LADDER CAPITAL CORP, 10-K filed on 2/9/2026
Annual Report
v3.25.4
Cover Page - USD ($)
 12 Months Ended
Dec. 31, 2025
Jan. 23, 2026
Jun. 30, 2025
Document Type 10-K    
Document Annual Report true    
Document Period End Date Dec. 31, 2025    
Document Transition Report false    
Entity File Number 001-36299    
Entity Registrant Name Ladder Capital Corp    
Entity Incorporation, State or Country Code DE    
Entity Tax Identification Number 80-0925494    
Entity Address, Address Line One 320 Park Avenue,    
Entity Address, City or Town New York,    
Entity Address, State or Province NY    
Entity Address, Postal Zip Code 10022    
City Area Code 212    
Local Phone Number 715-3170    
Title of 12(b) Security Class A common stock, $0.001 par value    
Trading Symbol LADR    
Security Exchange Name NYSE    
Entity Well-known Seasoned Issuer Yes    
Entity Voluntary Filers No    
Entity Current Reporting Status Yes    
Entity Interactive Data Current Yes    
Entity Filer Category Large Accelerated Filer    
Entity Smaller Reporting Company false    
Entity Emerging Growth Company false    
ICFR Auditor Attestation Flag true    
Entity Shell Company false    
Document Financial Statement Error Correction [Flag] false    
Entity Public Float     $ 1,206,473,100
Documents Incorporated by Reference
DOCUMENTS INCORPORATED BY REFERENCE

Portions of the definitive proxy statement for the Company’s 2025 Annual Meeting of Stockholders have been incorporated by reference into Part III of this Report.
    
Entity Central Index Key 0001577670    
Document Fiscal Year Focus 2025    
Document Fiscal Period Focus FY    
Amendment Flag false    
Current Fiscal Year End Date --12-31    
Class A Common Stock      
Entity Common Stock, Shares Outstanding   127,233,559  
Class B Common Stock      
Entity Common Stock, Shares Outstanding   0  
v3.25.4
Audit Information
 12 Months Ended
Dec. 31, 2025
Audit Information [Abstract]  
Auditor Firm ID 42
Auditor Name Ernst & Young LLP
Auditor Location New York, New York
v3.25.4
Consolidated Balance Sheets - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
 [1]
Assets    
Cash and cash equivalents $ 37,953 $ 1,323,481
Restricted cash 14,888 12,608
Mortgage loan receivables held for investment, net, at amortized cost:    
Mortgage loans receivable 2,217,375 1,591,322
Allowance for credit losses (47,137) (52,323)
Mortgage loan receivables held for sale 27,986 26,898
Securities 2,088,285 1,080,839
Real estate and related lease intangibles, net 703,537 670,803
Investments in and advances to unconsolidated ventures 44,468 19,923
Derivative instruments 264 437
Accrued interest receivable 15,890 12,936
Other assets 49,041 158,149
Total assets 5,152,550 4,845,073
Liabilities    
Debt obligations, net 3,510,402 3,135,617
Dividends payable 31,819 31,838
Accrued expenses 76,448 74,824
Other liabilities 52,524 69,855
Total liabilities 3,671,193 3,312,134
Commitments and contingencies (refer to Note 16) 0 0
Equity    
Additional paid-in capital 1,787,074 1,777,118
Treasury stock, 3,557,032 and 2,776,538 shares, at cost (39,056) (30,475)
Retained earnings (dividends in excess of earnings) (260,084) (206,874)
Accumulated other comprehensive income (loss) (4,135) (4,866)
Total shareholders’ equity 1,483,926 1,535,030
Noncontrolling interests in consolidated ventures (2,569) (2,091)
Total equity 1,481,357 1,532,939
Total liabilities and equity 5,152,550 4,845,073
Class A Common Stock    
Equity    
Class A common stock, par value $0.001 per share, 600,000,000 shares authorized; 130,790,591 and 129,883,019 shares issued and 127,233,559 and 127,106,481 shares outstanding as of December 31, 2025 and December 31, 2024, respectively. $ 127 $ 127
[1] Includes amounts relating to consolidated variable interest entities. Refer to Note 2 and Note 6.
v3.25.4
Consolidated Balance Sheets (Parenthetical) - $ / shares
Dec. 31, 2025
Dec. 31, 2024
Treasury stock (in shares) 3,557,032 2,776,538
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) 130,790,591 129,883,019
Common stock, outstanding (in shares) 127,233,559 127,106,481
v3.25.4
Consolidated Statements of Income - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Net interest income      
Interest income $ 266,894 $ 358,625 $ 407,284
Interest expense 174,917 221,537 245,097
Net interest income (expense) 91,977 137,088 162,187
Provision for (release of) loan loss reserves, net (157) 13,933 25,096
Net interest income (expense) after provision for (release of) loan loss reserves 92,134 123,155 137,091
Other income (loss)      
Real estate operating income 99,308 98,681 96,950
Net result from mortgage loan receivables held for sale 4,716 30 (523)
Gain (loss) on real estate, net 3,807 25,277 8,808
Fee and other income 14,995 18,700 8,931
Net result from derivative transactions 1,835 5,420 1,481
Earnings (loss) from investment in unconsolidated ventures (1,415) (79) 758
Gain on extinguishment of debt 151 188 10,718
Total other income (loss) 123,397 148,217 127,123
Costs and expenses      
Compensation and employee benefits 52,735 60,671 63,618
Operating expenses 19,426 19,193 19,503
Real estate operating expenses 40,475 40,568 37,587
Investment related expenses 3,712 7,718 8,847
Depreciation and amortization 31,995 32,327 29,914
Total costs and expenses 148,343 160,477 159,469
Income (loss) before taxes 67,188 110,895 104,745
Effective income tax rate 3,493 3,448 4,244
Net income (loss) 63,695 107,447 100,501
Net (income) loss attributable to noncontrolling interests in consolidated ventures $ 487 $ 808 $ 624
Earnings per share:      
Basic (in dollars per share) $ 0.51 $ 0.86 $ 0.81
Diluted (in dollars per share) $ 0.51 $ 0.86 $ 0.81
Weighted average shares outstanding:      
Basic (in shares)   125,576,784 124,667,877
Diluted (in shares)   125,785,295 124,882,398
Class A Common Stock      
Costs and expenses      
Net income (loss) attributable to Class A common shareholders $ 64,182 $ 108,255 $ 101,125
Earnings per share:      
Basic (in dollars per share) $ 0.51 $ 0.86 $ 0.81
Diluted (in dollars per share) $ 0.51 $ 0.86 $ 0.81
Weighted average shares outstanding:      
Basic (in shares) 125,483,693 125,576,784 124,667,877
Diluted (in shares) 126,194,691 125,785,295 124,882,398
v3.25.4
Consolidated Statements of Comprehensive Income - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Net income (loss) $ 63,695 $ 107,447 $ 100,501
Gain (loss) on available for sale securities, net of tax:      
Unrealized gain (loss) on securities, available for sale 3,085 9,107 6,875
Reclassification adjustment for (gain) loss included in net income (loss) (2,354) (120) 281
Total other comprehensive income (loss) 731 8,987 7,156
Comprehensive income (loss) 64,426 116,434 107,657
Comprehensive (income) loss attributable to noncontrolling interest in consolidated ventures 487 808 624
Class A Common Stock      
Gain (loss) on available for sale securities, net of tax:      
Comprehensive income (loss) attributable to Class A common shareholders $ 64,913 $ 117,242 $ 108,281
v3.25.4
Consolidated Statements of Changes in Equity - USD ($)
shares in Thousands, $ in Thousands
Total
Class A Common Stock
Additional Paid- in-Capital
Treasury Stock
Retained Earnings (Dividends in Excess of Earnings)
Accumulated Other Comprehensive Income (Loss)
Consolidated Ventures
Beginning Balance (in shares) at Dec. 31, 2022   126,502          
Beginning Balance at Dec. 31, 2022 $ 1,533,561 $ 127 $ 1,826,833 $ (95,600) $ (177,005) $ (21,009) $ 215
Increase Decrease in Stockholders' Equity              
Distributions (541)           (541)
Amortization of equity based compensation 18,577   18,577        
Purchase of treasury stock (in shares)   (269)          
Purchase of treasury stock (2,481)     (2,481)      
Re-issuance of treasury stock   1,417          
Re-issuance of treasury stock 0 $ 1 (15,528) 15,527      
Shares acquired to satisfy minimum required federal and state tax withholding on vesting restricted stock (in shares)   (689)          
Shares acquired to satisfy minimum required federal and state tax withholding on vesting restricted stock (7,862) $ (1)   (7,861)      
Forfeitures (in shares)   (49)          
Forfeitures 0   510 (510)      
Dividends declared (116,713)       (116,713)    
Net income (loss) 100,501       101,125   (624)
Other comprehensive income (loss) 7,156         7,156  
Treasury stock cost basis reclassification (refer to Note 2) 0   (73,642) 78,924 (5,282)    
Ending Balance (in shares) at Dec. 31, 2023   126,912          
Ending Balance at Dec. 31, 2023 1,532,198 $ 127 1,756,750 (12,001) (197,875) (13,853) (950)
Increase Decrease in Stockholders' Equity              
Distributions (333)           (333)
Amortization of equity based compensation 18,829   18,829        
Grants of restricted stock (in shares)   1,856          
Grants of restricted stock 2 $ 2          
Purchase of treasury stock (in shares)   (711)          
Purchase of treasury stock (8,043) $ (1)   (8,042)      
Shares acquired to satisfy minimum required federal and state tax withholding on vesting restricted stock (in shares)   (812)          
Shares acquired to satisfy minimum required federal and state tax withholding on vesting restricted stock (8,894) $ (1)   (8,893)      
Forfeitures (in shares)   (139)          
Forfeitures 0   1,539 (1,539)      
Dividends declared (117,254)       (117,254)    
Net income (loss) 107,447       108,255   (808)
Other comprehensive income (loss) 8,987         8,987  
Ending Balance (in shares) at Dec. 31, 2024   127,106          
Ending Balance at Dec. 31, 2024 1,532,939 [1] $ 127 1,777,118 (30,475) (206,874) (4,866) (2,091)
Increase Decrease in Stockholders' Equity              
Contributions 40           40
Distributions (31)           (31)
Amortization of equity based compensation 20,329   20,329        
Grants of restricted stock (in shares)   1,852          
Grants of restricted stock 2 $ 2 (10,373) 10,373      
Purchase of treasury stock (in shares)   (965)          
Purchase of treasury stock (10,239) $ (1)   (10,238)      
Shares acquired to satisfy minimum required federal and state tax withholding on vesting restricted stock (in shares)   (759)          
Shares acquired to satisfy minimum required federal and state tax withholding on vesting restricted stock (8,717) $ (1)   (8,716)      
Dividends declared (117,392)       (117,392)    
Net income (loss) 63,695       64,182   (487)
Other comprehensive income (loss) 731         731  
Ending Balance (in shares) at Dec. 31, 2025   127,234          
Ending Balance at Dec. 31, 2025 $ 1,481,357 $ 127 $ 1,787,074 $ (39,056) $ (260,084) $ (4,135) $ (2,569)
[1] Includes amounts relating to consolidated variable interest entities. Refer to Note 2 and Note 6.
v3.25.4
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Cash flows from operating activities:      
Net income (loss) $ 63,695 $ 107,447 $ 100,501
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:      
(Gain) loss on extinguishment of debt (151) (188) (10,718)
Depreciation and amortization 31,995 32,327 29,914
Unrealized (gain) loss on derivative instruments 200 1,860 390
Unrealized (gain) loss on securities (749) 925 (25)
Provision for (release of) loan loss reserves, net (157) 13,933 25,096
Amortization of equity based compensation 20,329 18,829 18,577
Amortization of deferred financing costs included in interest expense 9,636 10,560 12,428
Amortization of (premium)/discount on mortgage loan financing included in interest expense (652) (767) (604)
Amortization of above- and below-market lease intangibles (1,294) (1,700) (1,797)
(Accretion)/amortization of discount, premium and other fees on mortgage loans receivable (10,183) (14,619) (19,046)
(Accretion)/amortization of discount and premium on securities (1,006) (1,097) (1,352)
Net result from mortgage loan receivables held for sale (4,716) (30) 523
Realized (gain) loss on securities (3,812) (172) 276
(Gain) loss on real estate, net (3,807) (25,277) (8,808)
Realized (gain) loss on sale of derivative instruments 0 (298) 291
(Earnings) loss from investments in unconsolidated ventures in excess of distributions received 1,415 79 (658)
Origination of mortgage loan receivables held for sale (63,360) 0 0
Repayment of mortgage loan receivables held for sale 140 0 0
Proceeds from sales of mortgage loan receivables held for sale 66,847 0 0
Change in deferred tax liability 2,025 1,684 1,182
Changes in operating assets and liabilities:      
Accrued interest receivable (2,955) 11,297 706
Other assets (3,131) (608) 9,081
Accrued expenses and other liabilities (13,290) (20,264) 24,647
Net cash provided by (used in) operating activities 87,019 133,921 180,604
Cash flows from investing activities:      
Origination and funding of mortgage loan receivables held for investment (1,294,976) (195,232) (68,415)
Repayment of mortgage loan receivables held for investment 710,985 1,626,554 738,464
Purchases of securities (1,949,687) (898,042) (143,953)
Repayment of securities 534,025 276,641 232,124
Basis recovery of interest-only securities 1,870 3,357 4,116
Proceeds from sales of securities 411,824 32,190 17,838
Capital improvements of real estate (8,342) (6,497) (4,374)
Proceeds from sale of real estate 13,079 102,285 13,391
Capital contributions and advances to investment in unconsolidated joint ventures (25,961) (13,125) 0
Proceeds from FHLB stock 0 5,175 4,410
Purchase of derivative instruments (76) (1,119) (223)
Sale of derivative instruments 0 574 125
Net cash provided by (used in) investing activities (1,607,259) 932,761 793,503
Cash flows from financing activities:      
Deferred financing costs paid (11,965) (18,321) (3,378)
Proceeds from borrowings under debt obligations 4,572,455 667,974 921,008
Repayment and repurchase of borrowings under debt obligations (4,195,577) (1,312,770) (1,348,093)
Cash dividends paid to Class A common shareholders (117,413) (117,710) (116,419)
Capital contributed by noncontrolling interests in consolidated ventures 40 0 0
Capital distributed to noncontrolling interests in consolidated ventures (31) (333) (541)
Payment of liability assumed in exchange for shares for the minimum withholding taxes on vesting restricted stock (8,717) (8,894) (7,862)
Repurchase of treasury stock (11,750) (6,532) (2,481)
Net cash provided by (used in) financing activities 227,042 (796,586) (557,766)
Net increase (decrease) in cash, cash equivalents and restricted cash (1,293,198) 270,096 416,341
Cash, cash equivalents and restricted cash at beginning of period 1,346,039 1,075,943 659,602
Cash, cash equivalents and restricted cash at end of period 52,841 1,346,039 1,075,943
Supplemental information:      
Cash paid (received) for income taxes [1] 3,521 1,864 (2,402)
Cash paid for interest, net of amounts capitalized 157,503 199,426 233,637
Non-cash investing and financing activities:      
Securities purchased, not settled 0 15 0
Repurchase of treasury stock, not settled 0 1,511 0
Repayments in transit of securities (other assets) 628 0 0
Repayment in transit of mortgage loans receivable held for investment (other assets) 0 101,956 7,867
Non-cash disposition of loans via foreclosure (65,078) (52,975) (91,408)
Real estate and real estate held for sale acquired in settlement of mortgage loans receivable held for investment, net 65,078 48,796 87,526
Net settlement of sale of real estate, subject to debt - real estate 0 0 (31,292)
Net settlement of sale of real estate, subject to debt - debt obligations 0 0 31,292
Dividends declared, not paid $ 31,819 $ 31,838 $ 32,294
[1] For the year ended 2025, the Company made net payments of $2.4 million for federal income taxes and $1.1 million for state and local income taxes. Of this amount, $0.7 million was paid to Illinois and $0.4 million was paid to other state and local jurisdictions.
v3.25.4
Consolidated Statements of Cash Flows - Additional Information - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Statement of Cash Flows [Abstract]      
Cash and cash equivalents $ 37,953 $ 1,323,481 [1] $ 1,015,678
Restricted cash 14,888 12,608 15,450
Short-term unsettled U.S. Treasury securities classified in other assets on the consolidated balance sheet 0 9,950 44,815
Total cash, cash equivalents and restricted cash shown in the consolidated statement of cash flows $ 52,841 $ 1,346,039 $ 1,075,943
[1] Includes amounts relating to consolidated variable interest entities. Refer to Note 2 and Note 6.
v3.25.4
Consolidated Statements of Cash Flows (Parenthetical)
$ in Millions
 12 Months Ended
Dec. 31, 2025
USD ($)
Federal income taxes $ 2.4
State and local income taxes 1.1
ILLINOIS  
State and local income taxes 0.7
State and Local Tax Jurisdiction, Other  
State and local income taxes $ 0.4
v3.25.4
ORGANIZATION AND OPERATIONS
 12 Months Ended
Dec. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
ORGANIZATION AND OPERATIONS
1. ORGANIZATION AND OPERATIONS
 
Ladder Capital Corp (“Ladder,” “Ladder Capital,” and the “Company”) is an investment grade-rated, internally-managed U.S. 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”), operates the Ladder Capital business through LCFH and its subsidiaries. As of December 31, 2025, Ladder Capital Corp has a 100% economic interest in LCFH and controls the management of LCFH as a result of its ability to appoint its board members. Accordingly, Ladder Capital Corp consolidates the financial results of LCFH and its subsidiaries. In addition, Ladder Capital Corp, through certain subsidiaries, which are treated as taxable REIT subsidiaries (each a “TRS”), is indirectly subject to U.S. federal, state and local income taxes. Other than such indirect U.S. federal, state and local income taxes, there are no material differences between Ladder Capital Corp’s consolidated financial statements and LCFH’s consolidated financial statements.

Ladder Capital Corp was formed as a Delaware corporation on May 21, 2013. The Company conducted its initial public offering (“IPO”) which closed on February 11, 2014. The Company used the net proceeds from the IPO to purchase newly-issued limited partnership units (“LP Units”) from LCFH. In connection with the IPO, Ladder Capital Corp also became a holding corporation and the general partner of, and obtained a controlling interest in, LCFH. Ladder Capital Corp’s only business is to act as the general partner of LCFH, and, as such, Ladder Capital Corp indirectly operates and controls all of the business and affairs of LCFH and its subsidiaries. The IPO transactions described herein are referred to as the “IPO Transactions.”
v3.25.4
SIGNIFICANT ACCOUNTING POLICIES
 12 Months Ended
Dec. 31, 2025
Accounting Policies [Abstract]  
SIGNIFICANT ACCOUNTING POLICIES
2. SIGNIFICANT ACCOUNTING POLICIES
Basis of Accounting and Principles of Consolidation
The accompanying consolidated financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”).
The consolidated financial statements include the Company’s accounts and those of its subsidiaries that are majority-owned and/or controlled by the Company and variable interest entities for which the Company has determined itself to be the primary beneficiary, if any. All significant intercompany transactions and balances have been eliminated.
 
Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 810 — Consolidation (“ASC 810”), provides guidance on the identification of entities for which control is achieved through means other than voting rights (“variable interest entities” or “VIEs”) and the determination of which business enterprise, if any, should consolidate the VIEs. Generally, the consideration of whether an entity is a VIE applies when either: (1) the equity investors (if any) lack one or more of the essential characteristics of a controlling financial interest; (2) the equity investment at risk is insufficient to finance that entity’s activities without additional subordinated financial support; or (3) the equity investors have voting rights that are not proportionate to their economic interests and the activities of the entity involve or are conducted on behalf of an investor with a disproportionately small voting interest. The Company consolidates VIEs in which it is considered to be the primary beneficiary. The primary beneficiary is the entity that has both of the following characteristics: (1) the power to direct the activities that, when taken together, most significantly impact the VIE’s performance; and (2) the obligation to absorb losses and right to receive the returns from the VIE that would be significant to the VIE. Refer to Note 6, Debt Obligations, Net, for further information.

The Company has investments in three unconsolidated ventures, which were determined to be VIEs. The Company determined that it was not the primary beneficiary of these VIEs because the Company does not have power over these entities and therefore does not have controlling financial interests in these VIEs. The Company’s ownership percentage ranges from 13% to 25%. These investments are recorded on the consolidated balance sheets within investments in and advances to unconsolidated ventures. The Company’s maximum exposure to loss is limited to its investments in these VIEs. The Company has not provided financial support to these unconsolidated VIEs that it was not previously contractually required to provide.
Use of Estimates

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

The Company considers all investments with original maturities of three months or less, at the time of acquisition, to be cash equivalents. The Company maintains cash accounts at several financial institutions, which are insured up to a maximum of $250,000 per account as of December 31, 2025 and December 31, 2024. At December 31, 2025 and December 31, 2024, and at various times during the years, the balances exceeded the insured limits.
Restricted Cash

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

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

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

Loans for which the borrower or sponsor is experiencing financial difficulty, and where repayment of the loan is expected substantially through the operation or sale of the underlying collateral, are considered collateral dependent loans. For collateral dependent loans, the Company may elect a practical expedient that allows the Company to measure expected losses based on the difference between the collateral’s fair value and the amortized cost basis of the loan. When the repayment or satisfaction of the loan is dependent on a sale, rather than operations of the collateral, the fair value is adjusted for the estimated costs to sell the collateral. If foreclosure is probable, the Company is required to measure for expected losses using this methodology.

The Company generally will use the direct capitalization rate valuation methodology or the sales comparison approach to estimate the fair value of the collateral for loans and in certain cases will obtain external appraisals. Determining fair value of the collateral may take into account a number of assumptions including, but not limited to, cash flow projections, market capitalization rates, discount rates and data regarding recent comparable sales of similar properties. Such assumptions are generally based on current market conditions and are subject to economic and market uncertainties.

The Company’s loans are typically collateralized by real estate directly or indirectly. As a result, the Company regularly evaluates the extent and impact of any credit deterioration associated with the performance and/or value of the underlying collateral property as well as the financial and operating capability of the borrower/sponsor on a loan-by-loan basis. Specifically, a property’s operating results and any cash reserves are analyzed and used to assess: (i) whether cash flow from operations is sufficient to cover the debt service requirements currently and into the future; (ii) the ability of the borrower to refinance the loan at maturity; and/or (iii) the property’s liquidation value. The Company also evaluates the financial wherewithal of any loan guarantors as well as the borrower’s competency in managing and operating the properties. In addition, the Company considers the overall economic environment, real estate sector, and geographic submarket in which the collateral property is located. Such impairment analyses are completed and reviewed by asset management and underwriting personnel, who utilize various data sources, including: (i) periodic financial data such as property occupancy, tenant profile, rental rates, operating expenses, the borrowers’ business plan, and capitalization and discount rates; (ii) site inspections; and (iii) current credit spreads and other market data and ultimately presented to management for approval.

When a debtor is experiencing financial difficulties and a loan is modified, the effect of the modification will be included in the Company’s assessment of the CECL allowance for loan losses. If the Company provides principal forgiveness, the amortized cost basis of the loan is written off against the allowance for loan losses. Generally, when modifying loans, the Company will seek to protect its position by requiring incremental pay downs, additional collateral or guarantees and, in some cases, lookback features or equity interests to offset concessions granted should conditions impacting the loan improve.

The Company designates a loan as a non-accrual loan generally when: (i) the principal or coupon interest components of loan payments become 90-days past due; or (ii) in the opinion of the Company, recovery of principal and coupon interest is doubtful. Interest income on non-accrual loans in which the Company reasonably expects a 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. A loan will be charged-off when management has determined principal and coupon interest is no longer realizable and deemed non-recoverable.
Mortgage Loan Receivables Held for Sale

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

The Company classifies its securities investments on the date of acquisition of the investment.
Securities that the Company does not hold for the purpose of selling in the near-term, but may dispose of prior to maturity, are designated as available-for-sale and are carried at estimated fair value with the net unrealized gains or losses recorded as a component of other comprehensive income (loss) in shareholders’ equity.

Government National Mortgage Association (“GNMA”) interest-only and Federal Home Loan Mortgage Corp (“FHLMC”) interest-only securities (collectively, “Agency interest-only securities”) and equity securities, are carried at estimated fair value with changes in fair value recognized in earnings in the consolidated statements of income.

As more fully described in Note 4, Securities, certain securities that were purchased from the LCCM LC-26 securitization trust are designated as risk retention securities under the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010, as amended (“Dodd-Frank Act”) which are subject to transfer restrictions over the term of the securitization trust and are classified as held-to-maturity and reported at amortized cost.

The Company’s Agency interest-only securities are considered to be hybrid financial instruments that contain embedded derivatives. As a result, the Company accounts for them as hybrid instruments in their entirety at fair value with changes in fair value recognized in earnings in the consolidated statements of income.

The Company’s recognition of interest income from its Agency interest-only and all other securities, including effective interest from amortization of premiums, follows the Company’s Revenue Recognition policy, as disclosed within this Note for recognizing interest income on its securities. The interest income recognized from the Company’s Agency interest-only securities is recorded in interest income on the consolidated statements of income.

The Company uses the specific identification method when determining the cost of securities sold and the amount of gain (loss) on securities recognized in earnings. Unrealized losses on securities are evaluated by management to determine if the decline in fair value below the amortized cost basis is due to credit-related factors or noncredit-related factors, any impairment that is not credit-related is recognized in other comprehensive income, whereas any credit-related loss is recognized currently in earnings in the consolidated statements of income.

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

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

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

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

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

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

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

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

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

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

The fair value of other investments and debt assumed are valued using techniques consistent with those disclosed in Note 13, Fair Value of Financial Instruments, depending on the nature of the investments or debt. The fair value of other assumed assets and liabilities are based on best information available at the time of the acquisition.
Impairment of Property Held for Use

On a periodic basis, management assesses whether there are any indicators that the value of the Company’s properties classified as held for use may be impaired. In addition to identifying any specific circumstances which may affect a property or properties, management considers other criteria for determining which properties may require assessment for potential impairment.  The criteria considered by management include reviewing low leased percentages, significant near-term lease expirations, recently acquired properties, historical, current and projected operating and/or cash flow losses, near-term mortgage debt maturities or other factors that might impact the Company’s intent and ability to hold the property. A property’s value is impaired only if management’s estimate of the aggregate future cash flows (undiscounted and without debt service charges) to be generated by the property is less than the carrying value of the property. To the extent impairment has occurred, the loss shall be measured as the excess of the carrying amount of the property over the fair value of the property. The Company’s estimates of aggregate future cash flows expected to be generated by each property are based on a number of assumptions. These assumptions are generally based on management’s experience in its local real estate markets and the effects of current market conditions. The assumptions are subject to economic and market uncertainties including, among others, demand for space, competition for tenants, changes in market rental rates, and costs to operate each property. As these factors are difficult to predict and are subject to future events that may alter management’s assumptions, the future cash flows estimated by management in its impairment analyses may not be achieved, and actual losses or impairments may be realized in the future.
Real Estate Held for Sale

In accordance with accounting guidance found in ASC Topic 360 - Property, Plant, and Equipment (“ASC 360”), when assets meet the criteria for held for sale, the Company discontinues depreciating the assets and estimates the sales price, net of selling costs, of such assets.  If, in management’s opinion, the estimated net sales price of the assets which have been identified as held for sale is less than the net book value of the assets, an impairment charge will be recorded in the consolidated statements of income.
 
If circumstances arise that previously were considered unlikely and, as a result, the Company decides not to sell a property previously classified as held for sale, the property is reclassified as held and used.  A property that is reclassified is measured and recorded individually at the lower of (a) its carrying amount before the property was classified as held for sale, adjusted for any depreciation (amortization) expense that would have been recognized had the property been continuously classified as held and used, or (b) the fair value at the date of the subsequent decision not to sell.
Sales of Real Estate

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

The Company accounts for its investments in unconsolidated ventures under the equity method of accounting. The Company applies the equity method by initially recording these investments at cost, as investments in unconsolidated ventures, subsequently adjusted for equity in earnings and cash contributions and distributions. In the event there is an outside basis portion of the Company’s ventures, it is amortized over the anticipated useful lives of the underlying ventures’ tangible and intangible assets acquired and liabilities assumed. Generally, the Company would discontinue applying the equity method when the investment (and any advances) is reduced to zero and would not provide for additional losses unless the Company has guaranteed obligations of the venture or is otherwise committed to providing further financial support for the investee. If the venture subsequently generates income, the Company only recognizes its share of such income to the extent it exceeds its share of previously unrecognized losses. The Company classifies distributions received from its investments in unconsolidated ventures using the nature of the distribution approach.

On a periodic basis, management assesses whether there are any indicators that the value of the Company’s investments in unconsolidated ventures may be impaired. An investment is impaired only if management’s estimate of the value of the investment is less than the carrying value of the investment, and such decline in value is deemed to be other than temporary. To the extent impairment has occurred, the loss shall be measured as the excess of the carrying amount of the investment over the value of the investment. The Company’s estimates of value for each investment (particularly in commercial real estate ventures) are based on a number of assumptions that are subject to economic and market uncertainties including, among others, demand for space, competition for tenants, changes in market rental rates, and operating costs. As these factors are difficult to predict and are subject to future events that may alter management’s assumptions, the values estimated by management in its impairment analyses may not be realized, and actual losses or impairment may be realized in the future.
Commitments and Contingencies

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

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

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

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

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

For a further discussion regarding the measurement of financial instruments see Note 13, Fair Value of Financial Instruments.
Valuation Hierarchy

In accordance with the authoritative guidance on fair value measurements and disclosures under ASC 820 - Fair Value Measurement, the methodologies used for valuing such instruments have been categorized into three broad levels as follows:

Level 1 - Quoted prices in active markets for identical instruments.
 
Level 2 - Valuations based principally on other observable market parameters, including:
 
•Quoted prices in active markets for similar instruments;
•Quoted prices in less active or inactive markets for identical or similar instruments;
•Other observable inputs (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates); and 
•Market corroborated inputs (derived principally from or corroborated by observable market data).
 
Level 3 - Valuations based significantly on unobservable inputs, including:
 
•Valuations based on third-party indications (broker quotes, counterparty quotes or pricing services), which were in turn, based significantly on unobservable inputs or were otherwise not supportable as Level 2 valuations; and 
•Valuations based on internal models with significant unobservable inputs.
 
Pursuant to the authoritative guidance, these levels form a hierarchy.  The Company follows this hierarchy for its financial instruments measured at fair value on a recurring basis.  The classifications are based on the lowest level of input that is significant to the fair value measurement.
 
It is the Company’s policy to determine when transfers between levels of the fair value hierarchy are deemed to have occurred at the end of the reporting period.
Debt Issuance Costs

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

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

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

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

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

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

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

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

The Company accounts for income taxes in accordance with ASC Topic 740 - Income Taxes (“ASC 740”), which requires the recognition of tax benefits or expenses on the temporary differences between financial reporting and tax bases of assets and liabilities.  The Company determines whether a tax position of the Company is more likely than not to be sustained upon examination by the applicable taxing authority, including resolution of any related appeals or litigation processes, based on the technical merits of the position. The tax benefit to be recognized is measured as the largest amount of benefit that is greater than 50% likely to be realized upon ultimate settlement which could result in the Company recording a tax liability that would reduce shareholders’ equity.
 
The Company’s policy is to classify interest and penalties associated with underpayment of U.S. federal and state income taxes, if any, as a component of income tax expense (benefit) on its consolidated statements of income. For the years ended December 31, 2025, 2024 and 2023, the Company did not have material interest or penalties associated with the underpayment of any income taxes. The 2022-2025 tax years remain open and subject to examination by tax jurisdictions.
Interest Income

Interest income is accrued based on the outstanding principal amount and contractual terms of the Company’s loans and securities. Discounts or premiums associated with the purchase of loans and investment securities are amortized or accreted into interest income as a yield adjustment on the effective interest method, based on expected cash flows through the expected recovery period of the investment.

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

For loans classified as held for investment and that the Company has not elected to record at fair value under ASC 825, origination fees and direct loan origination costs are recognized in interest income over the loan term as a yield adjustment using the effective interest method. For loans classified as held for sale and that the Company has not elected to record at fair value under ASC 825, origination fees and direct loan origination costs are deferred adjusting the basis of the loan and are realized as a portion of the gain/(loss) on sale of loans when sold. As of December 31, 2025 and 2024, the Company did not hold any loans for which the fair value option was elected.

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

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

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

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

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

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

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

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

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

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

The Company recognized unrealized and realized gain (loss) on securities into fee and other income for the year ended December 31, 2024. As such, the unrealized gain (loss) of $29 thousand and realized gain (loss) of $(276) thousand for the year ended December 31, 2023 were reclassified into fee and other income on the consolidated statements of income. Refer to Note 4, Securities for realized and unrealized gain/loss details. Certain other prior period amounts have been reclassified to conform to the current period's presentation.
Recently Adopted Accounting Pronouncements

In November 2023, the FASB issued ASU 2023-07—Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures (“ASU 2023-07”). ASU 2023-07 improves reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. The amendments should be applied retrospectively to all prior periods presented in the financial statements. Upon transition, the segment expense categories and amounts disclosed in the prior periods should be based on the significant segment expense categories identified and disclosed in the period of adoption. The Company adopted ASU 2023-07 during the fourth quarter of 2024 and the adoption of ASU 2023-07 did not have a material impact on the Company’s consolidated financial statements.

In December 2023, the FASB issued ASU 2023-09—Income Taxes (Topic 740): Improvements to Income Tax Disclosures (“ASU 2023-09”). ASU 2023-09 improves the transparency of income tax disclosures related to rate reconciliation and income taxes. ASU 2023-07 is effective for annual periods beginning after December 15, 2024. The amendments should be applied prospectively, however retrospective application is permitted. The Company adopted ASU 2023-09 during the fourth quarter of 2025, and the adoption of ASU 2023-09 did not have a material impact on the Company’s consolidated financial statements.
Recent Accounting Pronouncements Pending Adoption

In November 2024, the FASB issued ASU No. 2024-03, Disaggregation of Income Statement Expenses (“DISE”). DISE requires disaggregated disclosure of income statement expenses for public business entities. ASU 2024-03 does not change the expense captions an entity presents on the face of the income statement; rather, it requires disaggregation of certain expense captions into specified categories in disclosures within the footnotes to the financial statements. As revised by ASU No. 2025-01, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures, the provisions of ASU 2024-03 are effective for fiscal years beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027, with early adoption permitted. With the exception of expanding disclosures to include more granular income statement expense categories, we do not expect the adoption of ASU 2024-03 to have a material effect on our consolidated financial statements.

Any new accounting standards not disclosed above that have been issued or proposed by FASB and that do not require adoption until a future date are being evaluated or are not expected to have a material impact on the consolidated financial statements upon adoption.
v3.25.4
MORTGAGE LOAN RECEIVABLES
 12 Months Ended
Dec. 31, 2025
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Abstract]  
MORTGAGE LOAN RECEIVABLES
3. MORTGAGE LOAN RECEIVABLES

December 31, 2025 ($ in thousands)
Outstanding
Face Amount		Carrying
Value		Weighted
Average
Yield (1)(2)		Remaining
Maturity
(years)(2)(3)
Mortgage loan receivables held for investment, net, at amortized cost:
First mortgage loans$2,227,024 $2,210,062 7.74 %1.6
Mezzanine loans7,322 7,313 11.24 %0.7
Total mortgage loans receivable2,234,346 2,217,375 7.76 %1.6
Allowance for credit losses N/A (47,137)
Total mortgage loan receivables held for investment, net, at amortized cost2,234,346 2,170,238 
Mortgage loan receivables held for sale:
First mortgage loans31,350 27,986 (4)4.57 %6.9
Total$2,265,696 $2,198,224 (5)7.71 %2.0
(1)Includes the impact of interest rate floors. Term SOFR rates in effect as of December 31, 2025 are used to calculate weighted average yield for floating rate loans.
(2)Excludes four non-accrual loans with an amortized cost basis of $129.7 million. Refer to “Non-Accrual Status” below for further details.
(3)The remaining maturity is calculated based on the initial maturity. The weighted average extended maturity for all loans is 2.9 years.
(4)As a result of changes in prevailing rates, the Company recorded a lower of cost or market adjustment as of December 31, 2025. The adjustment was calculated using a 4.94% discount rate.
(5)Net of $12.0 million of deferred origination fees and other items as of December 31, 2025.

As of December 31, 2025, $1.9 billion, or 86.5%, of the outstanding face amount of the mortgage loan receivables held for investment, net, at amortized cost, were at variable interest rates linked to Term SOFR. Of this $1.9 billion, 100% of these variable interest rate mortgage loan receivables were subject to interest rate floors. As of December 31, 2025, $31.4 million, or 100%, of the outstanding face amount of the mortgage loan receivables held for sale were at fixed interest rates.

December 31, 2024 ($ in thousands)
Outstanding
Face Amount		Carrying
Value		Weighted
Average
Yield (1)(2)		Remaining
Maturity
(years)(2)(3)
Mortgage loan receivables held for investment, net, at amortized cost:
First mortgage loans$1,584,674 $1,579,740 9.34 %0.9
Mezzanine loans11,603 11,582 11.51 %1.1
Total mortgage loans receivable1,596,277 1,591,322 9.36 %0.9
Allowance for credit losses— (52,323)
Total mortgage loan receivables held for investment, net, at amortized cost1,596,277 1,538,999 
Mortgage loan receivables held for sale:
First mortgage loans31,350 26,898 (4)4.57 %7.2
Total$1,627,627 $1,565,897 (5)9.27 %1.0
(1)Includes the impact of interest rate floors. Term SOFR rates in effect as of December 31, 2024 are used to calculate weighted average yield for floating rate loans.
(2)Excludes two non-accrual loans with an amortized cost basis of $76.9 million. Refer to “Non-Accrual Status” below for further details.
(3)The remaining maturity is calculated based on the initial maturity. The weighted average extended maturity for all loans is 1.6 years.
(4)As a result of rising prevailing rates, the Company recorded a reversal of lower of cost or market adjustment as of December 31, 2024. The adjustment was calculated using a 5.20% discount rate.
(5)Net of $5.0 million of deferred origination fees and other items as of December 31, 2024.
As of December 31, 2024, $1.3 billion, or 83.3%, of the outstanding face amount of the mortgage loan receivables held for investment, net, at amortized cost, were at variable interest rates linked to Term SOFR. Of this $1.3 billion, 100.0% of these variable interest rate mortgage loan receivables were subject to interest rate floors. As of December 31, 2024, $31.4 million, or 100%, of the outstanding face amount of the mortgage loan receivables held for sale were at fixed interest rates.

For the years ended December 31, 2025, 2024, and 2023, loan portfolio activity 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, 2024$1,591,322 $(52,323)$26,898 
Origination of mortgage loan receivables (1)1,294,976 — 63,360 
Repayment of mortgage loan receivables(609,028)— (141)
Proceeds from sales of mortgage loan receivables— — (66,847)
Non-cash disposition of loans via foreclosure(65,078)— — 
Net result from mortgage loan receivables held for sale (2)— — 4,716 
Accretion/amortization of discount, premium and other fees10,183 — — 
Charge-offs (3)(5,000)5,000 — 
Release (addition) of provision for current expected credit loss, net (4)— 186 — 
Balance, December 31, 2025$2,217,375 $(47,137)$27,986 
(1)Includes funding of commitments on existing mortgage loans.
(2)Includes unrealized lower of cost or market adjustment reversal of $1.1 million and realized gain on loans held for sale of $3.6 million.
(3)The charge-off related to a portion of one loan, which was determined to be nonrecoverable during the three months ended December 31, 2025. The loan was collateralized by an office property in Portland, Oregon.
(4)Refer to “Allowance for Credit Losses” table below for further detail.
Mortgage loan receivables held for investment, net, at amortized cost:
 Mortgage loans receivableAllowance for credit lossesMortgage loan 
receivables held
for sale
Balance, December 31, 2023$3,155,089 $(43,165)$26,868 
Origination of mortgage loan receivables (1)195,232 — — 
Repayment of mortgage loan receivables (2)(1,720,643)— — 
Proceeds from sales of mortgage loan receivables (3)— — — 
Non-cash disposition of loans via foreclosure (4)(5)(52,975)5,023 — 
Net result from mortgage loan receivables held for sale (6)— — 30 
Accretion/amortization of discount, premium and other fees14,619 — — 
Release (addition) of provision for current expected credit loss, net (7)— (14,181)— 
Balance, December 31, 2024$1,591,322 $(52,323)$26,898 
(1)Includes funding of commitments on existing mortgage loans.
(2)Includes $102.0 million of repayments in transit.
(3)Excludes $82.5 million of proceeds received from the sale of conduit mortgage loans collateralized by net leased properties in the Company’s real estate segment to a third-party securitization trust. The mortgage loan receivables, which were originated during the current period, and the related obligation do not appear in the Company’s consolidated balance sheets as they are eliminated upon consolidation. Upon the sale of the mortgage loan receivable to a third-party securitization trust (for cash), the related mortgage note is recognized as a financing transaction.
(4)Refer to Note 5, Real Estate and Related Lease Intangibles, Net, for further detail on foreclosures of real estate.
(5)The charge-off related to one loan that was resolved via foreclosure during the three months ended September 30, 2024. The loan was collateralized by an office asset in Oakland, California.
(6)Includes unrealized lower of cost or market adjustment and realized gain/loss on loans held for sale.
(7)Refer to “Allowance for Credit Losses” table below for further detail.
Allowance for Credit Losses and Non-Accrual Status ($ in thousands)
Year Ended December 31,
Allowance for Credit Losses202520242023
Allowance for credit losses at beginning of period$52,323 $43,165 $20,755 
Provision for (release of) current expected credit loss, net(1)(186)14,181 25,110 
Charge-offs (2)(5,000)(5,023)(2,700)
Allowance for credit losses at end of period$47,137 $52,323 $43,165 
(1)As of December 31, 2025, 2024, and 2023, there were no asset-specific reserves.
(2)The 2025 charge-off related to a portion of one loan, which was determined to be nonrecoverable during the three months ended December 31, 2025. The loan was collateralized by an office property in Portland, Oregon. The 2024 charge-off related to one loan that was resolved via foreclosure during the three months ended September 30, 2024. The loan was collateralized by an office property in Oakland, California.

Non-Accrual Status (1)
December 31,
2025(2)		December 31, 2024(3)
Amortized cost basis of loans on non-accrual status$129,679 $76,875 
(1)As of December 31, 2025, $123.9 million of loans on non-accrual status were greater than 90 days past due. As of December 31, 2024, $76.9 million of loans on non-accrual status were greater than 90 days past due. For the year ended December 31, 2025, the Company recognized $4.8 million of interest income on these loans while on non-accrual status. For the year ended December 31, 2024, the Company recognized $1.5 million of interest income on these loans. As of December 31, 2025, there was one loan accruing income with an amortized cost basis of $4.6 million that was greater than 90 days past due. As of December 31, 2024, there was one loan accruing income with an amortized cost basis of $13.7 million that was greater than 90 days past due.
(2)Comprised of one multi-family loan with an amortized cost basis of $61.3 million, one hotel loan with an amortized cost basis of $11.9 million and one multi-family loan with an amortized cost basis of $50.7 million, and one office loan with an amortized cost basis of $5.8 million for which the Company determined no asset-specific reserves were necessary.
(3)Comprised of one multi-family loan with an amortized cost basis of $60.9 million and one mixed-use loan with an
amortized cost basis of $16.0 million, for which the Company determined no asset-specific reserve was necessary.

Current Expected Credit Loss

As of December 31, 2025, the Company had a $47.7 million allowance for current expected credit losses, of which $47.1 million pertained to mortgage loan receivables and $0.5 million related to unfunded commitments included in other liabilities in the consolidated balance sheet.

As of December 31, 2024, the Company had a $52.8 million allowance for current expected credit losses, of which $52.3 million pertained to mortgage loan receivables and $0.5 million related to unfunded commitments included in other liabilities in the consolidated balance sheet.
The release of loan loss reserves for the year ended December 31, 2025 was $0.2 million. The release recorded during the year ended December 31, 2025 reflects improved macroeconomic market conditions affecting commercial real estate. During the year ended December 31, 2025, the Company charged-off $5.0 million of the existing allowance for credit losses related to a portion of a loan that was determined to be nonrecoverable.

The provision for loan loss reserves for the year ended December 31, 2024 was $13.9 million. The provision recorded during the year ended December 31, 2024 was primarily due to continued uncertainty in macroeconomic market conditions affecting commercial real estate, partially offset by a decrease in the size of the Company’s balance sheet first mortgage loan portfolio as a result of repayments. During the year ended December 31, 2024, the Company charged-off $5.0 million of the existing allowance for credit losses related to a loan that was resolved via foreclosure.
Management’s method for monitoring credit is the performance of a loan. The primary credit quality indicator management utilizes to assess its current expected credit loss reserve is by viewing the Company’s mortgage loan portfolio by collateral type. The primary credit quality indicator is reviewed by management on a quarterly basis. The following tables summarize the amortized cost of the mortgage loan portfolio by collateral type as of December 31, 2025 and December 31, 2024, respectively ($ in thousands):

Amortized Cost Basis by Origination Year as of December 31, 2025
Collateral Type20252024202320222021 and EarlierTotal (3)(4)
Multifamily$959,214 $127,254 $14,648 $22,109 $111,575 $1,234,800 
Office 50,895 — — 55,950 484,565 591,410 
Industrial137,915 11,418 — — — 149,333 
Mixed Use79,244 — — — 33,111 112,355 
Other48,850 — — 11,945 — 60,795 
Retail14,848 10,457 — — 24,121 49,426 
Hospitality— — — — 19,256 19,256 
Subtotal mortgage loans receivable1,290,966 149,129 14,648 90,004 672,628 2,217,375 
Individually Impaired loans— — — — — — 
Total mortgage loans receivable (1)(2)$1,290,966 $149,129 $14,648 $90,004 $672,628 $2,217,375 
Amortized Cost Basis by Origination Year as of December 31, 2024
Collateral Type20242023202220212020 and EarlierTotal (5)
Office$— $— $59,944 $518,663 $185,242 $763,849 
Multifamily126,588 14,636 105,324 272,291 — 518,839 
Mixed Use— — — 127,380 — 127,380 
Retail23,833 — — 48,628 — 72,461 
Hospitality— — — 13,064 55,260 68,324 
Industrial26,368 — — — — 26,368 
Other— — 14,101 — — 14,101 
Subtotal mortgage loans receivable176,789 14,636 179,369 980,026 240,502 1,591,322 
Individually Impaired loans— — — — — — 
Total mortgage loans receivable (6)(7)$176,789 $14,636 $179,369 $980,026 $240,502 $1,591,322 
(1)Not included above is $10.6 million of accrued interest receivable on all loans at December 31, 2025.
(2)For the year ended December 31, 2025, there was a $5.0 million charge-off of an allowance in connection with one office property in Portland, Oregon. The fair value was determined by using the sales comparison and direct capitalization approaches. The Company utilized a capitalization rate of 11.0%. The key inputs used to determine fair value were determined to be Level 3 inputs.
(3)For purposes of calculating our CECL allowance, one loan collateralized by an office property, one loan collateralized by a hospitality property and two loans collateralized by multifamily properties utilized valuations of the underlying collateral to calculate the allowance at December 31, 2025.
(4)The Company had one $228.2 million mortgage loan receivable collateralized by an office property in the southeast that represents 10% of the total mortgage loan receivable held for investment at December 31, 2025.
(5)For purposes of calculating our CECL allowance, two loans collateralized by mixed-use, one loan collateralized by office, and one loan collateralized by multifamily utilized valuations of the underlying collateral to calculate the allowance at December 31, 2024.
(6)For the year ended December 31, 2024, there was a $5.0 million charge-off of an allowance in connection with a foreclosure of one office property in Oakland, California.
(7)Not included above is $9.4 million of accrued interest receivable on all loans at December 31, 2024.
v3.25.4
SECURITIES
 12 Months Ended
Dec. 31, 2025
Investments, Debt and Equity Securities [Abstract]  
SECURITIES
4. SECURITIES
 
The Company invests in primarily AAA-rated real estate securities, typically front pay securities, with relatively short duration and significant credit subordination.
Commercial mortgage-backed securities, including CRE CLOs (“CMBS”), CMBS interest-only securities, U.S. Agency securities, corporate bonds and U.S. Treasury securities are classified as available-for-sale and reported at fair value with changes in fair value recorded in the current period in other comprehensive income. As of December 31, 2025, the Company does not intend to sell these investments and it is not more likely than not that the Company will be required to sell the investments before recovery of their amortized cost bases.

Government National Mortgage Association (“GNMA”) interest-only, Federal Home Loan Mortgage Corp (“FHLMC”) and equity securities are recorded at fair value with changes in fair value recognized in earnings in the consolidated statements of income. The following is a summary of the Company’s securities at December 31, 2025 and December 31, 2024 ($ in thousands):

December 31, 2025
    Gross Unrealized  Weighted Average
Asset TypeOutstanding
Face Amount		 Amortized Cost BasisGainsLosses (1)Carrying
Value		# of
Securities		Rating (2)Coupon %Yield %Remaining
Duration
(years)
CMBS$2,070,492  $2,069,307 $2,984 $(7,369)$2,064,922 (3)115 AAA5.25 %5.31 %2.97
CMBS interest-only(4)347,200 (4)1,283 — (8)1,275 (5)5 AAA1.24 %8.63 %0.52
GNMA interest-only(6)29,203 (4)95 103 (31)167 13 AAA0.69 %9.24 %3.27
Agency securities2  2 — — 2 1 AAA4.00 %3.04 %0.19
Corporate bonds9,250 9,231 17 (8)9,240 1 N/A8.50 %8.58 %2.60
Total debt securities$2,456,147 $2,079,918 $3,104 $(7,416)$2,075,606 (7)135 5.27 %5.33 %2.97
Equity securitiesN/A12,910 97 (308)12,699 6 N/AN/AN/AN/A
Allowance for current expected credit lossesN/A— — (20)(20)
Total securities$2,456,147  $2,092,828 $3,201 $(7,744)$2,088,285 141 

December 31, 2024
    Gross Unrealized  Weighted Average
Asset TypeOutstanding
Face Amount		 Amortized
Cost Basis		GainsLosses (1)Carrying
Value		# of
Securities		Rating (2)Coupon %Yield %Remaining
Duration
(years)
CMBS$1,065,985  $1,063,835 $3,335 $(8,296)$1,058,874 (3)92 AAA5.97 %6.13 %2.41
CMBS interest-only(4)769,724 (4)3,149 104 (9)3,244 (5)7 AAA0.38 %7.81 %0.87
GNMA interest-only(6)32,710 (4)160 53 (58)155 13 AAA0.33 %9.38 %3.64
Agency securities11  11 — — 11 1 AAA4.00 %2.60 %0.58
Total debt securities$1,868,430 $1,067,155 $3,492 $(8,363)$1,062,284 (7)113 3.56 %6.03 %2.37
Equity securitiesN/A19,511 3 (939)18,575 8 N/AN/AN/AN/A
Allowance for current expected credit lossesN/A— — (20)(20)
Total securities$1,868,430  $1,086,666  $3,495  $(9,322) $1,080,839 121   
(1)Based on the Company’s analysis, including review of interest rate changes and current levels of subordination, among other factors, the unrealized loss positions are determined to be due to market factors other than credit.
(2)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.
(3)As of December 31, 2025 and December 31, 2024, includes $8.7 million and $8.9 million, respectively, of restricted securities which are designated as risk retention securities under the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010, as amended (“Dodd-Frank Act”) and are therefore subject to transfer restrictions over the term of the securitization trust and are classified as held-to-maturity and reported at amortized cost.
(4)The amounts presented represent the principal amount of the mortgage loans outstanding in the pool in which the interest-only securities participate.
(5)As of December 31, 2025 and December 31, 2024, includes $0.1 million and $0.2 million, respectively, of restricted securities which are designated as risk retention securities under the Dodd-Frank Act and are therefore subject to transfer restrictions over the term of the securitization trust and are classified as held-to-maturity and reported at amortized cost.
(6)GNMA interest-only securities are recorded at fair value with changes in fair value recorded in current period earnings. The Company’s GNMA interest-only securities are considered to be hybrid financial instruments that contain embedded
derivatives. As a result, the Company has elected to account for them as hybrid instruments in their entirety at fair value with changes in fair value recognized in unrealized gain (loss) on securities in the consolidated statements of income.
(7)The Company’s investments in debt securities represent an ownership interest in unconsolidated VIEs. The Company’s maximum exposure to loss from these unconsolidated VIEs is the amortized cost basis of the securities which represents the purchase price of the investment adjusted by any unamortized premiums or discounts as of the reporting date.
 
The following tables summarize the carrying value of the Company’s debt securities by remaining maturity based upon expected cash flows at December 31, 2025 and December 31, 2024 ($ in thousands):
 
December 31, 2025
Asset TypeWithin 1 year1-5 years5-10 yearsTotal
CMBS$269,437 $1,795,485 $— $2,064,922 
CMBS interest-only1,275 — — 1,275 
GNMA interest-only23 144 — 167 
Agency securities2 — — 2 
Corporate bonds— 9,240 — 9,240 
Total securities (1)$270,737 $1,804,869 $— $2,075,606 
(1)Excluded from the table above are $12.7 million of equity securities and $(20.0) thousand of allowance for current expected credit losses.
 
