ACRES Commercial Realty (ACR) 10-Q 7 Aug 23 2023 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2023	Aug. 04, 2023
Document Information [Line Items]
Entity Registrant Name	ACRES COMMERCIAL REALTY CORP.
Entity Central Index Key	0001332551
Current Fiscal Year End Date	--12-31
Entity Filer Category	Accelerated Filer
Document Type	10-Q
Document Period End Date	Jun. 30, 2023
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q2
Amendment Flag	false
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Common Stock, Shares Outstanding (in shares)		8,491,979
Entity Shell Company	false
Entity Current Reporting Status	Yes
Entity File Number	1-32733
Entity Tax Identification Number	20-2287134
Entity Address, Address Line One	390 RXR Plaza
Entity Address, City or Town	Uniondale
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	11556
City Area Code	516
Local Phone Number	535-0015
Entity Interactive Data Current	Yes
Document Quarterly Report	true
Document Transition Report	false
Entity Incorporation, State or Country Code	MD
Common Stock
Document Information [Line Items]
Title of 12(b) Security	Common Stock, $0.001 par value
Trading Symbol	ACR
Security Exchange Name	NYSE
8.625% Fixed-to-Floating Series C Cumulative Redeemable Preferred Stock
Document Information [Line Items]
Title of 12(b) Security	8.625% Fixed-to-Floating Series C Cumulative Redeemable Preferred Stock
Trading Symbol	ACRPrC
Security Exchange Name	NYSE
7.875% Series D Cumulative Redeemable Preferred Stock
Document Information [Line Items]
Title of 12(b) Security	7.875% Series D Cumulative Redeemable Preferred Stock
Trading Symbol	ACRPrD
Security Exchange Name	NYSE

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
ASSETS:
Cash and cash equivalents	$ 57,112	$ 66,232
Restricted cash	15,251	38,579
Accrued interest receivable	12,615	11,969
CRE loans	1,963,740	2,057,590
Less: allowance for credit losses	(25,651)	(18,803)
CRE loans, net	1,938,089	2,038,787
Loan receivable - related party	11,125	11,275
Investments in unconsolidated entities	1,548	1,548
Properties held for sale	61,565	53,769
Investments in real estate	137,363	120,968
Right of use assets	20,061	20,281
Intangible assets	8,376	8,880
Other assets	3,551	4,364
Total assets	2,266,656	2,376,652
LIABILITIES
Accounts payable and other liabilities	15,597	10,391
Management fee payable - related party	261	898
Accrued interest payable	7,181	6,921
Borrowings	1,749,199	1,867,033
Lease liabilities	43,988	43,695
Distributions payable	3,262	3,262
Accrued tax liability	142	113
Liabilities held for sale	3,025	3,025
Total liabilities	1,822,655	1,935,338
EQUITY
Common stock, par value $0.001: 41,666,666 shares authorized; 8,517,595 and 8,708,100 shares issued and outstanding (including 416,675 and 583,333 unvested restricted shares)	9	9
Additional paid-in capital	1,174,094	1,174,202
Accumulated other comprehensive loss	(5,604)	(6,394)
Distributions in excess of earnings	(733,958)	(732,359)
Total stockholders’ equity	434,551	435,468
Non-controlling interests	9,450	5,846
Total equity	444,001	441,314
TOTAL LIABILITIES AND EQUITY	2,266,656	2,376,652
8.625% Series C Preferred Stock
EQUITY
Preferred stock, value	5	5
7.875% Series D Preferred Stock
EQUITY
Preferred stock, value	$ 5	$ 5

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2023	Dec. 31, 2022
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized (in shares)	41,666,666	41,666,666
Common stock, shares issued (in shares)	8,517,595	8,708,100
Common stock, shares outstanding (in shares)	8,517,595	8,708,100
Common stock, shares issued, non-vested restricted shares (in shares)	416,675	583,333
Assets of consolidated variable interest entities (“VIEs”) included in total assets above:
Restricted cash	$ 15,251	$ 38,579
Accrued interest receivable	12,615	11,969
CRE loans	1,938,089	2,038,787
Other assets	3,551	4,364
Total assets of consolidated VIEs	2,266,656	2,376,652
Accounts payable and other liabilities	15,597	10,391
Accrued interest payable	7,181	6,921
Borrowings	1,749,199	1,867,033
Total liabilities of consolidated VIEs	$ 1,822,655	$ 1,935,338
8.625% Series C Preferred Stock
Preferred stock, par value (in dollars per share)	$ 0.001	$ 0.001
Preferred stock, shares authorized (in shares)	10,000,000	10,000,000
Preferred stock, liquidation preference (in dollars per share)	$ 25	$ 25
Preferred stock, coupon authorized	8.625%	8.625%
Preferred stock, shares issued (in shares)	4,800,000	4,800,000
Preferred stock, shares outstanding (in shares)	4,800,000	4,800,000
7.875% Series D Preferred Stock
Preferred stock, par value (in dollars per share)	$ 0.001	$ 0.001
Preferred stock, shares authorized (in shares)	6,800,000	6,800,000
Preferred stock, liquidation preference (in dollars per share)	$ 25	$ 25
Preferred stock, coupon authorized	7.875%	7.875%
Preferred stock, shares issued (in shares)	4,607,857	4,607,857
Preferred stock, shares outstanding (in shares)	4,607,857	4,607,857
VIE, Primary Beneficiary
Assets of consolidated variable interest entities (“VIEs”) included in total assets above:
Restricted cash	$ 14,483	$ 38,180
Accrued interest receivable	9,144	8,184
Other assets	83	119
Total assets of consolidated VIEs	1,504,965	1,503,132
Accounts payable and other liabilities	122	93
Accrued interest payable	3,305	3,083
Borrowings	1,234,303	1,233,556
Total liabilities of consolidated VIEs	1,237,730	1,236,732
VIE, Primary Beneficiary | Pledged as Collateral
Assets of consolidated variable interest entities (“VIEs”) included in total assets above:
CRE loans	$ 1,481,255	$ 1,456,649

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Interest income:
CRE loans	$ 46,351	$ 26,964	$ 90,821	$ 49,621
Other	797	55	1,656	74
Total interest income	47,148	27,019	92,477	49,695
Interest expense	32,442	15,745	63,817	30,652
Net interest income	14,706	11,274	28,660	19,043
Real estate income	8,879	8,777	15,950	11,915
Other revenue	37	19	70	35
Total revenues	23,622	20,070	44,680	30,993
OPERATING EXPENSES
General and administrative	2,348	2,353	5,327	5,810
Real estate expenses	10,492	9,162	19,352	13,956
Management fees - related party	1,890	1,672	3,663	3,354
Equity compensation - related party	719	991	1,613	1,735
Corporate depreciation and amortization	23	21	46	43
Provision for (reversal of) credit losses, net	2,700	524	7,796	(1,278)
Total operating expenses	18,172	14,723	37,797	23,620
Net interest and other revenues less operating expenses	5,450	5,347	6,883	7,373
OTHER INCOME (EXPENSE)
Loss on extinguishment of debt	0	0	0	(460)
Gain on sale of real estate	0	0	745	0
Other income	242	175	352	973
Total other income	242	175	1,097	513
INCOME BEFORE TAXES	5,692	5,522	7,980	7,886
Income tax expense	(134)	0	(129)	(280)
NET INCOME	5,558	5,522	7,851	7,606
Net income allocated to preferred shares	(4,856)	(4,856)	(9,711)	(9,711)
Net loss allocable to non-controlling interest, net of taxes	115	24	261	24
NET INCOME (LOSS) ALLOCABLE TO COMMON SHARES	$ 817	$ 690	$ (1,599)	$ (2,081)
NET INCOME (LOSS) PER COMMON SHARE - BASIC	$ 0.10	$ 0.08	$ (0.19)	$ (0.23)
NET INCOME (LOSS) PER COMMON SHARE - DILUTED	$ 0.10	$ 0.08	$ (0.19)	$ (0.23)
WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING - BASIC	8,451,973	8,888,461	8,476,059	8,992,142
WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING - DILUTED	8,534,558	8,914,172	8,476,059	8,992,142

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Statement Of Income And Comprehensive Income [Abstract]
Net [income]	$ 5,558	$ 5,522	$ 7,851	$ 7,606
Other comprehensive income
Reclassification adjustments associated with net unrealized losses from interest rate swaps included in net income	397	461	790	917
Total other comprehensive income	397	461	790	917
Comprehensive income before allocation to preferred shares	5,955	5,983	8,641	8,523
Net loss allocated to non-controlling interests shares	115	24	261	24
Net income allocated to preferred shares	(4,856)	(4,856)	(9,711)	(9,711)
Comprehensive income (loss) allocable to common shares	$ 1,214	$ 1,151	$ (809)	$ (1,164)

CONSOLIDATED STATEMENTS OF CHAN

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - USD ($) $ in Thousands	Total	Common Stock	Preferred Stock 8.625% Series C Preferred Stock	Preferred Stock 7.875% Series D Preferred Stock	Additional Paid-in Capital	Accumulated Other Comprehensive Loss	Retained Earnings (Distributions In Excess of Earnings)	Parent	Non-Controlling Interest
Beginning balance at Dec. 31, 2021	$ 448,195	$ 9	$ 5	$ 5	$ 1,179,863	$ (8,127)	$ (723,560)	$ 448,195
Beginning balance (in shares) at Dec. 31, 2021		9,149,079
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Offering costs	(37)				(37)			(37)
Purchase and retirement of common stock	(3,885)				(3,885)			(3,885)
Purchase and retirement of common stock (in shares)		(314,552)
Amortization of stock-based compensation	744				744			744
Net income	2,084						2,084	2,084
Distributions and accrual of cumulative preferred stock dividends	(4,855)						(4,855)	(4,855)
Amortization of terminated derivatives	456					456		456
Ending balance at Mar. 31, 2022	442,702	$ 9	5	5	1,176,685	(7,671)	(726,331)	442,702
Ending balance (in shares) at Mar. 31, 2022		8,834,527
Beginning balance at Dec. 31, 2021	448,195	$ 9	5	5	1,179,863	(8,127)	(723,560)	448,195
Beginning balance (in shares) at Dec. 31, 2021		9,149,079
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	7,606
Ending balance at Jun. 30, 2022	447,326	$ 9	5	5	1,175,146	(7,210)	(725,641)	442,314	$ 5,012
Ending balance (in shares) at Jun. 30, 2022		8,930,130
Beginning balance at Mar. 31, 2022	442,702	$ 9	5	5	1,176,685	(7,671)	(726,331)	442,702
Beginning balance (in shares) at Mar. 31, 2022		8,834,527
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Offering costs	(33)				(33)			(33)
Purchase and retirement of common stock	(2,497)				(2,497)			(2,497)
Purchase and retirement of common stock (in shares)		(237,730)
Stock-based compensation (in shares)		333,333
Amortization of stock-based compensation	991				991			991
Contributions from non-controlling interests	5,036								5,036
Net income	5,522						5,546	5,546	(24)
Distributions and accrual of cumulative preferred stock dividends	(4,856)						(4,856)	(4,856)
Amortization of terminated derivatives	461					461		461
Ending balance at Jun. 30, 2022	447,326	$ 9	5	5	1,175,146	(7,210)	(725,641)	442,314	5,012
Ending balance (in shares) at Jun. 30, 2022		8,930,130
Beginning balance at Dec. 31, 2022	$ 441,314	$ 9	5	5	1,174,202	(6,394)	(732,359)	435,468	5,846
Beginning balance (in shares) at Dec. 31, 2022	8,708,100	8,708,100
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Purchase and retirement of common stock	$ (756)				(756)			(756)
Purchase and retirement of common stock (in shares)		(79,744)
Stock-based compensation	170				170			170
Stock-based compensation (in shares)		17,780
Amortization of stock-based compensation	894				894			894
Contributions from non-controlling interests	2,332								2,332
Net income	2,293						2,439	2,439	(146)
Distributions and accrual of cumulative preferred stock dividends	(4,855)						(4,855)	(4,855)
Amortization of terminated derivatives	393					393		393
Ending balance at Mar. 31, 2023	441,785	$ 9	5	5	1,174,510	(6,001)	(734,775)	433,753	8,032
Ending balance (in shares) at Mar. 31, 2023		8,646,136
Beginning balance at Dec. 31, 2022	$ 441,314	$ 9	5	5	1,174,202	(6,394)	(732,359)	435,468	5,846
Beginning balance (in shares) at Dec. 31, 2022	8,708,100	8,708,100
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	$ 7,851
Ending balance at Jun. 30, 2023	$ 444,001	$ 9	5	5	1,174,094	(5,604)	(733,958)	434,551	9,450
Ending balance (in shares) at Jun. 30, 2023	8,517,595	8,517,595
Beginning balance at Mar. 31, 2023	$ 441,785	$ 9	5	5	1,174,510	(6,001)	(734,775)	433,753	8,032
Beginning balance (in shares) at Mar. 31, 2023		8,646,136
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Purchase and retirement of common stock	(1,200)				(1,200)			(1,200)
Purchase and retirement of common stock (in shares)		(135,416)
Stock-based compensation	65				65			65
Stock-based compensation (in shares)		6,875
Amortization of stock-based compensation	719				719			719
Contributions from non-controlling interests	1,533								1,533
Net income	5,558						5,673	5,673	(115)
Distributions and accrual of cumulative preferred stock dividends	(4,856)						(4,856)	(4,856)
Amortization of terminated derivatives	397					397		397
Ending balance at Jun. 30, 2023	$ 444,001	$ 9	$ 5	$ 5	$ 1,174,094	$ (5,604)	$ (733,958)	$ 434,551	$ 9,450
Ending balance (in shares) at Jun. 30, 2023	8,517,595	8,517,595

CONSOLIDATED STATEMENTS OF CH_2

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (Parenthetical)	Aug. 31, 2022	Jun. 30, 2022	Aug. 16, 2021	Aug. 31, 2017
Interest rate, stated percentage			5.75%
4.5% Convertible Senior Notes
Interest rate, stated percentage	4.50%	4.50%		4.50%

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$ 7,851	$ 7,606
Adjustments to reconcile net income to net cash provided by operating activities:
Provision for (reversal of) credit losses, net	7,796	(1,278)
Depreciation, amortization and accretion	2,683	5,364
Amortization of stock-based compensation	1,613	1,735
Loss on the extinguishment of debt	0	460
Gain on sale of real estate	(745)	0
Changes in operating assets and liabilities	5,271	(170)
Net cash provided by operating activities	24,469	13,717
CASH FLOWS FROM INVESTING ACTIVITIES:
Origination and purchase of loans	(66,885)	(392,121)
Principal payments received on loans and leases	141,430	216,368
Investments in real estate	(15,352)	(72,279)
Proceeds from sale of real estate	14,309	0
Purchase of furniture and fixtures	0	(20)
Principal payments received on loan - related party	150	125
Net cash provided by (used in) investing activities	73,652	(247,927)
CASH FLOWS FROM FINANCING ACTIVITIES:
Repurchase of common stock	(1,956)	(6,382)
Proceeds from issuance of preferred shares (net of $70 of underwriting discounts and offering costs)	0	(70)
Proceeds from borrowings:
Senior secured financing facility	0	30,025
Warehouse financing facilities and repurchase agreements	11,888	298,882
Mortgage payable	144	18,710
Payments on borrowings:
Securitizations	(851)	(237,189)
Senior secured financing facility	(40,554)	(10,150)
Warehouse financing facilities and repurchase agreements	(89,606)	(38,150)
Convertible senior notes		(39,839)
Payment of debt issuance costs	(3,787)	(646)
Proceeds received from non-controlling interests	3,865	5,036
Distributions paid on preferred stock	(9,711)	(9,711)
Net cash (used in) provided by financing activities	(130,568)	10,516
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS AND RESTRICTED CASH	(32,447)	(223,694)
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH AT BEGINNING OF PERIOD	104,810	283,931
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH AT END OF PERIOD	$ 72,363	$ 60,237

CONSOLIDATED STATEMENTS OF CA_2

CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) $ in Thousands	6 Months Ended
	Jun. 30, 2022 USD ($)
Statement Of Cash Flows [Abstract]
Underwriting discounts and offering costs	$ 70

ORGANIZATION

ORGANIZATION	6 Months Ended
	Jun. 30, 2023
Organization Consolidation And Presentation Of Financial Statements [Abstract]
ORGANIZATION	NOTE 1 - ORGANIZATION ACRES Commercial Realty Corp., a Maryland corporation, along with its subsidiaries (collectively, the “Company”), is a real estate investment trust (“REIT”) that is primarily focused on originating, holding and managing commercial real estate (“CRE”) mortgage loans and equity investments in commercial real estate properties through direct ownership and joint ventures. The Company’s manager is ACRES Capital, LLC (the “Manager”), a subsidiary of ACRES Capital Corp. (collectively, “ACRES”), a private commercial real estate lender exclusively dedicated to nationwide middle market CRE lending with a focus on multifamily, student housing, hospitality, office and industrial property in top United States (“U.S.”) markets. The Company has qualified, and expects to qualify in the current fiscal year, as a REIT. The Company conducts its operations through the use of subsidiaries that it consolidates into its financial statements. The Company’s core assets are consolidated through its investment in ACRES Realty Funding, Inc. (“ACRES RF”), a wholly-owned subsidiary that holds CRE loans, investments in commercial real estate properties and investments in CRE securitizations, which are consolidated as VIEs as discussed in Note 3.

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	6 Months Ended
	Jun. 30, 2023
Accounting Policies [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Principles of Consolidation The accompanying consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the U.S. (“GAAP”). The consolidated financial statements include the accounts of the Company, majority-owned or controlled subsidiaries and VIEs for which the Company is considered the primary beneficiary. All inter-company transactions and balances have been eliminated in consolidation. Basis of Presentation All adjustments necessary to fairly present the Company’s financial position, results of operations and cash flows have been made. Use of Estimates The preparation of 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 date of the financial statements and within the period of financial results. Actual results could differ from those estimates. Estimates affecting the accompanying consolidated financial statements include, but are not limited to, the net realizable and fair values of the Company’s investments and derivatives, the estimated useful lives used to calculate depreciation, the expected lives over which to amortize premiums and accrete discounts, reversals of or provisions for expected credit losses and the disclosure of contingent liabilities. Cash and Cash Equivalents Cash and cash equivalents include cash on hand and all highly liquid investments with original maturities of three months or less at the time of purchase. At June 30, 2023 and December 31, 2022 , $ 53.1 million and $ 63.3 million, respectively, of the reported cash balances exceeded the Federal Deposit Insurance Corporation and Securities Investor Protection Corporation deposit insurance limits of $250,000 per respective depository or brokerage institution. However, all of the Company’s cash deposits are held at multiple, established financial institutions, in multiple accounts associated with its parent and respective consolidated subsidiaries, to minimize credit risk exposure. The Company has not experienced, and does not expect, any losses on its cash and cash equivalents. Restricted cash includes required account balance minimums primarily for the Company’s CRE debt securitizations as well as cash held in the syndicated corporate loan collateralized debt obligations (“CDOs”). The following table provides a reconciliation of cash, cash equivalents and restricted cash on the consolidated balance sheets to the total amount shown on the consolidated statements of cash flows (in thousands): June 30, 2023 2022 Cash and cash equivalents $ 57,112 $ 34,870 Restricted cash 15,251 25,367 Total cash, cash equivalents and restricted cash shown on the Company’s consolidated statements of cash flows $ 72,363 $ 60,237 Investment in Real Estate The Company depreciates investments in real estate and amortizes related intangible assets over the estimated useful lives of the assets as follows: Category Term Building 35 to 40 years Building improvements 8 to 35 years Site improvements 10 years Tenant improvements Shorter of lease term or expected useful life Furniture, fixtures and equipment 3 to 12 years Right of use assets 7 to 94 years Intangible assets 90 days to 18 years Lease liabilities 7 to 94 years Income Taxes The Company recorded a full valuation allowance against its net deferred tax assets (tax effected expense of $ 21.0 million ) at June 30, 2023 , as the Company believes it is more likely than not that the deferred tax assets will not be realized. This assessment was based on the Company’s cumulative historical losses and uncertainties as to the amount of taxable income that would be generated in future years by the Company’s taxable REIT subsidiaries. Earnings per Share The Company presents both basic and diluted earnings per share (“EPS”). Basic EPS excludes dilution and is computed by dividing net income (loss) allocable to common shareholders by the weighted average number of shares outstanding for the period. Diluted EPS reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock, where such exercise or conversion would result in a lower EPS amount. Reference Rate Reform Historically, the Company has used LIBOR as the benchmark interest rate for its floating-rate whole loans and the Company has been exposed to LIBOR through its floating-rate borrowings. In March 2021, the United Kingdom’s, or U.K.’s, Financial Conduct Authority (“FCA”) announced that it would cease publication of the one-week and the two-month USD LIBOR immediately after December 31, 2021 and cease publication of the remaining tenors immediately after June 30, 2023. In July 2021, the U.S. Federal Reserve, in conjunction with the Alternative Reference Rates Committee, a steering committee composed of large U.S. financial institutions, identified the Secured Overnight Financing Rate (“SOFR”) as its preferred alternative rate for LIBOR. Following this announcement, the Company began to transition the contractual benchmark rates of existing floating-rate whole loans and borrowings to alternate rates. Additionally, beginning January 1, 2022, all variable rate loans originated by the Company and all variable rate borrowings acquired had been benchmarked to SOFR. At June 30, 2023, the Company's whole loan portfolio had a carrying value of $ 1.9 billion of floating rate loans, all of which have interest rates tied to SOFR. At June 30, 2023, the Company had $ 1.6 billion of outstanding floating rate borrowings, 3.2 % or $ 51.5 million of which have interest rates tied to LIBOR and 96.8 % or $ 1.5 billion of which have interest rates tied to SOFR. The Company expects to complete the process of converting its LIBOR-based borrowings to an applicable benchmark interest rate during 2023. Recent Accounting Standards Accounting Standards Adopted in 2023 In March 2022, the Financial Accounting Standards Board ("FASB") issued an amendment eliminating certain previously issued accounting guidance for troubled-debt restructurings (“TDRs”) and enhancing disclosure requirements surrounding refinancings, restructurings, and write-offs. Current GAAP provides an exception to the general recognition and measurement guidance for loan restructurings if they meet specific criteria to be considered TDRs. If a modification is a TDR, incremental expected losses are recorded in the allowance for credit losses upon modification and specific disclosures are required. The new amendment eliminates the TDR recognition and measurement guidance and requires the reporting entity to evaluate whether the modification represents a new loan or a continuation of an existing loan, consistent with accounting for other loan modifications. The amendment also requires public business entities to disclose current-period gross write-offs by year of origination for certain financing receivables and net investments in leases. The Company adopted this guidance during the six months ended June 30, 2023 and the adoption did no t have a material impact on the Company's consolidated financial statements.

VARIABLE INTEREST ENTITIES

VARIABLE INTEREST ENTITIES	6 Months Ended
	Jun. 30, 2023
Organization Consolidation And Presentation Of Financial Statements [Abstract]
VARIABLE INTEREST ENTITIES	NOTE 3 - VARIABLE INTEREST ENTITIES The Company has evaluated its loans, investments in unconsolidated entities, liabilities to subsidiary trusts issuing preferred securities (consisting of unsecured junior subordinated notes), securitizations, guarantees and other financial contracts in order to determine if they are variable interests in VIEs. The Company regularly monitors these legal interests and contracts and, to the extent it has determined that it has a variable interest, analyzes the related entity for potential consolidation. Consolidated VIEs (the Company is the primary beneficiary) Based on management’s analysis, the Company was the primary beneficiary of five VIEs at both June 30, 2023 and December 31, 2022 (collectively, the “Consolidated VIEs”). The Consolidated VIEs are CRE securitizations and CDOs that were formed on behalf of the Company to invest in real estate-related securities, commercial mortgage-backed securities (“CMBS”), syndicated corporate loans and corporate bonds and were financed by the issuance of debt securities. By financing these assets with long-term borrowings through the issuance of debt securities, the Company seeks to generate attractive risk-adjusted equity returns and to match the term of its assets and liabilities. The primary beneficiary determination for each of these VIEs was made at each VIE’s inception and is continually assessed. In April 2022, the Company contributed an initial investment of $ 13.0 million for a 72.1 % interest in Charles Street-ACRES FSU Student Venture, LLC (the “FSU Student Venture”). The FSU Student Venture, a joint venture between the Company and two unrelated third parties, was formed for the purpose of developing a student housing project. The FSU Student Venture was determined not to be a VIE as there was sufficient equity at risk, it does not have disproportionate voting rights and its members all have the following characteristics: (1) the power to direct activities (2) the obligation to absorb losses and (3) the right to receive residual returns. However, the Company consolidated the FSU Student Venture due to its 72.1 % interest that provides the Company with unilateral control over all major decisions of the joint venture. The portion of the joint venture that the Company does not own is presented as non-controlling interest at and for the periods presented in the Company’s consolidated financial statements. The Company has exposure to losses on its securitizations to the extent of its investments in the subordinated debt and preferred equity of each securitization. The Company is entitled to receive payments of principal and interest on the debt securities it holds and, to the extent revenues exceed debt service requirements and other expenses of the securitizations, distributions with respect to its preferred equity interests. As a result of consolidation, the debt and equity interests the Company holds in these securitizations have been eliminated; and the Company’s consolidated balance sheets reflect the assets held, debt issued by the securitizations to third parties and any accrued payables to third parties. The Company’s operating results and cash flows include the gross amounts related to the securitizations’ assets and liabilities as opposed to the Company’s net economic interests in the securitizations. Assets and liabilities related to the securitizations are disclosed, in the aggregate, on the Company’s consolidated balance sheets. For a discussion of the debt issued through the securitizations, see Note 10. Creditors of the Company’s Consolidated VIEs have no recourse to the general credit of the Company, nor to each other. During the six months ended June 30, 2023 and 2022, the Company did not provide any financial support to any of its VIEs nor does it have any requirement to do so, although it may choose to do so in the future to maximize future cash flows on such investments by the Company. There are no explicit arrangements that obligate the Company to provide financial support to any of its Consolidated VIEs. The following table shows the classification and carrying values of assets and liabilities of the Company’s Consolidated VIEs at June 30, 2023 (in thousands): CRE Securitizations Other Total ASSETS Restricted cash $ 14,201 $ 282 $ 14,483 Accrued interest receivable 9,144 — 9,144 CRE loans, pledged as collateral (1) 1,481,255 — 1,481,255 Other assets 27 56 83 Total assets (2) $ 1,504,627 $ 338 $ 1,504,965 LIABILITIES Accounts payable and other liabilities $ 122 $ — $ 122 Accrued interest payable 3,305 — 3,305 Borrowings 1,234,303 — 1,234,303 Total liabilities $ 1,237,730 $ — $ 1,237,730 (1) Excludes allowance for credit losses. (2) Assets of each of the Consolidated VIEs may only be used to settle the obligations of each respective VIE. Unconsolidated VIEs (the Company is not the primary beneficiary, but has a variable interest) Based on management’s analysis, the Company is not the primary beneficiary of the VIEs discussed below since it does not have both (i) the power to direct the activities that most significantly impact the VIE’s economic performance and (ii) the obligation to absorb the losses of the VIE or the right to receive the benefits from the VIE, which could be significant to the VIE. Accordingly, the following VIEs are not consolidated in the Company’s financial statements at June 30, 2023. The Company continuously reassesses whether it is deemed to be the primary beneficiary of its unconsolidated VIEs. The Company’s maximum exposure to risk for each of these unconsolidated VIEs is set forth in the “Maximum Exposure to Loss” column in the table below. Unsecured Junior Subordinated Debentures The Company has a 100 % interest in the common shares of each of Resource Capital Trust I (“RCT I”) and RCC Trust II (“RCT II”), respectively, with a value of $ 1.5 million in the aggregate, or 3.0 % of each trust, at June 30, 2023. RCT I and RCT II were formed for the purposes of providing debt financing to the Company. The Company completed a qualitative analysis to determine whether it is the primary beneficiary of each of the trusts and determined that it was not the primary beneficiary of either trust because it does not have the power to direct the activities most significant to the trusts, which include the collection of principal and interest through servicing rights. Accordingly, neither trust is consolidated into the Company’s consolidated financial statements. The Company records its investments in RCT I and RCT II’s common shares of $ 774,000 each as investments in unconsolidated entities using the cost method, recording dividend income when declared by RCT I and RCT II. The trusts each hold subordinated debentures for which the Company is the obligor in the amount of $ 25.8 million for each of RCT I and RCT II. The debentures were funded by the issuance of trust preferred securities of RCT I and RCT II. The following table shows the classification, carrying value and maximum exposure to loss with respect to the Company’s unconsolidated VIEs at June 30, 2023 (in thousands): Unsecured Junior Subordinated Debentures Maximum Exposure to Loss ASSETS Accrued interest receivable $ 12 $ — Investments in unconsolidated entities 1,548 $ 1,548 Total assets 1,560 LIABILITIES Accrued interest payable 404 N/A Borrowings 51,548 N/A Total liabilities 51,952 Net (liability) asset $ ( 50,392 ) At June 30, 2023 , there were no explicit arrangements or implicit variable interests that could require the Company to provide financial support to any of its unconsolidated VIEs.

