 107      
Building 1,168      
Intangibles 219      
Costs Capitalized Subsequent to Acquisition 0      
Land 107      
Building 1,168      
Intangibles 219      
Total 1,494      
Accumulated Depreciation and Amortization $ (140)      
Life on which Depreciation in Latest Statement of Income is Computed 40 years      
Centralia, IL | Retail        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 945      
Initial Cost to Company        
Land 200      
Building 913      
Intangibles 193      
Costs Capitalized Subsequent to Acquisition 0      
Land 200      
Building 913      
Intangibles 193      
Total 1,306      
Accumulated Depreciation and Amortization $ (125)      
Life on which Depreciation in Latest Statement of Income is Computed 40 years      
Trenton, MO | Retail        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 888      
Initial Cost to Company        
Land 396      
Building 628      
Intangibles 202      
Costs Capitalized Subsequent to Acquisition 0      
Land 396      
Building 628      
Intangibles 202      
Total 1,226      
Accumulated Depreciation and Amortization $ (127)      
Life on which Depreciation in Latest Statement of Income is Computed 30 years      
Houghton Lake, MI | Retail        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 957      
Initial Cost to Company        
Land 124      
Building 939      
Intangibles 241      
Costs Capitalized Subsequent to Acquisition 0      
Land 124      
Building 939      
Intangibles 241      
Total 1,304      
Accumulated Depreciation and Amortization $ (133)      
Life on which Depreciation in Latest Statement of Income is Computed 40 years      
Pelican Rapids, MN | Retail        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 911      
Initial Cost to Company        
Land 78      
Building 1,016      
Intangibles 169      
Costs Capitalized Subsequent to Acquisition 0      
Land 78      
Building 1,016      
Intangibles 169      
Total 1,263      
Accumulated Depreciation and Amortization $ (178)      
Life on which Depreciation in Latest Statement of Income is Computed 30 years      
Carthage, MO | Retail        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 840      
Initial Cost to Company        
Land 225      
Building 766      
Intangibles 176      
Costs Capitalized Subsequent to Acquisition 0      
Land 225      
Building 766      
Intangibles 176      
Total 1,167      
Accumulated Depreciation and Amortization $ (117)      
Life on which Depreciation in Latest Statement of Income is Computed 40 years      
Bolivar, MO | Retail        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 889      
Initial Cost to Company        
Land 186      
Building 876      
Intangibles 182      
Costs Capitalized Subsequent to Acquisition 0      
Land 186      
Building 876      
Intangibles 182      
Total 1,244      
Accumulated Depreciation and Amortization $ (129)      
Life on which Depreciation in Latest Statement of Income is Computed 40 years      
Pinconning, MI | Retail        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 944      
Initial Cost to Company        
Land 167      
Building 905      
Intangibles 221      
Costs Capitalized Subsequent to Acquisition 0      
Land 167      
Building 905      
Intangibles 221      
Total 1,293      
Accumulated Depreciation and Amortization $ (121)      
Life on which Depreciation in Latest Statement of Income is Computed 45 years      
New Hampton, IA | Retail        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 1,009      
Initial Cost to Company        
Land 177      
Building 1,111      
Intangibles 187      
Costs Capitalized Subsequent to Acquisition 0      
Land 177      
Building 1,111      
Intangibles 187      
Total 1,475      
Accumulated Depreciation and Amortization $ (180)      
Life on which Depreciation in Latest Statement of Income is Computed 35 years      
Ogden, IA | Retail        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 856      
Initial Cost to Company        
Land 107      
Building 931      
Intangibles 153      
Costs Capitalized Subsequent to Acquisition 0      
Land 107      
Building 931      
Intangibles 153      
Total 1,191      
Accumulated Depreciation and Amortization $ (160)      
Life on which Depreciation in Latest Statement of Income is Computed 35 years      
Wonder Lake, IL | Retail        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 938      
Initial Cost to Company        
Land 221      
Building 888      
Intangibles 214      
Costs Capitalized Subsequent to Acquisition 0      
Land 221      
Building 888      
Intangibles 214      
Total 1,323      
Accumulated Depreciation and Amortization $ (164)      
Life on which Depreciation in Latest Statement of Income is Computed 39 years      
Moscow Mills, MO | Retail        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 987      
Initial Cost to Company        
Land 161      
Building 945      
Intangibles 203      
Costs Capitalized Subsequent to Acquisition 0      
Land 161      
Building 945      
Intangibles 203      
Total 1,309      
Accumulated Depreciation and Amortization $ (159)      
Life on which Depreciation in Latest Statement of Income is Computed 45 years      
Foley, MN | Retail        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 883      
Initial Cost to Company        
Land 238      
Building 823      
Intangibles 172      
Costs Capitalized Subsequent to Acquisition 0      
Land 238      
Building 823      
Intangibles 172      
Total 1,233      
Accumulated Depreciation and Amortization $ (167)      
Life on which Depreciation in Latest Statement of Income is Computed 35 years      
Kirbyville, MO | Retail        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 869      
Initial Cost to Company        
Land 98      
Building 965      
Intangibles 155      
Costs Capitalized Subsequent to Acquisition 0      
Land 98      
Building 965      
Intangibles 155      
Total 1,218      
Accumulated Depreciation and Amortization $ (160)      
Life on which Depreciation in Latest Statement of Income is Computed 40 years      
Gladwin, MI | Retail        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 883      
Initial Cost to Company        
Land 88      
Building 951      
Intangibles 203      
Costs Capitalized Subsequent to Acquisition 0      
Land 88      
Building 951      
Intangibles 203      
Total 1,242      
Accumulated Depreciation and Amortization $ (150)      
Life on which Depreciation in Latest Statement of Income is Computed 45 years      
Rockford, MN | Retail        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 890      
Initial Cost to Company        
Land 187      
Building 850      
Intangibles 207      
Costs Capitalized Subsequent to Acquisition 0      
Land 187      
Building 850      
Intangibles 207      
Total 1,244      
Accumulated Depreciation and Amortization $ (219)      
Life on which Depreciation in Latest Statement of Income is Computed 30 years      
Winterset, IA | Retail        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 938      
Initial Cost to Company        
Land 272      
Building 830      
Intangibles 200      
Costs Capitalized Subsequent to Acquisition 0      
Land 272      
Building 830      
Intangibles 200      
Total 1,302      
Accumulated Depreciation and Amortization $ (173)      
Life on which Depreciation in Latest Statement of Income is Computed 35 years      
Kawkawlin, MI | Retail        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 921      
Initial Cost to Company        
Land 242      
Building 871      
Intangibles 179      
Costs Capitalized Subsequent to Acquisition 0      
Land 242      
Building 871      
Intangibles 179      
Total 1,292      
Accumulated Depreciation and Amortization $ (200)      
Life on which Depreciation in Latest Statement of Income is Computed 30 years      
Aroma Park, IL | Retail        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 948      
Initial Cost to Company        
Land 223      
Building 869      
Intangibles 164      
Costs Capitalized Subsequent to Acquisition 0      
Land 223      
Building 869      
Intangibles 164      
Total 1,256      
Accumulated Depreciation and Amortization $ (168)      
Life on which Depreciation in Latest Statement of Income is Computed 35 years      
East Peoria, IL | Retail        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 1,017      
Initial Cost to Company        
Land 233      
Building 998      
Intangibles 161      
Costs Capitalized Subsequent to Acquisition 0      
Land 233      
Building 998      
Intangibles 161      
Total 1,392      
Accumulated Depreciation and Amortization $ (189)      
Life on which Depreciation in Latest Statement of Income is Computed 40 years      
Milford, IA | Retail        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 984      
Initial Cost to Company        
Land 254      
Building 883      
Intangibles 217      
Costs Capitalized Subsequent to Acquisition 0      
Land 254      
Building 883      
Intangibles 217      
Total 1,354      
Accumulated Depreciation and Amortization $ (178)      
Life on which Depreciation in Latest Statement of Income is Computed 40 years      
Jefferson City, MO | Retail        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 941      
Initial Cost to Company        
Land 164      
Building 966      