December 31, 2024
Asset TypeWithin 1 year1-5 years5-10 yearsTotal
CMBS$170,874 $888,000 $— $1,058,874 
CMBS interest-only2,937 307 — 3,244 
GNMA interest-only53 13 89 155 
Agency securities11 — — 11 
Total securities (1)$173,875 $888,320 $89 $1,062,284 
(1)Excluded from the table above are $18.6 million of equity securities and $(20.0) thousand of allowance for current expected credit losses.
During the years ended December 31, 2025 and December 31, 2024, the Company sold $56.2 million and $1.8 million of equity securities, respectively.

The following summarizes the Company’s realized and unrealized gain (loss) on securities, included within “Fee and Other Income” on the Company’s consolidated statements of income for the years ended December 31, 2025, 2024 and 2023 ($ in thousands):
Year Ended December 31,
 202520242023
Realized gain (loss) on securities$3,812 $172 (276)
Unrealized gain (loss) on securities749 (925)$29 
Total realized and unrealized gain (loss) on securities$4,561 $(753)$(247)

United States Treasury Securities

The Company invests in short-term and long-term U.S. Treasury securities. Short-term U.S. Treasury securities are classified as cash and cash equivalents on our consolidated balance sheets and long-term U.S. Treasury securities are classified as securities on the consolidated balance sheets. As of December 31, 2025 the Company did not hold any U.S. Treasury securities. As of December 31, 2024 the Company held $1.1 billion of U.S. Treasury securities classified as cash and cash equivalents on the consolidated balance sheets.
v3.25.4
REAL ESTATE AND RELATED LEASE INTANGIBLES, NET
 12 Months Ended
Dec. 31, 2025
Real Estate [Abstract]  
REAL ESTATE AND RELATED LEASE INTANGIBLES, NET 5. REAL ESTATE AND RELATED LEASE INTANGIBLES, NET
The Company’s real estate assets were comprised of the following ($ in thousands):
December 31, 2025December 31, 2024
Land$190,277 $173,798 
Building659,616 622,701 
In-place leases and other intangibles116,303 107,899 
Undepreciated real estate and related lease intangibles966,196 904,398 
Less: Accumulated depreciation and amortization(262,659)(233,595)
Real estate and related lease intangibles, net(1)$703,537 $670,803 
Below market lease intangibles, net (other liabilities)(2)$(22,679)$(25,340)
(1)There was unencumbered real estate of $320.4 million and $213.4 million as of December 31, 2025 and December 31, 2024, respectively.
(2)Below market lease intangibles is net of $18.2 million and $16.5 million of accumulated amortization as of December 31, 2025 and December 31, 2024, respectively.

As of December 31, 2025 and December 31, 2024, the Company had no real estate and lease intangibles held for sale.
The following table presents depreciation and amortization expense on real estate recorded by the Company ($ in thousands):
 Year Ended December 31,
 202520242023
Depreciation expense(1)$25,033 $25,204 $24,166 
Amortization expense6,962 7,123 5,748 
Total real estate depreciation and amortization expense$31,995 $32,327 $29,914 
(1)Depreciation expense on the consolidated statements of income also includes $0.4 million of depreciation on corporate fixed assets for each of the years ended December 31, 2025, 2024, and 2023, respectively.
The Company’s intangible assets are comprised of in-place leases, above market leases and other intangibles. The following tables present additional detail related to the intangible assets ($ in thousands):
 December 31, 2025December 31, 2024
Gross intangible assets(1)$116,303 $107,899 
Accumulated amortization64,434 57,281 
Net intangible assets$51,869 $50,618 
(1)Includes $4.2 million and $2.3 million of unamortized above market lease intangibles, which are included in real estate and related lease intangibles, net on the consolidated balance sheets as of December 31, 2025 and December 31, 2024, respectively.

The following table presents increases/reductions in operating lease income related to the amortization of above or below market leases recorded by the Company ($ in thousands):
 Year Ended December 31,
 202520242023
Reduction in operating lease income for amortization of above market lease intangibles acquired$(713)$(378)$(309)
Increase in operating lease income for amortization of below market lease intangibles acquired2,007 2,078 2,106 
Total$1,294 $1,700 $1,797 
The following table presents expected adjustment to operating lease income and expected amortization expense during the next five years and thereafter related to the above and below market leases and acquired in-place lease and other intangibles for property owned as of December 31, 2025 ($ in thousands):
Period Ending December 31,Increase/(Decrease) to Operating Lease IncomeAmortization Expense
2026$997 $6,646 
2027961 6,448 
20281,023 5,418 
20291,195 3,589 
20301,493 3,447 
Thereafter12,822 24,135 
Total$18,491 $49,683 

Rent Receivables

There were $3.4 million and $2.6 million of rent receivables included in other assets on the consolidated balance sheets as of December 31, 2025 and December 31, 2024, respectively.
Operating Lease Income & Tenant Reimbursements

The following is a schedule of non-cancellable, contractual, future minimum rent under leases (excluding property operating expenses paid directly by tenant under net leases) at December 31, 2025 ($ in thousands):
Period Ending December 31,Amount
2026$68,433 
202760,980 
202855,029 
202952,512 
203046,752 
Thereafter111,620 
Total$395,326 

Tenant reimbursements, which consist of real estate taxes and utilities paid by the Company, which were reimbursable by the Company’s tenants pursuant to the terms of the lease agreements, were $5.3 million, $6.4 million, and $4.8 million for the years ended December 31, 2025, 2024, and 2023, respectively. Tenant reimbursements are included in operating lease income on the Company’s consolidated statements of income.
Acquisitions

The Company allocates purchase consideration based on relative fair values, and real estate acquisition costs are capitalized as a component of the cost of the assets acquired for asset acquisitions. During the years ended December 31, 2025, 2024, and 2023, all acquisitions were determined to be asset acquisitions.

The Company acquired the following properties during the year ended December 31, 2025 ($ in thousands):
Acquisition DateTypePrimary Location(s)Purchase Price/Fair Value on the Date of ForeclosureOwnership Interest (1)
April 2025(2)OfficeCarmel, IN$42,400 100%
September 2025(3)OfficeRockville, MD22,678 100%
Total real estate acquisitions$65,078 
(1)Properties were consolidated as of acquisition date.
(2)In April 2025, the Company acquired an office portfolio consisting of two buildings in Carmel, IN through foreclosure of a mortgage loan receivable held for investment. The fair value of $42.4 million was determined by using the direct capitalization approach with a capitalization rate of 11.6%, a Level 3 input. There was no gain or loss resulting from the foreclosure of the loan.
(3)In September 2025, the Company acquired an office property in Rockville, MD through foreclosure of a mortgage loan receivable held for investment. The fair value of $22.7 million was determined by using the direct capitalization approach with a capitalization rate of 10.8%, a Level 3 input. There was no gain or loss resulting from the foreclosure of the loan.
The Company acquired the following properties during the year ended December 31, 2024 ($ in thousands):
Acquisition DateTypePrimary Location(s)Purchase Price/Fair Value on the Date of ForeclosureOwnership Interest (1)
February 2024(2)MultifamilyLos Angeles, CA$14,110 100%
April 2024(3)MultifamilyLongview, TX6,080 100%
April 2024(4)MultifamilyAmarillo, TX9,651 100%
June 2024(5)MultifamilyLos Angeles, CA11,455 100%
September 2024(6)OfficeOakland, CA7,500 100%
Total real estate acquisitions$48,796 
(1)Properties were consolidated as of acquisition date.
(2)In February 2024, the Company acquired a multifamily portfolio consisting of three properties in Los Angeles, CA via foreclosure. The portfolio served as collateral for a mortgage loan receivable held for investment. The Company obtained a third-party appraisal of the properties. The $14.1 million fair value was determined by using the sales comparison and direct capitalization approaches. The appraiser utilized a capitalization rate of 5.5%. There was no gain or loss resulting from the foreclosure of the loan. The key inputs used to determine fair value were determined to be Level 3 inputs. The portfolio was sold in June 2024.
(3)In April 2024, the Company acquired a multifamily portfolio consisting of two properties in Longview, TX via foreclosure. The portfolio served as collateral for a mortgage loan receivable held for investment. There was a $0.4 million gain recognized in connection with the foreclosure of the loan. During June 2024, the Company sold the portfolio for $6.1 million. The fair value at foreclosure was based on the sales price.
(4)In April 2024, the Company acquired a multifamily property in Amarillo, TX via foreclosure. The property served as collateral for a mortgage loan receivable held for investment. The Company determined the fair value of $9.7 million by using the sales comparison approach utilizing a terminal capitalization rate of 8.3%. There was no gain or loss resulting from the foreclosure of the loan. The key inputs used to determine fair value were determined to be Level 3 inputs.
(5)In June 2024, the Company acquired a multifamily portfolio consisting of three properties in Los Angeles, CA via foreclosure. The portfolio served as collateral for a mortgage loan receivable held for investment. The $11.5 million fair value was determined by using the sales comparison approach. There was no gain or loss resulting from the foreclosure of the loan.
(6)In September 2024, the Company acquired an office property in Oakland, CA via foreclosure. The property served as collateral for a mortgage loan receivable held for investment. The $7.5 million fair value was determined by using the sales comparison approach and direct capitalization approach. There was a $5 million charge-off of allowance for credit loss resulting from the acquisition of the property. The Company used a terminal capitalization rate of 7.5%. The key inputs used to determine fair value were determined to be Level 3 inputs. Refer to Note 3, Mortgage Loan Receivables for further details.
The Company acquired the following properties during the year ended December 31, 2023 ($ in thousands):
Acquisition DateTypePrimary Location(s)Purchase Price/Fair Value on the Date of ForeclosureOwnership Interest (1)
September 2023(2)Mixed UseNew York, NY$30,400 100%
November 2023(3)MultifamilyPittsburgh, PA34,479 100%
December 2023(4)RetailNew York, NY22,647 100%
Total real estate acquisitions$87,526 
(1)Properties were consolidated as of acquisition date.
(2)In September 2023, the Company acquired a multifamily portfolio consisting of four properties in New York, NY via foreclosure. The portfolio served as collateral for a mortgage loan receivable held for investment. The Company obtained a third-party appraisal of the property. The $30.4 million fair value was determined by using the sales comparison and income approaches. The appraiser utilized a terminal capitalization rate of 5.5%. There was no gain or loss resulting from the foreclosure of the loan. The key inputs used to determine fair value were determined to be Level 3 inputs.
(3)In November 2023, the Company acquired a multifamily property in Pittsburgh, PA via foreclosure. The property served as collateral for a mortgage loan receivable held for investment. The Company obtained a third-party appraisal of the property. The $34.5 million fair value was determined by using the sales comparison and income approaches. The appraiser utilized a terminal capitalization rate of 6.00%. There was no gain or loss resulting from the foreclosure of the loan. The key inputs used to determine fair value were determined to be Level 3 inputs.
(4)In December 2023, the Company acquired a retail property in New York, NY via foreclosure. The property served as collateral for two mortgage loan receivables held for investment. The Company obtained a third-party appraisal of the property. The $22.6 million fair value was determined by using the sales comparison and income approaches. The appraiser utilized a terminal capitalization rate of 5.25%. There was no gain or loss resulting from the foreclosure of the loan. The key inputs used to determine fair value were determined to be Level 3 inputs.
Sales

The Company sold the following property during the year ended December 31, 2025 ($ in thousands):
Sales DateTypePrimary Location(s)Sales ProceedsNet Book ValueRealized Gain/(Loss)Properties
March 2025RetailJenks, OK$13,079 $9,272 $3,807 1
Totals$13,079 $9,272 $3,807 
The Company sold the following properties during the year ended December 31, 2024 ($ in thousands):
Sales DateTypePrimary Location(s)Sales ProceedsNet Book ValueRealized Gain/(Loss)Properties
May 2024OfficePeoria, IL$1,227 $2,320 $(1,093)1
June 2024MultifamilyLos Angeles, CA14,834 13,911 923 3
June 2024RetailWaldorf, MD23,734 11,424 12,310 1
June 2024MultifamilyLongview, TX(1)6,080 6,080 403 2
July 2024MultifamilyLos Angeles, CA11,770 11,455 315 1
October 2024RetailBixby, OK11,335 8,667 2,668 1
December 2024MultifamilyAmarillo, TX10,925 8,520 2,405 1
December 2024RetailEl Centro, CA5,133 3,374 1,759 1
December 2024RetailWoodland Park, CO4,762 2,911 1,851 1
December 2024RetailBennett, CO4,241 2,520 1,721 1
December 2024RetailJacksonville, NC8,244 6,228 2,015 1
Totals$102,285 $77,410 $25,277 
(1)The Company recognized a $0.4 million gain on foreclosure, which is recognized in gain (loss) on real estate, net on the consolidated statements of income.
The Company sold the following properties during the year ended December 31, 2023 ($ in thousands):
Sales DateTypePrimary Location(s)Sales ProceedsNet Book ValueRealized Gain/(Loss)Properties
August 2023HotelSan Diego, CA$43,335 $34,526 $8,808 1 
Totals(1)$43,335 $34,526 $8,808 
(1)Included within sales proceeds is $31.3 million of mortgage financing that was assumed by the buyer.
v3.25.4
DEBT OBLIGATIONS, NET
 12 Months Ended
Dec. 31, 2025
Debt Disclosure [Abstract]  
DEBT OBLIGATIONS, NET
6. DEBT OBLIGATIONS, NET

The details of the Company’s debt obligations at December 31, 2025 and December 31, 2024 are as follows ($ in thousands):
 
December 31, 2025

Debt ObligationsCommitted AmountOutstanding Principal AmountCarrying Value(1)Average Cost of Funds(2)Current MaturityFinal Stated Maturity(3)Carrying Value of Collateral
Senior Unsecured Notes N/A 2,233,409 2,215,195 5.29%2027-20312027-2031 N/A
Unsecured Revolving Credit Facility850,000 280,000 280,000 4.91%12/20/202812/20/2029 N/A
Total Unsecured Debt$850,000 $2,513,409 $2,495,195 N/A
Loan Repurchase Facility$300,000 $— $— —%9/27/20289/27/2030$— 
Loan Repurchase Facility300,000 — — —%10/21/202610/21/2026— 
Loan Repurchase Facility56,000 — — —%4/30/20264/30/2029— 
Securities Repurchases— 627,012 627,012 4.29%Jan. 2026Jan. 2026707,218 
Mortgage Debt N/A 386,543 388,195 5.88%2026-2034(4)2027-2048383,173 
Total Debt Obligations, net$1,506,000 $3,526,964 $3,510,402 $1,090,391 
(1)Carrying Value excludes $7.1 million and $3.1 million of unamortized deferred financing costs included in Other Assets related to the Revolving Credit Facilities and Loan Repurchase facilities, respectively.
(2)Interest rates on floating rate debt reflect the applicable index in effect as of December 31, 2025. Excludes deferred financing costs.
(3)Final Stated Maturity assumes extensions at our option are exercised with consent of financing providers, where applicable.
(4)Current maturity of Mortgage Debt based on Anticipated Repayment Dates, if applicable.
December 31, 2024

Debt ObligationsCommitted AmountOutstanding Principal AmountCarrying Value(1)Average Cost of Funds(2)Current MaturityFinal Stated Maturity(3)Carrying Value of Collateral
Senior Unsecured NotesN/A2,041,557 2,025,053 5.22%2025-20312025-2031  N/A
Unsecured Revolving Credit Facility(4)725,000 — — —%12/20/202812/20/2029N/A
Total Unsecured Debt$725,000 $2,041,557 $2,025,053 N/A
Loan Repurchase Facility500,000 62,738 62,738 6.55%9/27/20259/27/202797,254 
Loan Repurchase Facility300,000 — — —%10/21/202710/21/2029— 
Loan Repurchase Facility200,000 — — —%10/3/202510/3/202714,636 
Loan Repurchase Facility100,000 — — —%1/22/20251/22/2026— 
Loan Repurchase Facility56,000 — — —%4/30/20264/30/2029— 
Mortgage Debt N/A 443,733 446,397 6.09%2025-2034(5)2027-2048451,880 
CLO Debt N/A 601,464 601,429 6.36%2025-2026(6)2036-2038831,270 
Total Debt Obligations, net$1,881,000 $3,149,492 $3,135,617 $1,395,040 
(1)Carrying value excludes $7.1 million and $2.1 million of unamortized deferred financing costs included in Other Assets related to the Revolving Credit facility and Loan Repurchase facilities, respectively.
(2)Interest rates on floating rate debt reflect the applicable index in effect as of December 31, 2024. Excludes deferred financing costs.
(3)Final Stated Maturity assumes extensions at our option are exercised with consent of financing providers, where applicable.
(4)The obligations under the Unsecured Revolving Credit Facility are secured by equity pledges of certain subsidiaries of the Company.
(5)Anticipated Repayment Dates.
(6)Represents the estimated maturity dates based on the underlying loan maturities.
Senior Unsecured Notes
As of December 31, 2025, the Company had $2.2 billion of senior unsecured notes outstanding. These unsecured financings were comprised of $599.5 million in aggregate principal amount of 4.25% senior notes due 2027 (the “2027 Notes”), $633.9 million in aggregate principal amount of 4.75% senior notes due 2029 (the “2029 Notes”), $500.0 million in aggregate principal amount of 5.50% senior notes due 2030 (the “2030 Notes”) and $500.0 million in aggregate principal amount of 7.00% senior notes due 2031 (the “2031 Notes,” collectively with the 2027 Notes, the 2029 Notes, and the 2030 Notes, the “Notes”). The Company currently guarantees the obligations under the Notes and the indenture.

The Notes require interest payments semi-annually in cash in arrears, are unsecured, and in some cases, are subject to an unencumbered assets to unsecured debt covenant. The Company may redeem the Notes prior to their stated maturity, in whole or in part, at any time or from time to time, with required notice and at a redemption price as specified in each respective indenture governing the Notes, plus accrued and unpaid interest, if any, to the redemption date. The board of directors has authorized the Company to repurchase any or all of the Notes from time to time without further approval. During the year ended December 31, 2025, the Company fully redeemed the 5.25% senior notes due 2025 and repurchased $12.4 million of the 2027 Notes, recognizing a loss on extinguishment of debt of $99 thousand and a gain on bond repurchase of $250 thousand, respectively.
Unsecured Revolving Credit Facilities
The Company’s Unsecured Revolving Credit Facility is available on a revolving basis to finance the Company’s working capital needs and for general corporate purposes. On January 2, 2025, the Company increased the aggregate maximum borrowing amount of the Unsecured Revolving Credit Facility to $850.0 million, following the upsize to $725 million on December 20, 2024. The Unsecured Revolving Credit Facility also allows the Company to enter into additional incremental revolving commitments up to an aggregate facility size of $1.3 billion, subject to certain customary conditions. Borrowings under the Unsecured Revolving Credit Facility bear interest at a rate equal to term SOFR plus a margin of 125 basis points as of December 31, 2025. The margin for borrowings is subject to adjustment based on the Company's credit rating and may range
between 77.5 and 170 basis points. As of December 31, 2025, the Company had $280.0 million in outstanding borrowings on the Unsecured Revolving Credit Facility.

Effective May 27, 2025, the date on which the Company received investment grade ratings from Moody’s and Fitch, the Unsecured Revolving Credit Facility was automatically amended, the pledge of the shares of (or other ownership or equity interest in) certain subsidiaries was terminated, and each guarantor (other than Ladder Capital Corp and any subsidiary that is a trigger guarantor) was released and discharged from all obligations as a guarantor and/or pledgor.

In September 2025, the Company entered into an unsecured Money Market Borrowing Arrangement to provide short-term financing up to $100 million. The arrangement has a five-year term. No borrowing on this facility is permitted over a quarter end date, and as such, no balance was utilized under this arrangement as of December 31, 2025.
Loan and Securities Repurchase Financing
As of December 31, 2025, the Company is party to three committed master repurchase agreements to finance its lending activities, totaling $656.0 million of credit capacity with no loan repurchase financing outstanding.

Assets pledged as collateral under these facilities are generally limited to first lien whole mortgage loans, mezzanine loans and certain interests in such first mortgage and mezzanine loans. The lenders have sole discretion to include collateral in these facilities and to determine the market value of the collateral. In certain cases, the lenders may require additional collateral, a full or partial repayment of the facilities (margin call) or a reduction in undrawn availability under the facilities.

The Company has also entered into master repurchase agreements with several counterparties to finance real estate securities. The securities that serve as collateral for these borrowings are typically highly liquid AAA-rated CMBS with relatively short duration and significant subordination. As of December 31, 2025, the Company had $627.0 million of securities repurchase debt outstanding.

As of December 31, 2025, no loan repurchase facilities were scheduled to mature within 90 days of December 31, 2025. No counterparties held collateral that exceeded the amounts borrowed under the related loan and securities repurchase agreements by more than $148.1 million, or 10% of the Company’s total equity.
Mortgage Loan Financing

The Company typically finances its real estate investments with long-term, non-recourse mortgage financing. These mortgage loans have carrying amounts of $388.2 million and $446.4 million, net of unamortized premiums of $3.1 million and $3.7 million as of December 31, 2025 and December 31, 2024, respectively, representing proceeds received upon financing greater than the contractual amounts due under these agreements. The premiums are being amortized over the remaining life of the respective debt instruments using the effective interest method. The Company recorded $0.7 million, $0.8 million, and $0.6 million of premium amortization for the years ended December 31, 2025, 2024, and 2023, respectively. During the year ended December 31, 2025, the Company modified and extended one term debt agreement financing a property in its real estate portfolio. During the year ended December 31, 2024, the Company executed 16 new term debt agreements to finance properties in its real estate portfolio.
Collateralized Loan Obligations (“CLO”) Debt

On July 13, 2021, the Company financed a pool of $607.5 million of loans at an 82% advance rate on a matched term, non-mark-to-market and non-recourse basis in a managed CLO transaction (“LCCM 2021-FL2”), which generated $498.2 million of gross proceeds to Ladder. The Company retained an 18% subordinate and controlling interest in LCCM 2021-FL2. The Company retained control over major decisions made with respect to the administration of the loans in LCCM 2021-FL2, including broad discretion in managing these loans, and had the ability to appoint the special servicer. LCCM 2021-FL2 was a VIE and the Company was the primary beneficiary and, therefore, consolidated the VIE. On February 18, 2025, the Company redeemed all outstanding obligations of LCCM 2021-FL2 and no longer consolidated this VIE as of March 31, 2025.

On December 2, 2021, the Company financed a pool of $729.4 million of loans at a 77.6% advance rate on a matched term, non-mark-to-market and non-recourse basis in a managed CLO transaction (“LCCM 2021-FL3”), which generated $566.2 million of gross proceeds to Ladder. The Company retained a 15.6% subordinate and controlling interest in the LCCM 2021-FL3 and held two additional tranches totaling 6.8% as investments. The Company retained control over major decisions made with respect to the administration of the loans in LCCM 2021-FL3, including broad discretion in managing these loans, and had the ability to appoint the special servicer. LCCM 2021-FL3 was a VIE and the Company was the primary beneficiary and,
therefore, consolidated the VIE. On June 16, 2025, the Company redeemed all outstanding obligations of LCCM 2021-FL3 and no longer consolidated this VIE as of June 30, 2025.

As of December 31, 2025, the Company did not have any CLO debt included in debt obligations on its consolidated balance sheets.

At December 31, 2024, the Company had $601.4 million of matched term, non-mark-to-market and non-recourse CLO debt included in debt obligations on its consolidated balance sheet, as a result, the Company consolidated two CLOs that were considered VIE's on its consolidated balance sheet as of December 31, 2024 ($ in thousands):

December 31, 2024
Mortgage loan receivables held for investment, net, at amortized cost$831,270 
Accrued interest receivable5,530 
Other assets42,621 
Total assets$879,421 
Debt obligations, net$601,429 
Accrued expenses1,806 
Total liabilities603,235 
Net equity in VIEs (eliminated in consolidation)276,186 
Total equity276,186 
Total liabilities and equity$879,421 

Financial Covenants

Our borrowings under certain financing agreements are subject to financial covenants, including maximum leverage ratio limits, minimum net worth requirements, minimum liquidity requirements, minimum fixed charge coverage ratio requirements, and
minimum unencumbered assets to unsecured debt requirements. The Company was in compliance in all material respects with the covenants under the Company’s financing arrangements as of December 31, 2025.

Combined Maturity of Debt Obligations

The following schedule reflects the Company’s contractual payments under borrowings by maturity ($ in thousands): 
Period ending December 31,Borrowings by
Maturity(1)
2026$653,392 
2027715,346 
202824,269 
2029949,433 
2030601,176 
Thereafter583,347 
Subtotal3,526,963 
Debt issuance costs included in senior unsecured notes(18,214)
Debt issuance costs included in mortgage loan financings(1,415)
Net premiums included in mortgage loan financings (2)3,068 
Total$3,510,402 
(1)The allocation of repayments under the Company’s committed loan repurchase facilities is based on the earlier of: (i) the final stated maturity date of each agreement; or (ii) the maximum maturity date of the collateral loans, assuming all extension options are exercised by the borrower. Repayments of the Company's mortgage debt are based on the anticipated repayment dates as defined in the mortgage loan agreements.
(2)Represents sales proceeds received in excess of loan amounts sold into securitizations that are amortized as a reduction to interest expense using the effective interest method over the life of the underlying loan.
v3.25.4
DERIVATIVE INSTRUMENTS
 12 Months Ended
Dec. 31, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
DERIVATIVE INSTRUMENTS
7. DERIVATIVE INSTRUMENTS
 
The Company primarily uses derivative instruments to economically manage the fair value variability of fixed rate assets caused by interest rate fluctuations and overall portfolio market risk. The following is a breakdown of the derivatives outstanding as of December 31, 2025 and December 31, 2024 ($ in thousands):
 
December 31, 2025
  Fair ValueRemaining
Maturity
(years)
Contract TypeNotionalAsset(1)Liability(1)
Caps    
1 Month Term SOFR$91,000 $1 $— 0.79
Futures   
10-year Treasury-Note Futures22,500 263 — 0.22
Total derivatives$113,500 $264 $—  
(1)Shown as derivative instruments in the accompanying consolidated balance sheet.


December 31, 2024
  Fair ValueRemaining
Maturity
(years)
Contract TypeNotionalAsset(1)Liability(1)
Caps    
1 Month Term SOFR$90,000 $432 $— 0.62
Options    
OptionsN/A(2)5 — 0.05
Total credit derivatives— 5 —  
Total derivatives$90,000 $437 $—  
(1)Shown as derivative instruments in the accompanying consolidated balance sheet.
(2)The Company held 275 options contracts as of December 31, 2024.
 
The following table summarizes the net realized gains (losses) and unrealized gains (losses) on derivatives, by primary underlying risk exposure, as included in net result from derivatives transactions in the consolidated statements of income for the years ended December 31, 2025, 2024, and 2023 ($ in thousands):

 Year Ended December 31, 2025
Contract TypeUnrealized
Gain/(Loss)		Realized
Gain/(Loss)		Net Result
from
Derivative
Transactions
Caps$(463)$504 $41 
Futures263 1,591 1,854 
Options— (60)(60)
Total$(200)$2,035 $1,835 
 
 Year Ended December 31, 2024
Contract TypeUnrealized
Gain/(Loss)		Realized
Gain/(Loss)		Net Result
from
Derivative
Transactions
Caps$(1,315)$1,562 $247 
Futures(545)5,813 5,268 
Options— (95)(95)
Total$(1,860)$7,280 $5,420 
 Year Ended December 31, 2023
Contract TypeUnrealized
Gain/(Loss)		Realized
Gain/(Loss)		Net Result
from
Derivative
Transactions
Caps$(895)$1,378 $483 
Futures423 834 1,257 
Options82 (341)(259)
Total$(390)$1,871 $1,481 
Futures

Collateral posted with the Company’s 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 its interest rate futures that are centrally cleared by CME. CME determines the fair value of the Company’s 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.

As of December 31, 2025, 2024, and 2023, the Company's counterparties held $0.6 million, zero, and $2.8 million, respectively, of cash margin as collateral for derivatives, which is included in restricted cash in the consolidated balance sheets.
v3.25.4
OFFSETTING ASSETS AND LIABILITIES
 12 Months Ended
Dec. 31, 2025
Offsetting [Abstract]  
OFFSETTING ASSETS AND LIABILITIES
8. OFFSETTING ASSETS AND LIABILITIES
 
The following tables present both gross information and net information about derivatives and other instruments eligible for offset in the statement of financial position as of December 31, 2025 and December 31, 2024. The Company’s accounting policy is to record derivative asset and liability positions on a gross basis; therefore, the following tables present the gross derivative asset and liability positions recorded on the balance sheets, while also disclosing the eligible amounts of financial instruments and cash collateral to the extent those amounts could offset the gross amount of derivative asset and liability positions. The actual amounts of collateral posted by or received from counterparties may be in excess of the amounts disclosed in the following tables as the following only disclose amounts eligible to be offset to the extent of the recorded gross derivative positions.

The following table represents offsetting of financial assets and derivative assets as of December 31, 2025 ($ 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$264 $— $264 $— $(574)$(310)
Total$264 $— $264 $— $(574)$(310)
(1)Included in restricted cash on consolidated balance sheet.
The following table represents offsetting of financial liabilities and derivative liabilities as of December 31, 2025 ($ 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$627,012 $— $627,012 $627,012 $— $627,012 
Total$627,012 $— $627,012 $627,012 $— $627,012 
(1)Included in restricted cash on consolidated balance sheet.
The following table represents offsetting of financial assets and derivative assets as of December 31, 2024 ($ 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$437 $— $437 $— $— $437 
Total$437 $— $437 $— $— $437 
(1)Included in restricted cash on consolidated balance sheet.
The following table represents offsetting of financial liabilities and derivative liabilities as of December 31, 2024 ($ 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$62,738 $— $62,738 $62,738 $— $62,738 
Total$62,738 $— $62,738 $62,738 $— $62,738 
(1)Included in restricted cash on consolidated balance sheet.
Master netting agreements that the Company has entered into with its derivative and repurchase agreement counterparties allow for netting of the same transaction, in the same currency, on the same date. Assets, liabilities, and collateral subject to master netting agreements as of December 31, 2025 and December 31, 2024 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.
v3.25.4
EQUITY
 12 Months Ended
Dec. 31, 2025
Equity [Abstract]  
EQUITY
9. EQUITY
The Company has one outstanding class of common stock, Class A as of December 31, 2025, 2024, and 2023. The Class A common stock is described as follows:

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

On April 23, 2025, the board of directors authorized the repurchase of $100.0 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 April 24, 2024 authorization from $66.8 million to $100.0 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, the Company’s liquidity requirements, contractual restrictions and other factors. As of December 31, 2025, the Company has a remaining amount available for repurchase of $90.6 million, which represents 6.5% in the aggregate of its outstanding Class A common stock, based on the closing price of $10.99 per share on such date.
The following tables summarize the Company’s repurchase activity of its Class A common stock during the years ended December 31, 2025, 2024, and 2023 ($ in thousands):
SharesAmount(1)
Authorizations remaining as of December 31, 2024$67,604 
Additional authorizations (2)33,201 
Repurchases paid:
January 1, 2025 - January 31, 2025— — 
February 1, 2025 - February 28, 2025— — 
March 1, 2025 - March 31, 202570,506 (805)
April 1, 2025 - April 30, 2025— — 
May 1, 2025 - May 31, 2025401,396 (4,151)
June 1, 2025 - June 30, 2025234,094 (2,456)
July 1, 2025 - July 31, 202536,371 (397)
August 1, 2025 - August 31, 202543,020 (471)
September 1, 2025 - September 30, 202591,321 (1,017)
October 1, 2025 - October 31, 202545,052 (477)
November 1, 2025 - November 30, 202530,668 (320)
December 1, 2025 - December 31, 202512,111 (131)
Authorizations remaining as of December 31, 2025$90,580 
(1)Amount excludes commissions paid associated with share repurchases.
(2)On April 23, 2025, the Board authorized repurchases up to $100.0 million in aggregate.

SharesAmount(1)
Authorizations remaining as of December 31, 2023$44,256 
Additional authorizations (2)31,391 
Repurchases paid:
January 1, 2024 - January 31, 2024— — 
February 1, 2024 - February 29, 2024— — 
March 1, 2024 - March 31, 202460,000 (647)
April 1, 2024 - April 30, 2024— — 
May 1, 2024 - May 31, 20242,100 (23)
June 1, 2024 - June 30, 202417,590 (189)
July 1, 2024 - July 31, 2024— — 
August 1, 2024 - August 31, 2024— — 
September 1, 2024 - September 30, 2024100,001 (1,190)
October 1, 2024 - October 31, 202414,131 (159)
November 1, 2024 - November 30, 202469,000 (789)
December 1, 2024 - December 31, 2024448,369 (5,046)
Authorizations remaining as of December 31, 2024$67,604 
(1)Amount excludes commissions paid associated with share repurchases.
(2)On April 24, 2024, the Board authorized repurchases up to $75.0 million in aggregate.
SharesAmount(1)
Authorizations remaining as of December 31, 2022$46,737 
Repurchases paid:
March 1, 2023 - March 31, 2023250,000 (2,285)
September 1, 2023 - September 30, 202319,000 (196)
Authorizations remaining as of December 31, 2023$44,256 
(1)Amount excludes commissions paid associated with share repurchases.
Dividends

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

Consistent with IRS guidance, the Company may, subject to a cash/stock election by its shareholders, pay a portion of its dividends in stock, to provide for meaningful capital retention; however, the REIT distribution requirements limit its ability to retain earnings and thereby replenish or increase capital for operations. The timing and amount of future distributions is based on a number of factors, including, among other things, the Company’s future operations and earnings, capital requirements and surplus, general financial condition and contractual restrictions. All dividend declarations are subject to the approval of the Company’s board of directors. For taxable years beginning after December 31, 2017 and before January 1, 2026, generally stockholders that are individuals, trusts or estates may deduct 20% of the aggregate amount of ordinary dividends distributed by us, subject to certain limitations. The Company believes that its significant capital resources and access to financing will provide the financial flexibility at levels sufficient to meet current and anticipated capital requirements, including funding new investment opportunities, paying distributions to its shareholders and servicing our debt obligations.

The following table presents dividends declared (on a per share basis) of Class A common stock for the years ended December 31, 2025, 2024 and 2023:
Declaration DateDividend per Share
March 14, 2025$0.23 
June 13, 20250.23 
September 15, 20250.23 
December 15, 20250.23 
Total$0.92 
March 15, 2024$0.23 
June 14, 20240.23 
September 13, 20240.23 
December 13, 20240.23 
Total$0.92 
March 15, 2023$0.23 
June 15, 20230.23 
September 15, 20230.23 
December 15, 20230.23 
Total$0.92 
The following table presents the tax treatment for our aggregate distributions per share of common stock paid for the years ended December 31, 2025, 2024 and 2023:
Record DatePayment DateDividend per ShareOrdinary DividendsQualified DividendsCapital GainUnrecaptured 1250 GainReturn of CapitalSection 199A
Dividends
March 31, 2025April 15, 20250.230 0.217 — 0.011 0.006 0.002 0.217 
June 30, 2025July 15, 20250.230 0.217 — 0.011 0.006 0.002 0.217 
September 30, 2025October 15, 20250.230 0.217 — 0.011 0.006 0.002 0.217 
December 31, 2025January 15, 2026(1)— — — — — — — 
Total$0.690 $0.651 $— $0.033 $0.018 $0.006 $0.651 

(1)The fourth quarter dividend paid on January 15, 2026 was $0.230 and is considered a 2026 dividend for U.S. federal income tax purposes.

Record DatePayment DateDividend per ShareOrdinary DividendsQualified DividendsCapital GainUnrecaptured 1250 GainReturn of CapitalSection 199A
Dividends
March 28, 2024April 15, 20240.230 0.195 — 0.035 0.023 — 0.195 
June 28, 2024July 15, 20240.230 0.195 — 0.035 0.023 — 0.195 
September 30, 2024October 15, 20240.230 0.195 — 0.035 0.023 — 0.195 
December 31, 2024January 15, 2025(1)0.230 0.195 — 0.035 0.023 — 0.195 
Total$0.920 $0.780 $— $0.140 $0.092 $— $0.780 
(1)The fourth quarter dividend paid on January 15, 2025 was $0.230 and is considered a 2024 dividend for U.S. federal income tax purposes.
Record DatePayment DateDividend per ShareOrdinary DividendsQualified DividendsCapital GainUnrecaptured 1250 GainReturn of CapitalSection 199A
Dividends
March 31, 2023April 17, 2023$0.230 $0.230 $— $— $— $— $0.230 
June 30, 2023July 17, 20230.230 0.230 — — — — 0.230 
September 29, 2023October 16, 20230.230 0.230 — — — — 0.230 
December 29, 2023January 16, 2024(1)0.230 0.230 — — — — 0.230 
Total$0.920 $0.920 $— $— $— $— $0.920 
(1)The fourth quarter dividend paid on January 16, 2024 was $0.230 and is considered a 2023 dividend for U.S. federal income tax purposes.
Changes in Accumulated Other Comprehensive Income (Loss)

The following table presents changes in accumulated other comprehensive income related to the cumulative difference between the fair market value and the amortized cost basis of securities classified as available for sale for the years ended December 31, 2025, 2024 and 2023 ($ in thousands):

Year Ended December 31,
202520242023
Accumulated Other Comprehensive Income (Loss) beginning of period$(4,866)$(13,853)$(21,009)
Gain (loss) on available for sale securities, net of tax731 8,987 7,156 
Accumulated Other Comprehensive Income (Loss) end of period$(4,135)$(4,866)$(13,853)
v3.25.4
NONCONTROLLING INTERESTS
 12 Months Ended
Dec. 31, 2025
Noncontrolling Interest [Abstract]  
NONCONTROLLING INTERESTS
10. NONCONTROLLING INTERESTS

Noncontrolling Interests in Consolidated Ventures

As of December 31, 2025, the Company consolidates two ventures and in each, there are different noncontrolling investors, which own between 10.0% - 25.0% of such ventures. These ventures hold investments in a 40-building student housing portfolio in Isla Vista, CA with a book value of $76.8 million, and a single-tenant office building in Oakland County, MI with a book value of $8.6 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.
v3.25.4
EARNINGS PER SHARE
 12 Months Ended
Dec. 31, 2025
Earnings Per Share [Abstract]  
EARNINGS PER SHARE
11. EARNINGS PER SHARE
 
The Company’s net income (loss) and weighted average shares outstanding for the years ended December 31, 2025, 2024, and 2023 consist of the following:
Year Ended December 31,
($ in thousands except share amounts)202520242023
Basic and Diluted Net income (loss) available for Class A common shareholders$64,182 $108,255 $101,125 
Weighted average shares outstanding:   
Basic125,483,693 125,576,784 124,667,877 
Diluted126,194,691 125,785,295 124,882,398 
 
The calculation of basic and diluted net income (loss) per share amounts for the years ended December 31, 2025, 2024, and 2023 consist of the following:
Year Ended December 31,
(In thousands except share and per share amounts) (1)202520242023
Basic Net Income (Loss) Per Share of Class A Common Stock   
Numerator:
   
Net income (loss) attributable to Class A common shareholders$64,182 $108,255 $101,125 
Denominator:
   
Weighted average number of shares of Class A common stock outstanding125,483,693 125,576,784 124,667,877 
Basic net income (loss) per share of Class A common stock$0.51 $0.86 $0.81 
Diluted Net Income (Loss) Per Share of Class A Common Stock   
Numerator:   
Net income (loss) attributable to Class A common shareholders$64,182 $108,255 $101,125 
Diluted net income (loss) attributable to Class A common shareholders64,182 108,255 101,125 
Denominator:   
Basic weighted average number of shares of Class A common stock outstanding125,483,693 125,576,784 124,667,877 
Add - dilutive effect of:   
Incremental shares of unvested Class A restricted stock(1)710,998 208,511 214,521 
Diluted weighted average number of shares of Class A common stock outstanding (2)(3)126,194,691 125,785,295 124,882,398 
Diluted net income (loss) per share of Class A common stock$0.51 $0.86 $0.81 
(1)The Company applies the treasury stock method.
(2)There were 8,438, 274,353 and 367,001 anti-dilutive shares for the years ended December 31, 2025, 2024 and 2023, respectively.
v3.25.4
STOCK-BASED AND OTHER COMPENSATION PLANS
 12 Months Ended
Dec. 31, 2025
Share-Based Payment Arrangement [Abstract]  
STOCK-BASED AND OTHER COMPENSATION PLANS
12. STOCK-BASED AND OTHER COMPENSATION PLANS
 
Summary of Stock and Shares Unvested/Outstanding

The following table summarizes the impact on the consolidated statements of income of the various stock-based compensation plans and other compensation plans ($ in thousands):
Year Ended December 31,
202520242023
Stock-based compensation expense$20,329 $18,829 $18,577 
Total Stock-Based Compensation Expense$20,329 $18,829 $18,577 
(1)Variance between twelve months ended December 31, 2025, 2024, and 2023 is primarily due to timing of 2023, 2024 and 2025 employee stock and bonus compensation.
A summary of the grants is presented below:
 Year Ended December 31,
 202520242023
Number
of Shares		Weighted
Average
Fair Value
Per Share		Number
of Shares		Weighted
Average
Fair Value
Per Share		Number
of Shares		Weighted
Average
Fair Value
Per Share
Grants - Class A Common Stock1,852,016 $11.67 1,855,541 $10.70 1,417,561 $11.58 

The table below presents the number of unvested shares of Class A common stock and outstanding stock options at December 31, 2025 and changes during 2025 of the Class A common stock and stock options of Ladder Capital Corp:
Restricted StockWeighted Average Grant Date Fair ValueStock Options
Nonvested/Outstanding at December 31, 20242,020,752 $12.28 623,788 
Granted1,852,016 11.67 — 
Vested(1,778,588)11.49 — 
Expired— — (439,760)
Nonvested/Outstanding at December 31, 20252,094,180 $12.42 184,028 
Exercisable at December 31, 2025 (1)184,028 
(1)The weighted average exercise price of outstanding options is $11.86 at December 31, 2025.

At December 31, 2025, there was $10.2 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 32.0 months, with a weighted average remaining vesting period of 21.8 months.

2014 Omnibus Incentive Plan

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

2023 Omnibus Incentive Plan

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

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

Annual Incentive Awards Granted in 2025 with respect to 2024 Performance

For 2024 performance, certain employees received stock-based incentive equity in February 2025. Restricted stock subject to time-based vesting criteria will vest in three installments on February 18 of each of 2026, 2027 and 2028, 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 Board’s confirmation that the Company achieves a pre-tax return on average equity, based on distributable earnings divided
by the Company’s average shareholders’ equity, equal to or greater than 8% for such year (the “Performance Target”) for the years ended December 31, 2025, 2026 and 2027, respectively. If the Company misses the Performance Target during either the first or second calendar year but meets the Performance Target for a subsequent year during the three-year performance period and the Company’s return on equity for such subsequent year and any years for which it missed its Performance Target equals or exceeds the compounded pre-tax return on average equity of 8% based on distributable earnings divided by the Company’s average shareholders’ equity, the performance-vesting restricted stock which failed to vest because the Company previously missed its Performance Target will vest subject to continued employment on the applicable vesting date (the “Catch-Up Provision”). Approximately 2/3 of all the shares subject to attainment of the Performance Target are also subject to the Catch-Up Provision, as the Catch-Up Provision is not available for the missed performance during the third performance year and has the effect of requiring the Company to achieve an average 8% return over the full three-year performance plan in order to be effective. Accruals of compensation cost for an award with a performance condition shall be based on the probable outcome of that performance condition. Therefore, compensation cost shall be accrued if it is probable that the performance condition will be achieved and shall not be accrued if it is not probable that the performance condition will be achieved. The probability of meeting the performance outcome is assessed quarterly.

On February 18, 2025, in connection with 2024 performance, annual stock awards were granted to management employees (each, a “Management Grantee”), with an aggregate grant date fair value of $11 million, which represents 962,821 shares of Class A common stock. The grant to Mr. Harris and approximately half of the grants to each of Ms. McCormack and Mr. Perelman were unrestricted. The other half of incentive equity granted to each of Ms. McCormack and Mr. Perelman is restricted stock subject to attainment of the Performance Target for the applicable years and is also subject to the Catch-Up Provision described above. For the grants to Mr. Miceli and Ms. Porcella (a total of 125,871 shares with an aggregate fair value of $1.5 million), approximately half of the awards are subject to time-based vesting criteria and the remaining half are subject to attainment of the Performance Target, including the Catch-Up Provision, for the applicable years.

On February 18, 2025, in connection with 2024 performance, annual stock awards were granted to certain non-management employees (“Non-Management Grantees”) with an aggregate grant date fair value of $9.6 million, which represents 825,016 shares of Class A common stock. Of these awards, 21,658 shares were unrestricted, 390,859 shares are subject to time-based vesting criteria and the remaining 412,499 shares are subject to the attainment of the Performance Target, including the Catch-Up Provision, for the applicable years.

Other 2025 Restricted Stock Awards

On February 18, 2025, certain members of the board of directors received annual restricted stock awards with a grant date fair value of $0.4 million, representing 32,190 shares of restricted Class A common stock, which will vest in full on the first anniversary of the date of grant, subject to continued service on the board of directors. Compensation expense related to the time-based vesting criteria of the award shall be recognized on a straight-line basis over the one-year vesting period.

Annual Incentive Awards Granted in 2024 with respect to 2023 Performance

For 2023 performance, certain employees received stock-based incentive equity in February 2024. Restricted stock subject to time-based vesting criteria will vest in three installments on February 18 of each of 2025, 2026 and 2027, subject to continued employment on the applicable vesting dates. The Company has elected to recognize the compensation expense related to the time-based vesting of the annual restricted stock awards for the entire award on a straight-line basis over the requisite service period for the entire award. Restricted stock subject to performance criteria is eligible to vest in three equal installments upon the compensation committee’s confirmation that the Company achieves the Performance Target for the years ended December 31, 2024, 2025 and 2026, respectively, subject to the Catch-Up Provision as described above.

On February 18, 2024, in connection with 2023 performance, annual stock awards were granted to Management Grantees with an aggregate grant date fair value of $10 million, which represents 937,560 shares of Class A common stock. The grant to Mr. Harris and approximately half of the grants to each of Ms. McCormack and Mr. Perelman were unrestricted. The other half of incentive equity granted to each of Ms. McCormack and Mr. Perelman is restricted stock subject to attainment of the Performance Target for the applicable years and is also subject to the Catch-Up Provision described above. For the grants to Mr. Miceli and Ms. Porcella (a total of 127,275 shares with an aggregate fair value of $1.4 million), approximately half of the awards are subject to time-based vesting criteria and the remaining half are subject to attainment of the Performance Target, including the Catch-Up Provision, for the applicable years.

On February 18, 2024, in connection with 2023 performance, annual stock awards were granted to certain Non-Management Grantees with an aggregate grant date fair value of $9.4 million, which represents 882,436 shares of Class A common stock. Of
these awards, 22,939 shares were unrestricted, 418,285 shares are subject to time-based vesting criteria and the remaining 441,212 shares are subject to the attainment of the Performance Target, including the Catch-Up Provision, for the applicable years.

Other 2024 Restricted Stock Awards

On February 18, 2024, certain members of the board of directors received annual restricted stock awards with a grant date fair value of $0.4 million, representing 35,545 shares of restricted Class A common stock, which will vest in full on the first anniversary of the date of grant, subject to continued service on the board of directors. Compensation expense related to the time-based vesting criteria of the award shall be recognized on a straight-line basis over the one-year vesting period.

Annual Incentive Awards Granted in 2023 with respect to 2022 Performance

For 2022 performance, certain employees received stock-based incentive equity in February 2023. Restricted stock subject to time-based vesting criteria will vest in three installments on February 18 of each of 2024, 2025 and 2026, subject to continued employment on the applicable vesting dates. The Company has elected to recognize the compensation expense related to the time-based vesting of the annual restricted stock awards for the entire award on a straight-line basis over the requisite service period for the entire award. Restricted stock subject to performance criteria is eligible to vest in three equal installments upon the compensation committee’s confirmation that the Company achieves the Performance Target for the years ended December 31, 2023, 2024 and 2025, respectively, subject to the Catch-Up Provision as described above.

On February 18, 2023, in connection with 2022 performance, annual stock awards were granted to Management Grantees with an aggregate grant date fair value of $8.5 million, which represents 733,607 shares of Class A common stock. The grant to Mr. Harris and approximately half of the grants to each of Ms. McCormack and Mr. Perelman were unrestricted. The other half of incentive equity granted to each of Ms. McCormack and Mr. Perelman is restricted stock subject to attainment of the Performance Target for the applicable years and is also subject to the Catch-Up Provision described above. For the grants to Mr. Miceli and Ms. Porcella (a total of 101,344 shares with an aggregate fair value of $1.2 million), approximately half of the awards are subject to time-based vesting criteria and the remaining half are subject to attainment of the Performance Target, including the Catch-Up Provision, for the applicable years.

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

Other 2023 Restricted Stock Awards

On February 18, 2023, certain members of the board of directors received annual restricted stock awards with a grant date fair value of $0.4 million, representing 32,525 shares of restricted Class A common stock, which will vest in full on the first anniversary of the date of grant, subject to continued service on the board of directors. Compensation expense related to the time-based vesting criteria of the award shall be recognized on a straight-line basis over the one-year vesting period.

Change in Control

Upon a change in control (as defined in the respective award agreements), restricted stock awards to Mr. Miceli, Ms. McCormack, Mr. Perelman, Ms. Porcella (for her February 18, 2024 award), and one Non-Management Grantee will become fully vested if: (1) such Grantee continues to be employed through the closing of the change in control; or (2) after the signing of definitive documentation related to the change in control, but prior to its closing, such Grantee’s employment is terminated without cause or due to death or disability or the Grantee resigns for Good Reason, as defined in each Grantee’s employment agreement. The compensation committee retains the right, in its sole discretion, to provide for the accelerated vesting (in whole or in part) of the restricted stock awards granted.

