LADDER CAPITAL CORP, 10-K filed on 2/10/2025
Annual Report
v3.25.0.1
Cover Page - USD ($)
 12 Months Ended
Dec. 31, 2024
Jan. 31, 2025
Jun. 30, 2024
Document Type 10-K    
Document Annual Report true    
Document Period End Date Dec. 31, 2024    
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     $ 1,276,191,725
Documents Incorporated by Reference
DOCUMENTS INCORPORATED BY REFERENCE

Portions of the definitive proxy statement for the Company’s 2024 Annual Meeting of Stockholders have been incorporated by reference into Part III of this Report.
    
Entity Central Index Key 0001577670    
Document Fiscal Year Focus 2024    
Document Fiscal Period Focus FY    
Amendment Flag false    
Current Fiscal Year End Date --12-31    
Class A Common Stock      
Entity Common Stock, Shares Outstanding   127,106,481  
Class B Common Stock      
Entity Common Stock, Shares Outstanding   0  
v3.25.0.1
Audit Information
 12 Months Ended
Dec. 31, 2024
Audit Information [Abstract]  
Auditor Firm ID 42
Auditor Name Ernst & Young LLP
Auditor Location New York, New York
v3.25.0.1
Consolidated Balance Sheets - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Assets    
Cash and cash equivalents [1] $ 1,323,481 $ 1,015,678
Restricted cash [1] 12,608 15,450
Mortgage loan receivables held for investment, net, at amortized cost:    
Mortgage loans receivable [1] 1,591,322 3,155,089
Allowance for credit losses [1] (52,323) (43,165)
Mortgage loan receivables held for sale [1] 26,898 26,868
Securities [1] 1,080,839 485,533
Real estate and related lease intangibles, net [1] 670,803 726,442
Investments in and advances to unconsolidated ventures [1] 19,923 6,877
Derivative instruments [1] 437 1,454
Accrued interest receivable [1] 12,936 24,233
Other assets [1] 158,149 98,218
Total assets [1] 4,845,073 5,512,677
Liabilities    
Debt obligations, net [1] 3,135,617 3,783,946
Dividends payable [1] 31,838 32,294
Accrued expenses [1] 74,824 65,144
Other liabilities [1] 69,855 99,095
Total liabilities [1] 3,312,134 3,980,479
Commitments and contingencies (refer to Note 17) [1] 0 0
Equity    
Additional paid-in capital [1] 1,777,118 1,756,750
Treasury stock, 2,776,538 and 1,115,789 shares, at cost [1] (30,475) (12,001)
Retained earnings (dividends in excess of earnings) [1] (206,874) (197,875)
Accumulated other comprehensive income (loss) [1] (4,866) (13,853)
Total shareholders’ equity [1] 1,535,030 1,533,148
Noncontrolling interests in consolidated ventures [1] (2,091) (950)
Total equity [1] 1,532,939 1,532,198
Total liabilities and equity [1] 4,845,073 5,512,677
Class A Common Stock    
Equity    
Class A common stock, par value $0.001 per share, 600,000,000 shares authorized; 129,883,019 and 128,027,478 shares issued and 127,106,481 and 126,911,689 shares outstanding as of December 31, 2024 and December 31, 2023, respectively. [1] $ 127 $ 127
[1] Includes amounts relating to consolidated variable interest entities. Refer to Note 2 and Note 9.
v3.25.0.1
Consolidated Balance Sheets (Parenthetical) - $ / shares
Dec. 31, 2024
Dec. 31, 2023
Treasury stock (in shares) 2,776,538 1,115,789
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) 129,883,019 128,027,478
Common stock, outstanding (in shares) 127,106,481 126,911,689
v3.25.0.1
Consolidated Statements of Income - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Net interest income      
Interest income $ 358,625 $ 407,284 $ 293,520
Interest expense 221,537 245,097 195,602
Net interest income (expense) 137,088 162,187 97,918
Provision for (release of) loan loss reserves, net 13,933 25,096 3,711
Net interest income (expense) after provision for (release of) loan loss reserves 123,155 137,091 94,207
Other income (loss)      
Real estate operating income 98,681 96,950 108,269
Net result from mortgage loan receivables held for sale 30 (523) (2,511)
Gain (loss) on real estate, net 25,277 8,808 115,998
Fee and other income 18,700 8,931 14,861
Net result from derivative transactions 5,420 1,481 12,360
Earnings (loss) from investment in unconsolidated ventures (79) 758 1,410
Gain on extinguishment of debt 188 10,718 685
Total other income (loss) 148,217 127,123 251,072
Costs and expenses      
Compensation and employee benefits 60,671 63,618 75,836
Operating expenses 19,193 19,503 20,716
Real estate operating expenses 40,568 37,587 38,605
Investment related expenses 7,718 8,847 7,235
Depreciation and amortization 32,327 29,914 32,673
Total costs and expenses 160,477 159,469 175,065
Income (loss) before taxes 110,895 104,745 170,214
Income tax expense (benefit) 3,448 4,244 4,909
Net income (loss) 107,447 100,501 165,305
Net (income) loss attributable to noncontrolling interests in consolidated ventures $ 808 $ 624 $ (23,088)
Earnings per share:      
Basic (in dollars per share) $ 0.86 $ 0.81 $ 1.14
Diluted (in dollars per share) $ 0.86 $ 0.81 $ 1.13
Weighted average shares outstanding:      
Basic (in shares) 125,576,784 124,667,877 124,301,421
Diluted (in shares) 125,785,295 124,882,398 125,823,671
Class A Common Stock      
Costs and expenses      
Net income (loss) attributable to Class A common shareholders $ 108,255 $ 101,125 $ 142,217
Earnings per share:      
Basic (in dollars per share) $ 0.86 $ 0.81 $ 1.14
Diluted (in dollars per share) $ 0.86 $ 0.81 $ 1.13
Weighted average shares outstanding:      
Basic (in shares) 125,576,784 124,667,877 124,301,421
Diluted (in shares) 125,785,295 124,882,398 125,823,671
v3.25.0.1
Consolidated Statements of Comprehensive Income - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Net income (loss) $ 107,447 $ 100,501 $ 165,305
Gain (loss) on available for sale securities, net of tax:      
Unrealized gain (loss) on securities, available for sale 9,107 6,875 (16,957)
Reclassification adjustment for (gain) loss included in net income (loss) (120) 281 60
Total other comprehensive income (loss) 8,987 7,156 (16,897)
Comprehensive income (loss) 116,434 107,657 148,408
Comprehensive (income) loss attributable to noncontrolling interest in consolidated ventures 808 624 (23,088)
Class A Common Stock      
Gain (loss) on available for sale securities, net of tax:      
Comprehensive income (loss) attributable to Class A common shareholders $ 117,242 $ 108,281 $ 125,320
v3.25.0.1
Consolidated Statements of Changes in Equity - USD ($)
$ in Thousands
Total
Class A Common Stock
Class A Common Stock
Class A Common Stock
Additional Paid- in-Capital
Treasury Stock
Retained Earnings (Dividends in Excess of Earnings)
Accumulated Other Comprehensive Income (Loss)
Consolidated Ventures
Beginning Balance (in shares) at Dec. 31, 2021     125,453,000          
Beginning Balance at Dec. 31, 2021 $ 1,513,619   $ 126 $ 1,795,249 $ (76,324) $ (207,802) $ (4,112) $ 6,482
Increase Decrease in Stockholders' Equity                
Contributions 186             186
Distributions (29,541)             (29,541)
Amortization of equity based compensation 31,584     31,584        
Grants of restricted stock (in shares)     2,289,000          
Grants of restricted stock 0   $ 2   (2)      
Purchase of treasury stock (in shares)     (785,000)          
Purchase of treasury stock (7,919)   $ (1)   (7,918)      
Re-issuance of treasury stock (in shares)     596,000          
Re-issuance of treasury stock 0   $ 1   (1)      
Shares acquired to satisfy minimum required federal and state tax withholding on vesting restricted stock (in shares)     (955,000)          
Shares acquired to satisfy minimum required federal and state tax withholding on vesting restricted stock (11,356)   $ (1)   (11,355)      
Forfeitures (in shares)     (96,000)          
Dividends declared (111,420)         (111,420)    
Net income (loss) 165,305         142,217   23,088
Other comprehensive income (loss) (16,897)           (16,897)  
Ending Balance (in shares) at Dec. 31, 2022     126,502,000          
Ending 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)     (269,000)          
Purchase of treasury stock (2,481)       (2,481)      
Re-issuance of treasury stock (in shares)     1,417,000          
Re-issuance of treasury stock 0   $ 1 (15,528) 15,527      
Shares acquired to satisfy minimum required federal and state tax withholding on vesting restricted stock (in shares)     (689,000)          
Shares acquired to satisfy minimum required federal and state tax withholding on vesting restricted stock (7,862)   $ (1)   (7,861)      
Forfeitures (in shares)     (49,000)          
Forfeitures 0     510 (510)      
Dividends declared (116,713)         (116,713)    
Net income (loss) 100,501         101,125   (624)
Other comprehensive income (loss) 7,156           7,156  
Treasury stock cost basis reclassification (refer to Note 2) 0     (73,642) 78,924 (5,282)    
Ending Balance (in shares) at Dec. 31, 2023   126,911,689 126,912,000          
Ending Balance at Dec. 31, 2023 1,532,198 [1]   $ 127 1,756,750 (12,001) (197,875) (13,853) (950)
Increase Decrease in Stockholders' Equity                
Distributions (333)             (333)
Amortization of equity based compensation 18,829     18,829        
Grants of restricted stock (in shares)     1,856,000          
Grants of restricted stock 2   $ 2          
Purchase of treasury stock (in shares)     (711,000)          
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)     (812,000)          
Shares acquired to satisfy minimum required federal and state tax withholding on vesting restricted stock (8,894)   $ (1)   (8,893)      
Forfeitures (in shares)     (139,000)          
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   127,106,481 127,106,000          
Ending Balance at Dec. 31, 2024 $ 1,532,939 [1]   $ 127 $ 1,777,118 $ (30,475) $ (206,874) $ (4,866) $ (2,091)
[1] Includes amounts relating to consolidated variable interest entities. Refer to Note 2 and Note 9.
v3.25.0.1
Consolidated Statements of Cash Flows
$ in Thousands
 12 Months Ended
Dec. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
Dec. 31, 2022
USD ($)
Cash flows from operating activities:      
Net income (loss) $ 107,447 $ 100,501 $ 165,305
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:      
(Gain) loss on extinguishment of debt (188) (10,718) (685)
Depreciation and amortization 32,327 29,914 32,673
Non-cash operating lease expense 331 1,522 0
Unrealized (gain) loss on derivative instruments 1,860 390 (645)
Unrealized (gain) loss on equity securities 925 (25) 41
Provision for (release of) loan loss reserves, net 13,933 25,096 3,711
Amortization of equity based compensation 18,829 18,577 31,584
Amortization of deferred financing costs included in interest expense 10,560 12,428 15,565
Amortization of (premium)/discount on mortgage loan financing included in interest expense (767) (604) (731)
Amortization of above- and below-market lease intangibles (1,700) (1,797) (1,763)
(Accretion)/amortization of discount, premium and other fees on loans (14,619) (19,046) (20,759)
(Accretion)/amortization of discount and premium on securities (1,097) (1,352) (827)
Net result from mortgage loan receivables held for sale (30) 523 2,511
Realized (gain) loss on securities (172) 276 73
(Gain) loss on real estate, net (25,277) (8,808) (115,998)
Realized (gain) loss on sale of derivative instruments (298) 291 (64)
(Earnings) loss from investments in unconsolidated ventures in excess of distributions received 79 (658) (785)
Origination of mortgage loan receivables held for sale 0 0 (61,318)
Repayment of mortgage loan receivables held for sale 0 0 68
Proceeds from sales of mortgage loan receivables held for sale 0 0 29,151
Change in deferred tax asset (liability) 1,684 1,182 (505)
Changes in operating assets and liabilities:      
Accrued interest receivable 11,297 706 (11,294)
Other assets (939) 7,559 4,470
Accrued expenses and other liabilities (20,264) 24,647 36,932
Net cash provided by (used in) operating activities 133,921 180,604 106,710
Cash flows from investing activities:      
Origination and funding of mortgage loan receivables held for investment (195,232) (68,415) (1,234,765)
Repayment of mortgage loan receivables held for investment 1,626,554 738,464 909,766
Purchases of securities (898,042) (143,953) (96,173)
Repayment of securities 276,641 232,124 184,838
Basis recovery of interest-only securities 3,357 4,116 4,960
Proceeds from sales of securities 32,190 17,838 5,780
Capital improvements of real estate (6,497) (4,374) (6,949)
Proceeds from sale of real estate 102,285 13,391 310,527
Capital contributions and advances to investment in unconsolidated joint ventures (13,125) 0 0
Capital distribution from investment in unconsolidated ventures 0 0 2,284
Proceeds from FHLB stock 5,175 4,410 2,250
Purchase of derivative instruments (1,119) (223) (1,097)
Sale of derivative instruments 574 125 169
Net cash provided by (used in) investing activities 932,761 793,503 81,590
Cash flows from financing activities:      
Deferred financing costs paid (18,321) (3,378) (8,311)
Proceeds from borrowings under debt obligations 667,974 921,008 2,426,666
Repayment and repurchase of borrowings under debt obligations (1,312,770) (1,348,093) (2,412,961)
Cash dividends paid to Class A common shareholders (117,710) (116,419) (107,011)
Capital contributed by noncontrolling interests in consolidated ventures 0 0 186
Capital distributed to noncontrolling interests in consolidated ventures (333) (541) (29,541)
Payment of liability assumed in exchange for shares for the minimum withholding taxes on vesting restricted stock (8,894) (7,862) (11,356)
Purchase of treasury stock (6,532) (2,481) (7,916)
Net cash provided by (used in) financing activities (796,586) (557,766) (150,244)
Net increase (decrease) in cash, cash equivalents and restricted cash 270,096 416,341 38,056
Cash, cash equivalents and restricted cash at beginning of period 1,075,943 659,602 621,546
Cash, cash equivalents and restricted cash at end of period 1,346,039 1,075,943 659,602
Supplemental information:      
Cash paid for interest, net of amounts capitalized 199,426 233,637 177,977
Cash paid (received) for income taxes 1,864 (2,402) (1,169)
Non-cash investing and financing activities:      
Securities and derivatives purchased, not settled 15 0 2,953
Securities and derivatives sold, not settled 0 0 10
Repurchase of treasury shares, not settled 1,511 0 0
Repayment in transit of mortgage loans receivable held for investment (other assets) 101,956 7,867 18,928
Non-cash disposition of loans via foreclosure (52,975) (91,408) 0
Real estate and real estate held for sale acquired in settlement of mortgage loans receivable held for investment, net 48,796 87,526 9,386
Net settlement of sale of real estate, subject to debt - real estate 0 (31,292) 0
Net settlement of sale of real estate, subject to debt - debt obligations 0 31,292 0
Real estate acquired in former unconsolidated venture agreement 0 0 15,436
Dividends declared, not paid 31,838 32,294 32,000
Cash and cash equivalents 1,323,481 [1] 1,015,678 [1] 609,078
Restricted cash 12,608 15,450 50,524
Short-term unsettled U.S. Treasury securities classified in other assets on the consolidated balance sheet 9,950 44,815 0
Total cash, cash equivalents and restricted cash shown in the consolidated statement of cash flows $ 1,346,039 $ 1,075,943 $ 659,602
[1] Includes amounts relating to consolidated variable interest entities. Refer to Note 2 and Note 9.
v3.25.0.1
ORGANIZATION AND OPERATIONS
 12 Months Ended
Dec. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
ORGANIZATION AND OPERATIONS
1. ORGANIZATION AND OPERATIONS
 
Ladder Capital Corp (“Ladder,” “Ladder Capital,” and the “Company”) is an internally-managed 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, 2024, 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.”
v3.25.0.1
SIGNIFICANT ACCOUNTING POLICIES
 12 Months Ended
Dec. 31, 2024
Accounting Policies [Abstract]  
SIGNIFICANT ACCOUNTING POLICIES
2. SIGNIFICANT ACCOUNTING POLICIES
Basis of Accounting and Principles of Consolidation
The accompanying consolidated financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”).
The consolidated financial statements include the Company’s accounts and those of its subsidiaries that are majority-owned and/or controlled by the Company and variable interest entities for which the Company has determined itself to be the primary beneficiary, if any. All significant intercompany transactions and balances have been eliminated.
 
Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 810 — Consolidation (“ASC 810”), provides guidance on the identification of entities for which control is achieved through means other than voting rights (“variable interest entities” or “VIEs”) and the determination of which business enterprise, if any, should consolidate the VIEs. Generally, the consideration of whether an entity is a VIE applies when either: (1) the equity investors (if any) lack one or more of the essential characteristics of a controlling financial interest; (2) the equity investment at risk is insufficient to finance that entity’s activities without additional subordinated financial support; or (3) the equity investors have voting rights that are not proportionate to their economic interests and the activities of the entity involve or are conducted on behalf of an investor with a disproportionately small voting interest. The Company consolidates VIEs in which it is considered to be the primary beneficiary. The primary beneficiary is the entity that has both of the following characteristics: (1) the power to direct the activities that, when taken together, most significantly impact the VIE’s performance; and (2) the obligation to absorb losses and right to receive the returns from the VIE that would be significant to the VIE. Refer to Note 9, Consolidated Variable Interest Entities, for further information on the Company’s consolidated variable interest entities.

The Company has investments in two 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. 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, 2024 and December 31, 2023. At December 31, 2024 and December 31, 2023, 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 of 20 to 55 years for buildings, four to 15 years for building fixtures and improvements and the remaining lease term for acquired intangible lease assets or liabilities.

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

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

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

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

The fair value of other investments and debt assumed are valued using techniques consistent with those disclosed in Note 14, Fair Value of Financial Instruments, depending on the nature of the investments or debt. The fair value of other assumed assets and liabilities are based on best information available at the time of the acquisition.
Impairment of Property Held for Use

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

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

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

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

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

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

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

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

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

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

For a further discussion regarding the measurement of financial instruments see Note 14, Fair Value of Financial Instruments.
Valuation Hierarchy

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

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

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

Each member of the FHLB must purchase and hold FHLB stock as a condition of initial and continuing membership, in proportion to their borrowings from the FHLB and levels of certain assets. The Company records its investment in FHLB stock at its par value and the FHLB stock is expected to be repurchased by the FHLB at its par value. As of December 31, 2024, the Company did not have any FHLB stock. As of December 31, 2023, the Company had $5.2 million of FHLB stock which is included in other assets on the consolidated balance sheet.
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, 2024, 2023 and 2022, the Company did not have material interest or penalties associated with the underpayment of any income taxes. The 2020-2024 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, 2024 and 2023, 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 $(86) thousand and realized gain (loss) of $(276) thousand and $(73) thousand for the year ended December 31, 2023 and December 31, 2022, respectively, 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 on December 31, 2024 and the adoption of ASU 2023-07 did not have a material impact on the Company’s consolidated financial statements.
Recent Accounting Pronouncements Pending Adoption

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. Early adoption is permitted for annual financial statements that have not yet been issued or made available for issuance. The amendments should be applied prospectively, however retrospective application is permitted. The adoption of ASU 2023-09 is not expected to have a material impact on the Company’s consolidated financial statements.

Any new accounting standards not disclosed above that have been issued or proposed by FASB and that do not require adoption until a future date are being evaluated or are not expected to have a material impact on the consolidated financial statements upon adoption.
v3.25.0.1
MORTGAGE LOAN RECEIVABLES
 12 Months Ended
Dec. 31, 2024
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Abstract]  
MORTGAGE LOAN RECEIVABLES
3. MORTGAGE LOAN RECEIVABLES

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 N/A (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 changes in 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% 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.

December 31, 2023 ($ in thousands)
Outstanding
Face Amount		Carrying
Value		Weighted
Average
Yield (1)(2)		Remaining
Maturity
(years)(2)(3)
Mortgage loan receivables held for investment, net, at amortized cost:
First mortgage loans$3,131,803 $3,122,707 9.63 %0.7
Mezzanine loans32,423 32,382 11.46 %0.9
Total mortgage loans receivable3,164,226 3,155,089 9.65 %0.7
Allowance for credit losses— (43,165)
Total mortgage loan receivables held for investment, net, at amortized cost3,164,226 3,111,924 
Mortgage loan receivables held for sale:
First mortgage loans31,350 26,868 (4)4.57 %8.2
Total$3,195,576 $3,138,792 (5)9.61 %0.7
(1)Includes the impact from interest rate floors. Term SOFR rates in effect as of December 31, 2023 are used to calculate weighted average yield for floating rate loans.
(2)Excludes one non-accrual loan with an amortized cost basis of $14.5 million. Refer to “Non-Accrual Status” below for further details.
(3)The remaining maturity is calculated based on the initial maturity. The weighted average extended maturity for all loans is 1.8 years.
(4)As a result of rising prevailing rates, the Company recorded a lower of cost or market adjustment as of December 31, 2023. The adjustment was calculated using a 5.18% discount rate.
(5)Net of $9.1 million of deferred origination fees and other items as of December 31, 2023.
As of December 31, 2023, $2.8 billion, or 87.8%, of the outstanding face amount of the mortgage loan receivables held for investment, net, at amortized cost, were at variable interest rates linked to Term SOFR. Of this $2.8 billion, 100.0% of these variable interest rate mortgage loan receivables were subject to interest rate floors. As of December 31, 2023, $31.4 million, or 100%, of the outstanding face amount of the mortgage loan receivables held for sale were at fixed interest rates.

For the years ended December 31, 2024, 2023, and 2022, 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, 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 or deeds in lieu of foreclosure (collectively, “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.
Mortgage loan receivables held for investment, net, at amortized cost:
 Mortgage loans receivableAllowance for credit lossesMortgage loan 
receivables held
for sale
Balance, December 31, 2022$3,885,746 $(20,755)$27,391 
Origination of mortgage loan receivables (1)68,415 — — 
Repayment of mortgage loan receivables (2)(726,710)— — 
Non-cash disposition of loans via foreclosure (3)(91,408)2,700 — 
Net result from mortgage loan receivables held for sale (4)— — (523)
Accretion/amortization of discount, premium and other fees19,046 — — 
Release (addition) of provision for current expected credit loss, net (5)— (25,110)— 
Balance, December 31, 2023$3,155,089 $(43,165)$26,868 
(1)Includes funding of commitments on existing mortgage loans.
(2)Excludes $11.8 million of proceeds received from repayments in transit.
(3)Refer to Note 5, Real Estate and Related Lease Intangibles, Net, for further detail on foreclosures of real estate.
(4)Includes unrealized lower of cost or market adjustment and realized gain/loss on loans held for sale.
(5)Refer to “Allowance for Credit Losses” table below for further detail.
Allowance for Credit Losses and Non-Accrual Status ($ in thousands)
Year Ended December 31,
Allowance for Credit Losses202420232022
Allowance for credit losses at beginning of period$43,165 $20,755 $31,752 
Provision for (release of) current expected credit loss, net (1)14,181 25,110 6,503 
Charge-offs (2)(5,023)(2,700)(14,395)
Recoveries (3)— — (3,105)
Allowance for credit losses at end of period$52,323 $43,165 $20,755 
(1)As of December 31, 2024, 2023, and 2022, there were no asset-specific reserves.
(2)For the year ended December 31, 2024, there was a charge-off related to one loan that was resolved via foreclosure during 2024. The loan was collateralized by an office property in Oakland, California.
(3)Recoveries are recognized within the consolidated statements of income through “Provision for (release of) loan loss reserves.”

Non-Accrual Status (1)
December 31, 2024(2)December 31, 2023(3)
Amortized cost basis of loans on non-accrual status$76,875 $14,541 
(1)As of December 31, 2024 and December 31, 2023, the loans on non-accrual status were greater than 90 days past due and are considered collateral dependent. For the year ended December 31, 2024, the Company recognized $1.5 million of interest income on these loans. 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 $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 reserves were necessary.
(3)Comprised of one multi-family loan with an amortized cost basis of $14.5 million, for which the Company determined no asset-specific reserve was necessary.

During the year ended December 31, 2023, the Company modified a first mortgage loan with an amortized cost basis of $58.5 million as of December 31, 2023, or 1.9% of the Company’s mortgage loan receivable portfolio. This modification resulted in an initial extension through June 2024, in exchange for terms that included a $2.5 million payment that reduced the amortized cost basis of the loan, with subsequent contractual extensions available with additional payments. The loan was extended in June 2024 through October 2024 in exchange for an additional $2.5 million payment. No principal or interest was forgiven, and the Company also received a 15% non-controlling common equity interest in the property. The payment structure of the loan was modified to defer a portion of the contractual interest until maturity and the Company only accrued the current pay component. In September 2024, the loan principal was repaid in full, and the Company received $7.6 million in satisfaction of the deferred interest and equity interest. In September 2024, the Company recognized $7.9 million of interest income related to this loan.

Current Expected Credit Loss (“CECL”)

As of December 31, 2024, the Company has a $52.8 million allowance for current expected credit losses, of which $52.3 million pertains to mortgage loan receivables and $0.5 million relates to unfunded commitments included in other liabilities in the consolidated balance sheet.

As of December 31, 2023, the Company had a $43.9 million allowance for current expected credit losses, of which $43.2 million pertained to mortgage loan receivables and $0.7 million related to unfunded commitments included in other liabilities in the consolidated balance sheet.
The provision for loan loss reserves for the year ended December 31, 2024 was $13.9 million of expense. 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.
The provision for loan loss reserves for the year ended December 31, 2023 was an increase of the provision of $25.1 million. The increase for the year ended December 31, 2023 represented an increase in the general reserve of loans held for investment of $25.1 million. The increase in provision associated with the general reserve during the year ended December 31, 2023 was primarily due to adverse changes in macroeconomic conditions affecting commercial real estate.
Management’s method for monitoring credit is the performance of a loan. The primary credit quality indicator management utilizes to assess its current expected credit loss reserve is by viewing the Company’s mortgage loan portfolio by collateral type. The primary credit quality indicator is reviewed by management on a quarterly basis. The following tables summarize the amortized cost of the mortgage loan portfolio by collateral type as of December 31, 2024 and December 31, 2023, respectively ($ in thousands):

Amortized Cost Basis by Origination Year as of December 31, 2024
Collateral Type20242023202220212020 and EarlierTotal (2)(3)
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 (1)$176,789 $14,636 $179,369 $980,026 $240,502 $1,591,322 
Amortized Cost Basis by Origination Year as of December 31, 2023
Collateral Type20232022202120202019 and EarlierTotal (3)
Multifamily$14,461 $547,532 $612,489 $— $— $1,174,482 
Office— 79,148 614,743 — 211,674 905,565 
Mixed Use— 193,470 321,514 — 41,403 556,387 
Industrial— 22,636 34,746 — 119,344 176,726 
Manufactured Housing— 32,655 82,895 — — 115,550 
Retail— 12,934 87,052 — 9,083 109,069 
Hospitality— — 18,589 — 55,380 73,969 
Other— 31,363 11,978 — — 43,341 
Subtotal mortgage loans receivable14,461 919,738 1,784,006 — 436,884 3,155,089 
Individually Impaired loans— — — — — — 
Total mortgage loans receivable (4)$14,461 $919,738 $1,784,006 $— $436,884 $3,155,089 
(1)Not included above is $9.4 million of accrued interest receivable on all loans at December 31, 2024.
(2)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.
(3)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. For the year ended December 31, 2023, there was a $2.7 million charge-off of an asset-specific allowance in connection with a foreclosure of one retail property in New York, NY.
(4)Not included above is $22.4 million of accrued interest receivable on all loans at December 31, 2023.
v3.25.0.1
SECURITIES
 12 Months Ended
Dec. 31, 2024
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, 2024, 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, 2024 and December 31, 2023 ($ in thousands):

December 31, 2024
    Gross Unrealized  Weighted Average
Asset TypeOutstanding
Face Amount		 Amortized Cost BasisGainsLosses (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 

December 31, 2023
    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$439,679  $439,052 $277 $(14,439)$424,890 (3)64 AAA6.67 %6.83 %2.00
CMBS interest-only(4)876,555 (4)6,453 169 (53)6,569 (5)9 AAA0.57 %6.61 %1.07
GNMA interest-only(6)37,053 (4)214 51 (52)213 14 AAA0.36 %6.12 %3.60
Agency securities22  22 — (1)21 1 AAA4.00 %2.70 %1.05
U.S. Treasury securities54,031 53,648 68 — 53,716 7 AAAN/A5.41 %0.07
Total debt securities$1,407,340 $499,389 $565 $(14,545)$485,409 (7)95 2.55 %6.82 %1.98
Equity securitiesN/A160 — (16)144 1 N/AN/AN/AN/A
Allowance for current expected credit lossesN/A— — (20)(20)
Total securities$1,407,340  $499,549  $565  $(14,581) $485,533 96   
(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, 2024 and December 31, 2023, includes $8.9 million and $9.0 million of restricted securities which are designated as risk retention securities under the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010, as amended (“Dodd-Frank Act”) and are therefore subject to transfer restrictions over the term of the securitization trust and are classified as held-to-maturity and reported at amortized cost.
(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, 2024 and December 31, 2023, includes $0.2 million and $0.3 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 carrying value of the Company’s debt securities by remaining maturity based upon expected cash flows at December 31, 2024 and December 31, 2023 ($ in thousands):
 
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.
 
December 31, 2023
Asset TypeWithin 1 year1-5 years5-10 yearsTotal
CMBS$81,343 $343,547 $— $424,890 
CMBS interest-only2,121 4,448 — 6,569 
GNMA interest-only86 22 105 213 
Agency securities— 21 — 21 
U.S. Treasury securities53,716 — 53,716 
Total securities (1)$137,266 $348,038 $105 $485,409 
(1)Excluded from the table above are $0.1 million of equity securities and $(20.0) thousand of allowance for current expected credit losses.
During the year ended December 31, 2024, the Company sold $1.8 million of equity securities. During the year ended December 31, 2023, the Company did not sell any equity securities.

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, 2024, December 31, 2023 and December 31, 2022 ($ in thousands):
Year Ended December 31,
 202420232022
Realized gain (loss) on securities$172 $(276)(73)
Unrealized gain (loss) on securities(925)29 $(86)
Total realized and unrealized gain (loss) on securities$(753)$(247)$(159)

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, 2024 and December 31, 2023 the Company held $1.1 billion and $1.0 billion of U.S. Treasury securities classified as cash and cash equivalents on the consolidated balance sheets, respectively.
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REAL ESTATE AND RELATED LEASE INTANGIBLES, NET
 12 Months Ended
Dec. 31, 2024
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, 2024December 31, 2023
Land$173,798 $183,194 
Building622,701 647,201 
In-place leases and other intangibles107,899 116,831 
Undepreciated real estate and related lease intangibles904,398 947,226 
Less: Accumulated depreciation and amortization(233,595)(220,784)
Real estate and related lease intangibles, net(1)$670,803 $726,442 
Below market lease intangibles, net (other liabilities)(2)$(25,340)$(28,860)
(1)There was unencumbered real estate of $213.4 million and $160.8 million as of December 31, 2024 and December 31, 2023, respectively.
(2)Below market lease intangibles is net of $16.5 million and $15.8 million of accumulated amortization as of December 31, 2024 and December 31, 2023, respectively.

As of December 31, 2024 and December 31, 2023, 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,
 202420232022
Depreciation expense(1)$25,204 $24,166 $25,770 
Amortization expense7,123 5,748 6,903 
Total real estate depreciation and amortization expense$32,327 $29,914 $32,673 
(1)Depreciation expense on the consolidated statements of income also includes $0.4 million, $0.4 million, and $41 thousand of depreciation on corporate fixed assets for the years ended December 31, 2024, 2023, and 2022, respectively.
The Company’s intangible assets are comprised of in-place leases, above market leases and other intangibles. The following tables present additional detail related to the intangible assets ($ in thousands):
 December 31, 2024December 31, 2023
Gross intangible assets(1)$107,899 $116,831 
Accumulated amortization57,281 55,782 
Net intangible assets$50,618 $61,049 
(1)Includes $2.3 million and $2.8 million of unamortized above market lease intangibles, which are included in real estate and related lease intangibles, net on the consolidated balance sheets as of December 31, 2024 and December 31, 2023, 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,
 202420232022
Reduction in operating lease income for amortization of above market lease intangibles acquired$(378)$(309)$(305)
Increase in operating lease income for amortization of below market lease intangibles acquired2,078 2,106 2,068 
Total$1,700 $1,797 $1,763 
The following table presents expected adjustment to operating lease income and expected amortization expense during the next five years and thereafter related to the above and below market leases and acquired in-place lease and other intangibles for property owned as of December 31, 2024 ($ in thousands):
Period Ending December 31,Increase/(Decrease) to Operating Lease IncomeAmortization Expense
2025$1,622 $5,059 
20261,636 4,190 
20271,600 4,032 
20281,526 3,783 
20291,529 3,644 
Thereafter15,102 29,589 
Total$23,015 $50,297 

Rent Receivables

There were $2.6 million and $1.1 million of rent receivables included in other assets on the consolidated balance sheets as of December 31, 2024 and December 31, 2023, 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, 2024 ($ in thousands):
Period Ending December 31,Amount
2025$58,061 
202651,692 
202747,582 
202845,975 
202944,824 
Thereafter121,323 
Total$369,457 

Tenant reimbursements, which consist of real estate taxes and utilities paid by the Company, which were reimbursable by our tenants pursuant to the terms of the lease agreements, were $6.4 million, $4.8 million, and $5.2 million for the years ended December 31, 2024, 2023, and 2022, respectively. Tenant reimbursements are included in operating lease income on the Company’s consolidated statements of income.
Acquisitions

The Company acquired the following properties during the year ended December 31, 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 approach. 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 for $14.8 million.
(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 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 and direct capitalization approach. The appraiser utilized a 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. During December 2024, the Company sold the property for $10.9 million.
(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. During July 2024, the Company sold the portfolio for $11.8 million.
(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 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, 2024, 2023, and 2022, all acquisitions were determined to be asset acquisitions.

