LADDER CAPITAL CORP, 10-Q filed on 10/31/2022
Quarterly Report
v3.22.2.2
Cover Page - shares
 9 Months Ended
Sep. 30, 2022
Oct. 21, 2022
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Sep. 30, 2022  
Current Fiscal Year End Date --12-31  
Document Transition Report false  
Entity File Number 001-36299  
Entity Registrant Name Ladder Capital Corp  
Entity Incorporation, State or Country Code DE  
Entity Tax Identification Number 80-0925494  
Entity Address, Address Line One 345 Park Avenue,  
Entity Address, City or Town New York,  
Entity Address, State or Province NY  
Entity Address, Postal Zip Code 10154  
City Area Code 212  
Local Phone Number 715-3170  
Title of 12(b) Security Class A common stock, $0.001 par value  
Trading Symbol LADR  
Security Exchange Name NYSE  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Large Accelerated Filer  
Entity Smaller Reporting Company false  
Entity Emerging Growth Company false  
Entity Shell Company false  
Entity Central Index Key 0001577670  
Document Fiscal Year Focus 2022  
Document Fiscal Period Focus Q3  
Amendment Flag false  
Class A Common Stock    
Entity Common Stock, Shares Outstanding   126,564,349
Class B Common Stock    
Entity Common Stock, Shares Outstanding   0
v3.22.2.2
Consolidated Balance Sheets - USD ($)
$ in Thousands
Sep. 30, 2022
Dec. 31, 2021
Assets    
Cash and cash equivalents [1] $ 328,440 $ 548,744
Restricted cash [1] 28,739 72,802
Mortgage loan receivables held for investment, net, at amortized cost:    
Mortgage loans receivable [1] 4,019,297 3,553,737
Allowance for credit losses [1] (18,474) (31,752)
Mortgage loan receivables held for sale [1] 27,818 0
Securities [1] 610,545 703,280
Real estate and related lease intangibles, net [1] 769,935 865,694
Real estate held for sale [1] 7,402 25,179
Investments in and advances to unconsolidated ventures [1] 6,006 23,154
Derivative instruments [1] 2,075 402
Accrued interest receivable [1] 20,344 13,645
Other assets [1] 67,845 76,367
Total assets [1] 5,869,972 5,851,252
Liabilities    
Debt obligations, net [1] 4,237,886 4,219,703
Dividends payable [1] 31,432 27,591
Accrued expenses [1] 50,003 40,249
Other liabilities [1] 47,032 50,090
Total liabilities [1] 4,366,353 4,337,633
Commitments and contingencies [1] 0 0
Equity    
Additional paid-in capital [1] 1,823,036 1,795,249
Treasury stock, 1,463,129 and 1,400,197 shares, at cost, respectively [1] (94,960) (76,324)
Retained earnings (dividends in excess of earnings) [1] (207,434) (207,802)
Accumulated other comprehensive income (loss) [1] (18,811) (4,112)
Total shareholders’ equity [1] 1,501,958 1,507,137
Noncontrolling interests in consolidated ventures [1] 1,661 6,482
Total equity [1] 1,503,619 1,513,619
Total liabilities and equity [1] 5,869,972 5,851,252
Class A Common Stock    
Equity    
Common stock [1] $ 127 $ 126
[1] Includes amounts relating to consolidated variable interest entities. Refer to Note 2 and Note 10.
v3.22.2.2
Consolidated Balance Sheets (Parenthetical) - $ / shares
Sep. 30, 2022
Dec. 31, 2021
Treasury stock (in shares) 1,463,129 1,400,197
Class A Common Stock    
Common stock, par value (in dollars per share) $ 0.001 $ 0.001
Common stock, authorized (in shares) 600,000,000 600,000,000
Common stock, issued (in shares) 128,027,478 126,852,765
Common stock, outstanding (in shares) 126,564,349 125,452,568
v3.22.2.2
Consolidated Statements of Income - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Sep. 30, 2022
Sep. 30, 2021
Net interest income        
Interest income $ 77,359 $ 46,235 $ 198,832 $ 123,099
Interest expense 48,471 49,339 138,212 140,538
Net interest income (expense) 28,888 (3,104) 60,620 (17,439)
Provision for (release of) loan loss reserves, net 1,501 (2,364) 1,373 (6,950)
Net interest income (expense) after provision for (release of) loan losses 27,387 (740) 59,247 (10,489)
Other income (loss)        
Real estate operating income 27,679 26,603 82,678 77,320
Sale of loans, net 796 3,293 (2,083) 6,685
Realized gain (loss) on securities 9 285 (75) 879
Unrealized gain (loss) on equity securities (61) 0 (77) 0
Unrealized gain (loss) on Agency interest-only securities (5) (19) (21) (87)
Realized gain (loss) on sale of real estate, net 4,393 17,766 62,101 37,155
Fee and other income 2,697 2,687 12,238 8,422
Net result from derivative transactions 6,567 75 12,381 1,002
Earnings (loss) from investment in unconsolidated ventures 407 533 1,197 1,206
Gain (loss) on extinguishment of debt 0 0 685 0
Total other income (loss) 42,482 51,223 169,024 132,582
Costs and expenses        
Compensation and employee benefits 13,806 9,425 59,165 27,436
Operating expenses 5,143 4,418 15,303 12,875
Real estate operating expenses 10,069 6,962 28,928 19,518
Fee expense 1,689 1,638 5,163 5,431
Depreciation and amortization 7,864 9,320 24,764 28,320
Total costs and expenses 38,571 31,763 133,323 93,580
Income (loss) before taxes 31,298 18,720 94,948 28,513
Income tax expense (benefit) 2,613 (212) 3,897 (1,308)
Net income (loss) 28,685 18,932 91,051 29,821
Net (income) loss attributable to noncontrolling interests in consolidated ventures $ (102) $ (5) $ (8,388) $ (408)
Earnings per share:        
Basic (in dollars per share) $ 0.23 $ 0.15 $ 0.66 $ 0.24
Diluted (in dollars per share) $ 0.23 $ 0.15 $ 0.66 $ 0.24
Weighted average shares outstanding:        
Basic (in shares) 124,278,732 123,729,867 124,393,861 123,917,047
Diluted (in shares) 125,172,180 124,499,675 125,813,280 124,354,190
Class A Common Stock        
Costs and expenses        
Net income (loss) attributable to Class A common shareholders $ 28,583 $ 18,927 $ 82,663 $ 29,413
Earnings per share:        
Basic (in dollars per share) $ 0.23 $ 0.15 $ 0.66 $ 0.24
Diluted (in dollars per share) $ 0.23 $ 0.15 $ 0.66 $ 0.24
Weighted average shares outstanding:        
Basic (in shares) 124,278,732 123,729,867 124,393,861 123,917,047
Diluted (in shares) 125,172,180 124,499,675 125,813,280 124,354,190
v3.22.2.2
Consolidated Statements of Comprehensive Income - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Sep. 30, 2022
Sep. 30, 2021
Net income (loss) $ 28,685 $ 18,932 $ 91,051 $ 29,821
Unrealized gain (loss) on securities, net of tax:        
Unrealized gain (loss) on real estate securities, available for sale (947) (588) (14,749) 8,258
Reclassification adjustment for (gain) loss included in net income (loss) (9) (285) 50 (879)
Total other comprehensive income (loss) (956) (873) (14,699) 7,379
Comprehensive income (loss) 27,729 18,059 76,352 37,200
Comprehensive (income) loss attributable to noncontrolling interest in consolidated ventures (102) (5) (8,388) (408)
Class A Common Stock        
Unrealized gain (loss) on securities, net of tax:        
Comprehensive income (loss) attributable to Class A common shareholders $ 27,627 $ 18,054 $ 67,964 $ 36,792
v3.22.2.2
Consolidated Statements of Changes in Equity - USD ($)
$ in Thousands
Total
Class A Common Stock
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
Noncontrolling Interest in Consolidated Joint 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 1,381               $ 1,381
Distributions (441)             (441)  
Amortization of equity based compensation 11,873     11,873          
Purchase of treasury stock (in shares)     (814,000)            
Purchase of treasury stock (8,912)   $ (1)   (8,911)        
Re-issuance of treasury stock (in shares)     748,000            
Re-issuance of treasury stock 0   $ 1   (1)        
Shares acquired to satisfy minimum required federal and state tax withholding on vesting restricted stock and units (in shares)     (440,000)            
Shares acquired to satisfy minimum required federal and state tax withholding on vesting restricted stock and units (4,458)   $ (1)   (4,457)        
Forfeitures (in shares)     (408,000)            
Dividends declared (75,517)         (75,517)      
Net income (loss) 29,821         29,413   408  
Other comprehensive income (loss) 7,379           7,379    
Ending Balance (in shares) at Sep. 30, 2021     125,464,000            
Ending Balance at Sep. 30, 2021 1,509,551   $ 126 1,791,947 (76,228) (209,821) (3,084) 6,611  
Beginning Balance (in shares) at Jun. 30, 2021     126,242,000            
Beginning Balance at Jun. 30, 2021 1,519,865   $ 127 1,788,875 (68,593) (203,714) (2,211) 5,381  
Increase Decrease in Stockholders' Equity                  
Contributions 1,381               1,381
Distributions (156)             (156)  
Amortization of equity based compensation 3,072     3,072          
Purchase of treasury stock (in shares)     (694,000)            
Purchase of treasury stock (7,600)   $ (1)   (7,599)        
Shares acquired to satisfy minimum required federal and state tax withholding on vesting restricted stock and units (in shares)     (3,000)            
Shares acquired to satisfy minimum required federal and state tax withholding on vesting restricted stock and units (36)   $ 0   (36)        
Forfeitures (in shares)     (81,000)            
Dividends declared (25,034)         (25,034)      
Net income (loss) 18,932         18,927   5  
Other comprehensive income (loss) (873)           (873)    
Ending Balance (in shares) at Sep. 30, 2021     125,464,000            
Ending Balance at Sep. 30, 2021 1,509,551   $ 126 1,791,947 (76,228) (209,821) (3,084) 6,611  
Beginning Balance (in shares) at Dec. 31, 2021   125,452,568 125,453,000            
Beginning Balance at Dec. 31, 2021 1,513,619 [1]   $ 126 1,795,249 (76,324) (207,802) (4,112) 6,482  
Increase Decrease in Stockholders' Equity                  
Contributions 186               $ 186
Distributions (13,395)             (13,395)  
Amortization of equity based compensation 27,787     27,787          
Grants of restricted stock (in shares)     2,289,000            
Grants of restricted stock 0   $ 2   (2)        
Purchase of treasury stock (in shares)     (721,000)            
Purchase of treasury stock (7,279)   $ 1   (7,278)        
Re-issuance of treasury stock (in shares)     596,000            
Re-issuance of treasury stock 0   $ 1   (1)        
Shares acquired to satisfy minimum required federal and state tax withholding on vesting restricted stock and units (in shares)     (955,000)            
Shares acquired to satisfy minimum required federal and state tax withholding on vesting restricted stock and units (11,356)   $ (1)   (11,355)        
Forfeitures (in shares)     (96,000)            
Dividends declared (82,295)         (82,295)      
Net income (loss) 91,051         82,663   8,388  
Other comprehensive income (loss) (14,699)           (14,699)    
Ending Balance (in shares) at Sep. 30, 2022   126,564,349 126,566,000            
Ending Balance at Sep. 30, 2022 1,503,619 [1]   $ 127 1,823,036 (94,960) (207,434) (18,811) 1,661  
Beginning Balance (in shares) at Jun. 30, 2022     126,834,000            
Beginning Balance at Jun. 30, 2022 1,509,709   $ 127 1,819,298 (92,302) (206,922) (17,855) 7,363  
Increase Decrease in Stockholders' Equity                  
Distributions (5,804)             (5,804)  
Amortization of equity based compensation 3,738     3,738          
Grants of restricted stock (in shares)     7,000            
Purchase of treasury stock (in shares)     (266,000)            
Purchase of treasury stock (2,623)       (2,623)        
Shares acquired to satisfy minimum required federal and state tax withholding on vesting restricted stock and units (in shares)     (3,000)            
Shares acquired to satisfy minimum required federal and state tax withholding on vesting restricted stock and units (35)       (35)        
Forfeitures (in shares)     (6,000)            
Dividends declared (29,095)         (29,095)      
Net income (loss) 28,685         28,583   102  
Other comprehensive income (loss) (956)           (956)    
Ending Balance (in shares) at Sep. 30, 2022   126,564,349 126,566,000            
Ending Balance at Sep. 30, 2022 $ 1,503,619 [1]   $ 127 $ 1,823,036 $ (94,960) $ (207,434) $ (18,811) $ 1,661  
[1] Includes amounts relating to consolidated variable interest entities. Refer to Note 2 and Note 10.
v3.22.2.2
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Cash flows from operating activities:    
Net income (loss) $ 91,051 $ 29,821
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:    
(Gain) loss on extinguishment of debt (685) 0
Depreciation and amortization 24,764 28,320
Unrealized (gain) loss on derivative instruments (825) 158
Unrealized (gain) loss on equity securities 77 0
Unrealized (gain) loss on Agency interest-only securities 21 87
Provision for (release of) loan loss reserves 1,373 (6,950)
Amortization of equity based compensation 27,787 11,873
Amortization of deferred financing costs included in interest expense 12,152 16,477
Amortization of premium/discount on mortgage loan financing included in interest expense (649) (998)
Amortization of above- and below-market lease intangibles (1,318) (1,440)
(Accretion)/amortization of discount, premium and other fees on loans (14,932) (8,962)
(Accretion)/amortization of discount, premium and other fees on securities (360) 176
Realized (gain) loss on sale of mortgage loan receivables held for sale 2,083 (6,685)
Realized (gain) loss on disposition of loan via foreclosure 0 26
Realized (gain) loss on securities 75 (879)
Realized (gain) loss on sale of real estate, net (62,101) (37,155)
(Earnings) loss from investments in unconsolidated ventures in excess of distributions received (572) (1,109)
Insurance proceeds for remediation work due to property damage 0 1,345
Insurance proceeds used for remediation work due to property damage (27) (628)
Origination of mortgage loan receivables held for sale (61,318) (127,034)
Repayment of mortgage loan receivables held for sale 68 126
Proceeds from sales of mortgage loan receivables held for sale 29,153 126,599
Change in deferred tax asset (liability) 137 (1,291)
Changes in operating assets and liabilities:    
Accrued interest receivable (6,699) 1,960
Other assets 5,288 3,246
Accrued expenses and other liabilities 7,673 (1,220)
Net cash provided by (used in) operating activities 52,216 25,863
Cash flows from investing activities:    
Origination of mortgage loan receivables held for investment (1,183,422) (1,292,016)
Repayment of mortgage loan receivables held for investment 725,913 797,819
Proceeds from sale of mortgage loan receivables held for investment 0 46,557
Purchases of real estate securities (68,039) (143,902)
Repayment of real estate securities 136,864 135,816
Basis recovery of interest-only securities 3,924 5,304
Proceeds from sales of real estate securities 5,454 364,959
Purchases of real estate 0 (20,452)
Capital improvements of real estate (5,657) (2,869)
Proceeds from sale of real estate 173,119 135,093
Capital distribution from investment in unconsolidated ventures 2,284 21,281
Proceeds from sale of FHLB stock 2,250 19,165
Purchase of derivative instruments (942) (69)
Sale of derivative instruments 157 0
Property insurance proceeds 0 634
Net cash provided by (used in) investing activities (208,095) 67,320
Cash flows from financing activities:    
Deferred financing costs paid (8,177) (2,811)
Proceeds from borrowings under debt obligations 1,553,068 3,377,514
Repayment of borrowings under debt obligations (1,544,204) (3,820,320)
Cash dividends paid to Class A common shareholders (78,454) (75,890)
Capital contributed by noncontrolling interests in consolidated ventures 186 1,381
Capital distributed to noncontrolling interests in consolidated ventures (13,395) (441)
Reissuance of treasury stock (1) (1)
Payment of liability assumed in exchange for shares for the minimum withholding taxes on vesting restricted stock (11,356) (4,457)
Purchase of treasury stock (6,158) (8,912)
Issuance of common stock 3 2
Net cash provided by (used in) financing activities (108,488) (533,935)
Net increase (decrease) in cash, cash equivalents and restricted cash (264,367) (440,752)
Cash, cash equivalents and restricted cash at beginning of period 621,546 1,284,284
Cash, cash equivalents and restricted cash at end of period 357,179 843,532
Non-cash investing and financing activities:    
Securities and derivatives purchased, not settled 17 20,621
Securities and derivatives sold, not settled 10 10
Repurchase of treasury shares, not settled 1,121 0
Repayments in transit of real estate securities (other assets) 2 0
Repayment in transit of mortgage loans receivable held for investment (other assets) 21,319 25,062
Settlement of mortgage loan receivable held for investment by real estate, net 0 (43,129)
Real estate acquired in settlement of mortgage loan receivable held for investment, net 0 43,750
Net settlement of sale of real estate, subject to debt - real estate 0 11,557
Net settlement of sale of real estate, subject to debt - debt obligations 0 (11,557)
Real estate acquired in former unconsolidated venture agreement 15,436 0
Transfer of real estate, net into real estate held for sale (62,814) 0
Dividends declared, not paid 31,432 27,165
Cash and cash equivalents 328,440 [1] 758,051
Restricted cash 28,739 85,481
Total cash, cash equivalents and restricted cash shown in the consolidated statement of cash flows 357,179 843,532
Equity Securities    
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:    
Unrealized (gain) loss on equity securities $ 77 $ 0
[1] Includes amounts relating to consolidated variable interest entities. Refer to Note 2 and Note 10.
v3.22.2.2
ORGANIZATION AND OPERATIONS
 9 Months Ended
Sep. 30, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
ORGANIZATION AND OPERATIONS
1. ORGANIZATION AND OPERATIONS
 
Ladder Capital Corp (the “Company”) is an internally-managed real estate investment trust (“REIT”) that is a leader in commercial real estate finance. The Company originates and invests in a diverse portfolio of commercial real estate and real estate-related assets, focusing on senior secured assets. The Company’s investment activities include: (i) the Company’s primary business of originating senior first mortgage fixed and floating rate loans collateralized by commercial real estate with flexible loan structures; (ii) owning and operating commercial real estate, including net leased commercial properties; and (iii) investing in investment grade securities secured by first mortgage loans on commercial real estate. Ladder Capital Corp, as the general partner of Ladder Capital Finance Holdings LLLP (“LCFH” or the “Operating Partnership”), operates the Ladder Capital business through LCFH and its subsidiaries. As of September 30, 2022, Ladder Capital Corp has a 100.0% economic interest in LCFH and controls the management of LCFH as a result of its ability to appoint its board members. Accordingly, Ladder Capital Corp consolidates the financial results of LCFH and its subsidiaries. In addition, Ladder Capital Corp, through certain subsidiaries which are treated as taxable REIT subsidiaries (each a “TRS”), is indirectly subject to U.S. federal, state and local income taxes. Other than such indirect U.S. federal, state and local income taxes, there are no material differences between Ladder Capital Corp’s consolidated financial statements and LCFH’s consolidated financial statements.

Ladder Capital Corp was formed as a Delaware corporation on May 21, 2013. The Company conducted its initial public offering (“IPO”) which closed on February 11, 2014. The Company used the net proceeds from the IPO to purchase newly issued limited partnership units (“LP Units”) from LCFH. In connection with the IPO, Ladder Capital Corp also became a holding corporation and the general partner of, and obtained a controlling interest in, LCFH. Ladder Capital Corp’s only business is to act as the general partner of LCFH, and, as such, Ladder Capital Corp indirectly operates and controls all of the business and affairs of LCFH and its subsidiaries. The IPO transactions described herein are referred to as the “IPO Transactions.”
v3.22.2.2
SIGNIFICANT ACCOUNTING POLICIES
 9 Months Ended
Sep. 30, 2022
Accounting Policies [Abstract]  
SIGNIFICANT ACCOUNTING POLICIES
2. SIGNIFICANT ACCOUNTING POLICIES

Basis of Accounting and Principles of Consolidation
 
The accompanying consolidated financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”). In the opinion of management, the unaudited financial information for the interim periods presented in this report reflects all normal and recurring adjustments necessary for a fair statement of results of operations, financial position and cash flows. The interim consolidated financial statements should be read in conjunction with the audited consolidated financial statements for the year ended December 31, 2021, which are included in the Annual Report, as certain disclosures that would substantially duplicate those contained in the audited consolidated financial statements have not been included in this interim report. Operating results for interim periods are not necessarily indicative of operating results for an entire fiscal year.

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 10, Consolidated Variable Interest Entities, for further information on the Company’s consolidated variable interest entities.

Provision for Loan Losses

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

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

A loan is also considered impaired if its terms are modified in a troubled debt restructuring (“TDR”). A TDR occurs when a concession is granted and the debtor is experiencing financial difficulties. Impairments on TDR loans are generally measured based on the present value of expected future cash flows discounted at the effective interest rate of the original loans. Generally, when granting concessions, the Company will seek to protect its position by requiring incremental pay downs, additional collateral or guarantees and, in some cases, lookback features or equity interests to offset concessions granted should conditions impacting the loan improve. The Company’s determination of credit losses is impacted by TDRs whereby loans that have gone through TDRs are considered impaired and are assessed for specific reserves. Loans previously restructured under TDRs that subsequently default are reassessed to incorporate the Company’s current assumptions on expected cash flows and additional provision expense is recorded to the extent necessary.

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

Recent Accounting Pronouncements Pending Adoption

In March 2022, the FASB issued ASU 2022-02 Financial Instruments - Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures, (“ASU 2022-02”). ASU 2022-02 eliminates the recognition and measurement guidance for troubled debt restructuring for creditors that have adopted ASC 326 and requires them to make enhanced disclosures about loan modifications for borrowers experiencing financial difficulty. The standard is effective for fiscal years beginning after December 15, 2022. Early adoption is permitted. The Company does not expect the adoption to have a material impact on the Company’s consolidated financial statements.

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

Any new accounting standards not disclosed above that have been issued or proposed by FASB and that do not require adoption until a future date are not expected to have a material impact on the consolidated financial statements upon adoption.
v3.22.2.2
MORTGAGE LOAN RECEIVABLES
 9 Months Ended
Sep. 30, 2022
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Abstract]  
MORTGAGE LOAN RECEIVABLES
3. MORTGAGE LOAN RECEIVABLES
 
September 30, 2022 ($ in thousands)
Outstanding
Face Amount		Carrying
Value		Weighted
Average
Yield (1)(2)		Remaining
Maturity
(years)(2)
Mortgage loan receivables held for investment, net, at amortized cost:
First mortgage loans$3,964,067 $3,939,239 7.39 %1.4
Mezzanine loans80,125 80,058 10.80 %1.6
Total mortgage loans receivable4,044,192 4,019,297 7.45 %1.4
Allowance for credit lossesN/A(18,474)
Total mortgage loan receivables held for investment, net, at amortized cost4,044,192 4,000,823 
Mortgage loan receivables held for sale:
First mortgage loans31,350 27,818  4.57 %9.4
Total$4,075,542 $4,028,641 (3)7.43 %1.4
(1)Includes the impact from interest rate floors. September 30, 2022 LIBOR and SOFR rates are used to calculate weighted average yield for floating rate loans.
(2)Excludes non-accrual loans of $54.1 million. Refer to “Non-Accrual Status” below for further details.
(3)Net of $24.9 million of deferred origination fees and other items as of September 30, 2022.

As of September 30, 2022, $3.6 billion, or 88.9%, of the outstanding face amount of our mortgage loan receivables held for investment, net, at amortized cost, were at variable interest rates with $2.7 billion linked to LIBOR and $0.9 billion linked to SOFR. Of this $3.6 billion, 99.2% of these variable interest rate mortgage loan receivables were subject to interest rate floors. As of September 30, 2022, $31.4 million or 100%, of the outstanding face amount of our mortgage loan receivables held for sale were at fixed interest rates linked to SOFR.
 
December 31, 2021 ($ in thousands)
Outstanding
Face Amount		Carrying
Value		Weighted
Average
Yield (1)(2)		Remaining
Maturity
(years)(2)
Mortgage loan receivables held for investment, net, at amortized cost:
First mortgage loans$3,482,715 $3,454,654 5.50 %1.8
Mezzanine loans99,204 99,083 10.92 %1.9
Total mortgage loans receivable3,581,919 3,553,737 5.65 %1.8
Allowance for credit lossesN/A(31,752)
Total mortgage loan receivables held for investment, net, at amortized cost3,581,919 3,521,985 
Total$3,581,919 $3,521,985 (3)5.65 %1.8
(1)Includes the impact from interest rate floors. December 31, 2021 LIBOR rates are used to calculate weighted average yield for floating rate loans.
(2)Excludes non-accrual loans of $80.2 million. Refer to “Non-Accrual Status” below for further details.
(3)Net of $26.0 million of deferred origination fees and other items as of December 31, 2021.
 
As of December 31, 2021, $3.3 billion, or 91.5%, of the outstanding face amount of our mortgage loan receivables held for investment, net, at amortized cost, were at variable interest rates, linked to LIBOR. Of this $3.3 billion, 100% of these variable rate mortgage loan receivables were subject to interest rate floors.
For the nine months ended September 30, 2022 and 2021, the activity in our loan portfolio was as follows ($ 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, 2021$3,553,737 $(31,752)$— 
Origination of mortgage loan receivables1,183,423 — 61,318 
Repayment of mortgage loan receivables(720,597)— (68)
Proceeds from sales of mortgage loan receivables— — (29,053)
Sale of loans, net (1)2,197 — (4,380)
Accretion/amortization of discount, premium and other fees14,932 — — 
Charge offs(14,395)14,395 — 
Release (addition) of provision for current expected credit loss, net (2)— (1,117)— 
Balance, September 30, 2022$4,019,297 $(18,474)$27,817 
(1)Includes unrealized lower of cost or market adjustment and realized gain/loss on loans held for sale.
(2)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 receivables1,292,015 — 127,035 
Repayment of mortgage loan receivables(752,427)— (126)
Proceeds from sales of mortgage loan receivables(46,557)— (126,599)
Non-cash disposition of loan via foreclosure(1)(44,911)— — 
Sale of loans, net— — 6,685 
Accretion/amortization of discount, premium and other fees8,962 — — 
Release of asset-specific loan loss provision via foreclosure(1)— 1,150 — 
Release (addition) of provision for current expected credit loss, net — 6,722 — 
Balance, September 30, 2021$2,811,141 $(33,635)$37,513 
(1)Refer to Note 5, Real Estate and Related Lease Intangibles, Net for further detail on real estate acquired via foreclosure.
Allowance for Credit Losses and Non-Accrual Status ($ in thousands)
Three Months Ended September 30,Nine Months Ended September 30,
Allowance for Credit Losses2022202120222021
Allowance for credit losses at beginning of period$16,960 $35,891 $31,752 $41,507 
Provision for (release of) current expected credit loss, net (1)1,514 (2,256)4,222 (6,722)
Foreclosure of loans subject to asset-specific reserve— — — (1,150)
Charge-offs— — (14,395)— 
Recoveries(2)— — (3,105)— 
Allowance for credit losses at end of period$18,474 $33,635 $18,474 $33,635 
 
(1)There were no asset specific reserves recorded for the three and nine months ended September 30, 2022 or 2021.
(2) Recoveries are recognized within the consolidated statements of income through “Provision for (release of) loan loss reserves”.
Non-Accrual StatusSeptember 30, 2022(1)December 31, 2021(2)
Carrying value of loans on non-accrual status, net of asset-specific reserve$54,086 $80,229 
(1)    Includes two of the Company’s loans, which were originated simultaneously as part of a single transaction and had a combined carrying value of $23.6 million and one loan with a carrying value of $30.5 million as of September 30, 2022.
(2)    Includes two of the Company’s loans, which were originated simultaneously as part of a single transaction and had a combined carrying value of $24.2 million, two loans with a combined carrying value of $25.6 million and one loan with a carrying value of $30.5 million.

Current Expected Credit Loss (“CECL”)

As of September 30, 2022, the Company has a $19.2 million allowance for current expected credit losses, of which $18.5 million pertains to mortgage loan receivables and $0.7 million relates to unfunded commitments. This allowance includes $2.7 million of asset-specific reserves relating to two loans with an amortized cost basis of $26.3 million as of September 30, 2022. The Company concluded that none of its other loans are individually impaired as of September 30, 2022.

As of December 31, 2021, the Company had a $32.2 million allowance for current expected credit losses, of which $31.8 million pertained to mortgage loan receivables. This allowance included three loans that had an aggregate of $20.2 million of asset-specific reserves against a carrying value of $69.9 million as of December 31, 2021.

The total change in provision for loan loss reserves for the nine months ended September 30, 2022 was an increase of the provision of $1.4 million. The net increase represents an increase in the general reserve of loans held for investment of $4.2 million and an increase related to unfunded loan commitments of $0.3 million partially offset by a $3.1 million recovery of provision. The increase in provision associated with the general reserve during the nine months ended September 30, 2022 is primarily due to adverse changes in macroeconomic scenarios and an overall increase in the size of our balance sheet first mortgage portfolio as a result of net originations during that time.

The total change in provision for loan loss reserves for the nine months ended September 30, 2021 was a release of $7.0 million. The release represented a decline in the general reserve of loans held for investment of $6.8 million and the release on unfunded loan commitments of $0.2 million. The release during the nine months ended September 30, 2021 was primarily due to an improvement in macroeconomic assumptions.
Loan Portfolio by Geographic Region, Collateral Type and Vintage (amortized cost $ in thousands)
September 30,December 31,
Geographic Region20222021
South$1,092,789 $937,125 
Northeast1,244,939 1,080,652 
Midwest519,411 434,157 
West444,328 530,599 
Southwest691,541 501,272 
Subtotal mortgage loans receivable3,993,008 3,483,805 
Individually impaired loans(1)26,289 69,932 
Total mortgage loans receivable$4,019,297 $3,553,737 
(1)Refer to “Individually Impaired Loans” below for further detail.

Management’s method for monitoring credit is the performance of a loan. A loan is impaired or not impaired based on the expectation that all amounts contractually due under a loan will be collected when due. The primary credit quality indicator management utilizes to assess its current expected credit loss reserve is by viewing the Company’s mortgage loan portfolio by collateral type. The following tables summarize the amortized cost of the mortgage loan portfolio by collateral type as of September 30, 2022 and December 31, 2021, respectively ($ in thousands):
Amortized Cost Basis by Origination Year as of September 30, 2022
Collateral Type20222021202020192018 and EarlierTotal
Multifamily$689,649 $678,214 $— $— $— $1,367,863 
Office 78,586 681,256 29,650 58,699 151,595 999,786 
Mixed Use201,205 435,166 74,403 124,686 — 835,460 
Industrial37,562 96,206 — 115,821 — 249,589 
Retail59,587 106,105 — 12,918 9,136 187,746 
Hospitality— 44,863 — 13,843 89,096 147,802 
Manufactured Housing32,488 81,849 — 23,470 — 137,807 
Other32,273 26,922 — 7,760 — 66,955 
Self-Storage— — — — — — 
Subtotal mortgage loans receivable1,131,350 2,150,581 104,053 357,197 249,827 3,993,008 
Individually Impaired loans (1)— — — — 26,289 26,289 
Total mortgage loans receivable (2)$1,131,350 $2,150,581 $104,053 $357,197 $276,116 $4,019,297 
Amortized Cost Basis by Origination Year as of December 31, 2021
Collateral Type20212020201920182017 and EarlierTotal
Office$784,556 $29,636 $121,346 $59,073 $73,911 $1,068,522 
Mixed Use538,949 84,600 140,926 — — 764,475 
Multifamily697,089 3,131 47,322 — — 747,542 
Hospitality41,635 — 43,666 90,132 110,890 286,323 
Retail105,362 — 89,058 — 25,486 219,906 
Industrial41,203 — 108,469 — — 149,672 
Manufactured Housing117,265 — 26,404 — 3,941 147,610 
Other26,801 — 8,768 20,743 — 56,312 
Self-Storage43,443 — — — — 43,443 
Subtotal mortgage loans receivable2,396,303 117,367 585,959 169,948 214,228 3,483,805 
Individually Impaired loans (1)— — — — 69,932 69,932 
Total mortgage loans receivable (3)$2,396,303 $117,367 $585,959 $169,948 $284,160 $3,553,737 
(1)Refer to “Individually Impaired Loans” below for further detail.
(2)Not included above is $18.9 million of accrued interest receivable on all loans at September 30, 2022.
(3)Not included above is $12.6 million of accrued interest receivable on all loans at December 31, 2021.

Individually Impaired Loans

As of September 30, 2022, two loans with an amortized cost basis of $26.3 million and a combined carrying value of $23.6 million were impaired and on non-accrual status.

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

On June 27, 2022, the Company received proceeds of $27.7 million, consisting of $27.0 million of principal and $0.7 million of interest, in satisfaction of both the A-Note and the B-Note, which was above the combined carrying value of $24.6 million. As a result, the Company recorded a $3.1 million release in reserve of provision.

Other Loans on Non-Accrual Status

As of September 30, 2022, a loan secured by a mixed-use property in the Northeast region was on non-accrual status, with an amortized cost basis and carrying value of $30.5 million. In the fourth quarter of 2020, the Company designated the loan as non-accrual and performed a review of the collateral for the loan. As a result of the review as of September 30, 2022, the Company determined that no asset specific impairment was necessary. The review consisted of conversations with market participants familiar with the property locations as well as reviewing market data and comparable properties. There are no other loans on non-accrual status other than those discussed above in Individually Impaired Loans as of September 30, 2022.

The Company continues to actively monitor the mortgage loans receivable portfolio for both the immediate and long term impact of current market conditions, including the inflationary environment, rising interest rates and the ongoing impact of the COVID-19 pandemic.
v3.22.2.2
SECURITIES
 9 Months Ended
Sep. 30, 2022
Investments, Debt and Equity Securities [Abstract]  
SECURITIES
4. SECURITIES
 
The Company invests in primarily AAA-rated real estate securities, typically front pay securities, with relatively short duration and significant credit subordination. We continue to actively monitor the impacts of current market conditions on our securities portfolio.

Commercial mortgage backed securities (“CMBS”), CMBS interest-only securities, U.S. Agency securities, corporate bonds and U.S. Treasury securities are classified as available-for-sale and reported at fair value with changes in fair value recorded in the current period in other comprehensive income. As of September 30, 2022, the Company does not intend to sell these investments and it is not more likely than not that the Company will be required to sell the investments before recovery of their amortized cost bases.

Government National Mortgage Association (“GNMA”), Federal Home Loan Mortgage Corp (“FHLMC”) and equity securities are recorded at fair value with changes in fair value recorded in current period earnings. The following is a summary of the Company’s securities at September 30, 2022 and December 31, 2021 ($ in thousands):

September 30, 2022
    Gross Unrealized  Weighted Average
Asset TypeOutstanding
Face Amount		 Amortized Cost BasisGainsLossesCarrying
Value		# of
Securities		Rating (1)Coupon %Yield %Remaining
Duration
(years)
CMBS$607,143  $606,410 $20 $(18,645)$587,785 (2)70 AAA3.83 %3.75 %1.21
CMBS interest-only(3)1,033,126 (3)11,514 93 (257)11,350 (4)10 AAA0.41 %3.36 %1.55
GNMA interest-only(5)47,183 (3)305 48 (28)325 14 AAA0.33 %3.60 %2.90
Agency securities40  41 — (1)40 1 AAA4.00 %2.68 %1.66
U.S. Treasury securities11,000 10,681 2 (24)10,659 3 N/AN/A3.61 %0.82
Total debt securities1,698,492 628,951 163 (18,955)610,159 (6)98 1.64 %3.74 %1.21
Equity securitiesN/A483 — (77)406 3 N/AN/AN/AN/A
Allowance for current expected credit lossesN/A— — (20)(20)
Total securities$1,698,492  $629,434 $163 $(19,052)$610,545 101  

December 31, 2021
    Gross Unrealized  Weighted Average
Asset TypeOutstanding
Face Amount		 Amortized
Cost Basis		GainsLossesCarrying
Value		# of
Securities		Rating (1)Coupon %Yield %Remaining
Duration
(years)
CMBS$691,402  $691,026 $775 $(5,508)$686,293 (2)73 AAA1.57 %1.57 %2.06
CMBS interest-only(3)1,302,551 (3)15,268 617 — 15,885 (4)13 AAA0.45 %5.67 %1.88
GNMA interest-only(5)59,075 (3)518 105 (64)559 14 AA+0.38 %4.97 %3.64
Agency securities557  560 3 — 563 2 AA+2.47 %1.58 %0.69
Total debt securities$2,053,585 $707,372 $1,500 $(5,572)$703,300 (6)102 0.83 %1.67 %2.06
Allowance for current expected credit lossesN/A— — (20)(20)
Total real estate securities$2,053,585  $707,372 $1,500 $(5,592)$703,280 102  
(1)Represents the weighted average of the ratings of all securities in each asset type, expressed as an S&P equivalent rating. For each security rated by multiple rating agencies, the highest rating is used. The ratings provided were determined by third-party rating agencies. The rates may not be current and are subject to change (including the assignment of a “negative outlook” or “credit watch”) at any time.
(2)As of September 30, 2022 and December 31, 2021, respectively, includes $9.0 million and $9.9 million of restricted securities which are designated as risk retention securities under the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (the “Dodd Frank Act”) and are therefore subject to transfer restrictions over the term of the securitization trust and are classified as held-to-maturity and reported at amortized cost.
(3)The amounts presented represent the principal amount of the mortgage loans outstanding in the pool in which the interest-only securities participate.
(4)As of September 30, 2022 and December 31, 2021, respectively, includes $0.4 million and $0.5 million of restricted securities which are designated as risk retention securities under the Dodd-Frank Act and are therefore subject to transfer restrictions over the term of the securitization trust and are classified as held-to-maturity and reported at amortized cost.
(5)Agency interest-only securities are recorded at fair value with changes in fair value recorded in current period earnings. The Company’s Agency interest-only securities are considered to be hybrid financial instruments that contain embedded derivatives. As a result, the Company has elected to account for them as hybrid instruments in their entirety at fair value with changes in fair value recognized in unrealized gain (loss) on Agency interest-only securities in the consolidated statements of income.
(6)The Company’s investments in debt securities represents an ownership interest in an unconsolidated VIE. 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.
 