In the event a Non-Management Grantee (except for the one grantee mentioned above and including Ms. Porcella, in regards to her awards granted prior to February 18, 2024), 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.
Performance Target

On September 18, 2025, the Company changed the Performance Target to 6% for all shares eligible to vest based on the Company’s performance for the years ended December 31, 2025, 2026 and 2027. Because the awards were already expected to vest under the original performance conditions, and the modification did not increase the award’s fair value, no incremental compensation cost was recognized. There are currently 36 Ladder employees who were affected by the modification.
v3.25.4
FAIR VALUE OF FINANCIAL INSTRUMENTS
 12 Months Ended
Dec. 31, 2025
Fair Value Disclosures [Abstract]  
FAIR VALUE OF FINANCIAL INSTRUMENTS 13. 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 or amortized cost/par, at December 31, 2025 and December 31, 2024 are as follows ($ in thousands):
 
December 31, 2025
      Weighted Average
Assets:Principal Amount Amortized Cost Basis/Purchase PriceFair ValueFair Value MethodYield
%		Remaining
Maturity/Duration (years)
CMBS(1)$2,070,492  $2,069,307 $2,064,922 Internal model5.31 %2.97
CMBS interest-only(1)347,200 (2)1,283 1,275 Internal model8.63 %0.52
GNMA interest-only(3)29,203 (2)95 167 Internal model9.24 %3.27
Agency securities(1)2  2 2 Internal model3.04 %0.19
Corporate bonds(1)9,250 9,231 9,240 Internal model8.58 %2.60
Equity securities(3) N/A 12,910 12,699 Observable market pricesN/A N/A
Mortgage loan receivables held for investment, net, at amortized cost(4)2,234,346  2,217,375 2,214,987 Discounted Cash Flow(5)7.76 %1.57
Mortgage loan receivables held for sale31,350  27,986 27,986 Internal model, third-party inputs(6)4.57 %6.92
Nonhedge derivatives(1)(7)113,500  264 264 Counterparty quotationsN/A0.22
Liabilities:       
Repurchase agreements - short-term627,012  627,012 627,012 Cost plus Accrued Interest(8)4.29 %0.04
Unsecured Revolving Credit Facility280,000 280,000 280,000 (9)2.42 %2.97
Mortgage loan financing386,543  388,195 385,460 Discounted Cash Flow5.88 %4.01
Senior unsecured notes2,233,409  2,215,195 2,265,416 Internal model5.29 %3.54
(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 $47.1 million at December 31, 2025.
(5)Fair value for floating rate mortgage loan receivables, held for investment is estimated to approximate the outstanding face amount given the short interest rate reset risk (30 days) and no significant change in credit spreads since origination. 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)The outstanding face amount of the nonhedge derivatives represents the notional amount of the underlying contracts.
(8)For repurchase agreements - short term, the value approximates the cost plus accrued interest.
(9)Fair value for the Unsecured Revolving Credit Facility is estimated to approximate the outstanding face.
December 31, 2024
      Weighted Average
Assets:Principal Amount Amortized Cost Basis/Purchase PriceFair ValueFair Value MethodYield
%		Remaining
Maturity/Duration (years)
CMBS(1)$1,065,985  $1,063,835 $1,058,873 Internal model6.13 %2.41
CMBS interest-only(1)769,724 (2)3,149 3,244 Internal model7.81 %0.87
GNMA interest-only(3)32,710 (2)160 155 Internal model9.38 %3.64
Agency securities(1)11  11 11 Internal model2.60 %0.58
Equity securities(3)N/A19,511 18,575 Observable market pricesN/A N/A
Mortgage loan receivables held for investment, net, at amortized cost(4)1,596,277  1,591,322 1,575,911 Discounted Cash Flow(5)9.36 %0.86
Mortgage loan receivables held for sale31,350  26,898 26,898 Internal model, third-party inputs(6)4.57 %7.18
Nonhedge derivatives(1)(9)90,000  437 437 Counterparty quotationsN/A0.62
Liabilities:       
Repurchase agreements - short-term62,738  62,738 62,738 Cost plus Accrued Interest(7)6.55 %0.74
Mortgage loan financing443,733  446,397 435,048 Discounted Cash Flow6.09 %3.36
CLO debt601,464 601,380 601,430 Discounted Cash Flow(8)2.01 %0.98
Senior unsecured notes2,041,557  2,025,053 2,001,207 Internal model5.22 %3.72
(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 $52.3 million at December 31, 2024.
(5)Fair value for floating rate mortgage loan receivables, held for investment is estimated to approximate the outstanding face amount given the short interest rate reset risk (30 days) and no significant change in credit spreads since origination. Fair value for fixed rate mortgage loan receivables, held for investment is measured using a discounted cash flow model.
(6)Fair value for mortgage loan receivables, held for sale is measured using a hypothetical securitization model utilizing market data from recent securitization spreads and pricing.
(7)For repurchase agreements - short term, the value approximates the cost plus accrued interest.
(8)For CLO debt, the carrying value approximates the fair value discounting the expected cash flows at current market rates. If the collateral is determined to be impaired, the related financing would be revalued accordingly. There are no impairments on any positions.
(9)The outstanding face amount of the nonhedge derivatives represents the notional amount of the underlying contracts.
The following table summarizes the Company’s financial assets and liabilities, which are both reported at fair value on a recurring basis (as indicated) or amortized cost/par, at December 31, 2025 and December 31, 2024 ($ in thousands):
 
December 31, 2025
 
Financial Instruments Reported at Fair Value on Consolidated Statements of Financial ConditionPrincipal
Amount		 Fair Value
 Level 1Level 2Level 3Total
Assets:      
CMBS(1)$2,061,579  $— $2,056,177 $— $2,056,177 
CMBS interest-only(1)339,241 (2)— 1,171 — 1,171 
GNMA interest-only(3)29,203 (2)— 167 — 167 
Agency securities(1)2  — 2 — 2 
Corporate bonds(1)9,250 — 9,240 — 9,240 
Equity securities N/A 12,699 — — 12,699 
Nonhedge derivatives(4)113,500 264 — — 264 
$12,963 $2,066,757 $— $2,079,720 
Financial Instruments Not Reported at Fair Value on Consolidated Statements of Financial ConditionPrincipal
Amount		 Fair Value
 Level 1Level 2Level 3Total
Assets:
Mortgage loan receivables held for investment, net, at amortized cost(5)$2,234,346  $— $— $2,214,987 $2,214,987 
Mortgage loan receivable held for sale(6)31,350  — — 27,986 27,986 
CMBS(7)8,913 — 8,745 — 8,745 
CMBS interest-only(7)7,958 — 104 — 104 
$— $8,849 $2,242,973 $2,251,822 
Liabilities:     
Repurchase agreements - short-term$627,012  $— $627,012 $— $627,012 
Unsecured Revolving Credit Facility280,000 — — 280,000 280,000 
Mortgage loan financing386,543  — — 385,460 385,460 
Senior unsecured notes2,233,409  — 2,265,416 — 2,265,416 
$— $2,892,428 $665,460 $3,557,888 
(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 $47.1 million at December 31, 2025.
(6)A lower of cost or market adjustment was recorded as of December 31, 2025.
(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, 2024
 
Financial Instruments Reported at Fair Value on Consolidated Statements of Financial ConditionPrincipal
Amount		 Fair Value
 Level 1Level 2Level 3Total
Assets:      
CMBS(1)$1,056,844  $— $1,049,986 $— $1,049,986 
CMBS interest-only(1)761,537 (2)— 3,037 — 3,037 
GNMA interest-only(3)32,710 (2)— 155 — 155 
Agency securities(1)11  — 11 — 11 
Equity securities N/A 18,575 — — 18,575 
Nonhedge derivatives(4)90,000 — 437 — 437 
$18,575 $1,053,626 $— $1,072,201 
Financial Instruments Not Reported at Fair Value on Consolidated Statements of Financial ConditionPrincipal
Amount		 Fair Value
 Level 1Level 2Level 3Total
Assets:
Mortgage loan receivables held for investment, net, at amortized cost(5)$1,596,277  $— $— $1,575,911 $1,575,911 
Mortgage loan receivable held for sale(6)31,350  — — 26,898 26,898 
CMBS(7)9,142 — 8,887 — 8,887 
CMBS interest-only(7)8,187 — 207 — 207 
$— $9,094 $1,602,809 $1,611,903 
Liabilities:     
Repurchase agreements - short-term$62,738  $— $62,738 $— $62,738 
Mortgage loan financing443,733  — — 435,048 435,048 
CLO debt601,464 — 601,430 — 601,430 
Senior unsecured notes2,041,557  — 2,001,207 — 2,001,207 
$— $2,665,375 $435,048 $3,100,423 
(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 $52.3 million at December 31, 2024.
(6)A lower of cost or market adjustment was recorded as of December 31, 2024.
(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.
(8)As of December 31, 2024, the Company determined that $2.0 billion of senior unsecured notes were Level 2 based on the Company’s increased observability of the inputs used to internally value the senior unsecured notes.

The Company did not have any Level 3 financial instruments as of December 31, 2025 and December 31, 2024.

Nonrecurring Fair Values

The Company measures fair value of certain assets on a nonrecurring basis when events or changes in circumstances indicate that the carrying value of the assets may be impaired. Adjustments to fair value generally result from the application of lower of amortized cost or fair value accounting for assets held for sale or write-down of assets value due to impairment. Refer to Note 3, Mortgage Loan Receivables and Note 5, Real Estate and Related Lease Intangibles, Net, for disclosure of Level 3 inputs for certain assets measured on a nonrecurring basis.
v3.25.4
INCOME TAXES
 12 Months Ended
Dec. 31, 2025
Income Tax Disclosure [Abstract]  
INCOME TAXES
14. INCOME TAXES

The Company elected to be taxed as a REIT under the Internal Revenue Code (“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, or taxes in foreign jurisdictions other than as described below.
Certain of the Company’s subsidiaries have elected to be treated as TRSs. TRSs permit the Company to participate in certain activities from which REITs are generally precluded, as long as these activities meet specific criteria, are conducted within the parameters of certain limitations established by the Code, and are conducted in entities which elect to be treated as taxable subsidiaries under the Code. To the extent these criteria are met, the Company will continue to maintain its qualification as a REIT. The Company’s TRSs are not consolidated for U.S. federal income tax purposes, but are instead taxed as corporations. For financial reporting purposes, a provision for current and deferred taxes is established for the portion of earnings recognized by the Company with respect to its interest in TRSs.

Components of the provision for income taxes consist of the following ($ in thousands):
 Year Ended December 31,
202520242023
Current expense (benefit) 
U.S. federal$973 $1,321 $2,204 
State and local494 443 858 
Total current expense (benefit)1,467 1,764 3,062 
Deferred expense (benefit)  
U.S. federal1,091 940 964 
State and local935 744 218 
Total deferred expense (benefit)2,026 1,684 1,182 
Provision for income tax expense (benefit)$3,493 $3,448 $4,244 

A reconciliation between the U.S. federal statutory income tax rate and the effective tax rate for the years ended December 31, 2025, 2024 and 2023 is as follows:
Year Ended December 31,
 2025
U.S. statutory tax rate$14,109 21.00 %
State and local income tax, net of Federal income tax effect (1)1,136 1.69 %
Foreign tax effects
Cayman Islands non-taxable income(6,677)(9.94)%
Change in valuation allowance73 0.11 %
Nontaxable or nondeductible items
REIT income not subject to corporate income tax(5,822)(8.67)%
Section 162(m) executive compensation limitation1,807 2.69 %
Other(146)(0.22)%
Other Adjustments
Capital loss utilization(987)(1.46)%
Effective income tax rate$3,493 5.20 %
(1)State and local taxes in Illinois and New York City made up the majority of the tax effect in this category.
Year Ended December 31,
 20242023
U.S. statutory tax rate21.00 %21.00 %
REIT income not subject to corporate income tax(16.50)%(15.22)%
Increase due to state and local taxes0.47 %1.07 %
Change in valuation allowance(0.09)%(1.57)%
Offshore non-taxable income(3.97)%(3.79)%
Uncertain tax position recorded (released)— %0.14 %
Section 163(j) interest expense limitation0.35 %0.17 %
REIT income taxes0.03 %0.14 %
Return to provision0.50 %(0.23)%
Section 162(m) executive compensation limitation1.51 %1.42 %
Other(0.34)%0.92 %
Effective income tax rate2.96 %4.05 %

The differences between the Company’s statutory rate and effective tax rate are largely determined by the amount of income subject to tax by the Company’s TRS subsidiaries. The Company expects that its future effective tax rate will be determined in a similar manner.

As of December 31, 2025 and 2024, the Company’s net deferred tax assets (liabilities) were $(6.7) million and $(4.6) million, respectively, and are included in other assets (liabilities) in the Company’s consolidated balance sheets. 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 (liabilities) is dependent upon the Company’s 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.

The Company has recorded deferred tax assets related to net operating losses in the taxable REIT subsidiaries that are expected to be fully utilized in future periods. The net operating loss subject to unlimited carryforward is $0.9 million as of December 31, 2025.

The components of the Company’s deferred tax assets and liabilities are as follows ($ in thousands):
December 31, 2025December 31, 2024
Deferred Tax Assets 
NOL Carryforward$576 $635 
Net unrealized losses486 486 
Capital losses carryforward— 201 
Valuation allowance— (201)
Interest expense limitation2,111 1,974 
Valuation allowance(2,121)(1,974)
Total Deferred Tax Assets$1,052 $1,121 

December 31, 2025December 31, 2024
Deferred Tax Liability 
Basis difference in operating partnerships$7,721 $5,764 
Total Deferred Tax Liability$7,721 $5,764 
 
As of December 31, 2024, the Company had $0.2 million of deferred tax assets relating to capital losses which it may only use to offset capital gains. A portion of these tax attributes expired unused on December 31, 2025.
The Company’s tax returns are subject to audit by taxing authorities. Generally, as of December 31, 2025, the tax years 2022-2025 remain open to examination by the major taxing jurisdictions in which the Company is subject to taxes. Two of the Company’s subsidiary entities are currently under audit in New York City for tax years 2014-2020 and 2024, respectively. The Company does not expect these audits to result in any material changes to the Company’s financial position or performance. In April 2023, a settlement was reached for $2.6 million with New York City pertaining to an audit of the Company for the years 2012-2013 resulting in an incremental income tax expense of $0.2 million for the twelve months ended December 31, 2023. The Company does not expect tax expense to have an impact on either short or long-term liquidity or capital needs.

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. As of December 31, 2025 and 2024 the Company did not have any unrecognized tax benefits. As of December 31, 2025, the Company has not recognized interest or penalties related to uncertain tax positions. In addition, the Company does not believe that it has any tax positions for which it is reasonably possible that it will be required to record a significant liability for unrecognized tax benefits within the next twelve months.

On July 4, 2025, H.R.1, referred to as the One Big Beautiful Bill Act (“OBBBA”), was signed into law. OBBBA permanently extends and modifies certain provisions of the Tax Cuts and Jobs Act of 2017, including the Internal Revenue Code Section 199A qualified business income deduction that allows certain investors to continue deducting 20% of their qualified REIT dividends. Additionally, OBBBA modifies the REIT asset test requirement with respect to TRSs, providing that not more than 25% (previously 20%) of the gross value of a REIT’s assets may be represented by securities of TRS subsidiaries (effective in 2026). The OBBBA legislation is not expected to have a material impact on our effective tax rate, deferred tax position, or results of operations in 2025.
v3.25.4
RELATED PARTY TRANSACTIONS
 12 Months Ended
Dec. 31, 2025
Related Party Transactions [Abstract]  
RELATED PARTY TRANSACTIONS
15. RELATED PARTY TRANSACTIONS

The Company has no material related party relationships to disclose.
v3.25.4
COMMITMENTS AND CONTINGENCIES
 12 Months Ended
Dec. 31, 2025
Commitments and Contingencies Disclosure [Abstract]  
COMMITMENTS AND CONTINGENCIES
16. COMMITMENTS AND CONTINGENCIES
Leases

As of December 31, 2025, the Company had a $(14.3) million lease liability and a $13.3 million right-of-use asset on its consolidated balance sheets recorded within other liabilities and other assets, respectively. The right-of-use lease asset relates to the Company's operating leases of office space. Right-of use lease assets initially equal the lease liability. During the years ended December 31, 2025 and 2024, the Company recognized $3.7 million and $2.2 million, respectively in operating expenses in its consolidated statements of income relating to operating leases.
Future minimum lease payments under non-cancelable operating leases as of December 31, 2025 are as follows ($ in thousands):

Period ending December 31,Minimum Lease Payments
2026$2,597 
20272,232 
20282,306 
20292,409 
20302,409 
Thereafter6,220 
Total undiscounted cash flows18,173 
Present value discount (1)(3,909)
Lease liabilities (2)$14,264 
(1)Lease liabilities were discounted at the Company's weighted average incremental borrowing rate, estimated at the time of lease commencement, for similar collateral, which was 6.59%. The average remaining lease term is 7.4 years.
(2)The Company has a five-year extension option on its corporate headquarters office at 320 Park Avenue, New York, New York, which is not reflected in the total lease liability.
Unfunded Loan Commitments

As of December 31, 2025, the Company’s off-balance sheet arrangements consisted of $93.4 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 these unfunded commitments require 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, 2024, the Company’s off-balance sheet arrangements consisted of $34.6 million of unfunded commitments on mortgage loan receivables held for investment to provide additional first mortgage loan financing.

Commitments are subject to the Company’s loan borrowers’ satisfaction of certain financial and nonfinancial covenants and may or may not be funded depending on a variety of circumstances including timing, credit metric hurdles, and other nonfinancial events occurring. The Company carefully monitors the progress of work at properties that serve as collateral underlying its commercial mortgage loans, including the progress of capital expenditures, construction, leasing and business plans in light of current market conditions. These commitments are not reflected on the consolidated balance sheets. 

Unsettled Trades

As of December 31, 2025, there were no material unsettled trades. As of December 31, 2024, the Company had $10.0 million of U.S. Treasury securities traded and not yet settled on its consolidated balance sheet. The U.S. Treasury securities are recorded within other assets, and the related payable is recorded within other liabilities. These balances relate to the Company’s purchase of U.S. Treasury securities with maturities of less than three months, which will be recorded within cash and cash equivalents upon settlement. The payable within other liabilities at December 31, 2024 was paid during the year ended December 31, 2025.
v3.25.4
SEGMENT REPORTING
 12 Months Ended
Dec. 31, 2025
Segment Reporting [Abstract]  
SEGMENT REPORTING
17. SEGMENT REPORTING

The Company has determined that it has three reportable segments based on how the chief operating decision maker (“CODM”), the Chief Executive Officer, reviews and manages the business. The CODM uses net income (loss) to measure segment operating performance. All of the Company’s expenses are reviewed regularly and are included in segment operating performance. These reportable segments include loans, securities, and real estate. The loans segment includes all of the Company’s activities related to mortgage loan receivables held for investment (balance sheet loans) and mortgage loan receivables held for sale (conduit loans). The securities segment includes 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 not classified as cash and cash equivalents. The real estate segment includes all of the Company’s activities related to net leased properties, other diversified real estate and investments in unconsolidated ventures. Corporate/other includes cash and cash equivalents, senior unsecured notes, compensation and employee benefits, operating expenses, and unallocated items including any inter-segment eliminations necessary to reconcile to consolidated Company totals.
The Company evaluates performance based on the following financial measures for each segment ($ in thousands):
Year ended December 31, 2025LoansSecuritiesReal Estate (1)Corporate/Other(2)Company 
Total
Net interest income
Interest income$152,303 $99,689 $264 $14,638 $266,894 
Interest expense(14,653)(11,621)(25,490)(123,153)(174,917)
Net interest income (expense)137,650 88,068 (25,226)(108,515)91,977 
(Provision for) release of loan loss reserves157 — — — 157 
Net interest income (expense) after provision for (release of) loan reserves137,807 88,068 (25,226)(108,515)92,134 
Other income (loss)
Real estate operating income— — 99,308 — 99,308 
Net result from mortgage loan receivables held for sale4,716 — — — 4,716 
Gain (loss) on real estate, net— — 3,807 — 3,807 
Fee and other income8,860 6,069 66 — 14,995 
Net result from derivative transactions1,301 — 42 492 1,835 
Earnings (loss) from investment in unconsolidated ventures— — (1,415)— (1,415)
Gain (loss) on extinguishment of debt— — — 151 151 
Total other income (loss)14,877 6,069 101,808 643 123,397 
Costs and expenses
Compensation and employee benefits— — — (52,735)(52,735)
Operating expenses— — — (19,426)(19,426)
Real estate operating expenses— — (40,475)— (40,475)
Investment related expenses(1,478)(178)(493)(1,563)(3,712)
Depreciation and amortization— — (31,550)(445)(31,995)
Total costs and expenses(1,478)(178)(72,518)(74,169)(148,343)
Income (loss) before taxes151,206 93,959 4,064 (182,041)67,188 
Income tax (expense) benefit— — — (3,493)(3,493)
Segment net income (loss)$151,206 $93,959 $4,064 $(185,534)$63,695 
Total assets as of December 31, 2025$2,198,224 $2,088,285 $748,006 $118,035 $5,152,550 
Year ended December 31, 2024LoansSecuritiesReal Estate (1)Corporate/Other(2)Company 
Total
Net interest income
Interest income$247,432 $43,069 $352 $67,772 $358,625 
Interest expense(92,187)(61)(32,097)(97,192)(221,537)
Net interest income (expense)155,245 43,008 (31,745)(29,420)137,088 
(Provision for) release of loan loss reserves(13,933)— — — (13,933)
Net interest income (expense) after provision for (release of) loan reserves141,312 43,008 (31,745)(29,420)123,155 
Other income (loss)
Real estate operating income— — 98,681 — 98,681 
Net result from mortgage loan receivables held for sale(3)2,700 — — (2,670)30 
Gain (loss) on real estate, net— — 25,277 — 25,277 
Fee and other income19,003 (655)52 300 18,700 
Net result from derivative transactions185 80 248 4,907 5,420 
Earnings (loss) from investment in unconsolidated ventures— — (79)— (79)
Gain (loss) on extinguishment of debt— — — 188 188 
Total other income (loss)21,888 (575)124,179 2,725 148,217 
Costs and expenses
Compensation and employee benefits— — — (60,671)(60,671)
Operating expenses— — — (19,193)(19,193)
Real estate operating expenses— — (40,568)— (40,568)
Investment related expenses(4,946)(183)(573)(2,016)(7,718)
Depreciation and amortization— — (31,888)(439)(32,327)
Total costs and expenses(4,946)(183)(73,029)(82,319)(160,477)
Income (loss) before taxes158,254 42,250 19,405 (109,014)110,895 
Income tax (expense) benefit— — — (3,448)(3,448)
Segment net income (loss)$158,254 $42,250 $19,405 $(112,462)$107,447 
Total assets as of December 31, 2024$1,565,897 $1,080,839 $690,726 $1,507,611 $4,845,073 
Year ended December 31, 2023LoansSecuritiesReal Estate (1)Corporate/Other(2)Company 
Total
Net interest income
Interest income$341,840 $32,479 $12 $32,953 $407,284 
Interest expense(122,420)(3,177)(31,443)(88,057)(245,097)
Net interest income (expense)219,420 29,302 (31,431)(55,104)162,187 
(Provision for) release of loan loss reserves(25,096)— — — (25,096)
Net interest income (expense) after provision for (release of) loan reserves194,324 29,302 (31,431)(55,104)137,091 
Other income (loss)
Real estate operating income— — 96,950 — 96,950 
Net result from mortgage loan receivables held for sale(523)— — — (523)
Gain (loss) on real estate, net— — 8,808 — 8,808 
Fee and other income8,237 (232)300 626 8,931 
Net result from derivative transactions404 595 482 — 1,481 
Earnings (loss) from investment in unconsolidated ventures— — 758 — 758 
Gain (loss) on extinguishment of debt— — — 10,718 10,718 
Total other income (loss)8,118 363 107,298 11,344 127,123 
Costs and expenses
Compensation and employee benefits— — — (63,618)(63,618)
Operating expenses— — — (19,503)(19,503)
Real estate operating expenses— — (37,587)— (37,587)
Investment related expenses(6,310)(191)(903)(1,443)(8,847)
Depreciation and amortization— — (29,482)(432)(29,914)
Total costs and expenses(6,310)(191)(67,972)(84,996)(159,469)
Income (loss) before taxes196,132 29,474 7,895 (128,756)104,745 
Income tax (expense) benefit— — — (4,244)(4,244)
Segment net income (loss)$196,132 $29,474 $7,895 $(133,000)$100,501 
Total assets as of December 31, 2023$3,138,794 $485,533 $733,319 $1,155,031 $5,512,677 
(1)Includes the Company’s investment in unconsolidated ventures that held real estate of $44.5 million, $19.9 million and $6.9 million as of December 31, 2025, 2024 and 2023, respectively. This segment also includes the Company’s capital improvements of real estate of $8.3 million, $6.5 million and $4.4 million as of December 31, 2025, 2024 and 2023, respectively.
(2)Corporate/Other represents all corporate level and unallocated items including any inter-segment eliminations necessary to reconcile to consolidated Company totals. Corporate/Other includes the Company’s investment in FHLB stock of $5.2 million as of December 31, 2023 and the Company’s senior unsecured notes of $2.2 billion, $2.0 billion and $1.6 billion as of December 31, 2025, 2024 and 2023, respectively. Corporate/Other also includes the Company’s stock-based compensation expense of $20.3 million, $18.8 million and $18.6 million, within compensation and employee benefits as of December 31, 2025, 2024 and 2023, respectively.
(3)Includes $3.6 million of realized gains from sales of conduit mortgage loans collateralized by net leased properties in the Company’s real estate segment that eliminate in consolidation for the year ended December 31, 2025.
v3.25.4
SUBSEQUENT EVENTS
 12 Months Ended
Dec. 31, 2025
Subsequent Events [Abstract]  
SUBSEQUENT EVENTS
18. SUBSEQUENT EVENTS

The Company has evaluated subsequent events through the issuance date of the financial statements and determined that no additional disclosure is necessary.
v3.25.4
Schedule III-Real Estate and Accumulated Depreciation
 12 Months Ended
Dec. 31, 2025
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract]  
Schedule III-Real Estate and Accumulated Depreciation
Initial Cost to CompanyCosts Capitalized Subsequent to AcquisitionGross Amount at which Carried at Close of PeriodAccumulated Depreciation and AmortizationDate AcquiredYear BuiltLife on which Depreciation in Latest Statement of Income is Computed
DescriptionEncumbrancesLandBuildingIntangiblesLandBuildingIntangiblesTotal
Real Estate:
Retail Property in Newburgh, IN$856 $126 $954 $178 $— $126 $954 $178 $1,258 $(160)10/13/20202045 years
Retail Property in Newburgh, IN905 213 873 220 — 213 873 220 1,306 (183)03/16/20202045 years
Retail Property in Isanti, MN990 249 894 297 — 249 894 297 1,440 (174)03/16/20202055 years
Retail Property in Little Falls, MN847 199 783 249 — 199 783 249 1,231 (162)03/10/20202055 years
Retail Property in Waterloo, IA853 130 896 214 — 130 896 214 1,240 (184)01/30/20201945 years
Retail Property in Sioux City, IA909 220 876 222 — 220 876 222 1,318 (189)01/30/20201945 years
Retail Property in Wardsville, MO978 257 919 202 — 257 919 202 1,378 (202)11/22/19201940 years
Retail Property in Kincheloe, MI883 58 939 229 — 58 939 229 1,226 (199)11/22/19201945 years
Retail Property in Clinton, IN1,034 269 954 204 — 269 954 204 1,427 (191)11/22/19201944 years
Retail Property in Saginaw, MI950 96 1,014 210 — 96 1,014 210 1,320 (222)10/04/19201945 years
Retail Property in Rolla, MO933 110 1,011 188 — 110 1,011 188 1,309 (224)10/04/19201940 years
Retail Property in Sullivan, IL1,173 340 981 257 — 340 981 257 1,578 (200)09/13/19201950 years
Retail Property in Becker, MN932 136 922 188 — 136 922 188 1,246 (182)09/13/19201955 years
Retail Property in Adrian, MO857 136 884 191 — 136 884 191 1,211 (191)09/13/19201945 years
Retail Property in Chillicothe, IL1,023 227 1,047 245 — 227 1,047 245 1,519 (218)09/05/19201950 years
Retail Property in Poseyville, IN866 160 947 194 — 160 947 194 1,301 (202)08/13/19201944 years
Retail Property in Dexter, MO869 141 890 177 — 141 890 177 1,208 (195)07/09/19201940 years
Retail Property in Hubbard Lake, MI910 40 1,017 203 — 40 1,017 203 1,260 (226)07/09/19201940 years
Retail Property in Fayette, MO1,080 107 1,168 219 — 107 1,168 219 1,494 (259)06/26/19201940 years
Initial Cost to CompanyCosts Capitalized Subsequent to AcquisitionGross Amount at which Carried at Close of PeriodAccumulated Depreciation and AmortizationDate AcquiredYear BuiltLife on which Depreciation in Latest Statement of Income is Computed
DescriptionEncumbrancesLandBuildingIntangiblesLandBuildingIntangiblesTotal
Retail Property in Centralia, IL939 200 913 193 — 200 913 193 1,306 (226)04/25/19201940 years
Retail Property in Trenton, MO882 396 628 202 — 396 628 202 1,226 (226)02/26/19201930 years
Retail Property in Houghton Lake, MI945 124 939 241 — 124 939 241 1,304 (237)02/26/19201840 years
Retail Property in Pelican Rapids, MN903 78 1,016 169 — 78 1,016 169 1,263 (310)12/26/18201830 years
Retail Property in Carthage, MO832 225 766 176 — 225 766 176 1,167 (205)12/26/18201840 years
Retail Property in Bolivar, MO880 186 876 182 — 186 876 182 1,244 (226)12/26/18201840 years
Retail Property in Pinconning, MI937 167 905 221 — 167 905 221 1,293 (211)12/06/18201845 years
Retail Property in New Hampton, IA1,002 177 1,111 187 — 177 1,111 187 1,475 (313)11/30/18201835 years
Retail Property in Ogden, IA855 107 931 153 — 107 931 153 1,191 (272)10/03/18201835 years
Retail Property in Wonder Lake, IL934 221 888 214 — 221 888 214 1,323 (268)04/12/18201739 years
Retail Property in Moscow Mills, MO983 161 945 203 — 161 945 203 1,309 (260)04/12/18201845 years
Retail Property in Foley, MN882 238 823 172 — 238 823 172 1,233 (274)04/12/18201835 years
Retail Property in Kirbyville, MO869 98 965 155 — 98 965 155 1,218 (261)04/02/18201840 years
Retail Property in Gladwin, MI882 88 951 203 — 88 951 203 1,242 (244)04/02/18201745 years
Retail Property in Rockford, MN893 187 850 207 — 187 850 207 1,244 (349)12/08/17201730 years
Retail Property in Winterset, IA942 272 830 200 — 272 830 200 1,302 (276)12/08/17201735 years
Retail Property in Kawkawlin, MI925 242 871 179 — 242 871 179 1,292 (314)10/05/17201730 years
Retail Property in Aroma Park, IL946 223 869 164 — 223 869 164 1,256 (265)10/05/17201735 years
Retail Property in East Peoria, IL1,016 233 998 161 — 233 998 161 1,392 (297)10/05/17201740 years
Retail Property in Milford, IA982 254 883 217 — 254 883 217 1,354 (277)09/08/17201740 years
Retail Property in Jefferson City, MO934 164 966 205 — 164 966 205 1,335 (295)06/02/17201640 years
Retail Property in Denver, IA888 198 840 191 — 198 840 191 1,229 (286)05/31/17201735 years
Initial Cost to CompanyCosts Capitalized Subsequent to AcquisitionGross Amount at which Carried at Close of PeriodAccumulated Depreciation and AmortizationDate AcquiredYear BuiltLife on which Depreciation in Latest Statement of Income is Computed
DescriptionEncumbrancesLandBuildingIntangiblesLandBuildingIntangiblesTotal
Retail Property in Port O'Connor, TX939 167 937 200 — 167 937 200 1,304 (320)05/25/17201735 years
Retail Property in Wabasha, MN954 237 912 214 — 237 912 214 1,363 (341)05/25/17201635 years
Office in Jacksonville, FL82,441 13,290 106,601 21,362 17,000 13,290 123,601 21,362 158,253 (43,327)05/23/17198936 years
Retail Property in Shelbyville, IL853 189 849 199 — 189 849 199 1,237 (276)05/23/17201640 years
Retail Property in Jesup, IA874 119 890 191 — 119 890 191 1,200 (301)05/05/17201735 years
Retail Property in Hanna City, IL855 174 925 132 — 174 925 132 1,231 (297)04/11/17201639 years
Retail Property in Ridgedale, MO981 250 928 187 — 250 928 187 1,365 (299)03/09/17201640 years
Retail Property in Peoria, IL893 209 933 133 — 209 933 133 1,275 (314)02/06/17201635 years
Retail Property in Carmi, IL1,087 286 916 239 — 286 916 239 1,441 (301)02/03/17201640 years
Retail Property in Springfield, IL990 391 784 227 — 393 789 224 1,406 (273)11/16/16201640 years
Retail Property in Fayetteville, NC4,824 1,379 3,121 2,472 — 1,379 3,121 2,471 6,971 (2,173)11/15/16200837 years
Retail Property in Dryden Township, MI900 178 893 201 — 178 899 202 1,279 (293)10/26/16201640 years
Retail Property in Lamar, MO890 164 903 171 — 164 903 171 1,238 (297)07/22/16201640 years
Retail Property in Union, MO934 267 867 207 — 267 867 207 1,341 (316)07/01/16201640 years
Retail Property in Pawnee, IL934 249 775 206 — 249 775 206 1,230 (288)07/01/16201640 years
Retail Property in Linn, MO849 89 920 183 — 89 920 183 1,192 (308)06/30/16201640 years
Retail Property in Cape Girardeau, MO1,040 453 702 217 — 453 702 217 1,372 (270)06/30/16201640 years
Retail Property in Decatur-Pershing, IL1,038 395 924 155 — 395 924 155 1,474 (307)06/30/16201640 years
Retail Property in Rantoul, IL913 100 1,023 178 — 100 1,023 178 1,301 (319)06/21/16201640 years
Retail Property in Flora Vista, NM989 272 864 198 — 272 864 198 1,334 (378)06/06/16201635 years
Retail Property in Mountain Grove, MO969 163 1,026 212 — 163 1,026 212 1,401 (352)06/03/16201640 years
Initial Cost to CompanyCosts Capitalized Subsequent to AcquisitionGross Amount at which Carried at Close of PeriodAccumulated Depreciation and AmortizationDate AcquiredYear BuiltLife on which Depreciation in Latest Statement of Income is Computed
DescriptionEncumbrancesLandBuildingIntangiblesLandBuildingIntangiblesTotal
Retail Property in Decatur-Sunnyside, IL959 182 954 139 — 182 954 139 1,275 (313)06/03/16201640 years
Retail Property in Champaign, IL1,004 365 915 149 — 365 915 149 1,429 (292)06/03/16201640 years
Retail Property in San Antonio, TX899 252 703 196 — 251 702 196 1,149 (298)05/06/16201535 years
Retail Property in Borger, TX795 68 800 181 — 68 800 181 1,049 (296)05/06/16201640 years
Retail Property in Dimmitt, TX1,071 86 1,077 236 — 85 1,074 236 1,395 (383)04/26/16201640 years
Retail Property in St. Charles, MN974 200 843 226 — 200 843 226 1,269 (379)04/26/16201630 years
Retail Property in Philo, IL937 160 889 189 — 160 889 189 1,238 (291)04/26/16201640 years
Retail Property in Radford, VA1,120 411 896 256 — 411 896 256 1,563 (417)12/23/15201540 years
Retail Property in Rural Retreat, VA1,002 328 811 260 — 328 811 260 1,399 (363)12/23/15201540 years
Retail Property in Albion, PA1,086 100 1,033 392 — 100 1,033 392 1,525 (613)12/23/15201550 years
Retail Property in Mount Vernon, AL910 187 876 174 — 187 876 174 1,237 (350)12/23/15201544 years
Retail Property in Malone, NY1,071 183 1,154 — 166 183 1,320 — 1,503 (416)12/16/15201539 years
Retail Property in Mercedes, TX826 257 874 132 — 257 874 132 1,263 (290)12/16/15201545 years
Retail Property in Gordonville, MO— 247 787 173 — 247 787 173 1,207 (292)11/10/15201540 years
Retail Property in Rice, MN— 200 859 184 — 200 859 184 1,243 (423)10/28/15201530 years
Retail Property in Farmington, IL— 96 1,161 150 — 96 1,161 150 1,407 (378)10/23/15201540 years
Retail Property in Grove, OK— 402 4,364 817 — 402 4,364 817 5,583 (1,738)10/20/15201237 years
Retail Property in Bloomington, IL— 173 984 138 — 173 984 138 1,295 (338)10/14/15201540 years
Retail Property in Montrose, MN— 149 876 169 — 149 876 169 1,194 (426)10/14/15201530 years
Retail Property in Lincoln County , MO— 149 800 188 — 149 800 188 1,137 (298)10/14/15201540 years
Retail Property in Wilmington, IL— 161 1,078 160 — 161 1,078 160 1,399 (368)10/07/15201540 years
Initial Cost to CompanyCosts Capitalized Subsequent to AcquisitionGross Amount at which Carried at Close of PeriodAccumulated Depreciation and AmortizationDate AcquiredYear BuiltLife on which Depreciation in Latest Statement of Income is Computed
DescriptionEncumbrancesLandBuildingIntangiblesLandBuildingIntangiblesTotal
Retail Property in Danville, IL— 158 870 132 — 158 870 132 1,160 (281)10/07/15201540 years
Retail Property in Moultrie, GA— 170 962 173 — 170 962 173 1,305 (455)09/22/15201444 years
Retail Property in Rose Hill, NC— 245 972 203 — 245 972 203 1,420 (441)09/22/15201444 years
Retail Property in Rockingham, NC— 73 922 163 — 73 922 163 1,158 (394)09/22/15201444 years
Retail Property in Biscoe, NC846 147 905 164 — 147 905 164 1,216 (401)09/22/15201444 years
Retail Property in De Soto, IA— 139 796 176 — 139 796 176 1,111 (317)09/08/15201535 years
Retail Property in Kerrville, TX— 186 849 200 — 186 849 200 1,235 (396)08/28/15201535 years
Retail Property in Floresville, TX— 268 828 216 — 268 828 216 1,312 (401)08/28/15201535 years
Retail Property in Minot, ND— 1,856 4,472 618 — 1,856 4,472 618 6,946 (1,569)08/19/15201238 years
Retail Property in Lebanon, MI— 359 724 178 — 359 724 178 1,261 (281)08/14/15201540 years
Retail Property in Effingham County, IL— 273 774 205 — 273 774 205 1,252 (324)08/10/15201540 years
Retail Property in Ponce, Puerto Rico— 1,365 6,662 1,318 — 1,365 6,662 1,318 9,345 (2,375)08/03/15201237 years
Retail Property in Tremont, IL— 164 860 168 — 164 860 168 1,192 (344)06/25/15201535 years
Retail Property in Pleasanton, TX— 311 850 216 — 311 850 216 1,377 (399)06/24/15201535 years
Retail Property in Peoria, IL— 180 934 179 — 180 934 179 1,293 (374)06/24/15201535 years
Retail Property in Bridgeport, IL— 192 874 175 — 192 874 175 1,241 (348)06/24/15201535 years
Retail Property in Warren, MN— 108 825 157 — 108 825 157 1,090 (398)06/24/15201530 years
Retail Property in Canyon Lake, TX— 291 932 220 — 291 932 220 1,443 (415)06/18/15201535 years
Retail Property in Wheeler, TX— 53 887 188 — 53 887 188 1,128 (394)06/18/15201535 years
Retail Property in Aurora, MN621 126 709 157 — 126 709 157 992 (283)06/18/15201540 years
Retail Property in Red Oak, IA— 190 839 179 — 190 839 179 1,208 (408)05/07/15201435 years
Initial Cost to CompanyCosts Capitalized Subsequent to AcquisitionGross Amount at which Carried at Close of PeriodAccumulated Depreciation and AmortizationDate AcquiredYear BuiltLife on which Depreciation in Latest Statement of Income is Computed
DescriptionEncumbrancesLandBuildingIntangiblesLandBuildingIntangiblesTotal
Retail Property in Zapata, TX— 62 998 145 — 62 998 145 1,205 (507)05/07/15201535 years
Retail Property in St. Francis, MN— 105 911 163 — 105 911 163 1,179 (491)03/26/15201435 years
Retail Property in Yorktown, TX— 97 1,005 199 — 97 1,005 199 1,301 (531)03/25/15201535 years
Retail Property in Battle Lake, MN— 136 875 157 — 136 875 157 1,168 (512)03/25/15201430 years
Retail Property in Paynesville, MN— 246 816 192 — 246 816 192 1,254 (425)03/05/15201540 years
Retail Property in Wheaton, MO— 73 800 97 — 73 800 97 970 (359)03/05/15201540 years
Retail Property in Rotterdam, NY9,023 2,530 7,924 2,165 — 2,530 7,924 2,165 12,619 (6,811)03/03/15199620 years
Retail Property in Hilliard, OH— 654 4,870 860 — 654 4,870 860 6,384 (1,962)03/02/15200741 years
Retail Property in Niles, OH— 437 4,084 680 — 437 4,084 680 5,201 (1,633)03/02/15200741 years
Retail Property in Youngstown, OH3,784 380 4,363 658 — 380 4,363 658 5,401 (1,780)02/20/15200540 years
Retail Property in Iberia, MO— 130 1,033 165 — 130 1,033 165 1,328 (472)01/23/15201539 years
Retail Property in Pine Island, MN— 112 845 185 — 112 845 185 1,142 (455)01/23/15201440 years
Retail Property in Isle, MN— 120 787 171 — 120 787 171 1,078 (439)01/23/15201440 years
Retail Property in Evansville, IN— 1,788 6,348 864 — 1,788 6,348 864 9,000 (2,893)11/26/14201435 years
Retail Property in Springfield, MO— 3,658 6,296 1,870 — 3,658 6,296 1,870 11,824 (3,455)11/04/14201137 years
Retail Property in Cedar Rapids, IA— 1,569 7,553 1,878 — 1,569 7,553 1,878 11,000 (4,372)11/04/14201230 years
Retail Property in Fairfield, IA— 1,132 7,779 1,800 — 1,132 7,779 1,800 10,711 (3,855)11/04/14201137 years
Retail Property in Owatonna, MN— 1,398 7,125 1,564 — 1,398 7,125 1,564 10,087 (3,681)11/04/14201036 years
Retail Property in Muscatine, IA— 1,060 6,636 1,307 — 1,060 6,636 1,307 9,003 (3,611)11/04/14201329 years
Retail Property in Sheldon, IA— 633 3,053 708 — 633 3,053 708 4,394 (1,577)11/04/14201137 years
Retail Property in Memphis, TN— 1,986 2,800 803 — 1,986 2,800 803 5,589 (2,881)10/24/14196215 years
Retail Property in O'Fallon, IL— 2,488 5,388 1,064 — 2,488 5,388 1,064 8,940 (5,239)08/08/14198415 years
Initial Cost to CompanyCosts Capitalized Subsequent to AcquisitionGross Amount at which Carried at Close of PeriodAccumulated Depreciation and AmortizationDate AcquiredYear BuiltLife on which Depreciation in Latest Statement of Income is Computed
DescriptionEncumbrancesLandBuildingIntangiblesLandBuildingIntangiblesTotal
Retail Property in Durant, OK3,267 594 3,900 498 — 594 3,900 498 4,992 (1,662)01/28/13200740 years
Retail Property in Gallatin, TN3,180 1,725 2,616 721 — 1,725 2,616 721 5,062 (1,474)12/28/12200740 years
Retail Property in Mt. Airy, NC2,927 729 3,353 621 — 729 3,353 621 4,703 (1,653)12/27/12200739 years
Retail Property in Aiken, SC3,923 1,588 3,480 858 — 1,588 3,480 858 5,926 (1,801)12/21/12200841 years
Retail Property in Johnson City, TN3,381 917 3,607 739 — 917 3,607 739 5,263 (1,813)12/21/12200740 years
Retail Property in Palmview, TX4,158 938 4,837 1,044 — 938 4,837 1,044 6,819 (2,093)12/19/12201244 years
Retail Property in Ooltewah, TN3,579 903 3,957 843 — 903 3,957 843 5,703 (1,944)12/18/12200841 years
Retail Property in Abingdon, VA3,008 682 3,733 666 — 682 3,733 666 5,081 (1,840)12/18/12200641 years
Retail Property in Vineland, NJ17,203 1,482 17,742 3,282 — 1,482 17,742 3,282 22,506 (11,142)09/21/12200330 years
Retail Property in Saratoga Springs, NY15,574 748 13,936 5,538 — 748 13,936 5,538 20,222 (10,676)09/21/12199427 years
Retail Property in Mooresville, NC13,690 2,615 12,462 2,566 — 2,615 12,462 2,566 17,643 (9,374)09/21/12200024 years
Retail Property in DeLeon Springs, FL990 239 782 221 — 239 782 221 1,242 (660)08/13/12201135 years
Retail Property in Orange City, FL1,040 229 853 235 — 229 853 235 1,317 (680)05/23/12201135 years
Retail Property in Satsuma, FL840 79 821 192 — 79 821 192 1,092 (653)04/19/12201135 years
Retail Property in Greenwood, AR3,143 1,038 3,415 694 — 1,038 3,415 694 5,147 (1,757)04/12/12200943 years
Retail Property in Millbrook, AL4,265 970 5,972 — — 970 5,972 — 6,942 (2,589)03/28/12200832 years
Retail Property in Spartanburg, SC3,300 828 2,567 772 — 828 2,567 772 4,167 (1,654)01/14/11200742 years
Retail Property in Tupelo, MS4,487 1,120 3,070 939 — 1,120 3,070 939 5,129 (1,898)08/13/10200747 years
Retail Property in Lilburn, GA— 1,090 3,673 1,028 — 1,090 3,673 1,028 5,791 (2,195)08/12/10200747 years
Retail Property in Douglasville, GA4,688 1,717 2,705 987 — 1,717 2,705 987 5,409 (1,741)08/12/10200848 years
Retail Property in Elkton, MD4,315 963 3,049 860 — 963 3,049 860 4,872 (1,845)07/27/10200849 years
Retail Property in Lexington, SC4,083 1,644 2,219 869 — 1,644 2,219 869 4,732 (1,554)06/28/10200948 years
Total Net Lease$275,215 $81,316 $399,644 $87,528 $17,166 $81,316 $416,817 $87,525 $585,658 $(191,604)
Initial Cost to CompanyCosts Capitalized Subsequent to AcquisitionGross Amount at which Carried at Close of PeriodAccumulated Depreciation and AmortizationDate AcquiredYear BuiltLife on which Depreciation in Latest Statement of Income is Computed
DescriptionEncumbrancesLandBuildingIntangiblesLandBuildingIntangiblesTotal
Office in Rockville, MD$— $6,302 $12,937 $3,439 $— $6,301 $12,962 $3,439 $22,702 $(501)09/29/25200735 years
Office in Carmel, IN— 12,794 22,827 7,074 359 12,793 23,257 7,074 43,124 (2,691)04/30/25198314 years
Office in Oakland, CA— 1,500 6,000 — — 2,889 4,611 — 7,500 (139)09/27/24192842 years
Retail in New York, NY— 8,896 13,750 — 1,321 8,896 15,072 — 23,968 (720)12/21/23198540 years
Multifamily in Pittsburgh, PA— 7,141 26,222 1,116 — 7,141 27,018 1,122 35,281 (3,367)11/01/23196637 years
Multifamily in New York, NY— 15,824 13,512 1,135 — 15,824 13,760 1,019 30,603 (2,355)09/19/23192120 years
Office in Houston, TX— 826 6,322 2,380 2,903 826 9,226 2,380 12,432 (4,535)11/01/22198328 years
Retail in New York, NY— 2,434 5,482 — — 2,434 6,178 — 8,612 (852)02/11/22201928 years
Hotel in Schaumburg, IL— 8,029 29,971 — 1,174 8,029 31,145 — 39,174 (11,365)12/17/21198325 years
Hotel in Omaha, NE— 2,963 15,237 — 1,562 2,963 16,799 — 19,762 (5,265)02/27/19196935 years
Apartments in Isla Vista, CA90,158 36,274 47,694 1,118 3,293 36,274 50,987 1,118 88,379 (11,581)05/01/18200942 years
Office in Crum Lynne, PA6,006 1,403 7,518 1,666 — 1,403 7,518 1,666 10,587 (2,512)09/29/17199935 years
Shopping Center in Carmel, NY— 2,041 3,632 1,033 — 2,041 4,391 1,033 7,465 (2,843)10/14/15198520 years
Office in Oakland County, MI16,816 1,147 7,707 9,932 12,176 1,147 19,875 9,927 30,949 (22,329)02/01/13198935 years
$112,980 $107,574 $218,811 $28,893 $22,788 $108,961 $242,799 $28,778 $380,538 $(71,055)
Total Real Estate$388,195 $188,890 $618,455 $116,421 $39,954 $190,277 $659,616 $116,303 $966,196 (1)$(262,659)
(1)      The aggregate cost for U.S. federal income tax purposes is $0.9 billion at December 31, 2025.
Reconciliation of Real Estate:

The following table reconciles real estate from December 31, 2024 to December 31, 2025 ($ in thousands):
Total Real Estate
Balance at December 31, 2024$904,398 
Acquisitions through foreclosures65,372 
Improvements9,844 
Dispositions and write-offs(13,418)
Balance at December 31, 2025$966,196 


The following table reconciles real estate from December 31, 2023 to December 31, 2024 ($ in thousands):
Total Real Estate
Balance at December 31, 2023$947,226 
Acquisitions through foreclosures48,796 
Improvements6,497 
Dispositions and write-offs(98,121)
Balance at December 31, 2024$904,398 


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

The following table reconciles accumulated depreciation and amortization from December 31, 2024 to December 31, 2025 ($ in thousands):
Total Real Estate
Balance at December 31, 2024$233,595 
Depreciation and amortization expense32,262 
Dispositions/write-offs(3,198)
Balance at December 31, 2025$262,659 


The following table reconciles accumulated depreciation and amortization from December 31, 2023 to December 31, 2024 ($ in thousands):
Total Real Estate
Balance at December 31, 2023$220,784 
Depreciation and amortization expense32,266 
Dispositions/write-offs(19,455)
Balance at December 31, 2024$233,595 


The following table reconciles accumulated depreciation and amortization from December 31, 2022 to December 31, 2023 ($ in thousands):
Total Real Estate
Balance at December 31, 2022$199,008 
Depreciation and amortization expense29,791 
Dispositions/write-offs(8,015)
Balance at December 31, 2023$220,784 
v3.25.4
Schedule IV - Mortgage Loans on Real Estate
 12 Months Ended
Dec. 31, 2025
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Abstract]  
Schedule IV - Mortgage Loans on Real Estate
Type of LoanUnderlying Property TypeInterest Rates (1)Effective Maturity DatesPeriodic Payment Terms (2)Prior LiensFace amount of MortgagesCarrying Amount of MortgagesPrincipal Amount of Mortgages Subject to Delinquent Principal or Interest (3)
First Mortgages individually >3%
First Mortgage Office 7.97%3/6/2026 IO $— $228,425 $228,228 $— 
First Mortgage Multi-Family 7.28%12/6/2027IO— 99,050 98,098 — 
First Mortgage Multi-Family 7.00%8/6/2028IO— 98,738 97,791 — 
First Mortgage Office 8.55%11/6/2026IO— 80,000 79,629 — 
First Mortgage Multi-Family 7.01%8/6/2028IO— 74,000 73,354 — 
First Mortgages individually <3%
First MortgageMulti-Family, Office, Industrial, Mixed, Land, Retail, Hotel4.25%—13.81%2024—2032IO, P&I— 1,678,161 1,660,948 129,679 
   Total First Mortgages— 2,258,374 2,238,048 129,679 
Subordinated Mortgages individually <3%
Subordinate MortgageHotel11.00%—11.66%2025—2027IO31,207 7,322 7,313 — 
   Total Subordinated Mortgages31,207 7,322 7,313 — 
Total Mortgages31,207 2,265,696 2,245,361 129,679 
Allowance for credit lossesN/AN/A(47,137)(4)N/A
Total Mortgages after Allowance for Credit Losses$31,207 $2,265,696 $2,198,224 (5)(6)$129,679 
(1)    Interest rates as of December 31, 2025.
(2)    IO = Interest only. P&I = Principal and Interest.
(3)    Represents principal amount of loans on non-accrual status. The carrying value of loans on non-accrual status was $129.7 million as of December 31, 2025. Refer to the Allowance for Credit Losses and Non-Accrual Status section of Note 3, Mortgage Loan Receivables, for further detail.
(4)    Refer to Note 3, Mortgage Loan Receivables, for further detail.
(5)    The aggregate cost for U.S. federal income tax purposes is $2.2 billion.
(6)     Includes $28.0 million of mortgage loans held for sale as of December 31, 2025.
Reconciliation of mortgage loans on real estate:

The following tables reconcile mortgage loans on real estate from December 31, 2022 to December 31, 2025 ($ in thousands):
Mortgage loan receivables held for investment, net, at amortized cost:
 Mortgage loans receivableAllowance for credit lossesMortgage loan 
receivables held
for sale		Total Mortgage loan
receivables
Balance December 31, 2024$1,591,322 $(52,323)$26,898 $1,565,897 
Origination of mortgage loan receivables1,294,976 — 63,360 1,358,336 
Repayment of mortgage loan receivables(609,028)— (141)(609,169)
Proceeds from sales of mortgage loan receivables— — (66,847)(66,847)
Non-cash disposition of loan via foreclosure(65,078)— — (65,078)
Realized gain on sale of mortgage loan receivables— — 4,716 4,716 
Accretion/amortization of discount, premium and other fees10,183 — — 10,183 
Charge-offs(5,000)5,000 — — 
Release of provision for current expected credit loss, net— 186 — 186 
Balance December 31, 2025$2,217,375 $(47,137)$27,986 $2,198,224 


Mortgage loan receivables held for investment, net, at amortized cost:
 Mortgage loans receivableAllowance for credit lossesMortgage loan receivables heldTotal Mortgage loan
receivables
Balance December 31, 2023$3,155,089 $(43,165)$26,868 $3,138,792 
Origination of mortgage loan receivables195,232 — — 195,232 
Repayment of mortgage loan receivables(1,720,643)— — (1,720,643)
Non-cash disposition of loan via foreclosure(52,975)5,023 — (47,952)
Realized gain on sale of mortgage loan receivables— — 30 30 
Accretion/amortization of discount, premium and other fees14,619 — — 14,619 
Release of provision for current expected credit loss, net— (14,181)— (14,181)
Balance December 31, 2024$1,591,322 $(52,323)$26,898 $1,565,897 
Mortgage loan receivables held for investment, net, at amortized cost:
 Mortgage loans receivableAllowance for credit lossesMortgage loan receivables heldTotal Mortgage loan
receivables
Balance December 31, 2022$3,885,746 $(20,755)$27,391 $3,892,382 
Origination of mortgage loan receivables68,415 1— — 68,415 
Repayment of mortgage loan receivables(726,710)— — (726,710)
Non-cash disposition of loan via foreclosure(91,408)2,700 — (88,708)
Realized gain on sale of mortgage loan receivables— — (523)(523)
Accretion/amortization of discount, premium and other fees19,046 — — 19,046 
Release of provision for current expected credit loss, net— (25,110)— (25,110)
Balance December 31, 2023$3,155,089 $(43,165)$26,868 $3,138,792 
v3.25.4
Insider Trading Arrangements
 3 Months Ended
Dec. 31, 2025
Trading Arrangements, by Individual  
Rule 10b5-1 Arrangement Adopted false
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
v3.25.4
Insider Trading Policies and Procedures
 12 Months Ended
Dec. 31, 2025
Insider Trading Policies and Procedures [Line Items]  
Insider Trading Policies and Procedures Adopted true
v3.25.4
Cybersecurity Risk Management and Strategy Disclosure
 12 Months Ended
Dec. 31, 2025
Cybersecurity Risk Management, Strategy, and Governance [Line Items]  
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]
To date, cybersecurity threats, including as a result of any previous cybersecurity incidents, have not materially affected and are not reasonably likely to materially affect the Company, including its business strategy, results of operations or financial condition.

Ladder has a cybersecurity risk management program that is designed to assess, identify, manage, and govern material risks from cybersecurity threats. Our cybersecurity risk management program is also a key component of our overall risk management program.