The Company acquired the following properties during the year ended December 31, 2023 ($ in thousands):
Acquisition DateTypePrimary Location(s)Purchase Price/Fair Value on the Date of ForeclosureOwnership Interest (1)
September 2023(2)Mixed UseNew York, NY$30,400 100.0%
November 2023(3)MultifamilyPittsburgh, PA34,479 100.0%
December 2023(4)RetailNew York, NY22,647 100.0%
Total real estate acquisitions$87,526 
(1)Properties were consolidated as of acquisition date.
(2)In September 2023, the Company acquired a multifamily portfolio consisting of four properties in New York, NY via foreclosure. The portfolio served as collateral for a mortgage loan receivable held for investment. The Company obtained a third-party appraisal of the property. The $30.4 million fair value was determined by using the sales comparison and income approaches. The appraiser utilized a terminal capitalization rate of 5.5%. There was no gain or loss resulting from the foreclosure of the loan. The key inputs used to determine fair value were determined to be Level 3 inputs.
(3)In November 2023, the Company acquired a multifamily property in Pittsburgh, PA via foreclosure. The property served as collateral for a mortgage loan receivable held for investment. The Company obtained a third-party appraisal of the property. The $34.5 million fair value was determined by using the sales comparison and income approaches. The appraiser utilized a terminal capitalization rate of 6.00%. There was no gain or loss resulting from the foreclosure of the loan. The key inputs used to determine fair value were determined to be Level 3 inputs.
(4)In December 2023, the Company acquired a retail property in New York, NY via foreclosure. The property served as collateral for two mortgage loan receivables held for investment. The Company obtained a third-party appraisal of the property. The $22.6 million fair value was determined by using the sales comparison and income approaches. The appraiser utilized a terminal capitalization rate of 5.25%. There was no gain or loss resulting from the foreclosure of the loan. The key inputs used to determine fair value were determined to be Level 3 inputs.
The Company acquired the following properties during the year ended December 31, 2022 ($ in thousands):
Acquisition DateTypePrimary Location(s)Purchase Price/Fair Value on the Date of ForeclosureOwnership Interest (1)
February 2022(2)ApartmentsNew York, NY$15,436 100%
November 2022(3)OfficeHouston, TX9,386 100%
Total real estate acquisitions$24,822 
(1)Properties were consolidated as of acquisition date.
(2)In February 2022, the Company acquired, via change in control, a previously held interest in a non-controlling equity investment in a mixed use property with one remaining residential condo unit and one remaining retail condo unit in New York, New York. The carrying value of the property at the time of change in control was $15.4 million, which was determined to be fair value. The fair value of the remaining condo unit was determined based on comparable sales in the building and the value of the remaining retail unit was valued utilizing a direct capitalization rate of 5.5%. The key inputs used to determine fair value were determined to be Level 3 inputs.
(3)In November 2022, the Company acquired an office property in Houston, TX via foreclosure. The property served as collateral for a mortgage loan receivable held for investment with a basis of $10.3 million. In connection with the foreclosure, the Company received $0.9 million of cash. The Company obtained a third-party appraisal of the property. The $9.4 million fair value was determined by using the sales comparison and income approaches. The appraiser utilized a terminal capitalization rate of 9.5% and a discount rate of 10.5%. There was no gain or loss resulting from the foreclosure of the loan.
Sales

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 statement 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(1)$43,335 $34,526 $8,808 1 
Totals$43,335 $34,526 $8,808 
(1)Included within sales proceeds is $31.3 million of mortgage financing that was assumed by the buyer.
The Company sold the following properties during the year ended December 31, 2022 ($ in thousands):
Sales DateTypePrimary Location(s)Sales ProceedsNet Book ValueRealized Gain/(Loss)Properties
March 2022OfficeEwing, NJ$38,694 $24,175 $14,519 1 
March 2022WarehouseConyers, GA40,752 26,116 14,636 1 
June 2022ApartmentsStillwater, OK23,314 18,032 5,283 1 
June 2022ApartmentsMiami, FL60,856 37,585 23,270 1 
September 2022RetailWichita, KS9,503 5,110 4,393 1 
December 2022ApartmentsNew York, NY7,935 7,402 533 1 
December 2022RetailSennett, NY10,599 4,245 6,354 1 
December 2022OfficeRichmond, VA118,872 71,862 47,010 1 
Totals(1)$310,525 $194,527 $115,998 
(1)Excludes $4.4 million of prepayment costs upon repayment of mortgage financings in connection with certain sales that is recorded within interest expense on the consolidated statement of income, such amount was correspondingly paid by the buyer and received by the Company as part of the sale and recorded in fee and other income on the consolidated statement of income.
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DEBT OBLIGATIONS, NET
 12 Months Ended
Dec. 31, 2024
Debt Disclosure [Abstract]  
DEBT OBLIGATIONS, NET
6. DEBT OBLIGATIONS, NET

The details of the Company’s debt obligations at December 31, 2024 and December 31, 2023 are as follows ($ in thousands):
 
December 31, 2024
Debt ObligationsCommitted /
Principal Amount		Carrying Value of Debt Obligations Committed but UnfundedInterest Rate at December 31, 2024(1)Current Term MaturityRemaining Extension OptionsEligible CollateralCarrying Amount of CollateralFair Value of Collateral
Committed Loan Repurchase Facility$500,000 $62,738 $437,262 6.55%—6.55%9/27/2025(2)(3)$97,254 $97,254 
Committed Loan Repurchase Facility300,000 — 300,000 —%——%10/21/2027(4)(5)— — 
Committed Loan Repurchase Facility56,000 — 56,000 —%——%4/30/2026(6)(3)— — 
Committed Loan Repurchase Facility200,000 — 200,000 —%——%10/3/2025(7)(3)14,636 14,730 
Committed Loan Repurchase Facility100,000 — 100,000 —%——%1/22/2025(8)(5)— — 
Total Committed Loan Repurchase Facilities1,156,000 62,738 1,093,262 111,890 111,984 
Uncommitted Securities Repurchase Facility N/A (9) —  N/A (9) —%——%N/A N/A (10)— — 
Total Repurchase Facilities1,156,000 62,738 1,093,262 111,890 111,984 
Revolving Credit Facility725,000 — 725,000 —%——%12/20/2028(11) N/A (12) N/A (12)N/A (12)
Mortgage Loan Financing443,733 446,397 — 4.39%—8.09%2025-2034 (13) N/A (14)451,880 629,726 (15)
CLO Debt601,464 601,429 (16)— 5.71%—8.16%2025-2026 (17)N/A(3)831,270 831,270 
Senior Unsecured Notes2,041,557 2,025,053 (18)— 4.25%—7.00%2025-2031 N/A  N/A (19)N/A (19)N/A (19)
Total Debt Obligations, Net$4,967,754 $3,135,617 $1,818,262 $1,395,040 $1,572,980 
(1)Interest rates on floating rate debt reflect the applicable index in effect as of December 31, 2024.
(2)Two 12-month extension periods at Company’s option. No new advances are permitted after the initial maturity date.
(3)First mortgage commercial real estate loans and senior and pari passu interests therein. Eligible collateral does not include the real estate collateralizing such loans.
(4)Two additional 364-day period at lender’s option.
(5)First mortgage and mezzanine commercial real estate loans and senior and pari passu interests therein. Eligible collateral does not include the real estate collateralizing such loans.
(6)Three additional 12-month extension periods at Company’s option.
(7)Two additional 12-month extension periods at Company’s option. No new advances permitted past 30 days prior to initial maturity.
(8)One additional 12-month extension period at Company's option. No new advances permitted during the final 12-month period.
(9)Represents uncommitted securities repurchase facilities for which there is no committed amount subject to future advances.
(10)Commercial real estate securities. Eligible collateral does not include the first mortgage commercial real estate loans collateralizing such securities.
(11)Two additional 6-month periods at Company’s option.
(12)The obligations under the Revolving Credit Facility are guaranteed by the Company and certain of its subsidiaries and secured by equity pledges in certain Company subsidiaries.
(13)Anticipated repayment dates.
(14)Certain of the Company’s real estate investments serve as collateral for the Company’s mortgage loan financing.
(15)Represents undepreciated carrying value of commercial real estate collateral.
(16)Presented net of unamortized debt issuance costs of less than $0.1 million at December 31, 2024.
(17)Represents the estimated maturity date based on the underlying loan maturities.
(18)Presented net of unamortized debt issuance costs of $16.5 million at December 31, 2024.
(19)The obligations under the senior unsecured notes are guaranteed by the Company and certain of its subsidiaries.
December 31, 2023
Debt ObligationsCommitted /
Principal Amount		Carrying Value of Debt Obligations Committed but UnfundedInterest Rate at December 31, 2022(1)Current Term MaturityRemaining Extension OptionsEligible CollateralCarrying Amount of CollateralFair Value of Collateral
Committed Loan Repurchase Facility$500,000 $235,594 $264,406 7.08%—7.48%9/27/2025(2)(3)$342,467 $342,467 
Committed Loan Repurchase Facility300,000 118,903 181,097 7.46%—8.36%12/19/2024(4)(5)174,938 174,938 
Committed Loan Repurchase Facility141,997 139,162 2,835 7.06%—7.60%4/30/2024(6)(3)65,110 65,110 (7)
Committed Loan Repurchase Facility200,000 111,340 88,660 7.22%—8.29%10/3/2025(8)(3)150,280 150,559 
Committed Loan Repurchase Facility100,000 — 100,000 —%——%1/22/2024(9)(5)— — 
Total Committed Loan Repurchase Facilities1,241,997 604,999 636,998 732,795 733,074 
Committed Securities Repurchase Facility100,000 — 100,000 —%——%5/27/2024N/A(10)— — 
Uncommitted Securities Repurchase FacilityN/A (11)1,608 N/A (11)6.61%—7.56%1/17/2024N/A(10)2,511 2,511 (12)
Total Repurchase Facilities1,341,997 606,607 736,998 735,306 735,585 
Revolving Credit Facility323,850 — 323,850 —%——%7/27/2024(13)N/A (14)N/A (14)N/A (14)
Mortgage Loan Financing437,384 437,759 — 4.39%—9.03%2024-2031 (15)N/A(16)474,740 625,454 (17)
CLO Debt1,062,777 1,060,719 (18)— 6.68%—9.13%2024-2026 (19)N/A(3)1,327,722 1,327,722 
Borrowings from the FHLB115,000 115,000 — 5.76%—5.88%2024N/A(20)140,276 140,276 
Senior Unsecured Notes1,575,614 1,563,861 (21)— 4.25%—5.25%2025-2029N/AN/A (22)N/A (22)N/A (22)
Total Debt Obligations, Net$4,856,622 $3,783,946 $1,060,848 $2,678,044 $2,829,037 
(1)Interest rates on floating rate debt reflect the applicable index in effect as of December 31, 2023.
(2)Two 12-month extension periods at Company’s option. No new advances are permitted after the initial maturity date.
(3)First mortgage commercial real estate loans and senior and pari passu interests therein. Eligible collateral does not include the real estate collateralizing such loans.
(4)One additional 364-day period at Company’s option.
(5)First mortgage and mezzanine commercial real estate loans and senior and pari passu interests therein. Eligible collateral does not include the real estate collateralizing such loans.
(6)Three additional 12-month extension periods at Company’s option.
(7)The Company has pledged mortgage loans receivable with a value of $114.7 million that eliminates in consolidation and is thus not included in the carrying amount of collateral or fair value of collateral.
(8)Two additional 12-month extension periods at Company’s option. No new advances permitted past 30 days prior to initial maturity.
(9)Two additional 12-month extension periods at Company's option. No new advances permitted during the final 12-month period.
(10)Commercial real estate securities. Eligible collateral does not include the first mortgage commercial real estate loans collateralizing such securities.
(11)Represents uncommitted securities repurchase facilities for which there is no committed amount subject to future advances.
(12)Includes $1.9 million of restricted securities under the risk retention rules of the Dodd-Frank Act. These securities are accounted for as held-to-maturity and recorded at amortized cost basis.
(13)Three additional 12-month periods at Company’s option.
(14)The obligations under the Revolving Credit Facility are guaranteed by the Company and certain of its subsidiaries and secured by equity pledges in certain Company subsidiaries.
(15)Anticipated repayment dates.
(16)Certain of the Company’s real estate investments serve as collateral for the Company’s mortgage loan financing.
(17)Represents undepreciated carrying value of commercial real estate collateral.
(18)Presented net of unamortized debt issuance costs of $2.1 million at December 31, 2023.
(19)Represents the estimated maturity date based on the remaining reinvestment period and underlying loan maturities.
(20)Investment grade commercial real estate securities. It does not include the first mortgage commercial real estate loans collateralizing such securities.
(21)Presented net of unamortized debt issuance costs of $11.8 million at December 31, 2023.
(22)The obligations under the senior unsecured notes are guaranteed by the Company and certain of its subsidiaries.
Committed Loan and Securities Repurchase Facilities
The Company has entered into five committed master repurchase agreements, as outlined in the December 31, 2024 table above, totaling $1.2 billion of credit capacity in order to finance its lending activities. Assets pledged as collateral under these
facilities are limited to whole mortgage loans or participation interests in mortgage loans collateralized by first liens on commercial properties and mezzanine debt. The Company also had a term master repurchase agreement with a major U.S. bank to finance CMBS totaling $100 million that was undrawn and matured during the three months ended June 30, 2024. The Company’s repurchase facilities include covenants covering net worth requirements, minimum liquidity levels, maximum leverage ratios, and minimum fixed charge coverage ratios. The Company was in compliance with all covenants as of December 31, 2024 and December 31, 2023.

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

As of December 31, 2024, the Company had total debt obligations of $62.7 million outstanding pursuant to repurchase agreements with one counterparty. One loan repurchase facility was due within 90 days of December 31, 2024 and had no outstanding balance. As of December 31, 2024, no counterparties held collateral that exceeded the amounts borrowed under the related repurchase agreements by more than $153.3 million, or 10% of the Company’s total equity. As of December 31, 2024, the weighted average haircut, or the percent of collateral value in excess of the loan amount, under the Company’s repurchase agreements was 44%. There have been no significant fluctuations in haircuts across asset classes on the repurchase facilities.

Revolving Credit Facility

The Company’s 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 Revolving Credit Facility to $850.0 million, following the upsize to $725 million on December 20, 2024. The Revolving Credit Facility also allows the Company to enter into additional incremental revolving commitments up to an aggregate facility size of $1.25 billion subject to certain customary conditions. Borrowings under the Revolving Credit Facility bear interest at a rate equal to adjusted term SOFR plus a margin. The margin for borrowings is adjustable based on the Company’s credit rating and is between 77.5 basis points and 170 basis points. As of December 31, 2024, the Company had no outstanding borrowings on the Revolving Credit Facility.

The obligations under the Revolving Credit Facility are guaranteed by the Company and certain of its subsidiaries. The Revolving Credit Facility is secured by a pledge of the shares of (or other ownership or equity interests in) certain subsidiaries to the extent the pledge is not restricted under existing regulations, law or contractual obligations.

Following the date on which the Company has received an investment grade rating from at least two rating agencies, the Revolving Credit Facility will be automatically amended, the pledge of the shares of (or other ownership or equity interest in) certain subsidiaries will be terminated, and each guarantor (other than Ladder Capital Corp and any subsidiary that is a trigger guarantor) will be released and discharged from all obligations as a guarantor and/or pledgor. There is no guarantee that the Company will achieve or maintain an investment grade rating.

Debt Issuance Costs

As of December 31, 2024 and December 31, 2023, the amounts of unamortized costs relating to the Company’s master repurchase facilities and Revolving Credit Facility were $9.2 million and $4.0 million, respectively, and are included in other assets in the consolidated balance sheets.

Uncommitted Securities Repurchase Facilities

The Company has also entered into multiple uncommitted master repurchase agreements collateralized by real estate securities with several counterparties. The borrowings under these agreements have typical advance rates between 75% and 95% of the fair value of collateral, which is primarily AAA-rated securities. As of December 31, 2024, the Company has no outstanding borrowings on any of the uncommitted securities repurchase facilities.
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 $446.4 million and $437.8 million, net of unamortized premiums of $3.7 million and $1.8 million as of December 31, 2024 and December 31, 2023, 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. Interest expense decreased due to the Company recording $0.8 million, $0.6 million, and $0.7 million of premium amortization for the years ended December 31, 2024, 2023, and 2022 respectively. These non-recourse debt agreements provide for secured financing at rates ranging from 4.39% to 8.09%, and, as of December 31, 2024, have anticipated maturity dates between 2025 and 2034, with an average term of 3.8 years. The mortgage loans are collateralized by real estate and related lease intangibles, net, of $451.9 million and $474.7 million as of December 31, 2024 and December 31, 2023, respectively. During the year ended December 31, 2024 the Company executed 16 new term debt agreements to finance properties in its real estate portfolio. During the year ended December 31, 2023, the Company did not execute any term debt agreements.
Collateralized Loan Obligations (“CLO”) Debt

As of 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 sheets, which includes unamortized debt issuance costs of less than $0.1 million.

On July 13, 2021, a consolidated subsidiary of the Company completed a privately-marketed CLO transaction, which generated $498.2 million of gross proceeds to Ladder, financing $607.5 million of loans at an 82% advance rate on a matched term, non-mark-to-market and non-recourse basis. A consolidated subsidiary of the Company retained an 18% subordinate and controlling interest in the CLO. The Company retained consent rights over major decisions with respect to the servicing of the loans in the CLO, including the right to appoint and replace the special servicer under the CLO. The CLO is a VIE and the Company is the primary beneficiary and, therefore, consolidated the VIE. Refer to Note 9, Consolidated Variable Interest Entities for further detail.

On December 2, 2021, a consolidated subsidiary of the Company completed a privately-marketed CLO transaction, which generated $566.2 million of gross proceeds to Ladder, financing $729.4 million of loans at a maximum 77.6% advance rate on a matched term, non-mark-to-market and non-recourse basis. A consolidated subsidiary of the Company retained an 15.6% subordinate and controlling interest in the CLO. The Company also held two additional tranches as investments totaling 6.8% interest in the CLO. The Company retained consent rights over major decisions with respect to the servicing of the loans in the CLO, including the right to appoint and replace the special servicer under the CLO. The CLO is a VIE and the Company is the primary beneficiary and, therefore, consolidated the VIE. Refer to Note 9, Consolidated Variable Interest Entities for further detail.

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

As of December 31, 2024, the Company had no debt outstanding with the FHLB.

Tuebor Captive Insurance Company LLC (“Tuebor”) is licensed in Michigan as a captive insurance company and was formerly a member of the FHLB. Tuebor is subject to state regulations which require that dividends (including dividends to the Company as its parent) may only be made with regulatory approval. However, there can be no assurance that the Company would obtain such approval if sought. Largely as a result of this restriction, approximately $931.5 million of Tuebor’s member’s capital was restricted from transfer via dividend to Tuebor’s parent without prior approval of state insurance regulators at December 31, 2024. To facilitate intercompany cash funding of operations and investments, Tuebor and its parent maintain regulator-approved intercompany borrowing/lending agreements.

Senior Unsecured Notes

As of December 31, 2024, the Company had $2.0 billion of unsecured corporate bonds outstanding. These unsecured financings were comprised of $295.7 million in aggregate principal amount of 5.25% senior notes due 2025 (the “2025 Notes”), $611.9 million in aggregate principal amount of 4.25% senior notes due 2027 (the “2027 Notes”), $633.9 million in aggregate principal amount of 4.75% senior notes due 2029 (the “2029 Notes”) and $500.0 million in aggregate principal amount of 7.00% senior
notes due 2031 (the “2031 Notes”, collectively with the 2025 Notes, the 2027 Notes and the 2029 Notes, the “Notes”). The 2031 Notes were issued during the year ended December 31, 2024 with an aggregate principal balance of $500.0 million.

During the year ended December 31, 2024, the Company repurchased $32.1 million of the 2025 Notes and $2.0 million of the 2029 Notes recognizing a net gain on extinguishment of debt of $11 thousand and $0.2 million, respectively.

LCFH issued the Notes with Ladder Capital Finance Corporation (“LCFC”), as co-issuers on a joint and several basis. LCFC is a 100% owned finance subsidiary of LCFH with no assets, operations, revenues or cash flows other than those related to the issuance, administration and repayment of the Notes. The Company and certain subsidiaries of LCFH currently guarantee the obligations under the Notes and the indenture. The Company was in compliance with all covenants of the Notes as of December 31, 2024 and 2023.

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

Financial Covenants

The Company’s debt facilities are subject to financial covenants, including maximum leverage ratio limits, minimum net worth requirements, minimum liquidity requirements, and minimum fixed charge coverage ratio requirements. Largely as a result of this restriction, approximately $871.4 million of the total equity is restricted from payment as a dividend by the Company at December 31, 2024.

The Company was in compliance with all covenants as of December 31, 2024.
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)
2025$444,735 
202689,161 
2027727,840 
202824,317 
2029669,484 
Thereafter592,490 
Subtotal2,548,027 
Debt issuance costs included in senior unsecured notes(16,504)
Debt issuance costs included in mortgage loan financings(1,055)
Net premiums included in mortgage loan financings (2)3,719 
Total (3)$2,534,187 
(1)The allocation of repayments under the Company’s committed loan repurchase facilities is based on the earlier of: (i) the maturity date of each agreement; or (ii) the maximum maturity date of the collateral loans, assuming all extension options are exercised by the borrower.
(2)Represents 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.
(3)Total does not include $601.5 million of consolidated CLO debt obligations and the related debt issuance costs of less than $0.1 million, as the satisfaction of these liabilities will be paid through cash flow from loan collateral including amortization and will not require cash outlays from us.
v3.25.0.1
DERIVATIVE INSTRUMENTS
 12 Months Ended
Dec. 31, 2024
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, 2024 and December 31, 2023 ($ in thousands):
 
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.


December 31, 2023
  Fair ValueRemaining
Maturity
(years)
Contract TypeNotionalAsset(1)Liability(1)
Caps    
1 Month Term SOFR$90,000 $908 $— 0.62
Futures    
5-year Treasury-Note Futures18,800 98 — 0.25
10-year Treasury-Note Futures86,100 447 — 0.25
Total futures104,900 545 —  
Options    
OptionsN/A(2)1 — 0.05
Total derivatives$194,900 $1,454 $—  
(1)Shown as derivative instruments in the accompanying consolidated balance sheet.
(2)The Company held 104 options contracts as of December 31, 2023.
 
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, 2024, 2023, and 2022 ($ in thousands):

 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 
 Year Ended December 31, 2022
Contract TypeUnrealized
Gain/(Loss)		Realized
Gain/(Loss)		Net Result
from
Derivative
Transactions
Caps$984 $648 $1,632 
Futures(219)11,078 10,859 
Options(131)— (131)
Total$634 $11,726 $12,360 
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. The Company’s counterparties held no cash margin as collateral for derivatives as of December 31, 2024 and $2.8 million, and $2.5 million of cash margin as collateral for derivatives as of December 31, 2023, and 2022, respectively, which is included in restricted cash in the consolidated balance sheets.
v3.25.0.1
OFFSETTING ASSETS AND LIABILITIES
 12 Months Ended
Dec. 31, 2024
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, 2024 and December 31, 2023. 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, 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 $— $62,738 
(1)Included in restricted cash on consolidated balance sheet.
The following table represents offsetting of financial assets and derivative assets as of December 31, 2023 ($ in thousands):
DescriptionGross amounts of
recognized assets		Gross amounts
offset in the
balance sheet		Net amounts of
assets presented
in the balance
sheet		Gross amounts not offset in the
balance sheet		Net amount
Financial
instruments		Cash collateral
received/(posted)(1)
Derivatives$1,454 $— $1,454 $— $(2,846)$(1,392)
Total$1,454 $— $1,454 $— $(2,846)$(1,392)
(1)Included in restricted cash on consolidated balance sheet.
The following table represents offsetting of financial liabilities and derivative liabilities as of December 31, 2023 ($ in thousands):
DescriptionGross amounts of
recognized
liabilities		Gross amounts
offset in the
balance sheet		Net amounts of
liabilities
presented in the
balance sheet		Gross amounts not offset in the
balance sheet		Net amount
Financial
instruments
collateral		Cash collateral
posted/(received)(1)
Repurchase agreements$606,607 $— $606,607 $606,607 $— $606,607 
Total$606,607 $— $606,607 $606,607 $— $606,607 
(1)Included in restricted cash on consolidated balance 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, 2024 and December 31, 2023 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.
v3.25.0.1
CONSOLIDATED VARIABLE INTEREST ENTITIES
 12 Months Ended
Dec. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
CONSOLIDATED VARIABLE INTEREST ENTITIES
9. CONSOLIDATED VARIABLE INTEREST ENTITIES

The Company consolidates on its balance sheet two CLOs that are considered VIEs as of December 31, 2024 and December 31, 2023 ($ in thousands):

December 31, 2024December 31, 2023
Mortgage loan receivables held for investment, net, at amortized cost$831,270 $1,327,722 
Accrued interest receivable5,530 9,394 
Other assets42,621 4,469 
Total assets$879,421 $1,341,585 
Debt obligations, net$601,429 $1,060,719 
Accrued expenses1,806 3,555 
Total liabilities603,235 1,064,274 
Net equity in VIEs (eliminated in consolidation)276,186 277,311 
Total equity276,186 277,311 
Total liabilities and equity$879,421 $1,341,585 

Refer to Note 6, Debt Obligations, Net - Collateralized Loan Obligations (“CLO”) Debt for further details.
v3.25.0.1
EQUITY
 12 Months Ended
Dec. 31, 2024
Equity [Abstract]  
EQUITY
10. EQUITY
The Company has one outstanding class of common stock, Class A as of December 31, 2024, 2023, and 2022. 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 24, 2024, the board of directors authorized the repurchase of $75.0 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 July 27, 2022 authorization from $43.6 million to $75.0 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, 2024, the Company has a remaining amount available for repurchase of $67.6 million, which represents 4.8% in the aggregate of its outstanding Class A common stock, based on the closing price of $11.19 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, 2024, 2023, and 2022 ($ in thousands):
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 - March 31, 2023250,000 (2,285)
September 1 - September 30, 202319,000 (196)
Authorizations remaining as of December 31, 2023$44,256 
(1)Amount excludes commissions paid associated with share repurchases.
SharesAmount(1)
Authorizations remaining as of December 31, 2021$44,122 
Additional authorizations(2)10,534 
Repurchases paid783,599 (7,919)
Authorizations remaining as of December 31, 2022$46,737 
(1)Amount excludes commissions paid associated with share repurchases.
(2)On July 27, 2022, the Board authorized additional repurchases of up to $50.0 million in aggregate.
Dividends

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

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

The following table presents dividends declared (on a per share basis) of Class A common stock for the years ended December 31, 2024, 2023 and 2022:
Declaration DateDividend per Share
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 
March 15, 2022$0.20 
June 15, 20220.22 
September 15, 20220.23 
December 15, 20220.23 
Total$0.88 
The following table presents the tax treatment for our aggregate distributions per share of common stock paid for the years ended December 31, 2024, 2023 and 2022:
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, 20230.230 0.230 — — — — 0.230 
June 30, 2023July 17, 20230.230 0.230 — — — — 0.230 
September 29, 2023October 16, 20230.230 0.230 — — — — 0.230 
December 29, 2023January 16, 2024(1)0.230 0.230 — — — — 0.230 
Total$0.920 $0.920 $— $— $— $— $0.920 
(1)The fourth quarter dividend paid on January 16, 2024 was $0.230 and is considered a 2023 dividend for U.S. federal income tax purposes.
Record DatePayment DateDividend per ShareOrdinary DividendsQualified DividendsCapital GainUnrecaptured 1250 GainReturn of CapitalSection 199A
Dividends
December 31, 2021January 18, 2022(1)$0.200 $0.034 $— $0.166 $0.051 $— $0.034 
March 31, 2022April 15, 20220.200 0.034 — 0.166 0.051 — 0.034 
June 30, 2022July 15, 20220.220 0.038 — 0.182 0.056 — 0.038 
September 30, 2022October 17, 20220.230 0.039 — 0.191 0.059 — 0.039 
December 31, 2022January 17, 2023(2)0.230 0.039 — 0.191 0.059 — 0.039 
Total$1.080 $0.184 $— $0.896 $0.276 $— $0.184 
(1)The fourth quarter dividend paid on January 18, 2022 was $0.200 and is considered a 2022 dividend for U.S. federal income tax purposes.
(2)The fourth quarter dividend paid on January 16, 2023 was $0.230 and is considered a 2022 dividend for U.S. federal income tax purposes.
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, 2024, 2023 and 2022 ($ in thousands):

Year Ended December 31,
202420232022
Accumulated Other Comprehensive Income (Loss) beginning of period$(13,853)$(21,009)$(4,112)
Gain (loss) on available for sale securities, net of tax8,987 7,156 (16,897)
Accumulated Other Comprehensive Income (Loss) end of period$(4,866)$(13,853)$(21,009)
v3.25.0.1
NONCONTROLLING INTERESTS
 12 Months Ended
Dec. 31, 2024
Noncontrolling Interest [Abstract]  
NONCONTROLLING INTERESTS
11. NONCONTROLLING INTERESTS

Noncontrolling Interests in Consolidated Ventures

As of December 31, 2024, 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 $77.8 million, and a single-tenant office building in Oakland County, MI with a book value of $8.8 million. The Company makes distributions and allocates income from these ventures to the noncontrolling interests in accordance with the terms of the respective governing agreements.
Sales

During the years ended December 31, 2024 and December 31, 2023, there were no sales of assets with noncontrolling interests. During the year ended December 31, 2022, the Company sold its interests in an apartment complex in Stillwater, OK, an apartment complex in Miami, FL, and office buildings in Richmond, VA. Refer to Note 5, Real Estate and Related Lease Intangibles, Net for further details.
v3.25.0.1
EARNINGS PER SHARE
 12 Months Ended
Dec. 31, 2024
Earnings Per Share [Abstract]  
EARNINGS PER SHARE
12. EARNINGS PER SHARE
 
The Company’s net income (loss) and weighted average shares outstanding for the years ended December 31, 2024, 2023, and 2022 consist of the following:
Year Ended December 31,
($ in thousands except share amounts)202420232022
Basic and Diluted Net income (loss) available for Class A common shareholders$108,255 $101,125 $142,217 
Weighted average shares outstanding:   
Basic125,576,784 124,667,877 124,301,421 
Diluted125,785,295 124,882,398 125,823,671 
 
The calculation of basic and diluted net income (loss) per share amounts for the years ended December 31, 2024, 2023, and 2022 consist of the following:
Year Ended December 31,
(In thousands except share and per share amounts) (1)202420232022
Basic Net Income (Loss) Per Share of Class A Common Stock   
Numerator:
   
Net income (loss) attributable to Class A common shareholders$108,255 $101,125 $142,217 
Denominator:
   
Weighted average number of shares of Class A common stock outstanding125,576,784 124,667,877 124,301,421 
Basic net income (loss) per share of Class A common stock$0.86 $0.81 $1.14 
Diluted Net Income (Loss) Per Share of Class A Common Stock   
Numerator:   
Net income (loss) attributable to Class A common shareholders$108,255 $101,125 $142,217 
Diluted net income (loss) attributable to Class A common shareholders108,255 101,125 142,217 
Denominator:   
Basic weighted average number of shares of Class A common stock outstanding125,576,784 124,667,877 124,301,421 
Add - dilutive effect of:   
Incremental shares of unvested Class A restricted stock(1)208,511 214,521 1,522,250 
Diluted weighted average number of shares of Class A common stock outstanding (2)(3)125,785,295 124,882,398 125,823,671 
Diluted net income (loss) per share of Class A common stock$0.86 $0.81 $1.13 
(1)The Company applies the treasury stock method.
(2)There were 274,353 and 367,001 anti-dilutive shares for the years ended December 31, 2024 and December 31, 2023.
v3.25.0.1
STOCK-BASED AND OTHER COMPENSATION PLANS
 12 Months Ended
Dec. 31, 2024
Share-Based Payment Arrangement [Abstract]  
STOCK-BASED AND OTHER COMPENSATION PLANS
13. STOCK-BASED AND OTHER COMPENSATION PLANS
 
Summary of Stock and Shares Unvested/Outstanding

The following table summarizes the impact on the consolidated statements of income of the various stock-based compensation plans and other compensation plans ($ in thousands):
Year Ended December 31,
202420232022
Stock-based compensation expense$18,829 $18,577 $31,584 
Total Stock-Based Compensation Expense$18,829 $18,577 $31,584 
(1)Variance between twelve months ended December 31, 2024, 2023, and 2022 is primarily due to timing of 2022, 2023 and 2024 employee stock and bonus compensation.
A summary of the grants is presented below:
 Year Ended December 31,
 202420232022
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 Stock1,855,541 $10.70 1,417,561 $11.58 2,884,303 $11.87 

The table below presents the number of unvested shares of Class A common stock and outstanding stock options at December 31, 2024 and changes during 2024 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, 20232,197,963 $12.37 623,788 
Granted1,855,541 10.70 — 
Vested(1,895,530)10.91 — 
Forfeited(137,222)11.22 — 
Nonvested/Outstanding at December 31, 20242,020,752 $12.28 623,788 
Exercisable at December 31, 2024 (1)623,788 
(1)The weighted average exercise price of outstanding options is $14.84 at December 31, 2024.

At December 31, 2024, there was $9.0 million of total unrecognized compensation cost related to certain share-based compensation awards that is expected to be recognized over a period of up to 26 months, with a weighted average remaining vesting period of 21 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 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 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, 2024, 2025 and 2026, 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, 2024, in connection with 2023 performance, annual stock awards were granted to management employees (each, a “Management Grantee”), 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 for the applicable years.

On February 18, 2024, in connection with 2023 performance, annual stock awards were granted to certain non-management employees (“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 employees (each, a “Management Grantee”), with an aggregate grant date fair value of $8.5 million, which represents 733,607 shares of Class A common stock. The grant to Mr. Harris and approximately half of the grants to each of Ms. McCormack and Mr. Perelman were unrestricted. The other half of incentive equity granted to each of Ms. McCormack and Mr. Perelman is restricted stock subject to attainment of the Performance Target for the applicable years and is also subject to the Catch-Up Provision described above. For the grants to Mr. Miceli and Ms. Porcella (a total of 101,344 shares with an aggregate fair value of $1.2 million), approximately half of the awards are subject to time-based vesting criteria and the remaining half are subject to attainment of the Performance Target for the applicable years.
On February 18, 2023, in connection with 2022 performance, annual stock awards were granted to certain non-management employees (“Non-Management Grantees”) with an aggregate grant date fair value of $7.5 million, which represents 651,429 shares of Class A common stock. Of these awards, 19,558 shares were unrestricted, 306,162 shares are subject to time-based vesting criteria and the remaining 325,709 shares are subject to the attainment of the Performance Target, including the Catch-Up Provision, for the applicable years.

Other 2023 Restricted Stock Awards

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

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.
v3.25.0.1
FAIR VALUE OF FINANCIAL INSTRUMENTS
 12 Months Ended
Dec. 31, 2024
Fair Value Disclosures [Abstract]  
FAIR VALUE OF FINANCIAL INSTRUMENTS 14. FAIR VALUE OF FINANCIAL INSTRUMENTS
 
Fair value is based upon internal models, using market quotations, broker quotations, counterparty quotations or pricing services quotations, which provide valuation estimates based upon reasonable market order indications and are subject to significant variability based on market conditions, such as interest rates, credit spreads and market liquidity. The fair value of the mortgage loan receivables held for sale is based upon a securitization model utilizing market data from recent securitization spreads and pricing.
 
Fair Value Summary Table
 
The carrying values and estimated fair values of the Company’s financial instruments, which are both reported at fair value on a recurring basis or amortized cost/par, at December 31, 2024 and December 31, 2023 are as follows ($ in thousands):
 
December 31, 2024
      Weighted Average
 Principal Amount Amortized Cost Basis/Purchase PriceFair ValueFair Value MethodYield
%		Remaining
Maturity/Duration (years)
Assets:       
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)(10)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.
December 31, 2023
      Weighted Average
 Principal Amount Amortized Cost Basis/Purchase PriceFair ValueFair Value MethodYield
%		Remaining
Maturity/Duration (years)
Assets:       
CMBS(1)$439,679  $439,052 $424,890 Internal model6.83 %2.00
CMBS interest-only(1)876,555 (2)6,453 6,569 Internal model6.61 %1.07
GNMA interest-only(3)37,053 (2)214 213 Internal model6.12 %3.60
Agency securities(1)22  22 21 Internal model2.70 %1.05
U.S. Treasury securities(1)54,031 53,648 53,716 Internal model5.41 %0.07
Equity securities(3) N/A 160 144 Observable market pricesN/A N/A
Mortgage loan receivables held for investment, net, at amortized cost(4)3,164,226  3,155,089 3,150,843 Discounted Cash Flow(5)9.65 %0.68
Mortgage loan receivables held for sale31,350  26,868 26,868 Internal model, third-party inputs(6)4.57 %8.19
FHLB stock(7)5,175  5,175 5,175 (7)8.25 % N/A
Nonhedge derivatives(1)(10)194,900  1,454 1,454 Counterparty quotationsN/A0.48
Liabilities:       
Repurchase agreements - short-term337,631  337,631 337,631 Cost plus Accrued Interest (8)7.57 %0.48
Repurchase agreements - long-term268,976  268,976 268,976 Discounted Cash Flow(9)7.35 %1.74
Mortgage loan financing437,384  437,759 425,992 Discounted Cash Flow5.87 %2.64
CLO debt1,062,777 1,060,719 1,060,719 Discounted Cash Flow(9)7.08 %1.89
Borrowings from the FHLB115,000  115,000 115,000 Discounted Cash Flow5.82 %0.57
Senior unsecured notes1,575,614  1,563,861 1,475,303 Internal model, third-party inputs4.66 %3.77
(1)Measured at fair value on a recurring basis with the net unrealized gains or losses recorded as a component of other comprehensive income (loss) in equity.
(2)Represents notional outstanding balance of underlying collateral.
(3)Measured at fair value on a recurring basis with the net unrealized gains or losses recorded in current period earnings.
(4)Balance does not include impact of allowance for current expected credit losses of $43.2 million at December 31, 2023.
(5)Fair value for floating rate mortgage loan receivables, held for investment is estimated to approximate the outstanding face amount given the short interest rate reset risk (30 days) and no significant change in credit spreads since origination. Fair value for fixed rate mortgage loan receivables, held for investment is measured using a discounted cash flow model.
(6)Fair value for mortgage loan receivables, held for sale is measured using a hypothetical securitization model utilizing market data from recent securitization spreads and pricing.
(7)Fair value of the FHLB stock approximates outstanding face amount as the Company’s captive insurance subsidiary is restricted from trading the stock and can only put the stock back to the FHLB, at the FHLB’s discretion, at par.
(8)For repurchase agreements - short term, the value approximates the cost plus accrued interest.
(9)For repurchase agreements - long term and CLO debt, the carrying value approximates the fair value discounting the expected cash flows at current market rates. If the collateral is determined to be impaired, the related financing would be revalued accordingly. There are no impairments on any positions.
(10)The outstanding face amount of the nonhedge derivatives represents the notional amount of the underlying contracts.
The following table summarizes the Company’s financial assets and liabilities, which are both reported at fair value on a recurring basis (as indicated) or amortized cost/par, at December 31, 2024 and December 31, 2023 ($ in thousands):
 
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.
December 31, 2023
Financial Instruments Reported at Fair Value on Consolidated Statements of Financial ConditionPrincipal
Amount		 Fair Value
 Level 1Level 2Level 3Total
Assets:      
CMBS(1)$430,398  $— $415,935 $— $415,935 
CMBS interest-only(1)868,228 (2)— 6,260 — 6,260 
GNMA interest-only(3)37,053 (2)— 213 — 213 
Agency securities(1)22  — 21 — 21 
U.S. Treasury securities54,031 53,716 — — 53,716 
Equity securities N/A 144 — — 144 
Nonhedge derivatives(4)194,900 — 1,454 — 1,454 
$53,860 $423,883 $— $477,743 
Financial Instruments Not Reported at Fair Value on Consolidated Statements of Financial ConditionPrincipal
Amount		 Fair Value
 Level 1Level 2Level 3Total
Assets:
Mortgage loan receivables held for investment, net, at amortized cost(5)$3,164,226  $— $— $3,150,843 $3,150,843 
Mortgage loan receivable held for sale(6)31,350  — — 26,868 26,868 
CMBS(7)9,281 — 8,955 — 8,955 
CMBS interest-only(7)8,327 — 309 — 309 
FHLB stock5,175  — — 5,175 5,175 
$— $9,264 $3,182,886 $3,192,150 
Liabilities:     
Repurchase agreements - short-term$337,631  $— $337,631 $— $337,631 
Repurchase agreements - long-term268,976  — 268,976 — 268,976 
Mortgage loan financing437,384  — — 425,992 425,992 
CLO debt1,062,777 — 1,060,719 — 1,060,719 
Borrowings from the FHLB115,000  — — 115,000 115,000 
Senior unsecured notes1,575,614  — — 1,475,303 1,475,303 
$— $1,667,326 $2,016,295 $3,683,621 
(1)Measured at fair value on a recurring basis with the net unrealized gains or losses recorded as a component of other comprehensive income (loss) in equity. 
(2)Represents notional outstanding balance of underlying collateral. 
(3)Measured at fair value on a recurring basis with the net unrealized gains or losses recorded in current period earnings. 
(4)Measured at fair value on a recurring basis with the net unrealized gains or losses recorded in current period earnings. The outstanding face amount of the nonhedge derivatives represents the notional amount of the underlying contracts.
(5)Balance does not include impact of allowance for current expected credit losses of $43.2 million at December 31, 2023.
(6)A lower of cost or market adjustment was recorded as of December 31, 2023.
(7)Restricted securities which are designated as risk retention securities under the Dodd-Frank Act and are therefore subject to transfer restrictions over the term of the securitization trust, are classified as held-to-maturity and reported at amortized cost.

The Company did not have any Level 3 financial instruments as of December 31, 2024 and December 31, 2023.

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.
v3.25.0.1
INCOME TAXES
 12 Months Ended
Dec. 31, 2024
Income Tax Disclosure [Abstract]  
INCOME TAXES
15. INCOME TAXES
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,
202420232022
Current expense (benefit) 
U.S. federal$1,321 $2,204 $1,823 
State and local443 858 3,591 
Total current expense (benefit)1,764 3,062 5,414 
Deferred expense (benefit)  
U.S. federal940 964 (445)
State and local744 218 (60)
Total deferred expense (benefit)1,684 1,182 (505)
Provision for income tax expense (benefit)$3,448 $4,244 $4,909 

A reconciliation between the U.S. federal statutory income tax rate and the effective tax rate for the years ended December 31, 2024, 2023 and 2022 is as follows:
Year Ended December 31,
 202420232022
U.S. statutory tax rate21.00 %21.00 %21.00 %
REIT income not subject to corporate income tax(16.50)%(15.22)%(18.09)%
Increase due to state and local taxes0.47 %1.07 %0.59 %
Change in valuation allowance(0.09)%(1.57)%(1.17)%
Offshore non-taxable income(3.97)%(3.79)%(1.35)%
Uncertain tax position recorded (released)— %0.14 %1.45 %
Section 163(j) interest expense limitation0.35 %0.17 %0.08 %
REIT income taxes0.03 %0.14 %0.28 %
Return to provision0.50 %(0.23)%(0.64)%
Section 162(m) executive compensation limitation1.51 %1.42 %0.54 %
Other(0.34)%0.92 %0.20 %
Effective income tax rate2.96 %4.05 %2.89 %

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, 2024 and 2023, the Company’s net deferred tax assets (liabilities) were $(4.6) million and $(3.0) 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 $2.6 million as of December 31, 2024.

The components of the Company’s deferred tax assets and liabilities are as follows ($ in thousands):
December 31, 2024December 31, 2023
Deferred Tax Assets 
Net operating loss carryforward$635 $2,069 
Net unrealized losses486 721 
Capital losses carryforward201 2,813 
Valuation allowance(201)(2,813)
Interest expense limitation1,974 1,560 
Valuation allowance(1,974)(1,560)
Total Deferred Tax Assets$1,121 $2,790 

December 31, 2024December 31, 2023
Deferred Tax Liability 
Basis difference in operating partnerships$5,764 $5,749 
Total Deferred Tax Liability$5,764 $5,749 
 
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. As of December 31, 2023, the Company had $2.8 million of deferred tax assets relating to capital losses which it may only use to offset capital gains. A portion of these tax attributes expired unused on December 31, 2024 and the remaining attributes will expire if unused in 2025. As the realization of these assets are not more likely than not before their expiration, the Company has provided a full valuation allowance against these deferred tax assets.

