LADDER CAPITAL CORP, 10-K filed on 2/12/2024
Annual Report
v3.24.0.1
Cover Page - USD ($)
 12 Months Ended
Dec. 31, 2023
Feb. 02, 2024
Jun. 30, 2023
Document Type 10-K    
Document Annual Report true    
Document Period End Date Dec. 31, 2023    
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    
Document Financial Statement Error Correction [Flag] false    
Entity Public Float     $ 1,222,489,920
Documents Incorporated by Reference
DOCUMENTS INCORPORATED BY REFERENCE

Portions of the definitive proxy statement for the Company’s 2023 Annual Meeting of Stockholders have been incorporated by reference into Part III of this Report.
    
Entity Central Index Key 0001577670    
Document Fiscal Year Focus 2023    
Document Fiscal Period Focus FY    
Amendment Flag false    
Class A Common Stock      
Entity Common Stock, Shares Outstanding   126,617,221  
Class B Common Stock      
Entity Common Stock, Shares Outstanding   0  
v3.24.0.1
Audit Information
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
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
v3.24.0.1
Consolidated Balance Sheets - USD ($)
$ in Thousands
Dec. 31, 2023
Dec. 31, 2022
Assets    
Cash and cash equivalents [1] $ 1,015,678 $ 609,078
Restricted cash [1] 15,450 50,524
Mortgage loan receivables held for investment, net, at amortized cost:    
Mortgage loans receivable [1] 3,155,089 3,885,746
Allowance for credit losses [1] (43,165) (20,755)
Mortgage loan receivables held for sale [1] 26,868 27,391
Securities [1] 485,533 587,519
Real estate and related lease intangibles, net [1] 726,442 700,136
Investments in and advances to unconsolidated ventures [1] 6,877 6,219
Derivative instruments [1] 1,454 2,038
Accrued interest receivable [1] 24,233 24,938
Other assets [1] 98,218 78,339
Total assets [1] 5,512,677 5,951,173
Liabilities    
Debt obligations, net [1] 3,783,946 4,245,697
Dividends payable [1] 32,294 32,000
Accrued expenses [1] 65,144 68,227
Other liabilities [1] 99,095 71,688
Total liabilities [1] 3,980,479 4,417,612
Commitments and contingencies [1] 0 0
Equity    
Additional paid-in capital [1] 1,756,750 1,826,833
Treasury stock, 1,115,789 and 1,525,429 shares, at cost [1] (12,001) (95,600)
Retained earnings (dividends in excess of earnings) [1] (197,875) (177,005)
Accumulated other comprehensive income (loss) [1] (13,853) (21,009)
Total shareholders’ equity [1] 1,533,148 1,533,346
Noncontrolling interests in consolidated ventures [1] (950) 215
Total equity [1] 1,532,198 1,533,561
Total liabilities and equity [1] 5,512,677 5,951,173
Class A Common Stock    
Equity    
Class A common stock, par value $0.001 per share, 600,000,000 shares authorized; 128,027,478 and 128,027,478 shares issued and 126,911,689 and 126,502,049 shares outstanding as of December 31, 2023 and December 31, 2022, respectively. [1] $ 127 $ 127
[1] Includes amounts relating to consolidated variable interest entities. Refer to Note 2 and Note 9.
v3.24.0.1
Consolidated Balance Sheets (Parenthetical) - $ / shares
Dec. 31, 2023
Dec. 31, 2022
Treasury stock (in shares) 1,115,789 1,525,429
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) 128,027,478 128,027,478
Common stock, outstanding (in shares) 126,911,689 126,502,049
v3.24.0.1
Consolidated Statements of Income - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Net interest income      
Interest income $ 407,284 $ 293,520 $ 176,099
Interest expense 245,097 195,602 182,949
Net interest income (expense) 162,187 97,918 (6,850)
Provision for (release of) loan loss reserves, net 25,096 3,711 (8,713)
Net interest income (expense) after provision for (release of) loan loss reserves 137,091 94,207 1,863
Other income (loss)      
Real estate operating income 96,950 108,269 101,564
Net result from mortgage loan receivables held for sale (523) (2,511) 8,398
Realized gain (loss) on securities (276) (73) 1,594
Unrealized gain (loss) on securities 29 (86) (91)
Realized gain (loss) on sale of real estate, net 8,808 115,998 55,766
Fee and other income 9,178 15,020 11,190
Net result from derivative transactions 1,481 12,360 1,749
Earnings from investment in unconsolidated ventures 758 1,410 1,579
Gain on extinguishment of debt 10,718 685 0
Total other income (loss) 127,123 251,072 181,749
Costs and expenses      
Compensation and employee benefits 63,618 75,836 38,347
Operating expenses 19,503 20,716 17,672
Real estate operating expenses 37,587 38,605 26,161
Investment related expenses 8,847 7,235 5,810
Depreciation and amortization 29,914 32,673 37,801
Total costs and expenses 159,469 175,065 125,791
Income (loss) before taxes 104,745 170,214 57,821
Income tax expense (benefit) 4,244 4,909 928
Net income (loss) 100,501 165,305 56,893
Net (income) loss attributable to noncontrolling interests in consolidated ventures $ 624 $ (23,088) $ (371)
Earnings per share:      
Basic (in dollars per share) $ 0.81 $ 1.14 $ 0.46
Diluted (in dollars per share) $ 0.81 $ 1.13 $ 0.45
Weighted average shares outstanding:      
Basic (in shares) 124,667,877 124,301,421 123,763,843
Diluted (in shares) 124,882,398 125,823,671 124,563,051
Class A Common Stock      
Costs and expenses      
Net income (loss) attributable to Class A common shareholders $ 101,125 $ 142,217 $ 56,522
Earnings per share:      
Basic (in dollars per share) $ 0.81 $ 1.14 $ 0.46
Diluted (in dollars per share) $ 0.81 $ 1.13 $ 0.45
Weighted average shares outstanding:      
Basic (in shares) 124,667,877   123,763,843
Diluted (in shares) 124,882,398 125,823,671 124,563,051
v3.24.0.1
Consolidated Statements of Comprehensive Income - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Net income (loss) $ 100,501 $ 165,305 $ 56,893
Unrealized gain (loss) on securities, net of tax:      
Unrealized gain (loss) on securities, available for sale 6,875 (16,957) 8,005
Reclassification adjustment for (gain) loss included in net income (loss) 281 60 (1,654)
Total other comprehensive income (loss) 7,156 (16,897) 6,351
Comprehensive income (loss) 107,657 148,408 63,244
Comprehensive (income) loss attributable to noncontrolling interest in consolidated ventures 624 (23,088) (371)
Class A Common Stock      
Unrealized gain (loss) on securities, net of tax:      
Comprehensive income (loss) attributable to Class A common shareholders $ 108,281 $ 125,320 $ 62,873
v3.24.0.1
Consolidated Statements of Changes in Equity - USD ($)
$ in Thousands
Total
Class A Common Stock
Class A Common Stock
Class A Common Stock
Class A Common Stock
Additional Paid- in-Capital
Treasury Stock
Retained Earnings (Dividends in Excess of Earnings)
Accumulated Other Comprehensive Income (Loss)
Consolidated Ventures
Beginning Balance (in shares) at Dec. 31, 2020       126,378,000          
Beginning Balance at Dec. 31, 2020 $ 1,548,425     $ 127 $ 1,780,074 $ (62,859) $ (163,717) $ (10,463) $ 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 (in shares)       (440,000)          
Shares acquired to satisfy minimum required federal and state tax withholding on vesting restricted stock (4,457)         (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       125,453,000          
Ending Balance at Dec. 31, 2021 1,513,619     $ 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 (in shares)       (955,000)          
Shares acquired to satisfy minimum required federal and state tax withholding on vesting restricted stock (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   126,502,000          
Ending Balance at Dec. 31, 2022 1,533,561 [1]     $ 127 1,826,833 (95,600) (177,005) (21,009) 215
Increase Decrease in Stockholders' Equity                  
Distributions (541)               (541)
Amortization of equity based compensation 18,577       18,577        
Purchase of treasury stock (in shares)       (269,000)          
Purchase of treasury stock (2,481)         (2,481)      
Re-issuance of treasury stock (in shares)       1,417,000          
Re-issuance of treasury stock 0     $ 1 (15,528) 15,527      
Shares acquired to satisfy minimum required federal and state tax withholding on vesting restricted stock (in shares)       (689,000)          
Shares acquired to satisfy minimum required federal and state tax withholding on vesting restricted stock (7,862)     $ (1)   (7,861)      
Forfeitures (in shares)       (49,000)          
Forfeitures 0       510 (510)      
Dividends declared (116,713)           (116,713)    
Net income (loss) 100,501           101,125   (624)
Other comprehensive income (loss) 7,156             7,156  
Treasury stock cost basis reclassification 0       (73,642) 78,924 (5,282)    
Ending Balance (in shares) at Dec. 31, 2023   126,911,689   126,912,000          
Ending Balance at Dec. 31, 2023 $ 1,532,198 [1]     $ 127 $ 1,756,750 $ (12,001) $ (197,875) $ (13,853) $ (950)
[1] Includes amounts relating to consolidated variable interest entities. Refer to Note 2 and Note 9.
v3.24.0.1
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Cash flows from operating activities:      
Net income (loss) $ 100,501 $ 165,305 $ 56,893
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:      
(Gain) loss on extinguishment of debt (10,718) (685) 0
Depreciation and amortization 29,914 32,673 37,801
Non-cash operating lease expense 1,522 0 0
Unrealized (gain) loss on derivative instruments 390 (645) (42)
Unrealized (gain) loss on equity securities (25) 41 0
Unrealized (gain) loss on Agency interest-only securities (4) 45 91
Provision for (release of) loan loss reserves 25,096 3,711 (8,713)
Amortization of equity based compensation 18,577 31,584 15,300
Amortization of deferred financing costs included in interest expense 12,428 15,565 21,530
Amortization of premium/discount on mortgage loan financing included in interest expense (604) (731) (1,226)
Amortization of above- and below-market lease intangibles (1,797) (1,763) (1,888)
(Accretion)/amortization of discount, premium and other fees on loans (19,046) (20,759) (13,832)
(Accretion)/amortization of discount and premium on securities (1,352) (827) 236
Net result from mortgage loan receivables held for sale 523 2,511 (8,398)
Realized (gain) loss on disposition of loan via foreclosure 0 0 26
Realized (gain) loss on securities 276 73 (1,594)
Realized (gain) loss on sale of real estate, net (8,808) (115,998) (55,766)
Realized (gain) loss on sale of derivative instruments 291 (64) 0
(Earnings) loss from investments in unconsolidated ventures in excess of distributions received (658) (785) (1,462)
Insurance proceeds for remediation work due to property damage 473 0 2,092
Insurance proceeds used for remediation work due to property damage (462) (27) (1,888)
Origination of mortgage loan receivables held for sale 0 (61,318) (220,359)
Repayment of mortgage loan receivables held for sale 0 68 183
Proceeds from sales of mortgage loan receivables held for sale 0 29,151 259,092
Change in deferred tax asset (liability) 1,182 (505) 271
Changes in operating assets and liabilities:      
Accrued interest receivable 706 (11,294) 649
Other assets 7,552 4,425 5,758
Accrued expenses and other liabilities 24,647 36,959 (5,015)
Net cash provided by (used in) operating activities 180,604 106,710 79,739
Cash flows from investing activities:      
Origination and funding of mortgage loan receivables held for investment (68,415) (1,234,765) (2,309,888)
Purchases of mortgage loan receivables held for investment 0 0 (63,600)
Repayment of mortgage loan receivables held for investment 738,464 909,766 1,103,614
Proceeds from sale of mortgage loan receivables held for investment 0 0 46,557
Purchases of securities (143,953) (96,173) (247,022)
Repayment of securities 232,124 184,838 164,494
Basis recovery of interest-only securities 4,116 4,960 6,589
Proceeds from sales of securities 17,838 5,780 438,594
Purchases of real estate 0 0 (20,452)
Capital improvements of real estate (4,374) (6,949) (4,873)
Proceeds from sale of real estate 13,391 310,527 190,870
Capital distribution from investment in unconsolidated ventures 0 2,284 24,561
Proceeds from FHLB stock 4,410 2,250 19,165
Purchase of derivative instruments (223) (1,097) (69)
Sale of derivative instruments 125 169 0
Net cash provided by (used in) investing activities 793,503 81,590 (651,460)
Cash flows from financing activities:      
Deferred financing costs paid (3,378) (8,311) (3,221)
Proceeds from borrowings under debt obligations 921,008 2,426,666 4,519,064
Repayment and repurchase of borrowings under debt obligations (1,348,093) (2,412,961) (4,493,566)
Cash dividends paid to Class A common shareholders (116,419) (107,011) (100,553)
Re-issuance of treasury stock 0 0 (1)
Payment of liability assumed in exchange for shares for the minimum withholding taxes on vesting restricted stock (7,862) (11,356) (4,457)
Purchase of treasury stock (2,481) (7,916) (9,007)
Issuance of common stock 0 0 1
Net cash provided by (used in) financing activities (557,766) (150,244) (91,017)
Net increase (decrease) in cash, cash equivalents and restricted cash 416,341 38,056 (662,738)
Cash, cash equivalents and restricted cash at beginning of period 659,602 621,546 1,284,284
Cash, cash equivalents and restricted cash at end of period 1,075,943 659,602 621,546
Supplemental information:      
Cash paid for interest, net of amounts capitalized 233,637 177,977 173,128
Cash paid (received) for income taxes (2,402) (1,169) (2,527)
Non-cash investing and financing activities:      
Securities and derivatives purchased, not settled 0 2,953 18
Securities and derivatives sold, not settled 0 10 10
Repayment in transit of mortgage loans receivable held for investment (other assets) 7,867 18,928 26,636
Settlement of mortgage loan receivable held for investment by real estate, net (91,408) 0 (81,129)
Real estate acquired in settlement of mortgage loan receivable held for investment, net 87,526 9,386 81,750
Net settlement of sale of real estate, subject to debt - real estate (31,292) 0 (29,827)
Net settlement of sale of real estate, subject to debt - debt obligations 31,292 0 29,827
Real estate acquired in former unconsolidated venture agreement 0 15,436 0
Transfer of real estate, net into real estate held for sale 0 0 25,179
Dividends declared, not paid 32,294 32,000 27,591
Cash and cash equivalents 1,015,678 [1] 609,078 [1] 548,744
Restricted cash 15,450 50,524 72,802
Short-term unsettled U.S. Treasury securities classified in other assets on the consolidated balance sheet 44,815 0 0
Total cash, cash equivalents and restricted cash shown in the consolidated statement of cash flows 1,075,943 659,602 621,546
Consolidated Joint Venture      
Cash flows from financing activities:      
Capital contributed by noncontrolling interests in consolidated ventures 0 186 1,506
Capital distributed to noncontrolling interests in consolidated ventures $ (541) $ (29,541) $ (783)
[1] Includes amounts relating to consolidated variable interest entities. Refer to Note 2 and Note 9.
v3.24.0.1
ORGANIZATION AND OPERATIONS
 12 Months Ended
Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
ORGANIZATION AND OPERATIONS
1. ORGANIZATION AND OPERATIONS
 
Ladder Capital Corp (“Ladder,” “Ladder Capital,” and 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, 2023, Ladder Capital Corp has a 100% 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.”
v3.24.0.1
SIGNIFICANT ACCOUNTING POLICIES
 12 Months Ended
Dec. 31, 2023
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 accounting principles generally accepted in the United States (“GAAP”).

The consolidated financial statements include the Company’s accounts and those of its subsidiaries that are majority-owned and/or controlled by the Company and variable interest entities 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 (“variable interest entities” or “VIEs”) 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 9, Consolidated Variable Interest Entities, for further information on the Company’s consolidated variable interest entities. Investments in and advances to unconsolidated ventures represents the Company’s investment in Grace Lake LLC, a VIE. The Company determined that it was not the primary beneficiary of this VIE because 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 unconsolidated VIE that it was not previously contractually required to provide.
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; and
•determination of the effective tax rate for income tax provision.

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, 2023 and December 31, 2022. At December 31, 2023 and December 31, 2022, and at various times during the years, the balances exceeded the insured limits.
 
Restricted Cash

Restricted cash primarily consists of deposits related to real estate, which include tenant security deposits. Restricted cash also 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.

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.

Allowance 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. 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 property-type 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 interest receivable. The Company has made a policy election to write off aged receivables through interest income as opposed to through the CECL provision on its statements of income.

Loans for which the borrower or sponsor is experiencing financial difficulty, and where repayment of the loan is expected substantially through the operation or sale of the underlying collateral, are considered collateral dependent loans.

For collateral dependent loans, the Company may elect a practical expedient which allows the Company to measure expected losses based on the difference between the collateral’s fair value and the amortized cost basis of the loan. When the repayment or satisfaction of the loan is dependent on a sale, rather than operations of the collateral, the fair value is adjusted for the estimated costs to sell the collateral. If foreclosure is probable, the Company is required to measure for expected losses using this methodology.

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 collateral dependent 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.

When a debtor is experiencing financial difficulties and a loan is modified, the effect of the modification will be included in the Company’s assessment of the CECL allowance for loan losses. If the Company provides principal forgiveness, the amortized cost basis of the loan is written off against the allowance for loan losses. Generally, when modifying loans, 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 the effects of modifications granted should conditions impacting the loan improve.

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 recorded as a component of other comprehensive income (loss) in shareholders’ equity.

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, are carried at estimated fair value with changes in fair value recognized in earnings in the consolidated statements of income.

As more fully described in Note 4, Securities, 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.

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 four 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.

The Company develops an understanding of the valuation methodologies used by third-party 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 real estate, 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 14, Fair Value of Financial Instruments, 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.

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 14, 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, including:
 
•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, 2023 and 2022, the carrying value of the FHLB stock was $5.2 million and $9.6 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.

Treasury Stock

Repurchases of shares and shares acquired to satisfy tax withholding in connection with the vesting of restricted stock are recorded at cost as a reduction of shareholders’ equity in treasury stock.

Reissuances of shares at an amount greater or (less) than the average cost basis of the shares results in gains (losses) that are recognized in shareholders’ equity. Gains on reissuances are recorded to additional paid-in capital. Losses on reissuances are recorded to additional paid-in capital to the extent previous net gains from reissuances of are included in additional paid-in capital. Losses in excess of that amount are recorded to retained earnings.
During the year ended December 31, 2023, the Company reclassified $73.6 million and $5.3 million from treasury stock to additional paid in capital and retained earnings, respectively, for treasury stock repurchases and reissuances prior to January 1, 2023. As a part of this out-of-period reclassification, there was no impact to total equity.

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, 2023, 2022 and 2021, the Company did not have material interest or penalties associated with the underpayment of any income taxes. The 2019-2023 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.
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, 2023 and 2022, 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 recognized as a financing transaction and accounted for under ASC 470. 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.

Investment Related Expenses

Investment related expenses are composed primarily of servicing costs, fees related to financing arrangements, transaction related costs 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 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 eliminated 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. 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 adopted ASU 2022-02 on January 1, 2023 and the adoption of ASU 2022-02 did not have a material impact on the Company’s consolidated financial statements.

Recent Accounting Pronouncements Pending Adoption

In November 2023, the FASB issued ASU 2023-07—Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures (“ASU 2023-07”). ASU 2023-07 improves reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024, early adoption is permitted. The amendments should be applied retrospectively to all prior periods presented in the financial statements. Upon transition, the segment expense categories and amounts disclosed in the prior periods should be based on the significant segment expense categories identified and disclosed in the period of adoption. The Company is currently evaluating the impact of the update on the Company’s consolidated financial statements.

In December 2023, the FASB issued ASU 2023-09—Income Taxes (Topic 740): Improvements to Income Tax Disclosures (“ASU 2023-09”). ASU 2023-09 improves the transparency of income tax disclosures related to rate reconciliation and income taxes. ASU 2023-07 is effective for annual periods beginning after December 15, 2024. For entities other than public business entities, the amendments are effective for annual periods beginning after December 15, 2025. Early adoption is permitted for annual financial statements that have not yet been issued or made available for issuance. The amendments should be applied prospectively, however retrospective application is permitted. 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 being evaluated or not expected to have a material impact on the consolidated financial statements upon adoption.
v3.24.0.1
MORTGAGE LOAN RECEIVABLES
 12 Months Ended
Dec. 31, 2023
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Abstract]  
MORTGAGE LOAN RECEIVABLES
3. MORTGAGE LOAN RECEIVABLES
 
December 31, 2023 ($ in thousands)
Outstanding
Face Amount		Carrying
Value		Weighted
Average
Yield (1)(2)		Remaining
Maturity
(years)(2)(3)
Mortgage loan receivables held for investment, net, at amortized cost:
First mortgage loans$3,131,803 $3,122,707 9.63 %0.7
Mezzanine loans32,423 32,382 11.46 %0.9
Total mortgage loans receivable3,164,226 3,155,089 9.65 %0.7
Allowance for credit losses N/A (43,165)
Total mortgage loan receivables held for investment, net, at amortized cost3,164,226 3,111,924 
Mortgage loan receivables held for sale:
First mortgage loans31,350 26,868 (4)4.57 %8.2
Total$3,195,576 $3,138,792 (5)9.61 %0.7
(1)Includes the impact of interest rate floors. Term SOFR rates in effect as of December 31, 2023 are used to calculate weighted average yield for floating rate loans.
(2)Excludes one non-accrual loan of $14.5 million. Refer to “Non-Accrual Status” below for further details.
(3)The remaining maturity is calculated based on the initial maturity. The weighted average extended maturity for all loans is 1.8 years.
(4)As a result of changes in prevailing rates, the Company recorded a lower of cost or market adjustment as of December 31, 2023. The adjustment was calculated using a 5.18% discount rate.
(5)Net of $9.1 million of deferred origination fees and other items as of December 31, 2023.

As of December 31, 2023, $2.8 billion, or 87.8%, of the outstanding face amount of our mortgage loan receivables held for investment, net, at amortized cost, were at variable interest rates linked to Term SOFR. Of this $2.8 billion, 100% of these variable interest rate mortgage loan receivables were subject to interest rate floors. As of December 31, 2023, $31.4 million, or 100%, of the outstanding face amount of our mortgage loan receivables held for sale were at fixed interest rates.

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)4.57 %9.2
Total$3,938,615 $3,892,382 (5)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.
(3)Includes the impact of one first mortgage loan with a principal balance of $51.5 million, which was extended through 2026 in January 2023.
(4)As a result of rising prevailing rates, the Company recorded a lower of cost or market adjustment as of December 31, 2022. The adjustment was calculated using a 5.16% discount rate.
(5)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 Term 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.

For the years ended December 31, 2023, 2022, and 2021, 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, 2022$3,885,746 $(20,755)$27,391 
Origination of mortgage loan receivables (1)68,415 — — 
Repayment of mortgage loan receivables (2)(726,710)— — 
Non-cash disposition of loans via foreclosure (3)(91,408)— — 
Net result from mortgage loan receivables held for sale (4)— — (523)
Accretion/amortization of discount, premium and other fees19,046 — — 
Charge offs— 2,700 — 
Release (addition) of provision for current expected credit loss, net (5)— (25,110)— 
Balance, December 31, 2023$3,155,089 $(43,165)$26,868 
(1)Includes funding of commitments on existing mortgage loans.
(2)Excludes $11.8 million of proceeds received from repayments in transit.
(3)Refer to Note 5, Real Estate and Related Lease Intangibles, Net, for further detail on foreclosure of real estate.
(4)Includes unrealized lower of cost or market adjustment and realized gain/loss on loans held for sale.
(5)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, 2021$3,553,737 $(31,752)$— 
Origination of mortgage loan receivables (1)1,234,765 — 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 (2)(10,235)— — 
Net result from mortgage loan receivables held for sale (3)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 (4)— (3,398)— 
Balance, December 31, 2022$3,885,746 $(20,755)$27,391 
(1)Includes funding of commitments on existing mortgage loans.
(2)Refer to Note 5, Real Estate and Related Lease Intangibles, Net, for further detail on foreclosure of real estate.
(3)Represents unrealized lower of cost or market adjustment on loans held for sale.
(4)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)— — 
Net result from mortgage loan receivables held for sale— — 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.
Allowance for Credit Losses and Non-Accrual Status ($ in thousands)
Year Ended December 31,
Allowance for Credit Losses202320222021
Allowance for credit losses at beginning of period$20,755 $31,752 $41,507 
Provision for (release of) current expected credit loss, net (1)25,110 6,503 (8,605)
Foreclosure of loans subject to asset-specific reserve— — (1,150)
Charge-offs(2,700)(14,395)— 
Recoveries (2)— (3,105)— 
Allowance for credit losses at end of period$43,165 $20,755 $31,752 
(1)There were no asset-specific reserves recorded for the years ended December 31, 2023, 2022, and 2021.
(2)Recoveries are recognized within the consolidated statements of income through “Provision for (release of) loan loss reserves.”

Non-Accrual Status (1)December 31, 2023(2)December 31, 2022(3)(4)
Amortized cost basis of loans on non-accrual status, net of asset-specific reserve$14,541 $53,809 
(1)As of December 31, 2023 and December 31, 2022, the loans on non-accrual status were greater than 90 days past due and are considered collateral dependent.
(2)Comprised of one multi-family with an amortized cost basis of $14.5 million, for which the Company determined no asset-specific reserve was necessary.
(3)Includes two retail loans with an amortized cost basis of $26.0 million and asset-specific reserves of $2.7 million.
(4)Includes one mixed-use loan with an amortized cost basis of $30.5 million, for which the Company determined no asset-specific reserve was necessary.

During the year ended December 31, 2023, the Company modified two first mortgage loans with a combined amortized cost basis of $106.5 million as of December 31, 2023, or 3.4% of the Company’s mortgage loan receivable portfolio. Together, these modifications resulted in a weighted average extension of 2.3 years, in exchange for terms that included $6.0 million of payments that reduced our amortized cost basis and $6.5 million of reserve replenishments. No principal or interest was forgiven, and Ladder also received a 15% non-controlling common equity interest in one of the properties. The payment structure of both loans was modified to defer a portion of the contractual interest until maturity and the Company is accruing only the current pay component. As of December 31, 2023, both loans are current. Subsequent to the modifications, for the year ended December 31, 2023, the Company accrued $2.6 million of interest income related to these two loans.
Current Expected Credit Loss (“CECL”)

As of December 31, 2023, the Company has a $43.9 million allowance for current expected credit losses, of which $43.2 million pertains to mortgage loan receivables and $0.7 million relates to unfunded commitments included in other liabilities in the consolidated balance sheets. As of December 31, 2023, the Company concluded that none of its loans required an asset-specific reserve.

As of December 31, 2022, the Company had a $21.5 million allowance for current expected credit losses, of which $20.8 million pertained to mortgage loan receivables and $0.7 million related to unfunded commitments. This allowance included $2.7 million of asset-specific reserves relating to two retail loans with an amortized cost basis of $26.0 million as of December 31, 2022. The Company concluded that none of its other loans were individually impaired as of December 31, 2022.
The total change in provision for loan loss reserves for the year ended December 31, 2023 was an increase of the provision of $25.1 million. The increase for the year ended December 31, 2023 represents an increase in the general reserve of loans held for investment of $25.1 million. The increase in provision associated with the general reserve during the year ended December 31, 2023 is due to adverse changes in macroeconomic market conditions affecting commercial real estate.

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 for the year ended December 31, 2022 represents an increase in the general reserve of loans held for investment of $6.5 million, and an increase related to unfunded loan commitments $0.3 million, partially offset by a $3.1 million recovery of provision. The increase in the general reserve during the year ended December 31, 2022 was primarily due to adverse changes in macroeconomic scenarios and an overall increase in the size of our balance sheet first mortgage portfolio as a result of net originations during that time.
Management’s method for monitoring credit is the performance of a loan. The primary credit quality indicator management utilizes to assess its current expected credit loss reserve is by viewing the Company’s mortgage loan portfolio by collateral type. The primary credit quality indicator is reviewed by management on a quarterly basis. The following tables summarize the amortized cost of the mortgage loan portfolio by collateral type as of December 31, 2023 and December 31, 2022, respectively ($ in thousands):
Amortized Cost Basis by Origination Year as of December 31, 2023
Collateral Type20232022202120202019 and EarlierTotal (1)
Multifamily$14,461 $547,532 $612,489 $— $— $1,174,482 
Office — 79,148 614,743 — 211,674 905,565 
Mixed Use— 193,470 321,514 — 41,403 556,387 
Industrial— 22,636 34,746 — 119,344 176,726 
Manufactured Housing— 32,655 82,895 — — 115,550 
Retail— 12,934 87,052 — 9,083 109,069 
Hospitality— — 18,589 — 55,380 73,969 
Other— 31,363 11,978 — — 43,341 
Subtotal mortgage loans receivable14,461 919,738 1,784,006 — 436,884 3,155,089 
Individually Impaired loans— — — — — — 
Total mortgage loans receivable (2)$14,461 $919,738 $1,784,006 $— $436,884 $3,155,089 
Amortized Cost Basis by Origination Year as of December 31, 2022
Collateral Type20222021202020192018 and EarlierTotal
Multifamily$702,125 $722,862 $— $— $— $1,424,987 
Office78,754 676,431 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 
Subtotal mortgage loans receivable1,145,229 2,102,307 56,150 332,046 224,002 3,859,734 
Individually Impaired loans— — — — 26,012 26,012 
Total mortgage loans receivable (3)$1,145,229 $2,102,307 $56,150 $332,046 $250,014 $3,885,746 
(1)For the year ended December 31, 2023, there was a $2.7 million of write-off of an asset-specific allowance in connection with a foreclosure of one retail property in New York, NY.
(2)Not included above is $22.4 million of accrued interest receivable on all loans at December 31, 2023.
(3)Not included above is $23.2 million of accrued interest receivable on all loans at December 31, 2022.
v3.24.0.1
SECURITIES
 12 Months Ended
Dec. 31, 2023
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.

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, 2023, 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”) interest-only, Federal Home Loan Mortgage Corp (“FHLMC”) and equity securities are recorded at fair value with changes in fair value recognized in earnings in the consolidated statements of income. The following is a summary of the Company’s securities at December 31, 2023 and December 31, 2022 ($ in thousands):

December 31, 2023
    Gross Unrealized  Weighted Average
Asset TypeOutstanding
Face Amount		 Amortized Cost BasisGainsLosses (7)Carrying
Value		# of
Securities		Rating (1)Coupon %Yield %Remaining
Duration
(years)
CMBS$439,679  $439,052 $277 $(14,439)$424,890 (2)64 AAA6.67 %6.83 %2.00
CMBS interest-only(3)876,555 (3)6,453 169 (53)6,569 (4)9 AAA0.57 %6.61 %1.07
GNMA interest-only(5)37,053 (3)214 51 (52)213 14 AAA0.36 %6.12 %3.60
Agency securities22  22 — (1)21 1 AAA4.00 %2.70 %1.05
U.S. Treasury securities54,031 53,648 68 — 53,716 7 AAAN/A5.41 %0.07
Total debt securities$1,407,340 $499,389 $565 $(14,545)$485,409 (6)95 2.55 %6.82 %1.98
Equity securitiesN/A160 — (16)144 1 N/AN/AN/AN/A
Allowance for current expected credit lossesN/A— — (20)(20)
Total securities$1,407,340  $499,549 $565 $(14,581)$485,533 96  

December 31, 2022
    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$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 AAAN/A4.17 %0.60
Total debt securities$1,670,439 $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   
(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, 2023 and December 31, 2022, includes $9.0 million of restricted securities which are designated as risk retention securities under the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010, as amended (“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, 2023 and December 31, 2022, includes $0.3 million and $0.4 million, respectively 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)GNMA interest-only securities are recorded at fair value with changes in fair value recorded in current period earnings. The Company’s GNMA 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 securities in the consolidated statements of income.
(6)The Company’s investments in debt securities represent 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, 2023 and December 31, 2022 ($ in thousands):
 
December 31, 2023
Asset TypeWithin 1 year1-5 years5-10 yearsAfter 10 yearsTotal
CMBS$81,343 $343,547 $— $— $424,890 
CMBS interest-only2,121 4,448 — — 6,569 
GNMA interest-only86 22 105 — 213 
Agency securities— 21 — — 21 
U.S. Treasury securities53,716 — — — 53,716 
Total securities (1)$137,266 $348,038 $105 $— $485,409 
(1)Excluded from the table above are $0.1 million of equity securities and $(20.0) thousand of allowance for current expected credit losses.
 
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 
Total securities (1)$379,700 $207,590 $130 $— $587,420 
(1)Excluded from the table above are $0.1 million of equity securities and $(20.0) thousand of allowance for current expected credit losses.

During the year ended December 31, 2023, the Company did not sell any equity securities. During the year ended December 31, 2022, the Company sold $1.5 million of equity securities.
v3.24.0.1
REAL ESTATE AND RELATED LEASE INTANGIBLES, NET
 12 Months Ended
Dec. 31, 2023
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, 2023December 31, 2022
Land$183,194 $158,802 
Building647,201 625,655 
In-place leases and other intangibles116,831 114,687 
Undepreciated real estate and related lease intangibles947,226 899,144 
Less: Accumulated depreciation and amortization(220,784)(199,008)
Real estate and related lease intangibles, net(1)$726,442 $700,136 
Below market lease intangibles, net (other liabilities)(2)$(28,860)$(30,892)
(1)There was unencumbered real estate of $160.8 million and $140.3 million as of December 31, 2023 and December 31, 2022, respectively.
(2)Below market lease intangibles is net of $15.8 million and $13.6 million of accumulated amortization as of December 31, 2023 and December 31, 2022, respectively.

The following table presents depreciation and amortization expense on real estate recorded by the Company ($ in thousands):
 Year Ended December 31,
 202320222021
Depreciation expense(1)$24,166 $25,770 $30,659 
Amortization expense5,748 6,903 7,142 
Total real estate depreciation and amortization expense$29,914 $32,673 $37,801 
(1)Depreciation expense on the consolidated statements of income also includes $0.4 million, $41 thousand, and $99 thousand of depreciation on corporate fixed assets for the years ended December 31, 2023, 2022 and 2021, respectively.

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, 2023December 31, 2022
Gross intangible assets(1)$116,831 $114,689 
Accumulated amortization55,782 49,725 
Net intangible assets$61,049 $64,964 
(1)Includes $2.8 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, 2023 and December 31, 2022.