SUPPLEMENTAL CASH FLOW INFORMAT

SUPPLEMENTAL CASH FLOW INFORMATION	6 Months Ended
	Jun. 30, 2023
Supplemental Cash Flow Elements [Abstract]
SUPPLEMENTAL CASH FLOW INFORMATION	NOTE 4 - SUPPLEMENTAL CASH FLOW INFORMATION The following table summarizes the Company’s supplemental disclosure of cash flow information (in thousands): For the Six Months Ended June 30, 2023 2022 Supplemental cash flows: Interest expense paid in cash $ 60,035 $ 24,736 Income taxes paid in cash 101 180 Non-cash investing activities include the following: Proceeds from the receipt of deed-in-lieu of foreclosure $ 20,900 $ — Investment in properties held for sale related to the receipt of deed-in-lieu of foreclosure ( 20,900 ) — Non-cash financing activities include the following: Incentive compensation paid in common stock $ 234 $ — Distributions on preferred stock accrued but not paid 3,262 3,262

LOANS

LOANS	6 Months Ended
	Jun. 30, 2023
Loans Held For Investment [Abstract]
LOANS	NOTE 5 - LOANS The following is a summary of the Company’s CRE loans held for investment by asset type (dollars in thousands, except amounts in footnotes): Description Quantity Principal Unamortized (Discount) Premium, net (1) Amortized Cost Allowance for Credit Losses Carrying Value Contractual Interest Rates (2) Maturity Dates (3)(4) At June 30, 2023: Whole loans (5)(6) 77 $ 1,968,322 $ ( 9,282 ) $ 1,959,040 $ ( 20,951 ) $ 1,938,089 1M BR plus 2.86 % to 1M BR plus 8.61 % July 2023 to July 2026 Mezzanine loan (5) 1 4,700 — 4,700 ( 4,700 ) — 10.00 % June 2028 Total $ 1,973,022 $ ( 9,282 ) $ 1,963,740 $ ( 25,651 ) $ 1,938,089 At December 31, 2022: Whole loans (5)(6) 81 $ 2,065,504 $ ( 12,614 ) $ 2,052,890 $ ( 14,103 ) $ 2,038,787 1M BR plus 2.85 % to 1M BR plus 8.50 % January 2023 to July 2026 Mezzanine loan (5) 1 4,700 — 4,700 ( 4,700 ) — 10.00 % June 2028 Total $ 2,070,204 $ ( 12,614 ) $ 2,057,590 $ ( 18,803 ) $ 2,038,787 (1) Amounts include unamortized loan origination fees of $ 9.0 million and $ 12.3 million and deferred amendment fees of $ 257,000 and $ 308,000 at June 30, 2023 and December 31, 2022, respectively. (2) Benchmark rates ("BR") comprise one-month LIBOR or one-month Term SOFR. At June 30, 2023, all of the Company's whole loans used one-month Term SOFR. Weighted-average one-month benchmark rates were 5.22 % and 4.21 % at June 30, 2023 and December 31, 2022, respectively. Additionally, weighted-average benchmark rate floors were 0.68 % at both June 30, 2023 and December 31, 2022. (3) Maturity dates exclude contractual extension options, subject to the satisfaction of certain terms that may be available to the borrowers. (4) Maturity dates exclude two and three whole loans, with amortized costs of $ 28.2 million and $ 51.6 million, in maturity default at June 30, 2023 and December 31, 2022, respectively. (5) Substantially all loans are pledged as collateral under various borrowings at June 30, 2023 and December 31, 2022. (6) CRE whole loans had $ 128.7 million and $ 158.2 million in unfunded loan commitments at June 30, 2023 and December 31, 2022, respectively. These unfunded loan commitments are advanced as the borrowers formally request additional funding and meet certain benchmarks, as permitted under the loan agreement, and any necessary approvals have been obtained. The following is a summary of the Company’s CRE loans held for investment by property type and geographic location (dollars in thousands): June 30, 2023 December 31, 2022 Property Type Carrying Value % of Loan Portfolio Carrying Value % of Loan Portfolio Multifamily $ 1,460,600 75.4 % $ 1,531,697 75.2 % Office (1)(2) 254,503 13.1 % 269,201 13.2 % Hotel 146,099 7.5 % 178,160 8.7 % Self-Storage 68,862 3.6 % 51,704 2.5 % Retail (3) 8,025 0.4 % 8,025 0.4 % Total $ 1,938,089 100 % $ 2,038,787 100 % (1) Includes one and two whole loans in maturity default with carrying values of $ 20.1 million and $ 42.5 million at June 30, 2023 and December 31, 2022, respectively. (2) Includes one mezzanine loan with a par value of $ 4.7 million that is fully reserved at both June 30, 2023 and December 31, 2022. (3) Comprises one whole loan in maturity default at both June 30, 2023 and December 31, 2022. June 30, 2023 December 31, 2022 Geographic Location Carrying Value % of Loan Portfolio Carrying Value % of Loan Portfolio Southwest (1) $ 458,573 23.6 % $ 472,327 23.2 % Southeast 410,732 21.2 % 438,403 21.5 % Mountain 274,289 14.2 % 329,828 16.2 % Mid Atlantic 251,757 13.0 % 248,740 12.2 % Pacific 170,986 8.8 % 191,706 9.4 % Northeast (2) 200,865 10.4 % 170,236 8.3 % East North Central (3) 106,969 5.5 % 125,211 6.1 % West North Central 63,918 3.3 % 62,336 3.1 % Total $ 1,938,089 100 % $ 2,038,787 100 % (1) Includes one whole loan in maturity default with carrying values of $ 20.1 million and $ 20.7 million at June 30, 2023 and December 31, 2022, respectively. (2) Includes one whole loan in maturity default with a carrying value of $ 8.0 million at both June 30, 2023 and December 31, 2022 . Also includes one mezzanine loan with a par value of $ 4.7 million that is fully reserved at both June 30, 2023 and December 31, 2022. (3) Includes one whole loan in maturity default with a carrying value of $ 21.7 million at December 31, 2022 . The following is a summary of the contractual maturities of the Company’s CRE loans held for investment, at amortized cost (in thousands, except amounts in the footnotes): Description 2023 2024 2025 and Thereafter Total At June 30, 2023: Whole loans (1) $ 113,075 $ 933,116 $ 884,685 $ 1,930,876 Mezzanine loan — — 4,700 4,700 Total CRE loans (2) $ 113,075 $ 933,116 $ 889,385 $ 1,935,576 Description 2023 2024 2025 and Thereafter Total At December 31, 2022: Whole loans (1) $ 268,120 $ 882,175 $ 851,031 $ 2,001,326 Mezzanine loan — — 4,700 4,700 Total CRE loans (2) $ 268,120 $ 882,175 $ 855,731 $ 2,006,026 (1) Maturity dates exclude two and three whole loans, with amortized costs of $ 28.2 million and $ 51.6 million, in maturity default at June 30, 2023 and December 31, 2022, respectively. (2) At June 30, 2023 , the amortized costs of the floating-rate CRE whole loans, summarized by contractual maturity assuming full exercise of the extension options, were $ 58.4 million, $ 90.8 million and $ 1.8 billion in 2023, 2024 and 2025 and thereafter, respectively. At December 31, 2022 , the amortized costs of the floating-rate CRE whole loans, summarized by contractual maturity assuming full exercise of the extension options, were $ 113.8 million, $ 68.6 million and $ 1.8 billion in 2023, 2024 and 2025 and thereafter, respectively. At June 30, 2023 and December 31, 2022, no single loan or investment represented more than 10% of the Company’s total assets, and no single investment group generated over 10% of the Company’s revenue. Principal Paydowns Receivable Principal paydowns receivable represents loan principal payments that have been received by the Company’s servicers and trustees but have not been remitted to the Company. At both June 30, 2023 and December 31, 2022 , the Company had no loan principal paydowns receivable.

FINANCING RECEIVABLES

FINANCING RECEIVABLES	6 Months Ended
	Jun. 30, 2023
Receivables [Abstract]
FINANCING RECEIVABLES	90 Days and Accruing At June 30, 2023: Whole loans, floating-rate $ — $ — $ 28,164 $ 28,164 $ 1,930,876 $ 1,959,040 $ — Mezzanine loan (4) 4,700 — — 4,700 — 4,700 — Total $ 4,700 $ — $ 28,164 $ 32,864 $ 1,930,876 $ 1,963,740 $ — At December 31, 2022: Whole loans, floating-rate $ — $ — $ 28,767 $ 28,767 $ 2,024,123 $ 2,052,890 $ — Mezzanine loan (4) — — — — 4,700 4,700 — Total $ — $ — $ 28,767 $ 28,767 $ 2,028,823 $ 2,057,590 $ — (1) During the three and six months ended June 30, 2023 , the Company recognized interest income of $ 837,000 and $ 1.8 million, respectively, on two CRE whole loans with a principal payment past due greater than 90 days at June 30, 2023. During the three and six months ended June 30, 2022 , the Company recognized interest income of $ 333,000 and $ 669,000 , respectively, on two CRE whole loans with a principal payment past due greater than 90 days at June 30, 2023. (2) Includes one CRE whole loan, with an amortized cost of $ 22.8 million, in maturity default at December 31, 2022. (3) The total amortized cost of CRE whole loans excluded accrued interest receivable of $ 12.6 million and $ 11.9 million at June 30, 2023 and December 31, 2022, respectively. (4) Fully reserved at both June 30, 2023 and December 31, 2022. At June 30, 2023 , the Company had two CRE whole loans, with total amortized costs of $ 28.2 million , and one mezzanine loan, with a total amortized cost of $ 4.7 million, in payment default. At December 31, 2022 , the Company had three CRE whole loans, with total amortized costs of $ 51.6 million, in payment default. Modifications During the six months ended June 30, 2023 , the Company did not enter into any loan modifications for borrowers that are experiencing financial difficulty. During the six months ended June 30, 2022, the Company entered into three agreements that extended one CRE whole loan for a borrower experiencing financial difficulty. At June 30, 2022, this loan had an amortized cost of $ 21.8 million, which represented 1.0 % of the total amortized cost of the portfolio." id="sjs-B4">NOTE 6 - FINANCING RECEIVABLES The following table shows the activity in the allowance for credit losses for the six months ended June 30, 2023 and the year ended December 31, 2022 (in thousands): Six Months Ended June 30, 2023 Year Ended December 31, 2022 Allowance for credit losses at beginning of period $ 18,803 $ 8,805 Provision for credit losses 7,796 12,295 Charge offs ( 948 ) ( 2,297 ) Allowance for credit losses at end of period $ 25,651 $ 18,803 During the three and six months ended June 30, 2023, the Company recorded provisions for expected credit losses of $ 2.7 million and $ 7.8 million , respectively, primarily attributable to the impact from the near-term macroeconomic outlook of the commercial real estate market, including: forecasted increases in short-term interest rates, continued expected declines in commercial real estate pricing and forecasted higher unemployment rates, partially offset by improvements in property-level cash flows. In June 2023, the Company received the deed-in-lieu of foreclosure on an office loan in the East North Central region with a principal balance of $ 22.8 million which resulted in a charge off of $ 948,000 against the allowance for credit losses (see Note 7). During the three months ended June 30, 2022 , the Company recorded a provision for expected credit losses of approximately $ 524,000 primarily attributable to a decline in macroeconomic factors, offset by improvements in property-level cash flows. During the six months ended June 30, 2022 , reversal of expected credit losses in the first quarter of 2022 outpaced the provision during the second quarter of 2022, resulting in a net reversal of $ 1.3 million in connection with resolutions of loans with specific reserves and continued improvements in property-level operations. At June 30, 2023 and December 31, 2022, the Company individually evaluated the following loans: • One office mezzanine loan in the Northeast region with a principal balance of $ 4.7 million at both June 30, 2023 and December 31, 2022. The Company fully reserved this loan in the fourth quarter of 2022, and it continues to be fully reserved at June 30, 2023. The loan entered payment default in February 2023 and has been placed on nonaccrual status. • One retail loan in the Northeast region, with a principal balance of $ 8.0 million at both June 30, 2023 and December 31, 2022, for which foreclosure was determined to be probable. The loan was modified in February 2021 to extend its maturity to December 2021 and has since entered into payment default and has been put on nonaccrual status. The loan had an as-is appraised value in excess of its principal and interest balances, and, as such, had no allowance for CECL at June 30, 2023 and December 31, 2022, respectively. • One office loan in the Southwest region, with a principal balance of $ 20.1 million and $ 20.7 million at June 30, 2023 and December 31, 2022 , respectively, for which foreclosure was determined to be probable. The loan had an initial maturity of March 2022, was modified three times to extend its maturity to June 2022 and has since entered into payment default and has been put on nonaccrual status. However, in exchange for payments, comprising principal paydowns, interest payments and the reimbursement of certain legal fees, received between October 2022 and July 2023, the Company has agreed to temporarily defer its right to foreclose on the property until October 2023. Additionally, at both June 30, 2023 and December 31, 2022, this loan had an as-is appraised value in excess of its principal and interest balances, and, as such, had no CECL allowance. Credit quality indicators Commercial Real Estate Loans CRE loans are collateralized by a diversified mix of real estate properties and are assessed for credit quality based on the collective evaluation of several factors, including but not limited to: collateral performance relative to underwritten plan, time since origination, current implied and/or re-underwritten loan-to-collateral value ("LTV") ratios, loan structure and exit plan. Depending on the loan’s performance against these various factors, loans are rated on a scale from 1 to 5, with loans rated 1 representing loans with the highest credit quality and loans rated 5 representing loans with the lowest credit quality. The factors evaluated provide general criteria to monitor credit migration in the Company’s loan portfolio; as such, a loan’s rating may improve or worsen, depending on new information received. The criteria set forth below should be used as general guidelines. Therefore, not every loan will have all of the characteristics described in each category below. Risk Rating Risk Characteristics 1 • Property performance has surpassed underwritten expectations. • Occupancy is stabilized, the property has had a history of consistently high occupancy, and the property has a diverse and high-quality tenant mix. 2 • Property performance is consistent with underwritten expectations and covenants and performance criteria are being met or exceeded. • Occupancy is stabilized, near stabilized or is on track with underwriting. 3 • Property performance lags behind underwritten expectations. • Occupancy is not stabilized and the property has some tenancy rollover. 4 • Property performance significantly lags behind underwritten expectations. Performance criteria and loan covenants have required occasional waivers. • Occupancy is not stabilized and the property has a large amount of tenancy rollover. 5 • Property performance is significantly worse than underwritten expectations. The loan is not in compliance with loan covenants and performance criteria and may be in default. Expected sale proceeds would not be sufficient to pay off the loan at maturity. • The property has a material vacancy rate and significant rollover of remaining tenants. • An updated appraisal is required upon designation and updated on an as-needed basis. All CRE loans are evaluated for any credit deterioration by debt asset management and certain finance personnel on at least a quarterly basis. Mezzanine loans may experience greater credit risks due to their nature as subordinated investments. For the purpose of calculating the quarterly provision for credit losses under CECL, the Company pools CRE loans based on the underlying collateral property type and utilizes a probability of default and loss given default methodology for approximately one year after which it immediately reverts to a historical mean loss ratio. Credit risk profiles of CRE loans at amortized cost were as follows (in thousands, except amounts in the footnote): Rating 1 Rating 2 Rating 3 Rating 4 Rating 5 Total (1) At June 30, 2023: Whole loans, floating-rate $ — $ 1,353,353 514,179 $ 63,344 $ 28,164 $ 1,959,040 Mezzanine loan — — — — 4,700 4,700 Total $ — $ 1,353,353 $ 514,179 $ 63,344 $ 32,864 $ 1,963,740 At December 31, 2022: Whole loans, floating-rate $ — $ 1,635,376 $ 309,491 $ 85,226 $ 22,797 $ 2,052,890 Mezzanine loan — — — — 4,700 4,700 Total $ — $ 1,635,376 $ 309,491 $ 85,226 $ 27,497 $ 2,057,590 (1) The total amortized cost of CRE whole loans excluded accrued interest receivable of $ 12.6 million and $ 11.9 million at June 30, 2023 and December 31, 2022, respectively. Credit risk profiles of CRE loans by origination year at amortized cost were as follows (in thousands, except amounts in the footnotes): 2023 2022 2021 2020 2019 Prior Total (1) At June 30, 2023: Whole loans, floating-rate: (2) Rating 2 $ 37,643 $ 444,948 $ 791,217 $ 52,703 $ 26,842 $ — $ 1,353,353 Rating 3 — 77,350 316,281 34,286 27,794 58,468 514,179 Rating 4 — 19,348 43,996 — — — 63,344 Rating 5 — — — — 20,139 8,025 28,164 Total whole loans, floating-rate 37,643 541,646 1,151,494 86,989 74,775 66,493 1,959,040 Mezzanine loan (rating 5) — — — — — 4,700 4,700 Total $ 37,643 $ 541,646 $ 1,151,494 $ 86,989 $ 74,775 $ 71,193 $ 1,963,740 Current Period Gross Write-Offs $ — $ — $ — $ — $ ( 948 ) $ — $ ( 948 ) 2022 2021 2020 2019 2018 Prior Total (1) At December 31, 2022: Whole loans, floating-rate: (2) Rating 2 $ 526,606 $ 1,003,060 $ 64,944 $ 26,977 $ 13,789 $ — $ 1,635,376 Rating 3 — 192,490 44,657 27,881 44,463 — 309,491 Rating 4 — — — 20,742 64,484 — 85,226 Rating 5 — — — 22,797 — — 22,797 Total whole loans, floating-rate 526,606 1,195,550 109,601 98,397 122,736 — 2,052,890 Mezzanine loan (rating 5) — — — — 4,700 — 4,700 Total $ 526,606 $ 1,195,550 $ 109,601 $ 98,397 $ 127,436 $ — $ 2,057,590 (1) The total amortized cost of CRE whole loans excluded accrued interest receivable of $ 12.6 million and $ 11.9 million at June 30, 2023 and December 31, 2022, respectively. (2) Acquired CRE whole loans are grouped within each loan’s year of origination. At both June 30, 2023 and December 31, 2022 , the Company had one additional mezzanine loan included in other assets held for sale that had no carrying value. Loan Portfolio Aging Analysis The following table presents the CRE loan portfolio aging analysis at the dates indicated for CRE loans at amortized cost (in thousands, except amounts in footnotes): 30-59 Days 60-89 Days Greater than 90 (1) Total Past Due Current (2) Total Loans Receivable (3) Total Loans > 90 Days and Accruing At June 30, 2023: Whole loans, floating-rate $ — $ — $ 28,164 $ 28,164 $ 1,930,876 $ 1,959,040 $ — Mezzanine loan (4) 4,700 — — 4,700 — 4,700 — Total $ 4,700 $ — $ 28,164 $ 32,864 $ 1,930,876 $ 1,963,740 $ — At December 31, 2022: Whole loans, floating-rate $ — $ — $ 28,767 $ 28,767 $ 2,024,123 $ 2,052,890 $ — Mezzanine loan (4) — — — — 4,700 4,700 — Total $ — $ — $ 28,767 $ 28,767 $ 2,028,823 $ 2,057,590 $ — (1) During the three and six months ended June 30, 2023 , the Company recognized interest income of $ 837,000 and $ 1.8 million, respectively, on two CRE whole loans with a principal payment past due greater than 90 days at June 30, 2023. During the three and six months ended June 30, 2022 , the Company recognized interest income of $ 333,000 and $ 669,000 , respectively, on two CRE whole loans with a principal payment past due greater than 90 days at June 30, 2023. (2) Includes one CRE whole loan, with an amortized cost of $ 22.8 million, in maturity default at December 31, 2022. (3) The total amortized cost of CRE whole loans excluded accrued interest receivable of $ 12.6 million and $ 11.9 million at June 30, 2023 and December 31, 2022, respectively. (4) Fully reserved at both June 30, 2023 and December 31, 2022. At June 30, 2023 , the Company had two CRE whole loans, with total amortized costs of $ 28.2 million , and one mezzanine loan, with a total amortized cost of $ 4.7 million, in payment default. At December 31, 2022 , the Company had three CRE whole loans, with total amortized costs of $ 51.6 million, in payment default. Modifications During the six months ended June 30, 2023 , the Company did not enter into any loan modifications for borrowers that are experiencing financial difficulty. During the six months ended June 30, 2022, the Company entered into three agreements that extended one CRE whole loan for a borrower experiencing financial difficulty. At June 30, 2022, this loan had an amortized cost of $ 21.8 million, which represented 1.0 % of the total amortized cost of the portfolio.

INVESTMENTS IN REAL ESTATE AND

INVESTMENTS IN REAL ESTATE AND OTHER ACQUIRED ASSETS AND ASSUMED LIABILITIES	6 Months Ended
	Jun. 30, 2023
Investment In Real Estate And Other Acquired Assets And Assumed Liabilities [Abstract]
INVESTMENTS IN REAL ESTATE AND OTHER ACQUIRED ASSETS AND ASSUMED LIABILITIES	NOTE 7 - INVESTMENTS IN REAL ESTATE AND OTHER ACQUIRED ASSETS AND ASSUMED LIABILITIES At June 30, 2023 , the Company held investments in six real estate properties, four of which are included in investments in real estate, and two of which are included in properties held for sale on the consolidated balance sheets. In February 2023, the Company sold a hotel property in the Northeast region that was previously designated as a property held for sale. The hotel property sold for $ 15.1 million with selling costs of $ 845,000 , resulting in a gain of $ 745,000 . In June 2023, the Company received the deed-in-lieu of foreclosure on an office property in the East North Central region. The Company determined that the acquisition of the property should be accounted for as an asset acquisition, and the acquisition-date fair value of $ 20.9 million was determined using a third-party valuation. Additionally on the date of transfer, the Company acquired cash and receivables and assumed trade payables, resulting in a charge off of the loan against the Company's allowance for credit losses of $ 948,000 . At June 30, 2023, the property was reported as property held for sale on the consolidated balance sheets. The following table summarizes the book value of the Company’s investments in real estate and properties held for sale (in thousands, except amounts in the footnotes): June 30, 2023 December 31, 2022 Cost Basis Accumulated Depreciation & Amortization Carrying Value Cost Basis Accumulated Depreciation & Amortization Carrying Value Assets: Investments in real estate, equity: Investments in real estate (1) $ 141,008 $ ( 3,645 ) $ 137,363 $ 123,219 $ ( 2,251 ) $ 120,968 Right of use assets (2)(3) 19,665 ( 342 ) 19,323 19,664 ( 205 ) 19,459 Intangible assets (4) 11,474 ( 3,098 ) 8,376 11,474 ( 2,594 ) 8,880 Subtotal 172,147 ( 7,085 ) 165,062 154,357 ( 5,050 ) 149,307 Investments in real estate from lending activities: Properties held for sale (5) 61,565 — 61,565 53,769 — 53,769 Total 233,712 ( 7,085 ) 226,627 208,126 ( 5,050 ) 203,076 Liabilities: Investments in real estate, equity: Mortgage payable 18,233 259 18,492 18,089 155 18,244 Other liabilities 247 ( 201 ) 46 247 ( 183 ) 64 Lease liabilities (3)(6) 43,260 ( 54 ) 43,206 43,260 ( 393 ) 42,867 Subtotal (7) 61,740 4 61,744 61,596 ( 421 ) 61,175 Investments in real estate from lending activities: Liabilities held for sale 3,025 — 3,025 3,025 — 3,025 Total 64,765 4 64,769 64,621 ( 421 ) 64,200 Total net investments in real estate and properties held for sale (8) $ 168,947 $ 161,858 $ 143,505 $ 138,876 (1) Includes $ 38.4 million of land, which is not depreciable, at June 30, 2023 and December 31, 2022, respectively. (2) Primarily comprises a $ 18.9 million right of use asset, associated with an acquired ground lease of $ 42.8 million (see below) accounted for as an operating lease at June 30, 2023. At December 31, 2022 , the value of the right of use asset was $ 19.0 million associated to the ground lease with a value of $ 42.4 million. Amortization is booked to real estate expenses on the consolidated statements of operations. (3) Refer to Note 8 for additional information on the Company’s remaining operating leases. (4) Primarily comprises a franchise intangible of $ 5.0 million and $ 5.3 million, a management contract intangible of $ 3.0 million and $ 3.1 million, and a customer list intangible of $ 321,000 and $ 427,000 at June 30, 2023 and December 31, 2022, respectively. (5) At December 31, 2022, properties held for sale included two properties originally acquired in November 2020 and July 2022. At June 30, 2023, properties held for sale included the November 2020 acquisition, as well as the property acquired via deed-in-lieu of foreclosure during the three months ended June 30, 2023. (6) Primarily comprises a $ 42.8 million ground lease with a remaining term of 93 years. Lease expense for the six months ended June 30, 2023 was $ 1.3 million . (7) Excludes $ 1.9 million of deferred debt issuance costs on construction loans that can be drawn upon subsequent to June 30, 2023 . (8) Excludes items of working capital, either acquired or assumed. The Company acquired a ground lease with its equity investment in a hotel property in April 2022. This ground lease has an associated above-market lease intangible liability. The ground lease confers the Company the right to use the land on which its hotel operates, and the ground lease payments increase 3.00 % per year until 2116. The Company acquired the original 99 -year lease with 94 years remaining during the second quarter of 2022. At June 30, 2023 , 93 years remain in its term. The Company recorded lease payments of $ 426,000 and $ 852,000 for the three and six months ended June 30, 2023 and $ 413,000 for both the three and six months ended June 30, 2022. The Company recorded amortization of $ 51,000 and $ 102,000 during the three and six months ended June 30, 2023 related to the right of use asset and accretion of $ 615,000 and $ 1.2 million during the three and six months ended June 30, 2023 related to its ground lease liability. The Company recorded amortization of $ 51,000 during the three and six months ended June 30, 2022 related to the right of use asset and accretion of $ 114,000 during the three and six months ended June 30, 2022 related to its ground lease liability. During the three and six months ended June 30, 2023 , the Company recorded amortization expense of $ 251,000 and $ 503,000 , respectively, on its intangible assets. During the three and six months ended June 30, 2022 , the Company recorded amortization expense of $ 437,000 and $ 1.4 million, respectively, on its intangible assets. The Company expects to record additional amortization expense of $ 768,000 during the remainder of fiscal year 2023. The Company, also, expects to record amortization expense of $ 1.2 million, $ 1.1 million, $ 1.0 million, $ 748,000 , and $ 748,000 during the 2024, 2025, 2026, 2027 and 2028 fiscal years, respectively, on its intangible assets.

LEASES

LEASES	6 Months Ended
	Jun. 30, 2023
Leases [Abstract]
LEASES	NOTE 8 - LEASES In addition to the ground lease discussed in Note 7, the Company has operating leases for office space and office equipment. The leases have terms that expire between January 2024 and September 2029 . The leases on the office space and office equipment contain options for early termination granted to the Company and the lessor. Lease payments are determined as follows: • Office space: payments are made on a fixed schedule, escalating annually, and also include the Company’s responsibility for a percentage of increases in the building’s property taxes and operating expenses over the base year. • Office equipment: payments are made on a fixed schedule. The following table summarizes the Company’s operating leases (in thousands): June 30, 2023 December 31, 2022 Operating Leases: Right of use assets $ 738 $ 822 Lease liabilities $ ( 782 ) $ ( 828 ) Weighted average remaining lease term: 6.2 years 6.7 years Weighted average discount rate (1) : 8.70 % 8.71 % (1) The market discount rate is used, when readily determinable, in calculating the present value of lease payments for the operating lease liability. Otherwise, the incremental borrowing rate on the commencement date is used. The following table summarizes the Company’s operating lease costs and cash payments for the periods presented (in thousands): Three Months Ended June 30, 2023 Three Months Ended June 30, 2022 Six Months Ended June 30, 2023 Six Months Ended June 30, 2022 Lease Cost: Operating lease cost $ 40 $ 24 $ 115 $ 48 Other Information: Cash paid for amounts included in the measurement of lease liabilities Operating cash flows from operating leases $ 38 $ 24 $ 75 $ 47 The following table summarizes the Company’s operating leases cash flow obligations on an undiscounted, annual basis (in thousands): Operating Leases 2023 $ 77 2024 155 2025 159 2026 163 2027 167 Thereafter 303 Subtotal 1,024 Less: impact of discount ( 242 ) Total $ 782

INVESTMENTS IN UNCONSOLIDATED E

INVESTMENTS IN UNCONSOLIDATED ENTITIES	6 Months Ended
	Jun. 30, 2023
Equity Method Investments And Joint Ventures [Abstract]
INVESTMENTS IN UNCONSOLIDATED ENTITIES	NOTE 9 - INVESTMENTS IN UNCONSOLIDATED ENTITIES The Company’s investments in unconsolidated entities at June 30, 2023 and December 31, 2022 comprised a 100 % interest in the common shares of RCT I and RCT II with a value of $ 1.5 million in the aggregate, or 3.0 % of each trust. The Company records its investments in RCT I’s and RCT II’s common shares as investments in unconsolidated entities using the cost method, recording dividend income when declared by RCT I and RCT II. During the three and six months ended June 30, 2023, the Company recorded dividends from its investments in RCT I’s and RCT II’s common shares, reported in other revenue on the consolidated statement of operations, of $ 37,000 and $ 70,000 , respectively. During the three and six months ended June 30, 2022 , the Company recorded dividends of $ 19,000 and $ 35,000 , respectively.