The Company’s tax returns are subject to audit by taxing authorities. Generally, as of December 31, 2024, the tax years 2020-2024 remain open to examination by the major taxing jurisdictions in which the Company is subject to taxes. One of the Company’s subsidiary entities is currently under audit in New York City for tax years 2014-2020. The Company does not expect this audit 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, 2024 and 2023 the Company did not have any unrecognized tax benefits. As of December 31, 2024, 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.
v3.25.0.1
RELATED PARTY TRANSACTIONS
 12 Months Ended
Dec. 31, 2024
Related Party Transactions [Abstract]  
RELATED PARTY TRANSACTIONS
16. RELATED PARTY TRANSACTIONS

The Company has no material related party relationships to disclose.
v3.25.0.1
COMMITMENTS AND CONTINGENCIES
 12 Months Ended
Dec. 31, 2024
Commitments and Contingencies Disclosure [Abstract]  
COMMITMENTS AND CONTINGENCIES
17. COMMITMENTS AND CONTINGENCIES
Leases

As of December 31, 2024, the Company had a $(17.9) million lease liability and a $16.3 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, 2024 and 2023, the Company recognized $2.2 million and $2.2 million, respectively in operating expenses in its consolidated statements of income relating to operating leases.
Future minimum lease payments under non-cancelable operating leases as of December 31, 2024 are as follows ($ in thousands):

Period ending December 31,Minimum Lease Payments
2025$4,424 
20262,869 
20272,232 
20282,306 
20292,409 
Thereafter8,629 
Total undiscounted cash flows22,869 
Present value discount (1)(5,007)
Lease liabilities (2)$17,862 
(1)Lease liabilities were discounted at the Company's weighted average incremental borrowing rate for similar collateral, which was estimated to be 6.71%. The average remaining lease term is 7.7 years.
(2)The Company has a five-year extension option, which is not reflected in the total lease liability.

Unfunded Loan Commitments

As of December 31, 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 over the next three years at rates to be determined at the time of funding. 89% 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, 2023, the Company’s off-balance sheet arrangements consisted of $204.0 million of unfunded commitments on mortgage loan receivables held for investment to provide additional first mortgage loan financing.

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, 2024, the Company had $10.0 million of U.S. Treasury securities traded and not yet settled on its consolidated balance sheets. As of December 31, 2023, the Company had $44.8 million of U.S. Treasury securities traded and not yet settled on its consolidated balance 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, 2023 was paid during the year ended December 31, 2024 and the payable within other liabilities at December 31, 2024 was paid during the first quarter of 2025.
v3.25.0.1
SEGMENT REPORTING
 12 Months Ended
Dec. 31, 2024
Segment Reporting [Abstract]  
SEGMENT REPORTING
18. SEGMENT REPORTING

The Company has determined that it has three reportable segments based on how the chief operating decision 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, 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 
Year ended December 31, 2022LoansSecuritiesReal Estate (1)Corporate/Other(2)Company 
Total
Net interest income
Interest income$269,629 $20,659 $6 $3,226 $293,520 
Interest expense(68,158)(4,620)(36,683)(86,141)(195,602)
Net interest income (expense)201,471 16,039 (36,677)(82,915)97,918 
(Provision for) release of loan loss reserves(3,711)— — — (3,711)
Net interest income (expense) after provision for (release of) loan reserves197,760 16,039 (36,677)(82,915)94,207 
Other income (loss)
Real estate operating income— — 108,269 — 108,269 
Net result from mortgage loan receivables held for sale(2,511)— — — (2,511)
Gain (loss) on real estate, net— — 115,998 — 115,998 
Fee and other income10,149 (104)4,355 461 14,861 
Net result from derivative transactions6,755 3,972 1,633 — 12,360 
Earnings (loss) from investment in unconsolidated ventures— — 1,410 — 1,410 
Gain (loss) on extinguishment of debt— — — 685 685 
Total other income (loss)14,393 3,868 231,665 1,146 251,072 
Costs and expenses
Compensation and employee benefits— — — (75,836)(75,836)
Operating expenses— — — (20,716)(20,716)
Real estate operating expenses— — (38,605)— (38,605)
Investment related expenses(2,325)(277)(954)(3,679)(7,235)
Depreciation and amortization— — (32,632)(41)(32,673)
Total costs and expenses(2,325)(277)(72,191)(100,272)(175,065)
Income (loss) before taxes209,828 19,630 122,797 (182,041)170,214 
Income tax (expense) benefit— — — (4,909)(4,909)
Segment net income (loss)$209,828 $19,630 $122,797 $(186,950)$165,305 
Total assets as of December 31, 2022$3,892,382 $587,519 $706,355 $764,917 $5,951,173 
(1)Includes the Company’s investment in unconsolidated ventures that held real estate of $19.9 million, $6.9 million and $6.2 million as of December 31, 2024, 2023 and 2022, respectively. This segment also includes the Company’s capital improvements of real estate of $6.5 million, $4.4 million and $6.9 million as of December 31, 2024, 2023 and 2022, 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 and $9.6 million as of December 31, 2023 and 2022, respectively, and the Company’s senior unsecured notes of $2.0 billion as of December 31, 2024 and $1.6 billion as of December 2023 and 2022. Corporate/Other also includes the Company’s stock-based compensation expense of $18.8 million, $18.6 million and $31.6 million, within compensation and employee benefits as of December 31, 2024, 2023 and 2022, respectively.
(3)Includes $2.7 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, 2024.
v3.25.0.1
SUBSEQUENT EVENTS
 12 Months Ended
Dec. 31, 2024
Subsequent Events [Abstract]  
SUBSEQUENT EVENTS
19. SUBSEQUENT EVENTS

The Company has evaluated subsequent events through the issuance date of the financial statements.

On January 2, 2025, the Company entered into additional incremental revolving commitments that increased the aggregate maximum borrowing amount of the Revolving Credit Facility to $850.0 million.
v3.25.0.1
Schedule III-Real Estate and Accumulated Depreciation
 12 Months Ended
Dec. 31, 2024
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$858 $126 $954 $178 $— $126 $954 $178 $1,258 $(130)10/13/20202045 years
Retail Property in Newburgh, IN910 213 873 220 — 213 873 220 1,306 (152)03/16/20202045 years
Retail Property in Isanti, MN995 249 894 297 — 249 894 297 1,440 (144)03/16/20202055 years
Retail Property in Little Falls, MN852 199 783 249 — 199 783 249 1,231 (134)03/10/20202055 years
Retail Property in Waterloo, IA857 130 896 214 — 130 896 214 1,240 (153)01/30/20201945 years
Retail Property in Sioux City, IA914 220 876 222 — 220 876 222 1,318 (157)01/30/20201945 years
Retail Property in Wardsville, MO979 257 919 202 — 257 919 202 1,378 (168)11/22/19201940 years
Retail Property in Kincheloe, MI885 58 939 229 — 58 939 229 1,226 (167)11/22/19201945 years
Retail Property in Clinton, IN1,036 269 954 204 — 269 954 204 1,427 (160)11/22/19201944 years
Retail Property in Saginaw, MI951 96 1,014 210 — 96 1,014 210 1,320 (187)10/04/19201945 years
Retail Property in Rolla, MO935 110 1,011 188 — 110 1,011 188 1,309 (188)10/04/19201940 years
Retail Property in Sullivan, IL1,174 340 981 257 — 340 981 257 1,578 (168)09/13/19201950 years
Retail Property in Becker, MN934 136 922 188 — 136 922 188 1,246 (153)09/13/19201955 years
Retail Property in Adrian, MO858 136 884 191 — 136 884 191 1,211 (160)09/13/19201945 years
Retail Property in Chillicothe, IL1,024 227 1,047 245 — 227 1,047 245 1,519 (183)09/05/19201950 years
Retail Property in Poseyville, IN867 160 947 194 — 160 947 194 1,301 (170)08/13/19201944 years
Retail Property in Dexter, MO871 141 890 177 — 141 890 177 1,208 (165)07/09/19201940 years
Retail Property in Hubbard Lake, MI912 40 1,017 203 — 40 1,017 203 1,260 (192)07/09/19201940 years
Initial Cost to CompanyCosts Capitalized Subsequent to AcquisitionGross Amount at which Carried at Close of PeriodAccumulated Depreciation and AmortizationDate AcquiredYear BuiltLife on which Depreciation in Latest Statement of Income is Computed
DescriptionEncumbrancesLandBuildingIntangiblesLandBuildingIntangiblesTotal
Retail Property in Fayette, MO1,082 107 1,168 219 — 107 1,168 219 1,494 (219)06/26/19201940 years
Retail Property in Centralia, IL941 200 913 193 — 200 913 193 1,306 (192)04/25/19201940 years
Retail Property in Trenton, MO884 396 628 202 — 396 628 202 1,226 (193)02/26/19201930 years
Retail Property in Houghton Lake, MI949 124 939 241 — 124 939 241 1,304 (202)02/26/19201840 years
Retail Property in Pelican Rapids, MN905 78 1,016 169 — 78 1,016 169 1,263 (266)12/26/18201830 years
Retail Property in Carthage, MO835 225 766 176 — 225 766 176 1,167 (176)12/26/18201840 years
Retail Property in Bolivar, MO883 186 876 182 — 186 876 182 1,244 (193)12/26/18201840 years
Retail Property in Pinconning, MI939 167 905 221 — 167 905 221 1,293 (181)12/06/18201845 years
Retail Property in New Hampton, IA1,005 177 1,111 187 — 177 1,111 187 1,475 (269)11/30/18201835 years
Retail Property in Ogden, IA855 107 931 153 — 107 931 153 1,191 (235)10/03/18201835 years
Retail Property in Wonder Lake, IL936 221 888 214 — 221 888 214 1,323 (233)04/12/18201739 years
Retail Property in Moscow Mills, MO984 161 945 203 — 161 945 203 1,309 (227)04/12/18201845 years
Retail Property in Foley, MN883 238 823 172 — 238 823 172 1,233 (238)04/12/18201835 years
Retail Property in Kirbyville, MO869 98 965 155 — 98 965 155 1,218 (227)04/02/18201840 years
Retail Property in Gladwin, MI883 88 951 203 — 88 951 203 1,242 (212)04/02/18201745 years
Retail Property in Rockford, MN892 187 850 207 — 187 850 207 1,244 (306)12/08/17201730 years
Retail Property in Winterset, IA941 272 830 200 — 272 830 200 1,302 (241)12/08/17201735 years
Retail Property in Kawkawlin, MI924 242 871 179 — 242 871 179 1,292 (276)10/05/17201730 years
Retail Property in Aroma Park, IL947 223 869 164 — 223 869 164 1,256 (233)10/05/17201735 years
Retail Property in East Peoria, IL1,016 233 998 161 — 233 998 161 1,392 (261)10/05/17201740 years
Retail Property in Milford, IA983 254 883 217 — 254 883 217 1,354 (244)09/08/17201740 years
Initial Cost to CompanyCosts Capitalized Subsequent to AcquisitionGross Amount at which Carried at Close of PeriodAccumulated Depreciation and AmortizationDate AcquiredYear BuiltLife on which Depreciation in Latest Statement of Income is Computed
DescriptionEncumbrancesLandBuildingIntangiblesLandBuildingIntangiblesTotal
Retail Property in Jefferson City, MO936 164 966 205 — 164 966 205 1,335 (261)06/02/17201640 years
Retail Property in Denver, IA891 198 840 191 — 198 840 191 1,229 (253)05/31/17201735 years
Retail Property in Port O'Connor, TX941 167 937 200 — 167 937 200 1,304 (283)05/25/17201735 years
Retail Property in Wabasha, MN956 237 912 214 — 237 912 214 1,363 (301)05/25/17201635 years
Office in Jacksonville, FL82,575 13,290 106,601 21,362 12,000 13,290 118,828 21,362 153,480 (37,615)05/23/17198936 years
Retail Property in Shelbyville, IL856 189 849 199 — 189 849 199 1,237 (244)05/23/17201640 years
Retail Property in Jesup, IA877 119 890 191 — 119 890 191 1,200 (266)05/05/17201735 years
Retail Property in Hanna City, IL858 174 925 132 — 174 925 132 1,231 (263)04/11/17201639 years
Retail Property in Ridgedale, MO983 250 928 187 — 250 928 187 1,365 (265)03/09/17201640 years
Retail Property in Peoria, IL896 209 933 133 — 209 933 133 1,275 (279)02/06/17201635 years
Retail Property in Carmi, IL1,090 286 916 239 — 286 916 239 1,441 (267)02/03/17201640 years
Retail Property in Springfield, IL992 391 784 227 — 393 789 224 1,406 (243)11/16/16201640 years
Retail Property in Fayetteville, NC4,837 1,379 3,121 2,472 — 1,379 3,121 2,471 6,971 (1,935)11/15/16200837 years
Retail Property in Dryden Township, MI903 178 893 201 — 178 899 202 1,279 (261)10/26/16201640 years
Retail Property in Lamar, MO893 164 903 171 — 164 903 171 1,238 (266)07/22/16201640 years
Retail Property in Union, MO936 267 867 207 — 267 867 207 1,341 (283)07/01/16201640 years
Retail Property in Pawnee, IL936 249 775 206 — 249 775 206 1,230 (258)07/01/16201640 years
Retail Property in Linn, MO852 89 920 183 — 89 920 183 1,192 (276)06/30/16201640 years
Retail Property in Cape Girardeau, MO1,038 453 702 217 — 453 702 217 1,372 (241)06/30/16201640 years
Retail Property in Decatur-Pershing, IL1,041 395 924 155 — 395 924 155 1,474 (275)06/30/16201640 years
Retail Property in Rantoul, IL915 100 1,023 178 — 100 1,023 178 1,301 (286)06/21/16201640 years
Initial Cost to CompanyCosts Capitalized Subsequent to AcquisitionGross Amount at which Carried at Close of PeriodAccumulated Depreciation and AmortizationDate AcquiredYear BuiltLife on which Depreciation in Latest Statement of Income is Computed
DescriptionEncumbrancesLandBuildingIntangiblesLandBuildingIntangiblesTotal
Retail Property in Flora Vista, NM991 272 864 198 — 272 864 198 1,334 (338)06/06/16201635 years
Retail Property in Mountain Grove, MO971 163 1,026 212 — 163 1,026 212 1,401 (315)06/03/16201640 years
Retail Property in Decatur-Sunnyside, IL957 182 954 139 — 182 954 139 1,275 (280)06/03/16201640 years
Retail Property in Champaign, IL1,007 365 915 149 — 365 915 149 1,429 (262)06/03/16201640 years
Retail Property in San Antonio, TX898 252 703 196 — 251 702 196 1,149 (267)05/06/16201535 years
Retail Property in Borger, TX793 68 800 181 — 68 800 181 1,049 (265)05/06/16201640 years
Retail Property in Dimmitt, TX1,069 86 1,077 236 — 85 1,074 236 1,395 (343)04/26/16201640 years
Retail Property in St. Charles, MN973 200 843 226 — 200 843 226 1,269 (340)04/26/16201630 years
Retail Property in Philo, IL935 160 889 189 — 160 889 189 1,238 (261)04/26/16201640 years
Retail Property in Radford, VA1,122 411 896 256 — 411 896 256 1,563 (376)12/23/15201540 years
Retail Property in Rural Retreat, VA1,007 328 811 260 — 328 811 260 1,399 (327)12/23/15201540 years
Retail Property in Albion, PA1,091 100 1,033 392 — 100 1,033 392 1,525 (552)12/23/15201550 years
Retail Property in Mount Vernon, AL915 187 876 174 — 187 876 174 1,237 (315)12/23/15201544 years
Retail Property in Malone, NY1,073 183 1,154 — 166 183 1,320 — 1,503 (364)12/16/15201539 years
Retail Property in Mercedes, TX827 257 874 132 — 257 874 132 1,263 (261)12/16/15201545 years
Retail Property in Gordonville, MO768 247 787 173 — 247 787 173 1,207 (264)11/10/15201540 years
Retail Property in Rice, MN813 200 859 184 — 200 859 184 1,243 (382)10/28/15201530 years
Retail Property in Farmington, IL891 96 1,161 150 — 96 1,161 150 1,407 (341)10/23/15201540 years
Retail Property in Grove, OK3,609 402 4,364 817 — 402 4,364 817 5,583 (1,567)10/20/15201237 years
Retail Property in Jenks, OK8,759 2,617 8,694 2,107 — 2,617 8,694 2,107 13,418 (3,149)10/19/15200938 years
Retail Property in Bloomington, IL813 173 984 138 — 173 984 138 1,295 (305)10/14/15201540 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 Montrose, MN769 149 876 169 — 149 876 169 1,194 (384)10/14/15201530 years
Retail Property in Lincoln County , MO735 149 800 188 — 149 800 188 1,137 (269)10/14/15201540 years
Retail Property in Wilmington, IL898 161 1,078 160 — 161 1,078 160 1,399 (332)10/07/15201540 years
Retail Property in Danville, IL735 158 870 132 — 158 870 132 1,160 (254)10/07/15201540 years
Retail Property in Moultrie, GA928 170 962 173 — 170 962 173 1,305 (411)09/22/15201444 years
Retail Property in Rose Hill, NC998 245 972 203 — 245 972 203 1,420 (398)09/22/15201444 years
Retail Property in Rockingham, NC819 73 922 163 — 73 922 163 1,158 (355)09/22/15201444 years
Retail Property in Biscoe, NC858 147 905 164 — 147 905 164 1,216 (362)09/22/15201444 years
Retail Property in De Soto, IA702 139 796 176 — 139 796 176 1,111 (287)09/08/15201535 years
Retail Property in Kerrville, TX767 186 849 200 — 186 849 200 1,235 (357)08/28/15201535 years
Retail Property in Floresville, TX813 268 828 216 — 268 828 216 1,312 (362)08/28/15201535 years
Retail Property in Minot, ND4,691 1,856 4,472 618 — 1,856 4,472 618 6,946 (1,417)08/19/15201238 years
Retail Property in Lebanon, MI819 359 724 178 — 359 724 178 1,261 (253)08/14/15201540 years
Retail Property in Effingham County, IL819 273 774 205 — 273 774 205 1,252 (293)08/10/15201540 years
Retail Property in Ponce, Puerto Rico6,511 1,365 6,662 1,318 — 1,365 6,662 1,318 9,345 (2,147)08/03/15201237 years
Retail Property in Tremont, IL781 164 860 168 — 164 860 168 1,192 (311)06/25/15201535 years
Retail Property in Pleasanton, TX856 311 850 216 — 311 850 216 1,377 (361)06/24/15201535 years
Retail Property in Peoria, IL846 180 934 179 — 180 934 179 1,293 (338)06/24/15201535 years
Retail Property in Bridgeport, IL813 192 874 175 — 192 874 175 1,241 (315)06/24/15201535 years
Retail Property in Warren, MN696 108 825 157 — 108 825 157 1,090 (361)06/24/15201530 years
Retail Property in Canyon Lake, TX898 291 932 220 — 291 932 220 1,443 (376)06/18/15201535 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 Wheeler, TX709 53 887 188 — 53 887 188 1,128 (356)06/18/15201535 years
Retail Property in Aurora, MN623 126 709 157 — 126 709 157 992 (256)06/18/15201540 years
Retail Property in Red Oak, IA780 190 839 179 — 190 839 179 1,208 (370)05/07/15201435 years
Retail Property in Zapata, TX747 62 998 145 — 62 998 145 1,205 (460)05/07/15201535 years
Retail Property in St. Francis, MN734 105 911 163 — 105 911 163 1,179 (445)03/26/15201435 years
Retail Property in Yorktown, TX786 97 1,005 199 — 97 1,005 199 1,301 (482)03/25/15201535 years
Retail Property in Battle Lake, MN721 136 875 157 — 136 875 157 1,168 (464)03/25/15201430 years
Retail Property in Paynesville, MN806 246 816 192 — 246 816 192 1,254 (385)03/05/15201540 years
Retail Property in Wheaton, MO637 73 800 97 — 73 800 97 970 (326)03/05/15201540 years
Retail Property in Rotterdam, NY9,008 2,530 7,924 2,165 — 2,530 7,924 2,165 12,619 (6,240)03/03/15199620 years
Retail Property in Hilliard, OH4,482 654 4,870 860 — 654 4,870 860 6,384 (1,781)03/02/15200741 years
Retail Property in Niles, OH3,642 437 4,084 680 — 437 4,084 680 5,201 (1,483)03/02/15200741 years
Retail Property in Youngstown, OH3,791 380 4,363 658 — 380 4,363 658 5,401 (1,616)02/20/15200540 years
Retail Property in Iberia, MO877 130 1,033 165 — 130 1,033 165 1,328 (429)01/23/15201539 years
Retail Property in Pine Island, MN754 112 845 185 — 112 845 185 1,142 (413)01/23/15201440 years
Retail Property in Isle, MN709 120 787 171 — 120 787 171 1,078 (399)01/23/15201440 years
Retail Property in Evansville, IN— 1,788 6,348 864 — 1,788 6,348 864 9,000 (2,632)11/26/14201435 years
Retail Property in Springfield, MO— 3,658 6,296 1,870 — 3,658 6,296 1,870 11,824 (3,145)11/04/14201137 years
Retail Property in Cedar Rapids, IA— 1,569 7,553 1,878 — 1,569 7,553 1,878 11,000 (4,047)11/04/14201230 years
Retail Property in Fairfield, IA— 1,132 7,779 1,800 — 1,132 7,779 1,800 10,711 (3,509)11/04/14201137 years
Retail Property in Owatonna, MN— 1,398 7,125 1,564 — 1,398 7,125 1,564 10,087 (3,361)11/04/14201036 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 Muscatine, IA— 1,060 6,636 1,307 — 1,060 6,636 1,307 9,003 (3,329)11/04/14201329 years
Retail Property in Sheldon, IA— 633 3,053 708 — 633 3,053 708 4,394 (1,435)11/04/14201137 years
Retail Property in Memphis, TN— 1,986 2,800 803 — 1,986 2,800 803 5,589 (2,644)10/24/14196215 years
Retail Property in O'Fallon, IL— 2,488 5,388 1,064 — 2,488 5,388 1,064 8,940 (4,859)08/08/14198415 years
Retail Property in Durant, OK3,281 594 3,900 498 — 594 3,900 498 4,992 (1,541)01/28/13200740 years
Retail Property in Gallatin, TN3,184 1,725 2,616 721 — 1,725 2,616 721 5,062 (1,374)12/28/12200740 years
Retail Property in Mt. Airy, NC2,941 729 3,353 621 — 729 3,353 621 4,703 (1,538)12/27/12200739 years
Retail Property in Aiken, SC3,942 1,588 3,480 858 — 1,588 3,480 858 5,926 (1,676)12/21/12200841 years
Retail Property in Johnson City, TN3,386 917 3,607 739 — 917 3,607 739 5,263 (1,688)12/21/12200740 years
Retail Property in Palmview, TX4,165 938 4,837 1,044 — 938 4,837 1,044 6,819 (1,942)12/19/12201244 years
Retail Property in Ooltewah, TN3,585 903 3,957 843 — 903 3,957 843 5,703 (1,809)12/18/12200841 years
Retail Property in Abingdon, VA3,021 682 3,733 666 — 682 3,733 666 5,081 (1,717)12/18/12200641 years
Retail Property in Vineland, NJ17,293 1,482 17,742 3,282 — 1,482 17,742 3,282 22,506 (10,446)09/21/12200330 years
Retail Property in Saratoga Springs, NY15,584 748 13,936 5,538 — 748 13,936 5,538 20,222 (9,867)09/21/12199427 years
Retail Property in Mooresville, NC13,714 2,615 12,462 2,566 — 2,615 12,462 2,566 17,643 (8,793)09/21/12200024 years
Retail Property in DeLeon Springs, FL980 239 782 221 — 239 782 221 1,242 (610)08/13/12201135 years
Retail Property in Orange City, FL1,032 229 853 235 — 229 853 235 1,317 (630)05/23/12201135 years
Retail Property in Satsuma, FL832 79 821 192 — 79 821 192 1,092 (605)04/19/12201135 years
Retail Property in Greenwood, AR3,149 1,038 3,415 694 — 1,038 3,415 694 5,147 (1,646)04/12/12200943 years
Retail Property in Millbrook, AL4,273 970 5,972 — — 970 5,972 — 6,942 (2,401)03/28/12200832 years
Retail Property in Spartanburg, SC3,313 828 2,567 772 — 828 2,567 772 4,167 (1,560)01/14/11200742 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 Tupelo, MS4,496 1,120 3,070 939 — 1,120 3,070 939 5,129 (1,786)08/13/10200747 years
Retail Property in Lilburn, GA— 1,090 3,673 1,028 — 1,090 3,673 1,028 5,791 (2,064)08/12/10200747 years
Retail Property in Douglasville, GA4,699 1,717 2,705 987 — 1,717 2,705 987 5,409 (1,639)08/12/10200848 years
Retail Property in Elkton, MD4,333 963 3,049 860 — 963 3,049 860 4,872 (1,745)07/27/10200849 years
Retail Property in Lexington, SC4,092 1,644 2,219 869 — 1,644 2,219 869 4,732 (1,465)06/28/10200948 years
— — 
Total Net Lease$333,685 $83,933 $408,338 $89,635 $12,166 $83,933 $420,738 $89,632 $594,303 $(176,601)
Office in Oakland, CA$— $1,500 $6,000 $— $— $2,889 $4,611 $— $7,500 $(28)09/27/24192842 years
Retail in New York, NY— 8,896 13,750 — 24 8,896 13,775 — 22,671 (354)12/21/23198540 years
Multifamily in Pittsburgh, PA— 7,141 26,222 1,116 — 7,141 26,281 1,122 34,544 (2,137)11/01/23196637 years
Multifamily in New York, NY— 15,824 13,512 1,135 — 15,824 13,628 1,019 30,471 (1,438)09/19/23192120 years
Office in Houston, TX— 826 6,322 2,380 2,274 826 8,597 2,380 11,803 (3,039)11/01/22198328 years
Retail in New York, NY— 2,434 5,482 — — 2,434 6,054 — 8,488 (576)02/11/22201928 years
Hotel in Schaumburg, IL— 8,029 29,971 — 861 8,029 30,877 — 38,906 (8,583)12/17/21198325 years
Hotel in Omaha, NE— 2,963 15,237 — 1,421 2,963 16,658 — 19,621 (4,572)02/27/19196935 years
Apartments in Isla Vista, CA89,580 36,274 47,694 1,118 2,721 36,274 50,416 1,118 87,808 (9,999)05/01/18200942 years
Office in Crum Lynne, PA6,010 1,403 7,518 1,666 — 1,403 7,518 1,666 10,587 (2,207)09/29/17199935 years
Shopping Center in Carmel, NY— 2,041 3,632 1,033 — 2,041 4,309 1,033 7,383 (2,579)10/14/15198520 years
Office in Oakland County, MI17,141 1,147 7,707 9,932 11,541 1,145 19,239 9,929 30,313 (21,482)02/01/13198935 years
$112,731 $88,478 $183,047 $18,380 $18,842 $89,865 $201,963 $18,267 $310,095 $(56,994)
Total Real Estate$446,416 $172,411 $591,385 $108,015 $31,008 $173,798 $622,701 $107,899 $904,398 (1)$(233,595)
(1)      The aggregate cost for U.S. federal income tax purposes is $0.9 billion at December 31, 2024.
Reconciliation of Real Estate:

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 


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

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 


The following table reconciles accumulated depreciation and amortization from December 31, 2021 to December 31, 2022 ($ in thousands):
Total Real Estate
Balance at December 31, 2021$236,622 
Depreciation and amortization expense32,937 
Dispositions/write-offs(70,551)
Balance at December 31, 2022$199,008 
v3.25.0.1
Schedule IV - Mortgage Loans on Real Estate
 12 Months Ended
Dec. 31, 2024
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Abstract]  
Schedule IV - Mortgage Loans on Real Estate
Type of LoanUnderlying Property TypeInterest Rates (1)Effective Maturity DatesPeriodic Payment Terms (2)Prior LiensFace amount of MortgagesCarrying Amount of MortgagesPrincipal Amount of Mortgages Subject to Delinquent Principal or Interest (3)
First Mortgages individually >3%
First MortgageOffice8.24%3/6/2026IO$— $228,425 $227,254 $— 
First MortgageOffice8.00%11/6/2026IO— 80,000 79,228 — 
First MortgageMulti-Family8.48%12/6/2024IO— 60,865 60,865 60,865 
First MortgageOffice11.49%3/6/2025IO— 59,459 59,459 — 
First MortgageMulti-Family9.47%6/6/2025(4)IO— 52,900 52,900 — 
First MortgageMulti-Family8.14%1/6/2025IO— 49,455 49,455 — 
First MortgageMulti-Family7.67%1/6/2027IO— 49,000 48,490 — 
First MortgageOffice5.00%10/6/2026IO— 48,000 48,000 — 
First MortgageOffice11.49%3/6/2025P&I— 3,741 3,678 — 
First Mortgages individually <3%
First MortgageOffice, Multi-Family, Mixed, Retail, Hotel, Industrial, Land4.25%—13.00%2024—2032IO, P&I— 984,180 977,310 16,010 
   Total First Mortgages— 1,616,025 1,606,639 76,875 
Subordinated Mortgages individually <3%
Subordinate MortgageHotel11.00%—12.00%2025—2027IO80,713 11,603 11,581 — 
   Total Subordinated Mortgages80,713 11,603 11,581 — 
Total Mortgages80,713 1,627,628 1,618,220 76,875 
Allowance for credit lossesN/AN/A(52,323)(5)N/A
Total Mortgages after Allowance for Credit Losses$80,713 $1,627,628 $1,565,897 (6)(7)$76,875 
(1)    Interest rates as of December 31, 2024.
(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 $76.9 million as of December 31, 2024. Refer to the Allowance for Credit Losses and Non-Accrual Status section of Note 3, Mortgage Loan Receivables, for further detail.
(4)    As of December 31, 2024, the loan had matured and was, subject to certain terms and conditions, in forbearance through June 6, 2025.
(5)    Refer to Note 3, Mortgage Loan Receivables, for further detail.
(6)    The aggregate cost for U.S. federal income tax purposes is $1.6 billion.
(7)     Includes $26.9 million of mortgage loans held for sale as of December 31, 2024.
Reconciliation of mortgage loans on real estate:

The following tables reconcile mortgage loans on real estate from December 31, 2021 to December 31, 2024 ($ 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, 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 — — 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 
Mortgage loan receivables held for investment, net, at amortized cost:
 Mortgage loans receivableAllowance for credit lossesMortgage loan receivables heldTotal Mortgage loan
receivables
Balance December 31, 2021$3,553,737 $(31,752)$— $3,521,985 
Origination of mortgage loan receivables1,234,765 — 61,318 1,296,083 
Repayment of mortgage loan receivables(901,082)— (68)(901,150)
Proceeds from sales of mortgage loan receivables— — (29,151)(29,151)
Non-cash disposition of loan via foreclosure(10,235)— — (10,235)
Realized gain on sale of mortgage loan receivables2,197 — (4,708)(2,511)
Accretion/amortization of discount, premium and other fees20,759 — — 20,759 
Charge offs(14,395)14,395 — — 
Release of provision for current expected credit loss, net— (3,398)— (3,398)
Balance December 31, 2022$3,885,746 $(20,755)$27,391 $3,892,382 
v3.25.0.1
Insider Trading Arrangements
 3 Months Ended
Dec. 31, 2024
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
v3.25.0.1
Insider Trading Policies and Procedures
 12 Months Ended
Dec. 31, 2024
Insider Trading Policies and Procedures [Line Items]  
Insider Trading Policies and Procedures Adopted true
v3.25.0.1
Cybersecurity Risk Management and Strategy Disclosure
 12 Months Ended
Dec. 31, 2024
Cybersecurity Risk Management, Strategy, and Governance [Line Items]  
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [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.

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. Refer to the risk factor captioned “Cybersecurity threats or other security breaches could cause significant business disruption and could possibly compromise sensitive information belonging to us or our employees, borrowers, clients and other counterparties, along with the emerging use of AI, could harm our business and our reputation and subject us to regulatory scrutiny” in Part I, Item 1A. “Risk Factors” for additional information.

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 (the “CCO”) and Senior Regulatory Counsel, as well as senior representatives from Ladder’s outsourced technology firm. The Cybersecurity Team maintains Ladder’s cybersecurity program, which is designed to identify, detect and manage cybersecurity risks. The Cybersecurity Team monitors technology trends and developments to inform improvements and adjustments to Ladder's information technology (“IT”) infrastructure and oversees the Company's various cybersecurity training initiatives.

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 servicer provider for professional and financial services companies. The GC helped establish and continues to oversee the Company’s cybersecurity risk management framework, including a best practice approach to cybersecurity governance, testing and diligence. 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 the risk assessment in order to inform Ladder’s cybersecurity program and controls and to prioritize risk mitigation and remediation in an evolving threat landscape. Ladder maintains cybersecurity policies and procedures designed to manage these risks and ensure that the Cybersecurity Team and other relevant employees are informed 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 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. These third parties tend to be highly regulated and generally maintain mature cybersecurity programs and data security controls. 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 vendors;
•Vulnerability scans;
•Company-wide cybersecurity training, including quarterly phishing exercises;
•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]
The Audit Committee, on behalf of the board of directors, is responsible for 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 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.
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block] The Audit Committee, on behalf of the board of directors, is responsible for 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 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.
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 the risk assessment in order to inform Ladder’s cybersecurity program and controls and to prioritize risk mitigation and remediation in an evolving threat landscape. Ladder maintains cybersecurity policies and procedures designed to manage these risks and ensure that the Cybersecurity Team and other relevant employees are informed 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 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. These third parties tend to be highly regulated and generally maintain mature cybersecurity programs and data security controls. 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 vendors;
•Vulnerability scans;
•Company-wide cybersecurity training, including quarterly phishing exercises;
•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 (the “CCO”) and Senior Regulatory Counsel, as well as senior representatives from Ladder’s outsourced technology firm. The Cybersecurity Team maintains Ladder’s cybersecurity program, which is designed to identify, detect and manage cybersecurity risks. The Cybersecurity Team monitors technology trends and developments to inform improvements and adjustments to Ladder's information technology (“IT”) infrastructure and oversees the Company's various cybersecurity training initiatives.

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 servicer provider for professional and financial services companies. The GC helped establish and continues to oversee the Company’s cybersecurity risk management framework, including a best practice approach to cybersecurity governance, testing and diligence. 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 servicer provider for professional and financial services companies. The GC helped establish and continues to oversee the Company’s cybersecurity risk management framework, including a best practice approach to cybersecurity governance, testing and diligence. 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 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.
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag] true
v3.25.0.1
SIGNIFICANT ACCOUNTING POLICIES (Policies)
 12 Months Ended
Dec. 31, 2024
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 two 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. 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, 2024 and December 31, 2023. At December 31, 2024 and December 31, 2023, 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 of 20 to 55 years for buildings, four to 15 years for building fixtures and improvements and the remaining lease term for acquired intangible lease assets or liabilities.

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

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

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

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

The fair value of other investments and debt assumed are valued using techniques consistent with those disclosed in Note 14, Fair Value of Financial Instruments, depending on the nature of the investments or debt. The fair value of other assumed assets and liabilities are based on best information available at the time of the acquisition.
Impairment of Property Held for Use
Impairment of Property Held for Use

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

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

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

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

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

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

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

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

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

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

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

Each member of the FHLB must purchase and hold FHLB stock as a condition of initial and continuing membership, in proportion to their borrowings from the FHLB and levels of certain assets. The Company records its investment in FHLB stock at its par value and the FHLB stock is expected to be repurchased by the FHLB at its par value. As of December 31, 2024, the Company did not have any FHLB stock. As of December 31, 2023, the Company had $5.2 million of FHLB stock which is included in other assets on the consolidated balance sheet.
Debt Issuance Costs 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, 2024, 2023 and 2022, the Company did not have material interest or penalties associated with the underpayment of any income taxes. The 2020-2024 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, 2024 and 2023, 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 $(86) thousand and realized gain (loss) of $(276) thousand and $(73) thousand for the year ended December 31, 2023 and December 31, 2022, respectively, 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 on December 31, 2024 and the adoption of ASU 2023-07 did not have a material impact on the Company’s consolidated financial statements.
Recent Accounting Pronouncements Pending Adoption

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. Early adoption is permitted for annual financial statements that have not yet been issued or made available for issuance. The amendments should be applied prospectively, however retrospective application is permitted. The adoption of ASU 2023-09 is not expected to have a material impact on the Company’s consolidated financial statements.

Any new accounting standards not disclosed above that have been issued or proposed by FASB and that do not require adoption until a future date are being evaluated or are not expected to have a material impact on the consolidated financial statements upon adoption.
v3.25.0.1
MORTGAGE LOAN RECEIVABLES (Tables)
 12 Months Ended
Dec. 31, 2024
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Abstract]  
Schedule of Mortgage Loan Receivables
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 N/A (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 changes in 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 $5.0 million of deferred origination fees and other items as of December 31, 2024.
December 31, 2023 ($ in thousands)
Outstanding
Face Amount		Carrying
Value		Weighted
Average
Yield (1)(2)		Remaining
Maturity
(years)(2)(3)
Mortgage loan receivables held for investment, net, at amortized cost:
First mortgage loans$3,131,803 $3,122,707 9.63 %0.7
Mezzanine loans32,423 32,382 11.46 %0.9
Total mortgage loans receivable3,164,226 3,155,089 9.65 %0.7
Allowance for credit losses— (43,165)
Total mortgage loan receivables held for investment, net, at amortized cost3,164,226 3,111,924 
Mortgage loan receivables held for sale:
First mortgage loans31,350 26,868 (4)4.57 %8.2
Total$3,195,576 $3,138,792 (5)9.61 %0.7
(1)Includes the impact from interest rate floors. Term SOFR rates in effect as of December 31, 2023 are used to calculate weighted average yield for floating rate loans.
(2)Excludes one non-accrual loan with an amortized cost basis of $14.5 million. Refer to “Non-Accrual Status” below for further details.
(3)The remaining maturity is calculated based on the initial maturity. The weighted average extended maturity for all loans is 1.8 years.
(4)As a result of rising prevailing rates, the Company recorded a lower of cost or market adjustment as of December 31, 2023. The adjustment was calculated using a 5.18% discount rate.
(5)Net of $9.1 million of deferred origination fees and other items as of December 31, 2023.
Schedule of Mortgage Loan Receivables by Loan Type
For the years ended December 31, 2024, 2023, and 2022, loan portfolio activity was as follows ($ 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, 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 or deeds in lieu of foreclosure (collectively, “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.
Mortgage loan receivables held for investment, net, at amortized cost:
 Mortgage loans receivableAllowance for credit lossesMortgage loan 
receivables held
for sale
Balance, December 31, 2022$3,885,746 $(20,755)$27,391 
Origination of mortgage loan receivables (1)68,415 — — 
Repayment of mortgage loan receivables (2)(726,710)— — 
Non-cash disposition of loans via foreclosure (3)(91,408)2,700 — 
Net result from mortgage loan receivables held for sale (4)— — (523)
Accretion/amortization of discount, premium and other fees19,046 — — 
Release (addition) of provision for current expected credit loss, net (5)— (25,110)— 
Balance, December 31, 2023$3,155,089 $(43,165)$26,868 
(1)Includes funding of commitments on existing mortgage loans.
(2)Excludes $11.8 million of proceeds received from repayments in transit.
(3)Refer to Note 5, Real Estate and Related Lease Intangibles, Net, for further detail on foreclosures of real estate.
(4)Includes unrealized lower of cost or market adjustment and realized gain/loss on loans held for sale.
(5)Refer to “Allowance for Credit Losses” table below for further detail.
Schedule of Provision for Loan Losses
Allowance for Credit Losses and Non-Accrual Status ($ in thousands)
Year Ended December 31,
Allowance for Credit Losses202420232022
Allowance for credit losses at beginning of period$43,165 $20,755 $31,752 
Provision for (release of) current expected credit loss, net (1)14,181 25,110 6,503 
Charge-offs (2)(5,023)(2,700)(14,395)
Recoveries (3)— — (3,105)
Allowance for credit losses at end of period$52,323 $43,165 $20,755 
(1)As of December 31, 2024, 2023, and 2022, there were no asset-specific reserves.
(2)For the year ended December 31, 2024, there was a charge-off related to one loan that was resolved via foreclosure during 2024. The loan was collateralized by an office property in Oakland, California.
(3)Recoveries are recognized within the consolidated statements of income through “Provision for (release of) loan loss reserves.”