Intangibles 205      
Costs Capitalized Subsequent to Acquisition 0      
Land 164      
Building 966      
Intangibles 205      
Total 1,335      
Accumulated Depreciation and Amortization $ (192)      
Life on which Depreciation in Latest Statement of Income is Computed 40 years      
Denver, IA | Retail        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 896      
Initial Cost to Company        
Land 198      
Building 840      
Intangibles 191      
Costs Capitalized Subsequent to Acquisition 0      
Land 198      
Building 840      
Intangibles 191      
Total 1,229      
Accumulated Depreciation and Amortization $ (187)      
Life on which Depreciation in Latest Statement of Income is Computed 35 years      
Port O'Connor, TX | Retail        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 946      
Initial Cost to Company        
Land 167      
Building 937      
Intangibles 200      
Costs Capitalized Subsequent to Acquisition 0      
Land 167      
Building 937      
Intangibles 200      
Total 1,304      
Accumulated Depreciation and Amortization $ (209)      
Life on which Depreciation in Latest Statement of Income is Computed 35 years      
Wabasha, MN | Retail        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 961      
Initial Cost to Company        
Land 237      
Building 912      
Intangibles 214      
Costs Capitalized Subsequent to Acquisition 0      
Land 237      
Building 912      
Intangibles 214      
Total 1,363      
Accumulated Depreciation and Amortization $ (222)      
Life on which Depreciation in Latest Statement of Income is Computed 35 years      
Jacksonville, FL | Retail        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 82,843      
Initial Cost to Company        
Land 13,290      
Building 106,601      
Intangibles 21,362      
Costs Capitalized Subsequent to Acquisition 8,024      
Land 13,290      
Building 114,625      
Intangibles 21,362      
Total 149,277      
Accumulated Depreciation and Amortization $ (26,863)      
Life on which Depreciation in Latest Statement of Income is Computed 36 years      
Shelbyville, IL | Retail        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 860      
Initial Cost to Company        
Land 189      
Building 849      
Intangibles 199      
Costs Capitalized Subsequent to Acquisition 0      
Land 189      
Building 849      
Intangibles 199      
Total 1,237      
Accumulated Depreciation and Amortization $ (180)      
Life on which Depreciation in Latest Statement of Income is Computed 40 years      
Jessup, IA | Retail        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 881      
Initial Cost to Company        
Land 119      
Building 890      
Intangibles 191      
Costs Capitalized Subsequent to Acquisition 0      
Land 119      
Building 890      
Intangibles 191      
Total 1,200      
Accumulated Depreciation and Amortization $ (197)      
Life on which Depreciation in Latest Statement of Income is Computed 35 years      
Hanna City, IL | Retail        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 862      
Initial Cost to Company        
Land 174      
Building 925      
Intangibles 132      
Costs Capitalized Subsequent to Acquisition 0      
Land 174      
Building 925      
Intangibles 132      
Total 1,231      
Accumulated Depreciation and Amortization $ (195)      
Life on which Depreciation in Latest Statement of Income is Computed 39 years      
Ridgedale, MO | Retail        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 989      
Initial Cost to Company        
Land 250      
Building 928      
Intangibles 187      
Costs Capitalized Subsequent to Acquisition 0      
Land 250      
Building 928      
Intangibles 187      
Total 1,365      
Accumulated Depreciation and Amortization $ (197)      
Life on which Depreciation in Latest Statement of Income is Computed 40 years      
Peoria, IL | Retail        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 901      
Initial Cost to Company        
Land 209      
Building 933      
Intangibles 133      
Costs Capitalized Subsequent to Acquisition 0      
Land 209      
Building 933      
Intangibles 133      
Total 1,275      
Accumulated Depreciation and Amortization $ (208)      
Life on which Depreciation in Latest Statement of Income is Computed 35 years      
Carmi, IL | Retail        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 1,096      
Initial Cost to Company        
Land 286      
Building 916      
Intangibles 239      
Costs Capitalized Subsequent to Acquisition 0      
Land 286      
Building 916      
Intangibles 239      
Total 1,441      
Accumulated Depreciation and Amortization $ (200)      
Life on which Depreciation in Latest Statement of Income is Computed 40 years      
Springfield, IL | Retail        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 998      
Initial Cost to Company        
Land 391      
Building 784      
Intangibles 227      
Costs Capitalized Subsequent to Acquisition 0      
Land 393      
Building 789      
Intangibles 224      
Total 1,406      
Accumulated Depreciation and Amortization $ (183)      
Life on which Depreciation in Latest Statement of Income is Computed 40 years      
Fayetteville, NC | Retail        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 4,865      
Initial Cost to Company        
Land 1,379      
Building 3,121      
Intangibles 2,472      
Costs Capitalized Subsequent to Acquisition 0      
Land 1,379      
Building 3,121      
Intangibles 2,471      
Total 6,971      
Accumulated Depreciation and Amortization $ (1,459)      
Life on which Depreciation in Latest Statement of Income is Computed 37 years      
Dryden Township, MI | Retail        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 908      
Initial Cost to Company        
Land 178      
Building 893      
Intangibles 201      
Costs Capitalized Subsequent to Acquisition 0      
Land 178      
Building 899      
Intangibles 202      
Total 1,279      
Accumulated Depreciation and Amortization $ (197)      
Life on which Depreciation in Latest Statement of Income is Computed 40 years      
Lamar, MO | Retail        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 898      
Initial Cost to Company        
Land 164      
Building 903      
Intangibles 171      
Costs Capitalized Subsequent to Acquisition 0      
Land 164      
Building 903      
Intangibles 171      
Total 1,238      
Accumulated Depreciation and Amortization $ (203)      
Life on which Depreciation in Latest Statement of Income is Computed 40 years      
Union, MO | Retail        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 941      
Initial Cost to Company        
Land 267      
Building 867      
Intangibles 207      
Costs Capitalized Subsequent to Acquisition 0      
Land 267      
Building 867      
Intangibles 207      
Total 1,341      
Accumulated Depreciation and Amortization $ (217)      
Life on which Depreciation in Latest Statement of Income is Computed 40 years      
Pawnee, IL | Retail        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 941      
Initial Cost to Company        
Land 249      
Building 775      
Intangibles 206      
Costs Capitalized Subsequent to Acquisition 0      
Land 249      
Building 775      
Intangibles 206      
Total 1,230      
Accumulated Depreciation and Amortization $ (197)      
Life on which Depreciation in Latest Statement of Income is Computed 40 years      
Linn, MO | Retail        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 856      
Initial Cost to Company        
Land 89      
Building 920      
Intangibles 183      
Costs Capitalized Subsequent to Acquisition 0      
Land 89      
Building 920      
Intangibles 183      
Total 1,192      
Accumulated Depreciation and Amortization $ (211)      
Life on which Depreciation in Latest Statement of Income is Computed 40 years      
Cape Girardeau, MO | Retail        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 1,032      
Initial Cost to Company        
Land 453      
Building 702      
Intangibles 217      
Costs Capitalized Subsequent to Acquisition 0      
Land 453      
Building 702      
Intangibles 217      
Total 1,372      
Accumulated Depreciation and Amortization $ (185)      
Life on which Depreciation in Latest Statement of Income is Computed 40 years      
Decatur-Pershing, IL | Retail        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 1,046      
Initial Cost to Company        
Land 395      
Building 924      
Intangibles 155      
Costs Capitalized Subsequent to Acquisition 0      
Land 395      
Building 924      
Intangibles 155      
Total 1,474      
Accumulated Depreciation and Amortization $ (211)      
Life on which Depreciation in Latest Statement of Income is Computed 40 years      
Rantoul, IL | Retail        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 920      
Initial Cost to Company        
Land 100      
Building 1,023      
Intangibles 178      
Costs Capitalized Subsequent to Acquisition 0      
Land 100      
Building 1,023      
Intangibles 178      
Total 1,301      
Accumulated Depreciation and Amortization $ (219)      
Life on which Depreciation in Latest Statement of Income is Computed 40 years      
Flora Vista, NM | Retail        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 997      
Initial Cost to Company        