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,
 202320222021
Reduction in operating lease income for amortization of above market lease intangibles acquired$(309)$(305)$(367)
Increase in operating lease income for amortization of below market lease intangibles acquired2,106 2,068 2,255 
Total$1,797 $1,763 $1,888 
The following table presents expected adjustment to operating lease income and expected amortization expense during the next five years and thereafter related to the above and below market leases and acquired in-place lease and other intangibles for property owned as of December 31, 2023 ($ in thousands):
Period Ending December 31,Increase/(Decrease) to Operating Lease IncomeAmortization Expense
2024$1,726 $6,725 
20251,722 5,181 
20261,735 4,519 
20271,699 4,332 
20281,625 4,167 
Thereafter17,528 33,304 
Total$26,035 $58,228 

Rent Receivables

There were $1.1 million and $1.3 million of rent receivables included in other assets on the consolidated balance sheets as of December 31, 2023 and December 31, 2022, 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, 2023 ($ in thousands):
Period Ending December 31,Amount
2024$61,285 
202556,123 
202653,724 
202748,804 
202847,305 
Thereafter160,590 
Total$427,831 

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 $4.8 million, $5.2 million, and $5.0 million for the years ended December 31, 2023, 2022, and 2021, respectively. Tenant reimbursements are included in operating lease income on the Company’s consolidated statements of income.

Acquisitions

The Company acquired the following properties during the year ended December 31, 2023 ($ in thousands):
Acquisition DateTypePrimary Location(s)Purchase Price/Fair Value on the Date of ForeclosureOwnership Interest (1)
September 2023(2)Mixed UseNew York, NY$30,400 100%
November 2023(3)MultifamilyPittsburgh, PA34,479 100%
December 2023(4)RetailNew York, NY22,647 100%
Total real estate acquisitions$87,526 
(1)Properties were consolidated as of acquisition date.
(2)In September 2023, the Company acquired a multifamily portfolio consisting of four properties in New York, NY via foreclosure. The portfolio served as collateral for a mortgage loan receivable held for investment. The Company obtained a third-party appraisal of the property. The $30.4 million fair value was determined by using the sales comparison and income approaches. The appraiser utilized a terminal capitalization rate of 5.5%. There was no gain or loss resulting from the foreclosure of the loan. The key inputs used to determine fair value were determined to be Level 3 inputs.
(3)In November 2023, the Company acquired a multifamily property in Pittsburgh, PA via foreclosure. The property served as collateral for a mortgage loan receivable held for investment. The Company obtained a third-party appraisal of the property. The $34.5 million fair value was determined by using the sales comparison and income approaches. The appraiser utilized a terminal capitalization rate of 6.00%. There was no gain or loss resulting from the foreclosure of the loan. The key inputs used to determine fair value were determined to be Level 3 inputs.
(4)In December 2023, the Company acquired a retail property in New York, NY via foreclosure. The property served as collateral for two mortgage loan receivables held for investment. The Company obtained a third-party appraisal of the property. The $22.6 million fair value was determined by using the sales comparison and income approaches. The appraiser utilized a terminal capitalization rate of 5.25%. There was no gain or loss resulting from the foreclosure of the loan. The key inputs used to determine fair value were determined to be Level 3 inputs.

The Company acquired the following properties during the year ended December 31, 2022 ($ in thousands):
Acquisition DateTypePrimary Location(s)Purchase Price/Fair Value on the Date of ForeclosureOwnership Interest (1)
February 2022(2)ApartmentsNew York, NY$15,436 100%
November 2022(3)OfficeHouston, TX9,386 100%
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.

The Company acquired the following properties during the year ended December 31, 2021 ($ in thousands):
Acquisition DateTypePrimary Location(s)Purchase Price/Fair Value on the Date of ForeclosureOwnership Interest (1)
February 2021(2)HotelMiami, FL$43,750 100%
August 2021ApartmentsStillwater, OK20,452 80%
December 2021(3)HotelSchaumburg, IL38,000 100%
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.
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, 2023, 2022, and 2021, all acquisitions were determined to be asset acquisitions.

Sales

The Company sold the following properties during the year ended December 31, 2023 ($ in thousands):
Sales DateTypePrimary Location(s)Sales ProceedsNet Book ValueRealized Gain/(Loss)Properties
August 2023HotelSan Diego, CA(1)$43,335 $34,526 $8,808 1 
Totals$43,335 $34,526 $8,808 
(1)Included within sales proceeds is $31.3 million of mortgage financing that was assumed by the buyer.

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 
v3.24.0.1
DEBT OBLIGATIONS, NET
 12 Months Ended
Dec. 31, 2023
Debt Disclosure [Abstract]  
DEBT OBLIGATIONS, NET
6. DEBT OBLIGATIONS, NET

The details of the Company’s debt obligations at December 31, 2023 and December 31, 2022 are as follows ($ in thousands):
 
December 31, 2023
Debt ObligationsCommitted /
Principal Amount		Carrying Value of Debt Obligations Committed but UnfundedInterest Rate at December 31, 2023(1)Current Term MaturityRemaining Extension OptionsEligible CollateralCarrying Amount of CollateralFair Value of Collateral
Committed Loan Repurchase Facility$500,000 $235,594 $264,406 7.08%—7.48%9/27/2025(2)(3)$342,467 $342,467 
Committed Loan Repurchase Facility300,000 118,903 181,097 7.46%—8.36%12/19/2024(4)(5)174,938 174,938 
Committed Loan Repurchase Facility141,997 139,162 2,835 7.06%—7.60%4/30/2024(6)(3)65,110 65,110 (7)
Committed Loan Repurchase Facility200,000 111,340 88,660 7.22%—8.29%10/3/2025(8)(3)150,280 150,559 
Committed Loan Repurchase Facility100,000 — 100,000 —%——%1/22/2024(9)(5)— — 
Total Committed Loan Repurchase Facilities1,241,997 604,999 636,998 732,795 733,074 
Committed Securities Repurchase Facility100,000 — 100,000 —%——%5/27/2024 N/A (10)— — 
Uncommitted Securities Repurchase Facility N/A (11) 1,608  N/A (11) 6.61%—7.56%1/17/2024 N/A (10)2,511 2,511 (12)
Total Repurchase Facilities1,341,997 606,607 736,998 735,306 735,585 
Revolving Credit Facility323,850 — 323,850 —%——%7/27/2024(13) N/A (14)   N/A (14) N/A (14)
Mortgage Loan Financing437,384 437,759 — 4.39%—9.03%2024-2031 (15) N/A (16)474,740 625,454 (17)
CLO Debt1,062,777 1,060,719 (18)— 6.68%—9.13%2024-2026 (19)N/A(3)1,327,722 1,327,722 
Borrowings from the FHLB115,000 115,000 —  5.76% —5.88%2024 N/A (20)140,276 140,276 
Senior Unsecured Notes1,575,614 1,563,861 (21)— 4.25%—5.25%2025-2029 N/A  N/A (22)  N/A (22)   N/A (22)
Total Debt Obligations, Net$4,856,622 $3,783,946 $1,060,848 $2,678,044 $2,829,037 
(1)Interest rates on floating rate debt reflect the applicable index in effect as of December 31, 2023.
(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 364-day period at Company’s option.
(5)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.
(6)Three additional 12-month extension periods at Company’s option.
(7)The Company has pledged mortgage loans receivable with a value of $114.7 million that eliminates in consolidation and is thus not included in the carrying amount of collateral or fair value of collateral.
(8)Two additional 12-month extension periods at Company’s option. No new advances permitted past 30 days prior to initial maturity.
(9)Two additional 12-month extension periods at Company's option. No new advances permitted during the final 12-month period.
(10)Commercial real estate securities. It does not include the first mortgage commercial real estate loans collateralizing such securities.
(11)Represents uncommitted securities repurchase facilities for which there is no committed amount subject to future advances.
(12)Includes $1.9 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.
(13)Three additional 12-month periods at Company’s option.
(14)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.
(15)Anticipated repayment dates.
(16)Certain of our real estate investments serve as collateral for our mortgage loan financing.
(17)Represents undepreciated carrying value of commercial real estate collateral.
(18)Presented net of unamortized debt issuance costs of $2.1 million at December 31, 2023.
(19)Represents the estimated maturity date based on the remaining reinvestment period and underlying loan maturities.
(20)Investment grade commercial real estate securities. It does not include the first mortgage commercial real estate loans collateralizing such securities.
(21)Presented net of unamortized debt issuance costs of $11.8 million at December 31, 2023.
(22)The obligations under the senior unsecured notes are guaranteed by the Company and certain of its subsidiaries.
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(2)$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 Facility(2)100,000 8,640 91,360 5.04%—5.29%5/27/2023N/A(12)10,023 10,023 
Uncommitted Securities Repurchase FacilityN/A (13)222,328 N/A (13)4.73%—6.00%3/2/2023N/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 - 2024N/A(22)248,806 248,806 (23)
Senior Unsecured Notes1,643,794 1,628,382 (24)— 4.25%—5.25%2025 - 2029N/AN/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 are 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.
Committed Loan and Securities Repurchase Facilities
The Company has entered into five committed master repurchase agreements, as outlined in the December 31, 2023 table above, totaling $1.2 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, 2023 and December 31, 2022.

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, 2023, the Company had total debt obligations of $606.6 million outstanding pursuant to repurchase agreements with four counterparties. All of the loan repurchase facilities are due greater than 90 days from December 31, 2023, and the securities repurchase facility was due within 30 days of December 31, 2023. As of December 31, 2023, no counterparties held collateral that exceeded the amounts borrowed under the related repurchase agreements by more than $153.2 million, or 10% of our total equity. As of December 31, 2023, the weighted average haircut, or the percent of collateral value in excess of the loan amount, under our repurchase agreements was 18%. 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. Borrowings under the Revolving Credit Facility incur interest at a fixed margin of 2.50% over the index rate, with reductions in the fixed margin upon the achievement of investment grade credit ratings. On January 25, 2024, the Company amended its Revolving Credit Facility to extend the final maturity date to January 25, 2029. As of December 31, 2023, 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, 2023 and December 31, 2022, the amounts of unamortized costs relating to our master repurchase facilities and Revolving Credit Facility were $4.0 million and $5.0 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

The Company typically finances its real estate investments with long-term, non-recourse mortgage financing. These mortgage loans have carrying amounts of $437.8 million and $498.0 million, net of unamortized premiums of $1.8 million and $2.4 million as of December 31, 2023 and December 31, 2022, 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 $0.6 million and $0.7 million and $1.4 million of premium amortization, which decreased interest expense for the years ended December 31, 2023, 2022, and 2021 respectively. These non-recourse debt agreements provide for secured financing at rates ranging from 4.39% to 9.03%, and, as of December 31, 2023, have anticipated maturity dates between 2024 - 2031, with an average term of 3.1 years. The mortgage loans are collateralized by real estate and related lease intangibles, net, of $474.7 million and $559.9 million as of December 31, 2023 and December 31, 2022, respectively. During the year ended December 31, 2023 the Company did not execute any new term debt agreements to finance properties in its real estate portfolio. During the year ended December 31, 2022, the Company executed one new term debt agreement to finance properties in its real estate portfolio.

Collateralized Loan Obligations (“CLO”) Debt

As of December 31, 2023, 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 $2.1 million.

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 9, Consolidated Variable Interest Entities, for further detail.

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 9, Consolidated Variable Interest Entities, for further detail.

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, 2023, Tuebor had $115.0 million of borrowings outstanding, with terms of 0.34 years to 0.75 years (with a weighted average of 0.57 years), and interest rates of 5.76% to 5.88% (with a weighted average of 5.82%). As of December 31, 2023, collateral for the borrowings was comprised of $140.3 million of CMBS and U.S. Agency securities (with advance rates of 71.7% to 95.7%).
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 $831.9 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, 2023. 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, 2023, the Company had $1.6 billion of unsecured corporate bonds outstanding. These unsecured financings were comprised of $327.8 million in aggregate principal amount of 5.25% senior notes due 2025 (the “2025 Notes”), $611.9 million in aggregate principal amount of 4.25% senior notes due 2027 (the “2027 Notes”) and $635.9 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,”.

During the year ended December 31, 2023, the Company repurchased $16.2 million of the 2025 Notes and recognized a net gain of $1.3 million on extinguishment of debt, repurchased $38.9 million of the 2027 Notes and recognized a net gain of $6.8 million on extinguishment of debt, and repurchased $13.1 million of the 2029 Notes and recognized a net gain of $2.6 million on extinguishment of debt for an aggregate gain of $10.7 million.

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, 2023 and 2022.

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 directors has authorized the Company to repurchase any or all of the Notes from time to time without further approval.

Financial Covenants

The Company’s debt facilities are subject to covenants that 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, 2023.

The Company was in compliance with all covenants as of December 31, 2023.

LIBOR Transition to SOFR

As of December 31, 2023, all of our floating rate debt obligations bear interest indexed to Term SOFR.
Combined Maturity of Debt Obligations

The following schedule reflects the Company’s contractual payments under borrowings by maturity ($ in thousands): 
Period ending December 31,Borrowings by
Maturity(1)
2024$320,900 
2025659,782 
2026138,170 
2027909,961 
202824,317 
Thereafter681,474 
Subtotal2,734,604 
Debt issuance costs included in senior unsecured notes(11,753)
Debt issuance costs included in mortgage loan financings(1,441)
Premiums included in mortgage loan financings(2)1,816 
Total (3)$2,723,226 
(1)The allocation of repayments under our committed loan repurchase facilities 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 mortgage 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 $2.1 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.
v3.24.0.1
DERIVATIVE INSTRUMENTS
 12 Months Ended
Dec. 31, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
DERIVATIVE INSTRUMENTS
7. 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, 2023 and December 31, 2022 ($ in thousands):
 
December 31, 2023
  Fair ValueRemaining
Maturity
(years)
Contract TypeNotionalAsset(1)Liability(1)
Caps    
1 Month Term SOFR$90,000 $908 $— 0.62
Futures   
5-year Treasury-Note Futures18,800 98 — 0.25
10-year Treasury-Note Futures86,100 447 — 0.25
Total futures104,900 545 — 
Options   
OptionsN/A(2)1 — 0.05
Total derivatives$194,900 $1,454 $—  
(1)Shown as derivative instruments in the accompanying consolidated balance sheets.
(2)The Company held 104 options contracts as of December 31, 2023.

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 in the accompanying consolidated balance sheets.
 
The following table summarizes the net realized gains (losses) and unrealized gains (losses) 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, 2023, 2022, and 2021 ($ in thousands):
 Year Ended December 31, 2023
Contract TypeUnrealized
Gain/(Loss)		Realized
Gain/(Loss)		Net Result
from
Derivative
Transactions
Caps$(895)$1,378 $483 
Futures423 834 1,257 
Options82 (341)(259)
Total$(390)$1,871 $1,481 
 
 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 
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 $2.8 million, $2.5 million, and $0.5 million of cash margin as collateral for derivatives as of December 31, 2023, 2022, and 2021, respectively, which is included in restricted cash in the consolidated balance sheets.
v3.24.0.1
OFFSETTING ASSETS AND LIABILITIES
 12 Months Ended
Dec. 31, 2023
Offsetting [Abstract]  
OFFSETTING ASSETS AND LIABILITIES
8. 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, 2023 and December 31, 2022. 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, 2023 ($ 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$1,454 $— $1,454 $— $(2,846)$(1,392)
Total$1,454 $— $1,454 $— $(2,846)$(1,392)
(1)Included in restricted cash on consolidated balance sheets.
The following table represents offsetting of financial liabilities and derivative liabilities as of December 31, 2023 ($ 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$606,607 $— $606,607 $606,607 $— $606,607 
Total$606,607 $— $606,607 $606,607 $— $606,607 
(1)Included in restricted cash on consolidated balance sheets.
The following table represents offsetting of financial assets and derivative assets as of December 31, 2022 ($ 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.
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, 2023 and December 31, 2022 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.
v3.24.0.1
CONSOLIDATED VARIABLE INTEREST ENTITIES
 12 Months Ended
Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
CONSOLIDATED VARIABLE INTEREST ENTITIES
9. CONSOLIDATED VARIABLE INTEREST ENTITIES

The Company consolidates on its balance sheet two CLOs that are considered VIEs as of December 31, 2023 and December 31, 2022 ($ in thousands):

December 31, 2023December 31, 2022
Restricted cash$— $4,902 
Mortgage loan receivables held for investment, net, at amortized cost1,327,722 1,308,654 
Accrued interest receivable9,394 8,313 
Other assets4,469 17,505 
Total assets$1,341,585 $1,339,374 
Debt obligations, net$1,060,719 $1,058,462 
Accrued expenses3,555 3,029 
Other liabilities— 65 
Total liabilities1,064,274 1,061,556 
Net equity in VIEs (eliminated in consolidation)277,311 277,818 
Total equity277,311 277,818 
Total liabilities and equity$1,341,585 $1,339,374 

Refer to Note 6, Debt Obligations, Net - Collateralized Loan Obligations (“CLO”) Debt for further details.
v3.24.0.1
EQUITY STRUCTURE AND ACCOUNTS
 12 Months Ended
Dec. 31, 2023
Equity [Abstract]  
EQUITY STRUCTURE AND ACCOUNTS
10. EQUITY STRUCTURE AND ACCOUNTS
The Company has one outstanding class of common stock, Class A as of December 31, 2023, 2022 and 2021. Prior to September 30, 2020, the Company also had Class B common stock outstanding. 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

We do not currently have any shares of Class B common stock outstanding.

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.

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.
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, 2023, the Company has a remaining amount available for repurchase of $44.3 million, which represents 3.0% in the aggregate of its outstanding Class A common stock, based on the closing price of $11.51 per share on such date.

The following tables summarize the Company’s repurchase activity of its Class A common stock during the years ended December 31, 2023 and 2022 ($ in thousands):
SharesAmount(1)
Authorizations remaining as of December 31, 2022$46,737 
Repurchases paid:
March 1, 2023 - March 31, 2023 250,000 (2,285)
September 1 - September 30, 202319,000 (196)
Authorizations remaining as of December 31, 2023$44,256 
(1)Amount excludes commissions paid associated with share repurchases.
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.
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. 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, 2023 and 2022:
Declaration DateDividend per Share
March 15, 2023$0.23 
June 15, 20230.23 
September 15, 20230.23 
December 15, 20230.23 
Total$0.92 
March 15, 2022$0.20 
June 15, 20220.22 
September 15, 20220.23 
December 15, 20220.23 
Total$0.88 
December 15, 2021$0.20 
September 15, 20210.20 
June 15, 20210.20 
March 15, 20210.20 
Total$0.80 
The following table presents the tax treatment for our aggregate distributions per share of common stock paid for the years ended December 31, 2023, 2022 and 2021:
Record DatePayment DateDividend per ShareOrdinary DividendsQualified DividendsCapital GainUnrecaptured 1250 GainReturn of CapitalSection 199A
Dividends
March 31, 2023April 17, 20230.230 0.230 — — — — 0.230 
June 30, 2023July 17, 20230.230 0.230 — — — — 0.230 
September 29, 2023October 16, 20230.230 0.230 — — — — 0.230 
December 29, 2023January 16, 2024(1)0.230 0.230 — — — — 0.230 
Total$0.920 $0.920 $— $— $— $— $0.920 

(1)The fourth quarter dividend paid on January 16, 2024 was $0.230 and is considered a 2023 dividend for U.S. federal income tax purposes.

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, 2023(2)0.230 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.
(2)The fourth quarter dividend paid on January 16, 2023 was $0.230 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, 20210.200 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.
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, 2023 and 2022 ($ in thousands):

Year Ended December 31,
202320222021
Accumulated Other Comprehensive Income (Loss) beginning of period$(21,009)$(4,112)$(10,463)
Other comprehensive income (loss)7,156 (16,897)6,351 
Accumulated Other Comprehensive Income (Loss) end of period$(13,853)$(21,009)$(4,112)
v3.24.0.1
NONCONTROLLING INTERESTS
 12 Months Ended
Dec. 31, 2023
Noncontrolling Interest [Abstract]  
NONCONTROLLING INTERESTS
11. NONCONTROLLING INTERESTS

Noncontrolling Interests in Consolidated Ventures

As of December 31, 2023, 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 $78.7 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, 2023 there were no sales of assets with noncontrolling interests. During the year ended December 31, 2022, the Company sold its apartment complex in Stillwater, OK, and its apartment complex in Miami, FL. Refer to Note 5, Real Estate and Related Lease Intangibles, Net, for further details.
v3.24.0.1
EARNINGS PER SHARE
 12 Months Ended
Dec. 31, 2023
Earnings Per Share [Abstract]  
EARNINGS PER SHARE
12. EARNINGS PER SHARE
 
The Company’s net income (loss) and weighted average shares outstanding for the years ended December 31, 2023, 2022, and 2021 consist of the following:
Year Ended December 31,
($ in thousands except share amounts)202320222021
Basic and Diluted Net income (loss) available for Class A common shareholders$101,125 $142,217 $56,522 
Weighted average shares outstanding:   
Basic124,667,877 124,301,421 123,763,843 
Diluted124,882,398 125,823,671 124,563,051 
 
The calculation of basic and diluted net income (loss) per share amounts for the years ended December 31, 2023, 2022, and 2021 consist of the following:
Year Ended December 31,
(In thousands except share and per share amounts) (1)202320222021
Basic Net Income (Loss) Per Share of Class A Common Stock   
Numerator:
   
Net income (loss) attributable to Class A common shareholders$101,125 $142,217 $56,522 
Denominator:
   
Weighted average number of shares of Class A common stock outstanding124,667,877 124,301,421 123,763,843 
Basic net income (loss) per share of Class A common stock$0.81 $1.14 $0.46 
Diluted Net Income (Loss) Per Share of Class A Common Stock   
Numerator:   
Net income (loss) attributable to Class A common shareholders$101,125 $142,217 $56,522 
Diluted net income (loss) attributable to Class A common shareholders101,125 142,217 56,522 
Denominator:   
Basic weighted average number of shares of Class A common stock outstanding124,667,877 124,301,421 123,763,843 
Add - dilutive effect of:   
Incremental shares of unvested Class A restricted stock(1)214,521 1,522,250 799,208 
Diluted weighted average number of shares of Class A common stock outstanding (2)124,882,398 125,823,671 124,563,051 
Diluted net income (loss) per share of Class A common stock$0.81 $1.13 $0.45 
(1)The Company applies the treasury stock method.
(2)There were 367,001 anti-dilutive shares for the years ended December 31, 2023.
v3.24.0.1
STOCK-BASED AND OTHER COMPENSATION PLANS
 12 Months Ended
Dec. 31, 2023
Share-Based Payment Arrangement [Abstract]  
STOCK-BASED AND OTHER COMPENSATION PLANS
13. 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,
202320222021
Stock-based compensation expense$18,577 $31,584 $15,300 
Phantom Equity Investment Plan— — 22 
Total Stock-Based Compensation Expense (1)$18,577 $31,584 $15,322 
(1)Variance between twelve months ended December 31, 2023, 2022, and 2021 is primarily due to timing of 2021, 2022 and 2023 employee stock and bonus compensation.

A summary of the grants is presented below:
 Year Ended December 31,
 202320222021
Number
of Shares		Weighted
Average
Fair Value
Per Share		Number
of Shares		Weighted
Average
Fair Value
Per Share		Number
of Shares		Weighted
Average
Fair Value
Per Share
Grants - Class A Common Stock1,417,561 $11.58 2,884,303 $11.87 747,713 $9.81 

The table below presents the number of unvested shares of Class A common stock and outstanding stock options at December 31, 2023 and changes during 2023 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, 20222,529,571 $12.62 623,788 
Granted1,417,561 11.58 — 
Vested(1,699,744)12.14 — 
Forfeited(49,425)10.43 — 
Nonvested/Outstanding at December 31, 20232,197,963 $12.37 623,788 
Exercisable at December 31, 2023 (1)623,788 
(1)The weighted average exercise price of outstanding options is $14.84 at December 31, 2023.

At December 31, 2023, there was $9.5 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 26.0 months, with a weighted average remaining vesting period of 19.9 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 provided 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.

2023 Omnibus Incentive Plan

At the Company’s Annual Meeting held on June 6, 2023, the stockholders of the Company approved the Ladder Capital Corp 2023 Omnibus Incentive Plan (the “2023 Omnibus Incentive Plan”), effective as of the date of the Annual Meeting (the
“Effective Date”). The 2023 Omnibus Incentive Plan superseded and replaced the 2014 Omnibus Incentive Plan in its entirety as of the Effective Date.

The aggregate number of shares of the Company’s Class A common stock that will be available for issuance to employees, non-employee directors and consultants of the Company and its affiliates under the 2023 Omnibus Incentive Plan will not exceed 3,000,000 shares of Class A common stock, plus an additional amount, not to exceed 10,253,867 shares of Class A common stock, remaining available for new awards under the 2014 Omnibus Incentive Plan as of the Effective Date, subject to the terms and conditions set forth in the 2023 Omnibus Incentive Plan.

Annual Incentive Awards Granted in 2023 with respect to 2022 Performance

For 2022 performance, certain employees received stock-based incentive equity in February 2023. Restricted stock subject to time-based vesting criteria will vest in three installments on February 18 of each of 2024, 2025 and 2026, 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 pre-tax return on average equity, based on distributable earnings divided by the Company’s average shareholders’ equity, equal to or greater than 8% for such year (the “Performance Target”) for the years ended December 31, 2023, 2024 and 2025, 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 pre-tax return on average equity of 8% based on distributable earnings divided by the Company’s average shareholders’ 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”). Approximately 2/3 of all the shares subject to attainment of the Performance Target are also subject to the Catch-Up Provision, as the Catch-Up Provision is not available for the missed performance during the third performance year and has the effect of requiring the Company to achieve an average 8% return over the full three-year performance plan in order to be effective. 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 February 18, 2023, in connection with 2022 performance, annual stock awards were granted to management employees (each, a “Management Grantee”), with an aggregate grant date fair value of $8.5 million, which represents 733,607 shares of Class A common stock. The grant to Mr. Harris and approximately half of the grants to each of Ms. McCormack and Mr. Perelman were unrestricted. The other half of incentive equity granted to each of 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 101,344 shares with an aggregate fair value of $1.2 million), approximately half of the awards are subject to time-based vesting criteria and the remaining half are subject to attainment of the Performance Target for the applicable years.

On February 18, 2023, in connection with 2022 performance, annual stock awards were granted to certain non-management employees (“Non-Management Grantees”) with an aggregate grant date fair value of $7.5 million, which represents 651,429 shares of Class A common stock. Of these awards, 19,558 shares were unrestricted, 306,162 shares are subject to time-based vesting criteria and the remaining 325,709 shares are subject to the attainment of the Performance Target, including the Catch-Up Provision, for the applicable years.

Other 2023 Restricted Stock Awards

On February 18, 2023, certain members of the board of directors received annual restricted stock awards with a grant date fair value of $0.4 million, representing 32,525 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 2022 with respect to 2021 Performance

For 2021 performance, certain employees received stock-based incentive equity in January 2022. 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 the Performance Target for the years ended December 31, 2022, 2023 and 2024, respectively. Approximately 2/3 of all the shares subject to attainment of the Performance Target are also subject to 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 performance, annual stock awards were granted to management employees (each, a “Management Grantee”), with an aggregate grant date 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 each of Ms. McCormack and Mr. Perelman were unrestricted. The other 1/3 of incentive equity granted to each of 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 performance, annual stock awards were granted to certain non-management employees (“Non-Management Grantees”) with an aggregate grant date 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, including the Catch-Up Provision, for the applicable years.

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.

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.
v3.24.0.1
FAIR VALUE OF FINANCIAL INSTRUMENTS
 12 Months Ended
Dec. 31, 2023
Fair Value Disclosures [Abstract]  
FAIR VALUE OF FINANCIAL INSTRUMENTS 14. 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, 2023 and December 31, 2022 are as follows ($ in thousands):
 
December 31, 2023
      Weighted Average
 Principal Amount Amortized Cost Basis/Purchase PriceFair ValueFair Value MethodYield
%		Remaining
Maturity/Duration (years)
Assets:       
CMBS(1)$439,679  $439,052 $424,890 Internal model6.83 %2.00
CMBS interest-only(1)876,555 (2)6,453 6,569 Internal model6.61 %1.07
GNMA interest-only(3)37,053 (2)214 213 Internal model6.12 %3.60
Agency securities(1)22  22 21 Internal model2.70 %1.05
U.S. Treasury securities(1)54,031 53,648 53,716 Internal model5.41 %0.07
Equity securities(3) N/A 160 144 Observable market pricesN/A N/A
Mortgage loan receivables held for investment, net, at amortized cost(4)3,164,226  3,155,089 3,150,843 Discounted Cash Flow(5)9.65 %0.68
Mortgage loan receivables held for sale31,350  26,868 26,868 Internal model, third-party inputs(6)4.57 %8.19
FHLB stock(7)5,175  5,175 5,175 (7)8.25 % N/A
Nonhedge derivatives(1)(10)194,900  1,454 1,454 Counterparty quotationsN/A0.48
Liabilities:       
Repurchase agreements - short-term337,631  337,631 337,631 Cost plus Accrued Interest (8)7.57 %0.48
Repurchase agreements - long-term268,976  268,976 268,976 Discounted Cash Flow(9)7.35 %1.74
Mortgage loan financing437,384  437,759 425,992 Discounted Cash Flow5.87 %2.64
CLO debt1,062,777 1,060,719 1,060,719 Discounted Cash Flow(9)7.08 %1.89
Borrowings from the FHLB115,000  115,000 115,000 Discounted Cash Flow5.82 %0.57
Senior unsecured notes1,575,614  1,563,861 1,475,303 Internal model, third-party inputs4.66 %3.77
(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 $43.2 million at December 31, 2023.
(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 spreads. 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, 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 %3.30
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 %0.60
Equity securities(3)N/A160 118 Observable market pricesN/AN/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)The outstanding face amount of the nonhedge derivatives represents the notional amount of the underlying contracts.
(9)Fair value for repurchase agreement liabilities - short term 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.
(10)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.
(11)The outstanding face amount of the nonhedge derivatives represents the notional amount of the underlying contracts.
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, 2023 and December 31, 2022 ($ in thousands):
 
December 31, 2023
 
Financial Instruments Reported at Fair Value on Consolidated Statements of Financial ConditionPrincipal
Amount		 Fair Value
 Level 1Level 2Level 3Total
Assets:      
CMBS(1)$430,398  $— $415,935 $— $415,935 
CMBS interest-only(1)868,228 (2)— 6,260 — 6,260 
GNMA interest-only(3)37,053 (2)— 213 — 213 
Agency securities(1)22  — 21 — 21 
U.S. Treasury securities54,031 53,716 — — 53,716 
Equity securities N/A 144 — — 144 
Nonhedge derivatives(4)194,900 — 1,454 — 1,454 
$53,860 $423,883 $— $477,743 
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)$3,164,226  $— $— $3,150,843 $3,150,843 
Mortgage loan receivable held for sale(6)31,350  — — 26,868 26,868 
CMBS(7)9,281 — 8,955 — 8,955 
CMBS interest-only(7)8,327 — 309 — 309 
FHLB stock5,175  — — 5,175 5,175 
$— $9,264 $3,182,886 $3,192,150 
Liabilities:     
Repurchase agreements - short-term$337,631  $— $337,631 $— $337,631 
Repurchase agreements - long-term268,976  — 268,976 — 268,976 
Mortgage loan financing437,384  — — 425,992 425,992 
CLO debt1,062,777 — 1,060,719 — 1,060,719 
Borrowings from the FHLB115,000  — — 115,000 115,000 
Senior unsecured notes1,575,614  — — 1,475,303 1,475,303 
$— $1,667,326 $2,016,295 $3,683,621 
(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 $43.2 million at December 31, 2023.
(6)A lower of cost or market adjustment was recorded as of December 31, 2023.
(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, 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 
Equity securitiesN/A118 — — 118 
U.S. Treasury securities36,000 35,328 — — 35,328 
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 $20.8 million at December 31, 2022.
(6)A lower of cost or market adjustment was recorded as of December 31, 2022.
(7)Restricted securities which are designated as risk retention securities under the Dodd-Frank Act and are therefore subject to transfer restrictions over the term of the securitization trust, are classified as held-to-maturity and reported at amortized cost.  
The following table summarizes changes in Level 3 financial instruments reported at fair value on the consolidated statements of financial condition for the years ended December 31, 2023 and 2022 ($ in thousands):
Year Ended December 31,
Level 320232022
Balance at January 1,$542,646 $692,864 
Transfer into level 3— — 
Purchases143,953 59,333 
Sales(17,838)(4,261)
Paydowns/maturities(231,993)(183,929)
Amortization of premium/discount(2,716)(4,354)
Unrealized gain/(loss)7,039 (16,901)
Realized gain/(loss) on sale(275)(106)
Transfer out of level 3 (1)(440,816)— 
Balance at December 31,$— $542,646 
(1)As of December 31, 2023, the Company determined that $440.8 million of securities were level 2 based on the Company’s increased observability of the inputs used to internally value the securities.

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 %2.70 %
Total$542,646 
(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)GNMA 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.

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 for certain assets measured on a nonrecurring basis.
v3.24.0.1
INCOME TAXES
 12 Months Ended
Dec. 31, 2023
Income Tax Disclosure [Abstract]  
INCOME TAXES
15. 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,
202320222021
Current expense (benefit) 
U.S. federal$2,204 $1,823 $(280)
State and local858 3,591 936 
Total current expense (benefit)3,062 5,414 656 
Deferred expense (benefit)  
U.S. federal964 (445)311 
State and local218 (60)(39)
Total deferred expense (benefit)1,182 (505)272 
Provision for income tax expense (benefit)$4,244 $4,909 $928 

A reconciliation between the U.S. federal statutory income tax rate and the effective tax rate for the years ended December 31, 2023, 2022 and 2021 is as follows:
Year Ended December 31,
 202320222021
U.S. statutory tax rate21.00 %21.00 %21.00 %
REIT income not subject to corporate income tax(15.22)%(18.09)%(17.72)%
Increase due to state and local taxes1.07 %0.59 %(0.46)%
Change in valuation allowance(1.57)%(1.17)%(1.20)%
Offshore non-taxable income(3.79)%(1.35)%(3.75)%
Uncertain tax position recorded (released)0.14 %1.45 %— %
Section 163 (j) interest expense limitation0.17 %0.08 %0.27 %
REIT income taxes0.14 %0.28 %(0.31)%
Return to provision(0.23)%(0.64)%1.64 %
Net operating loss carryback benefit— %— %— %
Other2.34 %0.74 %2.14 %
Effective income tax rate4.05 %2.89 %1.61 %

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, 2023 and 2022, the Company’s net deferred tax assets (liabilities) were $(3.0) million and $(1.8) 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 $8.0 million as of December 31, 2023.