Non-Accrual Status (1)
December 31, 2024(2)December 31, 2023(3)
Amortized cost basis of loans on non-accrual status$76,875 $14,541 
(1)As of December 31, 2024 and December 31, 2023, the loans on non-accrual status were greater than 90 days past due and are considered collateral dependent. For the year ended December 31, 2024, the Company recognized $1.5 million of interest income on these loans. 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 $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 reserves were necessary.
(3)Comprised of one multi-family loan with an amortized cost basis of $14.5 million, for which the Company determined no asset-specific reserve was necessary.
Schedule of Individually Impaired Loans
Management’s method for monitoring credit is the performance of a loan. The primary credit quality indicator management utilizes to assess its current expected credit loss reserve is by viewing the Company’s mortgage loan portfolio by collateral type. The primary credit quality indicator is reviewed by management on a quarterly basis. The following tables summarize the amortized cost of the mortgage loan portfolio by collateral type as of December 31, 2024 and December 31, 2023, respectively ($ in thousands):

Amortized Cost Basis by Origination Year as of December 31, 2024
Collateral Type20242023202220212020 and EarlierTotal (2)(3)
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 (1)$176,789 $14,636 $179,369 $980,026 $240,502 $1,591,322 
Amortized Cost Basis by Origination Year as of December 31, 2023
Collateral Type20232022202120202019 and EarlierTotal (3)
Multifamily$14,461 $547,532 $612,489 $— $— $1,174,482 
Office— 79,148 614,743 — 211,674 905,565 
Mixed Use— 193,470 321,514 — 41,403 556,387 
Industrial— 22,636 34,746 — 119,344 176,726 
Manufactured Housing— 32,655 82,895 — — 115,550 
Retail— 12,934 87,052 — 9,083 109,069 
Hospitality— — 18,589 — 55,380 73,969 
Other— 31,363 11,978 — — 43,341 
Subtotal mortgage loans receivable14,461 919,738 1,784,006 — 436,884 3,155,089 
Individually Impaired loans— — — — — — 
Total mortgage loans receivable (4)$14,461 $919,738 $1,784,006 $— $436,884 $3,155,089 
(1)Not included above is $9.4 million of accrued interest receivable on all loans at December 31, 2024.
(2)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.
(3)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. For the year ended December 31, 2023, there was a $2.7 million charge-off of an asset-specific allowance in connection with a foreclosure of one retail property in New York, NY.
(4)Not included above is $22.4 million of accrued interest receivable on all loans at December 31, 2023.
v3.25.0.1
SECURITIES (Tables)
 12 Months Ended
Dec. 31, 2024
Investments, Debt and Equity Securities [Abstract]  
Schedule of Securities Which are Classified as Available-for-sale The following is a summary of the Company’s securities at December 31, 2024 and December 31, 2023 ($ in thousands):
December 31, 2024
    Gross Unrealized  Weighted Average
Asset TypeOutstanding
Face Amount		 Amortized Cost BasisGainsLosses (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 

December 31, 2023
    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$439,679  $439,052 $277 $(14,439)$424,890 (3)64 AAA6.67 %6.83 %2.00
CMBS interest-only(4)876,555 (4)6,453 169 (53)6,569 (5)9 AAA0.57 %6.61 %1.07
GNMA interest-only(6)37,053 (4)214 51 (52)213 14 AAA0.36 %6.12 %3.60
Agency securities22  22 — (1)21 1 AAA4.00 %2.70 %1.05
U.S. Treasury securities54,031 53,648 68 — 53,716 7 AAAN/A5.41 %0.07
Total debt securities$1,407,340 $499,389 $565 $(14,545)$485,409 (7)95 2.55 %6.82 %1.98
Equity securitiesN/A160 — (16)144 1 N/AN/AN/AN/A
Allowance for current expected credit lossesN/A— — (20)(20)
Total securities$1,407,340  $499,549  $565  $(14,581) $485,533 96   
(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, 2024 and December 31, 2023, includes $8.9 million and $9.0 million of restricted securities which are designated as risk retention securities under the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010, as amended (“Dodd-Frank Act”) and are therefore subject to transfer restrictions over the term of the securitization trust and are classified as held-to-maturity and reported at amortized cost.
(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, 2024 and December 31, 2023, includes $0.2 million and $0.3 million , respectively, of restricted securities which are designated as risk retention securities under the Dodd-Frank Act and are therefore subject to transfer restrictions over the term of the securitization trust and are classified as held-to-maturity and reported at amortized cost.
(6)GNMA interest-only securities are recorded at fair value with changes in fair value recorded in current period earnings. The Company’s GNMA interest-only securities are considered to be hybrid financial instruments that contain embedded
derivatives. As a result, the Company has elected to account for them as hybrid instruments in their entirety at fair value with changes in fair value recognized in unrealized gain (loss) on securities in the consolidated statements of income.
(7)The Company’s investments in debt securities represent an ownership interest in unconsolidated VIEs. The Company’s maximum exposure to loss from these unconsolidated VIEs is the amortized cost basis of the securities which represents the purchase price of the investment adjusted by any unamortized premiums or discounts as of the reporting date.
The following summarizes the Company’s realized and unrealized gain (loss) on securities, included within “Fee and Other Income” on the Company’s consolidated statements of income for the years ended December 31, 2024, December 31, 2023 and December 31, 2022 ($ in thousands):
Year Ended December 31,
 202420232022
Realized gain (loss) on securities$172 $(276)(73)
Unrealized gain (loss) on securities(925)29 $(86)
Total realized and unrealized gain (loss) on securities$(753)$(247)$(159)
Schedule of Fair Value of the Company's Securities by Remaining Maturity Based Upon Expected Cash Flows
The following summarizes the carrying value of the Company’s debt securities by remaining maturity based upon expected cash flows at December 31, 2024 and December 31, 2023 ($ in thousands):
 
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.
 
December 31, 2023
Asset TypeWithin 1 year1-5 years5-10 yearsTotal
CMBS$81,343 $343,547 $— $424,890 
CMBS interest-only2,121 4,448 — 6,569 
GNMA interest-only86 22 105 213 
Agency securities— 21 — 21 
U.S. Treasury securities53,716 — 53,716 
Total securities (1)$137,266 $348,038 $105 $485,409 
(1)Excluded from the table above are $0.1 million of equity securities and $(20.0) thousand of allowance for current expected credit losses.
v3.25.0.1
REAL ESTATE AND RELATED LEASE INTANGIBLES, NET (Tables)
 12 Months Ended
Dec. 31, 2024
Real Estate [Abstract]  
Schedule of Real Estate Properties by Category
The Company’s real estate assets were comprised of the following ($ in thousands):
December 31, 2024December 31, 2023
Land$173,798 $183,194 
Building622,701 647,201 
In-place leases and other intangibles107,899 116,831 
Undepreciated real estate and related lease intangibles904,398 947,226 
Less: Accumulated depreciation and amortization(233,595)(220,784)
Real estate and related lease intangibles, net(1)$670,803 $726,442 
Below market lease intangibles, net (other liabilities)(2)$(25,340)$(28,860)
(1)There was unencumbered real estate of $213.4 million and $160.8 million as of December 31, 2024 and December 31, 2023, respectively.
(2)Below market lease intangibles is net of $16.5 million and $15.8 million of accumulated amortization as of December 31, 2024 and December 31, 2023, respectively.
Schedule of Depreciation and Amortization Expense Recorded
The following table presents depreciation and amortization expense on real estate recorded by the Company ($ in thousands):
 Year Ended December 31,
 202420232022
Depreciation expense(1)$25,204 $24,166 $25,770 
Amortization expense7,123 5,748 6,903 
Total real estate depreciation and amortization expense$32,327 $29,914 $32,673 
(1)Depreciation expense on the consolidated statements of income also includes $0.4 million, $0.4 million, and $41 thousand of depreciation on corporate fixed assets for the years ended December 31, 2024, 2023, and 2022, respectively.
Schedule of Lease Intangible Assets
The Company’s intangible assets are comprised of in-place leases, above market leases and other intangibles. The following tables present additional detail related to the intangible assets ($ in thousands):
 December 31, 2024December 31, 2023
Gross intangible assets(1)$107,899 $116,831 
Accumulated amortization57,281 55,782 
Net intangible assets$50,618 $61,049 
(1)Includes $2.3 million and $2.8 million of unamortized above market lease intangibles, which are included in real estate and related lease intangibles, net on the consolidated balance sheets as of December 31, 2024 and December 31, 2023, 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,
 202420232022
Reduction in operating lease income for amortization of above market lease intangibles acquired$(378)$(309)$(305)
Increase in operating lease income for amortization of below market lease intangibles acquired2,078 2,106 2,068 
Total$1,700 $1,797 $1,763 
Schedule of Expected Amortization Expense Related to the Acquired In-place Lease Intangibles, for Property Owned
The following table presents expected adjustment to operating lease income and expected amortization expense during the next five years and thereafter related to the above and below market leases and acquired in-place lease and other intangibles for property owned as of December 31, 2024 ($ in thousands):
Period Ending December 31,Increase/(Decrease) to Operating Lease IncomeAmortization Expense
2025$1,622 $5,059 
20261,636 4,190 
20271,600 4,032 
20281,526 3,783 
20291,529 3,644 
Thereafter15,102 29,589 
Total$23,015 $50,297 
Schedule of Contractual Future Minimum Rent Under Leases
The following is a schedule of non-cancellable, contractual, future minimum rent under leases (excluding property operating expenses paid directly by tenant under net leases) at December 31, 2024 ($ in thousands):
Period Ending December 31,Amount
2025$58,061 
202651,692 
202747,582 
202845,975 
202944,824 
Thereafter121,323 
Total$369,457 
Schedule of Real Estate Properties Acquired
The Company acquired the following properties during the year ended December 31, 2024 ($ 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 approach. 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 for $14.8 million.
(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 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 and direct capitalization approach. The appraiser utilized a 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. During December 2024, the Company sold the property for $10.9 million.
(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. During July 2024, the Company sold the portfolio for $11.8 million.
(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$30,400 100.0%
November 2023(3)MultifamilyPittsburgh, PA34,479 100.0%
December 2023(4)RetailNew York, NY22,647 100.0%
Total real estate acquisitions$87,526 
(1)Properties were consolidated as of acquisition date.
(2)In September 2023, the Company acquired a multifamily portfolio consisting of four properties in New York, NY via foreclosure. The portfolio served as collateral for a mortgage loan receivable held for investment. The Company obtained a third-party appraisal of the property. The $30.4 million fair value was determined by using the sales comparison and income approaches. The appraiser utilized a terminal capitalization rate of 5.5%. There was no gain or loss resulting from the foreclosure of the loan. The key inputs used to determine fair value were determined to be Level 3 inputs.
(3)In November 2023, the Company acquired a multifamily property in Pittsburgh, PA via foreclosure. The property served as collateral for a mortgage loan receivable held for investment. The Company obtained a third-party appraisal of the property. The $34.5 million fair value was determined by using the sales comparison and income approaches. The appraiser utilized a terminal capitalization rate of 6.00%. There was no gain or loss resulting from the foreclosure of the loan. The key inputs used to determine fair value were determined to be Level 3 inputs.
(4)In December 2023, the Company acquired a retail property in New York, NY via foreclosure. The property served as collateral for two mortgage loan receivables held for investment. The Company obtained a third-party appraisal of the property. The $22.6 million fair value was determined by using the sales comparison and income approaches. The appraiser utilized a terminal capitalization rate of 5.25%. There was no gain or loss resulting from the foreclosure of the loan. The key inputs used to determine fair value were determined to be Level 3 inputs.
The Company acquired the following properties during the year ended December 31, 2022 ($ in thousands):
Acquisition DateTypePrimary Location(s)Purchase Price/Fair Value on the Date of ForeclosureOwnership Interest (1)
February 2022(2)ApartmentsNew York, NY$15,436 100%
November 2022(3)OfficeHouston, TX9,386 100%
Total real estate acquisitions$24,822 
(1)Properties were consolidated as of acquisition date.
(2)In February 2022, the Company acquired, via change in control, a previously held interest in a non-controlling equity investment in a mixed use property with one remaining residential condo unit and one remaining retail condo unit in New York, New York. The carrying value of the property at the time of change in control was $15.4 million, which was determined to be fair value. The fair value of the remaining condo unit was determined based on comparable sales in the building and the value of the remaining retail unit was valued utilizing a direct capitalization rate of 5.5%. The key inputs used to determine fair value were determined to be Level 3 inputs.
(3)In November 2022, the Company acquired an office property in Houston, TX via foreclosure. The property served as collateral for a mortgage loan receivable held for investment with a basis of $10.3 million. In connection with the foreclosure, the Company received $0.9 million of cash. The Company obtained a third-party appraisal of the property. The $9.4 million fair value was determined by using the sales comparison and income approaches. The appraiser utilized a terminal capitalization rate of 9.5% and a discount rate of 10.5%. There was no gain or loss resulting from the foreclosure of the loan.
Schedule of Properties Sold
The Company sold the following properties during the year ended December 31, 2024 ($ 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 statement 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(1)$43,335 $34,526 $8,808 1 
Totals$43,335 $34,526 $8,808 
(1)Included within sales proceeds is $31.3 million of mortgage financing that was assumed by the buyer.
The Company sold the following properties during the year ended December 31, 2022 ($ in thousands):
Sales DateTypePrimary Location(s)Sales ProceedsNet Book ValueRealized Gain/(Loss)Properties
March 2022OfficeEwing, NJ$38,694 $24,175 $14,519 1 
March 2022WarehouseConyers, GA40,752 26,116 14,636 1 
June 2022ApartmentsStillwater, OK23,314 18,032 5,283 1 
June 2022ApartmentsMiami, FL60,856 37,585 23,270 1 
September 2022RetailWichita, KS9,503 5,110 4,393 1 
December 2022ApartmentsNew York, NY7,935 7,402 533 1 
December 2022RetailSennett, NY10,599 4,245 6,354 1 
December 2022OfficeRichmond, VA118,872 71,862 47,010 1 
Totals(1)$310,525 $194,527 $115,998 
(1)Excludes $4.4 million of prepayment costs upon repayment of mortgage financings in connection with certain sales that is recorded within interest expense on the consolidated statement of income, such amount was correspondingly paid by the buyer and received by the Company as part of the sale and recorded in fee and other income on the consolidated statement of income.
v3.25.0.1
DEBT OBLIGATIONS, NET (Tables)
 12 Months Ended
Dec. 31, 2024
Debt Disclosure [Abstract]  
Schedule of Debt Obligations
The details of the Company’s debt obligations at December 31, 2024 and December 31, 2023 are as follows ($ in thousands):
 
December 31, 2024
Debt ObligationsCommitted /
Principal Amount		Carrying Value of Debt Obligations Committed but UnfundedInterest Rate at December 31, 2024(1)Current Term MaturityRemaining Extension OptionsEligible CollateralCarrying Amount of CollateralFair Value of Collateral
Committed Loan Repurchase Facility$500,000 $62,738 $437,262 6.55%—6.55%9/27/2025(2)(3)$97,254 $97,254 
Committed Loan Repurchase Facility300,000 — 300,000 —%——%10/21/2027(4)(5)— — 
Committed Loan Repurchase Facility56,000 — 56,000 —%——%4/30/2026(6)(3)— — 
Committed Loan Repurchase Facility200,000 — 200,000 —%——%10/3/2025(7)(3)14,636 14,730 
Committed Loan Repurchase Facility100,000 — 100,000 —%——%1/22/2025(8)(5)— — 
Total Committed Loan Repurchase Facilities1,156,000 62,738 1,093,262 111,890 111,984 
Uncommitted Securities Repurchase Facility N/A (9) —  N/A (9) —%——%N/A N/A (10)— — 
Total Repurchase Facilities1,156,000 62,738 1,093,262 111,890 111,984 
Revolving Credit Facility725,000 — 725,000 —%——%12/20/2028(11) N/A (12) N/A (12)N/A (12)
Mortgage Loan Financing443,733 446,397 — 4.39%—8.09%2025-2034 (13) N/A (14)451,880 629,726 (15)
CLO Debt601,464 601,429 (16)— 5.71%—8.16%2025-2026 (17)N/A(3)831,270 831,270 
Senior Unsecured Notes2,041,557 2,025,053 (18)— 4.25%—7.00%2025-2031 N/A  N/A (19)N/A (19)N/A (19)
Total Debt Obligations, Net$4,967,754 $3,135,617 $1,818,262 $1,395,040 $1,572,980 
(1)Interest rates on floating rate debt reflect the applicable index in effect as of December 31, 2024.
(2)Two 12-month extension periods at Company’s option. No new advances are permitted after the initial maturity date.
(3)First mortgage commercial real estate loans and senior and pari passu interests therein. Eligible collateral does not include the real estate collateralizing such loans.
(4)Two additional 364-day period at lender’s option.
(5)First mortgage and mezzanine commercial real estate loans and senior and pari passu interests therein. Eligible collateral does not include the real estate collateralizing such loans.
(6)Three additional 12-month extension periods at Company’s option.
(7)Two additional 12-month extension periods at Company’s option. No new advances permitted past 30 days prior to initial maturity.
(8)One additional 12-month extension period at Company's option. No new advances permitted during the final 12-month period.
(9)Represents uncommitted securities repurchase facilities for which there is no committed amount subject to future advances.
(10)Commercial real estate securities. Eligible collateral does not include the first mortgage commercial real estate loans collateralizing such securities.
(11)Two additional 6-month periods at Company’s option.
(12)The obligations under the Revolving Credit Facility are guaranteed by the Company and certain of its subsidiaries and secured by equity pledges in certain Company subsidiaries.
(13)Anticipated repayment dates.
(14)Certain of the Company’s real estate investments serve as collateral for the Company’s mortgage loan financing.
(15)Represents undepreciated carrying value of commercial real estate collateral.
(16)Presented net of unamortized debt issuance costs of less than $0.1 million at December 31, 2024.
(17)Represents the estimated maturity date based on the underlying loan maturities.
(18)Presented net of unamortized debt issuance costs of $16.5 million at December 31, 2024.
(19)The obligations under the senior unsecured notes are guaranteed by the Company and certain of its subsidiaries.
December 31, 2023
Debt ObligationsCommitted /
Principal Amount		Carrying Value of Debt Obligations Committed but UnfundedInterest Rate at December 31, 2022(1)Current Term MaturityRemaining Extension OptionsEligible CollateralCarrying Amount of CollateralFair Value of Collateral
Committed Loan Repurchase Facility$500,000 $235,594 $264,406 7.08%—7.48%9/27/2025(2)(3)$342,467 $342,467 
Committed Loan Repurchase Facility300,000 118,903 181,097 7.46%—8.36%12/19/2024(4)(5)174,938 174,938 
Committed Loan Repurchase Facility141,997 139,162 2,835 7.06%—7.60%4/30/2024(6)(3)65,110 65,110 (7)
Committed Loan Repurchase Facility200,000 111,340 88,660 7.22%—8.29%10/3/2025(8)(3)150,280 150,559 
Committed Loan Repurchase Facility100,000 — 100,000 —%——%1/22/2024(9)(5)— — 
Total Committed Loan Repurchase Facilities1,241,997 604,999 636,998 732,795 733,074 
Committed Securities Repurchase Facility100,000 — 100,000 —%——%5/27/2024N/A(10)— — 
Uncommitted Securities Repurchase FacilityN/A (11)1,608 N/A (11)6.61%—7.56%1/17/2024N/A(10)2,511 2,511 (12)
Total Repurchase Facilities1,341,997 606,607 736,998 735,306 735,585 
Revolving Credit Facility323,850 — 323,850 —%——%7/27/2024(13)N/A (14)N/A (14)N/A (14)
Mortgage Loan Financing437,384 437,759 — 4.39%—9.03%2024-2031 (15)N/A(16)474,740 625,454 (17)
CLO Debt1,062,777 1,060,719 (18)— 6.68%—9.13%2024-2026 (19)N/A(3)1,327,722 1,327,722 
Borrowings from the FHLB115,000 115,000 — 5.76%—5.88%2024N/A(20)140,276 140,276 
Senior Unsecured Notes1,575,614 1,563,861 (21)— 4.25%—5.25%2025-2029N/AN/A (22)N/A (22)N/A (22)
Total Debt Obligations, Net$4,856,622 $3,783,946 $1,060,848 $2,678,044 $2,829,037 
(1)Interest rates on floating rate debt reflect the applicable index in effect as of December 31, 2023.
(2)Two 12-month extension periods at Company’s option. No new advances are permitted after the initial maturity date.
(3)First mortgage commercial real estate loans and senior and pari passu interests therein. Eligible collateral does not include the real estate collateralizing such loans.
(4)One additional 364-day period at Company’s option.
(5)First mortgage and mezzanine commercial real estate loans and senior and pari passu interests therein. Eligible collateral does not include the real estate collateralizing such loans.
(6)Three additional 12-month extension periods at Company’s option.
(7)The Company has pledged mortgage loans receivable with a value of $114.7 million that eliminates in consolidation and is thus not included in the carrying amount of collateral or fair value of collateral.
(8)Two additional 12-month extension periods at Company’s option. No new advances permitted past 30 days prior to initial maturity.
(9)Two additional 12-month extension periods at Company's option. No new advances permitted during the final 12-month period.
(10)Commercial real estate securities. Eligible collateral does not include the first mortgage commercial real estate loans collateralizing such securities.
(11)Represents uncommitted securities repurchase facilities for which there is no committed amount subject to future advances.
(12)Includes $1.9 million of restricted securities under the risk retention rules of the Dodd-Frank Act. These securities are accounted for as held-to-maturity and recorded at amortized cost basis.
(13)Three additional 12-month periods at Company’s option.
(14)The obligations under the Revolving Credit Facility are guaranteed by the Company and certain of its subsidiaries and secured by equity pledges in certain Company subsidiaries.
(15)Anticipated repayment dates.
(16)Certain of the Company’s real estate investments serve as collateral for the Company’s mortgage loan financing.
(17)Represents undepreciated carrying value of commercial real estate collateral.
(18)Presented net of unamortized debt issuance costs of $2.1 million at December 31, 2023.
(19)Represents the estimated maturity date based on the remaining reinvestment period and underlying loan maturities.
(20)Investment grade commercial real estate securities. It does not include the first mortgage commercial real estate loans collateralizing such securities.
(21)Presented net of unamortized debt issuance costs of $11.8 million at December 31, 2023.
(22)The obligations under the senior unsecured notes are guaranteed by the Company and certain of its subsidiaries.
Schedule of Contractual Payments Under All Borrowings by Maturity
The following schedule reflects the Company’s contractual payments under borrowings by maturity ($ in thousands): 
Period ending December 31,Borrowings by
Maturity(1)
2025$444,735 
202689,161 
2027727,840 
202824,317 
2029669,484 
Thereafter592,490 
Subtotal2,548,027 
Debt issuance costs included in senior unsecured notes(16,504)
Debt issuance costs included in mortgage loan financings(1,055)
Net premiums included in mortgage loan financings (2)3,719 
Total (3)$2,534,187 
(1)The allocation of repayments under the Company’s committed loan repurchase facilities is based on the earlier of: (i) the maturity date of each agreement; or (ii) the maximum maturity date of the collateral loans, assuming all extension options are exercised by the borrower.
(2)Represents 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.
(3)Total does not include $601.5 million of consolidated CLO debt obligations and the related debt issuance costs of less than $0.1 million, as the satisfaction of these liabilities will be paid through cash flow from loan collateral including amortization and will not require cash outlays from us.
v3.25.0.1
DERIVATIVE INSTRUMENTS (Tables)
 12 Months Ended
Dec. 31, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Breakdown of the Derivatives Outstanding The following is a breakdown of the derivatives outstanding as of December 31, 2024 and December 31, 2023 ($ in thousands):
 
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.


December 31, 2023
  Fair ValueRemaining
Maturity
(years)
Contract TypeNotionalAsset(1)Liability(1)
Caps    
1 Month Term SOFR$90,000 $908 $— 0.62
Futures    
5-year Treasury-Note Futures18,800 98 — 0.25
10-year Treasury-Note Futures86,100 447 — 0.25
Total futures104,900 545 —  
Options    
OptionsN/A(2)1 — 0.05
Total derivatives$194,900 $1,454 $—  
(1)Shown as derivative instruments in the accompanying consolidated balance sheet.
(2)The Company held 104 options contracts as of December 31, 2023.
Schedule of Net Realized Gains/(Losses) and Unrealized Appreciation/(Depreciation) on Derivatives
The following table summarizes the net realized gains (losses) and unrealized gains (losses) on derivatives, by primary underlying risk exposure, as included in net result from derivatives transactions in the consolidated statements of income for the years ended December 31, 2024, 2023, and 2022 ($ in thousands):

 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 
 Year Ended December 31, 2022
Contract TypeUnrealized
Gain/(Loss)		Realized
Gain/(Loss)		Net Result
from
Derivative
Transactions
Caps$984 $648 $1,632 
Futures(219)11,078 10,859 
Options(131)— (131)
Total$634 $11,726 $12,360 
v3.25.0.1
OFFSETTING ASSETS AND LIABILITIES (Tables)
 12 Months Ended
Dec. 31, 2024
Offsetting [Abstract]  
Schedule of Offsetting of Financial Assets
The following table represents offsetting of financial assets and derivative assets as of December 31, 2024 ($ 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 $— $— $437 
(1)Included in restricted cash on consolidated balance sheet.
The following table represents offsetting of financial assets and derivative assets as of December 31, 2023 ($ in thousands):
DescriptionGross amounts of
recognized assets		Gross amounts
offset in the
balance sheet		Net amounts of
assets presented
in the balance
sheet		Gross amounts not offset in the
balance sheet		Net amount
Financial
instruments		Cash collateral
received/(posted)(1)
Derivatives$1,454 $— $1,454 $— $(2,846)$(1,392)
Total$1,454 $— $1,454 $— $(2,846)$(1,392)
(1)Included in restricted cash on consolidated balance sheet.
Schedule of Offsetting of Financial Liabilities
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 $— $62,738 
(1)Included in restricted cash on consolidated balance sheet.
The following table represents offsetting of financial liabilities and derivative liabilities as of December 31, 2023 ($ in thousands):
DescriptionGross amounts of
recognized
liabilities		Gross amounts
offset in the
balance sheet		Net amounts of
liabilities
presented in the
balance sheet		Gross amounts not offset in the
balance sheet		Net amount
Financial
instruments
collateral		Cash collateral
posted/(received)(1)
Repurchase agreements$606,607 $— $606,607 $606,607 $— $606,607 
Total$606,607 $— $606,607 $606,607 $— $606,607 
(1)Included in restricted cash on consolidated balance sheet.
v3.25.0.1
CONSOLIDATED VARIABLE INTEREST ENTITIES (Tables)
 12 Months Ended
Dec. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Schedule of Variable Interest Entities
The Company consolidates on its balance sheet two CLOs that are considered VIEs as of December 31, 2024 and December 31, 2023 ($ in thousands):

December 31, 2024December 31, 2023
Mortgage loan receivables held for investment, net, at amortized cost$831,270 $1,327,722 
Accrued interest receivable5,530 9,394 
Other assets42,621 4,469 
Total assets$879,421 $1,341,585 
Debt obligations, net$601,429 $1,060,719 
Accrued expenses1,806 3,555 
Total liabilities603,235 1,064,274 
Net equity in VIEs (eliminated in consolidation)276,186 277,311 
Total equity276,186 277,311 
Total liabilities and equity$879,421 $1,341,585 
v3.25.0.1
EQUITY (Tables)
 12 Months Ended
Dec. 31, 2024
Equity [Abstract]  
Schedule of Common Stock Repurchase Activity
The following tables summarize the Company’s repurchase activity of its Class A common stock during the years ended December 31, 2024, 2023, and 2022 ($ in thousands):
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 - March 31, 2023250,000 (2,285)
September 1 - September 30, 202319,000 (196)
Authorizations remaining as of December 31, 2023$44,256 
(1)Amount excludes commissions paid associated with share repurchases.
SharesAmount(1)
Authorizations remaining as of December 31, 2021$44,122 
Additional authorizations(2)10,534 
Repurchases paid783,599 (7,919)
Authorizations remaining as of December 31, 2022$46,737 
(1)Amount excludes commissions paid associated with share repurchases.
(2)On July 27, 2022, the Board authorized additional repurchases of up to $50.0 million in aggregate.
Schedule of Dividends Declared and Paid
The following table presents dividends declared (on a per share basis) of Class A common stock for the years ended December 31, 2024, 2023 and 2022:
Declaration DateDividend per Share
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 
March 15, 2022$0.20 
June 15, 20220.22 
September 15, 20220.23 
December 15, 20220.23 
Total$0.88 
The following table presents the tax treatment for our aggregate distributions per share of common stock paid for the years ended December 31, 2024, 2023 and 2022:
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, 20230.230 0.230 — — — — 0.230 
June 30, 2023July 17, 20230.230 0.230 — — — — 0.230 
September 29, 2023October 16, 20230.230 0.230 — — — — 0.230 
December 29, 2023January 16, 2024(1)0.230 0.230 — — — — 0.230 
Total$0.920 $0.920 $— $— $— $— $0.920 
(1)The fourth quarter dividend paid on January 16, 2024 was $0.230 and is considered a 2023 dividend for U.S. federal income tax purposes.
Record DatePayment DateDividend per ShareOrdinary DividendsQualified DividendsCapital GainUnrecaptured 1250 GainReturn of CapitalSection 199A
Dividends
December 31, 2021January 18, 2022(1)$0.200 $0.034 $— $0.166 $0.051 $— $0.034 
March 31, 2022April 15, 20220.200 0.034 — 0.166 0.051 — 0.034 
June 30, 2022July 15, 20220.220 0.038 — 0.182 0.056 — 0.038 
September 30, 2022October 17, 20220.230 0.039 — 0.191 0.059 — 0.039 
December 31, 2022January 17, 2023(2)0.230 0.039 — 0.191 0.059 — 0.039 
Total$1.080 $0.184 $— $0.896 $0.276 $— $0.184 
(1)The fourth quarter dividend paid on January 18, 2022 was $0.200 and is considered a 2022 dividend for U.S. federal income tax purposes.
(2)The fourth quarter dividend paid on January 16, 2023 was $0.230 and is considered a 2022 dividend for U.S. federal income tax purposes.
Schedule of Accumulated Other Comprehensive Income
The following table presents changes in accumulated other comprehensive income related to the cumulative difference between the fair market value and the amortized cost basis of securities classified as available for sale for the years ended December 31, 2024, 2023 and 2022 ($ in thousands):

Year Ended December 31,
202420232022
Accumulated Other Comprehensive Income (Loss) beginning of period$(13,853)$(21,009)$(4,112)
Gain (loss) on available for sale securities, net of tax8,987 7,156 (16,897)
Accumulated Other Comprehensive Income (Loss) end of period$(4,866)$(13,853)$(21,009)
v3.25.0.1
EARNINGS PER SHARE (Tables)
 12 Months Ended
Dec. 31, 2024
Earnings Per Share [Abstract]  
Schedule of the Company's Net Income and Weighted Average Shares Outstanding
The Company’s net income (loss) and weighted average shares outstanding for the years ended December 31, 2024, 2023, and 2022 consist of the following:
Year Ended December 31,
($ in thousands except share amounts)202420232022
Basic and Diluted Net income (loss) available for Class A common shareholders$108,255 $101,125 $142,217 
Weighted average shares outstanding:   
Basic125,576,784 124,667,877 124,301,421 
Diluted125,785,295 124,882,398 125,823,671 
Schedule of Calculation of Basic and Diluted Net Income Per Share Amounts
The calculation of basic and diluted net income (loss) per share amounts for the years ended December 31, 2024, 2023, and 2022 consist of the following:
Year Ended December 31,
(In thousands except share and per share amounts) (1)202420232022
Basic Net Income (Loss) Per Share of Class A Common Stock   
Numerator:
   
Net income (loss) attributable to Class A common shareholders$108,255 $101,125 $142,217 
Denominator:
   
Weighted average number of shares of Class A common stock outstanding125,576,784 124,667,877 124,301,421 
Basic net income (loss) per share of Class A common stock$0.86 $0.81 $1.14 
Diluted Net Income (Loss) Per Share of Class A Common Stock   
Numerator:   
Net income (loss) attributable to Class A common shareholders$108,255 $101,125 $142,217 
Diluted net income (loss) attributable to Class A common shareholders108,255 101,125 142,217 
Denominator:   
Basic weighted average number of shares of Class A common stock outstanding125,576,784 124,667,877 124,301,421 
Add - dilutive effect of:   
Incremental shares of unvested Class A restricted stock(1)208,511 214,521 1,522,250 
Diluted weighted average number of shares of Class A common stock outstanding (2)(3)125,785,295 124,882,398 125,823,671 
Diluted net income (loss) per share of Class A common stock$0.86 $0.81 $1.13 
(1)The Company applies the treasury stock method.
(2)There were 274,353 and 367,001 anti-dilutive shares for the years ended December 31, 2024 and December 31, 2023.
v3.25.0.1
STOCK-BASED AND OTHER COMPENSATION PLANS (Tables)
 12 Months Ended
Dec. 31, 2024
Share-Based Payment Arrangement [Abstract]  
Schedule of Stock Based Compensation Plans
The following table summarizes the impact on the consolidated statements of income of the various stock-based compensation plans and other compensation plans ($ in thousands):
Year Ended December 31,
202420232022
Stock-based compensation expense$18,829 $18,577 $31,584 
Total Stock-Based Compensation Expense$18,829 $18,577 $31,584 
(1)Variance between twelve months ended December 31, 2024, 2023, and 2022 is primarily due to timing of 2022, 2023 and 2024 employee stock and bonus compensation.
Schedule of the Grants
A summary of the grants is presented below:
 Year Ended December 31,
 202420232022
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 Stock1,855,541 $10.70 1,417,561 $11.58 2,884,303 $11.87 
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, 2024 and changes during 2024 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, 20232,197,963 $12.37 623,788 
Granted1,855,541 10.70 — 
Vested(1,895,530)10.91 — 
Forfeited(137,222)11.22 — 
Nonvested/Outstanding at December 31, 20242,020,752 $12.28 623,788 
Exercisable at December 31, 2024 (1)623,788 
(1)The weighted average exercise price of outstanding options is $14.84 at December 31, 2024.
v3.25.0.1
FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)
 12 Months Ended
Dec. 31, 2024
Fair Value Disclosures [Abstract]  
Summary of Fair Value
The carrying values and estimated fair values of the Company’s financial instruments, which are both reported at fair value on a recurring basis or amortized cost/par, at December 31, 2024 and December 31, 2023 are as follows ($ in thousands):
 
December 31, 2024
      Weighted Average
 Principal Amount Amortized Cost Basis/Purchase PriceFair ValueFair Value MethodYield
%		Remaining
Maturity/Duration (years)
Assets:       
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)(10)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.
December 31, 2023
      Weighted Average
 Principal Amount Amortized Cost Basis/Purchase PriceFair ValueFair Value MethodYield
%		Remaining
Maturity/Duration (years)
Assets:       
CMBS(1)$439,679  $439,052 $424,890 Internal model6.83 %2.00
CMBS interest-only(1)876,555 (2)6,453 6,569 Internal model6.61 %1.07
GNMA interest-only(3)37,053 (2)214 213 Internal model6.12 %3.60
Agency securities(1)22  22 21 Internal model2.70 %1.05
U.S. Treasury securities(1)54,031 53,648 53,716 Internal model5.41 %0.07
Equity securities(3) N/A 160 144 Observable market pricesN/A N/A
Mortgage loan receivables held for investment, net, at amortized cost(4)3,164,226  3,155,089 3,150,843 Discounted Cash Flow(5)9.65 %0.68
Mortgage loan receivables held for sale31,350  26,868 26,868 Internal model, third-party inputs(6)4.57 %8.19
FHLB stock(7)5,175  5,175 5,175 (7)8.25 % N/A
Nonhedge derivatives(1)(10)194,900  1,454 1,454 Counterparty quotationsN/A0.48
Liabilities:       
Repurchase agreements - short-term337,631  337,631 337,631 Cost plus Accrued Interest (8)7.57 %0.48
Repurchase agreements - long-term268,976  268,976 268,976 Discounted Cash Flow(9)7.35 %1.74
Mortgage loan financing437,384  437,759 425,992 Discounted Cash Flow5.87 %2.64
CLO debt1,062,777 1,060,719 1,060,719 Discounted Cash Flow(9)7.08 %1.89
Borrowings from the FHLB115,000  115,000 115,000 Discounted Cash Flow5.82 %0.57
Senior unsecured notes1,575,614  1,563,861 1,475,303 Internal model, third-party inputs4.66 %3.77
(1)Measured at fair value on a recurring basis with the net unrealized gains or losses recorded as a component of other comprehensive income (loss) in equity.
(2)Represents notional outstanding balance of underlying collateral.
(3)Measured at fair value on a recurring basis with the net unrealized gains or losses recorded in current period earnings.
(4)Balance does not include impact of allowance for current expected credit losses of $43.2 million at December 31, 2023.
(5)Fair value for floating rate mortgage loan receivables, held for investment is estimated to approximate the outstanding face amount given the short interest rate reset risk (30 days) and no significant change in credit spreads since origination. Fair value for fixed rate mortgage loan receivables, held for investment is measured using a discounted cash flow model.
(6)Fair value for mortgage loan receivables, held for sale is measured using a hypothetical securitization model utilizing market data from recent securitization spreads and pricing.
(7)Fair value of the FHLB stock approximates outstanding face amount as the Company’s captive insurance subsidiary is restricted from trading the stock and can only put the stock back to the FHLB, at the FHLB’s discretion, at par.
(8)For repurchase agreements - short term, the value approximates the cost plus accrued interest.
(9)For repurchase agreements - long term and CLO debt, the carrying value approximates the fair value discounting the expected cash flows at current market rates. If the collateral is determined to be impaired, the related financing would be revalued accordingly. There are no impairments on any positions.
(10)The outstanding face amount of the nonhedge derivatives represents the notional amount of the underlying contracts.
Summary of Financial Assets and Liabilities, both reported at Fair Value on a Recurring Basis or Amortized Cost/Par
The following table summarizes the Company’s financial assets and liabilities, which are both reported at fair value on a recurring basis (as indicated) or amortized cost/par, at December 31, 2024 and December 31, 2023 ($ in thousands):
 