Land 272      
Building 864      
Intangibles 198      
Costs Capitalized Subsequent to Acquisition 0      
Land 272      
Building 864      
Intangibles 198      
Total 1,334      
Accumulated Depreciation and Amortization $ (259)      
Life on which Depreciation in Latest Statement of Income is Computed 35 years      
Mountain Grove, MO | Retail        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 977      
Initial Cost to Company        
Land 163      
Building 1,026      
Intangibles 212      
Costs Capitalized Subsequent to Acquisition 0      
Land 163      
Building 1,026      
Intangibles 212      
Total 1,401      
Accumulated Depreciation and Amortization $ (242)      
Life on which Depreciation in Latest Statement of Income is Computed 40 years      
Decatur-Sunnyside, IL | Retail        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 954      
Initial Cost to Company        
Land 182      
Building 954      
Intangibles 139      
Costs Capitalized Subsequent to Acquisition 0      
Land 182      
Building 954      
Intangibles 139      
Total 1,275      
Accumulated Depreciation and Amortization $ (215)      
Life on which Depreciation in Latest Statement of Income is Computed 40 years      
Champaign, IL | Retail        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 1,012      
Initial Cost to Company        
Land 365      
Building 915      
Intangibles 149      
Costs Capitalized Subsequent to Acquisition 0      
Land 365      
Building 915      
Intangibles 149      
Total 1,429      
Accumulated Depreciation and Amortization $ (201)      
Life on which Depreciation in Latest Statement of Income is Computed 40 years      
San Antonio, TX | Retail        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 895      
Initial Cost to Company        
Land 252      
Building 703      
Intangibles 196      
Costs Capitalized Subsequent to Acquisition 0      
Land 251      
Building 702      
Intangibles 196      
Total 1,149      
Accumulated Depreciation and Amortization $ (205)      
Life on which Depreciation in Latest Statement of Income is Computed 35 years      
Borger, TX | Retail        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 790      
Initial Cost to Company        
Land 68      
Building 800      
Intangibles 181      
Costs Capitalized Subsequent to Acquisition 0      
Land 68      
Building 800      
Intangibles 181      
Total 1,049      
Accumulated Depreciation and Amortization $ (204)      
Life on which Depreciation in Latest Statement of Income is Computed 40 years      
Dimmitt, TX | Retail        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 1,063      
Initial Cost to Company        
Land 86      
Building 1,077      
Intangibles 236      
Costs Capitalized Subsequent to Acquisition 0      
Land 85      
Building 1,074      
Intangibles 236      
Total 1,395      
Accumulated Depreciation and Amortization $ (264)      
Life on which Depreciation in Latest Statement of Income is Computed 40 years      
St. Charles, MN | Retail        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 969      
Initial Cost to Company        
Land 200      
Building 843      
Intangibles 226      
Costs Capitalized Subsequent to Acquisition 0      
Land 200      
Building 843      
Intangibles 226      
Total 1,269      
Accumulated Depreciation and Amortization $ (262)      
Life on which Depreciation in Latest Statement of Income is Computed 30 years      
Philo, IL | Retail        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 932      
Initial Cost to Company        
Land 160      
Building 889      
Intangibles 189      
Costs Capitalized Subsequent to Acquisition 0      
Land 160      
Building 889      
Intangibles 189      
Total 1,238      
Accumulated Depreciation and Amortization $ (201)      
Life on which Depreciation in Latest Statement of Income is Computed 40 years      
Radford, VA | Retail        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 1,126      
Initial Cost to Company        
Land 411      
Building 896      
Intangibles 256      
Costs Capitalized Subsequent to Acquisition 0      
Land 411      
Building 896      
Intangibles 256      
Total 1,563      
Accumulated Depreciation and Amortization $ (292)      
Life on which Depreciation in Latest Statement of Income is Computed 40 years      
Rural Retreat, VA | Retail        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 1,017      
Initial Cost to Company        
Land 328      
Building 811      
Intangibles 260      
Costs Capitalized Subsequent to Acquisition 0      
Land 328      
Building 811      
Intangibles 260      
Total 1,399      
Accumulated Depreciation and Amortization $ (254)      
Life on which Depreciation in Latest Statement of Income is Computed 40 years      
Albion, PA | Retail        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 1,103      
Initial Cost to Company        
Land 100      
Building 1,033      
Intangibles 392      
Costs Capitalized Subsequent to Acquisition 0      
Land 100      
Building 1,033      
Intangibles 392      
Total 1,525      
Accumulated Depreciation and Amortization $ (430)      
Life on which Depreciation in Latest Statement of Income is Computed 50 years      
Mount Vernon, AL | Retail        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 925      
Initial Cost to Company        
Land 187      
Building 876      
Intangibles 174      
Costs Capitalized Subsequent to Acquisition 0      
Land 187      
Building 876      
Intangibles 174      
Total 1,237      
Accumulated Depreciation and Amortization $ (245)      
Life on which Depreciation in Latest Statement of Income is Computed 44 years      
Malone, NY | Retail        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 1,077      
Initial Cost to Company        
Land 183      
Building 1,154      
Intangibles 0      
Costs Capitalized Subsequent to Acquisition 166      
Land 183      
Building 1,320      
Intangibles 0      
Total 1,503      
Accumulated Depreciation and Amortization $ (262)      
Life on which Depreciation in Latest Statement of Income is Computed 39 years      
Mercedes, TX | Retail        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 830      
Initial Cost to Company        
Land 257      
Building 874      
Intangibles 132      
Costs Capitalized Subsequent to Acquisition 0      
Land 257      
Building 874      
Intangibles 132      
Total 1,263      
Accumulated Depreciation and Amortization $ (203)      
Life on which Depreciation in Latest Statement of Income is Computed 45 years      
Gordonville, MO | Retail        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 770      
Initial Cost to Company        
Land 247      
Building 787      
Intangibles 173      
Costs Capitalized Subsequent to Acquisition 0      
Land 247      
Building 787      
Intangibles 173      
Total 1,207      
Accumulated Depreciation and Amortization $ (206)      
Life on which Depreciation in Latest Statement of Income is Computed 40 years      
Rice, MN | Retail        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 815      
Initial Cost to Company        
Land 200      
Building 859      
Intangibles 184      
Costs Capitalized Subsequent to Acquisition 0      
Land 200      
Building 859      
Intangibles 184      
Total 1,243      
Accumulated Depreciation and Amortization $ (299)      
Life on which Depreciation in Latest Statement of Income is Computed 30 years      
Bixby, OK | Retail        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 7,937      
Initial Cost to Company        
Land 2,609      
Building 7,776      
Intangibles 1,765      
Costs Capitalized Subsequent to Acquisition 0      
Land 2,609      
Building 7,776      
Intangibles 1,765      
Total 12,150      
Accumulated Depreciation and Amortization $ (2,084)      
Life on which Depreciation in Latest Statement of Income is Computed 37 years      
Farmington, IL | Retail        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 893      
Initial Cost to Company        
Land 96      
Building 1,161      
Intangibles 150      
Costs Capitalized Subsequent to Acquisition 0      
Land 96      
Building 1,161      
Intangibles 150      
Total 1,407      
Accumulated Depreciation and Amortization $ (266)      
Life on which Depreciation in Latest Statement of Income is Computed 40 years      
Grove, OK | Retail        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 3,617      
Initial Cost to Company        
Land 402      
Building 4,364      
Intangibles 817      
Costs Capitalized Subsequent to Acquisition 0      
Land 402      
Building 4,364      
Intangibles 817      
Total 5,583      
Accumulated Depreciation and Amortization $ (1,226)      
Life on which Depreciation in Latest Statement of Income is Computed 37 years      
Jenks, OK | Retail        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 8,780      
Initial Cost to Company        
Land 2,617      
Building 8,694      
Intangibles 2,107      
Costs Capitalized Subsequent to Acquisition 0      
Land 2,617      
Building 8,694      
Intangibles 2,107      
Total 13,418      
Accumulated Depreciation and Amortization $ (2,469)      
Life on which Depreciation in Latest Statement of Income is Computed 38 years      
Bloomington, IL | Retail        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 815      
Initial Cost to Company        