BORROWINGS

BORROWINGS	6 Months Ended
	Jun. 30, 2023
Debt Disclosure [Abstract]
BORROWINGS	10 - BORROWINGS The Company historically has financed the acquisition of its investments, including investment securities and loans, through the use of secured and unsecured borrowings. Certain information with respect to the Company’s borrowings is summarized in the following table (dollars in thousands, except amounts in the footnotes): Principal Outstanding Unamortized Issuance Costs and Discounts Outstanding Borrowings Weighted Average Borrowing Rate Weighted Average Remaining Maturity Value of Collateral At June 30, 2023: ACR 2021-FL1 Senior Notes $ 674,372 $ 3,035 $ 671,337 6.70 % 13.0 years 801,792 ACR 2021-FL2 Senior Notes 567,000 4,034 562,966 7.02 % 13.6 years 700,000 Senior secured financing facility 50,995 3,298 47,697 8.87 % 4.5 years 152,272 CRE - term warehouse financing facilities (1) 253,131 1,869 251,262 7.77 % 1.3 years 377,208 Mortgage payable 18,854 362 18,492 8.95 % 1.8 years 25,400 Construction loans — 1,922 ( 1,922 ) — — — 5.75 % Senior Unsecured Notes 150,000 2,181 147,819 5.75 % 3.1 years — Unsecured junior subordinated debentures 51,548 — 51,548 9.37 % 13.2 years — Total $ 1,765,900 $ 16,701 $ 1,749,199 7.04 % 10.3 years $ 2,056,672 Principal Outstanding Unamortized Issuance Costs and Discounts Outstanding Borrowings Weighted Average Borrowing Rate Weighted Average Remaining Maturity Value of Collateral At December 31, 2022: ACR 2021-FL1 Senior Notes $ 675,223 $ 3,826 $ 671,397 5.81 % 13.5 years 802,643 ACR 2021-FL2 Senior Notes 567,000 4,841 562,159 6.13 % 14.1 years 700,000 Senior secured financing facility 91,549 3,659 87,890 7.94 % 5.0 years 196,837 CRE - term warehouse financing facilities (1) 330,849 2,561 328,288 6.85 % 1.8 years 453,550 Mortgage payable 18,710 466 18,244 8.08 % 2.3 years 25,400 5.75 % Senior Unsecured Notes 150,000 2,493 147,507 5.75 % 3.6 years — Unsecured junior subordinated debentures 51,548 — 51,548 8.52 % 13.7 years — Total $ 1,884,879 $ 17,846 $ 1,867,033 6.29 % 10.3 years $ 2,178,430 (1) Principal outstanding includes accrued interest payable of $ 673,000 and $ 894,000 at June 30, 2023 and December 31, 2022 , respectively. Securitizations The following table sets forth certain information with respect to the Company’s consolidated securitizations at June 30, 2023 (in thousands, except amount in footnotes): Closing Date Maturity Date Reinvestment Period End (1) Total Note Paydowns from Closing Date through June 30, 2023 ACR 2021-FL1 May 2021 June 2036 May 2023 $ 851 ACR 2021-FL2 December 2021 January 2037 December 2023 $ — (1) The reinvestment period is the period in which principal proceeds received may be used to acquire CRE loans for reinvestment into the securitization. The investments held by the Company’s securitizations collateralize the securitizations’ borrowings and, as a result, are not available to the Company, its creditors, or stockholders. All senior notes of the securitizations held by the Company at both June 30, 2023 and December 31, 2022 were eliminated in consolidation. XAN 2020-RSO8 In March 2020, the Company closed Exantas Capital Corp. 2020-RSO8, Ltd. (“XAN 2020-RSO8”), a $ 522.6 million CRE debt securitization transaction that provided financing for CRE loans. In March 2022, the Company exercised the optional redemption of XAN 2020-RSO8, and all of the outstanding senior notes were paid off from the sales proceeds of certain of the securitization’s assets. XAN 2020-RSO9 In September 2020, the Company closed Exantas Capital Corp. 2020-RSO9, Ltd. (“XAN 2020-RSO9”), a $ 297.0 million CRE debt securitization transaction that provided financing for CRE loans. In February 2022, the Company exercised the optional redemption of XAN 2020-RSO9, and all of the outstanding senior notes were paid off from the sales proceeds of certain of the securitization’s assets. ACR 2021-FL1 In May 2021, the Company closed ACRES Commercial Realty 2021-FL1 Issuer, Ltd. (“ACR 2021-FL1”), a $ 802.6 million CRE debt securitization transaction that provided financing for CRE loans. ACR 2021-FL1 issued a total of $ 675.2 million of non-recourse, floating-rate notes to third parties at par. Additionally, ACRES RF retained 100 % of the Class F and Class G notes and a subsidiary of ACRES RF retained 100 % of the outstanding preference shares. The preference shares are subordinated in right of payment to all other securities issued by ACR 2021-FL1. ACR 2021-FL1 included a reinvestment period, which ended in May 2023, that allowed it to acquire CRE loans for reinvestment into the securitization using uninvested principal proceeds. All of the notes issued mature in June 2036, although the Company has the right to call the notes beginning on the payment date in May 2023 and thereafter. The non-recourse, floating-rate notes initially charged one-month Term LIBOR but converted to one-month Term SOFR in June 2023. ACR 2021-FL2 In December 2021, the Company closed ACRES Commercial Realty 2021-FL2 Issuer, Ltd. (“ACR 2021-FL2”), a CRE debt securitization transaction that can finance up to $ 700.0 million of CRE loans. ACR 2021-FL2 issued a total of $ 567.0 million of non-recourse, floating-rate notes to third parties at par. Additionally, ACRES RF retained 100 % of the Class F and Class G notes and a subsidiary of ACRES RF retained 100 % of the outstanding preference shares. The preference shares are subordinated in right of payment to all other securities issued by ACR 2021-FL2. ACR 2021-FL2 included a 180-day ramp up acquisition period that allowed it to acquire CRE loans using unused proceeds from the issuance of the non-recourse floating-rate notes. Additionally, ACR 2021-FL2 includes a reinvestment period, which ends in December 2023, that allows it to acquire CRE loans for reinvestment into the securitization using uninvested principal proceeds. All of the notes issued mature in January 2037, although the Company has the right to call the notes beginning on the payment date in December 2023 and thereafter. The non-recourse, floating-rate notes initially charged one-month Term LIBOR but converted to one-month Term SOFR in June 2023. Financing Arrangements Borrowings under the Company’s senior secured financing facility, term warehouse financing facilities, mortgage payable and construction loans are guaranteed by the Company or one or more of its subsidiaries. The following table sets forth certain information with respect to the Company’s financing arrangements (dollars in thousands, except amounts in footnotes): June 30, 2023 December 31, 2022 Outstanding Borrowings Value of Collateral Number of Positions as Collateral Weighted Average Interest Rate Outstanding Borrowings Value of Collateral Number of Positions as Collateral Weighted Average Interest Rate Senior Secured Financing Facility Massachusetts Mutual Life Insurance Company (1) $ 47,697 $ 152,272 7 8.87 % $ 87,890 $ 196,837 8 7.94 % CRE - Term Warehouse Financing Facilities (2) JPMorgan Chase Bank, N.A. (3) 118,569 185,862 8 7.73 % 186,783 255,095 11 6.74 % Morgan Stanley Mortgage Capital Holdings LLC (4) 132,693 191,346 9 7.81 % 141,505 198,455 10 7.00 % Mortgage Payable Readycap Commercial, LLC (5) 18,492 25,400 1 8.95 % 18,244 25,400 1 8.08 % Construction Loans Oceanview Life and Annuity Company (6) ( 1,922 ) N/A N/A — % — — — — % Total $ 315,529 $ 554,880 $ 434,422 $ 675,787 (1) Includes $ 3.3 million and $ 3.7 million of deferred debt issuance costs at June 30, 2023 and December 31, 2022, respectively. (2) Outstanding borrowings include accrued interest payable. (3) Includes $ 836,000 and $ 1.1 million of deferred debt issuance costs at June 30, 2023 and December 31, 2022, respectively. (4) Includes $ 1.0 million and $ 1.4 million of deferred debt issuance costs at June 30, 2023 and December 31, 2022, respectively. (5) Includes $ 362,000 and $ 466,000 of deferred debt issuance costs at June 30, 2023 and December 31, 2022, respectively. (6) Includes $ 1.9 million of deferred debt issuance costs at June 30, 2023 . The following table shows information about the amount at risk under the Company's financing arrangements (dollars in thousands): Amount at Risk Weighted Average Remaining Maturity Weighted Average Interest Rate At June 30, 2023: Senior Secured Financing Facility (1) Massachusetts Mutual Life Insurance Company $ 101,490 4.5 years 8.87 % CRE - Term Warehouse Financing Facilities (1) JPMorgan Chase Bank, N. A. $ 67,749 1.3 years 7.73 % Morgan Stanley Mortgage Capital Holdings LLC $ 58,965 1.3 years 7.81 % Mortgage Payable (2) Readycap Commercial, LLC $ 6,452 1.8 years 8.95 % (1) Equal to the total of the estimated fair value of securities or loans sold and accrued interest receivable, minus the total of the warehouse financing agreement liabilities and accrued interest payable. (2) Equal to the total of the estimated fair value of real estate property investment financed, minus the total of the mortgage payable agreement liability and accrued interest payable. The Company was in compliance with all financial covenants in each of the respective agreements at June 30, 2023 and December 31, 2022. Senior Secured Financing Facility On July 31, 2020, an indirect, wholly owned subsidiary (“Holdings”), along with its direct wholly owned subsidiary (the “Borrower”), of the Company entered into a $ 250.0 million Loan and Servicing Agreement (the “MassMutual Loan Agreement”) with MassMutual and the other lenders party thereto (the “Lenders”). The asset-based revolving loan facility (the “MassMutual Facility”) provided under the MassMutual Loan Agreement has been used to finance the Company’s core CRE lending business. The MassMutual Facility initially had an interest rate of 5.75 % per annum payable monthly and initially matured on July 31, 2027 . In December 2022, Holdings, the Borrower and the Lenders entered into an Amended and Restated Loan and Servicing Agreement, which amends and restates the MassMutual Loan Agreement, and reflects a senior secured term loan facility, not to exceed $ 500.0 million, composed of individual loan series issued upon mutual agreement of the Borrower and Lenders. Each loan series will be available for three months after the closing date agreed upon by the Borrower and Lender (“Commitment Period”), subject to the maximum dollar amount agreed upon for that series. The Commitment Period is subject to immediate termination upon the occurrence of an event of default. Each loan series will have a final maturity of five years from the issuance date for the loan series unless an additional time is mutually agreed upon by the Lenders and Borrower. The advance rate on portfolio assets will be mutually agreed upon by the Lenders and Borrower. Each loan series will have its own mutually agreed upon interest rate equal to one-month Term SOFR plus the applicable spread. CRE - Term Warehouse Financing Facilities In April 2018, an indirect, wholly-owned subsidiary of the Company entered into a master repurchase agreement (the “Barclays Facility”) with Barclays Bank PLC (“Barclays”) to finance the origination of CRE loans. In February 2022, such subsidiary entered into the Third Amendment to Master Repurchase Agreement (the “Barclays Amendment”) with Barclays, which amended the Barclays Facility to add market terms regarding the replacement of LIBOR upon determination of a benchmark transition event. In October 2022, the Barclays Facility matured. In October 2018, an indirect, wholly-owned subsidiary of the Company entered into a master repurchase agreement (the “JPMorgan Chase Facility”) with JP Morgan Chase to finance the origination of CRE loans. At June 30, 2023 , this facility has been amended five times to amend various terms. The JPMorgan Chase Facility has a maximum facility amount of $ 250.0 million, charges interest of one-month benchmark plus market spreads and had an initial maturity date of October 2024 . In July 2023, this facility was amended to extend the maturity date to July 2026, as well as to extend the amendments to (i) EBITDA to interest expense ratio, (ii) maximum ratio of total indebtedness to its total equity and (iii) minimum unencumbered liquidity requirement, each through December 2024. In November 2021, an indirect, wholly-owned subsidiary of the Company entered into a master repurchase and securities contract agreement (the “Morgan Stanley Facility”) with Morgan Stanley Mortgage Capital Holdings LLC (“Morgan Stanley”) to finance the origination of CRE loans. At June 30, 2023 , this facility has been amended two times to amend various terms. The Morgan Stanley Facility has a maximum facility amount of $ 250.0 million, charges interest of one-month Term SOFR plus market spreads and matures in November 2024 . The Company also has the right to request a one-year extension. Mortgage Payable In April 2022, Chapel Drive West, LLC, a wholly owned subsidiary of the FSU Student Venture, entered into a Loan Agreement (the “Mortgage”) with Readycap Commercial, LLC (“Readycap”) to finance the acquisition of a student housing complex. The Mortgage is interest only and has a maximum principal balance of $ 20.4 million, of which, $ 18.7 million was advanced in the initial funding. Initially, the Mortgage charged interest of 30-day average SOFR plus a spread of 3.80 %. In October 2022, the Mortgage was amended to charge interest of one-month Term SOFR plus a spread of 3.80 %. The Mortgage matures in April 2025 , subject to two one-year extension options. The Mortgage contains events of default, subject to certain materiality thresholds and grace periods, customary for this type of financing arrangement. The remedies for such events of default are also customary for this type of transaction. Construction Loans In January 2023, Chapel Drive East, LLC, a wholly owned subsidiary of the FSU Student Venture, entered into a loan agreement (the "Construction Loan Agreement") with Oceanview Life and Annuity Company ("Oceanview") to finance the construction of a student housing complex (the "Construction Loan"). The Construction Loan is interest only and has a maximum principal balance of $ 48.0 million. The Construction Loan charges one-month Term SOFR plus a spread of 6.00 % and matures in February 2025 , subject to three one-year extension options. In addition to the Construction Loan, Chapel Drive East, LLC, entered into a financing agreement with Florida Pace Funding Agency to fund energy efficient building improvements and has a maximum principal balance of $ 15.5 million. This agreement charges fixed interest of 7.26 % and matures in July 2053 . The Company does not guarantee this financing agreement. In connection with the Company's investment in the student housing complex, ACRES RF entered into guarantees related to the Construction Loan. Pursuant to the guarantees, Jason Pollack, Frank Dellaglio and ACRES RF (collectively, the "Guarantors"), for the benefit of Oceanview, provided limited "bad boy" guaranties to Oceanview pursuant to the Construction Loan Agreement until the earlier of the payment in full of the indebtedness or the date of a sale of the property pursuant to a foreclosure of the mortgage or deed or other transfer in lieu of foreclosure is accepted by Oceanview. The Guarantors also entered into a Completion Guaranty Agreement for the benefit of Oceanview to guaranty the timely completion of the project in accordance with the Construction Loan Agreement, as well as a Carry Guaranty Agreement, for the benefit of Oceanview to guaranty and unconditional payment by Chapel Drive East, LLC of all customary or necessary costs and expenses incurred in connection with the operation, maintenance and management of the property and an Environmental Indemnity Agreement jointly and severally in favor of Oceanview whereby the Guarantors serving as Indemnitors provided environmental representations and warranties, covenants and indemnifications (collectively the "Guaranties"). The Guaranties include certain financial covenants required of ACRES RF, including required net worth and liquidity requirements. Corporate Debt 4.50% Convertible Senior Notes The Company issued $ 143.8 million aggregate principal of its 4.50 % convertible senior notes due 2022 (“4.50% Convertible Senior Notes”) in August 2017, of which $ 55.8 million was repurchased in 2021. During the six months ended June 30, 2022, the Company repurchased $ 39.8 million of its 4.50 % Convertible Senior Notes, resulting in a charge to earnings of $ 574,000 , comprising an extinguishment of debt charge of $ 460,000 in connection with the acceleration of the market discount and interest expense of $ 114,000 in connection with the acceleration of deferred debt issuance costs. In August 2022, the remaining $ 48.2 million of the 4.50 % Convertible Senior Notes were paid off upon maturity at par. 5.75% Senior Unsecured Notes Due 2026 On August 16, 2021, the Company issued $ 150.0 million of its 5.75 % senior unsecured notes due 2026 (the “5.75% Senior Unsecured Notes”) pursuant to its Indenture, dated August 16, 2021 (the “Base Indenture”), between it and Wells Fargo, now Computershare Trust Company, N.A. (“CTC”), as trustee (the “Trustee”), as supplemented by the First Supplemental Indenture, dated August 16, 2021, between it and Wells Fargo, now CTC, (the “Supplemental Indenture” and, together with the Base Indenture, the “Indenture”). Prior to May 15, 2026, the Company may at its option redeem the 5.75 % Senior Unsecured Notes, in whole or in part, at a redemption price equal to the sum of (i) 100% of the principal amount of the notes to be redeemed, plus accrued and unpaid interest to, but not including, the redemption date, and (ii) a make-whole premium. On or after May 15, 2026, the Company may at its option redeem the 5.75 % Senior Unsecured Notes, at any time, in whole or in part, on not less than 15 nor more than 60 days’ prior notice, at a redemption price equal to 100 % of the principal amount of the 5.75 % Senior Unsecured Notes to be redeemed, plus accrued and unpaid interest to, but not including, the redemption date. Unsecured Junior Subordinated Debentures During 2006, the Company formed RCT I and RCT II for the sole purpose of issuing and selling capital securities representing preferred beneficial interests. RCT I and RCT II are not consolidated into the Company’s consolidated financial statements because the Company is not deemed to be the primary beneficiary of these entities. In connection with the issuance and sale of the capital securities, the Company issued junior subordinated debentures to RCT I and RCT II of $ 25.8 million each, representing the Company’s maximum exposure to loss. The debt issuance costs associated with the junior subordinated debentures for RCT I and RCT II were included in borrowings and were amortized into interest expense on the consolidated statements of operations using the effective yield method over a ten year period. There were no unamortized debt issuance costs associated with the junior subordinated debentures for RCT I and RCT II outstanding at June 30, 2023 and December 31, 2022. The interest rates for RCT I and RCT II, at June 30, 2023, were 9.49 % and 9.25 % , respectively. The interest rates for RCT I and RCT II, at December 31, 2022, were 8.68 % and 8.36 %, respectively. Contractual maturity dates of the Company’s borrowings’ principal outstanding by category and year are presented in the table below (in thousands): Total 2024 2025 2026 2027 2028 and Thereafter At June 30, 2023: CRE securitizations $ 1,241,372 $ — $ — $ — $ — $ 1,241,372 Senior Secured Financing Facility 50,995 — — — 50,995 — CRE - term warehouse financing facilities (1) 253,131 253,131 — — — — Mortgage payable 18,854 — 18,854 — — — 5.75% Senior Unsecured Notes 150,000 — — 150,000 — — Unsecured junior subordinated debentures 51,548 — — — — 51,548 Total $ 1,765,900 $ 253,131 $ 18,854 $ 150,000 $ 50,995 $ 1,292,920 (1) Includes accrued interest payable in the balances of principal outstanding.

SHARE ISSUANCE AND REPURCHASE

SHARE ISSUANCE AND REPURCHASE	6 Months Ended
	Jun. 30, 2023
Stockholders Equity Note [Abstract]
SHARE ISSUANCE AND REPURCHASE	NOTE 11 - SHARE ISSUANCE AND REPURCHASE In May 2021, and subsequently in June 2021, the Company issued a total of 4.6 million shares of 7.875 % Series D Cumulative Redeemable Preferred Stock (“Series D Preferred Stock”) at a public offering price of $ 25.00 per share. The Company received net proceeds of $ 110.4 million after $ 4.6 million of underwriting discounts and other offering expenses. Dividends are payable quarterly in arrears at the end of January, April, July and October. The Series D Preferred Stock has no maturity date and the Company is not required to redeem the Series D Preferred Stock at any time. On or after May 21, 2026, the Company may, at its option, redeem the Series D Preferred Stock, in whole or part, at any time and from time to time, for cash at $ 25.00 per share, plus accrued and unpaid dividends, if any, to the redemption date. On October 4, 2021, the Company and the Manager entered into an Equity Distribution Agreement with JonesTrading Institutional Services LLC, as placement agent (“JonesTrading”), pursuant to which the Company may issue and sell from time to time up to 2.2 million shares of the Series D Preferred Stock. Sales of the Series D Preferred Stock may be made in transactions that are deemed to be “at the market” offerings, as defined in Rule 415 of the Securities Act of 1933, as amended, including without limitation, sales made directly on the New York Stock Exchange, on any other existing trading market for the shares or to or through a market maker. Subject to the terms of the Company’s notice, JonesTrading may also sell the shares by any other method permitted by law, including but not limited to in privately negotiated transactions. The Company will pay JonesTrading a commission up to 3.0 % of the gross proceeds from the sales of the Series D Preferred Stock pursuant to the agreement. The terms and conditions of the agreement include various representations and warranties, conditions to closing, indemnification rights and obligations of the parties and termination provisions. During the six months ended June 30, 2023 , the Company did no t issue any Series D Preferred Stock through this agreement. During the year ended December 31, 2022, the Company did not issue any Series D Preferred Stock through this agreement. On or after July 30, 2024, the Company may, at its option, redeem its 8.625 % Fixed-to-Floating Series C Cumulative Redeemable Preferred Stock (“Series C Preferred Stock”), in whole or in part, at any time and from time to time, for cash at $ 25.00 per share, plus accrued and unpaid dividends, if any, to the redemption date. Effective July 30, 2024 and thereafter, the Company will pay cumulative dividends on the Series C Preferred Stock at a floating rate equal to three-month LIBOR plus 5.927 % per annum based on the $ 25.00 liquidation preference, provided that such floating rate shall not be less than the initial rate of 8.625 % at any date of determination. At June 30, 2023 , the Company had 4.8 million shares of Series C Preferred Stock and 4.6 million shares of Series D Preferred Stock outstanding, with weighted average issuance prices, excluding offering costs, of $ 25.00 . In March 2016, the board of directors (the “Board”) approved a securities repurchase plan, and in November 2020, the Board reauthorized and approved the continued use of this plan to repurchase up to $ 20.0 million of the outstanding shares of the Company’s common stock. Additionally, the Board authorized the Company to enter into written trading plans under Rule 10b5-1 of the Securities Exchange Act of 1934 (the “Exchange Act”). In July 2021, the authorized amount was fully utilized. In November 2021, the Board authorized and approved the continued use of its existing share repurchase plan to repurchase an additional $ 20.0 million of the outstanding shares of the Company's common stock. Under the share repurchase plan, the Company intends to repurchase shares through open market purchases, privately negotiated transactions, block purchases or otherwise in accordance with applicable federal securities laws, including Rule 10b-18 and 10b5-1 of the Exchange Act. During the six months ended June 30, 2023 and 2022, the Company repurchased $ 2.0 million and $ 6.4 million of its common stock, respectively, representing 215,160 and 552,282 shares, respectively. At June 30, 2023 , $ 5.3 million remains available under the November 2021 repurchase plan. On July 31, 2020, the Company entered into a Note and Warrant Purchase Agreement (the “Note and Warrant Purchase Agreement”) with Oaktree Capital Management, L.P. (“Oaktree”) and Massachusetts Mutual Life Insurance Company (“MassMutual”) pursuant to which the Company could issue to Oaktree and MassMutual from time to time up to $ 125.0 million aggregate principal amount of 12.00 % Senior Unsecured Notes. In connection with the Note and Warrant Purchase Agreement, the 12.00% Senior Unsecured Notes give Oaktree and MassMutual warrants to purchase an aggregate of up to 1,166,653 shares of common stock at an exercise price of $ 0.03 per share, subject to certain potential adjustments. On July 31, 2020, concurrently with the issuance of the 12.00% Senior Unsecured Notes, the Company issued to Oaktree warrants to purchase 391,995 shares of common stock for an aggregate purchase price of $ 42.0 million and issued to MassMutual warrants to purchase 74,666 shares of common stock for an aggregate purchase price of $ 8.0 million. The warrants are recorded in additional paid-in capital on the consolidated balance sheets at their fair value of $ 3.1 million at issuance. The warrants are immediately exercisable on issuance and expire seven years from the issuance date. The warrants can be exercised with cash or as a net exercise. In July 2022, MassMutual exercised their warrants to purchase 74,666 shares. At June 30, 2023, the Oaktree warrants have no t been exercised.

SHARE-BASED COMPENSATION

SHARE-BASED COMPENSATION	6 Months Ended
	Jun. 30, 2023
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
SHARE-BASED COMPENSATION	NOTE 12 - SHARE-BASED COMPENSATION In June 2021, the Company’s shareholders approved the ACRES Commercial Realty Corp. Third Amended and Restated Omnibus Equity Compensation Plan (the “Omnibus Plan”) and the ACRES Commercial Realty Corp. Manager Incentive Plan (the “Manager Plan” and together with the Omnibus Plan, the “Plans”). The Omnibus Plan was amended to (i) increase the number of shares authorized for issuance by an additional 1,100,000 shares of common stock, less any shares of common stock issued or subject to awards granted under the Manager Plan; and (ii) extend the expiration date of the Omnibus Plan from June 2029 to June 2031 . The maximum number of shares that may be subject to awards granted under the Plans, determined on a combined basis, is 1,700,817 shares of common stock. The Company recognized stock-based compensation expense of $ 719,000 and $ 1.6 million , respectively, during the three and six months ended June 30, 2023 and $ 991,000 and $ 1.7 million, respectively, during the three and six months ended June 30, 2022. The following table summarizes the Company’s restricted common stock transactions: Manager Directors Total Number of Shares Weighted-Average Grant-Date Fair Value Unvested shares at January 1, 2023 524,999 58,334 583,333 $ 14.22 Issued 24,655 — 24,655 9.00 Vested ( 174,653 ) ( 16,660 ) ( 191,313 ) 13.90 Forfeited — — — — Unvested shares at June 30, 2023 375,001 41,674 416,675 $ 14.07 The unvested restricted common stock shares are expected to vest during the following years: Shares 2023 — 2024 166,658 2025 166,671 2026 83,346 Total 416,675 At June 30, 2023 , total unrecognized compensation costs relating to unvested restricted stock was $ 2.9 million based on the grant date fair value of shares granted. The cost is expected to be recognized over a weighted average period of 2.5 years. Under the Company’s Fourth Amended and Restated Management Agreement, as amended (“Management Agreement”), incentive compensation is paid quarterly. Up to 75 % of the incentive compensation may be paid in cash and at least 25 % must be paid in the form of an award of common stock, recorded in management fees on the consolidated statements of operations. During the three and six months ended June 30, 2023 , the Company incurred incentive compensation expense payable to the Manager of $ 255,000 and $ 384,000 , respectively, of which 50 % was payable in cash and 50 % was payable in common stock. At June 30, 2023, $ 255,000 was included in Management fee payable - related party on the consolidated balance sheets. No incentive compensation was paid to the Manager for the three and six months ended June 30, 2022. The Company issued 24,655 shares of common stock during the six months ended June 30, 2023 , pertaining to the portion of the fourth quarter 2022 and the first quarter 2023 incentive compensation that was payable in shares. In August 2023, the Company issued 14,226 shares of common stock pertaining to the portion of the second quarter incentive compensation that was payable at June 30, 2023. Shares of common stock issued under the Management Agreement for incentive compensation vest immediately upon issuance. The Omnibus Plan and the Manager Plan are administered by the compensation committee of the Company's Board (the “Compensation Committee”). In 2020, the Compensation Committee and the Board created parameters for equity awards, whereby they are no longer discretionary but are now based upon the Company’s achievement of performance parameters using book value of the common stock as the appropriate benchmark. See Note 16 for a description of awards made under the Manager Plan.

EARNINGS PER SHARE

EARNINGS PER SHARE	6 Months Ended
	Jun. 30, 2023
Earnings Per Share [Abstract]
EARNINGS PER SHARE	NOTE 13 - EARNINGS PER SHARE The following table presents a reconciliation of basic and diluted losses per common share for the periods presented (dollars in thousands, except per share amounts): For the Three Months Ended June 30, For the Six Months Ended June 30, 2023 2022 2023 2022 Net income $ 5,558 $ 5,522 $ 7,851 $ 7,606 Net income allocated to preferred shares ( 4,856 ) ( 4,856 ) ( 9,711 ) ( 9,711 ) Net loss allocable to non-controlling interest, net of taxes 115 24 261 24 Net income (loss) allocable to common shares $ 817 $ 690 $ ( 1,599 ) $ ( 2,081 ) Weighted average number of common shares outstanding: Weighted average number of common shares outstanding - basic 8,059,978 8,421,800 8,084,064 8,525,481 Weighted average number of warrants outstanding (1) 391,995 466,661 391,995 466,661 Total weighted average number of common shares outstanding - basic 8,451,973 8,888,461 8,476,059 8,992,142 Effect of dilutive securities - unvested restricted stock 82,585 25,711 — — Weighted average number of common shares outstanding - diluted 8,534,558 8,914,172 8,476,059 8,992,142 Net income (loss) per common share - basic $ 0.10 $ 0.08 $ ( 0.19 ) $ ( 0.23 ) Net income (loss) per common share - diluted $ 0.10 $ 0.08 $ ( 0.19 ) $ ( 0.23 ) (1) See Note 11 for further details regarding the warrants.

DISTRIBUTIONS

DISTRIBUTIONS	6 Months Ended
	Jun. 30, 2023
Distributions [Abstract]
DISTRIBUTIONS	NOTE 14 - DISTRIBUTIONS In order to qualify as a REIT, the Company must currently distribute at least 90 % of its taxable income. In addition, the Company must distribute 100 % of its taxable income in order to not be subject to corporate federal income taxes on retained income. The Company anticipates it will distribute substantially all of its taxable income to its stockholders. Because taxable income differs from cash flow from operations due to non-cash revenues or expenses (such as provisions for loan and lease losses and depreciation) and tax loss carryforwards, in certain circumstances the Company may generate operating cash flow in excess of its distributions or, alternatively, may be required to borrow funds to make sufficient distribution payments. The Company’s 2023 distributions are, and will be, determined by the Company's Board, which will also consider the composition of any distributions declared, including the option of paying a portion in cash and the balance in additional shares of common stock. For the three and six months ended June 30, 2023 and 2022 , the Company did no t pay any common share distributions. The following tables present distributions declared (on a per share basis) for the six months ended June 30, 2023 and the year ended December 31, 2022 with respect to the Company's Series C Preferred Stock and Series D Preferred Stock: Series C Preferred Stock Series D Preferred Stock Date Paid Total Distribution Paid Distribution Per Share Date Paid Total Distribution Paid Distribution Per Share (in thousands) (in thousands) 2023 June 30 July 31 $ 2,588 $ 0.5390625 July 31 $ 2,268 $ 0.4921875 March 31 May 1 2,587 0.5390625 May 1 2,268 0.4921875 2022 December 31 January 30, 2023 $ 2,587 $ 0.5390625 January 30, 2023 $ 2,268 $ 0.4921875 September 30 October 31 2,587 0.5390625 October 31 2,268 0.4921875 June 30 August 1 2,588 0.5390625 August 1 2,268 0.4921875 March 31 May 2 2,588 0.5390625 May 2 2,268 0.4921875

ACCUMULATED OTHER COMPREHENSIVE

ACCUMULATED OTHER COMPREHENSIVE LOSS	6 Months Ended
	Jun. 30, 2023
Equity [Abstract]
ACCUMULATED OTHER COMPREHENSIVE LOSS	NOTE 15 - ACCUMULATED OTHER COMPREHENSIVE LOSS The following table presents the changes in net unrealized loss on derivatives, the sole component of accumulated other comprehensive loss, for the six months ended June 30, 2023 (in thousands): Accumulated Other Comprehensive Loss - Net Unrealized Loss on Derivatives Balance at January 1, 2023 $ ( 6,394 ) Amounts reclassified from accumulated other comprehensive loss (1) 790 Balance at June 30, 2023 $ ( 5,604 ) (1) Amounts reclassified from accumulated other comprehensive loss are reclassified to interest expense on the Company’s consolidated statements of operations.