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.
December 31, 2023
Financial Instruments Reported at Fair Value on Consolidated Statements of Financial ConditionPrincipal
Amount		 Fair Value
 Level 1Level 2Level 3Total
Assets:      
CMBS(1)$430,398  $— $415,935 $— $415,935 
CMBS interest-only(1)868,228 (2)— 6,260 — 6,260 
GNMA interest-only(3)37,053 (2)— 213 — 213 
Agency securities(1)22  — 21 — 21 
U.S. Treasury securities54,031 53,716 — — 53,716 
Equity securities N/A 144 — — 144 
Nonhedge derivatives(4)194,900 — 1,454 — 1,454 
$53,860 $423,883 $— $477,743 
Financial Instruments Not Reported at Fair Value on Consolidated Statements of Financial ConditionPrincipal
Amount		 Fair Value
 Level 1Level 2Level 3Total
Assets:
Mortgage loan receivables held for investment, net, at amortized cost(5)$3,164,226  $— $— $3,150,843 $3,150,843 
Mortgage loan receivable held for sale(6)31,350  — — 26,868 26,868 
CMBS(7)9,281 — 8,955 — 8,955 
CMBS interest-only(7)8,327 — 309 — 309 
FHLB stock5,175  — — 5,175 5,175 
$— $9,264 $3,182,886 $3,192,150 
Liabilities:     
Repurchase agreements - short-term$337,631  $— $337,631 $— $337,631 
Repurchase agreements - long-term268,976  — 268,976 — 268,976 
Mortgage loan financing437,384  — — 425,992 425,992 
CLO debt1,062,777 — 1,060,719 — 1,060,719 
Borrowings from the FHLB115,000  — — 115,000 115,000 
Senior unsecured notes1,575,614  — — 1,475,303 1,475,303 
$— $1,667,326 $2,016,295 $3,683,621 
(1)Measured at fair value on a recurring basis with the net unrealized gains or losses recorded as a component of other comprehensive income (loss) in equity. 
(2)Represents notional outstanding balance of underlying collateral. 
(3)Measured at fair value on a recurring basis with the net unrealized gains or losses recorded in current period earnings. 
(4)Measured at fair value on a recurring basis with the net unrealized gains or losses recorded in current period earnings. The outstanding face amount of the nonhedge derivatives represents the notional amount of the underlying contracts.
(5)Balance does not include impact of allowance for current expected credit losses of $43.2 million at December 31, 2023.
(6)A lower of cost or market adjustment was recorded as of December 31, 2023.
(7)Restricted securities which are designated as risk retention securities under the Dodd-Frank Act and are therefore subject to transfer restrictions over the term of the securitization trust, are classified as held-to-maturity and reported at amortized cost.
v3.25.0.1
INCOME TAXES (Tables)
 12 Months Ended
Dec. 31, 2024
Income Tax Disclosure [Abstract]  
Schedule of Components of Provision for Income Taxes
Components of the provision for income taxes consist of the following ($ in thousands):
 Year Ended December 31,
202420232022
Current expense (benefit) 
U.S. federal$1,321 $2,204 $1,823 
State and local443 858 3,591 
Total current expense (benefit)1,764 3,062 5,414 
Deferred expense (benefit)  
U.S. federal940 964 (445)
State and local744 218 (60)
Total deferred expense (benefit)1,684 1,182 (505)
Provision for income tax expense (benefit)$3,448 $4,244 $4,909 
Schedule of Effective Income Tax Rate Reconciliation
A reconciliation between the U.S. federal statutory income tax rate and the effective tax rate for the years ended December 31, 2024, 2023 and 2022 is as follows:
Year Ended December 31,
 202420232022
U.S. statutory tax rate21.00 %21.00 %21.00 %
REIT income not subject to corporate income tax(16.50)%(15.22)%(18.09)%
Increase due to state and local taxes0.47 %1.07 %0.59 %
Change in valuation allowance(0.09)%(1.57)%(1.17)%
Offshore non-taxable income(3.97)%(3.79)%(1.35)%
Uncertain tax position recorded (released)— %0.14 %1.45 %
Section 163(j) interest expense limitation0.35 %0.17 %0.08 %
REIT income taxes0.03 %0.14 %0.28 %
Return to provision0.50 %(0.23)%(0.64)%
Section 162(m) executive compensation limitation1.51 %1.42 %0.54 %
Other(0.34)%0.92 %0.20 %
Effective income tax rate2.96 %4.05 %2.89 %
Schedule of Deferred Tax Assets and Liabilities
The components of the Company’s deferred tax assets and liabilities are as follows ($ in thousands):
December 31, 2024December 31, 2023
Deferred Tax Assets 
Net operating loss carryforward$635 $2,069 
Net unrealized losses486 721 
Capital losses carryforward201 2,813 
Valuation allowance(201)(2,813)
Interest expense limitation1,974 1,560 
Valuation allowance(1,974)(1,560)
Total Deferred Tax Assets$1,121 $2,790 

December 31, 2024December 31, 2023
Deferred Tax Liability 
Basis difference in operating partnerships$5,764 $5,749 
Total Deferred Tax Liability$5,764 $5,749 
v3.25.0.1
COMMITMENTS AND CONTINGENCIES (Tables)
 12 Months Ended
Dec. 31, 2024
Commitments and Contingencies Disclosure [Abstract]  
Schedule of Future Minimum Lease Obligations under Non-cancelable Operating Leases
Future minimum lease payments under non-cancelable operating leases as of December 31, 2024 are as follows ($ in thousands):