Ladder leverages a senior cybersecurity team (the “Cybersecurity Team”) comprised of the Chief Technology Officer (“CTO”), Chief Administrative Officer and General Counsel (the “GC”), Chief Compliance Officer and Senior Regulatory Counsel (the “CCO”), as well as senior representatives from Ladder’s outsourced technology firm. The Cybersecurity Team maintains Ladder’s cybersecurity risk management program, which is designed to identify, detect, assess, and manage cybersecurity risks. The Cybersecurity Team monitors technology trends and developments to inform improvements and modifications to Ladder’s information technology (“IT”) infrastructure and oversees the Company’s various cybersecurity training initiatives. The Cybersecurity Team also oversees the Company’s testing and deployment of AI technologies and monitors AI-enabled cybersecurity threats.

The members of the Cybersecurity Team have extensive on-the-job experience in cybersecurity matters, sharing responsibility for cybersecurity, as well as for regulatory, compliance and/or IT. Ladder’s CTO has over 20 years of experience in the design, engineering, implementation, and management of information technology, including as the founder of an IT managed service provider for professional and financial services companies. The GC helped establish the Company’s cybersecurity risk
management framework and has overseen the Company’s best practice approach to cybersecurity governance, testing and diligence for over a decade. The CCO helps ensure adherence to regulatory standards and helps refine our cybersecurity policies and training initiatives.

Ladder conducts routine risk assessments to identify cyber threats and vulnerabilities and assess the likelihood of occurrence and severity of the impact of such threats and vulnerabilities on the Company. Ladder regularly updates its risk assessment to guide Ladder’s cybersecurity risk management program and controls and to prioritize risk mitigation and remediation in an evolving threat landscape. Ladder maintains cybersecurity policies and procedures informed by National Institute of Standards and Technology (“NIST”) or International Organization for Standardization (“ISO”) and designed to manage these risks and ensure that the Cybersecurity Team and other relevant employees are made aware of cybersecurity incidents in a timely manner. These policies include incident response, data classification, physical and network security polices, remote access, record retention and secure destruction policies. The Cybersecurity Team conducts a formal evaluation of Ladder’s applicable policies and cyber risks and mitigants on at least an annual basis. Ladder’s outsourced technology firm, as well as internal auditors, participate in this evaluation.

Ladder also maintains processes designed to oversee and identify material risks from cybersecurity threats associated with our use of third-party service providers based on the service provider’s risk profile. Ladder does not generally maintain consumer data and does not extensively leverage third parties to manage or process sensitive data. Most of the third parties that have access to sensitive information belonging to either us or our borrowers, clients or other counterparties are lenders, law firms and other third parties that require such access in connection with Ladder’s commercial lending activities. When Ladder leverages third-party service providers that collect or maintain sensitive information, Ladder conducts initial diligence on such third parties and conducts ongoing monitoring that includes annual due diligence questionnaires and contractual data security protections.

In addition to the policies and procedures discussed above, Ladder leverages industry standard third-party technology, tools and services to assist in monitoring, detecting and managing cyber threats, including managed security service monitoring, endpoint detection and response tools. Ladder also maintains other appropriate cybersecurity controls, including:

•Annual penetration testing by rotating third-party service providers;
•Weekly vulnerability scans;
•Annual company-wide cybersecurity and AI training, including monthly phishing exercises;
•Annual tabletop exercises;
•Vendor cybersecurity diligence; and
•Cyber insurance.
Cybersecurity Risk Management Processes Integrated [Flag] true
Cybersecurity Risk Management Processes Integrated [Text Block]
Ladder has a cybersecurity risk management program that is designed to assess, identify, manage, and govern material risks from cybersecurity threats. Our cybersecurity risk management program is also a key component of our overall risk management program.
Cybersecurity Risk Management Third Party Engaged [Flag] true
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag] true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag] false
Cybersecurity Risk Board of Directors Oversight [Text Block]
Our board of directors is responsible for the overall governance of our cybersecurity risk management program and is aware of the critical nature of managing risks associated with its cybersecurity threats. The Audit Committee assists the board in its oversight of the Company’s strategies to assess and mitigate cybersecurity risks, as set forth in the Audit Committee’s charter. The Audit Committee receives quarterly or as needed updates from the CTO and GC regarding the cybersecurity risks the Company faces based on the current cybersecurity threat landscape, as well as the status of the measures undertaken by the Company to manage those risks. The Audit Committee reports to the board as needed.
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block] Our board of directors is responsible for the overall governance of our cybersecurity risk management program and is aware of the critical nature of managing risks associated with its cybersecurity threats. The Audit Committee assists the board in its oversight of the Company’s strategies to assess and mitigate cybersecurity risks, as set forth in the Audit Committee’s charter.
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block] The Audit Committee receives quarterly or as needed updates from the CTO and GC regarding the cybersecurity risks the Company faces based on the current cybersecurity threat landscape, as well as the status of the measures undertaken by the Company to manage those risks. The Audit Committee reports to the board as needed.
Cybersecurity Risk Role of Management [Text Block]
Ladder conducts routine risk assessments to identify cyber threats and vulnerabilities and assess the likelihood of occurrence and severity of the impact of such threats and vulnerabilities on the Company. Ladder regularly updates its risk assessment to guide Ladder’s cybersecurity risk management program and controls and to prioritize risk mitigation and remediation in an evolving threat landscape. Ladder maintains cybersecurity policies and procedures informed by National Institute of Standards and Technology (“NIST”) or International Organization for Standardization (“ISO”) and designed to manage these risks and ensure that the Cybersecurity Team and other relevant employees are made aware of cybersecurity incidents in a timely manner. These policies include incident response, data classification, physical and network security polices, remote access, record retention and secure destruction policies. The Cybersecurity Team conducts a formal evaluation of Ladder’s applicable policies and cyber risks and mitigants on at least an annual basis. Ladder’s outsourced technology firm, as well as internal auditors, participate in this evaluation.

Ladder also maintains processes designed to oversee and identify material risks from cybersecurity threats associated with our use of third-party service providers based on the service provider’s risk profile. Ladder does not generally maintain consumer data and does not extensively leverage third parties to manage or process sensitive data. Most of the third parties that have access to sensitive information belonging to either us or our borrowers, clients or other counterparties are lenders, law firms and other third parties that require such access in connection with Ladder’s commercial lending activities. When Ladder leverages third-party service providers that collect or maintain sensitive information, Ladder conducts initial diligence on such third parties and conducts ongoing monitoring that includes annual due diligence questionnaires and contractual data security protections.

In addition to the policies and procedures discussed above, Ladder leverages industry standard third-party technology, tools and services to assist in monitoring, detecting and managing cyber threats, including managed security service monitoring, endpoint detection and response tools. Ladder also maintains other appropriate cybersecurity controls, including:

•Annual penetration testing by rotating third-party service providers;
•Weekly vulnerability scans;
•Annual company-wide cybersecurity and AI training, including monthly phishing exercises;
•Annual tabletop exercises;
•Vendor cybersecurity diligence; and
•Cyber insurance.
Cybersecurity Risk Management Positions or Committees Responsible [Flag] true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block]
Ladder leverages a senior cybersecurity team (the “Cybersecurity Team”) comprised of the Chief Technology Officer (“CTO”), Chief Administrative Officer and General Counsel (the “GC”), Chief Compliance Officer and Senior Regulatory Counsel (the “CCO”), as well as senior representatives from Ladder’s outsourced technology firm. The Cybersecurity Team maintains Ladder’s cybersecurity risk management program, which is designed to identify, detect, assess, and manage cybersecurity risks. The Cybersecurity Team monitors technology trends and developments to inform improvements and modifications to Ladder’s information technology (“IT”) infrastructure and oversees the Company’s various cybersecurity training initiatives. The Cybersecurity Team also oversees the Company’s testing and deployment of AI technologies and monitors AI-enabled cybersecurity threats.

The members of the Cybersecurity Team have extensive on-the-job experience in cybersecurity matters, sharing responsibility for cybersecurity, as well as for regulatory, compliance and/or IT. Ladder’s CTO has over 20 years of experience in the design, engineering, implementation, and management of information technology, including as the founder of an IT managed service provider for professional and financial services companies. The GC helped establish the Company’s cybersecurity risk
management framework and has overseen the Company’s best practice approach to cybersecurity governance, testing and diligence for over a decade. The CCO helps ensure adherence to regulatory standards and helps refine our cybersecurity policies and training initiatives.
Cybersecurity Risk Management Expertise of Management Responsible [Text Block]
The members of the Cybersecurity Team have extensive on-the-job experience in cybersecurity matters, sharing responsibility for cybersecurity, as well as for regulatory, compliance and/or IT. Ladder’s CTO has over 20 years of experience in the design, engineering, implementation, and management of information technology, including as the founder of an IT managed service provider for professional and financial services companies. The GC helped establish the Company’s cybersecurity risk
management framework and has overseen the Company’s best practice approach to cybersecurity governance, testing and diligence for over a decade. The CCO helps ensure adherence to regulatory standards and helps refine our cybersecurity policies and training initiatives.
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block] The Audit Committee receives quarterly or as needed updates from the CTO and GC regarding the cybersecurity risks the Company faces based on the current cybersecurity threat landscape, as well as the status of the measures undertaken by the Company to manage those risks. The Audit Committee reports to the board as needed.
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag] true
v3.25.4
SIGNIFICANT ACCOUNTING POLICIES (Policies)
 12 Months Ended
Dec. 31, 2025
Accounting Policies [Abstract]  
Basis of Accounting and Principles of Consolidation
Basis of Accounting and Principles of Consolidation
The accompanying consolidated financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”).
The consolidated financial statements include the Company’s accounts and those of its subsidiaries that are majority-owned and/or controlled by the Company and variable interest entities for which the Company has determined itself to be the primary beneficiary, if any. All significant intercompany transactions and balances have been eliminated.
 
Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 810 — Consolidation (“ASC 810”), provides guidance on the identification of entities for which control is achieved through means other than voting rights (“variable interest entities” or “VIEs”) and the determination of which business enterprise, if any, should consolidate the VIEs. Generally, the consideration of whether an entity is a VIE applies when either: (1) the equity investors (if any) lack one or more of the essential characteristics of a controlling financial interest; (2) the equity investment at risk is insufficient to finance that entity’s activities without additional subordinated financial support; or (3) the equity investors have voting rights that are not proportionate to their economic interests and the activities of the entity involve or are conducted on behalf of an investor with a disproportionately small voting interest. The Company consolidates VIEs in which it is considered to be the primary beneficiary. The primary beneficiary is the entity that has both of the following characteristics: (1) the power to direct the activities that, when taken together, most significantly impact the VIE’s performance; and (2) the obligation to absorb losses and right to receive the returns from the VIE that would be significant to the VIE.
The Company has investments in three unconsolidated ventures, which were determined to be VIEs. The Company determined that it was not the primary beneficiary of these VIEs because the Company does not have power over these entities and therefore does not have controlling financial interests in these VIEs. The Company’s ownership percentage ranges from 13% to 25%. These investments are recorded on the consolidated balance sheets within investments in and advances to unconsolidated ventures. The Company’s maximum exposure to loss is limited to its investments in these VIEs. The Company has not provided financial support to these unconsolidated VIEs that it was not previously contractually required to provide.
Use of Estimates
Use of Estimates

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

The Company considers all investments with original maturities of three months or less, at the time of acquisition, to be cash equivalents. The Company maintains cash accounts at several financial institutions, which are insured up to a maximum of $250,000 per account as of December 31, 2025 and December 31, 2024. At December 31, 2025 and December 31, 2024, and at various times during the years, the balances exceeded the insured limits.
Restricted Cash
Restricted Cash
Restricted cash primarily consists of deposits related to real estate, which include tenant security deposits. Restricted cash also includes accounts the Company maintains with brokers to facilitate financial derivative and repurchase agreement transactions in support of its loan and securities investments and risk management activities. Based on the value of the positions in these accounts and the associated margin requirements, the Company may be required to deposit additional cash into these broker accounts. The cash collateral held by broker is considered restricted cash.
Mortgage Loan Receivables Held for Investment
Mortgage Loan Receivables Held for Investment

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

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

Loans for which the borrower or sponsor is experiencing financial difficulty, and where repayment of the loan is expected substantially through the operation or sale of the underlying collateral, are considered collateral dependent loans. For collateral dependent loans, the Company may elect a practical expedient that allows the Company to measure expected losses based on the difference between the collateral’s fair value and the amortized cost basis of the loan. When the repayment or satisfaction of the loan is dependent on a sale, rather than operations of the collateral, the fair value is adjusted for the estimated costs to sell the collateral. If foreclosure is probable, the Company is required to measure for expected losses using this methodology.

The Company generally will use the direct capitalization rate valuation methodology or the sales comparison approach to estimate the fair value of the collateral for loans and in certain cases will obtain external appraisals. Determining fair value of the collateral may take into account a number of assumptions including, but not limited to, cash flow projections, market capitalization rates, discount rates and data regarding recent comparable sales of similar properties. Such assumptions are generally based on current market conditions and are subject to economic and market uncertainties.

The Company’s loans are typically collateralized by real estate directly or indirectly. As a result, the Company regularly evaluates the extent and impact of any credit deterioration associated with the performance and/or value of the underlying collateral property as well as the financial and operating capability of the borrower/sponsor on a loan-by-loan basis. Specifically, a property’s operating results and any cash reserves are analyzed and used to assess: (i) whether cash flow from operations is sufficient to cover the debt service requirements currently and into the future; (ii) the ability of the borrower to refinance the loan at maturity; and/or (iii) the property’s liquidation value. The Company also evaluates the financial wherewithal of any loan guarantors as well as the borrower’s competency in managing and operating the properties. In addition, the Company considers the overall economic environment, real estate sector, and geographic submarket in which the collateral property is located. Such impairment analyses are completed and reviewed by asset management and underwriting personnel, who utilize various data sources, including: (i) periodic financial data such as property occupancy, tenant profile, rental rates, operating expenses, the borrowers’ business plan, and capitalization and discount rates; (ii) site inspections; and (iii) current credit spreads and other market data and ultimately presented to management for approval.

When a debtor is experiencing financial difficulties and a loan is modified, the effect of the modification will be included in the Company’s assessment of the CECL allowance for loan losses. If the Company provides principal forgiveness, the amortized cost basis of the loan is written off against the allowance for loan losses. Generally, when modifying loans, the Company will seek to protect its position by requiring incremental pay downs, additional collateral or guarantees and, in some cases, lookback features or equity interests to offset concessions granted should conditions impacting the loan improve.

The Company designates a loan as a non-accrual loan generally when: (i) the principal or coupon interest components of loan payments become 90-days past due; or (ii) in the opinion of the Company, recovery of principal and coupon interest is doubtful. Interest income on non-accrual loans in which the Company reasonably expects a 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. A loan will be charged-off when management has determined principal and coupon interest is no longer realizable and deemed non-recoverable.
Mortgage Loan Receivables Held for Sale
Mortgage Loan Receivables Held for Sale

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

The Company classifies its securities investments on the date of acquisition of the investment.
Securities that the Company does not hold for the purpose of selling in the near-term, but may dispose of prior to maturity, are designated as available-for-sale and are carried at estimated fair value with the net unrealized gains or losses recorded as a component of other comprehensive income (loss) in shareholders’ equity.

Government National Mortgage Association (“GNMA”) interest-only and Federal Home Loan Mortgage Corp (“FHLMC”) interest-only securities (collectively, “Agency interest-only securities”) and equity securities, are carried at estimated fair value with changes in fair value recognized in earnings in the consolidated statements of income.

As more fully described in Note 4, Securities, certain securities that were purchased from the LCCM LC-26 securitization trust are designated as risk retention securities under the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010, as amended (“Dodd-Frank Act”) which are subject to transfer restrictions over the term of the securitization trust and are classified as held-to-maturity and reported at amortized cost.

The Company’s Agency interest-only securities are considered to be hybrid financial instruments that contain embedded derivatives. As a result, the Company accounts for them as hybrid instruments in their entirety at fair value with changes in fair value recognized in earnings in the consolidated statements of income.

The Company’s recognition of interest income from its Agency interest-only and all other securities, including effective interest from amortization of premiums, follows the Company’s Revenue Recognition policy, as disclosed within this Note for recognizing interest income on its securities. The interest income recognized from the Company’s Agency interest-only securities is recorded in interest income on the consolidated statements of income.

The Company uses the specific identification method when determining the cost of securities sold and the amount of gain (loss) on securities recognized in earnings. Unrealized losses on securities are evaluated by management to determine if the decline in fair value below the amortized cost basis is due to credit-related factors or noncredit-related factors, any impairment that is not credit-related is recognized in other comprehensive income, whereas any credit-related loss is recognized currently in earnings in the consolidated statements of income.

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

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

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

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

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

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

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

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

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

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

The fair value of other investments and debt assumed are valued using techniques consistent with those disclosed in Note 13, Fair Value of Financial Instruments, depending on the nature of the investments or debt. The fair value of other assumed assets and liabilities are based on best information available at the time of the acquisition.
Impairment of Property Held for Use
Impairment of Property Held for Use

On a periodic basis, management assesses whether there are any indicators that the value of the Company’s properties classified as held for use may be impaired. In addition to identifying any specific circumstances which may affect a property or properties, management considers other criteria for determining which properties may require assessment for potential impairment.  The criteria considered by management include reviewing low leased percentages, significant near-term lease expirations, recently acquired properties, historical, current and projected operating and/or cash flow losses, near-term mortgage debt maturities or other factors that might impact the Company’s intent and ability to hold the property. A property’s value is impaired only if management’s estimate of the aggregate future cash flows (undiscounted and without debt service charges) to be generated by the property is less than the carrying value of the property. To the extent impairment has occurred, the loss shall be measured as the excess of the carrying amount of the property over the fair value of the property. The Company’s estimates of aggregate future cash flows expected to be generated by each property are based on a number of assumptions. These assumptions are generally based on management’s experience in its local real estate markets and the effects of current market conditions. The assumptions are subject to economic and market uncertainties including, among others, demand for space, competition for tenants, changes in market rental rates, and costs to operate each property. As these factors are difficult to predict and are subject to future events that may alter management’s assumptions, the future cash flows estimated by management in its impairment analyses may not be achieved, and actual losses or impairments may be realized in the future.
Real Estate Held for Sale
Real Estate Held for Sale

In accordance with accounting guidance found in ASC Topic 360 - Property, Plant, and Equipment (“ASC 360”), when assets meet the criteria for held for sale, the Company discontinues depreciating the assets and estimates the sales price, net of selling costs, of such assets.  If, in management’s opinion, the estimated net sales price of the assets which have been identified as held for sale is less than the net book value of the assets, an impairment charge will be recorded in the consolidated statements of income.
 
If circumstances arise that previously were considered unlikely and, as a result, the Company decides not to sell a property previously classified as held for sale, the property is reclassified as held and used.  A property that is reclassified is measured and recorded individually at the lower of (a) its carrying amount before the property was classified as held for sale, adjusted for any depreciation (amortization) expense that would have been recognized had the property been continuously classified as held and used, or (b) the fair value at the date of the subsequent decision not to sell.
Sales of Real Estate
Sales of Real Estate

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

The Company accounts for its investments in unconsolidated ventures under the equity method of accounting. The Company applies the equity method by initially recording these investments at cost, as investments in unconsolidated ventures, subsequently adjusted for equity in earnings and cash contributions and distributions. In the event there is an outside basis portion of the Company’s ventures, it is amortized over the anticipated useful lives of the underlying ventures’ tangible and intangible assets acquired and liabilities assumed. Generally, the Company would discontinue applying the equity method when the investment (and any advances) is reduced to zero and would not provide for additional losses unless the Company has guaranteed obligations of the venture or is otherwise committed to providing further financial support for the investee. If the venture subsequently generates income, the Company only recognizes its share of such income to the extent it exceeds its share of previously unrecognized losses. The Company classifies distributions received from its investments in unconsolidated ventures using the nature of the distribution approach.

On a periodic basis, management assesses whether there are any indicators that the value of the Company’s investments in unconsolidated ventures may be impaired. An investment is impaired only if management’s estimate of the value of the investment is less than the carrying value of the investment, and such decline in value is deemed to be other than temporary. To the extent impairment has occurred, the loss shall be measured as the excess of the carrying amount of the investment over the value of the investment. The Company’s estimates of value for each investment (particularly in commercial real estate ventures) are based on a number of assumptions that are subject to economic and market uncertainties including, among others, demand for space, competition for tenants, changes in market rental rates, and operating costs. As these factors are difficult to predict and are subject to future events that may alter management’s assumptions, the values estimated by management in its impairment analyses may not be realized, and actual losses or impairment may be realized in the future.
Commitments and Contingencies
Commitments and Contingencies

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

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

The Company recognizes a single lease cost for operating leases in operating expenses in the consolidated statements of income, calculated so that the cost of the lease is allocated generally on a straight-line basis over the term of the lease, and classifies all cash payments within operating activities in the consolidated statements of cash flows.
The Company has elected not to record assets and liabilities on its consolidated balance sheet for lease arrangements with terms of 12 months or less.
Valuation of Financial Instruments
Valuation of Financial Instruments
Considerable judgment is necessary to interpret market data and develop estimated fair values. Accordingly, fair values are not necessarily indicative of the amounts the Company could realize upon disposition of the financial instruments. Financial instruments with readily available active quoted prices, or for which fair value can be measured from actively quoted prices, generally will have a higher degree of pricing observability and will therefore require a lesser degree of judgment to be utilized in measuring fair value. Conversely, financial instruments rarely traded or not quoted will generally have less, or no, pricing observability and will require a higher degree of judgment in measuring fair value. Pricing observability is generally affected by such items as the type of financial instrument, whether the financial instrument is new to the market and not yet established, the characteristics specific to the transaction and overall market conditions. The use of different market assumptions and/or estimation methodologies may have a material effect on estimated fair value amounts.
Valuation Hierarchy
Valuation Hierarchy

In accordance with the authoritative guidance on fair value measurements and disclosures under ASC 820 - Fair Value Measurement, the methodologies used for valuing such instruments have been categorized into three broad levels as follows:

Level 1 - Quoted prices in active markets for identical instruments.
 
Level 2 - Valuations based principally on other observable market parameters, including:
 
•Quoted prices in active markets for similar instruments;
•Quoted prices in less active or inactive markets for identical or similar instruments;
•Other observable inputs (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates); and 
•Market corroborated inputs (derived principally from or corroborated by observable market data).
 
Level 3 - Valuations based significantly on unobservable inputs, including:
 
•Valuations based on third-party indications (broker quotes, counterparty quotes or pricing services), which were in turn, based significantly on unobservable inputs or were otherwise not supportable as Level 2 valuations; and 
•Valuations based on internal models with significant unobservable inputs.
 
Pursuant to the authoritative guidance, these levels form a hierarchy.  The Company follows this hierarchy for its financial instruments measured at fair value on a recurring basis.  The classifications are based on the lowest level of input that is significant to the fair value measurement.
 
It is the Company’s policy to determine when transfers between levels of the fair value hierarchy are deemed to have occurred at the end of the reporting period.
Debt Issuance Cost and Debt Issued
Debt Issuance Costs

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

From time to time, a subsidiary of the Company will originate a loan (each, an “inter-segment loan,” and collectively, “inter-segment loans”) to another subsidiary of the Company to finance the purchase of real estate. The mortgage loan receivable and the related obligation do not appear in the Company’s consolidated balance sheets as they are eliminated upon consolidation. Once the Company issues (sells) an inter-segment loan to a third-party securitization trust (for cash), the related mortgage note is recognized as a financing transaction and accounted for under ASC 470. The accounting for the securitization of an inter-segment loan—a financial instrument that has never been recognized in the consolidated financial statements as an asset—is considered a financing transaction under ASC 470 and ASC 835.
The periodic securitization of the Company’s mortgage loans involves both inter-segment loans and mortgage loans made to third parties with the latter recognized as financial assets in the Company’s consolidated financial statements as part of an integrated transaction. The Company receives aggregate proceeds equal to the transaction’s all-in securitization value and sales price. In accordance with the guidance under ASC 835, when initially measuring the obligation arising from an inter-segment loan’s securitization, the Company allocates the proceeds from each securitization transaction between the third-party loans and each inter-segment loan securitized on a relative fair value basis determined in accordance with the guidance in ASC 820. The difference between the amount allocated to each inter-segment loan and the loan’s face amount is recorded as a premium or discount, and is amortized, using the effective interest method, as a reduction or increase in reported interest expense, respectively.
Derivative Instruments
Derivative Instruments

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

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

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

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

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

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

The Company accounts for income taxes in accordance with ASC Topic 740 - Income Taxes (“ASC 740”), which requires the recognition of tax benefits or expenses on the temporary differences between financial reporting and tax bases of assets and liabilities.  The Company determines whether a tax position of the Company is more likely than not to be sustained upon examination by the applicable taxing authority, including resolution of any related appeals or litigation processes, based on the technical merits of the position. The tax benefit to be recognized is measured as the largest amount of benefit that is greater than 50% likely to be realized upon ultimate settlement which could result in the Company recording a tax liability that would reduce shareholders’ equity.
 
The Company’s policy is to classify interest and penalties associated with underpayment of U.S. federal and state income taxes, if any, as a component of income tax expense (benefit) on its consolidated statements of income. For the years ended December 31, 2025, 2024 and 2023, the Company did not have material interest or penalties associated with the underpayment of any income taxes. The 2022-2025 tax years remain open and subject to examination by tax jurisdictions.
Interest Income
Interest Income

Interest income is accrued based on the outstanding principal amount and contractual terms of the Company’s loans and securities. Discounts or premiums associated with the purchase of loans and investment securities are amortized or accreted into interest income as a yield adjustment on the effective interest method, based on expected cash flows through the expected recovery period of the investment.

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

For loans classified as held for investment and that the Company has not elected to record at fair value under ASC 825, origination fees and direct loan origination costs are recognized in interest income over the loan term as a yield adjustment using the effective interest method. For loans classified as held for sale and that the Company has not elected to record at fair value under ASC 825, origination fees and direct loan origination costs are deferred adjusting the basis of the loan and are realized as a portion of the gain/(loss) on sale of loans when sold. As of December 31, 2025 and 2024, the Company did not hold any loans for which the fair value option was elected.

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

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

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

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

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

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

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

For a transfer of financial assets to be considered a sale, the transfer must meet the sale criteria of ASC 860, which, at the time of the transfer, require that the transferred assets qualify as recognized financial assets and the Company surrender control over the assets. Such surrender requires that the assets be isolated from the Company, even in bankruptcy or other receivership, the purchaser have the right to pledge or sell the assets transferred and the Company not have an option or obligation to reacquire the assets. If the sale criteria are not met, the transfer is considered to be a secured borrowing, the assets remain on the Company’s consolidated balance sheets and the sale proceeds are recognized as a liability. In November 2017, the SEC staff indicated that, despite transfer restrictions placed on qualified Third Party Purchasers by the risk retention rules of the Dodd-Frank Act, they would not take exception to a registrant treating transfers of financial instruments in a securitization as sales if the transfers otherwise met all the criteria for sale accounting. The Company believes treatment of such transfers as sales is consistent with the substance of such transactions and, accordingly, reflects such transfers as sales. The Company recognizes gains on sale of loans net of any costs related to that sale.
Reclassification
Reclassification
The Company recognized unrealized and realized gain (loss) on securities into fee and other income for the year ended December 31, 2024. As such, the unrealized gain (loss) of $29 thousand and realized gain (loss) of $(276) thousand for the year ended December 31, 2023 were reclassified into fee and other income on the consolidated statements of income.
Recently Adopted Accounting Pronouncements and Recent Accounting Pronouncements Pending Adoption
Recently Adopted Accounting Pronouncements

In November 2023, the FASB issued ASU 2023-07—Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures (“ASU 2023-07”). ASU 2023-07 improves reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. The amendments should be applied retrospectively to all prior periods presented in the financial statements. Upon transition, the segment expense categories and amounts disclosed in the prior periods should be based on the significant segment expense categories identified and disclosed in the period of adoption. The Company adopted ASU 2023-07 during the fourth quarter of 2024 and the adoption of ASU 2023-07 did not have a material impact on the Company’s consolidated financial statements.

In December 2023, the FASB issued ASU 2023-09—Income Taxes (Topic 740): Improvements to Income Tax Disclosures (“ASU 2023-09”). ASU 2023-09 improves the transparency of income tax disclosures related to rate reconciliation and income taxes. ASU 2023-07 is effective for annual periods beginning after December 15, 2024. The amendments should be applied prospectively, however retrospective application is permitted. The Company adopted ASU 2023-09 during the fourth quarter of 2025, and the adoption of ASU 2023-09 did not have a material impact on the Company’s consolidated financial statements.
Recent Accounting Pronouncements Pending Adoption

In November 2024, the FASB issued ASU No. 2024-03, Disaggregation of Income Statement Expenses (“DISE”). DISE requires disaggregated disclosure of income statement expenses for public business entities. ASU 2024-03 does not change the expense captions an entity presents on the face of the income statement; rather, it requires disaggregation of certain expense captions into specified categories in disclosures within the footnotes to the financial statements. As revised by ASU No. 2025-01, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures, the provisions of ASU 2024-03 are effective for fiscal years beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027, with early adoption permitted. With the exception of expanding disclosures to include more granular income statement expense categories, we do not expect the adoption of ASU 2024-03 to have a material effect on our consolidated financial statements.

Any new accounting standards not disclosed above that have been issued or proposed by FASB and that do not require adoption until a future date are being evaluated or are not expected to have a material impact on the consolidated financial statements upon adoption.
v3.25.4
MORTGAGE LOAN RECEIVABLES (Tables)
 12 Months Ended
Dec. 31, 2025
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Abstract]  
Schedule of Mortgage Loan Receivables
December 31, 2025 ($ in thousands)
Outstanding
Face Amount		Carrying
Value		Weighted
Average
Yield (1)(2)		Remaining
Maturity
(years)(2)(3)
Mortgage loan receivables held for investment, net, at amortized cost:
First mortgage loans$2,227,024 $2,210,062 7.74 %1.6
Mezzanine loans7,322 7,313 11.24 %0.7
Total mortgage loans receivable2,234,346 2,217,375 7.76 %1.6
Allowance for credit losses N/A (47,137)
Total mortgage loan receivables held for investment, net, at amortized cost2,234,346 2,170,238 
Mortgage loan receivables held for sale:
First mortgage loans31,350 27,986 (4)4.57 %6.9
Total$2,265,696 $2,198,224 (5)7.71 %2.0
(1)Includes the impact of interest rate floors. Term SOFR rates in effect as of December 31, 2025 are used to calculate weighted average yield for floating rate loans.
(2)Excludes four non-accrual loans with an amortized cost basis of $129.7 million. Refer to “Non-Accrual Status” below for further details.
(3)The remaining maturity is calculated based on the initial maturity. The weighted average extended maturity for all loans is 2.9 years.
(4)As a result of changes in prevailing rates, the Company recorded a lower of cost or market adjustment as of December 31, 2025. The adjustment was calculated using a 4.94% discount rate.
(5)Net of $12.0 million of deferred origination fees and other items as of December 31, 2025.
December 31, 2024 ($ in thousands)
Outstanding
Face Amount		Carrying
Value		Weighted
Average
Yield (1)(2)		Remaining
Maturity
(years)(2)(3)
Mortgage loan receivables held for investment, net, at amortized cost:
First mortgage loans$1,584,674 $1,579,740 9.34 %0.9
Mezzanine loans11,603 11,582 11.51 %1.1
Total mortgage loans receivable1,596,277 1,591,322 9.36 %0.9
Allowance for credit losses— (52,323)
Total mortgage loan receivables held for investment, net, at amortized cost1,596,277 1,538,999 
Mortgage loan receivables held for sale:
First mortgage loans31,350 26,898 (4)4.57 %7.2
Total$1,627,627 $1,565,897 (5)9.27 %1.0
(1)Includes the impact of interest rate floors. Term SOFR rates in effect as of December 31, 2024 are used to calculate weighted average yield for floating rate loans.
(2)Excludes two non-accrual loans with an amortized cost basis of $76.9 million. Refer to “Non-Accrual Status” below for further details.
(3)The remaining maturity is calculated based on the initial maturity. The weighted average extended maturity for all loans is 1.6 years.
(4)As a result of rising prevailing rates, the Company recorded a reversal of lower of cost or market adjustment as of December 31, 2024. The adjustment was calculated using a 5.20% discount rate.
(5)Net of $5.0 million of deferred origination fees and other items as of December 31, 2024.
Schedule of Mortgage Loan Receivables by Loan Type
For the years ended December 31, 2025, 2024, and 2023, loan portfolio activity was as follows ($ 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, 2024$1,591,322 $(52,323)$26,898 
Origination of mortgage loan receivables (1)1,294,976 — 63,360 
Repayment of mortgage loan receivables(609,028)— (141)
Proceeds from sales of mortgage loan receivables— — (66,847)
Non-cash disposition of loans via foreclosure(65,078)— — 
Net result from mortgage loan receivables held for sale (2)— — 4,716 
Accretion/amortization of discount, premium and other fees10,183 — — 
Charge-offs (3)(5,000)5,000 — 
Release (addition) of provision for current expected credit loss, net (4)— 186 — 
Balance, December 31, 2025$2,217,375 $(47,137)$27,986 
(1)Includes funding of commitments on existing mortgage loans.
(2)Includes unrealized lower of cost or market adjustment reversal of $1.1 million and realized gain on loans held for sale of $3.6 million.
(3)The charge-off related to a portion of one loan, which was determined to be nonrecoverable during the three months ended December 31, 2025. The loan was collateralized by an office property in Portland, Oregon.
(4)Refer to “Allowance for Credit Losses” table below for further detail.
Mortgage loan receivables held for investment, net, at amortized cost:
 Mortgage loans receivableAllowance for credit lossesMortgage loan 
receivables held
for sale
Balance, December 31, 2023$3,155,089 $(43,165)$26,868 
Origination of mortgage loan receivables (1)195,232 — — 
Repayment of mortgage loan receivables (2)(1,720,643)— — 
Proceeds from sales of mortgage loan receivables (3)— — — 
Non-cash disposition of loans via foreclosure (4)(5)(52,975)5,023 — 
Net result from mortgage loan receivables held for sale (6)— — 30 
Accretion/amortization of discount, premium and other fees14,619 — — 
Release (addition) of provision for current expected credit loss, net (7)— (14,181)— 
Balance, December 31, 2024$1,591,322 $(52,323)$26,898 
(1)Includes funding of commitments on existing mortgage loans.
(2)Includes $102.0 million of repayments in transit.
(3)Excludes $82.5 million of proceeds received from the sale of conduit mortgage loans collateralized by net leased properties in the Company’s real estate segment to a third-party securitization trust. The mortgage loan receivables, which were originated during the current period, and the related obligation do not appear in the Company’s consolidated balance sheets as they are eliminated upon consolidation. Upon the sale of the mortgage loan receivable to a third-party securitization trust (for cash), the related mortgage note is recognized as a financing transaction.
(4)Refer to Note 5, Real Estate and Related Lease Intangibles, Net, for further detail on foreclosures of real estate.
(5)The charge-off related to one loan that was resolved via foreclosure during the three months ended September 30, 2024. The loan was collateralized by an office asset in Oakland, California.
(6)Includes unrealized lower of cost or market adjustment and realized gain/loss on loans held for sale.
(7)Refer to “Allowance for Credit Losses” table below for further detail.
Schedule of Provision for Loan Losses
Allowance for Credit Losses and Non-Accrual Status ($ in thousands)
Year Ended December 31,
Allowance for Credit Losses202520242023
Allowance for credit losses at beginning of period$52,323 $43,165 $20,755 
Provision for (release of) current expected credit loss, net(1)(186)14,181 25,110 
Charge-offs (2)(5,000)(5,023)(2,700)
Allowance for credit losses at end of period$47,137 $52,323 $43,165 
(1)As of December 31, 2025, 2024, and 2023, there were no asset-specific reserves.
(2)The 2025 charge-off related to a portion of one loan, which was determined to be nonrecoverable during the three months ended December 31, 2025. The loan was collateralized by an office property in Portland, Oregon. The 2024 charge-off related to one loan that was resolved via foreclosure during the three months ended September 30, 2024. The loan was collateralized by an office property in Oakland, California.

Non-Accrual Status (1)
December 31,
2025(2)		December 31, 2024(3)
Amortized cost basis of loans on non-accrual status$129,679 $76,875 
(1)As of December 31, 2025, $123.9 million of loans on non-accrual status were greater than 90 days past due. As of December 31, 2024, $76.9 million of loans on non-accrual status were greater than 90 days past due. For the year ended December 31, 2025, the Company recognized $4.8 million of interest income on these loans while on non-accrual status. For the year ended December 31, 2024, the Company recognized $1.5 million of interest income on these loans. As of December 31, 2025, there was one loan accruing income with an amortized cost basis of $4.6 million that was greater than 90 days past due. As of December 31, 2024, there was one loan accruing income with an amortized cost basis of $13.7 million that was greater than 90 days past due.
(2)Comprised of one multi-family loan with an amortized cost basis of $61.3 million, one hotel loan with an amortized cost basis of $11.9 million and one multi-family loan with an amortized cost basis of $50.7 million, and one office loan with an amortized cost basis of $5.8 million for which the Company determined no asset-specific reserves were necessary.
(3)Comprised of one multi-family loan with an amortized cost basis of $60.9 million and one mixed-use loan with an
amortized cost basis of $16.0 million, for which the Company determined no asset-specific reserve was necessary.
Schedule of Individually Impaired Loans The following tables summarize the amortized cost of the mortgage loan portfolio by collateral type as of December 31, 2025 and December 31, 2024, respectively ($ in thousands):
Amortized Cost Basis by Origination Year as of December 31, 2025
Collateral Type20252024202320222021 and EarlierTotal (3)(4)
Multifamily$959,214 $127,254 $14,648 $22,109 $111,575 $1,234,800 
Office 50,895 — — 55,950 484,565 591,410 
Industrial137,915 11,418 — — — 149,333 
Mixed Use79,244 — — — 33,111 112,355 
Other48,850 — — 11,945 — 60,795 
Retail14,848 10,457 — — 24,121 49,426 
Hospitality— — — — 19,256 19,256 
Subtotal mortgage loans receivable1,290,966 149,129 14,648 90,004 672,628 2,217,375 
Individually Impaired loans— — — — — — 
Total mortgage loans receivable (1)(2)$1,290,966 $149,129 $14,648 $90,004 $672,628 $2,217,375 
Amortized Cost Basis by Origination Year as of December 31, 2024
Collateral Type20242023202220212020 and EarlierTotal (5)
Office$— $— $59,944 $518,663 $185,242 $763,849 
Multifamily126,588 14,636 105,324 272,291 — 518,839 
Mixed Use— — — 127,380 — 127,380 
Retail23,833 — — 48,628 — 72,461 
Hospitality— — — 13,064 55,260 68,324 
Industrial26,368 — — — — 26,368 
Other— — 14,101 — — 14,101 
Subtotal mortgage loans receivable176,789 14,636 179,369 980,026 240,502 1,591,322 
Individually Impaired loans— — — — — — 
Total mortgage loans receivable (6)(7)$176,789 $14,636 $179,369 $980,026 $240,502 $1,591,322 
(1)Not included above is $10.6 million of accrued interest receivable on all loans at December 31, 2025.
(2)For the year ended December 31, 2025, there was a $5.0 million charge-off of an allowance in connection with one office property in Portland, Oregon. The fair value was determined by using the sales comparison and direct capitalization approaches. The Company utilized a capitalization rate of 11.0%. The key inputs used to determine fair value were determined to be Level 3 inputs.
(3)For purposes of calculating our CECL allowance, one loan collateralized by an office property, one loan collateralized by a hospitality property and two loans collateralized by multifamily properties utilized valuations of the underlying collateral to calculate the allowance at December 31, 2025.
(4)The Company had one $228.2 million mortgage loan receivable collateralized by an office property in the southeast that represents 10% of the total mortgage loan receivable held for investment at December 31, 2025.
(5)For purposes of calculating our CECL allowance, two loans collateralized by mixed-use, one loan collateralized by office, and one loan collateralized by multifamily utilized valuations of the underlying collateral to calculate the allowance at December 31, 2024.
(6)For the year ended December 31, 2024, there was a $5.0 million charge-off of an allowance in connection with a foreclosure of one office property in Oakland, California.
(7)Not included above is $9.4 million of accrued interest receivable on all loans at December 31, 2024.
v3.25.4
SECURITIES (Tables)
 12 Months Ended
Dec. 31, 2025
Investments, Debt and Equity Securities [Abstract]  
Schedule of Securities Which are Classified as Available-for-sale The following is a summary of the Company’s securities at December 31, 2025 and December 31, 2024 ($ in thousands):
December 31, 2025
    Gross Unrealized  Weighted Average
Asset TypeOutstanding
Face Amount		 Amortized Cost BasisGainsLosses (1)Carrying
Value		# of
Securities		Rating (2)Coupon %Yield %Remaining
Duration
(years)
CMBS$2,070,492  $2,069,307 $2,984 $(7,369)$2,064,922 (3)115 AAA5.25 %5.31 %2.97
CMBS interest-only(4)347,200 (4)1,283 — (8)1,275 (5)5 AAA1.24 %8.63 %0.52
GNMA interest-only(6)29,203 (4)95 103 (31)167 13 AAA0.69 %9.24 %3.27
Agency securities2  2 — — 2 1 AAA4.00 %3.04 %0.19
Corporate bonds9,250 9,231 17 (8)9,240 1 N/A8.50 %8.58 %2.60
Total debt securities$2,456,147 $2,079,918 $3,104 $(7,416)$2,075,606 (7)135 5.27 %5.33 %2.97
Equity securitiesN/A12,910 97 (308)12,699 6 N/AN/AN/AN/A
Allowance for current expected credit lossesN/A— — (20)(20)
Total securities$2,456,147  $2,092,828 $3,201 $(7,744)$2,088,285 141 

December 31, 2024
    Gross Unrealized  Weighted Average
Asset TypeOutstanding
Face Amount		 Amortized
Cost Basis		GainsLosses (1)Carrying
Value		# of
Securities		Rating (2)Coupon %Yield %Remaining
Duration
(years)
CMBS$1,065,985  $1,063,835 $3,335 $(8,296)$1,058,874 (3)92 AAA5.97 %6.13 %2.41
CMBS interest-only(4)769,724 (4)3,149 104 (9)3,244 (5)7 AAA0.38 %7.81 %0.87
GNMA interest-only(6)32,710 (4)160 53 (58)155 13 AAA0.33 %9.38 %3.64
Agency securities11  11 — — 11 1 AAA4.00 %2.60 %0.58
Total debt securities$1,868,430 $1,067,155 $3,492 $(8,363)$1,062,284 (7)113 3.56 %6.03 %2.37
Equity securitiesN/A19,511 3 (939)18,575 8 N/AN/AN/AN/A
Allowance for current expected credit lossesN/A— — (20)(20)
Total securities$1,868,430  $1,086,666  $3,495  $(9,322) $1,080,839 121   
(1)Based on the Company’s analysis, including review of interest rate changes and current levels of subordination, among other factors, the unrealized loss positions are determined to be due to market factors other than credit.
(2)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.
(3)As of December 31, 2025 and December 31, 2024, includes $8.7 million and $8.9 million, respectively, of restricted securities which are designated as risk retention securities under the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010, as amended (“Dodd-Frank Act”) and are therefore subject to transfer restrictions over the term of the securitization trust and are classified as held-to-maturity and reported at amortized cost.
(4)The amounts presented represent the principal amount of the mortgage loans outstanding in the pool in which the interest-only securities participate.
(5)As of December 31, 2025 and December 31, 2024, includes $0.1 million and $0.2 million, respectively, of restricted securities which are designated as risk retention securities under the Dodd-Frank Act and are therefore subject to transfer restrictions over the term of the securitization trust and are classified as held-to-maturity and reported at amortized cost.
(6)GNMA interest-only securities are recorded at fair value with changes in fair value recorded in current period earnings. The Company’s GNMA interest-only securities are considered to be hybrid financial instruments that contain embedded
derivatives. As a result, the Company has elected to account for them as hybrid instruments in their entirety at fair value with changes in fair value recognized in unrealized gain (loss) on securities in the consolidated statements of income.
(7)The Company’s investments in debt securities represent an ownership interest in unconsolidated VIEs. The Company’s maximum exposure to loss from these unconsolidated VIEs is the amortized cost basis of the securities which represents the purchase price of the investment adjusted by any unamortized premiums or discounts as of the reporting date.
The following summarizes the Company’s realized and unrealized gain (loss) on securities, included within “Fee and Other Income” on the Company’s consolidated statements of income for the years ended December 31, 2025, 2024 and 2023 ($ in thousands):
Year Ended December 31,
 202520242023
Realized gain (loss) on securities$3,812 $172 (276)
Unrealized gain (loss) on securities749 (925)$29 
Total realized and unrealized gain (loss) on securities$4,561 $(753)$(247)
Schedule of Fair Value of the Company's Securities by Remaining Maturity Based Upon Expected Cash Flows
The following tables summarize the carrying value of the Company’s debt securities by remaining maturity based upon expected cash flows at December 31, 2025 and December 31, 2024 ($ in thousands):
 
December 31, 2025
Asset TypeWithin 1 year1-5 years5-10 yearsTotal
CMBS$269,437 $1,795,485 $— $2,064,922 
CMBS interest-only1,275 — — 1,275 
GNMA interest-only23 144 — 167 
Agency securities2 — — 2 
Corporate bonds— 9,240 — 9,240 
Total securities (1)$270,737 $1,804,869 $— $2,075,606 
(1)Excluded from the table above are $12.7 million of equity securities and $(20.0) thousand of allowance for current expected credit losses.
 
December 31, 2024
Asset TypeWithin 1 year1-5 years5-10 yearsTotal
CMBS$170,874 $888,000 $— $1,058,874 
CMBS interest-only2,937 307 — 3,244 
GNMA interest-only53 13 89 155 
Agency securities11 — — 11 
Total securities (1)$173,875 $888,320 $89 $1,062,284 
(1)Excluded from the table above are $18.6 million of equity securities and $(20.0) thousand of allowance for current expected credit losses.
v3.25.4
REAL ESTATE AND RELATED LEASE INTANGIBLES, NET (Tables)
 12 Months Ended
Dec. 31, 2025
Real Estate [Abstract]  
Schedule of Real Estate Properties by Category
The Company’s real estate assets were comprised of the following ($ in thousands):
December 31, 2025December 31, 2024
Land$190,277 $173,798 
Building659,616 622,701 
In-place leases and other intangibles116,303 107,899 
Undepreciated real estate and related lease intangibles966,196 904,398 
Less: Accumulated depreciation and amortization(262,659)(233,595)
Real estate and related lease intangibles, net(1)$703,537 $670,803 
Below market lease intangibles, net (other liabilities)(2)$(22,679)$(25,340)
(1)There was unencumbered real estate of $320.4 million and $213.4 million as of December 31, 2025 and December 31, 2024, respectively.
(2)Below market lease intangibles is net of $18.2 million and $16.5 million of accumulated amortization as of December 31, 2025 and December 31, 2024, respectively.
Schedule of Depreciation and Amortization Expense Recorded
The following table presents depreciation and amortization expense on real estate recorded by the Company ($ in thousands):
 Year Ended December 31,
 202520242023
Depreciation expense(1)$25,033 $25,204 $24,166 
Amortization expense6,962 7,123 5,748 
Total real estate depreciation and amortization expense$31,995 $32,327 $29,914 
(1)Depreciation expense on the consolidated statements of income also includes $0.4 million of depreciation on corporate fixed assets for each of the years ended December 31, 2025, 2024, and 2023, respectively.
Schedule of Lease Intangible Assets
The Company’s intangible assets are comprised of in-place leases, above market leases and other intangibles. The following tables present additional detail related to the intangible assets ($ in thousands):
 December 31, 2025December 31, 2024
Gross intangible assets(1)$116,303 $107,899 
Accumulated amortization64,434 57,281 
Net intangible assets$51,869 $50,618 
(1)Includes $4.2 million and $2.3 million of unamortized above market lease intangibles, which are included in real estate and related lease intangibles, net on the consolidated balance sheets as of December 31, 2025 and December 31, 2024, respectively.