The following summarizes the carrying value of the Company’s debt securities by remaining maturity based upon expected cash flows at September 30, 2022 and December 31, 2021 ($ in thousands):
 
September 30, 2022
Asset TypeWithin 1 year1-5 years5-10 yearsAfter 10 yearsTotal
CMBS$337,532 $244,299 $5,954 $— $587,785 
CMBS interest-only1,130 10,220 — — 11,350 
GNMA interest-only190 5 130 — 325 
Agency securities— 40 — — 40 
U.S. Treasury securities10,659 — — — 10,659 
Allowance for current expected credit losses— — — — (20)
Total real estate securities$349,511 $254,564 $6,084 $— $610,139 
 
December 31, 2021
Asset TypeWithin 1 year1-5 years5-10 yearsAfter 10 yearsTotal
CMBS$304,357 $354,670 $10,307 $16,958 $686,292 
CMBS interest-only1,018 14,868 — — 15,886 
GNMA interest-only102 278 179 — 559 
Agency securities503 60 — — 563 
Allowance for current expected credit losses— — — — (20)
Total real estate securities$305,980 $369,876 $10,486 $16,958 $703,280 
During the three and nine months ended September 30, 2022, the Company sold $0.7 million and $1.2 million of equity securities, respectively. During the three and nine months ended September 30, 2021, the Company had no sales of equity securities.
v3.22.2.2
REAL ESTATE AND RELATED LEASE INTANGIBLES, NET
 9 Months Ended
Sep. 30, 2022
Real Estate [Abstract]  
REAL ESTATE AND RELATED LEASE INTANGIBLES, NET
5. REAL ESTATE AND RELATED LEASE INTANGIBLES, NET

The Company’s real estate assets were comprised of the following ($ in thousands):
September 30, 2022December 31, 2021
Land$171,351 $186,940 
Building705,932 765,690 
In-place leases and other intangibles129,222 142,335 
Undepreciated real estate and related lease intangibles1,006,505 1,094,965 
Less: Accumulated depreciation and amortization(236,570)(229,271)
Real estate and related lease intangibles, net$769,935 $865,694 
Below market lease intangibles, net (other liabilities)(1)$(31,272)$(33,203)
(1)Below market lease intangibles is net of $14.1 million and $12.8 million of accumulated amortization as of September 30, 2022 and December 31, 2021, respectively.

As of September 30, 2022, the Company held $7.4 million of undepreciated real estate and lease intangibles held for sale, comprised of $2.3 million of land and $5.2 million of building.

As of December 31, 2021, the Company held $32.5 million of undepreciated real estate and lease intangibles held for sale, comprised of $0.9 million of land, $27.4 million of building, and $4.3 million of in-place leases and other intangibles.

At September 30, 2022 and December 31, 2021, the Company held foreclosed properties included in real estate and related lease intangibles, net with a carrying value of $94.8 million and $97.3 million, respectively.

The following table presents depreciation and amortization expense on real estate recorded by the Company ($ in thousands):
 Three Months Ended September 30,Nine Months Ended September 30,
 2022202120222021
Depreciation expense(1)$6,310 $7,496 $19,396 $23,311 
Amortization expense1,554 1,824 5,368 5,009 
Total real estate depreciation and amortization expense$7,864 $9,320 $24,764 $28,320 
(1)Depreciation expense on the consolidated statements of income also includes $8 thousand of depreciation on corporate fixed assets for the nine months ended September 30, 2022 and $25 thousand and $74 thousand of depreciation on corporate fixed assets for the three and nine months ended September 30, 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):
 September 30, 2022December 31, 2021
Gross intangible assets(1)$129,222 $146,593 
Accumulated amortization64,126 67,500 
Net intangible assets$65,096 $79,093 
(1)Includes $3.1 million and $3.8 million of unamortized above market lease intangibles which are included in real estate and related lease intangibles, net on the consolidated balance sheets as of September 30, 2022 and December 31, 2021, respectively.
The following table presents increases/reductions in operating lease income related to the amortization of above or below market leases recorded by the Company ($ in thousands):
 Three Months Ended September 30,Nine Months Ended September 30,
 2022202120222021
Reduction in operating lease income for amortization of above market lease intangibles acquired$(76)$(92)$(229)$(275)
Increase in operating lease income for amortization of below market lease intangibles acquired513 570 1,547 1,715 
Total$437 $478 $1,318 $1,440 

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 September 30, 2022 ($ in thousands):
Period Ending December 31,Increase/(Decrease) to Operating Lease IncomeAmortization Expense
2022 (last 3 months)$226 $953 
2023906 3,811 
2024906 3,811 
2025906 3,811 
2026906 3,811 
Thereafter24,294 45,771 
Total$28,144 $61,968 

Rent Receivables, Unencumbered Real Estate, Operating Lease Income and Impairment of Real Estate

There were $1.0 million and $0.4 million of rent receivables included in other assets on the consolidated balance sheets as of September 30, 2022 and December 31, 2021, respectively. There was unencumbered real estate of $90.7 million and $85.9 million as of September 30, 2022 and December 31, 2021, respectively.

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 September 30, 2022 ($ in thousands):
Period Ending December 31,Amount
2022 (last 3 months)$16,984 
202362,850 
202455,753 
202553,561 
202650,064 
Thereafter246,608 
Total$485,820 

Acquisitions

During the nine months ended September 30, 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 $15.4 million, which was determined to be fair value. The fair value of the remaining condo unit was determined based on comparable sales in the building and the value of the remaining retail unit was valued utilizing a direct capitalization rate of 5.5%. The key inputs used to determine fair value were determined to be Level 3 inputs.
During the nine months ended September 30, 2021, the Company acquired the following properties ($ in thousands):
Acquisition DateTypePrimary Location(s)Purchase Price/Fair Value on the Date of ForeclosureGain/(Loss) on Loan ForeclosureOwnership Interest (1)
Real estate acquired via foreclosure
February 2021(2)HotelMiami, FL$43,750— (2)100.0%
August 2021ApartmentsStillwater, OK20,452 — 80.0%
Total real estate acquired via foreclosure64,202 $— 
Total real estate acquisitions$64,202 
(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 nine months ended September 30, 2021.

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 three and nine months ended September 30, 2022 and September 30, 2021, all acquisitions were determined to be asset acquisitions.

Sales

The Company sold the following properties during the nine months ended September 30, 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 
Totals(1)$173,119 $111,018 $62,101 
(1) Includes $3.7 million of prepayment costs upon repayment of the mortgage financing in connection with the 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 nine months ended September 30, 2021 ($ in thousands):

Sales DateTypePrimary Location(s)Net Sales ProceedsNet Book ValueRealized Gain/(Loss)PropertiesUnits SoldUnits Remaining
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 8,086 1 — — 
August 2021Net LeaseAnkeny, IA19,021 13,341 5,681 1 — — 
August 2021ApartmentsArlington/Fort Worth, TX26,496 22,498 3,998 2 — — 
Totals$146,650 $109,496 $37,154 
The Company continues to actively monitor our real estate properties for both the immediate and long term impact of current market conditions, including the inflationary environment, rising interest rates and the ongoing impact of the COVID-19 pandemic.
v3.22.2.2
INVESTMENT IN AND ADVANCES TO UNCONSOLIDATED VENTURES
 9 Months Ended
Sep. 30, 2022
Equity Method Investments and Joint Ventures [Abstract]  
INVESTMENT IN AND ADVANCES TO UNCONSOLIDATED VENTURES
6. INVESTMENT IN AND ADVANCES TO UNCONSOLIDATED VENTURES
 
The following is a summary of the Company’s investments in and advances to unconsolidated ventures, which we account for using the equity method, as of September 30, 2022 and December 31, 2021 ($ in thousands):
EntitySeptember 30, 2022December 31, 2021
Grace Lake JV, LLC$6,006 $5,434 
24 Second Avenue Holdings LLC— 17,720 
Investment in unconsolidated ventures$6,006 $23,154 
 
The following is a summary of the Company’s allocated earnings (losses) based on its ownership interests from investment in unconsolidated ventures for the three and nine months ended September 30, 2022 and 2021 ($ in thousands):
 Three Months Ended September 30,Nine Months Ended September 30,
Entity2022202120222021
Grace Lake JV, LLC$407 $436 $1,197 $1,058 
24 Second Avenue Holdings LLC— 97 — 148 
Earnings (loss) from investment in unconsolidated ventures$407 $533 $1,197 $1,206 

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

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

During the three months ended September 30, 2022, there were no distributions received from its investment in Grace Lake LLC. During the nine months ended September 30, 2022, the Company received a $0.6 million distribution from its investment in Grace Lake LLC. There were no distributions received during the three and nine months ended September 30, 2021.

24 Second Avenue Holdings LLC

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

The following is a summary of the combined financial position of the unconsolidated ventures in which the Company had investment interests as of September 30, 2022 and December 31, 2021 ($ in thousands): 
 September 30, 2022(1)December 31, 2021
Total assets$69,973 $109,873 
Total liabilities56,661 66,387 
Partners’/members’ capital$13,312 $43,486 
(1) As of September 30, 2022, the balance represents only the Grace Lake JV, LLC interest.

The following is a summary of the combined results from operations of the unconsolidated ventures for the period in which the Company had investment interests during the three and nine months ended September 30, 2022 and 2021 ($ in thousands): 
 Three Months Ended September 30,Nine Months Ended September 30,
 2022202120222021
Total revenues$4,863 $4,884 $14,859 $13,941 
Total expenses3,237 3,144 10,072 9,709 
Net income (loss)$1,626 $1,740 $4,787 $4,232 
v3.22.2.2
DEBT OBLIGATIONS, NET
 9 Months Ended
Sep. 30, 2022
Debt Disclosure [Abstract]  
DEBT OBLIGATIONS, NET
7. DEBT OBLIGATIONS, NET

The details of the Company’s debt obligations at September 30, 2022 and December 31, 2021 are as follows ($ in thousands):
 
September 30, 2022
Debt ObligationsCommitted /
Principal Amount		Carrying Value of Debt Obligations Committed but UnfundedInterest Rate at September 30, 2022(1)Current Term MaturityRemaining Extension OptionsEligible CollateralCarrying Amount of CollateralFair Value of Collateral
Committed Loan Repurchase Facility$500,000 $266,388 $233,612 4.32%—4.85%9/27/2025(2)(3)$434,136 $435,112 
Committed Loan Repurchase Facility100,000 11,171 88,829 5.52%—5.52%2/26/2023(4)(5)20,183 20,183 
Committed Loan Repurchase Facility300,000 157,569 142,431 4.57%—5.57%12/19/2022(6)(7)243,868 243,868 
Committed Loan Repurchase Facility100,000 47,415 52,585 4.48%—4.48%4/30/2024(8)(3)62,682 62,682 
Committed Loan Repurchase Facility100,000 63,965 36,035 4.25%—4.75%1/3/2023(2)(3)103,184 103,184 
Committed Loan Repurchase Facility100,000 — 100,000 —%—%1/22/2024(9)(7)— — 
Committed Loan Repurchase Facility100,000 — 100,000 —%——%7/17/2023(10)(11)— — 
Total Committed Loan Repurchase Facilities1,300,000 546,508 753,492 864,053 865,029 
Committed Securities Repurchase Facility100,000 9,449 90,551 3.69%—3.94%5/27/2023 N/A (12)10,899 10,899 
Uncommitted Securities Repurchase Facility N/A (13) 167,937  N/A (13)3.37%—4.98%10/31/2022 N/A (12)188,763 188,763 (14)
Total Repurchase Facilities1,400,000 723,894 844,043 1,063,715 1,064,691 
Revolving Credit Facility323,850 — 323,850 —%——%7/27/2023(15) N/A (16) N/A (16)N/A (16)
Mortgage Loan Financing615,933 616,370 — 4.25%—6.53%2022 - 2031(17) N/A (18)686,597 908,262 (19)
CLO Debt1,064,365 1,057,053 (20)— 3.88%—6.47%2024 - 2026(21)N/A(3)1,326,889 1,326,889 
Borrowings from the FHLB213,000 213,000 —  2.74% —3.38%2023 - 2024 N/A (22)250,767 250,767 (23)
Senior Unsecured Notes1,643,794 1,627,569 (24)— 4.25%—5.25%2025 - 2029 N/A  N/A (25)N/A (25)N/A (25)
Total Debt Obligations, Net$5,260,942 $4,237,886 $1,167,893 $3,327,968 $3,550,609 
(1)LIBOR and Term SOFR rates in effect as of September 30, 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)Three additional 364-day periods at Company’s option.
(7)First mortgage and mezzanine commercial real estate loans and senior and pari passu interests therein. It does not include the real estate collateralizing such loans.
(8)Three additional 12-month extension periods at Company’s option.
(9)Two additional 12-month extension periods at Company's option. No new advances permitted during the final 12-month period.
(10)The Company may extend periodically with lender’s consent. At no time can the maturity of the facility exceed 364 days from the date of determination.
(11)First mortgage, junior and mezzanine commercial real estate loans, and certain senior and/or pari passu interests therein.
(12)Commercial real estate securities. It does not include the first mortgage commercial real estate loans collateralizing such securities.
(13)Represents uncommitted securities repurchase facilities for which there is no committed amount subject to future advances.
(14)Includes $2.0 million of restricted securities under the risk retention rules of the Dodd-Frank Act. These securities are accounted for as held-to-maturity and recorded at amortized cost basis.
(15)Four additional 12-month periods at Company’s option.
(16)The obligations under the Revolving Credit Facility are guaranteed by the Company and certain of its subsidiaries and secured by equity pledges in certain Company subsidiaries.
(17)Anticipated repayment dates.
(18)Certain of our real estate investments serve as collateral for our mortgage loan financing.
(19)Using undepreciated carrying value of commercial real estate to approximate fair value.
(20)Presented net of unamortized debt issuance costs of $7.3 million at September 30, 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 $6.7 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 $16.2 million at September 30, 2022.
(25)The obligations under the senior unsecured notes are guaranteed by the Company and certain of its subsidiaries.

December 31, 2021
Debt ObligationsCommitted /
Principal Amount		Carrying Value of Debt Obligations Committed but UnfundedInterest Rate at December 31, 2021(1)Current Term MaturityRemaining Extension OptionsEligible CollateralCarrying Amount of CollateralFair Value of Collateral
Committed Loan Repurchase Facility(2)$500,000 $37,207 $462,793 1.61%—1.61%12/19/2022(3)(4)$82,966 $82,966 
Committed Loan Repurchase Facility100,000 45,290 54,710 2.06%—2.81%2/26/2022(5)(6)62,972 62,972 
Committed Loan Repurchase Facility300,000 75,837 224,163 1.86%—2.86%12/19/2022(7)(8)127,926 127,926 
Committed Loan Repurchase Facility100,000 — 100,000 —%——%4/30/2024(9)(4)— — 
Committed Loan Repurchase Facility100,000 26,183 73,817 2.23%—2.23%1/3/2023(3)(4)48,720 48,720 
Committed Loan Repurchase Facility100,000 — 100,000 —%——%10/21/2022(10)(11)— — 
Total Committed Loan Repurchase Facilities1,200,000 184,517 1,015,483 322,584 322,584 
Committed Securities Repurchase Facility(2)862,794 44,139 818,655 0.65%—1.05%5/27/2023 N/A (12)50,522 50,522 
Uncommitted Securities Repurchase Facility N/A (13) 215,921  N/A (13)0.54%—2.06%1/2022 - 6/2022 N/A (12)242,629 242,629 (14)
Total Repurchase Facilities1,600,000 444,577 1,371,344 615,735 615,735 
Revolving Credit Facility266,430 — 266,430 —%——%2/11/2022(15) N/A (16) N/A (16)N/A (16)
Mortgage Loan Financing690,927 693,797 — 3.75%—6.16%2022 - 2031(17) N/A (18)805,007 1,033,372 (19)
Secured Financing Facility136,444 132,447 (20)— 10.75%—10.75%5/6/2023N/A(21)244,399 244,553 
CLO Debt1,064,365 1,054,774 (22)— 1.66%—1.75%2024 - 2026(23)N/A(4)1,299,116 1,299,116 
Borrowings from the FHLB263,000 263,000 —  0.36% —2.74%2022 - 2024 N/A (24)301,792 301,792 (25)
Senior Unsecured Notes1,649,794 1,631,108 (26)— 4.25%—5.25%2025 - 2029 N/A  N/A (27)N/A (27)N/A (27)
Total Debt Obligations, Net$5,670,960 $4,219,703 $1,637,774 $3,266,049 $3,494,568 
(1)LIBOR rates in effect as of December 31, 2021 are used to calculate interest rates for floating rate debt.
(2)The combined committed amounts for the loan repurchase facility and the securities repurchase facility total $900.0 million, with maximum capacity on the loan repurchase facility of $500.0 million, and maximum capacity on the securities repurchase facility of $900.0 million less outstanding commitments on the loan repurchase facility.
(3)Two 12-month extension periods at Company’s option. No new advances are permitted after the initial maturity date.
(4)First mortgage commercial real estate loans and senior and pari passu interests therein. It does not include the real estate collateralizing such loans.
(5)Two additional 12-month periods at Company’s option.
(6)First mortgage commercial real estate loans. It does not include the real estate collateralizing such loans.
(7)Three additional 364-day periods at Company’s option.
(8)First mortgage and mezzanine commercial real estate loans and senior and pari passu interests therein. It does not include the real estate collateralizing such loans.
(9)One additional 12-month extension period and two additional 6-month extension periods at Company’s option.
(10)The Company may extend periodically with lender’s consent. At no time can the maturity of the facility exceed 364 days from the date of determination.
(11)First mortgage, junior and mezzanine commercial real estate loans, and certain senior and/or pari passu interests therein.
(12)Commercial real estate securities. It does not include the first mortgage commercial real estate loans collateralizing such securities.
(13)Represents uncommitted securities repurchase facilities for which there is no committed amount subject to future advances.
(14)Includes $2.1 million of restricted securities under the risk retention rules of the Dodd-Frank Act. These securities are accounted for as held-to-maturity and recorded at amortized cost basis.
(15)Three additional 12-month periods at Company’s option.
(16)The obligations under the Revolving Credit Facility are guaranteed by the Company and certain of its subsidiaries and secured by equity pledges in certain Company subsidiaries.
(17)Anticipated repayment dates.
(18)Certain of our real estate investments serve as collateral for our mortgage loan financing.
(19)Using undepreciated carrying value of commercial real estate to approximate fair value.
(20)Presented net of unamortized debt issuance costs of $1.9 million and an unamortized discount of $2.1 million related to the Purchase Right (described in detail under Secured Financing Facility below) at December 31, 2021.
(21)First mortgage commercial real estate loans. Substitution of collateral and conversion of loan collateral to mortgage collateral are permitted with lender’s approval.
(22)Presented net of unamortized debt issuance costs of $9.6 million at December 31, 2021.
(23)Represents the estimated maturity date based on the remaining reinvestment period and underlying loan maturities.
(24)Investment grade commercial real estate securities and cash. It does not include the first mortgage commercial real estate loans collateralizing such securities.
(25)Includes $7.5 million of restricted securities under the risk retention rules of the Dodd-Frank Act. These securities are accounted for as held-to-maturity and recorded at amortized cost basis.
(26)Presented net of unamortized debt issuance costs of $18.7 million at December 31, 2021.
(27)The obligations under the senior unsecured notes are guaranteed by the Company and certain of its subsidiaries.
Committed Loan and Securities Repurchase Facilities
The Company has entered into seven committed master repurchase agreements, as outlined in the September 30, 2022 table above, totaling $1.3 billion of credit capacity in order to finance its lending activities. Assets pledged as collateral under these facilities are limited to whole mortgage loans or participation interests in mortgage loans collateralized by first liens on commercial properties and mezzanine debt. The Company also has a term master repurchase agreement with a major U.S. bank to finance CMBS totaling $100 million. The Company’s repurchase facilities include covenants covering net worth requirements, minimum liquidity levels, maximum leverage ratios, and minimum fixed charge coverage ratios. The Company was in compliance with all covenants as of September 30, 2022 and December 31, 2021.

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

Revolving Credit Facility

The Company’s Revolving Credit Facility provides for an aggregate maximum borrowing amount of $323.9 million, including a $25.0 million sublimit for the issuance of letters of credit. The Revolving Credit Facility is available on a revolving basis to finance the Company’s working capital needs and for general corporate purposes. On July 27, 2022, the Company amended its Revolving Credit Facility to increase the maximum borrowing amount to $323.9 million, extend the maturity date to July 27, 2023 with four additional one-year extension options, and reduce the interest rate to the sum of one-month Term SOFR plus a fixed margin of 2.50%. The amendment also provides for reductions in the fixed margin upon the achievement of investment grade credit ratings. As of September 30, 2022, the Company had no outstanding borrowings on the Revolving Credit Facility, but still maintains the ability to draw $323.9 million.

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

As of September 30, 2022 and December 31, 2021, the amounts of unamortized costs relating to our master repurchase facilities and Revolving Credit Facility were $5.9 million and $2.9 million, respectively, and are included in other assets in the consolidated balance sheets.

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

Mortgage Loan Financing
 
These non-recourse debt agreements provide for secured financing at rates ranging from 4.25% to 6.53%, and, as of September 30, 2022, have anticipated maturity dates between 2022-2031, with an average term of 3.3 years. These mortgage loans have carrying amounts of $616.4 million and $693.8 million, net of unamortized premiums of $2.5 million and $3.2 million as of September 30, 2022 and December 31, 2021, respectively, representing proceeds received upon financing greater than the contractual amounts due under these agreements. The premiums are being amortized over the remaining life of the respective debt instruments using the effective interest method. The Company recorded $0.4 million and $1.0 million of premium amortization, which decreased interest expense for the nine months ended September 30, 2022 and 2021, respectively. The mortgage loans are collateralized by real estate and related lease intangibles, net, of $686.6 million and $805.0 million as of September 30, 2022 and December 31, 2021, respectively. During the nine months ended September 30, 2022 and September 30, 2021, the Company executed one term debt agreements to finance properties in its real estate portfolio.

Collateralized Loan Obligations (“CLO”) Debt

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

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

As of September 30, 2022, the Company had $1.1 billion of matched term, non-mark-to-market and non-recourse CLO debt included in debt obligations on its consolidated balance sheets, which includes unamortized debt issuance costs of $7.3 million.

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

On July 11, 2012, Tuebor, a consolidated subsidiary of the Company, became a member of the FHLB and subsequently drew its first secured funding advances from the FHLB. As of February 19, 2021, pursuant to a final rule adopted by the Federal Housing Finance Agency (the “FHFA”) regarding the eligibility of captive insurance companies, Tuebor’s membership in the FHLB has been terminated, although outstanding advances may remain outstanding until their scheduled maturity dates. Funding for future advance paydowns is expected to be obtained from the natural amortization and/or sales of securities collateral, or from other financing sources. There is no assurance that the FHFA or the FHLB will not take actions that could adversely impact Tuebor’s existing advances. 
As of September 30, 2022, Tuebor had $213.0 million of borrowings outstanding, with terms of 0.9 years to 2 years (with a weighted average of 1.5 years), and interest rates of 2.74% to 3.38% (with a weighted average of 3.14%). As of September 30, 2022, collateral for the borrowings was comprised of $234.2 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 $1.3 billion of Tuebor’s member’s capital was restricted from transfer via dividend to Tuebor’s parent without prior approval of state insurance regulators at September 30, 2022. To facilitate intercompany cash funding of operations and investments, Tuebor and its parent maintain regulator-approved intercompany borrowing/lending agreements.

Senior Unsecured Notes
As of September 30, 2022, the Company had $1.6 billion of unsecured corporate bonds outstanding. These unsecured financings were comprised of $344.0 million in aggregate principal amount of 5.25% senior notes due 2025 (the “2025 Notes”), $650.8 million in aggregate principal amount of 4.25% senior notes due 2027 (the “2027 Notes”) and $649.0 million in aggregate principal of 4.75% senior notes due 2029 (the “2029 Notes,” collectively with the 2025 Notes and the 2027 Notes, the “Notes”).

LCFH issued the Notes with Ladder Capital Finance Corporation (“LCFC”), as co-issuers on a joint and several basis. LCFC is a 100% owned finance subsidiary of LCFH with no assets, operations, revenues or cash flows other than those related to the issuance, administration and repayment of the Notes. The Company and certain subsidiaries of LCFH currently guarantee the obligations under the Notes and the indenture. The Company was in compliance with all covenants of the Notes as of September 30, 2022 and 2021.


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

During the three months ended September 30, 2022, there were no redemptions or repurchases of Notes. During the nine months ended September 30, 2022, the Company repurchased $4.0 million of the 2025 Notes and recognized a gain of $0.3 million on extinguishment of debt, $1.0 million of the 2027 Notes and recognized a gain of $0.2 million on extinguishment of debt, and $1.0 million of the 2029 Notes and recognized a gain of $0.2 million on extinguishment of debt.
Combined Maturity of Debt Obligations

The following schedule reflects the Company’s contractual payments under all borrowings by maturity ($ in thousands): 
Period ending December 31,Borrowings by
Maturity(1)
2022 (last 3 months)$216,888 
2023159,643 
2024590,832 
2025612,006 
202663,630 
Thereafter1,553,621 
Subtotal3,196,620 
Debt issuance costs included in senior unsecured notes(16,225)
Debt issuance costs included in mortgage loan financings(2,064)
Premiums included in mortgage loan financings(2)2,501 
Total (3)$3,180,832 
(1)The allocation of repayments under our committed loan repurchase facilities and Secured Financing Facility is based on the earlier of (i) the maturity date of each agreement, or (ii) the maximum maturity date of the collateral loans, assuming all extension options are exercised by the borrower.
(2)Represents deferred gains on intercompany loans, secured by our own real estate, sold into securitizations. These premiums are amortized as a reduction to interest expense.
(3)Total does not include $1.1 billion of consolidated CLO debt obligations and the related debt issuance costs of $7.3 million, as the satisfaction of these liabilities will be paid through cash flow from loan collateral including amortization and will not require cash outlays from us.

Financial Covenants

The Company’s debt facilities are subject to covenants which require the Company to maintain a minimum level of total equity. Largely as a result of this restriction, approximately $871.4 million of the total equity is restricted from payment as a dividend by the Company at September 30, 2022.

The Company was in compliance with all covenants described in the financial statements as of September 30, 2022.

LIBOR Transition

The Company has implemented fallback language for our LIBOR-based bi-lateral committed repurchase facilities and Revolving Credit Facility, including adjustments as applicable to maintain the anticipated economic terms of the existing contracts. As of September 30, 2022, 65.2% and 34.8% of our floating rate debt obligations bear interest indexed to LIBOR and Term SOFR, respectively. The Company continues to monitor the transition guidance provided by the ARRC, the International Swaps and Derivatives Association, Inc., the Financial Accounting Standards Board and other relevant regulators, agencies and industry working groups, and we continue to engage with clients, lenders, market participants and other industry leaders as the transition from LIBOR progresses.
v3.22.2.2
DERIVATIVE INSTRUMENTS
 9 Months Ended
Sep. 30, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
DERIVATIVE INSTRUMENTS
8. DERIVATIVE INSTRUMENTS
 
The Company primarily uses derivative instruments primarily 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 September 30, 2022 and December 31, 2021 ($ in thousands):
 
September 30, 2022
  Fair ValueRemaining
Maturity
(years)
Contract TypeNotionalAsset(1)Liability(1)
Caps    
1 Month Term SOFR$90,000 $1,556 $— 1.94
Futures    
5-year Treasury-Note Futures32,400 $111 $— 0.25
10-year Treasury-Note Futures43,100 147 — 0.25
Total futures75,500 258 —  
Options    
Put Options9,100 261 — 0.43
Total derivatives$174,600 $2,075 $—  
(1)Shown as derivative instruments, at fair value, in the accompanying consolidated balance sheets.

December 31, 2021
  Fair ValueRemaining
Maturity
(years)
Contract TypeNotionalAsset(1)Liability(1)
Caps    
1 Month LIBOR$84,621 $60 $— 0.57
Futures    
5-year Swap6,500 76 — 0.25
10-year Swap23,000 266 — 0.25
Total futures29,500 342 —  
Total derivatives$114,121 $402 $—  
(1)Shown as derivative instruments, at fair value, in the accompanying consolidated balance sheets.
 
The following table indicates the net realized gains (losses) and unrealized appreciation (depreciation) on derivatives, by primary underlying risk exposure, as included in net result from derivatives transactions in the consolidated statements of income for the three and nine months ended September 30, 2022 and 2021($ in thousands):
 Three Months Ended September 30, 2022Nine Months Ended September 30, 2022
Contract TypeUnrealized
Gain/(Loss)		Realized
Gain/(Loss)		Net Result
from
Derivative
Transactions		Unrealized
Gain/(Loss)		Realized
Gain/(Loss)		Net Result
from
Derivative
Transactions
Caps$747 $— $747 $736 $648 $1,384 
Futures539 5,120 5,659 (83)10,919 10,836 
Options161 — 161 161 — 161 
Total$1,447 $5,120 $6,567 $814 $11,567 $12,381 
 
 
Three Months Ended September 30, 2021
Nine Months Ended September 30, 2021
Contract TypeUnrealized
Gain/(Loss)		Realized
Gain/(Loss)		Net Result
from
Derivative
Transactions		Unrealized
Gain/(Loss)		Realized
Gain/(Loss)		Net Result
from
Derivative
Transactions
   
Caps$(3)$— $(3)$(3)$— $(3)
Futures509 (431)78 (158)1,163 1,005 
Total$506 $(431)$75 $(161)$1,163 $1,002 

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 $1.3 million and $0.5 million of cash margin as collateral for derivatives as of September 30, 2022, and December 31, 2021, respectively, which is included in restricted cash in the consolidated balance sheets.
v3.22.2.2
OFFSETTING ASSETS AND LIABILITIES
 9 Months Ended
Sep. 30, 2022
Offsetting [Abstract]  
OFFSETTING ASSETS AND LIABILITIES
9. OFFSETTING ASSETS AND LIABILITIES
 
The following tables present both gross information and net information about derivatives and other instruments eligible for offset in the statement of financial position as of September 30, 2022 and December 31, 2021. The Company’s accounting policy is to record derivative asset and liability positions on a gross basis; therefore, the following tables present the gross derivative asset and liability positions recorded on the balance sheets, while also disclosing the eligible amounts of financial instruments and cash collateral to the extent those amounts could offset the gross amount of derivative asset and liability positions. The actual amounts of collateral posted by or received from counterparties may be in excess of the amounts disclosed in the following tables as the following only disclose amounts eligible to be offset to the extent of the recorded gross derivative positions.

The following table represents offsetting of financial assets and derivative assets as of September 30, 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)
Derivatives$2,075 $— $2,075 $— $(1,348)$727 
Total$2,075 $— $2,075 $— $(1,348)$727 

The following table represents offsetting of financial liabilities and derivative liabilities as of September 30, 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$723,894 $— $723,894 $723,894 $10 $723,884 
Total$723,894 $— $723,894 $723,894 $1,358 $722,536 
(1)Included in restricted cash on consolidated balance sheets.

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

The following table represents offsetting of financial liabilities and derivative liabilities as of December 31, 2021 ($ in thousands):
DescriptionGross amounts of
recognized
liabilities		Gross amounts
offset in the
balance sheet		Net amounts of
liabilities
presented in the
balance sheet		Gross amounts not offset in the
balance sheet		Net amount
Financial
instruments
collateral		Cash collateral
posted/(received)(1)
Repurchase agreements$444,577 $— $444,577 $444,577 $1,975 $442,603 
Total$444,577 $— $444,577 $444,577 $1,975 $442,603 
(1)Included in restricted cash on consolidated balance sheets.
Master netting agreements that the Company has entered into with its derivative and repurchase agreement counterparties allow for netting of the same transaction, in the same currency, on the same date. Assets, liabilities, and collateral subject to master netting agreements as of September 30, 2022 and December 31, 2021 are disclosed in the tables above. The Company does not present its derivative and repurchase agreements net on the consolidated financial statements as it has elected gross presentation.
v3.22.2.2
CONSOLIDATED VARIABLE INTEREST ENTITIES
 9 Months Ended
Sep. 30, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
CONSOLIDATED VARIABLE INTEREST ENTITIES
10. CONSOLIDATED VARIABLE INTEREST ENTITIES

The Company consolidates on its balance sheet two CLOs that are considered VIEs as of September 30, 2022 and December 31, 2021 ($ in thousands):

September 30, 2022December 31, 2021
Restricted cash$2,465 $369 
Mortgage loan receivables held for investment, net, at amortized cost1,326,889 1,299,116 
Accrued interest receivable6,570 4,587 
Other assets— 26,636 
Total assets$1,335,924 $1,330,708 
Debt obligations, net$1,057,053 $1,054,774 
Accrued expenses2,103 1,218 
Other liabilities65 65 
Total liabilities1,059,221 1,056,057 
Net equity in VIEs (eliminated in consolidation)276,703 274,651 
Total equity276,703 274,651 
Total liabilities and equity$1,335,924 $1,330,708 

Refer to Note 7. Debt Obligations, Net - Collateralized Loan Obligations (“CLO”) Debt for further details.
v3.22.2.2
EQUITY STRUCTURE AND ACCOUNTS
 9 Months Ended
Sep. 30, 2022
Equity [Abstract]  
EQUITY STRUCTURE AND ACCOUNTS
11. EQUITY STRUCTURE AND ACCOUNTS

Exchange for Class A Common Stock
 
We are a holding company and have no material assets other than our direct and indirect ownership of Series REIT limited partnership units (“Series REIT LP Units”) and Series TRS limited partnership units (“Series TRS LP Units,” and, collectively with Series REIT LP Units, “Series Units”) of LCFH. Series TRS LP Units are exchangeable for the same number of limited liability company interests of LC TRS I LLC (“LC TRS I Shares”), which is a limited liability company that is a TRS as well as a general partner of Series TRS. Pursuant to the Third Amended and Restated LLLP Agreement of LCFH, the Continuing LCFH Limited Partners may from time to time, subject to certain conditions, receive one share of the Company’s Class A common stock in exchange for (i) one share of the Company’s Class B common stock, (ii) one Series REIT LP Unit and (iii) either one Series TRS LP Unit or one TRS I LLC Share, subject to equitable adjustments for stock splits, stock dividends and reclassifications. As of September 30, 2020, all shares of Class B common stock, Series REIT LP Units and Series TRS LP Units have been exchanged for shares of Class A common stock and no Class B common stock is outstanding as of September 30, 2022. As of September 30, 2022, the Company held a 100% interest in LCFH.

Stock Repurchases

On July 27, 2022, the board of directors authorized the repurchase of $50.0 million of the Company’s Class A common stock from time to time without further approval. This authorization increased the remaining outstanding authorization per the August 4, 2021 authorization from $39.5 million to $50.0 million. Stock repurchases by the Company are generally made for cash in open market transactions at prevailing market prices but may also be made in privately negotiated transactions or otherwise. The timing and amount of purchases are determined based upon prevailing market conditions, our liquidity requirements, contractual restrictions and other factors. As of September 30, 2022, the Company has a remaining amount available for repurchase of $47.4 million, which represents 4.2% in the aggregate of its outstanding Class A common stock, based on the closing price of $8.96 per share on such date.