The components of the Company’s deferred tax assets and liabilities are as follows ($ in thousands):
December 31, 2023December 31, 2022
Deferred Tax Assets 
Net operating loss carryforward$2,069 $3,493 
Net unrealized losses721 641 
Capital losses carryforward2,813 4,356 
Valuation allowance(2,813)(4,356)
Interest expense limitation1,560 1,385 
Valuation allowance(1,560)(1,385)
Total Deferred Tax Assets$2,790 $4,134 

December 31, 2023December 31, 2022
Deferred Tax Liability 
Basis difference in operating partnerships$5,749 $5,911 
Total Deferred Tax Liability$5,749 $5,911 
 
As of December 31, 2023, the Company had $2.8 million of deferred tax assets relating to capital losses which it may only use to offset capital gains. 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. 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, 2023, the tax years 2019-2023 remain open to examination by the major taxing jurisdictions in which the Company is subject to taxes. One of the Company’s subsidiary entities is currently under an IRS audit for tax year 2020 and also under audit in New York City for tax years 2014-2020. The Company does not expect these audits to result in any material changes to the Company’s financial position. In April 2023, a settlement was reached for $2.6 million with New York City pertaining to an audit of the
Company for the years 2012-2013 resulting in an incremental income tax expense of $0.2 million for the twelve months ended December 31, 2023. 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, 2023, the Company did not have any unrecognized tax benefits. As of December 31, 2022, the Company had an unrecognized tax benefit of $2.4 million, which is included in the accrued expenses in the Company’s consolidated balance sheets. This unrecognized tax benefit, if recognized, would have a favorable impact on our effective income tax rate in future periods. As of December 31, 2023, 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.
v3.24.0.1
RELATED PARTY TRANSACTIONS
 12 Months Ended
Dec. 31, 2023
Related Party Transactions [Abstract]  
RELATED PARTY TRANSACTIONS
16. RELATED PARTY TRANSACTIONS

The Company has no material related party relationships to disclose.
v3.24.0.1
COMMITMENTS AND CONTINGENCIES
 12 Months Ended
Dec. 31, 2023
Commitments and Contingencies Disclosure [Abstract]  
COMMITMENTS AND CONTINGENCIES
17. COMMITMENTS AND CONTINGENCIES

Leases

As of December 31, 2023, the Company had a $(16.4) million lease liability and a $14.7 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, 2023 and 2022, the Company recognized $2.2 million and $1.1 million, respectively, in operating expenses in its consolidated statements of income relating to operating leases.

Future minimum lease payments under non-cancelable operating leases as of December 31, 2023 are as follows ($ in thousands):

2024$2,171 
20252,207 
20262,219 
20272,232 
202813,344 
Thereafter— 
Total undiscounted cash flows22,173 
Present value discount (1)(5,755)
Lease liabilities (2)$16,418 
(1)Lease liabilities were discounted at the Company's weighted average incremental borrowing rate for similar collateral, which was estimated to be 6.62%. The remaining lease term is 9.6 years.
(2)The Company has a five-year extension option which is not reflected in the total lease liability.

Unfunded Loan Commitments

As of December 31, 2023, the Company’s off-balance sheet arrangements consisted of $204.0 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. 63% of these 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, 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.

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. 

Unsettled Trades

As of December 31, 2023, the Company had $44.8 million of U.S. Treasury securities traded and not yet settled on its consolidated balance sheets. The U.S. Treasury securities are recorded within other assets, and the related payable is recorded within other liabilities. These balances relate to the Company’s purchase of U.S. Treasury securities with maturities of less than three months, which will be recorded within cash and cash equivalents upon settlement.
v3.24.0.1
SEGMENT REPORTING
 12 Months Ended
Dec. 31, 2023
Segment Reporting [Abstract]  
SEGMENT REPORTING
18. SEGMENT REPORTING
The Company has determined that it has three reportable segments based on how the chief operating decision makers review and manage the business. These reportable segments include loans, securities, and real estate. The loans segment includes mortgage loan receivables held for investment (balance sheet loans) and mortgage loan receivables held for sale (conduit loans).  The securities segment is composed of all of the Company’s activities related to securities, which include investments in CMBS, U.S. Agency securities, corporate bonds, equity securities and U.S. Treasury securities. The real estate segment includes net leased properties, office buildings, student housing portfolios, hotels, industrial buildings, a shopping center and condominium units. Corporate/other includes certain of the Company’s investments in ventures, other asset management activities and operating expenses.
The Company evaluates performance based on the following financial measures for each segment ($ in thousands):
Year ended December 31, 2023LoansSecuritiesReal Estate (1)Corporate/Other(2)Company 
Total
Interest income$341,840 $32,479 $12 $32,953 $407,284 
Interest expense(122,420)(3,177)(31,443)(88,057)(245,097)
Net interest income (expense)219,420 29,302 (31,431)(55,104)162,187 
(Provision for) release of loan loss reserves(25,096)— — — (25,096)
Net interest income (expense) after provision for (release of) loan reserves194,324 29,302 (31,431)(55,104)137,091 
Real estate operating income— — 96,950 — 96,950 
Net result from mortgage loan receivables held for sale(523)— — — (523)
Realized gain (loss) on securities— (276)— — (276)
Unrealized gain (loss) on securities— 29 — — 29 
Realized gain on sale of real estate, net— — 8,808 — 8,808 
Fee and other income8,237 15 300 626 9,178 
Net result from derivative transactions404 595 482 — 1,481 
Earnings (loss) from investment in unconsolidated ventures— — 758 — 758 
Gain (loss) on extinguishment of debt— — — 10,718 10,718 
Total other income (loss)8,118 363 107,298 11,344 127,123 
Compensation and employee benefits— — — (63,618)(63,618)
Operating expenses— — — (19,503)(19,503)
Real estate operating expenses— — (37,587)— (37,587)
Investment related expenses(6,310)(191)(903)(1,443)(8,847)
Depreciation and amortization— — (29,482)(432)(29,914)
Total costs and expenses(6,310)(191)(67,972)(84,996)(159,469)
Income tax (expense) benefit— — — (4,244)(4,244)
Segment profit (loss)$196,132 $29,474 $7,895 $(133,000)$100,501 
Total assets as of December 31, 2023$3,138,794 $485,533 $733,319 $1,155,031 $5,512,677 
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 
Net result from mortgage loan receivables held for sale(2,511)— — — (2,511)
Realized gain (loss) on securities— (73)— — (73)
Unrealized gain (loss) on securities— (86)— — (86)
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)
Investment related expenses(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 
Net result from mortgage loan receivables held for sale8,398 — — — 8,398 
Realized gain (loss) on securities— 1,594 — — 1,594 
Unrealized gain (loss) on 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 expenses127 — — (17,799)(17,672)
Real estate operating expenses— — (26,161)— (26,161)
Investment related expenses(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 
(1)Includes the Company’s investment in unconsolidated ventures that held real estate of $6.9 million and $6.2 million as of December 31, 2023 and December 31, 2022, 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 FHLB stock of $5.2 million as of December 31, 2023 and $9.6 million as of December 31, 2022, and the Company’s senior unsecured notes of $1.6 billion at December 31, 2023 and December 31, 2022.
v3.24.0.1
SUBSEQUENT EVENTS
 12 Months Ended
Dec. 31, 2023
Subsequent Events [Abstract]  
SUBSEQUENT EVENTS
19. SUBSEQUENT EVENTS

The Company has evaluated subsequent events through the issuance date of the financial statements and determined that no additional disclosure is necessary.
v3.24.0.1
Schedule III-Real Estate and Accumulated Depreciation
 12 Months Ended
Dec. 31, 2023
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$859 $126 $954 $178 $— $126 $954 $178 $1,258 $(99)10/13/20202045 years
Retail Property in Newburgh, IN915 213 873 220 — 213 873 220 1,306 (120)03/16/20202045 years
Retail Property in Isanti, MN1,000 249 894 297 — 249 894 297 1,440 (114)03/16/20202055 years
Retail Property in Little Falls, MN856 199 783 249 — 199 783 249 1,231 (106)03/10/20202055 years
Retail Property in Waterloo, IA862 130 896 214 — 130 896 214 1,240 (122)01/30/20201945 years
Retail Property in Sioux City, IA919 220 876 222 — 220 876 222 1,318 (125)01/30/20201945 years
Retail Property in Wardsville, MO981 257 919 202 — 257 919 202 1,378 (135)11/22/19201940 years
Retail Property in Kincheloe, MI886 58 939 229 — 58 939 229 1,226 (134)11/22/19201945 years
Retail Property in Clinton, IN1,037 269 954 204 — 269 954 204 1,427 (128)11/22/19201944 years
Retail Property in Saginaw, MI952 96 1,014 210 — 96 1,014 210 1,320 (151)10/04/19201945 years
Retail Property in Rolla, MO937 110 1,011 188 — 110 1,011 188 1,309 (152)10/04/19201940 years
Retail Property in Sullivan, IL1,175 340 981 257 — 340 981 257 1,578 (136)09/13/19201950 years
Retail Property in Becker, MN936 136 922 188 — 136 922 188 1,246 (124)09/13/19201955 years
Retail Property in Adrian, MO858 136 884 191 — 136 884 191 1,211 (130)09/13/19201945 years
Retail Property in Chillicothe, IL1,025 227 1,047 245 — 227 1,047 245 1,519 (149)09/05/19201950 years
Retail Property in Poseyville, IN868 160 947 194 — 160 947 194 1,301 (138)08/13/19201944 years
Retail Property in Dexter, MO874 141 890 177 — 141 890 177 1,208 (135)07/09/19201940 years
Retail Property in Hubbard Lake, MI914 40 1,017 203 — 40 1,017 203 1,260 (157)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, MO1,085 107 1,168 219 — 107 1,168 219 1,494 (179)06/26/19201940 years
Retail Property in Centralia, IL943 200 913 193 — 200 913 193 1,306 (159)04/25/19201940 years
Retail Property in Trenton, MO886 396 628 202 — 396 628 202 1,226 (160)02/26/19201930 years
Retail Property in Houghton Lake, MI953 124 939 241 — 124 939 241 1,304 (168)02/26/19201840 years
Retail Property in Pelican Rapids, MN908 78 1,016 169 — 78 1,016 169 1,263 (222)12/26/18201830 years
Retail Property in Carthage, MO837 225 766 176 — 225 766 176 1,167 (146)12/26/18201840 years
Retail Property in Bolivar, MO886 186 876 182 — 186 876 182 1,244 (161)12/26/18201840 years
Retail Property in Pinconning, MI942 167 905 221 — 167 905 221 1,293 (151)12/06/18201845 years
Retail Property in New Hampton, IA1,007 177 1,111 187 — 177 1,111 187 1,475 (225)11/30/18201835 years
Retail Property in Ogden, IA856 107 931 153 — 107 931 153 1,191 (197)10/03/18201835 years
Retail Property in Wonder Lake, IL937 221 888 214 — 221 888 214 1,323 (199)04/12/18201739 years
Retail Property in Moscow Mills, MO986 161 945 203 — 161 945 203 1,309 (193)04/12/18201845 years
Retail Property in Foley, MN883 238 823 172 — 238 823 172 1,233 (203)04/12/18201835 years
Retail Property in Kirbyville, MO869 98 965 155 — 98 965 155 1,218 (193)04/02/18201840 years
Retail Property in Gladwin, MI883 88 951 203 — 88 951 203 1,242 (181)04/02/18201745 years
Retail Property in Rockford, MN891 187 850 207 — 187 850 207 1,244 (262)12/08/17201730 years
Retail Property in Winterset, IA940 272 830 200 — 272 830 200 1,302 (207)12/08/17201735 years
Retail Property in Kawkawlin, MI922 242 871 179 — 242 871 179 1,292 (238)10/05/17201730 years
Retail Property in Aroma Park, IL947 223 869 164 — 223 869 164 1,256 (201)10/05/17201735 years
Retail Property in East Peoria, IL1,017 233 998 161 — 233 998 161 1,392 (225)10/05/17201740 years
Retail Property in Milford, IA983 254 883 217 — 254 883 217 1,354 (211)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, MO939 164 966 205 — 164 966 205 1,335 (226)06/02/17201640 years
Retail Property in Denver, IA893 198 840 191 — 198 840 191 1,229 (220)05/31/17201735 years
Retail Property in Port O'Connor, TX944 167 937 200 — 167 937 200 1,304 (246)05/25/17201735 years
Retail Property in Wabasha, MN959 237 912 214 — 237 912 214 1,363 (262)05/25/17201635 years
Office in Jacksonville, FL82,709 13,290 106,601 21,362 8,788 13,290 115,389 21,362 150,041 (32,151)05/23/17198936 years
Retail Property in Shelbyville, IL858 189 849 199 — 189 849 199 1,237 (212)05/23/17201640 years
Retail Property in Jesup, IA879 119 890 191 — 119 890 191 1,200 (231)05/05/17201735 years
Retail Property in Hanna City, IL860 174 925 132 — 174 925 132 1,231 (229)04/11/17201639 years
Retail Property in Ridgedale, MO986 250 928 187 — 250 928 187 1,365 (231)03/09/17201640 years
Retail Property in Peoria, IL898 209 933 133 — 209 933 133 1,275 (244)02/06/17201635 years
Retail Property in Carmi, IL1,093 286 916 239 — 286 916 239 1,441 (234)02/03/17201640 years
Retail Property in Springfield, IL995 391 784 227 — 393 789 224 1,406 (213)11/16/16201640 years
Retail Property in Fayetteville, NC4,851 1,379 3,121 2,472 — 1,379 3,121 2,471 6,971 (1,697)11/15/16200837 years
Retail Property in Dryden Township, MI905 178 893 201 — 178 899 202 1,279 (229)10/26/16201640 years
Retail Property in Lamar, MO895 164 903 171 — 164 903 171 1,238 (234)07/22/16201640 years
Retail Property in Union, MO939 267 867 207 — 267 867 207 1,341 (250)07/01/16201640 years
Retail Property in Pawnee, IL939 249 775 206 — 249 775 206 1,230 (227)07/01/16201640 years
Retail Property in Linn, MO854 89 920 183 — 89 920 183 1,192 (243)06/30/16201640 years
Retail Property in Cape Girardeau, MO1,035 453 702 217 — 453 702 217 1,372 (213)06/30/16201640 years
Retail Property in Decatur-Pershing, IL1,044 395 924 155 — 395 924 155 1,474 (243)06/30/16201640 years
Retail Property in Rantoul, IL917 100 1,023 178 — 100 1,023 178 1,301 (252)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, NM994 272 864 198 — 272 864 198 1,334 (299)06/06/16201635 years
Retail Property in Mountain Grove, MO974 163 1,026 212 — 163 1,026 212 1,401 (279)06/03/16201640 years
Retail Property in Decatur-Sunnyside, IL956 182 954 139 — 182 954 139 1,275 (248)06/03/16201640 years
Retail Property in Champaign, IL1,009 365 915 149 — 365 915 149 1,429 (231)06/03/16201640 years
Retail Property in San Antonio, TX896 252 703 196 — 251 702 196 1,149 (236)05/06/16201535 years
Retail Property in Borger, TX792 68 800 181 — 68 800 181 1,049 (235)05/06/16201640 years
Retail Property in Dimmitt, TX1,066 86 1,077 236 — 85 1,074 236 1,395 (303)04/26/16201640 years
Retail Property in St. Charles, MN971 200 843 226 — 200 843 226 1,269 (301)04/26/16201630 years
Retail Property in Philo, IL934 160 889 189 — 160 889 189 1,238 (231)04/26/16201640 years
Retail Property in Radford, VA1,124 411 896 256 — 411 896 256 1,563 (334)12/23/15201540 years
Retail Property in Rural Retreat, VA1,012 328 811 260 — 328 811 260 1,399 (290)12/23/15201540 years
Retail Property in Albion, PA1,097 100 1,033 392 — 100 1,033 392 1,525 (491)12/23/15201550 years
Retail Property in Mount Vernon, AL920 187 876 174 — 187 876 174 1,237 (280)12/23/15201544 years
Retail Property in Malone, NY1,075 183 1,154 — 166 183 1,320 — 1,503 (313)12/16/15201539 years
Retail Property in Mercedes, TX829 257 874 132 — 257 874 132 1,263 (232)12/16/15201545 years
Retail Property in Gordonville, MO769 247 787 173 — 247 787 173 1,207 (235)11/10/15201540 years
Retail Property in Rice, MN814 200 859 184 — 200 859 184 1,243 (340)10/28/15201530 years
Retail Property in Bixby, OK7,927 2,609 7,776 1,765 — 2,609 7,776 1,765 12,150 (2,374)10/27/15201237 years
Retail Property in Farmington, IL892 96 1,161 150 — 96 1,161 150 1,407 (304)10/23/15201540 years
Retail Property in Grove, OK3,613 402 4,364 817 — 402 4,364 817 5,583 (1,397)10/20/15201237 years
Retail Property in Jenks, OK8,770 2,617 8,694 2,107 — 2,617 8,694 2,107 13,418 (2,812)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, IL814 173 984 138 — 173 984 138 1,295 (272)10/14/15201540 years
Retail Property in Montrose, MN772 149 876 169 — 149 876 169 1,194 (343)10/14/15201530 years
Retail Property in Lincoln County , MO736 149 800 188 — 149 800 188 1,137 (240)10/14/15201540 years
Retail Property in Wilmington, IL899 161 1,078 160 — 161 1,078 160 1,399 (296)10/07/15201540 years
Retail Property in Danville, IL736 158 870 132 — 158 870 132 1,160 (226)10/07/15201540 years
Retail Property in Moultrie, GA929 170 962 173 — 170 962 173 1,305 (366)09/22/15201444 years
Retail Property in Rose Hill, NC999 245 972 203 — 245 972 203 1,420 (355)09/22/15201444 years
Retail Property in Rockingham, NC820 73 922 163 — 73 922 163 1,158 (317)09/22/15201444 years
Retail Property in Biscoe, NC859 147 905 164 — 147 905 164 1,216 (323)09/22/15201444 years
Retail Property in De Soto, IA703 139 796 176 — 139 796 176 1,111 (256)09/08/15201535 years
Retail Property in Kerrville, TX767 186 849 200 — 186 849 200 1,235 (319)08/28/15201535 years
Retail Property in Floresville, TX814 268 828 216 — 268 828 216 1,312 (323)08/28/15201535 years
Retail Property in Minot, ND4,693 1,856 4,472 618 — 1,856 4,472 618 6,946 (1,266)08/19/15201238 years
Retail Property in Lebanon, MI819 359 724 178 — 359 724 178 1,261 (226)08/14/15201540 years
Retail Property in Effingham County, IL819 273 774 205 — 273 774 205 1,252 (262)08/10/15201540 years
Retail Property in Ponce, Puerto Rico6,513 1,365 6,662 1,318 — 1,365 6,662 1,318 9,345 (1,919)08/03/15201237 years
Retail Property in Tremont, IL782 164 860 168 — 164 860 168 1,192 (278)06/25/15201535 years
Retail Property in Pleasanton, TX858 311 850 216 — 311 850 216 1,377 (323)06/24/15201535 years
Retail Property in Peoria, IL847 180 934 179 — 180 934 179 1,293 (303)06/24/15201535 years
Retail Property in Bridgeport, IL815 192 874 175 — 192 874 175 1,241 (282)06/24/15201535 years
Retail Property in Warren, MN696 108 825 157 — 108 825 157 1,090 (323)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, TX900 291 932 220 — 291 932 220 1,443 (336)06/18/15201535 years
Retail Property in Wheeler, TX711 53 887 188 — 53 887 188 1,128 (319)06/18/15201535 years
Retail Property in Aurora, MN624 126 709 157 — 126 709 157 992 (229)06/18/15201540 years
Retail Property in Red Oak, IA780 190 839 179 — 190 839 179 1,208 (331)05/07/15201435 years
Retail Property in Zapata, TX747 62 998 145 — 62 998 145 1,205 (412)05/07/15201535 years
Retail Property in St. Francis, MN734 105 911 163 — 105 911 163 1,179 (400)03/26/15201435 years
Retail Property in Yorktown, TX786 97 1,005 199 — 97 1,005 199 1,301 (433)03/25/15201535 years
Retail Property in Battle Lake, MN721 136 875 157 — 136 875 157 1,168 (417)03/25/15201430 years
Retail Property in Paynesville, MN806 246 816 192 — 246 816 192 1,254 (346)03/05/15201540 years
Retail Property in Wheaton, MO639 73 800 97 — 73 800 97 970 (293)03/05/15201540 years
Retail Property in Rotterdam, NY8,993 2,530 7,924 2,165 — 2,530 7,924 2,165 12,619 (5,605)03/03/15199620 years
Retail Property in Hilliard, OH4,496 654 4,870 860 — 654 4,870 860 6,384 (1,600)03/02/15200741 years
Retail Property in Niles, OH3,653 437 4,084 680 — 437 4,084 680 5,201 (1,332)03/02/15200741 years
Retail Property in Youngstown, OH3,798 380 4,363 658 — 380 4,363 658 5,401 (1,452)02/20/15200540 years
Retail Property in Iberia, MO880 130 1,033 165 — 130 1,033 165 1,328 (386)01/23/15201539 years
Retail Property in Pine Island, MN757 112 845 185 — 112 845 185 1,142 (372)01/23/15201440 years
Retail Property in Isle, MN711 120 787 171 — 120 787 171 1,078 (359)01/23/15201440 years
Retail Property in Jacksonville, NC5,584 1,863 5,749 1,020 — 1,863 5,749 1,020 8,632 (2,038)01/22/15201444 years
Retail Property in Evansville, IN6,318 1,788 6,348 864 — 1,788 6,348 864 9,000 (2,372)11/26/14201435 years
Retail Property in Woodland Park, CO2,770 668 2,681 620 — 668 2,681 620 3,969 (1,264)11/14/14201435 years
Retail Property in Springfield, MO8,212 3,658 6,296 1,870 — 3,658 6,296 1,870 11,824 (2,836)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, IA7,713 1,569 7,553 1,878 — 1,569 7,553 1,878 11,000 (3,660)11/04/14201230 years
Retail Property in Fairfield, IA7,503 1,132 7,779 1,800 — 1,132 7,779 1,800 10,711 (3,164)11/04/14201137 years
Retail Property in Owatonna, MN6,997 1,398 7,125 1,564 — 1,398 7,125 1,564 10,087 (3,030)11/04/14201036 years
Retail Property in Muscatine, IA5,018 1,060 6,636 1,307 — 1,060 6,636 1,307 9,003 (3,008)11/04/14201329 years
Retail Property in Sheldon, IA3,018 633 3,053 708 — 633 3,053 708 4,394 (1,294)11/04/14201137 years
Retail Property in Memphis, TN3,874 1,986 2,800 803 — 1,986 2,800 803 5,589 (2,406)10/24/14196215 years
Retail Property in Bennett, CO2,467 470 2,503 563 — 470 2,503 563 3,536 (1,208)10/02/14201434 years
Retail Property in O'Fallon, IL5,672 2,488 5,388 1,064 — 2,488 5,388 1,064 8,940 (4,479)08/08/14198415 years
Retail Property in El Centro, CA2,976 569 3,133 575 — 569 3,133 575 4,277 (1,153)08/08/14201450 years
Retail Property in Durant, OK— 594 3,900 498 — 594 3,900 498 4,992 (1,420)01/28/13200740 years
Retail Property in Gallatin, TN— 1,725 2,616 721 — 1,725 2,616 721 5,062 (1,275)12/28/12200740 years
Retail Property in Mt. Airy, NC— 729 3,353 621 — 729 3,353 621 4,703 (1,422)12/27/12200739 years
Retail Property in Aiken, SC— 1,588 3,480 858 — 1,588 3,480 858 5,926 (1,552)12/21/12200841 years
Retail Property in Johnson City, TN— 917 3,607 739 — 917 3,607 739 5,263 (1,564)12/21/12200740 years
Retail Property in Palmview, TX— 938 4,837 1,044 — 938 4,837 1,044 6,819 (1,791)12/19/12201244 years
Retail Property in Ooltewah, TN— 903 3,957 843 — 903 3,957 843 5,703 (1,673)12/18/12200841 years
Retail Property in Abingdon, VA— 682 3,733 666 — 682 3,733 666 5,081 (1,594)12/18/12200641 years
Retail Property in Vineland, NJ— 1,482 17,742 3,282 — 1,482 17,742 3,282 22,506 (9,636)09/21/12200330 years
Retail Property in Saratoga Springs, NY— 748 13,936 5,538 — 748 13,936 5,538 20,222 (9,059)09/21/12199427 years
Retail Property in Waldorf, MD— 4,933 11,684 2,882 — 4,933 11,684 2,882 19,499 (7,548)09/21/12199925 years
Retail Property in Mooresville, NC— 2,615 12,462 2,566 — 2,615 12,462 2,566 17,643 (8,113)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 (561)08/13/12201135 years
Retail Property in Orange City, FL— 229 853 235 — 229 853 235 1,317 (580)05/23/12201135 years
Retail Property in Satsuma, FL— 79 821 192 — 79 821 192 1,092 (557)04/19/12201135 years
Retail Property in Greenwood, AR— 1,038 3,415 694 — 1,038 3,415 694 5,147 (1,516)04/12/12200943 years
Retail Property in Millbrook, AL— 970 5,972 — — 970 5,972 — 6,942 (2,212)03/28/12200832 years
Retail Property in Spartanburg, SC3,327 828 2,567 772 — 828 2,567 772 4,167 (1,467)01/14/11200742 years
Retail Property in Tupelo, MS4,506 1,120 3,070 939 — 1,120 3,070 939 5,129 (1,673)08/13/10200747 years
Retail Property in Lilburn, GA— 1,090 3,673 1,028 — 1,090 3,673 1,028 5,791 (1,933)08/12/10200747 years
Retail Property in Douglasville, GA4,709 1,717 2,705 987 — 1,717 2,705 987 5,409 (1,537)08/12/10200848 years
Retail Property in Elkton, MD4,351 963 3,049 860 — 963 3,049 860 4,872 (1,629)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, SC4,101 1,644 2,219 869 — 1,644 2,219 869 4,732 (1,377)06/28/10200948 years
Total Net Lease$325,783 $95,045 $441,864 $97,060 $8,954 $95,045 $450,825 $97,057 $642,927 $(173,529)
Retail in New York, NY$— $8,896 $13,750 $— $— $8,896 $13,751 $— $22,647 $— 12/21/23198540 years
Multifamily in Pittsburgh, PA— 7,141 26,222 1,116 — 7,141 26,227 1,122 34,490 (428)11/01/23196637 years
Multifamily in New York, NY— 15,824 13,512 1,135 — 15,824 13,628 1,019 30,471 (409)09/19/23192120 years
Office in Houston, TX— 826 6,322 2,380 2,106 826 8,430 2,380 11,636 (1,416)11/01/22198328 years
Retail in New York, NY— 2,434 5,482 — 33 2,434 5,515 — 7,949 (373)02/11/22201928 years
Hotel in Schaumburg, IL— 8,029 29,971 — 718 8,029 30,689 — 38,718 (5,824)12/17/21198325 years
Hotel in Omaha, NE— 2,963 15,237 — 1,228 2,963 16,465 — 19,428 (3,897)02/27/19196935 years
Apartments in Isla Vista, CA88,854 36,274 47,694 1,118 2,142 36,274 49,837 1,118 87,229 (8,520)05/01/18200942 years
Office in Crum Lynne, PA6,013 1,403 7,518 1,666 — 1,403 7,518 1,666 10,587 (1,903)09/29/17199935 years
Office in Peoria, IL— 940 439 1,508 1,020 1,174 1,460 1,508 4,142 (1,398)10/21/16192615 years
Shopping Center in Carmel, NY— 2,041 3,632 1,033 — 2,041 4,269 1,033 7,343 (2,319)10/14/15198520 years
Office in Oakland County, MI17,401 1,147 7,707 9,932 10,887 1,144 18,587 9,928 29,659 (20,768)02/01/13198935 years
$112,268 $87,918 $177,486 $19,888 $18,134 $88,149 $196,376 $19,774 $304,299 $(47,255)
Total Real Estate$438,051 $182,963 $619,350 $116,948 $27,088 $183,194 $647,201 $116,831 $947,226 (1)$(220,784)
(1)      The aggregate cost for U.S. federal income tax purposes is $0.9 billion at December 31, 2023.
Reconciliation of Real Estate:

The following table reconciles real estate from December 31, 2022 to December 31, 2023 ($ in thousands):
Total Real Estate
Balance at December 31, 2022$899,144 
Acquisitions— 
Acquisitions through foreclosures87,598 
Improvements4,374 
Dispositions and write-offs(43,890)
Impairments— 
Balance at December 31, 2023$947,226 


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 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 
Reconciliation of Accumulated Depreciation and Amortization Expense:

The following table reconciles accumulated depreciation and amortization from December 31, 2022 to December 31, 2023 ($ in thousands):
Total Real Estate
Balance at December 31, 2022$199,008 
Depreciation and amortization expense29,791 
Dispositions/write-offs(8,015)
Balance at December 31, 2023$220,784 


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$236,622 
v3.24.0.1
Schedule IV - Mortgage Loans on Real Estate
 12 Months Ended
Dec. 31, 2023
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Abstract]  
Schedule IV - Mortgage Loans on Real Estate
Type of LoanUnderlying Property TypeInterest Rates (1)Effective Maturity DatesPeriodic Payment Terms (2)Prior LiensFace amount of MortgagesCarrying Amount of MortgagesPrincipal Amount of Mortgages Subject to Delinquent Principal or Interest (3)
First Mortgages individually >3%
First MortgageOffice9.19%8/6/2024IO$— $110,800 $110,551 $— 
First MortgageOffice8.99%7/6/2024IO— 224,175 223,676 — 
First MortgageIndustrial8.49%6/30/2024IO— 114,331 114,330 — 
First MortgageMixed9.46%10/4/2024IO— 145,840 144,752 — 
First Mortgages individually <3%
First MortgageMulti-Family, Office, Mixed, Industrial, Retail, Mobile Home Park, Hotel, Land4.25%—13.74%2024—2032IO, P&I— 2,568,007 2,556,267 14,541 
   Total First Mortgages— 3,163,153 3,149,576 14,541 
Subordinated Mortgages individually <3%
Subordinate MortgageRetail, Office, Hotel10.00%—12.00%2024—2027IO296,201 32,423 32,381 — 
   Total Subordinated Mortgages296,201 32,423 32,381 — 
Total Mortgages296,201 3,195,576 3,181,957 14,541 
Allowance for credit lossesN/AN/A(43,165)(4)N/A
Total Mortgages after Allowance for Credit Losses$296,201 $3,195,576 $3,138,792 (5)(6)$14,541 
(1)    Interest rates as of December 31, 2023.
(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 $14.5 million as of December 31, 2023. Refer to the Allowance for Credit Losses and Non-Accrual Status section of Note 3, Mortgage Loan Receivables, for further detail.
(4)    Refer to Note 3, Mortgage Loan Receivables, for further detail.
(5)    The aggregate cost for U.S. federal income tax purposes is $3.2 billion.
(6)     Includes $26.9 million of mortgage loans held for sale as of December 31, 2023.
Reconciliation of mortgage loans on real estate:

The following tables reconcile mortgage loans on real estate from December 31, 2020 to December 31, 2023 ($ 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, 2022$3,885,746 $(20,755)$27,391 $3,892,382 
Origination of mortgage loan receivables68,415 — — 68,415 
Repayment of mortgage loan receivables(726,710)— — (726,710)
Non-cash disposition of loan via foreclosure(91,408)— — (91,408)
Realized gain on sale of mortgage loan receivables— — (523)(523)
Accretion/amortization of discount, premium and other fees19,046 — — 19,046 
Charge-offs— 2,700 — 2,700 
Release of provision for current expected credit loss, net— (25,110)— (25,110)
Balance December 31, 2023$3,155,089 $(43,165)$26,868 $3,138,792 
(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, 2021$3,553,737 $(31,752)$— $3,521,985 
Origination of mortgage loan receivables1,234,765 — 61,318 1,296,083 
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.
v3.24.0.1
SIGNIFICANT ACCOUNTING POLICIES (Policies)
 12 Months Ended
Dec. 31, 2023
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 accounting principles generally accepted in the United States (“GAAP”).

The consolidated financial statements include the Company’s accounts and those of its subsidiaries that are majority-owned and/or controlled by the Company and variable interest entities 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 (“variable interest entities” or “VIEs”) 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.Investments in and advances to unconsolidated ventures represents the Company’s investment in Grace Lake LLC, a VIE. The Company determined that it was not the primary beneficiary of this VIE because 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 unconsolidated VIE that it was not previously contractually required to provide.
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; and
•determination of the effective tax rate for income tax provision.
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, 2023 and December 31, 2022. At December 31, 2023 and December 31, 2022, and at various times during the years, the balances exceeded the insured limits.
Restricted Cash
Restricted Cash
Restricted cash primarily consists of deposits related to real estate, which include tenant security deposits. Restricted cash also 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.
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.
Allowance for Loan Losses
Allowance 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. 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 property-type 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 interest receivable. The Company has made a policy election to write off aged receivables through interest income as opposed to through the CECL provision on its statements of income.

Loans for which the borrower or sponsor is experiencing financial difficulty, and where repayment of the loan is expected substantially through the operation or sale of the underlying collateral, are considered collateral dependent loans.

For collateral dependent loans, the Company may elect a practical expedient which allows the Company to measure expected losses based on the difference between the collateral’s fair value and the amortized cost basis of the loan. When the repayment or satisfaction of the loan is dependent on a sale, rather than operations of the collateral, the fair value is adjusted for the estimated costs to sell the collateral. If foreclosure is probable, the Company is required to measure for expected losses using this methodology.