Period ending December 31,Minimum Lease Payments
2025$4,424 
20262,869 
20272,232 
20282,306 
20292,409 
Thereafter8,629 
Total undiscounted cash flows22,869 
Present value discount (1)(5,007)
Lease liabilities (2)$17,862 
(1)Lease liabilities were discounted at the Company's weighted average incremental borrowing rate for similar collateral, which was estimated to be 6.71%. The average remaining lease term is 7.7 years.
(2)The Company has a five-year extension option, which is not reflected in the total lease liability.
v3.25.0.1
SEGMENT REPORTING (Tables)
 12 Months Ended
Dec. 31, 2024
Segment Reporting [Abstract]  
Schedule of Company's Performance Evaluation by Segment
The Company evaluates performance based on the following financial measures for each segment ($ in thousands):
Year ended December 31, 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 
Year ended December 31, 2022LoansSecuritiesReal Estate (1)Corporate/Other(2)Company 
Total
Net interest income
Interest income$269,629 $20,659 $6 $3,226 $293,520 
Interest expense(68,158)(4,620)(36,683)(86,141)(195,602)
Net interest income (expense)201,471 16,039 (36,677)(82,915)97,918 
(Provision for) release of loan loss reserves(3,711)— — — (3,711)
Net interest income (expense) after provision for (release of) loan reserves197,760 16,039 (36,677)(82,915)94,207 
Other income (loss)
Real estate operating income— — 108,269 — 108,269 
Net result from mortgage loan receivables held for sale(2,511)— — — (2,511)
Gain (loss) on real estate, net— — 115,998 — 115,998 
Fee and other income10,149 (104)4,355 461 14,861 
Net result from derivative transactions6,755 3,972 1,633 — 12,360 
Earnings (loss) from investment in unconsolidated ventures— — 1,410 — 1,410 
Gain (loss) on extinguishment of debt— — — 685 685 
Total other income (loss)14,393 3,868 231,665 1,146 251,072 
Costs and expenses
Compensation and employee benefits— — — (75,836)(75,836)
Operating expenses— — — (20,716)(20,716)
Real estate operating expenses— — (38,605)— (38,605)
Investment related expenses(2,325)(277)(954)(3,679)(7,235)
Depreciation and amortization— — (32,632)(41)(32,673)
Total costs and expenses(2,325)(277)(72,191)(100,272)(175,065)
Income (loss) before taxes209,828 19,630 122,797 (182,041)170,214 
Income tax (expense) benefit— — — (4,909)(4,909)
Segment net income (loss)$209,828 $19,630 $122,797 $(186,950)$165,305 
Total assets as of December 31, 2022$3,892,382 $587,519 $706,355 $764,917 $5,951,173 
(1)Includes the Company’s investment in unconsolidated ventures that held real estate of $19.9 million, $6.9 million and $6.2 million as of December 31, 2024, 2023 and 2022, respectively. This segment also includes the Company’s capital improvements of real estate of $6.5 million, $4.4 million and $6.9 million as of December 31, 2024, 2023 and 2022, 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 and $9.6 million as of December 31, 2023 and 2022, respectively, and the Company’s senior unsecured notes of $2.0 billion as of December 31, 2024 and $1.6 billion as of December 2023 and 2022. Corporate/Other also includes the Company’s stock-based compensation expense of $18.8 million, $18.6 million and $31.6 million, within compensation and employee benefits as of December 31, 2024, 2023 and 2022, respectively.
(3)Includes $2.7 million of realized gains from sales of conduit mortgage loans collateralized by net leased properties in the Company’s real estate segment that eliminate in consolidation for the year ended December 31, 2024.
v3.25.0.1
ORGANIZATION AND OPERATIONS (Details)
Dec. 31, 2024
LCFH  
ORGANIZATION AND OPERATIONS  
Ownership interest in LCFH 100.00%
v3.25.0.1
SIGNIFICANT ACCOUNTING POLICIES (Details)
 12 Months Ended
Dec. 31, 2024
USD ($)
unconsolidatedVenture
Dec. 31, 2023
USD ($)
Dec. 31, 2022
USD ($)
Error Corrections and Prior Period Adjustments Restatement [Line Items]      
Unconsolidated ventures determined to be variable interest entities | unconsolidatedVenture 2    
Carrying value of FHLB stock $ 0 $ 5,200,000 $ 9,600,000
Treasury stock reclassified   0  
Unrealized gain (loss) on securities (925,000) 29,000 (86,000)
Realized gain (loss) on securities $ 172,000 (276,000) $ (73,000)
Additional Paid- in-Capital      
Error Corrections and Prior Period Adjustments Restatement [Line Items]      
Treasury stock reclassified   73,642,000  
Retained Earnings (Dividends in Excess of Earnings)      
Error Corrections and Prior Period Adjustments Restatement [Line Items]      
Treasury stock reclassified   $ 5,282,000  
Minimum | Building      
Error Corrections and Prior Period Adjustments Restatement [Line Items]      
Estimated useful life 20 years    
Minimum | Building and Building Improvements      
Error Corrections and Prior Period Adjustments Restatement [Line Items]      
Estimated useful life 4 years    
Maximum | Building      
Error Corrections and Prior Period Adjustments Restatement [Line Items]      
Estimated useful life 55 years    
Maximum | Building and Building Improvements      
Error Corrections and Prior Period Adjustments Restatement [Line Items]      
Estimated useful life 15 years    
v3.25.0.1
MORTGAGE LOAN RECEIVABLES - Mortgage Loans (Details)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
USD ($)
loans
Dec. 31, 2023
USD ($)
loans
Dec. 31, 2022
USD ($)
Dec. 31, 2021
USD ($)
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]        
Outstanding Face Amount $ 1,627,627 $ 3,195,576    
Allowance for credit losses (52,323) (43,165) $ (20,755) $ (31,752)
Carrying Value $ 1,565,897 $ 3,138,792    
Weighted average yield 9.27% 9.61%    
Remaining maturity 1 year 8 months 12 days    
Number of non-accrual loans | loans 2 1    
Principal balance of loans on non-accrual status $ 76,875 $ 14,541    
Deferred origination fees and other items 5,000 9,100    
First mortgage loans        
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]        
Outstanding Face Amount 1,584,674 3,131,803    
Carrying value gross, consumer and commercial real estate $ 1,579,740 $ 3,122,707    
Weighted average yield 9.34% 9.63%    
Remaining maturity 10 months 24 days 8 months 12 days    
Mezzanine loans        
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]        
Outstanding Face Amount $ 11,603 $ 32,423    
Carrying value gross, consumer and commercial real estate $ 11,582 $ 32,382    
Weighted average yield 11.51% 11.46%    
Remaining maturity 1 year 1 month 6 days 10 months 24 days    
Total mortgage loans receivable        
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]        
Outstanding Face Amount $ 1,596,277 $ 3,164,226    
Carrying value gross, consumer and commercial real estate $ 1,591,322 $ 3,155,089    
Weighted average yield 9.36% 9.65%    
Remaining maturity 10 months 24 days 8 months 12 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 $ 1,596,277 $ 3,164,226    
Allowance for credit losses (52,323) (43,165) $ (20,755) $ (31,752)
Carrying Value $ 1,538,999 $ 3,111,924    
Remaining maturity 1 year 7 months 6 days 1 year 9 months 18 days    
Mortgage loan receivables held for sale, First Mortgage Loans        
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]        
Outstanding Face Amount $ 31,350 $ 31,350    
Carrying Value $ 26,898 $ 26,868    
Weighted average yield 4.57% 4.57%    
Remaining maturity 7 years 2 months 12 days 8 years 2 months 12 days    
Cost or market adjustment of interest 5.20% 5.18%    
v3.25.0.1
MORTGAGE LOAN RECEIVABLES - Additional Information (Details) - USD ($)
$ in Thousands
 1 Months Ended 12 Months Ended
Sep. 30, 2024
Jun. 30, 2024
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]            
Outstanding face amount     $ 1,627,627 $ 3,195,576    
Allowance for current expected credit losses     52,800 43,900    
General CECL reserve     52,323 43,165 $ 20,755 $ 31,752
Reserve of unfunded commitments     500 700    
Provision for loan loss reserves     13,933 25,096 3,711  
Charge-off for uncollectible reserve     5,000      
Asset Specific Reserve, Company Loan            
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]            
Provision for loans held for investment       25,100    
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     $ 1,300,000 $ 2,800,000    
Loans receivable with variable rates of interest     83.30% 87.80%    
Loans receivable with variable rates of interest, subject to interest rate floors     100.00% 100.00%    
Outstanding face amount     $ 1,596,277 $ 3,164,226    
General CECL reserve     52,323 43,165 $ 20,755 $ 31,752
Provision for loan loss reserves     14,181 25,110    
Mortgage loan  receivables held for sale            
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]            
Outstanding face amount     $ 31,350 $ 31,350    
Percentage of loans receivable with fixed rates of interest     100.00% 100.00%    
First mortgage loans            
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]            
Outstanding face amount     $ 1,584,674 $ 3,131,803    
Amortized cost basis       $ 58,500    
Loans modified, amount of mortgage loan receivable portfolio       1.90%    
Loan, modified, principal payment   $ 2,500   $ 2,500    
Common equity interest received     15.00%      
Deferred interest payment $ 7,600          
Accrued interest income $ 7,900          
v3.25.0.1
MORTGAGE LOAN RECEIVABLES - Activity in Loan Portfolio (Details)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
USD ($)
loans
Dec. 31, 2023
USD ($)
Dec. 31, 2022
USD ($)
Mortgage loan receivables held for investment, net, at amortized cost:      
Mortgage loans receivable, beginning balance $ 3,138,792 $ 3,892,382 $ 3,521,985
Origination of mortgage loan receivables 195,232 68,415 1,296,083
Repayment of mortgage loan receivables (1,720,643) (726,710) (901,150)
Proceeds from sales of mortgage loan receivables     (29,151)
Non-cash disposition of loan via foreclosure (47,952) (88,708) (10,235)
Net result from mortgage loan receivables held for sale 30 (523) (2,511)
Accretion/amortization of discount, premium and other fees 14,619 19,046 20,759
Mortgage loans receivable, ending balance 1,565,897 3,138,792 3,892,382
Allowance for credit losses      
Beginning balance, Allowance for credit losses (43,165) (20,755) (31,752)
Release (addition) of provision for current expected credit loss, net (13,933) (25,096) (3,711)
Ending balance, Allowance for credit losses $ (52,323) (43,165) (20,755)
Loans with related charge-off | loans 1    
Mortgage loans receivable      
Mortgage loan receivables held for investment, net, at amortized cost:      
Mortgage loans receivable, ending balance $ 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 3,155,089 3,885,746 3,553,737
Origination of mortgage loan receivables 195,232 68,415 1,234,765
Repayment of mortgage loan receivables (1,720,643) (726,710) (901,082)
Proceeds from sales of mortgage loan receivables 0   0
Non-cash disposition of loan via foreclosure (52,975) (91,408) (10,235)
Net result from mortgage loan receivables held for sale 0 0 2,197
Accretion/amortization of discount, premium and other fees 14,619 19,046 20,759
Mortgage loans receivable, ending balance 1,591,322 3,155,089 3,885,746
Allowance for credit losses      
Beginning balance, Allowance for credit losses (43,165) (20,755) (31,752)
Non-cash disposition of loans via foreclosure 5,023 2,700  
Release (addition) of provision for current expected credit loss, net (14,181) (25,110)  
Ending balance, Allowance for credit losses (52,323) (43,165) (20,755)
Repayments in transit of securities (other assets) (102,000) 11,800  
Mortgage loan  receivables held for sale      
Mortgage loan receivables held for investment, net, at amortized cost:      
Mortgage loans receivable, beginning balance 26,868 27,391 0
Origination of mortgage loan receivables 0 0 61,318
Repayment of mortgage loan receivables 0 0 (68)
Proceeds from sales of mortgage loan receivables 0   (29,151)
Net result from mortgage loan receivables held for sale 30 (523) (4,708)
Accretion/amortization of discount, premium and other fees 0 0  
Mortgage loans receivable, ending balance 26,898 $ 26,868 $ 27,391
Conduit Mortgage Loans      
Mortgage loan receivables held for investment, net, at amortized cost:      
Proceeds from sales of mortgage loan receivables $ (82,500)    
v3.25.0.1
MORTGAGE LOAN RECEIVABLES - Provision for Loan Losses (Details)
 12 Months Ended
Dec. 31, 2024
USD ($)
loans
Dec. 31, 2023
USD ($)
loans
Dec. 31, 2022
USD ($)
Allowance for Loan and Lease Losses [Roll Forward]      
Allowance for credit losses at beginning of period $ 43,165,000 $ 20,755,000 $ 31,752,000
Provision for (release of) current expected credit loss, net 14,181,000 25,110,000 6,503,000
Charge-offs (5,023,000) (2,700,000) (14,395,000)
Recoveries 0 0 (3,105,000)
Allowance for credit losses at end of period $ 52,323,000 43,165,000 20,755,000
Loans with related charge-off | loans 1    
Amortized cost basis of loans on non-accrual status $ 76,875,000 14,541,000  
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 43,165,000 20,755,000 31,752,000
Charge-offs     (14,395,000)
Allowance for credit losses at end of period 52,323,000 43,165,000 20,755,000
Interest income on loans 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 | loans 1    
Amortized cost basis of loans on non-accrual status $ 13,700,000    
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 | loans 1 1  
Amortized cost basis of loans on non-accrual status $ 60,900,000 $ 14,500,000  
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 | loans 1    
Amortized cost basis of loans on non-accrual status $ 16,000,000    
v3.25.0.1
MORTGAGE LOAN RECEIVABLES - Individually Impaired Loans (Details)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
USD ($)
property
Dec. 31, 2023
USD ($)
property
Dec. 31, 2022
USD ($)
Sep. 30, 2023
property
Financing Receivable, Credit Quality Indicator [Line Items]        
Total loans [1] $ 1,591,322 $ 3,155,089    
Subtotal loans, Year One 176,789 14,461    
Subtotal loans, Year Two 14,636 919,738    
Subtotal loans, Year Three 179,369 1,784,006    
Subtotal loans, Year Four 980,026 0    
Subtotal loans, Year 5 and Earlier 240,502 436,884    
Subtotal mortgage loans receivable 1,591,322 3,155,089    
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 176,789 14,461    
Total loans, Year Two 14,636 919,738    
Total loans, Year Three 179,369 1,784,006    
Total loans, Year Four 980,026 0    
Total loans, Year Five and Earlier 240,502 436,884    
Accrued interest receivable 9,400 22,400    
Write-off 5,023 $ 2,700 $ 14,395  
Financing Receivable, Accrued Interest, after Allowance for Credit Loss, Statement of Financial Position [Extensible Enumeration]   Accrued interest receivable    
Office        
Financing Receivable, Credit Quality Indicator [Line Items]        
Year One 0 $ 0    
Year Two 0 79,148    
Year Three 59,944 614,743    
Year Four 518,663 0    
Year Five and Earlier 185,242 211,674    
Total loans 763,849 905,565    
Multifamily        
Financing Receivable, Credit Quality Indicator [Line Items]        
Year One 126,588 14,461    
Year Two 14,636 547,532    
Year Three 105,324 612,489    
Year Four 272,291 0    
Year Five and Earlier 0 0    
Total loans 518,839 1,174,482    
Mixed Use        
Financing Receivable, Credit Quality Indicator [Line Items]        
Year One 0 0    
Year Two 0 193,470    
Year Three 0 321,514    
Year Four 127,380 0    
Year Five and Earlier 0 41,403    
Total loans 127,380 556,387    
Retail        
Financing Receivable, Credit Quality Indicator [Line Items]        
Year One 23,833 0    
Year Two 0 12,934    
Year Three 0 87,052    
Year Four 48,628 0    
Year Five and Earlier 0 9,083    
Total loans 72,461 109,069    
Hospitality        
Financing Receivable, Credit Quality Indicator [Line Items]        
Year One 0 0    
Year Two 0 0    
Year Three 0 18,589    
Year Four 13,064 0    
Year Five and Earlier 55,260 55,380    
Total loans 68,324 73,969    
Industrial        
Financing Receivable, Credit Quality Indicator [Line Items]        
Year One 26,368 0    
Year Two 0 22,636    
Year Three 0 34,746    
Year Four 0 0    
Year Five and Earlier 0 119,344    
Total loans 26,368 176,726    
Other        
Financing Receivable, Credit Quality Indicator [Line Items]        
Year One 0 0    
Year Two 0 31,363    
Year Three 14,101 11,978    
Year Four 0 0    
Year Five and Earlier 0 0    
Total loans 14,101 43,341    
Manufactured Housing        
Financing Receivable, Credit Quality Indicator [Line Items]        
Year One   0    
Year Two   32,655    
Year Three   82,895    
Year Four   0    
Year Five and Earlier   0    
Total loans   115,550    
Oakland, CA        
Financing Receivable, Credit Quality Indicator [Line Items]        
Write-off $ 5,000      
Number of real estate properties | property 1      
New York, NY        
Financing Receivable, Credit Quality Indicator [Line Items]        
Write-off   $ 2,700    
Number of real estate properties | property   1    
New York, NY | Mixed Use        
Financing Receivable, Credit Quality Indicator [Line Items]        
Number of real estate properties | property       4
[1] Includes amounts relating to consolidated variable interest entities. Refer to Note 2 and Note 9.
v3.25.0.1
SECURITIES - Company Securities (Details)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
USD ($)
security
Dec. 31, 2023
USD ($)
security
Debt Securities, Available-for-sale [Line Items]    
Outstanding Face Amount $ 1,868,430 $ 1,407,340
Amortized Cost Basis 1,067,155 499,389
Gross Unrealized Gains 3,492 565
Gross Unrealized Losses (8,363) (14,545)
Carrying Value $ 1,062,284 $ 485,409
# of Securities | security 113 95
Weighted Average Coupon 3.56% 2.55%
Weighted Average Yield 6.03% 6.82%
Remaining Duration (years) 2 years 4 months 13 days 1 year 11 months 23 days
Allowance for current expected credit losses $ (20) $ (20)
Total Amortized Cost Basis 1,086,666 499,549
Total securities Gross Unrealized Gains 3,495 565
Total securities, Gross Unrealized Losses (9,322) (14,581)
Carrying Value $ 1,080,839 $ 485,533
Total Number of Securities | security 121 96
CMBS    
Debt Securities, Available-for-sale [Line Items]    
Outstanding Face Amount $ 1,065,985 $ 439,679
Amortized Cost Basis 1,063,835 439,052
Gross Unrealized Gains 3,335 277
Gross Unrealized Losses (8,296) (14,439)
Carrying Value $ 1,058,874 $ 424,890
# of Securities | security 92 64
Weighted Average Coupon 5.97% 6.67%
Weighted Average Yield 6.13% 6.83%
Remaining Duration (years) 2 years 4 months 28 days 2 years
Risk retention requirement, amount $ 8,900 $ 9,000
CMBS interest-only    
Debt Securities, Available-for-sale [Line Items]    
Outstanding Face Amount 769,724 876,555
Amortized Cost Basis 3,149 6,453
Gross Unrealized Gains 104 169
Gross Unrealized Losses (9) (53)
Carrying Value $ 3,244 $ 6,569
# of Securities | security 7 9
Weighted Average Coupon 0.38% 0.57%
Weighted Average Yield 7.81% 6.61%
Remaining Duration (years) 10 months 13 days 1 year 25 days
Risk retention requirement, amount $ 200 $ 300
GNMA interest-only    
Debt Securities, Available-for-sale [Line Items]    
Outstanding Face Amount 32,710 37,053
Amortized Cost Basis 160 214
Gross Unrealized Gains 53 51
Gross Unrealized Losses (58) (52)
Carrying Value $ 155 $ 213
# of Securities | security 13 14
Weighted Average Coupon 0.33% 0.36%
Weighted Average Yield 9.38% 6.12%
Remaining Duration (years) 3 years 7 months 20 days 3 years 7 months 6 days
Agency securities    
Debt Securities, Available-for-sale [Line Items]    
Outstanding Face Amount $ 11 $ 22
Amortized Cost Basis 11 22
Gross Unrealized Gains 0 0
Gross Unrealized Losses 0 (1)
Carrying Value $ 11 $ 21
# of Securities | security 1 1
Weighted Average Coupon 4.00% 4.00%
Weighted Average Yield 2.60% 2.70%
Remaining Duration (years) 6 months 29 days 1 year 18 days
U.S. Treasury securities    
Debt Securities, Available-for-sale [Line Items]    
Outstanding Face Amount   $ 54,031
Amortized Cost Basis   53,648
Gross Unrealized Gains   68
Gross Unrealized Losses   0
Carrying Value   $ 53,716
# of Securities | security   7
Weighted Average Yield   5.41%
Remaining Duration (years)   25 days
Equity securities    
Debt Securities, Available-for-sale [Line Items]    
Amortized Cost Basis $ 19,511 $ 160
Gross Unrealized Gains 3 0
Gross Unrealized Losses (939) (16)
Carrying Value $ 18,575 $ 144
# of Securities | security 8 1
v3.25.0.1
SECURITIES - Securities by Remaining Maturity (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Debt Securities, Available-for-sale [Line Items]    
Within 1 year $ 173,875 $ 137,266
1-5 years 888,320 348,038
5-10 years 89 105
Total 1,062,284 485,409
Equity securities 18,600 100
Allowance for current expected credit losses (20) (20)
CMBS    
Debt Securities, Available-for-sale [Line Items]    
Within 1 year 170,874 81,343
1-5 years 888,000 343,547
5-10 years 0 0
Total 1,058,874 424,890
CMBS interest-only    
Debt Securities, Available-for-sale [Line Items]    
Within 1 year 2,937 2,121
1-5 years 307 4,448
5-10 years 0 0
Total 3,244 6,569
GNMA interest-only    
Debt Securities, Available-for-sale [Line Items]    
Within 1 year 53 86
1-5 years 13 22
5-10 years 89 105
Total 155 213
Agency securities    
Debt Securities, Available-for-sale [Line Items]    
Within 1 year 11 0
1-5 years 0 21
5-10 years 0 0
Total $ 11 21
U.S. Treasury securities    
Debt Securities, Available-for-sale [Line Items]    
Within 1 year   53,716
1-5 years   0
5-10 years  
Total   $ 53,716
v3.25.0.1
SECURITIES - Additional Information (Details) - USD ($)
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Debt Securities, Available-for-sale [Line Items]      
Sale of equity securities $ 1,800,000 $ 0  
Cash and cash equivalents 1,323,481,000 [1] 1,015,678,000 [1] $ 609,078,000
U.S. Treasury securities      
Debt Securities, Available-for-sale [Line Items]      
Cash and cash equivalents $ 1,100,000,000 $ 1,000,000,000.0  
[1] Includes amounts relating to consolidated variable interest entities. Refer to Note 2 and Note 9.
v3.25.0.1
SECURITIES - Realized and Unrealized Gain (Loss) on Securities (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Investments, Debt and Equity Securities [Abstract]      
Realized gain (loss) on securities $ 172 $ (276) $ (73)
Unrealized gain (loss) on securities (925) 29 (86)
Total realized and unrealized gain (loss) on securities $ (753) $ (247) $ (159)
v3.25.0.1
REAL ESTATE AND RELATED LEASE INTANGIBLES, NET - Real Estate Portfolio (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Real estate and related lease intangibles, net    
Less: Accumulated depreciation and amortization $ (233,595) $ (220,784)
Real estate and related lease intangibles, net [1] 670,803 726,442
Below market lease intangibles, net (other liabilities) (25,340) (28,860)
Unencumbered real estates 213,400 160,800
Accumulated amortization of below market lease 16,500 15,800
In-place leases and other intangibles    
Real estate and related lease intangibles, net    
Real estate 107,899 116,831
Undepreciated real estate and related lease intangibles    
Real estate and related lease intangibles, net    
Real estate 904,398 947,226
Land    
Real estate and related lease intangibles, net    
Real estate 173,798 183,194
Building    
Real estate and related lease intangibles, net    
Real estate $ 622,701 $ 647,201
[1] Includes amounts relating to consolidated variable interest entities. Refer to Note 2 and Note 9.
v3.25.0.1
REAL ESTATE AND RELATED LEASE INTANGIBLES, NET - Additional Information (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Real Estate [Line Items]      
Unbilled rent receivables $ 2.6 $ 1.1  
Tenant recoveries (6.4) (4.8) $ 5.2
Disposal Group, Held-for-sale, Not Discontinued Operations      
Real Estate [Line Items]      
Real estate $ 0.0 $ 0.0  
v3.25.0.1
REAL ESTATE AND RELATED LEASE INTANGIBLES, NET - Depreciation and Amortization Expense on Real Estate (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Real Estate [Abstract]      
Depreciation expense $ 25,204 $ 24,166 $ 25,770
Amortization expense 7,123 5,748 6,903
Total real estate depreciation and amortization expense 32,327 29,914 32,673
Depreciation on corporate fixed assets $ 400 $ 400 $ 41
v3.25.0.1
REAL ESTATE AND RELATED LEASE INTANGIBLES, NET - Unamortized Favorable Lease Intangibles (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Business Acquisition [Line Items]      
Gross intangible assets $ 107,899 $ 116,831  
Accumulated amortization 57,281 55,782  
Net intangible assets 50,618 61,049  
Unamortized favorable lease intangibles 2,300 2,800  
Increase in operating lease income for amortization of below market lease intangibles acquired 2,078 2,106 $ 2,068
Total 1,700 1,797 1,763
Above Market Leases      
Business Acquisition [Line Items]      
Reduction in operating lease income for amortization of above market lease intangibles acquired $ (378) $ (309) $ (305)
v3.25.0.1
REAL ESTATE AND RELATED LEASE INTANGIBLES, NET - Expected Future Amortization Expense (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Finite-Lived Intangible Assets [Line Items]    
Net intangible assets $ 50,618 $ 61,049
Increase/(Decrease) to Operating Lease Income    
Finite-Lived Intangible Assets [Line Items]    
2025 1,622  
2026 1,636  
2027 1,600  
2028 1,526  
2029 1,529  
Thereafter 15,102  
Net intangible assets 23,015  
Amortization Expense    
Finite-Lived Intangible Assets [Line Items]    
2025 5,059  
2026 4,190  
2027 4,032  
2028 3,783  
2029 3,644  
Thereafter 29,589  
Net intangible assets $ 50,297  
v3.25.0.1
REAL ESTATE AND RELATED LEASE INTANGIBLES, NET - Future Minimum Rental Payments Receivable (Details)
$ in Thousands
Dec. 31, 2024
USD ($)
Real Estate [Abstract]  
2025 $ 58,061
2026 51,692
2027 47,582
2028 45,975
2029 44,824
Thereafter 121,323
Total $ 369,457
v3.25.0.1
REAL ESTATE AND RELATED LEASE INTANGIBLES, NET - Real Estate Properties Acquired (Details)
 1 Months Ended 12 Months Ended
Dec. 31, 2024
USD ($)
property
Sep. 30, 2024
USD ($)
Jul. 31, 2024
USD ($)
Jun. 30, 2024
USD ($)
property
Apr. 30, 2024
USD ($)
property
Feb. 29, 2024
USD ($)
property
Dec. 31, 2023
USD ($)
property
loans
Nov. 30, 2023
USD ($)
Sep. 30, 2023
USD ($)
property
Nov. 30, 2022
USD ($)
Dec. 31, 2024
USD ($)
property
Dec. 31, 2023
USD ($)
property
loans
Dec. 31, 2022
USD ($)
Feb. 28, 2022
USD ($)
security
Business Acquisition [Line Items]                            
Total real estate acquisitions                     $ 48,796,000 $ 87,526,000 $ 24,822,000  
Property sales                     102,285,000 $ 13,391,000 $ 310,527,000  
Charge-off for related to acquisition of property                     $ 5,000,000      
Los Angeles, CA | Multifamily                            
Business Acquisition [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   3                
Terminal capitalization rate           5.50%                
Property sales     $ 11,800,000 $ 14,800,000                    
Los Angeles, CA | Multifamily | Real Estate Acquired in Satisfaction of Debt                            
Business Acquisition [Line Items]                            
Realized (gain) loss on disposition of loan       0   $ 0                
Longview, TX | Multifamily                            
Business Acquisition [Line Items]                            
Purchase Price/Fair Value on the Date of Foreclosure         $ 6,080,000                  
Ownership Interest         100.00%                  
Number of properties acquired | property         2                  
Realized (gain) loss on disposition of loan         $ 400,000                  
Property sales       $ 6,100,000                    
Amarillo, TX | Multifamily                            
Business Acquisition [Line Items]                            
Purchase Price/Fair Value on the Date of Foreclosure         $ 9,651,000                  
Ownership Interest         100.00%                  
Terminal capitalization rate         8.30%                  
Property sales $ 10,900,000                          
Amarillo, TX | Multifamily | Real Estate Acquired in Satisfaction of Debt                            
Business Acquisition [Line Items]                            
Realized (gain) loss on disposition of loan         $ 0                  
Oakland, CA                            
Business Acquisition [Line Items]                            
Number of properties acquired | property 1                   1      
Oakland, CA | Office                            
Business Acquisition [Line Items]                            
Purchase Price/Fair Value on the Date of Foreclosure   $ 7,500,000                        
Ownership Interest   100.00%                        
Terminal capitalization rate   7.50%                        
Oakland, CA | Office | Real Estate Acquired in Satisfaction of Debt                            
Business Acquisition [Line Items]                            
Charge-off for related to acquisition of property   $ 5,000,000                        
New York, NY                            
Business Acquisition [Line Items]                            
Number of properties acquired | property             1         1    
New York, NY | Mixed Use                            
Business Acquisition [Line Items]                            
Purchase Price/Fair Value on the Date of Foreclosure                 $ 30,400,000          
Ownership Interest                 100.00%          
Number of properties acquired | property                 4          
Terminal capitalization rate                 5.50%          
New York, NY | Mixed Use | Real Estate Acquired in Satisfaction of Debt                            
Business Acquisition [Line Items]                            
Realized (gain) loss on disposition of loan                 $ 0          
New York, NY | Retail                            
Business Acquisition [Line Items]                            
Purchase Price/Fair Value on the Date of Foreclosure             $ 22,647,000         $ 22,647,000    
Ownership Interest             100.00%         100.00%    
Terminal capitalization rate             5.25%              
Number of mortgage loans receivable | loans             2         2    
New York, NY | Retail | Real Estate Acquired in Satisfaction of Debt                            
Business Acquisition [Line Items]                            
Realized (gain) loss on disposition of loan             $ 0              
New York, NY | Apartments                            
Business Acquisition [Line Items]                            
Purchase Price/Fair Value on the Date of Foreclosure                           $ 15,436,000
Ownership Interest                           100.00%
New York, NY | Condos                            
Business Acquisition [Line Items]                            
Purchase Price/Fair Value on the Date of Foreclosure                           $ 15,400,000
New York, NY | Condos | Measurement Input, Cap Rate                            
Business Acquisition [Line Items]                            
Measurement input                           0.055
New York, NY | Condos, Residential                            
Business Acquisition [Line Items]                            
Type of real estate unit acquired via foreclosure | security                           1
New York, NY | Condos, Retail                            
Business Acquisition [Line Items]                            
Type of real estate unit acquired via foreclosure | security                           1
Pittsburgh, PA | Multifamily                            
Business Acquisition [Line Items]                            
Purchase Price/Fair Value on the Date of Foreclosure               $ 34,479,000            
Ownership Interest               100.00%            
Terminal capitalization rate               6.00%            
Pittsburgh, PA | Multifamily | Real Estate Acquired in Satisfaction of Debt                            
Business Acquisition [Line Items]                            
Realized (gain) loss on disposition of loan               $ 0            
Houston, TX | Office                            
Business Acquisition [Line Items]                            
Purchase Price/Fair Value on the Date of Foreclosure                   $ 9,386,000        
Ownership Interest                   100.00%        
Terminal capitalization rate                   9.50%        
Real estate acquired through foreclosure, net basis                   $ 10,300,000        
Real estate acquired through foreclosure, cash received                   $ 900,000        
Discount rate                   10.50%        
Houston, TX | Office | Real Estate Acquired in Satisfaction of Debt                            
Business Acquisition [Line Items]                            
Realized (gain) loss on disposition of loan                   $ 0        
v3.25.0.1
REAL ESTATE AND RELATED LEASE INTANGIBLES, NET - Real Estate Properties Sold (Details)
$ in Thousands
 1 Months Ended 12 Months Ended
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, 2022
USD ($)
property
Sep. 30, 2022
USD ($)
property
Jun. 30, 2022
USD ($)
property
Mar. 31, 2022
USD ($)
property
Dec. 31, 2024
USD ($)
property
Dec. 31, 2023
USD ($)
Dec. 31, 2022
USD ($)
property
Disposal Groups, Including Discontinued Operations [Line Items]                          
Sales Proceeds                     $ 102,285 $ 13,391 $ 310,527
Net Book Value [1] $ 670,803                   670,803 726,442  
Realized Gain/(Loss)                     25,277 8,808 115,998
Amount assumed by buyer included within sales proceeds                       31,300  
Multifamily | Los Angeles, CA                          
Disposal Groups, Including Discontinued Operations [Line Items]                          
Sales Proceeds     $ 11,800 $ 14,800                  
Multifamily | Longview, TX                          
Disposal Groups, Including Discontinued Operations [Line Items]                          
Sales Proceeds       6,100                  
Multifamily | Amarillo, TX                          
Disposal Groups, Including Discontinued Operations [Line Items]                          
Sales Proceeds 10,900                        
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 | 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    
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    
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              
2022 Disposal Properties                          
Disposal Groups, Including Discontinued Operations [Line Items]                          
Sales Proceeds                         310,525
Net Book Value             $ 194,527           194,527
Realized Gain/(Loss)                         115,998
Defeasance cost                         4,400
2022 Disposal Properties | Office | Ewing, NJ                          
Disposal Groups, Including Discontinued Operations [Line Items]                          
Sales Proceeds                   $ 38,694      
Net Book Value                   24,175      
Realized Gain/(Loss)                   $ 14,519      
Properties | property                   1      
2022 Disposal Properties | Office | Richmond, VA                          
Disposal Groups, Including Discontinued Operations [Line Items]                          
Sales Proceeds             118,872            
Net Book Value             71,862           $ 71,862
Realized Gain/(Loss)             $ 47,010            
Properties | property             1           1
2022 Disposal Properties | Retail | Wichita, KS                          
Disposal Groups, Including Discontinued Operations [Line Items]                          
Sales Proceeds               $ 9,503          
Net Book Value               5,110          
Realized Gain/(Loss)               $ 4,393          
Properties | property               1          
2022 Disposal Properties | Retail | Sennett, NY                          
Disposal Groups, Including Discontinued Operations [Line Items]                          
Sales Proceeds             $ 10,599            
Net Book Value             4,245           $ 4,245
Realized Gain/(Loss)             $ 6,354            
Properties | property             1           1
2022 Disposal Properties | Warehouse | Conyers, GA                          
Disposal Groups, Including Discontinued Operations [Line Items]                          
Sales Proceeds                   $ 40,752      
Net Book Value                   26,116      
Realized Gain/(Loss)                   $ 14,636      
Properties | property                   1      
2022 Disposal Properties | Apartments | Stillwater, OK                          
Disposal Groups, Including Discontinued Operations [Line Items]                          
Sales Proceeds                 $ 23,314        
Net Book Value                 18,032        
Realized Gain/(Loss)                 $ 5,283        
Properties | property                 1        
2022 Disposal Properties | Apartments | Miami, FL                          
Disposal Groups, Including Discontinued Operations [Line Items]                          
Sales Proceeds                 $ 60,856        
Net Book Value                 37,585        
Realized Gain/(Loss)                 $ 23,270        
Properties | property                 1        
2022 Disposal Properties | Apartments | New York, NY                          
Disposal Groups, Including Discontinued Operations [Line Items]                          
Sales Proceeds             $ 7,935            
Net Book Value             7,402           $ 7,402
Realized Gain/(Loss)             $ 533            
Properties | property             1           1
[1] Includes amounts relating to consolidated variable interest entities. Refer to Note 2 and Note 9.
v3.25.0.1
DEBT OBLIGATIONS, NET - Company's Debt Obligations (Details)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
USD ($)
extensionOfMaturityPeriod
Dec. 31, 2023
USD ($)
extensionOfMaturityPeriod
Jun. 30, 2024
USD ($)
Assets Sold under Agreements to Repurchase [Line Items]      
Carrying Value of Debt Obligations $ 62,738 $ 606,607  
Total 2,534,187    
Carrying Amount of Collateral 0 0  
Committed Loan Repurchase Facility      
Assets Sold under Agreements to Repurchase [Line Items]      
Committed / Principal Amount 1,156,000 1,241,997  
Carrying Value of Debt Obligations 62,738 604,999  
Committed but Unfunded 1,093,262 636,998  
Carrying Amount of Collateral 111,890 732,795  
Fair Value of Collateral 111,984 733,074  
Committed Loan Repurchase Facility | Maturing on 27 September 2025      
Assets Sold under Agreements to Repurchase [Line Items]      
Committed / Principal Amount 500,000 500,000  
Carrying Value of Debt Obligations 62,738 235,594  
Committed but Unfunded 437,262 264,406  
Carrying Amount of Collateral 97,254 342,467  
Fair Value of Collateral $ 97,254 $ 342,467  
Number of extension maturity periods | extensionOfMaturityPeriod 2 2  
Length of extension options 12 months 12 months  
Committed Loan Repurchase Facility | Maturing on 21 October 2027      
Assets Sold under Agreements to Repurchase [Line Items]      
Committed / Principal Amount $ 300,000    
Carrying Value of Debt Obligations 0    
Committed but Unfunded 300,000    
Carrying Amount of Collateral 0    
Fair Value of Collateral $ 0    
Number of extension maturity periods | extensionOfMaturityPeriod 2    
Length of extension options 364 days    
Committed Loan Repurchase Facility | Maturing on 19 December 2024      
Assets Sold under Agreements to Repurchase [Line Items]      
Committed / Principal Amount   $ 300,000  
Carrying Value of Debt Obligations   118,903  
Committed but Unfunded   181,097  
Carrying Amount of Collateral   174,938  
Fair Value of Collateral   $ 174,938  
Number of extension maturity periods | extensionOfMaturityPeriod   1  
Length of extension options   364 days  
Committed Loan Repurchase Facility | Maturing on 30 April 2026      
Assets Sold under Agreements to Repurchase [Line Items]      
Committed / Principal Amount $ 56,000    
Carrying Value of Debt Obligations 0    
Committed but Unfunded 56,000    
Carrying Amount of Collateral 0    
Fair Value of Collateral $ 0    
Number of extension maturity periods | extensionOfMaturityPeriod 3    
Length of extension options 12 months    
Committed Loan Repurchase Facility | Maturing on 30 April 2024      
Assets Sold under Agreements to Repurchase [Line Items]      
Committed / Principal Amount   $ 141,997  
Carrying Value of Debt Obligations   139,162  
Committed but Unfunded   2,835  
Carrying Amount of Collateral   65,110  
Fair Value of Collateral   $ 65,110  
Number of extension maturity periods | extensionOfMaturityPeriod   3  
Length of extension options   12 months  
Collateral for debt instrument   $ 114,700  
Committed Loan Repurchase Facility | Maturing on 3 October 2025      
Assets Sold under Agreements to Repurchase [Line Items]      
Committed / Principal Amount $ 200,000 200,000  
Carrying Value of Debt Obligations 0 111,340  
Committed but Unfunded 200,000 88,660  
Carrying Amount of Collateral 14,636 150,280  
Fair Value of Collateral $ 14,730 $ 150,559  
Number of extension maturity periods | extensionOfMaturityPeriod 2 2  
Length of extension options 12 months 12 months  
Period prior to initial maturity when no new advances are permitted 30 days 30 days  
Committed Loan Repurchase Facility | Maturing on 22 January 2025      
Assets Sold under Agreements to Repurchase [Line Items]      
Committed / Principal Amount $ 100,000    
Carrying Value of Debt Obligations 0    
Committed but Unfunded 100,000    
Carrying Amount of Collateral 0    
Fair Value of Collateral $ 0    
Number of extension maturity periods | extensionOfMaturityPeriod 1    
Length of extension options 12 months    
Committed Loan Repurchase Facility | Maturing on 22 January 2024      
Assets Sold under Agreements to Repurchase [Line Items]      
Committed / Principal Amount   $ 100,000  
Carrying Value of Debt Obligations   0  
Committed but Unfunded   100,000  
Carrying Amount of Collateral   0  
Fair Value of Collateral   $ 0  
Number of extension maturity periods | extensionOfMaturityPeriod   2  
Length of extension options   12 months  
Committed Securities Repurchase Facility | Maturing on 27 May 2024      
Assets Sold under Agreements to Repurchase [Line Items]      
Committed / Principal Amount   $ 100,000 $ 100,000
Carrying Value of Debt Obligations   0  
Committed but Unfunded   100,000  
Carrying Amount of Collateral   0  
Fair Value of Collateral   0  
Uncommitted Securities Repurchase Facility      
Assets Sold under Agreements to Repurchase [Line Items]      
Carrying Value of Debt Obligations $ 0    
Carrying Amount of Collateral 0    
Fair Value of Collateral 0    
Uncommitted Securities Repurchase Facility | Maturing on 17 January 2024      
Assets Sold under Agreements to Repurchase [Line Items]      
Carrying Value of Debt Obligations   1,608  
Carrying Amount of Collateral   2,511  
Fair Value of Collateral   2,511  
Restricted securities held-to-maturity   1,900  
Total Repurchase Facilities      
Assets Sold under Agreements to Repurchase [Line Items]      
Committed / Principal Amount 1,156,000 1,341,997  
Carrying Value of Debt Obligations 62,738 606,607  
Committed but Unfunded 1,093,262 736,998  
Carrying Amount of Collateral 111,890 735,306  
Fair Value of Collateral 111,984 735,585  
Revolving Credit Facility | Maturing On 20 December 2028      
Assets Sold under Agreements to Repurchase [Line Items]      
Committed / Principal Amount 725,000    
Carrying Value of Debt Obligations 0    
Committed but Unfunded $ 725,000    
Number of extension maturity periods | extensionOfMaturityPeriod 2    
Length of extension options 6 months    
Revolving Credit Facility | Maturing on 27 July 2024      
Assets Sold under Agreements to Repurchase [Line Items]      
Committed / Principal Amount   323,850  
Carrying Value of Debt Obligations   0  
Committed but Unfunded   $ 323,850  
Number of extension maturity periods | extensionOfMaturityPeriod   3  
Length of extension options   12 months  
Mortgage Loan Financing | Various Dates      
Assets Sold under Agreements to Repurchase [Line Items]      
Committed / Principal Amount $ 443,733 $ 437,384  
Carrying Value of Debt Obligations 446,397 437,759  
Committed but Unfunded 0 0  
Carrying Amount of Collateral 451,880 474,740  
Fair Value of Collateral 629,726 625,454  
CLO Debt      
Assets Sold under Agreements to Repurchase [Line Items]      
Committed / Principal Amount 601,500    
Unamortized debt issuance costs 100    
CLO Debt | Various Dates      
Assets Sold under Agreements to Repurchase [Line Items]      
Committed / Principal Amount 601,464 1,062,777  
Carrying Value of Debt Obligations 601,429 1,060,719  
Committed but Unfunded 0 0  
Carrying Amount of Collateral 831,270 1,327,722  
Fair Value of Collateral 831,270 1,327,722  
Unamortized debt issuance costs 100 2,100  
Borrowings from the FHLB | Various Dates      
Assets Sold under Agreements to Repurchase [Line Items]      
Committed / Principal Amount   115,000  
Carrying Value of Debt Obligations   115,000  
Committed but Unfunded   0  
Carrying Amount of Collateral   140,276  
Fair Value of Collateral   140,276  
Senior Unsecured Notes      
Assets Sold under Agreements to Repurchase [Line Items]      
Unamortized debt issuance costs 16,504    
Senior Unsecured Notes | Various Dates      
Assets Sold under Agreements to Repurchase [Line Items]      
Debt issued 2,041,557 1,575,614  
Senior Unsecured Notes 2,025,053 1,563,861  
Committed but Unfunded 0 0  
Unamortized debt issuance costs 16,500 11,800  
Total Debt Obligations, Net      
Assets Sold under Agreements to Repurchase [Line Items]      
Debt issued 4,967,754 4,856,622  
Total 3,135,617 3,783,946  
Committed but Unfunded 1,818,262 1,060,848  
Carrying Amount of Collateral 1,395,040 2,678,044  
Fair Value of Collateral $ 1,572,980 $ 2,829,037  
Minimum | Committed Loan Repurchase Facility | Maturing on 27 September 2025      
Assets Sold under Agreements to Repurchase [Line Items]      
Interest rate 6.55% 7.08%  
Minimum | Committed Loan Repurchase Facility | Maturing on 21 October 2027      
Assets Sold under Agreements to Repurchase [Line Items]      
Interest rate 0.00%    
Minimum | Committed Loan Repurchase Facility | Maturing on 19 December 2024      
Assets Sold under Agreements to Repurchase [Line Items]      
Interest rate   7.46%  
Minimum | Committed Loan Repurchase Facility | Maturing on 30 April 2026      
Assets Sold under Agreements to Repurchase [Line Items]      
Interest rate 0.00%    
Minimum | Committed Loan Repurchase Facility | Maturing on 30 April 2024      
Assets Sold under Agreements to Repurchase [Line Items]      
Interest rate   7.06%  
Minimum | Committed Loan Repurchase Facility | Maturing on 3 October 2025      
Assets Sold under Agreements to Repurchase [Line Items]      
Interest rate 0.00% 7.22%  
Minimum | Committed Loan Repurchase Facility | Maturing on 22 January 2025      
Assets Sold under Agreements to Repurchase [Line Items]      
Interest rate 0.00%    
Minimum | Committed Loan Repurchase Facility | Maturing on 22 January 2024      
Assets Sold under Agreements to Repurchase [Line Items]      
Interest rate   0.00%  
Minimum | Committed Securities Repurchase Facility | Maturing on 27 May 2024      
Assets Sold under Agreements to Repurchase [Line Items]      
Interest rate   0.00%  
Minimum | Uncommitted Securities Repurchase Facility      
Assets Sold under Agreements to Repurchase [Line Items]      
Interest rate 0.00%    
Minimum | Uncommitted Securities Repurchase Facility | Maturing on 17 January 2024      
Assets Sold under Agreements to Repurchase [Line Items]      
Interest rate   6.61%  
Minimum | Revolving Credit Facility | Maturing On 20 December 2028      
Assets Sold under Agreements to Repurchase [Line Items]      
Interest rate 0.00%    
Minimum | Revolving Credit Facility | Maturing on 27 July 2024      
Assets Sold under Agreements to Repurchase [Line Items]      
Interest rate   0.00%  
Minimum | Mortgage Loan Financing | Various Dates      
Assets Sold under Agreements to Repurchase [Line Items]      
Interest rate 4.39% 4.39%  
Minimum | CLO Debt | Various Dates      
Assets Sold under Agreements to Repurchase [Line Items]      
Interest rate 5.71% 6.68%  
Minimum | Borrowings from the FHLB | Various Dates      
Assets Sold under Agreements to Repurchase [Line Items]      
Interest rate   5.76%  
Minimum | Senior Unsecured Notes | Various Dates      
Assets Sold under Agreements to Repurchase [Line Items]      
Interest rate 4.25% 4.25%  
Maximum | Committed Loan Repurchase Facility | Maturing on 27 September 2025      
Assets Sold under Agreements to Repurchase [Line Items]      
Interest rate 6.55% 7.48%  
Maximum | Committed Loan Repurchase Facility | Maturing on 21 October 2027      
Assets Sold under Agreements to Repurchase [Line Items]      
Interest rate 0.00%    
Maximum | Committed Loan Repurchase Facility | Maturing on 19 December 2024      
Assets Sold under Agreements to Repurchase [Line Items]      
Interest rate   8.36%  
Maximum | Committed Loan Repurchase Facility | Maturing on 30 April 2026      
Assets Sold under Agreements to Repurchase [Line Items]      
Interest rate 0.00%    
Maximum | Committed Loan Repurchase Facility | Maturing on 30 April 2024      
Assets Sold under Agreements to Repurchase [Line Items]      
Interest rate   7.60%  
Maximum | Committed Loan Repurchase Facility | Maturing on 3 October 2025      
Assets Sold under Agreements to Repurchase [Line Items]      
Interest rate 0.00% 8.29%  
Maximum | Committed Loan Repurchase Facility | Maturing on 22 January 2025      
Assets Sold under Agreements to Repurchase [Line Items]      
Interest rate 0.00%    
Maximum | Committed Loan Repurchase Facility | Maturing on 22 January 2024      
Assets Sold under Agreements to Repurchase [Line Items]      
Interest rate   0.00%  
Maximum | Committed Securities Repurchase Facility | Maturing on 27 May 2024      
Assets Sold under Agreements to Repurchase [Line Items]      
Interest rate   0.00%  
Maximum | Uncommitted Securities Repurchase Facility      
Assets Sold under Agreements to Repurchase [Line Items]      
Interest rate 0.00%    
Maximum | Uncommitted Securities Repurchase Facility | Maturing on 17 January 2024      
Assets Sold under Agreements to Repurchase [Line Items]      
Interest rate   7.56%  
Maximum | Revolving Credit Facility | Maturing On 20 December 2028      
Assets Sold under Agreements to Repurchase [Line Items]      
Interest rate 0.00%    
Maximum | Revolving Credit Facility | Maturing on 27 July 2024      
Assets Sold under Agreements to Repurchase [Line Items]      
Interest rate   0.00%  
Maximum | Mortgage Loan Financing | Various Dates      
Assets Sold under Agreements to Repurchase [Line Items]      
Interest rate 8.09% 9.03%  
Maximum | CLO Debt | Various Dates      
Assets Sold under Agreements to Repurchase [Line Items]      
Interest rate 8.16% 9.13%  
Maximum | Borrowings from the FHLB | Various Dates      
Assets Sold under Agreements to Repurchase [Line Items]      
Interest rate   5.88%  
Maximum | Senior Unsecured Notes | Various Dates      
Assets Sold under Agreements to Repurchase [Line Items]      
Interest rate 7.00% 5.25%  
v3.25.0.1
DEBT OBLIGATIONS, NET - Committed Loan and Securities Repurchase Facilities (Details)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
USD ($)
loans
agreement
security
counterparty
Jun. 30, 2024
USD ($)
Dec. 31, 2023
USD ($)
Debt Instrument [Line Items]      
Obligations outstanding $ 62,738   $ 606,607
Number of counterparties with repurchase agreements | counterparty 1    
Number of counterparties with collateral exceeding borrowed amounts | security 0    
Amount of collateral exceeding borrowings $ 153,300    
Amount of collateral exceeding borrowings, as a percentage 10.00%    
Weighted average haircut 44.00%    
Committed Loan Repurchase Facility      
Debt Instrument [Line Items]      
Number of agreements | agreement 5    
Consolidated CLO debt obligations $ 1,156,000   1,241,997
Committed Securities Repurchase Facility | Maturing on 27 May 2024      
Debt Instrument [Line Items]      
Consolidated CLO debt obligations   $ 100,000 $ 100,000
Loan Repurchase Facilities      
Debt Instrument [Line Items]      
Number of facilities due within 90 days | loans 1    
Specified period facilities are due, greater than 90 days 90 days    
v3.25.0.1
DEBT OBLIGATIONS, NET - Revolving Credit Facility (Details) - USD ($)
Dec. 20, 2024
Jan. 02, 2025
Dec. 31, 2024
Dec. 31, 2023
Debt Instrument [Line Items]        
Outstanding borrowings     $ 62,738,000 $ 606,607,000
Revolving credit facility        
Debt Instrument [Line Items]        
Committed amount on credit agreement $ 725,000,000      
Line of credit facility, accordion feature, increase limit $ 1,250,000,000      
Revolving credit facility | Minimum        
Debt Instrument [Line Items]        
Company’s credit rating 0.775%      
Revolving credit facility | Maximum        
Debt Instrument [Line Items]        
Company’s credit rating 1.70%      
Revolving credit facility | Subsequent Event        
Debt Instrument [Line Items]        
Committed amount on credit agreement   $ 850,000,000    
Revolving credit facility | Line of Credit        
Debt Instrument [Line Items]        
Outstanding borrowings     $ 0  
v3.25.0.1
DEBT OBLIGATIONS, NET - Debt Issuance Costs (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Credit Agreement and Revolving Credit Facility    
Debt Instrument [Line Items]    
Unamortized debt issuance expense $ 9.2 $ 4.0
v3.25.0.1
DEBT OBLIGATIONS, NET - Uncommitted Securities Repurchase Facilities (Details) - USD ($)
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Debt Instrument [Line Items]    
Obligations outstanding $ 62,738,000 $ 606,607,000
Uncommitted Securities Repurchase Facilities    
Debt Instrument [Line Items]    
Obligations outstanding $ 0  
Minimum | Uncommitted Securities Repurchase Facilities    
Debt Instrument [Line Items]    
Advance rates 75.00%  
Maximum | Uncommitted Securities Repurchase Facilities    
Debt Instrument [Line Items]    
Advance rates 95.00%  
v3.25.0.1
DEBT OBLIGATIONS, NET - Mortgage Loan Financing (Details)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
USD ($)
agreement
Dec. 31, 2023
USD ($)
agreement
Dec. 31, 2022
USD ($)
Debt Instrument [Line Items]      
Amortization of discount (premium) on mortgage loan financing included in interest expense $ 767 $ 604 $ 731
Mortgage loan financing      
Debt Instrument [Line Items]      
Carrying amount 446,400 437,800  
Net unamortized premiums 3,700 1,800  
Amortization of discount (premium) on mortgage loan financing included in interest expense $ 800 600 $ 700
Weighted average term 3 years 9 months 18 days    
Pledged assets, real estate and lease intangibles, net $ 451,900 $ 474,700  
Number of agreements | agreement 16 0  
Mortgage loan financing | Minimum      
Debt Instrument [Line Items]      
Stated interest rate on debt instrument 4.39%    
Mortgage loan financing | Maximum      
Debt Instrument [Line Items]      
Stated interest rate on debt instrument 8.09%    
v3.25.0.1
DEBT OBLIGATIONS, NET - Collateralized Loan Obligation Debt (Details)
$ in Thousands
Dec. 02, 2021
USD ($)
security
Jul. 13, 2021
USD ($)
Dec. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
Debt Instrument [Line Items]        
Debt obligations, net [1]     $ 3,135,617 $ 3,783,946
Variable Interest Entity, Primary Beneficiary        
Debt Instrument [Line Items]        
Debt obligations, net     601,429 1,060,719
Variable Interest Entity, Primary Beneficiary | Collateralized Loan Obligation        
Debt Instrument [Line Items]        
Subordinate and controlling interest 15.60% 18.00%    
Number of additional tranches | security 2      
Subordinate and controlling interest as investment 6.80%      
Non-Recourse Notes | CLO Debt        