The following table is a summary of the Company’s repurchase activity of its Class A common stock during the nine months ended September 30, 2022 and 2021 ($ in thousands):
SharesAmount(1)
Authorizations remaining as of December 31, 2021$44,122 
Additional authorizations(2)10,534 
Repurchases paid721,299 (7,279)
Authorizations remaining as of September 30, 2022$47,377 
(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 authorizations15,027 
Repurchases paid814,428 (8,912)
Authorizations remaining as of September 30, 2021$44,217 
(1)Amount excludes commissions paid associated with share repurchases.
The following table presents dividends declared (on a per share basis) of Class A common stock for the nine months ended September 30, 2022 and 2021:
Declaration DateDividend per Share
March 15, 2022$0.20 
June 15, 20220.22 
September 15, 20220.23 
Total$0.65 
March 15, 2021$0.20 
June 15, 20210.20 
September 15, 20210.20 
Total$0.60 
Changes in 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 three and nine months ended September 30, 2022 and 2021 ($ in thousands):
Accumulated Other Comprehensive Income (Loss)Accumulated Other Comprehensive Income (Loss) of Noncontrolling InterestsTotal Accumulated Other Comprehensive Income (Loss)
June 30, 2022$(17,855)$(2)$(17,857)
Other comprehensive income (loss)(956)— (956)
September 30, 2022$(18,811)$(2)$(18,813)
Accumulated Other Comprehensive Income (Loss)Accumulated Other Comprehensive Income (Loss) of Noncontrolling InterestsTotal Accumulated Other Comprehensive Income (Loss)
December 31, 2021$(4,112)$(2)$(4,114)
Other comprehensive income (loss)(14,699)— (14,699)
September 30, 2022$(18,811)$(2)$(18,813)

Accumulated Other Comprehensive Income (Loss)Accumulated Other Comprehensive Income (Loss) of Noncontrolling InterestsTotal Accumulated Other Comprehensive Income (Loss)
June 30, 2021$(2,211)$(2)$(2,213)
Other comprehensive income (loss)(873)— (873)
September 30, 2021$(3,084)$(2)$(3,086)
Accumulated Other Comprehensive Income (Loss)Accumulated Other Comprehensive Income (Loss) of Noncontrolling InterestsTotal Accumulated Other Comprehensive Income (Loss)
December 31, 2020$(10,463)$(2)$(10,465)
Other comprehensive income (loss)7,379 — 7,379 
September 30, 2021$(3,084)$(2)$(3,086)
v3.22.2.2
NONCONTROLLING INTERESTS
 9 Months Ended
Sep. 30, 2022
Noncontrolling Interest [Abstract]  
NONCONTROLLING INTERESTS
12. NONCONTROLLING INTERESTS

Noncontrolling Interests in Consolidated Ventures

As of September 30, 2022, the Company consolidates three ventures and in each, there are different noncontrolling investors, which own between 10.0% - 25.0% of such ventures. These ventures hold investments in a 40-building student housing portfolio in Isla Vista, CA with a book value of $79.9 million, 11 office buildings in Richmond, VA with a book value of $68.7 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

There were no sales during the three months ended September 30, 2022. During the nine months ended September 30, 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.
v3.22.2.2
EARNINGS PER SHARE
 9 Months Ended
Sep. 30, 2022
Earnings Per Share [Abstract]  
EARNINGS PER SHARE
13. EARNINGS PER SHARE
 
The Company’s net income (loss) and weighted average shares outstanding for the three and nine months ended September 30, 2022 and 2021 consist of the following:
Three Months Ended September 30,Nine Months Ended September 30,
($ in thousands except share amounts)2022202120222021
Basic and Diluted Net income (loss) available for Class A common shareholders$28,583 $18,927 $82,663 $29,413 
Weighted average shares outstanding:  
Basic124,278,732 123,729,867 124,393,861 123,917,047 
Diluted125,172,180 124,499,675 125,813,280 124,354,190 
 
The calculation of basic and diluted net income (loss) per share amounts for the three and nine months ended September 30, 2022 and 2021 consist of the following:
Three Months Ended September 30,Nine Months Ended September 30,
(In thousands except share and per share amounts)2022202120222021
Basic Net Income (Loss) Per Share of Class A Common Stock  
Numerator:
  
Net income (loss) attributable to Class A common shareholders$28,583 $18,927 $82,663 $29,413 
Denominator:
  
Weighted average number of shares of Class A common stock outstanding124,278,732 123,729,867 124,393,861 123,917,047 
Basic net income (loss) per share of Class A common stock$0.23 $0.15 $0.66 $0.24 
Diluted Net Income (Loss) Per Share of Class A Common Stock  
Numerator:  
Net income (loss) attributable to Class A common shareholders$28,583 $18,927 $82,663 $29,413 
Diluted net income (loss) attributable to Class A common shareholders28,583 18,927 82,663 29,413 
Denominator:  
Basic weighted average number of shares of Class A common stock outstanding124,278,732 123,729,867 124,393,861 123,917,047 
Add - dilutive effect of:  
Incremental shares of unvested Class A restricted stock(1)893,448 769,808 1,419,419 437,143 
Diluted weighted average number of shares of Class A common stock outstanding125,172,180 124,499,675 125,813,280 124,354,190 
Diluted net income (loss) per share of Class A common stock$0.23 $0.15 $0.66 $0.24 
(1)The Company is using the treasury stock method.
v3.22.2.2
STOCK BASED AND OTHER COMPENSATION PLANS
 9 Months Ended
Sep. 30, 2022
Share-Based Payment Arrangement [Abstract]  
STOCK BASED AND OTHER COMPENSATION PLANS
14. STOCK BASED AND OTHER COMPENSATION PLANS
 
Summary of Stock and Shares Unvested/Outstanding

The following table summarizes the impact on the consolidated statements of income of the various stock based compensation plans and other compensation plans ($ in thousands):
Three Months Ended September 30,Nine Months Ended September 30,
2022202120222021
Stock Based Compensation Expense$3,738 $3,072 $27,787 $11,873 
Phantom Equity Investment Plan— — — 22 
Total Stock Based Compensation Expense(1)$3,738 $3,072 $27,787 $11,895 
(1) Variance between nine months ended September 30, 2022 and September 30, 2021 is primarily due to timing of 2021 and 2022 employee stock and bonus compensation. The majority of the stock and bonus compensation for the 2020 compensation year was granted in December of 2020 whereas stock and bonus compensation for the 2021 compensation year was granted during the three months ended March 31, 2022.

A summary of the grants is presented below:
 Three Months Ended September 30,Nine Months Ended September 30,
 2022202120222021
Number
of Shares/Options		Weighted
Average
Fair Value
Per Share		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 Stock7,179 $9.75 — $— 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 September 30, 2022 and changes during 2022 of the Class A common stock and stock options of Ladder Capital Corp granted under the 2014 Omnibus Incentive Plan:
Restricted StockStock Options
Nonvested/Outstanding at December 31, 20212,145,380 623,788 
Granted2,884,303 — 
Vested(2,404,181)— 
Forfeited(95,931)— 
Nonvested/Outstanding at September 30, 20222,529,571 623,788 
Exercisable at September 30, 2022 (1)623,788 
(1) The weighted-average exercise price of outstanding options, warrants and rights is $14.84 at September 30, 2022.

At September 30, 2022 there was $16.3 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 36 months, with a weighted-average remaining vesting period of 23.6 months.

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

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

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

On January 31, 2022, in connection with 2021 compensation, annual stock awards were granted to certain non-management employees (“Non-Management Grantees”) with an aggregate fair value of $15.4 million, which represents 1,293,853 shares of Class A common stock. For the awards granted to Mr. Miceli, Ms. Porcella and certain Non-Management Grantees (a total of 1,254,085 shares), 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. The 1/3 of awards subject to attainment of the Performance Target is also subject to the Catch-Up Provision. For the awards granted to other Non-Management Grantees (a total of 250,430 shares), 1/2 of the awards is subject to time-based vesting criteria, and the remaining 1/2 is subject to attainment of the Performance Target for the applicable years. The 1/2 of awards subject to attainment of the Performance Target is also subject to the Catch-Up Provision.

Other Incentive Awards Granted in 2022

On May 10, 2022, a new employee of the Company received a Restricted Stock Award with a grant date fair value of $0.4 million, representing 33,784 shares of restricted Class A common stock. Fifty percent of the Restricted Stock Award is subject to time-based vesting criteria, and the remaining 50% of the Restricted Stock Award is subject to attainment of the Performance Target for the applicable years. The time-vesting restricted stock will vest in three installments on February 18 of each of 2023, 2024 and 2025, subject to continued employment on the applicable vesting dates. The performance-vesting restricted stock will vest in three equal installments upon the Compensation Committee’s confirmation that the Company achieves the Performance Target for the years ended December 31, 2022, 2023 and 2024, respectively. The Catch-Up Provision applies to the performance vesting portion of this award, provided that a termination has not occurred. The Company has elected to recognize the compensation expense related to the time-based vesting criteria of these Restricted Stock Awards on a straight-line basis over the requisite service period.
Annual Incentive Awards Granted in 2021 with Respect to 2020 Performance

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

Other 2022 Restricted Stock Awards

On February 18, 2022, certain members of the board of directors each 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 and Mr. Perelman will become fully vested if (1) such Management 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 Management Grantee’s employment is terminated without cause or due to death or disability or the Management Grantee resigns for Good Reason, as defined in each Management 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 is terminated by the Company without cause within six months of certain changes in control, all unvested time shares shall vest on the termination date and all unvested performance shares shall remain outstanding and be eligible to vest (or be forfeited) in accordance with the performance conditions.

Bonus Payments

During the year ended December 31, 2021, the Company recorded $11.0 million of compensation expense related to cash bonuses that were paid in January 2022. For the three months ended March 31, 2021, the Company paid $1.1 million compensation expense related to bonuses accrued for during the year ended December 31, 2020.
v3.22.2.2
FAIR VALUE OF FINANCIAL INSTRUMENTS
 9 Months Ended
Sep. 30, 2022
Fair Value Disclosures [Abstract]  
FAIR VALUE OF FINANCIAL INSTRUMENTS 15. FAIR VALUE OF FINANCIAL INSTRUMENTS
 
Fair value is based upon internal models, using market quotations, broker quotations, counterparty quotations or pricing services quotations, which provide valuation estimates based upon reasonable market order indications and are subject to significant variability based on market conditions, such as interest rates, credit spreads and market liquidity. The fair value of the mortgage loan receivables held for sale is based upon a securitization model utilizing market data from recent securitization spreads and pricing.
 
Fair Value Summary Table
 
The carrying values and estimated fair values of the Company’s financial instruments, which are both reported at fair value on a recurring basis (as indicated) or amortized cost/par, at September 30, 2022 and December 31, 2021 are as follows ($ in thousands):
 
September 30, 2022
      Weighted Average
 Principal Amount Amortized Cost Basis/Purchase PriceFair ValueFair Value MethodYield
%		Remaining
Maturity/Duration (years)
Assets:       
CMBS(1)$607,143  $606,410 $587,786 Internal model, third-party inputs3.75 %1.21
CMBS interest-only(1)1,033,126 (2)11,514 11,349 Internal model, third-party inputs3.36 %1.55
GNMA interest-only(3)47,183 (2)305 325 Internal model, third-party inputs3.60 %2.90
Agency securities(1)40  41 40 Internal model, third-party inputs2.68 %1.7
U.S. Treasury securities(1)11,000 10,659 10,659 Internal model, third-party inputs3.61 %0.82
Equity securities(3) N/A 483 406 Observable market pricesN/A N/A
Mortgage loan receivables held for investment, net, at amortized cost(4)4,044,192  4,019,297 4,027,097 Discounted Cash Flow(5)7.45 %1.38
Mortgage loan receivables held for sale31,350  27,818 27,818 Internal model, third-party inputs(6)4.57 %9.44
FHLB stock(7)9,585  9,585 9,585 (7)3.00 % N/A
Nonhedge derivatives(1)(10)174,600  2,075 2,075 Counterparty quotationsN/A0.25
Liabilities:       
Repurchase agreements - short-term676,478  676,478 676,478 Cost plus Accrued Interest (8)2.89 %0.19
Repurchase agreements - long-term47,415  47,415 47,415 Discounted Cash Flow(9)3.76 %1.58
Mortgage loan financing615,933  616,370 630,856 Discounted Cash Flow5.12 %3.00
CLO debt1,064,365 1,057,053 1,057,053 Discounted Cash Flow(9)3.08 %16.17
Borrowings from the FHLB213,000  213,000 213,073 Discounted Cash Flow1.38 %1.50
Senior unsecured notes1,643,794  1,627,569 1,337,808 Internal model, third-party inputs4.66 %5.00
(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 $18.5 million at September 30, 2022.
(5)Fair value for floating rate mortgage loan receivables, held for investment is estimated to approximate the outstanding face amount given the short interest rate reset risk (30 days) and no significant change in credit risk. Fair value for fixed rate mortgage loan receivables, held for investment is measured using a discounted cash flow model.
(6)Fair value for mortgage loan receivables, held for sale is measured using a hypothetical securitization model utilizing market data from recent securitization spreads and pricing.
(7)Fair value of the FHLB stock approximates outstanding face amount as the Company’s captive insurance subsidiary is restricted from trading the stock and can only put the stock back to the FHLB, at the FHLB’s discretion, at par.
(8)For repurchase agreements - short term, the value approximates the cost plus accrued interest.
(9)For repurchase agreements - long term and CLO debt, the carrying value approximates the fair value discounting the expected cash flows at current market rates. If the collateral is determined to be impaired, the related financing would be revalued accordingly. There are no impairments on any positions.
(10)The outstanding face amount of the nonhedge derivatives represents the notional amount of the underlying contracts.
December 31, 2021
      Weighted Average
 Principal Amount Amortized Cost Basis/Purchase PriceFair ValueFair Value MethodYield
%		Remaining
Maturity/Duration (years)
Assets:       
CMBS(1)$691,402  $691,026 $686,293 Internal model, third-party inputs1.57 %2.06
CMBS interest-only(1)1,302,551 (2)15,268 15,885 Internal model, third-party inputs5.67 %1.88
GNMA interest-only(3)59,075 (2)518 559 Internal model, third-party inputs4.97 %3.64
Agency securities(1)557  560 563 Internal model, third-party inputs1.58 %0.69
Mortgage loan receivables held for investment, net, at amortized cost(4)3,581,919  3,553,737 3,494,254 Discounted Cash Flow(5)5.65 %1.76
FHLB stock(6)11,835  11,835 11,835 (6)3.25 % N/A
Nonhedge derivatives(1)(7)114,121  402 402 Counterparty quotationsN/A0.30
Liabilities:       
Repurchase agreements - short-term418,394  418,394 418,394 Discounted Cash Flow(8)0.89 %0.46
Repurchase agreements - long-term26,183  26,183 26,183 Discounted Cash Flow(9)2.21 %1.01
Mortgage loan financing690,927  693,797 709,695 Discounted Cash Flow4.83 %3.3
Secured financing facility136,444 132,447 133,389 Discounted Cash Flow(8)10.75 %1.35
CLO debt1,064,365 1,054,774 1,054,774 Discounted Cash Flow(9)2.04 %16.92
Borrowings from the FHLB263,000  263,000 263,414 Discounted Cash Flow0.91 %1.95
Senior unsecured notes1,649,794  1,631,108 1,677,039 Internal model, third-party inputs4.66 %5.74
(1)Measured at fair value on a recurring basis with the net unrealized gains or losses recorded as a component of other comprehensive income (loss) in equity.
(2)Represents notional outstanding balance of underlying collateral.
(3)Measured at fair value on a recurring basis with the net unrealized gains or losses recorded in current period earnings.
(4)Balance does not include impact of allowance for current expected credit losses of $31.8 million at December 31, 2021.
(5)Fair value for floating rate mortgage loan receivables, held for investment is estimated to approximate the outstanding face amount given the short interest rate reset risk (30 days) and no significant change in credit risk. Fair value for fixed rate mortgage loan receivables, held for investment is measured using a discounted cash flow model.
(6)Fair value of the FHLB stock approximates outstanding face amount as the Company’s captive insurance subsidiary is restricted from trading the stock and can only put the stock back to the FHLB, at the FHLB’s discretion, at par.
(7)The outstanding face amount of the nonhedge derivatives represents the notional amount of the underlying contracts.
(8)Fair value for repurchase agreement liabilities - short term borrowings under the Secured Financing Facility and borrowings under the Revolving Credit Facility is estimated to approximate carrying amount primarily due to the short interest rate reset risk (30 days) of the financings and the high credit quality of the assets collateralizing these positions. If the collateral is determined to be impaired, the related financing would be revalued accordingly. There are no impairments on any positions.
(9)For repurchase agreements - long term and CLO debt, the carrying value approximates the fair value discounting the expected cash flows at current market rates. If the collateral is determined to be impaired, the related financing would be revalued accordingly. There are no impairments on any positions.
The following table summarizes the Company’s financial assets and liabilities, which are both reported at fair value on a recurring basis (as indicated) or amortized cost/par, at September 30, 2022 and December 31, 2021 ($ in thousands):
 
September 30, 2022
 
Financial Instruments Reported at Fair Value on Consolidated Statements of Financial ConditionPrincipal
Amount		 Fair Value
 Level 1Level 2Level 3Total
Assets:      
CMBS(1)$597,695  $— $— $578,737 $578,737 
CMBS interest-only(1)1,024,633 (2)— — 10,901 10,901 
GNMA interest-only(3)47,183 (2)— — 325 325 
Agency securities(1)40  — — 40 40 
U.S. Treasury securities11,000 10,659 — — 10,659 
Equity securities N/A 406 — — 406 
Nonhedge derivatives(4)174,600 — 2,075 — 2,075 
$11,065 $2,075 $590,003 $603,143 
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)$4,044,192  $— $— $4,027,097 $4,027,097 
Mortgage loan receivable held for sale(6)31,350  — — 27,818 27,818 
CMBS(7)9,448 — — 9,049 9,049 
CMBS interest-only(7)8,493 — — 448 448 
FHLB stock9,585  — — 9,585 9,585 
$— $— $4,073,997 $4,073,997 
Liabilities:     
Repurchase agreements - short-term$676,478  $— $— $676,478 $676,478 
Repurchase agreements - long-term47,415  — — 47,415 47,415 
Mortgage loan financing615,933  — — 630,856 630,856 
CLO debt1,064,365 — — 1,057,053 1,057,053 
Borrowings from the FHLB213,000  — — 213,073 213,073 
Senior unsecured notes1,643,794  — — 1,337,808 1,337,808 
$— $— $3,962,683 $3,962,683 
(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 $18.5 million at September 30, 2022.
(6)A lower of cost or market adjustment was recorded as of September 30, 2022.
(7)Restricted securities which are designated as risk retention securities under the Dodd-Frank Act and are therefore subject to transfer restrictions over the term of the securitization trust, are classified as held-to-maturity and reported at amortized cost.
December 31, 2021
Financial Instruments Reported at Fair Value on Consolidated Statements of Financial ConditionPrincipal
Amount		 Fair Value
 Level 1Level 2Level 3Total
Assets:      
CMBS(1)$681,076  $— $— $676,398 $676,398 
CMBS interest-only(1)1,293,181 (2)— — 15,344 15,344 
GNMA interest-only(3)59,075 (2)— — 559 559 
Agency securities(1)557  — — 563 563 
Nonhedge derivatives(4)114,121  — 402 — 402 
$— $402 $692,864 $693,266 
Financial Instruments Not Reported at Fair Value on Consolidated Statements of Financial ConditionPrincipal
Amount		 Fair Value
 Level 1Level 2Level 3Total
Assets:
Mortgage loan receivable held for investment, net, at amortized cost:
Mortgage loan receivables held for investment, net, at amortized cost(5)$3,581,920  $— $— $3,494,254 $3,494,254 
CMBS(6)10,326 — — 9,894 9,894 
CMBS interest-only(6)9,370 — — 541 541 
FHLB stock11,835  — — 11,835 11,835 
$— $— $3,516,524 $3,516,524 
Liabilities:     
Repurchase agreements - short-term$418,394  $— $— $418,394 $418,394 
Repurchase agreements - long-term26,183  — — 26,183 26,183 
Mortgage loan financing690,927  — — 709,695 709,695 
Secured financing facility136,444 — — 133,389 133,389 
CLO debt1,064,365 — — 1,054,774 1,054,774 
Borrowings from the FHLB263,000  — — 263,414 263,414 
Senior unsecured notes1,649,794  — — 1,677,039 1,677,039 
$— $— $4,282,888 $4,282,888 
(1)Measured at fair value on a recurring basis with the net unrealized gains or losses recorded as a component of other comprehensive income (loss) in equity. 
(2)Represents notional outstanding balance of underlying collateral. 
(3)Measured at fair value on a recurring basis with the net unrealized gains or losses recorded in current period earnings. 
(4)Measured at fair value on a recurring basis with the net unrealized gains or losses recorded in current period earnings.  The outstanding face amount of the nonhedge derivatives represents the notional amount of the underlying contracts.
(5)Balance does not include impact of allowance for current expected credit losses of $31.8 million at December 31, 2021.
(6)Restricted securities which are designated as risk retention securities under the Dodd-Frank Act and are therefore subject to transfer restrictions over the term of the securitization trust, are classified as held-to-maturity and reported at amortized cost.  
The following table summarizes changes in Level 3 financial instruments reported at fair value on the consolidated statements of financial condition for the nine months ended September 30, 2022 and 2021 ($ in thousands):
Nine Months Ended September 30,
Level 320222021
Balance at January 1,$692,864 $1,046,569 
Transfer from level 2— — 
Purchases55,716 164,523 
Sales(4,261)(364,959)
Paydowns/maturities(135,988)(135,733)
Amortization of premium/discount(3,503)(5,388)
Unrealized gain/(loss)(14,719)7,292 
Realized gain/(loss) on sale(106)879 
Balance at September 30,$590,003 $713,183 

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):

September 30, 2022
Financial InstrumentCarrying ValueValuation TechniqueUnobservable InputMinimumWeighted AverageMaximum
CMBS(1)$578,737 Discounted cash flowYield (4)1.93 %3.77 %17.47 %
Duration (years)(5)01.219.48
CMBS interest-only(1)10,901 (2)Discounted cash flowYield (4)— %3.36 %18.46 %
Duration (years)(5)01.552.17
Prepayment speed (CPY)(5)100.00100.00100.00
GNMA interest-only(3)325 (2)Discounted cash flowYield (4)— %3.60 %10.00 %
Duration (years)(5)02.906.61
Prepayment speed (CPJ)(5)517.2335
Agency securities(1)40 Discounted cash flowYield (4)2.68 %2.68 %2.68 %
Duration (years)(5)1.71.71.7
Total$590,003 

December 31, 2021
Financial InstrumentCarrying ValueValuation TechniqueUnobservable InputMinimumWeighted AverageMaximum
CMBS(1)$676,398 Discounted cash flowYield (4)0.77 %1.51 %5.28 %
Duration (years)(5)01.938.39
CMBS interest-only(1)15,344 (2)Discounted cash flowYield (4)— %5.7 %9.34 %
Duration (years)(5)0.031.812.58
Prepayment speed (CPY)(5)100.00100.00100.00
GNMA interest-only(3)559 (2)Discounted cash flowYield (4)— %4.97 %10.00 %
Duration (years)(5)02.725.56
Prepayment speed (CPJ)(5)517.4135.00
Agency securities(1)563 Discounted cash flowYield (4)1.44 %1.58 %2.78 %
Duration (years)(5)00.420.47
Total$692,864 
(1)CMBS, CMBS interest-only securities, Agency securities, GNMA permanent securities and corporate bonds are classified as available-for-sale and reported at fair value with changes in fair value recorded in the current period in other comprehensive income.
(2)The amounts presented represent the principal amount of the mortgage loans outstanding in the pool in which the interest-only securities participate.
(3)Agency interest-only securities are recorded at fair value with changes in fair value recorded in current period earnings.
Sensitivity of the Fair Value to Changes in the Unobservable Inputs
        
(4)Significant increase (decrease) in the unobservable input in isolation would result in significantly lower (higher) fair value measurement.
(5)Significant increase (decrease) in the unobservable input in isolation would result in either a significantly lower or higher (lower or higher) fair value measurement depending on the structural features of the security in question.

Nonrecurring Fair Values

The Company measures fair value of certain assets on a nonrecurring basis when events or changes in circumstances indicate that the carrying value of the assets may be impaired. Adjustments to fair value generally result from the application of lower of amortized cost or fair value accounting for assets held for sale or write-down of assets value due to impairment. Refer to Note 3, Mortgage Loan Receivables and Note 5, Real Estate and Related Lease Intangibles, Net for disclosure of level 3 inputs.
v3.22.2.2
INCOME TAXES
 9 Months Ended
Sep. 30, 2022
Income Tax Disclosure [Abstract]  
INCOME TAXES
16. INCOME TAXES
 
The Company elected to be taxed as a REIT under Sections 856 through 860 of the Internal Revenue Code of 1986, as amended (the “Code”), commencing with the taxable year ended December 31, 2015 (the REIT Election”). 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. Current income tax expense (benefit) was $4.2 million and $3.8 million for the three and nine months ended September 30, 2022 and $1.1 million and no income tax expense (benefit) for the three and nine months ended September 30, 2021.

As of September 30, 2022 and December 31, 2021, the Company’s net deferred tax assets (liabilities) were $(2.4) million and $(2.3) million, respectively, and are included in other assets (other liabilities) in the Company’s consolidated balance sheets. Deferred income tax expense (benefit) included within the provision for income taxes was $(1.6) million and $(1.3) million for the three months ended September 30, 2022 and September 30, 2021, respectively. Deferred income tax expense (benefit) included within the provision for income taxes was $0.1 million and $(1.3) million for the nine months ended September 30, 2022 and September 30, 2021, respectively. The Company’s net deferred tax liability is comprised of deferred tax assets and deferred tax liabilities. The Company believes it is more likely than not that the deferred tax assets (aside from the exception noted below) will be realized in the future. Realization of the deferred tax assets 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 deferred tax assets considered realizable is subject to adjustment in future periods if estimates of future taxable income change.
 
As of September 30, 2022, the Company had a deferred tax asset of $3.9 million relating to capital losses which it may only use to offset capital gains. These tax attributes will begin to expire if unused in 2022. As the realization of these assets are not more likely than not before their expiration, the Company provided a full valuation allowance against this deferred tax asset. Additionally, as of September 30, 2022, the Company had $1.3 million of deferred tax asset related to Code Section 163(j) interest expense limitation. As the Company is uncertain if this asset will be realized in the future, the Company provided a full valuation allowance against this deferred tax asset.

The Company’s tax returns are subject to audit by taxing authorities. Generally, as of September 30, 2022, the tax years 2018-2021 remain open to examination by the major taxing jurisdictions in which the Company is subject to taxes. The Company is currently under New York City audit for tax years 2012-2013. The Company does not expect these audits to result in any material changes to the Company’s financial position. The Company does not expect tax expense to have an impact on either short, or long-term liquidity or capital needs.

Under U.S. GAAP, a tax benefit related to an income tax position may be recognized when it is more likely than not that the position will be sustained upon examination by the tax authorities based on the technical merits of the position. 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.
v3.22.2.2
RELATED PARTY TRANSACTIONS
 9 Months Ended
Sep. 30, 2022
Related Party Transactions [Abstract]  
RELATED PARTY TRANSACTIONS
17. RELATED PARTY TRANSACTIONS

The Company has no material related party relationships to disclose.
v3.22.2.2
COMMITMENTS AND CONTINGENCIES
 9 Months Ended
Sep. 30, 2022
Commitments and Contingencies Disclosure [Abstract]  
COMMITMENTS AND CONTINGENCIES
18. COMMITMENTS AND CONTINGENCIES
 
Leases

As of September 30, 2022, the Company had a $0.1 million lease liability and a $0.2 million right-of-use asset on its consolidated balance sheets recorded within other liabilities and other assets, respectively. 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 net lease agreements, were $1.4 million and $3.9 million for the three and nine months ended September 30, 2022 and $1.5 million and $3.7 million for the three and nine months ended September 30, 2021. Tenant reimbursements are included in operating lease income on the Company’s consolidated statements of income.

Investments in Unconsolidated Ventures

The Company has made investments in various unconsolidated ventures. Refer to Note 6, Investment in and Advances to Unconsolidated Ventures, for further details of our unconsolidated investments. The Company’s maximum exposure to loss from these investments is limited to the carrying value of our investments.

Unfunded Loan Commitments
 
As of September 30, 2022, the Company’s off-balance sheet arrangements consisted of $363.2 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, 49% of which additional funds relate to the occurrence of certain “good news” events, such as the owner concluding a lease agreement with a major tenant in the building or reaching some pre-determined net operating income. As of December 31, 2021, the Company’s off-balance sheet arrangements consisted of $390.1 million of unfunded commitments on mortgage loan receivables held for investment to provide additional first mortgage loan financing.
Commitments are subject to our loan borrowers’ satisfaction of certain financial and nonfinancial covenants and may or may not be funded depending on a variety of circumstances including timing, credit metric hurdles, and other nonfinancial events occurring. The Company carefully monitors the progress of work at properties that serve as collateral underlying its commercial mortgage loans, including the progress of capital expenditures, construction, leasing and business plans in light of the current market conditions. These commitments are not reflected on the consolidated balance sheets.
v3.22.2.2
SEGMENT REPORTING
 9 Months Ended
Sep. 30, 2022
Segment Reporting [Abstract]  
SEGMENT REPORTING
19. SEGMENT REPORTING
 
The Company has determined that it has three reportable segments based on how the chief operating decision makers review and manage the business. These reportable segments include loans, securities, and real estate. The loans segment includes mortgage loan receivables held for investment (balance sheet loans) and mortgage loan receivables held for sale (conduit loans).  The securities segment is composed of all of the Company’s activities related to securities, which include investments in CMBS, U.S. Agency securities, corporate bonds, equity securities and U.S. Treasury securities. The real estate segment includes net leased properties, office buildings, student housing portfolios, hotels, industrial buildings, a shopping center and condominium units. Corporate/other includes certain of the Company’s investments in ventures, other asset management activities and operating expenses.

The Company evaluates performance based on the following financial measures for each segment ($ in thousands):
Three months ended September 30, 2022LoansSecuritiesReal Estate (1)Corporate/Other(2)Company 
Total
Interest income$70,851 $5,705 $2 $801 $77,359 
Interest expense(17,344)(1,327)(8,088)(21,712)(48,471)
Net interest income (expense)53,507 4,378 (8,086)(20,911)28,888 
(Provision for) release of loan loss reserves(1,501)— — — (1,501)
Net interest income (expense) after provision for (release of) loan reserves52,006 4,378 (8,086)(20,911)27,387 
Real estate operating income— — 27,679 — 27,679 
Sale of loans, net796 — — — 796 
Realized gain (loss) on securities— 9 — — 9 
Unrealized gain (loss) on equity securities— (61)— — (61)
Unrealized gain (loss) on Agency interest-only securities— (5)— — (5)
Realized gain on sale of real estate, net— — 4,393 — 4,393 
Fee and other income2,546 11 — 140 2,697 
Net result from derivative transactions4,837 982 748 — 6,567 
Earnings (loss) from investment in unconsolidated ventures— — 407 — 407 
Total other income (loss)8,179 936 33,227 140 42,482 
Compensation and employee benefits— — — (13,806)(13,806)
Operating expenses— — — (5,143)(5,143)
Real estate operating expenses— — (10,069)— (10,069)
Fee expense(917)(102)(138)(532)(1,689)
Depreciation and amortization— — (7,864)— (7,864)
Total costs and expenses(917)(102)(18,071)(19,481)(38,571)
Income tax (expense) benefit— — — (2,613)(2,613)
Segment profit (loss)$59,268 $5,212 $7,070 $(42,865)$28,685 
Total assets as of September 30, 2022$4,028,641 $610,545 $783,343 $447,443 $5,869,972 
Three months ended September 30, 2021LoansSecuritiesReal Estate (1)Corporate/Other(2)Company 
Total
Interest income$42,605 $3,324 $— $306 $46,235 
Interest expense(13,029)(528)(8,866)(26,916)(49,339)
Net interest income (expense)29,576 2,796 (8,866)(26,610)(3,104)
Provision for (release of) loan loss reserves2,364 — — 2,364 
Net interest income (expense) after provision for (release of) loan reserves31,940 2,796 (8,866)(26,610)(740)
Real estate operating income— — 26,603 — 26,603 
Sale of loans, net3,309 — (16)— 3,293 
Realized gain (loss) on securities— 285 — — 285 
Unrealized gain (loss) on Agency interest-only securities— (19)— — (19)
Realized gain on sale of real estate, net— 17,766 — 17,766 
Fee and other income2,581 — 1 105 2,687 
Net result from derivative transactions(256)334 (3)— 75 
Earnings (loss) from investment in unconsolidated joint ventures97 — 436 — 533 
Total other income (loss)5,731 600 44,787 105 51,223 
Salaries and employee benefits— — — (9,425)(9,425)
Operating expenses(3)40 — — (4,458)(4,418)
Real estate operating expenses— — (6,962)— (6,962)
Fee expense(452)(52)(464)(670)(1,638)
Depreciation and amortization— — (9,296)(24)(9,320)
Total costs and expenses(412)(52)(16,722)(14,577)(31,763)
Income tax (expense) benefit— — — 212 212 
Segment profit (loss)$37,259 $3,344 $19,199 $(40,870)$18,932 
Total assets as of December 31, 2021$3,521,986 $703,280 $914,027 $711,959 $5,851,252 
Nine months ended September 30, 2022LoansSecuritiesReal Estate (1)Corporate/Other(2)Company 
Total
Interest income$185,212 $12,650 $4 $966 $198,832 
Interest expense(44,330)(2,429)(27,642)(63,811)(138,212)
Net interest income (expense)140,882 10,221 (27,638)(62,845)60,620 
(Provision for) release of loan loss reserves(1,373)— — — (1,373)
Net interest income (expense) after provision for (release of) loan reserves139,509 10,221 (27,638)(62,845)59,247 
Real estate operating income— — 82,678 — 82,678 
Sale of loans, net(2,083)— — — (2,083)
Realized gain (loss) on securities— (75)— — (75)
Unrealized gain (loss) on equity securities— (77)— — (77)
Unrealized gain (loss) on Agency interest-only securities— (21)— — (21)
Realized gain on sale of real estate, net— — 62,101 — 62,101 
Fee and other income8,147 45 3,704 342 12,238 
Net result from derivative transactions8,761 2,235 1,385 — 12,381 
Earnings (loss) from investment in unconsolidated ventures— — 1,197 — 1,197 
Gain (loss) on extinguishment of debt— — — 685 685 
Total other income (loss)14,825 2,107 151,065 1,027 169,024 
Compensation and employee benefits— — — (59,165)(59,165)
Operating expenses— — — (15,303)(15,303)
Real estate operating expenses— — (28,928)— (28,928)
Fee expense(1,715)(200)(437)(2,811)(5,163)
Depreciation and amortization— — (24,756)(8)(24,764)
Total costs and expenses(1,715)(200)(54,121)(77,287)(133,323)
Income tax (expense) benefit— — — (3,897)(3,897)
Segment profit (loss)$152,619 $12,128 $69,306 $(143,002)$91,051 
Total assets as of September 30, 2022$4,028,641 $610,545 $783,343 $447,443 $5,869,972 
Nine months ended September 30, 2021LoansSecuritiesReal Estate (1)Corporate/Other(2)Company 
Total
Interest income$112,750 $9,773 $1 $575 123,099 
Interest expense(40,786)(1,917)(27,595)(70,240)(140,538)
Net interest income (expense)71,964 7,857 (27,594)(69,665)(17,439)
Provision for (release of) loan loss reserves6,950 — — — 6,950 
Net interest income (expense) after provision for (release of) loan reserves78,914 7,857 (27,594)(69,665)(10,489)
Real estate operating income— — 77,320 — 77,320 
Sale of loans, net6,701 — (16)— 6,685 
Realized gain (loss) on securities— 879 — — 879 
Unrealized gain (loss) on Agency interest-only securities— (87)— — (87)
Realized gain on sale of real estate, net— — 37,155 — 37,155 
Fee and other income7,845 — 48 529 8,422 
Net result from derivative transactions(5)1,010 (3)— 1,002 
Earnings (loss) from investment in unconsolidated joint ventures315 — 891 — 1,206 
Total other income (loss)14,856 1,802 115,395 529 132,582 
Salaries and employee benefits— — — (27,436)(27,436)
Operating expenses(3)78 — — (12,953)(12,875)
Real estate operating expenses— — (19,518)— (19,518)
Fee expense(2,704)(163)(1,605)(959)(5,431)
Depreciation and amortization— — (28,246)(74)(28,320)
Total costs and expenses(2,626)(163)(49,369)(41,422)(93,580)
Income tax (expense) benefit— — — 1,308 1,308 
Segment profit (loss)$91,144 $9,496 $38,432 $(109,250)$29,821 
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 $6.0 million and $23.2 million as of September 30, 2022 and December 31, 2021, respectively.
(2)Corporate/Other represents all corporate level and unallocated items including any intercompany eliminations necessary to reconcile to consolidated Company totals. This segment also includes the Company’s investment in unconsolidated ventures and strategic investments that are not related to the other reportable segments above, including the Company’s investment in FHLB stock of $9.6 million as of September 30, 2022 and $11.8 million as of December 31, 2021, and the Company’s senior unsecured notes of $1.6 billion and $1.6 billion at September 30, 2022 and December 31, 2021, respectively.
v3.22.2.2
SUBSEQUENT EVENTS
 9 Months Ended
Sep. 30, 2022
Subsequent Events [Abstract]  
SUBSEQUENT EVENTS
20. SUBSEQUENT EVENTS

The Company has evaluated subsequent events through the issuance date of the financial statements and determined that no additional disclosure is necessary.
v3.22.2.2
SIGNIFICANT ACCOUNTING POLICIES (Policies)
 9 Months Ended
Sep. 30, 2022
Accounting Policies [Abstract]  
Basis of Accounting and Principles of Consolidation
Basis of Accounting and Principles of Consolidation
 
The accompanying consolidated financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”). In the opinion of management, the unaudited financial information for the interim periods presented in this report reflects all normal and recurring adjustments necessary for a fair statement of results of operations, financial position and cash flows. The interim consolidated financial statements should be read in conjunction with the audited consolidated financial statements for the year ended December 31, 2021, which are included in the Annual Report, as certain disclosures that would substantially duplicate those contained in the audited consolidated financial statements have not been included in this interim report. Operating results for interim periods are not necessarily indicative of operating results for an entire fiscal year.