Land 173      
Building 984      
Intangibles 138      
Costs Capitalized Subsequent to Acquisition 0      
Land 173      
Building 984      
Intangibles 138      
Total 1,295      
Accumulated Depreciation and Amortization $ (239)      
Life on which Depreciation in Latest Statement of Income is Computed 40 years      
Montrose, MN | Retail        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 774      
Initial Cost to Company        
Land 149      
Building 876      
Intangibles 169      
Costs Capitalized Subsequent to Acquisition 0      
Land 149      
Building 876      
Intangibles 169      
Total 1,194      
Accumulated Depreciation and Amortization $ (301)      
Life on which Depreciation in Latest Statement of Income is Computed 30 years      
Lincoln County, MO | Retail        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 737      
Initial Cost to Company        
Land 149      
Building 800      
Intangibles 188      
Costs Capitalized Subsequent to Acquisition 0      
Land 149      
Building 800      
Intangibles 188      
Total 1,137      
Accumulated Depreciation and Amortization $ (210)      
Life on which Depreciation in Latest Statement of Income is Computed 40 years      
Wilmington, IL | Retail        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 900      
Initial Cost to Company        
Land 161      
Building 1,078      
Intangibles 160      
Costs Capitalized Subsequent to Acquisition 0      
Land 161      
Building 1,078      
Intangibles 160      
Total 1,399      
Accumulated Depreciation and Amortization $ (260)      
Life on which Depreciation in Latest Statement of Income is Computed 40 years      
Danville, IL | Retail        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 737      
Initial Cost to Company        
Land 158      
Building 870      
Intangibles 132      
Costs Capitalized Subsequent to Acquisition 0      
Land 158      
Building 870      
Intangibles 132      
Total 1,160      
Accumulated Depreciation and Amortization $ (199)      
Life on which Depreciation in Latest Statement of Income is Computed 40 years      
Moultrie, GE | Retail        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 930      
Initial Cost to Company        
Land 170      
Building 962      
Intangibles 173      
Costs Capitalized Subsequent to Acquisition 0      
Land 170      
Building 962      
Intangibles 173      
Total 1,305      
Accumulated Depreciation and Amortization $ (322)      
Life on which Depreciation in Latest Statement of Income is Computed 44 years      
Rose Hill, NC | Retail        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 1,000      
Initial Cost to Company        
Land 245      
Building 972      
Intangibles 203      
Costs Capitalized Subsequent to Acquisition 0      
Land 245      
Building 972      
Intangibles 203      
Total 1,420      
Accumulated Depreciation and Amortization $ (312)      
Life on which Depreciation in Latest Statement of Income is Computed 44 years      
Rockingham, NC | Retail        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 821      
Initial Cost to Company        
Land 73      
Building 922      
Intangibles 163      
Costs Capitalized Subsequent to Acquisition 0      
Land 73      
Building 922      
Intangibles 163      
Total 1,158      
Accumulated Depreciation and Amortization $ (279)      
Life on which Depreciation in Latest Statement of Income is Computed 44 years      
Biscoe, NC | Retail        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 859      
Initial Cost to Company        
Land 147      
Building 905      
Intangibles 164      
Costs Capitalized Subsequent to Acquisition 0      
Land 147      
Building 905      
Intangibles 164      
Total 1,216      
Accumulated Depreciation and Amortization $ (284)      
Life on which Depreciation in Latest Statement of Income is Computed 44 years      
De Soto, IA | Retail        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 704      
Initial Cost to Company        
Land 139      
Building 796      
Intangibles 176      
Costs Capitalized Subsequent to Acquisition 0      
Land 139      
Building 796      
Intangibles 176      
Total 1,111      
Accumulated Depreciation and Amortization $ (225)      
Life on which Depreciation in Latest Statement of Income is Computed 35 years      
Kerrville, TX | Retail        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 768      
Initial Cost to Company        
Land 186      
Building 849      
Intangibles 200      
Costs Capitalized Subsequent to Acquisition 0      
Land 186      
Building 849      
Intangibles 200      
Total 1,235      
Accumulated Depreciation and Amortization $ (281)      
Life on which Depreciation in Latest Statement of Income is Computed 35 years      
Floresville, TX | Retail        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 814      
Initial Cost to Company        
Land 268      
Building 828      
Intangibles 216      
Costs Capitalized Subsequent to Acquisition 0      
Land 268      
Building 828      
Intangibles 216      
Total 1,312      
Accumulated Depreciation and Amortization $ (285)      
Life on which Depreciation in Latest Statement of Income is Computed 35 years      
Minot, ND | Retail        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 4,694      
Initial Cost to Company        
Land 1,856      
Building 4,472      
Intangibles 618      
Costs Capitalized Subsequent to Acquisition 0      
Land 1,856      
Building 4,472      
Intangibles 618      
Total 6,946      
Accumulated Depreciation and Amortization $ (1,115)      
Life on which Depreciation in Latest Statement of Income is Computed 38 years      
Lebanon, MI | Retail        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 820      
Initial Cost to Company        
Land 359      
Building 724      
Intangibles 178      
Costs Capitalized Subsequent to Acquisition 0      
Land 359      
Building 724      
Intangibles 178      
Total 1,261      
Accumulated Depreciation and Amortization $ (199)      
Life on which Depreciation in Latest Statement of Income is Computed 40 years      
Effingham County, IL | Retail        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 820      
Initial Cost to Company        
Land 273      
Building 774      
Intangibles 205      
Costs Capitalized Subsequent to Acquisition 0      
Land 273      
Building 774      
Intangibles 205      
Total 1,252      
Accumulated Depreciation and Amortization $ (231)      
Life on which Depreciation in Latest Statement of Income is Computed 40 years      
Ponce, Puerto Rico | Retail        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 6,516      
Initial Cost to Company        
Land 1,365      
Building 6,662      
Intangibles 1,318      
Costs Capitalized Subsequent to Acquisition 0      
Land 1,365      
Building 6,662      
Intangibles 1,318      
Total 9,345      
Accumulated Depreciation and Amortization $ (1,690)      
Life on which Depreciation in Latest Statement of Income is Computed 37 years      
Tremont, IL | Retail        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 784      
Initial Cost to Company        
Land 164      
Building 860      
Intangibles 168      
Costs Capitalized Subsequent to Acquisition 0      
Land 164      
Building 860      
Intangibles 168      
Total 1,192      
Accumulated Depreciation and Amortization $ (246)      
Life on which Depreciation in Latest Statement of Income is Computed 35 years      
Pleasanton, TX | Retail        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 859      
Initial Cost to Company        
Land 311      
Building 850      
Intangibles 216      
Costs Capitalized Subsequent to Acquisition 0      
Land 311      
Building 850      
Intangibles 216      
Total 1,377      
Accumulated Depreciation and Amortization $ (285)      
Life on which Depreciation in Latest Statement of Income is Computed 35 years      
Peoria, IL | Retail        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 849      
Initial Cost to Company        
Land 180      
Building 934      
Intangibles 179      
Costs Capitalized Subsequent to Acquisition 0      
Land 180      
Building 934      
Intangibles 179      
Total 1,293      
Accumulated Depreciation and Amortization $ (267)      
Life on which Depreciation in Latest Statement of Income is Computed 35 years      
Bridgeport, IL | Retail        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 816      
Initial Cost to Company        
Land 192      
Building 874      
Intangibles 175      
Costs Capitalized Subsequent to Acquisition 0      
Land 192      
Building 874      
Intangibles 175      
Total 1,241      
Accumulated Depreciation and Amortization $ (249)      
Life on which Depreciation in Latest Statement of Income is Computed 35 years      
Warren, MN | Retail        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 696      
Initial Cost to Company        
Land 108      
Building 825      
Intangibles 157      
Costs Capitalized Subsequent to Acquisition 0      
Land 108      
Building 825      
Intangibles 157      
Total 1,090      
Accumulated Depreciation and Amortization $ (285)      
Life on which Depreciation in Latest Statement of Income is Computed 30 years      
Canyon Lake, TX | Retail        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 901      
Initial Cost to Company        