Debt Instrument [Line Items]        
Debt obligations, net $ 566,200 $ 498,200    
Loans financed $ 729,400 $ 607,500    
Advance rate 77.60% 82.00%    
CLO Debt        
Debt Instrument [Line Items]        
Unamortized debt issuance costs     100  
Various Dates | CLO Debt        
Debt Instrument [Line Items]        
Debt obligations, net     601,400  
Unamortized debt issuance costs     $ 100 $ 2,100
[1] Includes amounts relating to consolidated variable interest entities. Refer to Note 2 and Note 9.
v3.25.0.1
DEBT OBLIGATIONS, NET - Borrowings from the Federal Home Loan Bank (“FHLB”) (Details) - Tuebor Captive Insurance Company LLC
Dec. 31, 2024
USD ($)
Debt Instrument [Line Items]  
Amount restricted from transfer $ 931,500,000
Borrowings from the FHLB  
Debt Instrument [Line Items]  
FHLB borrowings outstanding $ 0
v3.25.0.1
DEBT OBLIGATIONS, NET - Senior Unsecured Notes (Details) - USD ($)
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Debt Instrument [Line Items]      
Gain on extinguishment of debt $ 188,000 $ 10,718,000 $ 685,000
LCFH | Ladder Capital Finance Corporation      
Debt Instrument [Line Items]      
Ownership interest in LCFH 100.00%    
Senior Unsecured Notes      
Debt Instrument [Line Items]      
Senior unsecured notes $ 2,000,000,000.0    
Senior Notes Due 2025 | Senior Unsecured Notes      
Debt Instrument [Line Items]      
Notes issued $ 295,700,000    
Stated interest rate on debt instrument 5.25%    
Notes repurchased $ 32,100,000    
Gain on extinguishment of debt 11,000    
Senior Notes Due 2027 | Senior Unsecured Notes      
Debt Instrument [Line Items]      
Notes issued $ 611,900,000    
Stated interest rate on debt instrument 4.25%    
Senior Notes Due 2029 | Senior Unsecured Notes      
Debt Instrument [Line Items]      
Notes issued $ 633,900,000    
Stated interest rate on debt instrument 4.75%    
Notes repurchased $ 2,000,000.0    
Gain on extinguishment of debt 200,000    
7% Senior Notes Due 2031 | Senior Unsecured Notes      
Debt Instrument [Line Items]      
Notes issued $ 500,000,000.0    
Stated interest rate on debt instrument 7.00%    
v3.25.0.1
DEBT OBLIGATIONS, NET - Financial Covenants (Details)
$ in Millions
Dec. 31, 2024
USD ($)
Debt Disclosure [Abstract]  
Equity restricted as payment as a dividend $ 871.4
v3.25.0.1
DEBT OBLIGATIONS, NET - Contractual Payments Under Borrowings by Maturity (Details)
$ in Thousands
Dec. 31, 2024
USD ($)
Long-term Debt, Fiscal Year Maturity [Abstract]  
2025 $ 444,735
2026 89,161
2027 727,840
2028 24,317
2029 669,484
Thereafter 592,490
Subtotal 2,548,027
Net premiums included in mortgage loan financings 3,719
Total 2,534,187
Senior Unsecured Notes  
Long-term Debt, Fiscal Year Maturity [Abstract]  
Unamortized debt issuance costs (16,504)
Mortgage loan financings  
Long-term Debt, Fiscal Year Maturity [Abstract]  
Unamortized debt issuance costs (1,055)
CLO Debt  
Long-term Debt, Fiscal Year Maturity [Abstract]  
Unamortized debt issuance costs (100)
Consolidated CLO debt obligations $ 601,500
v3.25.0.1
DERIVATIVE INSTRUMENTS - Derivatives Outstanding (Details)
$ in Thousands
Dec. 31, 2024
USD ($)
option
Dec. 31, 2023
USD ($)
option
Derivative [Line Items]    
Notional $ 90,000 $ 194,900
Fair value, asset 437 1,454
Fair value, liability 0 0
1 Month Term SOFR    
Derivative [Line Items]    
Notional 90,000 90,000
Fair value, asset 432 908
Fair value, liability $ 0 $ 0
Remaining Maturity (years) 7 months 13 days 7 months 13 days
5-year Treasury-Note Futures    
Derivative [Line Items]    
Notional   $ 18,800
Fair value, asset   98
Fair value, liability   $ 0
Remaining Maturity (years)   3 months
10-year Treasury-Note Futures    
Derivative [Line Items]    
Notional   $ 86,100
Fair value, asset   447
Fair value, liability   $ 0
Remaining Maturity (years)   3 months
Total futures    
Derivative [Line Items]    
Notional   $ 104,900
Fair value, asset   545
Fair value, liability   0
Options    
Derivative [Line Items]    
Fair value, asset $ 5 1
Fair value, liability $ 0 $ 0
Remaining Maturity (years) 18 days 18 days
Option contracts held | option 275 104
Total credit derivatives    
Derivative [Line Items]    
Notional $ 0  
Fair value, asset 5  
Fair value, liability $ 0  
v3.25.0.1
DERIVATIVE INSTRUMENTS - Realized Gains (Losses) on Derivatives (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Derivative [Line Items]      
Unrealized Gain/(Loss) $ (1,860) $ (390) $ 634
Realized Gain/(Loss) 7,280 1,871 11,726
Net Result from Derivative Transactions 5,420 1,481 12,360
Caps      
Derivative [Line Items]      
Unrealized Gain/(Loss) (1,315) (895) 984
Realized Gain/(Loss) 1,562 1,378 648
Net Result from Derivative Transactions 247 483 1,632
Futures      
Derivative [Line Items]      
Unrealized Gain/(Loss) (545) 423 (219)
Realized Gain/(Loss) 5,813 834 11,078
Net Result from Derivative Transactions 5,268 1,257 10,859
Options      
Derivative [Line Items]      
Unrealized Gain/(Loss) 0 82 (131)
Realized Gain/(Loss) (95) (341) 0
Net Result from Derivative Transactions $ (95) $ (259) $ (131)
v3.25.0.1
DERIVATIVE INSTRUMENTS - Additional Information (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]      
Cash margins held as collateral for derivatives by counterparties $ 0.0 $ 2.8 $ 2.5
v3.25.0.1
OFFSETTING ASSETS AND LIABILITIES - Offsetting Assets (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Offsetting of derivative assets    
Gross amounts of recognized assets $ 437 $ 1,454
Gross amounts offset in the balance sheet 0 0
Derivative instruments [1] 437 1,454
Derivative instruments 437 1,454
Gross amounts not offset in the balance sheet    
Financial instruments 0 0
Cash collateral received/(posted) 0 (2,846)
Net amount $ 437 $ (1,392)
[1] Includes amounts relating to consolidated variable interest entities. Refer to Note 2 and Note 9.
v3.25.0.1
OFFSETTING ASSETS AND LIABILITIES - Offsetting Liabilities (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Repurchase agreements    
Gross amounts of recognized liabilities $ 62,738 $ 606,607
Gross amounts offset in the balance sheet 0 0
Net amounts of liabilities presented in the balance sheet 62,738 606,607
Gross amounts not offset in the balance sheet    
Financial instruments collateral 62,738 606,607
Cash collateral posted/(received) 0 0
Net amount 62,738 606,607
Total    
Gross amounts of recognized liabilities 62,738 606,607
Gross amounts offset in the balance sheet 0 0
Net amounts of liabilities presented in the balance sheet 62,738 606,607
Gross amounts not offset in the balance sheet    
Financial instruments collateral 62,738 606,607
Cash collateral posted/(received) 0 0
Net amount $ 62,738 $ 606,607
v3.25.0.1
CONSOLIDATED VARIABLE INTEREST ENTITIES (Details)
$ in Thousands
Dec. 31, 2024
USD ($)
security
Dec. 31, 2023
USD ($)
security
Dec. 31, 2022
USD ($)
Dec. 31, 2021
USD ($)
Organization, Consolidation and Presentation of Financial Statements [Abstract]        
Number of consolidated collateralized loan obligation variable interest entities | security 2 2    
Variable Interest Entity [Line Items]        
Accrued interest receivable [1] $ 12,936 $ 24,233    
Other assets [1] 158,149 98,218    
Total assets 4,845,073 [1] 5,512,677 [1] $ 5,951,173  
Debt obligations, net [1] 3,135,617 3,783,946    
Accrued expenses [1] 74,824 65,144    
Total liabilities [1] 3,312,134 3,980,479    
Total equity 1,532,939 [1] 1,532,198 [1] $ 1,533,561 $ 1,513,619
Total liabilities and equity [1] 4,845,073 5,512,677    
Variable Interest Entity, Primary Beneficiary        
Variable Interest Entity [Line Items]        
Mortgage loan receivables held for investment, net, at amortized cost 831,270 1,327,722    
Accrued interest receivable 5,530 9,394    
Other assets 42,621 4,469    
Total assets 879,421 1,341,585    
Debt obligations, net 601,429 1,060,719    
Accrued expenses 1,806 3,555    
Total liabilities 603,235 1,064,274    
Net equity in VIEs (eliminated in consolidation) 276,186 277,311    
Total equity 276,186 277,311    
Total liabilities and equity $ 879,421 $ 1,341,585    
[1] Includes amounts relating to consolidated variable interest entities. Refer to Note 2 and Note 9.
v3.25.0.1
EQUITY - Additional Information (Details)
$ / shares in Units, $ in Thousands
 12 Months Ended
Dec. 31, 2024
USD ($)
class
vote
$ / shares
Apr. 24, 2024
USD ($)
Apr. 23, 2024
USD ($)
Dec. 31, 2023
USD ($)
class
Dec. 31, 2022
USD ($)
class
Jul. 27, 2022
USD ($)
Dec. 31, 2021
USD ($)
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 $ 67,600            
Percentage of aggregate common stock outstanding under Repurchase Program 4.80%            
Closing price (in dollars per share) | $ / shares $ 11.19            
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   $ 75,000 $ 43,600     $ 50,000  
Remaining amount available for repurchase $ 67,604     $ 44,256 $ 46,737   $ 44,122
v3.25.0.1
EQUITY - Repurchase of Treasury Stock Activity (Details) - USD ($)
$ in Thousands
 1 Months Ended 12 Months Ended
Apr. 24, 2024
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, 2024
Dec. 31, 2023
Dec. 31, 2022
Apr. 23, 2024
Jul. 27, 2022
Treasury Stock [Roll Forward]                                        
Repurchases paid                               $ (8,043) $ (2,481) $ (7,919)    
2014 Share Repurchase Authorization Program                                        
Treasury Stock [Roll Forward]                                        
Authorizations remaining amount, end of period   $ 67,600                           67,600        
2014 Share Repurchase Authorization Program | Class A Common Stock                                        
Class of Stock [Line Items]                                        
Purchase of treasury stock (in shares)   448,369 69,000 14,131 100,001 0 0 17,590 2,100 0 60,000 0 0 19,000 250,000     783,599    
Treasury Stock [Roll Forward]                                        
Authorizations remaining amount, beginning of period                         $ 44,256     44,256 46,737 $ 44,122    
Additional authorizations $ 31,391                                 10,534    
Repurchases paid   $ (5,046) $ (789) $ (159) $ (1,190) $ 0 $ 0 $ (189) $ (23) $ 0 $ (647) $ 0 $ 0 $ (196) $ (2,285)     (7,919)    
Authorizations remaining amount, end of period   $ 67,604                           $ 67,604 $ 44,256 $ 46,737    
Additional authorizations $ 75,000                                   $ 43,600 $ 50,000
v3.25.0.1
EQUITY - Dividends Declared (Details) - $ / shares
 3 Months Ended 12 Months Ended
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, 2022
Sep. 30, 2022
Jun. 30, 2022
Mar. 31, 2022
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
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 $ 0.22 $ 0.20 $ 0.92 $ 0.92 $ 0.88
v3.25.0.1
EQUITY - Dividends Declared and Paid (Details) - Class A Common Stock - $ / shares
 3 Months Ended 12 Months Ended 15 Months Ended
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, 2022
Sep. 30, 2022
Jun. 30, 2022
Mar. 31, 2022
Dec. 31, 2021
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
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  
Tax Year 2022                                
Class of Stock [Line Items]                                
Dividend per share (in dollars per share)                 $ 0.230 $ 0.230 $ 0.220 $ 0.200 $ 0.200     $ 1.080
Qualified Dividends (in dollars per share)                 0 0 0 0 0     0
Capital Gain (in dollars per share)                 0.191 0.191 0.182 0.166 0.166     0.896
Unrecaptured 1250 Gain (in dollars per share)                 0.059 0.059 0.056 0.051 0.051     0.276
Return of Capital (in dollars per share)                 0 0 0 0 0     0
Section 199A Dividends (in dollars per share)                 0.039 0.039 0.038 0.034 0.034     0.184
Tax Year 2022 | O 2021 Q4 Dividends                                
Class of Stock [Line Items]                                
Dividend per share (in dollars per share)                         $ 0.034      
Tax Year 2022 | O 2022 Q1 Dividends                                
Class of Stock [Line Items]                                
Dividend per share (in dollars per share)                       $ 0.034        
Tax Year 2022 | O 2022 Q2 Dividends                                
Class of Stock [Line Items]                                
Dividend per share (in dollars per share)                     $ 0.038          
Tax Year 2022 | O 2022 Q3 Dividends                                
Class of Stock [Line Items]                                
Dividend per share (in dollars per share)                   $ 0.039            
Tax Year 2022 | O 2022 Q4 Dividends                                
Class of Stock [Line Items]                                
Dividend per share (in dollars per share)                 $ 0.039              
Tax Year 2022 | O 2022 A Dividends                                
Class of Stock [Line Items]                                
Dividend per share (in dollars per share)                               $ 0.184
v3.25.0.1
EQUITY - Changes in Accumulated Other Comprehensive Income (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
AOCI Attributable to Parent [Roll Forward]      
Beginning Balance $ 1,532,198 [1] $ 1,533,561 $ 1,513,619
Gain (loss) on available for sale securities, net of tax 8,987 7,156 (16,897)
Ending Balance 1,532,939 [1] 1,532,198 [1] 1,533,561
Accumulated Other Comprehensive Income (Loss)      
AOCI Attributable to Parent [Roll Forward]      
Beginning Balance (13,853) (21,009) (4,112)
Gain (loss) on available for sale securities, net of tax 8,987 7,156 (16,897)
Ending Balance $ (4,866) $ (13,853) $ (21,009)
[1] Includes amounts relating to consolidated variable interest entities. Refer to Note 2 and Note 9.
v3.25.0.1
NONCONTROLLING INTERESTS (Details) - Consolidated Venture
$ in Millions
Dec. 31, 2024
USD ($)
property
jointVenture
Noncontrolling Interest [Line Items]  
Number of consolidated ventures | jointVenture 2
Isla Vista, CA | Student Housing  
Noncontrolling Interest [Line Items]  
Number of real estate properties | property 40
Property book value $ 77.8
Oakland County, MI | Office Building  
Noncontrolling Interest [Line Items]  
Property book value $ 8.8
Consolidated Ventures | Minimum  
Noncontrolling Interest [Line Items]  
Noncontrolling interest ownership 10.00%
Consolidated Ventures | Maximum  
Noncontrolling Interest [Line Items]  
Noncontrolling interest ownership 25.00%
v3.25.0.1
EARNINGS PER SHARE - Net Income and Weighted Average Shares Outstanding (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Weighted average shares outstanding:      
Basic (in shares) 125,576,784 124,667,877 124,301,421
Diluted (in shares) 125,785,295 124,882,398 125,823,671
Class A Common Stock      
Earnings Per Share      
Basic Net income (loss) available for Class A common shareholders $ 108,255 $ 101,125 $ 142,217
Diluted Net income (loss) available for Class A common shareholders $ 108,255 $ 101,125 $ 142,217
Weighted average shares outstanding:      
Basic (in shares) 125,576,784 124,667,877 124,301,421
Diluted (in shares) 125,785,295 124,882,398 125,823,671
v3.25.0.1
EARNINGS PER SHARE - Schedule of Calculation of Basic and Diluted EPS (Details) - USD ($)
$ / shares in Units, $ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Denominator:      
Weighted average number of shares of Class A common stock outstanding (in shares) 125,576,784 124,667,877 124,301,421
Basic net income (loss) per share of Class A common stock (in dollars per share) $ 0.86 $ 0.81 $ 1.14
Denominator:      
Basic, weighted average number of shares of Class A common stock outstanding (in shares) 125,576,784 124,667,877 124,301,421
Diluted weighted average number of shares of Class A common stock outstanding (in shares) 125,785,295 124,882,398 125,823,671
Diluted net income (loss) per share of Class A common stock (in dollars per share) $ 0.86 $ 0.81 $ 1.13
Anti-dilutive shares (in shares) 274,353 367,001  
Class A Common Stock      
Numerator:      
Net income (loss) attributable to Class A common shareholders $ 108,255 $ 101,125 $ 142,217
Denominator:      
Weighted average number of shares of Class A common stock outstanding (in shares) 125,576,784 124,667,877 124,301,421
Basic net income (loss) per share of Class A common stock (in dollars per share) $ 0.86 $ 0.81 $ 1.14
Numerator:      
Net income (loss) attributable to Class A common shareholders $ 108,255 $ 101,125 $ 142,217
Diluted net income (loss) attributable to Class A common shareholders $ 108,255 $ 101,125 $ 142,217
Denominator:      
Basic, weighted average number of shares of Class A common stock outstanding (in shares) 125,576,784 124,667,877 124,301,421
Diluted weighted average number of shares of Class A common stock outstanding (in shares) 125,785,295 124,882,398 125,823,671
Diluted net income (loss) per share of Class A common stock (in dollars per share) $ 0.86 $ 0.81 $ 1.13
Class A Common Stock | Restricted Stock      
Denominator:      
Incremental shares of unvested Class A restricted stock (in shares) 208,511 214,521 1,522,250
v3.25.0.1
STOCK-BASED AND OTHER COMPENSATION PLANS - Schedule of Stock Based Compensation Plans (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Share-Based Payment Arrangement [Abstract]      
Stock-based compensation expense $ 18,829 $ 18,577 $ 31,584
Total Stock-Based Compensation Expense $ 18,829 $ 18,577 $ 31,584
v3.25.0.1
STOCK-BASED AND OTHER COMPENSATION PLANS - Schedule of Grants (Details) - Restricted Stock - $ / shares
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Number of shares (in shares) 1,855,541    
Class A Common Stock      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Number of shares (in shares) 1,855,541 1,417,561 2,884,303
Weighted average fair value per share (in dollars per share) $ 10.70 $ 11.58 $ 11.87
v3.25.0.1
STOCK-BASED AND OTHER COMPENSATION PLANS - Schedule of Nonvested Shares Outstanding (Details)
$ / shares in Units, $ in Millions
 12 Months Ended
Dec. 31, 2024
USD ($)
$ / shares
shares
Weighted Average Grant Date Fair Value  
Nonvested/Outstanding weighted average grant date fair value, beginning balance (in dollars pre share) | $ / shares $ 12.37
Granted, weighted average grant date fair value (in dollars per share) | $ / shares 10.70
Vested, weighted average grant date fair value (in dollars per share) | $ / shares 10.91
Forfeited, weighted average grant date fair value (in dollars per share) | $ / shares 11.22
Nonvested/Outstanding weighted average grant date fair value, ending balance (in dollars per share) | $ / shares 12.28
Stock Options  
Weighted-average exercise price of outstanding options, warrants and rights | $ / shares $ 12.28
Unrecognized compensation cost | $ $ 9.0
Period of recognition for unrecognized compensation costs 26 months
Remaining vesting period 21 months
Restricted Stock  
Restricted Stock  
Nonvested/Outstanding (in shares) 2,197,963
Granted (in shares) 1,855,541
Vested (in shares) (1,895,530)
Forfeited (in shares) (137,222)
Nonvested/Outstanding (in shares) 2,020,752
Stock Options  
Stock Options  
Nonvested/Outstanding (in shares) 623,788
Granted (in shares) 0
Vested (in shares) 0
Forfeited (in shares) 0
Nonvested/Outstanding (in shares) 623,788
Exercisable (in shares) 623,788
Options, warrants and rights  
Weighted Average Grant Date Fair Value  
Nonvested/Outstanding weighted average grant date fair value, ending balance (in dollars per share) | $ / shares $ 14.84
Stock Options  
Weighted-average exercise price of outstanding options, warrants and rights | $ / shares $ 14.84
v3.25.0.1
STOCK-BASED AND OTHER COMPENSATION PLANS- Omnibus Incentive Plan and Other Awards (Details)
$ in Millions
 1 Months Ended 12 Months Ended
Feb. 18, 2024
USD ($)
shares
Feb. 18, 2023
USD ($)
shares
Feb. 29, 2024
installment
Feb. 28, 2023
installment
Dec. 31, 2024
shares
Dec. 31, 2023
shares
Dec. 31, 2022
shares
Jun. 06, 2023
shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                
Aggregate value of awards granted | $ $ 10.0 $ 8.5            
Restricted Stock                
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                
Granted (in shares)         1,855,541      
Restricted Stock | Class A Common Stock                
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                
Granted (in shares)         1,855,541 1,417,561 2,884,303  
Non-Management Grantee | Mr. Miceli and Ms. Porcella                
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                
Unrestricted shares granted (in shares) 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) 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) 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 | $ $ 9.4 $ 7.5            
Granted (in shares) 882,436 651,429            
Management Grantees | Restricted Stock | Class A Common Stock | Time and Performance Based Vesting                
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                
Aggregate value of awards granted | $ $ 1.4 $ 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) 35,545 32,525            
Grant date fair value | $ $ 0.4 $ 0.4            
Vesting period 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
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%            
2014 Omnibus Incentive Plan | Management Grantees | Class A Common Stock | Performance Based Vesting | Mr. Miceli and Ms. Porcella                
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                
Vesting percentage   50.00%            
2014 Omnibus Incentive Plan | Management Grantees | Class A Common Stock | Catch-up Provision | Ms. McCormack and Mr. Perelman                
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                
Vesting percentage 50.00% 50.00%            
2014 Omnibus Incentive Plan | Management Grantees | Class A Common Stock | Time-Based Vesting | Mr. Miceli and Ms. Porcella                
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                
Vesting percentage 50.00% 50.00%            
2014 Omnibus Incentive Plan | 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          
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%        
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 | Class A Common Stock | Time and Performance Based Vesting                
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                
Granted (in shares) 127,275 101,344            
v3.25.0.1
FAIR VALUE OF FINANCIAL INSTRUMENTS - Estimated Fair Values of Financial Instruments (Details)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
Dec. 31, 2022
USD ($)
Dec. 31, 2021
USD ($)
Assets:        
Amortized Cost Basis $ 1,067,155 $ 499,389    
Fair Value 1,062,284 485,409    
Liabilities:        
Allowance for credit losses (52,323) (43,165) $ (20,755) $ (31,752)
CMBS        
Assets:        
Amortized Cost Basis 1,063,835 439,052    
Fair Value 1,058,874 424,890    
CMBS interest-only        
Assets:        
Amortized Cost Basis 3,149 6,453    
Fair Value 3,244 6,569    
GNMA interest-only        
Assets:        
Amortized Cost Basis 160 214    
Fair Value 155 213    
Agency securities        
Assets:        
Amortized Cost Basis 11 22    
Fair Value $ 11 21    
U.S. Treasury securities        
Assets:        
Amortized Cost Basis   53,648    
Fair Value   $ 53,716    
Total 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 $ 1,065,985 $ 439,679    
Amortized Cost Basis 1,063,835 439,052    
Fair Value $ 1,058,873 $ 424,890    
Recurring | CMBS | Internal model, third-party inputs | Yield %        
Liabilities:        
Financial instruments, measurement input 0.0613 0.0683    
Recurring | CMBS | Internal model, third-party inputs | Remaining Maturity/Duration (years)        
Liabilities:        
Financial instruments, measurement input 2.41 2.00    
Recurring | CMBS interest-only        
Assets:        
Principal Amount $ 769,724 $ 876,555    
Amortized Cost Basis 3,149 6,453    
Fair Value $ 3,244 $ 6,569    
Recurring | CMBS interest-only | Internal model, third-party inputs | Yield %        
Liabilities:        
Financial instruments, measurement input 0.0781 0.0661    
Recurring | CMBS interest-only | Internal model, third-party inputs | Remaining Maturity/Duration (years)        
Liabilities:        
Financial instruments, measurement input 0.87 1.07    
Recurring | GNMA interest-only        
Assets:        
Principal Amount $ 32,710 $ 37,053    
Amortized Cost Basis 160 214    
Fair Value $ 155 $ 213    
Recurring | GNMA interest-only | Internal model, third-party inputs | Yield %        
Liabilities:        
Financial instruments, measurement input 0.0938 0.0612    
Recurring | GNMA interest-only | Internal model, third-party inputs | Remaining Maturity/Duration (years)        
Liabilities:        
Financial instruments, measurement input 3.64 3.60    
Recurring | Agency securities        
Assets:        
Principal Amount $ 11 $ 22    
Amortized Cost Basis 11 22    
Fair Value $ 11 $ 21    
Recurring | Agency securities | Internal model, third-party inputs | Yield %        
Liabilities:        
Financial instruments, measurement input 0.0260 0.0270    
Recurring | Agency securities | Internal model, third-party inputs | Remaining Maturity/Duration (years)        
Liabilities:        
Financial instruments, measurement input 0.58 1.05    
Recurring | U.S. Treasury securities        
Assets:        
Principal Amount   $ 54,031    
Amortized Cost Basis   53,648    
Fair Value   $ 53,716    
Recurring | U.S. Treasury securities | Internal model, third-party inputs | Yield %        
Liabilities:        
Financial instruments, measurement input   0.0541    
Recurring | U.S. Treasury securities | Internal model, third-party inputs | Remaining Maturity/Duration (years)        
Liabilities:        
Financial instruments, measurement input   0.07    
Recurring | Equity securities        
Assets:        
Amortized Cost Basis $ 19,511 $ 160    
Fair Value 18,575 144    
Recurring | Total mortgage loan receivables held for investment, net, at amortized cost        
Assets:        
Principal Amount 1,596,277 3,164,226    
Amortized Cost Basis 1,591,322 3,155,089    
Fair Value 1,575,911 3,150,843    
Recurring | Total mortgage loan receivables held for investment, net, at amortized cost | Discounted Cash Flow Valuation Technique        
Liabilities:        
Allowance for credit losses $ (52,300) $ (43,200)    
Recurring | Total mortgage loan receivables held for investment, net, at amortized cost | Discounted Cash Flow Valuation Technique | Yield %        
Liabilities:        
Financial instruments, measurement input 0.0936 0.0965    
Recurring | Total mortgage loan receivables held for investment, net, at amortized cost | Discounted Cash Flow Valuation Technique | Remaining Maturity/Duration (years)        
Liabilities:        
Financial instruments, measurement input 0.86 0.68    
Recurring | Mortgage loan  receivables held for sale        
Assets:        
Principal Amount $ 31,350 $ 31,350    
Amortized Cost Basis 26,898 26,868    
Fair Value $ 26,898 $ 26,868    
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 7.18 8.19    
Recurring | FHLB stock        
Assets:        
Principal Amount   $ 5,175    
Amortized Cost Basis   5,175    
Fair Value   $ 5,175    
Recurring | FHLB stock | FHLB stock | Yield %        
Liabilities:        
Financial instruments, measurement input   0.0825    
Recurring | Nonhedge derivatives        
Assets:        
Nonhedge derivative assets $ 90,000 $ 194,900    
Amortized Cost Basis 437 1,454    
Fair Value $ 437 $ 1,454    
Recurring | Nonhedge derivatives | Counterparty quotations | Remaining Maturity/Duration (years)        
Liabilities:        
Financial instruments, measurement input 0.62 0.48    
Recurring | Repurchase agreements - short-term        
Liabilities:        
Principal Amount $ 62,738 $ 337,631    
Amortized Cost Basis/Purchase Price 62,738 337,631    
Fair Value $ 62,738 $ 337,631    
Recurring | Repurchase agreements - short-term | Cost plus Accrued Interest | Yield %        
Liabilities:        
Financial instruments, measurement input 0.0655 0.0757    
Recurring | Repurchase agreements - short-term | Cost plus Accrued Interest | Remaining Maturity/Duration (years)        
Liabilities:        
Financial instruments, measurement input 0.74 0.48    
Recurring | Repurchase agreements - long-term        
Liabilities:        
Principal Amount   $ 268,976    
Amortized Cost Basis/Purchase Price   268,976    
Fair Value   $ 268,976    
Recurring | Repurchase agreements - long-term | Discounted Cash Flow Valuation Technique | Yield %        
Liabilities:        
Financial instruments, measurement input   0.0735    
Recurring | Repurchase agreements - long-term | Discounted Cash Flow Valuation Technique | Remaining Maturity/Duration (years)        
Liabilities:        
Financial instruments, measurement input   1.74    
Recurring | Mortgage loan financing        
Liabilities:        
Principal Amount $ 443,733 $ 437,384    
Amortized Cost Basis/Purchase Price 446,397 437,759    
Fair Value $ 435,048 $ 425,992    
Recurring | Mortgage loan financing | Discounted Cash Flow Valuation Technique | Yield %        
Liabilities:        
Financial instruments, measurement input 0.0609 0.0587    
Recurring | Mortgage loan financing | Discounted Cash Flow Valuation Technique | Remaining Maturity/Duration (years)        
Liabilities:        
Financial instruments, measurement input 3.36 2.64    
Recurring | CLO debt        
Liabilities:        
Principal Amount $ 601,464 $ 1,062,777    
Amortized Cost Basis/Purchase Price 601,380 1,060,719    
Fair Value $ 601,430 $ 1,060,719    
Recurring | CLO debt | Discounted Cash Flow Valuation Technique | Yield %        
Liabilities:        
Financial instruments, measurement input 0.0201 0.0708    
Recurring | CLO debt | Discounted Cash Flow Valuation Technique | Remaining Maturity/Duration (years)        
Liabilities:        
Financial instruments, measurement input 0.98 1.89    
Recurring | Borrowings from the FHLB        
Liabilities:        
Principal Amount   $ 115,000    
Amortized Cost Basis/Purchase Price   115,000    
Fair Value   $ 115,000    
Recurring | Borrowings from the FHLB | Discounted Cash Flow Valuation Technique | Yield %        
Liabilities:        
Financial instruments, measurement input   0.0582    
Recurring | Borrowings from the FHLB | Discounted Cash Flow Valuation Technique | Remaining Maturity/Duration (years)        
Liabilities:        
Financial instruments, measurement input   0.57    
Recurring | Senior unsecured notes        
Liabilities:        
Principal Amount $ 2,041,557 $ 1,575,614    
Amortized Cost Basis/Purchase Price 2,025,053 1,563,861    
Fair Value $ 2,001,207 $ 1,475,303    
Recurring | Senior unsecured notes | Internal model, third-party inputs | Yield %        
Liabilities:        
Financial instruments, measurement input 0.0522 0.0466    
Recurring | Senior unsecured notes | Internal model, third-party inputs | Remaining Maturity/Duration (years)        
Liabilities:        
Financial instruments, measurement input 3.72 3.77    
v3.25.0.1
FAIR VALUE OF FINANCIAL INSTRUMENTS - Summary of Financial Assets and Liabilities (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Assets:        
Fair value of assets $ 1,611,903 $ 3,192,150    
Liabilities:        
Fair value of liabilities 3,100,423 3,683,621    
Allowance for credit losses (52,323) (43,165) $ (20,755) $ (31,752)
Repurchase agreements - short-term        
Liabilities:        
Principal Amount 62,738 337,631    
Fair value of liabilities 62,738 337,631    
Repurchase agreements - long-term        
Liabilities:        
Principal Amount   268,976    
Fair value of liabilities   268,976    
Mortgage loan financing        
Liabilities:        
Principal Amount 443,733 437,384    
Fair value of liabilities 435,048 425,992    
CLO debt        
Liabilities:        
Principal Amount 601,464 1,062,777    
Fair value of liabilities 601,430 1,060,719    
Borrowings from the FHLB        
Liabilities:        
Principal Amount   115,000    
Fair value of liabilities   115,000    
Senior unsecured notes        
Liabilities:        
Principal Amount 2,041,557 1,575,614    
Fair value of liabilities 2,001,207 1,475,303    
CMBS        
Assets:        
Principal Amount 9,142 9,281    
Fair value of assets 8,887 8,955    
CMBS interest-only        
Assets:        
Principal Amount 8,187 8,327    
Fair value of assets 207 309    
Total mortgage loan receivables held for investment, net, at amortized cost        
Assets:        
Principal Amount 1,596,277 3,164,226    
Fair value of assets 1,575,911 3,150,843    
Mortgage loan  receivables held for sale        
Assets:        
Principal Amount 31,350 31,350    
Fair value of assets 26,898 26,868    
FHLB stock        
Assets:        
Principal Amount   5,175    
Fair value of assets   5,175    
Level 1        
Assets:        
Fair value of assets 0 0    
Liabilities:        
Fair value of liabilities 0 0    
Level 1 | Repurchase agreements - short-term        
Liabilities:        
Fair value of liabilities 0 0    
Level 1 | Repurchase agreements - long-term        
Liabilities:        
Fair value of liabilities   0    
Level 1 | Mortgage loan financing        
Liabilities:        
Fair value of liabilities 0 0    
Level 1 | CLO debt        
Liabilities:        
Fair value of liabilities 0 0    
Level 1 | Borrowings from the FHLB        
Liabilities:        
Fair value of liabilities   0    
Level 1 | Senior unsecured notes        
Liabilities:        
Fair value of liabilities 0 0    
Level 1 | CMBS        
Assets:        
Fair value of assets 0 0    
Level 1 | CMBS interest-only        
Assets:        
Fair value of assets 0 0    
Level 1 | Total mortgage loan receivables held for investment, net, at amortized cost        
Assets:        
Fair value of assets 0 0    
Level 1 | Mortgage loan  receivables held for sale        
Assets:        
Fair value of assets 0 0    
Level 1 | FHLB stock        
Assets:        
Fair value of assets   0    
Level 2        
Assets:        
Fair value of assets 9,094 9,264    
Liabilities:        
Fair value of liabilities 2,665,375 1,667,326    
Level 2 | Repurchase agreements - short-term        
Liabilities:        
Fair value of liabilities 62,738 337,631    
Level 2 | Repurchase agreements - long-term        
Liabilities:        
Fair value of liabilities   268,976    
Level 2 | Mortgage loan financing        
Liabilities:        
Fair value of liabilities 0 0    
Level 2 | CLO debt        
Liabilities:        
Fair value of liabilities 601,430 1,060,719    
Level 2 | Borrowings from the FHLB        
Liabilities:        
Fair value of liabilities   0    
Level 2 | Senior unsecured notes        
Liabilities:        
Fair value of liabilities 2,001,207 0    
Senior unsecured notes 2,000,000      
Level 2 | CMBS        
Assets:        
Fair value of assets 8,887 8,955    
Level 2 | CMBS interest-only        
Assets:        
Fair value of assets 207 309    
Level 2 | Total mortgage loan receivables held for investment, net, at amortized cost        
Assets:        
Fair value of assets 0 0    
Level 2 | Mortgage loan  receivables held for sale        
Assets:        
Fair value of assets 0 0    
Level 2 | FHLB stock        
Assets:        
Fair value of assets   0    
Level 3        
Assets:        
Fair value of assets 1,602,809 3,182,886    
Liabilities:        
Fair value of liabilities 435,048 2,016,295    
Level 3 | Repurchase agreements - short-term        
Liabilities:        
Fair value of liabilities 0 0    
Level 3 | Repurchase agreements - long-term        
Liabilities:        
Fair value of liabilities   0    
Level 3 | Mortgage loan financing        
Liabilities:        
Fair value of liabilities 435,048 425,992    
Level 3 | CLO debt        
Liabilities:        
Fair value of liabilities 0 0    
Level 3 | Borrowings from the FHLB        
Liabilities:        
Fair value of liabilities   115,000    
Level 3 | Senior unsecured notes        
Liabilities:        
Fair value of liabilities 0 1,475,303    
Level 3 | CMBS        
Assets:        
Fair value of assets 0 0    
Level 3 | CMBS interest-only        
Assets:        
Fair value of assets 0 0    
Level 3 | Total mortgage loan receivables held for investment, net, at amortized cost        
Assets:        
Fair value of assets 1,575,911 3,150,843    
Level 3 | Mortgage loan  receivables held for sale        
Assets:        
Fair value of assets 26,898 26,868    
Level 3 | FHLB stock        
Assets:        
Fair value of assets   5,175    
Recurring        
Assets:        
Fair value of assets 1,072,201 477,743    
Recurring | CMBS interest-only        
Assets:        
Principal Amount 769,724 876,555    
Recurring | Total mortgage loan receivables held for investment, net, at amortized cost        
Assets:        
Principal Amount 1,596,277 3,164,226    
Recurring | Total mortgage loan receivables held for investment, net, at amortized cost | Discounted Cash Flow Valuation Technique        
Liabilities:        
Allowance for credit losses (52,300) (43,200)    
Recurring | CMBS        
Assets:        
Principal Amount 1,056,844 430,398    
Fair value of assets 1,049,986 415,935    
Recurring | CMBS interest-only        
Assets:        
Principal Amount 761,537 868,228    
Fair value of assets 3,037 6,260    
Recurring | GNMA interest-only        
Assets:        
Principal Amount 32,710 37,053    
Fair value of assets 155 213    
Recurring | Agency securities        
Assets:        
Principal Amount 11 22    
Fair value of assets 11 21    
Recurring | U.S. Treasury securities        
Assets:        
Principal Amount   54,031    
Fair value of assets   53,716    
Recurring | Equity securities        
Assets:        
Fair value of assets 18,575 144    
Recurring | Nonhedge derivatives        
Assets:        
Principal Amount 90,000 194,900    
Fair value of assets 437 1,454    
Recurring | Level 1        
Assets:        
Fair value of assets 18,575 53,860    
Recurring | Level 1 | CMBS        
Assets:        
Fair value of assets 0 0    
Recurring | Level 1 | CMBS interest-only        
Assets:        
Fair value of assets 0 0    
Recurring | Level 1 | GNMA interest-only        
Assets:        
Fair value of assets 0 0    
Recurring | Level 1 | Agency securities        
Assets:        
Fair value of assets 0 0    
Recurring | Level 1 | U.S. Treasury securities        
Assets:        
Fair value of assets   53,716    
Recurring | Level 1 | Equity securities        
Assets:        
Fair value of assets 18,575 144    
Recurring | Level 1 | Nonhedge derivatives        
Assets:        
Fair value of assets 0 0    
Recurring | Level 2        
Assets:        
Fair value of assets 1,053,626 423,883    
Recurring | Level 2 | CMBS        
Assets:        
Fair value of assets 1,049,986 415,935    
Recurring | Level 2 | CMBS interest-only        
Assets:        
Fair value of assets 3,037 6,260    
Recurring | Level 2 | GNMA interest-only        
Assets:        
Fair value of assets 155 213    
Recurring | Level 2 | Agency securities        
Assets:        
Fair value of assets 11 21    
Recurring | Level 2 | U.S. Treasury securities        
Assets:        
Fair value of assets   0    
Recurring | Level 2 | Equity securities        
Assets:        
Fair value of assets 0 0    
Recurring | Level 2 | Nonhedge derivatives        
Assets:        
Fair value of assets 437 1,454    
Recurring | Level 3        
Assets:        
Fair value of assets 0 0    
Recurring | Level 3 | CMBS        
Assets:        
Fair value of assets 0 0    
Recurring | Level 3 | CMBS interest-only        
Assets:        
Fair value of assets 0 0    
Recurring | Level 3 | GNMA interest-only        
Assets:        
Fair value of assets 0 0    
Recurring | Level 3 | Agency securities        
Assets:        
Fair value of assets 0 0    
Recurring | Level 3 | U.S. Treasury securities        
Assets:        
Fair value of assets   0    
Recurring | Level 3 | Equity securities        
Assets:        
Fair value of assets 0 0    
Recurring | Level 3 | Nonhedge derivatives        
Assets:        
Fair value of assets $ 0 $ 0    
v3.25.0.1
FAIR VALUE OF FINANCIAL INSTRUMENTS - Additional Information (Details) - USD ($)
Dec. 31, 2024
Dec. 31, 2023
Fair Value Disclosures [Abstract]    
Fair value Level 3 financial instruments $ 0 $ 0
v3.25.0.1
INCOME TAXES - Components of the Provision for Income Taxes (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Current expense (benefit)      
U.S. federal $ 1,321 $ 2,204 $ 1,823
State and local 443 858 3,591
Total current expense (benefit) 1,764 3,062 5,414
Deferred expense (benefit)      
U.S. federal 940 964 (445)
State and local 744 218 (60)
Total deferred expense (benefit) 1,684 1,182 (505)
Provision for income tax expense (benefit) $ 3,448 $ 4,244 $ 4,909
v3.25.0.1
INCOME TAXES - Tax Rate Reconciliation (Details)
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Income Tax Disclosure [Abstract]      
U.S. statutory tax rate 21.00% 21.00% 21.00%
REIT income not subject to corporate income tax (16.50%) (15.22%) (18.09%)
Increase due to state and local taxes 0.47% 1.07% 0.59%
Change in valuation allowance (0.09%) (1.57%) (1.17%)
Offshore non-taxable income (3.97%) (3.79%) (1.35%)
Uncertain tax position recorded (released) 0.00% 0.14% 1.45%
Section 163(j) interest expense limitation 0.35% 0.17% 0.08%
REIT income taxes 0.03% 0.14% 0.28%
Return to provision 0.50% (0.23%) (0.64%)
Section 162(m) executive compensation limitation 1.51% 1.42% 0.54%
Other (0.34%) 0.92% 0.20%
Effective income tax rate 2.96% 4.05% 2.89%
v3.25.0.1
INCOME TAXES - Additional Information (Details) - USD ($)
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2024
Apr. 30, 2023
Income Tax Disclosure [Abstract]      
Deferred tax liabilities $ (3,000,000.0) $ (4,600,000)  
Unlimited carryforwards   2,600,000  
Deferred tax asset related to capital losses 2,800,000 200,000  
Settlement pertaining to audit     $ 2,600,000
Incremental income tax expense due to audit 200,000    
Unrecognized tax benefits $ 0 $ 0  
v3.25.0.1
INCOME TAXES - Components of Deferred Tax Assets (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Income Tax Disclosure [Abstract]    
Net operating loss carryforward $ 635 $ 2,069
Net unrealized losses 486 721
Capital losses carryforward 201 2,813
Valuation allowance (201) (2,813)
Interest expense limitation 1,974 1,560
Valuation allowance (1,974) (1,560)
Total Deferred Tax Assets $ 1,121 $ 2,790
v3.25.0.1
INCOME TAXES - Components of Deferred Tax Liabilities (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Income Tax Disclosure [Abstract]    
Basis difference in operating partnerships $ 5,764 $ 5,749
Total Deferred Tax Liability $ 5,764 $ 5,749
v3.25.0.1
RELATED PARTY TRANSACTIONS (Details)
 12 Months Ended
Dec. 31, 2024
USD ($)
Related Party Transactions [Abstract]  
Related party relationships $ 0
v3.25.0.1
COMMITMENTS AND CONTINGENCIES - Additional Information (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Unfunded Loan Commitments      
Lease liabilities $ 17,862    
Operating lease, right-of-use asset $ 16,300    
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 $ 2,200 $ 2,200  
Treasury securities traded and not yet settled 9,950 44,815 $ 0
Provision for loan losses      
Unfunded Loan Commitments      
Unfunded commitments of mortgage loan receivables held for investment $ 34,600 204,000  
Length of additional mortgage loan financing 3 years    
Unfunded commitments of mortgage loan receivables held for investment, additional funds 89.00%    
U.S. Treasury Securities Traded, Not Yet Settled      
Unfunded Loan Commitments      
Treasury securities traded and not yet settled $ (10,000) $ (44,800)  
v3.25.0.1
COMMITMENTS AND CONTINGENCIES - Future Minimum Operating Lease Obligation (Details)
$ in Thousands
Dec. 31, 2024
USD ($)
Commitments and Contingencies Disclosure [Abstract]  
2025 $ 4,424
2026 2,869
2027 2,232
2028 2,306
2029 2,409
Thereafter 8,629
Total undiscounted cash flows 22,869
Present value discount (5,007)
Lease liabilities $ 17,862
Weighted average incremental borrowing rate 6.71%
Remaining lease term 7 years 8 months 12 days
Extended lease term 5 years
v3.25.0.1
SEGMENT REPORTING - Additional Information (Details)
 12 Months Ended
Dec. 31, 2024
segment
Segment Reporting [Abstract]  
Number of reportable segments 3
v3.25.0.1
SEGMENT REPORTING - Schedule of Segments (Details) - USD ($)
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Net interest income      
Interest income $ 358,625,000 $ 407,284,000 $ 293,520,000
Interest expense (221,537,000) (245,097,000) (195,602,000)
Net interest income (expense) 137,088,000 162,187,000 97,918,000
(Provision for) release of loan loss reserves (13,933,000) (25,096,000) (3,711,000)
Net interest income (expense) after provision for (release of) loan loss reserves 123,155,000 137,091,000 94,207,000
Other income (loss)      
Real estate operating income 98,681,000 96,950,000 108,269,000
Net result from mortgage loan receivables held for sale 30,000 (523,000) (2,511,000)
Gain (loss) on real estate, net 25,277,000 8,808,000 115,998,000
Fee and other income 18,700,000 8,931,000 14,861,000
Net result from derivative transactions 5,420,000 1,481,000 12,360,000
Earnings (loss) from investment in unconsolidated ventures (79,000) 758,000 1,410,000
Gain (loss) on extinguishment of debt 188,000 10,718,000 685,000
Total other income (loss) 148,217,000 127,123,000 251,072,000
Costs and expenses      
Compensation and employee benefits (60,671,000) (63,618,000) (75,836,000)
Operating expenses (19,193,000) (19,503,000) (20,716,000)
Real estate operating expenses (40,568,000) (37,587,000) (38,605,000)
Investment related expenses (7,718,000) (8,847,000) (7,235,000)
Depreciation and amortization (32,327,000) (29,914,000) (32,673,000)
Total costs and expenses (160,477,000) (159,469,000) (175,065,000)
Income (loss) before taxes 110,895,000 104,745,000 170,214,000
Income tax (expense) benefit (3,448,000) (4,244,000) (4,909,000)
Net income (loss) 107,447,000 100,501,000 165,305,000
Total assets 4,845,073,000 [1] 5,512,677,000 [1] 5,951,173,000
Investment in unconsolidated ventures [1] 19,923,000 6,877,000  
Capital improvements of real estate (6,497,000) (4,374,000) (6,949,000)
FHLB stock 0 5,200,000 9,600,000
Stock-based compensation expense 18,829,000 18,577,000 31,584,000
Gain on sale of mortgage loans 2,700,000    
Operating Segment      
Costs and expenses      
Investment in unconsolidated ventures 19,900,000 6,900,000 6,200,000
Capital improvements of real estate (6,500,000) (4,400,000) (6,900,000)
Operating Segment | Loans      
Net interest income      
Interest income 247,432,000 341,840,000 269,629,000
Interest expense (92,187,000) (122,420,000) (68,158,000)
Net interest income (expense) 155,245,000 219,420,000 201,471,000
(Provision for) release of loan loss reserves (13,933,000) (25,096,000) (3,711,000)
Net interest income (expense) after provision for (release of) loan loss reserves 141,312,000 194,324,000 197,760,000
Other income (loss)      
Real estate operating income 0 0 0
Net result from mortgage loan receivables held for sale 2,700,000 (523,000) (2,511,000)
Gain (loss) on real estate, net 0 0 0
Fee and other income 19,003,000 8,237,000 10,149,000
Net result from derivative transactions 185,000 404,000 6,755,000
Earnings (loss) from investment in unconsolidated ventures 0 0 0
Gain (loss) on extinguishment of debt 0 0 0
Total other income (loss) 21,888,000 8,118,000 14,393,000
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 (4,946,000) (6,310,000) (2,325,000)
Depreciation and amortization 0 0 0
Total costs and expenses (4,946,000) (6,310,000) (2,325,000)
Income (loss) before taxes 158,254,000 196,132,000 209,828,000
Income tax (expense) benefit 0 0 0
Net income (loss) 158,254,000 196,132,000 209,828,000
Total assets 1,565,897,000 3,138,794,000 3,892,382,000
Operating Segment | Securities      
Net interest income      
Interest income 43,069,000 32,479,000 20,659,000
Interest expense (61,000) (3,177,000) (4,620,000)
Net interest income (expense) 43,008,000 29,302,000 16,039,000
(Provision for) release of loan loss reserves 0 0 0
Net interest income (expense) after provision for (release of) loan loss reserves 43,008,000 29,302,000 16,039,000
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 (655,000) (232,000) (104,000)
Net result from derivative transactions 80,000 595,000 3,972,000
Earnings (loss) from investment in unconsolidated ventures 0 0 0
Gain (loss) on extinguishment of debt 0 0 0
Total other income (loss) (575,000) 363,000 3,868,000
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 (183,000) (191,000) (277,000)
Depreciation and amortization 0 0 0
Total costs and expenses (183,000) (191,000) (277,000)
Income (loss) before taxes 42,250,000 29,474,000 19,630,000
Income tax (expense) benefit 0 0 0
Net income (loss) 42,250,000 29,474,000 19,630,000
Total assets 1,080,839,000 485,533,000 587,519,000
Operating Segment | Real Estate      
Net interest income      
Interest income 352,000 12,000 6,000
Interest expense (32,097,000) (31,443,000) (36,683,000)
Net interest income (expense) (31,745,000) (31,431,000) (36,677,000)
(Provision for) release of loan loss reserves 0 0 0
Net interest income (expense) after provision for (release of) loan loss reserves (31,745,000) (31,431,000) (36,677,000)
Other income (loss)      
Real estate operating income 98,681,000 96,950,000 108,269,000
Net result from mortgage loan receivables held for sale 0 0 0
Gain (loss) on real estate, net 25,277,000 8,808,000 115,998,000
Fee and other income 52,000 300,000 4,355,000
Net result from derivative transactions 248,000 482,000 1,633,000
Earnings (loss) from investment in unconsolidated ventures (79,000) 758,000 1,410,000
Gain (loss) on extinguishment of debt 0 0 0
Total other income (loss) 124,179,000 107,298,000 231,665,000
Costs and expenses      
Compensation and employee benefits 0 0 0
Operating expenses 0 0 0
Real estate operating expenses (40,568,000) (37,587,000) (38,605,000)
Investment related expenses (573,000) (903,000) (954,000)
Depreciation and amortization (31,888,000) (29,482,000) (32,632,000)
Total costs and expenses (73,029,000) (67,972,000) (72,191,000)
Income (loss) before taxes 19,405,000 7,895,000 122,797,000
Income tax (expense) benefit 0 0 0
Net income (loss) 19,405,000 7,895,000 122,797,000
Total assets 690,726,000 733,319,000 706,355,000
Corporate/Other      
Net interest income      
Interest income 67,772,000 32,953,000 3,226,000
Interest expense (97,192,000) (88,057,000) (86,141,000)
Net interest income (expense) (29,420,000) (55,104,000) (82,915,000)
(Provision for) release of loan loss reserves 0 0 0
Net interest income (expense) after provision for (release of) loan loss reserves (29,420,000) (55,104,000) (82,915,000)
Other income (loss)      
Real estate operating income 0 0 0
Net result from mortgage loan receivables held for sale (2,670,000) 0 0
Gain (loss) on real estate, net 0 0 0
Fee and other income 300,000 626,000 461,000
Net result from derivative transactions 4,907,000 0 0
Earnings (loss) from investment in unconsolidated ventures 0 0 0
Gain (loss) on extinguishment of debt 188,000 10,718,000 685,000
Total other income (loss) 2,725,000 11,344,000 1,146,000
Costs and expenses      
Compensation and employee benefits (60,671,000) (63,618,000) (75,836,000)
Operating expenses (19,193,000) (19,503,000) (20,716,000)
Real estate operating expenses 0 0 0
Investment related expenses (2,016,000) (1,443,000) (3,679,000)
Depreciation and amortization (439,000) (432,000) (41,000)
Total costs and expenses (82,319,000) (84,996,000) (100,272,000)
Income (loss) before taxes (109,014,000) (128,756,000) (182,041,000)
Income tax (expense) benefit (3,448,000) (4,244,000) (4,909,000)
Net income (loss) (112,462,000) (133,000,000) (186,950,000)
Total assets 1,507,611,000 1,155,031,000 764,917,000
Stock-based compensation expense 18,800,000 18,600,000 31,600,000
Corporate/Other | Senior Unsecured Notes      
Costs and expenses      
Senior notes $ 2,000,000,000 $ 1,600,000,000 $ 1,600,000,000
[1] Includes amounts relating to consolidated variable interest entities. Refer to Note 2 and Note 9.
v3.25.0.1
SUBSEQUENT EVENTS (Details) - Revolving credit facility - USD ($)
$ in Thousands
Jan. 02, 2025
Dec. 20, 2024
Subsequent Event [Line Items]    
Aggregate maximum borrowing amount   $ 725,000
Subsequent Event    
Subsequent Event [Line Items]    
Aggregate maximum borrowing amount $ 850,000  
v3.25.0.1
Schedule III-Real Estate and Accumulated Depreciation Real Estate (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 446,416      
Initial Cost to Company        
Land 172,411      
Building 591,385      
Intangibles 108,015      
Costs Capitalized Subsequent to Acquisition 31,008      
Land 173,798      
Building 622,701      
Intangibles 107,899      
Total 904,398 $ 947,226 $ 899,144 $ 1,127,495
Accumulated Depreciation and Amortization (233,595) $ (220,784) $ (199,008) $ (236,622)
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 333,685      
Initial Cost to Company        
Land 83,933      
Building 408,338      
Intangibles 89,635      
Costs Capitalized Subsequent to Acquisition 12,166      
Land 83,933      
Building 420,738      
Intangibles 89,632      
Total 594,303      
Accumulated Depreciation and Amortization (176,601)      
Diversified        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 112,731      
Initial Cost to Company        
Land 88,478      
Building 183,047      
Intangibles 18,380      
Costs Capitalized Subsequent to Acquisition 18,842      
Land 89,865      
Building 201,963      
Intangibles 18,267      
Total 310,095      
Accumulated Depreciation and Amortization (56,994)      
Newburgh, IN | Retail        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 858      
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 $ (130)      
Life on which Depreciation in Latest Statement of Income is Computed 45 years      
Newburgh, IN 1 | Retail        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 910      
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 $ (152)      
Life on which Depreciation in Latest Statement of Income is Computed 45 years      
Isanti, MN | Retail        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 995      
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 $ (144)      
Life on which Depreciation in Latest Statement of Income is Computed 55 years      
Little Falls, MN | Retail        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 852      
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 $ (134)      
Life on which Depreciation in Latest Statement of Income is Computed 55 years      
Waterloo, IA | Retail        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 857      
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 $ (153)      
Life on which Depreciation in Latest Statement of Income is Computed 45 years      
Sioux City, IA | Retail        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 914      
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 $ (157)      
Life on which Depreciation in Latest Statement of Income is Computed 45 years      
Wardsville, MO | Retail        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 979      
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 $ (168)      
Life on which Depreciation in Latest Statement of Income is Computed 40 years      
Kincheloe, MI | Retail        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 885      
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 $ (167)      
Life on which Depreciation in Latest Statement of Income is Computed 45 years      
Clinton, IN | Retail        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 1,036      
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 $ (160)      