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.
Provision for Loan Losses
Provision for Loan Losses

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

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

A loan is also considered impaired if its terms are modified in a troubled debt restructuring (“TDR”). A TDR occurs when a concession is granted and the debtor is experiencing financial difficulties. Impairments on TDR loans are generally measured based on the present value of expected future cash flows discounted at the effective interest rate of the original loans. Generally, when granting concessions, the Company will seek to protect its position by requiring incremental pay downs, additional collateral or guarantees and, in some cases, lookback features or equity interests to offset concessions granted should conditions impacting the loan improve. The Company’s determination of credit losses is impacted by TDRs whereby loans that have gone through TDRs are considered impaired and are assessed for specific reserves. Loans previously restructured under TDRs that subsequently default are reassessed to incorporate the Company’s current assumptions on expected cash flows and additional provision expense is recorded to the extent necessary.

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

In March 2022, the FASB issued ASU 2022-02 Financial Instruments - Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures, (“ASU 2022-02”). ASU 2022-02 eliminates the recognition and measurement guidance for troubled debt restructuring for creditors that have adopted ASC 326 and requires them to make enhanced disclosures about loan modifications for borrowers experiencing financial difficulty. The standard is effective for fiscal years beginning after December 15, 2022. Early adoption is permitted. The Company does not expect the adoption to have a material impact on the Company’s consolidated financial statements.

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

Any new accounting standards not disclosed above that have been issued or proposed by FASB and that do not require adoption until a future date are not expected to have a material impact on the consolidated financial statements upon adoption.
v3.22.2.2
MORTGAGE LOAN RECEIVABLES (Tables)
 9 Months Ended
Sep. 30, 2022
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Abstract]  
Schedule of mortgage loan receivables
Outstanding
Face Amount		Carrying
Value		Weighted
Average
Yield (1)(2)		Remaining
Maturity
(years)(2)
Mortgage loan receivables held for investment, net, at amortized cost:
First mortgage loans$3,964,067 $3,939,239 7.39 %1.4
Mezzanine loans80,125 80,058 10.80 %1.6
Total mortgage loans receivable4,044,192 4,019,297 7.45 %1.4
Allowance for credit lossesN/A(18,474)
Total mortgage loan receivables held for investment, net, at amortized cost4,044,192 4,000,823 
Mortgage loan receivables held for sale:
First mortgage loans31,350 27,818  4.57 %9.4
Total$4,075,542 $4,028,641 (3)7.43 %1.4
(1)Includes the impact from interest rate floors. September 30, 2022 LIBOR and SOFR rates are used to calculate weighted average yield for floating rate loans.
(2)Excludes non-accrual loans of $54.1 million. Refer to “Non-Accrual Status” below for further details.
(3)Net of $24.9 million of deferred origination fees and other items as of September 30, 2022.
Outstanding
Face Amount		Carrying
Value		Weighted
Average
Yield (1)(2)		Remaining
Maturity
(years)(2)
Mortgage loan receivables held for investment, net, at amortized cost:
First mortgage loans$3,482,715 $3,454,654 5.50 %1.8
Mezzanine loans99,204 99,083 10.92 %1.9
Total mortgage loans receivable3,581,919 3,553,737 5.65 %1.8
Allowance for credit lossesN/A(31,752)
Total mortgage loan receivables held for investment, net, at amortized cost3,581,919 3,521,985 
Total$3,581,919 $3,521,985 (3)5.65 %1.8
(1)Includes the impact from interest rate floors. December 31, 2021 LIBOR rates are used to calculate weighted average yield for floating rate loans.
(2)Excludes non-accrual loans of $80.2 million. Refer to “Non-Accrual Status” below for further details.
(3)Net of $26.0 million of deferred origination fees and other items as of December 31, 2021.
Summary of mortgage loan receivables by loan type
For the nine months ended September 30, 2022 and 2021, the activity in our loan portfolio was as follows ($ 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, 2021$3,553,737 $(31,752)$— 
Origination of mortgage loan receivables1,183,423 — 61,318 
Repayment of mortgage loan receivables(720,597)— (68)
Proceeds from sales of mortgage loan receivables— — (29,053)
Sale of loans, net (1)2,197 — (4,380)
Accretion/amortization of discount, premium and other fees14,932 — — 
Charge offs(14,395)14,395 — 
Release (addition) of provision for current expected credit loss, net (2)— (1,117)— 
Balance, September 30, 2022$4,019,297 $(18,474)$27,817 
(1)Includes unrealized lower of cost or market adjustment and realized gain/loss on loans held for sale.
(2)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 receivables1,292,015 — 127,035 
Repayment of mortgage loan receivables(752,427)— (126)
Proceeds from sales of mortgage loan receivables(46,557)— (126,599)
Non-cash disposition of loan via foreclosure(1)(44,911)— — 
Sale of loans, net— — 6,685 
Accretion/amortization of discount, premium and other fees8,962 — — 
Release of asset-specific loan loss provision via foreclosure(1)— 1,150 — 
Release (addition) of provision for current expected credit loss, net — 6,722 — 
Balance, September 30, 2021$2,811,141 $(33,635)$37,513 
(1)Refer to Note 5, Real Estate and Related Lease Intangibles, Net for further detail on real estate acquired via foreclosure.
Schedule of provision for loan losses
Allowance for Credit Losses and Non-Accrual Status ($ in thousands)
Three Months Ended September 30,Nine Months Ended September 30,
Allowance for Credit Losses2022202120222021
Allowance for credit losses at beginning of period$16,960 $35,891 $31,752 $41,507 
Provision for (release of) current expected credit loss, net (1)1,514 (2,256)4,222 (6,722)
Foreclosure of loans subject to asset-specific reserve— — — (1,150)
Charge-offs— — (14,395)— 
Recoveries(2)— — (3,105)— 
Allowance for credit losses at end of period$18,474 $33,635 $18,474 $33,635 
 
(1)There were no asset specific reserves recorded for the three and nine months ended September 30, 2022 or 2021.
(2) Recoveries are recognized within the consolidated statements of income through “Provision for (release of) loan loss reserves”.
Non-Accrual StatusSeptember 30, 2022(1)December 31, 2021(2)
Carrying value of loans on non-accrual status, net of asset-specific reserve$54,086 $80,229 
(1)    Includes two of the Company’s loans, which were originated simultaneously as part of a single transaction and had a combined carrying value of $23.6 million and one loan with a carrying value of $30.5 million as of September 30, 2022.
(2)    Includes two of the Company’s loans, which were originated simultaneously as part of a single transaction and had a combined carrying value of $24.2 million, two loans with a combined carrying value of $25.6 million and one loan with a carrying value of $30.5 million.
Schedule of individually impaired loans
Loan Portfolio by Geographic Region, Collateral Type and Vintage (amortized cost $ in thousands)
September 30,December 31,
Geographic Region20222021
South$1,092,789 $937,125 
Northeast1,244,939 1,080,652 
Midwest519,411 434,157 
West444,328 530,599 
Southwest691,541 501,272 
Subtotal mortgage loans receivable3,993,008 3,483,805 
Individually impaired loans(1)26,289 69,932 
Total mortgage loans receivable$4,019,297 $3,553,737 
(1)Refer to “Individually Impaired Loans” below for further detail.

Management’s method for monitoring credit is the performance of a loan. A loan is impaired or not impaired based on the expectation that all amounts contractually due under a loan will be collected when due. The primary credit quality indicator management utilizes to assess its current expected credit loss reserve is by viewing the Company’s mortgage loan portfolio by collateral type. The following tables summarize the amortized cost of the mortgage loan portfolio by collateral type as of September 30, 2022 and December 31, 2021, respectively ($ in thousands):
Amortized Cost Basis by Origination Year as of September 30, 2022
Collateral Type20222021202020192018 and EarlierTotal
Multifamily$689,649 $678,214 $— $— $— $1,367,863 
Office 78,586 681,256 29,650 58,699 151,595 999,786 
Mixed Use201,205 435,166 74,403 124,686 — 835,460 
Industrial37,562 96,206 — 115,821 — 249,589 
Retail59,587 106,105 — 12,918 9,136 187,746 
Hospitality— 44,863 — 13,843 89,096 147,802 
Manufactured Housing32,488 81,849 — 23,470 — 137,807 
Other32,273 26,922 — 7,760 — 66,955 
Self-Storage— — — — — — 
Subtotal mortgage loans receivable1,131,350 2,150,581 104,053 357,197 249,827 3,993,008 
Individually Impaired loans (1)— — — — 26,289 26,289 
Total mortgage loans receivable (2)$1,131,350 $2,150,581 $104,053 $357,197 $276,116 $4,019,297 
Amortized Cost Basis by Origination Year as of December 31, 2021
Collateral Type20212020201920182017 and EarlierTotal
Office$784,556 $29,636 $121,346 $59,073 $73,911 $1,068,522 
Mixed Use538,949 84,600 140,926 — — 764,475 
Multifamily697,089 3,131 47,322 — — 747,542 
Hospitality41,635 — 43,666 90,132 110,890 286,323 
Retail105,362 — 89,058 — 25,486 219,906 
Industrial41,203 — 108,469 — — 149,672 
Manufactured Housing117,265 — 26,404 — 3,941 147,610 
Other26,801 — 8,768 20,743 — 56,312 
Self-Storage43,443 — — — — 43,443 
Subtotal mortgage loans receivable2,396,303 117,367 585,959 169,948 214,228 3,483,805 
Individually Impaired loans (1)— — — — 69,932 69,932 
Total mortgage loans receivable (3)$2,396,303 $117,367 $585,959 $169,948 $284,160 $3,553,737 
(1)Refer to “Individually Impaired Loans” below for further detail.
(2)Not included above is $18.9 million of accrued interest receivable on all loans at September 30, 2022.
(3)Not included above is $12.6 million of accrued interest receivable on all loans at December 31, 2021.
v3.22.2.2
SECURITIES (Tables)
 9 Months Ended
Sep. 30, 2022
Investments, Debt and Equity Securities [Abstract]  
Summary of securities which are classified as available-for-sale The following is a summary of the Company’s securities at September 30, 2022 and December 31, 2021 ($ in thousands):
September 30, 2022
    Gross Unrealized  Weighted Average
Asset TypeOutstanding
Face Amount		 Amortized Cost BasisGainsLossesCarrying
Value		# of
Securities		Rating (1)Coupon %Yield %Remaining
Duration
(years)
CMBS$607,143  $606,410 $20 $(18,645)$587,785 (2)70 AAA3.83 %3.75 %1.21
CMBS interest-only(3)1,033,126 (3)11,514 93 (257)11,350 (4)10 AAA0.41 %3.36 %1.55
GNMA interest-only(5)47,183 (3)305 48 (28)325 14 AAA0.33 %3.60 %2.90
Agency securities40  41 — (1)40 1 AAA4.00 %2.68 %1.66
U.S. Treasury securities11,000 10,681 2 (24)10,659 3 N/AN/A3.61 %0.82
Total debt securities1,698,492 628,951 163 (18,955)610,159 (6)98 1.64 %3.74 %1.21
Equity securitiesN/A483 — (77)406 3 N/AN/AN/AN/A
Allowance for current expected credit lossesN/A— — (20)(20)
Total securities$1,698,492  $629,434 $163 $(19,052)$610,545 101  

December 31, 2021
    Gross Unrealized  Weighted Average
Asset TypeOutstanding
Face Amount		 Amortized
Cost Basis		GainsLossesCarrying
Value		# of
Securities		Rating (1)Coupon %Yield %Remaining
Duration
(years)
CMBS$691,402  $691,026 $775 $(5,508)$686,293 (2)73 AAA1.57 %1.57 %2.06
CMBS interest-only(3)1,302,551 (3)15,268 617 — 15,885 (4)13 AAA0.45 %5.67 %1.88
GNMA interest-only(5)59,075 (3)518 105 (64)559 14 AA+0.38 %4.97 %3.64
Agency securities557  560 3 — 563 2 AA+2.47 %1.58 %0.69
Total debt securities$2,053,585 $707,372 $1,500 $(5,572)$703,300 (6)102 0.83 %1.67 %2.06
Allowance for current expected credit lossesN/A— — (20)(20)
Total real estate securities$2,053,585  $707,372 $1,500 $(5,592)$703,280 102  
(1)Represents the weighted average of the ratings of all securities in each asset type, expressed as an S&P equivalent rating. For each security rated by multiple rating agencies, the highest rating is used. The ratings provided were determined by third-party rating agencies. The rates may not be current and are subject to change (including the assignment of a “negative outlook” or “credit watch”) at any time.
(2)As of September 30, 2022 and December 31, 2021, respectively, includes $9.0 million and $9.9 million of restricted securities which are designated as risk retention securities under the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (the “Dodd Frank Act”) and are therefore subject to transfer restrictions over the term of the securitization trust and are classified as held-to-maturity and reported at amortized cost.
(3)The amounts presented represent the principal amount of the mortgage loans outstanding in the pool in which the interest-only securities participate.
(4)As of September 30, 2022 and December 31, 2021, respectively, includes $0.4 million and $0.5 million of restricted securities which are designated as risk retention securities under the Dodd-Frank Act and are therefore subject to transfer restrictions over the term of the securitization trust and are classified as held-to-maturity and reported at amortized cost.
(5)Agency interest-only securities are recorded at fair value with changes in fair value recorded in current period earnings. The Company’s Agency interest-only securities are considered to be hybrid financial instruments that contain embedded derivatives. As a result, the Company has elected to account for them as hybrid instruments in their entirety at fair value with changes in fair value recognized in unrealized gain (loss) on Agency interest-only securities in the consolidated statements of income.
(6)The Company’s investments in debt securities represents an ownership interest in an unconsolidated VIE. The Company’s maximum exposure to loss from these unconsolidated VIEs is the amortized cost basis of the securities which represents the purchase price of the investment adjusted by any unamortized premiums or discounts as of the reporting date.
Schedule of fair value of the Company's securities by remaining maturity based upon expected cash flows
The following summarizes the carrying value of the Company’s debt securities by remaining maturity based upon expected cash flows at September 30, 2022 and December 31, 2021 ($ in thousands):
 
September 30, 2022
Asset TypeWithin 1 year1-5 years5-10 yearsAfter 10 yearsTotal
CMBS$337,532 $244,299 $5,954 $— $587,785 
CMBS interest-only1,130 10,220 — — 11,350 
GNMA interest-only190 5 130 — 325 
Agency securities— 40 — — 40 
U.S. Treasury securities10,659 — — — 10,659 
Allowance for current expected credit losses— — — — (20)
Total real estate securities$349,511 $254,564 $6,084 $— $610,139 
 
December 31, 2021
Asset TypeWithin 1 year1-5 years5-10 yearsAfter 10 yearsTotal
CMBS$304,357 $354,670 $10,307 $16,958 $686,292 
CMBS interest-only1,018 14,868 — — 15,886 
GNMA interest-only102 278 179 — 559 
Agency securities503 60 — — 563 
Allowance for current expected credit losses— — — — (20)
Total real estate securities$305,980 $369,876 $10,486 $16,958 $703,280 
v3.22.2.2
REAL ESTATE AND RELATED LEASE INTANGIBLES, NET (Tables)
 9 Months Ended
Sep. 30, 2022
Real Estate [Abstract]  
Schedule of real estate properties by category
The Company’s real estate assets were comprised of the following ($ in thousands):
September 30, 2022December 31, 2021
Land$171,351 $186,940 
Building705,932 765,690 
In-place leases and other intangibles129,222 142,335 
Undepreciated real estate and related lease intangibles1,006,505 1,094,965 
Less: Accumulated depreciation and amortization(236,570)(229,271)
Real estate and related lease intangibles, net$769,935 $865,694 
Below market lease intangibles, net (other liabilities)(1)$(31,272)$(33,203)
(1)Below market lease intangibles is net of $14.1 million and $12.8 million of accumulated amortization as of September 30, 2022 and December 31, 2021, respectively.
Schedule of depreciation and amortization expense recorded
The following table presents depreciation and amortization expense on real estate recorded by the Company ($ in thousands):
 Three Months Ended September 30,Nine Months Ended September 30,
 2022202120222021
Depreciation expense(1)$6,310 $7,496 $19,396 $23,311 
Amortization expense1,554 1,824 5,368 5,009 
Total real estate depreciation and amortization expense$7,864 $9,320 $24,764 $28,320 
(1)Depreciation expense on the consolidated statements of income also includes $8 thousand of depreciation on corporate fixed assets for the nine months ended September 30, 2022 and $25 thousand and $74 thousand of depreciation on corporate fixed assets for the three and nine months ended September 30, 2021, respectively.
Schedule of lease intangible assets
The Company’s intangible assets are comprised of in-place leases, above market leases and other intangibles. The following tables present additional detail related to our intangible assets ($ in thousands):
 September 30, 2022December 31, 2021
Gross intangible assets(1)$129,222 $146,593 
Accumulated amortization64,126 67,500 
Net intangible assets$65,096 $79,093 
(1)Includes $3.1 million and $3.8 million of unamortized above market lease intangibles which are included in real estate and related lease intangibles, net on the consolidated balance sheets as of September 30, 2022 and December 31, 2021, respectively.
The following table presents increases/reductions in operating lease income related to the amortization of above or below market leases recorded by the Company ($ in thousands):
 Three Months Ended September 30,Nine Months Ended September 30,
 2022202120222021
Reduction in operating lease income for amortization of above market lease intangibles acquired$(76)$(92)$(229)$(275)
Increase in operating lease income for amortization of below market lease intangibles acquired513 570 1,547 1,715 
Total$437 $478 $1,318 $1,440 
Schedule of expected amortization expense related to the acquired in-place lease intangibles, for property owned
The following table presents expected adjustment to operating lease income and expected amortization expense during the next five years and thereafter related to the above and below market leases and acquired in-place lease and other intangibles for property owned as of September 30, 2022 ($ in thousands):
Period Ending December 31,Increase/(Decrease) to Operating Lease IncomeAmortization Expense
2022 (last 3 months)$226 $953 
2023906 3,811 
2024906 3,811 
2025906 3,811 
2026906 3,811 
Thereafter24,294 45,771 
Total$28,144 $61,968 
Schedule of contractual future minimum rent under leases
The following is a schedule of non-cancellable, contractual, future minimum rent under leases (excluding property operating expenses paid directly by tenant under net leases) at September 30, 2022 ($ in thousands):
Period Ending December 31,Amount
2022 (last 3 months)$16,984 
202362,850 
202455,753 
202553,561 
202650,064 
Thereafter246,608 
Total$485,820 
Schedule of real estate properties acquired
During the nine months ended September 30, 2021, the Company acquired the following properties ($ in thousands):
Acquisition DateTypePrimary Location(s)Purchase Price/Fair Value on the Date of ForeclosureGain/(Loss) on Loan ForeclosureOwnership Interest (1)
Real estate acquired via foreclosure
February 2021(2)HotelMiami, FL$43,750— (2)100.0%
August 2021ApartmentsStillwater, OK20,452 — 80.0%
Total real estate acquired via foreclosure64,202 $— 
Total real estate acquisitions$64,202 
(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 $1.2 million recorded in the three months ended December 31, 2020. In February 2021, the foreclosed property was sold without any gain or loss. The Company recorded no revenues from its 2021 acquisitions for the nine months ended September 30, 2021.
Schedule of properties sold
The Company sold the following properties during the nine months ended September 30, 2022 ($ 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 
Totals(1)$173,119 $111,018 $62,101 
(1) Includes $3.7 million of prepayment costs upon repayment of the mortgage financing in connection with the 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 nine months ended September 30, 2021 ($ in thousands):

Sales DateTypePrimary Location(s)Net Sales ProceedsNet Book ValueRealized Gain/(Loss)PropertiesUnits SoldUnits Remaining
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 8,086 1 — — 
August 2021Net LeaseAnkeny, IA19,021 13,341 5,681 1 — — 
August 2021ApartmentsArlington/Fort Worth, TX26,496 22,498 3,998 2 — — 
Totals$146,650 $109,496 $37,154 
v3.22.2.2
INVESTMENT IN AND ADVANCES TO UNCONSOLIDATED VENTURES (Tables)
 9 Months Ended
Sep. 30, 2022
Equity Method Investments and Joint Ventures [Abstract]  
Summary of the Company's investments in unconsolidated joint ventures, which the entity accounts for using the equity method
The following is a summary of the Company’s investments in and advances to unconsolidated ventures, which we account for using the equity method, as of September 30, 2022 and December 31, 2021 ($ in thousands):
EntitySeptember 30, 2022December 31, 2021
Grace Lake JV, LLC$6,006 $5,434 
24 Second Avenue Holdings LLC— 17,720 
Investment in unconsolidated ventures$6,006 $23,154 
Summary of the Company's allocated earnings based on its ownership interests from investment in unconsolidated joint ventures
The following is a summary of the Company’s allocated earnings (losses) based on its ownership interests from investment in unconsolidated ventures for the three and nine months ended September 30, 2022 and 2021 ($ in thousands):
 Three Months Ended September 30,Nine Months Ended September 30,
Entity2022202120222021
Grace Lake JV, LLC$407 $436 $1,197 $1,058 
24 Second Avenue Holdings LLC— 97 — 148 
Earnings (loss) from investment in unconsolidated ventures$407 $533 $1,197 $1,206 
Summary of the combined results from operations of the unconsolidated joint ventures for the period in which the Company had investment interests
The following is a summary of the combined financial position of the unconsolidated ventures in which the Company had investment interests as of September 30, 2022 and December 31, 2021 ($ in thousands): 
 September 30, 2022(1)December 31, 2021
Total assets$69,973 $109,873 
Total liabilities56,661 66,387 
Partners’/members’ capital$13,312 $43,486 
(1) As of September 30, 2022, the balance represents only the Grace Lake JV, LLC interest.

The following is a summary of the combined results from operations of the unconsolidated ventures for the period in which the Company had investment interests during the three and nine months ended September 30, 2022 and 2021 ($ in thousands): 
 Three Months Ended September 30,Nine Months Ended September 30,
 2022202120222021
Total revenues$4,863 $4,884 $14,859 $13,941 
Total expenses3,237 3,144 10,072 9,709 
Net income (loss)$1,626 $1,740 $4,787 $4,232 
v3.22.2.2
DEBT OBLIGATIONS, NET (Tables)
 9 Months Ended
Sep. 30, 2022
Debt Disclosure [Abstract]  
Schedule of debt obligations
The details of the Company’s debt obligations at September 30, 2022 and December 31, 2021 are as follows ($ in thousands):
 
September 30, 2022
Debt ObligationsCommitted /
Principal Amount		Carrying Value of Debt Obligations Committed but UnfundedInterest Rate at September 30, 2022(1)Current Term MaturityRemaining Extension OptionsEligible CollateralCarrying Amount of CollateralFair Value of Collateral
Committed Loan Repurchase Facility$500,000 $266,388 $233,612 4.32%—4.85%9/27/2025(2)(3)$434,136 $435,112 
Committed Loan Repurchase Facility100,000 11,171 88,829 5.52%—5.52%2/26/2023(4)(5)20,183 20,183 
Committed Loan Repurchase Facility300,000 157,569 142,431 4.57%—5.57%12/19/2022(6)(7)243,868 243,868 
Committed Loan Repurchase Facility100,000 47,415 52,585 4.48%—4.48%4/30/2024(8)(3)62,682 62,682 
Committed Loan Repurchase Facility100,000 63,965 36,035 4.25%—4.75%1/3/2023(2)(3)103,184 103,184 
Committed Loan Repurchase Facility100,000 — 100,000 —%—%1/22/2024(9)(7)— — 
Committed Loan Repurchase Facility100,000 — 100,000 —%——%7/17/2023(10)(11)— — 
Total Committed Loan Repurchase Facilities1,300,000 546,508 753,492 864,053 865,029 
Committed Securities Repurchase Facility100,000 9,449 90,551 3.69%—3.94%5/27/2023 N/A (12)10,899 10,899 
Uncommitted Securities Repurchase Facility N/A (13) 167,937  N/A (13)3.37%—4.98%10/31/2022 N/A (12)188,763 188,763 (14)
Total Repurchase Facilities1,400,000 723,894 844,043 1,063,715 1,064,691 
Revolving Credit Facility323,850 — 323,850 —%——%7/27/2023(15) N/A (16) N/A (16)N/A (16)
Mortgage Loan Financing615,933 616,370 — 4.25%—6.53%2022 - 2031(17) N/A (18)686,597 908,262 (19)
CLO Debt1,064,365 1,057,053 (20)— 3.88%—6.47%2024 - 2026(21)N/A(3)1,326,889 1,326,889 
Borrowings from the FHLB213,000 213,000 —  2.74% —3.38%2023 - 2024 N/A (22)250,767 250,767 (23)
Senior Unsecured Notes1,643,794 1,627,569 (24)— 4.25%—5.25%2025 - 2029 N/A  N/A (25)N/A (25)N/A (25)
Total Debt Obligations, Net$5,260,942 $4,237,886 $1,167,893 $3,327,968 $3,550,609 
(1)LIBOR and Term SOFR rates in effect as of September 30, 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)Three additional 364-day periods at Company’s option.
(7)First mortgage and mezzanine commercial real estate loans and senior and pari passu interests therein. It does not include the real estate collateralizing such loans.
(8)Three additional 12-month extension periods at Company’s option.
(9)Two additional 12-month extension periods at Company's option. No new advances permitted during the final 12-month period.
(10)The Company may extend periodically with lender’s consent. At no time can the maturity of the facility exceed 364 days from the date of determination.
(11)First mortgage, junior and mezzanine commercial real estate loans, and certain senior and/or pari passu interests therein.
(12)Commercial real estate securities. It does not include the first mortgage commercial real estate loans collateralizing such securities.
(13)Represents uncommitted securities repurchase facilities for which there is no committed amount subject to future advances.
(14)Includes $2.0 million of restricted securities under the risk retention rules of the Dodd-Frank Act. These securities are accounted for as held-to-maturity and recorded at amortized cost basis.
(15)Four additional 12-month periods at Company’s option.
(16)The obligations under the Revolving Credit Facility are guaranteed by the Company and certain of its subsidiaries and secured by equity pledges in certain Company subsidiaries.
(17)Anticipated repayment dates.
(18)Certain of our real estate investments serve as collateral for our mortgage loan financing.
(19)Using undepreciated carrying value of commercial real estate to approximate fair value.
(20)Presented net of unamortized debt issuance costs of $7.3 million at September 30, 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 $6.7 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 $16.2 million at September 30, 2022.
(25)The obligations under the senior unsecured notes are guaranteed by the Company and certain of its subsidiaries.

December 31, 2021
Debt ObligationsCommitted /
Principal Amount		Carrying Value of Debt Obligations Committed but UnfundedInterest Rate at December 31, 2021(1)Current Term MaturityRemaining Extension OptionsEligible CollateralCarrying Amount of CollateralFair Value of Collateral
Committed Loan Repurchase Facility(2)$500,000 $37,207 $462,793 1.61%—1.61%12/19/2022(3)(4)$82,966 $82,966 
Committed Loan Repurchase Facility100,000 45,290 54,710 2.06%—2.81%2/26/2022(5)(6)62,972 62,972 
Committed Loan Repurchase Facility300,000 75,837 224,163 1.86%—2.86%12/19/2022(7)(8)127,926 127,926 
Committed Loan Repurchase Facility100,000 — 100,000 —%——%4/30/2024(9)(4)— — 
Committed Loan Repurchase Facility100,000 26,183 73,817 2.23%—2.23%1/3/2023(3)(4)48,720 48,720 
Committed Loan Repurchase Facility100,000 — 100,000 —%——%10/21/2022(10)(11)— — 
Total Committed Loan Repurchase Facilities1,200,000 184,517 1,015,483 322,584 322,584 
Committed Securities Repurchase Facility(2)862,794 44,139 818,655 0.65%—1.05%5/27/2023 N/A (12)50,522 50,522 
Uncommitted Securities Repurchase Facility N/A (13) 215,921  N/A (13)0.54%—2.06%1/2022 - 6/2022 N/A (12)242,629 242,629 (14)
Total Repurchase Facilities1,600,000 444,577 1,371,344 615,735 615,735 
Revolving Credit Facility266,430 — 266,430 —%——%2/11/2022(15) N/A (16) N/A (16)N/A (16)
Mortgage Loan Financing690,927 693,797 — 3.75%—6.16%2022 - 2031(17) N/A (18)805,007 1,033,372 (19)
Secured Financing Facility136,444 132,447 (20)— 10.75%—10.75%5/6/2023N/A(21)244,399 244,553 
CLO Debt1,064,365 1,054,774 (22)— 1.66%—1.75%2024 - 2026(23)N/A(4)1,299,116 1,299,116 
Borrowings from the FHLB263,000 263,000 —  0.36% —2.74%2022 - 2024 N/A (24)301,792 301,792 (25)
Senior Unsecured Notes1,649,794 1,631,108 (26)— 4.25%—5.25%2025 - 2029 N/A  N/A (27)N/A (27)N/A (27)
Total Debt Obligations, Net$5,670,960 $4,219,703 $1,637,774 $3,266,049 $3,494,568 
(1)LIBOR rates in effect as of December 31, 2021 are used to calculate interest rates for floating rate debt.
(2)The combined committed amounts for the loan repurchase facility and the securities repurchase facility total $900.0 million, with maximum capacity on the loan repurchase facility of $500.0 million, and maximum capacity on the securities repurchase facility of $900.0 million less outstanding commitments on the loan repurchase facility.
(3)Two 12-month extension periods at Company’s option. No new advances are permitted after the initial maturity date.
(4)First mortgage commercial real estate loans and senior and pari passu interests therein. It does not include the real estate collateralizing such loans.
(5)Two additional 12-month periods at Company’s option.
(6)First mortgage commercial real estate loans. It does not include the real estate collateralizing such loans.
(7)Three additional 364-day periods at Company’s option.
(8)First mortgage and mezzanine commercial real estate loans and senior and pari passu interests therein. It does not include the real estate collateralizing such loans.
(9)One additional 12-month extension period and two additional 6-month extension periods at Company’s option.
(10)The Company may extend periodically with lender’s consent. At no time can the maturity of the facility exceed 364 days from the date of determination.
(11)First mortgage, junior and mezzanine commercial real estate loans, and certain senior and/or pari passu interests therein.
(12)Commercial real estate securities. It does not include the first mortgage commercial real estate loans collateralizing such securities.
(13)Represents uncommitted securities repurchase facilities for which there is no committed amount subject to future advances.
(14)Includes $2.1 million of restricted securities under the risk retention rules of the Dodd-Frank Act. These securities are accounted for as held-to-maturity and recorded at amortized cost basis.
(15)Three additional 12-month periods at Company’s option.
(16)The obligations under the Revolving Credit Facility are guaranteed by the Company and certain of its subsidiaries and secured by equity pledges in certain Company subsidiaries.
(17)Anticipated repayment dates.
(18)Certain of our real estate investments serve as collateral for our mortgage loan financing.
(19)Using undepreciated carrying value of commercial real estate to approximate fair value.
(20)Presented net of unamortized debt issuance costs of $1.9 million and an unamortized discount of $2.1 million related to the Purchase Right (described in detail under Secured Financing Facility below) at December 31, 2021.
(21)First mortgage commercial real estate loans. Substitution of collateral and conversion of loan collateral to mortgage collateral are permitted with lender’s approval.
(22)Presented net of unamortized debt issuance costs of $9.6 million at December 31, 2021.
(23)Represents the estimated maturity date based on the remaining reinvestment period and underlying loan maturities.
(24)Investment grade commercial real estate securities and cash. It does not include the first mortgage commercial real estate loans collateralizing such securities.
(25)Includes $7.5 million of restricted securities under the risk retention rules of the Dodd-Frank Act. These securities are accounted for as held-to-maturity and recorded at amortized cost basis.
(26)Presented net of unamortized debt issuance costs of $18.7 million at December 31, 2021.
(27)The obligations under the senior unsecured notes are guaranteed by the Company and certain of its subsidiaries.
Schedule of contractual payments under all borrowings by maturity
The following schedule reflects the Company’s contractual payments under all borrowings by maturity ($ in thousands): 
Period ending December 31,Borrowings by
Maturity(1)
2022 (last 3 months)$216,888 
2023159,643 
2024590,832 
2025612,006 
202663,630 
Thereafter1,553,621 
Subtotal3,196,620 
Debt issuance costs included in senior unsecured notes(16,225)
Debt issuance costs included in mortgage loan financings(2,064)
Premiums included in mortgage loan financings(2)2,501 
Total (3)$3,180,832 
(1)The allocation of repayments under our committed loan repurchase facilities and Secured Financing Facility is based on the earlier of (i) the maturity date of each agreement, or (ii) the maximum maturity date of the collateral loans, assuming all extension options are exercised by the borrower.
(2)Represents deferred gains on intercompany loans, secured by our own real estate, sold into securitizations. These premiums are amortized as a reduction to interest expense.
(3)Total does not include $1.1 billion of consolidated CLO debt obligations and the related debt issuance costs of $7.3 million, as the satisfaction of these liabilities will be paid through cash flow from loan collateral including amortization and will not require cash outlays from us.
v3.22.2.2
DERIVATIVE INSTRUMENTS (Tables)
 9 Months Ended
Sep. 30, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of breakdown of the derivatives outstanding The following is a breakdown of the derivatives outstanding as of September 30, 2022 and December 31, 2021 ($ in thousands):
 
September 30, 2022
  Fair ValueRemaining
Maturity
(years)
Contract TypeNotionalAsset(1)Liability(1)
Caps    
1 Month Term SOFR$90,000 $1,556 $— 1.94
Futures    
5-year Treasury-Note Futures32,400 $111 $— 0.25
10-year Treasury-Note Futures43,100 147 — 0.25
Total futures75,500 258 —  
Options    
Put Options9,100 261 — 0.43
Total derivatives$174,600 $2,075 $—  
(1)Shown as derivative instruments, at fair value, in the accompanying consolidated balance sheets.