Land 291      
Building 932      
Intangibles 220      
Costs Capitalized Subsequent to Acquisition 0      
Land 291      
Building 932      
Intangibles 220      
Total 1,443      
Accumulated Depreciation and Amortization $ (297)      
Life on which Depreciation in Latest Statement of Income is Computed 35 years      
Wheeler, TX | Retail        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 712      
Initial Cost to Company        
Land 53      
Building 887      
Intangibles 188      
Costs Capitalized Subsequent to Acquisition 0      
Land 53      
Building 887      
Intangibles 188      
Total 1,128      
Accumulated Depreciation and Amortization $ (282)      
Life on which Depreciation in Latest Statement of Income is Computed 35 years      
Aurora, MN | Retail        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 625      
Initial Cost to Company        
Land 126      
Building 709      
Intangibles 157      
Costs Capitalized Subsequent to Acquisition 0      
Land 126      
Building 709      
Intangibles 157      
Total 992      
Accumulated Depreciation and Amortization $ (202)      
Life on which Depreciation in Latest Statement of Income is Computed 40 years      
Red Oak, IA | Retail        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 779      
Initial Cost to Company        
Land 190      
Building 839      
Intangibles 179      
Costs Capitalized Subsequent to Acquisition 0      
Land 190      
Building 839      
Intangibles 179      
Total 1,208      
Accumulated Depreciation and Amortization $ (293)      
Life on which Depreciation in Latest Statement of Income is Computed 35 years      
Zapata, TX | Retail        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 747      
Initial Cost to Company        
Land 62      
Building 998      
Intangibles 145      
Costs Capitalized Subsequent to Acquisition 0      
Land 62      
Building 998      
Intangibles 145      
Total 1,205      
Accumulated Depreciation and Amortization $ (364)      
Life on which Depreciation in Latest Statement of Income is Computed 35 years      
St. Francis, MN | Retail        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 734      
Initial Cost to Company        
Land 105      
Building 911      
Intangibles 163      
Costs Capitalized Subsequent to Acquisition 0      
Land 105      
Building 911      
Intangibles 163      
Total 1,179      
Accumulated Depreciation and Amortization $ (354)      
Life on which Depreciation in Latest Statement of Income is Computed 35 years      
Yorktown, TX | Retail        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 786      
Initial Cost to Company        
Land 97      
Building 1,005      
Intangibles 199      
Costs Capitalized Subsequent to Acquisition 0      
Land 97      
Building 1,005      
Intangibles 199      
Total 1,301      
Accumulated Depreciation and Amortization $ (383)      
Life on which Depreciation in Latest Statement of Income is Computed 35 years      
Battle Lake, MN | Retail        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 721      
Initial Cost to Company        
Land 136      
Building 875      
Intangibles 157      
Costs Capitalized Subsequent to Acquisition 0      
Land 136      
Building 875      
Intangibles 157      
Total 1,168      
Accumulated Depreciation and Amortization $ (369)      
Life on which Depreciation in Latest Statement of Income is Computed 30 years      
Paynesville, MN | Retail        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 805      
Initial Cost to Company        
Land 246      
Building 816      
Intangibles 192      
Costs Capitalized Subsequent to Acquisition 0      
Land 246      
Building 816      
Intangibles 192      
Total 1,254      
Accumulated Depreciation and Amortization $ (307)      
Life on which Depreciation in Latest Statement of Income is Computed 40 years      
Wheaton, MO | Retail        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 641      
Initial Cost to Company        
Land 73      
Building 800      
Intangibles 97      
Costs Capitalized Subsequent to Acquisition 0      
Land 73      
Building 800      
Intangibles 97      
Total 970      
Accumulated Depreciation and Amortization $ (260)      
Life on which Depreciation in Latest Statement of Income is Computed 40 years      
Rotterdam, NY | Retail        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 8,978      
Initial Cost to Company        
Land 2,530      
Building 7,924      
Intangibles 2,165      
Costs Capitalized Subsequent to Acquisition 0      
Land 2,530      
Building 7,924      
Intangibles 2,165      
Total 12,619      
Accumulated Depreciation and Amortization $ (4,970)      
Life on which Depreciation in Latest Statement of Income is Computed 20 years      
Hilliard, OH | Retail        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 4,510      
Initial Cost to Company        
Land 654      
Building 4,870      
Intangibles 860      
Costs Capitalized Subsequent to Acquisition 0      
Land 654      
Building 4,870      
Intangibles 860      
Total 6,384      
Accumulated Depreciation and Amortization $ (1,419)      
Life on which Depreciation in Latest Statement of Income is Computed 41 years      
Niles, OH | Retail        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 3,664      
Initial Cost to Company        
Land 437      
Building 4,084      
Intangibles 680      
Costs Capitalized Subsequent to Acquisition 0      
Land 437      
Building 4,084      
Intangibles 680      
Total 5,201      
Accumulated Depreciation and Amortization $ (1,181)      
Life on which Depreciation in Latest Statement of Income is Computed 41 years      
Youngstown, OH | Retail        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 3,804      
Initial Cost to Company        
Land 380      
Building 4,363      
Intangibles 658      
Costs Capitalized Subsequent to Acquisition 0      
Land 380      
Building 4,363      
Intangibles 658      
Total 5,401      
Accumulated Depreciation and Amortization $ (1,289)      
Life on which Depreciation in Latest Statement of Income is Computed 40 years      
Iberia, MO | Retail        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 883      
Initial Cost to Company        
Land 130      
Building 1,033      
Intangibles 165      
Costs Capitalized Subsequent to Acquisition 0      
Land 130      
Building 1,033      
Intangibles 165      
Total 1,328      
Accumulated Depreciation and Amortization $ (343)      
Life on which Depreciation in Latest Statement of Income is Computed 39 years      
Pine Island, MN | Retail        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 759      
Initial Cost to Company        
Land 112      
Building 845      
Intangibles 185      
Costs Capitalized Subsequent to Acquisition 0      
Land 112      
Building 845      
Intangibles 185      
Total 1,142      
Accumulated Depreciation and Amortization $ (330)      
Life on which Depreciation in Latest Statement of Income is Computed 40 years      
Isle, MN | Retail        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 714      
Initial Cost to Company        
Land 120      
Building 787      
Intangibles 171      
Costs Capitalized Subsequent to Acquisition 0      
Land 120      
Building 787      
Intangibles 171      
Total 1,078      
Accumulated Depreciation and Amortization $ (319)      
Life on which Depreciation in Latest Statement of Income is Computed 40 years      
Jacksonville, NC | Retail        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 5,601      
Initial Cost to Company        
Land 1,863      
Building 5,749      
Intangibles 1,020      
Costs Capitalized Subsequent to Acquisition 0      
Land 1,863      
Building 5,749      
Intangibles 1,020      
Total 8,632      
Accumulated Depreciation and Amortization $ (1,810)      
Life on which Depreciation in Latest Statement of Income is Computed 44 years      
Evansville, IN | Retail        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 6,338      
Initial Cost to Company        
Land 1,788      
Building 6,348      
Intangibles 864      
Costs Capitalized Subsequent to Acquisition 0      
Land 1,788      
Building 6,348      
Intangibles 864      
Total 9,000      
Accumulated Depreciation and Amortization $ (2,111)      
Life on which Depreciation in Latest Statement of Income is Computed 35 years      
Woodland Park, CO | Retail        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 2,776      
Initial Cost to Company        
Land 668      
Building 2,681      
Intangibles 620      
Costs Capitalized Subsequent to Acquisition 0      
Land 668      
Building 2,681      
Intangibles 620      
Total 3,969      
Accumulated Depreciation and Amortization $ (1,126)      
Life on which Depreciation in Latest Statement of Income is Computed 35 years      
Springfield, MO | Retail        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 8,237      
Initial Cost to Company        
Land 3,658      
Building 6,296      
Intangibles 1,870      
Costs Capitalized Subsequent to Acquisition 0      
Land 3,658      
Building 6,296      
Intangibles 1,870      
Total 11,824      
Accumulated Depreciation and Amortization $ (2,526)      
Life on which Depreciation in Latest Statement of Income is Computed 37 years      
Cedar Rapids, IA | Retail        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 7,729      