The following table presents increases/reductions in operating lease income related to the amortization of above or below market leases recorded by the Company ($ in thousands):
 Year Ended December 31,
 202520242023
Reduction in operating lease income for amortization of above market lease intangibles acquired$(713)$(378)$(309)
Increase in operating lease income for amortization of below market lease intangibles acquired2,007 2,078 2,106 
Total$1,294 $1,700 $1,797 
Schedule of Expected Amortization Expense Related to the Acquired In-place Lease Intangibles, for Property Owned
The following table presents expected adjustment to operating lease income and expected amortization expense during the next five years and thereafter related to the above and below market leases and acquired in-place lease and other intangibles for property owned as of December 31, 2025 ($ in thousands):
Period Ending December 31,Increase/(Decrease) to Operating Lease IncomeAmortization Expense
2026$997 $6,646 
2027961 6,448 
20281,023 5,418 
20291,195 3,589 
20301,493 3,447 
Thereafter12,822 24,135 
Total$18,491 $49,683 
Schedule of Contractual Future Minimum Rent Under Leases
The following is a schedule of non-cancellable, contractual, future minimum rent under leases (excluding property operating expenses paid directly by tenant under net leases) at December 31, 2025 ($ in thousands):
Period Ending December 31,Amount
2026$68,433 
202760,980 
202855,029 
202952,512 
203046,752 
Thereafter111,620 
Total$395,326 
Schedule of Real Estate Properties Acquired
The Company acquired the following properties during the year ended December 31, 2025 ($ in thousands):
Acquisition DateTypePrimary Location(s)Purchase Price/Fair Value on the Date of ForeclosureOwnership Interest (1)
April 2025(2)OfficeCarmel, IN$42,400 100%
September 2025(3)OfficeRockville, MD22,678 100%
Total real estate acquisitions$65,078 
(1)Properties were consolidated as of acquisition date.
(2)In April 2025, the Company acquired an office portfolio consisting of two buildings in Carmel, IN through foreclosure of a mortgage loan receivable held for investment. The fair value of $42.4 million was determined by using the direct capitalization approach with a capitalization rate of 11.6%, a Level 3 input. There was no gain or loss resulting from the foreclosure of the loan.
(3)In September 2025, the Company acquired an office property in Rockville, MD through foreclosure of a mortgage loan receivable held for investment. The fair value of $22.7 million was determined by using the direct capitalization approach with a capitalization rate of 10.8%, a Level 3 input. There was no gain or loss resulting from the foreclosure of the loan.
The Company acquired the following properties during the year ended December 31, 2024 ($ in thousands):
Acquisition DateTypePrimary Location(s)Purchase Price/Fair Value on the Date of ForeclosureOwnership Interest (1)
February 2024(2)MultifamilyLos Angeles, CA$14,110 100%
April 2024(3)MultifamilyLongview, TX6,080 100%
April 2024(4)MultifamilyAmarillo, TX9,651 100%
June 2024(5)MultifamilyLos Angeles, CA11,455 100%
September 2024(6)OfficeOakland, CA7,500 100%
Total real estate acquisitions$48,796 
(1)Properties were consolidated as of acquisition date.
(2)In February 2024, the Company acquired a multifamily portfolio consisting of three properties in Los Angeles, CA via foreclosure. The portfolio served as collateral for a mortgage loan receivable held for investment. The Company obtained a third-party appraisal of the properties. The $14.1 million fair value was determined by using the sales comparison and direct capitalization approaches. The appraiser utilized a capitalization rate of 5.5%. There was no gain or loss resulting from the foreclosure of the loan. The key inputs used to determine fair value were determined to be Level 3 inputs. The portfolio was sold in June 2024.
(3)In April 2024, the Company acquired a multifamily portfolio consisting of two properties in Longview, TX via foreclosure. The portfolio served as collateral for a mortgage loan receivable held for investment. There was a $0.4 million gain recognized in connection with the foreclosure of the loan. During June 2024, the Company sold the portfolio for $6.1 million. The fair value at foreclosure was based on the sales price.
(4)In April 2024, the Company acquired a multifamily property in Amarillo, TX via foreclosure. The property served as collateral for a mortgage loan receivable held for investment. The Company determined the fair value of $9.7 million by using the sales comparison approach utilizing a terminal capitalization rate of 8.3%. There was no gain or loss resulting from the foreclosure of the loan. The key inputs used to determine fair value were determined to be Level 3 inputs.
(5)In June 2024, the Company acquired a multifamily portfolio consisting of three properties in Los Angeles, CA via foreclosure. The portfolio served as collateral for a mortgage loan receivable held for investment. The $11.5 million fair value was determined by using the sales comparison approach. There was no gain or loss resulting from the foreclosure of the loan.
(6)In September 2024, the Company acquired an office property in Oakland, CA via foreclosure. The property served as collateral for a mortgage loan receivable held for investment. The $7.5 million fair value was determined by using the sales comparison approach and direct capitalization approach. There was a $5 million charge-off of allowance for credit loss resulting from the acquisition of the property. The Company used a terminal capitalization rate of 7.5%. The key inputs used to determine fair value were determined to be Level 3 inputs. Refer to Note 3, Mortgage Loan Receivables for further details.
The Company acquired the following properties during the year ended December 31, 2023 ($ in thousands):
Acquisition DateTypePrimary Location(s)Purchase Price/Fair Value on the Date of ForeclosureOwnership Interest (1)
September 2023(2)Mixed UseNew York, NY$30,400 100%
November 2023(3)MultifamilyPittsburgh, PA34,479 100%
December 2023(4)RetailNew York, NY22,647 100%
Total real estate acquisitions$87,526 
(1)Properties were consolidated as of acquisition date.
(2)In September 2023, the Company acquired a multifamily portfolio consisting of four properties in New York, NY via foreclosure. The portfolio served as collateral for a mortgage loan receivable held for investment. The Company obtained a third-party appraisal of the property. The $30.4 million fair value was determined by using the sales comparison and income approaches. The appraiser utilized a terminal capitalization rate of 5.5%. There was no gain or loss resulting from the foreclosure of the loan. The key inputs used to determine fair value were determined to be Level 3 inputs.
(3)In November 2023, the Company acquired a multifamily property in Pittsburgh, PA via foreclosure. The property served as collateral for a mortgage loan receivable held for investment. The Company obtained a third-party appraisal of the property. The $34.5 million fair value was determined by using the sales comparison and income approaches. The appraiser utilized a terminal capitalization rate of 6.00%. There was no gain or loss resulting from the foreclosure of the loan. The key inputs used to determine fair value were determined to be Level 3 inputs.
(4)In December 2023, the Company acquired a retail property in New York, NY via foreclosure. The property served as collateral for two mortgage loan receivables held for investment. The Company obtained a third-party appraisal of the property. The $22.6 million fair value was determined by using the sales comparison and income approaches. The appraiser utilized a terminal capitalization rate of 5.25%. There was no gain or loss resulting from the foreclosure of the loan. The key inputs used to determine fair value were determined to be Level 3 inputs.
Schedule of Properties Sold
The Company sold the following property during the year ended December 31, 2025 ($ in thousands):
Sales DateTypePrimary Location(s)Sales ProceedsNet Book ValueRealized Gain/(Loss)Properties
March 2025RetailJenks, OK$13,079 $9,272 $3,807 1
Totals$13,079 $9,272 $3,807 
The Company sold the following properties during the year ended December 31, 2024 ($ in thousands):
Sales DateTypePrimary Location(s)Sales ProceedsNet Book ValueRealized Gain/(Loss)Properties
May 2024OfficePeoria, IL$1,227 $2,320 $(1,093)1
June 2024MultifamilyLos Angeles, CA14,834 13,911 923 3
June 2024RetailWaldorf, MD23,734 11,424 12,310 1
June 2024MultifamilyLongview, TX(1)6,080 6,080 403 2
July 2024MultifamilyLos Angeles, CA11,770 11,455 315 1
October 2024RetailBixby, OK11,335 8,667 2,668 1
December 2024MultifamilyAmarillo, TX10,925 8,520 2,405 1
December 2024RetailEl Centro, CA5,133 3,374 1,759 1
December 2024RetailWoodland Park, CO4,762 2,911 1,851 1
December 2024RetailBennett, CO4,241 2,520 1,721 1
December 2024RetailJacksonville, NC8,244 6,228 2,015 1
Totals$102,285 $77,410 $25,277 
(1)The Company recognized a $0.4 million gain on foreclosure, which is recognized in gain (loss) on real estate, net on the consolidated statements of income.
The Company sold the following properties during the year ended December 31, 2023 ($ in thousands):
Sales DateTypePrimary Location(s)Sales ProceedsNet Book ValueRealized Gain/(Loss)Properties
August 2023HotelSan Diego, CA$43,335 $34,526 $8,808 1 
Totals(1)$43,335 $34,526 $8,808 
(1)Included within sales proceeds is $31.3 million of mortgage financing that was assumed by the buyer.
v3.25.4
DEBT OBLIGATIONS, NET (Tables)
 12 Months Ended
Dec. 31, 2025
Debt Disclosure [Abstract]  
Schedule of Debt Obligations
The details of the Company’s debt obligations at December 31, 2025 and December 31, 2024 are as follows ($ in thousands):
 
December 31, 2025

Debt ObligationsCommitted AmountOutstanding Principal AmountCarrying Value(1)Average Cost of Funds(2)Current MaturityFinal Stated Maturity(3)Carrying Value of Collateral
Senior Unsecured Notes N/A 2,233,409 2,215,195 5.29%2027-20312027-2031 N/A
Unsecured Revolving Credit Facility850,000 280,000 280,000 4.91%12/20/202812/20/2029 N/A
Total Unsecured Debt$850,000 $2,513,409 $2,495,195 N/A
Loan Repurchase Facility$300,000 $— $— —%9/27/20289/27/2030$— 
Loan Repurchase Facility300,000 — — —%10/21/202610/21/2026— 
Loan Repurchase Facility56,000 — — —%4/30/20264/30/2029— 
Securities Repurchases— 627,012 627,012 4.29%Jan. 2026Jan. 2026707,218 
Mortgage Debt N/A 386,543 388,195 5.88%2026-2034(4)2027-2048383,173 
Total Debt Obligations, net$1,506,000 $3,526,964 $3,510,402 $1,090,391 
(1)Carrying Value excludes $7.1 million and $3.1 million of unamortized deferred financing costs included in Other Assets related to the Revolving Credit Facilities and Loan Repurchase facilities, respectively.
(2)Interest rates on floating rate debt reflect the applicable index in effect as of December 31, 2025. Excludes deferred financing costs.
(3)Final Stated Maturity assumes extensions at our option are exercised with consent of financing providers, where applicable.
(4)Current maturity of Mortgage Debt based on Anticipated Repayment Dates, if applicable.
December 31, 2024

Debt ObligationsCommitted AmountOutstanding Principal AmountCarrying Value(1)Average Cost of Funds(2)Current MaturityFinal Stated Maturity(3)Carrying Value of Collateral
Senior Unsecured NotesN/A2,041,557 2,025,053 5.22%2025-20312025-2031  N/A
Unsecured Revolving Credit Facility(4)725,000 — — —%12/20/202812/20/2029N/A
Total Unsecured Debt$725,000 $2,041,557 $2,025,053 N/A
Loan Repurchase Facility500,000 62,738 62,738 6.55%9/27/20259/27/202797,254 
Loan Repurchase Facility300,000 — — —%10/21/202710/21/2029— 
Loan Repurchase Facility200,000 — — —%10/3/202510/3/202714,636 
Loan Repurchase Facility100,000 — — —%1/22/20251/22/2026— 
Loan Repurchase Facility56,000 — — —%4/30/20264/30/2029— 
Mortgage Debt N/A 443,733 446,397 6.09%2025-2034(5)2027-2048451,880 
CLO Debt N/A 601,464 601,429 6.36%2025-2026(6)2036-2038831,270 
Total Debt Obligations, net$1,881,000 $3,149,492 $3,135,617 $1,395,040 
(1)Carrying value excludes $7.1 million and $2.1 million of unamortized deferred financing costs included in Other Assets related to the Revolving Credit facility and Loan Repurchase facilities, respectively.
(2)Interest rates on floating rate debt reflect the applicable index in effect as of December 31, 2024. Excludes deferred financing costs.
(3)Final Stated Maturity assumes extensions at our option are exercised with consent of financing providers, where applicable.
(4)The obligations under the Unsecured Revolving Credit Facility are secured by equity pledges of certain subsidiaries of the Company.
(5)Anticipated Repayment Dates.
(6)Represents the estimated maturity dates based on the underlying loan maturities.
Schedule of Variable Interest Entities
At December 31, 2024, the Company had $601.4 million of matched term, non-mark-to-market and non-recourse CLO debt included in debt obligations on its consolidated balance sheet, as a result, the Company consolidated two CLOs that were considered VIE's on its consolidated balance sheet as of December 31, 2024 ($ in thousands):

December 31, 2024
Mortgage loan receivables held for investment, net, at amortized cost$831,270 
Accrued interest receivable5,530 
Other assets42,621 
Total assets$879,421 
Debt obligations, net$601,429 
Accrued expenses1,806 
Total liabilities603,235 
Net equity in VIEs (eliminated in consolidation)276,186 
Total equity276,186 
Total liabilities and equity$879,421 
Schedule of Contractual Payments Under All Borrowings by Maturity
The following schedule reflects the Company’s contractual payments under borrowings by maturity ($ in thousands): 
Period ending December 31,Borrowings by
Maturity(1)
2026$653,392 
2027715,346 
202824,269 
2029949,433 
2030601,176 
Thereafter583,347 
Subtotal3,526,963 
Debt issuance costs included in senior unsecured notes(18,214)
Debt issuance costs included in mortgage loan financings(1,415)
Net premiums included in mortgage loan financings (2)3,068 
Total$3,510,402 
(1)The allocation of repayments under the Company’s committed loan repurchase facilities is based on the earlier of: (i) the final stated maturity date of each agreement; or (ii) the maximum maturity date of the collateral loans, assuming all extension options are exercised by the borrower. Repayments of the Company's mortgage debt are based on the anticipated repayment dates as defined in the mortgage loan agreements.
(2)Represents sales proceeds received in excess of loan amounts sold into securitizations that are amortized as a reduction to interest expense using the effective interest method over the life of the underlying loan.
v3.25.4
DERIVATIVE INSTRUMENTS (Tables)
 12 Months Ended
Dec. 31, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Breakdown of the Derivatives Outstanding The following is a breakdown of the derivatives outstanding as of December 31, 2025 and December 31, 2024 ($ in thousands):
 
December 31, 2025
  Fair ValueRemaining
Maturity
(years)
Contract TypeNotionalAsset(1)Liability(1)
Caps    
1 Month Term SOFR$91,000 $1 $— 0.79
Futures   
10-year Treasury-Note Futures22,500 263 — 0.22
Total derivatives$113,500 $264 $—  
(1)Shown as derivative instruments in the accompanying consolidated balance sheet.


December 31, 2024
  Fair ValueRemaining
Maturity
(years)
Contract TypeNotionalAsset(1)Liability(1)
Caps    
1 Month Term SOFR$90,000 $432 $— 0.62
Options    
OptionsN/A(2)5 — 0.05
Total credit derivatives— 5 —  
Total derivatives$90,000 $437 $—  
(1)Shown as derivative instruments in the accompanying consolidated balance sheet.
(2)The Company held 275 options contracts as of December 31, 2024.
Schedule of Net Realized and Unrealized Gains/(Losses) on Derivatives
The following table summarizes the net realized gains (losses) and unrealized gains (losses) on derivatives, by primary underlying risk exposure, as included in net result from derivatives transactions in the consolidated statements of income for the years ended December 31, 2025, 2024, and 2023 ($ in thousands):

 Year Ended December 31, 2025
Contract TypeUnrealized
Gain/(Loss)		Realized
Gain/(Loss)		Net Result
from
Derivative
Transactions
Caps$(463)$504 $41 
Futures263 1,591 1,854 
Options— (60)(60)
Total$(200)$2,035 $1,835 
 
 Year Ended December 31, 2024
Contract TypeUnrealized
Gain/(Loss)		Realized
Gain/(Loss)		Net Result
from
Derivative
Transactions
Caps$(1,315)$1,562 $247 
Futures(545)5,813 5,268 
Options— (95)(95)
Total$(1,860)$7,280 $5,420 
 Year Ended December 31, 2023
Contract TypeUnrealized
Gain/(Loss)		Realized
Gain/(Loss)		Net Result
from
Derivative
Transactions
Caps$(895)$1,378 $483 
Futures423 834 1,257 
Options82 (341)(259)
Total$(390)$1,871 $1,481 
v3.25.4
OFFSETTING ASSETS AND LIABILITIES (Tables)
 12 Months Ended
Dec. 31, 2025
Offsetting [Abstract]  
Schedule of Offsetting of Financial Assets
The following table represents offsetting of financial assets and derivative assets as of December 31, 2025 ($ 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$264 $— $264 $— $(574)$(310)
Total$264 $— $264 $— $(574)$(310)
(1)Included in restricted cash on consolidated balance sheet.
The following table represents offsetting of financial assets and derivative assets as of December 31, 2024 ($ 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$437 $— $437 $— $— $437 
Total$437 $— $437 $— $— $437 
(1)Included in restricted cash on consolidated balance sheet.
Schedule of Offsetting of Financial Liabilities
The following table represents offsetting of financial liabilities and derivative liabilities as of December 31, 2025 ($ 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$627,012 $— $627,012 $627,012 $— $627,012 
Total$627,012 $— $627,012 $627,012 $— $627,012 
(1)Included in restricted cash on consolidated balance sheet.
The following table represents offsetting of financial liabilities and derivative liabilities as of December 31, 2024 ($ 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$62,738 $— $62,738 $62,738 $— $62,738 
Total$62,738 $— $62,738 $62,738 $— $62,738 
(1)Included in restricted cash on consolidated balance sheet.
v3.25.4
EQUITY (Tables)
 12 Months Ended
Dec. 31, 2025
Equity [Abstract]  
Schedule of Common Stock Repurchase Activity
The following tables summarize the Company’s repurchase activity of its Class A common stock during the years ended December 31, 2025, 2024, and 2023 ($ in thousands):
SharesAmount(1)
Authorizations remaining as of December 31, 2024$67,604 
Additional authorizations (2)33,201 
Repurchases paid:
January 1, 2025 - January 31, 2025— — 
February 1, 2025 - February 28, 2025— — 
March 1, 2025 - March 31, 202570,506 (805)
April 1, 2025 - April 30, 2025— — 
May 1, 2025 - May 31, 2025401,396 (4,151)
June 1, 2025 - June 30, 2025234,094 (2,456)
July 1, 2025 - July 31, 202536,371 (397)
August 1, 2025 - August 31, 202543,020 (471)
September 1, 2025 - September 30, 202591,321 (1,017)
October 1, 2025 - October 31, 202545,052 (477)
November 1, 2025 - November 30, 202530,668 (320)
December 1, 2025 - December 31, 202512,111 (131)
Authorizations remaining as of December 31, 2025$90,580 
(1)Amount excludes commissions paid associated with share repurchases.
(2)On April 23, 2025, the Board authorized repurchases up to $100.0 million in aggregate.

SharesAmount(1)
Authorizations remaining as of December 31, 2023$44,256 
Additional authorizations (2)31,391 
Repurchases paid:
January 1, 2024 - January 31, 2024— — 
February 1, 2024 - February 29, 2024— — 
March 1, 2024 - March 31, 202460,000 (647)
April 1, 2024 - April 30, 2024— — 
May 1, 2024 - May 31, 20242,100 (23)
June 1, 2024 - June 30, 202417,590 (189)
July 1, 2024 - July 31, 2024— — 
August 1, 2024 - August 31, 2024— — 
September 1, 2024 - September 30, 2024100,001 (1,190)
October 1, 2024 - October 31, 202414,131 (159)
November 1, 2024 - November 30, 202469,000 (789)
December 1, 2024 - December 31, 2024448,369 (5,046)
Authorizations remaining as of December 31, 2024$67,604 
(1)Amount excludes commissions paid associated with share repurchases.
(2)On April 24, 2024, the Board authorized repurchases up to $75.0 million in aggregate.
SharesAmount(1)
Authorizations remaining as of December 31, 2022$46,737 
Repurchases paid:
March 1, 2023 - March 31, 2023250,000 (2,285)
September 1, 2023 - September 30, 202319,000 (196)
Authorizations remaining as of December 31, 2023$44,256 
(1)Amount excludes commissions paid associated with share repurchases.
Schedule of Dividends Declared and Paid
The following table presents dividends declared (on a per share basis) of Class A common stock for the years ended December 31, 2025, 2024 and 2023:
Declaration DateDividend per Share
March 14, 2025$0.23 
June 13, 20250.23 
September 15, 20250.23 
December 15, 20250.23 
Total$0.92 
March 15, 2024$0.23 
June 14, 20240.23 
September 13, 20240.23 
December 13, 20240.23 
Total$0.92 
March 15, 2023$0.23 
June 15, 20230.23 
September 15, 20230.23 
December 15, 20230.23 
Total$0.92 
The following table presents the tax treatment for our aggregate distributions per share of common stock paid for the years ended December 31, 2025, 2024 and 2023:
Record DatePayment DateDividend per ShareOrdinary DividendsQualified DividendsCapital GainUnrecaptured 1250 GainReturn of CapitalSection 199A
Dividends
March 31, 2025April 15, 20250.230 0.217 — 0.011 0.006 0.002 0.217 
June 30, 2025July 15, 20250.230 0.217 — 0.011 0.006 0.002 0.217 
September 30, 2025October 15, 20250.230 0.217 — 0.011 0.006 0.002 0.217 
December 31, 2025January 15, 2026(1)— — — — — — — 
Total$0.690 $0.651 $— $0.033 $0.018 $0.006 $0.651 

(1)The fourth quarter dividend paid on January 15, 2026 was $0.230 and is considered a 2026 dividend for U.S. federal income tax purposes.

Record DatePayment DateDividend per ShareOrdinary DividendsQualified DividendsCapital GainUnrecaptured 1250 GainReturn of CapitalSection 199A
Dividends
March 28, 2024April 15, 20240.230 0.195 — 0.035 0.023 — 0.195 
June 28, 2024July 15, 20240.230 0.195 — 0.035 0.023 — 0.195 
September 30, 2024October 15, 20240.230 0.195 — 0.035 0.023 — 0.195 
December 31, 2024January 15, 2025(1)0.230 0.195 — 0.035 0.023 — 0.195 
Total$0.920 $0.780 $— $0.140 $0.092 $— $0.780 
(1)The fourth quarter dividend paid on January 15, 2025 was $0.230 and is considered a 2024 dividend for U.S. federal income tax purposes.
Record DatePayment DateDividend per ShareOrdinary DividendsQualified DividendsCapital GainUnrecaptured 1250 GainReturn of CapitalSection 199A
Dividends
March 31, 2023April 17, 2023$0.230 $0.230 $— $— $— $— $0.230 
June 30, 2023July 17, 20230.230 0.230 — — — — 0.230 
September 29, 2023October 16, 20230.230 0.230 — — — — 0.230 
December 29, 2023January 16, 2024(1)0.230 0.230 — — — — 0.230 
Total$0.920 $0.920 $— $— $— $— $0.920 
(1)The fourth quarter dividend paid on January 16, 2024 was $0.230 and is considered a 2023 dividend for U.S. federal income tax purposes.
Schedule of Accumulated Other Comprehensive Income
The following table presents changes in accumulated other comprehensive income related to the cumulative difference between the fair market value and the amortized cost basis of securities classified as available for sale for the years ended December 31, 2025, 2024 and 2023 ($ in thousands):

Year Ended December 31,
202520242023
Accumulated Other Comprehensive Income (Loss) beginning of period$(4,866)$(13,853)$(21,009)
Gain (loss) on available for sale securities, net of tax731 8,987 7,156 
Accumulated Other Comprehensive Income (Loss) end of period$(4,135)$(4,866)$(13,853)
v3.25.4
EARNINGS PER SHARE (Tables)
 12 Months Ended
Dec. 31, 2025
Earnings Per Share [Abstract]  
Schedule of the Company's Net Income (Loss) and Weighted Average Shares Outstanding
The Company’s net income (loss) and weighted average shares outstanding for the years ended December 31, 2025, 2024, and 2023 consist of the following:
Year Ended December 31,
($ in thousands except share amounts)202520242023
Basic and Diluted Net income (loss) available for Class A common shareholders$64,182 $108,255 $101,125 
Weighted average shares outstanding:   
Basic125,483,693 125,576,784 124,667,877 
Diluted126,194,691 125,785,295 124,882,398 
Schedule of Calculation of Basic and Diluted Net Income (Loss) Per Share Amounts
The calculation of basic and diluted net income (loss) per share amounts for the years ended December 31, 2025, 2024, and 2023 consist of the following:
Year Ended December 31,
(In thousands except share and per share amounts) (1)202520242023
Basic Net Income (Loss) Per Share of Class A Common Stock   
Numerator:
   
Net income (loss) attributable to Class A common shareholders$64,182 $108,255 $101,125 
Denominator:
   
Weighted average number of shares of Class A common stock outstanding125,483,693 125,576,784 124,667,877 
Basic net income (loss) per share of Class A common stock$0.51 $0.86 $0.81 
Diluted Net Income (Loss) Per Share of Class A Common Stock   
Numerator:   
Net income (loss) attributable to Class A common shareholders$64,182 $108,255 $101,125 
Diluted net income (loss) attributable to Class A common shareholders64,182 108,255 101,125 
Denominator:   
Basic weighted average number of shares of Class A common stock outstanding125,483,693 125,576,784 124,667,877 
Add - dilutive effect of:   
Incremental shares of unvested Class A restricted stock(1)710,998 208,511 214,521 
Diluted weighted average number of shares of Class A common stock outstanding (2)(3)126,194,691 125,785,295 124,882,398 
Diluted net income (loss) per share of Class A common stock$0.51 $0.86 $0.81 
(1)The Company applies the treasury stock method.
(2)There were 8,438, 274,353 and 367,001 anti-dilutive shares for the years ended December 31, 2025, 2024 and 2023, respectively.
v3.25.4
STOCK-BASED AND OTHER COMPENSATION PLANS (Tables)
 12 Months Ended
Dec. 31, 2025
Share-Based Payment Arrangement [Abstract]  
Schedule of Stock Based Compensation Plans
The following table summarizes the impact on the consolidated statements of income of the various stock-based compensation plans and other compensation plans ($ in thousands):
Year Ended December 31,
202520242023
Stock-based compensation expense$20,329 $18,829 $18,577 
Total Stock-Based Compensation Expense$20,329 $18,829 $18,577 
(1)Variance between twelve months ended December 31, 2025, 2024, and 2023 is primarily due to timing of 2023, 2024 and 2025 employee stock and bonus compensation.
Schedule of the Grants
A summary of the grants is presented below:
 Year Ended December 31,
 202520242023
Number
of Shares		Weighted
Average
Fair Value
Per Share		Number
of Shares		Weighted
Average
Fair Value
Per Share		Number
of Shares		Weighted
Average
Fair Value
Per Share
Grants - Class A Common Stock1,852,016 $11.67 1,855,541 $10.70 1,417,561 $11.58 
Schedule of Nonvested Shares Activity
The table below presents the number of unvested shares of Class A common stock and outstanding stock options at December 31, 2025 and changes during 2025 of the Class A common stock and stock options of Ladder Capital Corp:
Restricted StockWeighted Average Grant Date Fair ValueStock Options
Nonvested/Outstanding at December 31, 20242,020,752 $12.28 623,788 
Granted1,852,016 11.67 — 
Vested(1,778,588)11.49 — 
Expired— — (439,760)
Nonvested/Outstanding at December 31, 20252,094,180 $12.42 184,028 
Exercisable at December 31, 2025 (1)184,028 
(1)The weighted average exercise price of outstanding options is $11.86 at December 31, 2025.
v3.25.4
FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)
 12 Months Ended
Dec. 31, 2025
Fair Value Disclosures [Abstract]  
Schedule of Fair Value
The carrying values and estimated fair values of the Company’s financial instruments, which are both reported at fair value on a recurring basis or amortized cost/par, at December 31, 2025 and December 31, 2024 are as follows ($ in thousands):
 
December 31, 2025
      Weighted Average
Assets:Principal Amount Amortized Cost Basis/Purchase PriceFair ValueFair Value MethodYield
%		Remaining
Maturity/Duration (years)
CMBS(1)$2,070,492  $2,069,307 $2,064,922 Internal model5.31 %2.97
CMBS interest-only(1)347,200 (2)1,283 1,275 Internal model8.63 %0.52
GNMA interest-only(3)29,203 (2)95 167 Internal model9.24 %3.27
Agency securities(1)2  2 2 Internal model3.04 %0.19
Corporate bonds(1)9,250 9,231 9,240 Internal model8.58 %2.60
Equity securities(3) N/A 12,910 12,699 Observable market pricesN/A N/A
Mortgage loan receivables held for investment, net, at amortized cost(4)2,234,346  2,217,375 2,214,987 Discounted Cash Flow(5)7.76 %1.57
Mortgage loan receivables held for sale31,350  27,986 27,986 Internal model, third-party inputs(6)4.57 %6.92
Nonhedge derivatives(1)(7)113,500  264 264 Counterparty quotationsN/A0.22
Liabilities:       
Repurchase agreements - short-term627,012  627,012 627,012 Cost plus Accrued Interest(8)4.29 %0.04
Unsecured Revolving Credit Facility280,000 280,000 280,000 (9)2.42 %2.97
Mortgage loan financing386,543  388,195 385,460 Discounted Cash Flow5.88 %4.01
Senior unsecured notes2,233,409  2,215,195 2,265,416 Internal model5.29 %3.54
(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 $47.1 million at December 31, 2025.
(5)Fair value for floating rate mortgage loan receivables, held for investment is estimated to approximate the outstanding face amount given the short interest rate reset risk (30 days) and no significant change in credit spreads since origination. 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)The outstanding face amount of the nonhedge derivatives represents the notional amount of the underlying contracts.
(8)For repurchase agreements - short term, the value approximates the cost plus accrued interest.
(9)Fair value for the Unsecured Revolving Credit Facility is estimated to approximate the outstanding face.
December 31, 2024
      Weighted Average
Assets:Principal Amount Amortized Cost Basis/Purchase PriceFair ValueFair Value MethodYield
%		Remaining
Maturity/Duration (years)
CMBS(1)$1,065,985  $1,063,835 $1,058,873 Internal model6.13 %2.41
CMBS interest-only(1)769,724 (2)3,149 3,244 Internal model7.81 %0.87
GNMA interest-only(3)32,710 (2)160 155 Internal model9.38 %3.64
Agency securities(1)11  11 11 Internal model2.60 %0.58
Equity securities(3)N/A19,511 18,575 Observable market pricesN/A N/A
Mortgage loan receivables held for investment, net, at amortized cost(4)1,596,277  1,591,322 1,575,911 Discounted Cash Flow(5)9.36 %0.86
Mortgage loan receivables held for sale31,350  26,898 26,898 Internal model, third-party inputs(6)4.57 %7.18
Nonhedge derivatives(1)(9)90,000  437 437 Counterparty quotationsN/A0.62
Liabilities:       
Repurchase agreements - short-term62,738  62,738 62,738 Cost plus Accrued Interest(7)6.55 %0.74
Mortgage loan financing443,733  446,397 435,048 Discounted Cash Flow6.09 %3.36
CLO debt601,464 601,380 601,430 Discounted Cash Flow(8)2.01 %0.98
Senior unsecured notes2,041,557  2,025,053 2,001,207 Internal model5.22 %3.72
(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 $52.3 million at December 31, 2024.
(5)Fair value for floating rate mortgage loan receivables, held for investment is estimated to approximate the outstanding face amount given the short interest rate reset risk (30 days) and no significant change in credit spreads since origination. Fair value for fixed rate mortgage loan receivables, held for investment is measured using a discounted cash flow model.
(6)Fair value for mortgage loan receivables, held for sale is measured using a hypothetical securitization model utilizing market data from recent securitization spreads and pricing.
(7)For repurchase agreements - short term, the value approximates the cost plus accrued interest.
(8)For CLO debt, the carrying value approximates the fair value discounting the expected cash flows at current market rates. If the collateral is determined to be impaired, the related financing would be revalued accordingly. There are no impairments on any positions.
(9)The outstanding face amount of the nonhedge derivatives represents the notional amount of the underlying contracts.
Schedule of Financial Assets and Liabilities
The following table summarizes the Company’s financial assets and liabilities, which are both reported at fair value on a recurring basis (as indicated) or amortized cost/par, at December 31, 2025 and December 31, 2024 ($ in thousands):
 
December 31, 2025
 
Financial Instruments Reported at Fair Value on Consolidated Statements of Financial ConditionPrincipal
Amount		 Fair Value
 Level 1Level 2Level 3Total
Assets:      
CMBS(1)$2,061,579  $— $2,056,177 $— $2,056,177 
CMBS interest-only(1)339,241 (2)— 1,171 — 1,171 
GNMA interest-only(3)29,203 (2)— 167 — 167 
Agency securities(1)2  — 2 — 2 
Corporate bonds(1)9,250 — 9,240 — 9,240 
Equity securities N/A 12,699 — — 12,699 
Nonhedge derivatives(4)113,500 264 — — 264 
$12,963 $2,066,757 $— $2,079,720 
Financial Instruments Not Reported at Fair Value on Consolidated Statements of Financial ConditionPrincipal
Amount		 Fair Value
 Level 1Level 2Level 3Total
Assets:
Mortgage loan receivables held for investment, net, at amortized cost(5)$2,234,346  $— $— $2,214,987 $2,214,987 
Mortgage loan receivable held for sale(6)31,350  — — 27,986 27,986 
CMBS(7)8,913 — 8,745 — 8,745 
CMBS interest-only(7)7,958 — 104 — 104 
$— $8,849 $2,242,973 $2,251,822 
Liabilities:     
Repurchase agreements - short-term$627,012  $— $627,012 $— $627,012 
Unsecured Revolving Credit Facility280,000 — — 280,000 280,000 
Mortgage loan financing386,543  — — 385,460 385,460 
Senior unsecured notes2,233,409  — 2,265,416 — 2,265,416 
$— $2,892,428 $665,460 $3,557,888 
(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 $47.1 million at December 31, 2025.
(6)A lower of cost or market adjustment was recorded as of December 31, 2025.
(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, 2024
 
Financial Instruments Reported at Fair Value on Consolidated Statements of Financial ConditionPrincipal
Amount		 Fair Value
 Level 1Level 2Level 3Total
Assets:      
CMBS(1)$1,056,844  $— $1,049,986 $— $1,049,986 
CMBS interest-only(1)761,537 (2)— 3,037 — 3,037 
GNMA interest-only(3)32,710 (2)— 155 — 155 
Agency securities(1)11  — 11 — 11 
Equity securities N/A 18,575 — — 18,575 
Nonhedge derivatives(4)90,000 — 437 — 437 
$18,575 $1,053,626 $— $1,072,201 
Financial Instruments Not Reported at Fair Value on Consolidated Statements of Financial ConditionPrincipal
Amount		 Fair Value
 Level 1Level 2Level 3Total
Assets:
Mortgage loan receivables held for investment, net, at amortized cost(5)$1,596,277  $— $— $1,575,911 $1,575,911 
Mortgage loan receivable held for sale(6)31,350  — — 26,898 26,898 
CMBS(7)9,142 — 8,887 — 8,887 
CMBS interest-only(7)8,187 — 207 — 207 
$— $9,094 $1,602,809 $1,611,903 
Liabilities:     
Repurchase agreements - short-term$62,738  $— $62,738 $— $62,738 
Mortgage loan financing443,733  — — 435,048 435,048 
CLO debt601,464 — 601,430 — 601,430 
Senior unsecured notes2,041,557  — 2,001,207 — 2,001,207 
$— $2,665,375 $435,048 $3,100,423 
(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 $52.3 million at December 31, 2024.
(6)A lower of cost or market adjustment was recorded as of December 31, 2024.
(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.
(8)As of December 31, 2024, the Company determined that $2.0 billion of senior unsecured notes were Level 2 based on the Company’s increased observability of the inputs used to internally value the senior unsecured notes.
v3.25.4
INCOME TAXES (Tables)
 12 Months Ended
Dec. 31, 2025
Income Tax Disclosure [Abstract]  
Schedule of Components of Provision for Income Taxes
Components of the provision for income taxes consist of the following ($ in thousands):
 Year Ended December 31,
202520242023
Current expense (benefit) 
U.S. federal$973 $1,321 $2,204 
State and local494 443 858 
Total current expense (benefit)1,467 1,764 3,062 
Deferred expense (benefit)  
U.S. federal1,091 940 964 
State and local935 744 218 
Total deferred expense (benefit)2,026 1,684 1,182 
Provision for income tax expense (benefit)$3,493 $3,448 $4,244 
Schedule of Effective Income Tax Rate Reconciliation
A reconciliation between the U.S. federal statutory income tax rate and the effective tax rate for the years ended December 31, 2025, 2024 and 2023 is as follows:
Year Ended December 31,
 2025
U.S. statutory tax rate$14,109 21.00 %
State and local income tax, net of Federal income tax effect (1)1,136 1.69 %
Foreign tax effects
Cayman Islands non-taxable income(6,677)(9.94)%
Change in valuation allowance73 0.11 %
Nontaxable or nondeductible items
REIT income not subject to corporate income tax(5,822)(8.67)%
Section 162(m) executive compensation limitation1,807 2.69 %
Other(146)(0.22)%
Other Adjustments
Capital loss utilization(987)(1.46)%
Effective income tax rate$3,493 5.20 %
(1)State and local taxes in Illinois and New York City made up the majority of the tax effect in this category.
Year Ended December 31,
 20242023
U.S. statutory tax rate21.00 %21.00 %
REIT income not subject to corporate income tax(16.50)%(15.22)%
Increase due to state and local taxes0.47 %1.07 %
Change in valuation allowance(0.09)%(1.57)%
Offshore non-taxable income(3.97)%(3.79)%
Uncertain tax position recorded (released)— %0.14 %
Section 163(j) interest expense limitation0.35 %0.17 %
REIT income taxes0.03 %0.14 %
Return to provision0.50 %(0.23)%
Section 162(m) executive compensation limitation1.51 %1.42 %
Other(0.34)%0.92 %
Effective income tax rate2.96 %4.05 %
Schedule of Deferred Tax Assets and Liabilities
The components of the Company’s deferred tax assets and liabilities are as follows ($ in thousands):
December 31, 2025December 31, 2024
Deferred Tax Assets 
NOL Carryforward$576 $635 
Net unrealized losses486 486 
Capital losses carryforward— 201 
Valuation allowance— (201)
Interest expense limitation2,111 1,974 
Valuation allowance(2,121)(1,974)
Total Deferred Tax Assets$1,052 $1,121 

December 31, 2025December 31, 2024
Deferred Tax Liability 
Basis difference in operating partnerships$7,721 $5,764 
Total Deferred Tax Liability$7,721 $5,764 
v3.25.4
COMMITMENTS AND CONTINGENCIES (Tables)
 12 Months Ended
Dec. 31, 2025
Commitments and Contingencies Disclosure [Abstract]  
Schedule of Future Minimum Lease Obligations under Non-cancelable Operating Leases
Future minimum lease payments under non-cancelable operating leases as of December 31, 2025 are as follows ($ in thousands):