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	6 Months Ended
	Jun. 30, 2023
Related Party Transactions [Abstract]
RELATED PARTY TRANSACTIONS	NOTE 16 - RELATED PARTY TRANSACTIONS Relationship with ACRES Capital Corp. and certain of its Subsidiaries. The Manager is a subsidiary of ACRES Capital Corp., of which Andrew Fentress, the Company’s Chairman, serves as Managing Partner and Mark Fogel, the Company’s President, Chief Executive Officer and Director, serves as Chief Executive Officer and President. Mr. Fentress and Mr. Fogel are also shareholders and board members of ACRES Capital Corp. Effective on July 31, 2020, the Company has a Management Agreement with the Manager pursuant to which the Manager provides the day-to-day management of the Company’s operations and receives management fees. On July 31, 2023, this agreement was automatically renewed for a one year term pursuant to the agreement. For the three and six months ended June 30, 2023 , the Manager earned base management fees of $ 1.7 million and $ 3.3 million, respectively. For the three and six months ended June 30, 2022 , the Manager earned base management fees of $ 1.7 million and $ 3.4 million, respectively. For the three and six months ended June 30, 2023 , the Manager earned incentive management fees of $ 255,000 and $ 384,000 , of which 50 % was payable in cash and 50 % was payable in common stock. No incentive compensation was earned for the three and six months ended June 30, 2022. At June 30, 2023 and December 31, 2022 , $ 7,000 and $ 558,000 , respectively, of base management fees were payable by the Company to the Manager. At June 30, 2023 and December 31, 2022 , $ 255,000 and $ 340,000 , respectively, of incentive management fees were payable by the Company to the Manager. The Manager and its affiliates provided the Company with a Chief Financial Officer and a sufficient number of additional accounting, finance, tax and investor relations professionals. The Company reimbursed the Manager’s expenses for (a) the wages, salaries and benefits of the Chief Financial Officer, and (b) a portion of the wages, salaries and benefits of accounting, finance, tax, legal and investor relations professionals, in proportion to such personnel’s percentage of time allocated to the Company’s operations. The Company reimbursed out-of-pocket expenses and certain other costs incurred by the Manager that related directly to the Company’s operations. For the three and six months ended June 30, 2023 , the Company reimbursed the Manager $ 1.4 million and $ 2.3 million, respectively, for all such compensation and costs. For the three and six months ended June 30, 2022 , the Company reimbursed the Manager $ 1.0 million and $ 3.0 million, respectively, for all such compensation and costs. At June 30, 2023 , the Company did no t have any payables to the Manager pursuant to the Management Agreement related to such compensation and costs. At December 31, 2022 , the Company had payables to the Manager totaling $ 179,000 related to such compensation and costs. The Company’s base management fee payable and expense reimbursements payable were recorded in management fee payable and accounts payable and other liabilities on the consolidated balance sheets, respectively. On July 31, 2020, ACRES RF, a direct, wholly owned subsidiary of the Company, provided a $ 12.0 million loan (the “ACRES Loan”) to ACRES Capital Corp. evidenced by the promissory note from ACRES Capital Corp. The ACRES Loan accrues interest at 3.00 % per annum payable monthly. The monthly amortization payment is $ 25,000 . The ACRES Loan matures in July 2026 , subject to two one-year extensions (at ACRES Capital Corp.’s option) subject to the payment of a 0.5 % extension fee to ACRES RF on the outstanding principal amount of the ACRES Loan. During the three and six months ended June 30, 2023 , the Company recorded interest income of $ 85,000 and $ 169,000 , respectively, on the ACRES Loan in other income (expense) on the consolidated statements of operations. During the three and six months ended June 30, 2022 , the Company recorded interest income of $ 87,000 and $ 174,000 , respectively, on the ACRES Loan in other income (expense) on the consolidated statements of operations At June 30, 2023 and December 31, 2022 , the ACRES Loan had a principal balance of $ 11.1 million and $ 11.3 million, respectively, recorded in loan receivable - related party on the consolidated balance sheets. At June 30, 2023 and December 31, 2022 , the ACRES Loan had no accrued interest receivable. During the year ended December 31, 2022 , the Company originated one CRE whole loan with a par value of $ 38.6 million that was refinanced from a loan originated by affiliates of the Manager. The Company did no t originate any loans that were refinanced from loans originated by affiliates of the Manager during the six months ended June 30, 2023. During the year ended December 31, 2022 , the Company acquired 100 % equity in one property for $ 38.6 million, that previously served as collateral for a loan held by an affiliate of the Manager prior to the acquisition. At June 30, 2023 , the Company retained equity in two securitization entities that were structured for the Company by the Manager. Under the Management Agreement, the Manager was not separately compensated by the Company for executing these transactions and was not separately compensated for managing the securitization entities and their assets. During the year ended December 31, 2022 , the Company co-originated and entered into joint funding agreements with ACRES Loan Origination, LLC, an affiliate of ACRES Capital Corp. and the Manager, on four loan originations, with total initial fundings of $ 97.2 million. Relationship with ACRES Capital Servicing LLC. Under the MassMutual Loan Agreement, ACRES Capital Servicing LLC (“ACRES Capital Servicing”), an affiliate of ACRES Capital Corp. and the Manager, serves as the portfolio servicer. Additionally, ACRES Capital Servicing served as the special servicer of XAN 2020-RSO8 and XAN 2020-RSO9 and serves as special servicer of ACRES Commercial Realty 2021-FL1 Issuer, Ltd. (“ACR 2021-FL1”) and ACRES Commercial Realty 2021-FL2 Issuer, Ltd. (“ACR 2021-FL2”). During the three and six months ended June 30, 2023 , ACRES Capital Servicing received no portfolio servicing fees and earned $ 20,000 and $ 65,000 , respectively, in special servicing fees, of which $ 12,000 and $ 47,000 , respectively, was recorded as a reduction to interest income in the consolidated statement of operations. During the three and six months ended June 30, 2022 , ACRES Capital Servicing received no portfolio servicing fees and $ 23,000 in special servicing fees, recorded as a reduction to interest income in the consolidated statement of operations. Relationship with ACRES Commercial Mortgage, LLC. During the three months ended June 30, 2023 , the Company purchased a participation for $ 22.5 million in one CRE whole loan from ACRES Commercial Mortgage, LLC. Relationship with ACRES Collateral Manager, LLC. ACRES Collateral Manager, LLC, an affiliate of ACRES Capital Corp. and the Manager, serves as the collateral manager of ACR 2021-FL1 and ACR 2021-FL2, a role for which it waived its fee. Relationship with ACRES Development Management, LLC. ACRES Development Management, LLC (“DevCo”) is a wholly owned subsidiary of ACRES Capital Corp., the parent of the Manager. DevCo acts in various capacities as a co-developer or owner’s representative for direct equity investments within the Company’s portfolio. In November 2021, December 2021 and April 2022, the joint venture entities of the three CRE equity investments acquired through direct investment entered into development agreements with DevCo (the “Development Agreements”). Pursuant to the Development Agreements, DevCo agreed to manage the development of the projects associated with each equity investment in accordance with a development standard in exchange for fees equal to between 1.25 % and 1.5 % of all project costs. During the three and six months ended June 30, 2023 , $ 91,000 and $ 145,000 in fees were incurred and paid to DevCo for services rendered under the Development Agreements. During the three and six months ended June 30, 2022 , $ 16,000 in fees were incurred and paid to DevCo for services rendered under the Development Agreements. Relationship with ACRES Share Holdings, LLC. During the three and six months ended June 30, 2023 , the Company issued 6,875 and 24,655 shares, respectively, to ACRES Share Holdings, LLC in connection with the fourth quarter 2022 and the first quarter 2023 incentive compensation. In August 2023, the Company issued 14,226 shares to ACRES Share Holdings, LLC in connection with the second quarter 2023 incentive compensation. The shares vested fully upon issuance pursuant to the Management Agreement. In June 2021, the Company’s Manager Plan was approved by its shareholders, which authorized up to 1,100,000 shares of common stock for issuance to the Manager (less shares of common stock issued or subject to awards under the Omnibus Plan). There were no shares issued under this plan for the six months ended June 30, 2023. During the year ended December 31, 2022 , the Company issued 299,999 restricted shares to ACRES Share Holdings, LLC under the Manager Plan that will vest 25 % each year on the anniversary of the issuance date over four years . See Note 12 for additional details.

FAIR VALUE OF FINANCIAL INSTRUM

FAIR VALUE OF FINANCIAL INSTRUMENTS	6 Months Ended
	Jun. 30, 2023
Fair Value Disclosures [Abstract]
FAIR VALUE OF FINANCIAL INSTRUMENTS	NOTE 17 - FAIR VALUE OF FINANCIAL INSTRUMENTS The Company had no financial instruments carried at fair value on a recurring basis at June 30, 2023 and December 31, 2022. In June 2023, the Company received the deed-in-lieu of foreclosure on a property that formerly collateralized a CRE whole loan. The property was appraised and determined to have a fair value of $ 20.9 million at the time of acquisition. The Company is required to disclose the fair value of financial instruments for which it is practicable to estimate that value. The fair values of the Company’s short-term financial instruments such as cash and cash equivalents, restricted cash, accrued interest receivable, principal paydowns receivable, accrued interest payable and distributions payable approximate their carrying values on the consolidated balance sheets. The fair values of the Company’s assets and liabilities are estimated as follows: CRE whole loans. The fair values of the Company’s loans held for investment are measured by discounting the expected future cash flows using the current interest rates at which similar loans would be made to borrowers with similar credit ratings and for the same remaining maturities. Par values of loans with variable interest rates are expected to approximate fair value unless evidence of credit deterioration exists, in which case the fair value approximates the par value less the loan’s allowance estimated through individual evaluation. Fair values of loans with fixed rates are calculated using the net present values of future cash flows, discounted at market rates. The Company’s floating-rate CRE loans had interest rates from 8.04 % to 13.79 % and 7.03 % to 12.67 % at June 30, 2023 and December 31, 2022, respectively. CRE mezzanine loan . Historically, this was measured by discounting the expected remaining cash flows using the current interest rates at which similar instruments would be originated for the same remaining maturity. The Company’s mezzanine loan was discounted at a rate of 10.00 %. The Company's mezzanine loan had no carrying or fair value at June 30, 2023 or December 31, 2022. Loan receivable- related party. This is estimated using a discounted cash flow model. Senior notes in CRE securitizations, 5.75% Senior Unsecured Notes and junior subordinated notes. These are estimated using a discounted cash flow model with implied yields based on trades for similar securities. Senior secured financing facility, warehouse financing facilities, mortgage payable and construction loan. These are variable-rate debt instruments indexed to either LIBOR or Term SOFR that reset periodically and as a result, their carrying value approximates their fair value, excluding deferred debt issuance costs. As of June 30, 2023, all variable-rate debt instruments are indexed to SOFR. The fair values of the Company’s remaining financial and non-financial assets that are not reported at fair value on the consolidated balance sheets are reported in the following table (in thousands): Fair Value Measurements Carrying Value Fair Value Quoted Prices in Active Markets for Identical Assets of Liabilities Significant Other Observable Inputs Significant Unobservable Inputs At June 30, 2023: Assets: CRE whole loans $ 1,938,089 $ 1,968,322 $ — $ — $ 1,968,322 Loan receivable - related party 11,125 8,096 — — 8,096 Liabilities: Senior notes in CRE securitizations 1,234,303 1,185,091 — — 1,185,091 Senior secured financing facility 47,697 50,995 — — 50,995 Warehouse financing facilities 251,262 253,131 — — 253,131 Mortgage payable 18,492 18,854 — — 18,854 Construction loan (1) ( 1,922 ) — — — — 5.75 % Senior Unsecured Notes 147,819 129,615 — — 129,615 Junior subordinated notes 51,548 32,364 — — 32,364 At December 31, 2022: Assets: CRE whole loans $ 2,038,787 $ 2,065,504 $ — $ — $ 2,065,504 Loan receivable - related party 11,275 9,672 — — 9,672 Liabilities: Senior notes in CRE securitizations 1,233,556 1,179,313 — — 1,179,313 Senior secured financing facility 87,890 91,549 — — 91,549 Warehouse financing facilities 328,288 330,848 — — 330,848 Mortgage payable 18,244 18,710 — — 18,710 5.75 % Senior Unsecured Notes 147,507 138,435 — — 138,435 Junior subordinated notes 51,548 35,821 — — 35,821 (1) Deferred debt issuance costs related to the acquisition of a construction loan that has not been drawn on and has no fair value.

MARKET RISK AND DERIVATIVE INST

MARKET RISK AND DERIVATIVE INSTRUMENTS	6 Months Ended
	Jun. 30, 2023
Derivative Instruments And Hedging Activities Disclosure [Abstract]
MARKET RISK AND DERIVATIVE INSTRUMENTS	NOTE 18 - MARKET RISK AND DERIVATIVE INSTRUMENTS The Company is affected by changes in certain market conditions. These changes in market conditions may adversely impact the Company’s financial performance and are referred to as “market risks.” When deemed appropriate, the Company used derivatives as a risk management tool to mitigate the potential impact of certain market risks. The primary market risks managed by the Company through the use of derivative instruments were interest rate risk and market price risk. The Company also historically managed its interest rate risk with interest rate swaps. Interest rate swaps are contracts between two parties to exchange cash flows based on specified underlying notional amounts, assets and/or indices. The Company seeks to manage the extent to which net income changes as a function of changes in interest rates by matching adjustable-rate assets with variable-rate borrowings. The Company classified its interest rate swap contracts as cash flow hedges, which are hedges that eliminate the risk of changes in the cash flows of a financial asset or liability. The Company terminated all of its interest rate swap positions associated with its financed CMBS portfolio in April 2020. At termination, the Company realized a loss of $ 11.8 million. At June 30, 2023 and December 31, 2022, the Company had losses of $ 5.8 million and $ 6.6 million, respectively, recorded in accumulated other comprehensive loss, which will be amortized into earnings over the remaining life of the debt. During the three and six months ended June 30, 2023, the Company recorded amortization expense of $ 420,000 and $ 835,000 , reported in interest expense on the consolidated statements of operations. During the three and six months ended June 30, 2022 , the Company recorded amortization expense of $ 484,000 and $ 963,000 , reported in interest expense on the consolidated statements of operations. At June 30, 2023 and December 31, 2022, the Company had an unrealized gain of $ 210,000 and $ 256,000 , respectively, attributable to two terminated interest rate swaps in accumulated other comprehensive loss on the consolidated balance sheets, to be accreted into earnings over the remaining life of the debt. For each of the three months ended June 30, 2023 and 2022, the Company recorded accretion income, reported in interest expense on the consolidated statements of operations, of $ 23,000 to accrete the accumulated other comprehensive income on the terminated swap agreements. For each of the six months ended June 30, 2023 and 2022, the Company recorded accretion income, reported in interest expense on the consolidated statements of operations, of $ 45,000 to accrete the accumulated other comprehensive income on the terminated swap agreements. The Company’s prior origination of fixed-rate CRE whole loans exposed it to market pricing risk in connection with the fluctuations of market interest rates. As market interest rates increase or decrease, the fair value of the fixed-rate CRE whole loans will decrease or increase accordingly. In order to mitigate this market price risk, the Company entered into interest rate swap contracts in which it pays a fixed rate of interest in exchange for a variable rate of interest, usually three-month LIBOR. Unrealized gains and losses on the value of these swap contracts were recorded in other income (expense) on the consolidated statements of operations. In December 2020, these interest rate swap contracts were terminated. The following table presents the effect of the derivative instruments on the consolidated statements of operations for the six months ended June 30, 2023 and 2022 (in thousands): Realized and Unrealized Gain (Loss) (1) Consolidated Statements of Operations Location Six Months Ended June 30, 2023 Six Months Ended June 30, 2022 Interest rate swap contracts, hedging Interest expense $ ( 790 ) $ ( 917 ) (1) Negative values indicate a decrease to the associated consolidated statement of operations line items.

OFFSETTING OF FINANCIAL LIABILI

OFFSETTING OF FINANCIAL LIABILITIES	6 Months Ended
	Jun. 30, 2023
Offsetting [Abstract]
OFFSETTING OF FINANCIAL ASSETS AND LIABILITIES	NOTE 19 - OFFSETTING OF FINANCIAL ASSETS AND LIABILITIES The following table presents a summary of the Company’s offsetting of financial liabilities and derivative liabilities (in thousands, except amounts in footnotes): (i) (ii) (iii) = (i) - (ii) (iv) of Recognized Liabilities Consolidated Balance Sheets Consolidated Balance Sheets Financial Instruments (1) Cash Collateral Pledged (v) = (iii) - (iv) At June 30, 2023: Term warehouse financing facilities (2) $ 251,262 $ — $ 251,262 $ 251,262 $ — $ — At December 31, 2022: Term warehouse financing facilities (2) $ 328,288 $ — $ 328,288 $ 328,288 $ — $ — (1) Amounts represent financial instruments pledged that are available to be offset against liability balances associated with term warehouse financing facilities, repurchase agreements and derivatives. (2) The combined fair values of loans pledged against the Company’s various term warehouse financing facilities and repurchase agreements was $ 377.2 million and $ 453.6 million at June 30, 2023 and December 31, 2022 , respectively. All balances associated with warehouse financing facilities are presented on a gross basis on the Company’s consolidated balance sheets. Certain of the Company’s warehouse financing facilities are governed by underlying agreements that generally provide for a right of offset in the event of default or in the event of a bankruptcy of either party to the transaction.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	6 Months Ended
	Jun. 30, 2023
Commitments And Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	NOTE 20 - COMMITMENTS AND CONTINGENCIES The Company may become involved in litigation on various matters due to the nature of the Company’s business activities. The resolution of these matters may result in adverse judgments, fines, penalties, injunctions and other relief against the Company as well as monetary payments or other agreements and obligations. In addition, the Company may enter into settlements on certain matters in order to avoid the additional costs of engaging in litigation. Except as discussed below, the Company is unaware of any contingencies arising from such litigation that would require accrual or disclosure in the consolidated financial statements at June 30, 2023. Primary Capital Mortgage, LLC (“PCM”) is subject to potential litigation related to claims for repurchases or indemnifications on loans that PCM has sold to third parties. At both June 30, 2023 and December 31, 2022 , no such litigation demand was outstanding. Reserves for such potential litigation demands are included in the reserve for mortgage repurchases and indemnifications that totaled $ 1.1 million and $ 1.2 million at June 30, 2023 and December 31, 2022, respectively. The reserves for mortgage repurchases and indemnifications are included in liabilities held for sale on the consolidated balance sheets. The Company did no t have any general litigation reserve at June 30, 2023 or December 31, 2022. Other Contingencies PCM is subject to additional claims for repurchases or indemnifications on loans that PCM has sold to investors. At June 30, 2023 and December 31, 2022, outstanding demands for indemnification, repurchase or make whole payments totaled $ 3.3 million . The Company’s estimated exposure for such outstanding claims, as well as unasserted claims, is included in its reserve for mortgage repurchases and indemnifications. Other Guarantees In January 2023, Chapel Drive East, LLC, a wholly owned subsidiary of the FSU Student Venture, entered into a loan agreement (the "Construction Loan Agreement") with Oceanview Life and Annuity Company ("Oceanview") to finance the construction of a student housing complex (the "Construction Loan"). In connection with the Company's investment in the student housing complex, ACRES RF entered into guarantees related to the Construction Loan. Pursuant to the guarantees, Jason Pollack, Frank Dellaglio and ACRES RF (collectively, the "Guarantors"), for the benefit of Oceanview, provided limited "bad boy" guaranties to Oceanview pursuant to the Construction Loan Agreement until the earlier of the payment in full of the indebtedness or the date of a sale of the property pursuant to a foreclosure of the mortgage or deed or other transfer in lieu of foreclosure is accepted by Oceanview. The Guarantors also entered into a Completion Guaranty Agreement for the benefit of Oceanview to guaranty the timely completion of the project in accordance with the Construction Loan Agreement, as well as a Carry Guaranty Agreement, for the benefit of Oceanview to guaranty and unconditional payment by Chapel Drive East, LLC of all customary or necessary costs and expenses incurred in connection with the operation, maintenance and management of the property and an Environmental Indemnity Agreement jointly and severally in favor of Oceanview whereby the Guarantors serving as Indemnitors provided environmental representations and warranties, covenants and indemnifications (collectively the "Guaranties"). The Guaranties include certain financial covenants required of ACRES RF, including required net worth and liquidity requirements. Unfunded Commitments Unfunded commitments on the Company’s originated CRE loans generally fall into two categories: (1) pre-approved capital improvement projects and (2) new or additional construction costs subject, in each case, to the borrower meeting specified criteria. Upon completion of the improvements or construction, the Company would receive additional interest income on the advanced amount. Whole loans had $ 128.7 million and $ 158.2 million in unfunded loan commitments at June 30, 2023 and December 31, 2022, respectively. Additionally, the Company and its JV partner have commitments related to its construction of a student housing complex. The Company and JV partner committed to a total funding of $ 31.2 million, of which $ 4.1 million was unfunded at June 30, 2023 .

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	6 Months Ended
	Jun. 30, 2023
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	NOTE 21 - SUBSEQUENT EVENTS The Company has evaluated subsequent events through the filing of this report and determined that there have not been any events, other than those described in Note 10, Note 12 and Note 16 that have occurred that would require adjustments to or disclosures in the consolidated financial statements.

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	6 Months Ended
	Jun. 30, 2023
Accounting Policies [Abstract]
Principles of Consolidation	Principles of Consolidation The accompanying consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the U.S. (“GAAP”). The consolidated financial statements include the accounts of the Company, majority-owned or controlled subsidiaries and VIEs for which the Company is considered the primary beneficiary. All inter-company transactions and balances have been eliminated in consolidation.
Basis of Presentation	Basis of Presentation All adjustments necessary to fairly present the Company’s financial position, results of operations and cash flows have been made.
Use of Estimates	Use of Estimates The preparation of 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 date of the financial statements and within the period of financial results. Actual results could differ from those estimates. Estimates affecting the accompanying consolidated financial statements include, but are not limited to, the net realizable and fair values of the Company’s investments and derivatives, the estimated useful lives used to calculate depreciation, the expected lives over which to amortize premiums and accrete discounts, reversals of or provisions for expected credit losses and the disclosure of contingent liabilities.
Cash and Cash Equivalents	Cash and Cash Equivalents Cash and cash equivalents include cash on hand and all highly liquid investments with original maturities of three months or less at the time of purchase. At June 30, 2023 and December 31, 2022 , $ 53.1 million and $ 63.3 million, respectively, of the reported cash balances exceeded the Federal Deposit Insurance Corporation and Securities Investor Protection Corporation deposit insurance limits of $250,000 per respective depository or brokerage institution. However, all of the Company’s cash deposits are held at multiple, established financial institutions, in multiple accounts associated with its parent and respective consolidated subsidiaries, to minimize credit risk exposure. The Company has not experienced, and does not expect, any losses on its cash and cash equivalents. Restricted cash includes required account balance minimums primarily for the Company’s CRE debt securitizations as well as cash held in the syndicated corporate loan collateralized debt obligations (“CDOs”). The following table provides a reconciliation of cash, cash equivalents and restricted cash on the consolidated balance sheets to the total amount shown on the consolidated statements of cash flows (in thousands): June 30, 2023 2022 Cash and cash equivalents $ 57,112 $ 34,870 Restricted cash 15,251 25,367 Total cash, cash equivalents and restricted cash shown on the Company’s consolidated statements of cash flows $ 72,363 $ 60,237
Investment In Real Estate	Investment in Real Estate The Company depreciates investments in real estate and amortizes related intangible assets over the estimated useful lives of the assets as follows: Category Term Building 35 to 40 years Building improvements 8 to 35 years Site improvements 10 years Tenant improvements Shorter of lease term or expected useful life Furniture, fixtures and equipment 3 to 12 years Right of use assets 7 to 94 years Intangible assets 90 days to 18 years Lease liabilities 7 to 94 years
Income Taxes	Income Taxes The Company recorded a full valuation allowance against its net deferred tax assets (tax effected expense of $ 21.0 million ) at June 30, 2023 , as the Company believes it is more likely than not that the deferred tax assets will not be realized. This assessment was based on the Company’s cumulative historical losses and uncertainties as to the amount of taxable income that would be generated in future years by the Company’s taxable REIT subsidiaries.
Earnings Per Share	Earnings per Share The Company presents both basic and diluted earnings per share (“EPS”). Basic EPS excludes dilution and is computed by dividing net income (loss) allocable to common shareholders by the weighted average number of shares outstanding for the period. Diluted EPS reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock, where such exercise or conversion would result in a lower EPS amount.
Reference Rate Reform	Reference Rate Reform Historically, the Company has used LIBOR as the benchmark interest rate for its floating-rate whole loans and the Company has been exposed to LIBOR through its floating-rate borrowings. In March 2021, the United Kingdom’s, or U.K.’s, Financial Conduct Authority (“FCA”) announced that it would cease publication of the one-week and the two-month USD LIBOR immediately after December 31, 2021 and cease publication of the remaining tenors immediately after June 30, 2023. In July 2021, the U.S. Federal Reserve, in conjunction with the Alternative Reference Rates Committee, a steering committee composed of large U.S. financial institutions, identified the Secured Overnight Financing Rate (“SOFR”) as its preferred alternative rate for LIBOR. Following this announcement, the Company began to transition the contractual benchmark rates of existing floating-rate whole loans and borrowings to alternate rates. Additionally, beginning January 1, 2022, all variable rate loans originated by the Company and all variable rate borrowings acquired had been benchmarked to SOFR. At June 30, 2023, the Company's whole loan portfolio had a carrying value of $ 1.9 billion of floating rate loans, all of which have interest rates tied to SOFR. At June 30, 2023, the Company had $ 1.6 billion of outstanding floating rate borrowings, 3.2 % or $ 51.5 million of which have interest rates tied to LIBOR and 96.8 % or $ 1.5 billion of which have interest rates tied to SOFR. The Company expects to complete the process of converting its LIBOR-based borrowings to an applicable benchmark interest rate during 2023.
Recent Accounting Standards	Recent Accounting Standards Accounting Standards Adopted in 2023 In March 2022, the Financial Accounting Standards Board ("FASB") issued an amendment eliminating certain previously issued accounting guidance for troubled-debt restructurings (“TDRs”) and enhancing disclosure requirements surrounding refinancings, restructurings, and write-offs. Current GAAP provides an exception to the general recognition and measurement guidance for loan restructurings if they meet specific criteria to be considered TDRs. If a modification is a TDR, incremental expected losses are recorded in the allowance for credit losses upon modification and specific disclosures are required. The new amendment eliminates the TDR recognition and measurement guidance and requires the reporting entity to evaluate whether the modification represents a new loan or a continuation of an existing loan, consistent with accounting for other loan modifications. The amendment also requires public business entities to disclose current-period gross write-offs by year of origination for certain financing receivables and net investments in leases. The Company adopted this guidance during the six months ended June 30, 2023 and the adoption did no t have a material impact on the Company's consolidated financial statements.