Initial Cost to Company        
Land 1,569      
Building 7,553      
Intangibles 1,878      
Costs Capitalized Subsequent to Acquisition 0      
Land 1,569      
Building 7,553      
Intangibles 1,878      
Total 11,000      
Accumulated Depreciation and Amortization $ (3,260)      
Life on which Depreciation in Latest Statement of Income is Computed 30 years      
Fairfield, IA | Retail        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 7,518      
Initial Cost to Company        
Land 1,132      
Building 7,779      
Intangibles 1,800      
Costs Capitalized Subsequent to Acquisition 0      
Land 1,132      
Building 7,779      
Intangibles 1,800      
Total 10,711      
Accumulated Depreciation and Amortization $ (2,818)      
Life on which Depreciation in Latest Statement of Income is Computed 37 years      
Owatonna, MN | Retail        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 7,019      
Initial Cost to Company        
Land 1,398      
Building 7,125      
Intangibles 1,564      
Costs Capitalized Subsequent to Acquisition 0      
Land 1,398      
Building 7,125      
Intangibles 1,564      
Total 10,087      
Accumulated Depreciation and Amortization $ (2,699)      
Life on which Depreciation in Latest Statement of Income is Computed 36 years      
Muscatine, IA | Retail        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 5,034      
Initial Cost to Company        
Land 1,060      
Building 6,636      
Intangibles 1,307      
Costs Capitalized Subsequent to Acquisition 0      
Land 1,060      
Building 6,636      
Intangibles 1,307      
Total 9,003      
Accumulated Depreciation and Amortization $ (2,680)      
Life on which Depreciation in Latest Statement of Income is Computed 29 years      
Sheldon, IA | Retail        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 3,027      
Initial Cost to Company        
Land 633      
Building 3,053      
Intangibles 708      
Costs Capitalized Subsequent to Acquisition 0      
Land 633      
Building 3,053      
Intangibles 708      
Total 4,394      
Accumulated Depreciation and Amortization $ (1,153)      
Life on which Depreciation in Latest Statement of Income is Computed 37 years      
Memphis, TN | Retail        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 3,882      
Initial Cost to Company        
Land 1,986      
Building 2,800      
Intangibles 803      
Costs Capitalized Subsequent to Acquisition 0      
Land 1,986      
Building 2,800      
Intangibles 803      
Total 5,589      
Accumulated Depreciation and Amortization $ (2,168)      
Life on which Depreciation in Latest Statement of Income is Computed 15 years      
Bennett, CO | Retail        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 2,471      
Initial Cost to Company        
Land 470      
Building 2,503      
Intangibles 563      
Costs Capitalized Subsequent to Acquisition 0      
Land 470      
Building 2,503      
Intangibles 563      
Total 3,536      
Accumulated Depreciation and Amortization $ (1,077)      
Life on which Depreciation in Latest Statement of Income is Computed 34 years      
O'Fallon, IL | Retail        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 5,674      
Initial Cost to Company        
Land 2,488      
Building 5,388      
Intangibles 1,064      
Costs Capitalized Subsequent to Acquisition 0      
Land 2,488      
Building 5,388      
Intangibles 1,064      
Total 8,940      
Accumulated Depreciation and Amortization $ (4,099)      
Life on which Depreciation in Latest Statement of Income is Computed 15 years      
El Centro, CA | Retail        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 2,977      
Initial Cost to Company        
Land 569      
Building 3,133      
Intangibles 575      
Costs Capitalized Subsequent to Acquisition 0      
Land 569      
Building 3,133      
Intangibles 575      
Total 4,277      
Accumulated Depreciation and Amortization $ (1,030)      
Life on which Depreciation in Latest Statement of Income is Computed 50 years      
Durant, OK | Retail        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 3,250      
Initial Cost to Company        
Land 594      
Building 3,900      
Intangibles 498      
Costs Capitalized Subsequent to Acquisition 0      
Land 594      
Building 3,900      
Intangibles 498      
Total 4,992      
Accumulated Depreciation and Amortization $ (1,299)      
Life on which Depreciation in Latest Statement of Income is Computed 40 years      
Gallatin, TN | Retail        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 3,322      
Initial Cost to Company        
Land 1,725      
Building 2,616      
Intangibles 721      
Costs Capitalized Subsequent to Acquisition 0      
Land 1,725      
Building 2,616      
Intangibles 721      
Total 5,062      
Accumulated Depreciation and Amortization $ (1,159)      
Life on which Depreciation in Latest Statement of Income is Computed 40 years      
Mt. Airy, NC | Retail        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 2,950      
Initial Cost to Company        
Land 729      
Building 3,353      
Intangibles 621      
Costs Capitalized Subsequent to Acquisition 0      
Land 729      
Building 3,353      
Intangibles 621      
Total 4,703      
Accumulated Depreciation and Amortization $ (1,307)      
Life on which Depreciation in Latest Statement of Income is Computed 39 years      
Aiken, SC | Retail        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 3,885      
Initial Cost to Company        
Land 1,588      
Building 3,480      
Intangibles 858      
Costs Capitalized Subsequent to Acquisition 0      
Land 1,588      
Building 3,480      
Intangibles 858      
Total 5,926      
Accumulated Depreciation and Amortization $ (1,411)      
Life on which Depreciation in Latest Statement of Income is Computed 41 years      
Johnson City, TN | Retail        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 3,453      
Initial Cost to Company        
Land 917      
Building 3,607      
Intangibles 739      
Costs Capitalized Subsequent to Acquisition 0      
Land 917      
Building 3,607      
Intangibles 739      
Total 5,263      
Accumulated Depreciation and Amortization $ (1,422)      
Life on which Depreciation in Latest Statement of Income is Computed 40 years      
Palmview, TX | Retail        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 4,466      
Initial Cost to Company        
Land 938      
Building 4,837      
Intangibles 1,044      
Costs Capitalized Subsequent to Acquisition 0      
Land 938      
Building 4,837      
Intangibles 1,044      
Total 6,819      
Accumulated Depreciation and Amortization $ (1,629)      
Life on which Depreciation in Latest Statement of Income is Computed 44 years      
Ooltewah, TN | Retail        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 3,740      
Initial Cost to Company        
Land 903      
Building 3,957      
Intangibles 843      
Costs Capitalized Subsequent to Acquisition 0      
Land 903      
Building 3,957      
Intangibles 841      
Total 5,701      
Accumulated Depreciation and Amortization $ (1,517)      
Life on which Depreciation in Latest Statement of Income is Computed 41 years      
Abingdon, VA | Retail        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 3,003      
Initial Cost to Company        
Land 682      
Building 3,733      
Intangibles 666      
Costs Capitalized Subsequent to Acquisition 0      
Land 682      
Building 3,733      
Intangibles 666      
Total 5,081      
Accumulated Depreciation and Amortization $ (1,450)      
Life on which Depreciation in Latest Statement of Income is Computed 41 years      
Vineland, NJ | Retail        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 0      
Initial Cost to Company        
Land 1,482      
Building 17,742      
Intangibles 3,282      
Costs Capitalized Subsequent to Acquisition 0      
Land 1,482      
Building 17,742      
Intangibles 3,282      
Total 22,506      
Accumulated Depreciation and Amortization $ (8,781)      
Life on which Depreciation in Latest Statement of Income is Computed 30 years      
Saratoga Springs, NY | Retail        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 0      
Initial Cost to Company        
Land 748      
Building 13,936      
Intangibles 5,538      
Costs Capitalized Subsequent to Acquisition 0      
Land 748      
Building 13,936      
Intangibles 5,538      
Total 20,222      
Accumulated Depreciation and Amortization $ (8,251)      
Life on which Depreciation in Latest Statement of Income is Computed 27 years      
Waldorf, MD | Retail        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 0      
Initial Cost to Company        
Land 4,933      
Building 11,684      
Intangibles 2,882      
Costs Capitalized Subsequent to Acquisition 0      
Land 4,933      
Building 11,684      
Intangibles 2,882      
Total 19,499      
Accumulated Depreciation and Amortization $ (6,978)      
Life on which Depreciation in Latest Statement of Income is Computed 25 years      
Mooresville, NC | Retail        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 0      
Initial Cost to Company        
Land 2,615      
Building 12,462      
Intangibles 2,566      
Costs Capitalized Subsequent to Acquisition 0      
Land 2,615      
Building 12,462      
Intangibles 2,566      
Total 17,643      