Life on which Depreciation in Latest Statement of Income is Computed 44 years      
Saginaw, MI | Retail        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 951      
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 $ (187)      
Life on which Depreciation in Latest Statement of Income is Computed 45 years      
Rolla, MO | Retail        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 935      
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 $ (188)      
Life on which Depreciation in Latest Statement of Income is Computed 40 years      
Sullivan, IL | Retail        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 1,174      
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 $ (168)      
Life on which Depreciation in Latest Statement of Income is Computed 50 years      
Becker, MN | Retail        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 934      
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 $ (153)      
Life on which Depreciation in Latest Statement of Income is Computed 55 years      
Adrian, MO | Retail        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 858      
Initial Cost to Company        
Land 136      
Building 884      
Intangibles 191      
Costs Capitalized Subsequent to Acquisition 0      
Land 136      
Building 884      
Intangibles 191      
Total 1,211      
Accumulated Depreciation and Amortization $ (160)      
Life on which Depreciation in Latest Statement of Income is Computed 45 years      
Chilicothe, IL | Retail        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 1,024      
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 $ (183)      
Life on which Depreciation in Latest Statement of Income is Computed 50 years      
Poseyville, IN | Retail        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 867      
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 $ (170)      
Life on which Depreciation in Latest Statement of Income is Computed 44 years      
Dexter, MO | Retail        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 871      
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 $ (165)      
Life on which Depreciation in Latest Statement of Income is Computed 40 years      
Hubbard Lake, MI | Retail        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 912      
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 $ (192)      
Life on which Depreciation in Latest Statement of Income is Computed 40 years      
Fayette, MO | Retail        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 1,082      
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 $ (219)      
Life on which Depreciation in Latest Statement of Income is Computed 40 years      
Centralia, IL | Retail        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 941      
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 $ (192)      
Life on which Depreciation in Latest Statement of Income is Computed 40 years      
Trenton, MO | Retail        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 884      
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 $ (193)      
Life on which Depreciation in Latest Statement of Income is Computed 30 years      
Houghton Lake, MI | Retail        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 949      
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 $ (202)      
Life on which Depreciation in Latest Statement of Income is Computed 40 years      
Pelican Rapids, MN | Retail        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 905      
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 $ (266)      
Life on which Depreciation in Latest Statement of Income is Computed 30 years      
Carthage, MO | Retail        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 835      
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 $ (176)      
Life on which Depreciation in Latest Statement of Income is Computed 40 years      
Bolivar, MO | Retail        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 883      
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 $ (193)      
Life on which Depreciation in Latest Statement of Income is Computed 40 years      
Pinconning, MI | Retail        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 939      
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 $ (181)      
Life on which Depreciation in Latest Statement of Income is Computed 45 years      
New Hampton, IA | Retail        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 1,005      
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 $ (269)      
Life on which Depreciation in Latest Statement of Income is Computed 35 years      
Ogden, IA | Retail        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 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 $ (235)      
Life on which Depreciation in Latest Statement of Income is Computed 35 years      
Wonder Lake, IL | Retail        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 936      
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 $ (233)      
Life on which Depreciation in Latest Statement of Income is Computed 39 years      
Moscow Mills, MO | Retail        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 984      
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 $ (227)      
Life on which Depreciation in Latest Statement of Income is Computed 45 years      
Foley, MN | Retail        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 883      
Initial Cost to Company        
Land 238      
Building 823      
Intangibles 172      
Costs Capitalized Subsequent to Acquisition 0      
Land 238      
Building 823      
Intangibles 172      
Total 1,233      
Accumulated Depreciation and Amortization $ (238)      
Life on which Depreciation in Latest Statement of Income is Computed 35 years      
Kirbyville, MO | Retail        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 869      
Initial Cost to Company        
Land 98      
Building 965      
Intangibles 155      
Costs Capitalized Subsequent to Acquisition 0      
Land 98      
Building 965      
Intangibles 155      
Total 1,218      
Accumulated Depreciation and Amortization $ (227)      
Life on which Depreciation in Latest Statement of Income is Computed 40 years      
Gladwin, MI | Retail        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 883      
Initial Cost to Company        
Land 88      
Building 951      
Intangibles 203      
Costs Capitalized Subsequent to Acquisition 0      
Land 88      
Building 951      
Intangibles 203      
Total 1,242      
Accumulated Depreciation and Amortization $ (212)      
Life on which Depreciation in Latest Statement of Income is Computed 45 years      
Rockford, MN | Retail        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 892      
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 $ (306)      
Life on which Depreciation in Latest Statement of Income is Computed 30 years      
Winterset, IA | Retail        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 941      
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 $ (241)      
Life on which Depreciation in Latest Statement of Income is Computed 35 years      
Kawkawlin, MI | Retail        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 924      
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 $ (276)      
Life on which Depreciation in Latest Statement of Income is Computed 30 years      
Aroma Park, IL | Retail        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 947      
Initial Cost to Company        
Land 223      
Building 869      
Intangibles 164      
Costs Capitalized Subsequent to Acquisition 0      
Land 223      
Building 869      
Intangibles 164      
Total 1,256      
Accumulated Depreciation and Amortization $ (233)      
Life on which Depreciation in Latest Statement of Income is Computed 35 years      
East Peoria, IL | Retail        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 1,016      
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 $ (261)      
Life on which Depreciation in Latest Statement of Income is Computed 40 years      
Milford, IA | Retail        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 983      
Initial Cost to Company        
Land 254      
Building 883      
Intangibles 217      
Costs Capitalized Subsequent to Acquisition 0      
Land 254      
Building 883      
Intangibles 217      
Total 1,354      
Accumulated Depreciation and Amortization $ (244)      
Life on which Depreciation in Latest Statement of Income is Computed 40 years      
Jefferson City, MO | Retail        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 936      
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 $ (261)      
Life on which Depreciation in Latest Statement of Income is Computed 40 years      
Denver, IA | Retail        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 891      
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 $ (253)      
Life on which Depreciation in Latest Statement of Income is Computed 35 years      
Port O'Connor, TX | Retail        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 941      
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 $ (283)      
Life on which Depreciation in Latest Statement of Income is Computed 35 years      
Wabasha, MN | Retail        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 956      
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 $ (301)      
Life on which Depreciation in Latest Statement of Income is Computed 35 years      
Jacksonville, FL | Retail        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 82,575      
Initial Cost to Company        
Land 13,290      
Building 106,601      
Intangibles 21,362      
Costs Capitalized Subsequent to Acquisition 12,000      
Land 13,290      
Building 118,828      
Intangibles 21,362      
Total 153,480      
Accumulated Depreciation and Amortization $ (37,615)      
Life on which Depreciation in Latest Statement of Income is Computed 36 years      
Shelbyville, IL | Retail        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 856      
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 $ (244)      
Life on which Depreciation in Latest Statement of Income is Computed 40 years      
Jessup, IA | Retail        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 877      
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 $ (266)      
Life on which Depreciation in Latest Statement of Income is Computed 35 years      
Hanna City, IL | Retail        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 858      
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 $ (263)      
Life on which Depreciation in Latest Statement of Income is Computed 39 years      
Ridgedale, MO | Retail        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 983      
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 $ (265)      
Life on which Depreciation in Latest Statement of Income is Computed 40 years      
Peoria, IL | Retail        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 896      
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 $ (279)      
Life on which Depreciation in Latest Statement of Income is Computed 35 years      
Carmi, IL | Retail        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 1,090      
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 $ (267)      
Life on which Depreciation in Latest Statement of Income is Computed 40 years      
Springfield, IL | Retail        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 992      
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 $ (243)      
Life on which Depreciation in Latest Statement of Income is Computed 40 years      
Fayetteville, NC | Retail        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 4,837      
Initial Cost to Company        
Land 1,379      
Building 3,121      
Intangibles 2,472      
Costs Capitalized Subsequent to Acquisition 0      
Land 1,379      
Building 3,121      
Intangibles 2,471      
Total 6,971      
Accumulated Depreciation and Amortization $ (1,935)      
Life on which Depreciation in Latest Statement of Income is Computed 37 years      
Dryden Township, MI | Retail        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 903      
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 $ (261)      
Life on which Depreciation in Latest Statement of Income is Computed 40 years      
Lamar, MO | Retail        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 893      
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 $ (266)      
Life on which Depreciation in Latest Statement of Income is Computed 40 years      
Union, MO | Retail        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 936      
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 $ (283)      
Life on which Depreciation in Latest Statement of Income is Computed 40 years      
Pawnee, IL | Retail        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 936      
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 $ (258)      
Life on which Depreciation in Latest Statement of Income is Computed 40 years      
Linn, MO | Retail        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 852      
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 $ (276)      
Life on which Depreciation in Latest Statement of Income is Computed 40 years      
Cape Girardeau, MO | Retail        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 1,038      
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 $ (241)      
Life on which Depreciation in Latest Statement of Income is Computed 40 years      
Decatur-Pershing, IL | Retail        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 1,041      
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 $ (275)      
Life on which Depreciation in Latest Statement of Income is Computed 40 years      
Rantoul, IL | Retail        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 915      
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 $ (286)      
Life on which Depreciation in Latest Statement of Income is Computed 40 years      
Flora Vista, NM | Retail        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 991      
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 $ (338)      
Life on which Depreciation in Latest Statement of Income is Computed 35 years      
Mountain Grove, MO | Retail        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 971      
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 $ (315)      
Life on which Depreciation in Latest Statement of Income is Computed 40 years      
Decatur-Sunnyside, IL | Retail        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 957      
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 $ (280)      
Life on which Depreciation in Latest Statement of Income is Computed 40 years      
Champaign, IL | Retail        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 1,007      
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 $ (262)      
Life on which Depreciation in Latest Statement of Income is Computed 40 years      
San Antonio, TX | Retail        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 898      
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 $ (267)      
Life on which Depreciation in Latest Statement of Income is Computed 35 years      
Borger, TX | Retail        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 793      
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 $ (265)      
Life on which Depreciation in Latest Statement of Income is Computed 40 years      
Dimmitt, TX | Retail        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 1,069      
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 $ (343)      
Life on which Depreciation in Latest Statement of Income is Computed 40 years      
St. Charles, MN | Retail        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 973      
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 $ (340)      
Life on which Depreciation in Latest Statement of Income is Computed 30 years      
Philo, IL | Retail        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 935      
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 $ (261)      
Life on which Depreciation in Latest Statement of Income is Computed 40 years      
Radford, VA | Retail        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 1,122      
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 $ (376)      
Life on which Depreciation in Latest Statement of Income is Computed 40 years      
Rural Retreat, VA | Retail        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 1,007      
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 $ (327)      
Life on which Depreciation in Latest Statement of Income is Computed 40 years      
Albion, PA | Retail        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 1,091      
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 $ (552)      
Life on which Depreciation in Latest Statement of Income is Computed 50 years      
Mount Vernon, AL | Retail        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 915      
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 $ (315)      
Life on which Depreciation in Latest Statement of Income is Computed 44 years      
Malone, NY | Retail        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 1,073      
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 $ (364)      
Life on which Depreciation in Latest Statement of Income is Computed 39 years      
Mercedes, TX | Retail        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 827      
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 $ (261)      
Life on which Depreciation in Latest Statement of Income is Computed 45 years      
Gordonville, MO | Retail        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 768      
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 $ (264)      
Life on which Depreciation in Latest Statement of Income is Computed 40 years      
Rice, MN | Retail        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 813      
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 $ (382)      
Life on which Depreciation in Latest Statement of Income is Computed 30 years      
Farmington, IL | Retail        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 891      
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 $ (341)      
Life on which Depreciation in Latest Statement of Income is Computed 40 years      
Grove, OK | Retail        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 3,609      
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 $ (1,567)      
Life on which Depreciation in Latest Statement of Income is Computed 37 years      
Jenks, OK | Retail        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 8,759      
Initial Cost to Company        
Land 2,617      
Building 8,694      
Intangibles 2,107      
Costs Capitalized Subsequent to Acquisition 0      
Land 2,617      
Building 8,694      
Intangibles 2,107      
Total 13,418      
Accumulated Depreciation and Amortization $ (3,149)      
Life on which Depreciation in Latest Statement of Income is Computed 38 years      
Bloomington, IL | Retail        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 813      
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 $ (305)      
Life on which Depreciation in Latest Statement of Income is Computed 40 years      
Montrose, MN | Retail        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 769      
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 $ (384)      
Life on which Depreciation in Latest Statement of Income is Computed 30 years      
Lincoln County, MO | Retail        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 735      
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 $ (269)      
Life on which Depreciation in Latest Statement of Income is Computed 40 years      
Wilmington, IL | Retail        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 898      
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 $ (332)      
Life on which Depreciation in Latest Statement of Income is Computed 40 years      
Danville, IL | Retail        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 735      
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 $ (254)      
Life on which Depreciation in Latest Statement of Income is Computed 40 years      
Moultrie, GA | Retail        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 928      
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 $ (411)      
Life on which Depreciation in Latest Statement of Income is Computed 44 years      
Rose Hill, NC | Retail        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 998      
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 $ (398)      
Life on which Depreciation in Latest Statement of Income is Computed 44 years      
Rockingham, NC | Retail        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 819      
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 $ (355)      
Life on which Depreciation in Latest Statement of Income is Computed 44 years      
Biscoe, NC | Retail        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 858      
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 $ (362)      
Life on which Depreciation in Latest Statement of Income is Computed 44 years      
De Soto, IA | Retail        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 702      
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 $ (287)      
Life on which Depreciation in Latest Statement of Income is Computed 35 years      
Kerrville, TX | Retail        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 767      
Initial Cost to Company        
Land 186      
Building 849      
Intangibles 200      
Costs Capitalized Subsequent to Acquisition 0      
Land 186      
Building 849      
Intangibles 200      
Total 1,235      
Accumulated Depreciation and Amortization $ (357)      
Life on which Depreciation in Latest Statement of Income is Computed 35 years      
Floresville, TX | Retail        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 813      
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 $ (362)      
Life on which Depreciation in Latest Statement of Income is Computed 35 years      
Minot, ND | Retail        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 4,691      
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 $ (1,417)      
Life on which Depreciation in Latest Statement of Income is Computed 38 years      
Lebanon, MI | Retail        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 819      
Initial Cost to Company        
Land 359      
Building 724      
Intangibles 178      
Costs Capitalized Subsequent to Acquisition 0      
Land 359      
Building 724      
Intangibles 178      
Total 1,261      
Accumulated Depreciation and Amortization $ (253)      
Life on which Depreciation in Latest Statement of Income is Computed 40 years      
Effingham County, IL | Retail        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 819      
Initial Cost to Company        
Land 273      
Building 774      
Intangibles 205      
Costs Capitalized Subsequent to Acquisition 0      
Land 273      
Building 774      
Intangibles 205      
Total 1,252      
Accumulated Depreciation and Amortization $ (293)      
Life on which Depreciation in Latest Statement of Income is Computed 40 years      
Ponce, Puerto Rico | Retail        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 6,511      
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 $ (2,147)      
Life on which Depreciation in Latest Statement of Income is Computed 37 years      
Tremont, IL | Retail        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 781      
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 $ (311)      
Life on which Depreciation in Latest Statement of Income is Computed 35 years      
Pleasanton, TX | Retail        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 856      
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 $ (361)      
Life on which Depreciation in Latest Statement of Income is Computed 35 years      
Peoria, IL | Retail        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 846      
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 $ (338)      
Life on which Depreciation in Latest Statement of Income is Computed 35 years      
Bridgeport, IL | Retail        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 813      
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 $ (315)      
Life on which Depreciation in Latest Statement of Income is Computed 35 years      
Warren, MN | Retail        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 696      
Initial Cost to Company        
Land 108      
Building 825      
Intangibles 157      
Costs Capitalized Subsequent to Acquisition 0      
Land 108      
Building 825      
Intangibles 157      
Total 1,090      
Accumulated Depreciation and Amortization $ (361)      
Life on which Depreciation in Latest Statement of Income is Computed 30 years      
Canyon Lake, TX | Retail        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 898      
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 $ (376)      
Life on which Depreciation in Latest Statement of Income is Computed 35 years      
Wheeler, TX | Retail        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 709      
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 $ (356)      
Life on which Depreciation in Latest Statement of Income is Computed 35 years      
Aurora, MN | Retail        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 623      
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 $ (256)      
Life on which Depreciation in Latest Statement of Income is Computed 40 years      
Red Oak, IA | Retail        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 780      
Initial Cost to Company        
Land 190      
Building 839      
Intangibles 179      
Costs Capitalized Subsequent to Acquisition 0      
Land 190      
Building 839      
Intangibles 179      
Total 1,208      
Accumulated Depreciation and Amortization $ (370)      
Life on which Depreciation in Latest Statement of Income is Computed 35 years      
Zapata, TX | Retail        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 747      
Initial Cost to Company        
Land 62      
Building 998      
Intangibles 145      
Costs Capitalized Subsequent to Acquisition 0      
Land 62      
Building 998      
Intangibles 145      
Total 1,205      
Accumulated Depreciation and Amortization $ (460)      
Life on which Depreciation in Latest Statement of Income is Computed 35 years      
St. Francis, MN | Retail        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 734      
Initial Cost to Company        
Land 105      
Building 911      
Intangibles 163      
Costs Capitalized Subsequent to Acquisition 0      
Land 105      
Building 911      
Intangibles 163      
Total 1,179      
Accumulated Depreciation and Amortization $ (445)      
Life on which Depreciation in Latest Statement of Income is Computed 35 years      
Yorktown, TX | Retail        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 786      
Initial Cost to Company        
Land 97      
Building 1,005      
Intangibles 199      
Costs Capitalized Subsequent to Acquisition 0      
Land 97      
Building 1,005      
Intangibles 199      
Total 1,301      
Accumulated Depreciation and Amortization $ (482)      
Life on which Depreciation in Latest Statement of Income is Computed 35 years      
Battle Lake, MN | Retail        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 721      
Initial Cost to Company        
Land 136      
Building 875      
Intangibles 157      
Costs Capitalized Subsequent to Acquisition 0      
Land 136      
Building 875      
Intangibles 157      
Total 1,168      
Accumulated Depreciation and Amortization $ (464)      
Life on which Depreciation in Latest Statement of Income is Computed 30 years      
Paynesville, MN | Retail        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 806      
Initial Cost to Company        
Land 246      
Building 816      
Intangibles 192      
Costs Capitalized Subsequent to Acquisition 0      
Land 246      
Building 816      
Intangibles 192      
Total 1,254      
Accumulated Depreciation and Amortization $ (385)      
Life on which Depreciation in Latest Statement of Income is Computed 40 years      
Wheaton, MO | Retail        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 637      
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 $ (326)      
Life on which Depreciation in Latest Statement of Income is Computed 40 years      
Rotterdam, NY | Retail        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 9,008      
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 $ (6,240)      
Life on which Depreciation in Latest Statement of Income is Computed 20 years      
Hilliard, OH | Retail        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 4,482      
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 $ (1,781)      
Life on which Depreciation in Latest Statement of Income is Computed 41 years      
Niles, OH | Retail        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 3,642      
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 $ (1,483)      
Life on which Depreciation in Latest Statement of Income is Computed 41 years      
Youngstown, OH | Retail        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 3,791      
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 $ (1,616)      
Life on which Depreciation in Latest Statement of Income is Computed 40 years      
Iberia, MO | Retail        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 877      
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 $ (429)      
Life on which Depreciation in Latest Statement of Income is Computed 39 years      
Pine Island, MN | Retail        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 754      
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 $ (413)      
Life on which Depreciation in Latest Statement of Income is Computed 40 years      
Isle, MN | Retail        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 709      
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 $ (399)      
Life on which Depreciation in Latest Statement of Income is Computed 40 years      
Evansville, IN | Retail        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 0      
Initial Cost to Company        
Land 1,788      
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 $ (2,632)      
Life on which Depreciation in Latest Statement of Income is Computed 35 years      
Springfield, MO | Retail        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 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 $ (3,145)      
Life on which Depreciation in Latest Statement of Income is Computed 37 years      
Cedar Rapids, IA | Retail        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 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 $ (4,047)      
Life on which Depreciation in Latest Statement of Income is Computed 30 years      
Fairfield, IA | Retail        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 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 $ (3,509)      
Life on which Depreciation in Latest Statement of Income is Computed 37 years      
Owatonna, MN | Retail        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 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 $ (3,361)      
Life on which Depreciation in Latest Statement of Income is Computed 36 years      
Muscatine, IA | Retail        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 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 $ (3,329)      
Life on which Depreciation in Latest Statement of Income is Computed 29 years      
Sheldon, IA | Retail        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 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 $ (1,435)      
Life on which Depreciation in Latest Statement of Income is Computed 37 years      
Memphis, TN | Retail        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 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 $ (2,644)      
Life on which Depreciation in Latest Statement of Income is Computed 15 years      
O'Fallon, IL | Retail        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 0      
Initial Cost to Company        
Land 2,488      
Building 5,388      
Intangibles 1,064      
Costs Capitalized Subsequent to Acquisition 0      
Land 2,488      
Building 5,388      
Intangibles 1,064      
Total 8,940      
Accumulated Depreciation and Amortization $ (4,859)      
Life on which Depreciation in Latest Statement of Income is Computed 15 years      
Durant, OK | Retail        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 3,281      
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 $ (1,541)      
Life on which Depreciation in Latest Statement of Income is Computed 40 years      
Gallatin, TN | Retail        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 3,184      
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 $ (1,374)      
Life on which Depreciation in Latest Statement of Income is Computed 40 years      
Mt. Airy, NC | Retail        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 2,941      
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 $ (1,538)      
Life on which Depreciation in Latest Statement of Income is Computed 39 years      
Aiken, SC | Retail        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 3,942      
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 $ (1,676)      
Life on which Depreciation in Latest Statement of Income is Computed 41 years      
Johnson City, TN | Retail        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 3,386      
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 $ (1,688)      
Life on which Depreciation in Latest Statement of Income is Computed 40 years      
Palmview, TX | Retail        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 4,165      
Initial Cost to Company        
Land 938      
Building 4,837      
Intangibles 1,044      
Costs Capitalized Subsequent to Acquisition 0      
Land 938      
Building 4,837      
Intangibles 1,044      
Total 6,819      
Accumulated Depreciation and Amortization $ (1,942)      
Life on which Depreciation in Latest Statement of Income is Computed 44 years      
Ooltewah, TN | Retail        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 3,585      
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 $ (1,809)      
Life on which Depreciation in Latest Statement of Income is Computed 41 years      
Abingdon, VA | Retail        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 3,021      
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 $ (1,717)      
Life on which Depreciation in Latest Statement of Income is Computed 41 years      
Vineland, NJ | Retail        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 17,293      
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 $ (10,446)      
Life on which Depreciation in Latest Statement of Income is Computed 30 years      
Saratoga Springs, NY | Retail        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 15,584      
Initial Cost to Company        
Land 748      
Building 13,936      
Intangibles 5,538      
Costs Capitalized Subsequent to Acquisition 0      
Land 748      
Building 13,936      
Intangibles 5,538      
Total 20,222      
Accumulated Depreciation and Amortization $ (9,867)      
Life on which Depreciation in Latest Statement of Income is Computed 27 years      
Mooresville, NC | Retail        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 13,714      
Initial Cost to Company        
Land 2,615      
Building 12,462      
Intangibles 2,566      
Costs Capitalized Subsequent to Acquisition 0      
Land 2,615      
Building 12,462      
Intangibles 2,566      
Total 17,643      
Accumulated Depreciation and Amortization $ (8,793)      
Life on which Depreciation in Latest Statement of Income is Computed 24 years      
DeLeon Springs, FL | Retail        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 980      
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 $ (610)      
Life on which Depreciation in Latest Statement of Income is Computed 35 years      
Orange City, FL | Retail        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 1,032      
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 $ (630)      
Life on which Depreciation in Latest Statement of Income is Computed 35 years      
Satsuma, FL | Retail        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 832      
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 $ (605)      
Life on which Depreciation in Latest Statement of Income is Computed 35 years      
Greenwood, AR | Retail        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 3,149      
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 $ (1,646)      
Life on which Depreciation in Latest Statement of Income is Computed 43 years      
Millbrook, AL | Retail        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 4,273      
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 $ (2,401)      
Life on which Depreciation in Latest Statement of Income is Computed 32 years      
Spartanburg, SC | Retail        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 3,313      
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 $ (1,560)      
Life on which Depreciation in Latest Statement of Income is Computed 42 years      
Tupelo, MS | Retail        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 4,496      
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 $ (1,786)      
Life on which Depreciation in Latest Statement of Income is Computed 47 years      
Lilburn, GA | Retail        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 0      
Initial Cost to Company        
Land 1,090      
Building 3,673      
Intangibles 1,028      
Costs Capitalized Subsequent to Acquisition 0      
Land 1,090      
Building 3,673      
Intangibles 1,028      
Total 5,791      
Accumulated Depreciation and Amortization $ (2,064)      
Life on which Depreciation in Latest Statement of Income is Computed 47 years      
Douglasville, GA | Retail        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 4,699      
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 $ (1,639)      
Life on which Depreciation in Latest Statement of Income is Computed 48 years      
Elkton, MD | Retail        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 4,333      
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 $ (1,745)      
Life on which Depreciation in Latest Statement of Income is Computed 49 years      
Lexington, SC | Retail        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 4,092      
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 $ (1,465)      
Life on which Depreciation in Latest Statement of Income is Computed 48 years      
Oakland, CA | Office        
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 $ (28)      
Life on which Depreciation in Latest Statement of Income is Computed 42 years      
New York, NY | Retail        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 0      
Initial Cost to Company        
Land 8,896      
Building 13,750      
Intangibles 0      
Costs Capitalized Subsequent to Acquisition 24      
Land 8,896      
Building 13,775      
Intangibles 0      
Total 22,671      
Accumulated Depreciation and Amortization $ (354)      
Life on which Depreciation in Latest Statement of Income is Computed 40 years      
New York, NY | Multifamily        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 0      
Initial Cost to Company        
Land 15,824      
Building 13,512      
Intangibles 1,135      
Costs Capitalized Subsequent to Acquisition 0      
Land 15,824      
Building 13,628      
Intangibles 1,019      
Total 30,471      
Accumulated Depreciation and Amortization $ (1,438)      
Life on which Depreciation in Latest Statement of Income is Computed 20 years      
Pittsburgh, PA | Multifamily        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 0      
Initial Cost to Company        
Land 7,141      
Building 26,222      
Intangibles 1,116      
Costs Capitalized Subsequent to Acquisition 0      
Land 7,141      
Building 26,281      
Intangibles 1,122      
Total 34,544      
Accumulated Depreciation and Amortization $ (2,137)      
Life on which Depreciation in Latest Statement of Income is Computed 37 years      
Houston, TX | Office        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 0      
Initial Cost to Company        
Land 826      
Building 6,322      
Intangibles 2,380      
Costs Capitalized Subsequent to Acquisition 2,274      
Land 826      
Building 8,597      
Intangibles 2,380      
Total 11,803      
Accumulated Depreciation and Amortization $ (3,039)      
Life on which Depreciation in Latest Statement of Income is Computed 28 years      
New York, New York | Retail        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 0      
Initial Cost to Company        
Land 2,434      
Building 5,482      
Intangibles 0      
Costs Capitalized Subsequent to Acquisition 0      
Land 2,434      
Building 6,054      
Intangibles 0      
Total 8,488      
Accumulated Depreciation and Amortization $ (576)      
Life on which Depreciation in Latest Statement of Income is Computed 28 years      
Schaumburg, IL | Hotel        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 0      
Initial Cost to Company        
Land 8,029      
Building 29,971      
Intangibles 0      
Costs Capitalized Subsequent to Acquisition 861      
Land 8,029      
Building 30,877      
Intangibles 0      
Total 38,906      
Accumulated Depreciation and Amortization $ (8,583)      
Life on which Depreciation in Latest Statement of Income is Computed 25 years      
Omaha, NE | Hotel        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 0      
Initial Cost to Company        
Land 2,963      
Building 15,237      
Intangibles 0      
Costs Capitalized Subsequent to Acquisition 1,421      
Land 2,963      
Building 16,658      
Intangibles 0      
Total 19,621      
Accumulated Depreciation and Amortization $ (4,572)      
Life on which Depreciation in Latest Statement of Income is Computed 35 years      
Isla Vista, CA | Apartments        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 89,580      
Initial Cost to Company        
Land 36,274      
Building 47,694      
Intangibles 1,118      
Costs Capitalized Subsequent to Acquisition 2,721      
Land 36,274      
Building 50,416      
Intangibles 1,118      
Total 87,808      
Accumulated Depreciation and Amortization $ (9,999)      
Life on which Depreciation in Latest Statement of Income is Computed 42 years      
Crum Lynne, PA | Office        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 6,010      
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 $ (2,207)      
Life on which Depreciation in Latest Statement of Income is Computed 35 years      
Carmel, NY | Shopping Center        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 0      
Initial Cost to Company        
Land 2,041      
Building 3,632      
Intangibles 1,033      
Costs Capitalized Subsequent to Acquisition 0      
Land 2,041      
Building 4,309      
Intangibles 1,033      
Total 7,383      
Accumulated Depreciation and Amortization $ (2,579)      
Life on which Depreciation in Latest Statement of Income is Computed 20 years      
Oakland County, MI | Office        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 17,141      
Initial Cost to Company        
Land 1,147      
Building 7,707      
Intangibles 9,932      
Costs Capitalized Subsequent to Acquisition 11,541      
Land 1,145      
Building 19,239      
Intangibles 9,929      
Total 30,313      
Accumulated Depreciation and Amortization $ (21,482)      
Life on which Depreciation in Latest Statement of Income is Computed 35 years      
v3.25.0.1
Schedule III-Real Estate and Accumulated Depreciation Real Estate - Reconciliation (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]      
Beginning Balance $ 947,226 $ 899,144 $ 1,127,495
Acquisitions through foreclosures 48,796 87,598 24,965
Improvements 6,497 4,374 6,949
Dispositions and write-offs (98,121) (43,890) (260,265)
Ending Balance $ 904,398 $ 947,226 $ 899,144
v3.25.0.1
Schedule III-Real Estate and Accumulated Depreciation Real Estate - Accumulated Depreciation (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward]      
Beginning Balance $ 220,784 $ 199,008 $ 236,622
Depreciation and amortization expense 32,266 29,791 32,937
Dispositions/write-offs (19,455) (8,015) (70,551)
Ending Balance $ 233,595 $ 220,784 $ 199,008
v3.25.0.1
Schedule IV - Mortgage Loans on Real Estate (Details) - USD ($)
$ in Thousands
 12 Months Ended
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]      
Fixed rate 9.27% 9.61%  
Prior Liens $ 80,713    
Face amount of Mortgages 1,627,628    
Carrying Amount of Mortgages 1,565,897 $ 3,138,792 $ 3,892,382
Principal Amount of Mortgages Subject to Delinquent Principal or Interest 76,875    
Total carrying amount of mortgages 1,618,220    
Provision for loan losses (52,323)    
Principal balance of loans on non-accrual status 76,900    
Aggregate cost for U.S. federal tax income purposes 1,600,000    
Mortgage loans held for sale 1,565,897 3,138,792 3,892,382
Mortgage loan receivables held for investment, net, at amortized cost:      
Mortgage loans receivable, beginning balance 3,138,792 3,892,382 3,521,985
Beginning balance, Allowance for credit losses (43,165) (20,755) (31,752)
Origination of mortgage loan receivables 195,232 68,415 1,296,083
Repayment of mortgage loan receivables (1,720,643) (726,710) (901,150)
Proceeds from sales of mortgage loan receivables     (29,151)
Non-cash disposition of loan via foreclosure (47,952) (88,708) (10,235)
Realized gain on sale of mortgage loan receivables 30 (523) (2,511)
Accretion/amortization of discount, premium and other fees 14,619 19,046 20,759
Charge-offs     0
Charge-offs 5,023 2,700 14,395
Release of provision for current expected credit loss, net (13,933) (25,096) (3,711)
Release of provision for current expected credit loss, net (14,181) (25,110) (3,398)
Mortgage loans receivable, ending balance 1,565,897 3,138,792 3,892,382
Ending balance, Allowance for credit losses (52,323) (43,165) (20,755)
Mortgage loan  receivables held for sale      
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]      
Carrying Amount of Mortgages 26,900    
Mortgage loans held for sale 26,900    
Mortgage loan receivables held for investment, net, at amortized cost:      
Mortgage loans receivable, ending balance 26,900    
Total mortgage loan receivables held for investment, net, at amortized cost      
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]      
Carrying Amount of Mortgages 1,591,322 3,155,089 3,885,746
Mortgage loans held for sale 1,591,322 3,155,089 3,885,746
Mortgage loan receivables held for investment, net, at amortized cost:      
Mortgage loans receivable, beginning balance 3,155,089 3,885,746 3,553,737
Beginning balance, Allowance for credit losses (43,165) (20,755) (31,752)
Origination of mortgage loan receivables 195,232 68,415 1,234,765
Repayment of mortgage loan receivables (1,720,643) (726,710) (901,082)
Proceeds from sales of mortgage loan receivables 0   0
Non-cash disposition of loan via foreclosure (52,975) (91,408) (10,235)
Realized gain on sale of mortgage loan receivables 0 0 2,197
Accretion/amortization of discount, premium and other fees 14,619 19,046 20,759
Charge-offs     (14,395)
Charge-offs     14,395
Release of provision for current expected credit loss, net (14,181) (25,110)  
Release of provision for current expected credit loss, net     (3,398)
Mortgage loans receivable, ending balance 1,591,322 3,155,089 3,885,746
Ending balance, Allowance for credit losses $ (52,323) $ (43,165) (20,755)
Mortgage loan  receivables held for sale      
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]      
Fixed rate 4.57% 4.57%  
Carrying Amount of Mortgages $ 26,898 $ 26,868 27,391
Mortgage loans held for sale 26,898 26,868 27,391
Mortgage loan receivables held for investment, net, at amortized cost:      
Mortgage loans receivable, beginning balance 26,868 27,391 0
Origination of mortgage loan receivables 0 0 61,318
Repayment of mortgage loan receivables 0 0 (68)
Proceeds from sales of mortgage loan receivables 0   (29,151)
Realized gain on sale of mortgage loan receivables 30 (523) (4,708)
Accretion/amortization of discount, premium and other fees 0 0  
Charge-offs     0
Mortgage loans receivable, ending balance 26,898 $ 26,868 $ 27,391
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 1,616,025    
Carrying Amount of Mortgages 1,606,639    
Principal Amount of Mortgages Subject to Delinquent Principal or Interest 76,875    
Mortgage loans held for sale 1,606,639    
Mortgage loan receivables held for investment, net, at amortized cost:      
Mortgage loans receivable, ending balance 1,606,639    
Second Mortgage      
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]      
Prior Liens 80,713    
Face amount of Mortgages 11,603    
Carrying Amount of Mortgages 11,581    
Principal Amount of Mortgages Subject to Delinquent Principal or Interest 0    
Mortgage loans held for sale 11,581    
Mortgage loan receivables held for investment, net, at amortized cost:      
Mortgage loans receivable, ending balance $ 11,581    
Office | First Mortgages individually greater than 3%      
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]      
Fixed rate 8.24%    
Prior Liens $ 0    
Face amount of Mortgages 228,425    
Carrying Amount of Mortgages 227,254    
Principal Amount of Mortgages Subject to Delinquent Principal or Interest 0    
Mortgage loans held for sale 227,254    
Mortgage loan receivables held for investment, net, at amortized cost:      
Mortgage loans receivable, ending balance $ 227,254    
Office | First Mortgages individually greater than 3%      
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]      
Fixed rate 8.00%    
Prior Liens $ 0    
Face amount of Mortgages 80,000    
Carrying Amount of Mortgages 79,228    
Principal Amount of Mortgages Subject to Delinquent Principal or Interest 0    
Mortgage loans held for sale 79,228    
Mortgage loan receivables held for investment, net, at amortized cost:      
Mortgage loans receivable, ending balance $ 79,228    
Office | First Mortgages individually greater than 3%      
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]      
Fixed rate 11.49%    
Prior Liens $ 0    
Face amount of Mortgages 59,459    
Carrying Amount of Mortgages 59,459    
Principal Amount of Mortgages Subject to Delinquent Principal or Interest 0    
Mortgage loans held for sale 59,459    
Mortgage loan receivables held for investment, net, at amortized cost:      
Mortgage loans receivable, ending balance $ 59,459    
Office | First Mortgages individually greater than 3%      
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]      
Fixed rate 5.00%    
Prior Liens $ 0    
Face amount of Mortgages 48,000    
Carrying Amount of Mortgages 48,000    
Principal Amount of Mortgages Subject to Delinquent Principal or Interest 0    
Mortgage loans held for sale 48,000    
Mortgage loan receivables held for investment, net, at amortized cost:      
Mortgage loans receivable, ending balance $ 48,000    
Office | First Mortgages individually greater than 3%      
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]      
Fixed rate 11.49%    
Prior Liens $ 0    
Face amount of Mortgages 3,741    
Carrying Amount of Mortgages 3,678    
Principal Amount of Mortgages Subject to Delinquent Principal or Interest 0    
Mortgage loans held for sale 3,678    
Mortgage loan receivables held for investment, net, at amortized cost:      
Mortgage loans receivable, ending balance $ 3,678    
Multifamily | First Mortgages individually greater than 3%      
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]      
Fixed rate 8.48%    
Prior Liens $ 0    
Face amount of Mortgages 60,865    
Carrying Amount of Mortgages 60,865    
Principal Amount of Mortgages Subject to Delinquent Principal or Interest 60,865    
Mortgage loans held for sale 60,865    
Mortgage loan receivables held for investment, net, at amortized cost:      
Mortgage loans receivable, ending balance $ 60,865    
Multifamily | First Mortgages individually greater than 3%      
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]      
Fixed rate 9.47%    
Prior Liens $ 0    
Face amount of Mortgages 52,900    
Carrying Amount of Mortgages 52,900    
Principal Amount of Mortgages Subject to Delinquent Principal or Interest 0    
Mortgage loans held for sale 52,900    
Mortgage loan receivables held for investment, net, at amortized cost:      
Mortgage loans receivable, ending balance $ 52,900    
Multifamily | First Mortgages individually greater than 3%      
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]      
Fixed rate 8.14%    
Prior Liens $ 0    
Face amount of Mortgages 49,455    
Carrying Amount of Mortgages 49,455    
Principal Amount of Mortgages Subject to Delinquent Principal or Interest 0    
Mortgage loans held for sale 49,455    
Mortgage loan receivables held for investment, net, at amortized cost:      
Mortgage loans receivable, ending balance $ 49,455    
Multifamily | First Mortgages individually greater than 3%      
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]      
Fixed rate 7.67%    
Prior Liens $ 0    
Face amount of Mortgages 49,000    
Carrying Amount of Mortgages 48,490    
Principal Amount of Mortgages Subject to Delinquent Principal or Interest 0    
Mortgage loans held for sale 48,490    
Mortgage loan receivables held for investment, net, at amortized cost:      
Mortgage loans receivable, ending balance 48,490    
Office, Multi-Family, Mixed, Retail, Hotel, Industrial, Land | First Mortgages individually less than 3%      
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]      
Prior Liens 0    
Face amount of Mortgages 984,180    
Carrying Amount of Mortgages 977,310    
Principal Amount of Mortgages Subject to Delinquent Principal or Interest 16,010    
Mortgage loans held for sale 977,310    
Mortgage loan receivables held for investment, net, at amortized cost:      
Mortgage loans receivable, ending balance $ 977,310    
Office, Multi-Family, Mixed, Retail, Hotel, Industrial, Land | Minimum | First Mortgages individually less than 3%      
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]      
Fixed rate 4.25%    
Office, Multi-Family, Mixed, Retail, Hotel, Industrial, Land | Maximum | First Mortgages individually less than 3%      
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]      
Fixed rate 13.00%    
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 $ 80,713    
Face amount of Mortgages 11,603    
Carrying Amount of Mortgages 11,581    
Principal Amount of Mortgages Subject to Delinquent Principal or Interest 0    
Mortgage loans held for sale 11,581    
Mortgage loan receivables held for investment, net, at amortized cost:      
Mortgage loans receivable, ending balance $ 11,581    
Hotel | Minimum | Subordinated Mortgages individually less than 3%      
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]      
Fixed rate 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]      
Fixed rate 12.00%