SUMMARY OF SIGNIFICANT ACCOUN_3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)	6 Months Ended
	Jun. 30, 2023
Accounting Policies [Abstract]
Reconciliation of cash, cash equivalents and restricted cash	The following table provides a reconciliation of cash, cash equivalents and restricted cash on the consolidated balance sheets to the total amount shown on the consolidated statements of cash flows (in thousands): June 30, 2023 2022 Cash and cash equivalents $ 57,112 $ 34,870 Restricted cash 15,251 25,367 Total cash, cash equivalents and restricted cash shown on the Company’s consolidated statements of cash flows $ 72,363 $ 60,237
Schedule of Investments in Real Estate and Amortizes Intangible Assets Over The Estimated Useful Lives of Assets	The Company depreciates investments in real estate and amortizes related intangible assets over the estimated useful lives of the assets as follows: Category Term Building 35 to 40 years Building improvements 8 to 35 years Site improvements 10 years Tenant improvements Shorter of lease term or expected useful life Furniture, fixtures and equipment 3 to 12 years Right of use assets 7 to 94 years Intangible assets 90 days to 18 years Lease liabilities 7 to 94 years

VARIABLE INTEREST ENTITIES (Tab

VARIABLE INTEREST ENTITIES (Tables)	6 Months Ended
	Jun. 30, 2023
VIE, Primary Beneficiary
Schedule of variable interest entities	The following table shows the classification and carrying values of assets and liabilities of the Company’s Consolidated VIEs at June 30, 2023 (in thousands): CRE Securitizations Other Total ASSETS Restricted cash $ 14,201 $ 282 $ 14,483 Accrued interest receivable 9,144 — 9,144 CRE loans, pledged as collateral (1) 1,481,255 — 1,481,255 Other assets 27 56 83 Total assets (2) $ 1,504,627 $ 338 $ 1,504,965 LIABILITIES Accounts payable and other liabilities $ 122 $ — $ 122 Accrued interest payable 3,305 — 3,305 Borrowings 1,234,303 — 1,234,303 Total liabilities $ 1,237,730 $ — $ 1,237,730 (1) Excludes allowance for credit losses. (2) Assets of each of the Consolidated VIEs may only be used to settle the obligations of each respective VIE.
VIE, Not Primary Beneficiary
Schedule of variable interest entities	The following table shows the classification, carrying value and maximum exposure to loss with respect to the Company’s unconsolidated VIEs at June 30, 2023 (in thousands): Unsecured Junior Subordinated Debentures Maximum Exposure to Loss ASSETS Accrued interest receivable $ 12 $ — Investments in unconsolidated entities 1,548 $ 1,548 Total assets 1,560 LIABILITIES Accrued interest payable 404 N/A Borrowings 51,548 N/A Total liabilities 51,952 Net (liability) asset $ ( 50,392 )

SUPPLEMENTAL CASH FLOW INFORM_2

SUPPLEMENTAL CASH FLOW INFORMATION (Tables)	6 Months Ended
	Jun. 30, 2023
Supplemental Cash Flow Elements [Abstract]
Schedule of other significant noncash transactions	The following table summarizes the Company’s supplemental disclosure of cash flow information (in thousands): For the Six Months Ended June 30, 2023 2022 Supplemental cash flows: Interest expense paid in cash $ 60,035 $ 24,736 Income taxes paid in cash 101 180 Non-cash investing activities include the following: Proceeds from the receipt of deed-in-lieu of foreclosure $ 20,900 $ — Investment in properties held for sale related to the receipt of deed-in-lieu of foreclosure ( 20,900 ) — Non-cash financing activities include the following: Incentive compensation paid in common stock $ 234 $ — Distributions on preferred stock accrued but not paid 3,262 3,262

LOANS (Tables)

LOANS (Tables)	6 Months Ended
	Jun. 30, 2023
Loans Held For Investment [Abstract]
Summary of loans held for Investments by Asset type, Property type, and Geographic location	The following is a summary of the Company’s CRE loans held for investment by asset type (dollars in thousands, except amounts in footnotes): Description Quantity Principal Unamortized (Discount) Premium, net (1) Amortized Cost Allowance for Credit Losses Carrying Value Contractual Interest Rates (2) Maturity Dates (3)(4) At June 30, 2023: Whole loans (5)(6) 77 $ 1,968,322 $ ( 9,282 ) $ 1,959,040 $ ( 20,951 ) $ 1,938,089 1M BR plus 2.86 % to 1M BR plus 8.61 % July 2023 to July 2026 Mezzanine loan (5) 1 4,700 — 4,700 ( 4,700 ) — 10.00 % June 2028 Total $ 1,973,022 $ ( 9,282 ) $ 1,963,740 $ ( 25,651 ) $ 1,938,089 At December 31, 2022: Whole loans (5)(6) 81 $ 2,065,504 $ ( 12,614 ) $ 2,052,890 $ ( 14,103 ) $ 2,038,787 1M BR plus 2.85 % to 1M BR plus 8.50 % January 2023 to July 2026 Mezzanine loan (5) 1 4,700 — 4,700 ( 4,700 ) — 10.00 % June 2028 Total $ 2,070,204 $ ( 12,614 ) $ 2,057,590 $ ( 18,803 ) $ 2,038,787 (1) Amounts include unamortized loan origination fees of $ 9.0 million and $ 12.3 million and deferred amendment fees of $ 257,000 and $ 308,000 at June 30, 2023 and December 31, 2022, respectively. (2) Benchmark rates ("BR") comprise one-month LIBOR or one-month Term SOFR. At June 30, 2023, all of the Company's whole loans used one-month Term SOFR. Weighted-average one-month benchmark rates were 5.22 % and 4.21 % at June 30, 2023 and December 31, 2022, respectively. Additionally, weighted-average benchmark rate floors were 0.68 % at both June 30, 2023 and December 31, 2022. (3) Maturity dates exclude contractual extension options, subject to the satisfaction of certain terms that may be available to the borrowers. (4) Maturity dates exclude two and three whole loans, with amortized costs of $ 28.2 million and $ 51.6 million, in maturity default at June 30, 2023 and December 31, 2022, respectively. (5) Substantially all loans are pledged as collateral under various borrowings at June 30, 2023 and December 31, 2022. (6) CRE whole loans had $ 128.7 million and $ 158.2 million in unfunded loan commitments at June 30, 2023 and December 31, 2022, respectively. These unfunded loan commitments are advanced as the borrowers formally request additional funding and meet certain benchmarks, as permitted under the loan agreement, and any necessary approvals have been obtained. The following is a summary of the Company’s CRE loans held for investment by property type and geographic location (dollars in thousands): June 30, 2023 December 31, 2022 Property Type Carrying Value % of Loan Portfolio Carrying Value % of Loan Portfolio Multifamily $ 1,460,600 75.4 % $ 1,531,697 75.2 % Office (1)(2) 254,503 13.1 % 269,201 13.2 % Hotel 146,099 7.5 % 178,160 8.7 % Self-Storage 68,862 3.6 % 51,704 2.5 % Retail (3) 8,025 0.4 % 8,025 0.4 % Total $ 1,938,089 100 % $ 2,038,787 100 % (1) Includes one and two whole loans in maturity default with carrying values of $ 20.1 million and $ 42.5 million at June 30, 2023 and December 31, 2022, respectively. (2) Includes one mezzanine loan with a par value of $ 4.7 million that is fully reserved at both June 30, 2023 and December 31, 2022. (3) Comprises one whole loan in maturity default at both June 30, 2023 and December 31, 2022. June 30, 2023 December 31, 2022 Geographic Location Carrying Value % of Loan Portfolio Carrying Value % of Loan Portfolio Southwest (1) $ 458,573 23.6 % $ 472,327 23.2 % Southeast 410,732 21.2 % 438,403 21.5 % Mountain 274,289 14.2 % 329,828 16.2 % Mid Atlantic 251,757 13.0 % 248,740 12.2 % Pacific 170,986 8.8 % 191,706 9.4 % Northeast (2) 200,865 10.4 % 170,236 8.3 % East North Central (3) 106,969 5.5 % 125,211 6.1 % West North Central 63,918 3.3 % 62,336 3.1 % Total $ 1,938,089 100 % $ 2,038,787 100 % (1) Includes one whole loan in maturity default with carrying values of $ 20.1 million and $ 20.7 million at June 30, 2023 and December 31, 2022, respectively. (2) Includes one whole loan in maturity default with a carrying value of $ 8.0 million at both June 30, 2023 and December 31, 2022 . Also includes one mezzanine loan with a par value of $ 4.7 million that is fully reserved at both June 30, 2023 and December 31, 2022. (3) Includes one whole loan in maturity default with a carrying value of $ 21.7 million at December 31, 2022 .
Summary of Contractual Maturities of Commercial Real Estate Loans at Amortized Cost	The following is a summary of the contractual maturities of the Company’s CRE loans held for investment, at amortized cost (in thousands, except amounts in the footnotes): Description 2023 2024 2025 and Thereafter Total At June 30, 2023: Whole loans (1) $ 113,075 $ 933,116 $ 884,685 $ 1,930,876 Mezzanine loan — — 4,700 4,700 Total CRE loans (2) $ 113,075 $ 933,116 $ 889,385 $ 1,935,576 Description 2023 2024 2025 and Thereafter Total At December 31, 2022: Whole loans (1) $ 268,120 $ 882,175 $ 851,031 $ 2,001,326 Mezzanine loan — — 4,700 4,700 Total CRE loans (2) $ 268,120 $ 882,175 $ 855,731 $ 2,006,026 (1) Maturity dates exclude two and three whole loans, with amortized costs of $ 28.2 million and $ 51.6 million, in maturity default at June 30, 2023 and December 31, 2022, respectively. (2) At June 30, 2023 , the amortized costs of the floating-rate CRE whole loans, summarized by contractual maturity assuming full exercise of the extension options, were $ 58.4 million, $ 90.8 million and $ 1.8 billion in 2023, 2024 and 2025 and thereafter, respectively. At December 31, 2022 , the amortized costs of the floating-rate CRE whole loans, summarized by contractual maturity assuming full exercise of the extension options, were $ 113.8 million, $ 68.6 million and $ 1.8 billion in 2023, 2024 and 2025 and thereafter, respectively.

FINANCING RECEIVABLES (Tables)

FINANCING RECEIVABLES (Tables)	6 Months Ended
	Jun. 30, 2023
Receivables [Abstract]
Activity in Allowance for Credit Losses	The following table shows the activity in the allowance for credit losses for the six months ended June 30, 2023 and the year ended December 31, 2022 (in thousands): Six Months Ended June 30, 2023 Year Ended December 31, 2022 Allowance for credit losses at beginning of period $ 18,803 $ 8,805 Provision for credit losses 7,796 12,295 Charge offs ( 948 ) ( 2,297 ) Allowance for credit losses at end of period $ 25,651 $ 18,803
Credit quality indicators for bank loans and commercial real estate loans	The criteria set forth below should be used as general guidelines. Therefore, not every loan will have all of the characteristics described in each category below. Risk Rating Risk Characteristics 1 • Property performance has surpassed underwritten expectations. • Occupancy is stabilized, the property has had a history of consistently high occupancy, and the property has a diverse and high-quality tenant mix. 2 • Property performance is consistent with underwritten expectations and covenants and performance criteria are being met or exceeded. • Occupancy is stabilized, near stabilized or is on track with underwriting. 3 • Property performance lags behind underwritten expectations. • Occupancy is not stabilized and the property has some tenancy rollover. 4 • Property performance significantly lags behind underwritten expectations. Performance criteria and loan covenants have required occasional waivers. • Occupancy is not stabilized and the property has a large amount of tenancy rollover. 5 • Property performance is significantly worse than underwritten expectations. The loan is not in compliance with loan covenants and performance criteria and may be in default. Expected sale proceeds would not be sufficient to pay off the loan at maturity. • The property has a material vacancy rate and significant rollover of remaining tenants. • An updated appraisal is required upon designation and updated on an as-needed basis. All CRE loans are evaluated for any credit deterioration by debt asset management and certain finance personnel on at least a quarterly basis. Mezzanine loans may experience greater credit risks due to their nature as subordinated investments. For the purpose of calculating the quarterly provision for credit losses under CECL, the Company pools CRE loans based on the underlying collateral property type and utilizes a probability of default and loss given default methodology for approximately one year after which it immediately reverts to a historical mean loss ratio. Credit risk profiles of CRE loans at amortized cost were as follows (in thousands, except amounts in the footnote): Rating 1 Rating 2 Rating 3 Rating 4 Rating 5 Total (1) At June 30, 2023: Whole loans, floating-rate $ — $ 1,353,353 514,179 $ 63,344 $ 28,164 $ 1,959,040 Mezzanine loan — — — — 4,700 4,700 Total $ — $ 1,353,353 $ 514,179 $ 63,344 $ 32,864 $ 1,963,740 At December 31, 2022: Whole loans, floating-rate $ — $ 1,635,376 $ 309,491 $ 85,226 $ 22,797 $ 2,052,890 Mezzanine loan — — — — 4,700 4,700 Total $ — $ 1,635,376 $ 309,491 $ 85,226 $ 27,497 $ 2,057,590 (1) The total amortized cost of CRE whole loans excluded accrued interest receivable of $ 12.6 million and $ 11.9 million at June 30, 2023 and December 31, 2022, respectively. Credit risk profiles of CRE loans by origination year at amortized cost were as follows (in thousands, except amounts in the footnotes): 2023 2022 2021 2020 2019 Prior Total (1) At June 30, 2023: Whole loans, floating-rate: (2) Rating 2 $ 37,643 $ 444,948 $ 791,217 $ 52,703 $ 26,842 $ — $ 1,353,353 Rating 3 — 77,350 316,281 34,286 27,794 58,468 514,179 Rating 4 — 19,348 43,996 — — — 63,344 Rating 5 — — — — 20,139 8,025 28,164 Total whole loans, floating-rate 37,643 541,646 1,151,494 86,989 74,775 66,493 1,959,040 Mezzanine loan (rating 5) — — — — — 4,700 4,700 Total $ 37,643 $ 541,646 $ 1,151,494 $ 86,989 $ 74,775 $ 71,193 $ 1,963,740 Current Period Gross Write-Offs $ — $ — $ — $ — $ ( 948 ) $ — $ ( 948 ) 2022 2021 2020 2019 2018 Prior Total (1) At December 31, 2022: Whole loans, floating-rate: (2) Rating 2 $ 526,606 $ 1,003,060 $ 64,944 $ 26,977 $ 13,789 $ — $ 1,635,376 Rating 3 — 192,490 44,657 27,881 44,463 — 309,491 Rating 4 — — — 20,742 64,484 — 85,226 Rating 5 — — — 22,797 — — 22,797 Total whole loans, floating-rate 526,606 1,195,550 109,601 98,397 122,736 — 2,052,890 Mezzanine loan (rating 5) — — — — 4,700 — 4,700 Total $ 526,606 $ 1,195,550 $ 109,601 $ 98,397 $ 127,436 $ — $ 2,057,590 (1) The total amortized cost of CRE whole loans excluded accrued interest receivable of $ 12.6 million and $ 11.9 million at June 30, 2023 and December 31, 2022, respectively. (2) Acquired CRE whole loans are grouped within each loan’s year of origination. At both June 30, 2023 and December 31, 2022 , the Company had one additional mezzanine loan included in other assets held for sale that had no carrying value.
Loan portfolios aging analysis	The following table presents the CRE loan portfolio aging analysis at the dates indicated for CRE loans at amortized cost (in thousands, except amounts in footnotes): 30-59 Days 60-89 Days Greater than 90 (1) Total Past Due Current (2) Total Loans Receivable (3) Total Loans > 90 Days and Accruing At June 30, 2023: Whole loans, floating-rate $ — $ — $ 28,164 $ 28,164 $ 1,930,876 $ 1,959,040 $ — Mezzanine loan (4) 4,700 — — 4,700 — 4,700 — Total $ 4,700 $ — $ 28,164 $ 32,864 $ 1,930,876 $ 1,963,740 $ — At December 31, 2022: Whole loans, floating-rate $ — $ — $ 28,767 $ 28,767 $ 2,024,123 $ 2,052,890 $ — Mezzanine loan (4) — — — — 4,700 4,700 — Total $ — $ — $ 28,767 $ 28,767 $ 2,028,823 $ 2,057,590 $ — (1) During the three and six months ended June 30, 2023 , the Company recognized interest income of $ 837,000 and $ 1.8 million, respectively, on two CRE whole loans with a principal payment past due greater than 90 days at June 30, 2023. During the three and six months ended June 30, 2022 , the Company recognized interest income of $ 333,000 and $ 669,000 , respectively, on two CRE whole loans with a principal payment past due greater than 90 days at June 30, 2023. (2) Includes one CRE whole loan, with an amortized cost of $ 22.8 million, in maturity default at December 31, 2022. (3) The total amortized cost of CRE whole loans excluded accrued interest receivable of $ 12.6 million and $ 11.9 million at June 30, 2023 and December 31, 2022, respectively. (4) Fully reserved at both June 30, 2023 and December 31, 2022.

INVESTMENTS IN REAL ESTATE AN_2

INVESTMENTS IN REAL ESTATE AND OTHER ACQUIRED ASSETS AND ASSUMED LIABILITIES (Tables)	6 Months Ended
	Jun. 30, 2023
Investment In Real Estate And Other Acquired Assets And Assumed Liabilities [Abstract]
Schedule of Investments in Real Estate and Related Intangible Assets	The following table summarizes the book value of the Company’s investments in real estate and properties held for sale (in thousands, except amounts in the footnotes): June 30, 2023 December 31, 2022 Cost Basis Accumulated Depreciation & Amortization Carrying Value Cost Basis Accumulated Depreciation & Amortization Carrying Value Assets: Investments in real estate, equity: Investments in real estate (1) $ 141,008 $ ( 3,645 ) $ 137,363 $ 123,219 $ ( 2,251 ) $ 120,968 Right of use assets (2)(3) 19,665 ( 342 ) 19,323 19,664 ( 205 ) 19,459 Intangible assets (4) 11,474 ( 3,098 ) 8,376 11,474 ( 2,594 ) 8,880 Subtotal 172,147 ( 7,085 ) 165,062 154,357 ( 5,050 ) 149,307 Investments in real estate from lending activities: Properties held for sale (5) 61,565 — 61,565 53,769 — 53,769 Total 233,712 ( 7,085 ) 226,627 208,126 ( 5,050 ) 203,076 Liabilities: Investments in real estate, equity: Mortgage payable 18,233 259 18,492 18,089 155 18,244 Other liabilities 247 ( 201 ) 46 247 ( 183 ) 64 Lease liabilities (3)(6) 43,260 ( 54 ) 43,206 43,260 ( 393 ) 42,867 Subtotal (7) 61,740 4 61,744 61,596 ( 421 ) 61,175 Investments in real estate from lending activities: Liabilities held for sale 3,025 — 3,025 3,025 — 3,025 Total 64,765 4 64,769 64,621 ( 421 ) 64,200 Total net investments in real estate and properties held for sale (8) $ 168,947 $ 161,858 $ 143,505 $ 138,876 (1) Includes $ 38.4 million of land, which is not depreciable, at June 30, 2023 and December 31, 2022, respectively. (2) Primarily comprises a $ 18.9 million right of use asset, associated with an acquired ground lease of $ 42.8 million (see below) accounted for as an operating lease at June 30, 2023. At December 31, 2022 , the value of the right of use asset was $ 19.0 million associated to the ground lease with a value of $ 42.4 million. Amortization is booked to real estate expenses on the consolidated statements of operations. (3) Refer to Note 8 for additional information on the Company’s remaining operating leases. (4) Primarily comprises a franchise intangible of $ 5.0 million and $ 5.3 million, a management contract intangible of $ 3.0 million and $ 3.1 million, and a customer list intangible of $ 321,000 and $ 427,000 at June 30, 2023 and December 31, 2022, respectively. (5) At December 31, 2022, properties held for sale included two properties originally acquired in November 2020 and July 2022. At June 30, 2023, properties held for sale included the November 2020 acquisition, as well as the property acquired via deed-in-lieu of foreclosure during the three months ended June 30, 2023. (6) Primarily comprises a $ 42.8 million ground lease with a remaining term of 93 years. Lease expense for the six months ended June 30, 2023 was $ 1.3 million . (7) Excludes $ 1.9 million of deferred debt issuance costs on construction loans that can be drawn upon subsequent to June 30, 2023 . (8) Excludes items of working capital, either acquired or assumed.

LEASES (Tables)

LEASES (Tables)	6 Months Ended
	Jun. 30, 2023
Leases [Abstract]
Summary of Operating Leases	The following table summarizes the Company’s operating leases (in thousands): June 30, 2023 December 31, 2022 Operating Leases: Right of use assets $ 738 $ 822 Lease liabilities $ ( 782 ) $ ( 828 ) Weighted average remaining lease term: 6.2 years 6.7 years Weighted average discount rate (1) : 8.70 % 8.71 % (1) The market discount rate is used, when readily determinable, in calculating the present value of lease payments for the operating lease liability. Otherwise, the incremental borrowing rate on the commencement date is used.
Summary of Operating Lease Costs and Cash Payments	The following table summarizes the Company’s operating lease costs and cash payments for the periods presented (in thousands): Three Months Ended June 30, 2023 Three Months Ended June 30, 2022 Six Months Ended June 30, 2023 Six Months Ended June 30, 2022 Lease Cost: Operating lease cost $ 40 $ 24 $ 115 $ 48 Other Information: Cash paid for amounts included in the measurement of lease liabilities Operating cash flows from operating leases $ 38 $ 24 $ 75 $ 47
Summary of Operating Leases Cash Flow Obligations on Undiscounted, Annual Basis	The following table summarizes the Company’s operating leases cash flow obligations on an undiscounted, annual basis (in thousands): Operating Leases 2023 $ 77 2024 155 2025 159 2026 163 2027 167 Thereafter 303 Subtotal 1,024 Less: impact of discount ( 242 ) Total $ 782

BORROWINGS (Tables)

BORROWINGS (Tables)	6 Months Ended
	Jun. 30, 2023
Debt Disclosure [Abstract]
Information with respect to borrowings	Certain information with respect to the Company’s borrowings is summarized in the following table (dollars in thousands, except amounts in the footnotes): Principal Outstanding Unamortized Issuance Costs and Discounts Outstanding Borrowings Weighted Average Borrowing Rate Weighted Average Remaining Maturity Value of Collateral At June 30, 2023: ACR 2021-FL1 Senior Notes $ 674,372 $ 3,035 $ 671,337 6.70 % 13.0 years 801,792 ACR 2021-FL2 Senior Notes 567,000 4,034 562,966 7.02 % 13.6 years 700,000 Senior secured financing facility 50,995 3,298 47,697 8.87 % 4.5 years 152,272 CRE - term warehouse financing facilities (1) 253,131 1,869 251,262 7.77 % 1.3 years 377,208 Mortgage payable 18,854 362 18,492 8.95 % 1.8 years 25,400 Construction loans — 1,922 ( 1,922 ) — — — 5.75 % Senior Unsecured Notes 150,000 2,181 147,819 5.75 % 3.1 years — Unsecured junior subordinated debentures 51,548 — 51,548 9.37 % 13.2 years — Total $ 1,765,900 $ 16,701 $ 1,749,199 7.04 % 10.3 years $ 2,056,672 Principal Outstanding Unamortized Issuance Costs and Discounts Outstanding Borrowings Weighted Average Borrowing Rate Weighted Average Remaining Maturity Value of Collateral At December 31, 2022: ACR 2021-FL1 Senior Notes $ 675,223 $ 3,826 $ 671,397 5.81 % 13.5 years 802,643 ACR 2021-FL2 Senior Notes 567,000 4,841 562,159 6.13 % 14.1 years 700,000 Senior secured financing facility 91,549 3,659 87,890 7.94 % 5.0 years 196,837 CRE - term warehouse financing facilities (1) 330,849 2,561 328,288 6.85 % 1.8 years 453,550 Mortgage payable 18,710 466 18,244 8.08 % 2.3 years 25,400 5.75 % Senior Unsecured Notes 150,000 2,493 147,507 5.75 % 3.6 years — Unsecured junior subordinated debentures 51,548 — 51,548 8.52 % 13.7 years — Total $ 1,884,879 $ 17,846 $ 1,867,033 6.29 % 10.3 years $ 2,178,430 (1) Principal outstanding includes accrued interest payable of $ 673,000 and $ 894,000 at June 30, 2023 and December 31, 2022 , respectively.
Schedule of securitizations	The following table sets forth certain information with respect to the Company’s consolidated securitizations at June 30, 2023 (in thousands, except amount in footnotes): Closing Date Maturity Date Reinvestment Period End (1) Total Note Paydowns from Closing Date through June 30, 2023 ACR 2021-FL1 May 2021 June 2036 May 2023 $ 851 ACR 2021-FL2 December 2021 January 2037 December 2023 $ — (1) The reinvestment period is the period in which principal proceeds received may be used to acquire CRE loans for reinvestment into the securitization.
Senior secured warehouse financing facilities and repurchase agreements	The following table sets forth certain information with respect to the Company’s financing arrangements (dollars in thousands, except amounts in footnotes): June 30, 2023 December 31, 2022 Outstanding Borrowings Value of Collateral Number of Positions as Collateral Weighted Average Interest Rate Outstanding Borrowings Value of Collateral Number of Positions as Collateral Weighted Average Interest Rate Senior Secured Financing Facility Massachusetts Mutual Life Insurance Company (1) $ 47,697 $ 152,272 7 8.87 % $ 87,890 $ 196,837 8 7.94 % CRE - Term Warehouse Financing Facilities (2) JPMorgan Chase Bank, N.A. (3) 118,569 185,862 8 7.73 % 186,783 255,095 11 6.74 % Morgan Stanley Mortgage Capital Holdings LLC (4) 132,693 191,346 9 7.81 % 141,505 198,455 10 7.00 % Mortgage Payable Readycap Commercial, LLC (5) 18,492 25,400 1 8.95 % 18,244 25,400 1 8.08 % Construction Loans Oceanview Life and Annuity Company (6) ( 1,922 ) N/A N/A — % — — — — % Total $ 315,529 $ 554,880 $ 434,422 $ 675,787 (1) Includes $ 3.3 million and $ 3.7 million of deferred debt issuance costs at June 30, 2023 and December 31, 2022, respectively. (2) Outstanding borrowings include accrued interest payable. (3) Includes $ 836,000 and $ 1.1 million of deferred debt issuance costs at June 30, 2023 and December 31, 2022, respectively. (4) Includes $ 1.0 million and $ 1.4 million of deferred debt issuance costs at June 30, 2023 and December 31, 2022, respectively. (5) Includes $ 362,000 and $ 466,000 of deferred debt issuance costs at June 30, 2023 and December 31, 2022, respectively. (6) Includes $ 1.9 million of deferred debt issuance costs at June 30, 2023 .
Schedule of amount at risk under credit facility	The following table shows information about the amount at risk under the Company's financing arrangements (dollars in thousands): Amount at Risk Weighted Average Remaining Maturity Weighted Average Interest Rate At June 30, 2023: Senior Secured Financing Facility (1) Massachusetts Mutual Life Insurance Company $ 101,490 4.5 years 8.87 % CRE - Term Warehouse Financing Facilities (1) JPMorgan Chase Bank, N. A. $ 67,749 1.3 years 7.73 % Morgan Stanley Mortgage Capital Holdings LLC $ 58,965 1.3 years 7.81 % Mortgage Payable (2) Readycap Commercial, LLC $ 6,452 1.8 years 8.95 % (1) Equal to the total of the estimated fair value of securities or loans sold and accrued interest receivable, minus the total of the warehouse financing agreement liabilities and accrued interest payable. (2) Equal to the total of the estimated fair value of real estate property investment financed, minus the total of the mortgage payable agreement liability and accrued interest payable.
Schedule of contractual obligations and commitments	Contractual maturity dates of the Company’s borrowings’ principal outstanding by category and year are presented in the table below (in thousands): Total 2024 2025 2026 2027 2028 and Thereafter At June 30, 2023: CRE securitizations $ 1,241,372 $ — $ — $ — $ — $ 1,241,372 Senior Secured Financing Facility 50,995 — — — 50,995 — CRE - term warehouse financing facilities (1) 253,131 253,131 — — — — Mortgage payable 18,854 — 18,854 — — — 5.75% Senior Unsecured Notes 150,000 — — 150,000 — — Unsecured junior subordinated debentures 51,548 — — — — 51,548 Total $ 1,765,900 $ 253,131 $ 18,854 $ 150,000 $ 50,995 $ 1,292,920 (1) Includes accrued interest payable in the balances of principal outstanding.

SHARE-BASED COMPENSATION (Table

SHARE-BASED COMPENSATION (Tables)	6 Months Ended
	Jun. 30, 2023
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Summary of restricted common stock transactions	The following table summarizes the Company’s restricted common stock transactions: Manager Directors Total Number of Shares Weighted-Average Grant-Date Fair Value Unvested shares at January 1, 2023 524,999 58,334 583,333 $ 14.22 Issued 24,655 — 24,655 9.00 Vested ( 174,653 ) ( 16,660 ) ( 191,313 ) 13.90 Forfeited — — — — Unvested shares at June 30, 2023 375,001 41,674 416,675 $ 14.07
Summary of unvested restricted common stock expected to vest	The unvested restricted common stock shares are expected to vest during the following years: Shares 2023 — 2024 166,658 2025 166,671 2026 83,346 Total 416,675

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	6 Months Ended
	Jun. 30, 2023
Earnings Per Share [Abstract]
Reconciliation of basic and diluted losses per common share	The following table presents a reconciliation of basic and diluted losses per common share for the periods presented (dollars in thousands, except per share amounts): For the Three Months Ended June 30, For the Six Months Ended June 30, 2023 2022 2023 2022 Net income $ 5,558 $ 5,522 $ 7,851 $ 7,606 Net income allocated to preferred shares ( 4,856 ) ( 4,856 ) ( 9,711 ) ( 9,711 ) Net loss allocable to non-controlling interest, net of taxes 115 24 261 24 Net income (loss) allocable to common shares $ 817 $ 690 $ ( 1,599 ) $ ( 2,081 ) Weighted average number of common shares outstanding: Weighted average number of common shares outstanding - basic 8,059,978 8,421,800 8,084,064 8,525,481 Weighted average number of warrants outstanding (1) 391,995 466,661 391,995 466,661 Total weighted average number of common shares outstanding - basic 8,451,973 8,888,461 8,476,059 8,992,142 Effect of dilutive securities - unvested restricted stock 82,585 25,711 — — Weighted average number of common shares outstanding - diluted 8,534,558 8,914,172 8,476,059 8,992,142 Net income (loss) per common share - basic $ 0.10 $ 0.08 $ ( 0.19 ) $ ( 0.23 ) Net income (loss) per common share - diluted $ 0.10 $ 0.08 $ ( 0.19 ) $ ( 0.23 ) (1) See Note 11 for further details regarding the warrants.

DISTRIBUTIONS (Tables)

DISTRIBUTIONS (Tables)	6 Months Ended
	Jun. 30, 2023
Distributions [Abstract]
Distributions Declared	The following tables present distributions declared (on a per share basis) for the six months ended June 30, 2023 and the year ended December 31, 2022 with respect to the Company's Series C Preferred Stock and Series D Preferred Stock: Series C Preferred Stock Series D Preferred Stock Date Paid Total Distribution Paid Distribution Per Share Date Paid Total Distribution Paid Distribution Per Share (in thousands) (in thousands) 2023 June 30 July 31 $ 2,588 $ 0.5390625 July 31 $ 2,268 $ 0.4921875 March 31 May 1 2,587 0.5390625 May 1 2,268 0.4921875 2022 December 31 January 30, 2023 $ 2,587 $ 0.5390625 January 30, 2023 $ 2,268 $ 0.4921875 September 30 October 31 2,587 0.5390625 October 31 2,268 0.4921875 June 30 August 1 2,588 0.5390625 August 1 2,268 0.4921875 March 31 May 2 2,588 0.5390625 May 2 2,268 0.4921875

ACCUMULATED OTHER COMPREHENSI_2

ACCUMULATED OTHER COMPREHENSIVE LOSS (Tables)	6 Months Ended
	Jun. 30, 2023
Equity [Abstract]
Schedule of accumulated other comprehensive loss	The following table presents the changes in net unrealized loss on derivatives, the sole component of accumulated other comprehensive loss, for the six months ended June 30, 2023 (in thousands): Accumulated Other Comprehensive Loss - Net Unrealized Loss on Derivatives Balance at January 1, 2023 $ ( 6,394 ) Amounts reclassified from accumulated other comprehensive loss (1) 790 Balance at June 30, 2023 $ ( 5,604 ) (1) Amounts reclassified from accumulated other comprehensive loss are reclassified to interest expense on the Company’s consolidated statements of operations.