December 31, 2021
  Fair ValueRemaining
Maturity
(years)
Contract TypeNotionalAsset(1)Liability(1)
Caps    
1 Month LIBOR$84,621 $60 $— 0.57
Futures    
5-year Swap6,500 76 — 0.25
10-year Swap23,000 266 — 0.25
Total futures29,500 342 —  
Total derivatives$114,121 $402 $—  
(1)Shown as derivative instruments, at fair value, in the accompanying consolidated balance sheets.
Schedule of net realized gains/(losses) and unrealized appreciation/(depreciation) on derivatives
The following table indicates the net realized gains (losses) and unrealized appreciation (depreciation) on derivatives, by primary underlying risk exposure, as included in net result from derivatives transactions in the consolidated statements of income for the three and nine months ended September 30, 2022 and 2021($ in thousands):
 Three Months Ended September 30, 2022Nine Months Ended September 30, 2022
Contract TypeUnrealized
Gain/(Loss)		Realized
Gain/(Loss)		Net Result
from
Derivative
Transactions		Unrealized
Gain/(Loss)		Realized
Gain/(Loss)		Net Result
from
Derivative
Transactions
Caps$747 $— $747 $736 $648 $1,384 
Futures539 5,120 5,659 (83)10,919 10,836 
Options161 — 161 161 — 161 
Total$1,447 $5,120 $6,567 $814 $11,567 $12,381 
 
 
Three Months Ended September 30, 2021
Nine Months Ended September 30, 2021
Contract TypeUnrealized
Gain/(Loss)		Realized
Gain/(Loss)		Net Result
from
Derivative
Transactions		Unrealized
Gain/(Loss)		Realized
Gain/(Loss)		Net Result
from
Derivative
Transactions
   
Caps$(3)$— $(3)$(3)$— $(3)
Futures509 (431)78 (158)1,163 1,005 
Total$506 $(431)$75 $(161)$1,163 $1,002 
v3.22.2.2
OFFSETTING ASSETS AND LIABILITIES (Tables)
 9 Months Ended
Sep. 30, 2022
Offsetting [Abstract]  
Schedule of offsetting of financial assets
The following table represents offsetting of financial assets and derivative assets as of September 30, 2022 ($ 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)
Derivatives$2,075 $— $2,075 $— $(1,348)$727 
Total$2,075 $— $2,075 $— $(1,348)$727 
The following table represents offsetting of financial assets and derivative assets as of December 31, 2021 ($ in thousands):
DescriptionGross amounts of
recognized assets		Gross amounts
offset in the
balance sheet		Net amounts of
assets presented
in the balance
sheet		Gross amounts not offset in the
balance sheet		Net amount
Financial
instruments		Cash collateral
received/(posted)(1)
Derivatives$402 $— $402 $— $(526)$402 
Total$402 $— $402 $— $(526)$402 
(1)Included in restricted cash on consolidated balance sheets.
Schedule of offsetting of financial liabilities
The following table represents offsetting of financial liabilities and derivative liabilities as of September 30, 2022 ($ 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$723,894 $— $723,894 $723,894 $10 $723,884 
Total$723,894 $— $723,894 $723,894 $1,358 $722,536 
(1)Included in restricted cash on consolidated balance sheets.
The following table represents offsetting of financial liabilities and derivative liabilities as of December 31, 2021 ($ in thousands):
DescriptionGross amounts of
recognized
liabilities		Gross amounts
offset in the
balance sheet		Net amounts of
liabilities
presented in the
balance sheet		Gross amounts not offset in the
balance sheet		Net amount
Financial
instruments
collateral		Cash collateral
posted/(received)(1)
Repurchase agreements$444,577 $— $444,577 $444,577 $1,975 $442,603 
Total$444,577 $— $444,577 $444,577 $1,975 $442,603 
(1)Included in restricted cash on consolidated balance sheets.
v3.22.2.2
CONSOLIDATED VARIABLE INTEREST ENTITIES (Tables)
 9 Months Ended
Sep. 30, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Schedule of Variable Interest Entities
The Company consolidates on its balance sheet two CLOs that are considered VIEs as of September 30, 2022 and December 31, 2021 ($ in thousands):

September 30, 2022December 31, 2021
Restricted cash$2,465 $369 
Mortgage loan receivables held for investment, net, at amortized cost1,326,889 1,299,116 
Accrued interest receivable6,570 4,587 
Other assets— 26,636 
Total assets$1,335,924 $1,330,708 
Debt obligations, net$1,057,053 $1,054,774 
Accrued expenses2,103 1,218 
Other liabilities65 65 
Total liabilities1,059,221 1,056,057 
Net equity in VIEs (eliminated in consolidation)276,703 274,651 
Total equity276,703 274,651 
Total liabilities and equity$1,335,924 $1,330,708 
v3.22.2.2
EQUITY STRUCTURE AND ACCOUNTS (Tables)
 9 Months Ended
Sep. 30, 2022
Equity [Abstract]  
Common stock repurchase activity
The following table is a summary of the Company’s repurchase activity of its Class A common stock during the nine months ended September 30, 2022 and 2021 ($ in thousands):
SharesAmount(1)
Authorizations remaining as of December 31, 2021$44,122 
Additional authorizations(2)10,534 
Repurchases paid721,299 (7,279)
Authorizations remaining as of September 30, 2022$47,377 
(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 authorizations15,027 
Repurchases paid814,428 (8,912)
Authorizations remaining as of September 30, 2021$44,217 
(1)Amount excludes commissions paid associated with share repurchases.
Schedule of dividends declared and paid
The following table presents dividends declared (on a per share basis) of Class A common stock for the nine months ended September 30, 2022 and 2021:
Declaration DateDividend per Share
March 15, 2022$0.20 
June 15, 20220.22 
September 15, 20220.23 
Total$0.65 
March 15, 2021$0.20 
June 15, 20210.20 
September 15, 20210.20 
Total$0.60 
Schedule of accumulated other comprehensive Income
The following table presents changes in accumulated other comprehensive income related to the cumulative difference between the fair market value and the amortized cost basis of securities classified as available for sale for the three and nine months ended September 30, 2022 and 2021 ($ in thousands):
Accumulated Other Comprehensive Income (Loss)Accumulated Other Comprehensive Income (Loss) of Noncontrolling InterestsTotal Accumulated Other Comprehensive Income (Loss)
June 30, 2022$(17,855)$(2)$(17,857)
Other comprehensive income (loss)(956)— (956)
September 30, 2022$(18,811)$(2)$(18,813)
Accumulated Other Comprehensive Income (Loss)Accumulated Other Comprehensive Income (Loss) of Noncontrolling InterestsTotal Accumulated Other Comprehensive Income (Loss)
December 31, 2021$(4,112)$(2)$(4,114)
Other comprehensive income (loss)(14,699)— (14,699)
September 30, 2022$(18,811)$(2)$(18,813)

Accumulated Other Comprehensive Income (Loss)Accumulated Other Comprehensive Income (Loss) of Noncontrolling InterestsTotal Accumulated Other Comprehensive Income (Loss)
June 30, 2021$(2,211)$(2)$(2,213)
Other comprehensive income (loss)(873)— (873)
September 30, 2021$(3,084)$(2)$(3,086)
Accumulated Other Comprehensive Income (Loss)Accumulated Other Comprehensive Income (Loss) of Noncontrolling InterestsTotal Accumulated Other Comprehensive Income (Loss)
December 31, 2020$(10,463)$(2)$(10,465)
Other comprehensive income (loss)7,379 — 7,379 
September 30, 2021$(3,084)$(2)$(3,086)
v3.22.2.2
EARNINGS PER SHARE (Tables)
 9 Months Ended
Sep. 30, 2022
Earnings Per Share [Abstract]  
Schedule of the Company's net income and weighted average shares outstanding
The Company’s net income (loss) and weighted average shares outstanding for the three and nine months ended September 30, 2022 and 2021 consist of the following:
Three Months Ended September 30,Nine Months Ended September 30,
($ in thousands except share amounts)2022202120222021
Basic and Diluted Net income (loss) available for Class A common shareholders$28,583 $18,927 $82,663 $29,413 
Weighted average shares outstanding:  
Basic124,278,732 123,729,867 124,393,861 123,917,047 
Diluted125,172,180 124,499,675 125,813,280 124,354,190 
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 three and nine months ended September 30, 2022 and 2021 consist of the following:
Three Months Ended September 30,Nine Months Ended September 30,
(In thousands except share and per share amounts)2022202120222021
Basic Net Income (Loss) Per Share of Class A Common Stock  
Numerator:
  
Net income (loss) attributable to Class A common shareholders$28,583 $18,927 $82,663 $29,413 
Denominator:
  
Weighted average number of shares of Class A common stock outstanding124,278,732 123,729,867 124,393,861 123,917,047 
Basic net income (loss) per share of Class A common stock$0.23 $0.15 $0.66 $0.24 
Diluted Net Income (Loss) Per Share of Class A Common Stock  
Numerator:  
Net income (loss) attributable to Class A common shareholders$28,583 $18,927 $82,663 $29,413 
Diluted net income (loss) attributable to Class A common shareholders28,583 18,927 82,663 29,413 
Denominator:  
Basic weighted average number of shares of Class A common stock outstanding124,278,732 123,729,867 124,393,861 123,917,047 
Add - dilutive effect of:  
Incremental shares of unvested Class A restricted stock(1)893,448 769,808 1,419,419 437,143 
Diluted weighted average number of shares of Class A common stock outstanding125,172,180 124,499,675 125,813,280 124,354,190 
Diluted net income (loss) per share of Class A common stock$0.23 $0.15 $0.66 $0.24 
(1)The Company is using the treasury stock method.
v3.22.2.2
STOCK BASED AND OTHER COMPENSATION PLANS (Tables)
 9 Months Ended
Sep. 30, 2022
Share-Based Payment Arrangement [Abstract]  
Stock based compensation plans summary
The following table summarizes the impact on the consolidated statements of income of the various stock based compensation plans and other compensation plans ($ in thousands):
Three Months Ended September 30,Nine Months Ended September 30,
2022202120222021
Stock Based Compensation Expense$3,738 $3,072 $27,787 $11,873 
Phantom Equity Investment Plan— — — 22 
Total Stock Based Compensation Expense(1)$3,738 $3,072 $27,787 $11,895 
(1) Variance between nine months ended September 30, 2022 and September 30, 2021 is primarily due to timing of 2021 and 2022 employee stock and bonus compensation. The majority of the stock and bonus compensation for the 2020 compensation year was granted in December of 2020 whereas stock and bonus compensation for the 2021 compensation year was granted during the three months ended March 31, 2022.
Summary of the grants
A summary of the grants is presented below:
 Three Months Ended September 30,Nine Months Ended September 30,
 2022202120222021
Number
of Shares/Options		Weighted
Average
Fair Value
Per Share		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 Stock7,179 $9.75 — $— 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 September 30, 2022 and changes during 2022 of the Class A common stock and stock options of Ladder Capital Corp granted under the 2014 Omnibus Incentive Plan:
Restricted StockStock Options
Nonvested/Outstanding at December 31, 20212,145,380 623,788 
Granted2,884,303 — 
Vested(2,404,181)— 
Forfeited(95,931)— 
Nonvested/Outstanding at September 30, 20222,529,571 623,788 
Exercisable at September 30, 2022 (1)623,788 
(1) The weighted-average exercise price of outstanding options, warrants and rights is $14.84 at September 30, 2022.
v3.22.2.2
FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)
 9 Months Ended
Sep. 30, 2022
Fair Value Disclosures [Abstract]  
Summary of fair value
The carrying values and estimated fair values of the Company’s financial instruments, which are both reported at fair value on a recurring basis (as indicated) or amortized cost/par, at September 30, 2022 and December 31, 2021 are as follows ($ in thousands):
 
September 30, 2022
      Weighted Average
 Principal Amount Amortized Cost Basis/Purchase PriceFair ValueFair Value MethodYield
%		Remaining
Maturity/Duration (years)
Assets:       
CMBS(1)$607,143  $606,410 $587,786 Internal model, third-party inputs3.75 %1.21
CMBS interest-only(1)1,033,126 (2)11,514 11,349 Internal model, third-party inputs3.36 %1.55
GNMA interest-only(3)47,183 (2)305 325 Internal model, third-party inputs3.60 %2.90
Agency securities(1)40  41 40 Internal model, third-party inputs2.68 %1.7
U.S. Treasury securities(1)11,000 10,659 10,659 Internal model, third-party inputs3.61 %0.82
Equity securities(3) N/A 483 406 Observable market pricesN/A N/A
Mortgage loan receivables held for investment, net, at amortized cost(4)4,044,192  4,019,297 4,027,097 Discounted Cash Flow(5)7.45 %1.38
Mortgage loan receivables held for sale31,350  27,818 27,818 Internal model, third-party inputs(6)4.57 %9.44
FHLB stock(7)9,585  9,585 9,585 (7)3.00 % N/A
Nonhedge derivatives(1)(10)174,600  2,075 2,075 Counterparty quotationsN/A0.25
Liabilities:       
Repurchase agreements - short-term676,478  676,478 676,478 Cost plus Accrued Interest (8)2.89 %0.19
Repurchase agreements - long-term47,415  47,415 47,415 Discounted Cash Flow(9)3.76 %1.58
Mortgage loan financing615,933  616,370 630,856 Discounted Cash Flow5.12 %3.00
CLO debt1,064,365 1,057,053 1,057,053 Discounted Cash Flow(9)3.08 %16.17
Borrowings from the FHLB213,000  213,000 213,073 Discounted Cash Flow1.38 %1.50
Senior unsecured notes1,643,794  1,627,569 1,337,808 Internal model, third-party inputs4.66 %5.00
(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 $18.5 million at September 30, 2022.
(5)Fair value for floating rate mortgage loan receivables, held for investment is estimated to approximate the outstanding face amount given the short interest rate reset risk (30 days) and no significant change in credit risk. Fair value for fixed rate mortgage loan receivables, held for investment is measured using a discounted cash flow model.
(6)Fair value for mortgage loan receivables, held for sale is measured using a hypothetical securitization model utilizing market data from recent securitization spreads and pricing.
(7)Fair value of the FHLB stock approximates outstanding face amount as the Company’s captive insurance subsidiary is restricted from trading the stock and can only put the stock back to the FHLB, at the FHLB’s discretion, at par.
(8)For repurchase agreements - short term, the value approximates the cost plus accrued interest.
(9)For repurchase agreements - long term and CLO debt, the carrying value approximates the fair value discounting the expected cash flows at current market rates. If the collateral is determined to be impaired, the related financing would be revalued accordingly. There are no impairments on any positions.
(10)The outstanding face amount of the nonhedge derivatives represents the notional amount of the underlying contracts.
December 31, 2021
      Weighted Average
 Principal Amount Amortized Cost Basis/Purchase PriceFair ValueFair Value MethodYield
%		Remaining
Maturity/Duration (years)
Assets:       
CMBS(1)$691,402  $691,026 $686,293 Internal model, third-party inputs1.57 %2.06
CMBS interest-only(1)1,302,551 (2)15,268 15,885 Internal model, third-party inputs5.67 %1.88
GNMA interest-only(3)59,075 (2)518 559 Internal model, third-party inputs4.97 %3.64
Agency securities(1)557  560 563 Internal model, third-party inputs1.58 %0.69
Mortgage loan receivables held for investment, net, at amortized cost(4)3,581,919  3,553,737 3,494,254 Discounted Cash Flow(5)5.65 %1.76
FHLB stock(6)11,835  11,835 11,835 (6)3.25 % N/A
Nonhedge derivatives(1)(7)114,121  402 402 Counterparty quotationsN/A0.30
Liabilities:       
Repurchase agreements - short-term418,394  418,394 418,394 Discounted Cash Flow(8)0.89 %0.46
Repurchase agreements - long-term26,183  26,183 26,183 Discounted Cash Flow(9)2.21 %1.01
Mortgage loan financing690,927  693,797 709,695 Discounted Cash Flow4.83 %3.3
Secured financing facility136,444 132,447 133,389 Discounted Cash Flow(8)10.75 %1.35
CLO debt1,064,365 1,054,774 1,054,774 Discounted Cash Flow(9)2.04 %16.92
Borrowings from the FHLB263,000  263,000 263,414 Discounted Cash Flow0.91 %1.95
Senior unsecured notes1,649,794  1,631,108 1,677,039 Internal model, third-party inputs4.66 %5.74
(1)Measured at fair value on a recurring basis with the net unrealized gains or losses recorded as a component of other comprehensive income (loss) in equity.
(2)Represents notional outstanding balance of underlying collateral.
(3)Measured at fair value on a recurring basis with the net unrealized gains or losses recorded in current period earnings.
(4)Balance does not include impact of allowance for current expected credit losses of $31.8 million at December 31, 2021.
(5)Fair value for floating rate mortgage loan receivables, held for investment is estimated to approximate the outstanding face amount given the short interest rate reset risk (30 days) and no significant change in credit risk. Fair value for fixed rate mortgage loan receivables, held for investment is measured using a discounted cash flow model.
(6)Fair value of the FHLB stock approximates outstanding face amount as the Company’s captive insurance subsidiary is restricted from trading the stock and can only put the stock back to the FHLB, at the FHLB’s discretion, at par.
(7)The outstanding face amount of the nonhedge derivatives represents the notional amount of the underlying contracts.
(8)Fair value for repurchase agreement liabilities - short term borrowings under the Secured Financing Facility and borrowings under the Revolving Credit Facility is estimated to approximate carrying amount primarily due to the short interest rate reset risk (30 days) of the financings and the high credit quality of the assets collateralizing these positions. If the collateral is determined to be impaired, the related financing would be revalued accordingly. There are no impairments on any positions.
(9)For repurchase agreements - long term and CLO debt, the carrying value approximates the fair value discounting the expected cash flows at current market rates. If the collateral is determined to be impaired, the related financing would be revalued accordingly. There are no impairments on any positions.
Summary of financial assets and liabilities, both reported at fair value on a recurring basis or amortized cost/par
The following table summarizes the Company’s financial assets and liabilities, which are both reported at fair value on a recurring basis (as indicated) or amortized cost/par, at September 30, 2022 and December 31, 2021 ($ in thousands):
 
September 30, 2022
 
Financial Instruments Reported at Fair Value on Consolidated Statements of Financial ConditionPrincipal
Amount		 Fair Value
 Level 1Level 2Level 3Total
Assets:      
CMBS(1)$597,695  $— $— $578,737 $578,737 
CMBS interest-only(1)1,024,633 (2)— — 10,901 10,901 
GNMA interest-only(3)47,183 (2)— — 325 325 
Agency securities(1)40  — — 40 40 
U.S. Treasury securities11,000 10,659 — — 10,659 
Equity securities N/A 406 — — 406 
Nonhedge derivatives(4)174,600 — 2,075 — 2,075 
$11,065 $2,075 $590,003 $603,143 
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)$4,044,192  $— $— $4,027,097 $4,027,097 
Mortgage loan receivable held for sale(6)31,350  — — 27,818 27,818 
CMBS(7)9,448 — — 9,049 9,049 
CMBS interest-only(7)8,493 — — 448 448 
FHLB stock9,585  — — 9,585 9,585 
$— $— $4,073,997 $4,073,997 
Liabilities:     
Repurchase agreements - short-term$676,478  $— $— $676,478 $676,478 
Repurchase agreements - long-term47,415  — — 47,415 47,415 
Mortgage loan financing615,933  — — 630,856 630,856 
CLO debt1,064,365 — — 1,057,053 1,057,053 
Borrowings from the FHLB213,000  — — 213,073 213,073 
Senior unsecured notes1,643,794  — — 1,337,808 1,337,808 
$— $— $3,962,683 $3,962,683 
(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 $18.5 million at September 30, 2022.
(6)A lower of cost or market adjustment was recorded as of September 30, 2022.
(7)Restricted securities which are designated as risk retention securities under the Dodd-Frank Act and are therefore subject to transfer restrictions over the term of the securitization trust, are classified as held-to-maturity and reported at amortized cost.
December 31, 2021
Financial Instruments Reported at Fair Value on Consolidated Statements of Financial ConditionPrincipal
Amount		 Fair Value
 Level 1Level 2Level 3Total
Assets:      
CMBS(1)$681,076  $— $— $676,398 $676,398 
CMBS interest-only(1)1,293,181 (2)— — 15,344 15,344 
GNMA interest-only(3)59,075 (2)— — 559 559 
Agency securities(1)557  — — 563 563 
Nonhedge derivatives(4)114,121  — 402 — 402 
$— $402 $692,864 $693,266 
Financial Instruments Not Reported at Fair Value on Consolidated Statements of Financial ConditionPrincipal
Amount		 Fair Value
 Level 1Level 2Level 3Total
Assets:
Mortgage loan receivable held for investment, net, at amortized cost:
Mortgage loan receivables held for investment, net, at amortized cost(5)$3,581,920  $— $— $3,494,254 $3,494,254 
CMBS(6)10,326 — — 9,894 9,894 
CMBS interest-only(6)9,370 — — 541 541 
FHLB stock11,835  — — 11,835 11,835 
$— $— $3,516,524 $3,516,524 
Liabilities:     
Repurchase agreements - short-term$418,394  $— $— $418,394 $418,394 
Repurchase agreements - long-term26,183  — — 26,183 26,183 
Mortgage loan financing690,927  — — 709,695 709,695 
Secured financing facility136,444 — — 133,389 133,389 
CLO debt1,064,365 — — 1,054,774 1,054,774 
Borrowings from the FHLB263,000  — — 263,414 263,414 
Senior unsecured notes1,649,794  — — 1,677,039 1,677,039 
$— $— $4,282,888 $4,282,888 
(1)Measured at fair value on a recurring basis with the net unrealized gains or losses recorded as a component of other comprehensive income (loss) in equity. 
(2)Represents notional outstanding balance of underlying collateral. 
(3)Measured at fair value on a recurring basis with the net unrealized gains or losses recorded in current period earnings. 
(4)Measured at fair value on a recurring basis with the net unrealized gains or losses recorded in current period earnings.  The outstanding face amount of the nonhedge derivatives represents the notional amount of the underlying contracts.
(5)Balance does not include impact of allowance for current expected credit losses of $31.8 million at December 31, 2021.
(6)Restricted securities which are designated as risk retention securities under the Dodd-Frank Act and are therefore subject to transfer restrictions over the term of the securitization trust, are classified as held-to-maturity and reported at amortized cost.
Schedule of changes in Level 3 of financial instruments
The following table summarizes changes in Level 3 financial instruments reported at fair value on the consolidated statements of financial condition for the nine months ended September 30, 2022 and 2021 ($ in thousands):
Nine Months Ended September 30,
Level 320222021
Balance at January 1,$692,864 $1,046,569 
Transfer from level 2— — 
Purchases55,716 164,523 
Sales(4,261)(364,959)
Paydowns/maturities(135,988)(135,733)
Amortization of premium/discount(3,503)(5,388)
Unrealized gain/(loss)(14,719)7,292 
Realized gain/(loss) on sale(106)879 
Balance at September 30,$590,003 $713,183 
Schedule of quantitative information
The following is quantitative information about significant unobservable inputs in our Level 3 measurements for those assets and liabilities measured at fair value on a recurring basis ($ in thousands):

September 30, 2022
Financial InstrumentCarrying ValueValuation TechniqueUnobservable InputMinimumWeighted AverageMaximum
CMBS(1)$578,737 Discounted cash flowYield (4)1.93 %3.77 %17.47 %
Duration (years)(5)01.219.48
CMBS interest-only(1)10,901 (2)Discounted cash flowYield (4)— %3.36 %18.46 %
Duration (years)(5)01.552.17
Prepayment speed (CPY)(5)100.00100.00100.00
GNMA interest-only(3)325 (2)Discounted cash flowYield (4)— %3.60 %10.00 %
Duration (years)(5)02.906.61
Prepayment speed (CPJ)(5)517.2335
Agency securities(1)40 Discounted cash flowYield (4)2.68 %2.68 %2.68 %
Duration (years)(5)1.71.71.7
Total$590,003 

December 31, 2021
Financial InstrumentCarrying ValueValuation TechniqueUnobservable InputMinimumWeighted AverageMaximum
CMBS(1)$676,398 Discounted cash flowYield (4)0.77 %1.51 %5.28 %
Duration (years)(5)01.938.39
CMBS interest-only(1)15,344 (2)Discounted cash flowYield (4)— %5.7 %9.34 %
Duration (years)(5)0.031.812.58
Prepayment speed (CPY)(5)100.00100.00100.00
GNMA interest-only(3)559 (2)Discounted cash flowYield (4)— %4.97 %10.00 %
Duration (years)(5)02.725.56
Prepayment speed (CPJ)(5)517.4135.00
Agency securities(1)563 Discounted cash flowYield (4)1.44 %1.58 %2.78 %
Duration (years)(5)00.420.47
Total$692,864 
(1)CMBS, CMBS interest-only securities, Agency securities, GNMA permanent securities and corporate bonds are classified as available-for-sale and reported at fair value with changes in fair value recorded in the current period in other comprehensive income.
(2)The amounts presented represent the principal amount of the mortgage loans outstanding in the pool in which the interest-only securities participate.
(3)Agency interest-only securities are recorded at fair value with changes in fair value recorded in current period earnings.
Sensitivity of the Fair Value to Changes in the Unobservable Inputs
        