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 collateral dependent 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.

When a debtor is experiencing financial difficulties and a loan is modified, the effect of the modification will be included in the Company’s assessment of the CECL allowance for loan losses. If the Company provides principal forgiveness, the amortized cost basis of the loan is written off against the allowance for loan losses. Generally, when modifying loans, 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 the effects of modifications granted should conditions impacting the loan improve.

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 recorded as a component of other comprehensive income (loss) in shareholders’ equity.

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, are carried at estimated fair value with changes in fair value recognized in earnings in the consolidated statements of income.

As more fully described in Note 4, Securities, 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.

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 four 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.

The Company develops an understanding of the valuation methodologies used by third-party 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 real estate, 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 14, Fair Value of Financial Instruments, 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.
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, including:
 
•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 recognized as a financing transaction and accounted for under ASC 470. 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.
Treasury Stock
Treasury Stock

Repurchases of shares and shares acquired to satisfy tax withholding in connection with the vesting of restricted stock are recorded at cost as a reduction of shareholders’ equity in treasury stock.

Reissuances of shares at an amount greater or (less) than the average cost basis of the shares results in gains (losses) that are recognized in shareholders’ equity. Gains on reissuances are recorded to additional paid-in capital. Losses on reissuances are recorded to additional paid-in capital to the extent previous net gains from reissuances of are included in additional paid-in capital. Losses in excess of that amount are recorded to retained earnings.
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, 2023, 2022 and 2021, the Company did not have material interest or penalties associated with the underpayment of any income taxes. The 2019-2023 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.
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, 2023 and 2022, 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.
Investment Related Expenses
Investment Related Expenses
Investment related expenses are composed primarily of servicing costs, fees related to financing arrangements, transaction related costs 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 and Recent Accounting Pronouncements Pending Adoption
Recently Adopted Accounting Pronouncements

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 eliminated 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. 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 adopted ASU 2022-02 on January 1, 2023 and the adoption of ASU 2022-02 did not have a material impact on the Company’s consolidated financial statements.

Recent Accounting Pronouncements Pending Adoption

In November 2023, the FASB issued ASU 2023-07—Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures (“ASU 2023-07”). ASU 2023-07 improves reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024, early adoption is permitted. The amendments should be applied retrospectively to all prior periods presented in the financial statements. Upon transition, the segment expense categories and amounts disclosed in the prior periods should be based on the significant segment expense categories identified and disclosed in the period of adoption. The Company is currently evaluating the impact of the update on the Company’s consolidated financial statements.

In December 2023, the FASB issued ASU 2023-09—Income Taxes (Topic 740): Improvements to Income Tax Disclosures (“ASU 2023-09”). ASU 2023-09 improves the transparency of income tax disclosures related to rate reconciliation and income taxes. ASU 2023-07 is effective for annual periods beginning after December 15, 2024. For entities other than public business entities, the amendments are effective for annual periods beginning after December 15, 2025. Early adoption is permitted for annual financial statements that have not yet been issued or made available for issuance. The amendments should be applied prospectively, however retrospective application is permitted. 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 being evaluated or not expected to have a material impact on the consolidated financial statements upon adoption.
v3.24.0.1
MORTGAGE LOAN RECEIVABLES (Tables)
 12 Months Ended
Dec. 31, 2023
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Abstract]  
Schedule of Mortgage Loan Receivables
December 31, 2023 ($ in thousands)
Outstanding
Face Amount		Carrying
Value		Weighted
Average
Yield (1)(2)		Remaining
Maturity
(years)(2)(3)
Mortgage loan receivables held for investment, net, at amortized cost:
First mortgage loans$3,131,803 $3,122,707 9.63 %0.7
Mezzanine loans32,423 32,382 11.46 %0.9
Total mortgage loans receivable3,164,226 3,155,089 9.65 %0.7
Allowance for credit losses N/A (43,165)
Total mortgage loan receivables held for investment, net, at amortized cost3,164,226 3,111,924 
Mortgage loan receivables held for sale:
First mortgage loans31,350 26,868 (4)4.57 %8.2
Total$3,195,576 $3,138,792 (5)9.61 %0.7
(1)Includes the impact of interest rate floors. Term SOFR rates in effect as of December 31, 2023 are used to calculate weighted average yield for floating rate loans.
(2)Excludes one non-accrual loan of $14.5 million. Refer to “Non-Accrual Status” below for further details.
(3)The remaining maturity is calculated based on the initial maturity. The weighted average extended maturity for all loans is 1.8 years.
(4)As a result of changes in prevailing rates, the Company recorded a lower of cost or market adjustment as of December 31, 2023. The adjustment was calculated using a 5.18% discount rate.
(5)Net of $9.1 million of deferred origination fees and other items as of December 31, 2023.
December 31, 2022 ($ 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)4.57 %9.2
Total$3,938,615 $3,892,382 (5)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.
(3)Includes the impact of one first mortgage loan with a principal balance of $51.5 million, which was extended through 2026 in January 2023.
(4)As a result of rising prevailing rates, the Company recorded a lower of cost or market adjustment as of December 31, 2022. The adjustment was calculated using a 5.16% discount rate.
(5)Net of $21.5 million of deferred origination fees and other items as of December 31, 2022.
Schedule of Mortgage Loan Receivables by Loan Type
For the years ended December 31, 2023, 2022, and 2021, the activity in our loan portfolio was as follows ($ 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, 2022$3,885,746 $(20,755)$27,391 
Origination of mortgage loan receivables (1)68,415 — — 
Repayment of mortgage loan receivables (2)(726,710)— — 
Non-cash disposition of loans via foreclosure (3)(91,408)— — 
Net result from mortgage loan receivables held for sale (4)— — (523)
Accretion/amortization of discount, premium and other fees19,046 — — 
Charge offs— 2,700 — 
Release (addition) of provision for current expected credit loss, net (5)— (25,110)— 
Balance, December 31, 2023$3,155,089 $(43,165)$26,868 
(1)Includes funding of commitments on existing mortgage loans.
(2)Excludes $11.8 million of proceeds received from repayments in transit.
(3)Refer to Note 5, Real Estate and Related Lease Intangibles, Net, for further detail on foreclosure of real estate.
(4)Includes unrealized lower of cost or market adjustment and realized gain/loss on loans held for sale.
(5)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, 2021$3,553,737 $(31,752)$— 
Origination of mortgage loan receivables (1)1,234,765 — 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 (2)(10,235)— — 
Net result from mortgage loan receivables held for sale (3)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 (4)— (3,398)— 
Balance, December 31, 2022$3,885,746 $(20,755)$27,391 
(1)Includes funding of commitments on existing mortgage loans.
(2)Refer to Note 5, Real Estate and Related Lease Intangibles, Net, for further detail on foreclosure of real estate.
(3)Represents unrealized lower of cost or market adjustment on loans held for sale.
(4)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)— — 
Net result from mortgage loan receivables held for sale— — 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.
Schedule of Provision for Loan Losses
Allowance for Credit Losses and Non-Accrual Status ($ in thousands)
Year Ended December 31,
Allowance for Credit Losses202320222021
Allowance for credit losses at beginning of period$20,755 $31,752 $41,507 
Provision for (release of) current expected credit loss, net (1)25,110 6,503 (8,605)
Foreclosure of loans subject to asset-specific reserve— — (1,150)
Charge-offs(2,700)(14,395)— 
Recoveries (2)— (3,105)— 
Allowance for credit losses at end of period$43,165 $20,755 $31,752 
(1)There were no asset-specific reserves recorded for the years ended December 31, 2023, 2022, and 2021.
(2)Recoveries are recognized within the consolidated statements of income through “Provision for (release of) loan loss reserves.”

Non-Accrual Status (1)December 31, 2023(2)December 31, 2022(3)(4)
Amortized cost basis of loans on non-accrual status, net of asset-specific reserve$14,541 $53,809 
(1)As of December 31, 2023 and December 31, 2022, the loans on non-accrual status were greater than 90 days past due and are considered collateral dependent.
(2)Comprised of one multi-family with an amortized cost basis of $14.5 million, for which the Company determined no asset-specific reserve was necessary.
(3)Includes two retail loans with an amortized cost basis of $26.0 million and asset-specific reserves of $2.7 million.
(4)Includes one mixed-use loan with an amortized cost basis of $30.5 million, for which the Company determined no asset-specific reserve was necessary.
Schedule of Individually Impaired Loans
Management’s method for monitoring credit is the performance of a loan. The primary credit quality indicator management utilizes to assess its current expected credit loss reserve is by viewing the Company’s mortgage loan portfolio by collateral type. The primary credit quality indicator is reviewed by management on a quarterly basis. The following tables summarize the amortized cost of the mortgage loan portfolio by collateral type as of December 31, 2023 and December 31, 2022, respectively ($ in thousands):
Amortized Cost Basis by Origination Year as of December 31, 2023
Collateral Type20232022202120202019 and EarlierTotal (1)
Multifamily$14,461 $547,532 $612,489 $— $— $1,174,482 
Office — 79,148 614,743 — 211,674 905,565 
Mixed Use— 193,470 321,514 — 41,403 556,387 
Industrial— 22,636 34,746 — 119,344 176,726 
Manufactured Housing— 32,655 82,895 — — 115,550 
Retail— 12,934 87,052 — 9,083 109,069 
Hospitality— — 18,589 — 55,380 73,969 
Other— 31,363 11,978 — — 43,341 
Subtotal mortgage loans receivable14,461 919,738 1,784,006 — 436,884 3,155,089 
Individually Impaired loans— — — — — — 
Total mortgage loans receivable (2)$14,461 $919,738 $1,784,006 $— $436,884 $3,155,089 
Amortized Cost Basis by Origination Year as of December 31, 2022
Collateral Type20222021202020192018 and EarlierTotal
Multifamily$702,125 $722,862 $— $— $— $1,424,987 
Office78,754 676,431 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 
Subtotal mortgage loans receivable1,145,229 2,102,307 56,150 332,046 224,002 3,859,734 
Individually Impaired loans— — — — 26,012 26,012 
Total mortgage loans receivable (3)$1,145,229 $2,102,307 $56,150 $332,046 $250,014 $3,885,746 
(1)For the year ended December 31, 2023, there was a $2.7 million of write-off of an asset-specific allowance in connection with a foreclosure of one retail property in New York, NY.
(2)Not included above is $22.4 million of accrued interest receivable on all loans at December 31, 2023.
(3)Not included above is $23.2 million of accrued interest receivable on all loans at December 31, 2022.
v3.24.0.1
SECURITIES (Tables)
 12 Months Ended
Dec. 31, 2023
Investments, Debt and Equity Securities [Abstract]  
Summary of Securities Which are Classified as Available-for-sale The following is a summary of the Company’s securities at December 31, 2023 and December 31, 2022 ($ in thousands):
December 31, 2023
    Gross Unrealized  Weighted Average
Asset TypeOutstanding
Face Amount		 Amortized Cost BasisGainsLosses (7)Carrying
Value		# of
Securities		Rating (1)Coupon %Yield %Remaining
Duration
(years)
CMBS$439,679  $439,052 $277 $(14,439)$424,890 (2)64 AAA6.67 %6.83 %2.00
CMBS interest-only(3)876,555 (3)6,453 169 (53)6,569 (4)9 AAA0.57 %6.61 %1.07
GNMA interest-only(5)37,053 (3)214 51 (52)213 14 AAA0.36 %6.12 %3.60
Agency securities22  22 — (1)21 1 AAA4.00 %2.70 %1.05
U.S. Treasury securities54,031 53,648 68 — 53,716 7 AAAN/A5.41 %0.07
Total debt securities$1,407,340 $499,389 $565 $(14,545)$485,409 (6)95 2.55 %6.82 %1.98
Equity securitiesN/A160 — (16)144 1 N/AN/AN/AN/A
Allowance for current expected credit lossesN/A— — (20)(20)
Total securities$1,407,340  $499,549 $565 $(14,581)$485,533 96  

December 31, 2022
    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$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 AAAN/A4.17 %0.60
Total debt securities$1,670,439 $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   
(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, 2023 and December 31, 2022, includes $9.0 million of restricted securities which are designated as risk retention securities under the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010, as amended (“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, 2023 and December 31, 2022, includes $0.3 million and $0.4 million, respectively of restricted securities which are designated as risk retention securities under the Dodd-Frank Act and are therefore subject to transfer restrictions over the term of the securitization trust and are classified as held-to-maturity and reported at amortized cost.
(5)GNMA interest-only securities are recorded at fair value with changes in fair value recorded in current period earnings. The Company’s GNMA interest-only securities are considered to be hybrid financial instruments that contain embedded derivatives. As a result, the Company has elected to account for them as hybrid instruments in their entirety at fair value with changes in fair value recognized in unrealized gain (loss) on securities in the consolidated statements of income.
(6)The Company’s investments in debt securities represent an ownership interest in unconsolidated VIEs. The Company’s maximum exposure to loss from these unconsolidated VIEs is the amortized cost basis of the securities which represents the purchase price of the investment adjusted by any unamortized premiums or discounts as of the reporting date.
(7)Based on the Company’s analysis, including review of interest rate changes and current levels of subordination, among other factors, the unrealized loss positions are determined to be due to market factors other than credit.
Schedule of Fair Value of the Company's Securities by Remaining Maturity Based Upon Expected Cash Flows
The following summarizes the carrying value of the Company’s debt securities by remaining maturity based upon expected cash flows at December 31, 2023 and December 31, 2022 ($ in thousands):
 
December 31, 2023
Asset TypeWithin 1 year1-5 years5-10 yearsAfter 10 yearsTotal
CMBS$81,343 $343,547 $— $— $424,890 
CMBS interest-only2,121 4,448 — — 6,569 
GNMA interest-only86 22 105 — 213 
Agency securities— 21 — — 21 
U.S. Treasury securities53,716 — — — 53,716 
Total securities (1)$137,266 $348,038 $105 $— $485,409 
(1)Excluded from the table above are $0.1 million of equity securities and $(20.0) thousand of allowance for current expected credit losses.
 
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 
Total securities (1)$379,700 $207,590 $130 $— $587,420 
(1)Excluded from the table above are $0.1 million of equity securities and $(20.0) thousand of allowance for current expected credit losses.
v3.24.0.1
REAL ESTATE AND RELATED LEASE INTANGIBLES, NET (Tables)
 12 Months Ended
Dec. 31, 2023
Real Estate [Abstract]  
Schedule of Real Estate Properties by Category
The Company’s real estate assets were comprised of the following ($ in thousands):
December 31, 2023December 31, 2022
Land$183,194 $158,802 
Building647,201 625,655 
In-place leases and other intangibles116,831 114,687 
Undepreciated real estate and related lease intangibles947,226 899,144 
Less: Accumulated depreciation and amortization(220,784)(199,008)
Real estate and related lease intangibles, net(1)$726,442 $700,136 
Below market lease intangibles, net (other liabilities)(2)$(28,860)$(30,892)
(1)There was unencumbered real estate of $160.8 million and $140.3 million as of December 31, 2023 and December 31, 2022, respectively.
(2)Below market lease intangibles is net of $15.8 million and $13.6 million of accumulated amortization as of December 31, 2023 and December 31, 2022, respectively.
Schedule of Depreciation and Amortization Expense Recorded
The following table presents depreciation and amortization expense on real estate recorded by the Company ($ in thousands):
 Year Ended December 31,
 202320222021
Depreciation expense(1)$24,166 $25,770 $30,659 
Amortization expense5,748 6,903 7,142 
Total real estate depreciation and amortization expense$29,914 $32,673 $37,801 
(1)Depreciation expense on the consolidated statements of income also includes $0.4 million, $41 thousand, and $99 thousand of depreciation on corporate fixed assets for the years ended December 31, 2023, 2022 and 2021, respectively.
Schedule of Lease Intangible Assets
The Company’s intangible assets are comprised of in-place leases, above market leases and other intangibles. The following tables present additional detail related to our intangible assets ($ in thousands):
 December 31, 2023December 31, 2022
Gross intangible assets(1)$116,831 $114,689 
Accumulated amortization55,782 49,725 
Net intangible assets$61,049 $64,964 
(1)Includes $2.8 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, 2023 and December 31, 2022.

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,
 202320222021
Reduction in operating lease income for amortization of above market lease intangibles acquired$(309)$(305)$(367)
Increase in operating lease income for amortization of below market lease intangibles acquired2,106 2,068 2,255 
Total$1,797 $1,763 $1,888 
Schedule of Expected Amortization Expense Related to the Acquired In-place Lease Intangibles, for Property Owned
The following table presents expected adjustment to operating lease income and expected amortization expense during the next five years and thereafter related to the above and below market leases and acquired in-place lease and other intangibles for property owned as of December 31, 2023 ($ in thousands):
Period Ending December 31,Increase/(Decrease) to Operating Lease IncomeAmortization Expense
2024$1,726 $6,725 
20251,722 5,181 
20261,735 4,519 
20271,699 4,332 
20281,625 4,167 
Thereafter17,528 33,304 
Total$26,035 $58,228 
Schedule of Contractual Future Minimum Rent Under Leases
The following is a schedule of non-cancellable, contractual, future minimum rent under leases (excluding property operating expenses paid directly by tenant under net leases) at December 31, 2023 ($ in thousands):
Period Ending December 31,Amount
2024$61,285 
202556,123 
202653,724 
202748,804 
202847,305 
Thereafter160,590 
Total$427,831 
Schedule of Real Estate Properties Acquired
The Company acquired the following properties during the year ended December 31, 2023 ($ in thousands):
Acquisition DateTypePrimary Location(s)Purchase Price/Fair Value on the Date of ForeclosureOwnership Interest (1)
September 2023(2)Mixed UseNew York, NY$30,400 100%
November 2023(3)MultifamilyPittsburgh, PA34,479 100%
December 2023(4)RetailNew York, NY22,647 100%
Total real estate acquisitions$87,526 
(1)Properties were consolidated as of acquisition date.
(2)In September 2023, the Company acquired a multifamily portfolio consisting of four properties in New York, NY via foreclosure. The portfolio served as collateral for a mortgage loan receivable held for investment. The Company obtained a third-party appraisal of the property. The $30.4 million fair value was determined by using the sales comparison and income approaches. The appraiser utilized a terminal capitalization rate of 5.5%. There was no gain or loss resulting from the foreclosure of the loan. The key inputs used to determine fair value were determined to be Level 3 inputs.
(3)In November 2023, the Company acquired a multifamily property in Pittsburgh, PA via foreclosure. The property served as collateral for a mortgage loan receivable held for investment. The Company obtained a third-party appraisal of the property. The $34.5 million fair value was determined by using the sales comparison and income approaches. The appraiser utilized a terminal capitalization rate of 6.00%. There was no gain or loss resulting from the foreclosure of the loan. The key inputs used to determine fair value were determined to be Level 3 inputs.
(4)In December 2023, the Company acquired a retail property in New York, NY via foreclosure. The property served as collateral for two mortgage loan receivables held for investment. The Company obtained a third-party appraisal of the property. The $22.6 million fair value was determined by using the sales comparison and income approaches. The appraiser utilized a terminal capitalization rate of 5.25%. There was no gain or loss resulting from the foreclosure of the loan. The key inputs used to determine fair value were determined to be Level 3 inputs.

The Company acquired the following properties during the year ended December 31, 2022 ($ in thousands):
Acquisition DateTypePrimary Location(s)Purchase Price/Fair Value on the Date of ForeclosureOwnership Interest (1)
February 2022(2)ApartmentsNew York, NY$15,436 100%
November 2022(3)OfficeHouston, TX9,386 100%
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.

The Company acquired the following properties during the year ended December 31, 2021 ($ in thousands):
Acquisition DateTypePrimary Location(s)Purchase Price/Fair Value on the Date of ForeclosureOwnership Interest (1)
February 2021(2)HotelMiami, FL$43,750 100%
August 2021ApartmentsStillwater, OK20,452 80%
December 2021(3)HotelSchaumburg, IL38,000 100%
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 $38.0 million fair value was determined by using the sales comparison and income approaches. The appraiser utilized a terminal capitalization rate of 8.0% and a discount rate of 10.0%. There was no gain or loss resulting from the foreclosure of the loan.
Schedule of Properties Sold
The Company sold the following properties during the year ended December 31, 2023 ($ in thousands):
Sales DateTypePrimary Location(s)Sales ProceedsNet Book ValueRealized Gain/(Loss)Properties
August 2023HotelSan Diego, CA(1)$43,335 $34,526 $8,808 1 
Totals$43,335 $34,526 $8,808 
(1)Included within sales proceeds is $31.3 million of mortgage financing that was assumed by the buyer.

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 $55,766 
v3.24.0.1
DEBT OBLIGATIONS, NET (Tables)
 12 Months Ended
Dec. 31, 2023
Debt Disclosure [Abstract]  
Schedule of Debt Obligations
The details of the Company’s debt obligations at December 31, 2023 and December 31, 2022 are as follows ($ in thousands):
 
December 31, 2023
Debt ObligationsCommitted /
Principal Amount		Carrying Value of Debt Obligations Committed but UnfundedInterest Rate at December 31, 2023(1)Current Term MaturityRemaining Extension OptionsEligible CollateralCarrying Amount of CollateralFair Value of Collateral
Committed Loan Repurchase Facility$500,000 $235,594 $264,406 7.08%—7.48%9/27/2025(2)(3)$342,467 $342,467 
Committed Loan Repurchase Facility300,000 118,903 181,097 7.46%—8.36%12/19/2024(4)(5)174,938 174,938 
Committed Loan Repurchase Facility141,997 139,162 2,835 7.06%—7.60%4/30/2024(6)(3)65,110 65,110 (7)
Committed Loan Repurchase Facility200,000 111,340 88,660 7.22%—8.29%10/3/2025(8)(3)150,280 150,559 
Committed Loan Repurchase Facility100,000 — 100,000 —%——%1/22/2024(9)(5)— — 
Total Committed Loan Repurchase Facilities1,241,997 604,999 636,998 732,795 733,074 
Committed Securities Repurchase Facility100,000 — 100,000 —%——%5/27/2024 N/A (10)— — 
Uncommitted Securities Repurchase Facility N/A (11) 1,608  N/A (11) 6.61%—7.56%1/17/2024 N/A (10)2,511 2,511 (12)
Total Repurchase Facilities1,341,997 606,607 736,998 735,306 735,585 
Revolving Credit Facility323,850 — 323,850 —%——%7/27/2024(13) N/A (14)   N/A (14) N/A (14)
Mortgage Loan Financing437,384 437,759 — 4.39%—9.03%2024-2031 (15) N/A (16)474,740 625,454 (17)
CLO Debt1,062,777 1,060,719 (18)— 6.68%—9.13%2024-2026 (19)N/A(3)1,327,722 1,327,722 
Borrowings from the FHLB115,000 115,000 —  5.76% —5.88%2024 N/A (20)140,276 140,276 
Senior Unsecured Notes1,575,614 1,563,861 (21)— 4.25%—5.25%2025-2029 N/A  N/A (22)  N/A (22)   N/A (22)
Total Debt Obligations, Net$4,856,622 $3,783,946 $1,060,848 $2,678,044 $2,829,037 
(1)Interest rates on floating rate debt reflect the applicable index in effect as of December 31, 2023.
(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 364-day period at Company’s option.
(5)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.
(6)Three additional 12-month extension periods at Company’s option.
(7)The Company has pledged mortgage loans receivable with a value of $114.7 million that eliminates in consolidation and is thus not included in the carrying amount of collateral or fair value of collateral.
(8)Two additional 12-month extension periods at Company’s option. No new advances permitted past 30 days prior to initial maturity.
(9)Two additional 12-month extension periods at Company's option. No new advances permitted during the final 12-month period.
(10)Commercial real estate securities. It does not include the first mortgage commercial real estate loans collateralizing such securities.
(11)Represents uncommitted securities repurchase facilities for which there is no committed amount subject to future advances.
(12)Includes $1.9 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.
(13)Three additional 12-month periods at Company’s option.
(14)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.
(15)Anticipated repayment dates.
(16)Certain of our real estate investments serve as collateral for our mortgage loan financing.
(17)Represents undepreciated carrying value of commercial real estate collateral.
(18)Presented net of unamortized debt issuance costs of $2.1 million at December 31, 2023.
(19)Represents the estimated maturity date based on the remaining reinvestment period and underlying loan maturities.
(20)Investment grade commercial real estate securities. It does not include the first mortgage commercial real estate loans collateralizing such securities.
(21)Presented net of unamortized debt issuance costs of $11.8 million at December 31, 2023.
(22)The obligations under the senior unsecured notes are guaranteed by the Company and certain of its subsidiaries.
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(2)$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 Facility(2)100,000 8,640 91,360 5.04%—5.29%5/27/2023N/A(12)10,023 10,023 
Uncommitted Securities Repurchase FacilityN/A (13)222,328 N/A (13)4.73%—6.00%3/2/2023N/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 - 2024N/A(22)248,806 248,806 (23)
Senior Unsecured Notes1,643,794 1,628,382 (24)— 4.25%—5.25%2025 - 2029N/AN/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 are 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 $15.4 million at December 31, 2022.
(25)The obligations under the senior unsecured notes are guaranteed by the Company and certain of its subsidiaries.
Schedule of Contractual Payments Under All Borrowings by Maturity
The following schedule reflects the Company’s contractual payments under borrowings by maturity ($ in thousands): 
Period ending December 31,Borrowings by
Maturity(1)
2024$320,900 
2025659,782 
2026138,170 
2027909,961 
202824,317 
Thereafter681,474 
Subtotal2,734,604 
Debt issuance costs included in senior unsecured notes(11,753)
Debt issuance costs included in mortgage loan financings(1,441)
Premiums included in mortgage loan financings(2)1,816 
Total (3)$2,723,226 
(1)The allocation of repayments under our committed loan repurchase facilities 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 mortgage 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 $2.1 million, as the satisfaction of these liabilities will be paid through cash flow from loan collateral including amortization and will not require cash outlays from us.
v3.24.0.1
DERIVATIVE INSTRUMENTS (Tables)
 12 Months Ended
Dec. 31, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Breakdown of the Derivatives Outstanding The following is a breakdown of the derivatives outstanding as of December 31, 2023 and December 31, 2022 ($ in thousands):
 
December 31, 2023
  Fair ValueRemaining
Maturity
(years)
Contract TypeNotionalAsset(1)Liability(1)
Caps    
1 Month Term SOFR$90,000 $908 $— 0.62
Futures   
5-year Treasury-Note Futures18,800 98 — 0.25
10-year Treasury-Note Futures86,100 447 — 0.25
Total futures104,900 545 — 
Options   
OptionsN/A(2)1 — 0.05
Total derivatives$194,900 $1,454 $—  
(1)Shown as derivative instruments in the accompanying consolidated balance sheets.
(2)The Company held 104 options contracts as of December 31, 2023.

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 $—  
(1)Shown as derivative instruments in the accompanying consolidated balance sheets.
Schedule of Net Realized Gains/(Losses) and Unrealized Appreciation/(Depreciation) on Derivatives
The following table summarizes the net realized gains (losses) and unrealized gains (losses) on derivatives, by primary underlying risk exposure, as included in net result from derivatives transactions in the consolidated statements of income for the years ended December 31, 2023, 2022, and 2021 ($ in thousands):
 Year Ended December 31, 2023
Contract TypeUnrealized
Gain/(Loss)		Realized
Gain/(Loss)		Net Result
from
Derivative
Transactions
Caps$(895)$1,378 $483 
Futures423 834 1,257 
Options82 (341)(259)
Total$(390)$1,871 $1,481 
 
 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 $1,749 
v3.24.0.1
OFFSETTING ASSETS AND LIABILITIES (Tables)
 12 Months Ended
Dec. 31, 2023
Offsetting [Abstract]  
Schedule of Offsetting of Financial Assets
The following table represents offsetting of financial assets and derivative assets as of December 31, 2023 ($ 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$1,454 $— $1,454 $— $(2,846)$(1,392)
Total$1,454 $— $1,454 $— $(2,846)$(1,392)
(1)Included in restricted cash on consolidated balance sheets.
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.
Schedule of Offsetting of Financial Liabilities
The following table represents offsetting of financial liabilities and derivative liabilities as of December 31, 2023 ($ 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$606,607 $— $606,607 $606,607 $— $606,607 
Total$606,607 $— $606,607 $606,607 $— $606,607 
(1)Included in restricted cash on consolidated balance sheets.
The following table represents offsetting of financial liabilities and derivative liabilities as of December 31, 2022 ($ 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 $828,735 
(1)Included in restricted cash on consolidated balance sheets.
v3.24.0.1
CONSOLIDATED VARIABLE INTEREST ENTITIES (Tables)
 12 Months Ended
Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Schedule of Variable Interest Entities
The Company consolidates on its balance sheet two CLOs that are considered VIEs as of December 31, 2023 and December 31, 2022 ($ in thousands):

December 31, 2023December 31, 2022
Restricted cash$— $4,902 
Mortgage loan receivables held for investment, net, at amortized cost1,327,722 1,308,654 
Accrued interest receivable9,394 8,313 
Other assets4,469 17,505 
Total assets$1,341,585 $1,339,374 
Debt obligations, net$1,060,719 $1,058,462 
Accrued expenses3,555 3,029 
Other liabilities— 65 
Total liabilities1,064,274 1,061,556 
Net equity in VIEs (eliminated in consolidation)277,311 277,818 
Total equity277,311 277,818 
Total liabilities and equity$1,341,585 $1,339,374 
v3.24.0.1
EQUITY STRUCTURE AND ACCOUNTS (Tables)
 12 Months Ended
Dec. 31, 2023
Equity [Abstract]  
Schedule of Common Stock Repurchase Activity
The following tables summarize the Company’s repurchase activity of its Class A common stock during the years ended December 31, 2023 and 2022 ($ in thousands):
SharesAmount(1)
Authorizations remaining as of December 31, 2022$46,737 
Repurchases paid:
March 1, 2023 - March 31, 2023 250,000 (2,285)
September 1 - September 30, 202319,000 (196)
Authorizations remaining as of December 31, 2023$44,256 
(1)Amount excludes commissions paid associated with share repurchases.
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.
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, 2023 and 2022:
Declaration DateDividend per Share
March 15, 2023$0.23 
June 15, 20230.23 
September 15, 20230.23 
December 15, 20230.23 
Total$0.92 
March 15, 2022$0.20 
June 15, 20220.22 
September 15, 20220.23 
December 15, 20220.23 
Total$0.88 
December 15, 2021$0.20 
September 15, 20210.20 
June 15, 20210.20 
March 15, 20210.20 
Total$0.80 
The following table presents the tax treatment for our aggregate distributions per share of common stock paid for the years ended December 31, 2023, 2022 and 2021:
Record DatePayment DateDividend per ShareOrdinary DividendsQualified DividendsCapital GainUnrecaptured 1250 GainReturn of CapitalSection 199A
Dividends
March 31, 2023April 17, 20230.230 0.230 — — — — 0.230 
June 30, 2023July 17, 20230.230 0.230 — — — — 0.230 
September 29, 2023October 16, 20230.230 0.230 — — — — 0.230 
December 29, 2023January 16, 2024(1)0.230 0.230 — — — — 0.230 
Total$0.920 $0.920 $— $— $— $— $0.920 

(1)The fourth quarter dividend paid on January 16, 2024 was $0.230 and is considered a 2023 dividend for U.S. federal income tax purposes.