Accumulated Depreciation and Amortization $ (7,395)      
Life on which Depreciation in Latest Statement of Income is Computed 24 years      
DeLeon Springs, FL | Retail        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 0      
Initial Cost to Company        
Land 239      
Building 782      
Intangibles 221      
Costs Capitalized Subsequent to Acquisition 0      
Land 239      
Building 782      
Intangibles 221      
Total 1,242      
Accumulated Depreciation and Amortization $ (512)      
Life on which Depreciation in Latest Statement of Income is Computed 35 years      
Orange City, FL | Retail        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 0      
Initial Cost to Company        
Land 229      
Building 853      
Intangibles 235      
Costs Capitalized Subsequent to Acquisition 0      
Land 229      
Building 853      
Intangibles 235      
Total 1,317      
Accumulated Depreciation and Amortization $ (530)      
Life on which Depreciation in Latest Statement of Income is Computed 35 years      
Satsuma, FL | Retail        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 0      
Initial Cost to Company        
Land 79      
Building 821      
Intangibles 192      
Costs Capitalized Subsequent to Acquisition 0      
Land 79      
Building 821      
Intangibles 192      
Total 1,092      
Accumulated Depreciation and Amortization $ (510)      
Life on which Depreciation in Latest Statement of Income is Computed 35 years      
Greenwood, AR | Retail        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 0      
Initial Cost to Company        
Land 1,038      
Building 3,415      
Intangibles 694      
Costs Capitalized Subsequent to Acquisition 0      
Land 1,038      
Building 3,415      
Intangibles 694      
Total 5,147      
Accumulated Depreciation and Amortization $ (1,387)      
Life on which Depreciation in Latest Statement of Income is Computed 43 years      
Millbrook, AL | Retail        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 0      
Initial Cost to Company        
Land 970      
Building 5,972      
Intangibles 0      
Costs Capitalized Subsequent to Acquisition 0      
Land 970      
Building 5,972      
Intangibles 0      
Total 6,942      
Accumulated Depreciation and Amortization $ (2,024)      
Life on which Depreciation in Latest Statement of Income is Computed 32 years      
Spartanburg, SC | Retail        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 3,341      
Initial Cost to Company        
Land 828      
Building 2,567      
Intangibles 772      
Costs Capitalized Subsequent to Acquisition 0      
Land 828      
Building 2,567      
Intangibles 772      
Total 4,167      
Accumulated Depreciation and Amortization $ (1,372)      
Life on which Depreciation in Latest Statement of Income is Computed 42 years      
Tupelo, MS | Retail        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 4,516      
Initial Cost to Company        
Land 1,120      
Building 3,070      
Intangibles 939      
Costs Capitalized Subsequent to Acquisition 0      
Land 1,120      
Building 3,070      
Intangibles 939      
Total 5,129      
Accumulated Depreciation and Amortization $ (1,560)      
Life on which Depreciation in Latest Statement of Income is Computed 47 years      
Lilburn, GA | Retail        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 0      
Initial Cost to Company        
Land 1,090      
Building 3,673      
Intangibles 1,028      
Costs Capitalized Subsequent to Acquisition 0      
Land 1,090      
Building 3,673      
Intangibles 1,028      
Total 5,791      
Accumulated Depreciation and Amortization $ (1,802)      
Life on which Depreciation in Latest Statement of Income is Computed 47 years      
Douglasville, GA | Retail        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 4,719      
Initial Cost to Company        
Land 1,717      
Building 2,705      
Intangibles 987      
Costs Capitalized Subsequent to Acquisition 0      
Land 1,717      
Building 2,705      
Intangibles 987      
Total 5,409      
Accumulated Depreciation and Amortization $ (1,427)      
Life on which Depreciation in Latest Statement of Income is Computed 48 years      
Elkton, MD | Retail        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 4,369      
Initial Cost to Company        
Land 963      
Building 3,049      
Intangibles 860      
Costs Capitalized Subsequent to Acquisition 0      
Land 963      
Building 3,049      
Intangibles 860      
Total 4,872      
Accumulated Depreciation and Amortization $ (1,508)      
Life on which Depreciation in Latest Statement of Income is Computed 49 years      
Lexington, SC | Retail        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 4,110      
Initial Cost to Company        
Land 1,644      
Building 2,219      
Intangibles 869      
Costs Capitalized Subsequent to Acquisition 0      
Land 1,644      
Building 2,219      
Intangibles 869      
Total 4,732      
Accumulated Depreciation and Amortization $ (1,282)      
Life on which Depreciation in Latest Statement of Income is Computed 48 years      
Schaumburg, IL | Diversified        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 0      
Initial Cost to Company        
Land 8,029      
Building 29,971      
Intangibles 0      
Costs Capitalized Subsequent to Acquisition 569      
Land 8,029      
Building 30,541      
Intangibles 0      
Total 38,570      
Accumulated Depreciation and Amortization $ (2,886)      
Life on which Depreciation in Latest Statement of Income is Computed 25 years      
Houston, TX | Diversified        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 0      
Initial Cost to Company        
Land 826      
Building 6,322      
Intangibles 2,380      
Costs Capitalized Subsequent to Acquisition 0      
Land 826      
Building 6,323      
Intangibles 2,380      
Total 9,529      
Accumulated Depreciation and Amortization $ (261)      
Life on which Depreciation in Latest Statement of Income is Computed 28 years      
San Diego, CA | Diversified        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 31,752      
Initial Cost to Company        
Land 7,469      
Building 34,781      
Intangibles 0      
Costs Capitalized Subsequent to Acquisition 1,622      
Land 7,469      
Building 36,403      
Intangibles 0      
Total 43,872      
Accumulated Depreciation and Amortization $ (7,038)      
Life on which Depreciation in Latest Statement of Income is Computed 23 years      
Omaha, NE | Diversified        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 0      
Initial Cost to Company        
Land 2,963      
Building 15,237      
Intangibles 0      
Costs Capitalized Subsequent to Acquisition 1,100      
Land 2,963      
Building 16,337      
Intangibles 0      
Total 19,300      
Accumulated Depreciation and Amortization $ (3,192)      
Life on which Depreciation in Latest Statement of Income is Computed 35 years      
Isla Vista, CA | Diversified        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 88,117      
Initial Cost to Company        
Land 36,274      
Building 47,694      
Intangibles 1,118      
Costs Capitalized Subsequent to Acquisition 1,703      
Land 36,274      
Building 49,397      
Intangibles 1,118      
Total 86,789      
Accumulated Depreciation and Amortization $ (7,118)      
Life on which Depreciation in Latest Statement of Income is Computed 42 years      
Crum Lynne, PA | Diversified        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 6,017      
Initial Cost to Company        
Land 1,403      
Building 7,518      
Intangibles 1,666      
Costs Capitalized Subsequent to Acquisition 0      
Land 1,403      
Building 7,518      
Intangibles 1,666      
Total 10,587      
Accumulated Depreciation and Amortization $ (1,599)      
Life on which Depreciation in Latest Statement of Income is Computed 35 years      
New York, NY | Diversified        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 0      
Initial Cost to Company        
Land 2,434      
Building 5,482      
Intangibles 0      
Costs Capitalized Subsequent to Acquisition 0      
Land 2,434      
Building 5,482      
Intangibles 0      
Total 7,916      
Accumulated Depreciation and Amortization $ (174)      
Life on which Depreciation in Latest Statement of Income is Computed 28 years      
Peoria, IL | Diversified        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 0      
Initial Cost to Company        
Land 940      
Building 439      
Intangibles 1,508      
Costs Capitalized Subsequent to Acquisition 1,020      
Land 1,174      
Building 1,460      
Intangibles 1,508      
Total 4,142      
Accumulated Depreciation and Amortization $ (1,171)      
Life on which Depreciation in Latest Statement of Income is Computed 15 years      
Carmel, NY | Diversified        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 0      
Initial Cost to Company        
Land 2,041      
Building 3,632      
Intangibles 1,033      
Costs Capitalized Subsequent to Acquisition 0      
Land 2,041      
Building 4,238      
Intangibles 1,033      
Total 7,312      
Accumulated Depreciation and Amortization $ (2,063)      
Life on which Depreciation in Latest Statement of Income is Computed 20 years      
Oakland County, MI | Diversified        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 17,674      
Initial Cost to Company        