(4)Significant increase (decrease) in the unobservable input in isolation would result in significantly lower (higher) fair value measurement.
(5)Significant increase (decrease) in the unobservable input in isolation would result in either a significantly lower or higher (lower or higher) fair value measurement depending on the structural features of the security in question.
v3.22.2.2
SEGMENT REPORTING (Tables)
 9 Months Ended
Sep. 30, 2022
Segment Reporting [Abstract]  
Schedule of Company's performance evaluation by segment
The Company evaluates performance based on the following financial measures for each segment ($ in thousands):
Three months ended September 30, 2022LoansSecuritiesReal Estate (1)Corporate/Other(2)Company 
Total
Interest income$70,851 $5,705 $2 $801 $77,359 
Interest expense(17,344)(1,327)(8,088)(21,712)(48,471)
Net interest income (expense)53,507 4,378 (8,086)(20,911)28,888 
(Provision for) release of loan loss reserves(1,501)— — — (1,501)
Net interest income (expense) after provision for (release of) loan reserves52,006 4,378 (8,086)(20,911)27,387 
Real estate operating income— — 27,679 — 27,679 
Sale of loans, net796 — — — 796 
Realized gain (loss) on securities— 9 — — 9 
Unrealized gain (loss) on equity securities— (61)— — (61)
Unrealized gain (loss) on Agency interest-only securities— (5)— — (5)
Realized gain on sale of real estate, net— — 4,393 — 4,393 
Fee and other income2,546 11 — 140 2,697 
Net result from derivative transactions4,837 982 748 — 6,567 
Earnings (loss) from investment in unconsolidated ventures— — 407 — 407 
Total other income (loss)8,179 936 33,227 140 42,482 
Compensation and employee benefits— — — (13,806)(13,806)
Operating expenses— — — (5,143)(5,143)
Real estate operating expenses— — (10,069)— (10,069)
Fee expense(917)(102)(138)(532)(1,689)
Depreciation and amortization— — (7,864)— (7,864)
Total costs and expenses(917)(102)(18,071)(19,481)(38,571)
Income tax (expense) benefit— — — (2,613)(2,613)
Segment profit (loss)$59,268 $5,212 $7,070 $(42,865)$28,685 
Total assets as of September 30, 2022$4,028,641 $610,545 $783,343 $447,443 $5,869,972 
Three months ended September 30, 2021LoansSecuritiesReal Estate (1)Corporate/Other(2)Company 
Total
Interest income$42,605 $3,324 $— $306 $46,235 
Interest expense(13,029)(528)(8,866)(26,916)(49,339)
Net interest income (expense)29,576 2,796 (8,866)(26,610)(3,104)
Provision for (release of) loan loss reserves2,364 — — 2,364 
Net interest income (expense) after provision for (release of) loan reserves31,940 2,796 (8,866)(26,610)(740)
Real estate operating income— — 26,603 — 26,603 
Sale of loans, net3,309 — (16)— 3,293 
Realized gain (loss) on securities— 285 — — 285 
Unrealized gain (loss) on Agency interest-only securities— (19)— — (19)
Realized gain on sale of real estate, net— 17,766 — 17,766 
Fee and other income2,581 — 1 105 2,687 
Net result from derivative transactions(256)334 (3)— 75 
Earnings (loss) from investment in unconsolidated joint ventures97 — 436 — 533 
Total other income (loss)5,731 600 44,787 105 51,223 
Salaries and employee benefits— — — (9,425)(9,425)
Operating expenses(3)40 — — (4,458)(4,418)
Real estate operating expenses— — (6,962)— (6,962)
Fee expense(452)(52)(464)(670)(1,638)
Depreciation and amortization— — (9,296)(24)(9,320)
Total costs and expenses(412)(52)(16,722)(14,577)(31,763)
Income tax (expense) benefit— — — 212 212 
Segment profit (loss)$37,259 $3,344 $19,199 $(40,870)$18,932 
Total assets as of December 31, 2021$3,521,986 $703,280 $914,027 $711,959 $5,851,252 
Nine months ended September 30, 2022LoansSecuritiesReal Estate (1)Corporate/Other(2)Company 
Total
Interest income$185,212 $12,650 $4 $966 $198,832 
Interest expense(44,330)(2,429)(27,642)(63,811)(138,212)
Net interest income (expense)140,882 10,221 (27,638)(62,845)60,620 
(Provision for) release of loan loss reserves(1,373)— — — (1,373)
Net interest income (expense) after provision for (release of) loan reserves139,509 10,221 (27,638)(62,845)59,247 
Real estate operating income— — 82,678 — 82,678 
Sale of loans, net(2,083)— — — (2,083)
Realized gain (loss) on securities— (75)— — (75)
Unrealized gain (loss) on equity securities— (77)— — (77)
Unrealized gain (loss) on Agency interest-only securities— (21)— — (21)
Realized gain on sale of real estate, net— — 62,101 — 62,101 
Fee and other income8,147 45 3,704 342 12,238 
Net result from derivative transactions8,761 2,235 1,385 — 12,381 
Earnings (loss) from investment in unconsolidated ventures— — 1,197 — 1,197 
Gain (loss) on extinguishment of debt— — — 685 685 
Total other income (loss)14,825 2,107 151,065 1,027 169,024 
Compensation and employee benefits— — — (59,165)(59,165)
Operating expenses— — — (15,303)(15,303)
Real estate operating expenses— — (28,928)— (28,928)
Fee expense(1,715)(200)(437)(2,811)(5,163)
Depreciation and amortization— — (24,756)(8)(24,764)
Total costs and expenses(1,715)(200)(54,121)(77,287)(133,323)
Income tax (expense) benefit— — — (3,897)(3,897)
Segment profit (loss)$152,619 $12,128 $69,306 $(143,002)$91,051 
Total assets as of September 30, 2022$4,028,641 $610,545 $783,343 $447,443 $5,869,972 
Nine months ended September 30, 2021LoansSecuritiesReal Estate (1)Corporate/Other(2)Company 
Total
Interest income$112,750 $9,773 $1 $575 123,099 
Interest expense(40,786)(1,917)(27,595)(70,240)(140,538)
Net interest income (expense)71,964 7,857 (27,594)(69,665)(17,439)
Provision for (release of) loan loss reserves6,950 — — — 6,950 
Net interest income (expense) after provision for (release of) loan reserves78,914 7,857 (27,594)(69,665)(10,489)
Real estate operating income— — 77,320 — 77,320 
Sale of loans, net6,701 — (16)— 6,685 
Realized gain (loss) on securities— 879 — — 879 
Unrealized gain (loss) on Agency interest-only securities— (87)— — (87)
Realized gain on sale of real estate, net— — 37,155 — 37,155 
Fee and other income7,845 — 48 529 8,422 
Net result from derivative transactions(5)1,010 (3)— 1,002 
Earnings (loss) from investment in unconsolidated joint ventures315 — 891 — 1,206 
Total other income (loss)14,856 1,802 115,395 529 132,582 
Salaries and employee benefits— — — (27,436)(27,436)
Operating expenses(3)78 — — (12,953)(12,875)
Real estate operating expenses— — (19,518)— (19,518)
Fee expense(2,704)(163)(1,605)(959)(5,431)
Depreciation and amortization— — (28,246)(74)(28,320)
Total costs and expenses(2,626)(163)(49,369)(41,422)(93,580)
Income tax (expense) benefit— — — 1,308 1,308 
Segment profit (loss)$91,144 $9,496 $38,432 $(109,250)$29,821 
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 $6.0 million and $23.2 million as of September 30, 2022 and December 31, 2021, respectively.
(2)Corporate/Other represents all corporate level and unallocated items including any intercompany eliminations necessary to reconcile to consolidated Company totals. This segment also includes the Company’s investment in unconsolidated ventures and strategic investments that are not related to the other reportable segments above, including the Company’s investment in FHLB stock of $9.6 million as of September 30, 2022 and $11.8 million as of December 31, 2021, and the Company’s senior unsecured notes of $1.6 billion and $1.6 billion at September 30, 2022 and December 31, 2021, respectively.
v3.22.2.2
ORGANIZATION AND OPERATIONS (Details)
Sep. 30, 2022
LCFH  
ORGANIZATION AND OPERATIONS  
Ownership interest in LCFH 100.00%
v3.22.2.2
MORTGAGE LOAN RECEIVABLES - Schedule of Mortgage Loans (Details) - USD ($)
$ in Thousands
 9 Months Ended 12 Months Ended
Sep. 30, 2022
Dec. 31, 2021
Jun. 30, 2022
Sep. 30, 2021
Jun. 30, 2021
Dec. 31, 2020
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]            
Outstanding Face Amount $ 4,075,542 $ 3,581,919        
Allowance for credit losses (18,474) (31,752) $ (16,960) $ (33,635) $ (35,891) $ (41,507)
Carrying Value $ 4,028,641 $ 3,521,985        
Weighted average yield 7.43% 5.65%        
Remaining Maturity 1 year 4 months 24 days 1 year 9 months 18 days        
Principal balance of loans on non-accrual status $ 54,086 $ 80,229        
Deferred origination fees and other items 24,900 26,000        
First mortgage loans            
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]            
Outstanding Face Amount 3,964,067 3,482,715        
Carrying Value gross, consumer and commercial real estate $ 3,939,239 $ 3,454,654        
Weighted average yield 7.39% 5.50%        
Remaining Maturity 1 year 4 months 24 days 1 year 9 months 18 days        
Mezzanine loans            
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]            
Outstanding Face Amount $ 80,125 $ 99,204        
Carrying Value gross, consumer and commercial real estate $ 80,058 $ 99,083        
Weighted average yield 10.80% 10.92%        
Remaining Maturity 1 year 7 months 6 days 1 year 10 months 24 days        
Total mortgage loans receivable            
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]            
Outstanding Face Amount $ 4,044,192 $ 3,581,919        
Carrying Value gross, consumer and commercial real estate $ 4,019,297 $ 3,553,737        
Weighted average yield 7.45% 5.65%        
Remaining Maturity 1 year 4 months 24 days 1 year 9 months 18 days        
Total mortgage loan receivables held for investment, net, at amortized cost            
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]            
Outstanding Face Amount $ 4,044,192 $ 3,581,919        
Allowance for credit losses (18,474) (31,752)   $ (33,635)   $ (41,507)
Carrying Value 4,000,823 $ 3,521,985        
Mortgage loan receivables held for sale, First Mortgage Loans            
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]            
Outstanding Face Amount 31,350          
Carrying Value $ 27,818          
Weighted average yield 4.57%          
Remaining Maturity 9 years 4 months 24 days          
v3.22.2.2
MORTGAGE LOAN RECEIVABLES - Additional Information (Details)
 3 Months Ended 9 Months Ended 12 Months Ended
Jun. 27, 2022
USD ($)
Sep. 30, 2022
USD ($)
Sep. 30, 2021
USD ($)
Sep. 30, 2022
USD ($)
loan
Sep. 30, 2021
USD ($)
Dec. 31, 2021
USD ($)
loan
Jun. 30, 2022
USD ($)
Jun. 30, 2021
USD ($)
Dec. 31, 2020
USD ($)
Mar. 31, 2020
USD ($)
Dec. 31, 2018
USD ($)
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]                      
Outstanding Face Amount   $ 4,075,542,000   $ 4,075,542,000   $ 3,581,919,000          
Allowance for current expected credit losses   19,200,000   19,200,000              
General CECL Reserve   18,474,000 $ 33,635,000 18,474,000 $ 33,635,000 31,752,000 $ 16,960,000 $ 35,891,000 $ 41,507,000    
Increase in reserve of unfunded commitments   700,000   700,000              
Allowance for current expected credit losses           32,200,000          
Individually impaired loans   26,289,000   26,289,000   69,932,000          
Provision for (release of) loan loss reserves, net   1,501,000 (2,364,000) 1,373,000 (6,950,000)            
Recoveries   0 0 (3,105,000) 0            
Increase (decrease) of reserve on unfunded commitments       300,000 (200,000)            
Mortgage loans receivable [1]   4,019,297,000   4,019,297,000   3,553,737,000          
Loans nonaccrual status, amount   54,086,000   54,086,000   80,229,000          
Principal balance of loans on non-accrual status   54,086,000   54,086,000   80,229,000          
Asset Specific Reserve, Company Loan                      
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]                      
General CECL Reserve   2,700,000   $ 2,700,000              
Number or loans in default | loan       2              
Provision for (release of) loan loss reserves, net         6,800,000            
Provision for (release of) loan loss reserves, net       $ 4,200,000              
Accounting Standards Update 2016-13 | Asset Specific Reserve, Company Loan                      
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]                      
General CECL Reserve           $ 20,200,000          
Number or loans in default           3          
Total mortgage loan receivables held for investment, net, at amortized cost                      
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]                      
Loans receivable with variable rates of interest   $ 3,600,000,000   $ 3,600,000,000   $ 3,300,000,000          
Loans receivable with variable rates of interest   88.90%   88.90%   91.50%          
Loans receivable with variable rates of interest, subject to interest rate floors   99.20%   99.20%   100.00%          
Outstanding Face Amount   $ 4,044,192,000   $ 4,044,192,000   $ 3,581,919,000          
General CECL Reserve   18,474,000 $ 33,635,000 18,474,000 33,635,000 $ 31,752,000     $ 41,507,000    
Provision for (release of) loan loss reserves, net       1,117,000 $ (6,722,000)            
Total mortgage loan receivables held for investment, net, at amortized cost | London Interbank Offered Rate (LIBOR)                      
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]                      
Loans receivable with variable rates of interest   2,700,000,000   2,700,000,000              
Total mortgage loan receivables held for investment, net, at amortized cost | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate                      
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]                      
Loans receivable with variable rates of interest   900,000,000   $ 900,000,000              
Total mortgage loan receivables held for investment, net, at amortized cost | Two Company Loans                      
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]                      
Number or loans in default | loan       2   2          
Mortgage loans receivable   26,300,000   $ 26,300,000              
Loans nonaccrual status, amount   23,600,000   23,600,000   $ 24,200,000          
Principal balance of loans on non-accrual status   23,600,000   23,600,000   $ 24,200,000          
Total mortgage loan receivables held for investment, net, at amortized cost | Three Of Company Loans                      
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]                      
Loans in default, carrying value   30,500,000   30,500,000              
Total mortgage loan receivables held for investment, net, at amortized cost | Two Of Company Loans 1                      
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]                      
General CECL Reserve                     $ 10,000,000
Number or loans in default | loan           2          
Provision for (release of) loan loss reserves, net $ (3,100,000)                    
Loans nonaccrual status, amount 24,600,000         $ 25,600,000         45,000,000
Principal balance of loans on non-accrual status 24,600,000         $ 25,600,000         45,000,000
Proceeds in satisfaction of A and B notes 27,700,000                    
Proceeds in satisfaction of A and B notes, principal amount 27,000,000                    
Proceeds in satisfaction of A and B notes, interest amount $ 700,000                    
Total mortgage loan receivables held for investment, net, at amortized cost | Two Of Company Loans 1 | Series A                      
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]                      
Loans nonaccrual status, amount                     35,000,000
Principal balance of loans on non-accrual status                     35,000,000
Total mortgage loan receivables held for investment, net, at amortized cost | Two Of Company Loans 1 | Series B                      
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]                      
Loans nonaccrual status, amount                     10,000,000
Principal balance of loans on non-accrual status                     $ 10,000,000
Total mortgage loan receivables held for investment, net, at amortized cost | Accounting Standards Update 2016-13 | Two Of Company Loans 1                      
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]                      
General CECL Reserve                   $ 7,500,000  
Mortgage loan  receivables held for sale                      
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]                      
Outstanding Face Amount   $ 31,350,000   $ 31,350,000              
Percentage of loans receivable with fixed rates of interest   100.00%   100.00%              
Loan on non-accrual status                      
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]                      
Loans nonaccrual status, amount   $ 0   $ 0              
Principal balance of loans on non-accrual status   $ 0   $ 0              
[1] Includes amounts relating to consolidated variable interest entities. Refer to Note 2 and Note 10.
v3.22.2.2
MORTGAGE LOAN RECEIVABLES - Activity in Loan Portfolio (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Sep. 30, 2022
Sep. 30, 2021
Mortgage loan receivables held for investment, net, at amortized cost:        
Sale of loans, net $ 796 $ 3,293 $ (2,083) $ 6,685
Allowance for credit losses        
Beginning balance, Allowance for credit losses (16,960) (35,891) (31,752) (41,507)
Charge-offs 0 0 14,395 0
Release (addition) of provision for current expected credit loss, net (1,501) 2,364 (1,373) 6,950
Ending balance, Allowance for credit losses (18,474) (33,635) (18,474) (33,635)
Total mortgage loans receivable        
Mortgage loan receivables held for investment, net, at amortized cost:        
Mortgage loans receivable, ending balance 4,019,297 2,811,141 4,019,297 2,811,141
Total mortgage loan receivables held for investment, net, at amortized cost        
Mortgage loan receivables held for investment, net, at amortized cost:        
Mortgage loans receivable, beginning balance     3,553,737 2,354,059
Origination of mortgage loan receivables     1,183,423 1,292,015
Repayment of mortgage loan receivables     (720,597) (752,427)
Proceeds from sales of mortgage loan receivables     0 (46,557)
Non-cash disposition of loans via foreclosure       (44,911)
Sale of loans, net     2,197 0
Accretion/amortization of discount, premium and other fees     14,932 8,962
Charge offs     (14,395)  
Mortgage loans receivable, ending balance        
Allowance for credit losses        
Beginning balance, Allowance for credit losses     (31,752) (41,507)
Charge-offs     14,395  
Release of asset-specific loan loss provision via foreclosure       1,150
Release (addition) of provision for current expected credit loss, net     (1,117) 6,722
Ending balance, Allowance for credit losses (18,474) (33,635) (18,474) (33,635)
Mortgage loan  receivables held for sale        
Mortgage loan receivables held for investment, net, at amortized cost:        
Mortgage loans receivable, beginning balance     0 30,518
Origination of mortgage loan receivables     61,318 127,035
Repayment of mortgage loan receivables     (68) (126)
Proceeds from sales of mortgage loan receivables     (29,053) (126,599)
Non-cash disposition of loans via foreclosure       0
Sale of loans, net     (4,380) 6,685
Accretion/amortization of discount, premium and other fees     0 0
Charge offs     0  
Mortgage loans receivable, ending balance $ 27,817 $ 37,513 $ 27,817 $ 37,513
v3.22.2.2
MORTGAGE LOAN RECEIVABLES - Provision for Loan Losses (Details)
$ in Thousands
 3 Months Ended 9 Months Ended 12 Months Ended
Sep. 30, 2022
USD ($)
Sep. 30, 2021
USD ($)
Sep. 30, 2022
USD ($)
loan
security
Sep. 30, 2021
USD ($)
Dec. 31, 2021
USD ($)
security
loan
Jun. 27, 2022
USD ($)
Dec. 31, 2018
USD ($)
Allowance for Loan and Lease Losses [Roll Forward]              
Allowance for credit losses at beginning of period $ 16,960 $ 35,891 $ 31,752 $ 41,507 $ 41,507    
Provision for (release of) current expected credit loss, net 1,514 (2,256) 4,222 (6,722)      
Foreclosure of loans subject to asset-specific reserve 0 0 0 (1,150)      
Charge-offs 0 0 (14,395) 0      
Recoveries 0 0 (3,105) 0      
Allowance for credit losses at end of period 18,474 33,635 18,474 33,635 31,752    
Principal balance of loans on non-accrual status 54,086   54,086   80,229    
Asset Specific Reserve, Company Loan              
Allowance for Loan and Lease Losses [Roll Forward]              
Allowance for credit losses at end of period 2,700   2,700        
Additional asset-specific reserve 0 0 $ 0 0      
Number or loans in default | loan     2        
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     $ 31,752 41,507 41,507    
Charge-offs     (14,395)        
Allowance for credit losses at end of period 18,474 $ 33,635 18,474 $ 33,635 31,752    
Total mortgage loan receivables held for investment, net, at amortized cost | Two Company Loans              
Allowance for Loan and Lease Losses [Roll Forward]              
Principal balance of loans on non-accrual status 23,600   $ 23,600   $ 24,200    
Number or loans in default | loan     2   2    
Total mortgage loan receivables held for investment, net, at amortized cost | Two Of Company Loans 1              
Allowance for Loan and Lease Losses [Roll Forward]              
Principal balance of loans on non-accrual status         $ 25,600 $ 24,600 $ 45,000
Number or loans in default | loan         2    
Total mortgage loan receivables held for investment, net, at amortized cost | One Of Company Loans 2              
Allowance for Loan and Lease Losses [Roll Forward]              
Principal balance of loans on non-accrual status $ 30,500   $ 30,500   $ 30,500    
Number or loans in default | security     1   1    
v3.22.2.2
MORTGAGE LOAN RECEIVABLES - Individually Impaired Loans (Details) - USD ($)
$ in Thousands
Sep. 30, 2022
Dec. 31, 2021
Financing Receivable, Credit Quality Indicator [Line Items]    
Total loans [1] $ 4,019,297 $ 3,553,737
Subtotal loans, Year One 1,131,350 2,396,303
Subtotal loans, Year Two 2,150,581 117,367
Subtotal loans, Year Three 104,053 585,959
Subtotal loans, Year Four 357,197 169,948
Subtotal loans, Year 5 and Earlier 249,827 214,228
Subtotal mortgage loans receivable 3,993,008 3,483,805
Individually impaired loans, Year One 0 0
Individually impaired loans, Year Two 0 0
Individually impaired loans, Year Three 0 0
Individually impaired loans, Year Four 0 0
Individually impaired loans, Year Five and Earlier 26,289 69,932
Individually impaired loans 26,289 69,932
Total loans, Year One 1,131,350 2,396,303
Total loans, Year Two 2,150,581 117,367
Total loans, Year Three 104,053 585,959
Total loans, Year Four 357,197 169,948
Total loans, Year Five and Earlier 276,116 284,160
Accrued interest receivable 18,900 12,600
Multifamily    
Financing Receivable, Credit Quality Indicator [Line Items]    
Year One 689,649 697,089
Year Two 678,214 3,131
Year Three 0 47,322
Year Four 0 0
Year Five and Earlier 0 0
Total loans 1,367,863 747,542
Office    
Financing Receivable, Credit Quality Indicator [Line Items]    
Year One 78,586 784,556
Year Two 681,256 29,636
Year Three 29,650 121,346
Year Four 58,699 59,073
Year Five and Earlier 151,595 73,911
Total loans 999,786 1,068,522
Mixed Use    
Financing Receivable, Credit Quality Indicator [Line Items]    
Year One 201,205 538,949
Year Two 435,166 84,600
Year Three 74,403 140,926
Year Four 124,686 0
Year Five and Earlier 0 0
Total loans 835,460 764,475
Industrial    
Financing Receivable, Credit Quality Indicator [Line Items]    
Year One 37,562 41,203
Year Two 96,206 0
Year Three 0 108,469
Year Four 115,821 0
Year Five and Earlier 0 0
Total loans 249,589 149,672
Retail    
Financing Receivable, Credit Quality Indicator [Line Items]    
Year One 59,587 105,362
Year Two 106,105 0
Year Three 0 89,058
Year Four 12,918 0
Year Five and Earlier 9,136 25,486
Total loans 187,746 219,906
Hospitality    
Financing Receivable, Credit Quality Indicator [Line Items]    
Year One 0 41,635
Year Two 44,863 0
Year Three 0 43,666
Year Four 13,843 90,132
Year Five and Earlier 89,096 110,890
Total loans 147,802 286,323
Manufactured Housing    
Financing Receivable, Credit Quality Indicator [Line Items]    
Year One 32,488 117,265
Year Two 81,849 0
Year Three 0 26,404
Year Four 23,470 0
Year Five and Earlier 0 3,941
Total loans 137,807 147,610
Other    
Financing Receivable, Credit Quality Indicator [Line Items]    
Year One 32,273 26,801
Year Two 26,922 0
Year Three 0 8,768
Year Four 7,760 20,743
Year Five and Earlier 0 0
Total loans 66,955 56,312
Self-Storage    
Financing Receivable, Credit Quality Indicator [Line Items]    
Year One 0 43,443
Year Two 0 0
Year Three 0 0
Year Four 0 0
Year Five and Earlier 0 0
Total loans 0 43,443
South    
Financing Receivable, Credit Quality Indicator [Line Items]    
Total loans 1,092,789 937,125
Northeast    
Financing Receivable, Credit Quality Indicator [Line Items]    
Total loans 1,244,939 1,080,652
Midwest    
Financing Receivable, Credit Quality Indicator [Line Items]    
Total loans 519,411 434,157
West    
Financing Receivable, Credit Quality Indicator [Line Items]    
Total loans 444,328 530,599
Southwest    
Financing Receivable, Credit Quality Indicator [Line Items]    
Total loans $ 691,541 $ 501,272
[1] Includes amounts relating to consolidated variable interest entities. Refer to Note 2 and Note 10.
v3.22.2.2
SECURITIES - Summary of Securities (Details)
$ in Thousands
 9 Months Ended 12 Months Ended
Sep. 30, 2022
USD ($)
security
Dec. 31, 2021
USD ($)
security
Debt Securities, Available-for-sale [Line Items]    
Outstanding Face Amount $ 1,698,492 $ 2,053,585
Amortized Cost Basis 628,951 707,372
Gross Unrealized Gains 163 1,500
Gross Unrealized Losses (18,955) (5,572)
Carrying value, before allowance for credit loss $ 610,159 $ 703,300
Number of Securities | security 98 102
Weighted Average Coupon 1.64% 0.83%
Weighted Average Yield 3.74% 1.67%
Remaining Duration 1 year 2 months 15 days 2 years 21 days
Amortized Cost Basis $ 483  
Gross Unrealized Gains 0  
Gross Unrealized Losses (77)  
Carrying Value $ 406  
Number of equity securities | security 3  
Allowance for current expected credit losses $ (20) $ (20)
Total Amortized Cost Basis 629,434 707,372
Total Gross Unrealized Gains 163 1,500
Total real estate securities, Gross Unrealized Losses (19,052) $ (5,592)
Carrying Value $ 610,545  
Total number of Securities | security 101 102
CMBS    
Debt Securities, Available-for-sale [Line Items]    
Outstanding Face Amount $ 607,143 $ 691,402
Amortized Cost Basis 606,410 691,026
Gross Unrealized Gains 20 775
Gross Unrealized Losses (18,645) (5,508)
Carrying value, before allowance for credit loss $ 587,785 $ 686,293
Number of Securities | security 70 73
Weighted Average Coupon 3.83% 1.57%
Weighted Average Yield 3.75% 1.57%
Remaining Duration 1 year 2 months 15 days 2 years 21 days
Risk retention requirement, amount $ 9,000 $ 9,900
CMBS interest-only    
Debt Securities, Available-for-sale [Line Items]    
Outstanding Face Amount 1,033,126 1,302,551
Amortized Cost Basis 11,514 15,268
Gross Unrealized Gains 93 617
Gross Unrealized Losses (257) 0
Carrying value, before allowance for credit loss $ 11,350 $ 15,885
Number of Securities | security 10 13
Weighted Average Coupon 0.41% 0.45%
Weighted Average Yield 3.36% 5.67%
Remaining Duration 1 year 6 months 18 days 1 year 10 months 17 days
Risk retention requirement, amount $ 400 $ 500
GNMA interest-only    
Debt Securities, Available-for-sale [Line Items]    
Outstanding Face Amount 47,183 59,075
Amortized Cost Basis 305 518
Gross Unrealized Gains 48 105
Gross Unrealized Losses (28) (64)
Carrying value, before allowance for credit loss $ 325 $ 559
Number of Securities | security 14 14
Weighted Average Coupon 0.33% 0.38%
Weighted Average Yield 3.60% 4.97%
Remaining Duration 2 years 10 months 24 days 3 years 7 months 20 days
Agency securities    
Debt Securities, Available-for-sale [Line Items]    
Outstanding Face Amount $ 40 $ 557
Amortized Cost Basis 41 560
Gross Unrealized Gains 0 3
Gross Unrealized Losses (1) 0
Carrying value, before allowance for credit loss $ 40 $ 563
Number of Securities | security 1 2
Weighted Average Coupon 4.00% 2.47%
Weighted Average Yield 2.68% 1.58%
Remaining Duration 1 year 7 months 28 days 8 months 8 days
U.S. Treasury securities    
Debt Securities, Available-for-sale [Line Items]    
Outstanding Face Amount $ 11,000  
Amortized Cost Basis 10,681  
Gross Unrealized Gains 2  
Gross Unrealized Losses (24)  
Carrying value, before allowance for credit loss $ 10,659  
Number of Securities | security 3  
Weighted Average Yield 3.61%  
Remaining Duration 9 months 25 days  
v3.22.2.2
SECURITIES - Securities by Remaining Maturity (Details) - USD ($)
$ in Thousands
Sep. 30, 2022
Dec. 31, 2021
Debt Securities, Available-for-sale [Line Items]    
Within 1 year $ 349,511 $ 305,980
1-5 years 254,564 369,876
5-10 years 6,084 10,486
After 10 years 0 16,958
Total 610,139 703,280
Allowance for current expected credit losses (20) (20)
CMBS    
Debt Securities, Available-for-sale [Line Items]    
Within 1 year 337,532 304,357
1-5 years 244,299 354,670
5-10 years 5,954 10,307
After 10 years 0 16,958
Total 587,785 686,292
CMBS interest-only    
Debt Securities, Available-for-sale [Line Items]    
Within 1 year 1,130 1,018
1-5 years 10,220 14,868
5-10 years 0 0
After 10 years 0 0
Total 11,350 15,886
GNMA interest-only    
Debt Securities, Available-for-sale [Line Items]    
Within 1 year 190 102
1-5 years 5 278
5-10 years 130 179
After 10 years 0 0
Total 325 559
Agency securities    
Debt Securities, Available-for-sale [Line Items]    
Within 1 year 0 503
1-5 years 40 60
5-10 years 0 0
After 10 years 0 0
Total 40 $ 563
U.S. Treasury securities    
Debt Securities, Available-for-sale [Line Items]    
Within 1 year 10,659  
1-5 years 0  
5-10 years 0  
After 10 years 0  
Total $ 10,659  
v3.22.2.2
SECURITIES - Additional Information (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Sep. 30, 2022
Sep. 30, 2021
Investments, Debt and Equity Securities [Abstract]        
Sale of equity securities $ 700 $ 0 $ 1,200 $ 0
v3.22.2.2
REAL ESTATE AND RELATED LEASE INTANGIBLES, NET - Schedule of Real Estate Portfolio (Details) - USD ($)
$ in Thousands
Sep. 30, 2022
Dec. 31, 2021
Real estate and related lease intangibles, net    
Less: Accumulated depreciation and amortization $ (236,570) $ (229,271)
Real estate and related lease intangibles, net [1] 769,935 865,694
Below market lease intangibles, net (other liabilities) (31,272) (33,203)
Accumulated amortization of below market lease 14,100 12,800
In-place leases and other intangibles    
Real estate and related lease intangibles, net    
Real estate 129,222 142,335
Undepreciated real estate and related lease intangibles    
Real estate and related lease intangibles, net    
Real estate 1,006,505 1,094,965
Land    
Real estate and related lease intangibles, net    
Real estate 171,351 186,940
Building    
Real estate and related lease intangibles, net    
Real estate $ 705,932 $ 765,690
[1] Includes amounts relating to consolidated variable interest entities. Refer to Note 2 and Note 10.
v3.22.2.2
REAL ESTATE AND RELATED LEASE INTANGIBLES, NET - Additional Information (Details) - USD ($)
$ in Thousands
Sep. 30, 2022
Dec. 31, 2021
Business Acquisition [Line Items]    
Accumulated depreciation and amortization $ 236,570 $ 229,271
Foreclosed properties held in real estate 94,800 97,300
Unbilled rent receivables 1,000 400
Unencumbered real estates 90,700 85,900
Disposal Group, Held-for-sale, Not Discontinued Operations    
Business Acquisition [Line Items]    
Undepreciated real estate and lease intangibles 7,400 32,500
Land    
Business Acquisition [Line Items]    
Undepreciated real estate and lease intangibles 171,351 186,940
Land | Disposal Group, Held-for-sale, Not Discontinued Operations    
Business Acquisition [Line Items]    
Undepreciated real estate and lease intangibles 2,300 900
Building    
Business Acquisition [Line Items]    
Undepreciated real estate and lease intangibles 705,932 765,690
Building | Disposal Group, Held-for-sale, Not Discontinued Operations    
Business Acquisition [Line Items]    
Undepreciated real estate and lease intangibles $ 5,200 27,400
In-place leases and other intangibles | Disposal Group, Held-for-sale, Not Discontinued Operations    
Business Acquisition [Line Items]    
Undepreciated real estate and lease intangibles   $ 4,300
v3.22.2.2
REAL ESTATE AND RELATED LEASE INTANGIBLES, NET - Schedule of Depreciation and Amortization Expense on Real Estate (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Sep. 30, 2022
Sep. 30, 2021
Real Estate [Abstract]        
Depreciation expense $ 6,310 $ 7,496 $ 19,396 $ 23,311
Amortization expense 1,554 1,824 5,368 5,009
Total real estate depreciation and amortization expense $ 7,864 9,320 24,764 28,320
Depreciation on corporate fixed assets   $ 25 $ 8 $ 74
v3.22.2.2
REAL ESTATE AND RELATED LEASE INTANGIBLES, NET - Unamortized Favorable Lease Intangibles (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Sep. 30, 2022
Sep. 30, 2021
Dec. 31, 2021
Business Acquisition [Line Items]          
Gross intangible assets $ 129,222   $ 129,222   $ 146,593
Accumulated amortization 64,126   64,126   67,500
Net intangible assets 65,096   65,096   79,093
Unamortized favorable lease intangibles 3,100   3,100   $ 3,800
Increase in operating lease income for amortization of below market lease intangibles acquired 513 $ 570 1,547 $ 1,715  
Total 437 478 1,318 1,440  
Above Market Leases          
Business Acquisition [Line Items]          
Reduction in operating lease income for amortization of above market lease intangibles acquired $ (76) $ (92) $ (229) $ (275)  
v3.22.2.2
REAL ESTATE AND RELATED LEASE INTANGIBLES, NET - Expected Future Amortization Expense (Details) - USD ($)
$ in Thousands
Sep. 30, 2022
Dec. 31, 2021
Finite-Lived Intangible Assets [Line Items]    
Net intangible assets $ 65,096 $ 79,093
Increase/(Decrease) to Operating Lease Income    
Finite-Lived Intangible Assets [Line Items]    
2022 (last 3 months) 226  
2023 906  
2024 906  
2025 906  
2026 906  
Thereafter 24,294  
Net intangible assets 28,144  
Amortization Expense    
Finite-Lived Intangible Assets [Line Items]    
2022 (last 3 months) 953  
2023 3,811  
2024 3,811  
2025 3,811  
2026 3,811  
Thereafter 45,771  
Net intangible assets $ 61,968  
v3.22.2.2
REAL ESTATE AND RELATED LEASE INTANGIBLES, NET - Future Minimum Rental Payments Receivable (Details)
$ in Thousands
Sep. 30, 2022
USD ($)
Real Estate [Abstract]  
2022 (last 3 months) $ 16,984
2023 62,850
2024 55,753
2025 53,561
2026 50,064
Thereafter 246,608
Total $ 485,820
v3.22.2.2
REAL ESTATE AND RELATED LEASE INTANGIBLES, NET - Schedule of Real Estate Properties Acquired (Details)
 1 Months Ended 3 Months Ended 9 Months Ended
Aug. 31, 2021
USD ($)
Feb. 28, 2021
USD ($)
Sep. 30, 2022
USD ($)
security
Sep. 30, 2021
USD ($)
Dec. 31, 2020
USD ($)
Sep. 30, 2022
USD ($)
security
Sep. 30, 2021
USD ($)
Business Acquisition [Line Items]              
Real estate acquired through foreclosure       $ 64,202,000     $ 64,202,000
Gain/(Loss) on Loan Foreclosure             0
Total real estate acquisitions             64,202,000
Realized (gain) loss on disposition of loan           $ 0 (26,000)
Provision for (release of) loan loss reserves, net     $ 1,501,000 $ (2,364,000)   1,373,000 (6,950,000)
Net earnings (loss)             $ 0
New York, NY | Condos              
Business Acquisition [Line Items]              
Real estate acquired through foreclosure     $ 15,400,000     $ 15,400,000  
New York, NY | Condos | Measurement Input, Cap Rate              
Business Acquisition [Line Items]              
Measurement input     0.055     0.055  
New York, NY | Condos, Residential              
Business Acquisition [Line Items]              
Type of real estate unit acquired via foreclosure | security     1     1  
New York, NY | Condos, Retail              
Business Acquisition [Line Items]              
Type of real estate unit acquired via foreclosure | security     1     1  
Miami, FL | Hotel              
Business Acquisition [Line Items]              
Real estate acquired through foreclosure   $ 43,750,000          
Gain/(Loss) on Loan Foreclosure   $ 0          
Ownership Interest   100.00%          
Realized (gain) loss on disposition of loan   $ (25,800)          
Real estate acquired through foreclosure, net basis   $ 45,100,000          
Provision for (release of) loan loss reserves, net         $ 1,200,000    
Stillwater, OK | Apartments              
Business Acquisition [Line Items]              
Real estate acquired through foreclosure $ 20,452,000            
Gain/(Loss) on Loan Foreclosure $ 0            
Ownership Interest 80.00%            
v3.22.2.2
REAL ESTATE AND RELATED LEASE INTANGIBLES, NET - Real Estate Properties Sold (Details)
$ in Thousands
 1 Months Ended 3 Months Ended 9 Months Ended
Jun. 30, 2022
USD ($)
property
Mar. 31, 2022
USD ($)
property
Aug. 31, 2021
USD ($)
property
Jun. 30, 2021
USD ($)
property
Feb. 28, 2021
USD ($)
property
Sep. 30, 2022
USD ($)
property
Sep. 30, 2021
USD ($)
Sep. 30, 2022
USD ($)
property
Sep. 30, 2021
USD ($)
Dec. 31, 2021
USD ($)
Disposal Groups, Including Discontinued Operations [Line Items]                    
Net Sales Proceeds               $ 173,119 $ 135,093  
Net Book Value [1]           $ 769,935   769,935   $ 865,694
Realized gain (loss) on sale of real estate, net           $ 4,393 $ 17,766 $ 62,101 37,155  
Properties | property           0   0    
2022 Disposal Properties                    
Disposal Groups, Including Discontinued Operations [Line Items]                    
Net Sales Proceeds               $ 173,119    
Net Book Value           $ 111,018   111,018    
Realized gain (loss) on sale of real estate, net               62,101    
Defeasance cost               3,700    
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                
Properties | property   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                
Properties | 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                  
Properties | 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                  
Properties | property 1                  
2022 Disposal Properties | Retail | Wichita, KS                    
Disposal Groups, Including Discontinued Operations [Line Items]                    
Net Sales Proceeds               9,503    
Net Book Value           $ 5,110   5,110    
Realized gain (loss) on sale of real estate, net               $ 4,393    
Properties | property           1   1    
2021 Disposal Properties                    
Disposal Groups, Including Discontinued Operations [Line Items]                    
Net Sales Proceeds                 146,650  
Net Book Value             $ 109,496   109,496  
Realized gain (loss) on sale of real estate, net                 $ 37,154  
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              
Properties | property     2              
Units Sold | property     0              
Units Remaining | property     0              
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          
Properties | property         1          
Units Sold | property         0          
Units Remaining | property         0          
2021 Disposal Properties | Net Lease | 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            
Properties | property       1            
Units Sold | property       0            
Units Remaining | property       0            
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     $ 8,086              
Properties | property     1              
Units Sold | property     0              
Units Remaining | property     0              
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     $ 5,681              
Properties | property     1              
Units Sold | property     0              
Units Remaining | property     0              
[1] Includes amounts relating to consolidated variable interest entities. Refer to Note 2 and Note 10.
v3.22.2.2
INVESTMENT IN AND ADVANCES TO UNCONSOLIDATED VENTURES - Investments in Unconsolidated Joint Ventures (Details) - USD ($)
$ in Thousands
Sep. 30, 2022
Dec. 31, 2021
Schedule of Equity Method Investments [Line Items]    
Investment in unconsolidated ventures [1] $ 6,006 $ 23,154
Grace Lake JV, LLC    
Schedule of Equity Method Investments [Line Items]    
Investment in unconsolidated ventures 6,006 5,434
24 Second Avenue Holdings LLC    
Schedule of Equity Method Investments [Line Items]    
Investment in unconsolidated ventures $ 0 $ 17,720
[1] Includes amounts relating to consolidated variable interest entities. Refer to Note 2 and Note 10.
v3.22.2.2
INVESTMENT IN AND ADVANCES TO UNCONSOLIDATED VENTURES - Summary of Allocated Earnings (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Sep. 30, 2022
Sep. 30, 2021
Schedule of Equity Method Investments [Line Items]        
Earnings (loss) from investment in unconsolidated ventures $ 407 $ 533 $ 1,197 $ 1,206
Grace Lake JV, LLC        
Schedule of Equity Method Investments [Line Items]        
Earnings (loss) from investment in unconsolidated ventures 407 436 1,197 1,058
24 Second Avenue Holdings LLC        
Schedule of Equity Method Investments [Line Items]        
Earnings (loss) from investment in unconsolidated ventures $ 0 $ 97 $ 0 $ 148
v3.22.2.2
INVESTMENT IN AND ADVANCES TO UNCONSOLIDATED VENTURES - Additional Information (Details) - Grace Lake JV, LLC - USD ($)
 1 Months Ended 3 Months Ended 9 Months Ended
Apr. 30, 2012
Sep. 30, 2022
Sep. 30, 2021
Sep. 30, 2022
Sep. 30, 2021
Mar. 22, 2013
Schedule of Equity Method Investments [Line Items]            
Percentage of equity kicker received with right to convert upon capital event 25.00%          
Preferred return used to determine distribution of excess cash flow       8.25%    
Percentage of distribution of all excess cash flows and all disposition proceeds upon any sale entitled after consideration of preferred return and return of equity remaining in the property to operating partner       25.00%    
Distributions from operations of investment in unconsolidated joint ventures   $ 0 $ 0 $ 600,000 $ 0  
Ladder Capital Financial Corporation            
Schedule of Equity Method Investments [Line Items]            