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, 2023(2)0.230 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.
(2)The fourth quarter dividend paid on January 16, 2023 was $0.230 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, 20210.200 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 $0.200 and is considered a 2022 dividend for U.S. federal income tax purposes.
Schedule of Accumulated Other Comprehensive Income
The following table presents changes in accumulated other comprehensive income related to the cumulative difference between the fair market value and the amortized cost basis of securities classified as available for sale for the years ended December 31, 2023 and 2022 ($ in thousands):

Year Ended December 31,
202320222021
Accumulated Other Comprehensive Income (Loss) beginning of period$(21,009)$(4,112)$(10,463)
Other comprehensive income (loss)7,156 (16,897)6,351 
Accumulated Other Comprehensive Income (Loss) end of period$(13,853)$(21,009)$(4,112)
v3.24.0.1
EARNINGS PER SHARE (Tables)
 12 Months Ended
Dec. 31, 2023
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, 2023, 2022, and 2021 consist of the following:
Year Ended December 31,
($ in thousands except share amounts)202320222021
Basic and Diluted Net income (loss) available for Class A common shareholders$101,125 $142,217 $56,522 
Weighted average shares outstanding:   
Basic124,667,877 124,301,421 123,763,843 
Diluted124,882,398 125,823,671 124,563,051 
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, 2023, 2022, and 2021 consist of the following:
Year Ended December 31,
(In thousands except share and per share amounts) (1)202320222021
Basic Net Income (Loss) Per Share of Class A Common Stock   
Numerator:
   
Net income (loss) attributable to Class A common shareholders$101,125 $142,217 $56,522 
Denominator:
   
Weighted average number of shares of Class A common stock outstanding124,667,877 124,301,421 123,763,843 
Basic net income (loss) per share of Class A common stock$0.81 $1.14 $0.46 
Diluted Net Income (Loss) Per Share of Class A Common Stock   
Numerator:   
Net income (loss) attributable to Class A common shareholders$101,125 $142,217 $56,522 
Diluted net income (loss) attributable to Class A common shareholders101,125 142,217 56,522 
Denominator:   
Basic weighted average number of shares of Class A common stock outstanding124,667,877 124,301,421 123,763,843 
Add - dilutive effect of:   
Incremental shares of unvested Class A restricted stock(1)214,521 1,522,250 799,208 
Diluted weighted average number of shares of Class A common stock outstanding (2)124,882,398 125,823,671 124,563,051 
Diluted net income (loss) per share of Class A common stock$0.81 $1.13 $0.45 
(1)The Company applies the treasury stock method.
(2)There were 367,001 anti-dilutive shares for the years ended December 31, 2023.
v3.24.0.1
STOCK-BASED AND OTHER COMPENSATION PLANS (Tables)
 12 Months Ended
Dec. 31, 2023
Share-Based Payment Arrangement [Abstract]  
Schedule of Stock Based Compensation Plans
The following table summarizes the impact on the consolidated statements of income of the various stock-based compensation plans and other compensation plans ($ in thousands):
Year Ended December 31,
202320222021
Stock-based compensation expense$18,577 $31,584 $15,300 
Phantom Equity Investment Plan— — 22 
Total Stock-Based Compensation Expense (1)$18,577 $31,584 $15,322 
(1)Variance between twelve months ended December 31, 2023, 2022, and 2021 is primarily due to timing of 2021, 2022 and 2023 employee stock and bonus compensation.
Schedule of the Grants
A summary of the grants is presented below:
 Year Ended December 31,
 202320222021
Number
of Shares		Weighted
Average
Fair Value
Per Share		Number
of Shares		Weighted
Average
Fair Value
Per Share		Number
of Shares		Weighted
Average
Fair Value
Per Share
Grants - Class A Common Stock1,417,561 $11.58 2,884,303 $11.87 747,713 $9.81 
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, 2023 and changes during 2023 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, 20222,529,571 $12.62 623,788 
Granted1,417,561 11.58 — 
Vested(1,699,744)12.14 — 
Forfeited(49,425)10.43 — 
Nonvested/Outstanding at December 31, 20232,197,963 $12.37 623,788 
Exercisable at December 31, 2023 (1)623,788 
(1)The weighted average exercise price of outstanding options is $14.84 at December 31, 2023.
v3.24.0.1
FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)
 12 Months Ended
Dec. 31, 2023
Fair Value Disclosures [Abstract]  
Summary of Fair Value
The carrying values and estimated fair values of the Company’s financial instruments, which are both reported at fair value on a recurring basis (as indicated) or amortized cost/par, at December 31, 2023 and December 31, 2022 are as follows ($ in thousands):
 
December 31, 2023
      Weighted Average
 Principal Amount Amortized Cost Basis/Purchase PriceFair ValueFair Value MethodYield
%		Remaining
Maturity/Duration (years)
Assets:       
CMBS(1)$439,679  $439,052 $424,890 Internal model6.83 %2.00
CMBS interest-only(1)876,555 (2)6,453 6,569 Internal model6.61 %1.07
GNMA interest-only(3)37,053 (2)214 213 Internal model6.12 %3.60
Agency securities(1)22  22 21 Internal model2.70 %1.05
U.S. Treasury securities(1)54,031 53,648 53,716 Internal model5.41 %0.07
Equity securities(3) N/A 160 144 Observable market pricesN/A N/A
Mortgage loan receivables held for investment, net, at amortized cost(4)3,164,226  3,155,089 3,150,843 Discounted Cash Flow(5)9.65 %0.68
Mortgage loan receivables held for sale31,350  26,868 26,868 Internal model, third-party inputs(6)4.57 %8.19
FHLB stock(7)5,175  5,175 5,175 (7)8.25 % N/A
Nonhedge derivatives(1)(10)194,900  1,454 1,454 Counterparty quotationsN/A0.48
Liabilities:       
Repurchase agreements - short-term337,631  337,631 337,631 Cost plus Accrued Interest (8)7.57 %0.48
Repurchase agreements - long-term268,976  268,976 268,976 Discounted Cash Flow(9)7.35 %1.74
Mortgage loan financing437,384  437,759 425,992 Discounted Cash Flow5.87 %2.64
CLO debt1,062,777 1,060,719 1,060,719 Discounted Cash Flow(9)7.08 %1.89
Borrowings from the FHLB115,000  115,000 115,000 Discounted Cash Flow5.82 %0.57
Senior unsecured notes1,575,614  1,563,861 1,475,303 Internal model, third-party inputs4.66 %3.77
(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 $43.2 million at December 31, 2023.
(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 spreads. 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, 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 %3.30
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 %0.60
Equity securities(3)N/A160 118 Observable market pricesN/AN/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)The outstanding face amount of the nonhedge derivatives represents the notional amount of the underlying contracts.
(9)Fair value for repurchase agreement liabilities - short term 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.
(10)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.
(11)The outstanding face amount of the nonhedge derivatives represents the notional amount of the underlying contracts.
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, 2023 and December 31, 2022 ($ in thousands):
 
December 31, 2023
 
Financial Instruments Reported at Fair Value on Consolidated Statements of Financial ConditionPrincipal
Amount		 Fair Value
 Level 1Level 2Level 3Total
Assets:      
CMBS(1)$430,398  $— $415,935 $— $415,935 
CMBS interest-only(1)868,228 (2)— 6,260 — 6,260 
GNMA interest-only(3)37,053 (2)— 213 — 213 
Agency securities(1)22  — 21 — 21 
U.S. Treasury securities54,031 53,716 — — 53,716 
Equity securities N/A 144 — — 144 
Nonhedge derivatives(4)194,900 — 1,454 — 1,454 
$53,860 $423,883 $— $477,743 
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)$3,164,226  $— $— $3,150,843 $3,150,843 
Mortgage loan receivable held for sale(6)31,350  — — 26,868 26,868 
CMBS(7)9,281 — 8,955 — 8,955 
CMBS interest-only(7)8,327 — 309 — 309 
FHLB stock5,175  — — 5,175 5,175 
$— $9,264 $3,182,886 $3,192,150 
Liabilities:     
Repurchase agreements - short-term$337,631  $— $337,631 $— $337,631 
Repurchase agreements - long-term268,976  — 268,976 — 268,976 
Mortgage loan financing437,384  — — 425,992 425,992 
CLO debt1,062,777 — 1,060,719 — 1,060,719 
Borrowings from the FHLB115,000  — — 115,000 115,000 
Senior unsecured notes1,575,614  — — 1,475,303 1,475,303 
$— $1,667,326 $2,016,295 $3,683,621 
(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 $43.2 million at December 31, 2023.
(6)A lower of cost or market adjustment was recorded as of December 31, 2023.
(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, 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 
Equity securitiesN/A118 — — 118 
U.S. Treasury securities36,000 35,328 — — 35,328 
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 $20.8 million at December 31, 2022.
(6)A lower of cost or market adjustment was recorded as of December 31, 2022.
(7)Restricted securities which are designated as risk retention securities under the Dodd-Frank Act and are therefore subject to transfer restrictions over the term of the securitization trust, are classified as held-to-maturity and reported at amortized cost.
Schedule of Changes in Level 3 of Financial Instruments
The following table summarizes changes in Level 3 financial instruments reported at fair value on the consolidated statements of financial condition for the years ended December 31, 2023 and 2022 ($ in thousands):
Year Ended December 31,
Level 320232022
Balance at January 1,$542,646 $692,864 
Transfer into level 3— — 
Purchases143,953 59,333 
Sales(17,838)(4,261)
Paydowns/maturities(231,993)(183,929)
Amortization of premium/discount(2,716)(4,354)
Unrealized gain/(loss)7,039 (16,901)
Realized gain/(loss) on sale(275)(106)
Transfer out of level 3 (1)(440,816)— 
Balance at December 31,$— $542,646 
(1)As of December 31, 2023, the Company determined that $440.8 million of securities were level 2 based on the Company’s increased observability of the inputs used to internally value the securities.
Schedule of Quantitative Information
The following is quantitative information about significant unobservable inputs in our Level 3 measurements for those assets and liabilities measured at fair value on a recurring basis ($ 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 %2.70 %
Total$542,646 
(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)GNMA 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.
v3.24.0.1
INCOME TAXES (Tables)
 12 Months Ended
Dec. 31, 2023
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,
202320222021
Current expense (benefit) 
U.S. federal$2,204 $1,823 $(280)
State and local858 3,591 936 
Total current expense (benefit)3,062 5,414 656 
Deferred expense (benefit)  
U.S. federal964 (445)311 
State and local218 (60)(39)
Total deferred expense (benefit)1,182 (505)272 
Provision for income tax expense (benefit)$4,244 $4,909 $928 
Schedule of Effective Income Tax Rate Reconciliation
A reconciliation between the U.S. federal statutory income tax rate and the effective tax rate for the years ended December 31, 2023, 2022 and 2021 is as follows:
Year Ended December 31,
 202320222021
U.S. statutory tax rate21.00 %21.00 %21.00 %
REIT income not subject to corporate income tax(15.22)%(18.09)%(17.72)%
Increase due to state and local taxes1.07 %0.59 %(0.46)%
Change in valuation allowance(1.57)%(1.17)%(1.20)%
Offshore non-taxable income(3.79)%(1.35)%(3.75)%
Uncertain tax position recorded (released)0.14 %1.45 %— %
Section 163 (j) interest expense limitation0.17 %0.08 %0.27 %
REIT income taxes0.14 %0.28 %(0.31)%
Return to provision(0.23)%(0.64)%1.64 %
Net operating loss carryback benefit— %— %— %
Other2.34 %0.74 %2.14 %
Effective income tax rate4.05 %2.89 %1.61 %
Schedule of Deferred Tax Assets and Liabilities
The components of the Company’s deferred tax assets and liabilities are as follows ($ in thousands):
December 31, 2023December 31, 2022
Deferred Tax Assets 
Net operating loss carryforward$2,069 $3,493 
Net unrealized losses721 641 
Capital losses carryforward2,813 4,356 
Valuation allowance(2,813)(4,356)
Interest expense limitation1,560 1,385 
Valuation allowance(1,560)(1,385)
Total Deferred Tax Assets$2,790 $4,134 

December 31, 2023December 31, 2022
Deferred Tax Liability 
Basis difference in operating partnerships$5,749 $5,911 
Total Deferred Tax Liability$5,749 $5,911 
v3.24.0.1
COMMITMENTS AND CONTINGENCIES (Tables)
 12 Months Ended
Dec. 31, 2023
Commitments and Contingencies Disclosure [Abstract]  
Schedule of Future Minimum Lease Obligations under Non-cancelable Operating Leases
Future minimum lease payments under non-cancelable operating leases as of December 31, 2023 are as follows ($ in thousands):