Period ending December 31,Minimum Lease Payments
2026$2,597 
20272,232 
20282,306 
20292,409 
20302,409 
Thereafter6,220 
Total undiscounted cash flows18,173 
Present value discount (1)(3,909)
Lease liabilities (2)$14,264 
(1)Lease liabilities were discounted at the Company's weighted average incremental borrowing rate, estimated at the time of lease commencement, for similar collateral, which was 6.59%. The average remaining lease term is 7.4 years.
(2)The Company has a five-year extension option on its corporate headquarters office at 320 Park Avenue, New York, New York, which is not reflected in the total lease liability.
v3.25.4
SEGMENT REPORTING (Tables)
 12 Months Ended
Dec. 31, 2025
Segment Reporting [Abstract]  
Schedule of Company's Performance Evaluation by Segment
The Company evaluates performance based on the following financial measures for each segment ($ in thousands):
Year ended December 31, 2025LoansSecuritiesReal Estate (1)Corporate/Other(2)Company 
Total
Net interest income
Interest income$152,303 $99,689 $264 $14,638 $266,894 
Interest expense(14,653)(11,621)(25,490)(123,153)(174,917)
Net interest income (expense)137,650 88,068 (25,226)(108,515)91,977 
(Provision for) release of loan loss reserves157 — — — 157 
Net interest income (expense) after provision for (release of) loan reserves137,807 88,068 (25,226)(108,515)92,134 
Other income (loss)
Real estate operating income— — 99,308 — 99,308 
Net result from mortgage loan receivables held for sale4,716 — — — 4,716 
Gain (loss) on real estate, net— — 3,807 — 3,807 
Fee and other income8,860 6,069 66 — 14,995 
Net result from derivative transactions1,301 — 42 492 1,835 
Earnings (loss) from investment in unconsolidated ventures— — (1,415)— (1,415)
Gain (loss) on extinguishment of debt— — — 151 151 
Total other income (loss)14,877 6,069 101,808 643 123,397 
Costs and expenses
Compensation and employee benefits— — — (52,735)(52,735)
Operating expenses— — — (19,426)(19,426)
Real estate operating expenses— — (40,475)— (40,475)
Investment related expenses(1,478)(178)(493)(1,563)(3,712)
Depreciation and amortization— — (31,550)(445)(31,995)
Total costs and expenses(1,478)(178)(72,518)(74,169)(148,343)
Income (loss) before taxes151,206 93,959 4,064 (182,041)67,188 
Income tax (expense) benefit— — — (3,493)(3,493)
Segment net income (loss)$151,206 $93,959 $4,064 $(185,534)$63,695 
Total assets as of December 31, 2025$2,198,224 $2,088,285 $748,006 $118,035 $5,152,550 
Year ended December 31, 2024LoansSecuritiesReal Estate (1)Corporate/Other(2)Company 
Total
Net interest income
Interest income$247,432 $43,069 $352 $67,772 $358,625 
Interest expense(92,187)(61)(32,097)(97,192)(221,537)
Net interest income (expense)155,245 43,008 (31,745)(29,420)137,088 
(Provision for) release of loan loss reserves(13,933)— — — (13,933)
Net interest income (expense) after provision for (release of) loan reserves141,312 43,008 (31,745)(29,420)123,155 
Other income (loss)
Real estate operating income— — 98,681 — 98,681 
Net result from mortgage loan receivables held for sale(3)2,700 — — (2,670)30 
Gain (loss) on real estate, net— — 25,277 — 25,277 
Fee and other income19,003 (655)52 300 18,700 
Net result from derivative transactions185 80 248 4,907 5,420 
Earnings (loss) from investment in unconsolidated ventures— — (79)— (79)
Gain (loss) on extinguishment of debt— — — 188 188 
Total other income (loss)21,888 (575)124,179 2,725 148,217 
Costs and expenses
Compensation and employee benefits— — — (60,671)(60,671)
Operating expenses— — — (19,193)(19,193)
Real estate operating expenses— — (40,568)— (40,568)
Investment related expenses(4,946)(183)(573)(2,016)(7,718)
Depreciation and amortization— — (31,888)(439)(32,327)
Total costs and expenses(4,946)(183)(73,029)(82,319)(160,477)
Income (loss) before taxes158,254 42,250 19,405 (109,014)110,895 
Income tax (expense) benefit— — — (3,448)(3,448)
Segment net income (loss)$158,254 $42,250 $19,405 $(112,462)$107,447 
Total assets as of December 31, 2024$1,565,897 $1,080,839 $690,726 $1,507,611 $4,845,073 
Year ended December 31, 2023LoansSecuritiesReal Estate (1)Corporate/Other(2)Company 
Total
Net interest income
Interest income$341,840 $32,479 $12 $32,953 $407,284 
Interest expense(122,420)(3,177)(31,443)(88,057)(245,097)
Net interest income (expense)219,420 29,302 (31,431)(55,104)162,187 
(Provision for) release of loan loss reserves(25,096)— — — (25,096)
Net interest income (expense) after provision for (release of) loan reserves194,324 29,302 (31,431)(55,104)137,091 
Other income (loss)
Real estate operating income— — 96,950 — 96,950 
Net result from mortgage loan receivables held for sale(523)— — — (523)
Gain (loss) on real estate, net— — 8,808 — 8,808 
Fee and other income8,237 (232)300 626 8,931 
Net result from derivative transactions404 595 482 — 1,481 
Earnings (loss) from investment in unconsolidated ventures— — 758 — 758 
Gain (loss) on extinguishment of debt— — — 10,718 10,718 
Total other income (loss)8,118 363 107,298 11,344 127,123 
Costs and expenses
Compensation and employee benefits— — — (63,618)(63,618)
Operating expenses— — — (19,503)(19,503)
Real estate operating expenses— — (37,587)— (37,587)
Investment related expenses(6,310)(191)(903)(1,443)(8,847)
Depreciation and amortization— — (29,482)(432)(29,914)
Total costs and expenses(6,310)(191)(67,972)(84,996)(159,469)
Income (loss) before taxes196,132 29,474 7,895 (128,756)104,745 
Income tax (expense) benefit— — — (4,244)(4,244)
Segment net income (loss)$196,132 $29,474 $7,895 $(133,000)$100,501 
Total assets as of December 31, 2023$3,138,794 $485,533 $733,319 $1,155,031 $5,512,677 
(1)Includes the Company’s investment in unconsolidated ventures that held real estate of $44.5 million, $19.9 million and $6.9 million as of December 31, 2025, 2024 and 2023, respectively. This segment also includes the Company’s capital improvements of real estate of $8.3 million, $6.5 million and $4.4 million as of December 31, 2025, 2024 and 2023, respectively.
(2)Corporate/Other represents all corporate level and unallocated items including any inter-segment eliminations necessary to reconcile to consolidated Company totals. Corporate/Other includes the Company’s investment in FHLB stock of $5.2 million as of December 31, 2023 and the Company’s senior unsecured notes of $2.2 billion, $2.0 billion and $1.6 billion as of December 31, 2025, 2024 and 2023, respectively. Corporate/Other also includes the Company’s stock-based compensation expense of $20.3 million, $18.8 million and $18.6 million, within compensation and employee benefits as of December 31, 2025, 2024 and 2023, respectively.
(3)Includes $3.6 million of realized gains from sales of conduit mortgage loans collateralized by net leased properties in the Company’s real estate segment that eliminate in consolidation for the year ended December 31, 2025.
v3.25.4
ORGANIZATION AND OPERATIONS (Details)
Dec. 31, 2025
LCFH  
ORGANIZATION AND OPERATIONS  
Ownership interest in LCFH 100.00%
v3.25.4
SIGNIFICANT ACCOUNTING POLICIES (Details)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
USD ($)
unconsolidatedVenture
Dec. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
Error Corrections and Prior Period Adjustments Restatement [Line Items]      
Unconsolidated ventures determined to be variable interest entities | unconsolidatedVenture 3    
Treasury stock reclassified     $ 0
Unrealized gain (loss) on securities $ 749 $ (925) 29
Realized gain (loss) on securities $ 3,812 $ 172 (276)
Additional Paid- in-Capital      
Error Corrections and Prior Period Adjustments Restatement [Line Items]      
Treasury stock reclassified     73,642
Retained Earnings (Dividends in Excess of Earnings)      
Error Corrections and Prior Period Adjustments Restatement [Line Items]      
Treasury stock reclassified     $ 5,282
Minimum | Variable Interest Entity, Not Primary Beneficiary      
Error Corrections and Prior Period Adjustments Restatement [Line Items]      
Ownership interest in VIEs 13.00%    
Minimum | Building      
Error Corrections and Prior Period Adjustments Restatement [Line Items]      
Estimated useful life 20 years    
Minimum | Building and Building Improvements      
Error Corrections and Prior Period Adjustments Restatement [Line Items]      
Estimated useful life 4 years    
Maximum | Variable Interest Entity, Not Primary Beneficiary      
Error Corrections and Prior Period Adjustments Restatement [Line Items]      
Ownership interest in VIEs 25.00%    
Maximum | Building      
Error Corrections and Prior Period Adjustments Restatement [Line Items]      
Estimated useful life 55 years    
Maximum | Building and Building Improvements      
Error Corrections and Prior Period Adjustments Restatement [Line Items]      
Estimated useful life 15 years    
v3.25.4
MORTGAGE LOAN RECEIVABLES - Mortgage Loans (Details)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
USD ($)
loan
Dec. 31, 2024
USD ($)
loan
Dec. 31, 2023
USD ($)
Dec. 31, 2022
USD ($)
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]        
Outstanding Face Amount $ 2,265,696 $ 1,627,627    
Allowance for credit losses (47,137) (52,323) $ (43,165) $ (20,755)
Carrying Value $ 2,198,224 $ 1,565,897    
Weighted average yield 7.71% 9.27%    
Remaining maturity 2 years 1 year    
Number of non-accrual loans | loan 4 2    
Principal balance of loans on non-accrual status $ 129,679 $ 76,875    
Deferred origination fees and other items 12,000 5,000    
First mortgage loans        
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]        
Outstanding Face Amount 2,227,024 1,584,674    
Carrying value gross, consumer and commercial real estate $ 2,210,062 $ 1,579,740    
Weighted average yield 7.74% 9.34%    
Remaining maturity 1 year 7 months 6 days 10 months 24 days    
Mezzanine loans        
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]        
Outstanding Face Amount $ 7,322 $ 11,603    
Carrying value gross, consumer and commercial real estate $ 7,313 $ 11,582    
Weighted average yield 11.24% 11.51%    
Remaining maturity 8 months 12 days 1 year 1 month 6 days    
Total mortgage loans receivable        
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]        
Outstanding Face Amount   $ 1,596,277    
Carrying value gross, consumer and commercial real estate $ 2,217,375 $ 1,591,322    
Weighted average yield 7.76% 9.36%    
Remaining maturity 1 year 7 months 6 days 10 months 24 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 $ 2,234,346 $ 1,596,277    
Allowance for credit losses (47,137) (52,323) $ (43,165) $ (20,755)
Carrying Value $ 2,170,238 $ 1,538,999    
Remaining maturity 2 years 10 months 24 days 1 year 7 months 6 days    
First mortgage loans        
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]        
Outstanding Face Amount $ 31,350 $ 31,350    
Carrying Value $ 27,986 $ 26,898    
Weighted average yield 4.57% 4.57%    
Remaining maturity 6 years 10 months 24 days 7 years 2 months 12 days    
Cost or market adjustment of interest 4.94% 5.20%    
v3.25.4
MORTGAGE LOAN RECEIVABLES - Additional Information (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]        
Outstanding face amount $ 2,265,696 $ 1,627,627    
Allowance for current expected credit losses 47,700 52,800    
General CECL reserve 47,137 52,323 $ 43,165 $ 20,755
Reserve of unfunded commitments 500 500    
Provision for loan loss reserves (157) 13,933 25,096  
Charge-off for uncollectible reserve 5,000 5,000    
Principal balance of loans on non-accrual status 123,900      
Total mortgage loan receivables held for investment, net, at amortized cost        
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]        
Loans receivable with variable rates of interest $ 1,900,000 $ 1,300,000    
Loans receivable with variable rates of interest 86.50% 83.30%    
Loans receivable with variable rates of interest, subject to interest rate floors 100.00% 100.00%    
Outstanding face amount $ 2,234,346 $ 1,596,277    
General CECL reserve 47,137 52,323 $ 43,165 $ 20,755
Provision for loan loss reserves (186) 14,181    
Mortgage loan  receivables held for sale        
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]        
Outstanding face amount $ 31,350 $ 31,350    
Percentage of loans receivable with fixed rates of interest 100.00% 100.00%    
v3.25.4
MORTGAGE LOAN RECEIVABLES - Activity in Loan Portfolio (Details)
$ in Thousands
 3 Months Ended 12 Months Ended
Sep. 30, 2024
loan
Dec. 31, 2025
USD ($)
loan
Dec. 31, 2024
USD ($)
loan
loans
Dec. 31, 2023
USD ($)
Mortgage loan receivables held for investment, net, at amortized cost:        
Mortgage loans receivable, beginning balance   $ 1,565,897 $ 3,138,792 $ 3,892,382
Origination of mortgage loan receivables   1,358,336 195,232 68,415
Repayment of mortgage loan receivables   (609,169) (1,720,643) (726,710)
Proceeds from sales of mortgage loan receivables   (66,847)    
Non-cash disposition of loan via foreclosure   (65,078) (47,952) (88,708)
Net result from mortgage loan receivables held for sale   4,716 30 (523)
Accretion/amortization of discount, premium and other fees   10,183 14,619 19,046
Charge-offs   0    
Mortgage loans receivable, ending balance   2,198,224 1,565,897 3,138,792
Allowance for credit losses        
Beginning balance, Allowance for credit losses   (52,323) (43,165) (20,755)
Charge-offs   5,000 5,023 2,700
Release (addition) of provision for current expected credit loss, net   157 (13,933) (25,096)
Ending balance, Allowance for credit losses   (47,137) (52,323) (43,165)
Unrealized lower of cost or market adjustment reversal   1,100    
Realized gain on loans held for sale   3,600    
Repayments in transit of securities (other assets)   628 $ 0 0
Loans with related charge-off | loans     1  
Mortgage loans receivable        
Mortgage loan receivables held for investment, net, at amortized cost:        
Mortgage loans receivable, beginning balance   1,591,322    
Mortgage loans receivable, ending balance   2,217,375 $ 1,591,322  
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   1,591,322 3,155,089 3,885,746
Origination of mortgage loan receivables   1,294,976 195,232 68,415
Repayment of mortgage loan receivables   (609,028) (1,720,643) (726,710)
Proceeds from sales of mortgage loan receivables   0 0  
Non-cash disposition of loan via foreclosure   (65,078) (52,975) (91,408)
Net result from mortgage loan receivables held for sale   0 0 0
Accretion/amortization of discount, premium and other fees   10,183 14,619 19,046
Charge-offs   (5,000)    
Mortgage loans receivable, ending balance   2,217,375 1,591,322 3,155,089
Allowance for credit losses        
Beginning balance, Allowance for credit losses   (52,323) (43,165) (20,755)
Non-cash disposition of loans via foreclosure   0 5,023 2,700
Charge-offs   5,000    
Release (addition) of provision for current expected credit loss, net   186 (14,181)  
Ending balance, Allowance for credit losses   $ (47,137) (52,323) (43,165)
Repayments in transit of securities (other assets)     $ 102,000  
Total mortgage loan receivables held for investment, net, at amortized cost | One loan        
Allowance for credit losses        
Number of nonaccrual loans | loan   1 1  
Total mortgage loan receivables held for investment, net, at amortized cost | One loan | Office Loan        
Allowance for credit losses        
Number of nonaccrual loans | loan 1 1    
Mortgage loan  receivables held for sale        
Mortgage loan receivables held for investment, net, at amortized cost:        
Mortgage loans receivable, beginning balance   $ 26,898 $ 26,868 27,391
Origination of mortgage loan receivables   63,360 0 0
Repayment of mortgage loan receivables   (141) 0 0
Proceeds from sales of mortgage loan receivables   (66,847) 0  
Net result from mortgage loan receivables held for sale   4,716 30 (523)
Accretion/amortization of discount, premium and other fees   0 0 0
Charge-offs   0    
Mortgage loans receivable, ending balance   $ 27,986 26,898 $ 26,868
Conduit Mortgage Loans        
Mortgage loan receivables held for investment, net, at amortized cost:        
Proceeds from sales of mortgage loan receivables     $ (82,500)  
v3.25.4
MORTGAGE LOAN RECEIVABLES - Provision for Loan Losses (Details)
 3 Months Ended 12 Months Ended
Sep. 30, 2024
loan
Dec. 31, 2025
USD ($)
loan
Dec. 31, 2024
USD ($)
loan
Dec. 31, 2023
USD ($)
Allowance for Loan and Lease Losses [Roll Forward]        
Allowance for credit losses at beginning of period   $ 52,323,000 $ 43,165,000 $ 20,755,000
Provision for (release of) current expected credit loss, net   (186,000) 14,181,000 25,110,000
Charge-offs   (5,000,000) (5,023,000) (2,700,000)
Allowance for credit losses at end of period   47,137,000 52,323,000 43,165,000
Amortized cost basis of loans on non-accrual status   129,679,000 76,875,000  
Principal balance of loans on non-accrual status   123,900,000    
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   52,323,000 43,165,000 20,755,000
Charge-offs   (5,000,000)    
Allowance for credit losses at end of period   47,137,000 52,323,000 43,165,000
Interest income on loans   4,800,000 1,500,000  
Asset Specific Reserve, Company Loan        
Allowance for Loan and Lease Losses [Roll Forward]        
Additional asset-specific reserve   $ 0 $ 0 $ 0
One loan | Total mortgage loan receivables held for investment, net, at amortized cost        
Allowance for Loan and Lease Losses [Roll Forward]        
Number of nonaccrual loans | loan   1 1  
Amortized cost basis of loans on non-accrual status   $ 4,600,000 $ 13,700,000  
One loan | Total mortgage loan receivables held for investment, net, at amortized cost | Office Loan        
Allowance for Loan and Lease Losses [Roll Forward]        
Number of nonaccrual loans | loan 1 1    
Amortized cost basis of loans on non-accrual status   $ 5,800,000    
One loan | Total mortgage loan receivables held for investment, net, at amortized cost | Multifamily Loan        
Allowance for Loan and Lease Losses [Roll Forward]        
Number of nonaccrual loans | loan   1 1  
Amortized cost basis of loans on non-accrual status   $ 61,300,000 $ 60,900,000  
One loan | Total mortgage loan receivables held for investment, net, at amortized cost | Hotel Loan        
Allowance for Loan and Lease Losses [Roll Forward]        
Number of nonaccrual loans | loan   1    
Amortized cost basis of loans on non-accrual status   $ 11,900,000    
One loan | Total mortgage loan receivables held for investment, net, at amortized cost | Second Multifamily Loan        
Allowance for Loan and Lease Losses [Roll Forward]        
Number of nonaccrual loans | loan   1    
Amortized cost basis of loans on non-accrual status   $ 50,700,000    
One loan | Total mortgage loan receivables held for investment, net, at amortized cost | Mixed Use Loan        
Allowance for Loan and Lease Losses [Roll Forward]        
Number of nonaccrual loans | loan     1  
Amortized cost basis of loans on non-accrual status     $ 16,000,000  
v3.25.4
MORTGAGE LOAN RECEIVABLES - Individually Impaired Loans (Details)
$ in Thousands
 1 Months Ended 12 Months Ended
Sep. 30, 2024
Feb. 29, 2024
Dec. 31, 2025
USD ($)
property
loan
Dec. 31, 2024
USD ($)
loan
Dec. 31, 2023
USD ($)
Financing Receivable, Credit Quality Indicator [Line Items]          
Total loans     $ 2,217,375 $ 1,591,322 [1]  
Subtotal loans, Year One     1,290,966 176,789  
Subtotal loans, Year Two     149,129 14,636  
Subtotal loans, Year Three     14,648 179,369  
Subtotal loans, Year Four     90,004 980,026  
Subtotal loans, Year Five and Earlier     672,628 240,502  
Subtotal mortgage loans receivable     2,217,375 1,591,322  
Individually impaired loans, Year One     0 0  
Individually impaired loans, Year Two     0 0  
Individually impaired loans, Year Three     0 0  
Individually impaired loans, Year Four     0 0  
Individually impaired loans, Year Five and Earlier     0 0  
Individually impaired loans     0 0  
Total loans, Year One     1,290,966 176,789  
Total loans, Year Two     149,129 14,636  
Total loans, Year Three     14,648 179,369  
Total loans, Year Four     90,004 980,026  
Total loans, Year Five and Earlier     672,628 240,502  
Accrued interest receivable     10,600 9,400  
Write-off     5,000 5,023 $ 2,700
Mortgage loan receivable with a borrower collateralized     $ 2,198,224 $ 1,565,897  
Mortgage loan receivable held for investment (percentage)     7.71% 9.27%  
Financing Receivable, Accrued Interest, after Allowance for Credit Loss, Statement of Financial Position [Extensible Enumeration]       Accrued interest receivable  
Oakland, CA          
Financing Receivable, Credit Quality Indicator [Line Items]          
Write-off       $ 5,000  
Number of real estate properties | loan       1  
Portland, Oregon          
Financing Receivable, Credit Quality Indicator [Line Items]          
Write-off     $ 5,000    
Multifamily          
Financing Receivable, Credit Quality Indicator [Line Items]          
Year One     959,214 $ 126,588  
Year Two     127,254 14,636  
Year Three     14,648 105,324  
Year Four     22,109 272,291  
Year Five and Earlier     111,575 0  
Total loans     $ 1,234,800 $ 518,839  
Loans collateralized by property, valuations used to calculate allowance     2 1  
Office          
Financing Receivable, Credit Quality Indicator [Line Items]          
Year One     $ 50,895 $ 0  
Year Two     0 0  
Year Three     0 59,944  
Year Four     55,950 518,663  
Year Five and Earlier     484,565 185,242  
Total loans     591,410 $ 763,849  
Loans collateralized by property, valuations used to calculate allowance | loan       1  
Office | Debt issuance costs included in mortgage loan financings          
Financing Receivable, Credit Quality Indicator [Line Items]          
Mortgage loan receivable with a borrower collateralized     $ 228,200    
Mortgage loan receivable held for investment (percentage)     10.00%    
Industrial          
Financing Receivable, Credit Quality Indicator [Line Items]          
Year One     $ 137,915 $ 26,368  
Year Two     11,418 0  
Year Three     0 0  
Year Four     0 0  
Year Five and Earlier     0 0  
Total loans     149,333 26,368  
Mixed Use          
Financing Receivable, Credit Quality Indicator [Line Items]          
Year One     79,244 0  
Year Two     0 0  
Year Three     0 0  
Year Four     0 127,380  
Year Five and Earlier     33,111 0  
Total loans     112,355 $ 127,380  
Loans collateralized by property, valuations used to calculate allowance | loan       2  
Other          
Financing Receivable, Credit Quality Indicator [Line Items]          
Year One     48,850 $ 0  
Year Two     0 0  
Year Three     0 14,101  
Year Four     11,945 0  
Year Five and Earlier     0 0  
Total loans     60,795 14,101  
Retail          
Financing Receivable, Credit Quality Indicator [Line Items]          
Year One     14,848 23,833  
Year Two     10,457 0  
Year Three     0 0  
Year Four     0 48,628  
Year Five and Earlier     24,121 0  
Total loans     49,426 72,461  
Hospitality          
Financing Receivable, Credit Quality Indicator [Line Items]          
Year One     0 0  
Year Two     0 0  
Year Three     0 0  
Year Four     0 13,064  
Year Five and Earlier     19,256 55,260  
Total loans     $ 19,256 $ 68,324  
Loans collateralized by property, valuations used to calculate allowance | property     1    
Hospitality | Debt issuance costs included in mortgage loan financings          
Financing Receivable, Credit Quality Indicator [Line Items]          
Loans collateralized by property, valuations used to calculate allowance | loan     1    
Office          
Financing Receivable, Credit Quality Indicator [Line Items]          
Loans collateralized by property, valuations used to calculate allowance | property     1    
Office | Oakland, CA          
Financing Receivable, Credit Quality Indicator [Line Items]          
Capitalization rate 7.50%        
Office | Portland, Oregon          
Financing Receivable, Credit Quality Indicator [Line Items]          
Capitalization rate   11.00%      
[1] Includes amounts relating to consolidated variable interest entities. Refer to Note 2 and Note 6.
v3.25.4
SECURITIES - Company's Securities (Details)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
USD ($)
security
Dec. 31, 2024
USD ($)
security
Debt Securities, Available-for-sale [Line Items]    
Outstanding Face Amount $ 2,456,147 $ 1,868,430
Amortized Cost Basis 2,079,918 1,067,155
Gross Unrealized, Gains 3,104 3,492
Gross Unrealized, Losses (7,416) (8,363)
Carrying Value $ 2,075,606 $ 1,062,284
Weighted Average of Securities | security 135 113
Weighted Average, Coupon 5.27% 3.56%
Weighted Average, Yield 5.33% 6.03%
Remaining Duration (years) 2 years 11 months 19 days 2 years 4 months 13 days
Allowance for current expected credit losses $ (20) $ (20)
Total securities, Amortized Cost Basis 2,092,828 1,086,666
Total securities, Gross Unrealized Gains 3,201 3,495
Total securities, Gross Unrealized Losses (7,744) (9,322)
Carrying Value $ 2,088,285 $ 1,080,839
Total Number of Securities | security 141 121
CMBS    
Debt Securities, Available-for-sale [Line Items]    
Outstanding Face Amount $ 2,070,492 $ 1,065,985
Amortized Cost Basis 2,069,307 1,063,835
Gross Unrealized, Gains 2,984 3,335
Gross Unrealized, Losses (7,369) (8,296)
Carrying Value $ 2,064,922 $ 1,058,874
Weighted Average of Securities | security 115 92
Weighted Average, Coupon 5.25% 5.97%
Weighted Average, Yield 5.31% 6.13%
Remaining Duration (years) 2 years 11 months 19 days 2 years 4 months 28 days
Risk retention requirement, amount $ 8,700 $ 8,900
CMBS interest-only    
Debt Securities, Available-for-sale [Line Items]    
Outstanding Face Amount 347,200 769,724
Amortized Cost Basis 1,283 3,149
Gross Unrealized, Gains 0 104
Gross Unrealized, Losses (8) (9)
Carrying Value $ 1,275 $ 3,244
Weighted Average of Securities | security 5 7
Weighted Average, Coupon 1.24% 0.38%
Weighted Average, Yield 8.63% 7.81%
Remaining Duration (years) 6 months 7 days 10 months 13 days
Risk retention requirement, amount $ 100 $ 200
GNMA interest-only    
Debt Securities, Available-for-sale [Line Items]    
Outstanding Face Amount 29,203 32,710
Amortized Cost Basis 95 160
Gross Unrealized, Gains 103 53
Gross Unrealized, Losses (31) (58)
Carrying Value $ 167 $ 155
Weighted Average of Securities | security 13 13
Weighted Average, Coupon 0.69% 0.33%
Weighted Average, Yield 9.24% 9.38%
Remaining Duration (years) 3 years 3 months 7 days 3 years 7 months 20 days
Agency securities    
Debt Securities, Available-for-sale [Line Items]    
Outstanding Face Amount $ 2 $ 11
Amortized Cost Basis 2 11
Gross Unrealized, Gains 0 0
Gross Unrealized, Losses 0 0
Carrying Value $ 2 $ 11
Weighted Average of Securities | security 1 1
Weighted Average, Coupon 4.00% 4.00%
Weighted Average, Yield 3.04% 2.60%
Remaining Duration (years) 2 months 8 days 6 months 29 days
Corporate bonds    
Debt Securities, Available-for-sale [Line Items]    
Outstanding Face Amount $ 9,250  
Amortized Cost Basis 9,231  
Gross Unrealized, Gains 17  
Gross Unrealized, Losses (8)  
Carrying Value $ 9,240  
Weighted Average of Securities | security 1  
Weighted Average, Coupon 8.50%  
Weighted Average, Yield 8.58%  
Remaining Duration (years) 2 years 7 months 6 days  
Equity securities    
Debt Securities, Available-for-sale [Line Items]    
Amortized Cost Basis   $ 19,511
Gross Unrealized, Gains $ 97 3
Gross Unrealized, Losses (308) (939)
Carrying Value $ 12,699 $ 18,575
Weighted Average of Securities | security 6 8
v3.25.4
SECURITIES - Securities by Remaining Maturity (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Debt Securities, Available-for-sale [Line Items]    
Within 1 year $ 270,737 $ 173,875
1-5 years 1,804,869 888,320
5-10 years 0 89
Total 2,075,606 1,062,284
Equity securities 12,700 18,600
Allowance for current expected credit losses (20) (20)
CMBS    
Debt Securities, Available-for-sale [Line Items]    
Within 1 year 269,437 170,874
1-5 years 1,795,485 888,000
5-10 years 0 0
Total 2,064,922 1,058,874
CMBS interest-only    
Debt Securities, Available-for-sale [Line Items]    
Within 1 year 1,275 2,937
1-5 years 0 307
5-10 years 0 0
Total 1,275 3,244
GNMA interest-only    
Debt Securities, Available-for-sale [Line Items]    
Within 1 year 23 53
1-5 years 144 13
5-10 years 0 89
Total 167 155
Agency securities    
Debt Securities, Available-for-sale [Line Items]    
Within 1 year 2 11
1-5 years 0 0
5-10 years 0 0
Total 2 $ 11
Corporate bonds    
Debt Securities, Available-for-sale [Line Items]    
Within 1 year 0  
1-5 years 9,240  
5-10 years 0  
Total $ 9,240  
v3.25.4
SECURITIES - Additional Information (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Debt Securities, Available-for-sale [Line Items]      
Sale of equity securities $ 56,200 $ 1,800  
Cash and cash equivalents 37,953 1,323,481 [1] $ 1,015,678
U.S. Treasury securities      
Debt Securities, Available-for-sale [Line Items]      
Cash and cash equivalents $ 0 $ 1,100,000  
[1] Includes amounts relating to consolidated variable interest entities. Refer to Note 2 and Note 6.
v3.25.4
SECURITIES - Realized and Unrealized Gain (Loss) on Securities (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Investments, Debt and Equity Securities [Abstract]      
Realized gain (loss) on securities $ 3,812 $ 172 $ (276)
Unrealized gain (loss) on securities 749 (925) 29
Total realized and unrealized gain (loss) on securities $ 4,561 $ (753) $ (247)
v3.25.4
REAL ESTATE AND RELATED LEASE INTANGIBLES, NET - Real Estate Portfolio (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Real estate and related lease intangibles, net    
Less: Accumulated depreciation and amortization $ (262,659) $ (233,595)
Real estate and related lease intangibles, net 703,537 670,803 [1]
Below market lease intangibles, net (other liabilities) (22,679) (25,340)
Unencumbered real estates 320,400 213,400
Accumulated amortization of below market lease 18,200 16,500
In-place leases and other intangibles    
Real estate and related lease intangibles, net    
Real estate 116,303 107,899
Undepreciated real estate and related lease intangibles    
Real estate and related lease intangibles, net    
Real estate 966,196 904,398
Land    
Real estate and related lease intangibles, net    
Real estate 190,277 173,798
Building    
Real estate and related lease intangibles, net    
Real estate $ 659,616 $ 622,701
[1] Includes amounts relating to consolidated variable interest entities. Refer to Note 2 and Note 6.
v3.25.4
REAL ESTATE AND RELATED LEASE INTANGIBLES, NET - Additional Information (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Real Estate [Line Items]      
Unbilled rent receivables $ 3.4 $ 2.6  
Tenant recoveries (5.3) (6.4) $ (4.8)
Disposal Group, Held-for-sale, Not Discontinued Operations      
Real Estate [Line Items]      
Real estate $ 0.0 $ 0.0  
v3.25.4
REAL ESTATE AND RELATED LEASE INTANGIBLES, NET - Depreciation and Amortization Expense on Real Estate (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Real Estate Properties [Line Items]      
Depreciation expense $ 25,033 $ 25,204 $ 24,166
Amortization expense 6,962 7,123 5,748
Total real estate depreciation and amortization expense 31,995 32,327 29,914
Corporate fixed assets 31,995 32,327 29,914
Other Capitalized Property Plant and Equipment      
Real Estate Properties [Line Items]      
Corporate fixed assets $ 400 $ 400 $ 400
v3.25.4
REAL ESTATE AND RELATED LEASE INTANGIBLES, NET - Unamortized Favorable Lease Intangibles (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Business Combination [Line Items]      
Gross intangible assets $ 116,303 $ 107,899  
Accumulated amortization 64,434 57,281  
Net intangible assets 51,869 50,618  
Unamortized favorable lease intangibles 4,200 2,300  
Increase in operating lease income for amortization of below market lease intangibles acquired 2,007 2,078 $ 2,106
Total 1,294 1,700 1,797
Above Market Leases      
Business Combination [Line Items]      
Reduction in operating lease income for amortization of above market lease intangibles acquired $ (713) $ (378) $ (309)
v3.25.4
REAL ESTATE AND RELATED LEASE INTANGIBLES, NET - Expected Future Amortization Expense (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Finite-Lived Intangible Assets [Line Items]    
Net intangible assets $ 51,869 $ 50,618
Increase/(Decrease) to Operating Lease Income    
Finite-Lived Intangible Assets [Line Items]    
2026 997  
2027 961  
2028 1,023  
2029 1,195  
2030 1,493  
Thereafter 12,822  
Net intangible assets 18,491  
Amortization Expense    
Finite-Lived Intangible Assets [Line Items]    
2026 6,646  
2027 6,448  
2028 5,418  
2029 3,589  
2030 3,447  
Thereafter 24,135  
Net intangible assets $ 49,683  
v3.25.4
REAL ESTATE AND RELATED LEASE INTANGIBLES, NET - Future Minimum Rental Payments Receivable (Details)
$ in Thousands
Dec. 31, 2025
USD ($)
Real Estate [Abstract]  
2026 $ 68,433
2027 60,980
2028 55,029
2029 52,512
2030 46,752
Thereafter 111,620
Total $ 395,326
v3.25.4
REAL ESTATE AND RELATED LEASE INTANGIBLES, NET - Real Estate Properties Acquired (Details)
 1 Months Ended 12 Months Ended
Sep. 30, 2025
USD ($)
Apr. 30, 2025
USD ($)
property
Sep. 30, 2024
USD ($)
Jun. 30, 2024
USD ($)
Apr. 30, 2024
USD ($)
security
Feb. 29, 2024
USD ($)
property
Dec. 31, 2023
USD ($)
loan
Nov. 30, 2023
USD ($)
Sep. 30, 2023
USD ($)
property
Dec. 31, 2025
USD ($)
Dec. 31, 2024
USD ($)
loan
Dec. 31, 2023
USD ($)
loan
Business Combination [Line Items]                        
Total real estate acquisitions                   $ 65,078,000 $ 48,796,000 $ 87,526,000
Sales Proceeds                   13,079,000 102,285,000 13,391,000
Charge-off for uncollectible reserve                   $ 5,000,000 $ 5,000,000  
Carmel, IN | Office                        
Business Combination [Line Items]                        
Purchase Price/Fair Value on the Date of Foreclosure   $ 42,400,000                    
Ownership Interest   100.00%                    
Number of properties acquired | property   2                    
Capitalization rate   11.60%                    
Carmel, IN | Office | Real Estate Acquired in Satisfaction of Debt                        
Business Combination [Line Items]                        
Realized gain (loss) on disposition of loan $ 0 $ 0                    
Rockville, MD | Office                        
Business Combination [Line Items]                        
Purchase Price/Fair Value on the Date of Foreclosure $ 22,678,000                      
Ownership Interest 100.00%                      
Capitalization rate 10.80%                      
Los Angeles, CA | Multifamily                        
Business Combination [Line Items]                        
Purchase Price/Fair Value on the Date of Foreclosure       $ 11,455,000   $ 14,110,000            
Ownership Interest       100.00%   100.00%            
Number of properties acquired | property           3            
Capitalization rate           5.50%            
Los Angeles, CA | Multifamily | Real Estate Acquired in Satisfaction of Debt                        
Business Combination [Line Items]                        
Realized gain (loss) on disposition of loan       $ 0   $ 0            
Longview, TX | Multifamily                        
Business Combination [Line Items]                        
Purchase Price/Fair Value on the Date of Foreclosure         $ 6,080,000              
Ownership Interest         100.00%              
Number of properties acquired | security         2              
Realized gain (loss) on disposition of loan         $ 400,000              
Sales Proceeds       $ 6,100,000                
Amarillo, TX | Multifamily                        
Business Combination [Line Items]                        
Purchase Price/Fair Value on the Date of Foreclosure         $ 9,651,000              
Ownership Interest         100.00%              
Capitalization rate         8.30%              
Amarillo, TX | Multifamily | Real Estate Acquired in Satisfaction of Debt                        
Business Combination [Line Items]                        
Realized gain (loss) on disposition of loan         $ 0              
Oakland, CA                        
Business Combination [Line Items]                        
Number of properties acquired | loan                     1  
Oakland, CA | Office                        
Business Combination [Line Items]                        
Purchase Price/Fair Value on the Date of Foreclosure     $ 7,500,000                  
Ownership Interest     100.00%                  
Capitalization rate     7.50%                  
Oakland, CA | Office | Real Estate Acquired in Satisfaction of Debt                        
Business Combination [Line Items]                        
Charge-off for uncollectible reserve     $ 5,000,000                  
New York, NY | Multifamily                        
Business Combination [Line Items]                        
Number of properties acquired | property                 4      
New York, NY | Retail                        
Business Combination [Line Items]                        
Purchase Price/Fair Value on the Date of Foreclosure             $ 22,647,000         $ 22,647,000
Ownership Interest             100.00%         100.00%
Capitalization rate             5.25%          
Number of mortgage loans receivable | loan             2         2
New York, NY | Retail | Real Estate Acquired in Satisfaction of Debt                        
Business Combination [Line Items]                        
Realized gain (loss) on disposition of loan             $ 0          
New York, NY | Mixed Use                        
Business Combination [Line Items]                        
Purchase Price/Fair Value on the Date of Foreclosure                 $ 30,400,000      
Ownership Interest                 100.00%      
Capitalization rate                 5.50%      
New York, NY | Mixed Use | Real Estate Acquired in Satisfaction of Debt                        
Business Combination [Line Items]                        
Realized gain (loss) on disposition of loan                 $ 0      
Pittsburgh, PA | Multifamily                        
Business Combination [Line Items]                        
Purchase Price/Fair Value on the Date of Foreclosure               $ 34,479,000        
Ownership Interest               100.00%        
Capitalization rate               6.00%        
Pittsburgh, PA | Multifamily | Real Estate Acquired in Satisfaction of Debt                        
Business Combination [Line Items]                        
Realized gain (loss) on disposition of loan               $ 0        
v3.25.4
REAL ESTATE AND RELATED LEASE INTANGIBLES, NET - Real Estate Properties Sold (Details)
$ in Thousands
 1 Months Ended 12 Months Ended
Mar. 31, 2025
USD ($)
property
Dec. 31, 2024
USD ($)
property
Oct. 31, 2024
USD ($)
property
Jul. 31, 2024
USD ($)
property
Jun. 30, 2024
USD ($)
property
May 31, 2024
USD ($)
property
Aug. 31, 2023
USD ($)
property
Dec. 31, 2025
USD ($)
Dec. 31, 2024
USD ($)
property
Dec. 31, 2023
USD ($)
Disposal Groups, Including Discontinued Operations [Line Items]                    
Sales Proceeds               $ 13,079 $ 102,285 $ 13,391
Net Book Value   $ 670,803 [1]           703,537 670,803 [1]  
Realized Gain/(Loss)               3,807 25,277 8,808
Amount assumed by buyer included within sales proceeds                   31,300
Multifamily | Longview, TX                    
Disposal Groups, Including Discontinued Operations [Line Items]                    
Sales Proceeds         $ 6,100          
2025 Disposal Properties                    
Disposal Groups, Including Discontinued Operations [Line Items]                    
Sales Proceeds               13,079    
Net Book Value               9,272    
Realized Gain/(Loss)               $ 3,807    
2025 Disposal Properties | Retail | Jenks, OK                    
Disposal Groups, Including Discontinued Operations [Line Items]                    
Sales Proceeds $ 13,079                  
Net Book Value 9,272                  
Realized Gain/(Loss) $ 3,807                  
Properties | property 1                  
2024 Disposal Properties                    
Disposal Groups, Including Discontinued Operations [Line Items]                    
Sales Proceeds                 102,285  
Net Book Value   77,410             77,410  
Realized Gain/(Loss)                 25,277  
2024 Disposal Properties | Retail | Waldorf, MD                    
Disposal Groups, Including Discontinued Operations [Line Items]                    
Sales Proceeds         23,734          
Net Book Value         11,424          
Realized Gain/(Loss)         $ 12,310          
Properties | property         1          
2024 Disposal Properties | Retail | Bixby, OK                    
Disposal Groups, Including Discontinued Operations [Line Items]                    
Sales Proceeds     $ 11,335              
Net Book Value     8,667              
Realized Gain/(Loss)     $ 2,668              
Properties | property     1              
2024 Disposal Properties | Retail | El Centro, CA                    
Disposal Groups, Including Discontinued Operations [Line Items]                    
Sales Proceeds   5,133                
Net Book Value   3,374             $ 3,374  
Realized Gain/(Loss)   $ 1,759                
Properties | property   1             1  
2024 Disposal Properties | Retail | Woodland Park, CO                    
Disposal Groups, Including Discontinued Operations [Line Items]                    
Sales Proceeds   $ 4,762                
Net Book Value   2,911             $ 2,911  
Realized Gain/(Loss)   $ 1,851                
Properties | property   1             1  
2024 Disposal Properties | Retail | Bennett, CO                    
Disposal Groups, Including Discontinued Operations [Line Items]                    
Sales Proceeds   $ 4,241                
Net Book Value   2,520             $ 2,520  
Realized Gain/(Loss)   $ 1,721                
Properties | property   1             1  
2024 Disposal Properties | Retail | Jacksonville, NC                    
Disposal Groups, Including Discontinued Operations [Line Items]                    
Sales Proceeds   $ 8,244                
Net Book Value   6,228             $ 6,228  
Realized Gain/(Loss)   $ 2,015                
Properties | property   1             1  
2024 Disposal Properties | Office | Peoria, IL                    
Disposal Groups, Including Discontinued Operations [Line Items]                    
Sales Proceeds           $ 1,227        
Net Book Value           2,320        
Realized Gain/(Loss)           $ (1,093)        
Properties | property           1        
2024 Disposal Properties | Multifamily | Los Angeles, CA                    
Disposal Groups, Including Discontinued Operations [Line Items]                    
Sales Proceeds       $ 11,770 $ 14,834          
Net Book Value       11,455 13,911          
Realized Gain/(Loss)       $ 315 $ 923          
Properties | property       1 3          
2024 Disposal Properties | Multifamily | Longview, TX                    
Disposal Groups, Including Discontinued Operations [Line Items]                    
Sales Proceeds         $ 6,080          
Net Book Value         6,080          
Realized Gain/(Loss)         $ 403          
Properties | property         2          
2024 Disposal Properties | Multifamily | Amarillo, TX                    
Disposal Groups, Including Discontinued Operations [Line Items]                    
Sales Proceeds   $ 10,925                
Net Book Value   8,520             $ 8,520  
Realized Gain/(Loss)   $ 2,405                
Properties | property   1             1  
2023 Disposal Properties                    
Disposal Groups, Including Discontinued Operations [Line Items]                    
Sales Proceeds                 $ 43,335  
Net Book Value                   $ 34,526
Realized Gain/(Loss)                 $ 8,808  
2023 Disposal Properties | Hotel | San Diego, CA                    
Disposal Groups, Including Discontinued Operations [Line Items]                    
Sales Proceeds             $ 43,335      
Net Book Value             34,526      
Realized Gain/(Loss)             $ 8,808      
Properties | property             1      
[1] Includes amounts relating to consolidated variable interest entities. Refer to Note 2 and Note 6.
v3.25.4
DEBT OBLIGATIONS, NET - Company's Debt Obligations (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Assets Sold under Agreements to Repurchase [Line Items]    
Carrying Value $ 627,012 $ 62,738
Carrying Value of Collateral 0 0
Unsecured Revolving Credit Facility    
Assets Sold under Agreements to Repurchase [Line Items]    
Committed Amount 850,000 725,000
Outstanding Principal Amount 2,513,409 2,041,557
Carrying Value 2,495,195 2,025,053
Loan Repurchase Facility    
Assets Sold under Agreements to Repurchase [Line Items]    
Committed Amount 656,000  
Outstanding Principal Amount 0  
Unamortized debt issuance expense 3,100 2,100
Total Debt Obligations, net    
Assets Sold under Agreements to Repurchase [Line Items]    
Committed Amount 1,506,000 1,881,000
Outstanding Principal Amount 3,526,964 3,149,492
Carrying Value 3,510,402 3,135,617
Carrying Value of Collateral 1,090,391 1,395,040
Maturing on Various Date | Senior Unsecured Notes    
Assets Sold under Agreements to Repurchase [Line Items]    
Outstanding Principal Amount 2,233,409 2,041,557
Carrying Value $ 2,215,195 $ 2,025,053
Average Cost of Funds (as a percent) 5.29% 5.22%
Maturing on Various Date | Mortgage loan financing    
Assets Sold under Agreements to Repurchase [Line Items]    
Outstanding Principal Amount $ 386,543 $ 443,733
Carrying Value $ 388,195 $ 446,397
Average Cost of Funds (as a percent) 5.88% 6.09%
Carrying Value of Collateral $ 383,173 $ 451,880
Maturing on Various Date | CLO Debt    
Assets Sold under Agreements to Repurchase [Line Items]    
Outstanding Principal Amount   601,464
Carrying Value   $ 601,429
Average Cost of Funds (as a percent)   6.36%
Carrying Value of Collateral   $ 831,270
Maturing on 20 December 2028 | Unsecured Revolving Credit Facility    
Assets Sold under Agreements to Repurchase [Line Items]    
Committed Amount 850,000 725,000
Outstanding Principal Amount 280,000 0
Carrying Value $ 280,000 $ 0
Average Cost of Funds (as a percent) 4.91% 0.00%
Unamortized debt issuance expense $ 7,100 $ 7,100
Maturing on 27 September 2028 | Loan Repurchase Facility    
Assets Sold under Agreements to Repurchase [Line Items]    
Committed Amount 300,000  
Outstanding Principal Amount 0  
Carrying Value $ 0  
Average Cost of Funds (as a percent) 0.00%  
Carrying Value of Collateral $ 0  
Maturing on 21 October 2026 | Loan Repurchase Facility    
Assets Sold under Agreements to Repurchase [Line Items]    
Committed Amount 300,000  
Outstanding Principal Amount 0  
Carrying Value $ 0  
Average Cost of Funds (as a percent) 0.00%  
Carrying Value of Collateral $ 0  
Maturing on 30 April 2026 | Loan Repurchase Facility    
Assets Sold under Agreements to Repurchase [Line Items]    
Committed Amount 56,000 56,000
Outstanding Principal Amount 0 0
Carrying Value $ 0 $ 0
Average Cost of Funds (as a percent) 0.00% 0.00%
Carrying Value of Collateral $ 0 $ 0
Maturing on January 2026 | Securities Repurchases    
Assets Sold under Agreements to Repurchase [Line Items]    
Committed Amount 0  
Outstanding Principal Amount 627,012  
Carrying Value $ 627,012  
Average Cost of Funds (as a percent) 4.29%  
Carrying Value of Collateral $ 707,218  
Maturing on 27 September 2025 | Loan Repurchase Facility    
Assets Sold under Agreements to Repurchase [Line Items]    
Committed Amount   500,000
Outstanding Principal Amount   62,738
Carrying Value   $ 62,738
Average Cost of Funds (as a percent)   6.55%
Carrying Value of Collateral   $ 97,254
Maturing on 21 October 2027 | Loan Repurchase Facility    
Assets Sold under Agreements to Repurchase [Line Items]    
Committed Amount   300,000
Outstanding Principal Amount   0
Carrying Value   $ 0
Average Cost of Funds (as a percent)   0.00%
Carrying Value of Collateral   $ 0
Maturing on 3 October 2025 | Loan Repurchase Facility    
Assets Sold under Agreements to Repurchase [Line Items]    
Committed Amount   200,000
Outstanding Principal Amount   0
Carrying Value   $ 0
Average Cost of Funds (as a percent)   0.00%
Carrying Value of Collateral   $ 14,636
Maturing on 22 January 2025 | Loan Repurchase Facility    
Assets Sold under Agreements to Repurchase [Line Items]    
Committed Amount   100,000
Outstanding Principal Amount   0
Carrying Value   $ 0
Average Cost of Funds (as a percent)   0.00%
Carrying Value of Collateral   $ 0
v3.25.4
DEBT OBLIGATIONS, NET - Senior Unsecured Notes (Details) - USD ($)
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Debt Instrument [Line Items]      
Gain on extinguishment of debt $ 151,000 $ 188,000 $ 10,718,000
Senior Unsecured Notes      
Debt Instrument [Line Items]      
Senior notes 2,200,000,000    
Senior Unsecured Notes | Senior Notes Due 2027      
Debt Instrument [Line Items]      
Notes issued $ 599,500,000    
Stated interest rate on debt instrument 4.25%    
Notes repurchased $ 12,400,000    
Gain on extinguishment of debt 250,000    
Senior Unsecured Notes | Senior Notes Due 2029      
Debt Instrument [Line Items]      
Notes issued $ 633,900,000    
Stated interest rate on debt instrument 4.75%    
Senior Unsecured Notes | Senior Note Due 2030      
Debt Instrument [Line Items]      
Notes issued $ 500,000,000.0    
Stated interest rate on debt instrument 5.50%    
Senior Unsecured Notes | Senior Notes Due 2031      
Debt Instrument [Line Items]      
Notes issued $ 500,000,000.0    
Stated interest rate on debt instrument 7.00%    
Senior Unsecured Notes | Senior Notes Due 2025      
Debt Instrument [Line Items]      
Stated interest rate on debt instrument 5.25%    
Gain on extinguishment of debt $ (99,000)    
v3.25.4
DEBT OBLIGATIONS, NET - Unsecured Revolving Credit Facility (Details) - USD ($)
$ in Thousands
 1 Months Ended 12 Months Ended
Dec. 20, 2024
Sep. 30, 2025
Dec. 31, 2025
Jan. 02, 2025
Dec. 31, 2024
Debt Instrument [Line Items]          
Outstanding borrowings on the revolving credit facility     $ 627,012   $ 62,738
Line of Credit | Short-Term Debt          
Debt Instrument [Line Items]          
Committed amount on credit agreement   $ 100,000      
Debt instrument term (in years)   5 years      
Permitted borrowing capacity     0    
Utilized borrowing capacity     $ 0    
Unsecured Revolving Credit Facility          
Debt Instrument [Line Items]          
Committed amount on credit agreement $ 725,000     $ 850,000  
Line of credit facility, accordion feature, increase limit $ 1,300,000        
Company’s credit rating     1.25%    
Outstanding borrowings on the revolving credit facility     $ 280,000    
Unsecured Revolving Credit Facility | Minimum          
Debt Instrument [Line Items]          
Company’s credit rating 0.775%        
Unsecured Revolving Credit Facility | Maximum          
Debt Instrument [Line Items]          
Company’s credit rating 1.70%        
v3.25.4
DEBT OBLIGATIONS, NET - Loan and Securities Repurchase Financing (Details)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
USD ($)
security
loan
agreement
Debt Instrument [Line Items]  
Number of counterparties with collateral exceeding borrowed amounts | security 0
Amount of collateral exceeding borrowings $ 148,100
Amount of collateral exceeding borrowings (in percent) 10.00%
Loan Repurchase Facility  
Debt Instrument [Line Items]  
Number of repurchase agreements | agreement 3
Committed Amount $ 656,000
Outstanding Principal Amount 0
Uncommitted Master Repurchase Agreements | Maturing on July 2025  
Debt Instrument [Line Items]  
Securities repurchase debt outstanding $ 627,000
Loan Repurchase Facilities  
Debt Instrument [Line Items]  
Number of facilities due within than 90 days | loan 0
Specified period facilities are due, greater than 90 days 90 days
v3.25.4
DEBT OBLIGATIONS, NET - Collateralized Loan Obligation Debt (Details) - USD ($)
$ in Thousands
Dec. 02, 2021
Jul. 13, 2021
Dec. 31, 2025
Dec. 31, 2024
Debt Instrument [Line Items]        
Debt obligations, net     $ 3,510,402 $ 3,135,617 [1]
Variable Interest Entity, Primary Beneficiary        
Debt Instrument [Line Items]        
Debt obligations, net       $ 601,429
Variable Interest Entity, Primary Beneficiary | Collateralized Loan Obligation        
Debt Instrument [Line Items]        
Subordinate and controlling interest 15.60% 18.00%    
Subordinate and controlling interest as investment 6.80%      
Non-Recourse Notes | CLO Debt        
Debt Instrument [Line Items]        
Loans financed $ 729,400 $ 607,500    
Advance rate 77.60% 82.00%    
Debt obligations, net $ 566,200 $ 498,200    
[1] Includes amounts relating to consolidated variable interest entities. Refer to Note 2 and Note 6.
v3.25.4
DEBT OBLIGATIONS, NET - Variable Interest Entities (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Debt Instrument [Line Items]        
Accrued interest receivable $ 15,890 $ 12,936 [1]    
Other assets 49,041 158,149 [1]    
Total assets 5,152,550 4,845,073 [1] $ 5,512,677  
Debt obligations, net 3,510,402 3,135,617 [1]    
Accrued expenses 76,448 74,824 [1]    
Total liabilities 3,671,193 3,312,134 [1]    
Total equity 1,481,357 1,532,939 [1] $ 1,532,198 $ 1,533,561
Total liabilities and equity $ 5,152,550 4,845,073 [1]    
Variable Interest Entity, Primary Beneficiary        
Debt Instrument [Line Items]        
Mortgage loan receivables held for investment, net, at amortized cost   831,270    
Accrued interest receivable   5,530    
Other assets   42,621    
Total assets   879,421    
Debt obligations, net   601,429    
Accrued expenses   1,806    
Total liabilities   603,235    
Net equity in VIEs (eliminated in consolidation)   276,186    
Total equity   276,186    
Total liabilities and equity   $ 879,421    
[1] Includes amounts relating to consolidated variable interest entities. Refer to Note 2 and Note 6.
v3.25.4
DEBT OBLIGATIONS, NET - Mortgage Loan Financing (Details)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
USD ($)
agreement
Dec. 31, 2024
USD ($)
agreement
Dec. 31, 2023
USD ($)
Debt Instrument [Line Items]      
Amortization of discount (premium) on mortgage loan financing included in interest expense $ 652 $ 767 $ 604
Mortgage loan financing      
Debt Instrument [Line Items]      
Carrying amount 388,200 446,400  
Net unamortized premiums 3,100 3,700  
Amortization of discount (premium) on mortgage loan financing included in interest expense $ 700 $ 800 $ 600
Number of agreements | agreement 1 16  
v3.25.4
DEBT OBLIGATIONS, NET - Contractual Payments Under Borrowings by Maturity (Details)
$ in Thousands
Dec. 31, 2025
USD ($)
Long-term Debt, Fiscal Year Maturity [Abstract]  
2026 $ 653,392
2027 715,346
2028 24,269
2029 949,433
2030 601,176
Thereafter 583,347
Subtotal 3,526,963
Net premiums included in mortgage loan financings 3,068
Total 3,510,402
Debt issuance costs included in senior unsecured notes  
Long-term Debt, Fiscal Year Maturity [Abstract]  
Unamortized debt issuance costs (18,214)
Debt issuance costs included in mortgage loan financings  
Long-term Debt, Fiscal Year Maturity [Abstract]  
Unamortized debt issuance costs $ (1,415)
v3.25.4
DERIVATIVE INSTRUMENTS - Derivatives Outstanding (Details)
$ in Thousands
Dec. 31, 2025
USD ($)
Dec. 31, 2024
USD ($)
option
Derivative [Line Items]    
Notional $ 113,500 $ 90,000
Fair value, asset 264 437
Fair value, liability $ 0 $ 0
Derivative Asset, Statement of Financial Position [Extensible Enumeration] Derivative instruments Derivative instruments
1 Month Term SOFR    
Derivative [Line Items]    
Notional $ 91,000 $ 90,000
Fair value, asset 1 432
Fair value, liability $ 0 $ 0
Remaining Maturity (years) 9 months 14 days 7 months 13 days
10-year Treasury-Note Futures    
Derivative [Line Items]    
Notional $ 22,500  
Fair value, asset 263  
Fair value, liability $ 0  
Remaining Maturity (years) 2 months 19 days  
Options    
Derivative [Line Items]    
Fair value, asset   $ 5
Fair value, liability   $ 0
Remaining Maturity (years)   18 days
Option contracts held | option   275
Total credit derivatives    
Derivative [Line Items]    
Notional   $ 0
Fair value, asset   5
Fair value, liability   $ 0
v3.25.4
DERIVATIVE INSTRUMENTS - Net Realized and Unrealized Gains/(Losses) on Derivatives (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Derivative [Line Items]      
Unrealized Gain/(Loss) $ (200) $ (1,860) $ (390)
Realized Gain/(Loss) 2,035 7,280 1,871
Net Result from Derivative Transactions 1,835 5,420 1,481
Caps      
Derivative [Line Items]      
Unrealized Gain/(Loss) (463) (1,315) (895)
Realized Gain/(Loss) 504 1,562 1,378
Net Result from Derivative Transactions 41 247 483
Futures      
Derivative [Line Items]      
Unrealized Gain/(Loss) 263 (545) 423
Realized Gain/(Loss) 1,591 5,813 834
Net Result from Derivative Transactions 1,854 5,268 1,257
Options      
Derivative [Line Items]      
Unrealized Gain/(Loss) 0 0 82
Realized Gain/(Loss) (60) (95) (341)
Net Result from Derivative Transactions $ (60) $ (95) $ (259)
v3.25.4
DERIVATIVE INSTRUMENTS - Additional Information (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]      
Cash margins held as collateral for derivatives by counterparties $ 0.6 $ 0.0 $ 2.8
v3.25.4
OFFSETTING ASSETS AND LIABILITIES - Offsetting Assets (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Derivatives    
Gross amounts of recognized assets $ 264 $ 437
Gross amounts offset in the balance sheet 0 0
Net amounts of assets presented in the balance sheet 264 437
Gross amounts not offset in the balance sheet, financial instruments 0 0
Gross amounts not offset in the balance sheet, cash collateral received/(posted) (574) 0
Net amount (310) 437
Total    
Gross amounts of recognized assets 264 437
Gross amounts offset in the balance sheet 0 0
Net amounts of assets presented in the balance sheet 264 437
Gross amounts not offset in the balance sheet, financial instruments 0 0
Gross amounts not offset in the balance sheet, cash collateral received/(posted) (574) 0
Net amount $ (310) $ 437
v3.25.4
OFFSETTING ASSETS AND LIABILITIES - Offsetting Liabilities (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Repurchase agreements    
Gross amounts of recognized liabilities $ 627,012 $ 62,738
Gross amounts offset in the balance sheet 0 0
Net amounts of liabilities presented in the balance sheet 627,012 62,738
Gross amounts not offset in the balance sheet, financial instruments collateral 627,012 62,738
Gross amounts not offset in the balance sheet, cash collateral posted/(received) 0 0
Net amount 627,012 62,738
Total    
Gross amounts of recognized liabilities 627,012 62,738
Gross amounts offset in the balance sheet 0 0
Net amounts of liabilities presented in the balance sheet 627,012 62,738
Gross amounts not offset in the balance sheet, financial instruments collateral 627,012 62,738
Gross amounts not offset in the balance sheet, cash collateral reposted/(received) 0 0
Net amount $ 627,012 $ 62,738
v3.25.4
EQUITY - Additional Information (Details)
$ / shares in Units, $ in Thousands
 12 Months Ended
Dec. 31, 2025
USD ($)
class
vote
$ / shares
Apr. 23, 2025
USD ($)
Apr. 22, 2025
USD ($)
Dec. 31, 2024
USD ($)
class
Apr. 24, 2024
USD ($)
Dec. 31, 2023
USD ($)
class
Dec. 31, 2022
USD ($)
Class of Stock [Line Items]              
Number of classes of stock | class 1     1   1  
2014 Share Repurchase Authorization Program              
Class of Stock [Line Items]              
Remaining amount available for repurchase $ 90,600            
Percentage of aggregate common stock outstanding under Repurchase Program 6.50%            
Closing price (in dollars per share) | $ / shares $ 10.99            
Class A Common Stock              
Class of Stock [Line Items]              
Number of votes per share | vote 1            
Class A Common Stock | 2014 Share Repurchase Authorization Program              
Class of Stock [Line Items]              
Additional authorizations   $ 100,000 $ 66,800   $ 75,000    
Remaining amount available for repurchase $ 90,580     $ 67,604   $ 44,256 $ 46,737
v3.25.4
EQUITY - Repurchase of Treasury Stock Activity (Details) - USD ($)
$ in Thousands
 1 Months Ended 12 Months Ended
Apr. 23, 2025
Apr. 24, 2024
Dec. 31, 2025
Nov. 30, 2025
Oct. 31, 2025
Sep. 30, 2025
Aug. 31, 2025
Jul. 31, 2025
Jun. 30, 2025
May 31, 2025
Apr. 30, 2025
Mar. 31, 2025
Feb. 28, 2025
Jan. 31, 2025
Dec. 31, 2024
Nov. 30, 2024
Oct. 31, 2024
Sep. 30, 2024
Aug. 31, 2024
Jul. 31, 2024
Jun. 30, 2024
May 31, 2024
Apr. 30, 2024
Mar. 31, 2024
Feb. 29, 2024
Jan. 31, 2024
Sep. 30, 2023
Mar. 31, 2023
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Apr. 22, 2025
Treasury Stock [Roll Forward]                                                                
Repurchases paid                                                         $ (10,239) $ (8,043) $ (2,481)  
2014 Share Repurchase Authorization Program                                                                
Treasury Stock [Roll Forward]                                                                
Authorizations remaining amount, end of period     $ 90,600                                                   90,600      
2014 Share Repurchase Authorization Program | Class A Common Stock                                                                
Class of Stock [Line Items]                                                                
Purchase of treasury stock (in shares)     12,111 30,668 45,052 91,321 43,020 36,371 234,094 401,396 0 70,506 0 0 448,369 69,000 14,131 100,001 0 0 17,590 2,100 0 60,000 0 0 19,000 250,000        
Treasury Stock [Roll Forward]                                                                
Authorizations remaining amount, beginning of period                           $ 67,604                       $ 44,256     67,604 44,256 46,737  
Additional authorizations $ 33,201 $ 31,391                                                            
Repurchases paid     $ (131) $ (320) $ (477) $ (1,017) $ (471) $ (397) $ (2,456) $ (4,151) $ 0 $ (805) $ 0 $ 0 $ (5,046) $ (789) $ (159) $ (1,190) $ 0 $ 0 $ (189) $ (23) $ 0 $ (647) $ 0 $ 0 $ (196) $ (2,285)        
Authorizations remaining amount, end of period     $ 90,580                       $ 67,604                           $ 90,580 $ 67,604 $ 44,256  
Additional authorizations $ 100,000 $ 75,000                                                           $ 66,800
v3.25.4
EQUITY - Dividends Declared (Details) - $ / shares
 3 Months Ended 12 Months Ended
Dec. 31, 2025
Sep. 30, 2025
Jun. 30, 2025
Mar. 31, 2025
Dec. 31, 2024
Sep. 30, 2024
Jun. 30, 2024
Mar. 31, 2024
Dec. 31, 2023
Sep. 30, 2023
Jun. 30, 2023
Mar. 31, 2023
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Class A Common Stock                              
Class of Stock [Line Items]                              
Dividends per share of Class A common stock (in dollars per share) $ 0.23 $ 0.23 $ 0.23 $ 0.23 $ 0.23 $ 0.23 $ 0.23 $ 0.23 $ 0.23 $ 0.23 $ 0.23 $ 0.23 $ 0.92 $ 0.92 $ 0.92
v3.25.4
EQUITY - Dividends Declared and Paid (Details) - Class A Common Stock - $ / shares
 3 Months Ended 12 Months Ended
Jan. 15, 2026
Dec. 31, 2025
Sep. 30, 2025
Jun. 30, 2025
Mar. 31, 2025
Dec. 31, 2024
Sep. 30, 2024
Jun. 30, 2024
Mar. 31, 2024
Dec. 31, 2023
Sep. 30, 2023
Jun. 30, 2023
Mar. 31, 2023
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Tax Year 2025                                
Class of Stock [Line Items]                                
Dividend per share (in dollars per share)   $ 0 $ 0.230 $ 0.230 $ 0.230                 $ 0.690    
Qualified Dividends (in dollars per share)   0 0 0 0                 0    
Capital Gain (in dollars per share)   0 0.011 0.011 0.011                 0.033    
Unrecaptured 1250 Gain (in dollars per share)   0 0.006 0.006 0.006                 0.018    
Return of Capital (in dollars per share)   0 0.002 0.002 0.002                 0.006    
Section 199A Dividends (in dollars per share)   0 0.217 0.217 0.217                 0.651    