FAIR VALUE OF FINANCIAL INSTR_2

FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)	6 Months Ended
	Jun. 30, 2023
Fair Value Disclosures [Abstract]
Fair value financial and non-financial assets not reported at fair value	The fair values of the Company’s remaining financial and non-financial assets that are not reported at fair value on the consolidated balance sheets are reported in the following table (in thousands): Fair Value Measurements Carrying Value Fair Value Quoted Prices in Active Markets for Identical Assets of Liabilities Significant Other Observable Inputs Significant Unobservable Inputs At June 30, 2023: Assets: CRE whole loans $ 1,938,089 $ 1,968,322 $ — $ — $ 1,968,322 Loan receivable - related party 11,125 8,096 — — 8,096 Liabilities: Senior notes in CRE securitizations 1,234,303 1,185,091 — — 1,185,091 Senior secured financing facility 47,697 50,995 — — 50,995 Warehouse financing facilities 251,262 253,131 — — 253,131 Mortgage payable 18,492 18,854 — — 18,854 Construction loan (1) ( 1,922 ) — — — — 5.75 % Senior Unsecured Notes 147,819 129,615 — — 129,615 Junior subordinated notes 51,548 32,364 — — 32,364 At December 31, 2022: Assets: CRE whole loans $ 2,038,787 $ 2,065,504 $ — $ — $ 2,065,504 Loan receivable - related party 11,275 9,672 — — 9,672 Liabilities: Senior notes in CRE securitizations 1,233,556 1,179,313 — — 1,179,313 Senior secured financing facility 87,890 91,549 — — 91,549 Warehouse financing facilities 328,288 330,848 — — 330,848 Mortgage payable 18,244 18,710 — — 18,710 5.75 % Senior Unsecured Notes 147,507 138,435 — — 138,435 Junior subordinated notes 51,548 35,821 — — 35,821 (1) Deferred debt issuance costs related to the acquisition of a construction loan that has not been drawn on and has no fair value.

MARKET RISK AND DERIVATIVE IN_2

MARKET RISK AND DERIVATIVE INSTRUMENTS (Tables)	6 Months Ended
	Jun. 30, 2023
Derivative Instruments And Hedging Activities Disclosure [Abstract]
The effect of derivative instruments on the statement of income	The following table presents the effect of the derivative instruments on the consolidated statements of operations for the six months ended June 30, 2023 and 2022 (in thousands): Realized and Unrealized Gain (Loss) (1) Consolidated Statements of Operations Location Six Months Ended June 30, 2023 Six Months Ended June 30, 2022 Interest rate swap contracts, hedging Interest expense $ ( 790 ) $ ( 917 ) (1) Negative values indicate a decrease to the associated consolidated statement of operations line items.

OFFSETTING OF FINANCIAL LIABI_2

OFFSETTING OF FINANCIAL LIABILITIES (Tables)	6 Months Ended
	Jun. 30, 2023
Offsetting [Abstract]
Offsetting financial liabilities	The following table presents a summary of the Company’s offsetting of financial liabilities and derivative liabilities (in thousands, except amounts in footnotes): (i) (ii) (iii) = (i) - (ii) (iv) of Recognized Liabilities Consolidated Balance Sheets Consolidated Balance Sheets Financial Instruments (1) Cash Collateral Pledged (v) = (iii) - (iv) At June 30, 2023: Term warehouse financing facilities (2) $ 251,262 $ — $ 251,262 $ 251,262 $ — $ — At December 31, 2022: Term warehouse financing facilities (2) $ 328,288 $ — $ 328,288 $ 328,288 $ — $ — (1) Amounts represent financial instruments pledged that are available to be offset against liability balances associated with term warehouse financing facilities, repurchase agreements and derivatives. (2) The combined fair values of loans pledged against the Company’s various term warehouse financing facilities and repurchase agreements was $ 377.2 million and $ 453.6 million at June 30, 2023 and December 31, 2022 , respectively.

SUMMARY OF SIGNIFICANT ACCOUN_4

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Summary Of Significant Accounting Policies [Line Items]
Cash balance in excess of federal deposit Insurance limit, amount	$ 53.1	$ 63.3
Operating loss carryforwards, valuation allowance, tax expense impact	21
Floating rate loans at carring value	$ 1,900
Accounting standards adopted	true
Accounting standards adopted date	Jun. 30, 2023
Accounting standards adopted material effect	false
CRE - Term Warehouse Financing Facilities | JP Morgan Chase Bank, N.A.
Summary Of Significant Accounting Policies [Line Items]
Floating Rate Borrowings value	$ 1,600
London Interbank Offered Rate (LIBOR)
Summary Of Significant Accounting Policies [Line Items]
Interest rate	3.20%
London Interbank Offered Rate (LIBOR) | CRE - Term Warehouse Financing Facilities | JP Morgan Chase Bank, N.A.
Summary Of Significant Accounting Policies [Line Items]
Floating Rate Borrowings value	$ 51.5
Secured Overnight Financing Rate (SOFR) | CRE - Term Warehouse Financing Facilities | JP Morgan Chase Bank, N.A.
Summary Of Significant Accounting Policies [Line Items]
Floating Rate Borrowings value	$ 1,500
Interest borrowing rate	96.80%

SUMMARY OF SIGNIFICANT ACCOUN_5

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Reconciliation of Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022	Jun. 30, 2022	Dec. 31, 2021
Accounting Policies [Abstract]
Cash and cash equivalents	$ 57,112	$ 66,232	$ 34,870
Restricted cash	15,251	38,579	25,367
Total cash, cash equivalents and restricted cash shown on the Company’s consolidated statements of cash flows	$ 72,363	$ 104,810	$ 60,237	$ 283,931

SUMMARY OF SIGNIFICANT ACCOUN_6

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Schedule of Investments in Real Estate and Amortizes Intangible Assets Over The Estimated Useful Lives of Assets (Details)	6 Months Ended
	Jun. 30, 2023
Summary Of Significant Accounting Policies [Line Items]
Site improvements	10 years
Tenant improvements	Shorter of lease term or expected useful life
Maximum
Summary Of Significant Accounting Policies [Line Items]
Building	40 years
Building improvements	35 years
Furniture, fixtures and equipment	12 years
Right of use assets	94 years
Intangible assets	18 years
Lease liabilities	94 years
Minimum
Summary Of Significant Accounting Policies [Line Items]
Building	35 years
Building improvements	8 years
Furniture, fixtures and equipment	3 years
Right of use assets	7 years
Intangible assets	90 days
Lease liabilities	7 years

VARIABLE INTEREST ENTITIES (Con

VARIABLE INTEREST ENTITIES (Consolidated VIEs) (the Company is the primary beneficiary) (Details) - VIE, Primary Beneficiary	6 Months Ended
	Jun. 30, 2023 USD ($) Entity	Jun. 30, 2022 USD ($)	Dec. 31, 2022 Entity
Variable Interest Entity [Line Items]
Number of consolidated VIEs | Entity	5		5
Financial support, amount | $	$ 0	$ 0

VARIABLE INTEREST ENTITIES (Cha

VARIABLE INTEREST ENTITIES (Charles Street-ACRES FSU Student Venture, LLC) (Details) - USD ($) $ in Thousands	1 Months Ended
	Apr. 30, 2022	Jun. 30, 2023	Dec. 31, 2022
Variable Interest Entity [Line Items]
Investments in unconsolidated entities		$ 1,548	$ 1,548
VIE, Not Primary Beneficiary | Charles Street-ACRES FSU Student Venture, LLC
Variable Interest Entity [Line Items]
Ownership percentage in VIE	72.10%
Investments in unconsolidated entities	$ 13,000

VARIABLE INTEREST ENTITIES (Sch

VARIABLE INTEREST ENTITIES (Schedule of Carrying Value of Assets and Liabilities of Consolidated VIEs) (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022	Jun. 30, 2022
ASSETS:
Restricted cash	$ 15,251	$ 38,579	$ 25,367
Accrued interest receivable	12,615	11,969
CRE loans	1,938,089	2,038,787
Other assets	3,551	4,364
Total assets	2,266,656	2,376,652
LIABILITIES
Accounts payable and other liabilities	15,597	10,391
Accrued interest payable	7,181	6,921
Borrowings	1,749,199	1,867,033
Total liabilities	1,822,655	1,935,338
VIE, Primary Beneficiary
ASSETS:
Restricted cash	14,483	38,180
Accrued interest receivable	9,144	8,184
Other assets	83	119
Total assets	1,504,965	1,503,132
LIABILITIES
Accounts payable and other liabilities	122	93
Accrued interest payable	3,305	3,083
Borrowings	1,234,303	1,233,556
Total liabilities	1,237,730	1,236,732
Pledged as Collateral | VIE, Primary Beneficiary
ASSETS:
CRE loans	1,481,255	$ 1,456,649
CRE Securitizations | VIE, Primary Beneficiary
ASSETS:
Restricted cash	14,201
Accrued interest receivable	9,144
Other assets	27
Total assets	1,504,627
LIABILITIES
Accounts payable and other liabilities	122
Accrued interest payable	3,305
Borrowings	1,234,303
Total liabilities	1,237,730
CRE Securitizations | Pledged as Collateral | VIE, Primary Beneficiary
ASSETS:
CRE loans	1,481,255
Other | VIE, Primary Beneficiary
ASSETS:
Restricted cash	282
Accrued interest receivable	0
Other assets	56
Total assets	338
LIABILITIES
Accounts payable and other liabilities	0
Accrued interest payable	0
Borrowings	0
Total liabilities	0
Other | Pledged as Collateral | VIE, Primary Beneficiary
ASSETS:
CRE loans	$ 0

VARIABLE INTEREST ENTITIES (Unc

VARIABLE INTEREST ENTITIES (Unconsolidated VIEs) (the Company is not the primary beneficiary, but has a variable interest) (Details) - USD ($)	6 Months Ended
	Jun. 30, 2023	Dec. 31, 2022
Variable Interest Entity [Line Items]
Investments in unconsolidated entities	$ 1,548,000	$ 1,548,000
Borrowings	$ 1,749,199,000	$ 1,867,033,000
VIE, Not Primary Beneficiary | Investment in RCT I and II
Variable Interest Entity [Line Items]
Ownership percentage in VIE	100%
Investments in unconsolidated entities	$ 1,500,000
VIE, Not Primary Beneficiary | Interest in RCT I
Variable Interest Entity [Line Items]
Investments in unconsolidated entities	$ 774,000
Percentage of value of trusts owned	3%
Borrowings	$ 25,800,000
VIE, Not Primary Beneficiary | Interest in RCT II
Variable Interest Entity [Line Items]
Investments in unconsolidated entities	$ 774,000
Percentage of value of trusts owned	3%
Borrowings	$ 25,800,000

VARIABLE INTEREST ENTITIES (S_2

VARIABLE INTEREST ENTITIES (Schedule of Classification, Carrying Value, and Maximum Exposure to Loss of Unconsolidated VIEs) (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
ASSETS:
Total assets	$ 2,266,656	$ 2,376,652
LIABILITIES
Total liabilities	1,822,655	$ 1,935,338
VIE, Not Primary Beneficiary | Interest Receivable
ASSETS:
Maximum Exposure to Loss	0
VIE, Not Primary Beneficiary | Investments in Unconsolidated Entities
ASSETS:
Maximum Exposure to Loss	1,548
Unsecured Junior Subordinated Debentures | VIE, Not Primary Beneficiary
ASSETS:
Accrued interest receivable	12
Investments in unconsolidated entities	1,548
Total assets	1,560
LIABILITIES
Accrued interest payable	404
Borrowings	51,548
Total liabilities	51,952
Net (liability) asset	$ (50,392)

SUPPLEMENTAL CASH FLOW INFORM_3

SUPPLEMENTAL CASH FLOW INFORMATION (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Supplemental cash flows:
Interest expense paid in cash	$ 60,035	$ 24,736
Income taxes paid in cash	101	180
Non-cash investing activities include the following:
Proceeds from the receipt of deed in lieu of foreclosure	20,900
Investment in properties held for sale related to the receipt of deed-in-lieu of foreclosure	(20,900)
Non-cash financing activities include the following:
Incentive compensation paid in common stock	234
Preferred Stock
Non-cash financing activities include the following:
Distributions accrued but not paid	$ 3,262	$ 3,262

LOANS (Summary of Loans) (Detai

LOANS (Summary of Loans) (Details)	Jun. 30, 2023 USD ($) Loan Note	Dec. 31, 2022 USD ($) Loan Note	Jun. 30, 2022 USD ($)	Dec. 31, 2021 USD ($)
Receivables With Imputed Interest [Line Items]
Amortized Cost, Loans held for investment	$ 1,963,740,000	$ 2,057,590,000
Less: allowance for credit losses	$ (25,651,000)	$ (18,803,000)		$ (8,805,000)
Recorded investment			$ 21,800,000
Mezzanine loan
Receivables With Imputed Interest [Line Items]
Number of bank loans | Note	1	1
Commercial Real Estate Loans
Receivables With Imputed Interest [Line Items]
Principal, Loans held for investment	$ 1,973,022,000	$ 2,070,204,000
Unamortized (Discount) Premium, net	(9,282,000)	(12,614,000)
Amortized Cost, Loans held for investment	1,963,740,000	2,057,590,000
Less: allowance for credit losses	(25,651,000)	(18,803,000)
Carrying Value, Loans held for investment	1,938,089,000	2,038,787,000
Loan origination fees	9,000,000	12,300,000
Deferred amendment fees	$ 257,000	$ 308,000
Concentration of loan portfolio risk	100%	100%
Commercial Real Estate Loans | Multifamily
Receivables With Imputed Interest [Line Items]
Carrying Value, Loans held for investment	$ 1,460,600,000	$ 1,531,697,000
Concentration of loan portfolio risk	75.40%	75.20%
Commercial Real Estate Loans | Office
Receivables With Imputed Interest [Line Items]
Carrying Value, Loans held for investment	$ 254,503,000	$ 269,201,000
Concentration of loan portfolio risk	13.10%	13.20%
Commercial Real Estate Loans | Hotel
Receivables With Imputed Interest [Line Items]
Carrying Value, Loans held for investment	$ 146,099,000	$ 178,160,000
Concentration of loan portfolio risk	7.50%	8.70%
Commercial Real Estate Loans | Self Storage
Receivables With Imputed Interest [Line Items]
Carrying Value, Loans held for investment	$ 68,862,000	$ 51,704,000
Concentration of loan portfolio risk	3.60%	2.50%
Commercial Real Estate Loans | Retail
Receivables With Imputed Interest [Line Items]
Carrying Value, Loans held for investment	$ 8,025,000	$ 8,025,000
Concentration of loan portfolio risk	0.40%	0.40%
Commercial Real Estate Loans | Southwest
Receivables With Imputed Interest [Line Items]
Carrying Value, Loans held for investment	$ 458,573,000	$ 472,327,000
Concentration of loan portfolio risk	23.60%	23.20%
Commercial Real Estate Loans | Southeast
Receivables With Imputed Interest [Line Items]
Carrying Value, Loans held for investment	$ 410,732,000	$ 438,403,000
Concentration of loan portfolio risk	21.20%	21.50%
Commercial Real Estate Loans | Mountain
Receivables With Imputed Interest [Line Items]
Carrying Value, Loans held for investment	$ 274,289,000	$ 329,828,000
Concentration of loan portfolio risk	14.20%	16.20%
Commercial Real Estate Loans | Mid Atlantic
Receivables With Imputed Interest [Line Items]
Carrying Value, Loans held for investment	$ 251,757,000	$ 248,740,000
Concentration of loan portfolio risk	13%	12.20%
Commercial Real Estate Loans | Pacific
Receivables With Imputed Interest [Line Items]
Carrying Value, Loans held for investment	$ 170,986,000	$ 191,706,000
Concentration of loan portfolio risk	8.80%	9.40%
Commercial Real Estate Loans | Northeast
Receivables With Imputed Interest [Line Items]
Carrying Value, Loans held for investment	$ 200,865,000	$ 170,236,000
Concentration of loan portfolio risk	10.40%	8.30%
Commercial Real Estate Loans | East North Central
Receivables With Imputed Interest [Line Items]
Carrying Value, Loans held for investment	$ 106,969,000	$ 125,211,000
Concentration of loan portfolio risk	5.50%	6.10%
Commercial Real Estate Loans | West North Central
Receivables With Imputed Interest [Line Items]
Carrying Value, Loans held for investment	$ 63,918,000	$ 62,336,000
Concentration of loan portfolio risk	3.30%	3.10%
Commercial Real Estate Loans | Whole Loans
Receivables With Imputed Interest [Line Items]
Principal, Loans held for investment	$ 1,968,322,000	$ 2,065,504,000
Unamortized (Discount) Premium, net	(9,282,000)	(12,614,000)
Amortized Cost, Loans held for investment	1,959,040,000	2,052,890,000
Less: allowance for credit losses	(20,951,000)	(14,103,000)
Carrying Value, Loans held for investment	$ 1,938,089,000	$ 2,038,787,000
Quantity | Loan	77	81
Loans held for investment, unfunded loan commitments	$ 128,700,000	$ 158,200,000
Commercial Real Estate Loans | Whole Loans | Benchmark Rate
Receivables With Imputed Interest [Line Items]
Loan Receivable Interest Rate Floor	5.22%	4.21%
Commercial Real Estate Loans | Whole Loans | Benchmark Rate | Minimum
Receivables With Imputed Interest [Line Items]
Contractual Interest Rates	2.86%	2.85%
Commercial Real Estate Loans | Whole Loans | Benchmark Rate | Maximum
Receivables With Imputed Interest [Line Items]
Contractual Interest Rates	8.61%	8.50%
Commercial Real Estate Loans | Mezzanine loan
Receivables With Imputed Interest [Line Items]
Principal, Loans held for investment	$ 4,700,000	$ 4,700,000
Amortized Cost, Loans held for investment	4,700,000	4,700,000
Less: allowance for credit losses	$ (4,700,000)	$ (4,700,000)
Quantity | Loan	1	1
Contractual Interest Rates	10%	10%
Commercial Real Estate Loans | Mezzanine loan | Benchmark Rate
Receivables With Imputed Interest [Line Items]
Loan Receivable Interest Rate Floor	0.68%	0.68%
Commercial Real Estate Loans | Whole Loans in Default
Receivables With Imputed Interest [Line Items]
Amortized Cost, Loans held for investment	$ 28,200,000	$ 51,600,000
Quantity | Loan	2	3
Commercial Real Estate Loans | Whole Loans in Default | Office
Receivables With Imputed Interest [Line Items]
Carrying Value, Loans held for investment	$ 20,100,000	$ 42,500,000
Quantity | Loan	1	2
Commercial Real Estate Loans | Whole Loans in Default | Retail
Receivables With Imputed Interest [Line Items]
Quantity | Loan	1	1
Commercial Real Estate Loans | Whole Loans in Default | Southwest
Receivables With Imputed Interest [Line Items]
Carrying Value, Loans held for investment	$ 20,100,000	$ 20,700,000
Quantity | Loan	1	1
Commercial Real Estate Loans | Whole Loans in Default | Northeast
Receivables With Imputed Interest [Line Items]
Carrying Value, Loans held for investment	$ 8,000,000	$ 8,000,000
Quantity | Loan	1	1
Commercial Real Estate Loans | Whole Loans in Default | East North Central
Receivables With Imputed Interest [Line Items]
Carrying Value, Loans held for investment		$ 21,700,000
Quantity | Loan		1
Commercial Real Estate Loans | Mazzanine Loans In Payment Defaults
Receivables With Imputed Interest [Line Items]
Number of bank loans | Loan	1	1
Recorded investment	$ 4,700,000	$ 4,700,000

LOANS (Commercial Real Estate L

LOANS (Commercial Real Estate Loans, at Amortized Cost) (Details) $ in Thousands	Jun. 30, 2023 USD ($) Loan	Dec. 31, 2022 USD ($) Loan
Receivables With Imputed Interest [Line Items]
CRE loans	$ 1,963,740	$ 2,057,590
Commercial Real Estate Loans
Receivables With Imputed Interest [Line Items]
CRE loans	1,963,740	2,057,590
Commercial Real Estate Loans | Whole Loans in Default
Receivables With Imputed Interest [Line Items]
CRE loans	$ 28,200	$ 51,600
Number of loans | Loan	2	3
Commercial Real Estate Loans
Receivables With Imputed Interest [Line Items]
2023	$ 113,075	$ 268,120
2024	933,116	882,175
2025 and Thereafter	889,385	855,731
Amortized Cost, Loans held for investment	$ 1,935,576	$ 2,006,026
Commercial Real Estate Loans | Whole Loans in Default
Receivables With Imputed Interest [Line Items]
Number of loans | Loan	2	3
Commercial Real Estate Loans | Whole Loans
Receivables With Imputed Interest [Line Items]
2023	$ 113,075	$ 268,120
2024	933,116	882,175
2025 and Thereafter	884,685	851,031
Amortized Cost, Loans held for investment	1,930,876	2,001,326
Commercial Real Estate Loans | Mezzanine loan
Receivables With Imputed Interest [Line Items]
2025 and Thereafter	4,700	4,700
Amortized Cost, Loans held for investment	4,700	4,700
Commercial Real Estate Loans | Whole Loans | Whole Loan in Extension Option
Receivables With Imputed Interest [Line Items]
2023	58,400	113,800
2024	90,800	68,600
2025 and Thereafter	$ 1,800,000	$ 1,800,000

LOANS (Details)

LOANS (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Variable Interest Entity [Line Items]
Principal paydowns receivable	$ 0	$ 0
Commercial Real Estate Loans
Variable Interest Entity [Line Items]
Concentration of loan portfolio risk	100%	100%

FINANCING RECEIVABLES (Activity

FINANCING RECEIVABLES (Activity in Allowance for Credit Losses) (Details) - USD ($) $ in Thousands	6 Months Ended		12 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Receivables [Abstract]
Allowance for credit losses at beginning of period	$ 18,803	$ 8,805	$ 8,805
Provision for (reversal of) credit losses, net	7,796	$ (1,278)	12,295
Charge offs	(948)		(2,297)
Allowance for credit losses at end of period	$ 25,651		$ 18,803

FINANCING RECEIVABLES (Details)

FINANCING RECEIVABLES (Details)	1 Months Ended	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2023 USD ($) Loan Note	Jun. 30, 2023 USD ($) Loan Note	Jun. 30, 2022 USD ($)	Jun. 30, 2023 USD ($) Loan Contract Note	Jun. 30, 2022 USD ($) Contract	Dec. 31, 2022 USD ($) Loan Note
Accounts Notes And Loans Receivable [Line Items]
Reversal of credit losses, net				$ 7,796,000	$ (1,278,000)	$ 12,295,000
Charge offs				$ 948,000		$ 2,297,000
Recorded investment			$ 21,800,000		$ 21,800,000
Percentage of total amortization cost					1%
Extended Maturity
Accounts Notes And Loans Receivable [Line Items]
No of extension agreements | Contract				0	3
Mezzanine loan
Accounts Notes And Loans Receivable [Line Items]
Number of bank loans | Note	1	1		1		1
Northeast Region | Retail Loan
Accounts Notes And Loans Receivable [Line Items]
Number of loans individually evaluated | Loan				1		1
Principal balance individually evaluated	$ 8,000,000	$ 8,000,000		$ 8,000,000		$ 8,000,000
Northeast Region | Office Loan
Accounts Notes And Loans Receivable [Line Items]
Principal balance individually evaluated	22,800,000	22,800,000		$ 22,800,000
Charge offs	948,000
Northeast Region | Mezzanine loan
Accounts Notes And Loans Receivable [Line Items]
Number of loans individually evaluated | Loan				1		1
Principal balance individually evaluated	4,700,000	4,700,000		$ 4,700,000		$ 4,700,000
Southwest region | Office Loan
Accounts Notes And Loans Receivable [Line Items]
Number of loans individually evaluated | Loan				1		1
Principal balance individually evaluated	20,100,000	20,100,000		$ 20,100,000		$ 20,700,000
Commercial Real Estate Loans
Accounts Notes And Loans Receivable [Line Items]
Reversal of credit losses, net		2,700,000	$ 524,000	7,800,000	$ 1,300,000
Commercial Real Estate Loans | Extended Maturity
Accounts Notes And Loans Receivable [Line Items]
No of extension agreements | Contract					3
Commercial Real Estate Loans | Three Whole Loans in Maturity Default
Accounts Notes And Loans Receivable [Line Items]
Recorded investment	$ 28,200,000	$ 28,200,000		$ 28,200,000		$ 51,600,000
Commercial Real Estate Loans | Whole Loan In Payment Defaults
Accounts Notes And Loans Receivable [Line Items]
Number of bank loans | Loan	2	2		2		3
Commercial Real Estate Loans | Mazzanine Loans In Payment Defaults
Accounts Notes And Loans Receivable [Line Items]
Number of bank loans | Loan	1	1		1		1
Recorded investment	$ 4,700,000	$ 4,700,000		$ 4,700,000		$ 4,700,000

FINANCING RECEIVABLES (Credit R

FINANCING RECEIVABLES (Credit Risk Profiles and Allowance For Loan Losses) (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Accounts Notes And Loans Receivable [Line Items]
CRE loans	$ 1,963,740	$ 2,057,590
Commercial Real Estate Loans
Accounts Notes And Loans Receivable [Line Items]
CRE loans	1,963,740	2,057,590
Commercial Real Estate Loans | Whole Loans
Accounts Notes And Loans Receivable [Line Items]
CRE loans	1,959,040	2,052,890
Commercial Real Estate Loans | Mezzanine loan
Accounts Notes And Loans Receivable [Line Items]
CRE loans	4,700	4,700
Rating1 | Commercial Real Estate Loans
Accounts Notes And Loans Receivable [Line Items]
CRE loans	0	0
Rating1 | Commercial Real Estate Loans | Whole Loans
Accounts Notes And Loans Receivable [Line Items]
CRE loans	0	0
Rating1 | Commercial Real Estate Loans | Mezzanine loan
Accounts Notes And Loans Receivable [Line Items]
CRE loans	0	0
Rating 2 | Commercial Real Estate Loans
Accounts Notes And Loans Receivable [Line Items]
CRE loans	1,353,353	1,635,376
Rating 2 | Commercial Real Estate Loans | Whole Loans
Accounts Notes And Loans Receivable [Line Items]
CRE loans	1,353,353	1,635,376
Rating 2 | Commercial Real Estate Loans | Mezzanine loan
Accounts Notes And Loans Receivable [Line Items]
CRE loans	0	0
Rating 3 | Commercial Real Estate Loans
Accounts Notes And Loans Receivable [Line Items]
CRE loans	514,179	309,491
Rating 3 | Commercial Real Estate Loans | Whole Loans
Accounts Notes And Loans Receivable [Line Items]
CRE loans	514,179	309,491
Rating 3 | Commercial Real Estate Loans | Mezzanine loan
Accounts Notes And Loans Receivable [Line Items]
CRE loans	0	0
Rating 4 | Commercial Real Estate Loans
Accounts Notes And Loans Receivable [Line Items]
CRE loans	63,344	85,226
Rating 4 | Commercial Real Estate Loans | Whole Loans
Accounts Notes And Loans Receivable [Line Items]
CRE loans	63,344	85,226
Rating 4 | Commercial Real Estate Loans | Mezzanine loan
Accounts Notes And Loans Receivable [Line Items]
CRE loans	0	0
Rating 5 | Commercial Real Estate Loans
Accounts Notes And Loans Receivable [Line Items]
CRE loans	32,864	27,497
Rating 5 | Commercial Real Estate Loans | Whole Loans
Accounts Notes And Loans Receivable [Line Items]
CRE loans	28,164	22,797
Rating 5 | Commercial Real Estate Loans | Mezzanine loan
Accounts Notes And Loans Receivable [Line Items]
CRE loans	$ 4,700	$ 4,700

FINANCING RECEIVABLES (Credit_2

FINANCING RECEIVABLES (Credit Risk Profiles and Allowance For Loan Losses) (Parenthetical) (Details) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Commercial Real Estate Loans | Whole Loans
Accounts Notes And Loans Receivable [Line Items]
Recorded investment excluded accrued interest receivable	$ 12.6	$ 11.9

FINANCING RECEIVABLES (Credit_3

FINANCING RECEIVABLES (Credit Risk Profiles of CRE Loans by Origination Year at Amortized Costs) (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Financing Receivable Recorded Investment [Line Items]
Loans and receivables by origination year write offs, 2019	$ (948)
Loans and receivables by origination year write offs, Total	(948)
Commercial Real Estate Loans
Financing Receivable Recorded Investment [Line Items]
Loans and receivables by origination year, 2023/2022	37,643	$ 526,606
Loans and receivables by origination year, 2022/2021	541,646	1,195,550
Loans and receivables by origination year, 2021/2020	1,151,494	109,601
Loans and receivables by origination year, 2020/2019	86,989	98,397
Loans and receivables by origination year, 2019/2018	74,775	127,436
Loans and receivables by origination year, Prior	71,193	0
Loans and receivables by origination year, Total	1,963,740	2,057,590
Whole Loans | Commercial Real Estate Loans
Financing Receivable Recorded Investment [Line Items]
Loans and receivables by origination year, 2023/2022	37,643	526,606
Loans and receivables by origination year, 2022/2021	541,646	1,195,550
Loans and receivables by origination year, 2021/2020	1,151,494	109,601
Loans and receivables by origination year, 2020/2019	86,989	98,397
Loans and receivables by origination year, 2019/2018	74,775	122,736
Loans and receivables by origination year, Prior	66,493	0
Loans and receivables by origination year, Total	1,959,040	2,052,890
Whole Loans | Commercial Real Estate Loans | Rating 2
Financing Receivable Recorded Investment [Line Items]
Loans and receivables by origination year, 2023/2022	37,643	526,606
Loans and receivables by origination year, 2022/2021	444,948	1,003,060
Loans and receivables by origination year, 2021/2020	791,217	64,944
Loans and receivables by origination year, 2020/2019	52,703	26,977
Loans and receivables by origination year, 2019/2018	26,842	13,789
Loans and receivables by origination year, Prior	0	0
Loans and receivables by origination year, Total	1,353,353	1,635,376
Whole Loans | Commercial Real Estate Loans | Rating 3
Financing Receivable Recorded Investment [Line Items]
Loans and receivables by origination year, 2023/2022	0	0
Loans and receivables by origination year, 2022/2021	77,350	192,490
Loans and receivables by origination year, 2021/2020	316,281	44,657
Loans and receivables by origination year, 2020/2019	34,286	27,881
Loans and receivables by origination year, 2019/2018	27,794	44,463
Loans and receivables by origination year, Prior	58,468	0
Loans and receivables by origination year, Total	514,179	309,491
Whole Loans | Commercial Real Estate Loans | Rating 4
Financing Receivable Recorded Investment [Line Items]
Loans and receivables by origination year, 2023/2022	0	0
Loans and receivables by origination year, 2022/2021	19,348	0
Loans and receivables by origination year, 2021/2020	43,996	0
Loans and receivables by origination year, 2020/2019	0	20,742
Loans and receivables by origination year, 2019/2018	0	64,484
Loans and receivables by origination year, Prior	0	0
Loans and receivables by origination year, Total	63,344	85,226
Whole Loans | Commercial Real Estate Loans | Rating 5
Financing Receivable Recorded Investment [Line Items]
Loans and receivables by origination year, 2023/2022	0	0
Loans and receivables by origination year, 2022/2021	0	0
Loans and receivables by origination year, 2021/2020	0	0
Loans and receivables by origination year, 2020/2019	0	22,797
Loans and receivables by origination year, 2019/2018	20,139	0
Loans and receivables by origination year, Prior	8,025	0
Loans and receivables by origination year, Total	28,164	22,797
Mezzanine loan | Commercial Real Estate Loans | Rating 5
Financing Receivable Recorded Investment [Line Items]
Loans and receivables by origination year, 2023/2022	0	0
Loans and receivables by origination year, 2022/2021	0	0
Loans and receivables by origination year, 2021/2020	0	0
Loans and receivables by origination year, 2020/2019	0	0
Loans and receivables by origination year, 2019/2018	0	4,700
Loans and receivables by origination year, Prior	4,700	0
Loans and receivables by origination year, Total	$ 4,700	$ 4,700