2024$2,171 
20252,207 
20262,219 
20272,232 
202813,344 
Thereafter— 
Total undiscounted cash flows22,173 
Present value discount (1)(5,755)
Lease liabilities (2)$16,418 
(1)Lease liabilities were discounted at the Company's weighted average incremental borrowing rate for similar collateral, which was estimated to be 6.62%. The remaining lease term is 9.6 years.
(2)The Company has a five-year extension option which is not reflected in the total lease liability.
v3.24.0.1
SEGMENT REPORTING (Tables)
 12 Months Ended
Dec. 31, 2023
Segment Reporting [Abstract]  
Schedule of Company's Performance Evaluation by Segment
The Company evaluates performance based on the following financial measures for each segment ($ in thousands):
Year ended December 31, 2023LoansSecuritiesReal Estate (1)Corporate/Other(2)Company 
Total
Interest income$341,840 $32,479 $12 $32,953 $407,284 
Interest expense(122,420)(3,177)(31,443)(88,057)(245,097)
Net interest income (expense)219,420 29,302 (31,431)(55,104)162,187 
(Provision for) release of loan loss reserves(25,096)— — — (25,096)
Net interest income (expense) after provision for (release of) loan reserves194,324 29,302 (31,431)(55,104)137,091 
Real estate operating income— — 96,950 — 96,950 
Net result from mortgage loan receivables held for sale(523)— — — (523)
Realized gain (loss) on securities— (276)— — (276)
Unrealized gain (loss) on securities— 29 — — 29 
Realized gain on sale of real estate, net— — 8,808 — 8,808 
Fee and other income8,237 15 300 626 9,178 
Net result from derivative transactions404 595 482 — 1,481 
Earnings (loss) from investment in unconsolidated ventures— — 758 — 758 
Gain (loss) on extinguishment of debt— — — 10,718 10,718 
Total other income (loss)8,118 363 107,298 11,344 127,123 
Compensation and employee benefits— — — (63,618)(63,618)
Operating expenses— — — (19,503)(19,503)
Real estate operating expenses— — (37,587)— (37,587)
Investment related expenses(6,310)(191)(903)(1,443)(8,847)
Depreciation and amortization— — (29,482)(432)(29,914)
Total costs and expenses(6,310)(191)(67,972)(84,996)(159,469)
Income tax (expense) benefit— — — (4,244)(4,244)
Segment profit (loss)$196,132 $29,474 $7,895 $(133,000)$100,501 
Total assets as of December 31, 2023$3,138,794 $485,533 $733,319 $1,155,031 $5,512,677 
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 
Net result from mortgage loan receivables held for sale(2,511)— — — (2,511)
Realized gain (loss) on securities— (73)— — (73)
Unrealized gain (loss) on securities— (86)— — (86)
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)
Investment related expenses(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 
Net result from mortgage loan receivables held for sale8,398 — — — 8,398 
Realized gain (loss) on securities— 1,594 — — 1,594 
Unrealized gain (loss) on 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 expenses127 — — (17,799)(17,672)
Real estate operating expenses— — (26,161)— (26,161)
Investment related expenses(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 
(1)Includes the Company’s investment in unconsolidated ventures that held real estate of $6.9 million and $6.2 million as of December 31, 2023 and December 31, 2022, 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 FHLB stock of $5.2 million as of December 31, 2023 and $9.6 million as of December 31, 2022, and the Company’s senior unsecured notes of $1.6 billion at December 31, 2023 and December 31, 2022.
v3.24.0.1
ORGANIZATION AND OPERATIONS (Details)
Dec. 31, 2023
LCFH  
ORGANIZATION AND OPERATIONS  
Ownership interest in LCFH 100.00%
v3.24.0.1
SIGNIFICANT ACCOUNTING POLICIES (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Error Corrections and Prior Period Adjustments Restatement [Line Items]    
FHLB stock $ 5,200 $ 9,600
Treasury stock reclassified 0  
Additional Paid- in-Capital    
Error Corrections and Prior Period Adjustments Restatement [Line Items]    
Treasury stock reclassified 73,642  
Retained Earnings (Dividends in Excess of Earnings)    
Error Corrections and Prior Period Adjustments Restatement [Line Items]    
Treasury stock reclassified $ 5,282  
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  
v3.24.0.1
MORTGAGE LOAN RECEIVABLES - Schedule of Mortgage Loans (Details)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
USD ($)
loans
Dec. 31, 2022
USD ($)
Jan. 31, 2023
USD ($)
Dec. 31, 2021
USD ($)
Dec. 31, 2020
USD ($)
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]          
Outstanding Face Amount $ 3,195,576 $ 3,938,615      
Allowance for credit losses (43,165) (20,755)   $ (31,752) $ (41,507)
Carrying Value $ 3,138,792 $ 3,892,382 $ 51,500    
Weighted average yield 9.61% 8.82%      
Remaining maturity 8 months 12 days 1 year 3 months 18 days      
Number of non-accrual loans | loans 1        
Principal balance of loans on non-accrual status $ 14,541 $ 53,809      
Deferred origination fees and other items 9,100 21,500      
First mortgage loans          
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]          
Outstanding Face Amount 3,131,803 3,841,315      
Carrying value gross, consumer and commercial real estate $ 3,122,707 $ 3,819,860      
Weighted average yield 9.63% 8.83%      
Remaining maturity 8 months 12 days 1 year 3 months 18 days      
Number of loans modified | loans 2        
First mortgage loans | Extended Maturity          
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]          
Number of loans modified | loans 1        
Mezzanine loans          
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]          
Outstanding Face Amount $ 32,423 $ 65,950      
Carrying value gross, consumer and commercial real estate $ 32,382 $ 65,886      
Weighted average yield 11.46% 10.62%      
Remaining maturity 10 months 24 days 1 year 7 months 6 days      
Total mortgage loans receivable          
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]          
Outstanding Face Amount $ 3,164,226 $ 3,907,265      
Carrying value gross, consumer and commercial real estate $ 3,155,089 $ 3,885,746      
Weighted average yield 9.65% 8.85%      
Remaining maturity 8 months 12 days 1 year 3 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 $ 3,164,226 $ 3,907,265      
Allowance for credit losses (43,165) (20,755)   $ (31,752) $ (41,507)
Carrying Value $ 3,111,924 3,864,991      
Remaining maturity 1 year 9 months 18 days        
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 31,350      
Carrying Value $ 26,868 $ 27,391      
Weighted average yield 4.57% 4.57%      
Remaining maturity 8 years 2 months 12 days 9 years 2 months 12 days      
Mortgage loan receivables held for sale, First Mortgage Loans | US Treasury (UST) Interest Rate          
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]          
Cost or market adjustment of interest, percentage 5.18% 5.16%      
v3.24.0.1
MORTGAGE LOAN RECEIVABLES - Additional Information (Details)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
USD ($)
property
loans
Dec. 31, 2022
USD ($)
loans
Dec. 31, 2021
USD ($)
Dec. 31, 2020
USD ($)
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]        
Outstanding face amount $ 3,195,576 $ 3,938,615    
Allowance for current expected credit losses 43,900 21,500    
General CECL Reserve 43,165 20,755 $ 31,752 $ 41,507
Increase in reserve of unfunded commitments 700 700    
Individually impaired loans 0 26,012    
Provision for (release of) loan loss reserves, net 25,096 3,711 (8,713)  
Recoveries 0 3,105 0  
Increase (decrease) of reserve on unfunded commitments   300    
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    
Number or loans in default | loans   2    
Provision for (release of) loan loss reserves, net 25,100 $ 6,500    
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 $ 2,800,000 $ 3,400,000    
Loans receivable with variable rates of interest 87.80% 87.20%    
Loans receivable with variable rates of interest, subject to interest rate floors 100.00% 99.20%    
Outstanding face amount $ 3,164,226 $ 3,907,265    
General CECL Reserve 43,165 20,755 31,752 $ 41,507
Provision for (release of) loan loss reserves, net 25,110 3,398 $ (8,605)  
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    
Total mortgage loan receivables held for investment, net, at amortized cost | Secured Overnight Financing Rate (SOFR)        
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    
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 $ 31,350    
Percentage of loans receivable with fixed rates of interest 100.00% 100.00%    
First mortgage loans        
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]        
Outstanding face amount $ 3,131,803 $ 3,841,315    
Number of loans modified | loans 2      
Amortized cost basis $ 106,500      
Loans modified, amount of mortgage loan receivable portfolio 3.40%      
Weighted-average extension length 2 years 3 months 18 days      
Principal paydown $ 6,000      
Reserve funding $ 6,500      
Common equity interest received 15.00%      
Equity interest received, number of companies | property 1      
Accrued interest income $ 2,600      
v3.24.0.1
MORTGAGE LOAN RECEIVABLES - Activity in Loan Portfolio (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Mortgage loan receivables held for investment, net, at amortized cost:      
Mortgage loans receivable, beginning balance $ 3,892,382 $ 3,521,985 $ 2,343,070
Origination of mortgage loan receivables 68,415 1,296,083 2,530,247
Repayment of mortgage loan receivables (726,710) (901,150) (1,059,979)
Proceeds from sales of mortgage loan receivables   (29,151) (305,649)
Non-cash disposition of loan via foreclosure (91,408) (10,235) (81,289)
Net result from mortgage loan receivables held for sale (523) (2,511) 8,398
Accretion/amortization of discount, premium and other fees 19,046 20,759 13,832
Charge offs 2,700    
Mortgage loans receivable, ending balance 3,138,792 3,892,382 3,521,985
Allowance for credit losses      
Beginning balance, Allowance for credit losses (20,755) (31,752) (41,507)
Charge-offs 2,700 14,395 0
Release of provision for current expected credit loss, net (25,096) (3,711) 8,713
Ending balance, Allowance for credit losses (43,165) (20,755) (31,752)
Total mortgage loans receivable      
Mortgage loan receivables held for investment, net, at amortized cost:      
Mortgage loans receivable, ending balance 3,155,089    
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 3,885,746 3,553,737 2,354,059
Origination of mortgage loan receivables 68,415 1,234,765 2,309,888
Purchases of mortgage loan receivables     63,600
Repayment of mortgage loan receivables (726,710) (901,082) (1,059,796)
Proceeds from sales of mortgage loan receivables   0 (46,557)
Non-cash disposition of loan via foreclosure (91,408) (10,235) (81,289)
Net result from mortgage loan receivables held for sale 0 2,197  
Accretion/amortization of discount, premium and other fees 19,046 20,759 13,832
Charge offs 0 (14,395)  
Mortgage loans receivable, ending balance 3,155,089 3,885,746 3,553,737
Allowance for credit losses      
Beginning balance, Allowance for credit losses (20,755) (31,752) (41,507)
Charge-offs 2,700 14,395  
Release of asset-specific loan loss provision via foreclosure     1,150
Release of provision for current expected credit loss, net (25,110) (3,398) 8,605
Ending balance, Allowance for credit losses (43,165) (20,755) (31,752)
Repayments in transit of securities (other assets) 11,800    
Mortgage loan  receivables held for sale      
Mortgage loan receivables held for investment, net, at amortized cost:      
Mortgage loans receivable, beginning balance 27,391 0 30,518
Origination of mortgage loan receivables 0 61,318 220,359
Repayment of mortgage loan receivables 0 (68) (183)
Proceeds from sales of mortgage loan receivables   (29,151) (259,092)
Net result from mortgage loan receivables held for sale (523) (4,708) 8,398
Accretion/amortization of discount, premium and other fees 0 0  
Charge offs 0 0  
Mortgage loans receivable, ending balance $ 26,868 $ 27,391 $ 0
v3.24.0.1
MORTGAGE LOAN RECEIVABLES - Provision for Loan Losses (Details)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
USD ($)
loans
Dec. 31, 2022
USD ($)
loans
Dec. 31, 2021
USD ($)
Allowance for Loan and Lease Losses [Roll Forward]      
Allowance for credit losses at beginning of period $ 20,755 $ 31,752 $ 41,507
Provision for (release of) current expected credit loss, net 25,110 6,503 (8,605)
Foreclosure of loans subject to asset-specific reserve 0 0 (1,150)
Charge-offs (2,700) (14,395) 0
Recoveries 0 (3,105) 0
Allowance for credit losses at end of period 43,165 20,755 31,752
Principal balance of loans on non-accrual status 14,541 53,809  
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 20,755 31,752 41,507
Charge-offs (2,700) (14,395)  
Allowance for credit losses at end of period 43,165 20,755 31,752
Asset Specific Reserve, Company Loan      
Allowance for Loan and Lease Losses [Roll Forward]      
Allowance for credit losses at beginning of period 2,700    
Allowance for credit losses at end of period   2,700  
Additional asset-specific reserve 0 $ 0 $ 0
Number or loans in default | loans   2  
One loan | 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 $ 14,500    
Number or loans in default | loans 1    
Two Of Company Loans, Retail      
Allowance for Loan and Lease Losses [Roll Forward]      
Asset-specific reserves $ 2,700    
Two Of Company Loans, Retail | 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 $ 26,000    
Number or loans in default | loans 2    
One loan | 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    
Number or loans in default | loans 1    
v3.24.0.1
MORTGAGE LOAN RECEIVABLES - Individually Impaired Loans (Details)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
USD ($)
property
Dec. 31, 2022
USD ($)
Dec. 31, 2021
USD ($)
Sep. 30, 2023
property
Financing Receivable, Credit Quality Indicator [Line Items]        
Total loans [1] $ 3,155,089 $ 3,885,746    
Subtotal loans, Year One 14,461 1,145,229    
Subtotal loans, Year Two 919,738 2,102,307    
Subtotal loans, Year Three 1,784,006 56,150    
Subtotal loans, Year Four 0 332,046    
Subtotal loans, Year 5 and Earlier 436,884 224,002    
Subtotal mortgage loans receivable 3,155,089 3,859,734    
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 0 26,012    
Individually impaired loans 0 26,012    
Total loans, Year One 14,461 1,145,229    
Total loans, Year Two 919,738 2,102,307    
Total loans, Year Three 1,784,006 56,150    
Total loans, Year Four 0 332,046    
Total loans, Year Five and Earlier 436,884 250,014    
Write-off 2,700 14,395 $ 0  
Accrued interest receivable $ 22,400 23,200    
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 $ 14,461 702,125    
Year Two 547,532 722,862    
Year Three 612,489 0    
Year Four 0 0    
Year Five and Earlier 0 0    
Total loans 1,174,482 1,424,987    
Office        
Financing Receivable, Credit Quality Indicator [Line Items]        
Year One 0 78,754    
Year Two 79,148 676,431    
Year Three 614,743 29,650    
Year Four 0 58,684    
Year Five and Earlier 211,674 136,512    
Total loans 905,565 980,031    
Mixed Use        
Financing Receivable, Credit Quality Indicator [Line Items]        
Year One 0 201,777    
Year Two 193,470 351,291    
Year Three 321,514 26,500    
Year Four 0 120,300    
Year Five and Earlier 41,403 0    
Total loans 556,387 699,868    
Industrial        
Financing Receivable, Credit Quality Indicator [Line Items]        
Year One 0 37,616    
Year Two 22,636 96,486    
Year Three 34,746 0    
Year Four 0 115,545    
Year Five and Earlier 119,344 0    
Total loans 176,726 249,647    
Manufactured Housing        
Financing Receivable, Credit Quality Indicator [Line Items]        
Year One 0 32,515    
Year Two 32,655 82,618    
Year Three 82,895 0    
Year Four 0 2,921    
Year Five and Earlier 0 0    
Total loans 115,550 118,054    
Retail        
Financing Receivable, Credit Quality Indicator [Line Items]        
Year One 0 60,089    
Year Two 12,934 107,305    
Year Three 87,052 0    
Year Four 0 12,953    
Year Five and Earlier 9,083 9,126    
Total loans 109,069 189,473    
Hospitality        
Financing Receivable, Credit Quality Indicator [Line Items]        
Year One 0 0    
Year Two 0 45,416    
Year Three 18,589 0    
Year Four 0 13,843    
Year Five and Earlier 55,380 78,364    
Total loans 73,969 137,623    
Other        
Financing Receivable, Credit Quality Indicator [Line Items]        
Year One 0 32,353    
Year Two 31,363 19,898    
Year Three 11,978 0    
Year Four 0 7,800    
Year Five and Earlier 0 0    
Total loans 43,341 $ 60,051    
New York, NY        
Financing Receivable, Credit Quality Indicator [Line Items]        
Write-off $ 2,700      
Number of real estate properties | property 1      
New York, NY | Multifamily        
Financing Receivable, Credit Quality Indicator [Line Items]        
Number of real estate properties | property       4
[1] Includes amounts relating to consolidated variable interest entities. Refer to Note 2 and Note 9.
v3.24.0.1
SECURITIES - Summary of Securities (Details)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
USD ($)
security
Dec. 31, 2022
USD ($)
security
Debt Securities, Available-for-sale [Line Items]    
Outstanding Face Amount $ 1,407,340 $ 1,670,439
Amortized Cost Basis 499,389 608,439
Gross Unrealized Gains 565 144
Gross Unrealized Losses (14,545) (21,163)
Carrying value, before allowance for credit loss $ 485,409 $ 587,420
# of Securities | security 95 106
Weighted Average Coupon 2.55% 2.06%
Weighted Average Yield 6.82% 5.29%
Remaining Duration (years) 1 year 11 months 23 days 1 year 25 days
Amortized Cost Basis $ 160  
Gross Unrealized Gains 0  
Gross Unrealized Losses (16)  
Carrying Value $ 144 $ 119
# of Securities | security 1 1
Allowance for current expected credit losses $ (20) $ (20)
Total Amortized Cost Basis 499,549 608,599
Total Gross Unrealized Gains 565 144
Total real estate securities, Gross Unrealized Losses (14,581) (21,224)
Carrying Value $ 485,533 $ 587,519
Total number of Securities | security 96 107
CMBS    
Debt Securities, Available-for-sale [Line Items]    
Outstanding Face Amount $ 439,679 $ 562,839
Amortized Cost Basis 439,052 562,246
Gross Unrealized Gains 277 0
Gross Unrealized Losses (14,439) (20,913)
Carrying value, before allowance for credit loss $ 424,890 $ 541,333
# of Securities | security 64 71
Weighted Average Coupon 6.67% 5.22%
Weighted Average Yield 6.83% 5.32%
Remaining Duration (years) 2 years 1 year 21 days
Risk retention requirement, amount $ 9,000 $ 9,000
CMBS interest-only    
Debt Securities, Available-for-sale [Line Items]    
Outstanding Face Amount 876,555 1,026,195
Amortized Cost Basis 6,453 10,498
Gross Unrealized Gains 169 121
Gross Unrealized Losses (53) (176)
Carrying value, before allowance for credit loss $ 6,569 $ 10,443
# of Securities | security 9 10
Weighted Average Coupon 0.57% 0.41%
Weighted Average Yield 6.61% 3.65%
Remaining Duration (years) 1 year 25 days 1 year 5 months 12 days
Risk retention requirement, amount $ 300 $ 400
GNMA interest-only    
Debt Securities, Available-for-sale [Line Items]    
Outstanding Face Amount 37,053 45,369
Amortized Cost Basis 214 285
Gross Unrealized Gains 51 17
Gross Unrealized Losses (52) (21)
Carrying value, before allowance for credit loss $ 213 $ 281
# of Securities | security 14 14
Weighted Average Coupon 0.36% 0.31%
Weighted Average Yield 6.12% 4.23%
Remaining Duration (years) 3 years 7 months 6 days 3 years 3 months 18 days
Agency securities    
Debt Securities, Available-for-sale [Line Items]    
Outstanding Face Amount $ 22 $ 36
Amortized Cost Basis 22 36
Gross Unrealized Gains 0 0
Gross Unrealized Losses (1) (1)
Carrying value, before allowance for credit loss $ 21 $ 35
# of Securities | security 1 1
Weighted Average Coupon 4.00% 4.00%
Weighted Average Yield 2.70% 2.70%
Remaining Duration (years) 1 year 18 days 1 year 6 months 14 days
U.S. Treasury securities    
Debt Securities, Available-for-sale [Line Items]    
Outstanding Face Amount $ 54,031 $ 36,000
Amortized Cost Basis 53,648 35,374
Gross Unrealized Gains 68 6
Gross Unrealized Losses 0 (52)
Carrying value, before allowance for credit loss $ 53,716 $ 35,328
# of Securities | security 7 10
Weighted Average Yield 5.41% 4.17%
Remaining Duration (years) 25 days 7 months 6 days
Class A Common Stock    
Debt Securities, Available-for-sale [Line Items]    
Amortized Cost Basis   $ 160
Gross Unrealized Gains   0
Gross Unrealized Losses   $ (41)
v3.24.0.1
SECURITIES - Securities by Remaining Maturity (Details) - USD ($)
$ in Thousands
Dec. 31, 2023
Dec. 31, 2022
Debt Securities, Available-for-sale [Line Items]    
Within 1 year $ 137,266 $ 379,700
1-5 years 348,038 207,590
5-10 years 105 130
After 10 years 0 0
Total 485,409 587,420
Equity securities 100 100
Allowance for current expected credit losses (20) (20)
CMBS    
Debt Securities, Available-for-sale [Line Items]    
Within 1 year 81,343 346,272
1-5 years 343,547 195,061
5-10 years 0 0
After 10 years 0 0
Total 424,890 541,333
CMBS interest-only    
Debt Securities, Available-for-sale [Line Items]    
Within 1 year 2,121 937
1-5 years 4,448 9,506
5-10 years 0 0
After 10 years 0 0
Total 6,569 10,443
GNMA interest-only    
Debt Securities, Available-for-sale [Line Items]    
Within 1 year 86 40
1-5 years 22 111
5-10 years 105 130
After 10 years 0 0
Total 213 281
Agency securities    
Debt Securities, Available-for-sale [Line Items]    
Within 1 year 0 0
1-5 years 21 35
5-10 years 0 0
After 10 years 0 0
Total 21 35
U.S. Treasury securities    
Debt Securities, Available-for-sale [Line Items]    
Within 1 year 53,716 32,451
1-5 years 0 2,877
5-10 years 0 0
After 10 years 0 0
Total $ 53,716 $ 35,328
v3.24.0.1
SECURITIES - Additional Information (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Investments, Debt and Equity Securities [Abstract]    
Sale of equity securities $ 0.0 $ 1.5
v3.24.0.1
REAL ESTATE AND RELATED LEASE INTANGIBLES, NET - Schedule of Real Estate Portfolio (Details) - USD ($)
$ in Thousands
Dec. 31, 2023
Dec. 31, 2022
Real estate and related lease intangibles, net    
Less: Accumulated depreciation and amortization $ (220,784) $ (199,008)
Real estate and related lease intangibles, net [1] 726,442 700,136
Below market lease intangibles, net (other liabilities) (28,860) (30,892)
Unencumbered real estates 160,800 140,300
Accumulated amortization of below market lease 15,800 13,600
In-place leases and other intangibles    
Real estate and related lease intangibles, net    
Real estate 116,831 114,687
Undepreciated real estate and related lease intangibles    
Real estate and related lease intangibles, net    
Real estate 947,226 899,144
Land    
Real estate and related lease intangibles, net    
Real estate 183,194 158,802
Building    
Real estate and related lease intangibles, net    
Real estate $ 647,201 $ 625,655
[1] Includes amounts relating to consolidated variable interest entities. Refer to Note 2 and Note 9.
v3.24.0.1
REAL ESTATE AND RELATED LEASE INTANGIBLES, NET - Additional Information (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Real Estate [Abstract]      
Unbilled rent receivables $ 1.1 $ 1.3  
Tenant recoveries $ (4.8) $ (5.2) $ 5.0
v3.24.0.1
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, 2023
Dec. 31, 2022
Dec. 31, 2021
Real Estate [Abstract]      
Depreciation expense $ 24,166 $ 25,770 $ 30,659
Amortization expense 5,748 6,903 7,142
Total real estate depreciation and amortization expense 29,914 32,673 37,801
Depreciation on corporate fixed assets $ 400 $ 41 $ 99
v3.24.0.1
REAL ESTATE AND RELATED LEASE INTANGIBLES, NET - Unamortized Favorable Lease Intangibles (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Business Acquisition [Line Items]      
Gross intangible assets $ 116,831 $ 114,689  
Accumulated amortization 55,782 49,725  
Net intangible assets 61,049 64,964  
Unamortized favorable lease intangibles 2,800 2,800  
Increase in operating lease income for amortization of below market lease intangibles acquired 2,106 2,068 $ 2,255
Total 1,797 1,763 1,888
Above Market Leases      
Business Acquisition [Line Items]      
Reduction in operating lease income for amortization of above market lease intangibles acquired $ (309) $ (305) $ (367)
v3.24.0.1
REAL ESTATE AND RELATED LEASE INTANGIBLES, NET - Expected Future Amortization Expense (Details) - USD ($)
$ in Thousands
Dec. 31, 2023
Dec. 31, 2022
Finite-Lived Intangible Assets [Line Items]    
Net intangible assets $ 61,049 $ 64,964
Increase/(Decrease) to Operating Lease Income    
Finite-Lived Intangible Assets [Line Items]    
2024 1,726  
2025 1,722  
2026 1,735  
2027 1,699  
2028 1,625  
Thereafter 17,528  
Net intangible assets 26,035  
Amortization Expense    
Finite-Lived Intangible Assets [Line Items]    
2024 6,725  
2025 5,181  
2026 4,519  
2027 4,332  
2028 4,167  
Thereafter 33,304  
Net intangible assets $ 58,228  
v3.24.0.1
REAL ESTATE AND RELATED LEASE INTANGIBLES, NET - Future Minimum Rental Payments Receivable (Details)
$ in Thousands
Dec. 31, 2023
USD ($)
Real Estate [Abstract]  
2024 $ 61,285
2025 56,123
2026 53,724
2027 48,804
2028 47,305
Thereafter 160,590
Total $ 427,831
v3.24.0.1
REAL ESTATE AND RELATED LEASE INTANGIBLES, NET - Schedule of Real Estate Properties Acquired (Details)
 1 Months Ended 12 Months Ended
Dec. 31, 2023
USD ($)
loans
property
Nov. 30, 2023
USD ($)
Sep. 30, 2023
USD ($)
property
Nov. 30, 2022
USD ($)
Dec. 31, 2021
USD ($)
Feb. 28, 2021
USD ($)
Dec. 31, 2023
USD ($)
loans
property
Dec. 31, 2022
USD ($)
Dec. 31, 2021
USD ($)
Feb. 28, 2022
USD ($)
security
Aug. 31, 2021
USD ($)
Business Acquisition [Line Items]                      
Purchase Price/Fair Value on the Date of Foreclosure         $ 102,202,000       $ 102,202,000    
Total real estate acquisitions             $ 87,526,000 $ 24,822,000      
Realized (gain) loss on disposition of loan             0 0 (26,000)    
Provision for (release of) loan loss reserves, net             $ 25,096,000 $ 3,711,000 (8,713,000)    
Net earnings (loss)                 0    
New York, NY                      
Business Acquisition [Line Items]                      
Number of properties acquired | property 1           1        
New York, NY | Mixed Use                      
Business Acquisition [Line Items]                      
Purchase Price/Fair Value on the Date of Foreclosure     $ 30,400,000                
Ownership Interest     100.00%                
New York, NY | Multifamily                      
Business Acquisition [Line Items]                      
Purchase Price/Fair Value on the Date of Foreclosure     $ 30,400,000                
Number of properties acquired | property     4                
Terminal capitalization rate     5.50%                
New York, NY | Multifamily | Real Estate Acquired in Satisfaction of Debt                      
Business Acquisition [Line Items]                      
Realized (gain) loss on disposition of loan     $ 0                
New York, NY | Retail                      
Business Acquisition [Line Items]                      
Purchase Price/Fair Value on the Date of Foreclosure $ 22,647,000           $ 22,647,000        
Ownership Interest 100.00%           100.00%        
Terminal capitalization rate 5.25%                    
Number of mortgage loans receivable | loans 2           2        
New York, NY | Retail | Real Estate Acquired in Satisfaction of Debt                      
Business Acquisition [Line Items]                      
Realized (gain) loss on disposition of loan $ 0                    
New York, NY | Apartments                      
Business Acquisition [Line Items]                      
Purchase Price/Fair Value on the Date of Foreclosure                   $ 15,436,000  
Ownership Interest                   100.00%  
New York, NY | Condos                      
Business Acquisition [Line Items]                      
Purchase Price/Fair Value on the Date of 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  
Pittsburgh, PA | Multifamily                      
Business Acquisition [Line Items]                      
Purchase Price/Fair Value on the Date of Foreclosure   $ 34,479,000                  
Ownership Interest   100.00%                  
Terminal capitalization rate   6.00%                  
Pittsburgh, PA | Multifamily | 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]                      
Purchase Price/Fair Value on the Date of 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]                      
Purchase Price/Fair Value on the Date of Foreclosure                     $ 20,452,000
Ownership Interest                     80.00%
Schaumburg, IL | Hotel                      
Business Acquisition [Line Items]                      
Purchase Price/Fair Value on the Date of Foreclosure         $ 38,000,000       $ 38,000,000    
Ownership Interest         100.00%       100.00%    
Terminal capitalization rate                 8.00%    
Real estate acquired through foreclosure, net basis         $ 38,000,000       $ 38,000,000    
Discount rate                 10.00%    
Houston, TX | Office                      
Business Acquisition [Line Items]                      
Purchase Price/Fair Value on the Date of Foreclosure       $ 9,386,000              
Ownership Interest       100.00%              
Terminal capitalization rate       9.50%              
Real estate acquired through foreclosure, net basis       $ 10,300,000              
Real estate acquired through foreclosure, cash received       $ 900,000              
Discount rate       10.50%              
Houston, TX | Hotel | Real Estate Acquired in Satisfaction of Debt                      
Business Acquisition [Line Items]                      
Realized (gain) loss on disposition of loan       $ 0 $ 0            
v3.24.0.1
REAL ESTATE AND RELATED LEASE INTANGIBLES, NET - Real Estate Properties Sold (Details)
$ in Thousands
 1 Months Ended 12 Months Ended
Aug. 31, 2023
USD ($)
property
Dec. 31, 2022
USD ($)
property
security
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, 2023
USD ($)
Dec. 31, 2022
USD ($)
property
security
Dec. 31, 2021
USD ($)
property
Disposal Groups, Including Discontinued Operations [Line Items]                          
Net Sales Proceeds                     $ 13,391 $ 310,527 $ 190,870
Net Book Value [1]   $ 700,136                 726,442 700,136  
Realized gain (loss) on sale of real estate, net                     8,808 $ 115,998 55,766
Amount assumed by buyer included within sales proceeds                     31,300    
NEW YORK                          
Disposal Groups, Including Discontinued Operations [Line Items]                          
Remaining real estate units | security   1                   1  
2023 Disposal Properties                          
Disposal Groups, Including Discontinued Operations [Line Items]                          
Net Sales Proceeds                     43,335    
Net Book Value                     34,526    
Realized gain (loss) on sale of real estate, net                     $ 8,808    
2023 Disposal Properties | Hotel | San Diego, CA                          
Disposal Groups, Including Discontinued Operations [Line Items]                          
Net Sales Proceeds $ 43,335                        
Net Book Value 34,526                        
Realized gain (loss) on sale of real estate, net $ 8,808                        
Number of consolidated ventures sold | property 1                        
2022 Disposal Properties                          
Disposal Groups, Including Discontinued Operations [Line Items]                          
Net Sales Proceeds                       $ 310,525  
Net Book Value   $ 194,527                   194,527  
Realized gain (loss) on sale of real estate, net                       115,998  
Defeasance cost                       $ 4,400  
2022 Disposal Properties | Office | Ewing, NJ                          
Disposal Groups, Including Discontinued Operations [Line Items]                          
Net Sales Proceeds         $ 38,694                
Net Book Value         24,175                
Realized gain (loss) on sale of real estate, net         $ 14,519                
Number of consolidated ventures sold | property         1                
2022 Disposal Properties | Office | NEW YORK                          
Disposal Groups, Including Discontinued Operations [Line Items]                          
Number of consolidated ventures sold | security   1                   1  
2022 Disposal Properties | Warehouse | Conyers, GA                          
Disposal Groups, Including Discontinued Operations [Line Items]                          
Net Sales Proceeds         $ 40,752                
Net Book Value         26,116                
Realized gain (loss) on sale of real estate, net         $ 14,636                
Number of consolidated ventures sold | property         1                
2022 Disposal Properties | Apartments | Stillwater, OK                          
Disposal Groups, Including Discontinued Operations [Line Items]                          
Net Sales Proceeds       $ 23,314                  
Net Book Value       18,032                  
Realized gain (loss) on sale of real estate, net       $ 5,283                  
Number of consolidated ventures sold | property       1                  
2022 Disposal Properties | Apartments | Miami, Fl                          
Disposal Groups, Including Discontinued Operations [Line Items]                          
Net Sales Proceeds       $ 60,856                  
Net Book Value       37,585                  
Realized gain (loss) on sale of real estate, net       $ 23,270                  
Number of consolidated ventures sold | property       1                  
2022 Disposal Properties | Apartments | New York, NY                          
Disposal Groups, Including Discontinued Operations [Line Items]                          
Net Sales Proceeds   $ 7,935                      
Net Book Value   7,402                   $ 7,402  
Realized gain (loss) on sale of real estate, net   $ 533                      
Number of consolidated ventures sold | property   1                   1  
2022 Disposal Properties | Apartments | Sennett, NY                          
Disposal Groups, Including Discontinued Operations [Line Items]                          
Net Sales Proceeds   $ 10,599                      
Net Book Value   4,245                   $ 4,245  
Realized gain (loss) on sale of real estate, net   $ 6,354                      
Number of consolidated ventures sold | property   1                   1  
2022 Disposal Properties | Retail | Wichita, KS                          
Disposal Groups, Including Discontinued Operations [Line Items]                          
Net Sales Proceeds     $ 9,503                    
Net Book Value     5,110                    
Realized gain (loss) on sale of real estate, net     $ 4,393                    
Number of consolidated ventures sold | property     1                    
2022 Disposal Properties | Retail | Richmond, VA                          
Disposal Groups, Including Discontinued Operations [Line Items]                          
Net Sales Proceeds   $ 118,872                      
Net Book Value   71,862                   $ 71,862  
Realized gain (loss) on sale of real estate, net   $ 47,010                      
Number of consolidated ventures sold | property   1                   1  
2021 Disposal Properties                          
Disposal Groups, Including Discontinued Operations [Line Items]                          
Net Sales Proceeds                         219,202
Net Book Value           $ 163,438             163,438
Realized gain (loss) on sale of real estate, net                         55,766
2021 Disposal Properties | Hotel | Miami, Fl                          
Disposal Groups, Including Discontinued Operations [Line Items]                          
Net Sales Proceeds                   $ 43,750      
Net Book Value                   43,750      
Realized gain (loss) on sale of real estate, net                   $ 0      
Number of consolidated ventures sold | property                   1      
2021 Disposal Properties | Warehouse | North Dartmouth, MA                          
Disposal Groups, Including Discontinued Operations [Line Items]                          
Net Sales Proceeds                 $ 38,732        
Net Book Value                 19,343        
Realized gain (loss) on sale of real estate, net                 $ 19,389        
Number of consolidated ventures sold | property                 1        
2021 Disposal Properties | Apartments | Arlington/Fort Worth, TX                          
Disposal Groups, Including Discontinued Operations [Line Items]                          
Net Sales Proceeds               $ 26,496          
Net Book Value               22,498          
Realized gain (loss) on sale of real estate, net               $ 3,998          
Number of consolidated ventures sold | property               2          
2021 Disposal Properties | Net Lease | Pittsfield, MA                          
Disposal Groups, Including Discontinued Operations [Line Items]                          
Net Sales Proceeds               $ 18,651          
Net Book Value               10,564          
Realized gain (loss) on sale of real estate, net               $ 8,087          
Number of consolidated ventures sold | property               1          
2021 Disposal Properties | Net Lease | Ankeny, IA                          
Disposal Groups, Including Discontinued Operations [Line Items]                          
Net Sales Proceeds               $ 19,021          
Net Book Value               13,341          
Realized gain (loss) on sale of real estate, net               $ 5,680          
Number of consolidated ventures sold | property               1          
2021 Disposal Properties | Net Lease | Bessemer City, NC                          
Disposal Groups, Including Discontinued Operations [Line Items]                          
Net Sales Proceeds             $ 33,447            
Net Book Value             21,333            
Realized gain (loss) on sale of real estate, net             $ 12,114            
Number of consolidated ventures sold | property             1            
2021 Disposal Properties | Net Lease | Snellville, GA                          
Disposal Groups, Including Discontinued Operations [Line Items]                          
Net Sales Proceeds           9,695              
Net Book Value           5,483             $ 5,483
Realized gain (loss) on sale of real estate, net           $ 4,212              
Number of consolidated ventures sold | property           1             1
2021 Disposal Properties | Net Lease | Columbia, SC                          
Disposal Groups, Including Discontinued Operations [Line Items]                          
Net Sales Proceeds           $ 9,941              
Net Book Value           5,674             $ 5,674
Realized gain (loss) on sale of real estate, net           $ 4,269              
Number of consolidated ventures sold | property           1             1
2021 Disposal Properties | Land | Los Angeles, CA                          
Disposal Groups, Including Discontinued Operations [Line Items]                          
Net Sales Proceeds           $ 19,469              
Net Book Value           21,452             $ 21,452
Realized gain (loss) on sale of real estate, net           $ (1,983)              
Number of consolidated ventures sold | property           1             1
[1] Includes amounts relating to consolidated variable interest entities. Refer to Note 2 and Note 9.
v3.24.0.1
DEBT OBLIGATIONS, NET - Schedule of Company's Debt Obligations (Details)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
USD ($)
extensionOfMaturityPeriod
Dec. 31, 2022
USD ($)
extensionOfMaturityPeriod
Assets Sold under Agreements to Repurchase [Line Items]    
Carrying Value of Debt Obligations $ 606,607 $ 847,863
Total 2,723,226  
Carrying Amount of Collateral 0 0
Committed Loan Repurchase Facility    
Assets Sold under Agreements to Repurchase [Line Items]    
Committed / Principal Amount 1,241,997 1,300,000
Carrying Value of Debt Obligations 604,999 616,894
Committed but Unfunded 636,998 683,106
Carrying Amount of Collateral 732,795 860,485
Fair Value of Collateral 733,074 861,284
Committed Loan Repurchase Facility | Maturing on 27 September 2025    
Assets Sold under Agreements to Repurchase [Line Items]    
Committed / Principal Amount 500,000 500,000
Carrying Value of Debt Obligations 235,594 318,983
Committed but Unfunded 264,406 181,017
Carrying Amount of Collateral 342,467 428,477
Fair Value of Collateral $ 342,467 $ 429,276
Number of extension maturity periods | extensionOfMaturityPeriod 2 2
Length of extension options 12 months 12 months
Committed Loan Repurchase Facility | Maturing on 19 December 2024    
Assets Sold under Agreements to Repurchase [Line Items]    
Committed / Principal Amount $ 300,000  
Carrying Value of Debt Obligations 118,903  
Committed but Unfunded 181,097  
Carrying Amount of Collateral 174,938  
Fair Value of Collateral $ 174,938  
Number of extension maturity periods | extensionOfMaturityPeriod 1  
Length of extension options 364 days  
Committed Loan Repurchase Facility | Maturing on 19 December 2023    
Assets Sold under Agreements to Repurchase [Line Items]    
Committed / Principal Amount   $ 300,000
Carrying Value of Debt Obligations   157,558
Committed but Unfunded   142,442
Carrying Amount of Collateral   244,102
Fair Value of Collateral   $ 244,102
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 $ 141,997 $ 100,000
Carrying Value of Debt Obligations 139,162 47,415
Committed but Unfunded 2,835 52,585
Carrying Amount of Collateral 65,110 63,307
Fair Value of Collateral $ 65,110 $ 63,307
Number of extension maturity periods | extensionOfMaturityPeriod 3 3
Length of extension options 12 months 12 months
Collateral for debt instrument $ 114,700  
Committed Loan Repurchase Facility | Maturing On 3 October 2025    
Assets Sold under Agreements to Repurchase [Line Items]    
Committed / Principal Amount 200,000  
Carrying Value of Debt Obligations 111,340  
Committed but Unfunded 88,660  
Carrying Amount of Collateral 150,280  
Fair Value of Collateral $ 150,559  
Number of extension maturity periods | extensionOfMaturityPeriod 2  
Length of extension options 12 months  
Period prior to initial maturity when no no new advances are permitted 30 days  
Committed Loan Repurchase Facility | Maturing On 22 January 2024    
Assets Sold under Agreements to Repurchase [Line Items]    
Committed / Principal Amount $ 100,000 $ 100,000
Carrying Value of Debt Obligations 0 0
Committed but Unfunded 100,000 100,000
Carrying Amount of Collateral 0 0
Fair Value of Collateral $ 0 $ 0
Number of extension maturity periods | extensionOfMaturityPeriod 2 2
Length of extension options 12 months 12 months
Committed Loan Repurchase Facility | Maturing On 14 July 2023    
Assets Sold under Agreements to Repurchase [Line Items]    
Committed / Principal Amount   $ 100,000
Carrying Value of Debt Obligations   14,979
Committed but Unfunded   85,021
Carrying Amount of Collateral   21,206
Fair Value of Collateral   $ 21,206
Length of extension options   364 days
Committed Loan Repurchase Facility | Maturing On February 26 2023    
Assets Sold under Agreements to Repurchase [Line Items]    
Committed / Principal Amount   $ 100,000
Carrying Value of Debt Obligations   0
Committed but Unfunded   100,000
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 3 January 2023    
Assets Sold under Agreements to Repurchase [Line Items]    
Committed / Principal Amount   $ 100,000
Carrying Value of Debt Obligations   77,959
Committed but Unfunded   22,041
Carrying Amount of Collateral   103,393
Fair Value of Collateral   103,393
Committed Securities Repurchase Facility | Maturing On 27 May 2024    
Assets Sold under Agreements to Repurchase [Line Items]    
Committed / Principal Amount $ 100,000  
Carrying Value of Debt Obligations 0  
Committed but Unfunded 100,000  
Carrying Amount of Collateral 0  
Fair Value of Collateral 0  
Committed Securities Repurchase Facility | Maturing On 27 May 2023    
Assets Sold under Agreements to Repurchase [Line Items]    
Committed / Principal Amount   100,000
Carrying Value of Debt Obligations   8,640
Committed but Unfunded   91,360
Carrying Amount of Collateral   10,023
Fair Value of Collateral   10,023
Uncommitted Securities Repurchase Facility | Maturing On 17 January 2024    
Assets Sold under Agreements to Repurchase [Line Items]    
Carrying Value of Debt Obligations 1,608  
Carrying Amount of Collateral 2,511  
Fair Value of Collateral 2,511  
Restricted securities held-to-maturity 1,900  
Uncommitted Securities Repurchase Facility | Maturing On 2 March 2023    
Assets Sold under Agreements to Repurchase [Line Items]    
Carrying Value of Debt Obligations   222,328
Carrying Amount of Collateral   247,351
Fair Value of Collateral   247,351
Restricted securities held-to-maturity   2,000
Total Repurchase Facilities    
Assets Sold under Agreements to Repurchase [Line Items]    
Committed / Principal Amount 1,341,997 1,400,000
Carrying Value of Debt Obligations 606,607 847,862
Committed but Unfunded 736,998 774,466
Carrying Amount of Collateral 735,306 1,117,859
Fair Value of Collateral 735,585 1,118,658
Revolving Credit Facility | Maturing On 27 July 2024    
Assets Sold under Agreements to Repurchase [Line Items]    
Committed / Principal Amount 323,850  
Carrying Value of Debt Obligations 0  
Committed but Unfunded $ 323,850  
Number of extension maturity periods | extensionOfMaturityPeriod 3  
Length of extension options 12 months  
Revolving Credit Facility | Maturing On 27 July 2023    
Assets Sold under Agreements to Repurchase [Line Items]    
Committed / Principal Amount   323,850
Carrying Value of Debt Obligations   0
Committed but Unfunded   $ 323,850
Number of extension maturity periods | extensionOfMaturityPeriod   4
Length of extension options   12 months
Mortgage Loan Financing | Various Date    
Assets Sold under Agreements to Repurchase [Line Items]    
Committed / Principal Amount $ 437,384 $ 497,454
Carrying Value of Debt Obligations 437,759 497,991
Committed but Unfunded 0 0
Carrying Amount of Collateral 474,740 559,885
Fair Value of Collateral 625,454 710,977
CLO Debt    
Assets Sold under Agreements to Repurchase [Line Items]    
Committed / Principal Amount 1,100,000  
Unamortized debt issuance costs 2,100  
CLO Debt | Various Date    
Assets Sold under Agreements to Repurchase [Line Items]    
Committed / Principal Amount 1,062,777 1,064,365
Carrying Value of Debt Obligations 1,060,719 1,058,462
Committed but Unfunded 0 0
Carrying Amount of Collateral 1,327,722 1,308,654
Fair Value of Collateral 1,327,722 1,308,654
Unamortized debt issuance costs 2,100 5,900
Borrowings from the FHLB | Various Date    
Assets Sold under Agreements to Repurchase [Line Items]    
Committed / Principal Amount 115,000 213,000
Carrying Value of Debt Obligations 115,000 213,000
Committed but Unfunded 0 0