Tax Year 2025 | Subsequent Event                                
Class of Stock [Line Items]                                
Dividend per share (in dollars per share) $ 0.230                              
Tax Year 2025 | O 2025 Q1 Dividends                                
Class of Stock [Line Items]                                
Dividend per share (in dollars per share)         $ 0.217                      
Tax Year 2025 | O 2025 Q2 Dividends                                
Class of Stock [Line Items]                                
Dividend per share (in dollars per share)       $ 0.217                        
Tax Year 2025 | O 2025 Q3 Dividends                                
Class of Stock [Line Items]                                
Dividend per share (in dollars per share)     $ 0.217                          
Tax Year 2025 | O 2025 Q4 Dividends                                
Class of Stock [Line Items]                                
Dividend per share (in dollars per share)   $ 0                            
Tax Year 2025 | O 2025 A Dividends                                
Class of Stock [Line Items]                                
Dividend per share (in dollars per share)                           $ 0.651    
Tax Year 2024                                
Class of Stock [Line Items]                                
Dividend per share (in dollars per share)           $ 0.230 $ 0.230 $ 0.230 $ 0.230           $ 0.920  
Qualified Dividends (in dollars per share)           0 0 0 0           0  
Capital Gain (in dollars per share)           0.035 0.035 0.035 0.035           0.140  
Unrecaptured 1250 Gain (in dollars per share)           0.023 0.023 0.023 0.023           0.092  
Return of Capital (in dollars per share)           0 0 0 0           0  
Section 199A Dividends (in dollars per share)           0.195 0.195 0.195 0.195           0.780  
Tax Year 2024 | O 2024 Q1 Dividends                                
Class of Stock [Line Items]                                
Dividend per share (in dollars per share)                 $ 0.195              
Tax Year 2024 | O 2024 Q2 Dividends                                
Class of Stock [Line Items]                                
Dividend per share (in dollars per share)               $ 0.195                
Tax Year 2024 | O 2024 Q3 Dividends                                
Class of Stock [Line Items]                                
Dividend per share (in dollars per share)             $ 0.195                  
Tax Year 2024 | O 2024 Q4 Dividends                                
Class of Stock [Line Items]                                
Dividend per share (in dollars per share)           $ 0.195                    
Tax Year 2024 | O 2024 A Dividends                                
Class of Stock [Line Items]                                
Dividend per share (in dollars per share)                             $ 0.780  
Tax Year 2023                                
Class of Stock [Line Items]                                
Dividend per share (in dollars per share)                   $ 0.230 $ 0.230 $ 0.230 $ 0.230     $ 0.920
Qualified Dividends (in dollars per share)                   0 0 0 0     0
Capital Gain (in dollars per share)                   0 0 0 0     0
Unrecaptured 1250 Gain (in dollars per share)                   0 0 0 0     0
Return of Capital (in dollars per share)                   0 0 0 0     0
Section 199A Dividends (in dollars per share)                   0.230 0.230 0.230 0.230     0.920
Tax Year 2023 | O 2023 Q1 Dividends                                
Class of Stock [Line Items]                                
Dividend per share (in dollars per share)                         $ 0.230      
Tax Year 2023 | O 2023 Q2 Dividends                                
Class of Stock [Line Items]                                
Dividend per share (in dollars per share)                       $ 0.230        
Tax Year 2023 | O 2023 Q3 Dividends                                
Class of Stock [Line Items]                                
Dividend per share (in dollars per share)                     $ 0.230          
Tax Year 2023 | O 2023 Q4 Dividends                                
Class of Stock [Line Items]                                
Dividend per share (in dollars per share)                   $ 0.230            
Tax Year 2023 | O 2023 A Dividends                                
Class of Stock [Line Items]                                
Dividend per share (in dollars per share)                               $ 0.920
v3.25.4
EQUITY - Changes in Accumulated Other Comprehensive Income (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
AOCI Attributable to Parent [Roll Forward]      
Beginning Balance $ 1,532,939 [1] $ 1,532,198 $ 1,533,561
Unrealized gain (loss) on securities, available for sale 3,085 9,107 6,875
Ending Balance 1,481,357 1,532,939 [1] 1,532,198
Accumulated Other Comprehensive Income (Loss)      
AOCI Attributable to Parent [Roll Forward]      
Beginning Balance (4,866) (13,853) (21,009)
Unrealized gain (loss) on securities, available for sale 731 8,987 7,156
Ending Balance $ (4,135) $ (4,866) $ (13,853)
[1] Includes amounts relating to consolidated variable interest entities. Refer to Note 2 and Note 6.
v3.25.4
NONCONTROLLING INTERESTS (Details) - Consolidated Venture
$ in Millions
Dec. 31, 2025
USD ($)
jointVenture
property
Noncontrolling Interest [Line Items]  
Number of consolidated ventures | jointVenture 2
Isla Vista, CA | Student Housing  
Noncontrolling Interest [Line Items]  
Number of real estate properties | property 40
Property book value $ 76.8
Oakland County, MI | Office Building  
Noncontrolling Interest [Line Items]  
Property book value $ 8.6
Consolidated Ventures | Minimum  
Noncontrolling Interest [Line Items]  
Noncontrolling interest ownership 10.00%
Consolidated Ventures | Maximum  
Noncontrolling Interest [Line Items]  
Noncontrolling interest ownership 25.00%
v3.25.4
EARNINGS PER SHARE - Net Income (Loss) and Weighted Average Shares Outstanding (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Weighted average shares outstanding:      
Basic (in shares)   125,576,784 124,667,877
Diluted (in shares)   125,785,295 124,882,398
Class A Common Stock      
Earnings Per Share      
Basic Net income (loss) available for Class A common shareholders $ 64,182 $ 108,255 $ 101,125
Diluted Net income (loss) available for Class A common shareholders $ 64,182 $ 108,255 $ 101,125
Weighted average shares outstanding:      
Basic (in shares) 125,483,693 125,576,784 124,667,877
Diluted (in shares) 126,194,691 125,785,295 124,882,398
v3.25.4
EARNINGS PER SHARE - Calculation of Basic and Diluted EPS (Details) - USD ($)
$ / shares in Units, $ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Denominator:      
Weighted average number of shares of Class A common stock outstanding (in shares)   125,576,784 124,667,877
Basic net income (loss) per share of Class A common stock (in dollars per share) $ 0.51 $ 0.86 $ 0.81
Denominator:      
Basic weighted average number of shares of Class A common stock outstanding (in shares)   125,576,784 124,667,877
Diluted weighted average number of shares of Class A common stock outstanding (in shares)   125,785,295 124,882,398
Diluted net income (loss) per share of Class A common stock (in dollars per share) $ 0.51 $ 0.86 $ 0.81
Anti-dilutive shares (in shares) 8,438 274,353 367,001
Class A Common Stock      
Numerator:      
Net income (loss) attributable to Class A common shareholders $ 64,182 $ 108,255 $ 101,125
Denominator:      
Weighted average number of shares of Class A common stock outstanding (in shares) 125,483,693 125,576,784 124,667,877
Basic net income (loss) per share of Class A common stock (in dollars per share) $ 0.51 $ 0.86 $ 0.81
Numerator:      
Net income (loss) attributable to Class A common shareholders $ 64,182 $ 108,255 $ 101,125
Diluted net income (loss) attributable to Class A common shareholders $ 64,182 $ 108,255 $ 101,125
Denominator:      
Basic weighted average number of shares of Class A common stock outstanding (in shares) 125,483,693 125,576,784 124,667,877
Diluted weighted average number of shares of Class A common stock outstanding (in shares) 126,194,691 125,785,295 124,882,398
Diluted net income (loss) per share of Class A common stock (in dollars per share) $ 0.51 $ 0.86 $ 0.81
Class A Common Stock | Restricted Stock      
Denominator:      
Incremental shares of unvested Class A restricted stock (in shares) 710,998 208,511 214,521
v3.25.4
STOCK-BASED AND OTHER COMPENSATION PLANS - Stock Based Compensation Plans (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Share-Based Payment Arrangement [Abstract]      
Stock-based compensation expense $ 20,329 $ 18,829 $ 18,577
Total Stock-Based Compensation Expense $ 20,329 $ 18,829 $ 18,577
v3.25.4
STOCK-BASED AND OTHER COMPENSATION PLANS - Grants (Details) - Restricted Stock - $ / shares
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Number of shares (in shares) 1,852,016    
Class A Common Stock      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Number of shares (in shares) 1,852,016 1,855,541 1,417,561
Weighted average fair value per share (in dollars per share) $ 11.67 $ 10.70 $ 11.58
v3.25.4
STOCK-BASED AND OTHER COMPENSATION PLANS - Nonvested Shares Outstanding (Details)
$ / shares in Units, $ in Millions
 12 Months Ended
Dec. 31, 2025
USD ($)
$ / shares
shares
Weighted Average Grant Date Fair Value  
Non-vested/Outstanding, beginning balance (in dollars per share) | $ / shares $ 12.28
Granted (in dollars per share) | $ / shares 11.67
Vested (in dollars per share) | $ / shares 11.49
Expired (in dollars per share) | $ / shares 0
Non-vested/Outstanding, ending balance (in dollars per share) | $ / shares 12.42
Stock Options  
Weighted average exercise price of outstanding options (in dollars per share) | $ / shares $ 12.42
Unrecognized compensation cost | $ $ 10.2
Period of recognition for unrecognized compensation costs 32 months
Remaining vesting period 21 months 24 days
Restricted Stock  
Restricted Stock  
Non-vested/Outstanding, beginning balance (in shares) 2,020,752
Granted (in shares) 1,852,016
Vested (in shares) (1,778,588)
Expired (in shares) 0
Non-vested/Outstanding, ending balance (in shares) 2,094,180
Stock Options  
Stock Options  
Non-vested/Outstanding, beginning balance (in shares) 623,788
Granted (in shares) 0
Vested (in shares) 0
Expired (in shares) (439,760)
Non-vested/Outstanding, ending balance (in shares) 184,028
Exercisable (in shares) 184,028
Options, warrants and rights  
Weighted Average Grant Date Fair Value  
Non-vested/Outstanding, ending balance (in dollars per share) | $ / shares $ 11.86
Stock Options  
Weighted average exercise price of outstanding options (in dollars per share) | $ / shares $ 11.86
v3.25.4
STOCK-BASED AND OTHER COMPENSATION PLANS - Omnibus Incentive Plan and Other Awards (Details)
$ in Millions
 1 Months Ended 12 Months Ended
Feb. 18, 2025
USD ($)
shares
Feb. 18, 2024
USD ($)
shares
Feb. 18, 2023
USD ($)
shares
Feb. 28, 2025
installment
Feb. 29, 2024
installment
Feb. 28, 2023
installment
Dec. 31, 2025
shares
Dec. 31, 2024
shares
Dec. 31, 2023
shares
Jun. 06, 2023
shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                    
Aggregate value of awards granted | $ $ 11.0 $ 10.0 $ 8.5              
Restricted Stock                    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                    
Granted (in shares)             1,852,016      
Restricted Stock | Class A Common Stock                    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                    
Granted (in shares)             1,852,016 1,855,541 1,417,561  
Non-Management Grantee | Mr. Miceli and Ms. Porcella                    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                    
Unrestricted shares granted (in shares) 21,658 22,939 19,558              
Non-Management Grantee | Performance Based Vesting | Other Non-Management Grantees                    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                    
Shares granted with certain vesting rights (in shares) 412,499 441,212 325,709              
Non-Management Grantee | Time-Based Vesting | Other Non-Management Grantees                    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                    
Shares granted with certain vesting rights (in shares) 390,859 418,285 306,162              
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 | $ $ 9.6 $ 9.4 $ 7.5              
Granted (in shares) 825,016 882,436 651,429              
Management Grantees | Restricted Stock | Time and Performance Based Vesting | Class A Common Stock                    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                    
Aggregate value of awards granted | $ $ 1.5 $ 1.4 $ 1.2              
Board of Directors | Restricted Stock | Class A Common Stock                    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                    
Granted (in shares) 32,190 35,545 32,525              
Grant date fair value | $ $ 0.4 $ 0.4 $ 0.4              
Vesting period 1 year 1 year 1 year              
Omnibus Incentive Plan 2023                    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                    
Number of shares available for issuance (in shares)                   3,000,000
Omnibus Incentive Plan 2023 | Non-Management Grantee | Restricted Stock                    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                    
Number of installments | installment       3            
Omnibus Incentive Plan 2023 | Management Grantees | Restricted Stock | Class A Common Stock                    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                    
Granted (in shares) 962,821                  
Omnibus Incentive Plan 2023 | Management Grantees | Restricted Stock | Performance Based Vesting                    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                    
Minimum performance target percentage       8.00%            
Performance period       3 years            
Omnibus Incentive Plan 2023 | Management Grantees | Restricted Stock | Time and Performance Based Vesting | Class A Common Stock                    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                    
Granted (in shares) 125,871                  
2014 Omnibus Incentive Plan                    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                    
Number of shares available for issuance (in shares)                   10,253,867
2014 Omnibus Incentive Plan | Non-Management Grantee | Restricted Stock                    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                    
Number of installments | installment         3 3        
2014 Omnibus Incentive Plan | Management Grantees | 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   50.00% 50.00% 50.00%            
2014 Omnibus Incentive Plan | Management Grantees | Performance Based Vesting | Class A Common Stock | Mr. Miceli and Ms. Porcella                    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                    
Vesting percentage   50.00% 50.00% 50.00%            
2014 Omnibus Incentive Plan | Management Grantees | Catch-up Provision | Class A Common Stock | Ms. McCormack and Mr. Perelman                    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                    
Vesting percentage   50.00% 50.00% 50.00%            
2014 Omnibus Incentive Plan | Management Grantees | Time-Based Vesting | Class A Common Stock | Mr. Miceli and Ms. Porcella                    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                    
Vesting percentage   50.00% 50.00% 50.00%            
2014 Omnibus Incentive Plan | Management Grantees | Restricted Stock | Class A Common Stock                    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                    
Granted (in shares)   937,560 733,607              
2014 Omnibus Incentive Plan | Management Grantees | Restricted Stock | Catch-up Provision                    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                    
Vesting percentage       66.67% 66.67% 66.67%        
2014 Omnibus Incentive Plan | Management Grantees | Restricted Stock | Time and Performance Based Vesting | Class A Common Stock                    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                    
Granted (in shares)   127,275 101,344              
v3.25.4
STOCK-BASED AND OTHER COMPENSATION PLANS - Change in Control and Performance Target (Details)
 12 Months Ended
Dec. 31, 2025
non-managementGrantee
Sep. 18, 2025
Share-Based Payment Arrangement [Abstract]    
Number of non-management grantee 1  
Number of specified grantee 1  
Share-based compensation arrangement by share-based payment award, terms of award, performance target percentage   0.06
v3.25.4
FAIR VALUE OF FINANCIAL INSTRUMENTS - Estimated Fair Values of Financial Instruments (Details)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
USD ($)
Dec. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
Dec. 31, 2022
USD ($)
Assets:        
Amortized Cost Basis/Purchase Price $ 2,079,918 $ 1,067,155    
Fair Value 2,075,606 1,062,284    
Liabilities:        
Allowance for credit losses (47,137) (52,323) $ (43,165) $ (20,755)
Total mortgage loans receivable        
Assets:        
Principal Amount 2,234,346      
CMBS        
Assets:        
Amortized Cost Basis/Purchase Price 2,069,307 1,063,835    
Fair Value 2,064,922 1,058,874    
CMBS interest-only        
Assets:        
Amortized Cost Basis/Purchase Price 1,283 3,149    
Fair Value 1,275 3,244    
GNMA interest-only        
Assets:        
Amortized Cost Basis/Purchase Price 95 160    
Fair Value 167 155    
Agency securities        
Assets:        
Amortized Cost Basis/Purchase Price 2 11    
Fair Value 2 $ 11    
Corporate bonds        
Assets:        
Amortized Cost Basis/Purchase Price 9,231      
Fair Value $ 9,240      
Mortgage loan receivables held for investment, net, at amortized cost        
Liabilities:        
Period of short interest rate reset risk 30 days 30 days    
Recurring | CMBS        
Assets:        
Principal Amount $ 2,070,492 $ 1,065,985    
Amortized Cost Basis/Purchase Price 2,069,307 1,063,835    
Fair Value $ 2,064,922 $ 1,058,873    
Recurring | CMBS | Internal model | Yield %        
Liabilities:        
Financial instruments, measurement input 0.0531 0.0613    
Recurring | CMBS | Internal model | Remaining Maturity/Duration (years)        
Liabilities:        
Financial instruments, measurement input 2.97 2.41    
Recurring | CMBS interest-only        
Assets:        
Principal Amount $ 347,200 $ 769,724    
Amortized Cost Basis/Purchase Price 1,283 3,149    
Fair Value $ 1,275 $ 3,244    
Recurring | CMBS interest-only | Internal model | Yield %        
Liabilities:        
Financial instruments, measurement input 0.0863 0.0781    
Recurring | CMBS interest-only | Internal model | Remaining Maturity/Duration (years)        
Liabilities:        
Financial instruments, measurement input 0.52 0.87    
Recurring | GNMA interest-only        
Assets:        
Principal Amount $ 29,203 $ 32,710    
Amortized Cost Basis/Purchase Price 95 160    
Fair Value $ 167 $ 155    
Recurring | GNMA interest-only | Internal model | Yield %        
Liabilities:        
Financial instruments, measurement input 0.0924 0.0938    
Recurring | GNMA interest-only | Internal model | Remaining Maturity/Duration (years)        
Liabilities:        
Financial instruments, measurement input 3.27 3.64    
Recurring | Agency securities        
Assets:        
Principal Amount $ 2 $ 11    
Amortized Cost Basis/Purchase Price 2 11    
Fair Value $ 2 $ 11    
Recurring | Agency securities | Internal model | Yield %        
Liabilities:        
Financial instruments, measurement input 0.0304 0.0260    
Recurring | Agency securities | Internal model | Remaining Maturity/Duration (years)        
Liabilities:        
Financial instruments, measurement input 0.19 0.58    
Recurring | Corporate bonds        
Assets:        
Principal Amount $ 9,250      
Amortized Cost Basis/Purchase Price 9,231      
Fair Value $ 9,240      
Recurring | Corporate bonds | Internal model, third-party inputs | Yield %        
Liabilities:        
Financial instruments, measurement input 0.0858      
Recurring | Corporate bonds | Internal model, third-party inputs | Remaining Maturity/Duration (years)        
Liabilities:        
Financial instruments, measurement input 2.60      
Recurring | Equity securities        
Assets:        
Amortized Cost Basis/Purchase Price $ 12,910 $ 19,511    
Fair Value 12,699 18,575    
Recurring | Mortgage loan receivables held for investment, net, at amortized cost        
Assets:        
Principal Amount   1,596,277    
Amortized Cost Basis/Purchase Price 2,217,375 1,591,322    
Fair Value 2,214,987 1,575,911    
Recurring | Mortgage loan receivables held for investment, net, at amortized cost | Discounted Cash Flow        
Liabilities:        
Allowance for credit losses $ (47,100) $ (52,300)    
Recurring | Mortgage loan receivables held for investment, net, at amortized cost | Discounted Cash Flow | Yield %        
Liabilities:        
Financial instruments, measurement input 0.0776 0.0936    
Recurring | Mortgage loan receivables held for investment, net, at amortized cost | Discounted Cash Flow | Remaining Maturity/Duration (years)        
Liabilities:        
Financial instruments, measurement input 1.57 0.86    
Recurring | Mortgage loan  receivables held for sale        
Assets:        
Principal Amount $ 31,350 $ 31,350    
Amortized Cost Basis/Purchase Price 27,986 26,898    
Fair Value $ 27,986 $ 26,898    
Recurring | Mortgage loan  receivables held for sale | Internal model, third-party inputs | Yield %        
Liabilities:        
Financial instruments, measurement input 0.0457 0.0457    
Recurring | Mortgage loan  receivables held for sale | Internal model, third-party inputs | Remaining Maturity/Duration (years)        
Liabilities:        
Financial instruments, measurement input 6.92 7.18    
Recurring | Nonhedge derivatives        
Assets:        
Principal Amount $ 113,500      
Non Hedge derivatives   $ 90,000    
Amortized Cost Basis/Purchase Price 264 437    
Fair Value $ 264 $ 437    
Recurring | Nonhedge derivatives | Counterparty quotations | Remaining Maturity/Duration (years)        
Liabilities:        
Financial instruments, measurement input 0.22 0.62    
Recurring | Repurchase agreements - short-term        
Liabilities:        
Principal Amount $ 627,012 $ 62,738    
Amortized Cost Basis/Purchase Price 627,012 62,738    
Fair Value $ 627,012 $ 62,738    
Recurring | Repurchase agreements - short-term | Cost plus Accrued Interest | Yield %        
Liabilities:        
Financial instruments, measurement input 0.0429 0.0655    
Recurring | Repurchase agreements - short-term | Cost plus Accrued Interest | Remaining Maturity/Duration (years)        
Liabilities:        
Financial instruments, measurement input 0.04 0.74    
Recurring | Unsecured Revolving Credit Facility        
Liabilities:        
Principal Amount $ 280,000      
Amortized Cost Basis/Purchase Price 280,000      
Fair Value $ 280,000      
Recurring | Unsecured Revolving Credit Facility | Yield %        
Liabilities:        
Financial instruments, measurement input 0.0242      
Recurring | Unsecured Revolving Credit Facility | Remaining Maturity/Duration (years)        
Liabilities:        
Financial instruments, measurement input 2.97      
Recurring | Mortgage loan financing        
Liabilities:        
Principal Amount $ 386,543 $ 443,733    
Amortized Cost Basis/Purchase Price 388,195 446,397    
Fair Value $ 385,460 $ 435,048    
Recurring | Mortgage loan financing | Discounted Cash Flow | Yield %        
Liabilities:        
Financial instruments, measurement input 0.0588 0.0609    
Recurring | Mortgage loan financing | Discounted Cash Flow | Remaining Maturity/Duration (years)        
Liabilities:        
Financial instruments, measurement input 4.01 3.36    
Recurring | CLO debt        
Liabilities:        
Principal Amount   $ 601,464    
Amortized Cost Basis/Purchase Price   601,380    
Fair Value   $ 601,430    
Recurring | CLO debt | Discounted Cash Flow | Yield %        
Liabilities:        
Financial instruments, measurement input   0.0201    
Recurring | CLO debt | Discounted Cash Flow | Remaining Maturity/Duration (years)        
Liabilities:        
Financial instruments, measurement input   0.98    
Recurring | Senior unsecured notes        
Liabilities:        
Principal Amount $ 2,233,409 $ 2,041,557    
Amortized Cost Basis/Purchase Price 2,215,195 2,025,053    
Fair Value $ 2,265,416 $ 2,001,207    
Recurring | Senior unsecured notes | Internal model | Yield %        
Liabilities:        
Financial instruments, measurement input 0.0529 0.0522    
Recurring | Senior unsecured notes | Internal model | Remaining Maturity/Duration (years)        
Liabilities:        
Financial instruments, measurement input 3.54 3.72    
v3.25.4
FAIR VALUE OF FINANCIAL INSTRUMENTS - Financial Assets and Liabilities (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Assets:        
Fair Value $ 2,251,822 $ 1,611,903    
Liabilities:        
Fair Value 3,557,888 3,100,423    
Allowance for credit losses (47,137) (52,323) $ (43,165) $ (20,755)
Repurchase agreements - short-term        
Liabilities:        
Principal Amount 627,012 62,738    
Fair Value 627,012 62,738    
Unsecured Revolving Credit Facility        
Liabilities:        
Principal Amount 280,000      
Fair Value 280,000      
Mortgage loan financing        
Liabilities:        
Principal Amount 386,543 443,733    
Fair Value 385,460 435,048    
CLO debt        
Liabilities:        
Principal Amount   601,464    
Fair Value   601,430    
Senior unsecured notes        
Liabilities:        
Principal Amount 2,233,409 2,041,557    
Fair Value 2,265,416 2,001,207    
CMBS        
Assets:        
Principal Amount 8,913 9,142    
Fair Value 8,745 8,887    
CMBS interest-only        
Assets:        
Principal Amount 7,958 8,187    
Fair Value 104 207    
Mortgage loan receivables held for investment, net, at amortized cost        
Assets:        
Principal Amount 2,234,346 1,596,277    
Fair Value 2,214,987 1,575,911    
Mortgage loan  receivables held for sale        
Assets:        
Principal Amount 31,350 31,350    
Fair Value 27,986 26,898    
Level 1        
Assets:        
Fair Value 0 0    
Liabilities:        
Fair Value 0 0    
Level 1 | Repurchase agreements - short-term        
Liabilities:        
Fair Value 0 0    
Level 1 | Unsecured Revolving Credit Facility        
Liabilities:        
Fair Value 0      
Level 1 | Mortgage loan financing        
Liabilities:        
Fair Value 0 0    
Level 1 | CLO debt        
Liabilities:        
Fair Value   0    
Level 1 | Senior unsecured notes        
Liabilities:        
Fair Value 0 0    
Level 1 | CMBS        
Assets:        
Fair Value 0 0    
Level 1 | CMBS interest-only        
Assets:        
Fair Value 0 0    
Level 1 | Mortgage loan receivables held for investment, net, at amortized cost        
Assets:        
Fair Value 0 0    
Level 1 | Mortgage loan  receivables held for sale        
Assets:        
Fair Value 0 0    
Level 2        
Assets:        
Fair Value 8,849 9,094    
Liabilities:        
Fair Value 2,892,428 2,665,375    
Level 2 | Repurchase agreements - short-term        
Liabilities:        
Fair Value 627,012 62,738    
Level 2 | Unsecured Revolving Credit Facility        
Liabilities:        
Fair Value 0      
Level 2 | Mortgage loan financing        
Liabilities:        
Fair Value 0 0    
Level 2 | CLO debt        
Liabilities:        
Fair Value   601,430    
Level 2 | Senior unsecured notes        
Liabilities:        
Fair Value 2,265,416 2,001,207    
Level 2 | CMBS        
Assets:        
Fair Value 8,745 8,887    
Level 2 | CMBS interest-only        
Assets:        
Fair Value 104 207    
Level 2 | Mortgage loan receivables held for investment, net, at amortized cost        
Assets:        
Fair Value 0 0    
Level 2 | Mortgage loan  receivables held for sale        
Assets:        
Fair Value 0 0    
Level 3        
Assets:        
Fair Value 2,242,973 1,602,809    
Liabilities:        
Fair Value 665,460 435,048    
Level 3 | Repurchase agreements - short-term        
Liabilities:        
Fair Value 0 0    
Level 3 | Unsecured Revolving Credit Facility        
Liabilities:        
Fair Value 280,000      
Level 3 | Mortgage loan financing        
Liabilities:        
Fair Value 385,460 435,048    
Level 3 | CLO debt        
Liabilities:        
Fair Value   0    
Level 3 | Senior unsecured notes        
Liabilities:        
Fair Value 0 0    
Level 3 | CMBS        
Assets:        
Fair Value 0 0    
Level 3 | CMBS interest-only        
Assets:        
Fair Value 0 0    
Level 3 | Mortgage loan receivables held for investment, net, at amortized cost        
Assets:        
Fair Value 2,214,987 1,575,911    
Level 3 | Mortgage loan  receivables held for sale        
Assets:        
Fair Value 27,986 26,898    
Recurring        
Assets:        
Fair Value 2,079,720 1,072,201    
Recurring | CMBS interest-only        
Assets:        
Principal Amount 347,200 769,724    
Recurring | Mortgage loan receivables held for investment, net, at amortized cost        
Assets:        
Principal Amount   1,596,277    
Recurring | Mortgage loan receivables held for investment, net, at amortized cost | Discounted Cash Flow        
Liabilities:        
Allowance for credit losses (47,100) (52,300)    
Recurring | CMBS        
Assets:        
Principal Amount 2,061,579 1,056,844    
Fair Value 2,056,177 1,049,986    
Recurring | CMBS interest-only        
Assets:        
Principal Amount 339,241 761,537    
Fair Value 1,171 3,037    
Recurring | GNMA interest-only        
Assets:        
Principal Amount 29,203 32,710    
Fair Value 167 155    
Recurring | Agency securities        
Assets:        
Principal Amount 2 11    
Fair Value 2 11    
Recurring | Corporate bonds        
Assets:        
Principal Amount 9,250      
Fair Value 9,240      
Recurring | Equity securities        
Assets:        
Fair Value 12,699 18,575    
Recurring | Nonhedge derivatives        
Assets:        
Principal Amount 113,500 90,000    
Fair Value 264 437    
Recurring | Level 1        
Assets:        
Fair Value 12,963 18,575    
Recurring | Level 1 | CMBS        
Assets:        
Fair Value 0 0    
Recurring | Level 1 | CMBS interest-only        
Assets:        
Fair Value 0 0    
Recurring | Level 1 | GNMA interest-only        
Assets:        
Fair Value 0 0    
Recurring | Level 1 | Agency securities        
Assets:        
Fair Value 0 0    
Recurring | Level 1 | Corporate bonds        
Assets:        
Fair Value 0      
Recurring | Level 1 | Equity securities        
Assets:        
Fair Value 12,699 18,575    
Recurring | Level 1 | Nonhedge derivatives        
Assets:        
Fair Value 264 0    
Recurring | Level 2        
Assets:        
Fair Value 2,066,757 1,053,626    
Recurring | Level 2 | CMBS        
Assets:        
Fair Value 2,056,177 1,049,986    
Recurring | Level 2 | CMBS interest-only        
Assets:        
Fair Value 1,171 3,037    
Recurring | Level 2 | GNMA interest-only        
Assets:        
Fair Value 167 155    
Recurring | Level 2 | Agency securities        
Assets:        
Fair Value 2 11    
Recurring | Level 2 | Corporate bonds        
Assets:        
Fair Value 9,240      
Recurring | Level 2 | Equity securities        
Assets:        
Fair Value 0 0    
Recurring | Level 2 | Nonhedge derivatives        
Assets:        
Fair Value 0 437    
Recurring | Level 3        
Assets:        
Fair Value 0 0    
Recurring | Level 3 | CMBS        
Assets:        
Fair Value 0 0    
Recurring | Level 3 | CMBS interest-only        
Assets:        
Fair Value 0 0    
Recurring | Level 3 | GNMA interest-only        
Assets:        
Fair Value 0 0    
Recurring | Level 3 | Agency securities        
Assets:        
Fair Value 0 0    
Recurring | Level 3 | Corporate bonds        
Assets:        
Fair Value 0      
Recurring | Level 3 | Equity securities        
Assets:        
Fair Value 0 0    
Recurring | Level 3 | Nonhedge derivatives        
Assets:        
Fair Value $ 0 $ 0    
v3.25.4
FAIR VALUE OF FINANCIAL INSTRUMENTS - Additional Information (Details) - USD ($)
Dec. 31, 2025
Dec. 31, 2024
Fair Value Disclosures [Abstract]    
Fair value Level 3 financial instruments $ 0 $ 0
v3.25.4
INCOME TAXES - Additional Information (Details) - USD ($)
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2025
Dec. 31, 2024
Apr. 30, 2023
Income Tax Disclosure [Abstract]        
Deferred tax liabilities   $ (6,700,000) $ (4,600,000)  
Unlimited carryforwards   900,000    
Deferred tax asset related to capital losses     200,000  
Settlement pertaining to audit       $ 2,600,000
Incremental income tax expense due to audit $ 200,000      
Liability for unrecognized tax benefits for uncertain income tax positions   $ 0 $ 0  
v3.25.4
INCOME TAXES - Components of the Provision for Income Taxes (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Current expense (benefit)      
U.S. federal $ 973 $ 1,321 $ 2,204
State and local 494 443 858
Total current expense (benefit) 1,467 1,764 3,062
Deferred expense (benefit)      
U.S. federal 1,091 940 964
State and local 935 744 218
Total deferred expense (benefit) 2,026 1,684 1,182
Provision for income tax expense (benefit) $ 3,493 $ 3,448 $ 4,244
v3.25.4
INCOME TAXES - Tax Rate Reconciliation (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Income Tax Expense (Benefit), Effective Income Tax Rate Reconciliation, Amount [Abstract]      
U.S. statutory tax rate $ 14,109    
State and local income tax, net of Federal income tax effect 1,136    
Cayman Islands non-taxable income (6,677)    
Change in valuation allowance 73    
REIT income not subject to corporate income tax (5,822)    
Section 162(m) executive compensation limitation 1,807    
Other (146)    
Capital loss utilization (987)    
Provision for income tax expense (benefit) $ 3,493 $ 3,448 $ 4,244
Effective Income Tax Rate Reconciliation, Percent [Abstract]      
U.S. statutory tax rate 21.00% 21.00% 21.00%
REIT income not subject to corporate income tax (8.67%) (16.50%) (15.22%)
Increase due to state and local taxes 1.69% 0.47% 1.07%
Cayman Islands non-taxable income (9.94%) (3.97%) (3.79%)
Change in valuation allowance 0.11% (0.09%) (1.57%)
Uncertain tax position recorded (released)   0.00% 0.14%
Section 163(j) interest expense limitation   0.35% 0.17%
REIT income taxes   0.03% 0.14%
Capital loss utilization (1.46%) 0.50% (0.23%)
Section 162(m) executive compensation limitation 2.69% 1.51% 1.42%
Other (0.22%)    
Other   (0.34%) 0.92%
Effective income tax rate 5.20% 2.96% 4.05%
v3.25.4
INCOME TAXES - Components of Deferred Tax Assets (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Income Tax Disclosure [Abstract]    
NOL Carryforward $ 576 $ 635
Net unrealized losses 486 486
Capital losses carryforward 0 201
Valuation allowance 0 (201)
Interest expense limitation 2,111 1,974
Valuation allowance (2,121) (1,974)
Total Deferred Tax Assets $ 1,052 $ 1,121
v3.25.4
INCOME TAXES - Components of Deferred Tax Liabilities (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Income Tax Disclosure [Abstract]    
Basis difference in operating partnerships $ 7,721 $ 5,764
Total Deferred Tax Liability $ 7,721 $ 5,764
v3.25.4
RELATED PARTY TRANSACTIONS (Details)
 12 Months Ended
Dec. 31, 2025
USD ($)
Related Party Transactions [Abstract]  
Related party relationships $ 0
v3.25.4
COMMITMENTS AND CONTINGENCIES - Additional Information (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Unfunded Loan Commitments      
Lease liabilities $ 14,264    
Operating lease, right-of-use asset $ 13,300    
Operating Lease, Liability, Statement of Financial Position [Extensible List] Other liabilities    
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List] Other assets    
Operating expenses $ 3,700 $ 2,200  
Treasury securities traded and not yet settled 0 (9,950) $ (44,815)
Provision for loan losses      
Unfunded Loan Commitments      
Unfunded commitments of mortgage loan receivables held for investment $ 93,400 34,600  
Length of additional mortgage loan financing 3 years    
Unfunded commitments of mortgage loan receivables held for investment, additional funds 49.00%    
U.S. Treasury Securities Traded, Not Yet Settled      
Unfunded Loan Commitments      
Treasury securities traded and not yet settled $ 0 $ (10,000)  
v3.25.4
COMMITMENTS AND CONTINGENCIES - Future Minimum Operating Lease Obligation (Details)
$ in Thousands
Dec. 31, 2025
USD ($)
Commitments and Contingencies Disclosure [Abstract]  
2026 $ 2,597
2027 2,232
2028 2,306
2029 2,409
2030 2,409
Thereafter 6,220
Total undiscounted cash flows 18,173
Present value discount (3,909)
Lease liabilities $ 14,264
Weighted average incremental borrowing rate 6.59%
Remaining lease term 7 years 4 months 24 days
Extended lease term 5 years
v3.25.4
SEGMENT REPORTING - Additional Information (Details)
 12 Months Ended
Dec. 31, 2025
segment
Segment Reporting [Abstract]  
Number of reportable segments 3
v3.25.4
SEGMENT REPORTING - Company's Performance Evaluation by Segment (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Net interest income      
Interest income $ 266,894 $ 358,625 $ 407,284
Interest expense (174,917) (221,537) (245,097)
Net interest income (expense) 91,977 137,088 162,187
(Provision for) release of loan loss reserves 157 (13,933) (25,096)
Net interest income (expense) after provision for (release of) loan reserves 92,134 123,155 137,091
Other income (loss)      
Real estate operating income 99,308 98,681 96,950
Net result from mortgage loan receivables held for sale 4,716 30 (523)
Gain (loss) on real estate, net 3,807 25,277 8,808
Fee and other income 14,995 18,700 8,931
Net result from derivative transactions 1,835 5,420 1,481
Earnings (loss) from investment in unconsolidated ventures (1,415) (79) 758
Gain (loss) on extinguishment of debt 151 188 10,718
Total other income (loss) 123,397 148,217 127,123
Costs and expenses      
Compensation and employee benefits (52,735) (60,671) (63,618)
Operating expenses (19,426) (19,193) (19,503)
Real estate operating expenses (40,475) (40,568) (37,587)
Investment related expenses (3,712) (7,718) (8,847)
Depreciation and amortization (31,995) (32,327) (29,914)
Total costs and expenses (148,343) (160,477) (159,469)
Income (loss) before taxes 67,188 110,895 104,745
Income tax (expense) benefit (3,493) (3,448) (4,244)
Segment net income (loss) 63,695 107,447 100,501
Total assets 5,152,550 4,845,073 [1] 5,512,677
Investment in unconsolidated ventures 44,468 19,923 [1]  
Capital improvements of real estate (8,342) (6,497) (4,374)
Carrying value of FHLB stock     5,200
Bonus expense 20,329 18,829 18,577
Real Estate      
Costs and expenses      
Gain on sale of mortgage loans 3,600    
Operating Segment | Loans      
Net interest income      
Interest income 152,303 247,432 341,840
Interest expense (14,653) (92,187) (122,420)
Net interest income (expense) 137,650 155,245 219,420
(Provision for) release of loan loss reserves 157 (13,933) (25,096)
Net interest income (expense) after provision for (release of) loan reserves 137,807 141,312 194,324
Other income (loss)      
Real estate operating income 0 0 0
Net result from mortgage loan receivables held for sale 4,716 2,700 (523)
Gain (loss) on real estate, net 0 0 0
Fee and other income 8,860 19,003 8,237
Net result from derivative transactions 1,301 185 404
Earnings (loss) from investment in unconsolidated ventures 0 0 0
Gain (loss) on extinguishment of debt 0 0 0
Total other income (loss) 14,877 21,888 8,118
Costs and expenses      
Compensation and employee benefits 0 0 0
Operating expenses 0 0 0
Real estate operating expenses 0 0 0
Investment related expenses (1,478) (4,946) (6,310)
Depreciation and amortization 0 0 0
Total costs and expenses (1,478) (4,946) (6,310)
Income (loss) before taxes 151,206 158,254 196,132
Income tax (expense) benefit 0 0 0
Segment net income (loss) 151,206 158,254 196,132
Total assets 2,198,224 1,565,897 3,138,794
Operating Segment | Securities      
Net interest income      
Interest income 99,689 43,069 32,479
Interest expense (11,621) (61) (3,177)
Net interest income (expense) 88,068 43,008 29,302
(Provision for) release of loan loss reserves 0 0 0
Net interest income (expense) after provision for (release of) loan reserves 88,068 43,008 29,302
Other income (loss)      
Real estate operating income 0 0 0
Net result from mortgage loan receivables held for sale 0 0 0
Gain (loss) on real estate, net 0 0 0
Fee and other income 6,069 (655) (232)
Net result from derivative transactions 0 80 595
Earnings (loss) from investment in unconsolidated ventures 0 0 0
Gain (loss) on extinguishment of debt 0 0 0
Total other income (loss) 6,069 (575) 363
Costs and expenses      
Compensation and employee benefits 0 0 0
Operating expenses 0 0 0
Real estate operating expenses 0 0 0
Investment related expenses (178) (183) (191)
Depreciation and amortization 0 0 0
Total costs and expenses (178) (183) (191)
Income (loss) before taxes 93,959 42,250 29,474
Income tax (expense) benefit 0 0 0
Segment net income (loss) 93,959 42,250 29,474
Total assets 2,088,285 1,080,839 485,533
Operating Segment | Real Estate      
Net interest income      
Interest income 264 352 12
Interest expense (25,490) (32,097) (31,443)
Net interest income (expense) (25,226) (31,745) (31,431)
(Provision for) release of loan loss reserves 0 0 0
Net interest income (expense) after provision for (release of) loan reserves (25,226) (31,745) (31,431)
Other income (loss)      
Real estate operating income 99,308 98,681 96,950
Net result from mortgage loan receivables held for sale 0 0 0
Gain (loss) on real estate, net 3,807 25,277 8,808
Fee and other income 66 52 300
Net result from derivative transactions 42 248 482
Earnings (loss) from investment in unconsolidated ventures (1,415) (79) 758
Gain (loss) on extinguishment of debt 0 0 0
Total other income (loss) 101,808 124,179 107,298
Costs and expenses      
Compensation and employee benefits 0 0 0
Operating expenses 0 0 0
Real estate operating expenses (40,475) (40,568) (37,587)
Investment related expenses (493) (573) (903)
Depreciation and amortization (31,550) (31,888) (29,482)
Total costs and expenses (72,518) (73,029) (67,972)
Income (loss) before taxes 4,064 19,405 7,895
Income tax (expense) benefit 0 0 0
Segment net income (loss) 4,064 19,405 7,895
Total assets 748,006 690,726 733,319
Investment in unconsolidated ventures 44,500 19,900 6,900
Capital improvements of real estate (8,300) (6,500) (4,400)
Corporate/Other      
Net interest income      
Interest income 14,638 67,772 32,953
Interest expense (123,153) (97,192) (88,057)
Net interest income (expense) (108,515) (29,420) (55,104)
(Provision for) release of loan loss reserves 0 0 0
Net interest income (expense) after provision for (release of) loan reserves (108,515) (29,420) (55,104)
Other income (loss)      
Real estate operating income 0 0 0
Net result from mortgage loan receivables held for sale 0 (2,670) 0
Gain (loss) on real estate, net 0 0 0
Fee and other income 0 300 626
Net result from derivative transactions 492 4,907 0
Earnings (loss) from investment in unconsolidated ventures 0 0 0
Gain (loss) on extinguishment of debt 151 188 10,718
Total other income (loss) 643 2,725 11,344
Costs and expenses      
Compensation and employee benefits (52,735) (60,671) (63,618)
Operating expenses (19,426) (19,193) (19,503)
Real estate operating expenses 0 0 0
Investment related expenses (1,563) (2,016) (1,443)
Depreciation and amortization (445) (439) (432)
Total costs and expenses (74,169) (82,319) (84,996)
Income (loss) before taxes (182,041) (109,014) (128,756)
Income tax (expense) benefit (3,493) (3,448) (4,244)
Segment net income (loss) (185,534) (112,462) (133,000)
Total assets 118,035 1,507,611 1,155,031
Bonus expense 20,300 18,800 18,600
Corporate/Other | Senior Unsecured Notes      
Costs and expenses      
Senior notes $ 2,200,000 $ 2,000,000 $ 1,600,000
[1] Includes amounts relating to consolidated variable interest entities. Refer to Note 2 and Note 6.
v3.25.4
Schedule III-Real Estate and Accumulated Depreciation Real Estate (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 388,195      
Initial Cost to Company        
Land 188,890      
Building 618,455      
Intangibles 116,421      
Costs Capitalized Subsequent to Acquisition 39,954      
Land 190,277      
Building 659,616      
Intangibles 116,303      
Total 966,196 $ 904,398 $ 947,226 $ 899,144
Accumulated Depreciation and Amortization (262,659) $ (233,595) $ (220,784) $ (199,008)
Aggregate cost for U.S. Federal Income Tax Purposes 900,000      
Retail        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 275,215      
Initial Cost to Company        
Land 81,316      
Building 399,644      
Intangibles 87,528      
Costs Capitalized Subsequent to Acquisition 17,166      
Land 81,316      
Building 416,817      
Intangibles 87,525      
Total 585,658      
Accumulated Depreciation and Amortization (191,604)      
Retail | Newburgh, IN        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 856      
Initial Cost to Company        
Land 126      
Building 954      
Intangibles 178      
Costs Capitalized Subsequent to Acquisition 0      
Land 126      
Building 954      
Intangibles 178      
Total 1,258      
Accumulated Depreciation and Amortization $ (160)      
Life on which Depreciation in Latest Statement of Income is Computed 45 years      
Retail | Newburgh, IN 1        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 905      
Initial Cost to Company        
Land 213      
Building 873      
Intangibles 220      
Costs Capitalized Subsequent to Acquisition 0      
Land 213      
Building 873      
Intangibles 220      
Total 1,306      
Accumulated Depreciation and Amortization $ (183)      
Life on which Depreciation in Latest Statement of Income is Computed 45 years      
Retail | Isanti, MN        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 990      
Initial Cost to Company        
Land 249      
Building 894      
Intangibles 297      
Costs Capitalized Subsequent to Acquisition 0      
Land 249      
Building 894      
Intangibles 297      
Total 1,440      
Accumulated Depreciation and Amortization $ (174)      
Life on which Depreciation in Latest Statement of Income is Computed 55 years      
Retail | Little Falls, MN        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 847      
Initial Cost to Company        
Land 199      
Building 783      
Intangibles 249      
Costs Capitalized Subsequent to Acquisition 0      
Land 199      
Building 783      
Intangibles 249      
Total 1,231      
Accumulated Depreciation and Amortization $ (162)      
Life on which Depreciation in Latest Statement of Income is Computed 55 years      
Retail | Waterloo, IA        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 853      
Initial Cost to Company        
Land 130      
Building 896      
Intangibles 214      
Costs Capitalized Subsequent to Acquisition 0      
Land 130      
Building 896      
Intangibles 214      
Total 1,240      
Accumulated Depreciation and Amortization $ (184)      
Life on which Depreciation in Latest Statement of Income is Computed 45 years      
Retail | Sioux City, IA        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 909      
Initial Cost to Company        
Land 220      
Building 876      
Intangibles 222      
Costs Capitalized Subsequent to Acquisition 0      
Land 220      
Building 876      
Intangibles 222      
Total 1,318      
Accumulated Depreciation and Amortization $ (189)      
Life on which Depreciation in Latest Statement of Income is Computed 45 years      
Retail | Wardsville, MO        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 978      
Initial Cost to Company        
Land 257      
Building 919      
Intangibles 202      
Costs Capitalized Subsequent to Acquisition 0      
Land 257      
Building 919      
Intangibles 202      
Total 1,378      
Accumulated Depreciation and Amortization $ (202)      
Life on which Depreciation in Latest Statement of Income is Computed 40 years      
Retail | Kincheloe, MI        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 883      
Initial Cost to Company        
Land 58      
Building 939      
Intangibles 229      
Costs Capitalized Subsequent to Acquisition 0      
Land 58      
Building 939      
Intangibles 229      
Total 1,226      
Accumulated Depreciation and Amortization $ (199)      
Life on which Depreciation in Latest Statement of Income is Computed 45 years      
Retail | Clinton, IN        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 1,034      
Initial Cost to Company        
Land 269      
Building 954      
Intangibles 204      
Costs Capitalized Subsequent to Acquisition 0      
Land 269      
Building 954      
Intangibles 204      
Total 1,427      
Accumulated Depreciation and Amortization $ (191)      
Life on which Depreciation in Latest Statement of Income is Computed 44 years      
Retail | Saginaw, MI        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 950      
Initial Cost to Company        
Land 96      
Building 1,014      
Intangibles 210      
Costs Capitalized Subsequent to Acquisition 0      
Land 96      
Building 1,014      
Intangibles 210      
Total 1,320      
Accumulated Depreciation and Amortization $ (222)      
Life on which Depreciation in Latest Statement of Income is Computed 45 years      
Retail | Rolla, MO        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 933      
Initial Cost to Company        
Land 110      
Building 1,011      
Intangibles 188      
Costs Capitalized Subsequent to Acquisition 0      
Land 110      
Building 1,011      
Intangibles 188      
Total 1,309      
Accumulated Depreciation and Amortization $ (224)      
Life on which Depreciation in Latest Statement of Income is Computed 40 years      
Retail | Sullivan, IL        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 1,173      
Initial Cost to Company        
Land 340      
Building 981      
Intangibles 257      
Costs Capitalized Subsequent to Acquisition 0      
Land 340      
Building 981      
Intangibles 257      
Total 1,578      
Accumulated Depreciation and Amortization $ (200)      
Life on which Depreciation in Latest Statement of Income is Computed 50 years      
Retail | Becker, MN        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 932      
Initial Cost to Company        
Land 136      
Building 922      
Intangibles 188      
Costs Capitalized Subsequent to Acquisition 0      
Land 136      
Building 922      
Intangibles 188      
Total 1,246      
Accumulated Depreciation and Amortization $ (182)      
Life on which Depreciation in Latest Statement of Income is Computed 55 years      
Retail | Adrian, MO        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 857      
Initial Cost to Company        
Land 136      
Building 884      
Intangibles 191      
Costs Capitalized Subsequent to Acquisition 0      
Land 136      
Building 884      
Intangibles 191      
Total 1,211      
Accumulated Depreciation and Amortization $ (191)      
Life on which Depreciation in Latest Statement of Income is Computed 45 years      
Retail | Chilicothe, IL        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 1,023      
Initial Cost to Company        
Land 227      
Building 1,047      
Intangibles 245      
Costs Capitalized Subsequent to Acquisition 0      
Land 227      
Building 1,047      
Intangibles 245      
Total 1,519      
Accumulated Depreciation and Amortization $ (218)      
Life on which Depreciation in Latest Statement of Income is Computed 50 years      
Retail | Poseyville, IN        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 866      
Initial Cost to Company        
Land 160      
Building 947      
Intangibles 194      
Costs Capitalized Subsequent to Acquisition 0      
Land 160      
Building 947      
Intangibles 194      
Total 1,301      
Accumulated Depreciation and Amortization $ (202)      
Life on which Depreciation in Latest Statement of Income is Computed 44 years      
Retail | Dexter, MO        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 869      
Initial Cost to Company        
Land 141      
Building 890      
Intangibles 177      
Costs Capitalized Subsequent to Acquisition 0      
Land 141      
Building 890      
Intangibles 177      
Total 1,208      
Accumulated Depreciation and Amortization $ (195)      
Life on which Depreciation in Latest Statement of Income is Computed 40 years      
Retail | Hubbard Lake, MI        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 910      
Initial Cost to Company        
Land 40      
Building 1,017      
Intangibles 203      
Costs Capitalized Subsequent to Acquisition 0      
Land 40      
Building 1,017      
Intangibles 203      
Total 1,260      
Accumulated Depreciation and Amortization $ (226)      
Life on which Depreciation in Latest Statement of Income is Computed 40 years      
Retail | Fayette, MO        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 1,080      
Initial Cost to Company        
Land 107      
Building 1,168      
Intangibles 219      
Costs Capitalized Subsequent to Acquisition 0      
Land 107      
Building 1,168      
Intangibles 219      
Total 1,494      
Accumulated Depreciation and Amortization $ (259)      
Life on which Depreciation in Latest Statement of Income is Computed 40 years      
Retail | Centralia, IL        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 939      
Initial Cost to Company        
Land 200      
Building 913      
Intangibles 193      
Costs Capitalized Subsequent to Acquisition 0      
Land 200      
Building 913      
Intangibles 193      
Total 1,306      
Accumulated Depreciation and Amortization $ (226)      
Life on which Depreciation in Latest Statement of Income is Computed 40 years      
Retail | Trenton, MO        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 882      
Initial Cost to Company        
Land 396      
Building 628      
Intangibles 202      
Costs Capitalized Subsequent to Acquisition 0      
Land 396      
Building 628      
Intangibles 202      
Total 1,226      
Accumulated Depreciation and Amortization $ (226)      
Life on which Depreciation in Latest Statement of Income is Computed 30 years      
Retail | Houghton Lake, MI        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 945      
Initial Cost to Company        
Land 124      
Building 939      
Intangibles 241      
Costs Capitalized Subsequent to Acquisition 0      
Land 124      
Building 939      
Intangibles 241      
Total 1,304      
Accumulated Depreciation and Amortization $ (237)      
Life on which Depreciation in Latest Statement of Income is Computed 40 years      
Retail | Pelican Rapids, MN        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 903      
Initial Cost to Company        
Land 78      
Building 1,016      
Intangibles 169      
Costs Capitalized Subsequent to Acquisition 0      
Land 78      
Building 1,016      
Intangibles 169      
Total 1,263      
Accumulated Depreciation and Amortization $ (310)      
Life on which Depreciation in Latest Statement of Income is Computed 30 years      
Retail | Carthage, MO        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 832      
Initial Cost to Company        
Land 225      
Building 766      
Intangibles 176      
Costs Capitalized Subsequent to Acquisition 0      
Land 225      
Building 766      
Intangibles 176      
Total 1,167      
Accumulated Depreciation and Amortization $ (205)      
Life on which Depreciation in Latest Statement of Income is Computed 40 years      
Retail | Bolivar, MO        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 880      
Initial Cost to Company        
Land 186      
Building 876      
Intangibles 182      
Costs Capitalized Subsequent to Acquisition 0      
Land 186      
Building 876      
Intangibles 182      
Total 1,244      
Accumulated Depreciation and Amortization $ (226)      
Life on which Depreciation in Latest Statement of Income is Computed 40 years      
Retail | Pinconning, MI        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 937      
Initial Cost to Company        
Land 167      
Building 905      
Intangibles 221      
Costs Capitalized Subsequent to Acquisition 0      
Land 167      
Building 905      
Intangibles 221      
Total 1,293      
Accumulated Depreciation and Amortization $ (211)      
Life on which Depreciation in Latest Statement of Income is Computed 45 years      
Retail | New Hampton, IA        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 1,002      
Initial Cost to Company        
Land 177      
Building 1,111      
Intangibles 187      
Costs Capitalized Subsequent to Acquisition 0      
Land 177      
Building 1,111      
Intangibles 187      
Total 1,475      
Accumulated Depreciation and Amortization $ (313)      
Life on which Depreciation in Latest Statement of Income is Computed 35 years      
Retail | Ogden, IA        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 855      
Initial Cost to Company        
Land 107      
Building 931      
Intangibles 153      
Costs Capitalized Subsequent to Acquisition 0      
Land 107      
Building 931      
Intangibles 153      
Total 1,191      
Accumulated Depreciation and Amortization $ (272)      
Life on which Depreciation in Latest Statement of Income is Computed 35 years      
Retail | Wonder Lake, IL        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 934      
Initial Cost to Company        
Land 221      
Building 888      
Intangibles 214      
Costs Capitalized Subsequent to Acquisition 0      
Land 221      
Building 888      
Intangibles 214      
Total 1,323      
Accumulated Depreciation and Amortization $ (268)      
Life on which Depreciation in Latest Statement of Income is Computed 39 years      
Retail | Moscow Mills, MO        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 983      
Initial Cost to Company        
Land 161      
Building 945      
Intangibles 203      
Costs Capitalized Subsequent to Acquisition 0      
Land 161      
Building 945      
Intangibles 203      
Total 1,309      
Accumulated Depreciation and Amortization $ (260)      
Life on which Depreciation in Latest Statement of Income is Computed 45 years      
Retail | Foley, MN        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 882      
Initial Cost to Company        
Land 238      
Building 823      
Intangibles 172      
Costs Capitalized Subsequent to Acquisition 0      
Land 238      
Building 823      
Intangibles 172      
Total 1,233      
Accumulated Depreciation and Amortization $ (274)      
Life on which Depreciation in Latest Statement of Income is Computed 35 years      
Retail | Kirbyville, MO        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 869      
Initial Cost to Company        
Land 98      
Building 965      
Intangibles 155      
Costs Capitalized Subsequent to Acquisition 0      
Land 98      
Building 965      
Intangibles 155      
Total 1,218      
Accumulated Depreciation and Amortization $ (261)      
Life on which Depreciation in Latest Statement of Income is Computed 40 years      
Retail | Gladwin, MI        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 882      
Initial Cost to Company        
Land 88      
Building 951      
Intangibles 203      
Costs Capitalized Subsequent to Acquisition 0      
Land 88      
Building 951      
Intangibles 203      
Total 1,242      
Accumulated Depreciation and Amortization $ (244)      
Life on which Depreciation in Latest Statement of Income is Computed 45 years      
Retail | Rockford, MN        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 893      
Initial Cost to Company        
Land 187      
Building 850      
Intangibles 207      
Costs Capitalized Subsequent to Acquisition 0      
Land 187      
Building 850      
Intangibles 207      
Total 1,244      
Accumulated Depreciation and Amortization $ (349)      
Life on which Depreciation in Latest Statement of Income is Computed 30 years      
Retail | Winterset, IA        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 942      
Initial Cost to Company        
Land 272      
Building 830      
Intangibles 200      
Costs Capitalized Subsequent to Acquisition 0      
Land 272      
Building 830      
Intangibles 200      
Total 1,302      
Accumulated Depreciation and Amortization $ (276)      
Life on which Depreciation in Latest Statement of Income is Computed 35 years      
Retail | Kawkawlin, MI        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 925      
Initial Cost to Company        
Land 242      
Building 871      
Intangibles 179      
Costs Capitalized Subsequent to Acquisition 0      
Land 242      
Building 871      
Intangibles 179      
Total 1,292      
Accumulated Depreciation and Amortization $ (314)      
Life on which Depreciation in Latest Statement of Income is Computed 30 years      
Retail | Aroma Park, IL        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 946      
Initial Cost to Company        
Land 223      
Building 869      
Intangibles 164      
Costs Capitalized Subsequent to Acquisition 0      
Land 223      
Building 869      
Intangibles 164      
Total 1,256      
Accumulated Depreciation and Amortization $ (265)      
Life on which Depreciation in Latest Statement of Income is Computed 35 years      
Retail | East Peoria, IL        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 1,016      
Initial Cost to Company        
Land 233      
Building 998      
Intangibles 161      
Costs Capitalized Subsequent to Acquisition 0      
Land 233      
Building 998      
Intangibles 161      
Total 1,392      
Accumulated Depreciation and Amortization $ (297)      
Life on which Depreciation in Latest Statement of Income is Computed 40 years      
Retail | Milford, IA        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 982      
Initial Cost to Company        
Land 254      
Building 883      
Intangibles 217      
Costs Capitalized Subsequent to Acquisition 0      
Land 254      
Building 883      
Intangibles 217      
Total 1,354      
Accumulated Depreciation and Amortization $ (277)      
Life on which Depreciation in Latest Statement of Income is Computed 40 years      
Retail | Jefferson City, MO        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 934      
Initial Cost to Company        
Land 164      
Building 966      
Intangibles 205      
Costs Capitalized Subsequent to Acquisition 0      
Land 164      
Building 966      
Intangibles 205      
Total 1,335      
Accumulated Depreciation and Amortization $ (295)      
Life on which Depreciation in Latest Statement of Income is Computed 40 years      
Retail | Denver, IA        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 888      
Initial Cost to Company        
Land 198      
Building 840      
Intangibles 191      
Costs Capitalized Subsequent to Acquisition 0      
Land 198      
Building 840      
Intangibles 191      
Total 1,229      
Accumulated Depreciation and Amortization $ (286)      
Life on which Depreciation in Latest Statement of Income is Computed 35 years      
Retail | Port O'Connor, TX        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 939      
Initial Cost to Company        
Land 167      
Building 937      
Intangibles 200      
Costs Capitalized Subsequent to Acquisition 0      
Land 167      
Building 937      
Intangibles 200      
Total 1,304      
Accumulated Depreciation and Amortization $ (320)      