FINANCING RECEIVABLES (Credit_4

FINANCING RECEIVABLES (Credit Risk Profiles of CRE Loans by Origination Year at Amortized Costs) (Parenthetical) (Details) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Commercial Real Estate Loans | Whole Loans
Financing Receivable Recorded Investment Past Due [Line Items]
Recorded investment excluded accrued interest receivable	$ 12.6	$ 11.9

FINANCING RECEIVABLES (Loan Por

FINANCING RECEIVABLES (Loan Portfolio Aging Analysis) (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Financing Receivable Recorded Investment Past Due [Line Items]
CRE loans	$ 1,963,740	$ 2,057,590
Total Loans Receivable (3)	1,963,740	2,057,590
Commercial Real Estate Loans
Financing Receivable Recorded Investment Past Due [Line Items]
CRE loans	1,963,740	2,057,590
Total Loans Receivable (3)	1,963,740	2,057,590
Total Loans > 90 Days and Accruing	0	0
Commercial Real Estate Loans | Whole Loans
Financing Receivable Recorded Investment Past Due [Line Items]
CRE loans	1,959,040	2,052,890
Total Loans Receivable (3)	1,959,040	2,052,890
Total Loans > 90 Days and Accruing	0	0
Commercial Real Estate Loans | Mezzanine loan
Financing Receivable Recorded Investment Past Due [Line Items]
CRE loans	4,700	4,700
Total Loans Receivable (3)	4,700	4,700
Total Loans > 90 Days and Accruing	0	0
30-59 Days | Commercial Real Estate Loans
Financing Receivable Recorded Investment Past Due [Line Items]
CRE loans	4,700	0
Total Loans Receivable (3)	4,700	0
30-59 Days | Commercial Real Estate Loans | Whole Loans
Financing Receivable Recorded Investment Past Due [Line Items]
CRE loans	0	0
Total Loans Receivable (3)	0	0
30-59 Days | Commercial Real Estate Loans | Mezzanine loan
Financing Receivable Recorded Investment Past Due [Line Items]
CRE loans	4,700	0
Total Loans Receivable (3)	4,700	0
60-89 Days | Commercial Real Estate Loans
Financing Receivable Recorded Investment Past Due [Line Items]
CRE loans	0	0
Total Loans Receivable (3)	0	0
60-89 Days | Commercial Real Estate Loans | Whole Loans
Financing Receivable Recorded Investment Past Due [Line Items]
CRE loans	0	0
Total Loans Receivable (3)	0	0
60-89 Days | Commercial Real Estate Loans | Mezzanine loan
Financing Receivable Recorded Investment Past Due [Line Items]
CRE loans	0	0
Total Loans Receivable (3)	0	0
Greater than 90 Days | Commercial Real Estate Loans
Financing Receivable Recorded Investment Past Due [Line Items]
CRE loans	28,164	28,767
Total Loans Receivable (3)	28,164	28,767
Greater than 90 Days | Commercial Real Estate Loans | Whole Loans
Financing Receivable Recorded Investment Past Due [Line Items]
CRE loans	28,164	28,767
Total Loans Receivable (3)	28,164	28,767
Greater than 90 Days | Commercial Real Estate Loans | Mezzanine loan
Financing Receivable Recorded Investment Past Due [Line Items]
CRE loans	0	0
Total Loans Receivable (3)	0	0
Total Past Due | Commercial Real Estate Loans
Financing Receivable Recorded Investment Past Due [Line Items]
CRE loans	32,864	28,767
Total Loans Receivable (3)	32,864	28,767
Total Past Due | Commercial Real Estate Loans | Whole Loans
Financing Receivable Recorded Investment Past Due [Line Items]
CRE loans	28,164	28,767
Total Loans Receivable (3)	28,164	28,767
Total Past Due | Commercial Real Estate Loans | Mezzanine loan
Financing Receivable Recorded Investment Past Due [Line Items]
CRE loans	4,700	0
Total Loans Receivable (3)	4,700	0
Current | Commercial Real Estate Loans
Financing Receivable Recorded Investment Past Due [Line Items]
CRE loans	1,930,876	2,028,823
Total Loans Receivable (3)	1,930,876	2,028,823
Current | Commercial Real Estate Loans | Whole Loans
Financing Receivable Recorded Investment Past Due [Line Items]
CRE loans	1,930,876	2,024,123
Total Loans Receivable (3)	1,930,876	2,024,123
Current | Commercial Real Estate Loans | Mezzanine loan
Financing Receivable Recorded Investment Past Due [Line Items]
CRE loans	0	4,700
Total Loans Receivable (3)	$ 0	$ 4,700

FINANCING RECEIVABLES (Loan P_2

FINANCING RECEIVABLES (Loan Portfolio Aging Analysis) (Parenthetical) (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Financing Receivable Recorded Investment Past Due [Line Items]
Interest income	$ 47,148,000	$ 27,019,000	$ 92,477,000	$ 49,695,000
Recorded investment		21,800,000		21,800,000
Commercial Real Estate Loans | Whole Loans In Maturity Default
Financing Receivable Recorded Investment Past Due [Line Items]
Interest income	837,000	$ 333,000	1,800,000	$ 669,000
Recorded investment					$ 22,800,000
Recorded investment excluded accrued interest receivable	$ 12,600,000		$ 12,600,000		$ 11,900,000

INVESTMENTS IN REAL ESTATE AN_3

INVESTMENTS IN REAL ESTATE AND OTHER ACQUIRED ASSETS AND ASSUMED LIABILITIES (Details)	1 Months Ended		3 Months Ended		6 Months Ended
	Jun. 30, 2023 USD ($) Property	Feb. 28, 2023 USD ($)	Jun. 30, 2023 USD ($) Property	Jun. 30, 2022 USD ($)	Jun. 30, 2023 USD ($) Property	Jun. 30, 2022 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Investment In Real Estate And Other Acquired Assets And Assumed Liabilities [Line Items]
Number of real estate properties | Property	6		6		6
Amortization expense on intangible assets			$ 251,000	$ 437,000	$ 503,000	$ 1,400,000
Investments in real estate	$ 137,363,000		137,363,000		137,363,000		$ 120,968,000
Amortization expense on intangible assets during 2023	768,000		768,000		768,000
Amortization expense on intangible assets during 2024	1,200,000		1,200,000		1,200,000
Amortization expense on intangible assets during 2025	1,100,000		1,100,000		1,100,000
Amortization expense on intangible assets during 2026	1,000,000		1,000,000		1,000,000
Amortization expense on intangible assets during 2027	748,000		748,000		748,000
Amortization expense on intangible assets during 2028	748,000		748,000		748,000
Lease Expense			38,000	24,000	75,000	47,000
Proceeds from Sale of Property Held-for-sale		$ 15,100,000
Gain (Loss) on Disposition of Property Plant Equipment		745,000
Selling costs of property held for sale		$ 845,000
Allowance for credit losses	25,651,000		25,651,000		25,651,000		$ 18,803,000	$ 8,805,000
CRE Whole Loan
Investment In Real Estate And Other Acquired Assets And Assumed Liabilities [Line Items]
Fair value of assets acquired	20,900,000
Allowance for credit losses	$ 948,000		948,000		948,000
Ground Lease | Above-market Leases
Investment In Real Estate And Other Acquired Assets And Assumed Liabilities [Line Items]
Offsetting amortization on right of use assets and amortization lease liability			51,000	51,000	102,000	51,000
Offsetting amortization on right of use assets accretion and amortization lease liability			615,000	114,000	$ 1,200,000	114,000
Second Ground Lease | Above-market Leases
Investment In Real Estate And Other Acquired Assets And Assumed Liabilities [Line Items]
Original term of operating lease acquired					99 years
Remaining term of operating lease acquired					94 years
Lease Expense			$ 426,000	$ 413,000	$ 852,000	$ 413,000
Operating lease, remaining lease term	93 years		93 years		93 years
Percentage of increase in ground lease payments					3%
Investments in Real Estate
Investment In Real Estate And Other Acquired Assets And Assumed Liabilities [Line Items]
Number of real estate properties | Property	4		4		4
Properties Held for Sale
Investment In Real Estate And Other Acquired Assets And Assumed Liabilities [Line Items]
Number of real estate properties | Property	2		2		2

INVESTMENTS IN REAL ESTATE AN_4

INVESTMENTS IN REAL ESTATE AND OTHER ACQUIRED ASSETS AND ASSUMED LIABILITIES (Schedule of Investments in Real Estate and Related Intangible Assets (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Investment In Real Estate And Other Acquired Assets And Assumed Liabilities [Line Items]
Investment in Real Estate, Carrying Value	$ 137,363	$ 120,968
Right of use Assets, Carrying Value	20,061	20,281
Assets Acquired, Cost Basis	233,712	208,126
Assets Acquired, Accumulated Depreciation & Amortization	(7,085)	(5,050)
Assets Acquired, Carrying Value	226,627	203,076
Liabilities Assumed, Cost Basis	64,765	64,621
Liabilities Assumed, Accumulated Depreciation & Amortization	(4)	(421)
Liabilities Assumed, Carrying Value	64,769	64,200
Assets Acquired and Liabilities Assumed, Cost Basis	168,947	143,505
Asset Acquired and Liabilities Assumed, Carrying Value	161,858	138,876
Investments In Real Estate Equity
Investment In Real Estate And Other Acquired Assets And Assumed Liabilities [Line Items]
Investment in Real Estate, Cost Basis	141,008	123,219
Investment in Real Estate Accumulated Depreciation & Amortization	(3,645)	(2,251)
Investment in Real Estate, Carrying Value	137,363	120,968
Right of use Assets, Cost Basis	19,665	19,664
Right of use Assets Accumulated Depreciation & Amortization	(342)	(205)
Right of use Assets, Carrying Value	19,323	19,459
Intangible Assets, Cost Basis	11,474	11,474
Intangible Assets, Accumulated Depreciation & Amortization	(3,098)	(2,594)
Intangible Assets, Carrying Value	8,376	8,880
Assets Acquired, Cost Basis	172,147	154,357
Assets Acquired, Accumulated Depreciation & Amortization	(7,085)	(5,050)
Assets Acquired, Carrying Value	165,062	149,307
Mortgage payable, Cost Basis	18,233	18,089
Mortgage payable, Accumulated Depreciation & Amortization	259	155
Mortgage payable, Carrying Value	18,492	18,244
Other liabilities, Cost Basis	247	247
Other liabilities, Accumulated Depreciation & Amortization	(201)	(183)
Other liabilities, Carrying Value	46	64
Lease liabilities, Cost Basis	43,260	43,260
Lease liabilities, Accumulated Depreciation & Amortization	(54)	(393)
Lease liabilities, Carrying Value	43,206	42,867
Liabilities Assumed, Cost Basis	61,740	61,596
Liabilities Assumed, Accumulated Depreciation & Amortization	(4)	(421)
Liabilities Assumed, Carrying Value	61,744	61,175
Investments In Real Estate From Lending Activities
Investment In Real Estate And Other Acquired Assets And Assumed Liabilities [Line Items]
Property Held for Sale, Cost Basis	61,565	53,769
Properties Held for Sale, Carrying Value	61,565	53,769
Liabilities held for sale liabilities, Cost Basis	3,025	3,025
Liabilities held for sale liabilities, Carrying Value	$ 3,025	$ 3,025

INVESTMENTS IN REAL ESTATE AN_5

INVESTMENTS IN REAL ESTATE AND OTHER ACQUIRED ASSETS AND ASSUMED LIABILITIES (Schedule of Investments in Real Estate and Related Intangible Assets) (Parenthetical) (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Investment In Real Estate And Other Acquired Assets And Assumed Liabilities [Line Items]
Right of use assets	$ 20,061,000		$ 20,061,000		$ 20,281,000
Unamortized issuance costs and discounts	16,701,000		16,701,000		17,846,000
Lease Expense	38,000	$ 24,000	75,000	$ 47,000
Acquired Ground Lease
Investment In Real Estate And Other Acquired Assets And Assumed Liabilities [Line Items]
Right of use assets	18,900,000		18,900,000
Investments In Real Estate From Lending Activities
Investment In Real Estate And Other Acquired Assets And Assumed Liabilities [Line Items]
Ground leases	42,800,000		42,800,000
Investments In Real Estate Equity [Member]
Investment In Real Estate And Other Acquired Assets And Assumed Liabilities [Line Items]
Right of use assets	19,323,000		19,323,000		19,459,000
Ground leases	42,800,000		42,800,000		42,400,000
Unamortized issuance costs and discounts	1,900,000		1,900,000
Investments In Real Estate Equity [Member] | Land
Investment In Real Estate And Other Acquired Assets And Assumed Liabilities [Line Items]
Investments in real estate	38,400,000		38,400,000		38,400,000
Franchise Agreement | Investments In Real Estate Equity [Member]
Investment In Real Estate And Other Acquired Assets And Assumed Liabilities [Line Items]
Intangible assets	5,000,000		5,000,000		5,300,000
Management Contract | Investments In Real Estate Equity [Member]
Investment In Real Estate And Other Acquired Assets And Assumed Liabilities [Line Items]
Intangible assets	3,000,000		3,000,000		3,100,000
Customer Lists | Investments In Real Estate Equity [Member]
Investment In Real Estate And Other Acquired Assets And Assumed Liabilities [Line Items]
Intangible assets	$ 321,000		$ 321,000		427,000
Land Lease
Investment In Real Estate And Other Acquired Assets And Assumed Liabilities [Line Items]
Operating lease, remaining lease term	93 years		93 years
Lease Expense			$ 1,300,000
Ground Lease
Investment In Real Estate And Other Acquired Assets And Assumed Liabilities [Line Items]
Right of use assets					$ 19,000,000

LEASES (Details)

LEASES (Details) - Office Space and Office Equipment	6 Months Ended
	Jun. 30, 2023
Minimum
Lessee Lease Description [Line Items]
Operating lease expiration date	2024-01
Maximum
Lessee Lease Description [Line Items]
Operating lease expiration date	2029-09

LEASES (Summary of Operating Le

LEASES (Summary of Operating Leases) (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Leases [Abstract]
Right of use assets	$ 738	$ 822
Lease liabilities	$ (782)	$ (828)
Operating Lease, Liability, Statement of Financial Position [Extensible Enumeration]	Other Liabilities	Other Liabilities
Weighted average remaining lease term:	6 years 2 months 12 days	6 years 8 months 12 days
Weighted average discount rate:	8.70%	8.71%

LEASES (Summary of Operating _2

LEASES (Summary of Operating Lease Costs and Cash Payments) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Lease Cost:
Operating lease cost	$ 40	$ 24	$ 115	$ 48
Other Information:
Cash paid for amounts included in the measurement of lease liabilities Operating cash flows from operating leases	$ 38	$ 24	$ 75	$ 47

LEASES (Summary of Operating _3

LEASES (Summary of Operating Leases Cash Flow Obligations on Undiscounted, Annual Basis) (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Leases [Abstract]
2023	$ 77
2024	155
2025	159
2026	163
2027	167
Thereafter	303
Subtotal	1,024
Less: impact of discount	(242)
Total	$ 782	$ 828
Operating Lease, Liability, Statement of Financial Position [Extensible Enumeration]	Other Liabilities	Other Liabilities

INVESTMENTS IN UNCONSOLIDATED_2

INVESTMENTS IN UNCONSOLIDATED ENTITIES (Details) - USD ($)	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Schedule Of Equity Method Investments [Line Items]
Investments in unconsolidated entities	$ 1,548,000		$ 1,548,000		$ 1,548,000
VIE, Not Primary Beneficiary | Investment in RCT I and II
Schedule Of Equity Method Investments [Line Items]
Ownership percentage in VIE			100%		100%
Investments in unconsolidated entities	1,500,000		$ 1,500,000		$ 1,500,000
Dividends from investments in unconsolidated entities	$ 37,000	$ 19,000	$ 70,000	$ 35,000
VIE, Not Primary Beneficiary | Interest in RCT I
Schedule Of Equity Method Investments [Line Items]
Percentage of value of trusts owned	3%		3%		3%
VIE, Not Primary Beneficiary | Interest in RCT II
Schedule Of Equity Method Investments [Line Items]
Percentage of value of trusts owned	3%		3%		3%

BORROWINGS (Schedule of Debt) (

BORROWINGS (Schedule of Debt) (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Principal Outstanding	$ 1,765,900	$ 1,884,879
Unamortized Issuance Costs and Discounts	16,701	17,846
Outstanding Borrowings	$ 1,749,199	$ 1,867,033
Weighted Average Borrowing Rate	7.04%	6.29%
Weighted Average Remaining Maturity	10 years 3 months 18 days	10 years 3 months 18 days
Value of Collateral	$ 2,056,672	$ 2,178,430
ACR 2021-FL1 Senior Notes
Debt Instrument [Line Items]
Principal Outstanding	674,372	675,223
Unamortized Issuance Costs and Discounts	3,035	3,826
Outstanding Borrowings	$ 671,337	$ 671,397
Weighted Average Borrowing Rate	6.70%	5.81%
Weighted Average Remaining Maturity	13 years	13 years 6 months
Value of Collateral	$ 801,792	$ 802,643
ACR 2021-FL2 Senior Notes
Debt Instrument [Line Items]
Principal Outstanding	567,000	567,000
Unamortized Issuance Costs and Discounts	4,034	4,841
Outstanding Borrowings	$ 562,966	$ 562,159
Weighted Average Borrowing Rate	7.02%	6.13%
Weighted Average Remaining Maturity	13 years 7 months 6 days	14 years 1 month 6 days
Value of Collateral	$ 700,000	$ 700,000
Senior Secured Financing Facility
Debt Instrument [Line Items]
Principal Outstanding	50,995	91,549
Unamortized Issuance Costs and Discounts	3,298	3,659
Outstanding Borrowings	$ 47,697	$ 87,890
Weighted Average Borrowing Rate	8.87%	7.94%
Weighted Average Remaining Maturity	4 years 6 months	5 years
Value of Collateral	$ 152,272	$ 196,837
CRE - Term Warehouse Financing Facilities
Debt Instrument [Line Items]
Principal Outstanding	253,131	330,849
Unamortized Issuance Costs and Discounts	1,869	2,561
Outstanding Borrowings	$ 251,262	$ 328,288
Weighted Average Borrowing Rate	7.77%	6.85%
Weighted Average Remaining Maturity	1 year 3 months 18 days	1 year 9 months 18 days
Value of Collateral	$ 377,208	$ 453,550
Mortgage Payable
Debt Instrument [Line Items]
Principal Outstanding	18,854	18,710
Unamortized Issuance Costs and Discounts	362	466
Outstanding Borrowings	$ 18,492	$ 18,244
Weighted Average Borrowing Rate	8.95%	8.08%
Weighted Average Remaining Maturity	1 year 9 months 18 days	2 years 3 months 18 days
Value of Collateral	$ 25,400	$ 25,400
Construction Loans
Debt Instrument [Line Items]
Principal Outstanding	0
Unamortized Issuance Costs and Discounts	1,922
Outstanding Borrowings, Unamortized Issuance Costs and Discounts	$ (1,922)
Weighted Average Borrowing Rate	0%
Value of Collateral	$ 0
5.75% Senior Unsecured Notes
Debt Instrument [Line Items]
Principal Outstanding	150,000	150,000
Unamortized Issuance Costs and Discounts	2,181	2,493
Outstanding Borrowings	$ 147,819	$ 147,507
Weighted Average Borrowing Rate	5.75%	5.75%
Weighted Average Remaining Maturity	3 years 1 month 6 days	3 years 7 months 6 days
Value of Collateral	$ 0	$ 0
Unsecured Junior Subordinated Debentures
Debt Instrument [Line Items]
Principal Outstanding	51,548	51,548
Unamortized Issuance Costs and Discounts	0	0
Outstanding Borrowings	$ 51,548	$ 51,548
Weighted Average Borrowing Rate	9.37%	8.52%
Weighted Average Remaining Maturity	13 years 2 months 12 days	13 years 8 months 12 days
Value of Collateral	$ 0	$ 0

BORROWINGS (Schedule of Debt)_2

BORROWINGS (Schedule of Debt) (Parenthetical) (Details) - USD ($)	Jun. 30, 2023	Dec. 31, 2022	Aug. 16, 2021
Debt Instrument [Line Items]
Accrued interest payable	$ 7,181,000	$ 6,921,000
Interest rate, stated percentage			5.75%
CRE - Term Warehouse Financing Facilities
Debt Instrument [Line Items]
Accrued interest payable	$ 673,000	$ 894,000
5.75% Senior Unsecured Notes
Debt Instrument [Line Items]
Interest rate, stated percentage	5.75%	5.75%

BORROWINGS (Securitization) (De

BORROWINGS (Securitization) (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2023 USD ($)
ACR 2021-FL1 Senior Notes
Debt Instrument [Line Items]
Closing Date	2021-05
Maturity Date	2036-06
End of Designated Principal Reinvestment Period	2023-05
Total Note Paydowns Received from Closing Date through March 31. 2023	$ 851
ACR 2021-FL2 Senior Notes
Debt Instrument [Line Items]
Closing Date	2021-12
Maturity Date	2037-01
End of Designated Principal Reinvestment Period	2023-12
Total Note Paydowns Received from Closing Date through March 31. 2023	$ 0

BORROWINGS (XAN 2020-RSO8) (Det

BORROWINGS (XAN 2020-RSO8) (Details) $ in Millions	Mar. 31, 2020 USD ($)
XAN 2020-RSO8 Senior Notes
Debt Instrument [Line Items]
Closing transaction amount	$ 522.6

BORROWINGS (XAN 2020-RSO9) (Det

BORROWINGS (XAN 2020-RSO9) (Details) $ in Millions	Sep. 30, 2020 USD ($)
XAN 2020-RSO9 Senior Notes
Debt Instrument [Line Items]
Closing transaction amount	$ 297

BORROWINGS (ACR 2021-FL1) (Deta

BORROWINGS (ACR 2021-FL1) (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022	May 31, 2021
Debt Instrument [Line Items]
Face amount of debt issued	$ 315,529	$ 434,422
ACR 2021-FL1 Senior Notes
Debt Instrument [Line Items]
Closing transaction amount			$ 802,600
Face amount of debt issued			$ 675,200
ACR 2021-FL1 Senior Notes | Subsidiary of ACRES Realty Funding, Inc | Debt Instrument, Class F
Debt Instrument [Line Items]
Interest ownership percentage on outstanding debt			100%
ACR 2021-FL1 Senior Notes | Subsidiary of ACRES Realty Funding, Inc | Debt Instrument, Class G
Debt Instrument [Line Items]
Interest ownership percentage on outstanding debt			100%
ACR 2021-FL1 Senior Notes | Subsidiary of ACRES Realty Funding, Inc | Preferred Stock
Debt Instrument [Line Items]
Interest ownership percentage on outstanding debt			100%

BORROWINGS (ACR 2021-FL2) (Deta

BORROWINGS (ACR 2021-FL2) (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022	Dec. 31, 2021
Debt Instrument [Line Items]
Face amount of debt issued	$ 315,529	$ 434,422
ACR 2021-FL2 Senior Notes
Debt Instrument [Line Items]
Closing transaction amount			$ 700,000
Face amount of debt issued			$ 567,000
ACR 2021-FL2 Senior Notes | Subsidiary of ACRES Realty Funding, Inc | Debt Instrument, Class F
Debt Instrument [Line Items]
Interest ownership percentage on outstanding debt			100%
ACR 2021-FL2 Senior Notes | Subsidiary of ACRES Realty Funding, Inc | Debt Instrument, Class G
Debt Instrument [Line Items]
Interest ownership percentage on outstanding debt			100%
ACR 2021-FL2 Senior Notes | Subsidiary of ACRES Realty Funding, Inc | Preferred Stock [Member]
Debt Instrument [Line Items]
Interest ownership percentage on outstanding debt			100%

BORROWINGS (Senior Secured Fina

BORROWINGS (Senior Secured Financing Facility and Term Warehouse Financing Facilities, Mortgage Payable and Construction Loan) (Details) $ in Thousands	Jun. 30, 2023 USD ($) Loan	Dec. 31, 2022 USD ($) Loan
Debt Instrument [Line Items]
Outstanding Borrowings	$ 315,529	$ 434,422
Value of Collateral	$ 554,880	$ 675,787
Weighted Average Interest Rate	7.04%	6.29%
Senior Secured Financing Facility | Massachusetts Mutual Life Insurance Company
Debt Instrument [Line Items]
Outstanding Borrowings, Unamortized Issuance Costs and Discounts	$ 47,697	$ 87,890
Value of Collateral	$ 152,272	$ 196,837
Number of Positions as Collateral | Loan	7	8
Weighted Average Interest Rate	8.87%	7.94%
CRE - Term Warehouse Financing Facilities | JP Morgan Chase Bank, N.A.
Debt Instrument [Line Items]
Outstanding Borrowings	$ 118,569	$ 186,783
Value of Collateral	$ 185,862	$ 255,095
Number of Positions as Collateral | Loan	8	11
Weighted Average Interest Rate	7.73%	6.74%
CRE - Term Warehouse Financing Facilities | Morgan Stanley Mortgage Capital Holdings LLC
Debt Instrument [Line Items]
Outstanding Borrowings	$ 132,693	$ 141,505
Value of Collateral	$ 191,346	$ 198,455
Number of Positions as Collateral | Loan	9	10
Weighted Average Interest Rate	7.81%	7%
Mortgage Payable | Readycap Commercial, LLC
Debt Instrument [Line Items]
Outstanding Borrowings	$ 18,492	$ 18,244
Value of Collateral	$ 25,400	$ 25,400
Number of Positions as Collateral | Loan	1	1
Weighted Average Interest Rate	8.95%	8.08%
Mortgage Payable | Oceanview Life and Annuity Company
Debt Instrument [Line Items]
Weighted Average Interest Rate	0%
Construction Loans
Debt Instrument [Line Items]
Outstanding Borrowings, Unamortized Issuance Costs and Discounts	$ (1,922)
Weighted Average Interest Rate	0%
Construction Loans | Oceanview Life and Annuity Company
Debt Instrument [Line Items]
Outstanding Borrowings		$ 0
Outstanding Borrowings, Unamortized Issuance Costs and Discounts	$ (1,922)
Value of Collateral		$ 0
Number of Positions as Collateral | Loan		0
Weighted Average Interest Rate		0%

BORROWINGS (Senior Secured Fi_2

BORROWINGS (Senior Secured Financing Facility and Term Warehouse Financing Facilities, Mortgage Payable and Construction Loan (Parenthetical) (Details) - USD ($)	Jun. 30, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Unamortized issuance costs and discounts	$ 16,701,000	$ 17,846,000
Construction Loans
Debt Instrument [Line Items]
Unamortized issuance costs and discounts	1,922,000
Readycap Commercial, LLC | Mortgage Payable
Debt Instrument [Line Items]
Unamortized issuance costs and discounts	362,000	466,000
Oceanview Life and Annuity Company | Construction Loans
Debt Instrument [Line Items]
Unamortized issuance costs and discounts	1,900,000
Senior Secured Financing Facility | Massachusetts Mutual Life Insurance Company
Debt Instrument [Line Items]
Unamortized issuance costs and discounts	3,300,000	3,700,000
CRE - Term Warehouse Financing Facilities | JP Morgan Chase Bank, N.A.
Debt Instrument [Line Items]
Unamortized issuance costs and discounts	836,000	1,100,000
CRE - Term Warehouse Financing Facilities | Morgan Stanley Mortgage Capital Holdings LLC
Debt Instrument [Line Items]
Unamortized issuance costs and discounts	$ 1,000,000	$ 1,400,000

BORROWINGS (Amount at Risk Unde

BORROWINGS (Amount at Risk Under Warehouse Financing Facilities and Mortgage Payable) (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Weighted Average Remaining Maturity	10 years 3 months 18 days	10 years 3 months 18 days
Weighted Average Interest Rate	7.04%	6.29%
Senior Secured Financing Facility
Debt Instrument [Line Items]
Weighted Average Remaining Maturity	4 years 6 months	5 years
Weighted Average Interest Rate	8.87%	7.94%
Senior Secured Financing Facility | Massachusetts Mutual Life Insurance Company
Debt Instrument [Line Items]
Amount at Risk	$ 101,490
Weighted Average Remaining Maturity	4 years 6 months
Weighted Average Interest Rate	8.87%
CRE - Term Warehouse Financing Facilities
Debt Instrument [Line Items]
Weighted Average Remaining Maturity	1 year 3 months 18 days	1 year 9 months 18 days
Weighted Average Interest Rate	7.77%	6.85%
CRE - Term Warehouse Financing Facilities | JP Morgan Chase Bank, N.A.
Debt Instrument [Line Items]
Amount at Risk	$ 67,749
Weighted Average Remaining Maturity	1 year 3 months 18 days
Weighted Average Interest Rate	7.73%
CRE - Term Warehouse Financing Facilities | Morgan Stanley Mortgage Capital Holdings LLC
Debt Instrument [Line Items]
Amount at Risk	$ 58,965
Weighted Average Remaining Maturity	1 year 3 months 18 days
Weighted Average Interest Rate	7.81%
Mortgage Payable | Readycap Commercial, LLC
Debt Instrument [Line Items]
Amount at Risk	$ 6,452
Weighted Average Remaining Maturity	1 year 9 months 18 days
Weighted Average Interest Rate	8.95%	8.08%
Mortgage Payable | Oceanview Life and Annuity Company
Debt Instrument [Line Items]
Weighted Average Interest Rate	0%
Construction Loans
Debt Instrument [Line Items]
Weighted Average Interest Rate	0%
Construction Loans | Oceanview Life and Annuity Company
Debt Instrument [Line Items]
Weighted Average Interest Rate		0%