Carrying Amount of Collateral 140,276 248,806
Fair Value of Collateral 140,276 248,806
Restricted securities held-to-maturity   6,600
Senior Unsecured Notes    
Assets Sold under Agreements to Repurchase [Line Items]    
Unamortized debt issuance costs 11,753  
Senior Unsecured Notes | Various Date    
Assets Sold under Agreements to Repurchase [Line Items]    
Debt issued 1,575,614 1,643,794
Senior Unsecured Notes 1,563,861 1,628,382
Committed but Unfunded 0 0
Unamortized debt issuance costs 11,800 15,400
Total Debt Obligations, Net    
Assets Sold under Agreements to Repurchase [Line Items]    
Debt issued 4,856,622 5,142,463
Total 3,783,946 4,245,697
Committed but Unfunded 1,060,848 1,098,316
Carrying Amount of Collateral 2,678,044 3,235,204
Fair Value of Collateral $ 2,829,037 $ 3,387,095
Minimum | Committed Loan Repurchase Facility | Maturing on 27 September 2025    
Assets Sold under Agreements to Repurchase [Line Items]    
Interest rate 7.08% 6.07%
Minimum | Committed Loan Repurchase Facility | Maturing on 19 December 2024    
Assets Sold under Agreements to Repurchase [Line Items]    
Interest rate 7.46%  
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 7.06% 6.00%
Minimum | Committed Loan Repurchase Facility | Maturing On 3 October 2025    
Assets Sold under Agreements to Repurchase [Line Items]    
Interest rate 7.22%  
Minimum | Committed Loan Repurchase Facility | Maturing On 22 January 2024    
Assets Sold under Agreements to Repurchase [Line Items]    
Interest rate 0.00% 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 February 26 2023    
Assets Sold under Agreements to Repurchase [Line Items]    
Interest rate   0.00%
Minimum | Committed Loan Repurchase Facility | Maturing On 3 January 2023    
Assets Sold under Agreements to Repurchase [Line Items]    
Interest rate   5.74%
Minimum | Committed Securities Repurchase Facility | Maturing On 27 May 2024    
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%
Minimum | Uncommitted Securities Repurchase Facility | Maturing On 17 January 2024    
Assets Sold under Agreements to Repurchase [Line Items]    
Interest rate 6.61%  
Minimum | Uncommitted Securities Repurchase Facility | Maturing On 2 March 2023    
Assets Sold under Agreements to Repurchase [Line Items]    
Interest rate   4.73%
Minimum | Revolving Credit Facility | Maturing On 27 July 2024    
Assets Sold under Agreements to Repurchase [Line Items]    
Interest rate 0.00%  
Minimum | Revolving Credit Facility | Maturing On 27 July 2023    
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 4.39% 4.25%
Minimum | CLO Debt | Various Date    
Assets Sold under Agreements to Repurchase [Line Items]    
Interest rate 6.68% 5.52%
Minimum | Borrowings from the FHLB | Various Date    
Assets Sold under Agreements to Repurchase [Line Items]    
Interest rate 5.76% 2.74%
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 7.48% 6.57%
Maximum | Committed Loan Repurchase Facility | Maturing on 19 December 2024    
Assets Sold under Agreements to Repurchase [Line Items]    
Interest rate 8.36%  
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 7.60% 6.00%
Maximum | Committed Loan Repurchase Facility | Maturing On 3 October 2025    
Assets Sold under Agreements to Repurchase [Line Items]    
Interest rate 8.29%  
Maximum | Committed Loan Repurchase Facility | Maturing On 22 January 2024    
Assets Sold under Agreements to Repurchase [Line Items]    
Interest rate 0.00% 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 February 26 2023    
Assets Sold under Agreements to Repurchase [Line Items]    
Interest rate   0.00%
Maximum | Committed Loan Repurchase Facility | Maturing On 3 January 2023    
Assets Sold under Agreements to Repurchase [Line Items]    
Interest rate   6.24%
Maximum | Committed Securities Repurchase Facility | Maturing On 27 May 2024    
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%
Maximum | Uncommitted Securities Repurchase Facility | Maturing On 17 January 2024    
Assets Sold under Agreements to Repurchase [Line Items]    
Interest rate 7.56%  
Maximum | Uncommitted Securities Repurchase Facility | Maturing On 2 March 2023    
Assets Sold under Agreements to Repurchase [Line Items]    
Interest rate   6.00%
Maximum | Revolving Credit Facility | Maturing On 27 July 2024    
Assets Sold under Agreements to Repurchase [Line Items]    
Interest rate 0.00%  
Maximum | Revolving Credit Facility | Maturing On 27 July 2023    
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 9.03% 8.03%
Maximum | CLO Debt | Various Date    
Assets Sold under Agreements to Repurchase [Line Items]    
Interest rate 9.13% 7.97%
Maximum | Borrowings from the FHLB | Various Date    
Assets Sold under Agreements to Repurchase [Line Items]    
Interest rate 5.88% 4.70%
Maximum | Senior Unsecured Notes | Various Date    
Assets Sold under Agreements to Repurchase [Line Items]    
Interest rate 5.25% 5.25%
v3.24.0.1
DEBT OBLIGATIONS, NET - Committed Loan and Securities Repurchase Facilities (Details)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
USD ($)
agreement
security
Dec. 31, 2022
USD ($)
Debt Instrument [Line Items]    
Obligations outstanding $ 606,607 $ 847,863
Number of counterparties with repurchase agreements | security 4  
Number of counterparties with collateral exceeding borrowed amounts | security 0  
Amount of collateral exceeding borrowings $ 153,200  
Amount of collateral exceeding borrowings, as a percentage 10.00%  
Weighted average haircut 18.00%  
Committed Loan Repurchase Facility    
Debt Instrument [Line Items]    
Number of agreements | agreement 5  
Consolidated CLO debt obligations $ 1,241,997 $ 1,300,000
Committed Securities Repurchase Facility | Maturing on 23 December 2021    
Debt Instrument [Line Items]    
Consolidated CLO debt obligations $ 100,000  
Loan Repurchase Facilities    
Debt Instrument [Line Items]    
Specified period facilities are due 90 days  
Uncommitted Securities Repurchase Facilities    
Debt Instrument [Line Items]    
Specified period facilities are due 30 days  
v3.24.0.1
DEBT OBLIGATIONS, NET - Revolving Credit Facility (Details) - USD ($)
Dec. 31, 2023
Dec. 31, 2022
Debt Instrument [Line Items]    
Carrying Value of Debt Obligations $ 606,607,000 $ 847,863,000
Revolving credit facility | Maturing on 11 February 2023    
Debt Instrument [Line Items]    
Carrying Value of Debt Obligations 0  
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  
v3.24.0.1
DEBT OBLIGATIONS, NET - Debt Issuance Costs (Details) - USD ($)
$ in Millions
Dec. 31, 2023
Dec. 31, 2022
Credit Agreement and Revolving Credit Facility    
Debt Instrument [Line Items]    
Unamortized debt issuance expense $ 4.0 $ 5.0
v3.24.0.1
DEBT OBLIGATIONS, NET - Uncommitted Securities Repurchase Facilities (Details) - Uncommitted Securities Repurchase Facilities
 12 Months Ended
Dec. 31, 2023
Minimum  
Debt Instrument [Line Items]  
Advance rates 75.00%
Maximum  
Debt Instrument [Line Items]  
Advance rates 95.00%
v3.24.0.1
DEBT OBLIGATIONS, NET - Mortgage Loan Financing (Details)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
USD ($)
security
Dec. 31, 2022
USD ($)
security
Dec. 31, 2021
USD ($)
Debt Instrument [Line Items]      
Amortization of discount (premium) on mortgage loan financing included in interest expense $ (604) $ (731) $ (1,226)
Mortgage loan financing      
Debt Instrument [Line Items]      
Carrying amount 437,800 498,000  
Net unamortized premiums 1,800 2,400  
Amortization of discount (premium) on mortgage loan financing included in interest expense $ (600) (700) $ (1,400)
Weighted average term 3 years 1 month 6 days    
Pledged assets, real estate and lease intangibles, net $ 474,700 $ 559,900  
Number of agreements | security 0 1  
Mortgage loan financing | Minimum      
Debt Instrument [Line Items]      
Stated interest rate on debt instrument 4.39%    
Mortgage loan financing | Maximum      
Debt Instrument [Line Items]      
Stated interest rate on debt instrument 9.03%    
v3.24.0.1
DEBT OBLIGATIONS, NET - Collateralized Loan Obligation Debt (Details)
$ in Thousands
Dec. 02, 2021
USD ($)
security
Jul. 13, 2021
USD ($)
Dec. 31, 2023
USD ($)
Dec. 31, 2022
USD ($)
Debt Instrument [Line Items]        
Debt obligations, net [1]     $ 3,783,946 $ 4,245,697
Variable Interest Entity, Primary Beneficiary        
Debt Instrument [Line Items]        
Debt obligations, net     1,060,719 1,058,462
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%      
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%    
CLO Debt        
Debt Instrument [Line Items]        
Unamortized debt issuance costs     2,100  
Various Date | CLO Debt        
Debt Instrument [Line Items]        
Debt obligations, net     1,100,000  
Unamortized debt issuance costs     $ 2,100 $ 5,900
[1] Includes amounts relating to consolidated variable interest entities. Refer to Note 2 and Note 9.
v3.24.0.1
DEBT OBLIGATIONS, NET - Borrowings from the Federal Home Loan Bank (“FHLB”) (Details) - Tuebor Captive Insurance Company LLC
$ in Millions
 12 Months Ended
Dec. 31, 2023
USD ($)
Debt Instrument [Line Items]  
Amount restricted from transfer $ 831.9
Borrowings from the FHLB  
Debt Instrument [Line Items]  
FHLB borrowings outstanding $ 115.0
Weighted average term 6 months 25 days
Weighted average interest rate 5.82%
Borrowings from the FHLB | Commercial Mortgage Backed Securities, US Agency Securities and U.S. Treasury Securities  
Debt Instrument [Line Items]  
Collateral for debt instrument $ 140.3
Borrowings from the FHLB | Minimum  
Debt Instrument [Line Items]  
Average term 4 months 2 days
Stated interest rate on debt instrument 5.76%
Advance rates 71.70%
Borrowings from the FHLB | Maximum  
Debt Instrument [Line Items]  
Average term 9 months
Stated interest rate on debt instrument 5.88%
Advance rates 95.70%
v3.24.0.1
DEBT OBLIGATIONS, NET - Senior Unsecured Notes (Details) - USD ($)
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Debt Instrument [Line Items]      
Gain on extinguishment of debt $ 10,718,000 $ 685,000 $ 0
Ladder Capital Finance Corporation | LCFH      
Debt Instrument [Line Items]      
Ownership interest in LCFC 100.00%    
Senior Unsecured Notes      
Debt Instrument [Line Items]      
Senior Unsecured Notes $ 1,600,000,000    
Extinguishment of debt, aggregate gain 10,700,000    
Senior Notes Due 2025 | Senior Unsecured Notes      
Debt Instrument [Line Items]      
Loan refinance $ 327,800,000    
Stated interest rate on debt instrument 5.25%    
Notes repurchased $ 16,200,000    
Gain on extinguishment of debt 1,300,000    
Senior Notes Due 2027 | Senior Unsecured Notes      
Debt Instrument [Line Items]      
Loan refinance $ 611,900,000    
Stated interest rate on debt instrument 4.25%    
Notes repurchased $ 38,900,000    
Gain on extinguishment of debt 6,800,000    
Senior Notes Due 2029 | Senior Unsecured Notes      
Debt Instrument [Line Items]      
Loan refinance $ 635,900,000    
Stated interest rate on debt instrument 4.75%    
Notes repurchased $ 13,100,000    
Gain on extinguishment of debt $ 2,600,000    
v3.24.0.1
DEBT OBLIGATIONS, NET - Financial Covenants (Details)
$ in Millions
Dec. 31, 2023
USD ($)
Debt Disclosure [Abstract]  
Equity restricted as payment as a dividend $ 871.4
v3.24.0.1
DEBT OBLIGATIONS, NET - Schedule of Maturities (Details)
$ in Thousands
Dec. 31, 2023
USD ($)
Long-term Debt, Fiscal Year Maturity [Abstract]  
2024 $ 320,900
2025 659,782
2026 138,170
2027 909,961
2028 24,317
Thereafter 681,474
Subtotal 2,734,604
Premiums included in mortgage loan financing 1,816
Total 2,723,226
Senior Unsecured Notes  
Long-term Debt, Fiscal Year Maturity [Abstract]  
Unamortized debt issuance costs (11,753)
Mortgage loan financings  
Long-term Debt, Fiscal Year Maturity [Abstract]  
Unamortized debt issuance costs (1,441)
CLO Debt  
Long-term Debt, Fiscal Year Maturity [Abstract]  
Unamortized debt issuance costs (2,100)
Consolidated CLO debt obligations $ 1,100,000
v3.24.0.1
DERIVATIVE INSTRUMENTS - Schedule of Derivatives Outstanding (Details)
$ in Thousands
Dec. 31, 2023
USD ($)
option
Dec. 31, 2022
USD ($)
Derivative [Line Items]    
Notional $ 194,900 $ 204,700
Fair value, asset 1,454 2,038
Fair value, liability 0 0
1 Month Term SOFR    
Derivative [Line Items]    
Notional 90,000 90,000
Fair value, asset 908 1,804
Fair value, liability $ 0 $ 0
Remaining Maturity (years) 7 months 13 days 1 year 8 months 4 days
5-year Treasury-Note Futures    
Derivative [Line Items]    
Notional $ 18,800 $ 44,200
Fair value, asset 98 51
Fair value, liability $ 0 $ 0
Remaining Maturity (years) 3 months 3 months
10-year Treasury-Note Futures    
Derivative [Line Items]    
Notional $ 86,100 $ 61,400
Fair value, asset 447 71
Fair value, liability $ 0 $ 0
Remaining Maturity (years) 3 months 3 months
Futures    
Derivative [Line Items]    
Notional $ 104,900 $ 105,600
Fair value, asset 545 122
Fair value, liability 0 0
Options    
Derivative [Line Items]    
Fair value, asset 1 112
Fair value, liability $ 0 $ 0
Remaining Maturity (years) 18 days 2 months 12 days
Option contracts held | option 104  
v3.24.0.1
DERIVATIVE INSTRUMENTS - Schedule of Realized Gains (Losses) on Derivatives (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Derivative [Line Items]      
Unrealized Gain/(Loss) $ (390) $ 634 $ 34
Realized Gain/(Loss) 1,871 11,726 1,715
Net Result from Derivative Transactions 1,481 12,360 1,749
Caps      
Derivative [Line Items]      
Unrealized Gain/(Loss) (895) 984 (8)
Realized Gain/(Loss) 1,378 648 0
Net Result from Derivative Transactions 483 1,632 (8)
Futures      
Derivative [Line Items]      
Unrealized Gain/(Loss) 423 (219) 42
Realized Gain/(Loss) 834 11,078 1,715
Net Result from Derivative Transactions 1,257 10,859 $ 1,757
Options      
Derivative [Line Items]      
Unrealized Gain/(Loss) 82 (131)  
Realized Gain/(Loss) (341) 0  
Net Result from Derivative Transactions $ (259) $ (131)  
v3.24.0.1
DERIVATIVE INSTRUMENTS - Additional Information (Details) - USD ($)
$ in Millions
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract]      
Cash margins held as collateral for derivatives by counterparties $ 2.8 $ 2.5 $ 0.5
v3.24.0.1
OFFSETTING ASSETS AND LIABILITIES - Offsetting Assets (Details) - USD ($)
$ in Thousands
Dec. 31, 2023
Dec. 31, 2022
Offsetting of derivative assets    
Gross amounts of recognized assets $ 1,454 $ 2,038
Gross amounts offset in the balance sheet 0 0
Derivative instruments [1] 1,454 2,038
Derivative instruments 1,454 2,038
Gross amounts not offset in the balance sheet    
Financial instruments 0 0
Cash collateral received/(posted) (2,846) (2,505)
Net amount $ (1,392) $ (467)
[1] Includes amounts relating to consolidated variable interest entities. Refer to Note 2 and Note 9.
v3.24.0.1
OFFSETTING ASSETS AND LIABILITIES - Offsetting Liabilities (Details) - USD ($)
$ in Thousands
Dec. 31, 2023
Dec. 31, 2022
Repurchase agreements    
Gross amounts of recognized liabilities $ 606,607 $ 847,863
Gross amounts offset in the balance sheet 0 0
Net amounts of liabilities presented in the balance sheet 606,607 847,863
Gross amounts not offset in the balance sheet    
Financial instruments collateral 606,607 847,863
Cash collateral posted/(received) 0 19,128
Net amount 606,607 828,735
Total    
Gross amounts of recognized liabilities 606,607 847,863
Gross amounts offset in the balance sheet 0 0
Net amounts of liabilities presented in the balance sheet 606,607 847,863
Gross amounts not offset in the balance sheet    
Financial instruments collateral 606,607 847,863
Cash collateral posted/(received) 0 19,128
Net amount $ 606,607 $ 828,735
v3.24.0.1
CONSOLIDATED VARIABLE INTEREST ENTITIES (Details)
$ in Thousands
Dec. 31, 2023
USD ($)
security
Dec. 31, 2022
USD ($)
security
Dec. 31, 2021
USD ($)
Dec. 31, 2020
USD ($)
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] $ 15,450 $ 50,524    
Accrued interest receivable [1] 24,233 24,938    
Other assets [1] 98,218 78,339    
Total assets 5,512,677 [1] 5,951,173 [1] $ 5,851,252  
Debt obligations, net [1] 3,783,946 4,245,697    
Accrued expenses [1] 65,144 68,227    
Other liabilities [1] 99,095 71,688    
Total liabilities [1] 3,980,479 4,417,612    
Total equity 1,532,198 [1] 1,533,561 [1] $ 1,513,619 $ 1,548,425
Total liabilities and equity [1] 5,512,677 5,951,173    
Variable Interest Entity, Primary Beneficiary        
Variable Interest Entity [Line Items]        
Restricted cash 0 4,902    
Mortgage loan receivables held for investment, net, at amortized cost 1,327,722 1,308,654    
Accrued interest receivable 9,394 8,313    
Other assets 4,469 17,505    
Total assets 1,341,585 1,339,374    
Debt obligations, net 1,060,719 1,058,462    
Accrued expenses 3,555 3,029    
Other liabilities 0 65    
Total liabilities 1,064,274 1,061,556    
Net equity in VIEs (eliminated in consolidation) 277,311 277,818    
Total equity 277,311 277,818    
Total liabilities and equity $ 1,341,585 $ 1,339,374    
[1] Includes amounts relating to consolidated variable interest entities. Refer to Note 2 and Note 9.
v3.24.0.1
EQUITY STRUCTURE AND ACCOUNTS - Additional Information (Details)
$ / shares in Units, $ in Thousands
 12 Months Ended
Dec. 31, 2023
USD ($)
vote
class
$ / shares
Dec. 31, 2022
USD ($)
class
Jul. 27, 2022
USD ($)
Jul. 26, 2022
USD ($)
Dec. 31, 2021
USD ($)
class
Aug. 04, 2021
USD ($)
Dec. 31, 2020
USD ($)
Class of Stock [Line Items]              
Number of classes of stock | class 1 1     1    
2014 Share Repurchase Authorization Program              
Class of Stock [Line Items]              
Remaining amount available for repurchase $ 44,300            
Percentage of aggregate common stock outstanding under Repurchase Program 3.00%            
Closing price (in dollars per share) | $ / shares $ 11.51            
Class A Common Stock              
Class of Stock [Line Items]              
Number of votes per share | vote 1            
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 $ 44,256 $ 46,737     $ 44,122   $ 38,102
Common Class B              
Class of Stock [Line Items]              
Number of votes per share | vote 1            
v3.24.0.1
EQUITY STRUCTURE AND ACCOUNTS - Schedule of Repurchase of Treasury Stock Activity (Details) - USD ($)
$ in Thousands
 1 Months Ended 12 Months Ended
Sep. 30, 2023
Mar. 31, 2023
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Jul. 27, 2022
Jul. 26, 2022
Aug. 04, 2021
Treasury Stock [Roll Forward]                
Repurchases paid     $ (2,481) $ (7,919) $ (9,008)      
2014 Share Repurchase Authorization Program                
Treasury Stock [Roll Forward]                
Remaining amount available for repurchase, end of period     44,300          
2014 Share Repurchase Authorization Program | Class A Common Stock                
Class of Stock [Line Items]                
Purchase of treasury stock (in shares) 19,000 250,000   783,599 822,928      
Treasury Stock [Roll Forward]                
Remaining amount available for repurchase, beginning of period     46,737 $ 44,122 $ 38,102      
Additional authorizations       10,534 15,027      
Repurchases paid $ (196) $ (2,285)   (7,919) (9,007)      
Remaining amount available for repurchase, end of period     $ 44,256 $ 46,737 $ 44,122      
Additional authorizations           $ 50,000 $ 39,500 $ 50,000
v3.24.0.1
EQUITY STRUCTURE AND ACCOUNTS - Dividends Declared (Details) - $ / shares
 12 Months Ended
Dec. 15, 2023
Sep. 15, 2023
Jun. 15, 2023
Mar. 15, 2023
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, 2023
Dec. 31, 2022
Dec. 31, 2021
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 $ 0.23 $ 0.23 $ 0.23 $ 0.23 $ 0.22 $ 0.20 $ 0.20 $ 0.20 $ 0.20 $ 0.20 $ 0.92 $ 0.88 $ 0.80
v3.24.0.1
EQUITY STRUCTURE AND ACCOUNTS - Schedule of Dividends Declared and Paid (Details) - Class A Common Stock - $ / shares
 12 Months Ended
Jan. 16, 2024
Oct. 16, 2023
Jul. 17, 2023
Apr. 17, 2023
Jan. 17, 2023
Jan. 16, 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
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Tax Year 2023                                  
Class of Stock [Line Items]                                  
Dividend per share (in dollars per share)   $ 0.230 $ 0.230 $ 0.230                     $ 0.920    
Ordinary Dividends (in dollars per share)   0.230 0.230 0.230                     0.920    
Qualified Dividends (in dollars per share)   0 0 0                     0    
Capital Gain (in dollars per share)   0 0 0                     0    
Unrecaptured 1250 Gain (in dollars per share)   0 0 0                     0    
Return of Capital (in dollars per share)   0 0 0                     0    
Section 199A Dividends (in dollars per share)   $ 0.230 $ 0.230 $ 0.230                     $ 0.920    
Tax Year 2023 | Subsequent Event                                  
Class of Stock [Line Items]                                  
Dividend per share (in dollars per share) $ 0.230                                
Ordinary Dividends (in dollars per share) 0.230                                
Qualified Dividends (in dollars per share) 0                                
Capital Gain (in dollars per share) 0                                
Unrecaptured 1250 Gain (in dollars per share) 0                                
Return of Capital (in dollars per share) 0                                
Section 199A Dividends (in dollars per share) $ 0.230                                
Tax Year 2022                                  
Class of Stock [Line Items]                                  
Dividend per share (in dollars per share)         $ 0.230 $ 0.230 $ 0.230 $ 0.220 $ 0.200 $ 0.200           $ 1.080  
Ordinary Dividends (in dollars per share)         0.039   0.039 0.038 0.034 0.034           0.184  
Qualified Dividends (in dollars per share)         0   0 0 0 0           0  
Capital Gain (in dollars per share)         0.191   0.191 0.182 0.166 0.166           0.896  
Unrecaptured 1250 Gain (in dollars per share)         0.059   0.059 0.056 0.051 0.051           0.276  
Return of Capital (in dollars per share)         0   0 0 0 0           0  
Section 199A Dividends (in dollars per share)         $ 0.039   $ 0.039 $ 0.038 $ 0.034 0.034           $ 0.184  
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
v3.24.0.1
EQUITY STRUCTURE AND ACCOUNTS - Changes in Accumulated Other Comprehensive Income (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
AOCI Attributable to Parent [Roll Forward]      
Beginning Balance $ 1,533,561 [1] $ 1,513,619 $ 1,548,425
Other comprehensive income (loss) 7,156 (16,897) 6,351
Ending Balance 1,532,198 [1] 1,533,561 [1] 1,513,619
Accumulated Other Comprehensive Income (Loss)      
AOCI Attributable to Parent [Roll Forward]      
Beginning Balance (21,009) (4,112) (10,463)
Other comprehensive income (loss) 7,156 (16,897) 6,351
Ending Balance $ (13,853) $ (21,009) $ (4,112)
[1] Includes amounts relating to consolidated variable interest entities. Refer to Note 2 and Note 9.
v3.24.0.1
NONCONTROLLING INTERESTS (Details) - Consolidated Venture
$ in Millions
Dec. 31, 2023
USD ($)
property
jointVenture
Noncontrolling Interest [Line Items]  
Number of consolidated ventures | jointVenture 2
Isla Vista, CA | Student Housing  
Noncontrolling Interest [Line Items]  
Number of real estate properties | property 40
Property book value $ 78.7
Oakland County, MI | Office Building  
Noncontrolling Interest [Line Items]  
Property book value $ 8.9
Consolidated Ventures | Minimum  
Noncontrolling Interest [Line Items]  
Noncontrolling interest ownership 10.00%
Consolidated Ventures | Maximum  
Noncontrolling Interest [Line Items]  
Noncontrolling interest ownership 25.00%
v3.24.0.1
EARNINGS PER SHARE - Net Income and Weighted Average Shares Outstanding (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Weighted average shares outstanding:      
Basic (in shares) 124,667,877 124,301,421 123,763,843
Diluted (in shares) 124,882,398 125,823,671 124,563,051
Class A Common Stock      
Earnings Per Share      
Basic Net income (loss) available for Class A common shareholders $ 101,125 $ 142,217 $ 56,522
Diluted Net income (loss) available for Class A common shareholders $ 101,125 $ 142,217 $ 56,522
Weighted average shares outstanding:      
Basic (in shares) 124,667,877   123,763,843
Diluted (in shares) 124,882,398 125,823,671 124,563,051
v3.24.0.1
EARNINGS PER SHARE - Schedule of Calculation of Basic and Diluted EPS (Details) - USD ($)
$ / shares in Units, $ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Denominator:      
Weighted average number of shares of Class A common stock outstanding (in shares) 124,667,877 124,301,421 123,763,843
Basic net income (loss) per share of Class A common stock (in dollars per share) $ 0.81 $ 1.14 $ 0.46
Denominator:      
Basic, weighted average number of shares of Class A common stock outstanding (in shares) 124,667,877 124,301,421 123,763,843
Diluted weighted average number of shares of Class A common stock outstanding (in shares) 124,882,398 125,823,671 124,563,051
Diluted net income (loss) per share of Class A common stock (in dollars per share) $ 0.81 $ 1.13 $ 0.45
Anti-dilutive shares (in shares) 367,001    
Class A Common Stock      
Numerator:      
Net income (loss) attributable to Class A common shareholders $ 101,125 $ 142,217 $ 56,522
Denominator:      
Weighted average number of shares of Class A common stock outstanding (in shares) 124,667,877   123,763,843
Basic net income (loss) per share of Class A common stock (in dollars per share) $ 0.81 $ 1.14 $ 0.46
Numerator:      
Net income (loss) attributable to Class A common shareholders $ 101,125 $ 142,217 $ 56,522
Diluted net income (loss) attributable to Class A common shareholders $ 101,125 $ 142,217 $ 56,522
Denominator:      
Basic, weighted average number of shares of Class A common stock outstanding (in shares) 124,667,877   123,763,843
Diluted weighted average number of shares of Class A common stock outstanding (in shares) 124,882,398 125,823,671 124,563,051
Diluted net income (loss) per share of Class A common stock (in dollars per share) $ 0.81 $ 1.13 $ 0.45
Class A Common Stock | Restricted Stock      
Denominator:      
Incremental shares of unvested Class A restricted stock (in shares) 214,521 1,522,250 799,208
v3.24.0.1
STOCK-BASED AND OTHER COMPENSATION PLANS - Schedule of Stock Based Compensation Plans (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Stock-based compensation expense $ 18,577 $ 31,584 $ 15,300
Total stock based compensation expense 18,577 31,584 15,322
Phantom Equity Investment Plan      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Total stock based compensation expense $ 0 $ 0 $ 22
v3.24.0.1
STOCK-BASED AND OTHER COMPENSATION PLANS - Schedule of Grants (Details) - Restricted Stock - $ / shares
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Number of shares (in shares) 1,417,561    
Class A Common Stock      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Number of shares (in shares) 1,417,561 2,884,303 747,713
Weighted average fair value per share (in dollars per share) $ 11.58 $ 11.87 $ 9.81
v3.24.0.1
STOCK-BASED AND OTHER COMPENSATION PLANS - Schedule of Nonvested Shares Outstanding (Details)
$ / shares in Units, $ in Millions
 12 Months Ended
Dec. 31, 2023
USD ($)
$ / shares
shares
Weighted Average Grant Date Fair Value  
Nonvested/Outstanding weighted average grant date fair value, beginning balance (in dollars pre share) | $ / shares $ 12.62
Granted, weighted average grant date fair value (in dollars per share) | $ / shares 11.58
Vested, weighted average grant date fair value (in dollars per share) | $ / shares 12.14
Forfeited, weighted average grant date fair value (in dollars per share) | $ / shares 10.43
Nonvested/Outstanding weighted average grant date fair value, ending balance (in dollars per share) | $ / shares 12.37
Stock Options  
Weighted-average exercise price of outstanding options, warrants and rights | $ / shares $ 12.37
Unrecognized compensation cost | $ $ 9.5
Period of recognition for unrecognized compensation costs 26 months
Remaining vesting period 19 months 27 days
Restricted Stock  
Restricted Stock  
Nonvested/Outstanding (in shares) 2,529,571
Granted (in shares) 1,417,561
Vested (in shares) (1,699,744)
Forfeited (in shares) (49,425)
Nonvested/Outstanding (in shares) 2,197,963
Stock Options  
Stock Options  
Nonvested/Outstanding (in shares) 623,788
Granted (in shares) 0
Vested (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
v3.24.0.1
STOCK-BASED AND OTHER COMPENSATION PLANS- Omnibus Incentive Plan (Details)
$ in Millions
 1 Months Ended 12 Months Ended
Feb. 18, 2023
USD ($)
shares
May 10, 2022
USD ($)
installment
shares
Feb. 18, 2022
USD ($)
shares
Jan. 31, 2022
USD ($)
installment
shares
Feb. 28, 2023
installment
Dec. 31, 2023
shares
Dec. 31, 2022
shares
Dec. 31, 2021
shares
Jun. 06, 2023
shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                  
Aggregate value of awards granted | $ $ 8.5     $ 18.0          
Omnibus Incentive Plan 2023                  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                  
Number of shares available for issuance (in shares)                 3,000,000
2014 Omnibus Incentive Plan                  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                  
Number of shares available for issuance (in shares)                 10,253,867
Restricted Stock                  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                  
Granted (in shares)           1,417,561      
Restricted Stock | Class A Common Stock                  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                  
Granted (in shares)           1,417,561 2,884,303 747,713  
Non-Management Grantee | Mr. Miceli and Ms. Porcella                  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                  
Unrestricted shares granted (in shares) 19,558     264,704          
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) 325,709     531,980          
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) 306,162     497,169          
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 | $ $ 7.5     $ 15.4          
Granted (in shares) 651,429     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 | installment       3 3        
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 | $ $ 1.2     $ 2.5          
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) 733,607     1,517,627          
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) 101,344     210,662          
Board of Directors | Restricted Stock | Class A Common Stock                  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                  
Granted (in shares) 32,525   31,860            
Grant date fair value | $ $ 0.4   $ 0.4            
Vesting period 1 year   1 year            
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 | Performance 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 | Time-Based Vesting                  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                  
Number of installments | installment   3              
Vesting percentage   50.00%              
v3.24.0.1
FAIR VALUE OF FINANCIAL INSTRUMENTS - Estimated Fair Values of Financial Instruments (Details)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
USD ($)
Dec. 31, 2022
USD ($)
Dec. 31, 2021
USD ($)
Dec. 31, 2020
USD ($)
Assets:        
Fair Value $ 3,192,150 $ 3,922,131    
Liabilities:        
Fair Value 3,683,621 3,994,458    
Allowance for credit losses $ (43,165) $ (20,755) $ (31,752) $ (41,507)
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 $ 477,743 $ 580,130    
Recurring | Agency securities        
Assets:        
Principal Amount 22 36    
Fair Value 21 35    
Recurring | CMBS | Internal model, third-party inputs        
Assets:        
Principal Amount 439,679 562,839    
Amortized Cost Basis/Purchase Price 439,052 562,246    
Fair Value $ 424,890 $ 541,333    
Liabilities:        
Financial instruments, measurement input 0.0683 0.0532    
Weighted average remaining maturity/duration 2 years 1 year 21 days    
Recurring | CMBS interest-only | Internal model, third-party inputs        
Assets:        
Principal Amount $ 876,555 $ 1,026,195    
Amortized Cost Basis/Purchase Price 6,453 10,498    
Fair Value $ 6,569 $ 10,443    
Liabilities:        
Financial instruments, measurement input 0.0661 0.0365    
Weighted average remaining maturity/duration 1 year 25 days 1 year 5 months 12 days    
Recurring | GNMA interest-only | Internal model, third-party inputs        
Assets:        
Principal Amount $ 37,053 $ 45,369    
Amortized Cost Basis/Purchase Price 214 285    
Fair Value $ 213 $ 281    
Liabilities:        
Financial instruments, measurement input 0.0612 0.0423    
Weighted average remaining maturity/duration 3 years 7 months 6 days 3 years 3 months 18 days    
Recurring | Agency securities | Internal model, third-party inputs        
Assets:        
Principal Amount $ 22 $ 36    
Amortized Cost Basis/Purchase Price 22 36    
Fair Value $ 21 $ 35    
Liabilities:        
Financial instruments, measurement input 0.0270 0.0270    
Weighted average remaining maturity/duration 1 year 18 days 1 year 6 months 14 days    
Recurring | U.S. Treasury securities | Internal model, third-party inputs        
Assets:        
Principal Amount $ 54,031 $ 36,000    
Amortized Cost Basis/Purchase Price 53,648 35,328    
Fair Value $ 53,716 $ 35,328    
Liabilities:        
Financial instruments, measurement input 0.0541 0.0417    
Weighted average remaining maturity/duration 25 days 7 months 6 days    
Recurring | Equity securities        
Assets:        
Amortized Cost Basis/Purchase Price $ 160 $ 160    
Fair Value 144 118    
Recurring | Total mortgage loan receivables held for investment, net, at amortized cost | Discounted Cash Flow        
Assets:        
Principal Amount 3,164,226 3,907,295    
Amortized Cost Basis/Purchase Price 3,155,089 3,885,746    
Fair Value $ 3,150,843 $ 3,875,708    
Liabilities:        
Financial instruments, measurement input 0.0965 0.0885    
Weighted average remaining maturity/duration 8 months 4 days 1 year 3 months 3 days    
Allowance for credit losses $ (43,200) $ (20,800)    
Recurring | Mortgage loan  receivables held for sale | Internal model, third-party inputs        
Assets:        
Principal Amount 31,350 31,350    
Amortized Cost Basis/Purchase Price 26,868 27,391    
Fair Value $ 26,868 $ 27,391    
Liabilities:        
Financial instruments, measurement input 0.0457 0.0457    
Weighted average remaining maturity/duration 8 years 2 months 8 days 9 years 2 months 8 days    
Recurring | FHLB stock | FHLB stock        
Assets:        
Principal Amount $ 5,175 $ 9,585    
Amortized Cost Basis/Purchase Price 5,175 9,585    
Fair Value $ 5,175 $ 9,585    
Liabilities:        
Financial instruments, measurement input 0.0825 0.0475    
Recurring | Nonhedge derivatives | Counterparty quotations        
Assets:        
Nonhedge derivative assets $ 194,900 $ 204,700    
Amortized Cost Basis/Purchase Price 1,454 2,038    
Fair Value $ 1,454 $ 2,038    
Liabilities:        
Weighted average remaining maturity/duration 5 months 23 days 1 year 6 months 7 days    
Recurring | Repurchase agreements - short-term | Cost plus Accrued Interest        
Liabilities:        
Principal Amount $ 337,631 $ 481,465    
Amortized Cost Basis/Purchase Price 337,631 481,465    
Fair Value $ 337,631 $ 481,465    
Financial instruments, measurement input 0.0757 0.0404    
Weighted average remaining maturity/duration 5 months 23 days 4 months 13 days    
Recurring | Repurchase agreements - long-term | Discounted Cash Flow        
Liabilities:        
Principal Amount $ 268,976 $ 366,398    
Amortized Cost Basis/Purchase Price 268,976 366,398    
Fair Value $ 268,976 $ 366,398    
Financial instruments, measurement input 0.0735 0.0406    
Weighted average remaining maturity/duration 1 year 8 months 26 days 2 years 6 months 21 days    
Recurring | Mortgage loan financing | Discounted Cash Flow        
Liabilities:        
Principal Amount $ 437,384 $ 497,454    
Amortized Cost Basis/Purchase Price 437,759 497,991    
Fair Value $ 425,992 $ 477,101    
Financial instruments, measurement input 0.0587 0.0551    
Weighted average remaining maturity/duration 2 years 7 months 20 days 3 years 4 months 9 days    
Recurring | CLO debt | Discounted Cash Flow        
Liabilities:        
Principal Amount $ 1,062,777 $ 1,064,365    
Amortized Cost Basis/Purchase Price 1,060,719 1,058,462    
Fair Value $ 1,060,719 $ 1,058,462    
Financial instruments, measurement input 0.0708 0.0635    
Weighted average remaining maturity/duration 1 year 10 months 20 days 15 years 11 months 1 day    
Recurring | Borrowings from the FHLB | Discounted Cash Flow        
Liabilities:        
Principal Amount $ 115,000 $ 213,000    
Amortized Cost Basis/Purchase Price 115,000 213,000    
Fair Value $ 115,000 $ 213,055    
Financial instruments, measurement input 0.0582 0.0161    
Weighted average remaining maturity/duration 6 months 25 days 1 year 3 months    
Recurring | Senior unsecured notes | Internal model, third-party inputs        
Liabilities:        
Principal Amount $ 1,575,614 $ 1,643,794    
Amortized Cost Basis/Purchase Price 1,563,861 1,628,382    
Fair Value $ 1,475,303 $ 1,397,977    
Financial instruments, measurement input 0.0466 0.0466    
Weighted average remaining maturity/duration 3 years 9 months 7 days 4 years 9 months    
v3.24.0.1
FAIR VALUE OF FINANCIAL INSTRUMENTS - Summary of Financial Assets and Liabilities (Details) - USD ($)
$ in Thousands
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Assets:        
Fair value of assets $ 3,192,150 $ 3,922,131    
Liabilities:        
Fair value of liabilities 3,683,621 3,994,458    
Allowance for credit losses (43,165) (20,755) $ (31,752) $ (41,507)
Repurchase agreements - short-term        
Liabilities:        
Principal Amount 337,631 481,465    
Fair value of liabilities 337,631 481,465    
Repurchase agreements - long-term        
Liabilities:        
Principal Amount 268,976 366,398    
Fair value of liabilities 268,976 366,398    
Mortgage loan financing        
Liabilities:        
Principal Amount 437,384 497,454    
Fair value of liabilities 425,992 477,101    
CLO debt        
Liabilities:        
Principal Amount 1,062,777 1,064,365    
Fair value of liabilities 1,060,719 1,058,462    
Borrowings from the FHLB        
Liabilities:        
Principal Amount 115,000 213,000    
Fair value of liabilities 115,000 213,055    
Senior unsecured notes        
Liabilities:        
Principal Amount 1,575,614 1,643,794    
Fair value of liabilities 1,475,303 1,397,977    
CMBS        
Assets:        
Principal Amount 9,281 9,415    
Fair value of assets 8,955 9,030    
CMBS interest-only        
Assets:        
Principal Amount 8,327 8,460    
Fair value of assets 309 417    
Total mortgage loan receivables held for investment, net, at amortized cost        
Assets:        
Principal Amount 3,164,226 3,907,295    
Fair value of assets 3,150,843 3,875,708    
Mortgage loan  receivables held for sale        
Assets:        
Principal Amount 31,350 31,350    
Fair value of assets 26,868 27,391    
FHLB stock        
Assets:        
Principal Amount 5,175 9,585    
Fair value of assets 5,175 9,585    
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 | Repurchase agreements - long-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 | 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 | Mortgage loan  receivables held for sale        
Assets:        
Fair value of assets 0 0    
Level 1 | FHLB stock        
Assets:        
Fair value of assets 0 0    
Level 2        
Assets:        
Fair value of assets 9,264 0    
Liabilities:        
Fair value of liabilities 1,667,326 0    
Level 2 | Repurchase agreements - short-term        
Liabilities:        
Fair value of liabilities 337,631 0    
Level 2 | Repurchase agreements - long-term        
Liabilities:        
Fair value of liabilities 268,976 0    
Level 2 | Mortgage loan financing        
Liabilities:        
Fair value of liabilities 0 0    
Level 2 | CLO debt        
Liabilities:        
Fair value of liabilities 1,060,719 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 | CMBS        
Assets:        
Fair value of assets 8,955 0    
Level 2 | CMBS interest-only        
Assets:        
Fair value of assets 309 0    
Level 2 | Total mortgage loan receivables held for investment, net, at amortized cost        
Assets:        
Fair value of assets 0 0    
Level 2 | Mortgage loan  receivables held for sale        
Assets:        
Fair value of assets 0 0    
Level 2 | FHLB stock        
Assets:        
Fair value of assets 0 0    
Level 3        
Assets:        
Fair value of assets 3,182,886 3,922,131    
Liabilities:        
Fair value of liabilities 2,016,295 3,994,458    
Level 3 | Repurchase agreements - short-term        
Liabilities:        
Fair value of liabilities 0 481,465    
Level 3 | Repurchase agreements - long-term        
Liabilities:        
Fair value of liabilities 0 366,398    
Level 3 | Mortgage loan financing        
Liabilities:        
Fair value of liabilities 425,992 477,101    
Level 3 | CLO debt        
Liabilities:        
Fair value of liabilities 0 1,058,462    
Level 3 | Borrowings from the FHLB        
Liabilities:        
Fair value of liabilities 115,000 213,055    
Level 3 | Senior unsecured notes        
Liabilities:        
Fair value of liabilities 1,475,303 1,397,977    
Level 3 | CMBS        
Assets:        
Fair value of assets 0 9,030    
Level 3 | CMBS interest-only        
Assets:        
Fair value of assets 0 417    
Level 3 | Total mortgage loan receivables held for investment, net, at amortized cost        
Assets:        
Fair value of assets 3,150,843 3,875,708    
Level 3 | Mortgage loan  receivables held for sale        
Assets:        
Fair value of assets 26,868 27,391    
Level 3 | FHLB stock        
Assets:        
Fair value of assets 5,175 9,585    
Recurring        
Assets:        
Fair value of assets 477,743 580,130    
Recurring | Total mortgage loan receivables held for investment, net, at amortized cost | Discounted Cash Flow        
Assets:        
Principal Amount 3,164,226 3,907,295    
Fair value of assets 3,150,843 3,875,708    
Liabilities:        
Allowance for credit losses (43,200) (20,800)    
Recurring | CMBS        
Assets:        
Principal Amount 430,398 553,424    
Fair value of assets 415,935 532,304    
Recurring | CMBS interest-only        
Assets:        
Principal Amount 868,228 1,017,735    
Fair value of assets 6,260 10,026    
Recurring | GNMA interest-only        
Assets:        
Principal Amount 37,053 45,369    
Fair value of assets 213 281    
Recurring | Agency securities        
Assets:        
Principal Amount 22 36    
Fair value of assets 21 35    
Recurring | U.S. Treasury securities        
Assets:        
Principal Amount 54,031 36,000    
Fair value of assets 53,716 35,328    
Recurring | Equity securities        
Assets:        
Fair value of assets 144 118    
Recurring | Nonhedge derivatives        
Assets:        
Principal Amount 194,900 204,700    
Fair value of assets 1,454 2,038    
Recurring | Level 1        
Assets:        
Fair value of assets 53,860 35,446    
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 53,716 35,328    
Recurring | Level 1 | Equity securities        
Assets:        
Fair value of assets 144 118    
Recurring | Level 1 | Nonhedge derivatives        
Assets:        
Fair value of assets 0 0    
Recurring | Level 2        
Assets:        
Fair value of assets 423,883 2,038    
Recurring | Level 2 | CMBS        
Assets:        
Fair value of assets 415,935 0    
Recurring | Level 2 | CMBS interest-only        
Assets:        
Fair value of assets 6,260 0    
Recurring | Level 2 | GNMA interest-only        
Assets:        
Fair value of assets 213 0    
Recurring | Level 2 | Agency securities        
Assets:        
Fair value of assets 21 0    
Recurring | Level 2 | U.S. Treasury securities        
Assets:        
Fair value of assets 0 0    
Recurring | Level 2 | Equity securities        
Assets:        
Fair value of assets 0 0    
Recurring | Level 2 | Nonhedge derivatives        
Assets:        
Fair value of assets 1,454 2,038    
Recurring | Level 3        
Assets:        
Fair value of assets 0 542,646    
Recurring | Level 3 | CMBS        
Assets:        
Fair value of assets 0 532,304    
Recurring | Level 3 | CMBS interest-only        
Assets:        
Fair value of assets 0 10,026    
Recurring | Level 3 | GNMA interest-only        
Assets:        
Fair value of assets 0 281    
Recurring | Level 3 | Agency securities        
Assets:        
Fair value of assets 0 35    
Recurring | Level 3 | U.S. Treasury securities        
Assets:        
Fair value of assets 0 0    
Recurring | Level 3 | Equity securities        
Assets:        
Fair value of assets 0 0    
Recurring | Level 3 | Nonhedge derivatives        
Assets:        
Fair value of assets $ 0 $ 0    
v3.24.0.1
FAIR VALUE OF FINANCIAL INSTRUMENTS - Schedule of Changes in Level 3 (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]    
Beginning balance $ 542,646 $ 692,864
Transfer into level 3 0 0
Purchases 143,953 59,333
Sales (17,838) (4,261)
Paydowns/maturities (231,993) (183,929)
Amortization of premium/discount (2,716) (4,354)
Unrealized gain/(loss) 7,039 (16,901)
Realized gain/(loss) on sale (275) (106)
Transfer out of level 3 (440,816) 0
Ending balance $ 0 $ 542,646
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  
v3.24.0.1
FAIR VALUE OF FINANCIAL INSTRUMENTS - Schedule of Quantitative Information (Details) - Level 3
$ in Thousands
Dec. 31, 2022
USD ($)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]  
Carrying Value $ 542,646
Valuation Technique, Discounted Cash Flow | Yield | CMBS | Minimum  
Fair Value Measurement Inputs and Valuation Techniques [Line Items]  
Measurement input 0.0289
Valuation Technique, Discounted Cash Flow | Yield | CMBS | Weighted Average  
Fair Value Measurement Inputs and Valuation Techniques [Line Items]  
Measurement input 0.0529
Valuation Technique, Discounted Cash Flow | Yield | CMBS | Maximum  
Fair Value Measurement Inputs and Valuation Techniques [Line Items]  
Measurement input 0.1747
Valuation Technique, Discounted Cash Flow | Yield | CMBS interest-only | Minimum  
Fair Value Measurement Inputs and Valuation Techniques [Line Items]  
Measurement input 0.0139
Valuation Technique, Discounted Cash Flow | Yield | CMBS interest-only | Weighted Average  
Fair Value Measurement Inputs and Valuation Techniques [Line Items]  
Measurement input 0.0372
Valuation Technique, Discounted Cash Flow | Yield | CMBS interest-only | Maximum  
Fair Value Measurement Inputs and Valuation Techniques [Line Items]  
Measurement input 0.1966
Valuation Technique, Discounted Cash Flow | Yield | GNMA interest-only | Minimum  
Fair Value Measurement Inputs and Valuation Techniques [Line Items]  
Measurement input 0.0128
Valuation Technique, Discounted Cash Flow | Yield | GNMA interest-only | Weighted Average  