Life on which Depreciation in Latest Statement of Income is Computed 35 years      
Retail | Wabasha, MN        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 954      
Initial Cost to Company        
Land 237      
Building 912      
Intangibles 214      
Costs Capitalized Subsequent to Acquisition 0      
Land 237      
Building 912      
Intangibles 214      
Total 1,363      
Accumulated Depreciation and Amortization $ (341)      
Life on which Depreciation in Latest Statement of Income is Computed 35 years      
Retail | Jacksonville, FL        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 82,441      
Initial Cost to Company        
Land 13,290      
Building 106,601      
Intangibles 21,362      
Costs Capitalized Subsequent to Acquisition 17,000      
Land 13,290      
Building 123,601      
Intangibles 21,362      
Total 158,253      
Accumulated Depreciation and Amortization $ (43,327)      
Life on which Depreciation in Latest Statement of Income is Computed 36 years      
Retail | Shelbyville, IL        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 853      
Initial Cost to Company        
Land 189      
Building 849      
Intangibles 199      
Costs Capitalized Subsequent to Acquisition 0      
Land 189      
Building 849      
Intangibles 199      
Total 1,237      
Accumulated Depreciation and Amortization $ (276)      
Life on which Depreciation in Latest Statement of Income is Computed 40 years      
Retail | Jessup, IA        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 874      
Initial Cost to Company        
Land 119      
Building 890      
Intangibles 191      
Costs Capitalized Subsequent to Acquisition 0      
Land 119      
Building 890      
Intangibles 191      
Total 1,200      
Accumulated Depreciation and Amortization $ (301)      
Life on which Depreciation in Latest Statement of Income is Computed 35 years      
Retail | Hanna City, IL        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 855      
Initial Cost to Company        
Land 174      
Building 925      
Intangibles 132      
Costs Capitalized Subsequent to Acquisition 0      
Land 174      
Building 925      
Intangibles 132      
Total 1,231      
Accumulated Depreciation and Amortization $ (297)      
Life on which Depreciation in Latest Statement of Income is Computed 39 years      
Retail | Ridgedale, MO        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 981      
Initial Cost to Company        
Land 250      
Building 928      
Intangibles 187      
Costs Capitalized Subsequent to Acquisition 0      
Land 250      
Building 928      
Intangibles 187      
Total 1,365      
Accumulated Depreciation and Amortization $ (299)      
Life on which Depreciation in Latest Statement of Income is Computed 40 years      
Retail | Peoria, IL        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 893      
Initial Cost to Company        
Land 209      
Building 933      
Intangibles 133      
Costs Capitalized Subsequent to Acquisition 0      
Land 209      
Building 933      
Intangibles 133      
Total 1,275      
Accumulated Depreciation and Amortization $ (314)      
Life on which Depreciation in Latest Statement of Income is Computed 35 years      
Retail | Carmi, IL        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 1,087      
Initial Cost to Company        
Land 286      
Building 916      
Intangibles 239      
Costs Capitalized Subsequent to Acquisition 0      
Land 286      
Building 916      
Intangibles 239      
Total 1,441      
Accumulated Depreciation and Amortization $ (301)      
Life on which Depreciation in Latest Statement of Income is Computed 40 years      
Retail | Springfield, IL        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 990      
Initial Cost to Company        
Land 391      
Building 784      
Intangibles 227      
Costs Capitalized Subsequent to Acquisition 0      
Land 393      
Building 789      
Intangibles 224      
Total 1,406      
Accumulated Depreciation and Amortization $ (273)      
Life on which Depreciation in Latest Statement of Income is Computed 40 years      
Retail | Fayetteville, NC        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 4,824      
Initial Cost to Company        
Land 1,379      
Building 3,121      
Intangibles 2,472      
Costs Capitalized Subsequent to Acquisition 0      
Land 1,379      
Building 3,121      
Intangibles 2,471      
Total 6,971      
Accumulated Depreciation and Amortization $ (2,173)      
Life on which Depreciation in Latest Statement of Income is Computed 37 years      
Retail | Dryden Township, MI        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 900      
Initial Cost to Company        
Land 178      
Building 893      
Intangibles 201      
Costs Capitalized Subsequent to Acquisition 0      
Land 178      
Building 899      
Intangibles 202      
Total 1,279      
Accumulated Depreciation and Amortization $ (293)      
Life on which Depreciation in Latest Statement of Income is Computed 40 years      
Retail | Lamar, MO        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 890      
Initial Cost to Company        
Land 164      
Building 903      
Intangibles 171      
Costs Capitalized Subsequent to Acquisition 0      
Land 164      
Building 903      
Intangibles 171      
Total 1,238      
Accumulated Depreciation and Amortization $ (297)      
Life on which Depreciation in Latest Statement of Income is Computed 40 years      
Retail | Union, MO        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 934      
Initial Cost to Company        
Land 267      
Building 867      
Intangibles 207      
Costs Capitalized Subsequent to Acquisition 0      
Land 267      
Building 867      
Intangibles 207      
Total 1,341      
Accumulated Depreciation and Amortization $ (316)      
Life on which Depreciation in Latest Statement of Income is Computed 40 years      
Retail | Pawnee, IL        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 934      
Initial Cost to Company        
Land 249      
Building 775      
Intangibles 206      
Costs Capitalized Subsequent to Acquisition 0      
Land 249      
Building 775      
Intangibles 206      
Total 1,230      
Accumulated Depreciation and Amortization $ (288)      
Life on which Depreciation in Latest Statement of Income is Computed 40 years      
Retail | Linn, MO        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 849      
Initial Cost to Company        
Land 89      
Building 920      
Intangibles 183      
Costs Capitalized Subsequent to Acquisition 0      
Land 89      
Building 920      
Intangibles 183      
Total 1,192      
Accumulated Depreciation and Amortization $ (308)      
Life on which Depreciation in Latest Statement of Income is Computed 40 years      
Retail | Cape Girardeau, MO        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 1,040      
Initial Cost to Company        
Land 453      
Building 702      
Intangibles 217      
Costs Capitalized Subsequent to Acquisition 0      
Land 453      
Building 702      
Intangibles 217      
Total 1,372      
Accumulated Depreciation and Amortization $ (270)      
Life on which Depreciation in Latest Statement of Income is Computed 40 years      
Retail | Decatur-Pershing, IL        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 1,038      
Initial Cost to Company        
Land 395      
Building 924      
Intangibles 155      
Costs Capitalized Subsequent to Acquisition 0      
Land 395      
Building 924      
Intangibles 155      
Total 1,474      
Accumulated Depreciation and Amortization $ (307)      
Life on which Depreciation in Latest Statement of Income is Computed 40 years      
Retail | Rantoul, IL        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 913      
Initial Cost to Company        
Land 100      
Building 1,023      
Intangibles 178      
Costs Capitalized Subsequent to Acquisition 0      
Land 100      
Building 1,023      
Intangibles 178      
Total 1,301      
Accumulated Depreciation and Amortization $ (319)      
Life on which Depreciation in Latest Statement of Income is Computed 40 years      
Retail | Flora Vista, NM        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 989      
Initial Cost to Company        
Land 272      
Building 864      
Intangibles 198      
Costs Capitalized Subsequent to Acquisition 0      
Land 272      
Building 864      
Intangibles 198      
Total 1,334      
Accumulated Depreciation and Amortization $ (378)      
Life on which Depreciation in Latest Statement of Income is Computed 35 years      
Retail | Mountain Grove, MO        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 969      
Initial Cost to Company        
Land 163      
Building 1,026      
Intangibles 212      
Costs Capitalized Subsequent to Acquisition 0      
Land 163      
Building 1,026      
Intangibles 212      
Total 1,401      
Accumulated Depreciation and Amortization $ (352)      
Life on which Depreciation in Latest Statement of Income is Computed 40 years      
Retail | Decatur-Sunnyside, IL        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 959      
Initial Cost to Company        
Land 182      
Building 954      
Intangibles 139      
Costs Capitalized Subsequent to Acquisition 0      
Land 182      
Building 954      
Intangibles 139      
Total 1,275      
Accumulated Depreciation and Amortization $ (313)      
Life on which Depreciation in Latest Statement of Income is Computed 40 years      
Retail | Champaign, IL        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 1,004      
Initial Cost to Company        
Land 365      
Building 915      
Intangibles 149      
Costs Capitalized Subsequent to Acquisition 0      
Land 365      
Building 915      
Intangibles 149      
Total 1,429      
Accumulated Depreciation and Amortization $ (292)      
Life on which Depreciation in Latest Statement of Income is Computed 40 years      
Retail | San Antonio, TX        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 899      
Initial Cost to Company        
Land 252      
Building 703      
Intangibles 196      
Costs Capitalized Subsequent to Acquisition 0      
Land 251      
Building 702      
Intangibles 196      
Total 1,149      
Accumulated Depreciation and Amortization $ (298)      
Life on which Depreciation in Latest Statement of Income is Computed 35 years      
Retail | Borger, TX        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 795      
Initial Cost to Company        
Land 68      
Building 800      
Intangibles 181      
Costs Capitalized Subsequent to Acquisition 0      
Land 68      
Building 800      
Intangibles 181      
Total 1,049      
Accumulated Depreciation and Amortization $ (296)      
Life on which Depreciation in Latest Statement of Income is Computed 40 years      
Retail | Dimmitt, TX        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 1,071      
Initial Cost to Company        
Land 86      
Building 1,077      
Intangibles 236      
Costs Capitalized Subsequent to Acquisition 0      
Land 85      
Building 1,074      
Intangibles 236      
Total 1,395      
Accumulated Depreciation and Amortization $ (383)      
Life on which Depreciation in Latest Statement of Income is Computed 40 years      
Retail | St. Charles, MN        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 974      
Initial Cost to Company        
Land 200      
Building 843      
Intangibles 226      
Costs Capitalized Subsequent to Acquisition 0      
Land 200      
Building 843      
Intangibles 226      
Total 1,269      
Accumulated Depreciation and Amortization $ (379)      
Life on which Depreciation in Latest Statement of Income is Computed 30 years      
Retail | Philo, IL        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 937      
Initial Cost to Company        
Land 160      
Building 889      
Intangibles 189      
Costs Capitalized Subsequent to Acquisition 0      
Land 160      
Building 889      
Intangibles 189      
Total 1,238      
Accumulated Depreciation and Amortization $ (291)      
Life on which Depreciation in Latest Statement of Income is Computed 40 years      
Retail | Radford, VA        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 1,120      
Initial Cost to Company        
Land 411      
Building 896      
Intangibles 256      
Costs Capitalized Subsequent to Acquisition 0      
Land 411      
Building 896      
Intangibles 256      
Total 1,563      
Accumulated Depreciation and Amortization $ (417)      
Life on which Depreciation in Latest Statement of Income is Computed 40 years      
Retail | Rural Retreat, VA        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 1,002      
Initial Cost to Company        
Land 328      
Building 811      
Intangibles 260      
Costs Capitalized Subsequent to Acquisition 0      
Land 328      
Building 811      
Intangibles 260      
Total 1,399      
Accumulated Depreciation and Amortization $ (363)      
Life on which Depreciation in Latest Statement of Income is Computed 40 years      
Retail | Albion, PA        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 1,086      
Initial Cost to Company        
Land 100      
Building 1,033      
Intangibles 392      
Costs Capitalized Subsequent to Acquisition 0      
Land 100      
Building 1,033      
Intangibles 392      
Total 1,525      
Accumulated Depreciation and Amortization $ (613)      
Life on which Depreciation in Latest Statement of Income is Computed 50 years      
Retail | Mount Vernon, AL        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 910      
Initial Cost to Company        
Land 187      
Building 876      
Intangibles 174      
Costs Capitalized Subsequent to Acquisition 0      
Land 187      
Building 876      
Intangibles 174      
Total 1,237      
Accumulated Depreciation and Amortization $ (350)      
Life on which Depreciation in Latest Statement of Income is Computed 44 years      
Retail | Malone, NY        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 1,071      
Initial Cost to Company        
Land 183      
Building 1,154      
Intangibles 0      
Costs Capitalized Subsequent to Acquisition 166      
Land 183      
Building 1,320      
Intangibles 0      
Total 1,503      
Accumulated Depreciation and Amortization $ (416)      
Life on which Depreciation in Latest Statement of Income is Computed 39 years      
Retail | Mercedes, TX        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 826      
Initial Cost to Company        
Land 257      
Building 874      
Intangibles 132      
Costs Capitalized Subsequent to Acquisition 0      
Land 257      
Building 874      
Intangibles 132      
Total 1,263      
Accumulated Depreciation and Amortization $ (290)      
Life on which Depreciation in Latest Statement of Income is Computed 45 years      
Retail | Gordonville, MO        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 0      
Initial Cost to Company        
Land 247      
Building 787      
Intangibles 173      
Costs Capitalized Subsequent to Acquisition 0      
Land 247      
Building 787      
Intangibles 173      
Total 1,207      
Accumulated Depreciation and Amortization $ (292)      
Life on which Depreciation in Latest Statement of Income is Computed 40 years      
Retail | Rice, MN        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 0      
Initial Cost to Company        
Land 200      
Building 859      
Intangibles 184      
Costs Capitalized Subsequent to Acquisition 0      
Land 200      
Building 859      
Intangibles 184      
Total 1,243      
Accumulated Depreciation and Amortization $ (423)      
Life on which Depreciation in Latest Statement of Income is Computed 30 years      
Retail | Farmington, IL        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 0      
Initial Cost to Company        
Land 96      
Building 1,161      
Intangibles 150      
Costs Capitalized Subsequent to Acquisition 0      
Land 96      
Building 1,161      
Intangibles 150      
Total 1,407      
Accumulated Depreciation and Amortization $ (378)      
Life on which Depreciation in Latest Statement of Income is Computed 40 years      
Retail | Grove, OK        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 0      
Initial Cost to Company        
Land 402      
Building 4,364      
Intangibles 817      
Costs Capitalized Subsequent to Acquisition 0      
Land 402      
Building 4,364      
Intangibles 817      
Total 5,583      
Accumulated Depreciation and Amortization $ (1,738)      
Life on which Depreciation in Latest Statement of Income is Computed 37 years      
Retail | Bloomington, IL        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 0      
Initial Cost to Company        
Land 173      
Building 984      
Intangibles 138      
Costs Capitalized Subsequent to Acquisition 0      
Land 173      
Building 984      
Intangibles 138      
Total 1,295      
Accumulated Depreciation and Amortization $ (338)      
Life on which Depreciation in Latest Statement of Income is Computed 40 years      
Retail | Montrose, MN        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 0      
Initial Cost to Company        
Land 149      
Building 876      
Intangibles 169      
Costs Capitalized Subsequent to Acquisition 0      
Land 149      
Building 876      
Intangibles 169      
Total 1,194      
Accumulated Depreciation and Amortization $ (426)      
Life on which Depreciation in Latest Statement of Income is Computed 30 years      
Retail | Lincoln County, MO        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 0      
Initial Cost to Company        
Land 149      
Building 800      
Intangibles 188      
Costs Capitalized Subsequent to Acquisition 0      
Land 149      
Building 800      
Intangibles 188      
Total 1,137      
Accumulated Depreciation and Amortization $ (298)      
Life on which Depreciation in Latest Statement of Income is Computed 40 years      
Retail | Wilmington, IL        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 0      
Initial Cost to Company        
Land 161      
Building 1,078      
Intangibles 160      
Costs Capitalized Subsequent to Acquisition 0      
Land 161      
Building 1,078      
Intangibles 160      
Total 1,399      
Accumulated Depreciation and Amortization $ (368)      
Life on which Depreciation in Latest Statement of Income is Computed 40 years      
Retail | Danville, IL        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 0      
Initial Cost to Company        
Land 158      
Building 870      
Intangibles 132      
Costs Capitalized Subsequent to Acquisition 0      
Land 158      
Building 870      
Intangibles 132      
Total 1,160      
Accumulated Depreciation and Amortization $ (281)      
Life on which Depreciation in Latest Statement of Income is Computed 40 years      
Retail | Moultrie, GA        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 0      
Initial Cost to Company        
Land 170      
Building 962      
Intangibles 173      
Costs Capitalized Subsequent to Acquisition 0      
Land 170      
Building 962      
Intangibles 173      
Total 1,305      
Accumulated Depreciation and Amortization $ (455)      
Life on which Depreciation in Latest Statement of Income is Computed 44 years      
Retail | Rose Hill, NC        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 0      
Initial Cost to Company        
Land 245      
Building 972      
Intangibles 203      
Costs Capitalized Subsequent to Acquisition 0      
Land 245      
Building 972      
Intangibles 203      
Total 1,420      
Accumulated Depreciation and Amortization $ (441)      
Life on which Depreciation in Latest Statement of Income is Computed 44 years      
Retail | Rockingham, NC        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 0      
Initial Cost to Company        
Land 73      
Building 922      
Intangibles 163      
Costs Capitalized Subsequent to Acquisition 0      
Land 73      
Building 922      
Intangibles 163      
Total 1,158      
Accumulated Depreciation and Amortization $ (394)      
Life on which Depreciation in Latest Statement of Income is Computed 44 years      
Retail | Biscoe, NC        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 846      
Initial Cost to Company        
Land 147      
Building 905      
Intangibles 164      
Costs Capitalized Subsequent to Acquisition 0      
Land 147      
Building 905      
Intangibles 164      
Total 1,216      
Accumulated Depreciation and Amortization $ (401)      
Life on which Depreciation in Latest Statement of Income is Computed 44 years      
Retail | De Soto, IA        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 0      
Initial Cost to Company        
Land 139      
Building 796      
Intangibles 176      
Costs Capitalized Subsequent to Acquisition 0      
Land 139      
Building 796      
Intangibles 176      
Total 1,111      
Accumulated Depreciation and Amortization $ (317)      
Life on which Depreciation in Latest Statement of Income is Computed 35 years      
Retail | Kerrville, TX        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 0      
Initial Cost to Company        
Land 186      
Building 849      
Intangibles 200      
Costs Capitalized Subsequent to Acquisition 0      
Land 186      
Building 849      
Intangibles 200      
Total 1,235      
Accumulated Depreciation and Amortization $ (396)      
Life on which Depreciation in Latest Statement of Income is Computed 35 years      
Retail | Floresville, TX        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 0      
Initial Cost to Company        
Land 268      
Building 828      
Intangibles 216      
Costs Capitalized Subsequent to Acquisition 0      
Land 268      
Building 828      
Intangibles 216      
Total 1,312      
Accumulated Depreciation and Amortization $ (401)      
Life on which Depreciation in Latest Statement of Income is Computed 35 years      
Retail | Minot, ND        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 0      
Initial Cost to Company        
Land 1,856      
Building 4,472      
Intangibles 618      
Costs Capitalized Subsequent to Acquisition 0      
Land 1,856      
Building 4,472      
Intangibles 618      
Total 6,946      
Accumulated Depreciation and Amortization $ (1,569)      
Life on which Depreciation in Latest Statement of Income is Computed 38 years      
Retail | Lebanon, MI        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 0      
Initial Cost to Company        
Land 359      
Building 724      
Intangibles 178      
Costs Capitalized Subsequent to Acquisition 0      
Land 359      
Building 724      
Intangibles 178      
Total 1,261      
Accumulated Depreciation and Amortization $ (281)      
Life on which Depreciation in Latest Statement of Income is Computed 40 years      
Retail | Effingham County, IL        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 0      
Initial Cost to Company        
Land 273      
Building 774      
Intangibles 205      
Costs Capitalized Subsequent to Acquisition 0      
Land 273      
Building 774      
Intangibles 205      
Total 1,252      
Accumulated Depreciation and Amortization $ (324)      
Life on which Depreciation in Latest Statement of Income is Computed 40 years      
Retail | Ponce, Puerto Rico        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 0      
Initial Cost to Company        
Land 1,365      
Building 6,662      
Intangibles 1,318      
Costs Capitalized Subsequent to Acquisition 0      
Land 1,365      
Building 6,662      
Intangibles 1,318      
Total 9,345      
Accumulated Depreciation and Amortization $ (2,375)      
Life on which Depreciation in Latest Statement of Income is Computed 37 years      
Retail | Tremont, IL        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 0      
Initial Cost to Company        
Land 164      
Building 860      
Intangibles 168      
Costs Capitalized Subsequent to Acquisition 0      
Land 164      
Building 860      
Intangibles 168      
Total 1,192      
Accumulated Depreciation and Amortization $ (344)      
Life on which Depreciation in Latest Statement of Income is Computed 35 years      
Retail | Pleasanton, TX        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 0      
Initial Cost to Company        
Land 311      
Building 850      
Intangibles 216      
Costs Capitalized Subsequent to Acquisition 0      
Land 311      
Building 850      
Intangibles 216      
Total 1,377      
Accumulated Depreciation and Amortization $ (399)      
Life on which Depreciation in Latest Statement of Income is Computed 35 years      
Retail | Peoria, IL        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 0      
Initial Cost to Company        
Land 180      
Building 934      
Intangibles 179      
Costs Capitalized Subsequent to Acquisition 0      
Land 180      
Building 934      
Intangibles 179      
Total 1,293      
Accumulated Depreciation and Amortization $ (374)      
Life on which Depreciation in Latest Statement of Income is Computed 35 years      
Retail | Bridgeport, IL        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 0      
Initial Cost to Company        
Land 192      
Building 874      
Intangibles 175      
Costs Capitalized Subsequent to Acquisition 0      
Land 192      
Building 874      
Intangibles 175      
Total 1,241      
Accumulated Depreciation and Amortization $ (348)      
Life on which Depreciation in Latest Statement of Income is Computed 35 years      
Retail | Warren, MN        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 0      
Initial Cost to Company        
Land 108      
Building 825      
Intangibles 157      
Costs Capitalized Subsequent to Acquisition 0      
Land 108      
Building 825      
Intangibles 157      
Total 1,090      
Accumulated Depreciation and Amortization $ (398)      
Life on which Depreciation in Latest Statement of Income is Computed 30 years      
Retail | Canyon Lake, TX        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 0      
Initial Cost to Company        
Land 291      
Building 932      
Intangibles 220      
Costs Capitalized Subsequent to Acquisition 0      
Land 291      
Building 932      
Intangibles 220      
Total 1,443      
Accumulated Depreciation and Amortization $ (415)      
Life on which Depreciation in Latest Statement of Income is Computed 35 years      
Retail | Wheeler, TX        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 0      
Initial Cost to Company        
Land 53      
Building 887      
Intangibles 188      
Costs Capitalized Subsequent to Acquisition 0      
Land 53      
Building 887      
Intangibles 188      
Total 1,128      
Accumulated Depreciation and Amortization $ (394)      
Life on which Depreciation in Latest Statement of Income is Computed 35 years      
Retail | Aurora, MN        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 621      
Initial Cost to Company        
Land 126      
Building 709      
Intangibles 157      
Costs Capitalized Subsequent to Acquisition 0      
Land 126      
Building 709      
Intangibles 157      
Total 992      
Accumulated Depreciation and Amortization $ (283)      
Life on which Depreciation in Latest Statement of Income is Computed 40 years      
Retail | Red Oak, IA        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 0      
Initial Cost to Company        
Land 190      
Building 839      
Intangibles 179      
Costs Capitalized Subsequent to Acquisition 0      
Land 190      
Building 839      
Intangibles 179      
Total 1,208      
Accumulated Depreciation and Amortization $ (408)      
Life on which Depreciation in Latest Statement of Income is Computed 35 years      
Retail | Zapata, TX        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 0      
Initial Cost to Company        
Land 62      
Building 998      
Intangibles 145      
Costs Capitalized Subsequent to Acquisition 0      
Land 62      
Building 998      
Intangibles 145      
Total 1,205      
Accumulated Depreciation and Amortization $ (507)      
Life on which Depreciation in Latest Statement of Income is Computed 35 years      
Retail | St. Francis, MN        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 0      
Initial Cost to Company        
Land 105      
Building 911      
Intangibles 163      
Costs Capitalized Subsequent to Acquisition 0      
Land 105      
Building 911      
Intangibles 163      
Total 1,179      
Accumulated Depreciation and Amortization $ (491)      
Life on which Depreciation in Latest Statement of Income is Computed 35 years      
Retail | Yorktown, TX        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 0      
Initial Cost to Company        
Land 97      
Building 1,005      
Intangibles 199      
Costs Capitalized Subsequent to Acquisition 0      
Land 97      
Building 1,005      
Intangibles 199      
Total 1,301      
Accumulated Depreciation and Amortization $ (531)      
Life on which Depreciation in Latest Statement of Income is Computed 35 years      
Retail | Battle Lake, MN        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 0      
Initial Cost to Company        
Land 136      
Building 875      
Intangibles 157      
Costs Capitalized Subsequent to Acquisition 0      
Land 136      
Building 875      
Intangibles 157      
Total 1,168      
Accumulated Depreciation and Amortization $ (512)      
Life on which Depreciation in Latest Statement of Income is Computed 30 years      
Retail | Paynesville, MN        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 0      
Initial Cost to Company        
Land 246      
Building 816      
Intangibles 192      
Costs Capitalized Subsequent to Acquisition 0      
Land 246      
Building 816      
Intangibles 192      
Total 1,254      
Accumulated Depreciation and Amortization $ (425)      
Life on which Depreciation in Latest Statement of Income is Computed 40 years      
Retail | Wheaton, MO        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 0      
Initial Cost to Company        
Land 73      
Building 800      
Intangibles 97      
Costs Capitalized Subsequent to Acquisition 0      
Land 73      
Building 800      
Intangibles 97      
Total 970      
Accumulated Depreciation and Amortization $ (359)      
Life on which Depreciation in Latest Statement of Income is Computed 40 years      
Retail | Rotterdam, NY        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 9,023      
Initial Cost to Company        
Land 2,530      
Building 7,924      
Intangibles 2,165      
Costs Capitalized Subsequent to Acquisition 0      
Land 2,530      
Building 7,924      
Intangibles 2,165      
Total 12,619      
Accumulated Depreciation and Amortization $ (6,811)      
Life on which Depreciation in Latest Statement of Income is Computed 20 years      
Retail | Hilliard, OH        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 0      
Initial Cost to Company        
Land 654      
Building 4,870      
Intangibles 860      
Costs Capitalized Subsequent to Acquisition 0      
Land 654      
Building 4,870      
Intangibles 860      
Total 6,384      
Accumulated Depreciation and Amortization $ (1,962)      
Life on which Depreciation in Latest Statement of Income is Computed 41 years      
Retail | Niles, OH        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 0      
Initial Cost to Company        
Land 437      
Building 4,084      
Intangibles 680      
Costs Capitalized Subsequent to Acquisition 0      
Land 437      
Building 4,084      
Intangibles 680      
Total 5,201      
Accumulated Depreciation and Amortization $ (1,633)      
Life on which Depreciation in Latest Statement of Income is Computed 41 years      
Retail | Youngstown, OH        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 3,784      
Initial Cost to Company        
Land 380      
Building 4,363      
Intangibles 658      
Costs Capitalized Subsequent to Acquisition 0      
Land 380      
Building 4,363      
Intangibles 658      
Total 5,401      
Accumulated Depreciation and Amortization $ (1,780)      
Life on which Depreciation in Latest Statement of Income is Computed 40 years      
Retail | Iberia, MO        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 0      
Initial Cost to Company        
Land 130      
Building 1,033      
Intangibles 165      
Costs Capitalized Subsequent to Acquisition 0      
Land 130      
Building 1,033      
Intangibles 165      
Total 1,328      
Accumulated Depreciation and Amortization $ (472)      
Life on which Depreciation in Latest Statement of Income is Computed 39 years      
Retail | Pine Island, MN        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 0      
Initial Cost to Company        
Land 112      
Building 845      
Intangibles 185      
Costs Capitalized Subsequent to Acquisition 0      
Land 112      
Building 845      
Intangibles 185      
Total 1,142      
Accumulated Depreciation and Amortization $ (455)      
Life on which Depreciation in Latest Statement of Income is Computed 40 years      
Retail | Isle, MN        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 0      
Initial Cost to Company        
Land 120      
Building 787      
Intangibles 171      
Costs Capitalized Subsequent to Acquisition 0      
Land 120      
Building 787      
Intangibles 171      
Total 1,078      
Accumulated Depreciation and Amortization $ (439)      
Life on which Depreciation in Latest Statement of Income is Computed 40 years      
Retail | Evansville, IN        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 0      
Initial Cost to Company        
Land 1,788      
Building 6,348      
Intangibles 864      
Costs Capitalized Subsequent to Acquisition 0      
Land 1,788      
Building 6,348      
Intangibles 864      
Total 9,000      
Accumulated Depreciation and Amortization $ (2,893)      
Life on which Depreciation in Latest Statement of Income is Computed 35 years      
Retail | Springfield, MO        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 0      
Initial Cost to Company        
Land 3,658      
Building 6,296      
Intangibles 1,870      
Costs Capitalized Subsequent to Acquisition 0      
Land 3,658      
Building 6,296      
Intangibles 1,870      
Total 11,824      
Accumulated Depreciation and Amortization $ (3,455)      
Life on which Depreciation in Latest Statement of Income is Computed 37 years      
Retail | Cedar Rapids, IA        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 0      
Initial Cost to Company        
Land 1,569      
Building 7,553      
Intangibles 1,878      
Costs Capitalized Subsequent to Acquisition 0      
Land 1,569      
Building 7,553      
Intangibles 1,878      
Total 11,000      
Accumulated Depreciation and Amortization $ (4,372)      
Life on which Depreciation in Latest Statement of Income is Computed 30 years      
Retail | Fairfield, IA        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 0      
Initial Cost to Company        
Land 1,132      
Building 7,779      
Intangibles 1,800      
Costs Capitalized Subsequent to Acquisition 0      
Land 1,132      
Building 7,779      
Intangibles 1,800      
Total 10,711      
Accumulated Depreciation and Amortization $ (3,855)      
Life on which Depreciation in Latest Statement of Income is Computed 37 years      
Retail | Owatonna, MN        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 0      
Initial Cost to Company        
Land 1,398      
Building 7,125      
Intangibles 1,564      
Costs Capitalized Subsequent to Acquisition 0      
Land 1,398      
Building 7,125      
Intangibles 1,564      
Total 10,087      
Accumulated Depreciation and Amortization $ (3,681)      
Life on which Depreciation in Latest Statement of Income is Computed 36 years      
Retail | Muscatine, IA        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 0      
Initial Cost to Company        
Land 1,060      
Building 6,636      
Intangibles 1,307      
Costs Capitalized Subsequent to Acquisition 0      
Land 1,060      
Building 6,636      
Intangibles 1,307      
Total 9,003      
Accumulated Depreciation and Amortization $ (3,611)      
Life on which Depreciation in Latest Statement of Income is Computed 29 years      
Retail | Sheldon, IA        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 0      
Initial Cost to Company        
Land 633      
Building 3,053      
Intangibles 708      
Costs Capitalized Subsequent to Acquisition 0      
Land 633      
Building 3,053      
Intangibles 708      
Total 4,394      
Accumulated Depreciation and Amortization $ (1,577)      
Life on which Depreciation in Latest Statement of Income is Computed 37 years      
Retail | Memphis, TN        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 0      
Initial Cost to Company        
Land 1,986      
Building 2,800      
Intangibles 803      
Costs Capitalized Subsequent to Acquisition 0      
Land 1,986      
Building 2,800      
Intangibles 803      
Total 5,589      
Accumulated Depreciation and Amortization $ (2,881)      
Life on which Depreciation in Latest Statement of Income is Computed 15 years      
Retail | O'Fallon, IL        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 0      
Initial Cost to Company        
Land 2,488      
Building 5,388      
Intangibles 1,064      
Costs Capitalized Subsequent to Acquisition 0      
Land 2,488      
Building 5,388      
Intangibles 1,064      
Total 8,940      
Accumulated Depreciation and Amortization $ (5,239)      
Life on which Depreciation in Latest Statement of Income is Computed 15 years      
Retail | Durant, OK        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 3,267      
Initial Cost to Company        
Land 594      
Building 3,900      
Intangibles 498      
Costs Capitalized Subsequent to Acquisition 0      
Land 594      
Building 3,900      
Intangibles 498      
Total 4,992      
Accumulated Depreciation and Amortization $ (1,662)      
Life on which Depreciation in Latest Statement of Income is Computed 40 years      
Retail | Gallatin, TN        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 3,180      
Initial Cost to Company        
Land 1,725      
Building 2,616      
Intangibles 721      
Costs Capitalized Subsequent to Acquisition 0      
Land 1,725      
Building 2,616      
Intangibles 721      
Total 5,062      
Accumulated Depreciation and Amortization $ (1,474)      
Life on which Depreciation in Latest Statement of Income is Computed 40 years      
Retail | Mt. Airy, NC        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 2,927      
Initial Cost to Company        
Land 729      
Building 3,353      
Intangibles 621      
Costs Capitalized Subsequent to Acquisition 0      
Land 729      
Building 3,353      
Intangibles 621      
Total 4,703      
Accumulated Depreciation and Amortization $ (1,653)      
Life on which Depreciation in Latest Statement of Income is Computed 39 years      
Retail | Aiken, SC        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 3,923      
Initial Cost to Company        
Land 1,588      
Building 3,480      
Intangibles 858      
Costs Capitalized Subsequent to Acquisition 0      
Land 1,588      
Building 3,480      
Intangibles 858      
Total 5,926      
Accumulated Depreciation and Amortization $ (1,801)      
Life on which Depreciation in Latest Statement of Income is Computed 41 years      
Retail | Johnson City, TN        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 3,381      
Initial Cost to Company        
Land 917      
Building 3,607      
Intangibles 739      
Costs Capitalized Subsequent to Acquisition 0      
Land 917      
Building 3,607      
Intangibles 739      
Total 5,263      
Accumulated Depreciation and Amortization $ (1,813)      
Life on which Depreciation in Latest Statement of Income is Computed 40 years      
Retail | Palmview, TX        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 4,158      
Initial Cost to Company        
Land 938      
Building 4,837      
Intangibles 1,044      
Costs Capitalized Subsequent to Acquisition 0      
Land 938      
Building 4,837      
Intangibles 1,044      
Total 6,819      
Accumulated Depreciation and Amortization $ (2,093)      
Life on which Depreciation in Latest Statement of Income is Computed 44 years      
Retail | Ooltewah, TN        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 3,579      
Initial Cost to Company        
Land 903      
Building 3,957      
Intangibles 843      
Costs Capitalized Subsequent to Acquisition 0      
Land 903      
Building 3,957      
Intangibles 843      
Total 5,703      
Accumulated Depreciation and Amortization $ (1,944)      
Life on which Depreciation in Latest Statement of Income is Computed 41 years      
Retail | Abingdon, VA        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 3,008      
Initial Cost to Company        
Land 682      
Building 3,733      
Intangibles 666      
Costs Capitalized Subsequent to Acquisition 0      
Land 682      
Building 3,733      
Intangibles 666      
Total 5,081      
Accumulated Depreciation and Amortization $ (1,840)      
Life on which Depreciation in Latest Statement of Income is Computed 41 years      
Retail | Vineland, NJ        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 17,203      
Initial Cost to Company        
Land 1,482      
Building 17,742      
Intangibles 3,282      
Costs Capitalized Subsequent to Acquisition 0      
Land 1,482      
Building 17,742      
Intangibles 3,282      
Total 22,506      
Accumulated Depreciation and Amortization $ (11,142)      
Life on which Depreciation in Latest Statement of Income is Computed 30 years      
Retail | Saratoga Springs, NY        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 15,574      
Initial Cost to Company        
Land 748      
Building 13,936      
Intangibles 5,538      
Costs Capitalized Subsequent to Acquisition 0      
Land 748      
Building 13,936      
Intangibles 5,538      
Total 20,222      
Accumulated Depreciation and Amortization $ (10,676)      
Life on which Depreciation in Latest Statement of Income is Computed 27 years      
Retail | Mooresville, NC        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 13,690      
Initial Cost to Company        
Land 2,615      
Building 12,462      
Intangibles 2,566      
Costs Capitalized Subsequent to Acquisition 0      
Land 2,615      
Building 12,462      
Intangibles 2,566      
Total 17,643      
Accumulated Depreciation and Amortization $ (9,374)      
Life on which Depreciation in Latest Statement of Income is Computed 24 years      
Retail | DeLeon Springs, FL        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 990      
Initial Cost to Company        
Land 239      
Building 782      
Intangibles 221      
Costs Capitalized Subsequent to Acquisition 0      
Land 239      
Building 782      
Intangibles 221      
Total 1,242      
Accumulated Depreciation and Amortization $ (660)      
Life on which Depreciation in Latest Statement of Income is Computed 35 years      
Retail | Orange City, FL        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 1,040      
Initial Cost to Company        
Land 229      
Building 853      
Intangibles 235      
Costs Capitalized Subsequent to Acquisition 0      
Land 229      
Building 853      
Intangibles 235      
Total 1,317      
Accumulated Depreciation and Amortization $ (680)      
Life on which Depreciation in Latest Statement of Income is Computed 35 years      
Retail | Satsuma, FL        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 840      
Initial Cost to Company        
Land 79      
Building 821      
Intangibles 192      
Costs Capitalized Subsequent to Acquisition 0      
Land 79      
Building 821      
Intangibles 192      
Total 1,092      
Accumulated Depreciation and Amortization $ (653)      
Life on which Depreciation in Latest Statement of Income is Computed 35 years      
Retail | Greenwood, AR        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 3,143      
Initial Cost to Company        
Land 1,038      
Building 3,415      
Intangibles 694      
Costs Capitalized Subsequent to Acquisition 0      
Land 1,038      
Building 3,415      
Intangibles 694      
Total 5,147      
Accumulated Depreciation and Amortization $ (1,757)      
Life on which Depreciation in Latest Statement of Income is Computed 43 years      
Retail | Millbrook, AL        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 4,265      
Initial Cost to Company        
Land 970      
Building 5,972      
Intangibles 0      
Costs Capitalized Subsequent to Acquisition 0      
Land 970      
Building 5,972      
Intangibles 0      
Total 6,942      
Accumulated Depreciation and Amortization $ (2,589)      
Life on which Depreciation in Latest Statement of Income is Computed 32 years      
Retail | Spartanburg, SC        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 3,300      
Initial Cost to Company        
Land 828      
Building 2,567      
Intangibles 772      
Costs Capitalized Subsequent to Acquisition 0      
Land 828      
Building 2,567      
Intangibles 772      
Total 4,167      
Accumulated Depreciation and Amortization $ (1,654)      
Life on which Depreciation in Latest Statement of Income is Computed 42 years      
Retail | Tupelo, MS        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 4,487      
Initial Cost to Company        
Land 1,120      
Building 3,070      
Intangibles 939      
Costs Capitalized Subsequent to Acquisition 0      
Land 1,120      
Building 3,070      
Intangibles 939      
Total 5,129      
Accumulated Depreciation and Amortization $ (1,898)      
Life on which Depreciation in Latest Statement of Income is Computed 47 years      
Retail | Lilburn, GA        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 0      
Initial Cost to Company        
Land 1,090      
Building 3,673      
Intangibles 1,028      
Costs Capitalized Subsequent to Acquisition 0      
Land 1,090      
Building 3,673      
Intangibles 1,028      
Total 5,791      
Accumulated Depreciation and Amortization $ (2,195)      
Life on which Depreciation in Latest Statement of Income is Computed 47 years      
Retail | Douglasville, GA        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 4,688      
Initial Cost to Company        
Land 1,717      
Building 2,705      
Intangibles 987      
Costs Capitalized Subsequent to Acquisition 0      
Land 1,717      
Building 2,705      
Intangibles 987      
Total 5,409      
Accumulated Depreciation and Amortization $ (1,741)      
Life on which Depreciation in Latest Statement of Income is Computed 48 years      
Retail | Elkton, MD        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 4,315      
Initial Cost to Company        
Land 963      
Building 3,049      
Intangibles 860      
Costs Capitalized Subsequent to Acquisition 0      
Land 963      
Building 3,049      
Intangibles 860      
Total 4,872      
Accumulated Depreciation and Amortization $ (1,845)      
Life on which Depreciation in Latest Statement of Income is Computed 49 years      
Retail | Lexington, SC        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 4,083      
Initial Cost to Company        
Land 1,644      
Building 2,219      
Intangibles 869      
Costs Capitalized Subsequent to Acquisition 0      
Land 1,644      
Building 2,219      
Intangibles 869      
Total 4,732      
Accumulated Depreciation and Amortization $ (1,554)      
Life on which Depreciation in Latest Statement of Income is Computed 48 years      
Retail | New York, NY        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 0      
Initial Cost to Company        
Land 8,896      
Building 13,750      
Intangibles 0      
Costs Capitalized Subsequent to Acquisition 1,321      
Land 8,896      
Building 15,072      
Intangibles 0      
Total 23,968      
Accumulated Depreciation and Amortization $ (720)      
Life on which Depreciation in Latest Statement of Income is Computed 40 years      
Retail | New York, NY        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 0      
Initial Cost to Company        
Land 2,434      
Building 5,482      
Intangibles 0      
Costs Capitalized Subsequent to Acquisition 0      
Land 2,434      
Building 6,178      
Intangibles 0      
Total 8,612      
Accumulated Depreciation and Amortization $ (852)      
Life on which Depreciation in Latest Statement of Income is Computed 28 years      
Office | Rockville, MD        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 0      
Initial Cost to Company        
Land 6,302      
Building 12,937      
Intangibles 3,439      
Costs Capitalized Subsequent to Acquisition 0      
Land 6,301      
Building 12,962      
Intangibles 3,439      
Total 22,702      
Accumulated Depreciation and Amortization $ (501)      
Life on which Depreciation in Latest Statement of Income is Computed 35 years      
Office | Carmel, IN        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 0      
Initial Cost to Company        
Land 12,794      
Building 22,827      
Intangibles 7,074      
Costs Capitalized Subsequent to Acquisition 359      
Land 12,793      
Building 23,257      
Intangibles 7,074      
Total 43,124      
Accumulated Depreciation and Amortization $ (2,691)      
Life on which Depreciation in Latest Statement of Income is Computed 14 years      
Office | Oakland, CA        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 0      
Initial Cost to Company        
Land 1,500      
Building 6,000      
Intangibles 0      
Costs Capitalized Subsequent to Acquisition 0      
Land 2,889      
Building 4,611      
Intangibles 0      
Total 7,500      
Accumulated Depreciation and Amortization $ (139)      
Life on which Depreciation in Latest Statement of Income is Computed 42 years      
Office | Houston, TX        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 0      
Initial Cost to Company        
Land 826      
Building 6,322      
Intangibles 2,380      
Costs Capitalized Subsequent to Acquisition 2,903      
Land 826      
Building 9,226      
Intangibles 2,380      
Total 12,432      
Accumulated Depreciation and Amortization $ (4,535)      
Life on which Depreciation in Latest Statement of Income is Computed 28 years      
Office | Crum Lynne, PA        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 6,006      
Initial Cost to Company        
Land 1,403      
Building 7,518      
Intangibles 1,666      
Costs Capitalized Subsequent to Acquisition 0      
Land 1,403      
Building 7,518      
Intangibles 1,666      
Total 10,587      
Accumulated Depreciation and Amortization $ (2,512)      
Life on which Depreciation in Latest Statement of Income is Computed 35 years      
Office | Oakland County, MI        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 16,816      
Initial Cost to Company        
Land 1,147      
Building 7,707      
Intangibles 9,932      
Costs Capitalized Subsequent to Acquisition 12,176      
Land 1,147      
Building 19,875      
Intangibles 9,927      
Total 30,949      
Accumulated Depreciation and Amortization $ (22,329)      
Life on which Depreciation in Latest Statement of Income is Computed 35 years      
Multifamily | Pittsburgh, PA        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 0      
Initial Cost to Company        
Land 7,141      
Building 26,222      
Intangibles 1,116      
Costs Capitalized Subsequent to Acquisition 0      
Land 7,141      
Building 27,018      
Intangibles 1,122      
Total 35,281      
Accumulated Depreciation and Amortization $ (3,367)      
Life on which Depreciation in Latest Statement of Income is Computed 37 years      
Multifamily | New York, NY        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 0      
Initial Cost to Company        
Land 15,824      
Building 13,512      
Intangibles 1,135      
Costs Capitalized Subsequent to Acquisition 0      
Land 15,824      
Building 13,760      
Intangibles 1,019      
Total 30,603      
Accumulated Depreciation and Amortization $ (2,355)      
Life on which Depreciation in Latest Statement of Income is Computed 20 years      
Hotel | Schaumburg, IL        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 0      
Initial Cost to Company        
Land 8,029      
Building 29,971      
Intangibles 0      
Costs Capitalized Subsequent to Acquisition 1,174      
Land 8,029      
Building 31,145      
Intangibles 0      
Total 39,174      
Accumulated Depreciation and Amortization $ (11,365)      
Life on which Depreciation in Latest Statement of Income is Computed 25 years      
Hotel | Omaha, NE        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 0      
Initial Cost to Company        
Land 2,963      
Building 15,237      
Intangibles 0      
Costs Capitalized Subsequent to Acquisition 1,562      
Land 2,963      
Building 16,799      
Intangibles 0      
Total 19,762      
Accumulated Depreciation and Amortization $ (5,265)      
Life on which Depreciation in Latest Statement of Income is Computed 35 years      
Mixed Use | Isla Vista, CA        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 90,158      
Initial Cost to Company        
Land 36,274      
Building 47,694      
Intangibles 1,118      
Costs Capitalized Subsequent to Acquisition 3,293      
Land 36,274      
Building 50,987      
Intangibles 1,118      
Total 88,379      
Accumulated Depreciation and Amortization $ (11,581)      
Life on which Depreciation in Latest Statement of Income is Computed 42 years      
Shopping Center | Carmel, NY        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 0      
Initial Cost to Company        
Land 2,041      
Building 3,632      
Intangibles 1,033      
Costs Capitalized Subsequent to Acquisition 0      
Land 2,041      
Building 4,391      
Intangibles 1,033      
Total 7,465      
Accumulated Depreciation and Amortization $ (2,843)      
Life on which Depreciation in Latest Statement of Income is Computed 20 years      
Diversified        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 112,980      
Initial Cost to Company        
Land 107,574      
Building 218,811      
Intangibles 28,893      
Costs Capitalized Subsequent to Acquisition 22,788      
Land 108,961      
Building 242,799      
Intangibles 28,778      
Total 380,538      
Accumulated Depreciation and Amortization $ (71,055)      
v3.25.4
Schedule III-Real Estate and Accumulated Depreciation Real Estate - Reconciliation (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]      
Beginning Balance $ 904,398 $ 947,226 $ 899,144
Acquisitions through foreclosures 65,372 48,796 87,598
Improvements 9,844 6,497 4,374
Dispositions and write-offs (13,418) (98,121) (43,890)
Ending Balance $ 966,196 $ 904,398 $ 947,226
v3.25.4
Schedule III-Real Estate and Accumulated Depreciation Real Estate - Accumulated Depreciation (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward]      
Beginning Balance $ 233,595 $ 220,784 $ 199,008
Depreciation and amortization expense 32,262 32,266 29,791
Dispositions/write-offs (3,198) (19,455) (8,015)
Ending Balance $ 262,659 $ 233,595 $ 220,784
v3.25.4
Schedule IV - Mortgage Loans on Real Estate (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]      
Interest Rates 7.71% 9.27%  
Prior Liens $ 31,207    
Face amount of Mortgages 2,265,696    
Carrying Amount of Mortgages 2,198,224 $ 1,565,897 $ 3,138,792
Principal Amount of Mortgages Subject to Delinquent Principal or Interest 129,679    
Total carrying amount of mortgages 2,245,361    
Provision for loan losses (47,137)    
Principal balance of loans on non-accrual status 123,900    
Aggregate cost for U.S. federal tax income purposes 2,200,000    
Mortgage loans held for sale 2,198,224 1,565,897 3,138,792
Mortgage loan receivables held for investment, net, at amortized cost:      
Mortgage loans receivable, beginning balance 1,565,897 3,138,792 3,892,382
Beginning balance, Allowance for credit losses (52,323) (43,165) (20,755)
Origination of mortgage loan receivables 1,358,336 195,232 68,415
Repayment of mortgage loan receivables (609,169) (1,720,643) (726,710)
Non-cash disposition of loan via foreclosure (65,078) (47,952) (88,708)
Realized gain on sale of mortgage loan receivables 4,716 30 (523)
Accretion/amortization of discount, premium and other fees 10,183 14,619 19,046
Release of provision for current expected credit loss, net 157 (13,933) (25,096)
Release of provision for current expected credit loss, net 186 (14,181) (25,110)
Mortgage loans receivable, ending balance 2,198,224 1,565,897 3,138,792
Ending balance, Allowance for credit losses (47,137) (52,323) (43,165)
Mortgage loan  receivables held for sale      
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]      
Carrying Amount of Mortgages 28,000    
Mortgage loans held for sale 28,000    
Mortgage loan receivables held for investment, net, at amortized cost:      
Mortgage loans receivable, ending balance 28,000    
Total mortgage loan receivables held for investment, net, at amortized cost      
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]      
Carrying Amount of Mortgages 2,217,375 1,591,322 3,155,089
Mortgage loans held for sale 2,217,375 1,591,322 3,155,089
Mortgage loan receivables held for investment, net, at amortized cost:      
Mortgage loans receivable, beginning balance 1,591,322 3,155,089 3,885,746
Beginning balance, Allowance for credit losses (52,323) (43,165) (20,755)
Origination of mortgage loan receivables 1,294,976 195,232 68,415
Repayment of mortgage loan receivables (609,028) (1,720,643) (726,710)
Non-cash disposition of loan via foreclosure (65,078) (52,975) (91,408)
Non-cash disposition of loans via foreclosure 0 5,023 2,700
Realized gain on sale of mortgage loan receivables 0 0 0
Accretion/amortization of discount, premium and other fees 10,183 14,619 19,046
Release of provision for current expected credit loss, net 186 (14,181)  
Release of provision for current expected credit loss, net     (25,110)
Mortgage loans receivable, ending balance 2,217,375 1,591,322 3,155,089
Ending balance, Allowance for credit losses $ (47,137) $ (52,323) (43,165)
Mortgage loan  receivables held for sale      
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]      
Interest Rates 4.57% 4.57%  
Carrying Amount of Mortgages $ 27,986 $ 26,898 26,868
Mortgage loans held for sale 27,986 26,898 26,868
Mortgage loan receivables held for investment, net, at amortized cost:      
Mortgage loans receivable, beginning balance 26,898 26,868 27,391
Origination of mortgage loan receivables 63,360 0 0
Repayment of mortgage loan receivables (141) 0 0
Realized gain on sale of mortgage loan receivables 4,716 30 (523)
Accretion/amortization of discount, premium and other fees 0 0 0
Mortgage loans receivable, ending balance 27,986 $ 26,898 $ 26,868
First mortgage loan      
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]      
Prior Liens 0    
Face amount of Mortgages 2,258,374    
Carrying Amount of Mortgages 2,238,048    
Principal Amount of Mortgages Subject to Delinquent Principal or Interest 129,679    
Mortgage loans held for sale 2,238,048    
Mortgage loan receivables held for investment, net, at amortized cost:      
Mortgage loans receivable, ending balance 2,238,048    
Second Mortgage      
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]      
Prior Liens 31,207    
Face amount of Mortgages 7,322    
Carrying Amount of Mortgages 7,313    
Principal Amount of Mortgages Subject to Delinquent Principal or Interest 0    
Mortgage loans held for sale 7,313    
Mortgage loan receivables held for investment, net, at amortized cost:      
Mortgage loans receivable, ending balance $ 7,313    
Office | First Mortgages individually greater than 3%      
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]      
Interest Rates 7.97%    
Prior Liens $ 0    
Face amount of Mortgages 228,425    
Carrying Amount of Mortgages 228,228    
Principal Amount of Mortgages Subject to Delinquent Principal or Interest 0    
Mortgage loans held for sale 228,228    
Mortgage loan receivables held for investment, net, at amortized cost:      
Mortgage loans receivable, ending balance $ 228,228    
Office | First Mortgages individually greater than 3%      
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]      
Interest Rates 7.28%    
Prior Liens $ 0    
Face amount of Mortgages 99,050    
Carrying Amount of Mortgages 98,098    
Principal Amount of Mortgages Subject to Delinquent Principal or Interest 0    
Mortgage loans held for sale 98,098    
Mortgage loan receivables held for investment, net, at amortized cost:      
Mortgage loans receivable, ending balance $ 98,098    
Office | First Mortgages individually greater than 3%      
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]      
Interest Rates 8.55%    
Prior Liens $ 0    
Face amount of Mortgages 80,000    
Carrying Amount of Mortgages 79,629    
Principal Amount of Mortgages Subject to Delinquent Principal or Interest 0    
Mortgage loans held for sale 79,629    
Mortgage loan receivables held for investment, net, at amortized cost:      
Mortgage loans receivable, ending balance $ 79,629    
Multifamily | First Mortgages individually greater than 3%      
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]      
Interest Rates 7.00%    
Prior Liens $ 0    
Face amount of Mortgages 98,738    
Carrying Amount of Mortgages 97,791    
Principal Amount of Mortgages Subject to Delinquent Principal or Interest 0    
Mortgage loans held for sale 97,791    
Mortgage loan receivables held for investment, net, at amortized cost:      
Mortgage loans receivable, ending balance $ 97,791    
Multifamily | First Mortgages individually greater than 3%      
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]      
Interest Rates 7.01%    
Prior Liens $ 0    
Face amount of Mortgages 74,000    
Carrying Amount of Mortgages 73,354    
Principal Amount of Mortgages Subject to Delinquent Principal or Interest 0    
Mortgage loans held for sale 73,354    
Mortgage loan receivables held for investment, net, at amortized cost:      
Mortgage loans receivable, ending balance 73,354    
Multi-Family, Office, Industrial, Mixed, Land, Retail, Hotel | First Mortgages individually less than 3%      
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]      
Prior Liens 0    
Face amount of Mortgages 1,678,161    
Carrying Amount of Mortgages 1,660,948    
Principal Amount of Mortgages Subject to Delinquent Principal or Interest 129,679    
Mortgage loans held for sale 1,660,948    
Mortgage loan receivables held for investment, net, at amortized cost:      
Mortgage loans receivable, ending balance $ 1,660,948    
Multi-Family, Office, Industrial, Mixed, Land, Retail, Hotel | Minimum | First Mortgages individually less than 3%      
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]      
Interest Rates 4.25%    
Multi-Family, Office, Industrial, Mixed, Land, Retail, Hotel | Maximum | First Mortgages individually less than 3%      
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]      
Interest Rates 13.81%    
Hotel | Subordinated Mortgages individually less than 3%      
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]      
Prior Liens $ 31,207    
Face amount of Mortgages 7,322    
Carrying Amount of Mortgages 7,313    
Principal Amount of Mortgages Subject to Delinquent Principal or Interest 0    
Mortgage loans held for sale 7,313    
Mortgage loan receivables held for investment, net, at amortized cost:      
Mortgage loans receivable, ending balance $ 7,313    
Hotel | Minimum | Subordinated Mortgages individually less than 3%      
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]      
Interest Rates 11.00%    
Hotel | Maximum | Subordinated Mortgages individually less than 3%      
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]      
Interest Rates 11.66%