Land 1,147      
Building 7,707      
Intangibles 9,932      
Costs Capitalized Subsequent to Acquisition 10,195      
Land 1,144      
Building 17,895      
Intangibles 9,927      
Total 28,966      
Accumulated Depreciation and Amortization $ (20,167)      
Life on which Depreciation in Latest Statement of Income is Computed 35 years      
v3.22.4
Schedule III-Real Estate and Accumulated Depreciation Real Estate - Reconciliation (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]      
Beginning Balance $ 1,127,495 $ 1,216,229 $ 1,254,163
Acquisitions 0 20,452 7,793
Acquisitions through foreclosures 24,965 81,750 29,310
Improvements 6,949 4,871 6,101
Dispositions and write-offs (260,265) (195,807) (81,138)
Ending Balance $ 899,144 $ 1,127,495 $ 1,216,229
v3.22.4
Schedule III-Real Estate and Accumulated Depreciation Real Estate - Accumulated Depreciation (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward]      
Beginning Balance $ 236,622 $ 230,925 $ 206,082
Depreciation and amortization expense 32,937 38,069 39,346
Dispositions/write-offs (70,551) (32,372) (14,503)
Ending Balance $ 199,008 $ 236,622 $ 230,925
v3.22.4
Schedule IV - Mortgage Loans on Real Estate Mortgage Loans on Real Estate (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]      
Interest Rates 8.82% 5.65%  
Prior Liens $ 564,472    
Face amount of Mortgages 3,938,646    
Carrying Amount of Mortgages 3,892,382 $ 3,521,985 $ 2,343,070
Principal Amount of Mortgages Subject to Delinquent Principal or Interest 56,509    
Total carrying amount of mortgages 3,913,137    
Provision for loan losses (20,755)    
Principal balance of loans on non-accrual status 53,800    
Aggregate cost for U.S. federal tax income purposes 3,800,000    
Mortgage loans held for sale 3,892,382 3,521,985 2,343,070
Mortgage loan receivables held for investment, net, at amortized cost:      
Mortgage loans receivable, beginning balance 3,521,985 2,343,070 3,358,861
Beginning balance, Allowance for credit losses (31,752) (41,507) (20,500)
Origination of mortgage loan receivables 1,296,083 2,530,247 566,506
Purchases of mortgage loan receivables 0    
Repayment of mortgage loan receivables (901,150) (1,059,979) (961,236)
Proceeds from sales of mortgage loan receivables (29,151) (305,649) (582,764)
Non-cash disposition of loan via foreclosure (10,235) (81,289) (31,249)
Realized gain on sale of mortgage loan receivables (2,511) 8,398 (1,571)
Accretion/amortization of discount, premium and other fees 20,759 13,832 15,530
Release (addition) of provision for current expected credit loss, net (3,711) 8,713 (18,275)
Release of asset-specific loan loss provision via foreclosure   1,150 2,500
Provision expense for current expected credit loss (implementation impact)     (4,964)
Provision expense for current expected credit loss (impact to earnings) (3,398) 8,605 (18,543)
Mortgage loans receivable, ending balance 3,892,382 3,521,985 2,343,070
Ending balance, Allowance for credit losses (20,755) (31,752) (41,507)
Provision for (release of) loan loss reserves, net 14,395   18,275
Mortgage loan  receivables held for sale      
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]      
Carrying Amount of Mortgages 27,400    
Mortgage loans held for sale 27,400    
Mortgage loan receivables held for investment, net, at amortized cost:      
Mortgage loans receivable, ending balance 27,400    
Total mortgage loan receivables held for investment, net, at amortized cost      
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]      
Carrying Amount of Mortgages 3,885,746 3,553,737 2,354,059
Mortgage loans held for sale 3,885,746 3,553,737 2,354,059
Mortgage loan receivables held for investment, net, at amortized cost:      
Mortgage loans receivable, beginning balance 3,553,737 2,354,059 3,257,036
Beginning balance, Allowance for credit losses (31,752) (41,507) (20,500)
Origination of mortgage loan receivables 1,234,765 2,309,888 353,661
Purchases of mortgage loan receivables 0 63,600  
Repayment of mortgage loan receivables (901,082) (1,059,796) (960,832)
Proceeds from sales of mortgage loan receivables 0 (46,557) (270,491)
Non-cash disposition of loan via foreclosure (10,235) (81,289) (31,249)
Realized gain on sale of mortgage loan receivables 2,197 0 (9,596)
Accretion/amortization of discount, premium and other fees 20,759 13,832 15,530
Release (addition) of provision for current expected credit loss, net   8,605  
Release of asset-specific loan loss provision via foreclosure   1,150 2,500
Provision expense for current expected credit loss (implementation impact)     (4,964)
Provision expense for current expected credit loss (impact to earnings) (3,398) 8,605 (18,543)
Mortgage loans receivable, ending balance 3,885,746 3,553,737 2,354,059
Ending balance, Allowance for credit losses $ (20,755) (31,752) (41,507)
Mortgage loan  receivables held for sale      
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]      
Interest Rates 4.57%    
Carrying Amount of Mortgages $ 27,391 0 30,518
Mortgage loans held for sale 27,391 0 30,518
Mortgage loan receivables held for investment, net, at amortized cost:      
Mortgage loans receivable, beginning balance 0 30,518 122,325
Origination of mortgage loan receivables 61,318 220,359 212,845
Purchases of mortgage loan receivables 0 0  
Repayment of mortgage loan receivables (68) (183) (404)
Proceeds from sales of mortgage loan receivables (29,151) (259,092) (312,273)
Non-cash disposition of loan via foreclosure   0 0
Realized gain on sale of mortgage loan receivables (4,708) 8,398 8,025
Accretion/amortization of discount, premium and other fees   0 0
Mortgage loans receivable, ending balance 27,391 $ 0 $ 30,518
First mortgage loan      
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]      
Prior Liens 0    
Face amount of Mortgages 3,872,696    
Carrying Amount of Mortgages 3,847,251    
Principal Amount of Mortgages Subject to Delinquent Principal or Interest 56,509    
Mortgage loans held for sale 3,847,251    
Mortgage loan receivables held for investment, net, at amortized cost:      
Mortgage loans receivable, ending balance 3,847,251    
Second Mortgage      
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]      
Prior Liens 564,472    
Face amount of Mortgages 65,950    
Carrying Amount of Mortgages 65,886    
Principal Amount of Mortgages Subject to Delinquent Principal or Interest 0    
Mortgage loans held for sale 65,886    
Mortgage loan receivables held for investment, net, at amortized cost:      
Mortgage loans receivable, ending balance 65,886    
Office, Mixed | First Mortgages individually greater than 3%      
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]      
Prior Liens 0    
Face amount of Mortgages 373,468    
Carrying Amount of Mortgages 371,489    
Principal Amount of Mortgages Subject to Delinquent Principal or Interest 0    
Mortgage loans held for sale 371,489    
Mortgage loan receivables held for investment, net, at amortized cost:      
Mortgage loans receivable, ending balance $ 371,489    
Office, Mixed | Minimum | First Mortgages individually greater than 3%      
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]      
Interest Rates 7.75%    
Office, Mixed | Maximum | First Mortgages individually greater than 3%      
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]      
Interest Rates 8.30%    
Mixed, Office, Multi-Family, Industrial, Hotel, Mobile Home Park, Retail, Land | First Mortgages individually less than 3%      
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]      
Prior Liens $ 0    
Face amount of Mortgages 3,499,228    
Carrying Amount of Mortgages 3,475,762    
Principal Amount of Mortgages Subject to Delinquent Principal or Interest 56,509    
Mortgage loans held for sale 3,475,762    
Mortgage loan receivables held for investment, net, at amortized cost:      
Mortgage loans receivable, ending balance $ 3,475,762    
Mixed, Office, Multi-Family, Industrial, Hotel, Mobile Home Park, Retail, Land | Minimum | First Mortgages individually less than 3%      
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]      
Interest Rates 4.25%    
Mixed, Office, Multi-Family, Industrial, Hotel, Mobile Home Park, Retail, Land | Maximum | First Mortgages individually less than 3%      
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]      
Interest Rates 13.40%    
Multi-Family, Hotel, Office | Subordinated Mortgages individually less than 3%      
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]      
Prior Liens $ 564,472    
Face amount of Mortgages 65,950    
Carrying Amount of Mortgages 65,886    
Principal Amount of Mortgages Subject to Delinquent Principal or Interest 0    
Mortgage loans held for sale 65,886    
Mortgage loan receivables held for investment, net, at amortized cost:      
Mortgage loans receivable, ending balance $ 65,886    
Multi-Family, Hotel, Office | Minimum | Subordinated Mortgages individually less than 3%      
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]      
Interest Rates 9.00%    
Multi-Family, Hotel, Office | Maximum | Subordinated Mortgages individually less than 3%      
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]      
Interest Rates 12.00%    
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Accounting Standards Update [Extensible Enumeration] us-gaap_AccountingStandardsUpdateExtensibleList Accounting Standards Update 2016-13 [Member]