BORROWINGS (Senior Secured Fi_3

BORROWINGS (Senior Secured Financing Facility) (Details) - USD ($) $ in Thousands		1 Months Ended
	Jul. 31, 2020	Dec. 31, 2022	Jun. 30, 2023	Aug. 16, 2021
Debt Instrument [Line Items]
Face amount of debt issued		$ 434,422	$ 315,529
Debt instrument, interest rate, stated percentage				5.75%
Loan and Servicing Agreement | Senior Secured Financing Facility
Debt Instrument [Line Items]
Debt instrument, commitment period of each loan series		3 months
Debt instrument, final maturity period of each loan series		5 years
Loan and Servicing Agreement | Maximum | Senior Secured Financing Facility
Debt Instrument [Line Items]
Face amount of debt issued		$ 500,000
Loan and Servicing Agreement | MassMutual and Other Lenders | Senior Secured Financing Facility
Debt Instrument [Line Items]
Face amount of debt issued	$ 250,000
Debt instrument, interest rate, stated percentage	5.75%
Loan and Servicing Agreement | MassMutual and Other Lenders | If Borrower Obtains Rating of BBB or Higher by October 31, 2020 | Senior Secured Financing Facility
Debt Instrument [Line Items]
Debt instrument, maturity date	Jul. 31, 2027

Borrowings (CRE - Term Warehous

Borrowings (CRE - Term Warehouse Financing Facilities) (Details) - CRE - Term Warehouse Financing Facilities - USD ($) $ in Millions	1 Months Ended
	Nov. 30, 2021	Oct. 31, 2018
Master Repurchase Agreement | JP Morgan Chase Bank, N.A.
Debt Instrument [Line Items]
Maximum facility amount		$ 250
Maturity Date		2024-10
Master Repurchase and Securities Agreement | Morgan Stanley Mortgage Capital Holdings LLC
Debt Instrument [Line Items]
Maximum facility amount	$ 250
Maturity Date	2024-11
Option to extend, term	1 year

BORROWINGS (Mortgage Payable) (

BORROWINGS (Mortgage Payable) (Details) - Mortgage Payable - Readycap Commercial, LLC $ in Millions	1 Months Ended
	Oct. 31, 2022 Extension	Apr. 30, 2022 USD ($)
Debt Instrument [Line Items]
Maximum facility amount		$ 20.4
Advanced in initial funding		$ 18.7
Basis spread on variable rate	3.80%
Maturity Date	2025-04
Number of options to extend | Extension	2
Option to extend, term	1 year
30 Day Average SOFR Rate
Debt Instrument [Line Items]
Basis spread on variable rate		3.80%

BORROWINGS (Construction Loan)

BORROWINGS (Construction Loan) (Details) $ in Millions	1 Months Ended
	Jan. 31, 2023 USD ($) Extension	Aug. 16, 2021
Debt Instrument [Line Items]
Borrowing rate		5.75%
Constraction Loan Agreement | Oceanview Life and Annuity Company
Debt Instrument [Line Items]
Maximum facility amount	$ 48
Maturity Date	2025-02
Number of options to extend | Extension	3
Option to extend, term	1 year
Constraction Loan Agreement | Oceanview Life and Annuity Company | Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Basis spread on variable rate	6%
Constraction Loan Agreement | Florida Pace Funding Agency
Debt Instrument [Line Items]
Maximum facility amount	$ 15.5
Borrowing rate	7.26%
Maturity Date	2053-07

BORROWINGS (4.50% Convertible S

BORROWINGS (4.50% Convertible Senior Notes) (Details) - USD ($)	1 Months Ended	3 Months Ended		6 Months Ended
	Aug. 31, 2022	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022	Dec. 31, 2021	Aug. 16, 2021	Aug. 31, 2017
Debt Instrument [Line Items]
Face amount of debt issued		$ 315,529,000		$ 315,529,000		$ 434,422,000
Interest rate, stated percentage								5.75%
Loss on extinguishment of debt		0	$ 0	0	$ (460,000)
Interest expense		$ 32,442,000	$ 15,745,000	$ 63,817,000	$ 30,652,000
4.5% Convertible Senior Notes
Debt Instrument [Line Items]
Face amount of debt issued									$ 143,800,000
Interest rate, stated percentage	4.50%		4.50%		4.50%				4.50%
Repurchase of convertible senior notes			$ 39,800,000		$ 39,800,000		$ 55,800,000
Charge to earnings					574,000
Loss on extinguishment of debt					460,000
Interest expense					$ 114,000
Repayment of convertible senior notes	$ 48,200,000

BORROWINGS (5.75% Senior Unsecu

BORROWINGS (5.75% Senior Unsecured Notes Due 2026) (Details) - USD ($) $ in Thousands		6 Months Ended
	Aug. 16, 2021	Jun. 30, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Interest rate, stated percentage	5.75%
Face amount of debt issued		$ 315,529	$ 434,422
Debt instrument redemption term		100%
5.75% Senior Unsecured Notes
Debt Instrument [Line Items]
Interest rate, stated percentage		5.75%	5.75%
Face amount of debt issued	$ 150,000
Percentage of principal amount to be redeemed	100%
Debt instrument redemption term		Prior to May 15, 2026, the Company may at its option redeem the 5.75% Senior Unsecured Notes, in whole or in part, at a redemption price equal to the sum of (i) 100% of the principal amount of the notes to be redeemed, plus accrued and unpaid interest to, but not including, the redemption date, and (ii) a make-whole premium. On or after May 15, 2026, the Company may at its option redeem the 5.75% Senior Unsecured Notes, at any time, in whole or in part, on not less than 15 nor more than 60 days’ prior notice, at a redemption price equal to 100% of the principal amount of the 5.75% Senior Unsecured Notes to be redeemed, plus accrued and unpaid interest to, but not including, the redemption date.

BORROWINGS (Unsecured Junior Su

BORROWINGS (Unsecured Junior Subordinated Debentures) (Details) - Unsecured Junior Subordinated Debentures - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2016	Jun. 30, 2023	Dec. 31, 2022	Dec. 13, 2016
RCT I entity
Debt Instrument [Line Items]
Face amount of debt issued				$ 25.8
Debt issuance costs, amortization period (in years)	10 years
Interest rate at period end		9.49%	8.68%
RCT II entity
Debt Instrument [Line Items]
Face amount of debt issued				$ 25.8
Debt issuance costs, amortization period (in years)	10 years
Interest rate at period end		9.25%	8.36%

BORROWINGS (Contractual Commitm

BORROWINGS (Contractual Commitments) (Details) $ in Thousands	Jun. 30, 2023 USD ($)
Debt Instrument [Line Items]
Total	$ 1,765,900
2024	253,131
2025	18,854
2026	150,000
2027	50,995
2028 and Thereafter	1,292,920
CRE securitizations
Debt Instrument [Line Items]
Total	1,241,372
2024	0
2025	0
2026	0
2027	0
2028 and Thereafter	1,241,372
Senior Secured Financing Facility
Debt Instrument [Line Items]
Total	50,995
2024	0
2025	0
2026	0
2027	50,995
2028 and Thereafter	0
CRE - Term Warehouse Financing Facilities
Debt Instrument [Line Items]
Total	253,131
2024	253,131
2025	0
2026	0
2027	0
2028 and Thereafter	0
Mortgage Payable
Debt Instrument [Line Items]
Total	18,854
2024	0
2025	18,854
2026	0
2027	0
2028 and Thereafter	0
5.75% Senior Unsecured Notes
Debt Instrument [Line Items]
Total	150,000
2024	0
2025	0
2026	150,000
2027	0
2028 and Thereafter	0
Unsecured Junior Subordinated Debentures
Debt Instrument [Line Items]
Total	51,548
2024	0
2025	0
2026	0
2027	0
2028 and Thereafter	$ 51,548

SHARE ISSUANCE AND REPURCHASE (

SHARE ISSUANCE AND REPURCHASE (Details) - USD ($)		2 Months Ended	6 Months Ended		12 Months Ended
	Jul. 31, 2020	Jun. 30, 2021	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022	Jul. 31, 2022	Nov. 30, 2021	Oct. 04, 2021	Aug. 16, 2021	Nov. 30, 2020
Class Of Stock [Line Items]
Proceeds from issuance of preferred stock, net			$ 0	$ (70,000)
Shares repurchased during period, value			$ 2,000,000	$ 6,400,000
Shares repurchased during period, shares			215,160	552,282
Interest rate, stated percentage									5.75%
Equity and Debt Securities Repurchase Program
Class Of Stock [Line Items]
Stock repurchase program, authorized amount (up to)							$ 20,000,000			$ 20,000,000
Stock repurchase program, remaining authorized repurchase amount			$ 5,300,000
Note and Warrant Purchase Agreement | Oaktree and MassMutual
Class Of Stock [Line Items]
Warrant exercise price per share	$ 0.03
Maximum notes that may be issued from time to time under note and warrant purchase agreement	$ 125,000,000
Warrants recorded in additional paid-in capital, fair value	$ 3,100,000
Warrants expiration term	7 years
Interest rate, stated percentage	12%
Note and Warrant Purchase Agreement | Oaktree
Class Of Stock [Line Items]
Warrants issued to purchase common stock	391,995
Purchase price of common stock for warrants issued	$ 42,000,000
Warrants exercised			0
Note and Warrant Purchase Agreement | MassMutual
Class Of Stock [Line Items]
Warrants issued to purchase common stock	74,666
Purchase price of common stock for warrants issued	$ 8,000,000
Warrants to purchase additional shares of common stock						74,666
Note and Warrant Purchase Agreement | Maximum | Oaktree and MassMutual
Class Of Stock [Line Items]
Aggregate purchase of common stock warrants	1,166,653
7.875% Series D Preferred Stock
Class Of Stock [Line Items]
Preferred stock, shares issued (in shares)		4,600,000	4,607,857		4,607,857
Preferred stock, coupon authorized		7.875%	7.875%		7.875%
Offering price		$ 25
Proceeds from issuance of preferred stock, net		$ 110,400,000
Payment of underwriting discounts and other offering expenses		$ 4,600,000
Preferred stock, liquidation preference (in dollars per share)			$ 25		$ 25
Preferred stock, shares outstanding (in shares)			4,607,857		4,607,857
Series D Preferred Stock | Equity Distribution Agreement
Class Of Stock [Line Items]
Preferred stock, shares issued (in shares)			0
Series D Preferred Stock | Equity Distribution Agreement | Maximum | JonesTrading Institutional Services LLC
Class Of Stock [Line Items]
Number of shares that may be issued or sold from time to time under agreement								2,200,000
Commission fee payable of gross proceeds from sale of stock in percentage								3%
8.625% Series C Preferred Stock
Class Of Stock [Line Items]
Preferred stock, shares issued (in shares)			4,800,000		4,800,000
Preferred stock, coupon authorized			8.625%		8.625%
Preferred stock, liquidation preference (in dollars per share)			$ 25		$ 25
Preferred stock, shares outstanding (in shares)			4,800,000		4,800,000
Preferred stock, weighted average issuance price (in dollars per share)			$ 25
8.625% Series C Preferred Stock | London Interbank Offered Rate (LIBOR)
Class Of Stock [Line Items]
Dividend payment rate, variable, basis spread on variable rate			5.927%

SHARE-BASED COMPENSATION (Detai

SHARE-BASED COMPENSATION (Details) - USD ($)		1 Months Ended	3 Months Ended		6 Months Ended
	May 31, 2021	Jun. 30, 2021	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Recognized stock-based compensation expense			$ 719,000	$ 991,000	$ 1,600,000	$ 1,700,000
Total unrecognized compensation costs related to unvested restricted stock			2,900,000		$ 2,900,000
Cost is expected to be recognized over a weighted average period					2 years 6 months
Percentage of incentive management fee payable in cash pursuant to the management agreement					50%
Percentage incentive management fee payable in common stock pursuant to the management agreement					50%
Manager Pursuant To Management Agreement
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Cash awards, percentage (up to)					75%
Common stock awards, percentage (at least)					25%
Incentive management fee pursuant to the management agreement			$ 255,000	$ 0	$ 384,000	$ 0
2007 Omnibus Equity Compensation Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of share authorized for issue (in shares)			1,100,000		1,100,000
Share based compensation expiration period	2029-06	2031-06
Common shares granted			1,700,817		1,700,817

SHARE-BASED COMPENSATION (Commo

SHARE-BASED COMPENSATION (Common Stock Activity) (Details)	6 Months Ended
	Jun. 30, 2023 $ / shares shares
Restricted common stock transactions
Unvested shares, end of period (in shares)	416,675
Restricted Stock
Restricted common stock transactions
Unvested shares, beginning of period (in shares)	583,333
Issued (shares)	24,655
Vested (shares)	(191,313)
Forfeited (shares)	0
Unvested shares, end of period (in shares)	416,675
Weighted-Average Grant-Date Fair Value, beginning of period (in shares) | $ / shares	$ 14.22
Weighted-Average Grant-Date Fair Value, Issued | $ / shares	9
Weighted-Average Grant-Date Fair Value, Vested | $ / shares	13.90
Weighted-Average Grant-Date Fair Value, Forfeited | $ / shares	0
Weighted-Average Grant-Date Fair Value, end of period (in shares) | $ / shares	$ 14.07
Restricted Stock | Manager
Restricted common stock transactions
Unvested shares, beginning of period (in shares)	524,999
Issued (shares)	24,655
Vested (shares)	(174,653)
Forfeited (shares)	0
Unvested shares, end of period (in shares)	375,001
Restricted Stock | Directors
Restricted common stock transactions
Unvested shares, beginning of period (in shares)	58,334
Issued (shares)	0
Vested (shares)	(16,660)
Forfeited (shares)	0
Unvested shares, end of period (in shares)	41,674

SHARE-BASED COMPENSATION (Com_2

SHARE-BASED COMPENSATION (Common Stock Expected to Vest) (Details) - shares	Jun. 30, 2023	Dec. 31, 2022
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
2023	0
2024	166,658
2025	166,671
2026	83,346
Total	416,675
Restricted Stock
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total	416,675	583,333

EARNINGS PER SHARE (Details)

EARNINGS PER SHARE (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2023	Jun. 30, 2022
Earnings Per Share [Abstract]
Net income	$ 5,558	$ 2,293	$ 5,522	$ 2,084	$ 7,851	$ 7,606
Net income allocated to preferred shares	(4,856)		(4,856)		(9,711)	(9,711)
Net loss allocable to non-controlling interest, net of taxes	115		24		261	24
NET INCOME (LOSS) ALLOCABLE TO COMMON SHARES	$ 817		$ 690		$ (1,599)	$ (2,081)
Weighted average number of common shares outstanding:
Weighted average number of common shares outstanding - basic	8,059,978		8,421,800		8,084,064	8,525,481
Weighted average number of warrants outstanding	391,995		466,661		391,995	466,661
Total weighted average number of common shares outstanding - basic	8,451,973		8,888,461		8,476,059	8,992,142
Effect of dilutive securities - unvested restricted stock	82,585		25,711		0	0
Weighted average number of common shares outstanding - diluted	8,534,558		8,914,172		8,476,059	8,992,142
Net income (loss) per common share - basic	$ 0.10		$ 0.08		$ (0.19)	$ (0.23)
Net income (loss) per common share - diluted	$ 0.10		$ 0.08		$ (0.19)	$ (0.23)

DISTRIBUTIONS (Details)

DISTRIBUTIONS (Details) - $ / shares	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Class Of Stock [Line Items]
REIT required taxable income distribution, percentage (at least)			90%
REIT taxable income distribution required for exempt federal income taxes, percentage			100%
Common Stock
Class Of Stock [Line Items]
Dividend per share (in dollars per share)	$ 0	$ 0	$ 0	$ 0

DISTRIBUTIONS (Distributions De

DISTRIBUTIONS (Distributions Declared) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022
Series C Preferred Stock
Class Of Stock [Line Items]
Date Paid	Jul. 31, 2023	May 01, 2023	Jan. 30, 2023	Oct. 31, 2022	Aug. 01, 2022	May 02, 2022
Total Distributions Paid	$ 2,588	$ 2,587	$ 2,587	$ 2,587	$ 2,588	$ 2,588
Distributions Per Share	$ 0.5390625	$ 0.5390625	$ 0.5390625	$ 0.5390625	$ 0.5390625	$ 0.5390625
Series D Preferred Stock
Class Of Stock [Line Items]
Date Paid	Jul. 31, 2023	May 01, 2023	Jan. 30, 2023	Oct. 31, 2022	Aug. 01, 2022	May 02, 2022
Total Distributions Paid	$ 2,268	$ 2,268	$ 2,268	$ 2,268	$ 2,268	$ 2,268
Distributions Per Share	$ 0.4921875	$ 0.4921875	$ 0.4921875	$ 0.4921875	$ 0.4921875	$ 0.4921875

ACCUMULATED OTHER COMPREHENSI_3

ACCUMULATED OTHER COMPREHENSIVE LOSS (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2023 USD ($)
Accumulated Other Comprehensive Loss [Roll Forward]
Beginning balance	$ 435,468
Ending balance	434,551
Net Unrealized Loss on Derivatives
Accumulated Other Comprehensive Loss [Roll Forward]
Beginning balance	(6,394)
Amounts reclassified from accumulated other comprehensive loss	790
Ending balance	$ (5,604)

RELATED PARTY TRANSACTIONS (Rel

RELATED PARTY TRANSACTIONS (Relationship with ACRES Capital Corp and Certain of its Subsidiaries) (Details)		1 Months Ended	3 Months Ended		6 Months Ended		12 Months Ended
	Jul. 31, 2020 USD ($) Extension	Aug. 31, 2023 shares	Jun. 30, 2023 USD ($) Loan shares	Jun. 30, 2022 USD ($)	Jun. 30, 2023 USD ($) Loan Entity shares	Jun. 30, 2022 USD ($)	Dec. 31, 2022 USD ($) Loan Property shares
Related Party Transaction [Line Items]
Renewal period					1 year
Base management fees paid by the Company			$ 1,890,000	$ 1,672,000	$ 3,663,000	$ 3,354,000
General and administrative			2,348,000	2,353,000	5,327,000	5,810,000
Interest income			47,148,000	27,019,000	92,477,000	49,695,000
Accrued interest receivable			$ 12,615,000		$ 12,615,000		$ 11,969,000
Incentive Compensation Shares Payable | shares			14,226		24,655
Commercial Real Estate Loans
Related Party Transaction [Line Items]
Loans refinanced by affiliates					$ 0		$ 38,600,000
Percentage of interest acquired in property							100%
Number of properties acquired | Property							1
Acquisition price of property served as collateral for loan prior to acquisition							$ 38,600,000
Manager Pursuant To Management Agreement | ACRES Commercial Realty Corp
Related Party Transaction [Line Items]
Base management fees paid by the Company			$ 1,700,000	1,700,000	3,300,000	3,400,000
Incentive compensation			255,000	0	$ 384,000	0
Incentive compensation payable in cash percentage					50%
Incentive compensation payable in common stock percentage					50%
Total indebtedness			7,000		$ 7,000		558,000
Incentive compensation payable and Servicing fees payable			255,000		255,000		340,000
General and administrative			1,400,000	1,000,000	2,300,000	3,000,000
Manager Pursuant To Management Agreement | ACRES Commercial Realty Corp | Other Liabilities
Related Party Transaction [Line Items]
Total indebtedness			0		$ 0		179,000
ACRES Capital Corp
Related Party Transaction [Line Items]
Number of securitization entities | Entity					2
ACRES Capital Corp | XAN 2020-RSO9 Senior Notes
Related Party Transaction [Line Items]
Portfolio servicing fees			0	0	$ 0	0
Special servicing fees			20,000	23,000	65,000	23,000
ACRES Capital Corp | Interest Income | XAN 2020-RSO9 Senior Notes
Related Party Transaction [Line Items]
Special servicing fees			12,000		47,000
ACRES Capital Corp | ACRES Commercial Realty Corp | Loan Evidenced by Promissory Note
Related Party Transaction [Line Items]
Related party transaction, loan amount	$ 12,000,000
Related party transaction, interest rate	3%
Related party transaction, monthly amortization payment	$ 25,000
Related party debt, maturity month and year	2026-07
Number of options to extend | Extension	2
Related party debt, extension term	1 year
Related party debt, percentage of extension fee	0.50%
Principal balance			11,100,000		11,100,000		11,300,000
Accrued interest receivable			0		0		0
ACRES Capital Corp | ACRES Commercial Realty Corp | Loan Evidenced by Promissory Note | Other Income (Expense)
Related Party Transaction [Line Items]
Interest income			85,000	87,000	169,000	174,000
ACRES Loan Origination, LLC | Joint Funding Agreements
Related Party Transaction [Line Items]
Related party transaction, loan amount							$ 97,200,000
Number of loan | Loan							4
DevCo
Related Party Transaction [Line Items]
Fees payments			$ 91,000	$ 16,000	$ 145,000	$ 16,000
DevCo | Minimum
Related Party Transaction [Line Items]
Market rate for fees					1.25%
DevCo | Maximum
Related Party Transaction [Line Items]
Market rate for fees					1.50%
ACRES Share Holdings, LLC
Related Party Transaction [Line Items]
Number of share authorized for issue (in shares) | shares			1,100,000		1,100,000
Incentive Compensation Shares Payable | shares			6,875		24,655
Shares of common stock issued | shares					0
ACRES Share Holdings, LLC | Forecast
Related Party Transaction [Line Items]
Incentive Compensation Shares Payable | shares		14,226
ACRES Share Holdings, LLC | Restricted Stock | Manager
Related Party Transaction [Line Items]
Shares of common stock vest percentage							25%
Vest in installments							4 years
Shares of common stock issued | shares							299,999
ACRES Capital, LLC | Commercial Real Estate Loans
Related Party Transaction [Line Items]
Loans refinanced by affiliates			$ 22,500,000
Number of loan | Loan			1		1

FAIR VALUE OF FINANCIAL INSTR_3

FAIR VALUE OF FINANCIAL INSTRUMENTS (Details) - USD ($)	1 Months Ended
	Jun. 30, 2023	Dec. 31, 2022
CRE Whole Loan
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of assets acquired	$ 20,900,000
Mezzanine loan | Expected Future Cash Flows | Measurement Input, Discount Rate | VIE, Not Primary Beneficiary
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value inputs, discount rate	0.1000
Minimum | Level 3 | Loans Pledged as Collateral | Expected Future Cash Flows
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Loans receivable, interest rate, stated percentage	8.04%	7.03%
Maximum | Level 3 | Loans Pledged as Collateral | Expected Future Cash Flows
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Loans receivable, interest rate, stated percentage	13.79%	12.67%
Recurring Basis
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial instruments carried at fair value	$ 0	$ 0

FAIR VALUE OF FINANCIAL INSTR_4

FAIR VALUE OF FINANCIAL INSTRUMENTS (Fair Value, by Balance Sheet Grouping) (Details) - USD ($) $ in Thousands		Jun. 30, 2023	Dec. 31, 2022
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Loans and receivables		$ 1,938,089	$ 2,038,787
Mortgage payable		1,765,900	1,884,879
Quoted Prices in Active Markets for Identical Assets of Liabilities (Level 1)
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Loan receivable - related party		0	0
Senior notes in CRE securitizations		0	0
Senior secured financing facility		0	0
Warehouse financing facilities		0	0
Mortgage payable		0	0
Construction loan	[1]	0
Junior subordinated notes		0	0
Quoted Prices in Active Markets for Identical Assets of Liabilities (Level 1) | CRE Whole Loan
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Loans and receivables		0	0
Quoted Prices in Active Markets for Identical Assets of Liabilities (Level 1) | 5.75% Senior Unsecured Notes
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
5.75% Senior Unsecured Notes		0	0
Significant Other Observable Inputs (Level 2)
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Loan receivable - related party		0	0
Senior notes in CRE securitizations		0	0
Senior secured financing facility		0	0
Warehouse financing facilities		0	0
Mortgage payable		0	0
Construction loan	[1]	0
Junior subordinated notes		0	0
Significant Other Observable Inputs (Level 2) | CRE Whole Loan
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Loans and receivables		0	0
Significant Other Observable Inputs (Level 2) | 5.75% Senior Unsecured Notes
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
5.75% Senior Unsecured Notes		0	0
Significant Unobservable Inputs (Level 3)
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Loan receivable - related party		8,096	9,672
Senior notes in CRE securitizations		1,185,091	1,179,313
Senior secured financing facility		50,995	91,549
Warehouse financing facilities		253,131	330,848
Mortgage payable		18,854	18,710
Construction loan	[1]	0
Junior subordinated notes		32,364	35,821
Significant Unobservable Inputs (Level 3) | CRE Whole Loan
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Loans and receivables		1,968,322	2,065,504
Significant Unobservable Inputs (Level 3) | 5.75% Senior Unsecured Notes
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
5.75% Senior Unsecured Notes		129,615	138,435
Carrying Value
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Loan receivable - related party		11,125	11,275
Senior notes in CRE securitizations		1,234,303	1,233,556
Senior secured financing facility		47,697	87,890
Warehouse financing facilities		251,262	328,288
Mortgage payable		18,492	18,244
Construction loan	[1]	(1,922)
Junior subordinated notes		51,548	51,548
Carrying Value | CRE Whole Loan
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Loans and receivables		1,938,089	2,038,787
Carrying Value | 5.75% Senior Unsecured Notes
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
5.75% Senior Unsecured Notes		147,819	147,507
Fair Value
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Loan receivable - related party		8,096	9,672
Senior notes in CRE securitizations		1,185,091	1,179,313
Senior secured financing facility		50,995	91,549
Warehouse financing facilities		253,131	330,848
Mortgage payable		18,854	18,710
Construction loan	[1]	0
Junior subordinated notes		32,364	35,821
Fair Value | CRE Whole Loan
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Loans and receivables		1,968,322	2,065,504
Fair Value | 5.75% Senior Unsecured Notes
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
5.75% Senior Unsecured Notes		$ 129,615	$ 138,435
[1] Deferred debt issuance costs related to the acquisition of a construction loan that has not been drawn on and has no fair value.

FAIR VALUE OF FINANCIAL INSTR_5

FAIR VALUE OF FINANCIAL INSTRUMENTS (Fair Value, by Balance Sheet Grouping) (Parenthetical) (Details)	Jun. 30, 2023	Dec. 31, 2022	Aug. 16, 2021
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Debt instrument, interest rate, stated percentage			5.75%
5.75% Senior Unsecured Notes
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Debt instrument, interest rate, stated percentage	5.75%	5.75%

MARKET RISK AND DERIVATIVE IN_3

MARKET RISK AND DERIVATIVE INSTRUMENTS (Details)	1 Months Ended	3 Months Ended		6 Months Ended		12 Months Ended
	Apr. 30, 2020 USD ($)	Jun. 30, 2023 USD ($)	Jun. 30, 2022 USD ($)	Jun. 30, 2023 USD ($) Derivative	Jun. 30, 2022 USD ($)	Dec. 31, 2022 USD ($)
Derivatives, Fair Value [Line Items]
Amortization expense reported in interest expense		$ 420,000		$ 835,000
Terminated interest rate swap
Derivatives, Fair Value [Line Items]
Realized loss on derivatives, net	$ (11,800,000)
Gain (loss) on derivatives				(5,800,000)		$ (6,600,000)
Amortization expense reported in interest expense			$ 484,000		$ 963,000
Unrealized gains (loss) on derivatives, net				$ 210,000		$ 256,000
Number of hedges terminated | Derivative				2
Interest expense to fully amortize		$ 23,000	$ 23,000	$ 45,000	$ 45,000

MARKET RISK AND DERIVATIVE IN_4

MARKET RISK AND DERIVATIVE INSTRUMENTS (Fair Value and Classification of Derivatives) (Details) - Designated as Hedging Instrument [Member] - Interest rate swaps - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Derivatives Fair Value [Line Items]
Realized and Unrealized Gain (Loss)	$ (790)	$ (917)
Derivative Instrument, Gain (Loss) Reclassified from AOCI into Income, Effective Portion, Statement of Income or Comprehensive Income [Extensible Enumeration]	Interest expense	Interest expense

OFFSETTING OF FINANCIAL LIABI_3

OFFSETTING OF FINANCIAL LIABILITIES (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Term warehouse financing facilities
Gross Amounts of Recognized Liabilities	$ 251,262	$ 328,288
Gross Amounts Offset on the Consolidated Balance Sheets	0	0
Net Amounts of Liabilities Presented on the Consolidated Balance Sheets	251,262	328,288
Gross Amounts Not Offset on the Consolidated Balance Sheets- Financial Instruments	251,262	328,288
Gross Amounts Not Offset on the Consolidated Balance Sheets- Cash Collateral Pledged	0	0
Net Amount	0	0
Fair value of securities pledged against term warehouse financing facilities	$ 377,200	$ 453,600

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Details) - USD ($)	Jun. 30, 2023	Dec. 31, 2022
Loss Contingencies [Line Items]
Estimated litigation liability	$ 0	$ 0
Construction of Student Housing Complex | JV Partner
Loss Contingencies [Line Items]
Unfunded loan commitments	4,100,000
Loan commitments	31,200,000
Commercial Real Estate Loans | CRE whole loans
Loss Contingencies [Line Items]
Loans held for investment, unfunded loan commitments	128,700,000	158,200,000
Indemnification Agreement
Loss Contingencies [Line Items]
Estimated litigation liability	1,100,000	1,200,000
PCM
Loss Contingencies [Line Items]
Outstanding demands to indemnify purchaser of residential mortgage loans	3,300,000	3,300,000
PCM | Indemnification Agreement
Loss Contingencies [Line Items]
Outstanding litigation demands	$ 0	$ 0