Percentage of investment of operating partner       81.00%    
LP Units            
Schedule of Equity Method Investments [Line Items]            
Ownership interest           19.00%
Limited liability company            
Schedule of Equity Method Investments [Line Items]            
Ownership interest   19.00%   19.00%    
v3.22.2.2
INVESTMENT IN AND ADVANCES TO UNCONSOLIDATED VENTURES - Results from Operations of the Unconsolidated Joint Ventures (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Sep. 30, 2022
Sep. 30, 2021
Jun. 30, 2022
Dec. 31, 2021
Jun. 30, 2021
Dec. 31, 2020
Schedule of Equity Method Investments [Line Items]                
Total assets [1] $ 5,869,972   $ 5,869,972     $ 5,851,252    
Total liabilities [1] 4,366,353   4,366,353     4,337,633    
Partners’/members’ capital 1,503,619 [1] $ 1,509,551 1,503,619 [1] $ 1,509,551 $ 1,509,709 1,513,619 [1] $ 1,519,865 $ 1,548,425
Total expenses 38,571 31,763 133,323 93,580        
Net income (loss) 28,685 18,932 91,051 29,821        
24 Second Avenue Holdings LLC                
Schedule of Equity Method Investments [Line Items]                
Total assets 69,973   69,973     109,873    
Total liabilities 56,661   56,661     66,387    
Partners’/members’ capital 13,312   13,312     $ 43,486    
Total revenues 4,863 4,884 14,859 13,941        
Total expenses 3,237 3,144 10,072 9,709        
Net income (loss) $ 1,626 $ 1,740 $ 4,787 $ 4,232        
[1] Includes amounts relating to consolidated variable interest entities. Refer to Note 2 and Note 10.
v3.22.2.2
DEBT OBLIGATIONS, NET - Schedule of Company's Debt Obligations (Details)
 9 Months Ended 12 Months Ended
Sep. 30, 2022
USD ($)
Extension
Dec. 31, 2021
USD ($)
Extension
Mar. 23, 2020
USD ($)
Feb. 26, 2020
USD ($)
Assets Sold under Agreements to Repurchase [Line Items]        
Carrying Value of Debt Obligations $ 723,894,000 $ 444,577,000    
Debt obligations 3,180,832,000      
Carrying Amount of Collateral 0 0    
Committed Loan Repurchase Facility        
Assets Sold under Agreements to Repurchase [Line Items]        
Committed / Principal Amount 1,300,000,000 1,200,000,000    
Carrying Value of Debt Obligations 546,508,000 184,517,000    
Committed but Unfunded 753,492,000 1,015,483,000    
Carrying Amount of Collateral 864,053,000 322,584,000    
Fair Value of Collateral 865,029,000 322,584,000    
Committed Loan Repurchase Facility | Maturing on 27 September 2025        
Assets Sold under Agreements to Repurchase [Line Items]        
Committed / Principal Amount 500,000,000      
Carrying Value of Debt Obligations 266,388,000      
Committed but Unfunded 233,612,000      
Carrying Amount of Collateral 434,136,000      
Fair Value of Collateral $ 435,112,000      
Number of extension maturity periods | Extension 2      
Length of extension options 12 months      
Committed Loan Repurchase Facility | Maturing On February 26 2023        
Assets Sold under Agreements to Repurchase [Line Items]        
Committed / Principal Amount $ 100,000,000      
Carrying Value of Debt Obligations 11,171,000      
Committed but Unfunded 88,829,000      
Carrying Amount of Collateral 20,183,000      
Fair Value of Collateral $ 20,183,000      
Number of extension maturity periods | Extension 1      
Length of extension options 12 months      
Committed Loan Repurchase Facility | Maturing on 19 December 2022 - 1        
Assets Sold under Agreements to Repurchase [Line Items]        
Committed / Principal Amount $ 300,000,000 300,000,000    
Carrying Value of Debt Obligations 157,569,000 75,837,000    
Committed but Unfunded 142,431,000 224,163,000    
Carrying Amount of Collateral 243,868,000 127,926,000    
Fair Value of Collateral $ 243,868,000 $ 127,926,000    
Number of extension maturity periods | Extension 3 3    
Length of extension options 364 days 364 days    
Committed Loan Repurchase Facility | Maturing on April 30 2024        
Assets Sold under Agreements to Repurchase [Line Items]        
Committed / Principal Amount $ 100,000,000 $ 100,000,000    
Carrying Value of Debt Obligations 47,415,000 0    
Committed but Unfunded 52,585,000 100,000,000    
Carrying Amount of Collateral 62,682,000 0    
Fair Value of Collateral $ 62,682,000 $ 0    
Number of extension maturity periods | Extension 3 1    
Length of extension options 12 months 12 months    
Number of additional extension maturity periods | Extension   2    
Length of additional extension maturity periods   6 months    
Committed Loan Repurchase Facility | Maturing On 3 January 2023        
Assets Sold under Agreements to Repurchase [Line Items]        
Committed / Principal Amount $ 100,000,000 $ 100,000,000    
Carrying Value of Debt Obligations 63,965,000 26,183,000    
Committed but Unfunded 36,035,000 73,817,000    
Carrying Amount of Collateral 103,184,000 48,720,000    
Fair Value of Collateral 103,184,000 48,720,000    
Committed Loan Repurchase Facility | Maturing On 22 January 2024        
Assets Sold under Agreements to Repurchase [Line Items]        
Committed / Principal Amount 100,000,000      
Carrying Value of Debt Obligations 0      
Committed but Unfunded 100,000,000      
Carrying Amount of Collateral 0      
Fair Value of Collateral $ 0      
Number of extension maturity periods | Extension 2      
Length of extension options 12 months      
Committed Loan Repurchase Facility | Maturing On 17 July 2023        
Assets Sold under Agreements to Repurchase [Line Items]        
Committed / Principal Amount $ 100,000,000      
Carrying Value of Debt Obligations 0      
Committed but Unfunded 100,000,000      
Carrying Amount of Collateral 0      
Fair Value of Collateral $ 0      
Length of extension options 364 days      
Committed Loan Repurchase Facility | Maturing on 19 December 2022        
Assets Sold under Agreements to Repurchase [Line Items]        
Committed / Principal Amount   500,000,000    
Carrying Value of Debt Obligations   37,207,000    
Committed but Unfunded   462,793,000    
Carrying Amount of Collateral   82,966,000    
Fair Value of Collateral   $ 82,966,000    
Number of extension maturity periods | Extension   2    
Length of extension options   12 months    
Committed amount on credit agreement   $ 900,000,000    
Committed Loan Repurchase Facility | Maturing On February 26 2022        
Assets Sold under Agreements to Repurchase [Line Items]        
Committed / Principal Amount   100,000,000    
Carrying Value of Debt Obligations   45,290,000    
Committed but Unfunded   54,710,000    
Carrying Amount of Collateral   62,972,000    
Fair Value of Collateral   $ 62,972,000    
Number of extension maturity periods | Extension   2    
Length of extension options   12 months    
Committed Loan Repurchase Facility | Maturing On 21 October 2022        
Assets Sold under Agreements to Repurchase [Line Items]        
Committed / Principal Amount   $ 100,000,000    
Carrying Value of Debt Obligations   0    
Committed but Unfunded   100,000,000    
Carrying Amount of Collateral   0    
Fair Value of Collateral   $ 0    
Length of extension options   364 days    
Committed Securities Repurchase Facility | Maturing On 27 May 2023        
Assets Sold under Agreements to Repurchase [Line Items]        
Committed / Principal Amount $ 100,000,000 $ 862,794,000    
Carrying Value of Debt Obligations 9,449,000 44,139,000    
Committed but Unfunded 90,551,000 818,655,000    
Carrying Amount of Collateral 10,899,000 50,522,000    
Fair Value of Collateral 10,899,000 50,522,000    
Committed Securities Repurchase Facility | Maturing on 19 December 2022        
Assets Sold under Agreements to Repurchase [Line Items]        
Committed amount on credit agreement     $ 900,000,000  
Uncommitted Securities Repurchase Facility | Maturing On 31 October 2022        
Assets Sold under Agreements to Repurchase [Line Items]        
Carrying Value of Debt Obligations 167,937,000      
Carrying Amount of Collateral 188,763,000      
Fair Value of Collateral 188,763,000      
Uncommitted Securities Repurchase Facility | Various Date        
Assets Sold under Agreements to Repurchase [Line Items]        
Carrying Value of Debt Obligations   215,921,000    
Carrying Amount of Collateral   242,629,000    
Fair Value of Collateral   242,629,000    
Restricted securities held-to-maturity 2,000,000 2,100,000    
Total Repurchase Facilities        
Assets Sold under Agreements to Repurchase [Line Items]        
Committed / Principal Amount 1,400,000,000 1,600,000,000    
Carrying Value of Debt Obligations 723,894,000 444,577,000    
Committed but Unfunded 844,043,000 1,371,344,000    
Carrying Amount of Collateral 1,063,715,000 615,735,000    
Fair Value of Collateral 1,064,691,000 615,735,000    
Revolving Credit Facility | Maturing On 27 July 2023        
Assets Sold under Agreements to Repurchase [Line Items]        
Committed / Principal Amount 323,850,000      
Carrying Value of Debt Obligations 0      
Committed but Unfunded $ 323,850,000      
Number of extension maturity periods | Extension 4      
Length of extension options 12 months      
Revolving Credit Facility | Maturing on 11 February 2022        
Assets Sold under Agreements to Repurchase [Line Items]        
Committed / Principal Amount   266,430,000    
Carrying Value of Debt Obligations   0    
Committed but Unfunded   $ 266,430,000    
Number of extension maturity periods | Extension   3    
Length of extension options   12 months    
Mortgage Loan Financing | Various Date        
Assets Sold under Agreements to Repurchase [Line Items]        
Committed / Principal Amount $ 615,933,000 $ 690,927,000    
Carrying Value of Debt Obligations 616,370,000 693,797,000    
Committed but Unfunded 0 0    
Carrying Amount of Collateral 686,597,000 805,007,000    
Fair Value of Collateral 908,262,000 1,033,372,000    
Secured financing facility | Maturing On 6 May 2023        
Assets Sold under Agreements to Repurchase [Line Items]        
Committed / Principal Amount   136,444,000    
Carrying Value of Debt Obligations   132,447,000    
Committed but Unfunded   0    
Carrying Amount of Collateral   244,399,000    
Fair Value of Collateral   244,553,000    
Unamortized debt issuance costs   1,900,000    
Unamortized debt discount   2,100,000    
CLO Debt        
Assets Sold under Agreements to Repurchase [Line Items]        
Committed / Principal Amount 1,100,000,000      
Unamortized debt issuance costs 7,300,000      
CLO Debt | Various Date        
Assets Sold under Agreements to Repurchase [Line Items]        
Committed / Principal Amount 1,064,365,000 1,064,365,000    
Carrying Value of Debt Obligations 1,057,053,000 1,054,774,000    
Committed but Unfunded 0 0    
Carrying Amount of Collateral 1,326,889,000 1,299,116,000    
Fair Value of Collateral 1,326,889,000 1,299,116,000    
Unamortized debt issuance costs 7,300,000 9,600,000    
Borrowings from the FHLB | Various Date        
Assets Sold under Agreements to Repurchase [Line Items]        
Committed / Principal Amount 213,000,000 263,000,000    
Carrying Value of Debt Obligations 213,000,000 263,000,000    
Committed but Unfunded 0 0    
Carrying Amount of Collateral 250,767,000 301,792,000    
Fair Value of Collateral 250,767,000 301,792,000    
Restricted securities held-to-maturity 6,700,000 7,500,000    
Senior Unsecured Notes        
Assets Sold under Agreements to Repurchase [Line Items]        
Unamortized debt issuance costs 16,225,000      
Senior Unsecured Notes | Various Date        
Assets Sold under Agreements to Repurchase [Line Items]        
Debt issued 1,643,794,000 1,649,794,000    
Senior Unsecured Notes 1,627,569,000 1,631,108,000    
Committed but Unfunded 0 0    
Unamortized debt issuance costs 16,200,000 18,700,000    
Total Debt Obligations        
Assets Sold under Agreements to Repurchase [Line Items]        
Debt issued 5,260,942,000 5,670,960,000    
Debt obligations 4,237,886,000 4,219,703,000    
Committed but Unfunded 1,167,893,000 1,637,774,000    
Carrying Amount of Collateral 3,327,968,000 3,266,049,000    
Fair Value of Collateral $ 3,550,609,000 $ 3,494,568,000    
Minimum | Committed Loan Repurchase Facility | Maturing on 27 September 2025        
Assets Sold under Agreements to Repurchase [Line Items]        
Interest rate 4.32%      
Minimum | Committed Loan Repurchase Facility | Maturing On February 26 2023        
Assets Sold under Agreements to Repurchase [Line Items]        
Interest rate 5.52%      
Minimum | Committed Loan Repurchase Facility | Maturing on 19 December 2022 - 1        
Assets Sold under Agreements to Repurchase [Line Items]        
Interest rate 4.57% 1.86%    
Minimum | Committed Loan Repurchase Facility | Maturing on April 30 2024        
Assets Sold under Agreements to Repurchase [Line Items]        
Interest rate 4.48% 0.00%    
Minimum | Committed Loan Repurchase Facility | Maturing On 3 January 2023        
Assets Sold under Agreements to Repurchase [Line Items]        
Interest rate 4.25% 2.23%    
Minimum | Committed Loan Repurchase Facility | Maturing On 22 January 2024        
Assets Sold under Agreements to Repurchase [Line Items]        
Interest rate 0.00%      
Minimum | Committed Loan Repurchase Facility | Maturing On 17 July 2023        
Assets Sold under Agreements to Repurchase [Line Items]        
Interest rate 0.00%      
Minimum | Committed Loan Repurchase Facility | Maturing on 19 December 2022        
Assets Sold under Agreements to Repurchase [Line Items]        
Interest rate   1.61%    
Minimum | Committed Loan Repurchase Facility | Maturing On February 26 2022        
Assets Sold under Agreements to Repurchase [Line Items]        
Interest rate   2.06%    
Minimum | Committed Loan Repurchase Facility | Maturing On 21 October 2022        
Assets Sold under Agreements to Repurchase [Line Items]        
Interest rate   0.00%    
Minimum | Committed Securities Repurchase Facility | Maturing On 27 May 2023        
Assets Sold under Agreements to Repurchase [Line Items]        
Interest rate 3.69% 0.65%    
Minimum | Uncommitted Securities Repurchase Facility | Maturing On 31 October 2022        
Assets Sold under Agreements to Repurchase [Line Items]        
Interest rate 3.37%      
Minimum | Uncommitted Securities Repurchase Facility | Various Date        
Assets Sold under Agreements to Repurchase [Line Items]        
Interest rate   0.54%    
Minimum | Revolving Credit Facility | Maturing On 27 July 2023        
Assets Sold under Agreements to Repurchase [Line Items]        
Interest rate 0.00%      
Minimum | Revolving Credit Facility | Maturing on 11 February 2022        
Assets Sold under Agreements to Repurchase [Line Items]        
Interest rate   0.00%    
Minimum | Mortgage Loan Financing | Various Date        
Assets Sold under Agreements to Repurchase [Line Items]        
Interest rate 4.25% 3.75%    
Minimum | Secured financing facility | Maturing On 6 May 2023        
Assets Sold under Agreements to Repurchase [Line Items]        
Interest rate   10.75%    
Minimum | CLO Debt | Various Date        
Assets Sold under Agreements to Repurchase [Line Items]        
Interest rate 3.88% 1.66%    
Minimum | Borrowings from the FHLB | Various Date        
Assets Sold under Agreements to Repurchase [Line Items]        
Interest rate 274.00% 36.00%    
Minimum | Senior Unsecured Notes | Various Date        
Assets Sold under Agreements to Repurchase [Line Items]        
Interest rate 4.25% 4.25%    
Maximum | Committed Loan Repurchase Facility | Maturing on 27 September 2025        
Assets Sold under Agreements to Repurchase [Line Items]        
Interest rate 4.85%      
Maximum | Committed Loan Repurchase Facility | Maturing On February 26 2023        
Assets Sold under Agreements to Repurchase [Line Items]        
Interest rate 5.52%      
Maximum | Committed Loan Repurchase Facility | Maturing on 19 December 2022 - 1        
Assets Sold under Agreements to Repurchase [Line Items]        
Interest rate 5.57% 2.86%    
Maximum | Committed Loan Repurchase Facility | Maturing on April 30 2024        
Assets Sold under Agreements to Repurchase [Line Items]        
Interest rate 4.48% 0.00%    
Maximum | Committed Loan Repurchase Facility | Maturing On 3 January 2023        
Assets Sold under Agreements to Repurchase [Line Items]        
Interest rate 4.75% 2.23%    
Maximum | Committed Loan Repurchase Facility | Maturing On 22 January 2024        
Assets Sold under Agreements to Repurchase [Line Items]        
Interest rate 0.00%      
Maximum | Committed Loan Repurchase Facility | Maturing On 17 July 2023        
Assets Sold under Agreements to Repurchase [Line Items]        
Interest rate 0.00%      
Maximum | Committed Loan Repurchase Facility | Maturing on 19 December 2022        
Assets Sold under Agreements to Repurchase [Line Items]        
Committed / Principal Amount       $ 500,000,000
Interest rate   1.61%    
Maximum | Committed Loan Repurchase Facility | Maturing On February 26 2022        
Assets Sold under Agreements to Repurchase [Line Items]        
Interest rate   2.81%    
Maximum | Committed Loan Repurchase Facility | Maturing On 21 October 2022        
Assets Sold under Agreements to Repurchase [Line Items]        
Interest rate   0.00%    
Maximum | Committed Securities Repurchase Facility | Maturing On 27 May 2023        
Assets Sold under Agreements to Repurchase [Line Items]        
Interest rate 3.94% 1.05%    
Maximum | Uncommitted Securities Repurchase Facility | Maturing On 31 October 2022        
Assets Sold under Agreements to Repurchase [Line Items]        
Interest rate 4.98%      
Maximum | Uncommitted Securities Repurchase Facility | Various Date        
Assets Sold under Agreements to Repurchase [Line Items]        
Interest rate   2.06%    
Maximum | Revolving Credit Facility | Maturing On 27 July 2023        
Assets Sold under Agreements to Repurchase [Line Items]        
Interest rate 0.00%      
Maximum | Revolving Credit Facility | Maturing on 11 February 2022        
Assets Sold under Agreements to Repurchase [Line Items]        
Interest rate   0.00%    
Maximum | Mortgage Loan Financing | Various Date        
Assets Sold under Agreements to Repurchase [Line Items]        
Interest rate 6.53% 6.16%    
Maximum | Secured financing facility | Maturing On 6 May 2023        
Assets Sold under Agreements to Repurchase [Line Items]        
Interest rate   10.75%    
Maximum | CLO Debt | Various Date        
Assets Sold under Agreements to Repurchase [Line Items]        
Interest rate 6.47% 1.75%    
Maximum | Borrowings from the FHLB | Various Date        
Assets Sold under Agreements to Repurchase [Line Items]        
Interest rate 3.38% 2.74%    
Maximum | Senior Unsecured Notes | Various Date        
Assets Sold under Agreements to Repurchase [Line Items]        
Interest rate 5.25% 5.25%    
v3.22.2.2
DEBT OBLIGATIONS, NET - Committed Loan and Securities Repurchase Facilities (Details)
$ in Millions
 9 Months Ended
Sep. 30, 2022
USD ($)
agreement
Dec. 31, 2021
USD ($)
Committed Securities Repurchase Facility | Maturing on 23 December 2021    
Debt Instrument [Line Items]    
Consolidated CLO debt obligations $ 100.0  
Committed Loan Repurchase Facility    
Debt Instrument [Line Items]    
Number of agreements | agreement 7  
Consolidated CLO debt obligations $ 1,300.0 $ 1,200.0
v3.22.2.2
DEBT OBLIGATIONS, NET - Revolving Credit Facility (Details)
Sep. 30, 2022
USD ($)
Jul. 27, 2022
USD ($)
Extension
Dec. 31, 2021
USD ($)
Debt Instrument [Line Items]      
Carrying Value of Debt Obligations $ 723,894,000   $ 444,577,000
Revolving credit facility | Line of Credit      
Debt Instrument [Line Items]      
Committed amount on credit agreement   $ 323,900,000  
Revolving credit facility | London Interbank Offered Rate (LIBOR)      
Debt Instrument [Line Items]      
Committed amount on credit agreement 323,900,000    
Revolving credit facility | Secured Overnight Financing Rate (SOFR) | Line of Credit      
Debt Instrument [Line Items]      
Stated interest rate on debt instrument   2.50%  
Letter of Credit      
Debt Instrument [Line Items]      
Committed amount on credit agreement 25,000,000    
Revolving credit facility | Maturing on 11 February 2023      
Debt Instrument [Line Items]      
Carrying Value of Debt Obligations 0    
Committed Loan Repurchase Facility      
Debt Instrument [Line Items]      
Carrying Value of Debt Obligations 546,508,000   184,517,000
Committed but Unfunded $ 753,492,000   $ 1,015,483,000
Committed Loan Repurchase Facility | Revolving credit facility | Line of Credit      
Debt Instrument [Line Items]      
Length of extension options   1 year  
Committed Loan Repurchase Facility | Maturing 27 July 2023 | Revolving credit facility | Line of Credit      
Debt Instrument [Line Items]      
Number of additional extension maturity periods | Extension   4  
v3.22.2.2
DEBT OBLIGATIONS, NET - Debt Issuance Costs (Details) - USD ($)
$ in Millions
Sep. 30, 2022
Dec. 31, 2021
Credit Agreement and Revolving Credit Facility    
Debt Instrument [Line Items]    
Unamortized debt issuance expense $ 5.9 $ 2.9
v3.22.2.2
DEBT OBLIGATIONS, NET - Uncommitted Securities Repurchase Facilities (Details) - Uncommitted Securities Repurchase Facilities
 9 Months Ended
Sep. 30, 2022
Minimum  
Debt Instrument [Line Items]  
Advance rates 75.00%
Maximum  
Debt Instrument [Line Items]  
Advance rates 95.00%
v3.22.2.2
DEBT OBLIGATIONS, NET - Mortgage Loan Financing (Details)
$ in Thousands
 9 Months Ended
Sep. 30, 2022
USD ($)
agreement
Sep. 30, 2021
USD ($)
agreement
Dec. 31, 2021
USD ($)
Debt Instrument [Line Items]      
Amortization of premium/discount on mortgage loan financing included in interest expense $ (649) $ (998)  
Mortgage loan financing      
Debt Instrument [Line Items]      
Weighted average term 3 years 3 months 18 days    
Carrying amount $ 616,400   $ 693,800
Net unamortized premiums 2,500   3,200
Amortization of premium/discount on mortgage loan financing included in interest expense (400) $ (1,000)  
Pledged assets, real estate and lease intangibles, net $ 686,600   $ 805,000
Number of agreements | agreement 1 1  
Minimum | Mortgage loan financing      
Debt Instrument [Line Items]      
Stated interest rate on debt instrument 4.25%    
Maximum | Mortgage loan financing      
Debt Instrument [Line Items]      
Stated interest rate on debt instrument 6.53%    
v3.22.2.2
DEBT OBLIGATIONS, NET - Collateralized Loan Obligation Debt (Details)
$ in Thousands
Dec. 02, 2021
USD ($)
security
Jul. 13, 2021
USD ($)
Sep. 30, 2022
USD ($)
Dec. 31, 2021
USD ($)
Debt Instrument [Line Items]        
Debt obligations, net [1]     $ 4,237,886 $ 4,219,703
Variable Interest Entity, Primary Beneficiary        
Debt Instrument [Line Items]        
Debt obligations, net     1,057,053 1,054,774
Variable Interest Entity, Primary Beneficiary | Collateralized Loan Obligation        
Debt Instrument [Line Items]        
Subordinate and controlling interest 15.60% 18.00%    
Number of additional tranches | security 2      
Subordinate and controlling interest as investment 6.80%      
CLO Debt        
Debt Instrument [Line Items]        
Unamortized debt issuance costs     7,300  
Various Date | CLO Debt        
Debt Instrument [Line Items]        
Debt obligations, net     1,100,000  
Unamortized debt issuance costs     $ 7,300 $ 9,600
Non-Recourse Notes | CLO Debt        
Debt Instrument [Line Items]        
Debt obligations, net $ 566,200 $ 498,200    
Loans financed $ 729,400 $ 607,500    
Advance rate 77.60% 82.00%    
[1] Includes amounts relating to consolidated variable interest entities. Refer to Note 2 and Note 10.
v3.22.2.2
DEBT OBLIGATIONS, NET - Borrowings from the Federal Home Loan Bank (“FHLB”) (Details) - Tuebor Captive Insurance Company LLC
$ in Millions
 9 Months Ended
Sep. 30, 2022
USD ($)
Debt Instrument [Line Items]  
Amount restricted from transfer $ 1,300.0
Borrowings from the FHLB  
Debt Instrument [Line Items]  
FHLB borrowings outstanding $ 213.0
Weighted average term 1 year 6 months
Weighted average interest rate 3.14%
Borrowings from the FHLB | Commercial Mortgage Backed Securities and US Agency Securities  
Debt Instrument [Line Items]  
Collateral for debt instrument $ 234.2
Borrowings from the FHLB | Minimum  
Debt Instrument [Line Items]  
Average term 10 months 24 days
Stated interest rate on debt instrument 2.74%
Advance rates 71.70%
Borrowings from the FHLB | Maximum  
Debt Instrument [Line Items]  
Average term 2 years
Stated interest rate on debt instrument 3.38%
Advance rates 95.70%
v3.22.2.2
DEBT OBLIGATIONS, NET - Senior Unsecured Notes (Details) - USD ($)
 3 Months Ended 9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Sep. 30, 2022
Sep. 30, 2021
Dec. 31, 2021
Jun. 23, 2021
Jan. 30, 2020
Sep. 25, 2017
Debt Instrument [Line Items]                
Gain (loss) on extinguishment of debt $ 0 $ 0 $ 685,000 $ 0        
Senior Unsecured Notes                
Debt Instrument [Line Items]                
Unamortized debt issuance costs 16,225,000   16,225,000          
Various Date | Senior Unsecured Notes                
Debt Instrument [Line Items]                
Senior Unsecured Notes 1,627,569,000   1,627,569,000   $ 1,631,108,000      
Loan refinance 1,643,794,000   1,643,794,000   1,649,794,000      
Unamortized debt issuance costs 16,200,000   16,200,000   $ 18,700,000      
Senior Unsecured Notes                
Debt Instrument [Line Items]                
Senior Unsecured Notes 1,600,000,000   1,600,000,000          
Senior Notes Due 2025 | Senior Unsecured Notes                
Debt Instrument [Line Items]                
Loan refinance 344,000,000   344,000,000          
Stated interest rate on debt instrument               5.25%
Notes repurchased 4,000,000   4,000,000          
Gain (loss) on extinguishment of debt     300,000          
Senior Notes Due 2027 | Senior Unsecured Notes                
Debt Instrument [Line Items]                
Loan refinance 650,800,000   650,800,000          
Stated interest rate on debt instrument             4.25%  
Notes repurchased 1,000,000   1,000,000          
Gain (loss) on extinguishment of debt     200,000          
Senior Notes Due 2029 | Senior Unsecured Notes                
Debt Instrument [Line Items]                
Loan refinance 649,000,000   649,000,000          
Stated interest rate on debt instrument           4.75%    
Notes repurchased $ 1,000,000   1,000,000          
Gain (loss) on extinguishment of debt     $ 200,000          
v3.22.2.2
DEBT OBLIGATIONS, NET - Schedule of Maturities (Details) - USD ($)
$ in Thousands
Sep. 30, 2022
Dec. 31, 2021
Long-term Debt, Fiscal Year Maturity [Abstract]    
2022 (last 3 months) $ 216,888  
2023 159,643  
2024 590,832  
2025 612,006  
2026 63,630  
Thereafter 1,553,621  
Subtotal 3,196,620  
Premiums included in mortgage loan financing 2,501  
Debt obligations 3,180,832  
Senior Unsecured Notes    
Long-term Debt, Fiscal Year Maturity [Abstract]    
Unamortized debt issuance costs (16,225)  
Secured financing facility | Maturing On 6 May 2023    
Long-term Debt, Fiscal Year Maturity [Abstract]    
Unamortized debt issuance costs   $ (1,900)
Consolidated CLO debt obligations   $ 136,444
Mortgage loan financings    
Long-term Debt, Fiscal Year Maturity [Abstract]    
Unamortized debt issuance costs (2,064)  
CLO Debt    
Long-term Debt, Fiscal Year Maturity [Abstract]    
Unamortized debt issuance costs (7,300)  
Consolidated CLO debt obligations $ 1,100,000  
v3.22.2.2
DEBT OBLIGATIONS, NET - Financial Covenants (Details)
$ in Millions
Sep. 30, 2022
USD ($)
Debt Disclosure [Abstract]  
Equity restricted as payment as a dividend $ 871.4
v3.22.2.2
DEBT OBLIGATIONS, NET - LIBOR Transition (Details)
Sep. 30, 2022
London Interbank Offered Rate (LIBOR)  
Debt Instrument [Line Items]  
Percentage of debt with variable rate 65.20%
Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate  
Debt Instrument [Line Items]  
Percentage of debt with variable rate 34.80%
v3.22.2.2
DERIVATIVE INSTRUMENTS - Schedule of Derivatives Outstanding (Details) - USD ($)
$ in Thousands
 9 Months Ended 12 Months Ended
Sep. 30, 2022
Dec. 31, 2021
Derivative [Line Items]    
Notional $ 174,600 $ 114,121
Fair value, asset [1] 2,075 402
Fair value, liability 0 0
5-year Treasury-Note Futures    
Derivative [Line Items]    
Notional 32,400 6,500
Fair value, asset 111 76
Fair value, liability $ 0 $ 0
Remaining maturity 3 months 3 months
10-year Treasury-Note Futures    
Derivative [Line Items]    
Notional $ 43,100 $ 23,000
Fair value, asset 147 266
Fair value, liability $ 0 $ 0
Remaining maturity 3 months 3 months
Futures    
Derivative [Line Items]    
Notional $ 75,500 $ 29,500
Fair value, asset 258 342
Fair value, liability 0 0
1 Month Term SOFR    
Derivative [Line Items]    
Notional 90,000 84,621
Fair value, asset 1,556 60
Fair value, liability $ 0 $ 0
Remaining maturity 1 year 11 months 8 days 6 months 25 days
Put Options    
Derivative [Line Items]    
Notional $ 9,100  
Fair value, asset 261  
Fair value, liability $ 0  
Remaining maturity 5 months 4 days  
[1] Includes amounts relating to consolidated variable interest entities. Refer to Note 2 and Note 10.
v3.22.2.2
DERIVATIVE INSTRUMENTS - Schedule of Realized Gains (Losses) on Derivatives (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Sep. 30, 2022
Sep. 30, 2021
Derivative [Line Items]        
Unrealized Gain/(Loss) $ 1,447 $ 506 $ 814 $ (161)
Realized Gain/(Loss) 5,120 (431) 11,567 1,163
Net Result from Derivative Transactions 6,567 75 12,381 1,002
Caps        
Derivative [Line Items]        
Unrealized Gain/(Loss) 747 (3) 736 (3)
Realized Gain/(Loss) 0 0 648 0
Net Result from Derivative Transactions 747 (3) 1,384 (3)
Futures        
Derivative [Line Items]        
Unrealized Gain/(Loss) 539 509 (83) (158)
Realized Gain/(Loss) 5,120 (431) 10,919 1,163
Net Result from Derivative Transactions 5,659 $ 78 10,836 $ 1,005
Options        
Derivative [Line Items]        
Unrealized Gain/(Loss) 161   161  
Realized Gain/(Loss) 0   0  
Net Result from Derivative Transactions $ 161   $ 161  
v3.22.2.2
DERIVATIVE INSTRUMENTS - Additional Information (Details) - USD ($)
$ in Millions
Sep. 30, 2022
Dec. 31, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract]    
Cash margins held as collateral for derivatives by counterparties $ 1.3 $ 0.5
v3.22.2.2
OFFSETTING ASSETS AND LIABILITIES - Offsetting Liabilities (Details) - USD ($)
$ in Thousands
Sep. 30, 2022
Dec. 31, 2021
Repurchase agreements    
Gross amounts of recognized liabilities $ 723,894 $ 444,577
Gross amounts offset in the balance sheet 0 0
Net amounts of liabilities presented in the balance sheet 723,894 444,577
Gross amounts not offset in the balance sheet    
Financial instruments collateral 723,894 444,577
Cash collateral posted/(received) 10 1,975
Net amount 723,884 442,603
Total    
Gross amounts of recognized liabilities 723,894 444,577
Gross amounts offset in the balance sheet 0 0
Net amounts of liabilities presented in the balance sheet 723,894 444,577
Gross amounts not offset in the balance sheet    
Financial instruments collateral 723,894 444,577
Cash collateral posted/(received) 1,358 1,975
Net amount $ 722,536 $ 442,603
v3.22.2.2
OFFSETTING ASSETS AND LIABILITIES - Offsetting Assets (Details) - USD ($)
$ in Thousands
Sep. 30, 2022
Dec. 31, 2021
Offsetting of derivative assets    
Gross amounts of recognized assets $ 2,075 $ 402
Gross amounts offset in the balance sheet 0 0
Derivative instruments [1] 2,075 402
Gross amounts not offset in the balance sheet    
Financial instruments 0 0
Cash collateral received/(posted) (1,348) (526)
Net amount $ 727 $ 402
[1] Includes amounts relating to consolidated variable interest entities. Refer to Note 2 and Note 10.
v3.22.2.2
CONSOLIDATED VARIABLE INTEREST ENTITIES (Details)
$ in Thousands
Sep. 30, 2022
USD ($)
security
Jun. 30, 2022
USD ($)
Dec. 31, 2021
USD ($)
security
Sep. 30, 2021
USD ($)
Jun. 30, 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      
Restricted cash [1] $ 28,739   $ 72,802      
Accrued interest receivable [1] 20,344   13,645      
Other assets [1] 67,845   76,367      
Total assets [1] 5,869,972   5,851,252      
Debt obligations, net [1] 4,237,886   4,219,703      
Accrued expenses [1] 50,003   40,249      
Other liabilities [1] 47,032   50,090      
Total liabilities [1] 4,366,353   4,337,633      
Total equity 1,503,619 [1] $ 1,509,709 1,513,619 [1] $ 1,509,551 $ 1,519,865 $ 1,548,425
Total liabilities and equity [1] 5,869,972   5,851,252      
Variable Interest Entity, Primary Beneficiary            
Restricted cash 2,465   369      
Mortgage loan receivables held for investment, net, at amortized cost 1,326,889   1,299,116      
Accrued interest receivable 6,570   4,587      
Other assets 0   26,636      
Total assets 1,335,924   1,330,708      
Debt obligations, net 1,057,053   1,054,774      
Accrued expenses 2,103   1,218      
Other liabilities 65   65      
Total liabilities 1,059,221   1,056,057      
Net equity in VIEs (eliminated in consolidation) 276,703   274,651      
Total equity 276,703   274,651      
Total liabilities and equity $ 1,335,924   $ 1,330,708      
[1] Includes amounts relating to consolidated variable interest entities. Refer to Note 2 and Note 10.
v3.22.2.2
EQUITY STRUCTURE AND ACCOUNTS - Additional Information (Details) - USD ($)
$ / shares in Units, $ in Thousands
Sep. 30, 2022
Jul. 27, 2022
Jul. 26, 2022
Dec. 31, 2021
Sep. 30, 2021
Dec. 31, 2020
2014 Share Repurchase Authorization Program            
Class of Stock [Line Items]            
Remaining amount available for repurchase $ 47,400          
Percentage of aggregate common stock outstanding under Repurchase Program 4.20%          
Closing price (in dollars per share) $ 8.96          
Class A Common Stock            
Class of Stock [Line Items]            
Shares received per exchange (in shares) 1          
Common stock, outstanding (in shares) 126,564,349     125,452,568    
Class A Common Stock | 2014 Share Repurchase Authorization Program            
Class of Stock [Line Items]            
Additional authorizations   $ 50,000 $ 39,500      
Remaining amount available for repurchase $ 47,377     $ 44,122 $ 44,217 $ 38,102
Class B Common Stock            
Class of Stock [Line Items]            
Shares received per exchange (in shares) 1          
Common stock, outstanding (in shares) 0          
Series REIT LP Units            
Class of Stock [Line Items]            
Shares received per exchange (in shares) 1          
Series TRS LP Units            
Class of Stock [Line Items]            
Shares received per exchange (in shares) 1          
Series TRS I LLC Units            
Class of Stock [Line Items]            
Shares received per exchange (in shares) 1          
LCFH            
Class of Stock [Line Items]            
Ownership interest in LCFH 100.00%          
v3.22.2.2
EQUITY STRUCTURE AND ACCOUNTS - Schedule of Repurchase of Treasury Stock Activity (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Sep. 30, 2022
Sep. 30, 2021
Jul. 27, 2022
Jul. 26, 2022
Treasury Stock [Roll Forward]            
Repurchases paid $ (2,623) $ (7,600) $ (7,279) $ (8,912)    
2014 Share Repurchase Authorization Program            
Treasury Stock [Roll Forward]            
Remaining amount available for repurchase, end of period 47,400   $ 47,400      
2014 Share Repurchase Authorization Program | Class A Common Stock            
Class of Stock [Line Items]            
Purchase of treasury stock (in shares)     721,299 814,428    
Treasury Stock [Roll Forward]            
Remaining amount available for repurchase, beginning of period     $ 44,122 $ 38,102    
Additional authorizations     10,534 15,027    
Repurchases paid     (7,279) (8,912)    
Remaining amount available for repurchase, end of period $ 47,377 $ 44,217 $ 47,377 $ 44,217    
Additional authorizations         $ 50,000 $ 39,500
v3.22.2.2
EQUITY STRUCTURE AND ACCOUNTS - Dividends Declared (Details) - $ / shares
 9 Months Ended
Sep. 15, 2022
Jun. 15, 2022
Mar. 15, 2022
Sep. 15, 2021
Jun. 15, 2021
Mar. 15, 2021
Sep. 30, 2022
Sep. 30, 2021
Class A Common Stock                
Class of Stock [Line Items]                
Dividends per share of Class A common stock (in dollars per share) $ 0.23 $ 0.22 $ 0.20 $ 0.20 $ 0.20 $ 0.20 $ 0.65 $ 0.60
v3.22.2.2
EQUITY STRUCTURE AND ACCOUNTS - Changes in Accumulated Other Comprehensive Income (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Sep. 30, 2022
Sep. 30, 2021
AOCI Attributable to Parent [Roll Forward]        
Beginning Balance $ 1,509,709 $ 1,519,865 $ 1,513,619 [1] $ 1,548,425
Other comprehensive income (loss) (956) (873) (14,699) 7,379
Ending Balance 1,503,619 [1] 1,509,551 1,503,619 [1] 1,509,551
Accumulated Other Comprehensive Income (Loss)        
AOCI Attributable to Parent [Roll Forward]        
Beginning Balance (17,855) (2,211) (4,112) (10,463)
Other comprehensive income (loss) (956) (873) (14,699) 7,379
Ending Balance (18,811) (3,084) (18,811) (3,084)
Accumulated Other Comprehensive Income (Loss) of Noncontrolling Interests        
AOCI Attributable to Parent [Roll Forward]        
Beginning Balance (2) (2) (2) (2)
Other comprehensive income (loss) 0 0 0 0
Ending Balance (2) (2) (2) (2)
Total Accumulated Other Comprehensive Income (Loss)        
AOCI Attributable to Parent [Roll Forward]        
Beginning Balance (17,857) (2,213) (4,114) (10,465)
Ending Balance $ (18,813) $ (3,086) $ (18,813) $ (3,086)
[1] Includes amounts relating to consolidated variable interest entities. Refer to Note 2 and Note 10.
v3.22.2.2
NONCONTROLLING INTERESTS (Details)
$ in Millions
Sep. 30, 2022
USD ($)
property
Joint_Venture
Noncontrolling Interest [Line Items]  
Properties | property 0
Consolidated Venture  
Noncontrolling Interest [Line Items]  
Number of consolidated ventures | Joint_Venture 3
Consolidated Venture | Isla Vista, CA | Student Housing  
Noncontrolling Interest [Line Items]  
Number of real estate properties | property 40
Property book value | $ $ 79.9
Consolidated Venture | Richmond, VA | Office Building  
Noncontrolling Interest [Line Items]  
Number of real estate properties | property 11
Property book value | $ $ 68.7
Consolidated Venture | Oakland County, MI | Office Building  
Noncontrolling Interest [Line Items]  
Property book value | $ $ 8.9
Minimum | Consolidated Venture | Consolidated Ventures  
Noncontrolling Interest [Line Items]  
Noncontrolling interest ownership 25.00%
Maximum | Consolidated Venture | Consolidated Ventures  
Noncontrolling Interest [Line Items]  
Noncontrolling interest ownership 10.00%
v3.22.2.2
EARNINGS PER SHARE - Net Income and Weighted Average Shares Outstanding (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Sep. 30, 2022
Sep. 30, 2021
Weighted average shares outstanding:        
Basic (in shares) 124,278,732 123,729,867 124,393,861 123,917,047
Diluted (in shares) 125,172,180 124,499,675 125,813,280 124,354,190
Class A Common Stock        
Earnings Per Share        
Basic Net income (loss) available for Class A common shareholders $ 28,583 $ 18,927 $ 82,663 $ 29,413
Diluted Net income (loss) available for Class A common shareholders $ 28,583 $ 18,927 $ 82,663 $ 29,413
Weighted average shares outstanding:        
Basic (in shares) 124,278,732 123,729,867 124,393,861 123,917,047
Diluted (in shares) 125,172,180 124,499,675 125,813,280 124,354,190
v3.22.2.2
EARNINGS PER SHARE - Schedule of Calculation of Basic and Diluted EPS (Details) - USD ($)
$ / shares in Units, $ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Sep. 30, 2022
Sep. 30, 2021
Denominator:        
Weighted average number of shares of Class A common stock outstanding (in shares) 124,278,732 123,729,867 124,393,861 123,917,047
Basic net income (loss) per share of Class A common stock (in dollars per share) $ 0.23 $ 0.15 $ 0.66 $ 0.24
Denominator:        
Weighted average number of shares of Class A common stock outstanding (in shares) 124,278,732 123,729,867 124,393,861 123,917,047
Diluted weighted average number of shares of Class A common stock outstanding (in shares) 125,172,180 124,499,675 125,813,280 124,354,190
Diluted net income (loss) per share of Class A common stock (in dollars per share) $ 0.23 $ 0.15 $ 0.66 $ 0.24
Class A Common Stock        
Numerator:        
Net income (loss) attributable to Class A common shareholders $ 28,583 $ 18,927 $ 82,663 $ 29,413
Denominator:        
Weighted average number of shares of Class A common stock outstanding (in shares) 124,278,732 123,729,867 124,393,861 123,917,047
Basic net income (loss) per share of Class A common stock (in dollars per share) $ 0.23 $ 0.15 $ 0.66 $ 0.24
Numerator:        
Net income (loss) attributable to Class A common shareholders $ 28,583 $ 18,927 $ 82,663 $ 29,413
Net income (loss) attributable to Class A common shareholders $ 28,583 $ 18,927 $ 82,663 $ 29,413
Denominator:        
Weighted average number of shares of Class A common stock outstanding (in shares) 124,278,732 123,729,867 124,393,861 123,917,047
Diluted weighted average number of shares of Class A common stock outstanding (in shares) 125,172,180 124,499,675 125,813,280 124,354,190
Diluted net income (loss) per share of Class A common stock (in dollars per share) $ 0.23 $ 0.15 $ 0.66 $ 0.24
Class A Common Stock | Restricted Stock        
Denominator:        
Incremental shares of stock based compensation (in shares) 893,448 769,808 1,419,419 437,143
v3.22.2.2
STOCK BASED AND OTHER COMPENSATION PLANS - Stock Based Compensation Plans Summary (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Sep. 30, 2022
Sep. 30, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Stock Based Compensation Expense $ 3,738 $ 3,072 $ 27,787 $ 11,873
Recognized equity based compensation expense 3,738 3,072 27,787 11,895
Phantom Equity Investment Plan        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Recognized equity based compensation expense $ 0 $ 0 $ 0 $ 22
v3.22.2.2
STOCK BASED AND OTHER COMPENSATION PLANS - Summary of Grants (Details) - Restricted Stock - $ / shares