Fair Value Measurement Inputs and Valuation Techniques [Line Items]  
Measurement input 0.0550
Valuation Technique, Discounted Cash Flow | Yield | GNMA interest-only | Maximum  
Fair Value Measurement Inputs and Valuation Techniques [Line Items]  
Measurement input 0.1000
Valuation Technique, Discounted Cash Flow | Yield | Agency securities | Minimum  
Fair Value Measurement Inputs and Valuation Techniques [Line Items]  
Measurement input 0.0270
Valuation Technique, Discounted Cash Flow | Yield | Agency securities | Weighted Average  
Fair Value Measurement Inputs and Valuation Techniques [Line Items]  
Measurement input 0.0270
Valuation Technique, Discounted Cash Flow | Yield | Agency securities | Maximum  
Fair Value Measurement Inputs and Valuation Techniques [Line Items]  
Measurement input 0.0270
Recurring | CMBS  
Fair Value Measurement Inputs and Valuation Techniques [Line Items]  
Carrying Value $ 532,304
Recurring | CMBS interest-only  
Fair Value Measurement Inputs and Valuation Techniques [Line Items]  
Carrying Value 10,026
Recurring | GNMA interest-only  
Fair Value Measurement Inputs and Valuation Techniques [Line Items]  
Carrying Value 281
Recurring | Agency securities  
Fair Value Measurement Inputs and Valuation Techniques [Line Items]  
Carrying Value $ 35
v3.24.0.1
INCOME TAXES - Components of the Provision for Income Taxes (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Current expense (benefit)      
U.S. federal $ 2,204 $ 1,823 $ (280)
State and local 858 3,591 936
Total current expense (benefit) 3,062 5,414 656
Deferred expense (benefit)      
U.S. federal 964 (445) 311
State and local 218 (60) (39)
Total deferred expense (benefit) 1,182 (505) 272
Income tax expense (benefit) $ 4,244 $ 4,909 $ 928
v3.24.0.1
INCOME TAXES - Tax Rate Reconciliation (Details)
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Income Tax Disclosure [Abstract]      
U.S. statutory tax rate 21.00% 21.00% 21.00%
REIT income not subject to corporate income tax (15.22%) (18.09%) (17.72%)
Increase due to state and local taxes 1.07% 0.59% (0.46%)
Change in valuation allowance (1.57%) (1.17%) (1.20%)
Offshore non-taxable income (3.79%) (1.35%) (3.75%)
Uncertain tax position recorded (released) 0.14% 1.45% 0.00%
Section 163 (j) interest expense limitation 0.17% 0.08% 0.27%
REIT income taxes 0.14% 0.28% (0.31%)
Return to provision (0.23%) (0.64%) 1.64%
Net operating loss carryback benefit 0.00% 0.00% 0.00%
Other 2.34% 0.74% 2.14%
Effective income tax rate 4.05% 2.89% 1.61%
v3.24.0.1
INCOME TAXES - Additional Information (Details) - USD ($)
 12 Months Ended
Dec. 31, 2023
Apr. 30, 2023
Dec. 31, 2022
Income Tax Contingency [Line Items]      
Deferred tax liabilities $ (5,749,000)   $ (5,911,000)
Unlimited carryforwards 8,000,000    
Deferred tax asset related to capital losses 2,800,000   4,400,000
Settlement pertaining to audit   $ 2,600,000  
Incremental income tax expense due to audit 200,000    
Other assets      
Income Tax Contingency [Line Items]      
Deferred tax liabilities (3,000,000.0)   (1,800,000)
Accrued Liabilities      
Income Tax Contingency [Line Items]      
Liability for unrecognized tax benefits for uncertain income tax positions $ 0   $ 2,400,000
v3.24.0.1
INCOME TAXES - Components of Deferred Tax Assets (Details) - USD ($)
$ in Thousands
Dec. 31, 2023
Dec. 31, 2022
Income Tax Disclosure [Abstract]    
Net operating loss carryforward $ 2,069 $ 3,493
Net unrealized losses 721 641
Capital losses carryforward 2,813 4,356
Valuation allowance (2,813) (4,356)
Interest expense limitation 1,560 1,385
Valuation allowance (1,560) (1,385)
Total Deferred Tax Assets $ 2,790 $ 4,134
v3.24.0.1
INCOME TAXES - Components of Deferred Tax Liabilities (Details) - USD ($)
$ in Thousands
Dec. 31, 2023
Dec. 31, 2022
Income Tax Disclosure [Abstract]    
Basis difference in operating partnerships $ 5,749 $ 5,911
Total Deferred Tax Liability $ 5,749 $ 5,911
v3.24.0.1
COMMITMENTS AND CONTINGENCIES - Additional Information (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Unfunded Loan Commitments      
Lease liabilities $ 16,418    
Operating lease, right-of-use asset $ 14,700    
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 $ 2,200 $ 1,100  
Treasury bills traded and not yet settled 44,815 0 $ 0
Provision for loan losses      
Unfunded Loan Commitments      
Unfunded commitments of mortgage loan receivables held for investment $ 204,000 $ 321,800  
Length of additional mortgage loan financing 3 years    
Unfunded commitments of mortgage loan receivables held for investment, additional funds 63.00%    
U.S. Treasury Securities Traded, Not Yet Settled      
Unfunded Loan Commitments      
Treasury bills traded and not yet settled $ 44,800    
v3.24.0.1
COMMITMENTS AND CONTINGENCIES - Future Minimum Operating Lease Obligation (Details)
$ in Thousands
Dec. 31, 2023
USD ($)
Commitments and Contingencies Disclosure [Abstract]  
2024 $ 2,171
2025 2,207
2026 2,219
2027 2,232
2028 13,344
Thereafter 0
Total undiscounted cash flows 22,173
Present value discount (5,755)
Lease liabilities $ 16,418
Weighted average incremental borrowing rate 6.62%
Remaining lease term 9 years 7 months 6 days
Extended lease term 5 years
v3.24.0.1
SEGMENT REPORTING - Additional Information (Details)
 12 Months Ended
Dec. 31, 2023
segment
Segment Reporting [Abstract]  
Number of reportable segments 3
v3.24.0.1
SEGMENT REPORTING - Schedule of Segments (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Income Statement [Abstract]      
Interest income $ 407,284 $ 293,520 $ 176,099
Interest expense (245,097) (195,602) (182,949)
Net interest income (expense) 162,187 97,918 (6,850)
(Provision for) release of loan loss reserves (25,096) (3,711) 8,713
Net interest income (expense) after provision for (release of) loan loss reserves 137,091 94,207 1,863
Real estate operating income 96,950 108,269 101,564
Net result from mortgage loan receivables held for sale (523) (2,511) 8,398
Realized gain (loss) on securities (276) (73) 1,594
Unrealized gain (loss) on securities 29 (86) (91)
Realized gain (loss) on sale of real estate, net 8,808 115,998 55,766
Fee and other income 9,178 15,020 11,190
Net result from derivative transactions 1,481 12,360 1,749
Earnings (loss) from investment in unconsolidated ventures 758 1,410 1,579
Gain (loss) on extinguishment of debt 10,718 685 0
Total other income (loss) 127,123 251,072 181,749
Compensation and employee benefits (63,618) (75,836) (38,347)
Operating expenses (19,503) (20,716) (17,672)
Real estate operating expenses (37,587) (38,605) (26,161)
Investment related expenses (8,847) (7,235) (5,810)
Depreciation and amortization (29,914) (32,673) (37,801)
Total costs and expenses (159,469) (175,065) (125,791)
Income tax (expense) benefit (4,244) (4,909) (928)
Net income (loss) 100,501 165,305 56,893
Total assets 5,512,677 [1] 5,951,173 [1] 5,851,252
Investment in unconsolidated ventures [1] 6,877 6,219  
Investment in FHLB stock 5,200 9,600  
Operating Segment      
Income Statement [Abstract]      
Investment in unconsolidated ventures 6,900 6,200  
Operating Segment | Loans      
Income Statement [Abstract]      
Interest income 341,840 269,629 162,349
Interest expense (122,420) (68,158) (53,414)
Net interest income (expense) 219,420 201,471 108,935
(Provision for) release of loan loss reserves (25,096) (3,711) 8,713
Net interest income (expense) after provision for (release of) loan loss reserves 194,324 197,760 117,648
Real estate operating income 0 0 0
Net result from mortgage loan receivables held for sale (523) (2,511) 8,398
Realized gain (loss) on securities 0 0 0
Unrealized gain (loss) on securities 0 0 0
Realized gain (loss) on sale of real estate, net 0 0 0
Fee and other income 8,237 10,149 10,507
Net result from derivative transactions 404 6,755 507
Earnings (loss) from investment in unconsolidated ventures 0 0 335
Gain (loss) on extinguishment of debt 0 0  
Total other income (loss) 8,118 14,393 19,747
Compensation and employee benefits 0 0 0
Operating expenses 0 0 127
Real estate operating expenses 0 0 0
Investment related expenses (6,310) (2,325) (2,341)
Depreciation and amortization 0 0 0
Total costs and expenses (6,310) (2,325) (2,214)
Income tax (expense) benefit 0 0 0
Net income (loss) 196,132 209,828 135,181
Total assets 3,138,794 3,892,382 3,521,986
Operating Segment | Securities      
Income Statement [Abstract]      
Interest income 32,479 20,659 13,101
Interest expense (3,177) (4,620) (2,403)
Net interest income (expense) 29,302 16,039 10,698
(Provision for) release of loan loss reserves 0 0
Net interest income (expense) after provision for (release of) loan loss reserves 29,302 16,039 10,698
Real estate operating income 0 0 0
Net result from mortgage loan receivables held for sale 0 0 0
Realized gain (loss) on securities (276) (73) 1,594
Unrealized gain (loss) on securities 29 (86) (91)
Realized gain (loss) on sale of real estate, net 0 0 0
Fee and other income 15 55 0
Net result from derivative transactions 595 3,972 1,250
Earnings (loss) from investment in unconsolidated ventures 0 0 0
Gain (loss) on extinguishment of debt 0 0  
Total other income (loss) 363 3,868 2,753
Compensation and employee benefits 0 0 0
Operating expenses 0 0 0
Real estate operating expenses 0 0 0
Investment related expenses (191) (277) (217)
Depreciation and amortization 0 0 0
Total costs and expenses (191) (277) (217)
Income tax (expense) benefit 0 0 0
Net income (loss) 29,474 19,630 13,234
Total assets 485,533 587,519 703,280
Operating Segment | Real Estate      
Income Statement [Abstract]      
Interest income 12 6 1
Interest expense (31,443) (36,683) (36,075)
Net interest income (expense) (31,431) (36,677) (36,074)
(Provision for) release of loan loss reserves 0 0 0
Net interest income (expense) after provision for (release of) loan loss reserves (31,431) (36,677) (36,074)
Real estate operating income 96,950 108,269 101,564
Net result from mortgage loan receivables held for sale 0 0 0
Realized gain (loss) on securities 0 0 0
Unrealized gain (loss) on securities 0 0 0
Realized gain (loss) on sale of real estate, net 8,808 115,998 55,766
Fee and other income 300 4,355 50
Net result from derivative transactions 482 1,633 (8)
Earnings (loss) from investment in unconsolidated ventures 758 1,410 1,244
Gain (loss) on extinguishment of debt 0 0  
Total other income (loss) 107,298 231,665 158,616
Compensation and employee benefits 0 0 0
Operating expenses 0 0 0
Real estate operating expenses (37,587) (38,605) (26,161)
Investment related expenses (903) (954) (849)
Depreciation and amortization (29,482) (32,632) (37,702)
Total costs and expenses (67,972) (72,191) (64,712)
Income tax (expense) benefit 0 0 0
Net income (loss) 7,895 122,797 57,830
Total assets 733,319 706,355 914,027
Corporate/Other      
Income Statement [Abstract]      
Interest income 32,953 3,226 648
Interest expense (88,057) (86,141) (91,057)
Net interest income (expense) (55,104) (82,915) (90,409)
(Provision for) release of loan loss reserves 0 0 0
Net interest income (expense) after provision for (release of) loan loss reserves (55,104) (82,915) (90,409)
Real estate operating income 0 0 0
Net result from mortgage loan receivables held for sale 0 0 0
Realized gain (loss) on securities 0 0 0
Unrealized gain (loss) on securities 0 0 0
Realized gain (loss) on sale of real estate, net 0 0 0
Fee and other income 626 461 633
Net result from derivative transactions 0 0 0
Earnings (loss) from investment in unconsolidated ventures 0 0 0
Gain (loss) on extinguishment of debt 10,718 685  
Total other income (loss) 11,344 1,146 633
Compensation and employee benefits (63,618) (75,836) (38,347)
Operating expenses (19,503) (20,716) (17,799)
Real estate operating expenses 0 0 0
Investment related expenses (1,443) (3,679) (2,403)
Depreciation and amortization (432) (41) (99)
Total costs and expenses (84,996) (100,272) (58,648)
Income tax (expense) benefit (4,244) (4,909) (928)
Net income (loss) (133,000) (186,950) (149,352)
Total assets 1,155,031 764,917 $ 711,959
Corporate/Other | Senior Unsecured Notes      
Income Statement [Abstract]      
Senior notes $ 1,600,000 $ 1,600,000  
[1] Includes amounts relating to consolidated variable interest entities. Refer to Note 2 and Note 9.
v3.24.0.1
Schedule III-Real Estate and Accumulated Depreciation Real Estate (Details) - USD ($)
$ in Thousands
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 438,051      
Initial Cost to Company        
Land 182,963      
Building 619,350      
Intangibles 116,948      
Costs Capitalized Subsequent to Acquisition 27,088      
Land 183,194      
Building 647,201      
Intangibles 116,831      
Total 947,226 $ 899,144 $ 1,127,495 $ 1,216,229
Accumulated Depreciation and Amortization (220,784) $ (199,008) $ (236,622) $ (230,925)
Aggregate cost for U.S. Federal Income Tax Purposes 900,000      
Retail        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 325,783      
Initial Cost to Company        
Land 95,045      
Building 441,864      
Intangibles 97,060      
Costs Capitalized Subsequent to Acquisition 8,954      
Land 95,045      
Building 450,825      
Intangibles 97,057      
Total 642,927      
Accumulated Depreciation and Amortization (173,529)      
Diversified        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 112,268      
Initial Cost to Company        
Land 87,918      
Building 177,486      
Intangibles 19,888      
Costs Capitalized Subsequent to Acquisition 18,134      
Land 88,149      
Building 196,376      
Intangibles 19,774      
Total 304,299      
Accumulated Depreciation and Amortization (47,255)      
Newburgh, IN | Retail        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 859      
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 $ (99)      
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 $ 915      
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 $ (120)      
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 $ 1,000      
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 $ (114)      
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 $ 856      
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 $ (106)      
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 $ 862      
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 $ (122)      
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 $ 919      
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 $ (125)      
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 $ 981      
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 $ (135)      
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 $ 886      
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 $ (134)      
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 $ 1,037      
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 $ (128)      
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 $ 952      
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 $ (151)      
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 $ 937      
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 $ (152)      
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 $ 1,175      
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 $ (136)      
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 $ 936      
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 $ (124)      
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 $ 858      
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 $ (130)      
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 $ 1,025      
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 $ (149)      
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 $ 868      
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 $ (138)      
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 $ 874      
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 $ (135)      
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 $ 914      
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 $ (157)      
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 $ 1,085      
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 $ (179)      
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 $ 943      
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 $ (159)      
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 $ 886      
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 $ (160)      
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 $ 953      
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 $ (168)      
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 $ 908      
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 $ (222)      
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 $ 837      
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 $ (146)      
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 $ 886      
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 $ (161)      
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 $ 942      
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 $ (151)      
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 $ 1,007      
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 $ (225)      
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 $ (197)      
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 $ 937      
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 $ (199)      
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 $ 986      
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 $ (193)      
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 $ (203)      
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 $ (193)      
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 $ (181)      
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 $ 891      
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 $ (262)      
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 $ 940      
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 $ (207)      
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 $ 922      
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 $ (238)      
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 $ 947      
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 $ (201)      
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 $ (225)      
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 $ 983      
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 $ (211)      
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 $ 939      
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 $ (226)      
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 $ 893      
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 $ (220)      
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 $ 944      
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 $ (246)      
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 $ 959      
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 $ (262)      
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 $ 82,709      
Initial Cost to Company        
Land 13,290      
Building 106,601      
Intangibles 21,362      
Costs Capitalized Subsequent to Acquisition 8,788      
Land 13,290      
Building 115,389      
Intangibles 21,362      
Total 150,041      
Accumulated Depreciation and Amortization $ (32,151)      
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 $ 858      
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 $ (212)      
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 $ 879      
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 $ (231)      
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 $ 860      
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 $ (229)      
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 $ 986      
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 $ (231)      
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 $ 898      
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 $ (244)      
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 $ 1,093      
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 $ (234)      
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 $ 995      
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 $ (213)      
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 $ 4,851      
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 $ (1,697)      
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 $ 905      
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 $ (229)      
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 $ 895      
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 $ (234)      
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 $ 939      
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 $ (250)      
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 $ 939      
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 $ (227)      
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 $ 854      
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 $ (243)      
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 $ 1,035      
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 $ (213)      
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 $ 1,044      
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 $ (243)      
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 $ 917      
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 $ (252)      
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 $ 994      
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 $ (299)      
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 $ 974      
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 $ (279)      
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 $ 956      
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 $ (248)      
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 $ 1,009      
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 $ (231)      
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 $ 896      
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 $ (236)      
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 $ 792      
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 $ (235)      
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 $ 1,066      
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 $ (303)      
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 $ 971      
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 $ (301)      
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 $ 934      
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 $ (231)      
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 $ 1,124      
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 $ (334)      
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 $ 1,012      
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 $ (290)      
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 $ 1,097      
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 $ (491)      
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 $ 920      
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 $ (280)      
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 $ 1,075      
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 $ (313)      
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 $ 829      
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 $ (232)      
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 $ 769      
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 $ (235)      
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 $ 814      
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 $ (340)      
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 $ 7,927      
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 $ (2,374)      
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 $ 892      
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 $ (304)      
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 $ 3,613      
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 $ (1,397)      
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 $ 8,770      
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 $ (2,812)      
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 $ 814      
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 $ (272)      
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 $ 772      
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 $ (343)      
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 $ 736      
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 $ (240)      
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 $ 899      
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 $ (296)      
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 $ 736      
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 $ (226)      
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 $ 929      
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 $ (366)      
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 $ 999      
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 $ (355)      
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 $ 820      
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 $ (317)      
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 $ (323)      
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 $ 703      
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 $ (256)      
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 $ 767      
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 $ (319)      
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 $ (323)      
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 $ 4,693      
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 $ (1,266)      
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 $ 819      
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 $ (226)      
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 $ 819      
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 $ (262)      
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 $ 6,513      
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 $ (1,919)      
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 $ 782      
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 $ (278)      
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 $ 858      
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 $ (323)      
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 $ 847      
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 $ (303)      
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 $ 815      
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 $ (282)      
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 $ (323)      
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 $ 900      
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 $ (336)      
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 $ 711      
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 $ (319)      
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 $ 624      
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 $ (229)      
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 $ 780      
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 $ (331)      
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 $ (412)      
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 $ (400)      
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 $ (433)      
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 $ (417)      
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 $ 806      
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 $ (346)      
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 $ 639      
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 $ (293)      
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 $ 8,993      
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 $ (5,605)      
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 $ 4,496      
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 $ (1,600)      
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 $ 3,653      
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 $ (1,332)      
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 $ 3,798      
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 $ (1,452)      
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 $ 880      
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 $ (386)      
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 $ 757      
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 $ (372)      
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 $ 711      
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 $ (359)      
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 $ 5,584      
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 $ (2,038)      
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 $ 6,318      
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 $ (2,372)      
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 $ 2,770      
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 $ (1,264)      
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 $ 8,212      
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 $ (2,836)      
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 $ 7,713      
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 $ (3,660)      
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 $ 7,503      
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 $ (3,164)      
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 $ 6,997      
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 $ (3,030)      
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 $ 5,018      
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 $ (3,008)      
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 $ 3,018      
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 $ (1,294)      
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 $ 3,874      
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 $ (2,406)      
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 $ 2,467      
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 $ (1,208)      
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 $ 5,672      
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 $ (4,479)      
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 $ 2,976      
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 $ (1,153)      
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 $ 0      
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 $ (1,420)      
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 $ 0      
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 $ (1,275)      
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 $ 0      
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 $ (1,422)      
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 $ 0      
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 $ (1,552)      
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 $ 0      
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 $ (1,564)      
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 $ 0      
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 $ (1,791)      
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 $ 0      
Initial Cost to Company        
Land 903      
Building 3,957      
Intangibles 843      
Costs Capitalized Subsequent to Acquisition 0      
Land 903      
Building 3,957      
Intangibles 843      
Total 5,703      
Accumulated Depreciation and Amortization $ (1,673)      
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 $ 0      
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 $ (1,594)      
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 $ (9,636)      
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 $ (9,059)      
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 $ (7,548)      
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 $ (8,113)      
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 $ (561)      
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 $ (580)      
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 $ (557)      
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 $ (1,516)      
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 $ (2,212)      
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 $ 3,327      
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 $ (1,467)      
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 $ 4,506      
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 $ (1,673)      
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 $ (1,933)      
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 $ 4,709      
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 $ (1,537)      
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 $ 4,351      
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 $ (1,629)      
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 $ 4,101      
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 $ (1,377)      
Life on which Depreciation in Latest Statement of Income is Computed 48 years      
New York, 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 8,896      
Building 13,750      
Intangibles 0      
Costs Capitalized Subsequent to Acquisition 0      
Land 8,896      
Building 13,751      
Intangibles 0      
Total 22,647      
Accumulated Depreciation and Amortization $ 0      
Life on which Depreciation in Latest Statement of Income is Computed 40 years      
New York, NY | Multifamily        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 0      
Initial Cost to Company        
Land 15,824      
Building 13,512      
Intangibles 1,135      
Costs Capitalized Subsequent to Acquisition 0      
Land 15,824      
Building 13,628      
Intangibles 1,019      
Total 30,471      
Accumulated Depreciation and Amortization $ (409)      
Life on which Depreciation in Latest Statement of Income is Computed 20 years      
New York, NY | Shopping Center        
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 4,269      
Intangibles 1,033      
Total 7,343      
Accumulated Depreciation and Amortization $ (2,319)      
Life on which Depreciation in Latest Statement of Income is Computed 20 years      
Pittsburgh, PA | Multifamily        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 0      
Initial Cost to Company        
Land 7,141      
Building 26,222      
Intangibles 1,116      
Costs Capitalized Subsequent to Acquisition 0      
Land 7,141      
Building 26,227      
Intangibles 1,122      
Total 34,490      
Accumulated Depreciation and Amortization $ (428)      
Life on which Depreciation in Latest Statement of Income is Computed 37 years      
Houston, TX | Office        
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 2,106      
Land 826      
Building 8,430      
Intangibles 2,380      
Total 11,636      
Accumulated Depreciation and Amortization $ (1,416)      
Life on which Depreciation in Latest Statement of Income is Computed 28 years      
New York, New York | Retail        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 0      
Initial Cost to Company        
Land 2,434      
Building 5,482      
Intangibles 0      
Costs Capitalized Subsequent to Acquisition 33      
Land 2,434      
Building 5,515      
Intangibles 0      
Total 7,949      
Accumulated Depreciation and Amortization $ (373)      
Life on which Depreciation in Latest Statement of Income is Computed 28 years      
Schaumburg, IL | Hotel        
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 718      
Land 8,029      
Building 30,689      
Intangibles 0      
Total 38,718      
Accumulated Depreciation and Amortization $ (5,824)      
Life on which Depreciation in Latest Statement of Income is Computed 25 years      
Omaha, NE | Hotel        
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 1,228      
Land 2,963      
Building 16,465      
Intangibles 0      
Total 19,428      
Accumulated Depreciation and Amortization $ (3,897)      
Life on which Depreciation in Latest Statement of Income is Computed 35 years      
Isla Vista, CA | Apartments        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 88,854      
Initial Cost to Company        
Land 36,274      
Building 47,694      
Intangibles 1,118      
Costs Capitalized Subsequent to Acquisition 2,142      
Land 36,274      
Building 49,837      
Intangibles 1,118      
Total 87,229      
Accumulated Depreciation and Amortization $ (8,520)      
Life on which Depreciation in Latest Statement of Income is Computed 42 years      
Crum Lynne, PA | Office        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 6,013      
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 $ (1,903)      
Life on which Depreciation in Latest Statement of Income is Computed 35 years      
Peoria, IL | Office        
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 $ (1,398)      
Life on which Depreciation in Latest Statement of Income is Computed 15 years      
Oakland County, MI | Office        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 17,401      
Initial Cost to Company        
Land 1,147      
Building 7,707      
Intangibles 9,932      
Costs Capitalized Subsequent to Acquisition 10,887      
Land 1,144      
Building 18,587      
Intangibles 9,928      
Total 29,659      
Accumulated Depreciation and Amortization $ (20,768)      
Life on which Depreciation in Latest Statement of Income is Computed 35 years      
v3.24.0.1
Schedule III-Real Estate and Accumulated Depreciation Real Estate - Reconciliation (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]      
Beginning Balance $ 899,144 $ 1,127,495 $ 1,216,229
Acquisitions 0   20,452
Acquisitions through foreclosures 87,598 24,965 81,750
Improvements 4,374 6,949 4,871
Dispositions and write-offs (43,890) (260,265) (195,807)
Impairments 0    
Ending Balance $ 947,226 $ 899,144 $ 1,127,495
v3.24.0.1
Schedule III-Real Estate and Accumulated Depreciation Real Estate - Accumulated Depreciation (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward]      
Beginning Balance $ 199,008 $ 236,622 $ 230,925
Depreciation and amortization expense 29,791 32,937 38,069
Dispositions/write-offs (8,015) (70,551) (32,372)
Ending Balance $ 220,784 $ 199,008 $ 236,622
v3.24.0.1
Schedule IV - Mortgage Loans on Real Estate Mortgage Loans on Real Estate (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]      
Fixed rate 9.61% 8.82%  
Prior Liens $ 296,201    
Face amount of Mortgages 3,195,576    
Carrying Amount of Mortgages 3,138,792 $ 3,892,382 $ 3,521,985
Principal Amount of Mortgages Subject to Delinquent Principal or Interest 14,541    
Total carrying amount of mortgages 3,181,957    
Provision for loan losses (43,165)    
Principal balance of loans on non-accrual status 14,500    
Aggregate cost for U.S. federal tax income purposes 3,200,000    
Mortgage loans held for sale 3,138,792 3,892,382 3,521,985
Mortgage loan receivables held for investment, net, at amortized cost:      
Mortgage loans receivable, beginning balance 3,892,382 3,521,985 2,343,070
Beginning balance, Allowance for credit losses (20,755) (31,752) (41,507)
Origination of mortgage loan receivables 68,415 1,296,083 2,530,247
Repayment of mortgage loan receivables (726,710) (901,150) (1,059,979)
Proceeds from sales of mortgage loan receivables   (29,151) (305,649)
Non-cash disposition of loan via foreclosure (91,408) (10,235) (81,289)
Realized gain on sale of mortgage loan receivables (523) (2,511) 8,398
Accretion/amortization of discount, premium and other fees 19,046 20,759 13,832
Charge-offs 2,700    
Charge-offs 2,700 14,395 0
Release of provision for current expected credit loss, net (25,096) (3,711) 8,713
Release of provision for current expected credit loss, net     1,150
Release of provision for current expected credit loss, net (25,110) (3,398) 8,605
Mortgage loans receivable, ending balance 3,138,792 3,892,382 3,521,985
Ending balance, Allowance for credit losses (43,165) (20,755) (31,752)
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 26,900    
Mortgage loans held for sale 26,900    
Mortgage loan receivables held for investment, net, at amortized cost:      
Mortgage loans receivable, ending balance 26,900    
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 3,155,089 3,885,746 3,553,737
Mortgage loans held for sale 3,155,089 3,885,746 3,553,737
Mortgage loan receivables held for investment, net, at amortized cost:      
Mortgage loans receivable, beginning balance 3,885,746 3,553,737 2,354,059
Beginning balance, Allowance for credit losses (20,755) (31,752) (41,507)
Origination of mortgage loan receivables 68,415 1,234,765 2,309,888
Repayment of mortgage loan receivables (726,710) (901,082) (1,059,796)
Proceeds from sales of mortgage loan receivables   0 (46,557)
Non-cash disposition of loan via foreclosure (91,408) (10,235) (81,289)
Realized gain on sale of mortgage loan receivables 0 2,197  
Accretion/amortization of discount, premium and other fees 19,046 20,759 13,832
Charge-offs 0 (14,395)  
Charge-offs 2,700 14,395  
Release of provision for current expected credit loss, net (25,110) (3,398) 8,605
Release of provision for current expected credit loss, net     1,150
Release of provision for current expected credit loss, net     8,605
Mortgage loans receivable, ending balance 3,155,089 3,885,746 3,553,737
Ending balance, Allowance for credit losses $ (43,165) $ (20,755) (31,752)
Mortgage loan  receivables held for sale      
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]      
Fixed rate 4.57% 4.57%  
Carrying Amount of Mortgages $ 26,868 $ 27,391 0
Mortgage loans held for sale 26,868 27,391 0
Mortgage loan receivables held for investment, net, at amortized cost:      
Mortgage loans receivable, beginning balance 27,391 0 30,518
Origination of mortgage loan receivables 0 61,318 220,359
Repayment of mortgage loan receivables 0 (68) (183)
Proceeds from sales of mortgage loan receivables   (29,151) (259,092)
Realized gain on sale of mortgage loan receivables (523) (4,708) 8,398
Accretion/amortization of discount, premium and other fees 0 0  
Charge-offs 0 0  
Mortgage loans receivable, ending balance 26,868 $ 27,391 $ 0
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 3,163,153    
Carrying Amount of Mortgages 3,149,576    
Principal Amount of Mortgages Subject to Delinquent Principal or Interest 14,541    
Mortgage loans held for sale 3,149,576    
Mortgage loan receivables held for investment, net, at amortized cost:      
Mortgage loans receivable, ending balance 3,149,576    
Second Mortgage      
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]      
Prior Liens 296,201    
Face amount of Mortgages 32,423    
Carrying Amount of Mortgages 32,381    
Principal Amount of Mortgages Subject to Delinquent Principal or Interest 0    
Mortgage loans held for sale 32,381    
Mortgage loan receivables held for investment, net, at amortized cost:      
Mortgage loans receivable, ending balance $ 32,381    
Office | First Mortgages individually greater than 3%      
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]      
Fixed rate 9.19%    
Prior Liens $ 0    
Face amount of Mortgages 110,800    
Carrying Amount of Mortgages 110,551    
Principal Amount of Mortgages Subject to Delinquent Principal or Interest 0    
Mortgage loans held for sale 110,551    
Mortgage loan receivables held for investment, net, at amortized cost:      
Mortgage loans receivable, ending balance $ 110,551    
Office | First Mortgages individually greater than 3%      
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]      
Fixed rate 8.99%    
Prior Liens $ 0    
Face amount of Mortgages 224,175    
Carrying Amount of Mortgages 223,676    
Principal Amount of Mortgages Subject to Delinquent Principal or Interest 0    
Mortgage loans held for sale 223,676    
Mortgage loan receivables held for investment, net, at amortized cost:      
Mortgage loans receivable, ending balance $ 223,676    
Industrial | First Mortgages individually greater than 3%      
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]      
Fixed rate 8.49%    
Prior Liens $ 0    
Face amount of Mortgages 114,331    
Carrying Amount of Mortgages 114,330    
Principal Amount of Mortgages Subject to Delinquent Principal or Interest 0    
Mortgage loans held for sale 114,330    
Mortgage loan receivables held for investment, net, at amortized cost:      
Mortgage loans receivable, ending balance $ 114,330    
Mixed | First Mortgages individually greater than 3%      
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]      
Fixed rate 9.46%    
Prior Liens $ 0    
Face amount of Mortgages 145,840    
Carrying Amount of Mortgages 144,752    
Principal Amount of Mortgages Subject to Delinquent Principal or Interest 0    
Mortgage loans held for sale 144,752    
Mortgage loan receivables held for investment, net, at amortized cost:      
Mortgage loans receivable, ending balance 144,752    
Multi-Family, Office, Mixed, Industrial, Retail, Mobile Home Park, Hotel, 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 2,568,007    
Carrying Amount of Mortgages 2,556,267    
Principal Amount of Mortgages Subject to Delinquent Principal or Interest 14,541    
Mortgage loans held for sale 2,556,267    
Mortgage loan receivables held for investment, net, at amortized cost:      
Mortgage loans receivable, ending balance $ 2,556,267    
Multi-Family, Office, Mixed, Industrial, Retail, Mobile Home Park, Hotel, Land | Minimum | First Mortgages individually less than 3%      
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]      
Fixed rate 4.25%    
Multi-Family, Office, Mixed, Industrial, Retail, Mobile Home Park, Hotel, Land | Maximum | First Mortgages individually less than 3%      
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]      
Fixed rate 13.74%    
Retail, Office, Hotel | Subordinated Mortgages individually less than 3%      
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]      
Prior Liens $ 296,201    
Face amount of Mortgages 32,423    
Carrying Amount of Mortgages 32,381    
Principal Amount of Mortgages Subject to Delinquent Principal or Interest 0    
Mortgage loans held for sale 32,381    
Mortgage loan receivables held for investment, net, at amortized cost:      
Mortgage loans receivable, ending balance $ 32,381    
Retail, Office, Hotel | Minimum | Subordinated Mortgages individually less than 3%      
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]      
Fixed rate 10.00%    
Retail, Office, Hotel | Maximum | Subordinated Mortgages individually less than 3%      
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]      
Fixed rate 12.00%