 3 Months Ended 9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Sep. 30, 2022
Sep. 30, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Number of Shares (in shares)     2,884,303  
Class A Common Stock        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Number of Shares (in shares) 7,179 0 2,884,303 747,713
Weighted Average Fair Value Per Share (in dollars per share) $ 9.75 $ 0 $ 11.87 $ 9.81
v3.22.2.2
STOCK BASED AND OTHER COMPENSATION PLANS - Nonvested Shares Outstanding (Details) - USD ($)
$ / shares in Units, $ in Millions
 9 Months Ended
Sep. 30, 2022
Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested, Number of Shares [Roll Forward]  
Unrecognized compensation cost $ 16.3
Period of recognition for unrecognized compensation costs 36 months
Remaining vesting period 23 months 18 days
Restricted Stock  
Number of Shares Nonvested Other than Options [Roll Forward]  
Nonvested/Outstanding (in shares) 2,145,380
Granted (in shares) 2,884,303
Vested (in shares) (2,404,181)
Forfeited (in shares) (95,931)
Nonvested/Outstanding (in shares) 2,529,571
Stock Options  
Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested, Number of Shares [Roll Forward]  
Nonvested/Outstanding (in shares) 623,788
Granted (in shares) 0
Forfeited (in shares) 0
Nonvested/Outstanding (in shares) 623,788
Exercisable (in shares) 623,788
Options, warrants and rights  
Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested, Number of Shares [Roll Forward]  
Weighted-average exercise price of outstanding options, warrants and rights $ 14.84
v3.22.2.2
STOCK BASED AND OTHER COMPENSATION PLANS - Omnibus Incentive Plan (Details)
$ in Millions
 1 Months Ended 3 Months Ended 9 Months Ended
May 10, 2022
USD ($)
installment
shares
Feb. 18, 2022
USD ($)
shares
Jan. 31, 2022
USD ($)
shares
Jan. 01, 2021
USD ($)
security
shares
Jan. 31, 2022
Sep. 30, 2022
USD ($)
employee
shares
Sep. 30, 2021
shares
Sep. 30, 2022
USD ($)
employee
shares
Sep. 30, 2021
shares
Jan. 01, 2022
security
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                    
Aggregate value of awards granted | $     $ 18.0 $ 7.0            
Period of recognition for unrecognized compensation costs               36 months    
Unrecognized compensation cost | $           $ 16.3   $ 16.3    
Restricted Stock                    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                    
Granted (in shares)               2,884,303    
Forfeited (in shares)               95,931    
Restricted Stock | Class A Common Stock                    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                    
Granted (in shares)           7,179 0 2,884,303 747,713  
Non-Management Grantee | Mr. Miceli, Ms. Porcella and certain Non-Management Grantees                    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                    
Granted (in shares)     1,254,085              
Number of shares of unrestricted stock     33.33%              
Non-Management Grantee | Other Non-ManagementGrantees                    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                    
Granted (in shares)     250,430              
Non-Management Grantee | Time-Based Vesting | Mr. Miceli, Ms. Porcella and certain Non-Management Grantees                    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                    
Vesting percentage     33.33%              
Non-Management Grantee | Time-Based Vesting | Other Non-ManagementGrantees                    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                    
Vesting percentage     50.00%              
Non-Management Grantee | Performance Based Vesting | Mr. Miceli, Ms. Porcella and certain Non-Management Grantees                    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                    
Vesting percentage     33.33%              
Non-Management Grantee | Performance Based Vesting | Other Non-ManagementGrantees                    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                    
Vesting percentage     50.00%              
Non-Management Grantee | Performance Based Vesting and Catch-up Provision | Mr. Miceli, Ms. Porcella and certain Non-Management Grantees                    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                    
Vesting percentage     33.33%              
Non-Management Grantee | Performance Based Vesting and Catch-up Provision | Other Non-ManagementGrantees                    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                    
Vesting percentage     50.00%              
Non-Management Grantee | Restricted Stock | Class A Common Stock                    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                    
Aggregate value of awards granted | $     $ 15.4              
Granted (in shares)     1,293,853              
Non-Management Grantee | Restricted Stock | 2014 Omnibus Incentive Plan                    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                    
Number of installments | security       3           3
Non-Management Grantee | Restricted Stock | 2014 Omnibus Incentive Plan | Class A Common Stock                    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                    
Granted (in shares)       711,653            
Board of Directors | Restricted Stock | Class A Common Stock                    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                    
Granted (in shares)   31,860                
Grant date fair value | $   $ 0.4                
Vesting period   1 year                
Management Grantees | 2014 Omnibus Incentive Plan | Class A Common Stock | Ms. McCormack and Mr. Perelman                    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                    
Number of shares of unrestricted stock     66.67%              
Management Grantees | Restricted Stock | Class A Common Stock | Time and Performance Based Vesting                    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                    
Aggregate value of awards granted | $     $ 2.5              
Management Grantees | Restricted Stock | 2014 Omnibus Incentive Plan                    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                    
Number of employees eligible for performance share waiver | employee           1   1    
Management Grantees | Restricted Stock | 2014 Omnibus Incentive Plan | Performance Based Vesting                    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                    
Minimum performance target percentage         8.00%          
Management Grantees | Restricted Stock | 2014 Omnibus Incentive Plan | Class A Common Stock                    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                    
Granted (in shares)     1,517,627              
Management Grantees | Restricted Stock | 2014 Omnibus Incentive Plan | Class A Common Stock | Performance Based Vesting | Ms. McCormack and Mr. Perelman                    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                    
Vesting percentage     33.33%              
Management Grantees | Restricted Stock | 2014 Omnibus Incentive Plan | Class A Common Stock | Time and Performance Based Vesting                    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                    
Granted (in shares)     210,662              
Employee | Restricted Stock | 2014 Omnibus Incentive Plan | Class A Common Stock                    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                    
Granted (in shares) 33,784                  
Grant date fair value | $ $ 0.4                  
Employee | Restricted Stock | 2014 Omnibus Incentive Plan | Class A Common Stock | Time-Based Vesting                    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                    
Number of installments | installment 3                  
Vesting percentage 50.00%                  
Employee | Restricted Stock | 2014 Omnibus Incentive Plan | Class A Common Stock | Performance Based Vesting                    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                    
Number of installments 3                  
Vesting percentage 50.00%                  
v3.22.2.2
STOCK BASED AND OTHER COMPENSATION PLANS - Bonus Payments (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended 12 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Mar. 31, 2021
Sep. 30, 2022
Sep. 30, 2021
Dec. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Bonus expense $ 3,738 $ 3,072   $ 27,787 $ 11,895  
Bonus Expense            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Bonus expense     $ 1,100     $ 11,000
v3.22.2.2
FAIR VALUE OF FINANCIAL INSTRUMENTS - Estimated Fair Values of Financial Instruments (Details)
$ in Thousands
 9 Months Ended 12 Months Ended
Sep. 30, 2022
USD ($)
Dec. 31, 2021
USD ($)
Jun. 30, 2022
USD ($)
Sep. 30, 2021
USD ($)
Jun. 30, 2021
USD ($)
Dec. 31, 2020
USD ($)
Assets:            
Fair Value $ 4,073,997 $ 3,516,524        
Allowance for credit losses (18,474) (31,752) $ (16,960) $ (33,635) $ (35,891) $ (41,507)
Liabilities:            
Fair Value 3,962,683 4,282,888        
Level 1            
Assets:            
Fair Value 0 0        
Liabilities:            
Fair Value 0 0        
Level 2            
Assets:            
Fair Value 0 0        
Liabilities:            
Fair Value 0 0        
Level 3            
Assets:            
Fair Value 4,073,997 3,516,524        
Liabilities:            
Fair Value $ 3,962,683 $ 4,282,888        
Total mortgage loan receivables held for investment, net, at amortized cost            
Liabilities:            
Period of short interest rate reset risk 30 days 30 days        
CLO debt            
Liabilities:            
Period of short interest rate reset risk   30 days        
Recurring            
Assets:            
Fair Value $ 603,143 $ 693,266        
Recurring | Level 1            
Assets:            
Fair Value 11,065 0        
Recurring | Level 2            
Assets:            
Fair Value 2,075 402        
Recurring | Level 3            
Assets:            
Fair Value 590,003 692,864        
Recurring | Agency securities            
Assets:            
Principal Amount 40 557        
Fair Value 40 563        
Recurring | Agency securities | Level 1            
Assets:            
Fair Value 0 0        
Recurring | Agency securities | Level 2            
Assets:            
Fair Value 0 0        
Recurring | Agency securities | Level 3            
Assets:            
Fair Value 40 563        
Recurring | CMBS | Internal Model Third Party Inputs Valuation Technique            
Assets:            
Principal Amount 607,143 691,402        
Amortized Cost Basis/Purchase Price 606,410 691,026        
Fair Value $ 587,786 $ 686,293        
Liabilities:            
Financial instruments, measurement input 0.0375 0.0157        
Weighted average remaining maturity/duration 1 year 2 months 15 days 2 years 21 days        
Recurring | CMBS interest-only | Internal Model Third Party Inputs Valuation Technique            
Assets:            
Principal Amount $ 1,033,126 $ 1,302,551        
Amortized Cost Basis/Purchase Price 11,514 15,268        
Fair Value $ 11,349 $ 15,885        
Liabilities:            
Financial instruments, measurement input 0.0336 0.0567        
Weighted average remaining maturity/duration 1 year 6 months 18 days 1 year 10 months 17 days        
Recurring | GNMA interest-only | Internal Model Third Party Inputs Valuation Technique            
Assets:            
Principal Amount $ 47,183 $ 59,075        
Amortized Cost Basis/Purchase Price 305 518        
Fair Value $ 325 $ 559        
Liabilities:            
Financial instruments, measurement input 0.0360 0.0497        
Weighted average remaining maturity/duration 2 years 10 months 24 days 3 years 7 months 20 days        
Recurring | Agency securities | Internal Model Third Party Inputs Valuation Technique            
Assets:            
Principal Amount $ 40 $ 557        
Amortized Cost Basis/Purchase Price 41 560        
Fair Value $ 40 $ 563        
Liabilities:            
Financial instruments, measurement input 0.0268 0.0158        
Weighted average remaining maturity/duration 1 year 8 months 12 days 8 months 8 days        
Recurring | U.S. Treasury securities | Internal Model Third Party Inputs Valuation Technique            
Assets:            
Principal Amount $ 11,000          
Amortized Cost Basis/Purchase Price 10,659          
Fair Value $ 10,659          
Liabilities:            
Financial instruments, measurement input 0.0361          
Weighted average remaining maturity/duration 9 months 25 days          
Recurring | Equity Securities            
Assets:            
Amortized Cost Basis/Purchase Price $ 483          
Fair Value 406          
Recurring | Total mortgage loan receivables held for investment, net, at amortized cost | Discounted Cash Flow            
Assets:            
Principal Amount 4,044,192 $ 3,581,919        
Amortized Cost Basis/Purchase Price 4,019,297 3,553,737        
Fair Value 4,027,097 3,494,254        
Allowance for credit losses $ (18,500) $ (31,800)        
Liabilities:            
Financial instruments, measurement input 0.0745 0.0565        
Weighted average remaining maturity/duration 1 year 4 months 17 days 1 year 9 months 3 days        
Recurring | Mortgage loan  receivables held for sale | Internal Model Third Party Inputs Valuation Technique            
Assets:            
Principal Amount $ 31,350          
Amortized Cost Basis/Purchase Price 27,818          
Fair Value $ 27,818          
Liabilities:            
Financial instruments, measurement input 0.0457          
Weighted average remaining maturity/duration 9 years 5 months 8 days          
Recurring | FHLB stock | FHLB stock            
Assets:            
Principal Amount $ 9,585 $ 11,835        
Amortized Cost Basis/Purchase Price 9,585 11,835        
Fair Value $ 9,585 $ 11,835        
Liabilities:            
Financial instruments, measurement input 0.0300 0.0325        
Recurring | Nonhedge derivatives | Counterparty Quotations Valuation Technique            
Assets:            
Nonhedge derivative assets $ 174,600 $ 114,121        
Amortized Cost Basis/Purchase Price 2,075 402        
Fair Value $ 2,075 $ 402        
Liabilities:            
Weighted average remaining maturity/duration 3 months 3 months 18 days        
Recurring | Repurchase agreements - short-term | Discounted Cash Flow            
Liabilities:            
Principal Amount   $ 418,394        
Amortized Cost Basis/Purchase Price   418,394        
Fair Value   $ 418,394        
Financial instruments, measurement input   0.0089        
Weighted average remaining maturity/duration   5 months 15 days        
Recurring | Repurchase agreements - short-term | Cost Plus Accrued Interest Valuation Technique            
Liabilities:            
Principal Amount $ 676,478          
Amortized Cost Basis/Purchase Price 676,478          
Fair Value $ 676,478          
Financial instruments, measurement input 0.0289          
Weighted average remaining maturity/duration 2 months 8 days          
Recurring | Repurchase agreements - long-term | Discounted Cash Flow            
Liabilities:            
Principal Amount $ 47,415 $ 26,183        
Amortized Cost Basis/Purchase Price 47,415 26,183        
Fair Value $ 47,415 $ 26,183        
Financial instruments, measurement input 0.0376 0.0221        
Weighted average remaining maturity/duration 1 year 6 months 29 days 1 year 3 days        
Recurring | Mortgage loan financing | Discounted Cash Flow            
Liabilities:            
Principal Amount $ 615,933 $ 690,927        
Amortized Cost Basis/Purchase Price 616,370 693,797        
Fair Value $ 630,856 $ 709,695        
Financial instruments, measurement input 0.0512 0.0483        
Weighted average remaining maturity/duration 3 years 3 years 3 months 18 days        
Recurring | Secured financing facility | Discounted Cash Flow            
Liabilities:            
Principal Amount   $ 136,444        
Amortized Cost Basis/Purchase Price   132,447        
Fair Value   $ 133,389        
Financial instruments, measurement input   0.1075        
Weighted average remaining maturity/duration   1 year 4 months 6 days        
Recurring | CLO debt | Discounted Cash Flow            
Liabilities:            
Principal Amount $ 1,064,365 $ 1,064,365        
Amortized Cost Basis/Purchase Price 1,057,053 1,054,774        
Fair Value $ 1,057,053 $ 1,054,774        
Financial instruments, measurement input 0.0308 0.0204        
Weighted average remaining maturity/duration 16 years 2 months 1 day 16 years 11 months 1 day        
Recurring | Borrowings from the FHLB | Discounted Cash Flow            
Liabilities:            
Principal Amount $ 213,000 $ 263,000        
Amortized Cost Basis/Purchase Price 213,000 263,000        
Fair Value $ 213,073 $ 263,414        
Financial instruments, measurement input 0.0138 0.0091        
Weighted average remaining maturity/duration 1 year 6 months 1 year 11 months 12 days        
Recurring | Senior unsecured notes | Internal Model Third Party Inputs Valuation Technique            
Liabilities:            
Principal Amount $ 1,643,794 $ 1,649,794        
Amortized Cost Basis/Purchase Price 1,627,569 1,631,108        
Fair Value $ 1,337,808 $ 1,677,039        
Financial instruments, measurement input 0.0466 0.0466        
Weighted average remaining maturity/duration 5 years 5 years 8 months 26 days        
v3.22.2.2
FAIR VALUE OF FINANCIAL INSTRUMENTS - Summary of Financial Assets and Liabilities (Details) - USD ($)
$ in Thousands
Sep. 30, 2022
Dec. 31, 2021
Assets:    
Fair value of assets $ 4,073,997 $ 3,516,524
Liabilities:    
Fair value of liabilities 3,962,683 4,282,888
Repurchase agreements - short-term    
Liabilities:    
Principal Amount 676,478 418,394
Fair value of liabilities 676,478 418,394
Mortgage loan financing    
Liabilities:    
Principal Amount 615,933 690,927
Fair value of liabilities 630,856 709,695
CLO debt    
Liabilities:    
Principal Amount 1,064,365 1,064,365
Fair value of liabilities 1,057,053 1,054,774
Borrowings from the FHLB    
Liabilities:    
Principal Amount 213,000 263,000
Fair value of liabilities 213,073 263,414
Senior unsecured notes    
Liabilities:    
Principal Amount 1,643,794 1,649,794
Fair value of liabilities 1,337,808 1,677,039
Repurchase agreements - long-term    
Liabilities:    
Principal Amount 47,415 26,183
Fair value of liabilities 47,415 26,183
Secured financing facility    
Liabilities:    
Principal Amount   136,444
Fair value of liabilities   133,389
CMBS    
Assets:    
Principal Amount 9,448 10,326
Fair value of assets 9,049 9,894
CMBS interest-only    
Assets:    
Principal Amount 8,493 9,370
Fair value of assets 448 541
Total mortgage loan receivables held for investment, net, at amortized cost    
Assets:    
Principal Amount 4,044,192 3,581,920
Fair value of assets 4,027,097 3,494,254
FHLB stock    
Assets:    
Principal Amount 9,585 11,835
Fair value of assets 9,585 11,835
Mortgage loan  receivables held for sale    
Assets:    
Principal Amount 31,350  
Fair value of assets 27,818  
Level 1    
Assets:    
Fair value of assets 0 0
Liabilities:    
Fair value of liabilities 0 0
Level 1 | Repurchase agreements - short-term    
Liabilities:    
Fair value of liabilities 0 0
Level 1 | Mortgage loan financing    
Liabilities:    
Fair value of liabilities 0 0
Level 1 | CLO debt    
Liabilities:    
Fair value of liabilities 0 0
Level 1 | Borrowings from the FHLB    
Liabilities:    
Fair value of liabilities 0 0
Level 1 | Senior unsecured notes    
Liabilities:    
Fair value of liabilities 0 0
Level 1 | Repurchase agreements - long-term    
Liabilities:    
Fair value of liabilities 0 0
Level 1 | Secured financing facility    
Liabilities:    
Fair value of liabilities   0
Level 1 | CMBS    
Assets:    
Fair value of assets 0 0
Level 1 | CMBS interest-only    
Assets:    
Fair value of assets 0 0
Level 1 | Total mortgage loan receivables held for investment, net, at amortized cost    
Assets:    
Fair value of assets 0 0
Level 1 | FHLB stock    
Assets:    
Fair value of assets 0 0
Level 1 | Mortgage loan  receivables held for sale    
Assets:    
Fair value of assets 0  
Level 2    
Assets:    
Fair value of assets 0 0
Liabilities:    
Fair value of liabilities 0 0
Level 2 | Repurchase agreements - short-term    
Liabilities:    
Fair value of liabilities 0 0
Level 2 | Mortgage loan financing    
Liabilities:    
Fair value of liabilities 0 0
Level 2 | CLO debt    
Liabilities:    
Fair value of liabilities 0 0
Level 2 | Borrowings from the FHLB    
Liabilities:    
Fair value of liabilities 0 0
Level 2 | Senior unsecured notes    
Liabilities:    
Fair value of liabilities 0 0
Level 2 | Repurchase agreements - long-term    
Liabilities:    
Fair value of liabilities 0 0
Level 2 | Secured financing facility    
Liabilities:    
Fair value of liabilities   0
Level 2 | CMBS    
Assets:    
Fair value of assets 0 0
Level 2 | CMBS interest-only    
Assets:    
Fair value of assets 0 0
Level 2 | Total mortgage loan receivables held for investment, net, at amortized cost    
Assets:    
Fair value of assets 0 0
Level 2 | FHLB stock    
Assets:    
Fair value of assets 0 0
Level 2 | Mortgage loan  receivables held for sale    
Assets:    
Fair value of assets 0  
Level 3    
Assets:    
Fair value of assets 4,073,997 3,516,524
Liabilities:    
Fair value of liabilities 3,962,683 4,282,888
Level 3 | Repurchase agreements - short-term    
Liabilities:    
Fair value of liabilities 676,478 418,394
Level 3 | Mortgage loan financing    
Liabilities:    
Fair value of liabilities 630,856 709,695
Level 3 | CLO debt    
Liabilities:    
Fair value of liabilities 1,057,053 1,054,774
Level 3 | Borrowings from the FHLB    
Liabilities:    
Fair value of liabilities 213,073 263,414
Level 3 | Senior unsecured notes    
Liabilities:    
Fair value of liabilities 1,337,808 1,677,039
Level 3 | Repurchase agreements - long-term    
Liabilities:    
Fair value of liabilities 47,415 26,183
Level 3 | Secured financing facility    
Liabilities:    
Fair value of liabilities   133,389
Level 3 | CMBS    
Assets:    
Fair value of assets 9,049 9,894
Level 3 | CMBS interest-only    
Assets:    
Fair value of assets 448 541
Level 3 | Total mortgage loan receivables held for investment, net, at amortized cost    
Assets:    
Fair value of assets 4,027,097 3,494,254
Level 3 | FHLB stock    
Assets:    
Fair value of assets 9,585 11,835
Level 3 | Mortgage loan  receivables held for sale    
Assets:    
Fair value of assets 27,818  
Recurring    
Assets:    
Fair value of assets 603,143 693,266
Recurring | CMBS    
Assets:    
Principal Amount 597,695 681,076
Fair value of assets 578,737 676,398
Recurring | CMBS interest-only    
Assets:    
Principal Amount 1,024,633 1,293,181
Fair value of assets 10,901 15,344
Recurring | GNMA interest-only    
Assets:    
Principal Amount 47,183 59,075
Fair value of assets 325 559
Recurring | Agency securities    
Assets:    
Principal Amount 40 557
Fair value of assets 40 563
Recurring | U.S. Treasury securities    
Assets:    
Principal Amount 11,000  
Fair value of assets 10,659  
Recurring | Equity Securities    
Assets:    
Fair value of assets 406  
Recurring | Nonhedge derivatives    
Assets:    
Principal Amount 174,600  
Fair value of assets 2,075 402
Nonhedge derivative assets   114,121
Recurring | Level 1    
Assets:    
Fair value of assets 11,065 0
Recurring | Level 1 | CMBS    
Assets:    
Fair value of assets 0 0
Recurring | Level 1 | CMBS interest-only    
Assets:    
Fair value of assets 0 0
Recurring | Level 1 | GNMA interest-only    
Assets:    
Fair value of assets 0 0
Recurring | Level 1 | Agency securities    
Assets:    
Fair value of assets 0 0
Recurring | Level 1 | U.S. Treasury securities    
Assets:    
Fair value of assets 10,659  
Recurring | Level 1 | Equity Securities    
Assets:    
Fair value of assets 406  
Recurring | Level 1 | Nonhedge derivatives    
Assets:    
Fair value of assets 0 0
Recurring | Level 2    
Assets:    
Fair value of assets 2,075 402
Recurring | Level 2 | CMBS    
Assets:    
Fair value of assets 0 0
Recurring | Level 2 | CMBS interest-only    
Assets:    
Fair value of assets 0 0
Recurring | Level 2 | GNMA interest-only    
Assets:    
Fair value of assets 0 0
Recurring | Level 2 | Agency securities    
Assets:    
Fair value of assets 0 0
Recurring | Level 2 | U.S. Treasury securities    
Assets:    
Fair value of assets 0  
Recurring | Level 2 | Equity Securities    
Assets:    
Fair value of assets 0  
Recurring | Level 2 | Nonhedge derivatives    
Assets:    
Fair value of assets 2,075 402
Recurring | Level 3    
Assets:    
Fair value of assets 590,003 692,864
Recurring | Level 3 | CMBS    
Assets:    
Fair value of assets 578,737 676,398
Recurring | Level 3 | CMBS interest-only    
Assets:    
Fair value of assets 10,901 15,344
Recurring | Level 3 | GNMA interest-only    
Assets:    
Fair value of assets 325 559
Recurring | Level 3 | Agency securities    
Assets:    
Fair value of assets 40 563
Recurring | Level 3 | U.S. Treasury securities    
Assets:    
Fair value of assets 0  
Recurring | Level 3 | Equity Securities    
Assets:    
Fair value of assets 0  
Recurring | Level 3 | Nonhedge derivatives    
Assets:    
Fair value of assets $ 0 $ 0
v3.22.2.2
FAIR VALUE OF FINANCIAL INSTRUMENTS - Schedule of Changes in Level 3 (Details) - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]    
Beginning balance $ 692,864 $ 1,046,569
Transfer from level 2 0 0
Purchases 55,716 164,523
Sales (4,261) (364,959)
Paydowns/maturities (135,988) (135,733)
Amortization of premium/discount (3,503) (5,388)
Unrealized gain/(loss) (14,719) 7,292
Realized gain/(loss) on sale (106) 879
Ending balance $ 590,003 $ 713,183
v3.22.2.2
FAIR VALUE OF FINANCIAL INSTRUMENTS - Schedule of Quantitative Information (Details)
$ in Thousands
 9 Months Ended 12 Months Ended
Sep. 30, 2022
USD ($)
Dec. 31, 2021
USD ($)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Carrying Value $ 610,139 $ 703,280
CMBS    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Carrying Value 587,785 686,292
CMBS interest-only    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Carrying Value 11,350 15,886
GNMA interest-only    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Carrying Value 325 559
Agency securities    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Carrying Value 40 563
Level 3    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Carrying Value $ 590,003 $ 692,864
Level 3 | Valuation Technique, Discounted Cash Flow | CMBS | Minimum    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Duration 0 years 0 years
Level 3 | Valuation Technique, Discounted Cash Flow | CMBS | Weighted Average    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Duration 1 year 2 months 15 days 1 year 11 months 4 days
Level 3 | Valuation Technique, Discounted Cash Flow | CMBS | Maximum    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Duration 9 years 5 months 23 days 8 years 4 months 20 days
Level 3 | Valuation Technique, Discounted Cash Flow | CMBS interest-only | Minimum    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Duration 0 years 10 days
Level 3 | Valuation Technique, Discounted Cash Flow | CMBS interest-only | Weighted Average    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Duration 1 year 6 months 18 days 1 year 9 months 21 days
Level 3 | Valuation Technique, Discounted Cash Flow | CMBS interest-only | Maximum    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Duration 2 years 2 months 1 day 2 years 6 months 29 days
Level 3 | Valuation Technique, Discounted Cash Flow | GNMA interest-only | Minimum    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Duration 0 years 0 years
Level 3 | Valuation Technique, Discounted Cash Flow | GNMA interest-only | Weighted Average    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Duration 2 years 10 months 24 days 2 years 8 months 19 days
Level 3 | Valuation Technique, Discounted Cash Flow | GNMA interest-only | Maximum    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Duration 6 years 7 months 9 days 5 years 6 months 21 days
Level 3 | Valuation Technique, Discounted Cash Flow | Agency securities | Minimum    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Duration 1 year 8 months 12 days 0 years
Level 3 | Valuation Technique, Discounted Cash Flow | Agency securities | Weighted Average    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Duration 1 year 8 months 12 days 5 months 1 day
Level 3 | Valuation Technique, Discounted Cash Flow | Agency securities | Maximum    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Duration 1 year 8 months 12 days 5 months 19 days
Level 3 | Valuation Technique, Discounted Cash Flow | Yield | CMBS | Minimum    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Measurement input 0.0193 0.0077
Level 3 | Valuation Technique, Discounted Cash Flow | Yield | CMBS | Weighted Average    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Measurement input 0.0377 0.0151
Level 3 | Valuation Technique, Discounted Cash Flow | Yield | CMBS | Maximum    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Measurement input 0.1747 0.0528
Level 3 | Valuation Technique, Discounted Cash Flow | Yield | CMBS interest-only | Minimum    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Measurement input 0 0
Level 3 | Valuation Technique, Discounted Cash Flow | Yield | CMBS interest-only | Weighted Average    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Measurement input 0.0336 0.057
Level 3 | Valuation Technique, Discounted Cash Flow | Yield | CMBS interest-only | Maximum    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Measurement input 0.1846 0.0934
Level 3 | Valuation Technique, Discounted Cash Flow | Yield | GNMA interest-only | Minimum    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Measurement input 0 0
Level 3 | Valuation Technique, Discounted Cash Flow | Yield | GNMA interest-only | Weighted Average    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Measurement input 0.0360 0.0497
Level 3 | Valuation Technique, Discounted Cash Flow | Yield | GNMA interest-only | Maximum    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Measurement input 0.1000 0.1000
Level 3 | Valuation Technique, Discounted Cash Flow | Yield | Agency securities | Minimum    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Measurement input 0.0268 0.0144
Level 3 | Valuation Technique, Discounted Cash Flow | Yield | Agency securities | Weighted Average    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Measurement input 0.0268 0.0158
Level 3 | Valuation Technique, Discounted Cash Flow | Yield | Agency securities | Maximum    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Measurement input 0.0268 0.0278
Level 3 | Valuation Technique, Discounted Cash Flow | Prepayment speed | CMBS interest-only | Minimum    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Measurement input 100.00 100.00
Level 3 | Valuation Technique, Discounted Cash Flow | Prepayment speed | CMBS interest-only | Weighted Average    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Measurement input 100.00 100.00
Level 3 | Valuation Technique, Discounted Cash Flow | Prepayment speed | CMBS interest-only | Maximum    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Measurement input 100.00 100.00
Level 3 | Valuation Technique, Discounted Cash Flow | Prepayment speed | GNMA interest-only | Minimum    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Measurement input 5 5
Level 3 | Valuation Technique, Discounted Cash Flow | Prepayment speed | GNMA interest-only | Weighted Average    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Measurement input 17.23 17.41
Level 3 | Valuation Technique, Discounted Cash Flow | Prepayment speed | GNMA interest-only | Maximum    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Measurement input 35 35.00
Recurring | Level 3 | CMBS    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Carrying Value $ 578,737 $ 676,398
Recurring | Level 3 | CMBS interest-only    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Carrying Value 10,901 15,344
Recurring | Level 3 | GNMA interest-only    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Carrying Value 325 559
Recurring | Level 3 | Agency securities    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Carrying Value $ 40 $ 563
v3.22.2.2
INCOME TAXES - Additional Information (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Sep. 30, 2022
Sep. 30, 2021
Dec. 31, 2021
Income Tax Contingency [Line Items]          
Income tax expense (benefit) $ 4.2 $ 1.1 $ 3.8 $ 0.0  
Deferred income tax expense (benefit) (1.6) $ (1.3) 0.1 $ (1.3)  
Deferred tax asset related to capital losses 3.9   3.9    
Deferred tax assets related to interest expense limitation 1.3   1.3    
Other assets          
Income Tax Contingency [Line Items]          
Deferred tax liabilities $ (2.4)   $ (2.4)   $ (2.3)
v3.22.2.2
COMMITMENTS AND CONTINGENCIES (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Sep. 30, 2022
Sep. 30, 2021
Dec. 31, 2021
Unfunded Loan Commitments          
Operating lease liability $ 0.1   $ 0.1    
Operating lease, right-of-use asset $ 0.2   $ 0.2    
Operating Lease, Liability, Statement of Financial Position [Extensible List] Other liabilities   Other liabilities    
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List] Other assets   Other assets    
Tenant reimbursements $ (1.4) $ (1.5) $ (3.9) $ (3.7)  
Provision for loan losses          
Unfunded Loan Commitments          
Unfunded commitments of mortgage loan receivables held for investment $ 363.2   $ 363.2   $ 390.1
Length of additional mortgage loan financing     3 years    
Unfunded commitments of mortgage loan receivables held for investment, additional funds     49.00%    
v3.22.2.2
SEGMENT REPORTING - Additional Information (Details)
 9 Months Ended
Sep. 30, 2022
segment
Segment Reporting [Abstract]  
Number of reportable segments 3
v3.22.2.2
SEGMENT REPORTING - Schedule of Segments (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Sep. 30, 2022
Sep. 30, 2021
Dec. 31, 2021
Income Statement [Abstract]          
Interest income $ 77,359 $ 46,235 $ 198,832 $ 123,099  
Interest expense (48,471) (49,339) (138,212) (140,538)  
Net interest income (expense) 28,888 (3,104) 60,620 (17,439)  
(Provision for) release of loan loss reserves (1,501) 2,364 (1,373) 6,950  
Net interest income (expense) after provision for (release of) loan losses 27,387 (740) 59,247 (10,489)  
Real estate operating income 27,679 26,603 82,678 77,320  
Tenant recoveries 1,400 1,500 3,900 3,700  
Sale of loans, net 796 3,293 (2,083) 6,685  
Realized gain (loss) on securities 9 285 (75) 879  
Unrealized gain (loss) on equity securities (61) 0 (77) 0  
Unrealized gain (loss) on Agency interest-only securities (5) (19) (21) (87)  
Realized gain (loss) on sale of real estate, net 4,393 17,766 62,101 37,155  
Fee and other income 2,697 2,687 12,238 8,422  
Net result from derivative transactions 6,567 75 12,381 1,002  
Earnings (loss) from investment in unconsolidated ventures 407 533 1,197 1,206  
Gain (loss) on extinguishment of debt 0 0 685 0  
Total other income (loss) 42,482 51,223 169,024 132,582  
Compensation and employee benefits (13,806) (9,425) (59,165) (27,436)  
Operating expenses (5,143) (4,418) (15,303) (12,875)  
Real estate operating expenses (10,069) (6,962) (28,928) (19,518)  
Fee expense (1,689) (1,638) (5,163) (5,431)  
Depreciation and amortization (7,864) (9,320) (24,764) (28,320)  
Total costs and expenses (38,571) (31,763) (133,323) (93,580)  
Income tax (expense) benefit (2,613) 212 (3,897) 1,308  
Net income (loss) 28,685 18,932 91,051 29,821  
Total assets [1] 5,869,972   5,869,972   $ 5,851,252
Investment in unconsolidated ventures [1] 6,006   6,006   23,154
Investment in FHLB stock 9,600   9,600   11,800
Operating Segment          
Income Statement [Abstract]          
Investment in unconsolidated ventures 6,000   6,000   23,200
Operating Segment | Loans          
Income Statement [Abstract]          
Interest income 70,851 42,605 185,212 112,750  
Interest expense (17,344) (13,029) (44,330) (40,786)  
Net interest income (expense) 53,507 29,576 140,882 71,964  
(Provision for) release of loan loss reserves (1,501) 2,364 (1,373) 6,950  
Net interest income (expense) after provision for (release of) loan losses 52,006 31,940 139,509 78,914  
Real estate operating income 0 0 0 0  
Sale of loans, net 796 3,309 (2,083) 6,701  
Realized gain (loss) on securities 0 0 0 0  
Unrealized gain (loss) on equity securities 0   0    
Unrealized gain (loss) on Agency interest-only securities 0 0 0 0  
Realized gain (loss) on sale of real estate, net 0 0 0 0  
Fee and other income 2,546 2,581 8,147 7,845  
Net result from derivative transactions 4,837 (256) 8,761 (5)  
Earnings (loss) from investment in unconsolidated ventures 0 97 0 315  
Gain (loss) on extinguishment of debt     0    
Total other income (loss) 8,179 5,731 14,825 14,856  
Compensation and employee benefits 0 0 0 0  
Operating expenses 0 40 0 78  
Real estate operating expenses 0 0 0 0  
Fee expense (917) (452) (1,715) (2,704)  
Depreciation and amortization 0 0 0 0  
Total costs and expenses (917) (412) (1,715) (2,626)  
Income tax (expense) benefit 0 0 0 0  
Net income (loss) 59,268 37,259 152,619 91,144  
Total assets 4,028,641   4,028,641   3,521,986
Operating Segment | Securities          
Income Statement [Abstract]          
Interest income 5,705 3,324 12,650 9,773  
Interest expense (1,327) (528) (2,429) (1,917)  
Net interest income (expense) 4,378 2,796 10,221 7,857  
(Provision for) release of loan loss reserves 0 0 0  
Net interest income (expense) after provision for (release of) loan losses 4,378 2,796 10,221 7,857  
Real estate operating income 0 0 0 0  
Sale of loans, net 0 0 0 0  
Realized gain (loss) on securities 9 285 (75) 879  
Unrealized gain (loss) on equity securities (61)   (77)    
Unrealized gain (loss) on Agency interest-only securities (5) (19) (21) (87)  
Realized gain (loss) on sale of real estate, net 0 0 0  
Fee and other income 11 0 45 0  
Net result from derivative transactions 982 334 2,235 1,010  
Earnings (loss) from investment in unconsolidated ventures 0 0 0 0  
Gain (loss) on extinguishment of debt     0    
Total other income (loss) 936 600 2,107 1,802  
Compensation and employee benefits 0 0 0 0  
Operating expenses 0 0 0 0  
Real estate operating expenses 0 0 0 0  
Fee expense (102) (52) (200) (163)  
Depreciation and amortization 0 0 0 0  
Total costs and expenses (102) (52) (200) (163)  
Income tax (expense) benefit 0 0 0 0  
Net income (loss) 5,212 3,344 12,128 9,496  
Total assets 610,545   610,545   703,280
Operating Segment | Real Estate          
Income Statement [Abstract]          
Interest income 2 0 4 1  
Interest expense (8,088) (8,866) (27,642) (27,595)  
Net interest income (expense) (8,086) (8,866) (27,638) (27,594)  
(Provision for) release of loan loss reserves 0 0 0 0  
Net interest income (expense) after provision for (release of) loan losses (8,086) (8,866) (27,638) (27,594)  
Real estate operating income 27,679 26,603 82,678 77,320  
Sale of loans, net 0 (16) 0 (16)  
Realized gain (loss) on securities 0 0 0 0  
Unrealized gain (loss) on equity securities 0   0    
Unrealized gain (loss) on Agency interest-only securities 0 0 0 0  
Realized gain (loss) on sale of real estate, net 4,393 17,766 62,101 37,155  
Fee and other income 0 1 3,704 48  
Net result from derivative transactions 748 (3) 1,385 (3)  
Earnings (loss) from investment in unconsolidated ventures 407 436 1,197 891  
Gain (loss) on extinguishment of debt     0    
Total other income (loss) 33,227 44,787 151,065 115,395  
Compensation and employee benefits 0 0 0 0  
Operating expenses 0 0 0 0  
Real estate operating expenses (10,069) (6,962) (28,928) (19,518)  
Fee expense (138) (464) (437) (1,605)  
Depreciation and amortization (7,864) (9,296) (24,756) (28,246)  
Total costs and expenses (18,071) (16,722) (54,121) (49,369)  
Income tax (expense) benefit 0 0 0 0  
Net income (loss) 7,070 19,199 69,306 38,432  
Total assets 783,343   783,343   914,027
Corporate/Other          
Income Statement [Abstract]          
Interest income 801 306 966 575  
Interest expense (21,712) (26,916) (63,811) (70,240)  
Net interest income (expense) (20,911) (26,610) (62,845) (69,665)  
(Provision for) release of loan loss reserves 0 0 0 0  
Net interest income (expense) after provision for (release of) loan losses (20,911) (26,610) (62,845) (69,665)  
Real estate operating income 0 0 0 0  
Sale of loans, net 0 0 0 0  
Realized gain (loss) on securities 0 0 0 0  
Unrealized gain (loss) on equity securities 0   0    
Unrealized gain (loss) on Agency interest-only securities 0 0 0 0  
Realized gain (loss) on sale of real estate, net 0 0 0 0  
Fee and other income 140 105 342 529  
Net result from derivative transactions 0 0 0 0  
Earnings (loss) from investment in unconsolidated ventures 0 0 0 0  
Gain (loss) on extinguishment of debt     685    
Total other income (loss) 140 105 1,027 529  
Compensation and employee benefits (13,806) (9,425) (59,165) (27,436)  
Operating expenses (5,143) (4,458) (15,303) (12,953)  
Real estate operating expenses 0 0 0 0  
Fee expense (532) (670) (2,811) (959)  
Depreciation and amortization 0 (24) (8) (74)  
Total costs and expenses (19,481) (14,577) (77,287) (41,422)  
Income tax (expense) benefit (2,613) 212 (3,897) 1,308  
Net income (loss) (42,865) $ (40,870) (143,002) $ (109,250)  
Total assets 447,443   447,443   711,959
Corporate/Other | Senior Unsecured Notes          
Income Statement [Abstract]          
Senior notes $ 1,600,000   $ 1,600,000   $ 1,600,000
[1] Includes amounts relating to consolidated variable interest entities. Refer to Note 2 and Note 10.